N-CSR 1 filing836.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-02105


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)


Cynthia Lo Bessette, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

October 31



Date of reporting period:

October 31, 2021




Item 1.

Reports to Stockholders





Fidelity® Series Global ex U.S. Index Fund



Annual Report

October 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


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

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

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

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

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

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



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

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

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

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

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Past 5 years Past 10 years 
Fidelity® Series Global ex U.S. Index Fund 29.34% 9.79% 6.76% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Series Global ex U.S. Index Fund on October 31, 2011.

The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.


Period Ending Values
$19,233Fidelity® Series Global ex U.S. Index Fund
$19,347MSCI ACWI (All Country World Index) ex USA Index

Management's Discussion of Fund Performance

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

Comments from the Geode Capital Management, LLC, passive equity index team:  For the fiscal year ending October 31, 2021, the fund gained 29.34%, roughly in line with the 29.85% advance of the benchmark MSCI All Country World ex US Index (Net MA). (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) From a regional standpoint, Canada, the U.K., and Europe ex U.K. notably contributed. By sector, financials gained 49% and contributed most, followed by information technology, which gained about 43%, and industrials, which advanced roughly 35%. The energy sector rose 73%, materials gained 33%, and consumer discretionary advanced approximately 13%, benefiting from the automobiles & components industry (+47%). Other notable contributors included the health care (+19%), consumer staples (+17%), utilities (+17%), communication services (+6%), and real estate (+18%) sectors. Turning to individual stocks, the top contributor was ASML Holding (+124%), from the semiconductors & semiconductor equipment category, followed by Taiwan Semiconductor (+42%), within the semiconductors & semiconductor equipment segment. In energy, Royal Dutch Shell advanced 94% and LVMH Moët Hennessy Louis Vuitton (+68%) from the consumer durables & apparel industry also helped. Novo Nordisk, within the pharmaceuticals, biotechnology & life sciences group, rose 73% and boosted the fund. In contrast, the biggest individual detractor was Alibaba Group Holding (-45%), from the retailing segment. Tencent Holdings, within the media & entertainment industry, returned -19% and hindered the fund. In consumer services, TAL Education Group (-94%) and New Oriental Education & Technology Group (-87%) hurt. Another detractor was Ping An Insurance (-28%), a stock in the insurance group.

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

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of October 31, 2021 
   Japan 14.1% 
   United Kingdom 8.3% 
   Canada 7.4% 
   France 6.5% 
   Cayman Islands 6.4% 
   Switzerland 6.2% 
   Germany 5.5% 
   Australia 4.2% 
   Taiwan 4.1% 
   Other 37.3% 


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

Asset Allocation as of October 31, 2021

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

Top Ten Stocks as of October 31, 2021

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 1.9 
Nestle SA (Reg. S) (Switzerland, Food Products) 1.4 
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) 1.3 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 1.2 
Alibaba Group Holding Ltd. (Cayman Islands, Internet & Direct Marketing Retail) 1.1 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 1.0 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 1.0 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 0.8 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) 0.7 
Toyota Motor Corp. (Japan, Automobiles) 0.7 
 11.1 

Top Market Sectors as of October 31, 2021

 % of fund's net assets 
Financials 20.7 
Information Technology 12.6 
Consumer Discretionary 12.5 
Industrials 10.8 
Health Care 9.2 
Consumer Staples 8.2 
Materials 7.8 
Communication Services 6.0 
Energy 5.1 
Utilities 2.4 

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 96.1%   
 Shares Value 
Argentina - 0.0%   
YPF SA Class D sponsored ADR (a)(b) 245,338 $1,030,420 
Australia - 4.2%   
Afterpay Ltd. (a) 237,838 22,033,175 
AGL Energy Ltd. 739,209 3,180,720 
Ampol Ltd. 274,387 6,305,753 
APA Group unit 1,317,762 8,128,549 
Aristocrat Leisure Ltd. 658,447 23,121,386 
ASX Ltd. 213,582 13,338,579 
Aurizon Holdings Ltd. 2,012,322 5,101,402 
AusNet Services 2,081,891 3,868,273 
Australia & New Zealand Banking Group Ltd. 3,133,483 66,330,555 
BHP Group Ltd. 3,250,007 89,267,917 
BlueScope Steel Ltd. 551,953 8,561,561 
Brambles Ltd. 1,576,368 11,905,661 
Cochlear Ltd. 73,268 12,149,739 
Coles Group Ltd. 1,475,379 19,022,895 
Commonwealth Bank of Australia 1,953,315 153,814,825 
Computershare Ltd. 597,926 8,438,057 
Crown Ltd. (a) 420,333 3,149,307 
CSL Ltd. 502,648 113,620,364 
Dexus unit 1,172,892 9,590,688 
Dominos Pizza Enterprises Ltd. 67,045 6,831,871 
Endeavour Group Ltd. 1,554,810 7,953,320 
Evolution Mining Ltd. 1,979,058 5,404,149 
Fortescue Metals Group Ltd. 1,855,177 19,440,108 
Goodman Group unit 1,827,404 30,105,156 
Insurance Australia Group Ltd. 2,703,431 9,761,549 
Lendlease Group unit 777,921 6,121,099 
Macquarie Group Ltd. 376,842 55,716,089 
Magellan Financial Group Ltd. 155,267 4,049,442 
Medibank Private Ltd. 3,007,823 7,511,948 
Mirvac Group unit 4,261,253 9,039,588 
National Australia Bank Ltd. 3,627,322 78,865,160 
Newcrest Mining Ltd. 902,999 16,907,304 
Northern Star Resources Ltd. 1,237,724 8,603,160 
Orica Ltd. 451,103 5,134,248 
Origin Energy Ltd. 1,981,113 7,525,976 
Qantas Airways Ltd. (a) 962,650 3,874,221 
QBE Insurance Group Ltd. 1,640,947 14,602,980 
Ramsay Health Care Ltd. 196,830 10,426,763 
REA Group Ltd. 60,512 7,289,597 
Reece Ltd. 324,508 4,855,371 
Rio Tinto Ltd. 410,899 27,908,528 
Santos Ltd. 2,036,698 10,694,100 
Scentre Group unit 5,694,426 12,936,568 
SEEK Ltd. 371,157 9,129,933 
Sonic Healthcare Ltd. 487,910 14,692,223 
South32 Ltd. 5,243,422 14,081,380 
Stockland Corp. Ltd. unit 2,614,196 8,947,707 
Suncorp Group Ltd. 1,400,031 12,343,191 
Sydney Airport unit (a) 1,450,096 8,933,936 
Tabcorp Holdings Ltd. 2,521,872 9,409,508 
Telstra Corp. Ltd. 4,591,099 13,192,959 
The GPT Group unit 2,142,190 8,315,146 
Transurban Group unit 3,323,058 33,596,914 
Treasury Wine Estates Ltd. 836,472 7,248,799 
Vicinity Centres unit 4,217,181 5,472,346 
Washington H. Soul Pattinson & Co. Ltd. 236,561 5,779,914 
Wesfarmers Ltd. 1,256,081 54,094,777 
Westpac Banking Corp. 4,039,001 78,579,331 
WiseTech Global Ltd. 161,460 6,204,089 
Woodside Petroleum Ltd. 1,075,755 18,822,846 
Woolworths Group Ltd. 1,401,067 40,134,517 
TOTAL AUSTRALIA  1,301,467,217 
Austria - 0.1%   
Erste Group Bank AG 312,060 13,383,505 
OMV AG 167,107 10,122,406 
Raiffeisen International Bank-Holding AG 164,332 4,806,185 
Verbund AG 75,884 7,903,744 
Voestalpine AG 136,997 5,200,823 
TOTAL AUSTRIA  41,416,663 
Bailiwick of Jersey - 0.5%   
Experian PLC 1,022,211 46,822,751 
Ferguson PLC 245,231 36,900,417 
Glencore Xstrata PLC 10,994,765 54,980,200 
Polymetal International PLC 391,438 7,292,377 
WPP PLC 1,313,540 18,986,914 
TOTAL BAILIWICK OF JERSEY  164,982,659 
Belgium - 0.5%   
Ageas 198,803 9,675,265 
Anheuser-Busch InBev SA NV 844,852 51,677,261 
Colruyt NV 67,289 3,301,241 
Elia System Operator SA/NV 33,891 3,953,060 
Groupe Bruxelles Lambert SA 119,114 13,804,002 
KBC Groep NV 276,678 25,766,292 
Proximus 167,064 3,145,057 
Sofina SA 16,965 7,499,453 
Solvay SA Class A 82,659 9,822,931 
UCB SA 140,964 16,800,597 
Umicore SA 217,991 12,494,041 
TOTAL BELGIUM  157,939,200 
Bermuda - 0.2%   
Alibaba Health Information Technology Ltd. (a) 4,484,000 5,665,153 
Alibaba Pictures Group Ltd. (a) 11,510,000 1,227,852 
Beijing Enterprises Water Group Ltd. 4,318,000 1,648,282 
Brilliance China Automotive Holdings Ltd. (a) 2,884,000 859,143 
China Gas Holdings Ltd. 3,414,400 8,539,840 
China Resource Gas Group Ltd. 976,000 5,243,468 
China Youzan Ltd. (a) 14,576,000 1,854,667 
CK Infrastructure Holdings Ltd. 686,631 4,138,936 
Cosco Shipping Ports Ltd. 1,756,345 1,462,774 
Credicorp Ltd. (United States) 74,410 9,648,001 
GOME Electrical Appliances Holdings Ltd. (a) 11,295,418 1,146,890 
HengTen Networks Group Ltd. (a) 2,628,000 901,839 
Hongkong Land Holdings Ltd. 1,277,845 7,040,926 
Hopson Development Holdings Ltd. 777,920 2,124,645 
Huabao International Holdings Ltd. (b) 978,000 1,837,717 
Jardine Matheson Holdings Ltd. 238,864 13,837,392 
Kunlun Energy Co. Ltd. 4,276,000 3,913,003 
Nine Dragons Paper (Holdings) Ltd. 1,880,000 2,363,139 
Shenzhen International Holdings Ltd. 1,157,959 1,397,498 
TOTAL BERMUDA  74,851,165 
Brazil - 0.8%   
Ambev SA 4,766,530 14,349,081 
Americanas SA (a) 482,410 2,538,640 
Atacadao SA 547,900 1,615,411 
B3 SA - Brasil Bolsa Balcao 6,768,775 14,284,013 
Banco Bradesco SA 469,308 1,413,628 
Banco do Brasil SA 930,100 4,696,809 
Banco Inter SA unit 380,069 2,390,668 
Banco Santander SA (Brasil) unit 452,800 2,759,899 
BB Seguridade Participacoes SA 761,100 2,978,968 
BRF SA (a) 437,000 1,798,701 
BTG Pactual Participations Ltd. unit 1,296,800 5,181,410 
CCR SA 1,301,700 2,636,243 
Centrais Eletricas Brasileiras SA (Electrobras) 393,530 2,358,893 
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) 414,300 2,583,961 
Companhia Siderurgica Nacional SA (CSN) 779,000 3,144,268 
Cosan SA 1,183,532 4,150,058 
CPFL Energia SA 213,700 996,217 
Energisa SA unit 170,300 1,195,522 
ENGIE Brasil Energia SA 233,050 1,606,715 
Equatorial Energia SA 941,800 3,818,063 
Hapvida Participacoes e Investimentos SA (c) 1,203,400 2,460,618 
Hypermarcas SA 468,500 2,329,301 
JBS SA 961,300 6,651,328 
Klabin SA unit 722,200 2,935,481 
Localiza Rent A Car SA 655,241 5,259,296 
Lojas Renner SA 1,027,554 5,868,044 
Magazine Luiza SA 3,246,532 6,218,330 
Natura & Co. Holding SA (a) 965,719 6,656,237 
Notre Dame Intermedica Participacoes SA 572,210 6,507,041 
Petroleo Brasileiro SA - Petrobras (ON) 2,972,211 14,571,934 
Raia Drogasil SA 1,153,800 4,753,154 
Rede D'Oregon Sao Luiz SA (c) 422,100 4,412,612 
Rumo SA (a) 1,361,700 3,857,965 
Suzano Papel e Celulose SA (a) 819,895 7,151,818 
Telefonica Brasil SA 534,340 4,309,713 
TIM SA 786,703 1,563,983 
Totvs SA 609,400 3,537,323 
Ultrapar Participacoes SA 846,200 1,956,644 
Ultrapar Participacoes SA rights 11/3/21 (a)(d) 60,651 107 
Vale SA 3,622,486 45,963,043 
Vale SA sponsored ADR 765,955 9,750,607 
Via S/A (a) 1,408,100 1,534,394 
Vibra Energia SA 1,336,450 4,968,057 
Weg SA 1,883,932 12,350,807 
TOTAL BRAZIL  242,065,005 
British Virgin Islands - 0.0%   
Mail.Ru Group Ltd. unit (a) 125,828 2,586,220 
Canada - 7.2%   
Agnico Eagle Mines Ltd. (Canada) 273,124 14,497,023 
Air Canada (a) 185,331 3,322,960 
Algonquin Power & Utilities Corp. (b) 694,521 10,011,518 
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 913,394 34,259,655 
AltaGas Ltd. (b) 310,562 6,429,055 
ATCO Ltd. Class I (non-vtg.) 77,260 2,621,946 
B2Gold Corp. 1,242,155 5,128,807 
Ballard Power Systems, Inc. (a) 258,074 4,677,278 
Bank of Montreal (b) 713,027 77,415,512 
Bank of Nova Scotia 1,336,571 87,628,774 
Barrick Gold Corp. (Canada) 1,964,168 36,042,546 
Bausch Health Cos., Inc. (Canada) (a) 339,198 9,507,740 
BCE, Inc. 78,726 4,052,710 
BlackBerry Ltd. (a) 596,458 6,443,636 
Brookfield Asset Management, Inc. (Canada) Class A 1,415,587 85,465,951 
Brookfield Renewable Corp. 148,871 6,166,069 
CAE, Inc. (a) 328,886 9,973,409 
Cameco Corp. 448,159 10,888,931 
Canadian Apartment Properties (REIT) unit (b) 99,104 4,839,088 
Canadian Imperial Bank of Commerce (b) 495,329 60,103,067 
Canadian National Railway Co. 783,895 104,181,520 
Canadian Natural Resources Ltd. 1,311,296 55,732,199 
Canadian Pacific Railway Ltd. (b) 740,588 57,321,368 
Canadian Tire Ltd. Class A (non-vtg.) (b) 64,496 9,160,558 
Canadian Utilities Ltd. Class A (non-vtg.) 132,943 3,851,007 
CCL Industries, Inc. Class B 175,290 9,581,746 
Cenovus Energy, Inc. (Canada) 1,461,877 17,482,046 
CGI, Inc. Class A (sub. vtg.) (a) 245,093 21,895,186 
Constellation Software, Inc. 22,161 38,946,310 
Dollarama, Inc. 327,431 14,800,008 
Emera, Inc. (b) 271,441 12,628,937 
Empire Co. Ltd. Class A (non-vtg.) 203,378 6,080,305 
Enbridge, Inc. (b) 2,234,952 93,616,606 
Fairfax Financial Holdings Ltd. (sub. vtg.) 29,584 11,982,046 
First Quantum Minerals Ltd. 648,444 15,351,817 
FirstService Corp. 42,946 8,565,603 
Fortis, Inc. 521,827 23,228,385 
Franco-Nevada Corp. 212,344 30,298,826 
George Weston Ltd. 88,313 9,542,028 
GFL Environmental, Inc. 177,923 7,316,178 
Gildan Activewear, Inc. 223,395 8,205,831 
Great-West Lifeco, Inc. 292,332 8,600,362 
Hydro One Ltd. (c) 369,370 8,825,364 
iA Financial Corp, Inc. 118,541 7,012,271 
IGM Financial, Inc. 97,168 3,858,141 
Imperial Oil Ltd. 280,913 9,510,548 
Intact Financial Corp. 192,600 25,819,543 
Ivanhoe Mines Ltd. (a) 673,202 5,281,829 
Keyera Corp. (b) 265,273 6,799,014 
Kinross Gold Corp. 1,374,789 8,264,730 
Kirkland Lake Gold Ltd. 301,120 12,693,463 
Lightspeed Commerce, Inc. (Canada) (a) 116,670 11,371,931 
Loblaw Companies Ltd. 194,013 14,591,734 
Lundin Mining Corp. 715,042 6,222,529 
Magna International, Inc. Class A (sub. vtg.) 316,361 25,733,728 
Manulife Financial Corp. 2,137,192 41,635,180 
Metro, Inc. 283,609 14,269,823 
National Bank of Canada 372,723 30,857,465 
Northland Power, Inc. (b) 261,465 8,406,345 
Nutrien Ltd. 626,980 43,821,728 
Nuvei Corp. (a)(c) 63,696 7,655,255 
Onex Corp. (sub. vtg.) 88,409 6,588,528 
Open Text Corp. 300,407 15,132,007 
Pan American Silver Corp. 229,505 5,877,624 
Parkland Corp. (b) 179,538 5,223,952 
Pembina Pipeline Corp. (b) 614,800 20,352,582 
Power Corp. of Canada (sub. vtg.) (b) 615,993 20,516,509 
Quebecor, Inc. Class B (sub. vtg.) 175,406 4,470,188 
Restaurant Brands International, Inc. 191,519 10,843,355 
Restaurant Brands International, Inc. (b) 113,857 6,448,860 
RioCan (REIT) (b) 205,637 3,703,659 
Ritchie Bros. Auctioneers, Inc. 123,694 8,454,489 
Rogers Communications, Inc. Class B (non-vtg.) 389,596 18,119,866 
Royal Bank of Canada (b) 1,566,666 163,072,006 
Saputo, Inc. 268,863 6,421,776 
Shaw Communications, Inc. Class B 493,553 14,213,178 
Shopify, Inc. Class A (a) 124,388 181,618,943 
Sun Life Financial, Inc. 644,243 36,714,980 
Suncor Energy, Inc. 1,687,520 44,383,303 
TC Energy Corp. 1,084,805 58,684,304 
Teck Resources Ltd. Class B (sub. vtg.) 514,702 14,364,744 
TELUS Corp. 494,234 11,337,511 
The Toronto-Dominion Bank 2,002,129 145,338,776 
Thomson Reuters Corp. 191,296 23,010,856 
TMX Group Ltd. 65,318 7,071,719 
Toromont Industries Ltd. (b) 90,679 8,067,764 
West Fraser Timber Co. Ltd. 106,986 8,565,969 
Wheaton Precious Metals Corp. 501,096 20,228,471 
WSP Global, Inc. 128,281 17,390,907 
Yamana Gold, Inc. 1,134,181 4,453,878 
TOTAL CANADA  2,231,145,872 
Cayman Islands - 6.4%   
3SBio, Inc. (a)(c) 1,356,500 1,241,344 
51job, Inc. sponsored ADR (a) 36,681 2,184,720 
AAC Technology Holdings, Inc. 763,500 3,300,012 
Abu Dhabi Islamic Bank 1,424,432 2,264,727 
Agile Property Holdings Ltd. 1,092,000 858,947 
Agora, Inc. ADR (a)(b) 56,127 1,223,569 
Airtac International Group 161,456 4,812,659 
Akeso, Inc. (a)(c) 321,000 1,798,805 
Alibaba Group Holding Ltd. (a) 16,743,124 344,283,131 
Anta Sports Products Ltd. 1,188,000 18,567,033 
Autohome, Inc. ADR Class A 82,346 3,240,315 
Baidu, Inc. sponsored ADR (a) 304,977 49,479,468 
Baozun, Inc. sponsored ADR (a) 64,657 1,118,566 
BeiGene Ltd. ADR (a) 50,743 18,151,786 
Bilibili, Inc. ADR (a)(b) 181,116 13,275,803 
Bosideng International Holdings Ltd. 3,416,000 2,651,840 
Budweiser Brewing Co. APAC Ltd. (c) 1,928,358 5,316,275 
Burning Rock Biotech Ltd. ADR (a) 40,995 577,620 
Chailease Holding Co. Ltd. 1,444,708 13,801,125 
China Aoyuan Group Ltd. 1,168,000 460,865 
China Conch Venture Holdings Ltd. 1,793,000 8,757,021 
China East Education Holdings Ltd. (c) 459,000 437,143 
China Education Group Holdings Ltd. 737,000 1,265,513 
China Evergrande Group (b) 1,832,000 546,268 
China Feihe Ltd. (c) 4,023,000 6,701,122 
China Hongqiao Group Ltd. 2,427,000 2,698,226 
China Huishan Dairy Holdings Co. Ltd. (a)(d) 958,000 1 
China Liansu Group Holdings Ltd. 1,176,000 1,825,857 
China Literature Ltd. (a)(c) 440,800 3,067,839 
China Medical System Holdings Ltd. 1,467,000 2,500,150 
China Meidong Auto Holding Ltd. 618,000 3,208,945 
China Mengniu Dairy Co. Ltd. 3,478,000 22,149,592 
China Overseas Property Holdings Ltd. 1,250,000 1,124,606 
China Resources Cement Holdings Ltd. 2,532,000 2,134,814 
China Resources Land Ltd. 3,548,465 13,818,969 
China Resources Mixc Lifestyle Services Ltd. (c) 595,400 3,133,684 
China State Construction International Holdings Ltd. 1,947,750 2,000,196 
China Yuhua Education Corp. Ltd. (c) 1,196,000 544,160 
ChinaSoft International Ltd. 2,922,000 4,889,717 
Chindata Group Holdings Ltd. ADR (a) 80,398 800,764 
Chow Tai Fook Jewellery Group Ltd. 2,260,400 4,625,097 
CIFI Ever Sunshine Services Group Ltd. 882,000 1,600,648 
CIFI Holdings Group Co. Ltd. 3,907,115 2,169,364 
CK Asset Holdings Ltd. 2,167,639 13,386,679 
CK Hutchison Holdings Ltd. 2,973,723 20,008,277 
Country Garden Holdings Co. Ltd. 8,727,858 8,200,070 
Country Garden Services Holdings Co. Ltd. 1,689,000 13,133,410 
Dali Foods Group Co. Ltd. (c) 1,841,000 1,024,552 
Daqo New Energy Corp. ADR (a) 66,132 5,144,408 
ENN Energy Holdings Ltd. 868,800 15,041,110 
ESR Cayman Ltd. (a)(c) 2,161,191 7,013,697 
Futu Holdings Ltd. ADR (a)(b) 56,286 3,012,427 
Gaotu Techedu, Inc. ADR (a)(b) 116,857 343,560 
GDS Holdings Ltd. ADR (a) 100,232 5,953,781 
Geely Automobile Holdings Ltd. 6,472,000 22,500,816 
Genscript Biotech Corp. (a) 1,270,000 5,639,548 
Greentown China Holdings Ltd. 1,080,000 1,493,580 
Greentown Service Group Co. Ltd. 1,676,000 1,665,122 
Haidilao International Holding Ltd. (b)(c) 1,133,000 3,174,526 
Haitian International Holdings Ltd. 667,000 1,954,579 
Hansoh Pharmaceutical Group Co. Ltd. (c) 1,244,000 2,778,834 
Hello Group, Inc. ADR 172,477 2,147,339 
Hengan International Group Co. Ltd. 731,500 3,821,795 
Huazhu Group Ltd. ADR (a) 193,997 8,993,701 
Hutchison China Meditech Ltd. sponsored ADR (a) 89,065 2,620,292 
HUYA, Inc. ADR (a)(b) 90,009 739,874 
I-Mab ADR (a) 34,201 2,113,280 
Innovent Biologics, Inc. (a)(c) 1,300,500 11,666,975 
iQIYI, Inc. ADR (a)(b) 322,572 2,670,896 
JD Health International, Inc. (c) 368,850 3,266,341 
JD.com, Inc. sponsored ADR (a) 959,518 75,111,069 
Jinxin Fertility Group Ltd. (a)(c) 1,424,500 2,017,607 
Jiumaojiu International Holdings Ltd. (c) 839,000 2,102,757 
JOYY, Inc. ADR (b) 59,862 3,016,446 
Kaisa Group Holdings Ltd. (b) 3,105,285 478,933 
KE Holdings, Inc. ADR (a) 399,474 7,278,416 
Kingboard Chemical Holdings Ltd. 706,500 3,091,874 
Kingboard Laminates Holdings Ltd. 972,500 1,524,902 
Kingdee International Software Group Co. Ltd. (a) 2,915,000 9,628,623 
Kingsoft Cloud Holdings Ltd. ADR (a)(b) 64,895 1,490,638 
Kingsoft Corp. Ltd. 1,032,400 4,438,504 
Kuaishou Technology Class B (c) 306,500 4,077,212 
KWG Group Holdings Ltd. 1,210,000 1,057,516 
Lee & Man Paper Manufacturing Ltd. 1,297,000 973,521 
Legend Biotech Corp. ADR (a) 123 6,458 
Li Ning Co. Ltd. 2,459,500 27,343,583 
Logan Property Holdings Co. Ltd. 1,308,000 1,312,959 
Longfor Properties Co. Ltd. (c) 2,024,000 9,833,198 
Lufax Holding Ltd. ADR (a) 183,171 1,155,809 
Meituan Class B (a)(c) 4,446,190 151,297,805 
Melco Crown Entertainment Ltd. sponsored ADR (a) 225,681 2,444,125 
Microport Scientific Corp. 675,300 3,185,336 
Ming Yuan Cloud Group Holdings Ltd. 442,000 1,448,622 
Minth Group Ltd. 798,000 3,189,744 
NetEase, Inc. ADR 445,740 43,499,767 
New Oriental Education & Technology Group, Inc. sponsored ADR 1,649,139 3,380,735 
NIO, Inc. sponsored ADR (a) 1,504,731 59,301,449 
Noah Holdings Ltd. sponsored ADR (a) 34,495 1,466,382 
OneConnect Financial Technology Co. Ltd. ADR (a)(b) 107,222 339,894 
Pinduoduo, Inc. ADR (a) 484,403 43,073,115 
Ping An Healthcare and Technology Co. Ltd. (a)(b)(c) 506,600 2,464,470 
Powerlong Real Estate Holding Ltd. 1,337,000 921,062 
RLX Technology, Inc. ADR (b) 664,527 3,229,601 
Sands China Ltd. (a) 2,744,465 6,255,117 
Sany Heavy Equipment International Holdings Co. Ltd. 1,277,000 1,464,024 
Sea Ltd. ADR (a) 75,528 25,949,155 
Seazen Group Ltd. 2,418,000 1,917,494 
Shenzhou International Group Holdings Ltd. 906,500 19,529,819 
Shimao Property Holdings Ltd. 1,345,000 2,115,905 
Shimao Services Holdings Ltd. (b)(c) 713,000 1,359,928 
Silergy Corp. 87,000 14,309,930 
Sino Biopharmaceutical Ltd. 11,368,000 8,415,870 
SITC International Holdings Co. Ltd. 1,485,000 5,029,208 
Smoore International Holdings Ltd. (c) 1,972,000 9,453,840 
SSY Group Ltd. 1,400,000 667,566 
Sunac China Holdings Ltd. 2,722,000 5,863,469 
Sunac Services Holdings Ltd. (c) 808,000 1,638,743 
Sunny Optical Technology Group Co. Ltd. 782,900 21,151,029 
TAL Education Group ADR (a) 471,669 1,929,126 
Tencent Holdings Ltd. 6,349,400 386,232,687 
Tencent Music Entertainment Group ADR (a) 742,012 5,832,214 
Tingyi (Cayman Islands) Holding Corp. 2,112,000 3,952,281 
Tongcheng-Elong Holdings Ltd. (a) 1,082,000 2,422,523 
Topsports International Holdings Ltd. (c) 1,636,000 1,989,147 
Trip.com Group Ltd. ADR (a) 560,467 16,006,938 
Uni-President China Holdings Ltd. 1,268,000 1,082,131 
Up Fintech Holdings Ltd. ADR (a)(b) 97,302 629,544 
Vinda International Holdings Ltd. (b) 347,000 956,642 
Vipshop Holdings Ltd. ADR (a) 489,848 5,466,704 
Vnet Group, Inc. ADR (a) 102,566 1,608,235 
Want Want China Holdings Ltd. 5,006,000 3,879,722 
Weibo Corp. sponsored ADR (a)(b) 75,039 3,375,254 
Weimob, Inc. (a)(b)(c) 1,919,000 2,974,505 
WH Group Ltd. (c) 9,438,743 6,623,679 
Wharf Real Estate Investment Co. Ltd. 1,855,349 10,468,456 
Wuxi Biologics (Cayman), Inc. (a)(c) 3,980,500 60,292,497 
Wynn Macau Ltd. (a) 1,704,747 1,533,735 
Xiaomi Corp. Class B (a)(c) 15,977,000 43,841,520 
Xinyi Glass Holdings Ltd. 2,023,467 5,708,515 
Xinyi Solar Holdings Ltd. 5,333,450 11,159,767 
XP, Inc. Class A (a) 23,983 786,882 
XPeng, Inc. ADR (a) 422,190 19,686,720 
Yadea Group Holdings Ltd. (c) 1,340,000 2,307,821 
Yihai International Holding Ltd. 503,000 2,957,683 
Zai Lab Ltd. ADR (a) 83,694 8,737,654 
Zhen Ding Technology Holding Ltd. 741,230 2,555,507 
Zhenro Properties Group Ltd. 1,337,000 635,807 
Zhongsheng Group Holdings Ltd. Class H 666,500 6,026,383 
ZTO Express, Inc. sponsored ADR 481,164 14,112,540 
TOTAL CAYMAN ISLANDS  1,984,193,823 
Chile - 0.1%   
Banco de Chile 50,646,232 4,395,358 
Banco de Credito e Inversiones 59,785 2,013,215 
Banco Santander Chile 69,064,459 3,022,366 
Cencosud SA 1,578,722 2,309,378 
Cencosud Shopping SA 541,396 523,979 
Colbun SA 8,543,515 589,172 
Compania Cervecerias Unidas SA 148,443 1,243,691 
Empresas CMPC SA 1,255,635 2,316,789 
Empresas COPEC SA 433,118 3,407,443 
Enel Americas SA 22,403,028 2,547,363 
Enel Chile SA 31,768,169 1,301,577 
Falabella SA 854,906 2,364,101 
TOTAL CHILE  26,034,432 
China - 3.2%   
360 Security Technology, Inc. (A Shares) (a) 788,800 1,482,598 
A-Living Smart City Services C (H Shares) (c) 642,250 2,154,453 
Addsino Co. Ltd. (A Shares) 89,800 215,186 
Advanced Micro-Fabrication Equipment, Inc., China (A Shares) (a) 42,874 1,045,454 
AECC Aero-Engine Control Co. Ltd. (A Shares) 61,200 254,898 
AECC Aviation Power Co. Ltd. 187,452 1,731,204 
Agricultural Bank of China Ltd.:   
(A Shares) 1,137,100 521,886 
(H Shares) 33,015,000 11,244,746 
Aier Eye Hospital Group Co. Ltd. (A Shares) 375,000 2,841,002 
Air China Ltd.:   
(A Shares) (a) 1,259,700 1,673,504 
(H Shares) (a) 1,052,000 742,302 
Aluminum Corp. of China Ltd.:   
(A shares) (a) 463,800 444,559 
(H Shares) (a) 4,866,000 2,928,314 
Angel Yeast Co. Ltd. (A Shares) 41,700 362,139 
Anhui Conch Cement Co. Ltd.:   
(A Shares) 129,900 772,211 
(H Shares) 1,525,000 7,585,309 
Anhui Gujing Distillery Co. Ltd.:   
(A Shares) 15,800 561,506 
(B Shares) 158,900 2,048,004 
Anhui Honglu Steel Construction Group Co. Ltd. 37,000 243,172 
Anhui Kouzi Distillery Co. Ltd. (A Shares) 31,400 297,199 
Apeloa Pharmaceutical Co. Ltd. A Shares 70,000 379,409 
Asymchem Laboratories Tianjin Co. Ltd. (A Shares) 13,100 814,354 
Autobio Diagnostics Co. Ltd. 35,200 300,470 
Avary Holding Shenzhen Co. Ltd. (A Shares) 118,700 648,373 
AVIC Capital Co. Ltd. (A Shares) 584,900 355,190 
AVIC Electromechanical Systems Co. Ltd. (A Shares) 200,500 475,760 
AviChina Industry & Technology Co. Ltd. (H Shares) 2,855,000 1,820,037 
Avicopter PLC (A Shares) 35,900 352,065 
Bank of Beijing Co. Ltd. (A Shares) 1,592,200 1,101,112 
Bank of Chengdu Co. Ltd. (A Shares) 202,100 402,575 
Bank of China Ltd.:   
(A Shares) 1,564,300 744,818 
(H Shares) 87,859,024 31,093,466 
Bank of Communications Co. Ltd.:   
(A Shares) 753,200 531,470 
(H Shares) 11,177,200 6,651,300 
Bank of Hangzhou Co. Ltd. (A Shares) 306,931 684,225 
Bank of Jiangsu Co. Ltd. (A Shares) 989,960 972,072 
Bank of Nanjing Co. Ltd. (A Shares) 590,500 894,173 
Bank of Ningbo Co. Ltd. (A Shares) 371,100 2,213,015 
Bank of Shanghai Co. Ltd. (A Shares) 1,062,500 1,209,168 
Baoshan Iron & Steel Co. Ltd. (A Shares) 1,355,400 1,508,645 
BBMG Corp. (A Shares) 477,800 209,596 
Beijing BDStar Navigation Co. Ltd. (A Shares) (a) 26,800 165,760 
Beijing Capital International Airport Co. Ltd. (H Shares) (a) 1,812,000 1,176,094 
Beijing Dabeinong Technology Group Co. Ltd. (A Shares) 239,800 321,193 
Beijing E-Hualu Information Technology Co. Ltd. (A Shares) (a) 39,800 179,747 
Beijing Enlight Media Co. Ltd. (A Shares) 153,700 224,584 
Beijing Kingsoft Office Software, Inc. (A Shares) 29,182 1,345,176 
Beijing New Building Materials PLC (A Shares) 87,000 383,543 
Beijing Originwater Technology Co. Ltd. (A Shares) 167,400 182,407 
Beijing Roborock Technology Co. Ltd. (A Shares) 5,042 708,395 
Beijing Shiji Information Technology Co. Ltd. (A Shares) 64,680 239,101 
Beijing Shunxin Agriculture Co. Ltd. 38,600 196,322 
Beijing Sinnet Technology Co. Ltd. (A Shares) 72,700 149,923 
Beijing Tiantan Biological Products Corp. Ltd. (A Shares) 67,080 302,322 
Beijing United Information Technology Co. Ltd. (A Shares) 26,400 462,410 
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares) 30,600 1,056,806 
Beijing Yanjing Brewery Co. Ltd. (A Shares) 219,300 226,977 
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd. (A Shares) 17,200 434,984 
Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares) 2,539,500 1,823,627 
Betta Pharmaceuticals Co. Ltd. (A Shares) 21,800 269,533 
BGI Genomics Co. Ltd. 22,000 306,075 
BOC International China Co. Ltd. 152,400 315,946 
BOE Technology Group Co. Ltd. (A Shares) 3,019,100 2,314,137 
By-Health Co. Ltd. (A Shares) 80,300 319,407 
BYD Co. Ltd.:   
(A Shares) 33,200 1,613,471 
(H Shares) 974,000 37,253,144 
C&S Paper Co. Ltd. (A Shares) 75,600 201,104 
Caitong Securities Co. Ltd. 209,200 335,073 
CanSino Biologics, Inc.:   
(A Shares) (a) 10,359 442,935 
(H Shares) (a)(c) 77,800 2,003,871 
CGN Power Co. Ltd. (H Shares) (c) 11,230,000 3,031,039 
Chacha Food Co. Ltd. (A Shares) 27,900 247,826 
Changchun High & New Technology Industry Group, Inc. (A Shares) 24,900 1,060,254 
Changjiang Securities Co. Ltd. (A Shares) 305,600 345,400 
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares) 14,900 531,871 
Chaozhou Three-Circle Group Co. (A Shares) 93,100 581,353 
Chifeng Jilong Gold Mining Co. Ltd. (A Shares) (a) 89,800 228,925 
China Baoan Group Co. Ltd. (A Shares) 186,000 607,151 
China Bohai Bank Co. Ltd. (H Shares) (c) 3,181,000 1,206,086 
China Cinda Asset Management Co. Ltd. (H Shares) 9,285,000 1,551,378 
China CITIC Bank Corp. Ltd.:   
(A Shares) 308,300 218,504 
(H Shares) 9,135,293 4,015,513 
China Communications Services Corp. Ltd. (H Shares) 2,476,000 1,368,395 
China Construction Bank Corp.:   
(A Shares) 1,574,400 1,457,471 
(H Shares) 104,695,649 71,253,847 
China CSSC Holdings Ltd. (A Shares) 287,000 1,010,319 
China Eastern Airlines Corp. Ltd. (A Shares) (a) 729,400 549,975 
China Everbright Bank Co. Ltd.:   
(A Shares) 4,317,300 2,318,466 
(H Shares) 4,274,000 1,505,142 
China Fortune Land Development Co. Ltd. (A Shares) (a) 202,930 116,580 
China Galaxy Securities Co. Ltd. (H Shares) 4,667,500 2,603,554 
China Great Wall Securities Co. Ltd. (A Shares) 112,800 200,921 
China Greatwall Technology Group Co. Ltd. (A Shares) 152,400 319,991 
China Huarong Asset Management Co. Ltd. (a)(c)(d) 8,859,000 1,161,388 
China International Capital Corp. Ltd. 108,600 816,481 
China International Capital Corp. Ltd. (H Shares) (c) 1,416,800 3,525,384 
China International Travel Service Corp. Ltd. (A Shares) 133,000 5,573,927 
China Jushi Co. Ltd. (A Shares) 211,340 631,471 
China Life Insurance Co. Ltd.:   
(A Shares) 112,700 524,288 
(H Shares) 8,410,000 14,610,448 
China Longyuan Power Grid Corp. Ltd. (H Shares) 3,707,000 8,661,816 
China Merchants Bank Co. Ltd.:   
(A Shares) 442,700 3,729,855 
(H Shares) 5,171,691 43,571,023 
China Merchants Energy Shipping Co. Ltd. (A Shares) 430,560 307,843 
China Merchants Property Operation & Service Co. Ltd. (A Shares) 60,900 128,346 
China Merchants Securities Co. Ltd. (A Shares) 479,200 1,283,702 
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) 650,200 1,058,672 
China Minsheng Banking Corp. Ltd.:   
(A Shares) 1,905,200 1,156,965 
(H Shares) 7,103,332 2,821,065 
China Molybdenum Co. Ltd.:   
(A Shares) 384,300 359,358 
(H Shares) 5,166,000 3,206,964 
China National Building Materials Co. Ltd. (H Shares) 4,348,000 5,465,387 
China National Chemical Engineering Co. Ltd. (A Shares) 327,100 536,677 
China National Medicines Corp. Ltd. (A Shares) 40,000 190,454 
China National Nuclear Power Co. Ltd. (A Shares) 808,100 864,143 
China National Software & Service Co. Ltd. (A Shares) 27,000 215,806 
China Northern Rare Earth Group High-Tech Co. Ltd. 184,600 1,458,184 
China Oilfield Services Ltd. (H Shares) 2,054,000 1,977,310 
China Pacific Insurance (Group) Co. Ltd. 109,600 468,804 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 3,302,400 10,186,698 
China Petroleum & Chemical Corp.:   
(A Shares) 425,000 281,973 
(H Shares) 28,807,800 14,036,111 
China Railway Group Ltd.:   
(A Shares) 2,481,900 2,034,106 
(H Shares) 3,849,000 1,884,800 
China Railway Signal & Communications Corp. (A Shares) 645,958 497,143 
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares) 60,700 228,653 
China Shenhua Energy Co. Ltd.:   
(A Shares) 31,000 96,256 
(H Shares) 4,275,500 9,209,868 
China South Publishing & Media Group Co. Ltd. (A Shares) 134,474 172,140 
China Southern Airlines Ltd.:   
(A Shares) (a) 1,312,000 1,343,593 
(H Shares) (a) 942,000 573,881 
China State Construction Engineering Corp. Ltd. (A Shares) 2,840,440 2,066,339 
China Tower Corp. Ltd. (H Shares) (c) 45,638,000 5,924,347 
China TransInfo Technology Co. Ltd. (A Shares) 83,100 173,575 
China United Network Communications Ltd. (A Shares) 3,531,000 2,248,992 
China Vanke Co. Ltd.:   
(A Shares) 588,900 1,674,100 
(H Shares) 1,856,700 4,347,931 
China Yangtze Power Co. Ltd. (A Shares) 1,377,800 4,570,620 
China Zheshang Bank Co. Ltd. 1,543,400 828,833 
Chongqing Brewery Co. Ltd. (A Shares) (a) 25,500 598,911 
Chongqing Changan Automobile Co. Ltd. (A Shares) 447,280 1,361,583 
Chongqing Fuling Zhacai Group Co. Ltd. Group (A Shares) 42,300 230,328 
Chongqing Rural Commercial Bank Co. Ltd.:   
(A Shares) 198,300 118,254 
(H Shares) 2,615,000 941,071 
Chongqing Zhifei Biological Products Co. Ltd. (A Shares) 109,900 2,576,900 
CITIC Securities Co. Ltd.:   
(A Shares) 52,700 212,914 
(H Shares) 3,455,500 8,802,520 
Contemporary Amperex Technology Co. Ltd. 151,300 15,097,996 
COSCO Shipping Energy Transportation Co. Ltd. (A Shares) 293,500 271,702 
COSCO SHIPPING Holdings Co. Ltd.:   
(A Shares) 480,870 1,240,882 
(H Shares) (b) 4,464,600 6,931,735 
CRRC Corp. Ltd. (A Shares) 2,379,300 2,206,306 
CSC Financial Co. Ltd. (A Shares) 284,000 1,254,242 
Daan Gene Co. Ltd. 79,840 239,928 
DaShenLin Pharmaceutical Group Co. Ltd. 41,400 228,594 
DHC Software Co. Ltd. (A Shares) 928,900 1,006,372 
Dong E-E-Jiao Co. Ltd. (A Shares) 53,400 338,702 
Dongfang Electric Corp. Ltd. (A Shares) 139,524 395,326 
Dongfeng Motor Group Co. Ltd. (H Shares) 3,108,000 2,904,076 
Dongxing Securities Co. Ltd. (A Shares) 195,900 335,178 
East Money Information Co. Ltd. (A Shares) 751,248 3,858,418 
Ecovacs Robotics Co. Ltd. Class A 31,300 837,989 
ENN Natural Gas Co. Ltd. (A Shares) 148,700 427,361 
Eve Energy Co. Ltd. (A shares) 110,129 1,950,456 
Everbright Securities Co. Ltd. (A Shares) 198,200 471,231 
Fangda Carbon New Material Co. Ltd. (A Shares) 224,487 376,379 
FAW Jiefang Group Co. Ltd. (A Shares) 156,700 254,654 
Fiberhome Telecommunication Technologies Co. Ltd. (A Shares) 58,500 157,352 
Financial Street Holdings Co. Ltd. (A Shares) 177,500 161,823 
First Capital Securities Co. Ltd. (A Shares) 221,400 236,063 
Flat Glass Group Co. Ltd. (A Shares) 347,700 2,985,908 
Focus Media Information Technology Co. Ltd. (A Shares) 947,940 1,089,152 
Foshan Haitian Flavouring & Food Co. Ltd. (A Shares) 258,624 4,724,534 
Founder Securities Co. Ltd. (A Shares) 428,400 545,720 
Foxconn Industrial Internet Co. Ltd. (A Shares) 607,594 1,076,563 
Fu Jian Anjoy Foods Co. Ltd. (A Shares) 13,100 414,406 
Fujian Sunner Development Co. Ltd. A Shares 72,200 252,924 
Fuyao Glass Industries Group Co. Ltd.:   
(A Shares) 38,900 299,990 
(H Shares) (c) 774,800 4,471,245 
G-bits Network Technology Xiamen Co. Ltd. (A Shares) 4,200 224,525 
Ganfeng Lithium Co. Ltd. (A Shares) 188,400 4,923,414 
GCL System Integration Technology Co. Ltd. (a) 270,800 170,366 
GEM Co. Ltd. (A Shares) 254,300 432,716 
Gemdale Corp. (A Shares) 245,600 389,157 
GF Securities Co. Ltd.:   
(A Shares) 70,600 221,750 
(H Shares) 2,004,400 3,405,715 
Giant Network Group Co. Ltd. (A Shares) 91,000 141,208 
Gigadevice Semiconductor Beijing, Inc. (A Shares) 47,384 1,253,883 
GoerTek, Inc. (A Shares) 203,400 1,382,514 
Gotion High-tech Co. Ltd. (A Shares) (a) 69,900 642,721 
Great Wall Motor Co. Ltd.:   
(A Shares) 81,100 860,914 
(H Shares) 3,564,000 16,078,195 
Greenland Holdings Corp. Ltd. (A Shares) 2,389,120 1,532,886 
GRG Banking Equipment Co. Ltd. (A Shares) 127,700 206,529 
Guangdong Haid Group Co. Ltd. (A Shares) 106,100 1,087,377 
Guangdong Hongda Blasting Co. Ltd. (A Shares) 40,600 174,487 
Guangdong Kinlong Hardware Products Co. Ltd. (A Shares) 17,200 358,674 
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd. 36,200 126,756 
Guanghui Energy Co. Ltd. (A Shares) (a) 376,500 388,505 
Guangzhou Automobile Group Co. Ltd. 12,200 32,910 
Guangzhou Automobile Group Co. Ltd. (H Shares) 3,227,526 3,053,093 
Guangzhou Baiyunshan Pharma Health (A Shares) 79,500 361,400 
Guangzhou Haige Communications Group (A Shares) 113,500 167,262 
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares) 24,900 445,038 
Guangzhou R&F Properties Co. Ltd. (H Shares) (b) 1,932,000 1,211,768 
Guangzhou Shiyuan Electronic Technology Co. Ltd. (A Shares) 33,100 392,710 
Guangzhou Tinci Materials Technology Co. Ltd. (A Shares) 66,470 1,711,415 
Guangzhou Wondfo Biotech Co. Ltd. (A Shares) 24,570 132,981 
Guangzhou Yuexiu Financial Holdings Group Co. Ltd. (A Shares) 132,975 160,465 
Guolian Securities Co. Ltd. 84,200 160,757 
Guosen Securities Co. Ltd. (A Shares) 542,800 965,995 
Guotai Junan Securities Co. Ltd.:   
(A Shares) 649,900 1,777,504 
(H Shares) (c) 209,800 286,906 
Guoyuan Securities Co. Ltd. (A Shares) 276,900 320,743 
Haier Smart Home Co. Ltd. 2,551,000 9,541,045 
Haier Smart Home Co. Ltd. (A Shares) 369,300 1,568,116 
Haitong Securities Co. Ltd.:   
(A Shares) 65,000 125,317 
(H Shares) 4,588,400 4,086,834 
Hanergy Mobile Energy Holding (a)(d) 1,902,000 2 
Hangzhou First Applied Material Co. Ltd. (A Shares) 58,500 1,308,676 
Hangzhou Great Star Industrial Co. Ltd. (A Shares) (a) 91,900 459,518 
Hangzhou Oxygen Plant Group Co. Ltd. (A Shares) 68,500 276,962 
Hangzhou Robam Appliances Co. Ltd. (A Shares) 60,000 293,455 
Hangzhou Silan Microelectronics Co. Ltd. (A Shares) 79,400 764,407 
Hangzhou Tigermed Consulting Co. Ltd.:   
(A Shares) 102,907 2,737,439 
(H Shares) (c) 39,500 770,150 
Hefei Meiya Optoelectronic Technology, Inc. (A Shares) 64,800 408,986 
Heilongjiang Agriculture Co. Ltd. (A Shares) 97,800 210,081 
Henan Shuanghui Investment & Development Co. Ltd. (A Shares) 197,900 911,377 
Hengli Petrochemical Co. Ltd. (A Shares) 353,160 1,215,103 
Hengyi Petrochemical Co. Ltd. (A Shares) 197,110 336,940 
Hesteel Co. Ltd. (A Shares) 773,200 296,932 
Hithink RoyalFlush Information Network Co. Ltd. (A Shares) 27,400 482,534 
Hongfa Technology Co. Ltd. (A Shares) 39,800 461,887 
Huaan Securities Co. Ltd. (A Shares) 256,880 204,919 
Huadian Power International Corp. Ltd. (A Shares) 448,900 309,043 
Huadong Medicine Co. Ltd. (A Shares) 93,060 532,290 
Huafon Chemical Co. Ltd. (A Shares) 302,200 560,927 
Huagong Tech Co. Ltd. (A Shares) 57,600 258,967 
Hualan Biological Engineer, Inc. (A Shares) 94,650 438,841 
Huaneng Power International, Inc.:   
(A Shares) 400,100 481,563 
(H Shares) 3,874,000 2,006,583 
Huatai Securities Co. Ltd.:   
(A Shares) 217,500 538,848 
(H Shares) (c) 2,318,000 3,455,922 
HUAXI Securities Co. Ltd. 156,800 221,526 
Huaxia Bank Co. Ltd. (A Shares) 2,388,664 2,099,392 
Huaxin Cement Co. Ltd. (A Shares) 72,800 190,247 
Huayu Automotive Systems Co. Ltd. (A Shares) 159,000 663,726 
Hubei Biocause Pharmaceutical Co. Ltd. (A Shares) 1,815,962 921,340 
Huizhou Desay SV Automotive Co. Ltd. 31,500 527,889 
Humanwell Healthcare Group Co. Ltd. (A Shares) 76,900 253,062 
Hunan Valin Steel Co. Ltd. (A Shares) 314,400 262,092 
Hundsun Technologies, Inc. (A Shares) 76,370 751,092 
iFlytek Co. Ltd. (A Shares) 199,200 1,754,496 
IMEIK Technology Development Co. Ltd. (A Shares) 12,800 1,250,277 
Industrial & Commercial Bank of China Ltd.:   
(A Shares) 1,310,600 955,470 
(H Shares) 65,523,008 35,917,241 
Industrial Bank Co. Ltd. (A Shares) 1,482,400 4,311,300 
Industrial Securities Co. Ltd. (A Shares) 491,400 700,384 
Ingenic Semiconductor Co. Ltd. (A Shares) 32,500 697,108 
Inner Mongoli Yili Industries Co. Ltd. (A Shares) 388,200 2,605,878 
Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (a) 2,285,300 1,002,489 
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares) 454,000 363,583 
Inspur Electronic Information Industry Co. Ltd. (A Shares) 70,834 343,679 
Intco Medical Technology Co. Ltd. (A Shares) 26,400 211,546 
JA Solar Technology Co. Ltd. (A Shares) 112,600 1,603,989 
Jafron Biomedical Co. Ltd. (A Shares) 41,600 335,618 
Jason Furniture Hangzhou Co. Ltd. (A Shares) 33,100 321,609 
JCET Group Co. Ltd. (A Shares) 110,300 532,236 
Jiangsu Changshu Rural Commercial Bank Co. Ltd. 165,700 187,797 
Jiangsu Eastern Shenghong Co. Ltd. 200,200 851,649 
Jiangsu Expressway Co. Ltd. (H Shares) 1,058,000 1,000,820 
Jiangsu Hengli Hydraulic Co. Ltd. 95,832 1,228,241 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 462,366 3,554,135 
Jiangsu King's Luck Brewery JSC Ltd. (A Shares) 64,600 497,377 
Jiangsu Shagang Co. Ltd. (A Shares) 117,500 113,909 
Jiangsu Yanghe Brewery JSC Ltd. (A Shares) 88,000 2,557,677 
Jiangsu Yangnong Chemical Co. Ltd. (A Shares) 17,600 323,577 
Jiangsu Yoke Technology Co. Ltd. (A Shares) 36,600 433,949 
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares) 56,900 312,936 
Jiangsu Zhongnan Construction Group Co. Ltd. (A Shares) 216,000 129,146 
Jiangsu Zhongtian Technology Co. Ltd. (A Shares) 167,400 264,202 
Jiangxi Copper Co. Ltd. (H Shares) 1,502,000 2,629,296 
Jiangxi Zhengbang Technology Co. Ltd. (A Shares) 130,400 203,974 
Jilin Aodong Pharmaceutical Group Co. Ltd. (A Shares) 93,304 230,574 
Jinke Properties Group Co. Ltd. (A Shares) 268,300 185,966 
JiuGui Liquor Co. Ltd. (A Shares) 17,400 583,762 
Joincare Pharmaceutical Group Industry Co. Ltd. (A Shares) 132,100 237,773 
Joinn Laboratories China Co. Ltd. (A Shares) 23,800 594,466 
Jointown Pharmaceutical Group (A Shares) 111,500 236,551 
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. (A Shares) 41,000 232,658 
Joyoung Co. Ltd. (A Shares) 40,000 145,807 
Juewei Food Co. Ltd. 31,000 318,675 
Kingfa Sci & Tech Co. Ltd. (A Shares) 145,100 265,702 
Kuang-Chi Technologies Co. Ltd. (A Shares) (a) 110,100 352,348 
Kunlun Tech Co. Ltd. (A Shares) 67,500 196,944 
Kweichow Moutai Co. Ltd. (A Shares) 82,800 23,603,704 
Lakala Payment Co. Ltd. (A Shares) 42,500 159,829 
Laobaixing Pharmacy Chain JSC (A Shares) 21,800 148,890 
Lb Group Co. Ltd. (A Shares) 141,300 626,235 
Lens Technology Co. Ltd. (A Shares) 293,800 975,549 
Leo Group Co. Ltd. (A Shares) 389,100 138,492 
Lepu Medical Technology Beijing Co. Ltd. (A Shares) 85,600 284,899 
Leyard Optoelectronic Co. Ltd. (A Shares) 166,100 244,000 
Liaoning Chengda Co. Ltd. (A Shares) 81,100 257,641 
Lingyi iTech Guangdong Co. (A Shares) (a) 498,800 518,598 
Livzon Pharmaceutical Group, Inc. (A Shares) 44,700 245,211 
LONGi Green Energy Technology Co. Ltd. 358,162 5,462,100 
Luxi Chemical Group Co. Ltd. 137,600 352,284 
Luxshare Precision Industry Co. Ltd. (A Shares) 417,882 2,520,698 
Luzhou Laojiao Co. Ltd. (A Shares) 86,000 3,073,754 
Maccura Biotechnology Co. Ltd. (A Shares) 29,100 126,426 
Mango Excellent Media Co. Ltd. (A Shares) 108,994 668,520 
Maxscend Microelectronics Co. Ltd. (A Shares) 20,260 977,901 
Meinian Onehealth Healthcare Holdings Co. Ltd. (A Shares) (a) 207,764 234,173 
Metallurgical Corp. China Ltd. (A Shares) 904,300 573,150 
Mingyang Smart Energy Group Ltd. 151,200 731,482 
Montage Technology Co. Ltd. (A Shares) 52,006 528,524 
Muyuan Foodstuff Co. Ltd. (A Shares) 379,970 3,387,595 
Nanji E-Commerce Co. Ltd. (A Shares) 130,100 145,622 
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd. 54,899 317,957 
Nanjing Securities Co. Ltd. (A Shares) 200,400 303,771 
NARI Technology Co. Ltd. (A Shares) 354,720 2,155,758 
National Silicon Industry Group Co. Ltd. (A Shares) (a) 164,661 725,143 
NAURA Technology Group Co. Ltd. 33,700 1,953,109 
NavInfo Co. Ltd. (A Shares) (a) 97,500 178,082 
New China Life Insurance Co. Ltd. 69,700 426,203 
New China Life Insurance Co. Ltd. (H Shares) 1,066,600 3,091,296 
New Hope Liuhe Co. Ltd. (A Shares) (a) 216,300 485,900 
Ninestar Corp. (A Shares) 53,500 306,764 
Ningbo Joyson Electronic Corp. (A shares) 75,500 208,971 
Ningbo Tuopu Group Co. Ltd. (A Shares) 56,700 459,389 
Ningxia Baofeng Energy Group Co. Ltd. 385,100 877,721 
Nongfu Spring Co. Ltd. (H Shares) (c) 443,000 2,246,173 
Northeast Securities Co. Ltd. (A Shares) 122,300 164,575 
Offcn Education Technology Co. A Shares (a) 160,600 261,744 
Offshore Oil Enginering Co. Ltd. (A Shares) 155,000 112,516 
OFILM Group Co. Ltd. (A Shares) 140,800 164,412 
Oppein Home Group, Inc. (A Shares) 35,100 697,479 
Orient Securities Co. Ltd. (A Shares) 349,900 751,610 
Ovctek China, Inc. (A Shares) 44,729 477,542 
Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (a) 432,800 270,257 
People's Insurance Co. of China Group Ltd.:   
(A Shares) 3,070,700 2,406,418 
(H Shares) 6,281,000 1,961,677 
Perfect World Co. Ltd. (A Shares) 100,450 272,540 
PetroChina Co. Ltd. (H Shares) 25,488,000 12,288,982 
Pharmaron Beijing Co. Ltd.:   
(A Shares) 40,100 1,197,851 
(H Shares) (c) 159,100 3,466,030 
PICC Property & Casualty Co. Ltd. (H Shares) 7,636,001 7,144,796 
Ping An Bank Co. Ltd. (A Shares) 1,374,900 4,185,388 
Ping An Insurance Group Co. of China Ltd.:   
(A Shares) 985,677 7,627,524 
(H Shares) 6,672,500 47,793,336 
Poly Developments & Holdings (A Shares) 834,100 1,635,452 
Poly Property Development Co. Ltd. (H Shares) 115,800 650,403 
Postal Savings Bank of China Co. Ltd. 1,355,100 1,144,455 
Postal Savings Bank of China Co. Ltd. (H Shares) (c) 9,207,000 6,697,721 
Power Construction Corp. of China Ltd. (A Shares) 798,039 1,022,815 
Proya Cosmetics Co. Ltd. (A Shares) 11,000 345,159 
Qianhe Condiment and Food Co. Ltd. (A Shares) 46,800 179,361 
Qingdao Rural Commercial Bank Corp. (A Shares) 280,900 167,512 
Raytron Technology Co. Ltd. (A Shares) 29,574 334,117 
Risesun Real Estate Development Co. Ltd. (A Shares) 1,429,000 957,017 
Riyue Heavy Industry Co. Ltd. (A Shares) 72,200 438,559 
Rongsheng Petrochemical Co. Ltd. (A Shares) 614,850 1,654,765 
SAIC Motor Corp. Ltd. (A Shares) 478,000 1,513,303 
Sailun Group Co. Ltd. A Shares 217,800 455,609 
Sanan Optoelectronics Co. Ltd. (A Shares) 310,100 1,626,564 
Sangfor Technologies, Inc. 26,600 842,172 
Sany Heavy Industry Co. Ltd. (A Shares) 511,500 1,833,359 
Satellite Chemical Co. Ltd. (A Shares) 119,140 724,428 
SDIC Capital Co. Ltd. 628,824 804,958 
SDIC Power Holdings Co. Ltd. (A Shares) 386,200 636,055 
Sealand Securities Co. Ltd. (A Shares) 393,590 237,171 
Seazen Holdings Co. Ltd. (A Shares) 154,900 827,971 
SF Holding Co. Ltd. (A Shares) 328,400 3,313,350 
SG Micro Corp. (A Shares) 11,850 599,368 
Shaanxi Coal Industry Co. Ltd. (A Shares) 620,000 1,210,818 
Shandong Buchang Pharmaceuticals Co. Ltd. (A Shares) 100,770 275,138 
Shandong Gold Mining Co. Ltd.:   
(A Shares) 544,923 1,694,550 
(H Shares) (c) 134,500 244,435 
Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares) 114,400 555,056 
Shandong Linglong Tyre Co. Ltd. (A Shares) 67,900 373,963 
Shandong Nanshan Aluminum Co. Ltd. (A Shares) 751,200 506,605 
Shandong Pharmaceutical Glass Co. Ltd. (A Shares) 32,400 172,021 
Shandong Sun Paper Industry JSC Ltd. (A Shares) 141,300 253,229 
Shandong Weigao Medical Polymer Co. Ltd. (H Shares) 2,680,000 4,567,419 
Shanghai Bailian Group Co. Ltd. (A Shares) 115,300 247,852 
Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares) 40,460 401,710 
Shanghai Baosight Software Co. Ltd. (A Shares) 59,540 650,634 
Shanghai Construction Group Co. Ltd. (A Shares) 2,475,633 1,263,758 
Shanghai Electric Group Co. Ltd. (A Shares) 779,100 577,719 
Shanghai Fosun Pharmaceutical (Group) Co. Ltd.:   
(A Shares) 58,600 457,402 
(H Shares) 708,500 3,341,938 
Shanghai International Airport Co. Ltd. (A Shares) (a) 53,472 440,748 
Shanghai International Port Group Co. Ltd. (A Shares) 568,400 502,228 
Shanghai Jahwa United Co. Ltd. (A Shares) 38,300 286,574 
Shanghai Jinjiang International Hotels Co. Ltd. (A Shares) 69,900 589,252 
Shanghai Lingang Holdings Corp. Ltd. (A Shares) 91,560 210,256 
Shanghai Lujiazui Finance Trust Ltd. (B Shares) 1,397,643 1,242,505 
Shanghai M&G Stationery, Inc. (A Shares) 49,400 489,701 
Shanghai Pharmaceuticals Holding Co. Ltd.:   
(A Shares) 800,800 2,331,487 
(H Shares) 253,300 464,245 
Shanghai Pudong Development Bank Co. Ltd. (A Shares) 1,846,800 2,577,433 
Shanghai Putailai New Energy Technology Co. Ltd. 50,140 1,391,623 
Shanghai RAAS Blood Products Co. Ltd. (A Shares) 658,400 678,366 
Shanghai Yuyuan Tourist Mart Group Co. Ltd. 160,700 246,604 
Shanghai Zhangjiang High Ltd. (A Shares) 93,000 242,309 
Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares) 187,000 377,751 
Shanxi Meijin Energy Co. Ltd. (A Shares) (a) 224,900 394,626 
Shanxi Securities Co. Ltd. (A Shares) 332,800 325,228 
Shanxi Taigang Stainless Steel Co. Ltd. (A Shares) 381,000 457,979 
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares) 81,560 3,838,792 
Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares) 306,280 441,795 
Shenergy Co. Ltd. (A Shares) 316,871 306,199 
Shenghe Resources Holding Co. Ltd. (A Shares) 116,700 368,368 
Shengyi Technology Co. Ltd. 117,200 407,087 
Shennan Circuits Co. Ltd. (A Shares) 24,640 341,689 
Shenwan Hongyuan Group Co. Ltd. (A Shares) 3,104,215 2,485,989 
Shenzhen Capchem Technology Co. Ltd. (A Shares) 22,900 512,500 
Shenzhen Energy Group Co. Ltd. (A Shares) 269,798 341,999 
Shenzhen Goodix Technology Co. Ltd. (A Shares) 21,500 343,658 
Shenzhen Hepalink Pharmaceutical Group Co. Ltd. (A Shares) 63,700 152,743 
Shenzhen Inovance Technology Co. Ltd. (A Shares) 154,800 1,576,334 
Shenzhen Kaifa Technology Co. Ltd. (A Shares) 82,500 190,610 
Shenzhen Kangtai Biological Products Co. Ltd. 40,800 727,690 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) 82,600 4,849,555 
Shenzhen MTC Co. Ltd. (A Shares) (a) 244,600 187,104 
Shenzhen Overseas Chinese Town Co. Ltd. (A Shares) 466,400 455,788 
Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares) (a) 66,500 300,020 
Shenzhen SC New Energy Technology Corp. (A Shares) 17,000 304,080 
Shenzhen Sunlord Electronics Co. Ltd. (A Shares) 74,700 385,409 
Shenzhen Sunway Communication Co. Ltd. (A Shares) 51,700 192,006 
Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares) 102,060 255,718 
Sichuan Chuantou Energy Co. Ltd. (A Shares) 269,300 550,308 
Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares) 89,500 246,882 
Sichuan Road & Bridge (Group) Co. Ltd. (A Shares) 350,400 657,504 
Sichuan Swellfun Co. Ltd. (A Shares) 25,200 498,276 
Sinolink Securities Co. Ltd. (A Shares) 163,400 273,449 
Sinoma Science & Technology Co. Ltd. (A Shares) 94,800 557,634 
Sinopec Shanghai Petrochemical Co. Ltd. (A Shares) 366,600 222,624 
Sinopharm Group Co. Ltd. (H Shares) 1,455,600 3,472,262 
Sinotrans Ltd. 364,805 257,412 
SKSHU Paint Co. Ltd. (A Shares) 19,880 345,912 
Songcheng Performance Development Co. Ltd. (A Shares) 144,152 315,049 
Soochow Securities Co. Ltd. (A Shares) 223,250 295,192 
Southwest Securities Co. Ltd. (A Shares) 376,000 282,334 
Spring Airlines Co. Ltd. (A Shares) (a) 63,300 578,082 
StarPower Semiconductor Ltd. (A Shares) 11,900 743,082 
Sungrow Power Supply Co. Ltd. (A Shares) 86,100 2,205,676 
Suning.com Co. Ltd. (A Shares) (a) 466,600 325,598 
Sunwoda Electronic Co. Ltd. (A Shares) 81,900 630,192 
Suofeiya Home Collection Co. Ltd. (A Shares) 25,900 68,412 
Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares) 89,400 283,590 
Suzhou Gold Mantis Consolidated Co. Ltd. 162,600 151,539 
Suzhou Maxwell Technologies Co. Ltd. (A Shares) 6,800 812,083 
Tangshan Jidong Cement Co. Ltd. A Shares 83,300 151,366 
TBEA Co. Ltd. (A Shares) 214,500 904,444 
TCL Technology Group Corp. (A Shares) 893,800 845,557 
The Pacific Securities Co. Ltd. (A Shares) (a) 498,700 242,898 
Thunder Software Technology Co. Ltd. (A Shares) 22,800 484,065 
Tianfeng Securities Co. Ltd. (A Shares) 368,800 226,839 
Tianjin 712 Communication & Broadcasting Co. Ltd. 42,400 249,406 
Tianjin Zhonghuan Semiconductor Co. Ltd. (A Shares) 217,300 1,776,190 
Tianma Microelectronics Co. Ltd. (A Shares) 100,300 192,748 
Tianshui Huatian Technology Co. Ltd. (A Shares) 145,200 291,273 
Toly Bread Co. Ltd. 37,660 185,191 
TongFu Microelectronics Co. Ltd. (A Shares) 71,400 223,148 
Tonghua Dongbao Pharmaceutical Co. Ltd. (A Shares) 126,700 241,107 
Tongkun Group Co. Ltd. (A Shares) 104,500 325,291 
Tongling Nonferrous Metals Group Co. Ltd. (A Shares) 843,700 486,009 
Tongwei Co. Ltd. (A Shares) 267,800 2,392,568 
Topchoice Medical Corp. (a) 16,900 629,118 
Topsec Technologies Group, Inc. 61,400 176,942 
Transfar Zhilian Co. Ltd. 197,838 252,944 
TravelSky Technology Ltd. (H Shares) 1,008,000 1,886,316 
Tsingtao Brewery Co. Ltd.:   
(A Shares) 52,600 856,282 
(H Shares) 600,000 5,216,888 
Unigroup Guoxin Microelectronics Co. Ltd. 43,900 1,388,805 
Unisplendour Corp. Ltd. (A Shares) 142,680 617,428 
Universal Scientific Industrial Shanghai Co. Ltd. (A Shares) 76,000 164,677 
Venus MedTech Hangzhou, Inc. (H Shares) (a)(b)(c) 227,000 1,051,777 
Walvax Biotechnology Co. Ltd. (A Shares) 110,900 952,191 
Wangfujing Group Co. Ltd. 40,700 195,693 
Wanhua Chemical Group Co. Ltd. (A Shares) 219,800 3,618,984 
Weichai Power Co. Ltd.:   
(A Shares) 182,100 429,257 
(H Shares) 2,592,800 4,658,742 
Weifu High-Technology Group Co. Ltd. (A Shares) 63,800 193,519 
Weihai Guangwei Composites Co. Ltd. (A Shares) 28,500 302,051 
Wens Foodstuffs Group Co. Ltd. (A Shares) 478,920 1,232,112 
Western Securities Co. Ltd. (A Shares) 245,300 293,330 
Will Semiconductor Ltd. 52,500 2,180,073 
Wingtech Technology Co. Ltd. (A Shares) 93,600 1,603,799 
Winning Health Technology Group Co. Ltd. (A Shares) 117,490 232,018 
Wuchan Zhongda Group Co. Ltd. 226,000 221,211 
Wuhan Guide Infrared Co. Ltd. (A Shares) 118,552 401,605 
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd. (A Shares) 108,600 403,494 
Wuhu Token Science Co. Ltd. (A Shares) 130,800 209,501 
Wuliangye Yibin Co. Ltd. (A Shares) 259,100 8,757,404 
WUS Printed Circuit Kunshan Co. Ltd. (A Shares) 95,040 151,928 
WuXi AppTec Co. Ltd. 117,096 2,522,799 
WuXi AppTec Co. Ltd. (H Shares) (c) 431,974 9,232,990 
Wuxi Lead Intelligent Equipment Co. Ltd. (A Shares) 72,480 919,217 
Wuxi Shangji Automation Co. Ltd. (A Shares) 17,800 830,986 
XCMG Construction Machinery Co. Ltd. (A Shares) 402,100 383,535 
Xiamen C&D, Inc. (A Shares) 136,200 170,310 
Xiamen Intretech, Inc. 40,630 195,483 
Xiamen Tungsten Co. Ltd. (A Shares) 77,800 275,699 
Xinjiang Goldwind Science & Technology Co. Ltd.:   
(A Shares) 98,100 283,775 
(H Shares) (b) 977,564 2,191,211 
Yango Group Co. Ltd. (A Shares) 683,200 343,426 
Yantai Eddie Precision Machinery Co. Ltd. (A Shares) 45,640 254,500 
Yantai Jereh Oilfield Services (A Shares) 42,300 279,260 
Yanzhou Coal Mining Co. Ltd.:   
(A Shares) 52,600 185,413 
(H Shares) (b) 1,996,000 2,960,458 
Yealink Network Technology Corp. Ltd. 64,550 763,122 
Yifan Pharmaceutical Co. Ltd. (A Shares) 83,400 213,390 
Yifeng Pharmacy Chain Co. Ltd. 36,400 271,334 
Yihai Kerry Arawana Holdings Co. Ltd. (A Shares) 70,200 667,178 
Yintai Gold Co. Ltd. (A Shares) 118,580 163,271 
Yixintang Pharmaceutical Group Co. Ltd. (A Shares) 51,900 256,836 
Yonghui Superstores Co. Ltd. (A Shares) 430,500 264,117 
Yonyou Network Technology Co. Ltd. (A Shares) 212,620 1,055,507 
Youngor Group Co. Ltd. (A Shares) 1,429,177 1,434,587 
YTO Express Group Co. Ltd. (A Shares) 159,500 363,533 
Yuan Longping High-tech Agriculture Co. Ltd. (A Shares) (a) 73,700 241,496 
Yunda Holding Co. Ltd. (A Shares) 140,850 410,517 
Yunnan Aluminium Co. Ltd. (A Shares) (a) 205,500 381,438 
Yunnan Baiyao Group Co. Ltd. (A Shares) 79,800 1,116,197 
Yunnan Energy New Material Co. Ltd. 59,700 2,718,944 
Yutong Bus Co. Ltd. 112,300 198,803 
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares) 36,400 2,346,374 
Zhaojin Mining Industry Co. Ltd. (H Shares) 1,085,000 776,743 
Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a) 380,200 440,992 
Zhejiang China Commodities City Group Co. Ltd. (A Shares) 487,200 371,157 
Zhejiang Chint Electric Co. Ltd. (A Shares) 161,900 1,522,516 
Zhejiang Dahua Technology Co. Ltd. (A Shares) 166,000 564,412 
Zhejiang Dingli Machinery Co. Ltd. (A Shares) 25,440 271,289 
Zhejiang Expressway Co. Ltd. (H Shares) 1,250,000 1,110,147 
Zhejiang Fuchunjiang Hp Co. Ltd. (A Shares) 445,200 497,620 
Zhejiang HangKe Technology, Inc. Co. (A Shares) 27,520 444,006 
Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares) 81,180 233,563 
Zhejiang Huayou Cobalt Co. Ltd. (A Shares) 71,500 1,239,523 
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares) 67,100 800,392 
Zhejiang Jiuzhou Pharmaceutical Co. Ltd. (A Shares) 63,700 520,479 
Zhejiang Juhua Co. Ltd. (A Shares) 160,500 389,364 
Zhejiang Longsheng Group Co. Ltd. (A Shares) 200,700 390,074 
Zhejiang NHU Co. Ltd. (A Shares) 147,840 626,371 
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) 186,080 689,040 
Zhejiang Semir Garment Co. Ltd. (A Shares) 115,500 135,230 
Zhejiang Supor Cookware Co. Ltd. 24,800 205,191 
Zhejiang Weixing New Building Materials Co. Ltd. (A Shares) 88,500 248,683 
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. 34,200 286,435 
Zheshang Securities Co. Ltd. (a) 187,400 361,006 
ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(b)(c) 526,400 1,931,588 
Zhongji Innolight Co. Ltd. (A Shares) 36,700 189,466 
Zhongjin Gold Co. Ltd. (A Shares) 238,900 310,291 
Zhongtai Securities Co. Ltd. (A Shares) 523,200 755,509 
Zhongtian Financial Group Co. Ltd. (A Shares) (a) 394,400 154,540 
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) 585,600 2,807,388 
Zhuzhou Kibing Group Co. Ltd. (A Shares) 183,000 454,233 
Zijin Mining Group Co. Ltd.:   
(A Shares) 568,800 928,798 
(H Shares) 7,309,000 10,183,094 
Zoomlion Heavy Industry Science and Technology Co. Ltd.:   
(A Shares) 1,010,300 1,149,762 
(H Shares) 647,400 467,629 
ZTE Corp.:   
(A Shares) 32,800 167,027 
(H Shares) 1,229,536 3,697,853 
TOTAL CHINA  998,362,986 
Colombia - 0.0%   
Bancolombia SA 276,393 2,472,005 
Ecopetrol SA 5,512,056 4,167,267 
Grupo de Inversiones Suramerica SA 275,899 1,608,181 
Interconexion Electrica SA ESP 479,906 2,881,423 
TOTAL COLOMBIA  11,128,876 
Cyprus - 0.1%   
Ozon Holdings PLC ADR (a) 53,776 2,453,000 
TCS Group Holding PLC unit 132,134 13,608,232 
TOTAL CYPRUS  16,061,232 
Czech Republic - 0.0%   
CEZ A/S 183,853 6,069,450 
Komercni Banka A/S 88,830 3,446,590 
MONETA Money Bank A/S (a)(c) 436,915 1,708,014 
TOTAL CZECH REPUBLIC  11,224,054 
Denmark - 1.7%   
A.P. Moller - Maersk A/S:   
Series A 2,804 7,677,775 
Series B 6,909 20,021,924 
Ambu A/S Series B 185,054 5,271,235 
Carlsberg A/S Series B 110,546 18,235,366 
Chr. Hansen Holding A/S 112,448 8,946,912 
Coloplast A/S Series B 129,516 21,113,020 
Danske Bank A/S 752,244 12,730,283 
Demant A/S (a) 118,948 5,761,630 
DSV A/S 221,790 51,544,203 
Genmab A/S (a) 71,922 32,233,574 
GN Store Nord A/S 133,879 8,124,281 
Novo Nordisk A/S Series B 1,854,555 203,361,067 
Novozymes A/S Series B 222,814 16,384,706 
ORSTED A/S (c) 207,355 29,258,483 
Pandora A/S 109,325 15,266,425 
Rockwool International A/S Series B 9,326 4,260,830 
Tryg A/S 382,656 9,071,356 
Vestas Wind Systems A/S 1,115,658 48,249,825 
TOTAL DENMARK  517,512,895 
Egypt - 0.0%   
Commercial International Bank SAE (a) 1,858,752 6,035,324 
Commercial International Bank SAE sponsored GDR 140,484 435,500 
Eastern Co. SAE 971,292 717,186 
Fawry for Banking & Payment Technology Services SAE 487,873 467,066 
TOTAL EGYPT  7,655,076 
Finland - 0.8%   
Elisa Corp. (A Shares) 157,334 9,490,400 
Fortum Corp. 490,587 14,574,947 
Kesko Oyj 305,199 9,910,434 
Kone OYJ (B Shares) 371,679 25,332,808 
Neste Oyj 465,739 25,945,221 
Nokia Corp. (a) 5,957,520 34,193,248 
Nordea Bank ABP 3,558,238 43,529,167 
Orion Oyj (B Shares) 115,663 5,004,632 
Sampo Oyj (A Shares) 541,498 28,794,698 
Stora Enso Oyj (R Shares) 646,984 10,754,996 
UPM-Kymmene Corp. 581,193 20,505,140 
Wartsila Corp. 525,940 7,292,800 
TOTAL FINLAND  235,328,491 
France - 6.5%   
Accor SA (a) 193,304 6,907,131 
Aeroports de Paris SA (a) 31,704 4,211,065 
Air Liquide SA 479,503 80,056,792 
Alstom SA 348,632 12,424,476 
Amundi SA (c) 68,097 6,065,386 
Arkema SA 69,158 9,449,694 
Atos Origin SA 111,647 5,805,296 
AXA SA 2,122,879 61,760,905 
bioMerieux SA 46,036 5,856,599 
BNP Paribas SA 1,241,589 83,108,532 
Bollore SA 893,484 5,174,666 
Bouygues SA 242,680 9,818,833 
Bureau Veritas SA 330,826 10,501,661 
Capgemini SA 175,991 40,953,599 
Carrefour SA 708,937 12,829,761 
CNP Assurances (b) 175,605 4,396,967 
Compagnie de St. Gobain 553,871 38,224,057 
Compagnie Generale des Etablissements Michelin SCA Series B 187,157 29,424,358 
Covivio 55,023 4,757,773 
Credit Agricole SA 1,287,552 19,425,263 
Danone SA 720,336 46,955,679 
Dassault Aviation SA 26,020 2,714,641 
Dassault Systemes SA 728,694 42,553,848 
Edenred SA 266,670 14,417,812 
EDF SA (a) 23,260 342,291 
EDF SA 517,705 7,618,485 
Eiffage SA 90,837 9,341,474 
ENGIE 1,993,814 28,340,423 
EssilorLuxottica SA 313,946 64,926,670 
Eurazeo SA 41,663 3,903,565 
Faurecia SA 122,699 6,389,894 
Gecina SA 52,749 7,381,368 
Getlink SE 465,563 7,149,865 
Hermes International SCA 34,902 55,295,169 
Ipsen SA 43,553 4,501,046 
Kering SA 82,885 62,208,091 
Klepierre SA 230,058 5,467,871 
L'Oreal SA 255,348 116,810,163 
L'Oreal SA (a) 23,733 10,856,774 
La Francaise des Jeux SAEM (c) 109,643 5,690,954 
Legrand SA 299,842 32,709,804 
LVMH Moet Hennessy Louis Vuitton SE 305,837 239,813,417 
Orange SA 2,191,600 23,899,299 
Orpea 56,688 5,910,926 
Pernod Ricard SA 230,978 53,055,000 
Publicis Groupe SA 244,800 16,396,371 
Remy Cointreau SA 26,706 5,390,275 
Renault SA (a) 202,962 7,287,424 
Safran SA 375,199 50,497,956 
Sanofi SA 1,252,536 125,809,949 
Sartorius Stedim Biotech 30,523 16,802,521 
Schneider Electric SA 597,183 102,965,205 
SCOR SE 183,905 6,186,491 
SEB SA 29,968 4,687,199 
Societe Generale Series A 888,745 29,687,596 
Sodexo SA 90,941 8,830,735 
Sodexo SA (a) 8,142 790,621 
Suez Environnement SA 362,179 8,241,695 
Teleperformance 65,200 27,216,540 
Thales SA 115,130 10,601,972 
Total SA 2,754,024 137,907,657 
Ubisoft Entertainment SA (a) 97,523 5,106,675 
Valeo SA 259,235 7,590,785 
Veolia Environnement SA 715,813 23,359,756 
VINCI SA 583,702 62,327,536 
Vivendi SA 771,702 9,933,394 
Wendel SA 27,148 3,612,193 
Worldline SA (a)(c) 261,349 15,220,778 
TOTAL FRANCE  1,995,858,667 
Germany - 5.1%   
adidas AG 210,132 68,817,138 
Allianz SE 454,369 105,654,151 
BASF AG 1,012,144 72,847,712 
Bayer AG 1,084,599 61,125,492 
Bayerische Motoren Werke AG (BMW) 331,755 33,457,306 
Bechtle AG 91,242 6,834,829 
Beiersdorf AG 115,105 12,228,341 
Brenntag SE 171,827 16,335,497 
Carl Zeiss Meditec AG 44,919 9,032,591 
Commerzbank AG (a) 1,119,201 8,171,618 
Continental AG (a) 121,042 14,231,085 
Covestro AG (c) 214,445 13,733,573 
Daimler AG (Germany) 941,373 93,304,599 
Delivery Hero AG (a)(c) 176,828 21,984,636 
Deutsche Bank AG (a) 2,265,369 29,188,772 
Deutsche Borse AG 210,710 34,978,197 
Deutsche Lufthansa AG (a) 625,618 4,131,001 
Deutsche Post AG 1,098,503 67,963,414 
Deutsche Telekom AG 3,685,185 68,533,961 
E.ON AG 2,458,556 31,166,367 
Evonik Industries AG 234,913 7,609,095 
Fresenius Medical Care AG & Co. KGaA 167,418 11,121,428 
Fresenius Medical Care AG & Co. KGaA sponsored ADR (a)(b) 112,708 3,745,287 
Fresenius SE & Co. KGaA 455,196 20,661,501 
GEA Group AG 169,094 8,325,181 
Hannover Reuck SE 66,690 12,180,795 
HeidelbergCement AG 171,098 12,884,526 
HelloFresh AG (a) 180,508 14,606,707 
Henkel AG & Co. KGaA 117,369 9,782,425 
Infineon Technologies AG 1,442,730 67,565,006 
KION Group AG 79,788 8,706,977 
Knorr-Bremse AG 79,848 8,412,613 
Lanxess AG 93,166 6,274,596 
LEG Immobilien AG 78,450 11,667,037 
Merck KGaA 142,955 33,745,271 
MTU Aero Engines AG 59,733 13,282,027 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 155,102 45,936,125 
Nemetschek Se 61,555 7,058,832 
Puma AG 119,100 14,773,021 
Rational AG 5,596 5,560,732 
RWE AG 708,334 27,242,611 
SAP SE 1,150,257 166,570,069 
Scout24 AG (c) 100,497 6,993,707 
Siemens AG 843,673 137,166,028 
Siemens Healthineers AG (c) 313,199 20,803,855 
Symrise AG 141,175 19,510,357 
TeamViewer AG (a)(c) 179,250 2,675,356 
Telefonica Deutschland Holding AG 1,120,039 2,917,106 
Uniper SE 111,031 4,904,324 
United Internet AG 117,208 4,319,499 
Vitesco Technologies Group AG (a) 1,210 69,379 
Volkswagen AG 38,915 12,631,996 
Vonovia SE 601,887 36,500,691 
Zalando SE (a)(c) 242,006 22,822,734 
TOTAL GERMANY  1,562,747,174 
Greece - 0.1%   
Alpha Bank SA (a) 2,310,817 2,934,428 
EFG Eurobank Ergasias SA (a) 2,723,782 2,844,528 
Ff Group (a)(d) 7,962 11,045 
Hellenic Telecommunications Organization SA 245,452 4,341,260 
Jumbo SA 120,155 1,783,465 
OPAP SA 200,537 3,117,989 
TOTAL GREECE  15,032,715 
Hong Kong - 1.7%   
AIA Group Ltd. 13,351,209 149,627,148 
Beijing Enterprises Holdings Ltd. 483,000 1,856,140 
BOC Hong Kong (Holdings) Ltd. 4,117,451 13,071,273 
BYD Electronic International Co. Ltd. (b) 784,000 2,332,704 
China Everbright International Ltd. 3,873,629 2,663,571 
China Everbright Ltd. 984,000 1,107,877 
China Jinmao Holdings Group Ltd. 5,310,000 1,556,044 
China Merchants Holdings International Co. Ltd. 1,711,250 2,859,231 
China Overseas Land and Investment Ltd. 4,056,000 8,945,564 
China Power International Development Ltd. 4,258,000 2,139,809 
China Resources Beer Holdings Co. Ltd. 1,632,989 13,537,406 
China Resources Pharmaceutical Group Ltd. (c) 1,691,500 815,259 
China Resources Power Holdings Co. Ltd. 2,149,780 5,553,702 
China Taiping Insurance Group Ltd. 1,940,665 2,968,179 
China Traditional Chinese Medicine Holdings Co. Ltd. 2,784,000 1,323,925 
CITIC Pacific Ltd. 6,364,000 6,379,950 
CLP Holdings Ltd. 1,812,976 17,750,703 
CSPC Pharmaceutical Group Ltd. 10,040,800 10,504,738 
Far East Horizon Ltd. 1,647,000 1,572,805 
Fosun International Ltd. 2,592,500 3,048,824 
Galaxy Entertainment Group Ltd. (a) 2,441,239 13,209,455 
Ganfeng Lithium Co. Ltd. (H Shares) (c) 110,400 2,070,222 
Guangdong Investment Ltd. 3,260,000 4,106,163 
Hang Lung Properties Ltd. 2,192,125 5,088,333 
Hang Seng Bank Ltd. 850,153 16,171,537 
Henderson Land Development Co. Ltd. 1,544,869 6,468,649 
Hong Kong & China Gas Co. Ltd. 12,414,350 19,286,091 
Hong Kong Exchanges and Clearing Ltd. 1,331,184 80,550,277 
Hua Hong Semiconductor Ltd. (a)(c) 570,000 2,871,795 
Lenovo Group Ltd. 8,116,000 8,813,718 
Link (REIT) 2,320,913 20,582,610 
MMG Ltd. (a) 3,504,000 1,621,284 
MTR Corp. Ltd. 1,686,825 9,192,389 
New World Development Co. Ltd. 1,662,491 7,211,499 
Power Assets Holdings Ltd. 1,553,426 9,473,692 
Shenzhen Investment Ltd. 2,583,641 634,246 
Sino Land Ltd. 3,515,723 4,618,044 
Sinotruk Hong Kong Ltd. 664,500 917,259 
SJM Holdings Ltd. (a) 2,378,581 1,776,178 
Sun Art Retail Group Ltd. 1,923,500 1,132,270 
Sun Hung Kai Properties Ltd. 1,451,422 19,243,439 
Swire Pacific Ltd. (A Shares) 505,060 3,177,519 
Swire Properties Ltd. 1,213,120 3,250,890 
Techtronic Industries Co. Ltd. 1,507,870 31,027,567 
Wharf Holdings Ltd. 1,456,000 5,052,632 
Yuexiu Property Co. Ltd. 1,190,400 1,049,565 
TOTAL HONG KONG  528,212,175 
Hungary - 0.1%   
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) 440,486 3,764,160 
OTP Bank PLC (a) 247,816 14,883,641 
Richter Gedeon PLC 151,475 4,243,379 
TOTAL HUNGARY  22,891,180 
India - 3.4%   
ACC Ltd. 83,591 2,602,245 
Adani Enterprises Ltd. 303,424 5,762,850 
Adani Green Energy Ltd. (a) 436,251 6,709,785 
Adani Ports & Special Economic Zone Ltd. 545,293 5,041,532 
Adani Total Gas Ltd. (a) 295,943 5,683,345 
Adani Transmissions Ltd. (a) 303,890 7,165,568 
Ambuja Cements Ltd. 835,929 4,514,496 
Apollo Hospitals Enterprise Ltd. 110,899 6,305,878 
Asian Paints Ltd. 419,679 17,357,706 
Aurobindo Pharma Ltd. 315,431 2,900,972 
Avenue Supermarts Ltd. (a)(c) 178,650 11,048,271 
Axis Bank Ltd.(a) 2,489,821 24,647,418 
Bajaj Auto Ltd. 73,646 3,642,507 
Bajaj Finance Ltd. 298,530 29,473,440 
Bajaj Finserv Ltd. 41,863 9,953,263 
Balkrishna Industries Ltd. 98,039 3,217,741 
Bandhan Bank Ltd. (c) 756,285 2,940,688 
Berger Paints India Ltd. 259,910 2,571,186 
Bharat Electronics Ltd. 1,307,092 3,607,124 
Bharat Forge Ltd. 269,997 2,763,367 
Bharat Petroleum Corp. Ltd. 972,123 5,417,327 
Bharti Airtel Ltd. (a) 2,713,654 24,812,258 
Biocon Ltd. (a) 499,702 2,340,676 
Britannia Industries Ltd. 120,631 5,915,675 
Cholamandalam Investment and Finance Co. Ltd. 441,977 3,624,913 
Cipla Ltd. (a) 549,530 6,635,343 
Coal India Ltd. 1,642,126 3,602,797 
Colgate-Palmolive Ltd. 136,262 2,804,319 
Container Corp. of India Ltd. 269,371 2,354,278 
Dabur India Ltd. 688,941 5,384,779 
Divi's Laboratories Ltd. 148,654 10,214,000 
DLF Ltd. 659,059 3,504,782 
Dr. Reddy's Laboratories Ltd. 130,279 8,095,797 
Eicher Motors Ltd. 152,304 5,048,962 
GAIL India Ltd. 1,685,496 3,347,156 
Godrej Consumer Products Ltd. (a) 397,896 5,078,343 
Grasim Industries Ltd. 295,914 6,794,711 
Havells India Ltd. 287,071 4,836,986 
HCL Technologies Ltd. 1,189,473 18,150,353 
HDFC Asset Management Co. Ltd. (c) 63,263 2,234,271 
HDFC Standard Life Insurance Co. Ltd. (c) 899,623 8,166,880 
Hero Motocorp Ltd. 129,746 4,599,401 
Hindalco Industries Ltd. 1,744,313 10,700,222 
Hindustan Petroleum Corp. Ltd. 738,604 3,058,671 
Hindustan Unilever Ltd. 907,187 28,964,506 
Housing Development Finance Corp. Ltd. 1,891,852 71,799,765 
ICICI Bank Ltd. 5,650,653 60,464,362 
ICICI Lombard General Insurance Co. Ltd. (c) 249,991 4,941,287 
ICICI Prudential Life Insurance Co. Ltd. (c) 392,483 3,238,096 
Indian Oil Corp. Ltd. 1,995,878 3,407,012 
Indraprastha Gas Ltd. 296,518 1,874,723 
Indus Towers Ltd. 813,511 2,946,678 
Info Edge India Ltd. 83,849 6,796,238 
Infosys Ltd. 3,169,156 70,852,169 
Infosys Ltd. sponsored ADR 589,636 13,137,090 
InterGlobe Aviation Ltd. (a)(c) 99,999 2,901,979 
Ipca Laboratories Ltd. 78,290 2,237,723 
ITC Ltd. 3,226,085 9,606,593 
JSW Steel Ltd. 931,990 8,320,207 
Jubilant Foodworks Ltd. 89,924 4,426,077 
Kotak Mahindra Bank Ltd. (a) 608,111 16,478,749 
Larsen & Toubro Infotech Ltd. (c) 56,399 5,028,017 
Larsen & Toubro Ltd. 743,687 17,528,312 
Lupin Ltd. 260,535 3,207,895 
Mahindra & Mahindra Ltd. 961,585 11,343,893 
Marico Ltd. 570,739 4,328,418 
Maruti Suzuki India Ltd. 150,444 15,018,107 
Motherson Sumi Systems Ltd. 1,420,154 4,233,652 
MRF Ltd. 1,846 1,903,954 
Muthoot Finance Ltd. 137,858 2,699,501 
Nestle India Ltd. 37,252 9,442,914 
NTPC Ltd. 5,422,793 9,596,871 
Oil & Natural Gas Corp. Ltd. 2,649,907 5,269,410 
Page Industries Ltd. 6,483 3,255,213 
Petronet LNG Ltd. 878,211 2,689,525 
PI Industries Ltd. 95,064 3,804,779 
Pidilite Industries Ltd. 167,271 5,163,185 
Piramal Enterprises Ltd. 109,945 3,816,282 
Power Grid Corp. of India Ltd. 3,440,932 8,495,023 
Rec Ltd. 1,002,639 1,988,424 
Reliance Industries Ltd. 3,144,996 106,417,132 
SBI Cards & Payment Services Ltd. (a) 264,215 3,719,208 
SBI Life Insurance Co. Ltd. (c) 495,156 7,567,553 
Shree Cement Ltd. 12,358 4,721,158 
Shriram Transport Finance Co. Ltd. 225,074 4,312,605 
Siemens India Ltd. 86,621 2,526,980 
State Bank of India 1,967,921 13,183,797 
Sun Pharmaceutical Industries Ltd. 911,319 9,665,781 
Tata Consultancy Services Ltd. 1,017,802 46,137,506 
Tata Consumer Products Ltd. 656,306 7,087,982 
Tata Motors Ltd. (a) 1,816,427 11,673,606 
Tata Steel Ltd. 794,517 13,948,965 
Tech Mahindra Ltd. 693,621 13,675,776 
Titan Co. Ltd. 381,079 12,118,216 
Torrent Pharmaceuticals Ltd. 56,295 2,148,305 
Trent Ltd. 195,690 2,618,990 
Ultratech Cement Ltd. 112,017 11,411,746 
United Spirits Ltd. (a) 345,069 4,361,298 
UPL Ltd. (a) 553,685 5,467,783 
Vedanta Ltd. 1,247,321 5,058,843 
Wipro Ltd. 1,496,926 12,949,950 
Yes Bank Ltd. (a) 12,748,373 2,177,029 
TOTAL INDIA  1,048,789,120 
Indonesia - 0.4%   
PT Adaro Energy Tbk 15,676,200 1,858,904 
PT Aneka Tambang Tbk 8,870,900 1,465,178 
PT Astra International Tbk 22,765,800 9,681,591 
PT Bank Central Asia Tbk 62,115,000 32,772,869 
PT Bank Mandiri (Persero) Tbk 21,762,500 11,002,515 
PT Bank Negara Indonesia (Persero) Tbk 8,803,689 4,349,802 
PT Bank Rakyat Indonesia Tbk 76,211,700 22,877,519 
PT Barito Pacific Tbk 29,710,300 1,960,764 
PT Charoen Pokphand Indonesia Tbk 7,920,000 3,465,961 
PT Gudang Garam Tbk 442,700 1,046,794 
PT Indah Kiat Pulp & Paper Tbk 3,189,100 1,907,720 
PT Indocement Tunggal Prakarsa Tbk 1,412,300 1,178,786 
PT Indofood CBP Sukses Makmur Tbk 2,352,000 1,460,921 
PT Indofood Sukses Makmur Tbk 4,600,200 2,061,851 
PT Kalbe Farma Tbk 20,560,900 2,322,036 
PT Merdeka Copper Gold Tbk (a) 12,532,200 2,795,253 
PT Sarana Menara Nusantara Tbk 25,681,600 2,102,746 
PT Semen Gresik (Persero) Tbk 2,806,600 1,802,722 
PT Surya Citra Media Tbk (a) 35 1 
PT Telkom Indonesia Persero Tbk 54,885,100 14,670,003 
PT Tower Bersama Infrastructure Tbk 9,451,200 1,961,287 
PT Unilever Indonesia Tbk 9,124,800 2,846,770 
PT United Tractors Tbk 1,965,912 3,267,847 
TOTAL INDONESIA  128,859,840 
Ireland - 0.5%   
CRH PLC 600,884 28,754,599 
CRH PLC sponsored ADR 265,561 12,730,994 
DCC PLC (United Kingdom) 108,378 9,056,463 
Flutter Entertainment PLC (a) 81,876 15,457,491 
Flutter Entertainment PLC (Ireland) (a) 102,799 19,441,511 
James Hardie Industries PLC CDI 491,014 19,077,717 
Kerry Group PLC Class A 172,362 23,132,980 
Kingspan Group PLC (Ireland) 168,532 19,412,163 
Smurfit Kappa Group PLC 264,295 13,837,228 
TOTAL IRELAND  160,901,146 
Isle of Man - 0.1%   
Entain PLC (a) 641,703 17,985,590 
NEPI Rockcastle PLC 441,192 2,957,647 
TOTAL ISLE OF MAN  20,943,237 
Israel - 0.4%   
Azrieli Group 46,872 4,375,619 
Bank Hapoalim BM (Reg.) 1,257,658 12,360,568 
Bank Leumi le-Israel BM 1,605,754 15,309,810 
Check Point Software Technologies Ltd. (a) 122,395 14,638,442 
CyberArk Software Ltd. (a) 44,570 8,027,503 
Elbit Systems Ltd. (Israel) 29,433 4,632,115 
Icl Group Ltd. 768,914 6,572,953 
Israel Discount Bank Ltd. (Class A) (a) 1,301,838 7,849,659 
Mizrahi Tefahot Bank Ltd. 150,954 5,481,257 
NICE Systems Ltd. (a) 47,759 13,435,638 
Teva Pharmaceutical Industries Ltd. sponsored ADR (a) 1,212,165 10,594,322 
Wix.com Ltd. (a) 61,840 11,499,766 
TOTAL ISRAEL  114,777,652 
Italy - 1.1%   
Amplifon SpA 134,218 6,819,107 
Assicurazioni Generali SpA (b) 1,171,110 25,519,190 
Atlantia SpA (a) 538,229 10,393,730 
DiaSorin SpA 28,677 6,475,972 
Enel SpA 8,966,456 75,065,277 
Eni SpA 2,748,247 39,389,100 
Faurecia SA 2,894 149,275 
FinecoBank SpA 680,866 12,998,644 
Infrastrutture Wireless Italiane SpA (c) 354,169 3,912,411 
Intesa Sanpaolo SpA 18,096,317 51,432,969 
Mediobanca SpA 673,658 8,032,792 
Moncler SpA 224,570 16,126,533 
Nexi SpA (a)(c) 473,502 8,224,209 
Poste Italiane SpA (c) 531,310 7,579,158 
Prysmian SpA 285,850 10,805,473 
Recordati SpA 116,984 7,318,837 
Snam Rete Gas SpA 2,157,805 12,215,187 
Telecom Italia SpA 10,030,058 3,578,227 
Telecom Italia SpA (Risparmio Shares) 7,564,311 2,872,517 
Terna - Rete Elettrica Naziona 1,558,587 11,606,723 
UniCredit SpA 2,335,711 30,845,736 
TOTAL ITALY  351,361,067 
Japan - 14.1%   
ABC-MART, Inc. 39,082 1,878,436 
ACOM Co. Ltd. 470,068 1,567,737 
Advantest Corp. 219,582 18,003,074 
AEON Co. Ltd. 737,278 16,960,824 
AGC, Inc. 211,196 10,516,632 
Aisin Seiki Co. Ltd. 162,801 5,957,340 
Ajinomoto Co., Inc. 511,915 15,327,085 
Ana Holdings, Inc. (a) 167,151 3,894,791 
Asahi Group Holdings 504,617 22,899,662 
ASAHI INTECC Co. Ltd. 239,149 6,303,816 
Asahi Kasei Corp. 1,386,625 14,566,979 
Astellas Pharma, Inc. 2,044,065 34,460,442 
Azbil Corp. 133,382 5,686,451 
Bandai Namco Holdings, Inc. 220,698 16,865,431 
Bridgestone Corp. 628,695 27,813,018 
Brother Industries Ltd. 259,375 5,014,741 
Canon, Inc. 1,067,728 24,279,466 
Canon, Inc. sponsored ADR (b) 48,312 1,080,739 
Capcom Co. Ltd. 199,000 5,356,171 
Casio Computer Co. Ltd. 220,547 3,120,985 
Central Japan Railway Co. 157,938 23,428,625 
Chiba Bank Ltd. 624,294 3,869,509 
Chubu Electric Power Co., Inc. 701,595 7,262,307 
Chugai Pharmaceutical Co. Ltd. 738,524 27,612,958 
Concordia Financial Group Ltd. 1,268,888 5,043,413 
Cosmos Pharmaceutical Corp. 23,561 3,600,525 
CyberAgent, Inc. 443,996 7,439,395 
Dai Nippon Printing Co. Ltd. 241,421 5,981,222 
Dai-ichi Mutual Life Insurance Co. 1,113,791 23,432,561 
Daifuku Co. Ltd. 110,209 10,145,782 
Daiichi Sankyo Kabushiki Kaisha 1,933,296 48,781,663 
Daikin Industries Ltd. 274,782 60,181,334 
Daito Trust Construction Co. Ltd. 72,521 8,991,451 
Daiwa House Industry Co. Ltd. 614,208 20,262,844 
Daiwa House REIT Investment Corp. 2,339 6,712,075 
Daiwa Securities Group, Inc. 1,617,851 9,089,330 
DENSO Corp. 479,525 34,763,248 
Dentsu Group, Inc. 238,522 8,716,481 
Disco Corp. 31,829 8,581,022 
East Japan Railway Co. 331,381 20,640,563 
Eisai Co. Ltd. 259,997 18,422,400 
ENEOS Holdings, Inc. 3,419,164 13,786,927 
FANUC Corp. 212,225 41,940,156 
Fast Retailing Co. Ltd. 64,563 42,858,064 
Fuji Electric Co. Ltd. 144,904 7,085,464 
FUJIFILM Holdings Corp. 398,648 30,806,489 
Fujitsu Ltd. 217,058 37,514,082 
GLP J-REIT 4,549 7,420,066 
GMO Payment Gateway, Inc. 46,728 5,920,265 
Hakuhodo DY Holdings, Inc. 257,907 4,204,812 
Hamamatsu Photonics K.K. 155,346 9,220,159 
Hankyu Hanshin Holdings, Inc. 254,080 7,877,899 
Harmonic Drive Systems, Inc. 46,206 2,094,598 
Hikari Tsushin, Inc. 23,870 3,679,659 
Hino Motors Ltd. 324,271 3,067,500 
Hirose Electric Co. Ltd. 36,368 6,081,853 
Hisamitsu Pharmaceutical Co., Inc. 56,503 1,927,689 
Hitachi Construction Machinery Co. Ltd. 111,471 3,556,588 
Hitachi Ltd. 1,067,809 61,532,026 
Hitachi Metals Ltd. (a) 229,046 4,335,993 
Honda Motor Co. Ltd. 1,792,886 53,029,736 
Hoshizaki Corp. 58,703 4,936,390 
Hoya Corp. 408,082 60,073,162 
Hulic Co. Ltd. 417,272 4,012,279 
Ibiden Co. Ltd. 117,740 7,074,516 
Idemitsu Kosan Co. Ltd. 239,927 6,552,960 
Iida Group Holdings Co. Ltd. 155,378 3,830,769 
INPEX Corp. 1,149,412 9,585,317 
Isuzu Motors Ltd. 638,692 8,592,200 
ITO EN Ltd. 58,425 3,891,442 
Itochu Corp. 1,304,571 37,207,497 
ITOCHU Techno-Solutions Corp. 104,185 3,291,129 
Japan Airlines Co. Ltd. (a) 151,426 3,258,901 
Japan Exchange Group, Inc. 561,894 13,304,566 
Japan Post Bank Co. Ltd. 447,040 3,487,815 
Japan Post Holdings Co. Ltd. 2,718,846 20,891,356 
Japan Post Insurance Co. Ltd. 244,242 3,962,752 
Japan Real Estate Investment Corp. 1,389 8,513,509 
Japan Retail Fund Investment Corp. 7,500 6,888,893 
Japan Tobacco, Inc. 1,302,126 25,562,261 
JFE Holdings, Inc. 547,790 8,370,478 
JSR Corp. 226,821 8,226,701 
Kajima Corp. 490,278 6,036,677 
Kakaku.com, Inc. 145,665 4,833,886 
Kansai Electric Power Co., Inc. 774,099 7,127,217 
Kansai Paint Co. Ltd. 190,584 4,413,163 
Kao Corp. 532,526 30,123,968 
KDDI Corp. 1,775,707 54,301,133 
Keio Corp. 117,120 5,911,952 
Keisei Electric Railway Co. 147,042 4,731,934 
Keyence Corp. 214,529 129,492,876 
Kikkoman Corp. 160,348 13,114,876 
Kintetsu Group Holdings Co. Ltd. (a) 187,764 5,910,440 
Kirin Holdings Co. Ltd. 927,020 16,135,567 
Kobayashi Pharmaceutical Co. Ltd. 59,687 4,778,901 
Kobe Bussan Co. Ltd. 156,372 5,386,496 
Koei Tecmo Holdings Co. Ltd. 64,659 3,009,762 
Koito Manufacturing Co. Ltd. 117,615 6,673,263 
Komatsu Ltd. 960,164 25,147,963 
Konami Holdings Corp. 103,536 5,697,646 
Kose Corp. 38,968 4,525,195 
Kubota Corp. 1,122,067 23,903,408 
Kurita Water Industries Ltd. 111,184 5,491,553 
Kyocera Corp. 351,156 20,559,115 
Kyowa Hakko Kirin Co., Ltd. 296,321 9,745,427 
Lasertec Corp. 82,695 17,937,849 
Lawson, Inc. 58,607 2,834,214 
Lion Corp. 245,990 4,096,813 
LIXIL Group Corp. 295,303 7,586,302 
M3, Inc. 481,802 28,392,756 
Makita Corp. 248,568 11,536,521 
Marubeni Corp. 1,713,245 14,537,435 
Mazda Motor Corp. (a) 628,909 5,656,579 
McDonald's Holdings Co. (Japan) Ltd. 94,745 4,234,302 
Medipal Holdings Corp. 182,207 3,296,531 
Meiji Holdings Co. Ltd. 139,306 8,791,432 
Mercari, Inc. (a) 114,080 6,172,803 
Minebea Mitsumi, Inc. 398,700 10,093,904 
Misumi Group, Inc. 312,214 13,057,964 
Mitsubishi Chemical Holdings Corp. 1,400,784 11,594,892 
Mitsubishi Corp. 1,387,101 44,107,003 
Mitsubishi Electric Corp. 2,021,597 27,148,918 
Mitsubishi Estate Co. Ltd. 1,269,612 19,294,282 
Mitsubishi Gas Chemical Co., Inc. 164,883 3,318,475 
Mitsubishi Heavy Industries Ltd. 347,228 8,879,618 
Mitsubishi UFJ Financial Group, Inc. 13,456,918 73,790,987 
Mitsubishi UFJ Lease & Finance Co. Ltd. 685,416 3,436,813 
Mitsui & Co. Ltd. 1,675,046 38,332,613 
Mitsui Chemicals, Inc. 198,271 5,895,359 
Mitsui Fudosan Co. Ltd. 996,510 22,784,044 
Miura Co. Ltd. 97,814 3,762,461 
Mizuho Financial Group, Inc. 2,654,032 35,027,856 
MonotaRO Co. Ltd. 283,308 6,457,091 
MS&AD Insurance Group Holdings, Inc. 485,715 15,692,168 
Murata Manufacturing Co. Ltd. 633,661 47,004,078 
Nabtesco Corp. 121,891 3,955,800 
NEC Corp. 268,063 13,725,372 
Nexon Co. Ltd. 545,559 9,286,042 
NGK Insulators Ltd. 267,895 4,460,762 
NH Foods Ltd. 92,563 3,255,226 
Nidec Corp. 495,656 54,897,783 
Nihon M&A Center Holdings, Inc. 338,060 10,379,929 
Nintendo Co. Ltd. 123,589 54,583,950 
Nippon Building Fund, Inc. 1,662 10,797,923 
Nippon Express Co. Ltd. 85,785 5,369,670 
Nippon Paint Holdings Co. Ltd. 793,330 8,488,503 
Nippon Prologis REIT, Inc. 2,287 7,638,658 
Nippon Sanso Holdings Corp. 161,286 3,807,733 
Nippon Shinyaku Co. Ltd. 56,555 4,530,984 
Nippon Steel & Sumitomo Metal Corp. 939,599 16,473,767 
Nippon Telegraph & Telephone Corp. 1,413,471 39,603,965 
Nippon Yusen KK 176,811 12,740,519 
Nissan Chemical Corp. 135,784 7,557,556 
Nissan Motor Co. Ltd. (a) 2,532,525 12,890,200 
Nisshin Seifun Group, Inc. 212,962 3,362,800 
Nissin Food Holdings Co. Ltd. 70,305 5,374,104 
Nitori Holdings Co. Ltd. 88,342 16,229,354 
Nitto Denko Corp. 160,950 12,576,660 
Nomura Holdings, Inc. 3,380,965 16,101,905 
Nomura Real Estate Holdings, Inc. 130,418 3,179,511 
Nomura Real Estate Master Fund, Inc. 4,577 6,853,904 
Nomura Research Institute Ltd. 365,180 14,619,640 
NSK Ltd. 414,586 2,785,792 
NTT Data Corp. 688,056 13,802,972 
Obayashi Corp. 710,385 5,997,242 
OBIC Co. Ltd. 76,252 14,100,797 
Odakyu Electric Railway Co. Ltd. 332,939 7,217,922 
Oji Holdings Corp. 859,902 4,262,309 
Olympus Corp. 1,288,263 27,907,699 
OMRON Corp. 203,277 19,440,322 
Ono Pharmaceutical Co. Ltd. 411,045 8,624,440 
Oracle Corp. Japan 42,703 4,040,751 
Oriental Land Co. Ltd. 221,488 34,981,762 
ORIX Corp. 1,328,054 26,396,809 
ORIX JREIT, Inc. 2,929 4,859,520 
Osaka Gas Co. Ltd. 410,518 6,616,723 
Otsuka Corp. 126,932 6,252,232 
Otsuka Holdings Co. Ltd. 432,703 17,113,093 
Pan Pacific International Holdings Ltd. 452,891 9,509,305 
Panasonic Corp. 2,410,693 29,810,712 
PeptiDream, Inc. (a) 114,154 2,759,353 
Persol Holdings Co. Ltd. 197,026 5,295,794 
Pigeon Corp. 123,807 2,866,898 
Pola Orbis Holdings, Inc. 102,602 2,190,733 
Rakuten Group, Inc. 951,060 10,412,237 
Recruit Holdings Co. Ltd. 1,496,983 99,577,840 
Renesas Electronics Corp. (a) 1,371,883 16,876,121 
Resona Holdings, Inc. 2,407,289 9,043,221 
Ricoh Co. Ltd. 763,338 7,433,263 
Rinnai Corp. 36,896 3,788,205 
ROHM Co. Ltd. 96,195 8,795,837 
Ryohin Keikaku Co. Ltd. 276,619 5,451,122 
Santen Pharmaceutical Co. Ltd. 402,889 5,678,701 
SBI Holdings, Inc. Japan 277,765 7,199,520 
SCSK Corp. 162,333 3,285,148 
Secom Co. Ltd. 231,659 15,792,765 
Seiko Epson Corp. 307,509 5,475,527 
Sekisui Chemical Co. Ltd. 413,239 6,788,991 
Sekisui House Ltd. 666,103 13,848,803 
Seven & i Holdings Co. Ltd. 832,372 34,946,953 
SG Holdings Co. Ltd. 358,849 9,011,089 
Sharp Corp. 238,111 2,808,565 
Shimadzu Corp. 260,677 10,590,585 
SHIMANO, Inc. 81,490 22,736,820 
SHIMIZU Corp. 570,881 4,182,756 
Shin-Etsu Chemical Co. Ltd. 389,917 69,535,096 
Shionogi & Co. Ltd. 293,594 19,142,420 
Shiseido Co. Ltd. 441,775 29,478,312 
Shizuoka Bank Ltd. 516,418 4,158,396 
SMC Corp. 63,255 37,748,385 
SoftBank Corp. 3,151,227 43,013,232 
SoftBank Group Corp. 1,331,544 72,086,336 
Sohgo Security Services Co., Ltd. 77,877 3,331,867 
Sompo Holdings, Inc. 347,654 15,076,655 
Sony Group Corp. 1,388,720 160,808,746 
Square Enix Holdings Co. Ltd. 94,338 5,167,844 
Stanley Electric Co. Ltd. 146,801 3,700,150 
Subaru Corp. 668,378 13,110,097 
Sumco Corp. 367,229 7,017,236 
Sumitomo Chemical Co. Ltd. 1,670,381 8,228,823 
Sumitomo Corp. 1,232,769 17,566,545 
Sumitomo Dainippon Pharma Co., Ltd. 201,701 2,852,368 
Sumitomo Electric Industries Ltd. 830,003 11,016,518 
Sumitomo Metal Mining Co. Ltd. 269,532 10,455,765 
Sumitomo Mitsui Financial Group, Inc. 1,439,672 46,716,862 
Sumitomo Mitsui Trust Holdings, Inc. 370,557 12,189,049 
Sumitomo Realty & Development Co. Ltd. 336,779 12,171,167 
Suntory Beverage & Food Ltd. 156,603 6,076,577 
Suzuki Motor Corp. 403,132 17,978,438 
Sysmex Corp. 183,629 22,768,327 
T&D Holdings, Inc. 597,653 7,665,292 
Taisei Corp. 204,402 6,413,960 
Taisho Pharmaceutical Holdings Co. Ltd. 42,059 2,256,932 
Takeda Pharmaceutical Co. Ltd. 1,738,220 48,784,589 
TDK Corp. 427,887 15,554,972 
Terumo Corp. 712,224 31,420,337 
THK Co. Ltd. 130,476 2,805,708 
TIS, Inc. 248,667 6,774,403 
Tobu Railway Co. Ltd. 213,693 5,320,452 
Toho Co. Ltd. 125,405 5,892,049 
Toho Gas Co. Ltd. 79,594 2,357,769 
Tohoku Electric Power Co., Inc. 446,408 2,896,356 
Tokio Marine Holdings, Inc. 688,808 36,279,544 
Tokyo Century Corp. 39,247 2,247,121 
Tokyo Electric Power Co., Inc. (a) 1,726,326 4,781,927 
Tokyo Electron Ltd. 164,686 76,749,125 
Tokyo Gas Co. Ltd. 415,239 7,205,617 
Tokyu Corp. 536,475 7,563,336 
Toppan, Inc. 297,577 4,803,529 
Toray Industries, Inc. 1,528,019 9,521,874 
Toshiba Corp. 448,715 19,354,046 
Tosoh Corp. 285,825 4,813,586 
Toto Ltd. 160,217 7,740,772 
Toyo Suisan Kaisha Ltd. 101,398 4,369,149 
Toyota Industries Corp. 159,843 13,588,671 
Toyota Motor Corp. 11,574,630 204,224,687 
Toyota Tsusho Corp. 230,395 9,993,662 
Trend Micro, Inc. 145,145 8,203,652 
Tsuruha Holdings, Inc. 46,188 5,697,068 
Unicharm Corp. 444,397 17,972,666 
United Urban Investment Corp. 3,113 3,880,540 
USS Co. Ltd. 244,046 3,933,608 
Welcia Holdings Co. Ltd. 103,537 3,865,183 
West Japan Railway Co. 243,080 11,474,748 
Yakult Honsha Co. Ltd. 142,018 7,175,915 
Yamada Holdings Co. Ltd. 792,163 3,027,093 
Yamaha Corp. 149,961 9,474,249 
Yamaha Motor Co. Ltd. 327,839 9,138,125 
Yamato Holdings Co. Ltd. 327,629 8,054,169 
Yaskawa Electric Corp. 265,089 11,481,561 
Yokogawa Electric Corp. 262,100 5,237,348 
Z Holdings Corp. 2,946,849 18,294,101 
ZOZO, Inc. 136,163 4,370,636 
TOTAL JAPAN  4,363,126,734 
Korea (South) - 3.3%   
Alteogen, Inc. 31,949 1,903,764 
AMOREPACIFIC Corp. 35,025 5,422,360 
AMOREPACIFIC Group, Inc. 30,006 1,270,587 
BGF Retail Co. Ltd. 8,146 1,125,841 
Celltrion Healthcare Co. Ltd. 94,510 6,537,932 
Celltrion Pharm, Inc. 18,564 1,798,939 
Celltrion, Inc. (a) 106,174 18,185,217 
Cheil Worldwide, Inc. 74,396 1,512,400 
CJ CheilJedang Corp. 9,703 3,137,348 
CJ Corp. 14,318 1,171,128 
CJ ENM Co. Ltd. 9,316 1,401,839 
CJ Logistics Corp. (a) 9,015 1,090,525 
Coway Co. Ltd. 56,974 3,843,322 
Daewoo Shipbuilding & Marine Engineering Co. Ltd. (a) 37,482 828,245 
Db Insurance Co. Ltd. 46,305 2,341,148 
Doosan Bobcat, Inc. (a) 59,317 1,928,703 
Doosan Heavy Industries & Construction Co. Ltd. (a) 289,202 6,018,785 
Douzone Bizon Co. Ltd. 23,604 1,639,254 
E-Mart, Inc. 22,144 3,171,338 
Ecopro BM Co. Ltd. 11,800 4,127,502 
EUSU Holdings Co. Ltd. 6 30 
Fila Holdings Corp. 49,048 1,554,704 
Green Cross Corp. 6,930 1,622,059 
GS Engineering & Construction Corp. 73,308 2,587,923 
GS Holdings Corp. 45,464 1,638,018 
Hana Financial Group, Inc. 334,043 12,814,628 
Hanjin Shipping Co. Ltd. (a)(d) 12 0 
Hankook Tire Co. Ltd. 79,489 2,801,970 
Hanmi Pharm Co. Ltd. 8,159 1,834,853 
Hanon Systems 204,566 2,521,194 
Hanwha Solutions Corp. (a) 142,388 4,969,768 
HLB, Inc. 99,057 3,549,147 
HMM Co. Ltd. (a) 286,080 6,512,038 
Hotel Shilla Co. 40,608 3,026,236 
HYBE Co. Ltd. (a) 14,582 4,167,629 
Hyundai Engineering & Construction Co. Ltd. 87,950 3,782,607 
Hyundai Glovis Co. Ltd. 21,365 3,061,010 
Hyundai Heavy Industries Holdi 51,574 2,781,735 
Hyundai Mobis 72,836 15,664,195 
Hyundai Motor Co. 144,976 25,796,854 
Hyundai Steel Co. 99,160 3,770,743 
Industrial Bank of Korea 289,305 2,724,131 
Kakao Corp. 345,762 37,007,960 
KakaoBank Corp. (a) 55,626 3,000,281 
Kangwon Land, Inc. (a) 99,493 2,355,257 
KB Financial Group, Inc. 436,097 21,000,601 
Kia Corp. 294,094 21,350,732 
Korea Aerospace Industries Ltd. 76,472 1,998,966 
Korea Electric Power Corp. 284,711 5,488,029 
Korea Investment Holdings Co. Ltd. 45,661 3,397,546 
Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) 41,806 3,677,324 
Korea Zinc Co. Ltd. 9,182 4,205,910 
Korean Air Lines Co. Ltd. (a) 182,668 4,738,193 
KT&G Corp. 124,079 8,574,203 
Kumho Petro Chemical Co. Ltd. 19,355 2,833,248 
LG Chemical Ltd. 51,062 36,452,004 
LG Corp. 95,750 7,447,133 
LG Display Co. Ltd. (a) 263,195 4,425,301 
LG Electronics, Inc. 117,128 12,055,244 
LG Household & Health Care Ltd. 11,136 11,088,742 
LG Innotek Co. Ltd. 16,034 2,867,446 
LG Uplus Corp. 217,417 2,662,073 
Lotte Chemical Corp. 20,198 3,865,002 
Lotte Shopping Co. Ltd. 10,261 918,794 
Meritz Securities Co. Ltd. 333,524 1,325,892 
Mirae Asset Securities Co. Ltd. 278,215 2,064,998 
NAVER Corp. 135,545 46,885,114 
NCSOFT Corp. 17,983 9,612,883 
Netmarble Corp. (c) 24,201 2,549,596 
NH Investment & Securities Co. Ltd. 145,890 1,639,346 
Orion Corp./Republic of Korea 28,308 2,848,226 
Pan Ocean Co., Ltd. (Korea) 312,289 1,607,625 
Pearl Abyss Corp. (a) 32,418 2,871,692 
POSCO 81,433 20,548,138 
POSCO Chemtech Co. Ltd. 35,649 4,424,949 
S-Oil Corp. 49,223 4,284,825 
S1 Corp. 17,862 1,266,965 
Samsung Biologics Co. Ltd. (a)(c) 18,494 13,707,195 
Samsung C&T Corp. 90,519 8,817,599 
Samsung Electro-Mechanics Co. Ltd. 61,141 8,283,920 
Samsung Electronics Co. Ltd. 5,316,687 316,695,192 
Samsung Engineering Co. Ltd. (a) 179,615 3,800,655 
Samsung Fire & Marine Insurance Co. Ltd. 32,831 6,474,490 
Samsung Heavy Industries Co. Ltd. (a) 692,203 3,763,371 
Samsung Heavy Industries Co. Ltd. rights 10/29/21 (a) 168,790 179,630 
Samsung Life Insurance Co. Ltd. 72,050 4,146,461 
Samsung SDI Co. Ltd. 60,293 37,845,585 
Samsung SDS Co. Ltd. 36,904 4,825,919 
Samsung Securities Co. Ltd. 61,685 2,494,860 
Seegene, Inc. 39,107 1,780,064 
Shin Poong Pharmaceutical Co. 36,441 1,614,471 
Shinhan Financial Group Co. Ltd. 486,423 15,798,829 
Shinsegae Co. Ltd. 7,500 1,587,165 
SK Biopharmaceuticals Co. Ltd. (a) 30,760 2,477,794 
SK Bioscience Co. Ltd. (a) 20,496 4,003,883 
SK Chemicals Co. Ltd. 12,895 1,982,155 
SK Hynix, Inc. 604,455 53,010,007 
SK IE Technology Co. Ltd. (a)(c) 15,159 2,146,202 
SK Innovation Co., Ltd. (a) 55,488 11,512,717 
SK Telecom Co. Ltd. (d) 10,198 2,687,180 
SK, Inc. 33,980 7,054,853 
SKC Co. Ltd. 22,568 3,451,868 
Woori Financial Group, Inc. 549,696 6,217,000 
Yuhan Corp. 54,535 2,783,423 
TOTAL KOREA (SOUTH)  1,008,120,375 
Kuwait - 0.2%   
Agility Public Warehousing Co. KSC 1,411,950 4,683,861 
Boubyan Bank KSC 1,150,953 2,985,720 
Kuwait Finance House KSCP 5,257,275 14,510,044 
Mabanee Co. SAKC 644,829 1,683,465 
Mobile Telecommunication Co. 2,235,686 4,420,199 
National Bank of Kuwait 7,587,930 24,919,724 
TOTAL KUWAIT  53,203,013 
Luxembourg - 0.3%   
Adecoagro SA (a) 136,028 1,191,605 
ArcelorMittal SA (Netherlands) 787,122 26,683,200 
Aroundtown SA 1,096,180 7,615,776 
Eurofins Scientific SA 147,003 17,323,222 
Globant SA (a) 44,082 14,070,534 
InPost SA 228,735 3,261,856 
Reinet Investments SCA 161,385 2,912,854 
Tenaris SA 581,011 6,470,308 
TOTAL LUXEMBOURG  79,529,355 
Malaysia - 0.4%   
AMMB Holdings Bhd (a) 1,916,000 1,554,639 
Axiata Group Bhd 2,836,615 2,705,779 
CIMB Group Holdings Bhd 7,634,766 9,624,119 
Dialog Group Bhd 4,413,322 3,016,108 
DiGi.com Bhd 3,519,600 3,595,245 
Fraser & Neave Holdings Bhd 99,900 652,812 
Genting Bhd 2,482,500 3,105,373 
Genting Malaysia Bhd 3,279,500 2,510,508 
Hap Seng Consolidated Bhd 569,400 1,078,024 
Hartalega Holdings Bhd 1,980,300 2,802,356 
Hong Leong Bank Bhd 736,000 3,344,970 
Hong Leong Credit Bhd 159,300 705,521 
IHH Healthcare Bhd 1,832,900 2,894,752 
IOI Corp. Bhd 2,159,900 2,049,845 
IOI Properties Group Bhd 11 3 
Kossan Rubber Industries Bhd 1,266,800 721,963 
Kuala Lumpur Kepong Bhd 394,613 2,060,259 
Malayan Banking Bhd 4,851,545 9,431,282 
Malaysia Airports Holdings Bhd (a) 1,287,298 2,014,415 
Maxis Bhd 2,253,600 2,541,490 
MISC Bhd 1,440,700 2,459,732 
Nestle (Malaysia) Bhd 61,200 1,987,781 
Petronas Chemicals Group Bhd 2,738,500 5,746,816 
Petronas Dagangan Bhd 273,300 1,343,731 
Petronas Gas Bhd 782,600 3,163,662 
PPB Group Bhd 560,920 2,462,576 
Press Metal Bhd 3,618,100 4,857,917 
Public Bank Bhd 16,377,700 16,492,395 
QL Resources Bhd 864,600 1,054,390 
RHB Bank Bhd 2,127,403 2,866,677 
Sime Darby Bhd 3,135,107 1,718,593 
Sime Darby Plantation Bhd 1,803,724 1,746,663 
Sime Darby Property Bhd 15 3 
SP Setia Bhd (a) 14 5 
Supermax Corp. Bhd 1,721,286 798,085 
Telekom Malaysia Bhd 1,285,474 1,797,366 
Tenaga Nasional Bhd 2,578,825 6,015,805 
Top Glove Corp. Bhd 5,884,700 3,865,343 
Westports Holdings Bhd 1,014,400 1,094,993 
TOTAL MALAYSIA  115,881,996 
Mexico - 0.5%   
America Movil S.A.B. de CV Series L 37,953,946 33,828,196 
Arca Continental S.A.B. de CV 543,762 3,315,448 
Becle S.A.B. de CV 541,500 1,237,759 
CEMEX S.A.B. de CV unit (a) 17,049,740 10,964,570 
Coca-Cola FEMSA S.A.B. de CV unit 570,325 3,073,517 
Fibra Uno Administracion SA de CV 3,944,000 3,919,479 
Fomento Economico Mexicano S.A.B. de CV unit 2,211,100 18,178,103 
Gruma S.A.B. de CV Series B 244,695 2,873,276 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 437,800 5,518,857 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 227,485 4,587,599 
Grupo Bimbo S.A.B. de CV Series A 1,744,300 5,163,087 
Grupo Carso SA de CV Series A1 339,000 1,140,264 
Grupo Financiero Banorte S.A.B. de CV Series O 2,900,700 18,365,370 
Grupo Financiero Inbursa S.A.B. de CV Series O (a) 2,406,700 2,416,286 
Grupo Mexico SA de CV Series B 3,456,823 15,165,157 
Grupo Televisa SA de CV 2,692,400 5,466,404 
Industrias Penoles SA de CV (a) 154,440 1,980,310 
Kimberly-Clark de Mexico SA de CV Series A 1,741,100 2,754,402 
Megacable Holdings S.A.B. de CV unit 284,000 836,771 
Orbia Advance Corp. S.A.B. de CV 1,228,916 3,194,059 
Promotora y Operadora de Infraestructura S.A.B. de CV 236,905 1,742,152 
Telesites S.A.B. de C.V. 1,211,500 1,105,108 
Wal-Mart de Mexico SA de CV Series V 5,869,100 20,471,152 
TOTAL MEXICO  167,297,326 
Multi-National - 0.0%   
HK Electric Investments & HK Electric Investments Ltd. unit 2,570,676 2,560,599 
HKT Trust/HKT Ltd. unit 3,860,479 5,239,594 
TOTAL MULTI-NATIONAL  7,800,193 
Netherlands - 4.0%   
ABN AMRO Group NV GDR (b)(c) 462,593 6,805,324 
Adyen BV (a)(c) 21,805 65,792,453 
AEGON NV 1,964,799 9,966,036 
Airbus Group NV (a) 651,245 83,543,036 
Akzo Nobel NV 208,968 24,016,592 
Argenx SE (a) 50,588 15,229,974 
ASM International NV (Netherlands) 52,534 23,769,450 
ASML Holding NV (Netherlands) 462,074 375,620,077 
CNH Industrial NV 1,110,845 19,172,163 
Davide Campari Milano NV 598,390 8,494,553 
EXOR NV 116,484 10,974,424 
Ferrari NV 138,125 32,732,863 
Heineken Holding NV 126,905 11,765,515 
Heineken NV (Bearer) 286,044 31,684,499 
ING Groep NV (Certificaten Van Aandelen) 4,296,779 65,177,441 
JDE Peet's BV 76,599 2,230,535 
Just Eat Takeaway.com NV (a)(c) 196,363 14,100,968 
Koninklijke Ahold Delhaize NV 1,159,502 37,705,011 
Koninklijke DSM NV 192,398 42,047,005 
Koninklijke KPN NV 3,641,290 10,879,944 
Koninklijke Philips Electronics NV 1,006,154 47,465,491 
Koninklijke Vopak NV 72,625 2,888,035 
NN Group NV 291,160 15,590,430 
Prosus NV 1,029,483 90,696,176 
Prosus NV rights (a)(e) 1,029,483 166,612 
QIAGEN NV (Germany) (a) 257,093 14,143,725 
Randstad NV 136,402 9,807,740 
Stellantis NV (Italy) 2,239,023 44,648,358 
STMicroelectronics NV (France) 755,945 35,891,383 
Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit (a) 139,513 9,968,533 
Universal Music Group NV 803,547 23,329,332 
Wolters Kluwer NV 296,438 31,060,726 
X5 Retail Group NV GDR 139,579 4,753,531 
Yandex NV Class A (a) 332,226 27,413,126 
TOTAL NETHERLANDS  1,249,531,061 
New Zealand - 0.2%   
Auckland International Airport Ltd. (a) 1,419,497 8,127,520 
Fisher & Paykel Healthcare Corp. 642,789 14,376,031 
Mercury Nz Ltd. 718,276 3,157,786 
Meridian Energy Ltd. 1,495,021 5,345,947 
Ryman Healthcare Group Ltd. 452,367 4,684,201 
Spark New Zealand Ltd. 2,081,916 6,810,528 
The a2 Milk Co. Ltd. (a)(b) 845,095 3,978,760 
Xero Ltd. (a) 145,627 16,378,508 
TOTAL NEW ZEALAND  62,859,281 
Norway - 0.4%   
Adevinta ASA Class B (a) 296,316 4,877,276 
DNB Bank ASA 1,003,690 23,856,929 
Equinor ASA 951,173 24,066,718 
Equinor ASA sponsored ADR 116,214 2,955,322 
Gjensidige Forsikring ASA 204,366 5,082,600 
Mowi ASA 476,977 13,810,364 
Norsk Hydro ASA 1,456,495 10,698,639 
Orkla ASA 807,616 7,854,464 
Schibsted ASA:   
(A Shares) 80,475 4,150,494 
(B Shares) 104,633 4,723,899 
Telenor ASA 741,116 11,698,507 
Yara International ASA 190,565 9,943,424 
TOTAL NORWAY  123,718,636 
Pakistan - 0.0%   
Habib Bank Ltd. 385,416 283,936 
Lucky Cement Ltd. (a) 112,527 507,788 
MCB Bank Ltd. 266,532 255,186 
TOTAL PAKISTAN  1,046,910 
Papua New Guinea - 0.0%   
Oil Search Ltd. ADR 2,154,546 6,953,049 
Peru - 0.0%   
Compania de Minas Buenaventura SA sponsored ADR (a)(b) 257,208 2,026,799 
Philippines - 0.2%   
Aboitiz Equity Ventures, Inc. 2,135,920 2,046,694 
Ayala Corp. 313,455 5,355,606 
Ayala Land, Inc. 9,283,970 6,451,541 
Bank of the Philippine Islands (BPI) 1,759,043 3,028,089 
BDO Unibank, Inc. 2,223,028 5,461,845 
DMCI Holdings, Inc. 9 1 
Globe Telecom, Inc. 33,670 1,997,136 
GT Capital Holdings, Inc. 90,479 1,012,089 
International Container Terminal Services, Inc. 1,240,370 4,420,246 
JG Summit Holdings, Inc. 3,212,635 3,828,957 
Jollibee Food Corp. 426,890 1,987,815 
Manila Electric Co. 236,280 1,342,553 
Metro Pacific Investments Corp. 11,439,700 849,314 
Metropolitan Bank & Trust Co. 1,733,141 1,636,722 
PLDT, Inc. 86,935 2,826,119 
SM Investments Corp. 262,205 5,009,460 
SM Prime Holdings, Inc. 10,990,675 7,202,363 
Universal Robina Corp. 889,750 2,430,915 
TOTAL PHILIPPINES  56,887,465 
Poland - 0.2%   
Allegro.eu SA (a)(c) 386,655 4,372,783 
Bank Polska Kasa Opieki SA 208,025 6,869,599 
CD Projekt RED SA 79,258 3,454,283 
Cyfrowy Polsat SA 264,464 2,365,139 
Dino Polska SA (a)(c) 54,814 4,896,597 
KGHM Polska Miedz SA (Bearer) 158,265 6,085,208 
LPP SA 1,214 4,360,438 
Orange Polska SA (a) 639,263 1,247,393 
PGE Polska Grupa Energetyczna SA (a) 875,848 2,153,151 
Polish Oil & Gas Co. SA 1,917,874 2,891,965 
Polski Koncern Naftowy Orlen SA 338,884 7,310,004 
Powszechna Kasa Oszczednosci Bank SA (a) 969,976 11,864,406 
Powszechny Zaklad Ubezpieczen SA 665,114 6,651,723 
Santander Bank Polska SA 36,297 3,370,731 
TOTAL POLAND  67,893,420 
Portugal - 0.1%   
Banco Espirito Santo SA (Reg.) (a)(d) 319,729 4 
Energias de Portugal SA 2,991,275 16,888,452 
Galp Energia SGPS SA Class B 574,446 5,967,313 
Jeronimo Martins SGPS SA 283,488 6,423,158 
TOTAL PORTUGAL  29,278,927 
Qatar - 0.2%   
Barwa Real Estate Co. 1,725,958 1,493,207 
Industries Qatar QSC (a) 1,752,143 7,632,241 
Masraf al Rayan 4,334,332 5,684,272 
Mesaieed Petrochemical Holding Co. 4,788,408 3,156,325 
Ooredoo QSC 746,947 1,419,630 
Qatar Electricity & Water Co. 425,428 1,962,975 
Qatar Fuel Co. 475,513 2,401,726 
Qatar Gas Transport Co. Ltd. (Nakilat) 2,591,860 2,313,525 
Qatar International Islamic Bank QSC 798,715 2,147,602 
Qatar Islamic Bank (a) 1,318,394 6,669,821 
Qatar National Bank SAQ (a) 5,221,688 29,399,781 
The Commercial Bank of Qatar (a) 1,901,609 3,191,110 
TOTAL QATAR  67,472,215 
Russia - 0.9%   
Alrosa Co. Ltd. 2,835,390 4,995,901 
Gazprom OAO 10,833,844 53,382,004 
Gazprom OAO sponsored ADR (Reg. S) 1,078,053 10,571,388 
Inter Rao Ues JSC 42,112,900 2,853,858 
Lukoil PJSC 403,661 41,218,714 
Lukoil PJSC sponsored ADR 52,271 5,331,642 
Magnit OJSC GDR (Reg. S) 355,394 6,581,897 
MMC Norilsk Nickel PJSC 59,332 18,516,588 
MMC Norilsk Nickel PJSC sponsored ADR 94,428 2,954,652 
Mobile TeleSystems OJSC sponsored ADR (b) 504,110 4,632,771 
Moscow Exchange MICEX-RTS OAO 1,699,470 4,167,324 
Novatek PJSC GDR (Reg. S) 99,899 25,324,397 
Novolipetsk Steel OJSC 1,651,720 5,210,673 
PhosAgro OJSC GDR (Reg. S) 130,627 3,124,598 
Polyus PJSC 37,198 7,384,772 
Rosneft Oil Co. OJSC 1,067,096 9,581,626 
Rosneft Oil Co. OJSC GDR (Reg. S) 214,392 1,910,233 
Sberbank of Russia 11,843,453 59,581,969 
Severstal PAO 216,259 4,914,041 
Severstal PAO GDR (Reg. S) 10,278 234,955 
Surgutneftegas OJSC 4,764,500 2,292,282 
Surgutneftegas OJSC sponsored ADR 214,357 1,023,769 
Tatneft PAO 1,417,745 10,828,434 
Tatneft PAO sponsored ADR 24,387 1,115,705 
VTB Bank OJSC 3,578,688,000 2,669,977 
TOTAL RUSSIA  290,404,170 
Saudi Arabia - 1.0%   
Abdullah Al Othaim Markets Co. 54,158 1,671,998 
Advanced Polypropylene Co. 126,208 2,503,366 
Al Rajhi Bank 1,347,486 49,791,133 
Alinma Bank 1,135,809 7,615,665 
Almarai Co. Ltd. 271,457 3,828,435 
Arab National Bank 603,846 3,705,920 
Bank Al-Jazira 474,741 2,430,091 
Bank Albilad (a) 395,587 4,450,604 
Banque Saudi Fransi 615,812 6,936,484 
Bupa Arabia for Cooperative Insurance Co. (a) 63,278 2,439,414 
Dar Al Arkan Real Estate Development Co. (a) 646,127 1,703,643 
Dr Sulaiman Al Habib Medical Services Group Co. 53,443 2,362,326 
Emaar The Economic City (a) 474,650 1,607,096 
Etihad Etisalat Co. 405,754 3,272,297 
Jarir Marketing Co. 66,677 3,605,027 
Mobile Telecommunications Co. Saudi Arabia (a) 510,743 1,849,127 
Mouwasat Medical Services Co. 50,710 2,430,792 
National Industrialization Co. (a) 336,285 2,232,397 
National Petrochemical Co. 123,607 1,585,085 
Rabigh Refining & Petrochemical Co. (a) 214,766 1,631,830 
Riyad Bank 1,481,318 11,669,985 
Sabic Agriculture-Nutrients Co. 235,420 10,293,231 
Sahara International Petrochemical Co. 405,138 4,741,678 
Saudi Arabian Mining Co. (a) 466,688 10,152,694 
Saudi Arabian Oil Co. 2,431,061 24,466,809 
Saudi Basic Industries Corp. 991,557 34,101,376 
Saudi Cement Co. 68,072 1,074,372 
Saudi Electricity Co. 962,392 7,312,424 
Saudi Industrial Investment Group 269,293 2,717,412 
Saudi Kayan Petrochemical Co. (a) 791,244 4,294,897 
Saudi Telecom Co. 666,153 20,778,987 
The Co. for Cooperative Insurance 63,322 1,451,836 
The Saudi British Bank 908,559 8,029,734 
The Saudi National Bank 2,420,543 42,526,803 
The Savola Group 281,490 2,746,683 
Yanbu National Petrochemical Co. 290,949 5,902,908 
TOTAL SAUDI ARABIA  299,914,559 
Singapore - 0.7%   
Ascendas Real Estate Investment Trust 3,597,015 8,242,326 
BOC Aviation Ltd. Class A (c) 212,600 1,864,912 
CapitaLand Investment Ltd. (a) 2,882,999 7,354,480 
CapitaMall Trust 5,505,539 8,777,834 
City Developments Ltd. 420,045 2,280,111 
DBS Group Holdings Ltd. 1,999,683 46,755,658 
Genting Singapore Ltd. 6,743,623 3,900,650 
Keppel Corp. Ltd. 1,582,757 6,314,596 
Mapletree Commercial Trust 2,602,689 4,207,536 
Mapletree Logistics Trust (REIT) 3,323,176 4,977,987 
Oversea-Chinese Banking Corp. Ltd. 3,746,991 32,787,908 
Singapore Airlines Ltd. (a) 1,370,839 5,286,142 
Singapore Exchange Ltd. 926,990 6,654,255 
Singapore Technologies Engineering Ltd. 1,765,297 5,013,784 
Singapore Telecommunications Ltd. 9,024,418 16,730,475 
United Overseas Bank Ltd. 1,287,115 25,532,315 
UOL Group Ltd. 467,049 2,504,089 
Venture Corp. Ltd. 314,770 4,390,674 
Wilmar International Ltd. 2,259,280 7,237,738 
TOTAL SINGAPORE  200,813,470 
South Africa - 0.9%   
Absa Group Ltd. 779,771 7,146,837 
African Rainbow Minerals Ltd. 123,657 1,647,654 
Anglo American Platinum Ltd. 60,081 6,070,639 
AngloGold Ashanti Ltd. 448,319 8,270,923 
Aspen Pharmacare Holdings Ltd. 421,984 6,719,974 
Bid Corp. Ltd. (b) 362,352 7,776,987 
Bidvest Group Ltd./The 343,365 4,302,234 
Capitec Bank Holdings Ltd. 88,576 9,897,201 
Clicks Group Ltd. 267,306 4,879,581 
Discovery Ltd. (a) 475,493 4,355,858 
Exxaro Resources Ltd. 254,088 2,782,076 
FirstRand Ltd. 5,529,947 21,001,128 
Gold Fields Ltd. 989,672 9,196,260 
Growthpoint Properties Ltd. (b) 3,454,601 2,931,040 
Harmony Gold Mining Co. Ltd. (b) 582,074 2,089,117 
Impala Platinum Holdings Ltd. 884,459 11,446,979 
Kumba Iron Ore Ltd. 64,832 1,970,214 
Mr Price Group Ltd. 285,236 3,733,931 
MTN Group Ltd. (a) 1,862,903 16,705,758 
MultiChoice Group Ltd. 386,570 3,074,086 
Naspers Ltd. Class N 238,435 40,379,869 
Nedbank Group Ltd. 395,520 4,503,102 
Northam Platinum Holdings Ltd. (a) 403,884 6,048,345 
Old Mutual Ltd. 5,213,045 5,320,548 
Rand Merchant Insurance Holdings Ltd. (b) 779,533 2,082,667 
Remgro Ltd. 553,274 4,876,418 
Sanlam Ltd. 2,150,113 8,832,706 
Sasol Ltd. (a) 621,956 10,446,358 
Shoprite Holdings Ltd. 544,191 6,465,808 
Sibanye Stillwater Ltd. 3,117,210 10,909,457 
Spar Group Ltd./The 238,083 3,039,046 
Standard Bank Group Ltd. 1,396,256 12,379,375 
Thungela Resources Ltd. (a) 1 5 
Tiger Brands Ltd. 154,723 1,951,586 
Vodacom Group Ltd. 662,552 5,880,773 
Woolworths Holdings Ltd. 1,095,195 3,865,268 
TOTAL SOUTH AFRICA  262,979,808 
Spain - 1.5%   
ACS Actividades de Construccion y Servicios SA 269,683 7,054,983 
Aena SME SA (a)(c) 83,318 13,683,859 
Amadeus IT Holding SA Class A (a) 495,164 33,108,170 
Banco Bilbao Vizcaya Argentaria SA (b) 7,394,431 51,747,197 
Banco Santander SA (Spain) (b) 19,174,392 72,625,579 
Banco Santander SA (Spain) sponsored ADR 6,726 25,492 
CaixaBank SA 4,988,331 14,339,784 
Cellnex Telecom SA (c) 566,691 34,837,941 
EDP Renovaveis SA 331,789 9,243,509 
Enagas SA 267,960 6,010,927 
Endesa SA 354,092 8,164,094 
Ferrovial SA 522,051 16,451,164 
Grifols SA 340,747 7,797,320 
Iberdrola SA 6,563,615 77,576,583 
Industria de Diseno Textil SA (b) 1,210,565 43,717,667 
Naturgy Energy Group SA (b) 213,833 5,618,650 
Red Electrica Corporacion SA 492,932 10,262,627 
Repsol SA 1,628,191 20,854,746 
Siemens Gamesa Renewable Energy SA (a) 267,512 7,245,584 
Telefonica SA 5,745,052 24,954,570 
TOTAL SPAIN  465,320,446 
Sweden - 2.2%   
Alfa Laval AB 347,525 14,879,476 
ASSA ABLOY AB (B Shares) 1,100,754 32,299,058 
Atlas Copco AB:   
(A Shares) 743,121 47,747,341 
(B Shares) 424,348 22,951,752 
Boliden AB 305,414 10,771,996 
Electrolux AB (B Shares) 249,964 5,672,797 
Embracer Group AB (a) 509,130 4,733,225 
Epiroc AB:   
(A Shares) 740,543 18,427,345 
(B Shares) 399,755 8,495,026 
EQT AB 329,222 17,350,475 
Ericsson (B Shares) 3,227,652 35,231,137 
Essity AB (B Shares) 670,254 21,681,016 
Evolution AB (c) 187,784 30,376,052 
Fastighets AB Balder (a) 114,673 8,308,051 
H&M Hennes & Mauritz AB (B Shares) (b) 807,138 15,133,368 
Hexagon AB (B Shares) 2,168,621 34,901,137 
Husqvarna AB (B Shares) 467,587 6,650,646 
ICA Gruppen AB 118,939 6,149,152 
Industrivarden AB:   
(A Shares) (b) 128,346 4,232,369 
(C Shares) 179,400 5,826,113 
Investor AB (B Shares) (b) 1,985,883 45,762,255 
Kinnevik AB (B Shares) (a) 267,110 10,470,724 
L E Lundbergforetagen AB 80,414 4,631,202 
Latour Investment AB (B Shares) 160,971 5,833,043 
Lundin Petroleum AB 229,034 9,046,150 
Nibe Industrier AB (B Shares) 1,571,089 23,388,883 
Sandvik AB 1,248,605 31,663,018 
Securitas AB (B Shares) (b) 349,101 5,772,280 
Sinch AB (a)(c) 554,861 10,521,555 
Skandinaviska Enskilda Banken AB (A Shares) 1,785,045 27,904,319 
Skanska AB (B Shares) 371,531 9,431,038 
SKF AB (B Shares) 420,843 9,751,718 
Svenska Cellulosa AB SCA (B Shares) 673,643 10,503,120 
Svenska Handelsbanken AB (A Shares) (b) 1,596,835 18,303,466 
Swedbank AB (A Shares) (b) 991,991 21,512,390 
Swedish Match Co. AB 1,695,235 14,919,173 
Tele2 AB (B Shares) 549,866 7,756,901 
Telia Co. AB (b) 2,948,198 11,601,578 
Volvo AB:   
(A Shares) 252,021 5,951,311 
(B Shares) 1,539,583 35,839,943 
TOTAL SWEDEN  672,381,599 
Switzerland - 6.2%   
ABB Ltd. (Reg.) 1,931,533 63,901,357 
Adecco SA (Reg.) 176,780 8,894,992 
Alcon, Inc. (Switzerland) 551,898 45,605,726 
Baloise Holdings AG 53,179 8,479,832 
Banque Cantonale Vaudoise 36,019 2,899,301 
Barry Callebaut AG 4,026 9,313,093 
Clariant AG (Reg.) 259,865 5,466,361 
Coca-Cola HBC AG 223,033 7,731,522 
Compagnie Financiere Richemont SA Series A 576,053 71,286,838 
Credit Suisse Group AG 2,630,514 27,361,848 
Credit Suisse Group AG sponsored ADR (b) 194,628 2,006,615 
Ems-Chemie Holding AG 7,959 7,888,589 
Geberit AG (Reg.) 40,631 31,720,226 
Givaudan SA 10,175 47,885,621 
Holcim Ltd. 581,178 29,014,467 
Julius Baer Group Ltd. 251,087 18,161,649 
Kuehne & Nagel International AG 59,141 18,622,051 
Lindt & Spruengli AG 118 14,163,609 
Lindt & Spruengli AG (participation certificate) 1,181 13,917,639 
Logitech International SA (Reg.) 191,968 15,980,560 
Lonza Group AG 82,379 67,533,505 
Nestle SA (Reg. S) 3,169,318 418,055,951 
Novartis AG 2,449,314 202,589,464 
Partners Group Holding AG 25,087 43,770,732 
Roche Holding AG:   
(Bearer) 31,864 13,676,881 
(participation certificate) 778,520 301,594,128 
Schindler Holding AG:   
(participation certificate) 46,440 12,081,704 
(Reg.) 20,107 5,156,317 
SGS SA (Reg.) 6,696 19,804,246 
Siemens Energy AG (a) 447,400 12,836,765 
Sika AG 156,259 52,905,516 
Sonova Holding AG 60,099 24,831,205 
Straumann Holding AG 11,361 23,600,505 
Swatch Group AG (Bearer) 37,764 10,360,765 
Swatch Group AG (Bearer) (Reg.) 31,942 1,696,875 
Swiss Life Holding AG 35,700 19,596,789 
Swiss Prime Site AG 80,162 8,142,274 
Swiss Re Ltd. 334,706 32,403,167 
Swisscom AG 28,570 15,551,865 
Temenos Group AG 72,106 11,013,569 
UBS Group AG 3,831,549 69,655,017 
UBS Group AG 214,112 3,886,133 
Vifor Pharma AG 54,033 6,969,525 
Zurich Insurance Group Ltd. 165,821 73,495,311 
TOTAL SWITZERLAND  1,901,510,105 
Taiwan - 4.1%   
Accton Technology Corp. 567,000 4,958,323 
Acer, Inc. 3,306,060 3,087,002 
Advantech Co. Ltd. 437,076 5,697,920 
ASE Technology Holding Co. Ltd. 3,603,943 12,874,475 
Asia Cement Corp. 2,518,785 4,007,261 
ASMedia Technology, Inc. 32,000 1,867,481 
ASUSTeK Computer, Inc. 777,422 9,855,628 
AU Optronics Corp. 9,091,000 6,239,356 
Catcher Technology Co. Ltd. 782,000 4,521,530 
Cathay Financial Holding Co. Ltd. 8,660,332 18,070,220 
Chang Hwa Commercial Bank 4,333,951 2,552,587 
Cheng Shin Rubber Industry Co. Ltd. 2,049,513 2,509,908 
China Development Finance Holding Corp. 14,961,819 7,630,017 
China Life Insurance Co. Ltd. 2,357,675 2,455,470 
China Steel Corp. 12,957,421 15,635,459 
Chunghwa Picture Tubes, Ltd. (a)(d) 551 0 
Chunghwa Telecom Co. Ltd. 4,181,400 16,571,105 
Compal Electronics, Inc. 4,680,394 4,109,737 
CTBC Financial Holding Co. Ltd. 20,274,255 16,892,179 
Delta Electronics, Inc. 2,142,383 18,850,201 
E.SUN Financial Holdings Co. Ltd. 13,137,049 12,526,078 
ECLAT Textile Co. Ltd. 205,420 4,478,001 
Evergreen Marine Corp. (Taiwan) 2,778,554 9,928,753 
Far Eastern New Century Corp. 3,303,032 3,451,903 
Far EasTone Telecommunications Co. Ltd. 1,689,000 3,712,221 
Feng Tay Enterprise Co. Ltd. 466,563 3,619,235 
First Financial Holding Co. Ltd. 11,452,802 9,418,896 
Formosa Chemicals & Fibre Corp. 3,867,620 11,181,304 
Formosa Petrochemical Corp. 1,231,000 4,420,901 
Formosa Plastics Corp. 4,210,640 16,255,838 
Foxconn Technology Co. Ltd. 1,116,811 2,759,440 
Fubon Financial Holding Co. Ltd. 8,558,001 22,620,538 
Giant Manufacturing Co. Ltd. 337,042 3,903,611 
GlobalWafers Co. Ltd. 242,000 6,605,136 
HIWIN Technologies Corp. 283,622 3,147,394 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 13,750,593 52,839,413 
Hotai Motor Co. Ltd. 325,000 7,143,114 
Hua Nan Financial Holdings Co. Ltd. 9,491,710 6,936,840 
Innolux Corp. 10,271,819 6,160,509 
Inventec Corp. 3,293,209 3,140,050 
Largan Precision Co. Ltd. 111,000 8,251,751 
Lite-On Technology Corp. 2,329,053 5,127,346 
MediaTek, Inc. 1,666,989 54,658,321 
Mega Financial Holding Co. Ltd. 11,843,833 14,206,645 
Micro-Star International Co. Ltd. 749,000 3,765,847 
momo.com, Inc. 49,000 3,149,937 
Nan Ya Plastics Corp. 5,659,980 17,298,053 
Nan Ya Printed Circuit Board Corp. 247,000 4,350,997 
Nanya Technology Corp. 1,461,000 3,489,190 
Nien Made Enterprise Co. Ltd. 169,000 2,318,477 
Novatek Microelectronics Corp. 641,000 9,564,931 
Oneness Biotech Co. Ltd. (a) 273,000 2,568,720 
Pegatron Corp. 2,158,652 5,271,623 
Phison Electronics Corp. 172,199 2,414,929 
Pou Chen Corp. 2,556,240 3,130,465 
Powertech Technology, Inc. 791,700 2,769,315 
President Chain Store Corp. 649,000 6,549,434 
Quanta Computer, Inc. 3,046,000 8,532,519 
Realtek Semiconductor Corp. 509,744 9,134,935 
Ruentex Development Co. Ltd. 1,335,490 3,400,476 
Shin Kong Financial Holding Co. Ltd. 12,948,616 4,561,893 
Sinopac Holdings Co. 11,343,250 5,764,302 
Synnex Technology International Corp. 1,460,920 2,822,679 
Taishin Financial Holdings Co. Ltd. 11,483,868 7,526,687 
Taiwan Cement Corp. 5,591,311 9,688,661 
Taiwan Cooperative Financial Holding Co. Ltd. 10,483,837 8,509,058 
Taiwan High Speed Rail Corp. 2,273,000 2,371,365 
Taiwan Mobile Co. Ltd. 1,772,400 6,244,297 
Taiwan Semiconductor Manufacturing Co. Ltd. 27,123,000 574,803,977 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 5,467 621,598 
The Shanghai Commercial & Savings Bank Ltd. 4,037,815 6,380,458 
Uni-President Enterprises Corp. 5,214,620 12,472,390 
Unimicron Technology Corp. 1,299,000 8,863,710 
United Microelectronics Corp. 13,078,000 27,114,017 
Vanguard International Semiconductor Corp. 1,001,000 5,194,631 
Walsin Technology Corp. 403,000 2,185,419 
Wan Hai Lines Ltd. 674,000 3,872,868 
Win Semiconductors Corp. 368,000 4,724,726 
Winbond Electronics Corp. 3,229,000 3,049,837 
Wistron Corp. 3,475,291 3,644,406 
Wiwynn Corp. 91,000 2,905,333 
WPG Holding Co. Ltd. 1,799,378 3,353,842 
Yageo Corp. 423,292 6,597,548 
Yang Ming Marine Transport Corp. (a) 1,722,000 5,967,786 
Yuanta Financial Holding Co. Ltd. 10,708,248 9,498,787 
TOTAL TAIWAN  1,251,329,220 
Thailand - 0.5%   
Advanced Info Service PCL (For. Reg.) 894,500 5,095,253 
Advanced Information Service PCL NVDR 410,800 2,340,000 
Airports of Thailand PCL:   
(depositary receipt) 1,493,900 2,904,055 
(For. Reg.) 3,379,500 6,569,552 
Asset World Corp. PCL (a) 8,077,300 1,110,081 
Asset World Corp. PCL NVDR (a) 2,412,000 331,486 
B. Grimm Power PCL (For. Reg.) 794,300 1,017,413 
Bangkok Commercial Asset Management PCL 1,206,100 690,654 
Bangkok Commercial Asset Management PCL unit 2,181,100 1,248,972 
Bangkok Dusit Medical Services PCL:   
unit 2,421,800 1,715,259 
(For. Reg.) 8,284,500 5,867,563 
Bangkok Expressway and Metro PCL 5,848,100 1,586,284 
Bangkok Expressway and Metro PCL NVDR 2,414,500 654,928 
Berli Jucker PCL:   
unit 478,300 486,517 
(For. Reg) 600,400 610,714 
BTS Group Holdings PCL:   
unit 6,189,700 1,781,544 
warrants 11/7/24 (a) 624,670 6,251 
warrants 11/7/24 (a) 191,190 1,913 
warrants 11/20/26 (a) 1,249,340 6,078 
warrants 11/20/26 (a) 382,380 1,860 
(For. Reg.) 4,476,600 1,288,473 
Bumrungrad Hospital PCL:   
NVDR 162,500 712,590 
(For. Reg.) 333,600 1,462,893 
Carabao Group PCL NVDR 338,600 1,265,413 
Central Pattana PCL:   
unit 453,800 810,357 
(For. Reg.) 1,878,700 3,354,821 
Central Retail Corp. PCL 1,222,150 1,279,979 
Central Retail Corp. PCL NVDR 555,700 581,994 
Charoen Pokphand Foods PCL (For. Reg.) 3,517,640 2,676,926 
CP ALL PCL:   
unit 1,402,600 2,705,437 
(For. Reg.) 4,617,300 8,906,184 
Delta Electronics PCL:   
(For. Reg.) 273,200 3,425,292 
NVDR 107,700 1,350,307 
Electricity Generating PCL:   
(For. Reg.) 240,100 1,291,677 
NVDR 128,200 689,684 
Energy Absolute PCL (For. Reg.) 1,281,300 2,529,390 
Global Power Synergy Public Co. Ltd. 488,700 1,148,843 
Global Power Synergy Public Co. Ltd. unit 654,000 1,537,432 
Gulf Energy Development PCL:   
unit 1,532,800 1,997,999 
(For. Reg.) 2,054,300 2,677,772 
Home Product Center PCL:   
unit 2,741,100 1,206,150 
(For. Reg.) 5,041,347 2,218,314 
Indorama Ventures PCL:   
unit 2,108,700 2,669,241 
(For. Reg.) 1,678,000 2,124,051 
Intouch Holdings PCL:   
(For. Reg.) 1,148,900 2,605,628 
NVDR 415,100 941,419 
Krung Thai Bank PCL:   
(For. Reg.) 1,971,475 683,302 
NVDR 1,986,200 688,406 
Krungthai Card PCL:   
(For. Reg.) 502,900 875,301 
NVDR 382,700 666,092 
Land & House PCL (For. Reg.) 7,055,500 1,796,835 
Minor International PCL:   
unit (a) 1,058,782 1,045,061 
warrants 2/15/24 (a) 99,924 12,167 
warrants 2/15/24 (a) 12,037 1,466 
(For. Reg.) (a) 2,339,241 2,308,925 
Muangthai Leasing PCL 569,191 1,037,856 
Muangthai Leasing PCL unit 394,600 719,509 
Osotspa PCL 630,600 622,428 
Osotspa PCL unit 1,113,100 1,098,675 
PTT Exploration and Production PCL (For. Reg.) 1,224,151 4,335,074 
PTT Global Chemical PCL:   
(For. Reg.) 2,006,886 3,795,422 
NVDR 413,300 781,633 
PTT Oil & Retail Business PCL NVDR 3,862,400 3,201,206 
PTT PCL:   
(For. Reg.) 7,683,000 8,799,096 
NVDR 3,426,500 3,924,262 
Ratchaburi Electric Generating Holding PCL (For. Reg.) 514,200 705,127 
SCG Packaging PCL NVDR 1,452,200 2,812,051 
Siam Cement PCL:   
(For. Reg.) 581,550 6,923,214 
NVDR 285,300 3,396,429 
Siam Commercial Bank PCL:   
(For. Reg.) 539,400 2,048,354 
(NVDR) 442,900 1,681,899 
Sri Trang Gloves Thailand PCL 689,200 633,532 
Sri Trang Gloves Thailand PCL NVDR 410,700 377,527 
Srisawad Corp. PCL:   
warrants 8/29/25 (a) 22,064 7,448 
(For. Reg.) 677,100 1,306,040 
Thai Oil PCL (For. Reg.) 1,052,600 1,768,609 
Thai Union Frozen Products PCL (For. Reg.) 2,880,000 1,814,105 
True Corp. PCL:   
unit 7,580,400 927,559 
(For. Reg.) 7,537,335 922,290 
TOTAL THAILAND  149,201,543 
Turkey - 0.1%   
Akbank TAS 2,966,673 1,808,270 
Aselsan A/S 723,588 1,236,587 
Bim Birlesik Magazalar A/S JSC 518,330 3,350,760 
Eregli Demir ve Celik Fabrikalari T.A.S. 1,575,661 3,227,040 
Ford Otomotiv Sanayi A/S 65,450 1,263,524 
Koc Holding A/S 909,120 2,229,774 
Turk Sise ve Cam Fabrikalari A/S 1,985,030 1,788,055 
Turkcell Iletisim Hizmet A/S 1,156,307 1,838,978 
Turkiye Garanti Bankasi A/S 2,332,051 2,389,297 
Turkiye Is Bankasi A/S Series C 1,358,673 795,645 
Turkiye Petrol Rafinerileri A/S (a) 182,194 2,649,337 
TOTAL TURKEY  22,577,267 
United Arab Emirates - 0.2%   
Abu Dhabi Commercial Bank PJSC 3,139,878 7,094,997 
Abu Dhabi National Oil Co. for Distribution PJSC 2,788,601 3,249,313 
Aldar Properties PJSC (a) 4,552,070 5,006,701 
Dubai Islamic Bank Pakistan Ltd. (a) 1,986,794 2,763,981 
Emaar Properties PJSC (a) 3,939,482 4,300,756 
Emirates NBD Bank PJSC 2,625,325 9,970,539 
Emirates Telecommunications Corp. 1,962,523 13,677,794 
First Abu Dhabi Bank PJSC 4,809,711 23,333,937 
TOTAL UNITED ARAB EMIRATES  69,398,018 
United Kingdom - 8.3%   
3i Group PLC 1,076,257 20,090,513 
Abrdn PLC 2,461,718 8,557,220 
Admiral Group PLC 214,103 8,409,406 
Anglo American PLC (United Kingdom) 1,430,716 54,428,735 
Antofagasta PLC 426,490 8,320,257 
Ashtead Group PLC 494,110 41,411,360 
Associated British Foods PLC 396,906 9,712,160 
AstraZeneca PLC (United Kingdom) 1,708,058 213,680,345 
Auto Trader Group PLC (c) 1,079,049 8,945,787 
Aveva Group PLC 130,333 6,346,306 
Aviva PLC 4,326,955 23,372,769 
BAE Systems PLC 3,561,635 26,855,306 
Barclays PLC 18,713,354 51,639,031 
Barratt Developments PLC 1,120,590 10,167,658 
Berkeley Group Holdings PLC 123,764 7,376,378 
BHP Group PLC 2,332,293 61,599,491 
BP PLC 16,873,631 80,839,908 
BP PLC sponsored ADR 944,412 27,189,621 
British American Tobacco PLC (United Kingdom) 2,387,369 83,043,211 
British Land Co. PLC 987,570 6,680,657 
BT Group PLC (a) 9,776,265 18,583,858 
Bunzl PLC 375,827 13,897,414 
Burberry Group PLC 438,984 11,588,883 
Compass Group PLC (a) 1,977,024 41,953,699 
Croda International PLC 154,480 19,995,499 
Diageo PLC 2,573,464 128,034,180 
Direct Line Insurance Group PLC 1,543,133 6,175,063 
Evraz PLC 569,653 4,845,985 
GlaxoSmithKline PLC 5,547,554 115,171,823 
Halma PLC 421,008 17,066,170 
Hargreaves Lansdown PLC 395,777 8,325,016 
Hikma Pharmaceuticals PLC 194,931 6,421,222 
HSBC Holdings PLC (United Kingdom) 22,522,546 135,702,177 
Imperial Brands PLC 1,027,655 21,686,645 
Informa PLC (a) 1,630,959 11,593,262 
InterContinental Hotel Group PLC (a) 202,946 14,215,776 
Intertek Group PLC 177,644 11,900,464 
J Sainsbury PLC 1,853,112 7,593,013 
JD Sports Fashion PLC 564,947 8,411,961 
Johnson Matthey PLC 211,798 7,921,769 
Kingfisher PLC 2,352,805 10,798,415 
Land Securities Group PLC 803,871 7,557,946 
Legal & General Group PLC 6,525,175 25,798,851 
Lloyds Banking Group PLC 78,258,796 53,558,806 
London Stock Exchange Group PLC 364,077 35,440,609 
M&G PLC 2,845,487 7,780,594 
Melrose Industries PLC 4,842,666 10,458,085 
Mondi PLC 290,096 7,245,449 
Mondi PLC 232,304 5,788,210 
National Grid PLC 3,882,079 49,704,430 
NatWest Group PLC 6,388,807 19,331,661 
Next PLC 146,700 15,993,042 
NMC Health PLC (a) 75,611 14,366 
Ocado Group PLC (a) 539,734 13,317,913 
Pearson PLC 490,178 4,033,489 
Pearson PLC sponsored ADR (b) 334,503 2,769,685 
Persimmon PLC 344,646 12,834,012 
Phoenix Group Holdings PLC 716,235 6,436,016 
Prudential PLC (a) 2,891,911 59,148,197 
Reckitt Benckiser Group PLC 786,882 63,881,275 
RELX PLC (London Stock Exchange) 2,130,543 66,012,684 
Rentokil Initial PLC 2,050,210 16,509,415 
Rio Tinto PLC 1,239,746 77,299,971 
Rolls-Royce Holdings PLC (a) 9,254,247 16,702,440 
Royal Dutch Shell PLC:   
Class A (United Kingdom) 4,571,928 104,737,751 
Class B (United Kingdom) 4,033,052 92,553,370 
Sage Group PLC 1,148,672 11,173,883 
Schroders PLC 136,449 6,759,889 
Segro PLC 1,325,474 23,445,658 
Severn Trent PLC 273,248 10,238,848 
Smith & Nephew PLC 964,964 16,665,000 
Smiths Group PLC 437,371 8,113,536 
Spirax-Sarco Engineering PLC 81,564 17,418,989 
SSE PLC 1,184,789 26,680,964 
St. James's Place Capital PLC 598,839 12,944,652 
Standard Chartered PLC (United Kingdom) 2,908,271 19,697,585 
Taylor Wimpey PLC 3,989,293 8,437,730 
Tesco PLC 8,571,134 31,646,912 
Unilever PLC 2,891,240 154,802,421 
United Utilities Group PLC 776,531 11,036,363 
Vodafone Group PLC 21,558,586 31,774,175 
Vodafone Group PLC sponsored ADR 896,840 13,407,758 
Whitbread PLC (a) 223,641 10,008,289 
TOTAL UNITED KINGDOM  2,569,709,332 
United States of America - 0.2%   
360 DigiTech, Inc. ADR (a) 96,587 1,971,341 
Coca-Cola European Partners PLC 229,180 12,066,327 
Dada Nexus Ltd. ADR (a) 69,295 1,407,381 
DiDi Global, Inc. ADR (b) 341,995 2,759,900 
Li Auto, Inc. ADR (a) 593,080 19,352,200 
NICE Systems Ltd. sponsored ADR (a) 22,281 6,305,969 
Southern Copper Corp. 97,646 5,857,784 
Yum China Holdings, Inc. 461,125 26,321,015 
TOTAL UNITED STATES OF AMERICA  76,041,917 
TOTAL COMMON STOCKS   
(Cost $24,351,543,802)  29,669,568,468 
Nonconvertible Preferred Stocks - 0.9%   
Brazil - 0.3%   
Alpargatas SA (PN) 186,800 1,278,586 
Ambev SA sponsored ADR 491,407 1,454,565 
Banco Bradesco SA:   
(PN) 5,007,986 17,658,124 
(PN) sponsored ADR 1,276,557 4,467,950 
Bradespar SA (PN) 307,463 2,650,900 
Braskem SA (PN-A) (a) 199,600 1,926,046 
BRF SA sponsored ADR (a)(b) 269,564 1,113,299 
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) 249,442 1,495,644 
Companhia Energetica de Minas Gerais (CEMIG) (PN) 1,298,888 2,964,258 
Companhia Paranaense de Energia-COPEL (PN-B) 968,000 1,015,373 
Gerdau SA 1,280,350 6,102,522 
Itau Unibanco Holding SA 4,321,861 17,850,133 
Itau Unibanco Holding SA sponsored ADR 1,038,799 4,227,912 
Itausa-Investimentos Itau SA (PN) 4,745,507 8,618,563 
Petroleo Brasileiro SA - Petrobras:   
(PN) (non-vtg.) 4,006,840 19,346,254 
(PN) sponsored ADR (non-vtg.) 862,536 8,288,971 
sponsored ADR 332,513 3,265,278 
TOTAL BRAZIL  103,724,378 
Chile - 0.0%   
Sociedad Quimica y Minera de Chile SA (PN-B) (a) 154,975 8,416,467 
Colombia - 0.0%   
Bancolombia SA (PN) 488,682 4,386,249 
France - 0.0%   
Air Liquide SA (a) 41,793 6,977,670 
Germany - 0.4%   
Bayerische Motoren Werke AG (BMW) (non-vtg.) 100,068 8,513,946 
Fuchs Petrolub AG 82,625 3,958,121 
Henkel AG & Co. KGaA 194,792 17,424,394 
Porsche Automobil Holding SE (Germany) 168,986 17,587,467 
Sartorius AG (non-vtg.) 28,756 18,628,781 
Volkswagen AG 199,750 44,755,170 
TOTAL GERMANY  110,867,879 
Korea (South) - 0.2%   
AMOREPACIFIC Corp. 1 61 
Hyundai Motor Co. 31,101 2,589,217 
Hyundai Motor Co. Series 2 46,389 3,877,465 
LG Chemical Ltd. 7,810 2,552,268 
LG Household & Health Care Ltd. 1,428 729,402 
Samsung Electronics Co. Ltd. 860,721 47,042,250 
TOTAL KOREA (SOUTH)  56,790,663 
Russia - 0.0%   
Surgutneftegas OJSC 8,171,517 4,451,250 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $284,888,463)  295,614,556 
 Principal Amount(f) Value 
Nonconvertible Bonds - 0.0%   
India - 0.0%   
NTPC Ltd. 8.49% 3/25/25
(Cost $46,681) 		INR233,068 43,180 
 Shares Value 
Money Market Funds - 3.9%   
Fidelity Cash Central Fund 0.06% (g) 489,332,290 489,430,157 
Fidelity Securities Lending Cash Central Fund 0.06% (g)(h) 703,099,699 703,170,009 
TOTAL MONEY MARKET FUNDS   
(Cost $1,192,599,758)  1,192,600,166 
TOTAL INVESTMENT IN SECURITIES - 100.9%   
(Cost $25,829,078,704)  31,157,826,370 
NET OTHER ASSETS (LIABILITIES) - (0.9)%  (292,964,405) 
NET ASSETS - 100%  $30,864,861,965 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI EAFE Index Contracts (United States) 4,913 Dec. 2021 $574,722,740 $5,156,442 $5,156,442 
ICE MSCI Emerging Markets Index Contracts (United States) 4,210 Dec. 2021 265,651,000 159,541 159,541 
TME S&P/TSX 60 Index Contracts (Canada) 329 Dec. 2021 67,017,534 1,538,997 1,538,997 
TOTAL FUTURES CONTRACTS     $6,854,980 

The notional amount of futures purchased as a percentage of Net Assets is 2.9%

Currency Abbreviations

INR – Indian rupee

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

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $864,754,176 or 2.8% of net assets.

 (d) Level 3 security

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

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

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

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $467,685,976 $8,634,412,521 $8,612,693,847 $669,829 $25,507 $-- $489,430,157 0.8% 
Fidelity Securities Lending Cash Central Fund 0.06% 189,644,654 4,698,667,070 4,185,141,715 6,313,084 -- -- 703,170,009 1.9% 
Total $657,330,630 $13,333,079,591 $12,797,835,562 $6,982,913 $25,507 $-- $1,192,600,166  

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

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $1,836,235,912 $766,625,744 $1,066,922,988 $2,687,180 
Consumer Discretionary 3,872,635,226 1,805,760,527 2,066,863,654 11,045 
Consumer Staples 2,532,809,804 1,085,017,023 1,447,792,780 1 
Energy 1,494,368,387 874,129,016 620,239,264 107 
Financials 5,854,381,486 3,970,598,046 1,882,622,048 1,161,392 
Health Care 2,817,480,418 944,172,282 1,873,308,136 -- 
Industrials 3,618,668,108 1,912,453,809 1,706,214,299 -- 
Information Technology 3,925,514,161 1,214,462,256 2,711,051,905 -- 
Materials 2,377,172,763 1,464,443,136 912,729,627 -- 
Real Estate 725,451,981 545,479,227 179,972,754 -- 
Utilities 910,464,778 600,664,783 309,799,993 2 
Corporate Bonds 43,180 -- 43,180 -- 
Money Market Funds 1,192,600,166 1,192,600,166 -- -- 
Total Investments in Securities: $31,157,826,370 $16,376,406,015 $14,777,560,628 $3,859,727 
Derivative Instruments:     
Assets     
Futures Contracts $6,854,980 $6,854,980 $-- $-- 
Total Assets $6,854,980 $6,854,980 $-- $-- 
Total Derivative Instruments: $6,854,980 $6,854,980 $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $6,854,980 $0 
Total Equity Risk 6,854,980 0 
Total Value of Derivatives $6,854,980 $0 

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

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


Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $649,746,679) — See accompanying schedule:
Unaffiliated issuers (cost $24,636,478,946) 		$29,965,226,204  
Fidelity Central Funds (cost $1,192,599,758) 1,192,600,166  
Total Investment in Securities (cost $25,829,078,704)  $31,157,826,370 
Segregated cash with brokers for derivative instruments  36,390,919 
Cash  299,309 
Foreign currency held at value (cost $71,825,246)  71,479,485 
Receivable for investments sold  10,435,233 
Receivable for fund shares sold  295,265,304 
Dividends receivable  51,346,318 
Reclaims receivable  18,774,704 
Interest receivable  160 
Distributions receivable from Fidelity Central Funds  294,363 
Receivable from investment adviser for expense reductions  309,350 
Other receivables  749,363 
Total assets  31,643,170,878 
Liabilities   
Payable for investments purchased   
Regular delivery $7,948,602  
Delayed delivery 166,612  
Payable for fund shares redeemed 21,772,440  
Payable for daily variation margin on futures contracts 5,152,364  
Other payables and accrued expenses 40,079,006  
Collateral on securities loaned 703,189,889  
Total liabilities  778,308,913 
Net Assets  $30,864,861,965 
Net Assets consist of:   
Paid in capital  $25,413,369,669 
Total accumulated earnings (loss)  5,451,492,296 
Net Assets  $30,864,861,965 
Net Asset Value, offering price and redemption price per share ($30,864,861,965 ÷ 1,985,086,396 shares)  $15.55 

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


Statement of Operations

  Year ended October 31, 2021 
Investment Income   
Dividends  $674,596,746 
Non-Cash dividends  56,418,161 
Income from Fidelity Central Funds (including $6,313,084 from security lending)  6,982,913 
Income before foreign taxes withheld  737,997,820 
Less foreign taxes withheld  (77,434,698) 
Total income  660,563,122 
Expenses   
Custodian fees and expenses $5,422,320  
Independent trustees' fees and expenses 74,050  
Legal 254  
Total expenses before reductions 5,496,624  
Expense reductions (2,037,128)  
Total expenses after reductions  3,459,496 
Net investment income (loss)  657,103,626 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $40,540) (183,275,414)  
Fidelity Central Funds 25,507  
Foreign currency transactions (1,084,945)  
Futures contracts 194,915,780  
Total net realized gain (loss)  10,580,928 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $35,305,614) 4,782,083,244  
Assets and liabilities in foreign currencies (1,351,459)  
Futures contracts 20,365,228  
Total change in net unrealized appreciation (depreciation)  4,801,097,013 
Net gain (loss)  4,811,677,941 
Net increase (decrease) in net assets resulting from operations  $5,468,781,567 

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


Statement of Changes in Net Assets

 Year ended October 31, 2021 Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $657,103,626 $362,606,481 
Net realized gain (loss) 10,580,928 (350,457,114) 
Change in net unrealized appreciation (depreciation) 4,801,097,013 (253,064,207) 
Net increase (decrease) in net assets resulting from operations 5,468,781,567 (240,914,840) 
Distributions to shareholders (362,237,580) (282,158,115) 
Share transactions   
Proceeds from sales of shares 10,518,243,482 9,185,580,728 
Reinvestment of distributions 362,237,580 282,158,115 
Cost of shares redeemed (3,299,611,978) (2,833,802,250) 
Net increase (decrease) in net assets resulting from share transactions 7,580,869,084 6,633,936,593 
Total increase (decrease) in net assets 12,687,413,071 6,110,863,638 
Net Assets   
Beginning of period 18,177,448,894 12,066,585,256 
End of period $30,864,861,965 $18,177,448,894 
Other Information   
Shares   
Sold 695,122,777 751,055,863 
Issued in reinvestment of distributions 25,892,608 21,771,460 
Redeemed (222,365,668) (230,734,901) 
Net increase (decrease) 498,649,717 542,092,422 

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


Financial Highlights

Fidelity Series Global ex U.S. Index Fund

      
Years ended October 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $12.23 $12.78 $11.80 $13.22 $10.95 
Income from Investment Operations      
Net investment income (loss)A .38 .29 .40 .37 .33 
Net realized and unrealized gain (loss) 3.18 (.56) .90 (1.46) 2.21 
Total from investment operations 3.56 (.27) 1.30 (1.09) 2.54 
Distributions from net investment income (.24) (.26) (.32) (.31) (.27) 
Distributions from net realized gain – (.01) – (.02) (.01) 
Total distributions (.24) (.28)B (.32) (.33) (.27)B 
Net asset value, end of period $15.55 $12.23 $12.78 $11.80 $13.22 
Total ReturnC 29.34% (2.27)% 11.36% (8.48)% 23.84% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .02% .02% .04% .06% .06% 
Expenses net of fee waivers, if any .01% .01% .04% .06% .06% 
Expenses net of all reductions .01% .01% .04% .06% .06% 
Net investment income (loss) 2.52% 2.42% 3.27% 2.82% 2.74% 
Supplemental Data      
Net assets, end of period (000 omitted) $30,864,862 $18,177,449 $12,066,585 $5,946,725 $4,997,008 
Portfolio turnover rateF 5%G 5% 3%G 2% 4% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

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

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

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


Notes to Financial Statements

For the period ended October 31, 2021

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

2. Investments in Fidelity Central Funds.

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

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

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

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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

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

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

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

Gross unrealized appreciation $6,856,174,481 
Gross unrealized depreciation (1,845,028,353) 
Net unrealized appreciation (depreciation) $5,011,146,128 
Tax Cost $26,148,219,239 

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

Undistributed ordinary income $713,013,142 
Capital loss carryforward $(233,205,289) 
Net unrealized appreciation (depreciation) on securities and other investments $5,010,657,754 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

No expiration  
Short-term $(13,296,134) 
Long-term (219,909,155) 
Total capital loss carryforward $(233,205,289) 

The tax character of distributions paid was as follows:

 October 31, 2021 October 31, 2020 
Ordinary Income $362,237,580 $ 282,158,115 

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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

4. Derivative Instruments.

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

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

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

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

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

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

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

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

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

5. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Series Global ex U.S. Index Fund 9,220,572,488 1,294,098,291 

6. Fees and Other Transactions with Affiliates.

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

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

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

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

 Shares Total Proceeds
($) 
Fidelity Series Global ex U.S. Index Fund 13,852,005 209,303,799 

7. Committed Line of Credit.

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

8. Security Lending.

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

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Series Global ex U.S. Index Fund $544,983 $25 $– 

9. Expense Reductions.

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .013% of average net assets. This reimbursement will remain in place through February 28, 2025. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $2,037,099.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $29.

10. Other.

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

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

11. Coronavirus (COVID-19) Pandemic.

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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity Series Global ex U.S. Index Fund

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Series Global ex U.S. Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of October 31, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 16, 2021


We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Jonathan Chiel, each of the Trustees oversees 286 funds. Mr. Chiel oversees 179 funds. 

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

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

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

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

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

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

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

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

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

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

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

Independent Trustees:

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

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

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

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

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Vice Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank’s institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization’s equity and quantitative research groups. He began his career in 1983 as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).

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

Advisory Board Members and Officers:

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

Name, Year of Birth; Principal Occupation

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

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

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

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

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

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

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

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

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Jamie Pagliocco (1964)

Year of Election or Appointment: 2020

Vice President

Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer – Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

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

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2021 		Ending
Account Value
October 31, 2021 		Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 
Fidelity Series Global ex U.S. Index Fund .01%    
Actual  $1,000.00 $1,019.00 $.05 
Hypothetical-C  $1,000.00 $1,025.16 $.05 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The fund designates 75% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Series Global ex U.S. Index Fund

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

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

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

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

Resources Dedicated to Investment Management and Support Services.  The Board reviewed the general qualifications and capabilities of Fidelity’s and Geode’s investment staffs, including their size, education, experience, and resources, as well as Fidelity’s and Geode’s approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity’s and Geode’s investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity’s and Geode’s trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process

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

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies and 529 plans managed by Fidelity and ultimately to enhance the performance of those investment companies and 529 plans.

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

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds that invest in the fund. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.013% through February 28, 2024.

At its July 2021 meeting, the Board also approved an amendment to the fund's sub-advisory agreement with Geode (effective August 1, 2021) that lowered the sub-advisory fee rate that FMR pays to Geode.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.

The Board also considered information regarding the profitability of Geode's relationship with the fund.

Economies of Scale.  The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the continued waiver of money market fund fees; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

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





Fidelity Investments

SGX-ANN-1221
1.899279.112

Fidelity® Emerging Markets Index Fund

Fidelity® Global ex U.S. Index Fund



Annual Report

October 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Fidelity® Emerging Markets Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® Global ex U.S. Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


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

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

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

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

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

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



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

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

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

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

Fidelity® Emerging Markets Index Fund

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Past 5 years Past 10 years 
Fidelity® Emerging Markets Index Fund 15.95% 9.10% 4.85% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Emerging Markets Index Fund on October 31, 2011, when the fund started.

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


Period Ending Values
$16,060Fidelity® Emerging Markets Index Fund
$16,162MSCI Emerging Markets Index

Fidelity® Emerging Markets Index Fund

Management's Discussion of Fund Performance

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

Comments from the Geode Capital Management, LLC, passive equity index team:  For the fiscal year ending October 31, 2021, the fund gained 15.95%, compared with the 16.98% advance of the benchmark MSCI Emerging Markets (Net MA) index. (The fund's relative performance was affected by differing methodologies (fund versus index) for valuing certain foreign stocks and for incorporating foreign exchange rates, as well as by required local capital gains tax.) From a regional standpoint, Emerging Europe, the Middle East and Africa notably gained in value. By sector, information technology rose approximately 34% and contributed most, followed by financials, which gained roughly 35%, benefiting from the banks industry (+42%). The materials sector rose about 44%, energy gained roughly 56%, and industrials advanced about 30%. Other notable contributors included the consumer staples (+15%), utilities (+31%), and health care (+5%) sectors. In contrast, from a sector standpoint, stocks in the consumer discretionary sector returned about -15% and detracted most. This group was hampered by the retailing (-31%) industry. Real estate (-9%) and communication services (-1%) also hurt. Turning to individual stocks, the top contributor was Taiwan Semiconductor (+42%), from the semiconductors & semiconductor equipment category, followed by Samsung Electronics (+24%), within the technology hardware & equipment industry. In energy, Gazprom advanced roughly 163% and Sberbank of Russia (+109%) from the banks group also helped. Infosys, within the software & services segment, rose roughly 59% and boosted the fund. In contrast, the biggest individual detractor was Alibaba Group Holding (-45%), from the retailing category. Tencent Holdings, within the media & entertainment segment, returned about -19% and hindered the fund. In consumer services, TAL Education Group (-94%) and New Oriental Education & Technology Group (-87%) hurt. Another detractor was Ping An Insurance (-28%), a stock in the insurance group.

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

Fidelity® Emerging Markets Index Fund

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2021

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 6.0 
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) 4.0 
Alibaba Group Holding Ltd. (Cayman Islands, Internet & Direct Marketing Retail) 3.6 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 3.3 
Meituan Class B (Cayman Islands, Internet & Direct Marketing Retail) 1.6 
Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) 1.1 
Infosys Ltd. (India, IT Services) 0.9 
JD.com, Inc. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) 0.8 
Housing Development Finance Corp. Ltd. (India, Thrifts & Mortgage Finance) 0.8 
China Construction Bank Corp. (H Shares) (China, Banks) 0.8 
 22.9 

Top Market Sectors as of October 31, 2021

 % of fund's net assets 
Information Technology 18.6 
Financials 18.9 
Consumer Discretionary 13.8 
Communication Services 9.7 
Materials 7.9 
Consumer Staples 5.7 
Energy 4.9 
Industrials 3.8 
Health Care 3.9 
Utilities 2.1 

Geographic Diversification (% of fund's net assets)

As of October 31, 2021 
   Cayman Islands 19.5% 
   Taiwan 13.0% 
   Korea (South) 11.1% 
   India 10.9% 
   China 10.4% 
   United States of America 9.7% 
   Brazil 3.7% 
   Saudi Arabia 3.1% 
   Russia 3.1% 
   Other* 15.5% 


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

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

Asset Allocation as of October 31, 2021

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

Fidelity® Emerging Markets Index Fund

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 89.2%   
 Shares Value 
Argentina - 0.0%   
YPF SA Class D sponsored ADR (a) 145,978 $613,108 
Bailiwick of Jersey - 0.1%   
Polymetal International PLC 262,666 4,893,392 
Bermuda - 0.5%   
Alibaba Health Information Technology Ltd. (a) 2,992,000 3,780,138 
Alibaba Pictures Group Ltd. (a) 8,930,000 952,625 
Beijing Enterprises Water Group Ltd. 3,336,000 1,273,430 
Brilliance China Automotive Holdings Ltd. (a) 1,908,000 568,393 
China Gas Holdings Ltd. 2,279,800 5,702,064 
China Resource Gas Group Ltd. 684,000 3,674,725 
China Youzan Ltd. (a) 10,212,000 1,299,387 
Cosco Shipping Ports Ltd. 1,346,977 1,121,832 
Credicorp Ltd. 4,639 602,838 
Credicorp Ltd. (United States) 45,626 5,915,867 
GOME Electrical Appliances Holdings Ltd. (a)(b) 8,805,802 894,105 
HengTen Networks Group Ltd. (a)(b) 2,048,000 702,803 
Hopson Development Holdings Ltd. 534,820 1,460,693 
Huabao International Holdings Ltd. (b) 690,000 1,296,549 
Kunlun Energy Co. Ltd. 2,884,000 2,639,172 
Nine Dragons Paper (Holdings) Ltd. 1,214,000 1,525,984 
Shenzhen International Holdings Ltd. 892,578 1,077,220 
TOTAL BERMUDA  34,487,825 
Brazil - 2.7%   
Ambev SA 3,492,200 10,512,860 
Americanas SA (a) 331,745 1,745,779 
Atacadao SA 366,800 1,081,461 
B3 SA - Brasil Bolsa Balcao 4,530,142 9,559,869 
Banco Bradesco SA 1,186,164 3,572,910 
Banco do Brasil SA 635,400 3,208,636 
Banco Inter SA unit 254,402 1,600,211 
Banco Santander SA (Brasil) unit 305,000 1,859,031 
BB Seguridade Participacoes SA 516,000 2,019,639 
BRF SA (a) 480,700 1,978,571 
BTG Pactual Participations Ltd. unit 869,900 3,475,716 
CCR SA 895,300 1,813,190 
Centrais Eletricas Brasileiras SA (Electrobras) 238,665 1,430,603 
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) 252,500 1,574,825 
Companhia Siderurgica Nacional SA (CSN) 514,000 2,074,652 
Cosan SA 763,596 2,677,551 
CPFL Energia SA 170,200 793,430 
Energisa SA unit 135,600 951,925 
ENGIE Brasil Energia SA 150,350 1,036,557 
Equatorial Energia SA 672,400 2,725,914 
Hapvida Participacoes e Investimentos SA (c) 852,500 1,743,125 
Hypermarcas SA 280,800 1,396,089 
Itausa-Investimentos Itau SA 29,512 54,017 
JBS SA 650,100 4,498,105 
Klabin SA unit 528,300 2,147,348 
Localiza Rent A Car SA 448,949 3,603,492 
Lojas Renner SA 664,471 3,794,589 
Magazine Luiza SA 2,162,724 4,142,430 
Natura & Co. Holding SA (a) 661,790 4,561,400 
Notre Dame Intermedica Participacoes SA 386,418 4,394,257 
Petroleo Brasileiro SA - Petrobras (ON) 2,817,297 13,812,433 
Raia Drogasil SA 794,100 3,271,346 
Rede D'Oregon Sao Luiz SA (c) 297,100 3,105,868 
Rumo SA (a) 959,900 2,719,586 
Suzano Papel e Celulose SA (a) 553,617 4,829,116 
Telefonica Brasil SA 374,900 3,023,751 
TIM SA 624,600 1,241,719 
Totvs SA 363,500 2,109,972 
Ultrapar Participacoes SA 536,800 1,241,228 
Ultrapar Participacoes SA rights 11/3/21 (a)(d) 38,475 68 
Vale SA 2,931,484 37,195,430 
Via S/A (a) 943,500 1,028,124 
Vibra Energia SA 860,991 3,200,608 
Weg SA 1,241,264 8,137,561 
TOTAL BRAZIL  170,944,992 
British Virgin Islands - 0.0%   
Mail.Ru Group Ltd. unit (a) 84,071 1,727,963 
Tianhe Chemicals Group Ltd. (a)(d) 376,000 0 
TOTAL BRITISH VIRGIN ISLANDS  1,727,963 
Cayman Islands - 19.5%   
3SBio, Inc. (a)(c) 943,000 862,947 
51job, Inc. sponsored ADR (a) 22,441 1,336,586 
AAC Technology Holdings, Inc. 536,500 2,318,869 
Abu Dhabi Islamic Bank 1,074,807 1,708,853 
Agile Property Holdings Ltd. 868,000 682,753 
Agora, Inc. ADR (a)(b) 35,823 780,941 
Airtac International Group 102,551 3,056,826 
Akeso, Inc. (a)(c) 212,000 1,187,996 
Alibaba Group Holding Ltd. (a) 11,228,540 230,888,627 
Anta Sports Products Ltd. 800,000 12,503,053 
Autohome, Inc. ADR Class A 56,514 2,223,826 
Baidu, Inc. sponsored ADR (a) 205,261 33,301,545 
Baozun, Inc. sponsored ADR (a) 43,771 757,238 
BeiGene Ltd. ADR (a) 34,071 12,187,878 
Bilibili, Inc. ADR (a)(b) 121,725 8,922,443 
Bosideng International Holdings Ltd. 2,398,000 1,861,567 
Burning Rock Biotech Ltd. ADR (a) 32,276 454,769 
Chailease Holding Co. Ltd. 965,574 9,224,015 
China Aoyuan Group Ltd. 895,000 353,146 
China Conch Venture Holdings Ltd. 1,201,500 5,868,132 
China East Education Holdings Ltd. (c) 406,500 387,143 
China Education Group Holdings Ltd. 588,000 1,009,663 
China Evergrande Group (b) 1,468,000 437,730 
China Feihe Ltd. (c) 2,643,000 4,402,452 
China Hongqiao Group Ltd. 1,688,000 1,876,640 
China Huishan Dairy Holdings Co. Ltd. (a)(d) 888,000 1 
China Liansu Group Holdings Ltd. 803,000 1,246,737 
China Literature Ltd. (a)(c) 301,400 2,097,656 
China Medical System Holdings Ltd. 1,005,000 1,712,782 
China Meidong Auto Holding Ltd. 414,000 2,149,682 
China Mengniu Dairy Co. Ltd. 2,336,000 14,876,782 
China Overseas Property Holdings Ltd. 970,000 872,695 
China Resources Cement Holdings Ltd. 1,808,000 1,524,385 
China Resources Land Ltd. 2,372,744 9,240,299 
China Resources Mixc Lifestyle Services Ltd. (c) 422,000 2,221,053 
China State Construction International Holdings Ltd. 1,491,000 1,531,147 
China Yuhua Education Corp. Ltd. (c) 1,118,000 508,672 
ChinaSoft International Ltd. 1,934,000 3,236,383 
Chindata Group Holdings Ltd. ADR (a) 64,457 641,992 
CIFI Ever Sunshine Services Group Ltd. 556,000 1,009,025 
CIFI Holdings Group Co. Ltd. 2,435,236 1,352,126 
Country Garden Holdings Co. Ltd. 5,703,656 5,358,746 
Country Garden Services Holdings Co. Ltd. 1,133,000 8,810,038 
Dali Foods Group Co. Ltd. (c) 1,521,500 846,744 
Daqo New Energy Corp. ADR (a) 43,510 3,384,643 
ENN Energy Holdings Ltd. 584,700 10,122,626 
Gaotu Techedu, Inc. ADR (a)(b) 91,561 269,189 
GDS Holdings Ltd. ADR (a)(b) 66,002 3,920,519 
Geely Automobile Holdings Ltd. 4,358,000 15,151,199 
Genscript Biotech Corp. (a) 838,000 3,721,213 
Greentown China Holdings Ltd. 645,500 892,691 
Greentown Service Group Co. Ltd. 1,080,000 1,072,990 
Haidilao International Holding Ltd. (b)(c) 784,000 2,196,671 
Haitian International Holdings Ltd. 472,000 1,383,150 
Hansoh Pharmaceutical Group Co. Ltd. (c) 876,000 1,956,800 
Hello Group, Inc. ADR 116,683 1,452,703 
Hengan International Group Co. Ltd. 483,000 2,523,482 
Huazhu Group Ltd. ADR (a) 130,919 6,069,405 
Hutchison China Meditech Ltd. sponsored ADR (a) 62,768 1,846,635 
HUYA, Inc. ADR (a)(b) 58,970 484,733 
I-Mab ADR (a) 24,110 1,489,757 
Innovent Biologics, Inc. (a)(c) 861,500 7,728,642 
iQIYI, Inc. ADR (a) 209,920 1,738,138 
JD Health International, Inc. (c) 259,100 2,294,453 
JD.com, Inc. sponsored ADR (a) 642,681 50,309,069 
Jinxin Fertility Group Ltd. (a)(c) 928,000 1,314,383 
Jiumaojiu International Holdings Ltd. (c) 538,000 1,348,371 
JOYY, Inc. ADR 41,201 2,076,118 
Kaisa Group Holdings Ltd. 2,069,142 319,127 
KE Holdings, Inc. ADR (a) 264,999 4,828,282 
Kingboard Chemical Holdings Ltd. 491,500 2,150,964 
Kingboard Laminates Holdings Ltd. 693,000 1,086,640 
Kingdee International Software Group Co. Ltd. (a) 1,925,000 6,358,525 
Kingsoft Cloud Holdings Ltd. ADR (a)(b) 41,305 948,776 
Kingsoft Corp. Ltd. 711,000 3,056,738 
Kuaishou Technology Class B (c) 200,700 2,669,809 
KWG Group Holdings Ltd. 939,500 821,104 
Lee & Man Paper Manufacturing Ltd. 964,000 723,573 
Legend Biotech Corp. ADR (a) 85 4,463 
Li Ning Co. Ltd. 1,660,000 18,455,112 
Logan Property Holdings Co. Ltd. 1,019,000 1,022,864 
Longfor Properties Co. Ltd. (c) 1,345,500 6,536,842 
Lufax Holding Ltd. ADR (a)(b) 127,507 804,569 
Meituan Class B (a)(c) 2,981,700 101,463,200 
Microport Scientific Corp. 470,100 2,217,424 
Ming Yuan Cloud Group Holdings Ltd. 285,000 934,066 
Minth Group Ltd. 558,000 2,230,422 
NetEase, Inc. ADR 297,264 29,009,994 
New Oriental Education & Technology Group, Inc. sponsored ADR 1,141,046 2,339,144 
NIO, Inc. sponsored ADR (a) 1,007,157 39,692,057 
Noah Holdings Ltd. sponsored ADR (a) 24,702 1,050,082 
OneConnect Financial Technology Co. Ltd. ADR (a) 86,594 274,503 
Pinduoduo, Inc. ADR (a) 324,426 28,847,960 
Ping An Healthcare and Technology Co. Ltd. (a)(b)(c) 339,100 1,649,629 
Powerlong Real Estate Holding Ltd. 1,072,000 738,503 
RLX Technology, Inc. ADR (b) 457,981 2,225,788 
Sany Heavy Equipment International Holdings Co. Ltd. 814,000 933,215 
Seazen Group Ltd. 1,606,000 1,273,571 
Shenzhou International Group Holdings Ltd. 611,500 13,174,280 
Shimao Property Holdings Ltd. 914,500 1,438,658 
Shimao Services Holdings Ltd. (c) 437,000 833,504 
Silergy Corp. 59,000 9,704,435 
Sino Biopharmaceutical Ltd. 7,673,000 5,680,416 
Smoore International Holdings Ltd. (c) 1,324,000 6,347,304 
SSY Group Ltd. 1,008,000 480,648 
Sunac China Holdings Ltd. 1,897,000 4,086,334 
Sunac Services Holdings Ltd. (c) 574,000 1,164,157 
Sunny Optical Technology Group Co. Ltd. 527,300 14,245,673 
TAL Education Group ADR (a) 311,959 1,275,912 
Tencent Holdings Ltd. 4,257,800 259,001,092 
Tencent Music Entertainment Group ADR (a) 494,054 3,883,264 
Tingyi (Cayman Islands) Holding Corp. 1,456,000 2,724,678 
Tongcheng-Elong Holdings Ltd. (a) 731,200 1,637,106 
Topsports International Holdings Ltd. (c) 1,146,000 1,393,376 
Trip.com Group Ltd. ADR (a) 377,169 10,771,947 
Uni-President China Holdings Ltd. 959,000 818,426 
Up Fintech Holdings Ltd. ADR (a)(b) 58,751 380,119 
Vinda International Holdings Ltd. 266,000 733,333 
Vipshop Holdings Ltd. ADR (a) 338,303 3,775,461 
Vnet Group, Inc. ADR (a) 71,408 1,119,677 
Want Want China Holdings Ltd. 3,561,000 2,759,826 
Weibo Corp. sponsored ADR (a)(b) 46,654 2,098,497 
Weimob, Inc. (a)(b)(c) 1,259,000 1,951,486 
Wuxi Biologics (Cayman), Inc. (a)(c) 2,664,500 40,359,090 
Xiaomi Corp. Class B (a)(c) 10,620,000 29,141,700 
Xinyi Solar Holdings Ltd. 3,583,498 7,498,149 
XPeng, Inc. ADR (a) 284,431 13,263,018 
Yadea Group Holdings Ltd. (c) 886,000 1,525,917 
Yihai International Holding Ltd. 348,000 2,046,270 
Zai Lab Ltd. ADR (a) 56,162 5,863,313 
Zhen Ding Technology Holding Ltd. 490,000 1,689,352 
Zhenro Properties Group Ltd. 967,000 459,855 
Zhongsheng Group Holdings Ltd. Class H 428,000 3,869,906 
ZTO Express, Inc. sponsored ADR 321,533 9,430,563 
TOTAL CAYMAN ISLANDS  1,253,873,851 
Chile - 0.3%   
Banco de Chile 33,593,233 2,915,405 
Banco de Credito e Inversiones 40,331 1,358,116 
Banco Santander Chile 48,774,127 2,134,430 
Cencosud SA 1,055,856 1,544,522 
Cencosud Shopping SA 376,886 364,762 
Colbun SA 5,832,481 402,215 
Compania Cervecerias Unidas SA 109,368 916,312 
Empresas CMPC SA 829,994 1,531,433 
Empresas COPEC SA 288,998 2,273,617 
Enel Americas SA 15,854,342 1,802,737 
Enel Chile SA 20,415,349 836,440 
Falabella SA 556,598 1,539,180 
TOTAL CHILE  17,619,169 
China - 10.4%   
360 Security Technology, Inc. (A Shares) (a) 317,700 597,137 
A-Living Smart City Services C (H Shares) (c) 420,000 1,408,907 
Addsino Co. Ltd. (A Shares) 71,700 171,814 
Advanced Micro-Fabrication Equipment, Inc., China (A Shares) (a) 27,306 665,839 
AECC Aero-Engine Control Co. Ltd. (A Shares) 51,000 212,415 
AECC Aviation Power Co. Ltd. 118,300 1,092,554 
Agricultural Bank of China Ltd.:   
(A Shares) 3,030,400 1,390,840 
(H Shares) 19,706,000 6,711,767 
Aier Eye Hospital Group Co. Ltd. (A Shares) 237,087 1,796,173 
Air China Ltd.:   
(A Shares) (a) 203,800 270,747 
(H Shares) (a) 1,518,000 1,071,116 
Aluminum Corp. of China Ltd.:   
(A shares) (a) 602,300 577,313 
(H Shares) (a) 2,884,000 1,735,565 
Angel Yeast Co. Ltd. (A Shares) 37,100 322,191 
Anhui Conch Cement Co. Ltd.:   
(A Shares) 121,700 723,465 
(H Shares) 976,000 4,854,598 
Anhui Gujing Distillery Co. Ltd.:   
(A Shares) 7,000 248,769 
(B Shares) 107,300 1,382,950 
Anhui Honglu Steel Construction Group Co. Ltd. 23,400 153,790 
Anhui Kouzi Distillery Co. Ltd. (A Shares) 26,700 252,714 
Apeloa Pharmaceutical Co. Ltd. A Shares 52,400 284,015 
Asymchem Laboratories Tianjin Co. Ltd. (A Shares) 10,800 671,376 
Autobio Diagnostics Co. Ltd. 26,090 222,706 
Avary Holding Shenzhen Co. Ltd. (A Shares) 68,300 373,074 
AVIC Capital Co. Ltd. (A Shares) 398,100 241,753 
AVIC Electromechanical Systems Co. Ltd. (A Shares) 173,200 410,981 
AviChina Industry & Technology Co. Ltd. (H Shares) 1,838,000 1,171,709 
Avicopter PLC (A Shares) 26,200 256,939 
Bank of Beijing Co. Ltd. (A Shares) 940,480 650,404 
Bank of Chengdu Co. Ltd. (A Shares) 161,000 320,706 
Bank of China Ltd.:   
(A Shares) 880,800 419,379 
(H Shares) 59,550,000 21,074,852 
Bank of Communications Co. Ltd.:   
(A Shares) 1,367,100 964,648 
(H Shares) 6,874,000 4,090,562 
Bank of Hangzhou Co. Ltd. (A Shares) 263,520 587,451 
Bank of Jiangsu Co. Ltd. (A Shares) 656,800 644,932 
Bank of Nanjing Co. Ltd. (A Shares) 444,800 673,545 
Bank of Ningbo Co. Ltd. (A Shares) 266,800 1,591,033 
Bank of Shanghai Co. Ltd. (A Shares) 631,177 718,305 
Baoshan Iron & Steel Co. Ltd. (A Shares) 990,300 1,102,266 
BBMG Corp.:   
(A Shares) 233,900 102,605 
(H Shares) 316,000 53,205 
Beijing BDStar Navigation Co. Ltd. (A Shares) (a) 22,800 141,020 
Beijing Capital International Airport Co. Ltd. (H Shares) (a) 1,390,000 902,191 
Beijing Dabeinong Technology Group Co. Ltd. (A Shares) 184,400 246,989 
Beijing E-Hualu Information Technology Co. Ltd. (A Shares) (a) 28,940 130,700 
Beijing Enlight Media Co. Ltd. (A Shares) 130,100 190,100 
Beijing Kingsoft Office Software, Inc. (A Shares) 17,064 786,584 
Beijing New Building Materials PLC (A Shares) 74,900 330,200 
Beijing Originwater Technology Co. Ltd. (A Shares) 140,400 152,986 
Beijing Roborock Technology Co. Ltd. (A Shares) 2,963 416,298 
Beijing Shiji Information Technology Co. Ltd. (A Shares) 44,800 165,611 
Beijing Shunxin Agriculture Co. Ltd. 33,100 168,348 
Beijing Sinnet Technology Co. Ltd. (A Shares) 68,700 141,674 
Beijing Tiantan Biological Products Corp. Ltd. (A Shares) 61,000 274,920 
Beijing United Information Technology Co. Ltd. (A Shares) 15,300 267,987 
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares) 18,000 621,651 
Beijing Yanjing Brewery Co. Ltd. (A Shares) 127,100 131,549 
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd. (A Shares) 10,300 260,485 
Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares) 1,819,300 1,306,448 
Betta Pharmaceuticals Co. Ltd. (A Shares) 18,300 226,259 
BGI Genomics Co. Ltd. 18,400 255,990 
BOC International China Co. Ltd. 82,300 170,619 
BOE Technology Group Co. Ltd. (A Shares) 1,666,500 1,277,370 
By-Health Co. Ltd. (A Shares) 75,600 300,712 
BYD Co. Ltd.:   
(A Shares) 83,500 4,057,977 
(H Shares) 577,000 22,068,854 
C&S Paper Co. Ltd. (A Shares) 58,400 155,350 
Caitong Securities Co. Ltd. 160,500 257,071 
CanSino Biologics, Inc.:   
(A Shares) (a) 6,243 266,941 
(H Shares) (a)(c) 55,000 1,416,618 
CGN Power Co. Ltd. (H Shares) (c) 7,857,000 2,120,648 
Chacha Food Co. Ltd. (A Shares) 22,600 200,748 
Changchun High & New Technology Industry Group, Inc. (A Shares) 18,000 766,449 
Changjiang Securities Co. Ltd. (A Shares) 247,800 280,072 
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares) 12,300 439,061 
Chaozhou Three-Circle Group Co. (A Shares) 80,800 504,547 
Chifeng Jilong Gold Mining Co. Ltd. (A Shares) (a) 75,000 191,195 
China Baoan Group Co. Ltd. (A Shares) 114,700 374,410 
China Bohai Bank Co. Ltd. (H Shares) (c) 2,293,000 869,398 
China Cinda Asset Management Co. Ltd. (H Shares) 6,534,000 1,091,729 
China CITIC Bank Corp. Ltd.:   
(A Shares) 212,900 150,890 
(H Shares) 6,300,000 2,769,231 
China Communications Services Corp. Ltd. (H Shares) 1,768,000 977,109 
China Construction Bank Corp.:   
(A Shares) 1,579,000 1,461,729 
(H Shares) 69,698,000 47,435,119 
China CSSC Holdings Ltd. (A Shares) 175,400 617,456 
China Eastern Airlines Corp. Ltd. (A Shares) (a) 494,200 372,632 
China Everbright Bank Co. Ltd.:   
(A Shares) 1,606,800 862,880 
(H Shares) 2,687,000 946,261 
China Fortune Land Development Co. Ltd. (A Shares) (a) 171,890 98,748 
China Galaxy Securities Co. Ltd.:   
(A Shares) 136,500 210,533 
(H Shares) 2,764,000 1,541,772 
China Great Wall Securities Co. Ltd. (A Shares) 115,200 205,196 
China Greatwall Technology Group Co. Ltd. (A Shares) 130,100 273,168 
China Huarong Asset Management Co. Ltd. (a)(c)(d) 6,661,000 873,237 
China International Capital Corp. Ltd. 38,900 292,460 
China International Capital Corp. Ltd. (H Shares) (c) 1,083,600 2,696,292 
China International Travel Service Corp. Ltd. (A Shares) 86,600 3,629,339 
China Jushi Co. Ltd. (A Shares) 178,104 532,164 
China Life Insurance Co. Ltd.:   
(A Shares) 113,300 527,080 
(H Shares) 5,532,000 9,610,582 
China Longyuan Power Grid Corp. Ltd. (H Shares) 2,471,000 5,773,765 
China Merchants Bank Co. Ltd.:   
(A Shares) 866,600 7,301,316 
(H Shares) 2,930,346 24,687,897 
China Merchants Energy Shipping Co. Ltd. (A Shares) 363,120 259,624 
China Merchants Property Operation & Service Co. Ltd. (A Shares) 46,300 97,576 
China Merchants Securities Co. Ltd. (A Shares) 330,000 884,018 
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) 349,500 569,065 
China Minsheng Banking Corp. Ltd.:   
(A Shares) 1,399,200 849,688 
(H Shares) 4,588,040 1,822,125 
China Molybdenum Co. Ltd.:   
(A Shares) 673,400 629,695 
(H Shares) 2,652,000 1,646,316 
China National Building Materials Co. Ltd. (H Shares) 2,862,000 3,597,501 
China National Chemical Engineering Co. Ltd. (A Shares) 219,600 360,301 
China National Medicines Corp. Ltd. (A Shares) 33,000 157,124 
China National Nuclear Power Co. Ltd. (A Shares) 648,400 693,368 
China National Software & Service Co. Ltd. (A Shares) 22,100 176,641 
China Northern Rare Earth Group High-Tech Co. Ltd. 139,800 1,104,302 
China Oilfield Services Ltd. (H Shares) 1,344,000 1,293,819 
China Pacific Insurance (Group) Co. Ltd. 269,800 1,154,044 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 1,999,200 6,166,802 
China Petroleum & Chemical Corp.:   
(A Shares) 1,162,500 771,280 
(H Shares) 18,271,000 8,902,234 
China Railway Group Ltd.:   
(A Shares) 751,800 616,157 
(H Shares) 3,231,000 1,582,175 
China Railway Signal & Communications Corp. (A Shares) 317,764 244,558 
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares) 43,500 163,861 
China Shenhua Energy Co. Ltd.:   
(A Shares) 169,600 526,612 
(H Shares) 2,671,500 5,754,687 
China South Publishing & Media Group Co. Ltd. (A Shares) 79,300 101,512 
China Southern Airlines Ltd.:   
(A Shares) (a) 359,700 368,362 
(H Shares) (a) 1,606,000 978,400 
China State Construction Engineering Corp. Ltd. (A Shares) 1,862,380 1,354,828 
China Tower Corp. Ltd. (H Shares) (c) 31,068,000 4,032,990 
China TransInfo Technology Co. Ltd. (A Shares) 70,200 146,630 
China United Network Communications Ltd. (A Shares) 1,375,400 876,030 
China Vanke Co. Ltd.:   
(A Shares) 377,200 1,072,288 
(H Shares) 1,323,800 3,100,011 
China Yangtze Power Co. Ltd. (A Shares) 1,010,000 3,350,505 
China Zheshang Bank Co. Ltd. 743,100 399,058 
Chongqing Brewery Co. Ltd. (A Shares) (a) 21,500 504,964 
Chongqing Changan Automobile Co. Ltd. (A Shares) 282,320 859,422 
Chongqing Fuling Zhacai Group Co. Ltd. Group (A Shares) 39,600 215,626 
Chongqing Rural Commercial Bank Co. Ltd.:   
(A Shares) 43,500 25,941 
(H Shares) 2,170,000 780,927 
Chongqing Zhifei Biological Products Co. Ltd. (A Shares) 71,000 1,664,786 
CITIC Securities Co. Ltd.:   
(A Shares) 370,400 1,496,461 
(H Shares) 1,823,000 4,643,899 
Contemporary Amperex Technology Co. Ltd. 103,400 10,318,128 
COSCO Shipping Energy Transportation Co. Ltd.:   
(A Shares) 24,600 22,773 
(H Shares) 276,000 122,028 
COSCO SHIPPING Holdings Co. Ltd.:   
(A Shares) 529,610 1,366,655 
(H Shares) (b) 2,536,550 3,938,246 
CRRC Corp. Ltd. (A Shares) 1,078,800 1,000,362 
CSC Financial Co. Ltd. (A Shares) 192,200 848,821 
Daan Gene Co. Ltd. 62,496 187,808 
DaShenLin Pharmaceutical Group Co. Ltd. 35,180 194,250 
DHC Software Co. Ltd. (A Shares) 138,600 150,159 
Dong E-E-Jiao Co. Ltd. (A Shares) 29,100 184,574 
Dongfang Electric Corp. Ltd. (A Shares) 123,700 350,491 
Dongfeng Motor Group Co. Ltd. (H Shares) 2,010,000 1,878,118 
Dongxing Securities Co. Ltd. (A Shares) 123,600 211,475 
East Money Information Co. Ltd. (A Shares) 459,232 2,358,620 
Ecovacs Robotics Co. Ltd. Class A 21,200 567,584 
ENN Natural Gas Co. Ltd. (A Shares) 84,500 242,851 
Eve Energy Co. Ltd. (A shares) 83,855 1,485,127 
Everbright Securities Co. Ltd. (A Shares) 173,600 412,743 
Fangda Carbon New Material Co. Ltd. (A Shares) 169,281 283,820 
FAW Jiefang Group Co. Ltd. (A Shares) 138,000 224,264 
Fiberhome Telecommunication Technologies Co. Ltd. (A Shares) 51,200 137,716 
Financial Street Holdings Co. Ltd. (A Shares) 131,200 119,613 
First Capital Securities Co. Ltd. (A Shares) 188,000 200,451 
Flat Glass Group Co. Ltd. (b) 122,000 658,570 
Flat Glass Group Co. Ltd. (A Shares) 167,600 1,439,281 
Focus Media Information Technology Co. Ltd. (A Shares) 651,920 749,035 
Foshan Haitian Flavouring & Food Co. Ltd. (A Shares) 155,822 2,846,550 
Founder Securities Co. Ltd. (A Shares) 366,400 466,741 
Foxconn Industrial Internet Co. Ltd. (A Shares) 323,196 572,653 
Fu Jian Anjoy Foods Co. Ltd. (A Shares) 10,900 344,811 
Fujian Sunner Development Co. Ltd. A Shares 55,300 193,722 
Fuyao Glass Industries Group Co. Ltd.:   
(A Shares) 178,400 1,375,789 
(H Shares) (c) 325,200 1,876,676 
G-bits Network Technology Xiamen Co. Ltd. (A Shares) 3,200 171,066 
Ganfeng Lithium Co. Ltd. (A Shares) 94,500 2,469,547 
GCL System Integration Technology Co. Ltd. (a) 260,800 164,075 
GEM Co. Ltd. (A Shares) 213,800 363,801 
Gemdale Corp. (A Shares) 199,700 316,427 
GF Securities Co. Ltd.:   
(A Shares) 204,700 642,948 
(H Shares) 924,200 1,570,326 
Giant Network Group Co. Ltd. (A Shares) 75,400 117,001 
Gigadevice Semiconductor Beijing, Inc. (A Shares) 29,484 780,210 
GoerTek, Inc. (A Shares) 151,700 1,031,108 
Gotion High-tech Co. Ltd. (A Shares) (a) 57,000 524,107 
Great Wall Motor Co. Ltd.:   
(A Shares) 97,400 1,033,946 
(H Shares) 2,297,000 10,362,406 
Greenland Holdings Corp. Ltd. (A Shares) 370,479 237,703 
GRG Banking Equipment Co. Ltd. (A Shares) 110,400 178,550 
Guangdong Haid Group Co. Ltd. (A Shares) 73,800 756,347 
Guangdong Hongda Blasting Co. Ltd. (A Shares) 33,600 144,403 
Guangdong Kinlong Hardware Products Co. Ltd. (A Shares) 14,300 298,200 
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd. 36,600 128,156 
Guanghui Energy Co. Ltd. (A Shares) (a) 302,000 311,629 
Guangzhou Automobile Group Co. Ltd. 84,200 227,136 
Guangzhou Automobile Group Co. Ltd. (H Shares) 1,904,000 1,801,098 
Guangzhou Baiyunshan Pharma Health (A Shares) 62,500 284,120 
Guangzhou Haige Communications Group (A Shares) 103,500 152,525 
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares) 20,500 366,397 
Guangzhou R&F Properties Co. Ltd. (H Shares) (b) 1,246,400 781,753 
Guangzhou Shiyuan Electronic Technology Co. Ltd. (A Shares) 29,700 352,371 
Guangzhou Tinci Materials Technology Co. Ltd. (A Shares) 42,400 1,091,680 
Guangzhou Wondfo Biotech Co. Ltd. (A Shares) 19,808 107,207 
Guangzhou Yuexiu Financial Holdings Group Co. Ltd. (A Shares) 110,065 132,819 
Guolian Securities Co. Ltd. 72,000 137,464 
Guosen Securities Co. Ltd. (A Shares) 285,400 507,912 
Guotai Junan Securities Co. Ltd. (A Shares) 334,400 914,598 
Guoyuan Securities Co. Ltd. (A Shares) 196,010 227,045 
Haier Smart Home Co. Ltd. 1,704,000 6,373,164 
Haier Smart Home Co. Ltd. (A Shares) 248,000 1,053,054 
Haitong Securities Co. Ltd.:   
(A Shares) 272,900 526,139 
(H Shares) 2,360,000 2,102,024 
Hanergy Mobile Energy Holding (a)(d) 1,618,000 2 
Hangzhou First Applied Material Co. Ltd. (A Shares) 41,000 917,192 
Hangzhou Great Star Industrial Co. Ltd. (A Shares) (a) 50,900 254,510 
Hangzhou Oxygen Plant Group Co. Ltd. (A Shares) 42,900 173,455 
Hangzhou Robam Appliances Co. Ltd. (A Shares) 42,200 206,397 
Hangzhou Silan Microelectronics Co. Ltd. (A Shares) 58,400 562,234 
Hangzhou Tigermed Consulting Co. Ltd.:   
(A Shares) 22,300 593,205 
(H Shares) (c) 83,100 1,620,239 
Hefei Meiya Optoelectronic Technology, Inc. (A Shares) 29,900 188,714 
Heilongjiang Agriculture Co. Ltd. (A Shares) 79,300 170,342 
Henan Shuanghui Investment & Development Co. Ltd. (A Shares) 128,223 590,497 
Hengli Petrochemical Co. Ltd. (A Shares) 260,340 895,741 
Hengyi Petrochemical Co. Ltd. (A Shares) 163,220 279,009 
Hesteel Co. Ltd. (A Shares) 478,400 183,720 
Hithink RoyalFlush Information Network Co. Ltd. (A Shares) 23,900 420,897 
Hongfa Technology Co. Ltd. (A Shares) 33,100 384,132 
Huaan Securities Co. Ltd. (A Shares) 210,190 167,673 
Huadian Power International Corp. Ltd. (A Shares) 303,400 208,874 
Huadong Medicine Co. Ltd. (A Shares) 77,680 444,319 
Huafon Chemical Co. Ltd. (A Shares) 205,700 381,809 
Huagong Tech Co. Ltd. (A Shares) 44,800 201,419 
Hualan Biological Engineer, Inc. (A Shares) 81,060 375,831 
Huaneng Power International, Inc.:   
(A Shares) 217,400 261,664 
(H Shares) 2,784,000 1,442,005 
Huatai Securities Co. Ltd.:   
(A Shares) 195,700 484,839 
(H Shares) (c) 1,387,200 2,068,186 
HUAXI Securities Co. Ltd. 118,000 166,710 
Huaxia Bank Co. Ltd. (A Shares) 569,900 500,884 
Huaxin Cement Co. Ltd. (A Shares) 60,800 158,887 
Huayu Automotive Systems Co. Ltd. (A Shares) 140,300 585,665 
Hubei Biocause Pharmaceutical Co. Ltd. (A Shares) 218,000 110,604 
Huizhou Desay SV Automotive Co. Ltd. 20,400 341,871 
Humanwell Healthcare Group Co. Ltd. (A Shares) 72,500 238,583 
Hunan Valin Steel Co. Ltd. (A Shares) 273,400 227,913 
Hundsun Technologies, Inc. (A Shares) 65,079 640,046 
iFlytek Co. Ltd. (A Shares) 102,500 902,790 
IMEIK Technology Development Co. Ltd. (A Shares) 8,000 781,423 
Industrial & Commercial Bank of China Ltd.:   
(A Shares) 2,334,800 1,702,145 
(H Shares) 42,279,000 23,175,753 
Industrial Bank Co. Ltd. (A Shares) 922,400 2,682,639 
Industrial Securities Co. Ltd. (A Shares) 297,800 424,449 
Ingenic Semiconductor Co. Ltd. (A Shares) 20,800 446,149 
Inner Mongoli Yili Industries Co. Ltd. (A Shares) 270,400 1,815,119 
Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (a) 1,751,700 768,415 
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares) 373,500 299,115 
Inspur Electronic Information Industry Co. Ltd. (A Shares) 64,596 313,413 
Intco Medical Technology Co. Ltd. (A Shares) 23,550 188,709 
JA Solar Technology Co. Ltd. (A Shares) 70,900 1,009,972 
Jafron Biomedical Co. Ltd. (A Shares) 35,790 288,745 
Jason Furniture Hangzhou Co. Ltd. (A Shares) 28,100 273,027 
JCET Group Co. Ltd. (A Shares) 79,100 381,685 
Jiangsu Changshu Rural Commercial Bank Co. Ltd. 122,900 139,290 
Jiangsu Eastern Shenghong Co. Ltd. 143,300 609,597 
Jiangsu Expressway Co. Ltd. (H Shares) 904,000 855,143 
Jiangsu Hengli Hydraulic Co. Ltd. 57,976 743,056 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 283,875 2,182,103 
Jiangsu King's Luck Brewery JSC Ltd. (A Shares) 55,800 429,623 
Jiangsu Shagang Co. Ltd. (A Shares) 98,800 95,781 
Jiangsu Yanghe Brewery JSC Ltd. (A Shares) 66,900 1,944,416 
Jiangsu Yangnong Chemical Co. Ltd. (A Shares) 13,800 253,714 
Jiangsu Yoke Technology Co. Ltd. (A Shares) 20,600 244,245 
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares) 44,700 245,839 
Jiangsu Zhongnan Construction Group Co. Ltd. (A Shares) 164,600 98,414 
Jiangsu Zhongtian Technology Co. Ltd. (A Shares) 136,200 214,960 
Jiangxi Copper Co. Ltd.:   
(A Shares) 92,000 334,493 
(H Shares) 823,000 1,440,686 
Jiangxi Zhengbang Technology Co. Ltd. (A Shares) 139,600 218,365 
Jilin Aodong Pharmaceutical Group Co. Ltd. (A Shares) 52,700 130,233 
Jinke Properties Group Co. Ltd. (A Shares) 235,000 162,885 
JiuGui Liquor Co. Ltd. (A Shares) 14,500 486,468 
Joincare Pharmaceutical Group Industry Co. Ltd. (A Shares) 86,800 156,235 
Joinn Laboratories China Co. Ltd. (A Shares) 14,140 353,183 
Jointown Pharmaceutical Group (A Shares) 81,400 172,693 
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. (A Shares) 35,400 200,880 
Joyoung Co. Ltd. (A Shares) 33,900 123,571 
Juewei Food Co. Ltd. 27,300 280,639 
Kingfa Sci & Tech Co. Ltd. (A Shares) 114,400 209,486 
Kuang-Chi Technologies Co. Ltd. (A Shares) (a) 95,900 306,904 
Kunlun Tech Co. Ltd. (A Shares) 52,300 152,595 
Kweichow Moutai Co. Ltd. (A Shares) 55,800 15,906,844 
Lakala Payment Co. Ltd. (A Shares) 35,600 133,880 
Laobaixing Pharmacy Chain JSC (A Shares) 18,220 124,439 
Lb Group Co. Ltd. (A Shares) 99,473 440,860 
Lens Technology Co. Ltd. (A Shares) 220,600 732,492 
Leo Group Co. Ltd. (A Shares) 299,500 106,601 
Lepu Medical Technology Beijing Co. Ltd. (A Shares) 79,400 264,264 
Leyard Optoelectronic Co. Ltd. (A Shares) 113,200 166,290 
Liaoning Chengda Co. Ltd. (A Shares) 67,600 214,754 
Lingyi iTech Guangdong Co. (A Shares) (a) 312,900 325,319 
Livzon Pharmaceutical Group, Inc. (A Shares) 27,600 151,405 
LONGi Green Energy Technology Co. Ltd. 240,320 3,664,967 
Luxi Chemical Group Co. Ltd. 84,900 217,361 
Luxshare Precision Industry Co. Ltd. (A Shares) 311,328 1,877,956 
Luzhou Laojiao Co. Ltd. (A Shares) 65,000 2,323,186 
Maccura Biotechnology Co. Ltd. (A Shares) 24,900 108,179 
Mango Excellent Media Co. Ltd. (A Shares) 83,007 509,128 
Maxscend Microelectronics Co. Ltd. (A Shares) 14,860 717,256 
Meinian Onehealth Healthcare Holdings Co. Ltd. (A Shares) (a) 172,760 194,720 
Metallurgical Corp. China Ltd. (A Shares) 679,700 430,798 
Mingyang Smart Energy Group Ltd. 86,700 419,441 
Montage Technology Co. Ltd. (A Shares) 33,473 340,178 
Muyuan Foodstuff Co. Ltd. (A Shares) 233,540 2,082,109 
Nanji E-Commerce Co. Ltd. (A Shares) 109,000 122,004 
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd. 53,850 311,882 
Nanjing Securities Co. Ltd. (A Shares) 164,300 249,050 
NARI Technology Co. Ltd. (A Shares) 246,260 1,496,609 
National Silicon Industry Group Co. Ltd. (A Shares) (a) 91,774 404,159 
NAURA Technology Group Co. Ltd. 22,000 1,275,026 
NavInfo Co. Ltd. (A Shares) (a) 101,300 185,023 
New China Life Insurance Co. Ltd. 67,900 415,196 
New China Life Insurance Co. Ltd. (H Shares) 705,300 2,044,151 
New Hope Liuhe Co. Ltd. (A Shares) (a) 199,900 449,059 
Ninestar Corp. (A Shares) 47,800 274,081 
Ningbo Joyson Electronic Corp. (A shares) 60,900 168,561 
Ningbo Tuopu Group Co. Ltd. (A Shares) 49,000 397,003 
Ningxia Baofeng Energy Group Co. Ltd. 271,300 618,348 
Nongfu Spring Co. Ltd. (H Shares) (c) 298,200 1,511,984 
Northeast Securities Co. Ltd. (A Shares) 105,500 141,968 
Offcn Education Technology Co. A Shares (a) 100,281 163,437 
Offshore Oil Enginering Co. Ltd. (A Shares) 202,200 146,779 
OFILM Group Co. Ltd. (A Shares) 119,400 139,423 
Oppein Home Group, Inc. (A Shares) 22,260 442,333 
Orient Securities Co. Ltd. (A Shares) 265,100 569,453 
Ovctek China, Inc. (A Shares) 37,920 404,847 
Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (a) 329,300 205,628 
People's Insurance Co. of China Group Ltd.:   
(A Shares) 195,400 153,129 
(H Shares) 6,296,000 1,966,362 
Perfect World Co. Ltd. (A Shares) 86,400 234,419 
PetroChina Co. Ltd.:   
(A Shares) 904,400 773,697 
(H Shares) 15,704,000 7,571,648 
Pharmaron Beijing Co. Ltd.:   
(A Shares) 28,700 857,315 
(H Shares) (c) 100,200 2,182,880 
PICC Property & Casualty Co. Ltd. (H Shares) 5,103,840 4,775,523 
Ping An Bank Co. Ltd. (A Shares) 861,600 2,622,831 
Ping An Insurance Group Co. of China Ltd.:   
(A Shares) 537,794 4,161,644 
(H Shares) 4,630,000 33,163,454 
Poly Developments & Holdings (A Shares) 530,600 1,040,368 
Poly Property Development Co. Ltd. (H Shares) 90,600 508,864 
Postal Savings Bank of China Co. Ltd. 867,200 732,397 
Postal Savings Bank of China Co. Ltd. (H Shares) (c) 6,204,000 4,513,160 
Power Construction Corp. of China Ltd. (A Shares) 679,900 871,401 
Proya Cosmetics Co. Ltd. (A Shares) 8,900 279,265 
Qianhe Condiment and Food Co. Ltd. (A Shares) 35,600 136,437 
Qingdao Rural Commercial Bank Corp. (A Shares) 247,700 147,713 
Raytron Technology Co. Ltd. (A Shares) 19,766 223,310 
Risesun Real Estate Development Co. Ltd. (A Shares) 188,900 126,508 
Riyue Heavy Industry Co. Ltd. (A Shares) 43,000 261,192 
Rongsheng Petrochemical Co. Ltd. (A Shares) 449,400 1,209,485 
SAIC Motor Corp. Ltd. (A Shares) 346,500 1,096,986 
Sailun Group Co. Ltd. A Shares 109,900 229,897 
Sanan Optoelectronics Co. Ltd. (A Shares) 198,900 1,043,288 
Sangfor Technologies, Inc. 18,400 582,555 
Sany Heavy Industry Co. Ltd. (A Shares) 376,600 1,349,840 
Satellite Chemical Co. Ltd. (A Shares) 76,780 466,859 
SDIC Capital Co. Ltd. 286,232 366,406 
SDIC Power Holdings Co. Ltd. (A Shares) 309,800 510,228 
Sealand Securities Co. Ltd. (A Shares) 245,100 147,693 
Seazen Holdings Co. Ltd. (A Shares) 100,100 535,054 
SF Holding Co. Ltd. (A Shares) 202,200 2,040,071 
SG Micro Corp. (A Shares) 10,400 526,027 
Shaanxi Coal Industry Co. Ltd. (A Shares) 379,200 740,552 
Shandong Buchang Pharmaceuticals Co. Ltd. (A Shares) 50,543 138,001 
Shandong Gold Mining Co. Ltd.:   
(A Shares) 385,184 1,197,809 
(H Shares) (c) 105,000 190,823 
Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares) 93,920 455,690 
Shandong Linglong Tyre Co. Ltd. (A Shares) 61,200 337,062 
Shandong Nanshan Aluminum Co. Ltd. (A Shares) 533,500 359,789 
Shandong Pharmaceutical Glass Co. Ltd. (A Shares) 24,400 129,547 
Shandong Sun Paper Industry JSC Ltd. (A Shares) 116,300 208,426 
Shandong Weigao Medical Polymer Co. Ltd. (H Shares) 1,840,000 3,135,840 
Shanghai Bailian Group Co. Ltd. (A Shares) 71,500 153,699 
Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares) 33,400 331,615 
Shanghai Baosight Software Co. Ltd. (A Shares) 49,600 542,013 
Shanghai Construction Group Co. Ltd. (A Shares) 394,400 201,333 
Shanghai Electric Group Co. Ltd. (A Shares) 567,400 420,739 
Shanghai Fosun Pharmaceutical (Group) Co. Ltd.:   
(A Shares) 77,700 606,486 
(H Shares) 386,500 1,823,090 
Shanghai International Airport Co. Ltd. (A Shares) (a) 42,600 351,135 
Shanghai International Port Group Co. Ltd. (A Shares) 411,600 363,682 
Shanghai Jahwa United Co. Ltd. (A Shares) 30,200 225,967 
Shanghai Jinjiang International Hotels Co. Ltd. (A Shares) 40,600 342,255 
Shanghai Lingang Holdings Corp. Ltd. (A Shares) 70,560 162,032 
Shanghai Lujiazui Finance Trust Ltd. (B Shares) 813,783 723,453 
Shanghai M&G Stationery, Inc. (A Shares) 41,100 407,423 
Shanghai Pharmaceuticals Holding Co. Ltd.:   
(A Shares) 99,400 289,398 
(H Shares) 556,900 1,020,679 
Shanghai Pudong Development Bank Co. Ltd. (A Shares) 1,303,500 1,819,192 
Shanghai Putailai New Energy Technology Co. Ltd. 30,812 855,179 
Shanghai RAAS Blood Products Co. Ltd. (A Shares) 300,500 309,612 
Shanghai Yuyuan Tourist Mart Group Co. Ltd. 143,100 219,595 
Shanghai Zhangjiang High Ltd. (A Shares) 68,300 177,954 
Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares) 133,500 269,678 
Shanxi Meijin Energy Co. Ltd. (A Shares) (a) 190,300 333,914 
Shanxi Securities Co. Ltd. (A Shares) 161,130 157,464 
Shanxi Taigang Stainless Steel Co. Ltd. (A Shares) 253,900 305,199 
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares) 54,140 2,548,212 
Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares) 152,460 219,917 
Shenergy Co. Ltd. (A Shares) 219,800 212,397 
Shenghe Resources Holding Co. Ltd. (A Shares) 78,400 247,473 
Shengyi Technology Co. Ltd. 101,900 353,944 
Shennan Circuits Co. Ltd. (A Shares) 21,740 301,474 
Shenwan Hongyuan Group Co. Ltd. (A Shares) 1,003,100 803,326 
Shenzhen Capchem Technology Co. Ltd. (A Shares) 18,300 409,552 
Shenzhen Energy Group Co. Ltd. (A Shares) 176,260 223,429 
Shenzhen Goodix Technology Co. Ltd. (A Shares) 20,300 324,477 
Shenzhen Hepalink Pharmaceutical Group Co. Ltd. (A Shares) 46,100 110,541 
Shenzhen Inovance Technology Co. Ltd. (A Shares) 114,550 1,166,467 
Shenzhen Kaifa Technology Co. Ltd. (A Shares) 69,500 160,574 
Shenzhen Kangtai Biological Products Co. Ltd. 30,500 543,984 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) 54,000 3,170,411 
Shenzhen MTC Co. Ltd. (A Shares) (a) 201,400 154,058 
Shenzhen Overseas Chinese Town Co. Ltd. (A Shares) 363,900 355,620 
Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares) (a) 49,400 222,872 
Shenzhen SC New Energy Technology Corp. (A Shares) 15,400 275,461 
Shenzhen Sunlord Electronics Co. Ltd. (A Shares) 36,100 186,255 
Shenzhen Sunway Communication Co. Ltd. (A Shares) 43,100 160,067 
Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares) 75,060 188,067 
Sichuan Chuantou Energy Co. Ltd. (A Shares) 163,800 334,721 
Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares) 63,300 174,610 
Sichuan Road & Bridge (Group) Co. Ltd. (A Shares) 212,500 398,743 
Sichuan Swellfun Co. Ltd. (A Shares) 21,700 429,071 
Sinolink Securities Co. Ltd. (A Shares) 135,100 226,089 
Sinoma Science & Technology Co. Ltd. (A Shares) 74,600 438,813 
Sinopec Shanghai Petrochemical Co. Ltd. (A Shares) 270,200 164,084 
Sinopharm Group Co. Ltd. (H Shares) 991,600 2,365,413 
Sinotrans Ltd. 74,500 52,568 
Sinotrans Ltd. (H Shares) 210,000 68,826 
SKSHU Paint Co. Ltd. (A Shares) 16,680 290,232 
Songcheng Performance Development Co. Ltd. (A Shares) 116,180 253,916 
Soochow Securities Co. Ltd. (A Shares) 172,850 228,551 
Southwest Securities Co. Ltd. (A Shares) 296,600 222,713 
Spring Airlines Co. Ltd. (A Shares) (a) 40,487 369,744 
StarPower Semiconductor Ltd. (A Shares) 7,100 443,352 
Sungrow Power Supply Co. Ltd. (A Shares) 64,700 1,657,459 
Suning.com Co. Ltd. (A Shares) (a) 410,200 286,242 
Sunwoda Electronic Co. Ltd. (A Shares) 72,200 555,554 
Suofeiya Home Collection Co. Ltd. (A Shares) 20,300 53,620 
Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares) 75,900 240,766 
Suzhou Gold Mantis Consolidated Co. Ltd. 118,600 110,532 
Suzhou Maxwell Technologies Co. Ltd. (A Shares) 4,600 549,350 
Tangshan Jidong Cement Co. Ltd. A Shares 63,800 115,932 
TBEA Co. Ltd. (A Shares) 140,100 590,735 
TCL Technology Group Corp. (A Shares) 623,900 590,225 
The Pacific Securities Co. Ltd. (A Shares) (a) 306,100 149,090 
Thunder Software Technology Co. Ltd. (A Shares) 18,900 401,264 
Tianfeng Securities Co. Ltd. (A Shares) 386,600 237,787 
Tianjin 712 Communication & Broadcasting Co. Ltd. 34,300 201,760 
Tianjin Zhonghuan Semiconductor Co. Ltd. (A Shares) 134,800 1,101,843 
Tianma Microelectronics Co. Ltd. (A Shares) 109,200 209,851 
Tianshui Huatian Technology Co. Ltd. (A Shares) 122,100 244,934 
Toly Bread Co. Ltd. 42,280 207,910 
TongFu Microelectronics Co. Ltd. (A Shares) 59,200 185,019 
Tonghua Dongbao Pharmaceutical Co. Ltd. (A Shares) 90,600 172,410 
Tongkun Group Co. Ltd. (A Shares) 101,700 316,575 
Tongling Nonferrous Metals Group Co. Ltd. (A Shares) 473,200 272,584 
Tongwei Co. Ltd. (A Shares) 200,000 1,786,832 
Topchoice Medical Corp. (a) 14,200 528,608 
Topsec Technologies Group, Inc. 52,500 151,294 
Transfar Zhilian Co. Ltd. 146,800 187,690 
TravelSky Technology Ltd. (H Shares) 690,000 1,291,228 
Tsingtao Brewery Co. Ltd.:   
(A Shares) 59,300 965,352 
(H Shares) 338,000 2,938,847 
Unigroup Guoxin Microelectronics Co. Ltd. 27,000 854,162 
Unisplendour Corp. Ltd. (A Shares) 127,003 549,588 
Universal Scientific Industrial Shanghai Co. Ltd. (A Shares) 65,100 141,059 
Venus MedTech Hangzhou, Inc. (H Shares) (a)(c) 160,000 741,341 
Walvax Biotechnology Co. Ltd. (A Shares) 68,700 589,861 
Wangfujing Group Co. Ltd. 34,600 166,363 
Wanhua Chemical Group Co. Ltd. (A Shares) 139,400 2,295,206 
Weichai Power Co. Ltd.:   
(A Shares) 294,500 694,212 
(H Shares) 1,446,200 2,598,532 
Weifu High-Technology Group Co. Ltd. (A Shares) 38,000 115,262 
Weihai Guangwei Composites Co. Ltd. (A Shares) 23,000 243,761 
Wens Foodstuffs Group Co. Ltd. (A Shares) 282,880 727,762 
Western Securities Co. Ltd. (A Shares) 199,800 238,921 
Will Semiconductor Ltd. 38,500 1,598,720 
Wingtech Technology Co. Ltd. (A Shares) 55,300 947,544 
Winning Health Technology Group Co. Ltd. (A Shares) 95,180 187,960 
Wuchan Zhongda Group Co. Ltd. 224,700 219,938 
Wuhan Guide Infrared Co. Ltd. (A Shares) 104,136 352,769 
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd. (A Shares) 98,600 366,340 
Wuhu Token Science Co. Ltd. (A Shares) 109,200 174,904 
Wuliangye Yibin Co. Ltd. (A Shares) 172,300 5,823,623 
WUS Printed Circuit Kunshan Co. Ltd. (A Shares) 84,190 134,583 
WuXi AppTec Co. Ltd. 100,344 2,161,882 
WuXi AppTec Co. Ltd. (H Shares) (c) 267,122 5,709,452 
Wuxi Lead Intelligent Equipment Co. Ltd. (A Shares) 34,880 442,361 
Wuxi Shangji Automation Co. Ltd. (A Shares) 12,200 569,552 
XCMG Construction Machinery Co. Ltd. (A Shares) 347,400 331,361 
Xiamen C&D, Inc. (A Shares) 125,800 157,305 
Xiamen Intretech, Inc. 28,930 139,191 
Xiamen Tungsten Co. Ltd. (A Shares) 63,600 225,379 
Xinjiang Goldwind Science & Technology Co. Ltd.:   
(A Shares) 168,700 488,001 
(H Shares) (b) 551,810 1,236,883 
Yango Group Co. Ltd. (A Shares) 179,100 90,029 
Yantai Eddie Precision Machinery Co. Ltd. (A Shares) 37,200 207,436 
Yantai Jereh Oilfield Services (A Shares) 42,800 282,561 
Yanzhou Coal Mining Co. Ltd.:   
(A Shares) 115,300 406,428 
(H Shares) (b) 1,114,000 1,652,279 
Yealink Network Technology Corp. Ltd. 40,150 474,661 
Yifan Pharmaceutical Co. Ltd. (A Shares) 54,700 139,958 
Yifeng Pharmacy Chain Co. Ltd. 31,918 237,924 
Yihai Kerry Arawana Holdings Co. Ltd. (A Shares) 56,200 534,123 
Yintai Gold Co. Ltd. (A Shares) 124,680 171,670 
Yixintang Pharmaceutical Group Co. Ltd. (A Shares) 26,600 131,635 
Yonghui Superstores Co. Ltd. (A Shares) 422,600 259,270 
Yonyou Network Technology Co. Ltd. (A Shares) 145,338 721,500 
Youngor Group Co. Ltd. (A Shares) 202,289 203,055 
YTO Express Group Co. Ltd. (A Shares) 139,200 317,265 
Yuan Longping High-tech Agriculture Co. Ltd. (A Shares) (a) 58,700 192,345 
Yunda Holding Co. Ltd. (A Shares) 128,590 374,784 
Yunnan Aluminium Co. Ltd. (A Shares) (a) 139,600 259,118 
Yunnan Baiyao Group Co. Ltd. (A Shares) 56,700 793,087 
Yunnan Energy New Material Co. Ltd. 39,400 1,794,412 
Yutong Bus Co. Ltd. 100,200 177,383 
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares) 26,800 1,727,550 
Zhaojin Mining Industry Co. Ltd. (H Shares) 775,000 554,817 
Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a) 331,297 384,270 
Zhejiang China Commodities City Group Co. Ltd. (A Shares) 241,600 184,055 
Zhejiang Chint Electric Co. Ltd. (A Shares) 95,500 898,087 
Zhejiang Dahua Technology Co. Ltd. (A Shares) 133,100 452,549 
Zhejiang Dingli Machinery Co. Ltd. (A Shares) 21,560 229,913 
Zhejiang Expressway Co. Ltd. (H Shares) 1,060,000 941,405 
Zhejiang Fuchunjiang Hp Co. Ltd. (A Shares) 238,400 266,471 
Zhejiang HangKe Technology, Inc. Co. (A Shares) 17,826 287,604 
Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares) 64,520 185,631 
Zhejiang Huayou Cobalt Co. Ltd. (A Shares) 53,916 934,687 
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares) 57,200 682,301 
Zhejiang Jiuzhou Pharmaceutical Co. Ltd. (A Shares) 37,000 302,319 
Zhejiang Juhua Co. Ltd. (A Shares) 120,200 291,599 
Zhejiang Longsheng Group Co. Ltd. (A Shares) 144,100 280,068 
Zhejiang NHU Co. Ltd. (A Shares) 114,740 486,133 
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) 159,390 590,209 
Zhejiang Semir Garment Co. Ltd. (A Shares) 99,900 116,965 
Zhejiang Supor Cookware Co. Ltd. 24,000 198,572 
Zhejiang Weixing New Building Materials Co. Ltd. (A Shares) 70,700 198,665 
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. 23,300 195,144 
Zheshang Securities Co. Ltd. (a) 172,700 332,688 
ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(b)(c) 367,500 1,348,516 
Zhongji Innolight Co. Ltd. (A Shares) 31,700 163,653 
Zhongjin Gold Co. Ltd. (A Shares) 218,000 283,146 
Zhongtai Securities Co. Ltd. (A Shares) 258,000 372,556 
Zhongtian Financial Group Co. Ltd. (A Shares) (a) 306,595 120,135 
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) 404,900 1,941,105 
Zhuzhou Kibing Group Co. Ltd. (A Shares) 119,400 296,368 
Zijin Mining Group Co. Ltd.:   
(A Shares) 830,600 1,356,293 
(H Shares) 4,298,000 5,988,088 
Zoomlion Heavy Industry Science and Technology Co. Ltd.:   
(A Shares) 693,800 789,572 
(H Shares) 511,800 369,683 
ZTE Corp.:   
(A Shares) 113,100 575,939 
(H Shares) 644,080 1,937,083 
TOTAL CHINA  669,108,537 
Colombia - 0.1%   
Bancolombia SA 189,653 1,696,219 
Bancolombia SA sponsored ADR 5,281 189,746 
Ecopetrol SA 3,655,414 2,763,594 
Grupo de Inversiones Suramerica SA 173,017 1,008,495 
Interconexion Electrica SA ESP 327,499 1,966,350 
TOTAL COLOMBIA  7,624,404 
Cyprus - 0.2%   
Ozon Holdings PLC ADR (a) 37,704 1,719,874 
TCS Group Holding PLC unit 88,457 9,110,020 
TOTAL CYPRUS  10,829,894 
Czech Republic - 0.1%   
CEZ A/S 119,411 3,942,058 
Komercni Banka A/S 56,226 2,181,560 
MONETA Money Bank A/S (a)(c) 264,537 1,034,143 
TOTAL CZECH REPUBLIC  7,157,761 
Egypt - 0.1%   
Commercial International Bank SAE (a) 1,238,428 4,021,147 
Eastern Co. SAE 749,068 553,099 
Fawry for Banking & Payment Technology Services SAE 379,274 363,099 
TOTAL EGYPT  4,937,345 
Greece - 0.2%   
Alpha Bank SA (a) 1,649,196 2,094,258 
EFG Eurobank Ergasias SA (a) 1,922,475 2,007,699 
Ff Group (a)(d) 1,035 1,436 
Hellenic Telecommunications Organization SA 170,289 3,011,868 
Jumbo SA 80,185 1,190,189 
OPAP SA 151,565 2,356,563 
TOTAL GREECE  10,662,013 
Hong Kong - 1.1%   
Beijing Enterprises Holdings Ltd. 374,000 1,437,260 
BYD Electronic International Co. Ltd. (b) 500,000 1,487,694 
China Everbright International Ltd. 2,726,333 1,874,671 
China Everbright Ltd. 686,000 772,362 
China Jinmao Holdings Group Ltd. 4,216,000 1,235,458 
China Merchants Holdings International Co. Ltd. 1,082,105 1,808,028 
China Overseas Land and Investment Ltd. 2,832,500 6,247,118 
China Power International Development Ltd. 2,904,000 1,459,372 
China Resources Beer Holdings Co. Ltd. 1,080,878 8,960,431 
China Resources Pharmaceutical Group Ltd. (c) 1,163,000 560,536 
China Resources Power Holdings Co. Ltd. 1,423,691 3,677,937 
China Taiping Insurance Group Ltd. 1,196,777 1,830,428 
China Traditional Chinese Medicine Holdings Co. Ltd. 2,050,000 974,873 
CITIC Pacific Ltd. 4,304,000 4,314,787 
CSPC Pharmaceutical Group Ltd. 6,641,840 6,948,728 
Far East Horizon Ltd. 1,233,000 1,177,455 
Fosun International Ltd. 1,860,000 2,187,392 
Ganfeng Lithium Co. Ltd. (H Shares) (c) 119,600 2,242,740 
Guangdong Investment Ltd. 2,176,000 2,740,801 
Hua Hong Semiconductor Ltd. (a)(c) 385,000 1,939,721 
Lenovo Group Ltd. 5,344,000 5,803,414 
MMG Ltd. (a) 2,240,000 1,036,437 
Shenzhen Investment Ltd. 1,966,137 482,658 
Sinotruk Hong Kong Ltd. 510,000 703,991 
Sun Art Retail Group Ltd. 1,411,500 830,881 
Wharf Holdings Ltd. 1,016,000 3,525,737 
Yuexiu Property Co. Ltd. 1,028,400 906,731 
TOTAL HONG KONG  67,167,641 
Hungary - 0.2%   
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) 303,835 2,596,413 
OTP Bank PLC (a) 165,646 9,948,573 
Richter Gedeon PLC 103,200 2,891,016 
TOTAL HUNGARY  15,436,002 
India - 10.9%   
ACC Ltd. 55,602 1,730,928 
Adani Enterprises Ltd. 203,429 3,863,672 
Adani Green Energy Ltd. (a) 289,194 4,447,966 
Adani Ports & Special Economic Zone Ltd. 377,508 3,490,268 
Adani Total Gas Ltd. (a) 203,388 3,905,902 
Adani Transmissions Ltd. (a) 203,411 4,796,326 
Ambuja Cements Ltd. 514,567 2,778,957 
Apollo Hospitals Enterprise Ltd. 74,436 4,232,539 
Asian Paints Ltd. 283,713 11,734,223 
Aurobindo Pharma Ltd. 216,523 1,991,330 
Avenue Supermarts Ltd. (a)(c) 119,781 7,407,629 
Axis Bank Ltd. (a) 1,677,191 16,602,971 
Bajaj Auto Ltd. 51,361 2,540,298 
Bajaj Finance Ltd. 200,898 19,834,372 
Bajaj Finserv Ltd. 28,256 6,718,090 
Balkrishna Industries Ltd. 64,407 2,113,904 
Bandhan Bank Ltd. (c) 475,954 1,850,668 
Berger Paints India Ltd. 179,217 1,772,922 
Bharat Electronics Ltd. 900,983 2,486,403 
Bharat Forge Ltd. 172,381 1,764,286 
Bharat Petroleum Corp. Ltd. 642,542 3,580,679 
Bharti Airtel Ltd. (a) 1,827,615 16,710,772 
Biocon Ltd. (a) 310,131 1,452,698 
Britannia Industries Ltd. 80,125 3,929,284 
Cholamandalam Investment and Finance Co. Ltd. 303,528 2,489,411 
Cipla Ltd. (a) 357,725 4,319,378 
Coal India Ltd. 1,141,436 2,504,291 
Colgate-Palmolive Ltd. 90,455 1,861,595 
Container Corp. of India Ltd. 180,418 1,576,837 
Dabur India Ltd. 457,229 3,573,712 
Divi's Laboratories Ltd. 98,176 6,745,662 
DLF Ltd. 457,639 2,433,659 
Dr. Reddy's Laboratories Ltd. 86,064 5,348,189 
Eicher Motors Ltd. 101,071 3,350,560 
GAIL India Ltd. 1,148,983 2,281,717 
Godrej Consumer Products Ltd. (a) 264,666 3,377,930 
Grasim Industries Ltd. 194,875 4,474,676 
Havells India Ltd. 185,248 3,121,326 
HCL Technologies Ltd. 802,769 12,249,577 
HDFC Asset Management Co. Ltd. (c) 39,330 1,389,025 
HDFC Standard Life Insurance Co. Ltd. (c) 597,694 5,425,934 
Hero Motocorp Ltd. 88,593 3,140,557 
Hindalco Industries Ltd. 1,164,324 7,142,368 
Hindustan Petroleum Corp. Ltd. 473,145 1,959,365 
Hindustan Unilever Ltd. 608,155 19,417,065 
Housing Development Finance Corp. Ltd. 1,267,534 48,105,583 
ICICI Bank Ltd. 3,787,994 40,533,128 
ICICI Lombard General Insurance Co. Ltd. (c) 164,589 3,253,243 
ICICI Prudential Life Insurance Co. Ltd. (c) 265,460 2,190,120 
Indian Oil Corp. Ltd. 1,396,365 2,383,629 
Indraprastha Gas Ltd. 206,788 1,307,409 
Indus Towers Ltd. 497,723 1,802,839 
Info Edge India Ltd. 57,148 4,632,034 
Infosys Ltd. 2,521,224 56,366,487 
InterGlobe Aviation Ltd. (a)(c) 70,974 2,059,671 
Ipca Laboratories Ltd. 51,555 1,473,570 
ITC Ltd. 2,184,028 6,503,569 
JSW Steel Ltd. 626,133 5,589,712 
Jubilant Foodworks Ltd. 58,557 2,882,187 
Kotak Mahindra Bank Ltd. (a) 410,437 11,122,128 
Larsen & Toubro Infotech Ltd. (c) 38,783 3,457,536 
Larsen & Toubro Ltd. 509,044 11,997,900 
Lupin Ltd. 167,711 2,064,979 
Mahindra & Mahindra Ltd. 643,639 7,593,060 
Marico Ltd. 381,967 2,896,793 
Maruti Suzuki India Ltd. 100,519 10,034,332 
Motherson Sumi Systems Ltd. 935,147 2,787,787 
MRF Ltd. 1,413 1,457,360 
Muthoot Finance Ltd. 89,011 1,742,991 
Nestle India Ltd. 24,951 6,324,765 
NTPC Ltd. 3,584,790 6,344,105 
Oil & Natural Gas Corp. Ltd. 1,864,771 3,708,146 
Page Industries Ltd. 4,122 2,069,719 
Petronet LNG Ltd. 555,826 1,702,219 
PI Industries Ltd. 61,681 2,468,680 
Pidilite Industries Ltd. 112,634 3,476,695 
Piramal Enterprises Ltd. 75,094 2,606,575 
Power Grid Corp. of India Ltd. 2,321,340 5,730,958 
Rec Ltd. 657,140 1,303,233 
Reliance Industries Ltd. 2,109,962 71,394,718 
SBI Cards & Payment Services Ltd. (a) 173,873 2,447,514 
SBI Life Insurance Co. Ltd. (c) 332,759 5,085,612 
Shree Cement Ltd. 8,004 3,057,789 
Shriram Transport Finance Co. Ltd. 148,224 2,840,095 
Siemens India Ltd. 52,665 1,536,387 
State Bank of India 1,320,513 8,846,583 
Sun Pharmaceutical Industries Ltd. 620,962 6,586,149 
Tata Consultancy Services Ltd. 683,920 31,002,457 
Tata Consumer Products Ltd. 443,005 4,784,371 
Tata Motors Ltd. (a) 1,228,673 7,896,295 
Tata Steel Ltd. 533,919 9,373,767 
Tech Mahindra Ltd. 465,644 9,180,868 
Titan Co. Ltd. 262,527 8,348,292 
Torrent Pharmaceuticals Ltd. 37,451 1,429,189 
Trent Ltd. 134,094 1,794,629 
Ultratech Cement Ltd. 74,750 7,615,166 
United Spirits Ltd. (a) 214,907 2,716,192 
UPL Ltd. (a) 367,146 3,625,662 
Vedanta Ltd. 825,806 3,349,277 
Wipro Ltd. 1,013,291 8,766,010 
Yes Bank Ltd. (a) 8,329,268 1,422,382 
TOTAL INDIA  702,992,467 
Indonesia - 1.3%   
PT Adaro Energy Tbk 10,678,200 1,266,234 
PT Aneka Tambang Tbk 6,249,400 1,032,193 
PT Astra International Tbk 14,971,600 6,366,959 
PT Bank Central Asia Tbk 41,024,000 21,644,920 
PT Bank Mandiri (Persero) Tbk 13,803,900 6,978,868 
PT Bank Negara Indonesia (Persero) Tbk 5,515,000 2,724,899 
PT Bank Rakyat Indonesia Tbk 50,496,285 15,158,168 
PT Barito Pacific Tbk 20,712,900 1,366,971 
PT Charoen Pokphand Indonesia Tbk 5,457,100 2,388,143 
PT Gudang Garam Tbk 355,400 840,367 
PT Indah Kiat Pulp & Paper Tbk 2,020,300 1,208,544 
PT Indocement Tunggal Prakarsa Tbk 1,089,000 908,941 
PT Indofood CBP Sukses Makmur Tbk 1,722,700 1,070,038 
PT Indofood Sukses Makmur Tbk 3,244,200 1,454,079 
PT Kalbe Farma Tbk 15,583,500 1,759,915 
PT Merdeka Copper Gold Tbk (a) 8,109,900 1,808,878 
PT Sarana Menara Nusantara Tbk 16,985,000 1,390,690 
PT Semen Gresik (Persero) Tbk 2,193,100 1,408,661 
PT Telkom Indonesia Persero Tbk 36,634,700 9,791,932 
PT Tower Bersama Infrastructure Tbk 5,872,700 1,218,686 
PT Unilever Indonesia Tbk 5,636,800 1,758,578 
PT United Tractors Tbk 1,243,100 2,066,349 
TOTAL INDONESIA  85,613,013 
Isle of Man - 0.0%   
NEPI Rockcastle PLC 314,898 2,111,002 
Korea (South) - 10.5%   
Alteogen, Inc. 20,243 1,206,232 
AMOREPACIFIC Corp. 22,094 3,420,460 
AMOREPACIFIC Group, Inc. 21,337 903,503 
BGF Retail Co. Ltd. 5,753 795,110 
Celltrion Healthcare Co. Ltd. 63,016 4,359,267 
Celltrion Pharm, Inc. 12,163 1,178,652 
Celltrion, Inc. (a) 71,398 12,228,871 
Cheil Worldwide, Inc. 50,991 1,036,598 
CJ CheilJedang Corp. 6,123 1,979,798 
CJ Corp. 10,777 881,495 
CJ ENM Co. Ltd. 7,956 1,197,191 
CJ Logistics Corp. (a) 6,752 816,775 
Coway Co. Ltd. 40,915 2,760,022 
Daewoo Shipbuilding & Marine Engineering Co. Ltd. (a) 27,732 612,798 
Db Insurance Co. Ltd. 34,019 1,719,977 
Doosan Bobcat, Inc. (a) 37,051 1,204,720 
Doosan Heavy Industries & Construction Co. Ltd. (a) 198,872 4,138,864 
Douzone Bizon Co. Ltd. 14,580 1,012,554 
E-Mart, Inc. 14,438 2,067,729 
Ecopro BM Co. Ltd. 8,108 2,836,083 
Fila Holdings Corp. 35,927 1,138,799 
Green Cross Corp. 4,322 1,011,622 
GS Engineering & Construction Corp. 47,441 1,674,765 
GS Holdings Corp. 34,513 1,243,465 
Hana Financial Group, Inc. 222,071 8,519,135 
Hankook Tire Co. Ltd. 55,013 1,939,196 
Hanmi Pharm Co. Ltd. 4,909 1,103,970 
Hanon Systems 138,249 1,703,864 
Hanwha Solutions Corp. (a) 91,882 3,206,957 
HLB, Inc. 66,676 2,388,957 
HMM Co. Ltd. (a) 191,604 4,361,481 
Hotel Shilla Co. 23,150 1,725,211 
HYBE Co. Ltd. (a) 10,075 2,879,499 
Hyundai Engineering & Construction Co. Ltd. 57,664 2,480,048 
Hyundai Glovis Co. Ltd. 13,862 1,986,039 
Hyundai Heavy Industries Holdi 35,041 1,889,999 
Hyundai Mobis 49,081 10,555,417 
Hyundai Motor Co. 102,794 18,291,040 
Hyundai Steel Co. 64,262 2,443,682 
Industrial Bank of Korea 192,556 1,813,130 
Kakao Corp. 229,799 24,596,087 
KakaoBank Corp. (a) 38,652 2,084,760 
Kangwon Land, Inc. (a) 71,147 1,684,233 
KB Financial Group, Inc. 292,146 14,068,525 
Kia Corp. 194,926 14,151,301 
Korea Aerospace Industries Ltd. 54,054 1,412,963 
Korea Electric Power Corp. 189,912 3,660,703 
Korea Investment Holdings Co. Ltd. 30,909 2,299,879 
Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) 28,781 2,531,624 
Korea Zinc Co. Ltd. 6,286 2,879,367 
Korean Air Lines Co. Ltd. (a) 128,542 3,334,228 
KT&G Corp. 86,270 5,961,497 
Kumho Petro Chemical Co. Ltd. 13,520 1,979,101 
LG Chemical Ltd. 33,523 23,931,310 
LG Corp. 63,978 4,976,007 
LG Display Co. Ltd. (a) 172,017 2,892,255 
LG Electronics, Inc. 78,672 8,097,211 
LG Household & Health Care Ltd. 6,946 6,916,523 
LG Innotek Co. Ltd. 10,500 1,877,771 
LG Uplus Corp. 158,246 1,937,578 
Lotte Chemical Corp. 12,665 2,423,520 
Lotte Shopping Co. Ltd. 8,376 750,007 
Meritz Securities Co. Ltd. 227,064 902,670 
Mirae Asset Securities Co. Ltd. 211,103 1,566,872 
NAVER Corp. 91,115 31,516,745 
NCSOFT Corp. 12,178 6,509,797 
Netmarble Corp. (c) 15,891 1,674,130 
NH Investment & Securities Co. Ltd. 104,063 1,169,341 
Orion Corp./Republic of Korea 17,526 1,763,389 
Pan Ocean Co., Ltd. (Korea) 197,679 1,017,627 
Pearl Abyss Corp. (a) 22,052 1,953,438 
POSCO 54,829 13,835,102 
POSCO Chemtech Co. Ltd. 22,926 2,845,701 
S-Oil Corp. 33,374 2,905,181 
S1 Corp. 12,566 891,316 
Samsung Biologics Co. Ltd. (a)(c) 12,234 9,067,472 
Samsung C&T Corp. 62,184 6,057,442 
Samsung Electro-Mechanics Co. Ltd. 41,425 5,612,623 
Samsung Electronics Co. Ltd. 3,532,012 210,388,766 
Samsung Engineering Co. Ltd. (a) 116,004 2,454,646 
Samsung Fire & Marine Insurance Co. Ltd. 22,768 4,490,000 
Samsung Heavy Industries Co. Ltd. (a) 349,333 1,899,255 
Samsung Heavy Industries Co. Ltd. rights 10/29/21 (a) 115,644 123,071 
Samsung Life Insurance Co. Ltd. 51,735 2,977,337 
Samsung SDI Co. Ltd. 40,686 25,538,379 
Samsung SDS Co. Ltd. 25,740 3,366,008 
Samsung Securities Co. Ltd. 46,247 1,870,467 
Seegene, Inc. 27,032 1,230,437 
Shin Poong Pharmaceutical Co. 23,507 1,041,447 
Shinhan Financial Group Co. Ltd. 324,750 10,547,753 
Shinsegae Co. Ltd. 5,462 1,155,880 
SK Biopharmaceuticals Co. Ltd. (a) 20,246 1,630,866 
SK Bioscience Co. Ltd. (a) 14,144 2,763,023 
SK Chemicals Co. Ltd. 8,467 1,301,505 
SK Hynix, Inc. 403,819 35,414,461 
SK IE Technology Co. Ltd. (a)(c) 10,547 1,493,238 
SK Innovation Co., Ltd. (a) 37,625 7,806,480 
SK Telecom Co. Ltd. (d) 6,391 1,684,033 
SK, Inc. 23,414 4,861,163 
SKC Co. Ltd. 15,405 2,356,258 
Woori Financial Group, Inc. 373,873 4,228,461 
Yuhan Corp. 36,156 1,845,374 
TOTAL KOREA (SOUTH)  674,916,579 
Kuwait - 0.6%   
Agility Public Warehousing Co. KSC 907,480 3,010,383 
Boubyan Bank KSC 823,835 2,137,134 
Kuwait Finance House KSCP 3,435,579 9,482,175 
Mabanee Co. SAKC 432,033 1,127,915 
Mobile Telecommunication Co. 1,599,080 3,161,558 
National Bank of Kuwait 5,054,124 16,598,384 
TOTAL KUWAIT  35,517,549 
Luxembourg - 0.2%   
Adecoagro SA (a) 73,980 648,065 
Globant SA (a) 29,262 9,340,138 
Reinet Investments SCA 101,211 1,826,767 
TOTAL LUXEMBOURG  11,814,970 
Malaysia - 1.2%   
AMMB Holdings Bhd (a) 1,347,700 1,093,521 
Axiata Group Bhd 2,035,241 1,941,367 
CIMB Group Holdings Bhd 4,933,244 6,218,675 
Dialog Group Bhd 2,926,400 1,999,930 
DiGi.com Bhd 2,299,200 2,348,615 
Fraser & Neave Holdings Bhd 94,900 620,139 
Genting Bhd 1,577,000 1,972,678 
Genting Malaysia Bhd 2,195,900 1,680,996 
Hap Seng Consolidated Bhd 460,000 870,901 
Hartalega Holdings Bhd 1,267,000 1,792,953 
Hong Leong Bank Bhd 481,200 2,186,956 
Hong Leong Credit Bhd 169,900 752,467 
IHH Healthcare Bhd 1,294,400 2,044,283 
IOI Corp. Bhd 1,859,100 1,764,372 
Kossan Rubber Industries Bhd 945,200 538,680 
Kuala Lumpur Kepong Bhd 319,747 1,669,387 
Malayan Banking Bhd 3,007,856 5,847,197 
Malaysia Airports Holdings Bhd (a) 796,806 1,246,873 
Maxis Bhd 1,733,100 1,954,498 
MISC Bhd 987,400 1,685,805 
Nestle (Malaysia) Bhd 52,000 1,688,964 
Petronas Chemicals Group Bhd 1,774,100 3,722,997 
Petronas Dagangan Bhd 221,700 1,090,029 
Petronas Gas Bhd 584,430 2,362,559 
PPB Group Bhd 473,220 2,077,551 
Press Metal Bhd 2,396,300 3,217,442 
Public Bank Bhd 10,768,400 10,843,813 
QL Resources Bhd 809,050 986,646 
RHB Bank Bhd 1,334,228 1,797,873 
Sime Darby Bhd 2,010,149 1,101,917 
Sime Darby Plantation Bhd 1,272,456 1,232,202 
Supermax Corp. Bhd 1,106,275 512,931 
Telekom Malaysia Bhd 839,380 1,173,632 
Tenaga Nasional Bhd 1,694,000 3,951,712 
Top Glove Corp. Bhd 3,944,500 2,590,930 
Westports Holdings Bhd 754,100 814,013 
TOTAL MALAYSIA  79,395,504 
Mexico - 1.7%   
America Movil S.A.B. de CV Series L 25,383,500 22,624,209 
Arca Continental S.A.B. de CV 326,500 1,990,749 
Becle S.A.B. de CV 405,300 926,434 
CEMEX S.A.B. de CV unit (a) 11,200,918 7,203,233 
Coca-Cola FEMSA S.A.B. de CV unit 388,580 2,094,082 
Fibra Uno Administracion SA de CV 2,334,500 2,319,986 
Fomento Economico Mexicano S.A.B. de CV unit 1,438,900 11,829,620 
Gruma S.A.B. de CV Series B 159,825 1,876,709 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 275,800 3,476,704 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 153,600 3,097,590 
Grupo Bimbo S.A.B. de CV Series A 1,163,700 3,444,525 
Grupo Carso SA de CV Series A1 334,300 1,124,455 
Grupo Financiero Banorte S.A.B. de CV Series O 1,919,600 12,153,675 
Grupo Financiero Inbursa S.A.B. de CV Series O (a) 1,672,200 1,678,860 
Grupo Mexico SA de CV Series B 2,303,907 10,107,290 
Grupo Televisa SA de CV 1,777,700 3,609,280 
Industrias Penoles SA de CV (a) 103,120 1,322,258 
Kimberly-Clark de Mexico SA de CV Series A 1,123,600 1,777,523 
Megacable Holdings S.A.B. de CV unit 220,900 650,855 
Orbia Advance Corp. S.A.B. de CV 776,055 2,017,034 
Promotora y Operadora de Infraestructura S.A.B. de CV 167,665 1,232,975 
Telesites S.A.B. de C.V. 975,300 889,651 
Wal-Mart de Mexico SA de CV Series V 3,874,700 13,514,776 
TOTAL MEXICO  110,962,473 
Netherlands - 0.3%   
X5 Retail Group NV:   
GDR 85,328 2,905,948 
GDR (Reg. S) 4,876 165,979 
Yandex NV Class A (a) 224,737 18,543,834 
TOTAL NETHERLANDS  21,615,761 
Pakistan - 0.0%   
Habib Bank Ltd. 430,125 316,873 
Lucky Cement Ltd. (a) 95,745 432,057 
MCB Bank Ltd. 303,710 290,781 
TOTAL PAKISTAN  1,039,711 
Peru - 0.0%   
Compania de Minas Buenaventura SA (a) 1,294 10,377 
Compania de Minas Buenaventura SA sponsored ADR (a)(b) 157,646 1,242,250 
TOTAL PERU  1,252,627 
Philippines - 0.6%   
Aboitiz Equity Ventures, Inc. 1,455,770 1,394,957 
Ayala Corp. 206,165 3,522,479 
Ayala Land, Inc. 5,980,240 4,155,740 
Bank of the Philippine Islands (BPI) 1,335,187 2,298,446 
BDO Unibank, Inc. 1,459,216 3,585,205 
Globe Telecom, Inc. 19,755 1,171,768 
GT Capital Holdings, Inc. 71,694 801,962 
International Container Terminal Services, Inc. 756,000 2,694,120 
JG Summit Holdings, Inc. 2,224,636 2,651,417 
Jollibee Food Corp. 327,780 1,526,309 
Manila Electric Co. 166,670 947,026 
Metro Pacific Investments Corp. 9,077,500 673,938 
Metropolitan Bank & Trust Co. 1,331,817 1,257,725 
PLDT, Inc. 55,865 1,816,083 
SM Investments Corp. 178,130 3,403,196 
SM Prime Holdings, Inc. 7,472,400 4,896,782 
Universal Robina Corp. 652,020 1,781,405 
TOTAL PHILIPPINES  38,578,558 
Poland - 0.7%   
Allegro.eu SA (a)(c) 264,867 2,995,450 
Bank Polska Kasa Opieki SA 135,920 4,488,479 
CD Projekt RED SA 52,132 2,272,057 
Cyfrowy Polsat SA 212,634 1,901,616 
Dino Polska SA (a)(c) 36,246 3,237,897 
KGHM Polska Miedz SA (Bearer) 103,605 3,983,559 
LPP SA 822 2,952,454 
Orange Polska SA (a) 484,193 944,805 
PGE Polska Grupa Energetyczna SA (a) 622,200 1,529,592 
Polish Oil & Gas Co. SA 1,284,006 1,936,155 
Polski Koncern Naftowy Orlen SA 221,839 4,785,248 
Powszechna Kasa Oszczednosci Bank SA (a) 647,208 7,916,421 
Powszechny Zaklad Ubezpieczen SA 446,754 4,467,932 
Santander Bank Polska SA 26,455 2,456,751 
TOTAL POLAND  45,868,416 
Qatar - 0.7%   
Barwa Real Estate Co. 1,400,106 1,211,297 
Industries Qatar QSC (a) 1,118,314 4,871,316 
Masraf al Rayan 2,716,316 3,562,320 
Mesaieed Petrochemical Holding Co. 3,239,982 2,135,665 
Ooredoo QSC 592,231 1,125,580 
Qatar Electricity & Water Co. 324,977 1,499,482 
Qatar Fuel Co. 361,614 1,826,444 
Qatar Gas Transport Co. Ltd. (Nakilat) 1,851,700 1,652,849 
Qatar International Islamic Bank QSC 547,751 1,472,805 
Qatar Islamic Bank (a) 855,967 4,330,380 
Qatar National Bank SAQ (a) 3,346,671 18,842,833 
The Commercial Bank of Qatar (a) 1,466,836 2,461,513 
TOTAL QATAR  44,992,484 
Russia - 3.1%   
Alrosa Co. Ltd. 1,908,743 3,363,168 
Gazprom OAO 7,044,466 34,710,460 
Gazprom OAO sponsored ADR (Reg. S) 863,533 8,467,805 
Inter Rao Ues JSC 26,911,444 1,823,704 
Lukoil PJSC 284,838 29,085,436 
Lukoil PJSC sponsored ADR 22,773 2,322,846 
Magnit OJSC GDR (Reg. S) 244,814 4,533,955 
MMC Norilsk Nickel PJSC 40,907 12,766,434 
MMC Norilsk Nickel PJSC sponsored ADR 59,247 1,853,839 
Mobile TeleSystems OJSC sponsored ADR 331,731 3,048,608 
Moscow Exchange MICEX-RTS OAO 1,092,781 2,679,643 
Novatek PJSC GDR (Reg. S) 67,387 17,082,605 
Novolipetsk Steel OJSC 1,071,832 3,381,303 
Novolipetsk Steel OJSC GDR (Reg. S) 3,783 119,467 
PhosAgro OJSC GDR (Reg. S) 100,361 2,400,635 
Polyus PJSC 23,960 4,756,684 
Polyus PJSC unit 2,404 238,236 
Rosneft Oil Co. OJSC 713,724 6,408,642 
Rosneft Oil Co. OJSC GDR (Reg. S) 150,200 1,338,282 
Sberbank of Russia 7,981,916 40,155,373 
Severstal PAO 128,716 2,924,807 
Severstal PAO GDR (Reg. S) 26,165 598,132 
Surgutneftegas OJSC 4,936,549 2,375,058 
Surgutneftegas OJSC sponsored ADR 64,792 309,447 
Tatneft PAO 934,188 7,135,129 
Tatneft PAO sponsored ADR 18,698 855,434 
VTB Bank OJSC 2,197,705,800 1,639,658 
VTB Bank OJSC sponsored GDR (Reg. S) 99,110 144,304 
TOTAL RUSSIA  196,519,094 
Saudi Arabia - 3.1%   
Abdullah Al Othaim Markets Co. 32,610 1,006,755 
Advanced Polypropylene Co. 78,332 1,553,734 
Al Rajhi Bank 906,051 33,479,610 
Alinma Bank 725,173 4,862,327 
Almarai Co. Ltd. 184,894 2,607,612 
Arab National Bank 443,463 2,721,618 
Bank Al-Jazira 297,440 1,522,527 
Bank Albilad (a) 271,895 3,058,991 
Banque Saudi Fransi 436,810 4,920,212 
Bupa Arabia for Cooperative Insurance Co. (a) 44,370 1,710,497 
Dar Al Arkan Real Estate Development Co. (a) 390,461 1,029,529 
Dr Sulaiman Al Habib Medical Services Group Co. 38,794 1,714,801 
Emaar The Economic City (a) 282,633 956,954 
Etihad Etisalat Co. 278,767 2,248,181 
Jarir Marketing Co. 43,392 2,346,076 
Mobile Telecommunications Co. Saudi Arabia (a) 325,040 1,176,796 
Mouwasat Medical Services Co. 36,203 1,735,397 
National Industrialization Co. (a) 242,585 1,610,378 
National Petrochemical Co. 88,717 1,137,670 
Rabigh Refining & Petrochemical Co. (a) 162,583 1,235,334 
Riyad Bank 998,527 7,866,505 
Sabic Agriculture-Nutrients Co. 158,394 6,925,436 
Sahara International Petrochemical Co. 265,901 3,112,067 
Saudi Arabian Mining Co. (a) 318,772 6,934,814 
Saudi Arabian Oil Co. 1,628,164 16,386,252 
Saudi Basic Industries Corp. 665,543 22,889,186 
Saudi Cement Co. 55,495 875,871 
Saudi Electricity Co. 616,526 4,684,473 
Saudi Industrial Investment Group 163,037 1,645,192 
Saudi Kayan Petrochemical Co. (a) 543,948 2,952,566 
Saudi Telecom Co. 443,802 13,843,300 
The Co. for Cooperative Insurance 45,283 1,038,241 
The Saudi British Bank 607,906 5,372,600 
The Saudi National Bank 1,622,898 28,512,884 
The Savola Group 193,400 1,887,131 
Yanbu National Petrochemical Co. 187,011 3,794,166 
TOTAL SAUDI ARABIA  201,355,683 
Singapore - 0.0%   
BOC Aviation Ltd. Class A (c) 153,800 1,349,123 
South Africa - 2.8%   
Absa Group Ltd. 533,055 4,885,610 
African Rainbow Minerals Ltd. 83,179 1,108,309 
Anglo American Platinum Ltd. 39,264 3,967,271 
AngloGold Ashanti Ltd. 308,689 5,694,925 
Aspen Pharmacare Holdings Ltd. 286,880 4,568,482 
Bid Corp. Ltd. 248,059 5,323,971 
Bidvest Group Ltd./The 213,902 2,680,112 
Capitec Bank Holdings Ltd. 59,882 6,691,025 
Clicks Group Ltd. 181,768 3,318,114 
Discovery Ltd. (a) 319,808 2,929,672 
Exxaro Resources Ltd. 186,217 2,038,939 
FirstRand Ltd. 3,734,047 14,180,823 
Gold Fields Ltd. 656,633 6,101,585 
Growthpoint Properties Ltd. (b) 2,535,200 2,150,978 
Harmony Gold Mining Co. Ltd. 410,189 1,472,206 
Impala Platinum Holdings Ltd. 588,856 7,621,181 
Kumba Iron Ore Ltd. 47,713 1,449,975 
Mr Price Group Ltd. 189,182 2,476,519 
MTN Group Ltd. (a) 1,254,259 11,247,686 
MultiChoice Group Ltd. 278,079 2,211,342 
Naspers Ltd. Class N 161,049 27,274,257 
Nedbank Group Ltd. 282,369 3,214,847 
Northam Platinum Holdings Ltd. (a) 264,080 3,954,717 
Old Mutual Ltd. 3,480,500 3,552,275 
Rand Merchant Insurance Holdings Ltd. (b) 564,851 1,509,104 
Remgro Ltd. 391,369 3,449,428 
Sanlam Ltd. 1,399,395 5,748,742 
Sasol Ltd. (a) 417,966 7,020,147 
Shoprite Holdings Ltd. 371,859 4,418,245 
Sibanye Stillwater Ltd. 2,076,487 7,267,186 
Spar Group Ltd./The 142,491 1,818,847 
Standard Bank Group Ltd. 958,414 8,497,415 
Tiger Brands Ltd. 126,265 1,592,634 
Vodacom Group Ltd. 474,692 4,213,338 
Woolworths Holdings Ltd. 738,321 2,605,754 
TOTAL SOUTH AFRICA  178,255,661 
Taiwan - 13.0%   
Accton Technology Corp. 372,000 3,253,080 
Acer, Inc. 2,140,994 1,999,132 
Advantech Co. Ltd. 285,681 3,724,267 
ASE Technology Holding Co. Ltd. 2,429,927 8,680,502 
Asia Cement Corp. 1,617,153 2,572,809 
ASMedia Technology, Inc. 20,000 1,167,175 
ASUSTeK Computer, Inc. 522,000 6,617,562 
AU Optronics Corp. 6,051,000 4,152,936 
Catcher Technology Co. Ltd. 507,000 2,931,478 
Cathay Financial Holding Co. Ltd. 5,843,832 12,193,451 
Chang Hwa Commercial Bank 3,102,921 1,827,542 
Cheng Shin Rubber Industry Co. Ltd. 1,319,937 1,616,443 
China Development Finance Holding Corp. 9,968,800 5,083,748 
China Life Insurance Co. Ltd. 1,455,307 1,515,673 
China Steel Corp. 8,730,204 10,534,561 
Chunghwa Telecom Co. Ltd. 2,811,000 11,140,139 
Compal Electronics, Inc. 3,096,000 2,718,520 
CTBC Financial Holding Co. Ltd. 13,698,826 11,413,638 
Delta Electronics, Inc. 1,440,381 12,673,491 
E.SUN Financial Holdings Co. Ltd. 8,835,941 8,425,004 
ECLAT Textile Co. Ltd. 141,613 3,087,057 
Evergreen Marine Corp. (Taiwan) 1,870,908 6,685,414 
Far Eastern New Century Corp. 2,175,705 2,273,766 
Far EasTone Telecommunications Co. Ltd. 1,180,000 2,593,500 
Feng Tay Enterprise Co. Ltd. 325,686 2,526,420 
First Financial Holding Co. Ltd. 7,593,125 6,244,660 
Formosa Chemicals & Fibre Corp. 2,599,760 7,515,916 
Formosa Petrochemical Corp. 847,000 3,041,839 
Formosa Plastics Corp. 2,824,520 10,904,504 
Foxconn Technology Co. Ltd. 679,587 1,679,138 
Fubon Financial Holding Co. Ltd. 5,599,934 14,801,765 
Giant Manufacturing Co. Ltd. 222,000 2,571,198 
GlobalWafers Co. Ltd. 162,000 4,421,620 
HIWIN Technologies Corp. 201,179 2,232,513 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 9,227,869 35,459,938 
Hotai Motor Co. Ltd. 222,000 4,879,296 
Hua Nan Financial Holdings Co. Ltd. 6,341,660 4,634,684 
Innolux Corp. 6,822,347 4,091,693 
Inventec Corp. 1,987,865 1,895,414 
Largan Precision Co. Ltd. 74,000 5,501,167 
Lite-On Technology Corp. 1,565,279 3,445,919 
MediaTek, Inc. 1,117,292 36,634,498 
Mega Financial Holding Co. Ltd. 8,046,413 9,651,650 
Micro-Star International Co. Ltd. 500,000 2,513,916 
momo.com, Inc. 34,000 2,185,671 
Nan Ya Plastics Corp. 3,811,860 11,649,822 
Nan Ya Printed Circuit Board Corp. 167,000 2,941,767 
Nanya Technology Corp. 916,000 2,187,610 
Nien Made Enterprise Co. Ltd. 119,000 1,632,537 
Novatek Microelectronics Corp. 428,000 6,386,569 
Oneness Biotech Co. Ltd. (a) 169,000 1,590,160 
Pegatron Corp. 1,477,000 3,606,967 
Phison Electronics Corp. 117,000 1,640,815 
Pou Chen Corp. 1,742,000 2,133,317 
Powertech Technology, Inc. 519,000 1,815,428 
President Chain Store Corp. 423,000 4,268,738 
Quanta Computer, Inc. 1,999,000 5,599,641 
Realtek Semiconductor Corp. 340,401 6,100,201 
Ruentex Development Co. Ltd. 855,708 2,178,836 
Shin Kong Financial Holding Co. Ltd. 8,642,127 3,044,685 
Sinopac Holdings Co. 7,503,591 3,813,102 
Synnex Technology International Corp. 986,500 1,906,041 
Taishin Financial Holdings Co. Ltd. 7,595,594 4,978,258 
Taiwan Cement Corp. 3,706,887 6,423,318 
Taiwan Cooperative Financial Holding Co. Ltd. 7,039,348 5,713,387 
Taiwan High Speed Rail Corp. 1,453,000 1,515,879 
Taiwan Mobile Co. Ltd. 1,219,900 4,297,798 
Taiwan Semiconductor Manufacturing Co. Ltd. 18,219,000 386,106,011 
The Shanghai Commercial & Savings Bank Ltd. 2,650,246 4,187,855 
Uni-President Enterprises Corp. 3,571,983 8,543,511 
Unimicron Technology Corp. 891,000 6,079,727 
United Microelectronics Corp. 8,730,000 18,099,508 
Vanguard International Semiconductor Corp. 667,000 3,461,358 
Walsin Technology Corp. 233,000 1,263,530 
Wan Hai Lines Ltd. 451,000 2,591,489 
Win Semiconductors Corp. 251,000 3,222,571 
Winbond Electronics Corp. 2,210,000 2,087,377 
Wistron Corp. 2,038,008 2,137,182 
Wiwynn Corp. 57,756 1,843,961 
WPG Holding Co. Ltd. 1,179,200 2,197,898 
Yageo Corp. 277,085 4,318,725 
Yang Ming Marine Transport Corp. (a) 1,171,000 4,058,233 
Yuanta Financial Holding Co. Ltd. 7,183,750 6,372,369 
TOTAL TAIWAN  837,710,488 
Thailand - 1.5%   
Advanced Info Service PCL (For. Reg.) 895,600 5,101,519 
Airports of Thailand PCL (For. Reg.) 3,347,400 6,507,152 
Asset World Corp. PCL (a) 6,665,500 916,054 
B. Grimm Power PCL (For. Reg.) 624,900 800,429 
Bangkok Commercial Asset Management PCL 2,229,400 1,276,631 
Bangkok Dusit Medical Services PCL (For. Reg.) 7,420,900 5,255,912 
Bangkok Expressway and Metro PCL 5,827,100 1,580,588 
Berli Jucker PCL (For. Reg) 632,400 643,264 
BTS Group Holdings PCL:   
warrants 11/7/24 (a) 502,250 5,026 
warrants 11/20/26(a) 1,004,500 4,887 
(For. Reg.) 5,714,300 1,644,713 
Bumrungrad Hospital PCL (For. Reg.) 294,200 1,290,118 
Carabao Group PCL 255,600 955,226 
Central Pattana PCL (For. Reg.) 1,488,700 2,658,393 
Central Retail Corp. PCL 1,140,716 1,194,692 
Charoen Pokphand Foods PCL (For. Reg.) 2,870,520 2,184,467 
CP ALL PCL (For. Reg.) 4,347,800 8,386,353 
Delta Electronics PCL (For. Reg.) 222,900 2,794,647 
Electricity Generating PCL (For. Reg.) 228,800 1,230,886 
Energy Absolute PCL (For. Reg.) 1,018,900 2,011,391 
Global Power Synergy Public Co. Ltd. 612,200 1,439,168 
Gulf Energy Development PCL (For. Reg.) 2,412,400 3,144,554 
Home Product Center PCL (For. Reg.) 5,126,006 2,255,566 
Indorama Ventures PCL (For. Reg.) 1,229,900 1,556,835 
Intouch Holdings PCL (For. Reg.) 1,031,900 2,340,280 
Krung Thai Bank PCL (For. Reg.) 2,547,070 882,800 
Krungthai Card PCL (For. Reg.) 556,900 969,288 
Land & House PCL (For. Reg.) 6,401,300 1,630,229 
Minor International PCL:   
warrants 2/15/24 (a) 76,635 9,331 
(For. Reg.) (a) 2,163,232 2,135,197 
Muangthai Leasing PCL 591,700 1,078,898 
Osotspa PCL 923,200 911,236 
PTT Exploration and Production PCL (For. Reg.) 1,034,739 3,664,311 
PTT Global Chemical PCL (For. Reg.) 1,751,039 3,311,564 
PTT Oil & Retail Business PCL:   
(For. Reg.) 123,600 102,441 
NVDR 2,002,000 1,659,283 
PTT PCL (For. Reg.) 7,209,700 8,257,040 
Ratchaburi Electric Generating Holding PCL (For. Reg.) 372,400 510,675 
SCG Packaging PCL 1,024,300 1,983,462 
Siam Cement PCL (For. Reg.) 585,750 6,973,214 
Siam Commercial Bank PCL (For. Reg.) 641,000 2,434,177 
Sri Trang Gloves Thailand PCL 592,900 545,011 
Srisawad Corp. PCL:   
warrants 8/29/25 (a) 14,528 4,904 
(For. Reg.) 595,500 1,148,644 
Thai Oil PCL (For. Reg.) 649,600 1,091,477 
Thai Union Frozen Products PCL (For. Reg.) 2,021,820 1,273,539 
True Corp. PCL (For. Reg.) 8,115,619 993,050 
TOTAL THAILAND  98,748,522 
Turkey - 0.2%   
Akbank TAS 2,305,834 1,405,470 
Aselsan A/S 503,090 859,764 
Bim Birlesik Magazalar A/S JSC 336,659 2,176,343 
Eregli Demir ve Celik Fabrikalari T.A.S. 1,037,414 2,124,681 
Ford Otomotiv Sanayi A/S 51,942 1,002,750 
Koc Holding A/S 562,102 1,378,653 
Turk Sise ve Cam Fabrikalari A/S 1,018,524 917,456 
Turkcell Iletisim Hizmet A/S 892,614 1,419,604 
Turkiye Garanti Bankasi A/S 1,708,356 1,750,292 
Turkiye Is Bankasi A/S Series C 1,161,571 680,221 
Turkiye Petrol Rafinerileri A/S (a) 93,224 1,355,598 
TOTAL TURKEY  15,070,832 
United Arab Emirates - 0.7%   
Abu Dhabi Commercial Bank PJSC 2,058,505 4,651,482 
Abu Dhabi National Oil Co. for Distribution PJSC 1,845,808 2,150,758 
Aldar Properties PJSC (a) 2,851,238 3,136,001 
Dubai Islamic Bank Pakistan Ltd. (a) 1,338,460 1,862,034 
Emaar Properties PJSC (a) 2,591,479 2,829,133 
Emirates NBD Bank PJSC 1,868,722 7,097,089 
Emirates Telecommunications Corp. 1,286,944 8,969,350 
First Abu Dhabi Bank PJSC 3,230,828 15,674,109 
TOTAL UNITED ARAB EMIRATES  46,369,956 
United States of America - 0.6%   
360 DigiTech, Inc. ADR (a) 63,633 1,298,750 
Dada Nexus Ltd. ADR (a) 43,859 890,776 
DiDi Global, Inc. ADR (b) 225,469 1,819,535 
Li Auto, Inc. ADR (a) 399,692 13,041,950 
Southern Copper Corp. 62,868 3,771,451 
Yum China Holdings, Inc. 311,088 17,756,903 
TOTAL UNITED STATES OF AMERICA  38,579,365 
TOTAL COMMON STOCKS   
(Cost $4,835,930,899)  5,747,713,735 
Nonconvertible Preferred Stocks - 1.7%   
Brazil - 1.0%   
Alpargatas SA (PN) 137,500 941,143 
Banco Bradesco SA (PN) 3,497,595 12,332,496 
Bradespar SA (PN) 189,191 1,631,177 
Braskem SA (PN-A) (a) 140,500 1,355,759 
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) 185,906 1,114,685 
Companhia Energetica de Minas Gerais (CEMIG) (PN) 792,170 1,807,851 
Companhia Paranaense de Energia-COPEL (PN-B) 421,500 442,128 
Gerdau SA 848,200 4,042,769 
Itau Unibanco Holding SA 3,583,931 14,802,337 
Itausa-Investimentos Itau SA (PN) 3,236,528 5,878,028 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) 3,457,200 16,692,424 
TOTAL BRAZIL  61,040,797 
Chile - 0.1%   
Sociedad Quimica y Minera de Chile SA (PN-B) (a) 100,341 5,449,374 
Colombia - 0.0%   
Bancolombia SA (PN) 311,302 2,794,144 
Korea (South) - 0.6%   
AMOREPACIFIC Corp. 4,540 278,213 
Hyundai Motor Co. 16,377 1,363,416 
Hyundai Motor Co. Series 2 27,586 2,305,800 
LG Chemical Ltd. 6,646 2,171,879 
LG Household & Health Care Ltd. 1,516 774,351 
Samsung Electronics Co. Ltd. 608,666 33,266,318 
TOTAL KOREA (SOUTH)  40,159,977 
Russia - 0.0%   
Surgutneftegas OJSC 4,860,640 2,647,724 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $123,732,586)  112,092,016 
 Principal Amount(e) Value 
Nonconvertible Bonds - 0.0%   
India - 0.0%   
NTPC Ltd. 8.49% 3/25/25
(Cost $52,909) 		INR264,162 48,941 
 Shares Value 
Money Market Funds - 3.1%   
Fidelity Cash Central Fund 0.06% (f) 150,464,894 150,494,987 
Fidelity Securities Lending Cash Central Fund 0.06% (f)(g) 46,840,123 46,844,807 
TOTAL MONEY MARKET FUNDS   
(Cost $197,339,794)  197,339,794 
TOTAL INVESTMENT IN SECURITIES - 94.0%   
(Cost $5,157,056,188)  6,057,194,486 
NET OTHER ASSETS (LIABILITIES) - 6.0%  384,321,998 
NET ASSETS - 100%  $6,441,516,484 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE MSCI Emerging Markets Index Contracts (United States) 9,188 Dec. 2021 $579,762,800 $(64,273) $(64,273) 

The notional amount of futures purchased as a percentage of Net Assets is 9.0%

For the period, the average monthly notional amount at value for futures contracts in the aggregate was $223,365,651.

Currency Abbreviations

INR – Indian rupee

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

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $322,134,225 or 5.0% of net assets.

 (d) Level 3 security

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

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

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $114,035,236 $1,979,819,884 $1,943,356,509 $135,259 $(3,624) $-- $150,494,987 0.2% 
Fidelity Securities Lending Cash Central Fund 0.06% 9,850,354 412,707,133 375,712,680 774,838 -- -- 46,844,807 0.1% 
Total $123,885,590 $2,392,527,017 $2,319,069,189 $910,097 $(3,624) $-- $197,339,794  

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

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $620,396,330 $266,675,262 $352,037,035 $1,684,033 
Consumer Discretionary 907,081,104 432,538,217 474,541,451 1,436 
Consumer Staples 341,172,120 316,311,546 24,860,573 1 
Energy 338,653,644 272,866,384 65,787,192 68 
Financials 1,154,554,065 898,670,352 255,010,476 873,237 
Health Care 267,079,598 182,705,086 84,374,512 -- 
Industrials 277,247,776 224,795,454 52,452,322 -- 
Information Technology 1,209,784,603 400,121,731 809,662,872 -- 
Materials 499,685,631 401,905,216 97,780,415 -- 
Real Estate 116,810,581 116,810,581 -- -- 
Utilities 127,340,299 123,679,594 3,660,703 2 
Corporate Bonds 48,941 -- 48,941 -- 
Money Market Funds 197,339,794 197,339,794 -- -- 
Total Investments in Securities: $6,057,194,486 $3,834,419,217 $2,220,216,492 $2,558,777 
Derivative Instruments:     
Liabilities     
Futures Contracts $(64,273) $(64,273) $-- $-- 
Total Liabilities $(64,273) $(64,273) $-- $-- 
Total Derivative Instruments: $(64,273) $(64,273) $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(64,273) 
Total Equity Risk 0 (64,273) 
Total Value of Derivatives $0 $(64,273) 

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

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


Fidelity® Emerging Markets Index Fund

Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $39,978,906) — See accompanying schedule:
Unaffiliated issuers (cost $4,959,716,394) 		$5,859,854,692  
Fidelity Central Funds (cost $197,339,794) 197,339,794  
Total Investment in Securities (cost $5,157,056,188)  $6,057,194,486 
Segregated cash with brokers for derivative instruments  8,918,886 
Foreign currency held at value (cost $7,467,322)  7,426,725 
Receivable for fund shares sold  442,755,028 
Dividends receivable  4,152,362 
Interest receivable  181 
Distributions receivable from Fidelity Central Funds  82,323 
Other receivables  557,653 
Total assets  6,521,087,644 
Liabilities   
Payable for investments purchased $687  
Payable for fund shares redeemed 5,334,724  
Accrued management fee 377,844  
Payable for daily variation margin on futures contracts 1,485,484  
Other payables and accrued expenses 25,531,096  
Collateral on securities loaned 46,841,325  
Total liabilities  79,571,160 
Net Assets  $6,441,516,484 
Net Assets consist of:   
Paid in capital  $5,760,102,836 
Total accumulated earnings (loss)  681,413,648 
Net Assets  $6,441,516,484 
Net Asset Value, offering price and redemption price per share ($6,441,516,484 ÷ 509,803,567 shares)  $12.64 

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


Statement of Operations

  Year ended October 31, 2021 
Investment Income   
Dividends  $125,665,198 
Non-Cash dividends  5,952,726 
Interest  8,822 
Income from Fidelity Central Funds (including $774,838 from security lending)  910,097 
Income before foreign taxes withheld  132,536,843 
Less foreign taxes withheld  (14,664,627) 
Total income  117,872,216 
Expenses   
Management fee $3,925,231  
Independent trustees' fees and expenses 14,877  
Total expenses before reductions 3,940,108  
Expense reductions (18,464)  
Total expenses after reductions  3,921,644 
Net investment income (loss)  113,950,572 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (69,090,231)  
Fidelity Central Funds (3,624)  
Foreign currency transactions (940,223)  
Futures contracts 36,316,163  
Total net realized gain (loss)  (33,717,915) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $23,951,443) 383,277,026  
Assets and liabilities in foreign currencies (19,436)  
Futures contracts (1,184,741)  
Total change in net unrealized appreciation (depreciation)  382,072,849 
Net gain (loss)  348,354,934 
Net increase (decrease) in net assets resulting from operations  $462,305,506 

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


Statement of Changes in Net Assets

 Year ended October 31, 2021 Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $113,950,572 $66,901,449 
Net realized gain (loss) (33,717,915) (137,889,923) 
Change in net unrealized appreciation (depreciation) 382,072,849 309,441,291 
Net increase (decrease) in net assets resulting from operations 462,305,506 238,452,817 
Distributions to shareholders (60,657,681) (80,764,390) 
Share transactions   
Proceeds from sales of shares 4,030,141,535 1,641,501,791 
Reinvestment of distributions 45,982,262 65,709,713 
Cost of shares redeemed (1,437,019,718) (1,402,156,539) 
Net increase (decrease) in net assets resulting from share transactions 2,639,104,079 305,054,965 
Total increase (decrease) in net assets 3,040,751,904 462,743,392 
Net Assets   
Beginning of period 3,400,764,580 2,938,021,188 
End of period $6,441,516,484 $3,400,764,580 
Other Information   
Shares   
Sold 309,586,290 165,785,711 
Issued in reinvestment of distributions 3,723,260 6,367,220 
Redeemed (110,589,949) (145,340,003) 
Net increase (decrease) 202,719,601 26,812,928 

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


Financial Highlights

Fidelity Emerging Markets Index Fund

      
Years ended October 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $11.07 $10.48 $9.62 $11.23 $9.04 
Income from Investment Operations      
Net investment income (loss)A .28 .22 .35B .27 .24 
Net realized and unrealized gain (loss) 1.48 .65 .72 (1.66) 2.09 
Total from investment operations 1.76 .87 1.07 (1.39) 2.33 
Distributions from net investment income (.19) (.28) (.21) (.20) (.14) 
Distributions from net realized gain – – – (.01) – 
Total distributions (.19) (.28) (.21) (.22)C (.14) 
Redemption fees added to paid in capitalA – – – –D –D 
Net asset value, end of period $12.64 $11.07 $10.48 $9.62 $11.23 
Total ReturnE 15.95% 8.54% 11.33% (12.65)% 26.29% 
Ratios to Average Net AssetsF,G      
Expenses before reductions .07%H .08% .08% .08% .09% 
Expenses net of fee waivers, if any .07%H .08% .08% .08% .09% 
Expenses net of all reductions .07%H .07% .08% .08% .09% 
Net investment income (loss) 2.17% 2.20% 3.40%B 2.46% 2.36% 
Supplemental Data      
Net assets, end of period (000 omitted) $6,441,516 $3,400,765 $2,938,021 $593,466 $192,681 
Portfolio turnover rateI 5% 10% 3% 4% 4% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been 2.66%.

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

 D Amount represents less than $.005 per share.

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

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

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

 H The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.

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

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


Fidelity® Global ex U.S. Index Fund

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Past 5 years Past 10 years 
Fidelity® Global ex U.S. Index Fund 29.25% 9.77% 6.75% 

$10,000 Over 10 Years

Let's say hypothetically that $10,000 was invested in Fidelity® Global ex U.S. Index Fund on October 31, 2011, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.


Period Ending Values
$19,225Fidelity® Global ex U.S. Index Fund
$19,347MSCI ACWI (All Country World Index) ex USA Index

Fidelity® Global ex U.S. Index Fund

Management's Discussion of Fund Performance

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

Comments from the Geode Capital Management, LLC, passive equity index team:  For the fiscal year ending October 31, 2021, the fund gained 29.25%, roughly in line with the 29.85% advance of the benchmark MSCI All Country World ex US Index (Net MA). (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) From a regional standpoint, Canada, the U.K., and Europe ex U.K. notably contributed. By sector, financials gained 49% and contributed most, followed by information technology, which gained about 43%, and industrials, which advanced roughly 35%. The energy sector rose 73%, materials gained 33%, and consumer discretionary advanced about 13%, benefiting from the automobiles & components industry (+47%). Other notable contributors included the health care (+19%), consumer staples (+17%), utilities (+17%), real estate (+18%), and communication services (+6%) sectors. Turning to individual stocks, the top contributor was ASML Holding (+124%), from the semiconductors & semiconductor equipment industry, followed by Taiwan Semiconductor (+42%), within the semiconductors & semiconductor equipment group. In energy, Royal Dutch Shell advanced 94% and LVMH Moët Hennessy Louis Vuitton (+68%) from the consumer durables & apparel category also helped. Novo Nordisk, within the pharmaceuticals, biotechnology & life sciences segment, rose 73% and boosted the fund. In contrast, the biggest individual detractor was Alibaba Group Holding (-45%), from the retailing category. Tencent Holdings, within the media & entertainment group, returned -19% and hindered the fund. In consumer services, TAL Education Group (-94%) and New Oriental Education & Technology Group (-87%) hurt. Another detractor was Ping An Insurance (-28%), a stock in the insurance segment.

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

Fidelity® Global ex U.S. Index Fund

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2021

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 1.8 
Nestle SA (Reg. S) (Switzerland, Food Products) 1.4 
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) 1.3 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 1.2 
Alibaba Group Holding Ltd. (Cayman Islands, Internet & Direct Marketing Retail) 1.1 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 1.1 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 1.0 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 0.8 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) 0.7 
Toyota Motor Corp. (Japan, Automobiles) 0.7 
 11.1 

Top Market Sectors as of October 31, 2021

 % of fund's net assets 
Financials 20.9 
Information Technology 12.8 
Consumer Discretionary 12.7 
Industrials 11.1 
Health Care 9.2 
Consumer Staples 8.1 
Materials 7.6 
Communication Services 6.0 
Energy 5.1 
Utilities 2.5 

Geographic Diversification (% of fund's net assets)

As of October 31, 2021 
   Japan 14.2% 
   United Kingdom 8.4% 
   Canada 7.5% 
   France 6.5% 
   Cayman Islands 6.5% 
   Switzerland 6.2% 
   Germany 5.5% 
   Australia 4.2% 
   Taiwan 4.1% 
   Other* 36.9% 


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

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

Asset Allocation as of October 31, 2021

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

Fidelity® Global ex U.S. Index Fund

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 96.8%   
 Shares Value 
Argentina - 0.0%   
YPF SA Class D sponsored ADR (a) 74,949 $314,786 
Australia - 4.2%   
Afterpay Ltd. (a) 71,442 6,618,346 
AGL Energy Ltd. 213,517 918,736 
Ampol Ltd. 79,168 1,819,379 
APA Group unit 377,276 2,327,208 
Aristocrat Leisure Ltd. 195,455 6,863,408 
ASX Ltd. 63,308 3,953,698 
Aurizon Holdings Ltd. 604,791 1,533,195 
AusNet Services 623,593 1,158,672 
Australia & New Zealand Banking Group Ltd. 932,728 19,744,280 
BHP Group Ltd. 968,640 26,605,627 
BlueScope Steel Ltd. 169,660 2,631,663 
Brambles Ltd. 480,527 3,629,223 
Cochlear Ltd. 21,566 3,576,203 
Coles Group Ltd. 443,384 5,716,800 
Commonwealth Bank of Australia 581,858 45,818,717 
Computershare Ltd. 172,978 2,441,102 
Crown Ltd. (a) 124,594 933,509 
CSL Ltd. 149,639 33,824,939 
Dexus unit 351,635 2,875,304 
Dominos Pizza Enterprises Ltd. 20,305 2,069,075 
Endeavour Group Ltd. 454,796 2,326,418 
Evolution Mining Ltd. 612,235 1,671,810 
Fortescue Metals Group Ltd. 559,190 5,859,664 
Goodman Group unit 541,993 8,928,942 
Insurance Australia Group Ltd. 813,613 2,937,794 
Lendlease Group unit 222,417 1,750,096 
Macquarie Group Ltd. 112,687 16,660,773 
Magellan Financial Group Ltd. 45,561 1,188,254 
Medibank Private Ltd. 898,552 2,244,107 
Mirvac Group unit 1,272,329 2,699,049 
National Australia Bank Ltd. 1,080,511 23,492,448 
Newcrest Mining Ltd. 271,042 5,074,856 
Northern Star Resources Ltd. 368,606 2,562,103 
Orica Ltd. 136,862 1,557,701 
Origin Energy Ltd. 582,478 2,212,754 
Qantas Airways Ltd. (a) 274,741 1,105,705 
QBE Insurance Group Ltd. 482,030 4,289,642 
Ramsay Health Care Ltd. 57,698 3,056,462 
REA Group Ltd. 17,227 2,075,256 
Reece Ltd. 93,533 1,399,464 
Rio Tinto Ltd. 122,997 8,354,036 
Santos Ltd. 616,305 3,236,036 
Scentre Group unit 1,730,915 3,932,284 
SEEK Ltd. 110,238 2,711,698 
Sonic Healthcare Ltd. 147,922 4,454,311 
South32 Ltd. 1,556,255 4,179,373 
Stockland Corp. Ltd. unit 811,195 2,776,508 
Suncorp Group Ltd. 414,956 3,658,406 
Sydney Airport unit (a) 422,603 2,603,626 
Tabcorp Holdings Ltd. 745,928 2,783,177 
Telstra Corp. Ltd. 1,348,993 3,876,460 
The GPT Group unit 614,225 2,384,182 
Transurban Group unit 984,160 9,950,094 
Treasury Wine Estates Ltd. 240,245 2,081,944 
Vicinity Centres unit 1,330,927 1,727,052 
Washington H. Soul Pattinson & Co. Ltd. 70,037 1,711,220 
Wesfarmers Ltd. 373,388 16,080,444 
Westpac Banking Corp. 1,202,412 23,393,094 
WiseTech Global Ltd. 48,153 1,850,276 
Woodside Petroleum Ltd. 320,017 5,599,445 
Woolworths Group Ltd. 417,081 11,947,569 
TOTAL AUSTRALIA  387,443,617 
Austria - 0.1%   
Erste Group Bank AG 92,616 3,972,078 
OMV AG 48,502 2,937,980 
Raiffeisen International Bank-Holding AG 50,731 1,483,719 
Verbund AG 22,306 2,323,295 
Voestalpine AG 38,873 1,475,737 
TOTAL AUSTRIA  12,192,809 
Bailiwick of Jersey - 0.5%   
Experian PLC 304,151 13,931,749 
Ferguson PLC 73,043 10,990,932 
Glencore Xstrata PLC 3,281,841 16,411,108 
Polymetal International PLC 114,101 2,125,669 
WPP PLC 388,533 5,616,154 
TOTAL BAILIWICK OF JERSEY  49,075,612 
Belgium - 0.5%   
Ageas 57,467 2,796,781 
Anheuser-Busch InBev SA NV 251,481 15,382,397 
Colruyt NV 19,311 947,410 
Elia System Operator SA/NV 10,526 1,227,757 
Groupe Bruxelles Lambert SA 35,459 4,109,308 
KBC Groep NV 82,442 7,677,606 
Proximus 52,692 991,951 
Sofina SA 4,899 2,165,625 
Solvay SA Class A 24,933 2,962,958 
UCB SA 41,524 4,948,980 
Umicore SA 64,267 3,683,430 
TOTAL BELGIUM  46,894,203 
Bermuda - 0.3%   
Alibaba Health Information Technology Ltd. (a) 1,340,000 1,692,976 
Alibaba Pictures Group Ltd. (a) 3,770,000 402,172 
Beijing Enterprises Water Group Ltd. 1,522,000 580,983 
Brilliance China Automotive Holdings Ltd. (a) 910,000 271,089 
China Gas Holdings Ltd. 986,000 2,466,109 
China Oriental Group Co. Ltd. (H Shares) 107 30 
China Resource Gas Group Ltd. 300,000 1,611,722 
China Youzan Ltd. (a) 4,632,000 589,381 
CK Infrastructure Holdings Ltd. 200,636 1,209,412 
Cosco Shipping Ports Ltd. 540,344 450,026 
Credicorp Ltd. (United States) 22,545 2,923,185 
GOME Electrical Appliances Holdings Ltd. (a) 4,618,104 468,903 
HengTen Networks Group Ltd. (a) 824,000 282,768 
Hongkong Land Holdings Ltd. 363,967 2,005,458 
Hopson Development Holdings Ltd. 215,600 588,844 
Huabao International Holdings Ltd. 291,000 546,805 
Jardine Matheson Holdings Ltd. 71,019 4,114,131 
Kunlun Energy Co. Ltd. 1,334,000 1,220,754 
Nine Dragons Paper (Holdings) Ltd. 574,000 721,511 
Shenzhen International Holdings Ltd. 454,523 548,547 
TOTAL BERMUDA  22,694,806 
Brazil - 0.8%   
Ambev SA 1,556,000 4,684,156 
Americanas SA (a) 140,787 740,879 
Atacadao SA 174,000 513,016 
B3 SA - Brasil Bolsa Balcao 2,024,998 4,273,313 
Banco Bradesco SA 436,923 1,316,080 
Banco do Brasil SA 258,400 1,304,866 
Banco Inter SA unit 112,171 705,565 
Banco Santander SA (Brasil) unit 124,300 757,631 
BB Seguridade Participacoes SA 246,900 966,374 
BRF SA (a) 211,800 871,773 
BTG Pactual Participations Ltd. unit 386,900 1,545,872 
CCR SA 376,300 762,095 
Centrais Eletricas Brasileiras SA (Electrobras) 146,380 877,429 
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) 110,400 688,557 
Companhia Siderurgica Nacional SA (CSN) 226,600 914,623 
Cosan SA 339,264 1,189,630 
CPFL Energia SA 57,900 269,915 
Energisa SA unit 63,000 442,266 
ENGIE Brasil Energia SA 79,250 546,373 
Equatorial Energia SA 300,700 1,219,040 
Hapvida Participacoes e Investimentos SA (b) 376,600 770,042 
Hypermarcas SA 143,400 712,960 
JBS SA 289,400 2,002,387 
Klabin SA unit 236,400 960,880 
Localiza Rent A Car SA 201,880 1,620,391 
Lojas Renner SA 294,202 1,680,097 
Magazine Luiza SA 974,552 1,866,634 
Natura & Co. Holding SA (a) 294,603 2,030,557 
Notre Dame Intermedica Participacoes SA 169,778 1,930,677 
Petroleo Brasileiro SA - Petrobras (ON) 1,290,409 6,326,521 
Raia Drogasil SA 360,700 1,485,927 
Rede D'Oregon Sao Luiz SA (b) 123,000 1,285,836 
Rumo SA (a) 429,400 1,216,575 
Suzano Papel e Celulose SA (a) 243,238 2,121,728 
Telefonica Brasil SA 149,900 1,209,017 
TIM SA 291,400 579,310 
Totvs SA 175,800 1,020,449 
Ultrapar Participacoes SA 243,200 562,345 
Ultrapar Participacoes SA rights 11/3/21 (a)(c) 17,431 31 
Vale SA 1,300,545 16,501,653 
Via S/A (a) 402,900 439,037 
Vibra Energia SA 383,851 1,426,910 
Weg SA 553,700 3,629,983 
TOTAL BRAZIL  75,969,400 
British Virgin Islands - 0.0%   
Mail.Ru Group Ltd. unit (a) 35,981 739,540 
Canada - 7.3%   
Agnico Eagle Mines Ltd. (Canada) 81,550 4,328,555 
Air Canada (a) 54,337 974,255 
Algonquin Power & Utilities Corp. 199,391 2,874,221 
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 273,549 10,260,298 
AltaGas Ltd. 87,870 1,819,028 
ATCO Ltd. Class I (non-vtg.) 24,326 825,543 
B2Gold Corp. 365,594 1,509,523 
Ballard Power Systems, Inc. (a)(d) 80,346 1,456,174 
Bank of Montreal 212,469 23,068,406 
Bank of Nova Scotia 398,126 26,102,088 
Barrick Gold Corp. (Canada) 589,022 10,808,573 
Bausch Health Cos., Inc. (Canada) (a) 98,470 2,760,120 
BCE, Inc. 24,586 1,265,655 
BlackBerry Ltd. (a) 172,970 1,868,624 
Brookfield Asset Management, Inc. (Canada) Class A 422,126 25,485,823 
Brookfield Renewable Corp. 43,131 1,786,438 
CAE, Inc. (a) 96,859 2,937,232 
Cameco Corp. 130,189 3,163,206 
Canadian Apartment Properties (REIT) unit 28,489 1,391,072 
Canadian Imperial Bank of Commerce 147,504 17,898,090 
Canadian National Railway Co. 233,208 30,993,901 
Canadian Natural Resources Ltd. 393,574 16,727,531 
Canadian Pacific Railway Ltd. (d) 219,977 17,026,177 
Canadian Tire Ltd. Class A (non-vtg.) 19,229 2,731,152 
Canadian Utilities Ltd. Class A (non-vtg.) 47,978 1,389,796 
CCL Industries, Inc. Class B 48,172 2,633,190 
Cenovus Energy, Inc. (Canada) 433,985 5,189,866 
CGI, Inc. Class A (sub. vtg.) (a) 73,501 6,566,153 
Constellation Software, Inc. 6,607 11,611,311 
Dollarama, Inc. 98,573 4,455,538 
Emera, Inc. 83,912 3,904,051 
Empire Co. Ltd. Class A (non-vtg.) 60,359 1,804,527 
Enbridge, Inc. 665,369 27,870,660 
Fairfax Financial Holdings Ltd. (sub. vtg.) 8,714 3,529,325 
First Quantum Minerals Ltd. 194,796 4,611,767 
FirstService Corp. 12,734 2,539,803 
Fortis, Inc. 154,877 6,894,129 
Franco-Nevada Corp. 62,688 8,944,791 
George Weston Ltd. 26,221 2,833,122 
GFL Environmental, Inc. 52,973 2,178,245 
Gildan Activewear, Inc. 65,900 2,420,664 
Great-West Lifeco, Inc. 89,311 2,627,516 
Hydro One Ltd. (b) 104,295 2,491,922 
iA Financial Corp, Inc. 35,632 2,107,804 
IGM Financial, Inc. 28,439 1,129,196 
Imperial Oil Ltd. 86,241 2,919,762 
Intact Financial Corp. 57,798 7,748,276 
Ivanhoe Mines Ltd. (a) 194,377 1,525,049 
Keyera Corp. 75,175 1,926,754 
Kinross Gold Corp. 428,821 2,577,916 
Kirkland Lake Gold Ltd. 88,890 3,747,084 
Lightspeed Commerce, Inc. (Canada) (a) 34,605 3,372,981 
Loblaw Companies Ltd. 58,339 4,387,681 
Lundin Mining Corp. 216,372 1,882,940 
Magna International, Inc. Class A (sub. vtg.) 93,677 7,619,961 
Manulife Financial Corp. 639,542 12,459,080 
Metro, Inc. 84,496 4,251,427 
National Bank of Canada 112,293 9,296,655 
Northland Power, Inc. 75,290 2,420,644 
Nutrien Ltd. 187,658 13,116,045 
Nuvei Corp. (a)(b) 18,916 2,273,405 
Onex Corp. (sub. vtg.) 25,846 1,926,128 
Open Text Corp. 90,642 4,565,790 
Pan American Silver Corp. 68,031 1,742,274 
Parkland Corp. 51,238 1,490,854 
Pembina Pipeline Corp. 183,453 6,073,101 
Power Corp. of Canada (sub. vtg.) 185,164 6,167,146 
Quebecor, Inc. Class B (sub. vtg.) 51,536 1,313,385 
Restaurant Brands International, Inc. 75,789 4,290,995 
Restaurant Brands International, Inc. (d) 14,604 827,171 
RioCan (REIT) 55,914 1,007,048 
Ritchie Bros. Auctioneers, Inc. 37,180 2,541,254 
Rogers Communications, Inc. Class B (non-vtg.) 117,734 5,475,735 
Royal Bank of Canada 466,470 48,554,190 
Saputo, Inc. 80,673 1,926,870 
Shaw Communications, Inc. Class B 145,040 4,176,814 
Shopify, Inc. Class A (a) 37,046 54,090,872 
Sun Life Financial, Inc. 193,086 11,003,843 
Suncor Energy, Inc. 496,464 13,057,452 
TC Energy Corp. 323,010 17,473,755 
Teck Resources Ltd. Class B (sub. vtg.) 156,572 4,369,745 
TELUS Corp. 144,470 3,314,078 
The Toronto-Dominion Bank 596,421 43,295,461 
Thomson Reuters Corp. 57,769 6,948,991 
TMX Group Ltd. 18,292 1,980,402 
Toromont Industries Ltd. 26,817 2,385,924 
West Fraser Timber Co. Ltd. 31,641 2,533,376 
Wheaton Precious Metals Corp. 148,210 5,983,009 
WSP Global, Inc. 37,930 5,142,126 
Yamana Gold, Inc. 320,534 1,258,723 
TOTAL CANADA  664,237,233 
Cayman Islands - 6.5%   
3SBio, Inc. (a)(b) 412,000 377,025 
51job, Inc. sponsored ADR (a) 11,134 663,141 
AAC Technology Holdings, Inc. 250,500 1,082,715 
Abu Dhabi Islamic Bank 467,063 742,591 
Agile Property Holdings Ltd. 362,000 284,743 
Agora, Inc. ADR (a)(d) 14,430 314,574 
Airtac International Group 46,043 1,372,444 
Akeso, Inc. (a)(b) 103,000 577,187 
Alibaba Group Holding Ltd. (a) 4,987,212 102,550,334 
Anta Sports Products Ltd. 353,000 5,516,972 
Autohome, Inc. ADR Class A 24,620 968,797 
Baidu, Inc. sponsored ADR (a) 92,030 14,930,947 
Baozun, Inc. sponsored ADR (a) 17,429 301,522 
BeiGene Ltd. ADR (a) 15,223 5,445,572 
Bilibili, Inc. ADR (a)(d) 53,848 3,947,058 
Bosideng International Holdings Ltd. 1,026,000 796,484 
Budweiser Brewing Co. APAC Ltd. (b) 594,493 1,638,953 
Burning Rock Biotech Ltd. ADR (a) 12,955 182,536 
Chailease Holding Co. Ltd. 426,899 4,078,116 
China Aoyuan Group Ltd. 361,000 142,442 
China Conch Venture Holdings Ltd. 544,500 2,659,341 
China East Education Holdings Ltd. (b) 137,000 130,476 
China Education Group Holdings Ltd. 231,000 396,653 
China Evergrande Group (d) 578,000 172,349 
China Feihe Ltd. (b) 1,148,000 1,912,227 
China Hongqiao Group Ltd. 774,000 860,497 
China Huishan Dairy Holdings Co. Ltd. (a)(c) 397,000 1 
China Liansu Group Holdings Ltd. 333,000 517,016 
China Literature Ltd. (a)(b) 140,000 974,359 
China Medical System Holdings Ltd. 471,000 802,707 
China Meidong Auto Holding Ltd. 194,000 1,007,339 
China Mengniu Dairy Co. Ltd. 1,036,000 6,597,751 
China Overseas Property Holdings Ltd. 390,000 350,877 
China Resources Cement Holdings Ltd. 758,000 639,095 
China Resources Land Ltd. 1,064,634 4,146,059 
China Resources Mixc Lifestyle Services Ltd. (b) 177,600 934,737 
China State Construction International Holdings Ltd. 657,250 674,947 
China Yuhua Education Corp. Ltd. (b) 436,000 198,373 
ChinaSoft International Ltd. 878,000 1,469,258 
Chindata Group Holdings Ltd. ADR (a) 25,862 257,586 
Chow Tai Fook Jewellery Group Ltd. 648,000 1,325,899 
CIFI Ever Sunshine Services Group Ltd. 246,000 446,439 
CIFI Holdings Group Co. Ltd. 1,002,696 556,731 
CK Asset Holdings Ltd. 650,471 4,017,111 
CK Hutchison Holdings Ltd. 897,393 6,037,983 
Country Garden Holdings Co. Ltd. 2,572,376 2,416,820 
Country Garden Services Holdings Co. Ltd. 503,000 3,911,252 
Dali Foods Group Co. Ltd. (b) 765,500 426,016 
Daqo New Energy Corp. ADR (a) 18,420 1,432,892 
ENN Energy Holdings Ltd. 257,900 4,464,897 
ESR Cayman Ltd. (a)(b) 647,459 2,101,194 
Futu Holdings Ltd. ADR (a)(d) 17,024 911,124 
Gaotu Techedu, Inc. ADR (a)(d) 36,599 107,601 
GDS Holdings Ltd. ADR (a)(d) 30,055 1,785,267 
Geely Automobile Holdings Ltd. 1,924,000 6,689,056 
Genscript Biotech Corp. (a) 380,000 1,687,424 
Greentown China Holdings Ltd. 275,000 380,310 
Greentown Service Group Co. Ltd. 440,000 437,144 
Haidilao International Holding Ltd. (b)(d) 357,000 1,000,270 
Haitian International Holdings Ltd. 196,000 574,359 
Hansoh Pharmaceutical Group Co. Ltd. (b) 414,000 924,789 
Hello Group, Inc. ADR 53,746 669,138 
Hengan International Group Co. Ltd. 220,000 1,149,412 
Huazhu Group Ltd. ADR (a) 57,035 2,644,143 
Hutchison China Meditech Ltd. sponsored ADR (a) 28,544 839,764 
HUYA, Inc. ADR (a)(d) 34,372 282,538 
I-Mab ADR (a) 11,070 684,015 
Innovent Biologics, Inc. (a)(b) 388,000 3,480,805 
iQIYI, Inc. ADR (a)(d) 88,977 736,730 
JD Health International, Inc. (b)(d) 109,650 971,003 
JD.com, Inc. sponsored ADR (a) 285,904 22,380,565 
Jinxin Fertility Group Ltd. (a)(b) 378,000 535,385 
Jiumaojiu International Holdings Ltd. (b) 260,000 651,629 
JOYY, Inc. ADR 17,603 887,015 
Kaisa Group Holdings Ltd. 1,044,571 161,106 
KE Holdings, Inc. ADR (a) 119,235 2,172,462 
Kingboard Chemical Holdings Ltd. 236,000 1,032,813 
Kingboard Laminates Holdings Ltd. 286,000 448,454 
Kingdee International Software Group Co. Ltd. (a) 871,000 2,877,026 
Kingsoft Cloud Holdings Ltd. ADR (a)(d) 17,269 396,669 
Kingsoft Corp. Ltd. 310,600 1,335,334 
Kuaishou Technology Class B (b) 85,600 1,138,693 
KWG Group Holdings Ltd. 389,000 339,978 
Lee & Man Paper Manufacturing Ltd. 438,000 328,760 
Legend Biotech Corp. ADR (a) 44 2,310 
Li Ning Co. Ltd. 740,000 8,226,978 
Logan Property Holdings Co. Ltd. 441,000 442,672 
Longfor Properties Co. Ltd. (b) 619,000 3,007,287 
Lufax Holding Ltd. ADR (a)(d) 49,414 311,802 
Meituan Class B (a)(b) 1,324,400 45,067,533 
Melco Crown Entertainment Ltd. sponsored ADR (a) 75,768 820,567 
Microport Scientific Corp. 213,400 1,006,591 
Ming Yuan Cloud Group Holdings Ltd. 113,000 370,349 
Minth Group Ltd. 252,000 1,007,287 
NetEase, Inc. ADR 132,819 12,961,806 
New Oriental Education & Technology Group, Inc. sponsored ADR 488,247 1,000,906 
NIO, Inc. sponsored ADR (a) 448,531 17,676,607 
Noah Holdings Ltd. sponsored ADR (a) 11,621 494,009 
OneConnect Financial Technology Co. Ltd. ADR (a)(d) 31,588 100,134 
Pinduoduo, Inc. ADR (a) 144,310 12,832,045 
Ping An Healthcare and Technology Co. Ltd. (a)(b) 158,200 769,600 
Powerlong Real Estate Holding Ltd. 546,000 376,140 
RLX Technology, Inc. ADR (d) 196,493 954,956 
Sands China Ltd. (a) 775,587 1,767,699 
Sany Heavy Equipment International Holdings Co. Ltd. 324,000 371,452 
Sea Ltd. ADR (a) 22,726 7,807,972 
Seazen Group Ltd. 638,000 505,939 
Shenzhou International Group Holdings Ltd. 269,800 5,812,626 
Shimao Property Holdings Ltd. 464,000 729,948 
Shimao Services Holdings Ltd. (b) 175,000 333,783 
Silergy Corp. 26,000 4,276,531 
Sino Biopharmaceutical Ltd. 3,569,250 2,642,360 
SITC International Holdings Co. Ltd. 447,000 1,513,842 
Smoore International Holdings Ltd. (b) 586,000 2,809,305 
SSY Group Ltd. 392,000 186,919 
Sunac China Holdings Ltd. 845,000 1,820,217 
Sunac Services Holdings Ltd. (b) 240,000 486,755 
Sunny Optical Technology Group Co. Ltd. 232,900 6,292,087 
TAL Education Group ADR (a) 133,682 546,759 
Tencent Holdings Ltd. 1,891,300 115,047,387 
Tencent Music Entertainment Group ADR (a) 216,563 1,702,185 
Tingyi (Cayman Islands) Holding Corp. 706,000 1,321,170 
Tongcheng-Elong Holdings Ltd. (a) 354,400 793,477 
Topsports International Holdings Ltd. (b) 562,000 683,313 
Trip.com Group Ltd. ADR (a) 166,683 4,760,466 
Uni-President China Holdings Ltd. 419,000 357,581 
Up Fintech Holdings Ltd. ADR (a)(d) 23,741 153,604 
Vinda International Holdings Ltd. 136,000 374,937 
Vipshop Holdings Ltd. ADR (a) 153,899 1,717,513 
Vnet Group, Inc. ADR (a) 30,209 473,677 
Want Want China Holdings Ltd. 1,490,000 1,154,772 
Weibo Corp. sponsored ADR (a) 20,640 928,387 
Weimob, Inc. (a)(b)(d) 552,000 855,616 
WH Group Ltd. (b) 2,657,946 1,865,225 
Wharf Real Estate Investment Co. Ltd. 527,654 2,977,188 
Wuxi Biologics (Cayman), Inc. (a)(b) 1,186,000 17,964,301 
Wynn Macau Ltd. (a) 460,730 414,512 
Xiaomi Corp. Class B (a)(b) 4,768,200 13,084,130 
Xinyi Glass Holdings Ltd. 583,793 1,646,971 
Xinyi Solar Holdings Ltd. 1,587,446 3,321,589 
XPeng, Inc. ADR (a) 125,492 5,851,692 
Yadea Group Holdings Ltd. (b) 356,000 613,123 
Yihai International Holding Ltd. 161,000 946,694 
Zai Lab Ltd. ADR (a) 25,346 2,646,122 
Zhen Ding Technology Holding Ltd. 226,302 780,212 
Zhenro Properties Group Ltd. 356,000 169,295 
Zhongsheng Group Holdings Ltd. Class H 187,500 1,695,344 
ZTO Express, Inc. sponsored ADR 144,745 4,245,371 
TOTAL CAYMAN ISLANDS  592,273,443 
Chile - 0.1%   
Banco de Chile 16,652,534 1,445,198 
Banco de Credito e Inversiones 17,132 576,907 
Banco Santander Chile 19,856,661 868,958 
Cencosud SA 460,915 674,233 
Cencosud Shopping SA 172,968 167,404 
Colbun SA 2,962,724 204,313 
Compania Cervecerias Unidas SA 46,721 391,440 
Empresas CMPC SA 351,839 649,183 
Empresas COPEC SA 123,395 970,778 
Enel Americas SA 6,766,678 769,413 
Enel Chile SA 9,596,008 393,159 
Falabella SA 226,706 626,918 
Itau CorpBanca SA (a) 1 0 
Itau CorpBanca SA rights 11/2/21 (a) 1 0 
TOTAL CHILE  7,737,904 
China - 3.2%   
360 Security Technology, Inc. (A Shares) (a) 155,900 293,024 
A-Living Smart City Services C (H Shares) (b) 168,750 566,079 
Addsino Co. Ltd. (A Shares) 25,100 60,147 
Advanced Micro-Fabrication Equipment, Inc., China (A Shares) (a) 11,853 289,028 
AECC Aero-Engine Control Co. Ltd. (A Shares) 13,600 56,644 
AECC Aviation Power Co. Ltd. 47,600 439,608 
Agricultural Bank of China Ltd.:   
(A Shares) 584,800 268,401 
(H Shares) 9,821,000 3,344,984 
Aier Eye Hospital Group Co. Ltd. (A Shares) 97,957 742,123 
Air China Ltd.:   
(A Shares) (a) 177,800 236,206 
(H Shares) (a) 522,000 368,329 
Aluminum Corp. of China Ltd.:   
(A shares) (a) 540,000 517,597 
(H Shares) (a) 844,000 507,911 
Angel Yeast Co. Ltd. (A Shares) 15,200 132,003 
Anhui Conch Cement Co. Ltd.:   
(A Shares) 32,800 194,985 
(H Shares) 469,500 2,335,281 
Anhui Gujing Distillery Co. Ltd. (B Shares) 62,502 805,565 
Anhui Honglu Steel Construction Group Co. Ltd. 11,500 75,581 
Anhui Kouzi Distillery Co. Ltd. (A Shares) 9,500 89,917 
Apeloa Pharmaceutical Co. Ltd. A Shares 27,200 147,428 
Asymchem Laboratories Tianjin Co. Ltd. (A Shares) 4,300 267,307 
Autobio Diagnostics Co. Ltd. 10,870 92,787 
Avary Holding Shenzhen Co. Ltd. (A Shares) 34,800 190,087 
AVIC Capital Co. Ltd. (A Shares) 141,000 85,625 
AVIC Electromechanical Systems Co. Ltd. (A Shares) 63,800 151,389 
AviChina Industry & Technology Co. Ltd. (H Shares) 871,000 555,255 
Avicopter PLC (A Shares) 11,200 109,836 
Bank of Beijing Co. Ltd. (A Shares) 322,116 222,765 
Bank of Chengdu Co. Ltd. (A Shares) 64,200 127,884 
Bank of China Ltd. (H Shares) 26,959,000 9,540,839 
Bank of Communications Co. Ltd.:   
(A Shares) 730,700 515,594 
(H Shares) 2,914,000 1,734,056 
Bank of Hangzhou Co. Ltd. (A Shares) 102,780 229,122 
Bank of Jiangsu Co. Ltd. (A Shares) 235,430 231,176 
Bank of Nanjing Co. Ltd. (A Shares) 172,900 261,816 
Bank of Ningbo Co. Ltd. (A Shares) 112,400 670,285 
Bank of Shanghai Co. Ltd. (A Shares) 209,320 238,215 
Baoshan Iron & Steel Co. Ltd. (A Shares) 413,800 460,585 
BBMG Corp. (H Shares) 151,000 25,424 
Beijing BDStar Navigation Co. Ltd. (A Shares) (a) 6,900 42,677 
Beijing Capital International Airport Co. Ltd. (H Shares) (a) 746,000 484,198 
Beijing Dabeinong Technology Group Co. Ltd. (A Shares) 68,900 92,286 
Beijing E-Hualu Information Technology Co. Ltd. (A Shares) (a) 6,100 27,549 
Beijing Enlight Media Co. Ltd. (A Shares) 53,600 78,320 
Beijing Kingsoft Office Software, Inc. (A Shares) 7,558 348,394 
Beijing New Building Materials PLC (A Shares) 29,300 129,170 
Beijing Originwater Technology Co. Ltd. (A Shares) 57,100 62,219 
Beijing Roborock Technology Co. Ltd. (A Shares) 1,321 185,599 
Beijing Shiji Information Technology Co. Ltd. (A Shares) 22,260 82,288 
Beijing Shunxin Agriculture Co. Ltd. 13,300 67,645 
Beijing Sinnet Technology Co. Ltd. (A Shares) 27,600 56,917 
Beijing Tiantan Biological Products Corp. Ltd. (A Shares) 21,720 97,890 
Beijing United Information Technology Co. Ltd. (A Shares) 8,200 143,627 
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares) 8,200 283,197 
Beijing Yanjing Brewery Co. Ltd. (A Shares) 48,000 49,680 
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd. (A Shares) 5,400 136,565 
Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares) 762,300 547,411 
Betta Pharmaceuticals Co. Ltd. (A Shares) 6,600 81,602 
BGI Genomics Co. Ltd. 6,800 94,605 
BOC International China Co. Ltd. 44,800 92,877 
BOE Technology Group Co. Ltd. (A Shares) 730,900 560,234 
By-Health Co. Ltd. (A Shares) 30,700 122,115 
BYD Co. Ltd.:   
(A Shares) 23,600 1,146,925 
(H Shares) 275,000 10,518,085 
C&S Paper Co. Ltd. (A Shares) 27,600 73,419 
Caitong Securities Co. Ltd. 65,900 105,551 
CanSino Biologics, Inc.:   
(A Shares) (a) 3,817 163,209 
(H Shares) (a)(b) 23,600 607,858 
CGN Power Co. Ltd. (H Shares) (b) 3,780,000 1,020,243 
Chacha Food Co. Ltd. (A Shares) 9,000 79,944 
Changchun High & New Technology Industry Group, Inc. (A Shares) 7,700 327,870 
Changjiang Securities Co. Ltd. (A Shares) 101,100 114,267 
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares) 6,100 217,746 
Chaozhou Three-Circle Group Co. (A Shares) 28,000 174,843 
Chifeng Jilong Gold Mining Co. Ltd. (A Shares) (a) 24,200 61,692 
China Baoan Group Co. Ltd. (A Shares) 50,000 163,213 
China Bohai Bank Co. Ltd. (H Shares) (b) 955,000 362,091 
China Cinda Asset Management Co. Ltd. (H Shares) 2,914,000 486,884 
China CITIC Bank Corp. Ltd.:   
(A Shares) 111,700 79,166 
(H Shares) 2,919,000 1,283,077 
China Communications Services Corp. Ltd. (H Shares) 902,000 498,503 
China Construction Bank Corp. (H Shares) 31,864,000 21,686,026 
China CSSC Holdings Ltd. (A Shares) 86,500 304,504 
China Eastern Airlines Corp. Ltd.:   
(A Shares) (a) 263,100 198,380 
(H Shares) (a) 28,000 11,012 
China Everbright Bank Co. Ltd.:   
(A Shares) 324,600 174,316 
(H Shares) 1,813,000 638,471 
China Fortune Land Development Co. Ltd. (A Shares) (a) 69,030 39,657 
China Galaxy Securities Co. Ltd. (H Shares) 1,586,000 884,678 
China Great Wall Securities Co. Ltd. (A Shares) 83,100 148,019 
China Greatwall Technology Group Co. Ltd. (A Shares) 51,700 108,553 
China Huarong Asset Management Co. Ltd. (a)(b)(c) 2,463,000 322,892 
China International Capital Corp. Ltd. 31,000 233,066 
China International Capital Corp. Ltd. (H Shares) (b) 422,000 1,050,051 
China International Travel Service Corp. Ltd. (A Shares) 37,300 1,563,214 
China Jushi Co. Ltd. (A Shares) 65,722 196,373 
China Life Insurance Co. Ltd.:   
(A Shares) 31,100 144,679 
(H Shares) 2,556,000 4,440,464 
China Longyuan Power Grid Corp. Ltd. (H Shares) 1,113,000 2,600,648 
China Merchants Bank Co. Ltd.:   
(A Shares) 214,400 1,806,372 
(H Shares) 1,467,751 12,365,668 
China Merchants Energy Shipping Co. Ltd. (A Shares) 132,720 94,893 
China Merchants Property Operation & Service Co. Ltd. (A Shares) 17,700 37,302 
China Merchants Securities Co. Ltd. (A Shares) 156,930 420,391 
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) 181,400 295,360 
China Minsheng Banking Corp. Ltd.:   
(A Shares) 801,300 486,603 
(H Shares) 1,729,300 686,786 
China Molybdenum Co. Ltd.:   
(A Shares) 278,300 260,238 
(H Shares) 1,164,000 722,591 
China National Building Materials Co. Ltd. (H Shares) 1,255,000 1,577,521 
China National Chemical Engineering Co. Ltd. (A Shares) 100,800 165,384 
China National Medicines Corp. Ltd. (A Shares) 10,500 49,994 
China National Nuclear Power Co. Ltd. (A Shares) 220,300 235,578 
China National Software & Service Co. Ltd. (A Shares) 8,800 70,337 
China Northern Rare Earth Group High-Tech Co. Ltd. 62,800 496,067 
China Oilfield Services Ltd. (H Shares) 548,000 527,539 
China Pacific Insurance (Group) Co. Ltd. 60,500 258,783 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 952,000 2,936,572 
China Petroleum & Chemical Corp.:   
(A Shares) 332,700 220,735 
(H Shares) 8,486,000 4,134,659 
China Railway Group Ltd.:   
(A Shares) 591,200 484,533 
(H Shares) 1,081,000 529,350 
China Railway Signal & Communications Corp. (A Shares) 163,929 126,163 
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares) 20,500 77,222 
China Shenhua Energy Co. Ltd.:   
(A Shares) 74,300 230,703 
(H Shares) 1,204,000 2,593,540 
China South Publishing & Media Group Co. Ltd. (A Shares) 39,200 50,180 
China Southern Airlines Ltd.:   
(A Shares) (a) 280,800 287,562 
(H Shares) (a) 614,000 374,058 
China State Construction Engineering Corp. Ltd. (A Shares) 918,960 668,517 
China Tower Corp. Ltd. (H Shares) (b) 14,356,000 1,863,577 
China TransInfo Technology Co. Ltd. (A Shares) 23,000 48,041 
China United Network Communications Ltd. (A Shares) 735,500 468,460 
China Vanke Co. Ltd.:   
(A Shares) 139,600 396,849 
(H Shares) 617,100 1,445,095 
China Yangtze Power Co. Ltd. (A Shares) 420,500 1,394,938 
China Zheshang Bank Co. Ltd. 619,900 332,897 
Chongqing Brewery Co. Ltd. (A Shares) (a) 8,800 206,683 
Chongqing Changan Automobile Co. Ltd. (A Shares) 122,300 372,298 
Chongqing Fuling Zhacai Group Co. Ltd. Group (A Shares) 15,500 84,399 
Chongqing Rural Commercial Bank Co. Ltd.:   
(A Shares) 328,500 195,897 
(H Shares) 480,000 172,740 
Chongqing Zhifei Biological Products Co. Ltd. (A Shares) 29,200 684,672 
CITIC Securities Co. Ltd.:   
(A Shares) 160,200 647,227 
(H Shares) 884,500 2,253,170 
Contemporary Amperex Technology Co. Ltd. 44,200 4,410,650 
COSCO Shipping Energy Transportation Co. Ltd. (A Shares) 60,200 55,729 
COSCO SHIPPING Holdings Co. Ltd.:   
(A Shares) 420,320 1,084,633 
(H Shares) (d) 782,150 1,214,366 
CRRC Corp. Ltd. (A Shares) 490,800 455,115 
CSC Financial Co. Ltd. (A Shares) 85,000 375,389 
Daan Gene Co. Ltd. 19,200 57,698 
DaShenLin Pharmaceutical Group Co. Ltd. 10,560 58,308 
DHC Software Co. Ltd. (A Shares) 48,700 52,762 
Dong E-E-Jiao Co. Ltd. (A Shares) 13,300 84,358 
Dongfang Electric Corp. Ltd. (A Shares) 58,000 164,337 
Dongfeng Motor Group Co. Ltd. (H Shares) 926,000 865,243 
Dongxing Securities Co. Ltd. (A Shares) 57,200 97,867 
East Money Information Co. Ltd. (A Shares) 184,540 947,799 
Ecovacs Robotics Co. Ltd. Class A 9,500 254,342 
ENN Natural Gas Co. Ltd. (A Shares) 45,100 129,617 
Eve Energy Co. Ltd. (A shares) 34,324 607,900 
Everbright Securities Co. Ltd. (A Shares) 61,900 147,170 
Fangda Carbon New Material Co. Ltd. (A Shares) 75,600 126,752 
FAW Jiefang Group Co. Ltd. (A Shares) 35,000 56,879 
Fiberhome Telecommunication Technologies Co. Ltd. (A Shares) 20,100 54,064 
Financial Street Holdings Co. Ltd. (A Shares) 68,700 62,632 
First Capital Securities Co. Ltd. (A Shares) 70,800 75,489 
Flat Glass Group Co. Ltd. (A Shares) 100,500 863,054 
Focus Media Information Technology Co. Ltd. (A Shares) 289,240 332,327 
Foshan Haitian Flavouring & Food Co. Ltd. (A Shares) 64,644 1,180,914 
Founder Securities Co. Ltd. (A Shares) 171,700 218,721 
Foxconn Industrial Internet Co. Ltd. (A Shares) 142,796 253,012 
Fu Jian Anjoy Foods Co. Ltd. (A Shares) 5,000 158,170 
Fujian Sunner Development Co. Ltd. A Shares 24,200 84,775 
Fuyao Glass Industries Group Co. Ltd.:   
(A Shares) 74,200 572,217 
(H Shares) (b) 151,200 872,551 
G-bits Network Technology Xiamen Co. Ltd. (A Shares) 1,400 74,842 
Ganfeng Lithium Co. Ltd. (A Shares) 58,100 1,518,314 
GCL System Integration Technology Co. Ltd. (a) 83,100 52,280 
GEM Co. Ltd. (A Shares) 97,200 165,395 
Gemdale Corp. (A Shares) 76,100 120,582 
GF Securities Co. Ltd.:   
(A Shares) 216,000 678,440 
(H Shares) 185,800 315,696 
Giant Network Group Co. Ltd. (A Shares) 32,700 50,742 
Gigadevice Semiconductor Beijing, Inc. (A Shares) 12,784 338,292 
GoerTek, Inc. (A Shares) 62,800 426,853 
Gotion High-tech Co. Ltd. (A Shares) (a) 20,700 190,334 
Great Wall Motor Co. Ltd.:   
(A Shares) 57,600 611,451 
(H Shares) 976,000 4,403,008 
Greenland Holdings Corp. Ltd. (A Shares) 318,565 204,395 
GRG Banking Equipment Co. Ltd. (A Shares) 26,300 42,535 
Guangdong Haid Group Co. Ltd. (A Shares) 32,700 335,129 
Guangdong Hongda Blasting Co. Ltd. (A Shares) 12,300 52,862 
Guangdong Kinlong Hardware Products Co. Ltd. (A Shares) 6,700 139,716 
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd. 9,100 31,864 
Guanghui Energy Co. Ltd. (A Shares) (a) 138,300 142,710 
Guangzhou Automobile Group Co. Ltd. 76,100 205,286 
Guangzhou Automobile Group Co. Ltd. (H Shares) 726,000 686,763 
Guangzhou Baiyunshan Pharma Health (A Shares) 30,200 137,287 
Guangzhou Haige Communications Group (A Shares) 36,400 53,642 
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares) 8,200 146,559 
Guangzhou R&F Properties Co. Ltd. (H Shares) (d) 683,600 428,760 
Guangzhou Shiyuan Electronic Technology Co. Ltd. (A Shares) 11,000 130,508 
Guangzhou Tinci Materials Technology Co. Ltd. (A Shares) 18,210 468,856 
Guangzhou Wondfo Biotech Co. Ltd. (A Shares) 4,420 23,922 
Guangzhou Yuexiu Financial Holdings Group Co. Ltd. (A Shares) 32,670 39,424 
Guolian Securities Co. Ltd. 23,900 45,630 
Guosen Securities Co. Ltd. (A Shares) 151,000 268,727 
Guotai Junan Securities Co. Ltd.:   
(A Shares) 43,000 117,607 
(H Shares) (b) 263,400 360,205 
Guoyuan Securities Co. Ltd. (A Shares) 70,200 81,315 
Haier Smart Home Co. Ltd. 729,800 2,729,539 
Haier Smart Home Co. Ltd. (A Shares) 141,229 599,684 
Haitong Securities Co. Ltd.:   
(A Shares) 114,700 221,136 
(H Shares) 1,135,600 1,011,466 
Hanergy Mobile Energy Holding (a)(c) 576,000 1 
Hangzhou First Applied Material Co. Ltd. (A Shares) 17,000 380,299 
Hangzhou Great Star Industrial Co. Ltd. (A Shares) (a) 28,700 143,506 
Hangzhou Oxygen Plant Group Co. Ltd. (A Shares) 21,100 85,312 
Hangzhou Robam Appliances Co. Ltd. (A Shares) 15,400 75,320 
Hangzhou Silan Microelectronics Co. Ltd. (A Shares) 25,100 241,645 
Hangzhou Tigermed Consulting Co. Ltd.:   
(A Shares) 34,800 925,718 
(H Shares) (b) 7,000 136,482 
Hefei Meiya Optoelectronic Technology, Inc. (A Shares) 12,900 81,419 
Heilongjiang Agriculture Co. Ltd. (A Shares) 32,100 68,953 
Henan Shuanghui Investment & Development Co. Ltd. (A Shares) 66,100 304,406 
Hengli Petrochemical Co. Ltd. (A Shares) 114,800 394,988 
Hengyi Petrochemical Co. Ltd. (A Shares) 57,630 98,513 
Hesteel Co. Ltd. (A Shares) 268,100 102,958 
Hithink RoyalFlush Information Network Co. Ltd. (A Shares) 8,300 146,169 
Hongfa Technology Co. Ltd. (A Shares) 12,800 148,547 
Huaan Securities Co. Ltd. (A Shares) 85,800 68,444 
Huadian Power International Corp. Ltd. (H Shares) 136,000 50,516 
Huadong Medicine Co. Ltd. (A Shares) 27,560 157,639 
Huafon Chemical Co. Ltd. (A Shares) 94,500 175,406 
Huagong Tech Co. Ltd. (A Shares) 8,100 36,417 
Hualan Biological Engineer, Inc. (A Shares) 30,450 141,180 
Huaneng Power International, Inc.:   
(A Shares) 38,400 46,218 
(H Shares) 1,458,000 755,188 
Huatai Securities Co. Ltd.:   
(A Shares) 71,000 175,900 
(H Shares) (b) 669,400 998,013 
HUAXI Securities Co. Ltd. 51,000 72,052 
Huaxia Bank Co. Ltd. (A Shares) 192,800 169,452 
Huaxin Cement Co. Ltd. (A Shares) 21,900 57,231 
Huayu Automotive Systems Co. Ltd. (A Shares) 70,731 295,258 
Hubei Biocause Pharmaceutical Co. Ltd. (A Shares) 62,700 31,811 
Huizhou Desay SV Automotive Co. Ltd. 9,800 164,232 
Humanwell Healthcare Group Co. Ltd. (A Shares) 35,400 116,494 
Hunan Valin Steel Co. Ltd. (A Shares) 127,200 106,037 
Hundsun Technologies, Inc. (A Shares) 24,752 243,434 
iFlytek Co. Ltd. (A Shares) 47,000 413,962 
IMEIK Technology Development Co. Ltd. (A Shares) 3,600 351,640 
Industrial & Commercial Bank of China Ltd.:   
(A Shares) 423,500 308,745 
(H Shares) 19,595,000 10,741,240 
Industrial Bank Co. Ltd. (A Shares) 377,800 1,098,765 
Industrial Securities Co. Ltd. (A Shares) 121,800 173,599 
Ingenic Semiconductor Co. Ltd. (A Shares) 9,000 193,045 
Inner Mongoli Yili Industries Co. Ltd. (A Shares) 118,100 792,772 
Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (a) 755,900 331,589 
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares) 131,800 105,551 
Inspur Electronic Information Industry Co. Ltd. (A Shares) 24,512 118,930 
Intco Medical Technology Co. Ltd. (A Shares) 7,500 60,098 
JA Solar Technology Co. Ltd. (A Shares) 30,600 435,897 
Jafron Biomedical Co. Ltd. (A Shares) 13,740 110,851 
Jason Furniture Hangzhou Co. Ltd. (A Shares) 15,400 149,631 
JCET Group Co. Ltd. (A Shares) 34,900 168,405 
Jiangsu Changshu Rural Commercial Bank Co. Ltd. 27,600 31,281 
Jiangsu Eastern Shenghong Co. Ltd. 62,500 265,874 
Jiangsu Expressway Co. Ltd. (H Shares) 414,000 391,625 
Jiangsu Hengli Hydraulic Co. Ltd. 25,472 326,465 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 118,248 908,954 
Jiangsu King's Luck Brewery JSC Ltd. (A Shares) 22,000 169,385 
Jiangsu Shagang Co. Ltd. (A Shares) 36,200 35,094 
Jiangsu Yanghe Brewery JSC Ltd. (A Shares) 27,300 793,461 
Jiangsu Yangnong Chemical Co. Ltd. (A Shares) 6,000 110,310 
Jiangsu Yoke Technology Co. Ltd. (A Shares) 11,400 135,165 
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares) 17,200 94,596 
Jiangsu Zhongnan Construction Group Co. Ltd. (A Shares) 67,800 40,538 
Jiangsu Zhongtian Technology Co. Ltd. (A Shares) 61,500 97,064 
Jiangxi Copper Co. Ltd.:   
(A Shares) 30,000 109,074 
(H Shares) 422,000 738,724 
Jiangxi Zhengbang Technology Co. Ltd. (A Shares) 45,700 71,485 
Jilin Aodong Pharmaceutical Group Co. Ltd. (A Shares) 43,300 107,004 
Jinke Properties Group Co. Ltd. (A Shares) 90,900 63,005 
JiuGui Liquor Co. Ltd. (A Shares) 6,400 214,717 
Joincare Pharmaceutical Group Industry Co. Ltd. (A Shares) 23,700 42,659 
Joinn Laboratories China Co. Ltd. (A Shares) 7,420 185,333 
Jointown Pharmaceutical Group (A Shares) 31,800 67,465 
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. (A Shares) 14,000 79,444 
Joyoung Co. Ltd. (A Shares) 21,600 78,736 
Juewei Food Co. Ltd. 10,300 105,882 
Kingfa Sci & Tech Co. Ltd. (A Shares) 56,600 103,644 
Kuang-Chi Technologies Co. Ltd. (A Shares) (a) 32,200 103,048 
Kunlun Tech Co. Ltd. (A Shares) 21,100 61,563 
Kweichow Moutai Co. Ltd. (A Shares) 23,800 6,784,639 
Lakala Payment Co. Ltd. (A Shares) 9,200 34,598 
Laobaixing Pharmacy Chain JSC (A Shares) 4,600 31,417 
Lb Group Co. Ltd. (A Shares) 45,500 201,654 
Lens Technology Co. Ltd. (A Shares) 94,400 313,451 
Leo Group Co. Ltd. (A Shares) 116,000 41,288 
Lepu Medical Technology Beijing Co. Ltd. (A Shares) 29,800 99,182 
Leyard Optoelectronic Co. Ltd. (A Shares) 58,000 85,202 
Liaoning Chengda Co. Ltd. (A Shares) 28,500 90,540 
Lingyi iTech Guangdong Co. (A Shares) (a) 150,800 156,785 
Livzon Pharmaceutical Group, Inc. (A Shares) 18,400 100,937 
LONGi Green Energy Technology Co. Ltd. 102,420 1,561,942 
Luxi Chemical Group Co. Ltd. 42,500 108,808 
Luxshare Precision Industry Co. Ltd. (A Shares) 129,047 778,422 
Luzhou Laojiao Co. Ltd. (A Shares) 26,700 954,293 
Maccura Biotechnology Co. Ltd. (A Shares) 7,100 30,846 
Mango Excellent Media Co. Ltd. (A Shares) 37,800 231,848 
Maxscend Microelectronics Co. Ltd. (A Shares) 6,220 300,224 
Meinian Onehealth Healthcare Holdings Co. Ltd. (A Shares) (a) 57,564 64,881 
Metallurgical Corp. China Ltd. (H Shares) 920,000 255,408 
Mingyang Smart Energy Group Ltd. 44,800 216,735 
Montage Technology Co. Ltd. (A Shares) 15,781 160,378 
Muyuan Foodstuff Co. Ltd. (A Shares) 96,040 856,238 
Nanji E-Commerce Co. Ltd. (A Shares) 40,800 45,668 
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd. 29,841 172,829 
Nanjing Securities Co. Ltd. (A Shares) 53,600 81,248 
NARI Technology Co. Ltd. (A Shares) 107,540 653,558 
National Silicon Industry Group Co. Ltd. (A Shares) (a) 41,363 182,157 
NAURA Technology Group Co. Ltd. 9,500 550,580 
NavInfo Co. Ltd. (A Shares) (a) 35,200 64,292 
New China Life Insurance Co. Ltd. 13,900 84,996 
New China Life Insurance Co. Ltd. (H Shares) 370,900 1,074,969 
New Hope Liuhe Co. Ltd. (A Shares) (a) 113,900 255,867 
Ninestar Corp. (A Shares) 18,500 106,077 
Ningbo Joyson Electronic Corp. (A shares) 20,300 56,187 
Ningbo Tuopu Group Co. Ltd. (A Shares) 23,700 192,020 
Ningxia Baofeng Energy Group Co. Ltd. 119,200 271,681 
Nongfu Spring Co. Ltd. (H Shares) (b) 144,600 733,175 
Northeast Securities Co. Ltd. (A Shares) 57,700 77,645 
Offcn Education Technology Co. A Shares (a) 48,490 79,028 
Offshore Oil Enginering Co. Ltd. (A Shares) 63,300 45,950 
OFILM Group Co. Ltd. (A Shares) 46,400 54,181 
Oppein Home Group, Inc. (A Shares) 10,760 213,814 
Orient Securities Co. Ltd. (A Shares) 106,100 227,910 
Ovctek China, Inc. (A Shares) 15,820 168,900 
Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (a) 79,100 49,393 
People's Insurance Co. of China Group Ltd.:   
(A Shares) 140,700 110,263 
(H Shares) 2,463,000 769,242 
Perfect World Co. Ltd. (A Shares) 31,950 86,686 
PetroChina Co. Ltd.:   
(A Shares) 229,600 196,419 
(H Shares) 7,136,000 3,440,606 
Pharmaron Beijing Co. Ltd.:   
(A Shares) 15,600 465,997 
(H Shares) (b) 41,800 910,623 
PICC Property & Casualty Co. Ltd. (H Shares) 2,300,933 2,152,920 
Ping An Bank Co. Ltd. (A Shares) 351,900 1,071,233 
Ping An Insurance Group Co. of China Ltd.:   
(A Shares) 284,992 2,205,371 
(H Shares) 2,025,000 14,504,534 
Poly Developments & Holdings (A Shares) 245,200 480,773 
Poly Property Development Co. Ltd. (H Shares) 36,600 205,568 
Postal Savings Bank of China Co. Ltd. 332,900 281,152 
Postal Savings Bank of China Co. Ltd. (H Shares) (b) 2,879,000 2,094,356 
Power Construction Corp. of China Ltd. (A Shares) 255,300 327,208 
Proya Cosmetics Co. Ltd. (A Shares) 3,600 112,961 
Qianhe Condiment and Food Co. Ltd. (A Shares) 10,080 38,632 
Qingdao Rural Commercial Bank Corp. (A Shares) 57,000 33,991 
Raytron Technology Co. Ltd. (A Shares) 9,121 103,046 
Risesun Real Estate Development Co. Ltd. (A Shares) 86,700 58,064 
Riyue Heavy Industry Co. Ltd. (A Shares) 22,600 137,278 
Rongsheng Petrochemical Co. Ltd. (A Shares) 192,150 517,139 
SAIC Motor Corp. Ltd. (A Shares) 164,000 519,209 
Sailun Group Co. Ltd. A Shares 66,900 139,946 
Sanan Optoelectronics Co. Ltd. (A Shares) 86,000 451,095 
Sangfor Technologies, Inc. 8,200 259,617 
Sany Heavy Industry Co. Ltd. (A Shares) 157,600 564,882 
Satellite Chemical Co. Ltd. (A Shares) 36,960 224,734 
SDIC Capital Co. Ltd. 91,352 116,940 
SDIC Power Holdings Co. Ltd. (A Shares) 122,300 201,423 
Sealand Securities Co. Ltd. (A Shares) 114,180 68,803 
Seazen Holdings Co. Ltd. (A Shares) 39,700 212,204 
SF Holding Co. Ltd. (A Shares) 88,200 889,883 
SG Micro Corp. (A Shares) 3,750 189,673 
Shaanxi Coal Industry Co. Ltd. (A Shares) 189,300 369,690 
Shandong Buchang Pharmaceuticals Co. Ltd. (A Shares) 24,010 65,556 
Shandong Gold Mining Co. Ltd.:   
(A Shares) 61,432 191,035 
(H Shares) (b) 201,500 366,199 
Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares) 39,520 191,747 
Shandong Linglong Tyre Co. Ltd. (A Shares) 27,500 151,458 
Shandong Nanshan Aluminum Co. Ltd. (A Shares) 237,000 159,831 
Shandong Pharmaceutical Glass Co. Ltd. (A Shares) 8,100 43,005 
Shandong Sun Paper Industry JSC Ltd. (A Shares) 41,600 74,553 
Shandong Weigao Medical Polymer Co. Ltd. (H Shares) 848,000 1,445,213 
Shanghai Bailian Group Co. Ltd. (A Shares) 35,000 75,237 
Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares) 14,700 145,950 
Shanghai Baosight Software Co. Ltd. (A Shares) 18,200 198,884 
Shanghai Construction Group Co. Ltd. (A Shares) 168,300 85,914 
Shanghai Electric Group Co. Ltd. (A Shares) 265,500 196,874 
Shanghai Fosun Pharmaceutical (Group) Co. Ltd.:   
(A Shares) 27,900 217,773 
(H Shares) 176,500 832,536 
Shanghai International Airport Co. Ltd. (A Shares) (a) 14,800 121,990 
Shanghai International Port Group Co. Ltd. (A Shares) 236,600 209,055 
Shanghai Jahwa United Co. Ltd. (A Shares) 13,900 104,005 
Shanghai Jinjiang International Hotels Co. Ltd. (A Shares) 21,400 180,400 
Shanghai Lingang Holdings Corp. Ltd. (A Shares) 65,880 151,285 
Shanghai Lujiazui Finance Trust Ltd. (B Shares) 478,771 425,627 
Shanghai M&G Stationery, Inc. (A Shares) 15,700 155,634 
Shanghai Pharmaceuticals Holding Co. Ltd.:   
(A Shares) 81,400 236,992 
(H Shares) 191,700 351,345 
Shanghai Pudong Development Bank Co. Ltd. (A Shares) 544,500 759,916 
Shanghai Putailai New Energy Technology Co. Ltd. 13,464 373,690 
Shanghai RAAS Blood Products Co. Ltd. (A Shares) 200,600 206,683 
Shanghai Yuyuan Tourist Mart Group Co. Ltd. 65,400 100,360 
Shanghai Zhangjiang High Ltd. (A Shares) 27,200 70,869 
Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares) 64,300 129,890 
Shanxi Meijin Energy Co. Ltd. (A Shares) (a) 77,000 135,110 
Shanxi Securities Co. Ltd. (A Shares) 59,350 58,000 
Shanxi Taigang Stainless Steel Co. Ltd. (A Shares) 116,400 139,918 
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares) 22,120 1,041,124 
Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares) 88,270 127,325 
Shenergy Co. Ltd. (A Shares) 100,900 97,502 
Shenghe Resources Holding Co. Ltd. (A Shares) 36,000 113,635 
Shengyi Technology Co. Ltd. 38,700 134,422 
Shennan Circuits Co. Ltd. (A Shares) 7,500 104,004 
Shenwan Hongyuan Group Co. Ltd. (A Shares) 354,900 284,219 
Shenzhen Capchem Technology Co. Ltd. (A Shares) 6,000 134,279 
Shenzhen Energy Group Co. Ltd. (A Shares) 69,720 88,378 
Shenzhen Goodix Technology Co. Ltd. (A Shares) 7,200 115,085 
Shenzhen Hepalink Pharmaceutical Group Co. Ltd. (A Shares) 19,300 46,278 
Shenzhen Inovance Technology Co. Ltd. (A Shares) 48,150 490,313 
Shenzhen Kaifa Technology Co. Ltd. (A Shares) 24,200 55,912 
Shenzhen Kangtai Biological Products Co. Ltd. 12,600 224,728 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) 23,400 1,373,845 
Shenzhen MTC Co. Ltd. (A Shares) (a) 140,400 107,397 
Shenzhen Overseas Chinese Town Co. Ltd. (A Shares) 141,000 137,792 
Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares) (a) 19,900 89,780 
Shenzhen SC New Energy Technology Corp. (A Shares) 6,700 119,843 
Shenzhen Sunlord Electronics Co. Ltd. (A Shares) 21,300 109,896 
Shenzhen Sunway Communication Co. Ltd. (A Shares) 13,500 50,137 
Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares) 27,860 69,805 
Sichuan Chuantou Energy Co. Ltd. (A Shares) 88,136 180,104 
Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares) 29,900 82,478 
Sichuan Road & Bridge (Group) Co. Ltd. (A Shares) 106,600 200,028 
Sichuan Swellfun Co. Ltd. (A Shares) 9,200 181,910 
Sinolink Securities Co. Ltd. (A Shares) 49,100 82,169 
Sinoma Science & Technology Co. Ltd. (A Shares) 36,000 211,760 
Sinopec Shanghai Petrochemical Co. Ltd. (A Shares) 111,300 67,589 
Sinopharm Group Co. Ltd. (H Shares) 415,600 991,393 
Sinotrans Ltd. 81,000 57,155 
SKSHU Paint Co. Ltd. (A Shares) 7,560 131,544 
Songcheng Performance Development Co. Ltd. (A Shares) 41,560 90,831 
Soochow Securities Co. Ltd. (A Shares) 58,730 77,656 
Southwest Securities Co. Ltd. (A Shares) 114,400 85,902 
Spring Airlines Co. Ltd. (A Shares) (a) 16,600 151,598 
StarPower Semiconductor Ltd. (A Shares) 3,100 193,576 
Sungrow Power Supply Co. Ltd. (A Shares) 26,900 689,114 
Suning.com Co. Ltd. (A Shares) (a) 143,200 99,926 
Sunwoda Electronic Co. Ltd. (A Shares) 32,200 247,768 
Suofeiya Home Collection Co. Ltd. (A Shares) 6,700 17,697 
Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares) 27,500 87,234 
Suzhou Gold Mantis Consolidated Co. Ltd. 53,300 49,674 
Suzhou Maxwell Technologies Co. Ltd. (A Shares) 2,100 250,790 
Tangshan Jidong Cement Co. Ltd. A Shares 25,900 47,063 
TBEA Co. Ltd. (A Shares) 71,500 301,481 
TCL Technology Group Corp. (A Shares) 272,800 258,076 
The Pacific Securities Co. Ltd. (A Shares) (a) 144,200 70,234 
Thunder Software Technology Co. Ltd. (A Shares) 8,900 188,955 
Tianfeng Securities Co. Ltd. (A Shares) 247,900 152,476 
Tianjin 712 Communication & Broadcasting Co. Ltd. 9,800 57,646 
Tianjin Zhonghuan Semiconductor Co. Ltd. (A Shares) 58,300 476,539 
Tianma Microelectronics Co. Ltd. (A Shares) 41,400 79,559 
Tianshui Huatian Technology Co. Ltd. (A Shares) 44,700 89,669 
Toly Bread Co. Ltd. 13,720 67,468 
TongFu Microelectronics Co. Ltd. (A Shares) 21,400 66,882 
Tonghua Dongbao Pharmaceutical Co. Ltd. (A Shares) 44,000 83,731 
Tongkun Group Co. Ltd. (A Shares) 49,100 152,840 
Tongling Nonferrous Metals Group Co. Ltd. (A Shares) 217,300 125,175 
Tongwei Co. Ltd. (A Shares) 83,600 746,896 
Topchoice Medical Corp. (a) 5,300 197,297 
Topsec Technologies Group, Inc. 8,300 23,919 
Transfar Zhilian Co. Ltd. 71,100 90,904 
TravelSky Technology Ltd. (H Shares) 283,000 529,591 
Tsingtao Brewery Co. Ltd.:   
(A Shares) 32,300 525,816 
(H Shares) 136,000 1,182,495 
Unigroup Guoxin Microelectronics Co. Ltd. 10,100 319,520 
Unisplendour Corp. Ltd. (A Shares) 46,620 201,742 
Universal Scientific Industrial Shanghai Co. Ltd. (A Shares) 22,700 49,186 
Venus MedTech Hangzhou, Inc. (H Shares) (a)(b) 63,000 291,903 
Walvax Biotechnology Co. Ltd. (A Shares) 30,400 261,015 
Wangfujing Group Co. Ltd. 11,300 54,332 
Wanhua Chemical Group Co. Ltd. (A Shares) 58,300 959,903 
Weichai Power Co. Ltd.:   
(A Shares) 88,600 208,853 
(H Shares) 683,600 1,228,292 
Weifu High-Technology Group Co. Ltd. (A Shares) 20,500 62,181 
Weihai Guangwei Composites Co. Ltd. (A Shares) 8,200 86,906 
Wens Foodstuffs Group Co. Ltd. (A Shares) 148,900 383,073 
Western Securities Co. Ltd. (A Shares) 67,600 80,836 
Will Semiconductor Ltd. 16,200 672,708 
Wingtech Technology Co. Ltd. (A Shares) 23,900 409,517 
Winning Health Technology Group Co. Ltd. (A Shares) 34,320 67,775 
Wuchan Zhongda Group Co. Ltd. 106,200 103,949 
Wuhan Guide Infrared Co. Ltd. (A Shares) 34,986 118,518 
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd. (A Shares) 33,800 125,581 
Wuhu Token Science Co. Ltd. (A Shares) 24,600 39,401 
Wuliangye Yibin Co. Ltd. (A Shares) 74,000 2,501,150 
WUS Printed Circuit Kunshan Co. Ltd. (A Shares) 33,330 53,280 
WuXi AppTec Co. Ltd. 39,648 854,205 
WuXi AppTec Co. Ltd. (H Shares) (b) 124,600 2,663,194 
Wuxi Lead Intelligent Equipment Co. Ltd. (A Shares) 18,560 235,385 
Wuxi Shangji Automation Co. Ltd. (A Shares) 5,500 256,765 
XCMG Construction Machinery Co. Ltd. (A Shares) 142,700 136,112 
Xiamen C&D, Inc. (A Shares) 65,100 81,404 
Xiamen Intretech, Inc. 8,330 40,078 
Xiamen Tungsten Co. Ltd. (A Shares) 29,300 103,830 
Xinjiang Goldwind Science & Technology Co. Ltd.:   
(A Shares) 139,182 402,614 
(H Shares) 147,852 331,410 
Yango Group Co. Ltd. (A Shares) 73,800 37,097 
Yantai Eddie Precision Machinery Co. Ltd. (A Shares) 11,200 62,454 
Yantai Jereh Oilfield Services (A Shares) 19,800 130,717 
Yanzhou Coal Mining Co. Ltd.:   
(A Shares) 90,400 318,656 
(H Shares) (d) 380,000 563,614 
Yealink Network Technology Corp. Ltd. 19,400 229,351 
Yifan Pharmaceutical Co. Ltd. (A Shares) 13,900 35,565 
Yifeng Pharmacy Chain Co. Ltd. 12,714 94,773 
Yihai Kerry Arawana Holdings Co. Ltd. (A Shares) 21,600 205,286 
Yintai Gold Co. Ltd. (A Shares) 43,540 59,950 
Yixintang Pharmaceutical Group Co. Ltd. (A Shares) 15,100 74,725 
Yonghui Superstores Co. Ltd. (A Shares) 150,700 92,456 
Yonyou Network Technology Co. Ltd. (A Shares) 66,630 330,771 
Youngor Group Co. Ltd. (A Shares) 97,993 98,364 
YTO Express Group Co. Ltd. (A Shares) 38,900 88,661 
Yuan Longping High-tech Agriculture Co. Ltd. (A Shares) (a) 34,000 111,409 
Yunda Holding Co. Ltd. (A Shares) 40,820 118,973 
Yunnan Aluminium Co. Ltd. (A Shares) (a) 63,700 118,236 
Yunnan Baiyao Group Co. Ltd. (A Shares) 27,200 380,458 
Yunnan Energy New Material Co. Ltd. 16,500 751,467 
Yutong Bus Co. Ltd. 60,800 107,633 
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares) 11,298 728,279 
Zhaojin Mining Industry Co. Ltd. (H Shares) 263,500 188,638 
Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a) 103,666 120,242 
Zhejiang China Commodities City Group Co. Ltd. (A Shares) 139,000 105,892 
Zhejiang Chint Electric Co. Ltd. (A Shares) 38,700 363,937 
Zhejiang Dahua Technology Co. Ltd. (A Shares) 48,900 166,263 
Zhejiang Dingli Machinery Co. Ltd. (A Shares) 6,000 63,983 
Zhejiang Expressway Co. Ltd. (H Shares) 552,000 490,241 
Zhejiang Fuchunjiang Hp Co. Ltd. (A Shares) 130,200 145,531 
Zhejiang HangKe Technology, Inc. Co. (A Shares) 8,227 132,734 
Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares) 24,860 71,525 
Zhejiang Huayou Cobalt Co. Ltd. (A Shares) 22,400 388,326 
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares) 20,000 238,567 
Zhejiang Jiuzhou Pharmaceutical Co. Ltd. (A Shares) 20,200 165,050 
Zhejiang Juhua Co. Ltd. (A Shares) 57,500 139,492 
Zhejiang Longsheng Group Co. Ltd. (A Shares) 52,600 102,232 
Zhejiang NHU Co. Ltd. (A Shares) 44,400 188,115 
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) 57,850 214,214 
Zhejiang Semir Garment Co. Ltd. (A Shares) 22,600 26,461 
Zhejiang Supor Cookware Co. Ltd. 8,500 70,327 
Zhejiang Weixing New Building Materials Co. Ltd. (A Shares) 18,600 52,266 
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. 11,500 96,316 
Zheshang Securities Co. Ltd. (a) 52,300 100,750 
ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(b)(d) 177,300 650,590 
Zhongji Innolight Co. Ltd. (A Shares) 12,400 64,016 
Zhongjin Gold Co. Ltd. (A Shares) 60,400 78,450 
Zhongtai Securities Co. Ltd. (A Shares) 121,000 174,726 
Zhongtian Financial Group Co. Ltd. (A Shares) (a) 119,697 46,902 
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) 186,100 892,170 
Zhuzhou Kibing Group Co. Ltd. (A Shares) 55,400 137,511 
Zijin Mining Group Co. Ltd. (H Shares) 2,378,000 3,313,093 
Zoomlion Heavy Industry Science and Technology Co. Ltd.:   
(A Shares) 472,600 537,838 
(H Shares) 20,400 14,735 
ZTE Corp.:   
(A Shares) 30,600 155,824 
(H Shares) 312,080 938,586 
TOTAL CHINA  294,407,654 
Colombia - 0.0%   
Bancolombia SA 66,081 591,016 
Ecopetrol SA 1,574,390 1,190,282 
Grupo de Inversiones Suramerica SA 72,981 425,397 
Interconexion Electrica SA ESP 139,485 837,487 
TOTAL COLOMBIA  3,044,182 
Cyprus - 0.1%   
Ozon Holdings PLC ADR (a) 15,142 690,705 
TCS Group Holding PLC unit 38,813 3,997,278 
TOTAL CYPRUS  4,687,983 
Czech Republic - 0.0%   
CEZ A/S 57,998 1,914,660 
Komercni Banka A/S 25,349 983,537 
MONETA Money Bank A/S (a)(b) 124,826 487,977 
TOTAL CZECH REPUBLIC  3,386,174 
Denmark - 1.7%   
A.P. Moller - Maersk A/S:   
Series A 889 2,434,216 
Series B 2,013 5,833,570 
Ambu A/S Series B 53,298 1,518,185 
Carlsberg A/S Series B 33,007 5,444,744 
Chr. Hansen Holding A/S 33,957 2,701,785 
Coloplast A/S Series B 38,277 6,239,716 
Danske Bank A/S 221,994 3,756,822 
Demant A/S (a) 34,606 1,676,253 
DSV A/S 66,069 15,354,497 
Genmab A/S (a) 21,694 9,722,688 
GN Store Nord A/S 41,104 2,494,345 
Novo Nordisk A/S Series B 552,191 60,550,456 
Novozymes A/S Series B 66,988 4,925,986 
ORSTED A/S (b) 62,148 8,769,290 
Pandora A/S 32,725 4,569,803 
Rockwool International A/S Series B 2,743 1,253,212 
Tryg A/S 111,544 2,644,295 
Vestas Wind Systems A/S 332,287 14,370,703 
TOTAL DENMARK  154,260,566 
Egypt - 0.0%   
Commercial International Bank SAE (a) 413,690 1,343,242 
Commercial International Bank SAE sponsored GDR 175,973 545,516 
Eastern Co. SAE 466,590 344,522 
Fawry for Banking & Payment Technology Services SAE 256,833 245,880 
TOTAL EGYPT  2,479,160 
Finland - 0.8%   
Elisa Corp. (A Shares) 44,604 2,690,517 
Fortum Corp. 143,572 4,265,409 
Kesko Oyj 89,644 2,910,924 
Kone OYJ (B Shares) 112,005 7,634,010 
Neste Oyj 139,484 7,770,324 
Nokia Corp. (a) 1,776,924 10,198,674 
Nordea Bank ABP 1,061,291 12,983,143 
Orion Oyj (B Shares) 35,280 1,526,533 
Sampo Oyj (A Shares) 162,528 8,642,589 
Stora Enso Oyj (R Shares) 188,321 3,130,513 
UPM-Kymmene Corp. 174,366 6,151,828 
Wartsila Corp. 152,919 2,120,409 
TOTAL FINLAND  70,024,873 
France - 6.5%   
Accor SA (a) 53,428 1,909,087 
Aeroports de Paris SA (a) 9,949 1,321,470 
Air Liquide SA 147,261 24,586,381 
Alstom SA 103,139 3,675,647 
Amundi SA (b) 19,341 1,722,699 
Arkema SA 19,873 2,715,431 
Atos Origin SA 32,640 1,697,178 
AXA SA 632,806 18,410,221 
bioMerieux SA 13,867 1,764,129 
BNP Paribas SA 369,703 24,746,896 
Bollore SA 274,435 1,589,407 
Bouygues SA 70,605 2,856,678 
Bureau Veritas SA 97,069 3,081,335 
Capgemini SA 52,412 12,196,419 
Carrefour SA 208,414 3,771,706 
CNP Assurances 51,425 1,287,629 
Compagnie de St. Gobain 165,905 11,449,529 
Compagnie Generale des Etablissements Michelin SCA Series B 55,501 8,725,729 
Covivio 17,264 1,492,797 
Credit Agricole SA 380,270 5,737,123 
Danone SA 214,219 13,964,037 
Dassault Aviation SA 8,790 917,052 
Dassault Systemes SA 216,873 12,664,823 
Edenred SA 78,949 4,268,466 
EDF SA 151,883 2,235,092 
EDF SA (a) 5,248 77,229 
Eiffage SA 26,912 2,767,570 
ENGIE 595,823 8,469,133 
EssilorLuxottica SA 93,306 19,296,465 
Eurazeo SA 12,773 1,196,751 
Faurecia SA 38,767 2,018,900 
Gecina SA 15,612 2,184,646 
Getlink SE 147,825 2,270,217 
Hermes International SCA 10,366 16,422,833 
Ipsen SA 12,661 1,308,469 
Kering SA 24,657 18,505,941 
Klepierre SA 68,438 1,626,591 
L'Oreal SA (a) 4,395 2,010,514 
L'Oreal SA 78,560 35,937,648 
La Francaise des Jeux SAEM (b) 31,167 1,617,704 
Legrand SA 88,788 9,685,895 
LVMH Moet Hennessy Louis Vuitton SE 91,072 71,411,528 
Orange SA 648,990 7,077,207 
Orpea 16,807 1,752,486 
Pernod Ricard SA 68,769 15,796,047 
Publicis Groupe SA 71,615 4,796,675 
Remy Cointreau SA 7,637 1,541,434 
Renault SA (a) 61,913 2,223,009 
Safran SA 112,392 15,126,816 
Sanofi SA 372,111 37,376,384 
Sartorius Stedim Biotech 9,031 4,971,450 
Schneider Electric SA 177,620 30,624,917 
SCOR SE 52,798 1,776,104 
SEB SA 8,940 1,398,277 
Societe Generale Series A 267,171 8,924,568 
Sodexo SA 26,835 2,605,786 
Sodexo SA (a) 2,224 215,959 
Suez Environnement SA 106,538 2,424,364 
Teleperformance 19,336 8,071,457 
Thales SA 33,425 3,078,007 
Total SA 820,136 41,068,282 
Ubisoft Entertainment SA (a) 30,503 1,597,253 
Valeo SA 75,253 2,203,519 
Veolia Environnement SA 214,361 6,995,431 
VINCI SA 173,623 18,539,415 
Vivendi SA 229,555 2,954,846 
Wendel SA 8,300 1,104,361 
Worldline SA (a)(b) 77,310 4,502,479 
TOTAL FRANCE  594,341,528 
Germany - 5.1%   
adidas AG 62,554 20,486,110 
Allianz SE 135,395 31,483,318 
BASF AG 301,783 21,720,428 
Bayer AG 322,696 18,186,401 
Bayerische Motoren Werke AG (BMW) 101,404 10,226,537 
Bechtle AG 27,729 2,077,146 
Beiersdorf AG 33,391 3,547,340 
Brenntag SE 51,224 4,869,837 
Carl Zeiss Meditec AG 13,236 2,661,577 
Commerzbank AG (a) 327,565 2,391,649 
Continental AG (a) 36,798 4,326,395 
Covestro AG (b) 63,309 4,054,460 
Daimler AG (Germany) 280,604 27,812,189 
Delivery Hero AG (a)(b) 53,174 6,611,006 
Deutsche Bank AG (a) 680,622 8,769,662 
Deutsche Borse AG 62,717 10,411,122 
Deutsche Lufthansa AG (a) 197,425 1,303,611 
Deutsche Post AG 326,889 20,224,335 
Deutsche Telekom AG 1,095,360 20,370,581 
E.ON AG 728,680 9,237,255 
Evonik Industries AG 67,663 2,191,680 
Fresenius Medical Care AG & Co. KGaA 67,260 4,468,022 
Fresenius SE & Co. KGaA 137,125 6,224,150 
GEA Group AG 50,096 2,466,428 
Hannover Reuck SE 19,967 3,646,933 
HeidelbergCement AG 49,484 3,726,390 
HelloFresh AG (a) 53,558 4,333,913 
Henkel AG & Co. KGaA 35,615 2,968,425 
Infineon Technologies AG 430,253 20,149,333 
KION Group AG 23,568 2,571,891 
Knorr-Bremse AG 23,280 2,452,731 
Lanxess AG 26,711 1,798,947 
LEG Immobilien AG 23,206 3,451,182 
Merck KGaA 42,518 10,036,595 
MTU Aero Engines AG 17,609 3,915,477 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 46,219 13,688,552 
Nemetschek Se 18,538 2,125,849 
Puma AG 35,088 4,352,273 
Rational AG 1,690 1,679,349 
RWE AG 209,302 8,049,780 
SAP SE 342,622 49,615,495 
Scout24 AG (b) 30,745 2,139,581 
Siemens AG 251,221 40,844,008 
Siemens Healthineers AG (b) 93,018 6,178,605 
Symrise AG 42,407 5,860,639 
TeamViewer AG (a)(b) 53,256 794,861 
Telefonica Deutschland Holding AG 354,765 923,974 
Uniper SE 33,349 1,473,051 
United Internet AG 33,293 1,226,956 
Vitesco Technologies Group AG (a) 350 20,068 
Volkswagen AG 10,893 3,535,920 
Vonovia SE 179,895 10,909,509 
Zalando SE (a)(b) 73,075 6,891,446 
TOTAL GERMANY  465,482,972 
Greece - 0.1%   
Alpha Bank SA (a) 726,520 922,583 
EFG Eurobank Ergasias SA (a) 815,882 852,050 
Ff Group (a)(c) 5,453 7,564 
Hellenic Telecommunications Organization SA 70,154 1,240,800 
Jumbo SA 36,692 544,621 
OPAP SA 65,482 1,018,127 
TOTAL GREECE  4,585,745 
Hong Kong - 1.7%   
AIA Group Ltd. 3,975,495 44,553,417 
Beijing Enterprises Holdings Ltd. 173,500 666,750 
BOC Hong Kong (Holdings) Ltd. 1,221,149 3,876,663 
BYD Electronic International Co. Ltd. (d) 235,500 700,704 
China Everbright International Ltd. 1,146,481 788,339 
China Everbright Ltd. 348,000 391,810 
China Jinmao Holdings Group Ltd. 1,742,000 510,476 
China Merchants Holdings International Co. Ltd. 503,123 840,640 
China Overseas Land and Investment Ltd. 1,244,000 2,743,659 
China Power International Development Ltd. 1,314,000 660,335 
China Resources Beer Holdings Co. Ltd. 487,162 4,038,551 
China Resources Pharmaceutical Group Ltd. (b) 445,000 214,479 
China Resources Power Holdings Co. Ltd. 646,523 1,670,216 
China Taiping Insurance Group Ltd. 479,977 734,108 
China Traditional Chinese Medicine Holdings Co. Ltd. 944,000 448,917 
CITIC Pacific Ltd. 1,872,000 1,876,692 
CLP Holdings Ltd. 537,608 5,263,677 
CSPC Pharmaceutical Group Ltd. 3,006,640 3,145,563 
Far East Horizon Ltd. 553,000 528,088 
Fosun International Ltd. 819,500 963,746 
Galaxy Entertainment Group Ltd. (a) 725,136 3,923,684 
Ganfeng Lithium Co. Ltd. (H Shares) (b) 30,100 564,435 
Guangdong Investment Ltd. 1,048,000 1,320,018 
Hang Lung Properties Ltd. 654,998 1,520,373 
Hang Seng Bank Ltd. 249,250 4,741,212 
Henderson Land Development Co. Ltd. 482,059 2,018,469 
Hong Kong & China Gas Co. Ltd. 3,640,468 5,655,584 
Hong Kong Exchanges and Clearing Ltd. 396,402 23,986,384 
Hua Hong Semiconductor Ltd. (a)(b) 177,000 891,768 
Lenovo Group Ltd. 2,436,000 2,645,419 
Link (REIT) 696,203 6,174,154 
MMG Ltd. (a) 896,000 414,575 
MTR Corp. Ltd. 494,398 2,694,232 
New World Development Co. Ltd. 497,090 2,156,261 
Power Assets Holdings Ltd. 456,854 2,786,161 
Shenzhen Investment Ltd. 831,899 204,219 
Sino Land Ltd. 1,121,806 1,473,537 
Sinotruk Hong Kong Ltd. 221,000 305,063 
SJM Holdings Ltd. (a) 591,931 442,018 
Sun Art Retail Group Ltd. 587,500 345,833 
Sun Hung Kai Properties Ltd. 422,062 5,595,839 
Swire Pacific Ltd. (A Shares) 166,004 1,044,392 
Swire Properties Ltd. 348,755 934,585 
Techtronic Industries Co. Ltd. 452,847 9,318,271 
Wharf Holdings Ltd. 430,000 1,492,192 
Yuexiu Property Co. Ltd. 470,400 414,748 
TOTAL HONG KONG  157,680,256 
Hungary - 0.1%   
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) 128,463 1,097,777 
OTP Bank PLC (a) 74,166 4,454,354 
Richter Gedeon PLC 45,999 1,288,603 
TOTAL HUNGARY  6,840,734 
India - 3.4%   
ACC Ltd. 24,432 760,585 
Adani Enterprises Ltd. 87,777 1,667,125 
Adani Green Energy Ltd. (a) 125,673 1,932,921 
Adani Ports & Special Economic Zone Ltd. 168,855 1,561,157 
Adani Total Gas Ltd. (a) 90,822 1,744,163 
Adani Transmissions Ltd. (a) 89,616 2,113,099 
Ambuja Cements Ltd. 236,540 1,277,452 
Apollo Hospitals Enterprise Ltd. 32,289 1,835,999 
Asian Paints Ltd. 126,039 5,212,908 
Aurobindo Pharma Ltd. 91,188 838,642 
Avenue Supermarts Ltd. (a)(b) 52,955 3,274,902 
Axis Bank Ltd. (a) 750,233 7,426,761 
Bajaj Auto Ltd. 21,187 1,047,902 
Bajaj Finance Ltd. 89,258 8,812,315 
Bajaj Finserv Ltd. 12,595 2,994,562 
Balkrishna Industries Ltd. 27,750 910,783 
Bandhan Bank Ltd. (b) 198,287 771,006 
Berger Paints India Ltd. 74,521 737,207 
Bharat Electronics Ltd. 407,501 1,124,563 
Bharat Forge Ltd. 79,445 813,104 
Bharat Petroleum Corp. Ltd. 279,453 1,557,301 
Bharti Airtel Ltd. (a) 803,731 7,348,903 
Biocon Ltd. (a) 135,827 636,233 
Britannia Industries Ltd. 35,354 1,733,740 
Cholamandalam Investment and Finance Co. Ltd. 136,651 1,120,755 
Cipla Ltd. (a) 162,077 1,957,011 
Coal India Ltd. 517,479 1,135,340 
Colgate-Palmolive Ltd. 45,636 939,205 
Container Corp. of India Ltd. 80,233 701,229 
Dabur India Ltd. 204,144 1,595,594 
Divi's Laboratories Ltd. 44,626 3,066,248 
DLF Ltd. 210,257 1,118,117 
Dr. Reddy's Laboratories Ltd. 38,203 2,374,011 
Eicher Motors Ltd. 44,538 1,476,460 
GAIL India Ltd. 506,656 1,006,147 
Godrej Consumer Products Ltd. (a) 117,219 1,496,065 
Grasim Industries Ltd. 85,297 1,958,571 
Havells India Ltd. 83,817 1,412,270 
HCL Technologies Ltd. 352,508 5,378,974 
HDFC Asset Management Co. Ltd. (b) 18,183 642,172 
HDFC Standard Life Insurance Co. Ltd. (b) 264,020 2,396,804 
Hero Motocorp Ltd. 36,345 1,288,404 
Hindalco Industries Ltd. 526,668 3,230,764 
Hindustan Petroleum Corp. Ltd. 205,776 852,150 
Hindustan Unilever Ltd. 270,706 8,643,053 
Housing Development Finance Corp. Ltd. 564,212 21,413,033 
ICICI Bank Ltd. 1,686,309 18,044,215 
ICICI Lombard General Insurance Co. Ltd. (b) 75,008 1,482,598 
ICICI Prudential Life Insurance Co. Ltd. (b) 120,200 991,684 
Indian Oil Corp. Ltd. 612,832 1,046,119 
Indraprastha Gas Ltd. 93,380 590,391 
Indus Towers Ltd. 227,131 822,708 
Info Edge India Ltd. 25,107 2,035,005 
Infosys Ltd. 976,280 21,826,491 
Infosys Ltd. sponsored ADR 145,290 3,237,061 
InterGlobe Aviation Ltd. (a)(b) 27,903 809,747 
Ipca Laboratories Ltd. 23,798 680,206 
ITC Ltd. 968,030 2,882,587 
JSW Steel Ltd. 281,748 2,515,265 
Jubilant Foodworks Ltd. 26,334 1,296,165 
Kotak Mahindra Bank Ltd. (a) 179,867 4,874,083 
Larsen & Toubro Infotech Ltd. (b) 17,350 1,546,767 
Larsen & Toubro Ltd. 224,669 5,295,330 
Lupin Ltd. 70,743 871,039 
Mahindra & Mahindra Ltd. 288,143 3,399,246 
Marico Ltd. 170,433 1,292,544 
Maruti Suzuki India Ltd. 43,829 4,375,240 
Motherson Sumi Systems Ltd. 431,960 1,287,725 
MRF Ltd. 591 609,554 
Muthoot Finance Ltd. 38,516 754,211 
Nestle India Ltd. 10,941 2,773,406 
NTPC Ltd. 1,616,371 2,860,538 
Oil & Natural Gas Corp. Ltd. 827,098 1,644,706 
Page Industries Ltd. 1,711 859,119 
Petronet LNG Ltd. 244,985 750,268 
PI Industries Ltd. 28,564 1,143,227 
Pidilite Industries Ltd. 48,277 1,490,175 
Piramal Enterprises Ltd. 33,311 1,156,252 
Power Grid Corp. of India Ltd. 1,020,626 2,519,736 
Rec Ltd. 288,538 572,226 
Reliance Industries Ltd. 937,231 31,713,056 
SBI Cards & Payment Services Ltd. (a) 78,269 1,101,749 
SBI Life Insurance Co. Ltd. (b) 144,280 2,205,056 
Shree Cement Ltd. 3,685 1,407,790 
Shriram Transport Finance Co. Ltd. 67,044 1,284,619 
Siemens India Ltd. 23,200 676,810 
State Bank of India 595,754 3,991,166 
Sun Pharmaceutical Industries Ltd. 269,103 2,854,204 
Tata Consultancy Services Ltd. 304,035 13,782,068 
Tata Consumer Products Ltd. 197,040 2,127,995 
Tata Motors Ltd. (a) 536,247 3,446,291 
Tata Steel Ltd. 235,261 4,130,368 
Tech Mahindra Ltd. 205,423 4,050,222 
Titan Co. Ltd. 114,411 3,638,241 
Torrent Pharmaceuticals Ltd. 20,384 777,885 
Trent Ltd. 59,294 793,553 
Ultratech Cement Ltd. 34,075 3,471,395 
United Spirits Ltd. (a) 101,485 1,282,660 
UPL Ltd. (a) 159,619 1,576,279 
Vedanta Ltd. 357,594 1,450,318 
Wipro Ltd. 443,887 3,840,079 
Yes Bank Ltd. (a) 3,835,020 654,903 
TOTAL INDIA  311,928,051 
Indonesia - 0.4%   
PT Adaro Energy Tbk 4,686,700 555,755 
PT Aneka Tambang Tbk 3,041,400 502,338 
PT Astra International Tbk 6,571,100 2,794,486 
PT Bank Central Asia Tbk 18,201,500 9,603,403 
PT Bank Mandiri (Persero) Tbk 6,361,100 3,215,995 
PT Bank Negara Indonesia (Persero) Tbk 2,706,600 1,337,300 
PT Bank Rakyat Indonesia Tbk 22,382,054 6,718,731 
PT Barito Pacific Tbk 9,265,300 611,474 
PT Charoen Pokphand Indonesia Tbk 2,440,600 1,068,059 
PT Gudang Garam Tbk 147,900 349,719 
PT Indah Kiat Pulp & Paper Tbk 813,800 486,815 
PT Indocement Tunggal Prakarsa Tbk 495,100 413,239 
PT Indofood CBP Sukses Makmur Tbk 850,500 528,280 
PT Indofood Sukses Makmur Tbk 1,382,900 619,828 
PT Kalbe Farma Tbk 7,053,500 796,584 
PT Merdeka Copper Gold Tbk (a) 3,788,800 845,076 
PT Sarana Menara Nusantara Tbk 7,317,100 599,106 
PT Semen Gresik (Persero) Tbk 1,074,900 690,425 
PT Surya Citra Media Tbk (a) 20 1 
PT Telkom Indonesia Persero Tbk 16,707,300 4,465,623 
PT Tower Bersama Infrastructure Tbk 2,776,100 576,089 
PT Unilever Indonesia Tbk 2,775,100 865,780 
PT United Tractors Tbk 588,600 978,403 
TOTAL INDONESIA  38,622,509 
Ireland - 0.5%   
CRH PLC 213,737 10,228,134 
CRH PLC sponsored ADR 44,225 2,120,147 
DCC PLC (United Kingdom) 32,083 2,680,973 
Flutter Entertainment PLC (a) 19,739 3,726,555 
Flutter Entertainment PLC (Ireland) (a) 35,220 6,660,863 
James Hardie Industries PLC CDI 148,018 5,751,049 
Kerry Group PLC Class A 51,647 6,931,627 
Kingspan Group PLC (Ireland) 49,903 5,748,019 
Smurfit Kappa Group PLC 78,539 4,111,928 
TOTAL IRELAND  47,959,295 
Isle of Man - 0.1%   
Entain PLC (a) 190,474 5,338,587 
NEPI Rockcastle PLC 134,930 904,539 
TOTAL ISLE OF MAN  6,243,126 
Israel - 0.4%   
Azrieli Group 14,046 1,311,229 
Bank Hapoalim BM (Reg.) 369,257 3,629,147 
Bank Leumi le-Israel BM 483,758 4,612,315 
Check Point Software Technologies Ltd. (a) 35,734 4,273,786 
CyberArk Software Ltd. (a) 13,091 2,357,820 
Elbit Systems Ltd. (Israel) 8,673 1,364,942 
Icl Group Ltd. 239,422 2,046,665 
Israel Discount Bank Ltd. (Class A) (a) 381,226 2,298,669 
Mizrahi Tefahot Bank Ltd. 44,986 1,633,477 
NICE Systems Ltd. (a) 16,999 4,782,186 
Teva Pharmaceutical Industries Ltd. sponsored ADR (a) 355,282 3,105,165 
Wix.com Ltd. (a) 18,243 3,392,468 
TOTAL ISRAEL  34,807,869 
Italy - 1.1%   
Amplifon SpA 39,876 2,025,948 
Assicurazioni Generali SpA 355,798 7,753,052 
Atlantia SpA (a) 160,938 3,107,871 
DiaSorin SpA 8,171 1,845,213 
Enel SpA 2,674,328 22,388,910 
Eni SpA 827,612 11,861,704 
FinecoBank SpA 203,124 3,877,909 
Infrastrutture Wireless Italiane SpA (b) 112,155 1,238,947 
Intesa Sanpaolo SpA 5,434,973 15,447,165 
Mediobanca SpA 200,456 2,390,265 
Moncler SpA 66,469 4,773,187 
Nexi SpA (a)(b) 139,883 2,429,614 
Poste Italiane SpA (b) 158,507 2,261,109 
Prysmian SpA 83,747 3,165,737 
Recordati SpA 33,723 2,109,803 
Snam Rete Gas SpA 628,675 3,558,886 
Telecom Italia SpA 2,897,188 1,033,573 
Telecom Italia SpA (Risparmio Shares) 2,255,697 856,592 
Terna - Rete Elettrica Naziona 454,005 3,380,953 
UniCredit SpA 702,789 9,281,133 
TOTAL ITALY  104,787,571 
Japan - 14.2%   
ABC-MART, Inc. 10,736 516,015 
ACOM Co. Ltd. 118,568 395,439 
Advantest Corp. 66,137 5,422,436 
AEON Co. Ltd. 218,242 5,020,581 
AGC, Inc. 62,973 3,135,779 
Aisin Seiki Co. Ltd. 48,062 1,758,722 
Ajinomoto Co., Inc. 153,761 4,603,710 
Ana Holdings, Inc. (a) 51,956 1,210,629 
Asahi Group Holdings 151,549 6,877,337 
ASAHI INTECC Co. Ltd. 68,592 1,808,042 
Asahi Kasei Corp. 413,630 4,345,327 
Astellas Pharma, Inc. 613,130 10,336,624 
Azbil Corp. 41,522 1,770,200 
Bandai Namco Holdings, Inc. 65,198 4,982,340 
Bridgestone Corp. 187,120 8,278,055 
Brother Industries Ltd. 81,321 1,572,255 
Canon, Inc. 331,883 7,546,811 
Capcom Co. Ltd. 57,674 1,552,321 
Casio Computer Co. Ltd. 64,592 914,048 
Central Japan Railway Co. 47,242 7,007,909 
Chiba Bank Ltd. 181,432 1,124,555 
Chubu Electric Power Co., Inc. 209,444 2,167,984 
Chugai Pharmaceutical Co. Ltd. 221,360 8,276,514 
Concordia Financial Group Ltd. 362,215 1,439,686 
Cosmos Pharmaceutical Corp. 6,921 1,057,648 
CyberAgent, Inc. 130,200 2,181,572 
Dai Nippon Printing Co. Ltd. 70,738 1,752,539 
Dai-ichi Mutual Life Insurance Co. 335,265 7,053,494 
Daifuku Co. Ltd. 33,001 3,038,055 
Daiichi Sankyo Kabushiki Kaisha 575,573 14,523,078 
Daikin Industries Ltd. 81,846 17,925,488 
Daito Trust Construction Co. Ltd. 20,865 2,586,928 
Daiwa House Industry Co. Ltd. 182,659 6,025,957 
Daiwa House REIT Investment Corp. 742 2,129,269 
Daiwa Securities Group, Inc. 466,544 2,621,114 
DENSO Corp. 142,725 10,346,874 
Dentsu Group, Inc. 69,714 2,547,609 
Disco Corp. 9,529 2,568,996 
East Japan Railway Co. 99,395 6,190,967 
Eisai Co. Ltd. 78,048 5,530,185 
ENEOS Holdings, Inc. 1,021,305 4,118,158 
FANUC Corp. 63,190 12,487,683 
Fast Retailing Co. Ltd. 19,258 12,783,802 
Fuji Electric Co. Ltd. 41,925 2,050,034 
FUJIFILM Holdings Corp. 118,753 9,176,926 
Fujitsu Ltd. 64,694 11,181,049 
GLP J-REIT 1,345 2,193,886 
GMO Payment Gateway, Inc. 13,341 1,690,256 
Hakuhodo DY Holdings, Inc. 79,424 1,294,897 
Hamamatsu Photonics K.K. 46,542 2,762,380 
Hankyu Hanshin Holdings, Inc. 74,121 2,298,165 
Harmonic Drive Systems, Inc. 14,739 668,144 
Hikari Tsushin, Inc. 7,122 1,097,886 
Hino Motors Ltd. 96,082 908,905 
Hirose Electric Co. Ltd. 10,515 1,758,433 
Hisamitsu Pharmaceutical Co., Inc. 15,750 537,336 
Hitachi Construction Machinery Co. Ltd. 37,409 1,193,570 
Hitachi Ltd. 317,956 18,322,075 
Hitachi Metals Ltd. (a) 67,804 1,283,575 
Honda Motor Co. Ltd. 534,209 15,800,760 
Hoshizaki Corp. 17,350 1,458,978 
Hoya Corp. 121,470 17,881,423 
Hulic Co. Ltd. 124,294 1,195,149 
Ibiden Co. Ltd. 34,205 2,055,239 
Idemitsu Kosan Co. Ltd. 69,185 1,889,602 
Iida Group Holdings Co. Ltd. 47,140 1,162,214 
INPEX Corp. 335,406 2,797,059 
Isuzu Motors Ltd. 189,045 2,543,186 
ITO EN Ltd. 17,453 1,162,470 
Itochu Corp. 389,222 11,100,949 
ITOCHU Techno-Solutions Corp. 31,798 1,004,476 
Japan Airlines Co. Ltd. (a) 49,240 1,059,714 
Japan Exchange Group, Inc. 168,408 3,987,577 
Japan Post Bank Co. Ltd. 130,790 1,020,426 
Japan Post Holdings Co. Ltd. 809,630 6,221,121 
Japan Post Insurance Co. Ltd. 71,016 1,152,213 
Japan Real Estate Investment Corp. 412 2,525,245 
Japan Retail Fund Investment Corp. 2,240 2,057,483 
Japan Tobacco, Inc. 385,481 7,567,444 
JFE Holdings, Inc. 161,342 2,465,379 
JSR Corp. 66,501 2,411,963 
Kajima Corp. 146,844 1,808,056 
Kakaku.com, Inc. 45,233 1,501,055 
Kansai Electric Power Co., Inc. 224,394 2,066,021 
Kansai Paint Co. Ltd. 58,772 1,360,924 
Kao Corp. 159,605 9,028,547 
KDDI Corp. 527,987 16,145,846 
Keio Corp. 34,002 1,716,344 
Keisei Electric Railway Co. 43,630 1,404,050 
Keyence Corp. 63,920 38,583,057 
Kikkoman Corp. 47,473 3,882,820 
Kintetsu Group Holdings Co. Ltd. (a) 56,570 1,780,712 
Kirin Holdings Co. Ltd. 269,108 4,684,052 
Kobayashi Pharmaceutical Co. Ltd. 17,348 1,388,985 
Kobe Bussan Co. Ltd. 46,421 1,599,049 
Koei Tecmo Holdings Co. Ltd. 19,838 923,424 
Koito Manufacturing Co. Ltd. 34,202 1,940,560 
Komatsu Ltd. 288,763 7,563,084 
Konami Holdings Corp. 30,292 1,666,986 
Kose Corp. 11,134 1,292,946 
Kubota Corp. 337,725 7,194,560 
Kurita Water Industries Ltd. 31,698 1,565,614 
Kyocera Corp. 105,117 6,154,280 
Kyowa Hakko Kirin Co., Ltd. 88,263 2,902,800 
Lasertec Corp. 24,874 5,395,563 
Lawson, Inc. 17,551 848,760 
Lion Corp. 74,522 1,241,118 
LIXIL Group Corp. 85,861 2,205,760 
M3, Inc. 144,534 8,517,438 
Makita Corp. 72,720 3,375,076 
Marubeni Corp. 506,229 4,295,516 
Mazda Motor Corp. (a) 190,172 1,710,459 
McDonald's Holdings Co. (Japan) Ltd. 25,668 1,147,143 
Medipal Holdings Corp. 58,675 1,061,562 
Meiji Holdings Co. Ltd. 39,413 2,487,306 
Mercari, Inc. (a) 32,785 1,773,977 
Minebea Mitsumi, Inc. 117,660 2,978,803 
Misumi Group, Inc. 93,375 3,905,294 
Mitsubishi Chemical Holdings Corp. 413,362 3,421,575 
Mitsubishi Corp. 413,914 13,161,627 
Mitsubishi Electric Corp. 604,296 8,115,357 
Mitsubishi Estate Co. Ltd. 378,767 5,756,119 
Mitsubishi Gas Chemical Co., Inc. 52,959 1,065,865 
Mitsubishi Heavy Industries Ltd. 104,001 2,659,604 
Mitsubishi UFJ Financial Group, Inc. 4,009,757 21,987,496 
Mitsubishi UFJ Lease & Finance Co. Ltd. 202,599 1,015,872 
Mitsui & Co. Ltd. 499,604 11,433,195 
Mitsui Chemicals, Inc. 61,343 1,823,963 
Mitsui Fudosan Co. Ltd. 301,706 6,898,157 
Miura Co. Ltd. 30,289 1,165,080 
Mizuho Financial Group, Inc. 790,114 10,427,907 
MonotaRO Co. Ltd. 81,150 1,849,552 
MS&AD Insurance Group Holdings, Inc. 145,237 4,692,224 
Murata Manufacturing Co. Ltd. 189,166 14,032,067 
Nabtesco Corp. 37,411 1,214,121 
NEC Corp. 79,556 4,073,429 
Nexon Co. Ltd. 162,179 2,760,473 
NGK Insulators Ltd. 87,460 1,456,310 
NH Foods Ltd. 27,883 980,581 
Nidec Corp. 147,541 16,341,321 
Nihon M&A Center Holdings, Inc. 100,294 3,079,467 
Nintendo Co. Ltd. 36,811 16,257,837 
Nippon Building Fund, Inc. 478 3,105,540 
Nippon Express Co. Ltd. 24,673 1,544,394 
Nippon Paint Holdings Co. Ltd. 235,910 2,524,199 
Nippon Prologis REIT, Inc. 658 2,197,742 
Nippon Sanso Holdings Corp. 49,047 1,157,930 
Nippon Shinyaku Co. Ltd. 16,645 1,333,538 
Nippon Steel & Sumitomo Metal Corp. 283,124 4,963,946 
Nippon Telegraph & Telephone Corp. 420,561 11,783,675 
Nippon Yusen KK 53,051 3,822,711 
Nissan Chemical Corp. 40,122 2,233,137 
Nissan Motor Co. Ltd. (a) 765,771 3,897,668 
Nisshin Seifun Group, Inc. 60,284 951,921 
Nissin Food Holdings Co. Ltd. 20,763 1,587,121 
Nitori Holdings Co. Ltd. 26,480 4,864,654 
Nitto Denko Corp. 47,755 3,731,584 
Nomura Holdings, Inc. 994,106 4,734,447 
Nomura Real Estate Holdings, Inc. 39,014 951,138 
Nomura Real Estate Master Fund, Inc. 1,390 2,081,478 
Nomura Research Institute Ltd. 108,524 4,344,657 
NSK Ltd. 129,758 871,903 
NTT Data Corp. 205,115 4,114,776 
Obayashi Corp. 203,343 1,716,671 
OBIC Co. Ltd. 22,569 4,173,542 
Odakyu Electric Railway Co. Ltd. 97,790 2,120,030 
Oji Holdings Corp. 264,356 1,310,343 
Olympus Corp. 383,248 8,302,319 
OMRON Corp. 60,784 5,813,056 
Ono Pharmaceutical Co. Ltd. 120,965 2,538,056 
Oracle Corp. Japan 12,538 1,186,402 
Oriental Land Co. Ltd. 65,797 10,391,963 
ORIX Corp. 395,096 7,853,049 
ORIX JREIT, Inc. 826 1,370,421 
Osaka Gas Co. Ltd. 121,175 1,953,097 
Otsuka Corp. 36,404 1,793,135 
Otsuka Holdings Co. Ltd. 127,685 5,049,850 
Pan Pacific International Holdings Ltd. 138,808 2,914,537 
Panasonic Corp. 722,480 8,934,212 
PeptiDream, Inc. (a) 32,594 787,869 
Persol Holdings Co. Ltd. 56,877 1,528,777 
Pigeon Corp. 37,413 866,343 
Pola Orbis Holdings, Inc. 33,088 706,487 
Rakuten Group, Inc. 286,850 3,140,443 
Recruit Holdings Co. Ltd. 445,936 29,663,225 
Renesas Electronics Corp. (a) 407,567 5,013,657 
Resona Holdings, Inc. 688,843 2,587,707 
Ricoh Co. Ltd. 226,562 2,206,225 
Rinnai Corp. 11,837 1,215,335 
ROHM Co. Ltd. 29,387 2,687,076 
Ryohin Keikaku Co. Ltd. 85,038 1,675,780 
Santen Pharmaceutical Co. Ltd. 122,159 1,721,825 
SBI Holdings, Inc. Japan 80,164 2,077,808 
SCSK Corp. 50,256 1,017,035 
Secom Co. Ltd. 69,006 4,704,309 
Seiko Epson Corp. 95,562 1,701,584 
Sekisui Chemical Co. Ltd. 121,352 1,993,659 
Sekisui House Ltd. 196,108 4,077,239 
Seven & i Holdings Co. Ltd. 247,840 10,405,507 
SG Holdings Co. Ltd. 106,516 2,674,733 
Sharp Corp. 71,813 847,048 
Shimadzu Corp. 77,921 3,165,715 
SHIMANO, Inc. 24,574 6,856,481 
SHIMIZU Corp. 174,643 1,279,582 
Shin-Etsu Chemical Co. Ltd. 116,149 20,713,208 
Shionogi & Co. Ltd. 86,960 5,669,819 
Shiseido Co. Ltd. 132,494 8,840,925 
Shizuoka Bank Ltd. 151,112 1,216,812 
SMC Corp. 18,857 11,253,202 
SoftBank Corp. 935,529 12,769,669 
SoftBank Group Corp. 396,542 21,467,755 
Sohgo Security Services Co., Ltd. 24,372 1,042,724 
Sompo Holdings, Inc. 103,779 4,500,567 
Sony Group Corp. 413,642 47,898,246 
Square Enix Holdings Co. Ltd. 28,892 1,582,706 
Stanley Electric Co. Ltd. 43,925 1,107,139 
Subaru Corp. 197,805 3,879,904 
Sumco Corp. 109,364 2,089,794 
Sumitomo Chemical Co. Ltd. 492,285 2,425,151 
Sumitomo Corp. 369,361 5,263,271 
Sumitomo Dainippon Pharma Co., Ltd. 59,374 839,641 
Sumitomo Electric Industries Ltd. 245,532 3,258,913 
Sumitomo Metal Mining Co. Ltd. 81,028 3,143,262 
Sumitomo Mitsui Financial Group, Inc. 428,785 13,913,926 
Sumitomo Mitsui Trust Holdings, Inc. 110,627 3,638,949 
Sumitomo Realty & Development Co. Ltd. 100,308 3,625,123 
Suntory Beverage & Food Ltd. 45,937 1,782,467 
Suzuki Motor Corp. 119,464 5,327,724 
Sysmex Corp. 55,065 6,827,560 
T&D Holdings, Inc. 175,227 2,247,401 
Taisei Corp. 59,987 1,882,341 
Taisho Pharmaceutical Holdings Co. Ltd. 14,133 758,392 
Takeda Pharmaceutical Co. Ltd. 516,746 14,502,906 
TDK Corp. 126,384 4,594,436 
Terumo Corp. 212,035 9,354,095 
THK Co. Ltd. 40,522 871,370 
TIS, Inc. 72,520 1,975,653 
Tobu Railway Co. Ltd. 58,886 1,466,123 
Toho Co. Ltd. 36,613 1,720,231 
Toho Gas Co. Ltd. 24,374 722,017 
Tohoku Electric Power Co., Inc. 142,110 922,029 
Tokio Marine Holdings, Inc. 205,421 10,819,532 
Tokyo Century Corp. 12,443 712,435 
Tokyo Electric Power Co., Inc. (a) 497,266 1,377,428 
Tokyo Electron Ltd. 49,048 22,857,991 
Tokyo Gas Co. Ltd. 119,962 2,081,693 
Tokyu Corp. 163,181 2,300,560 
Toppan, Inc. 85,558 1,381,089 
Toray Industries, Inc. 448,753 2,796,411 
Toshiba Corp. 134,779 5,813,309 
Tosoh Corp. 87,951 1,481,185 
Toto Ltd. 46,139 2,229,173 
Toyo Suisan Kaisha Ltd. 29,187 1,257,642 
Toyota Industries Corp. 47,442 4,033,168 
Toyota Motor Corp. 3,433,365 60,578,860 
Toyota Tsusho Corp. 68,611 2,976,085 
Trend Micro, Inc. 44,230 2,499,897 
Tsuruha Holdings, Inc. 13,536 1,669,601 
Unicharm Corp. 133,297 5,390,906 
United Urban Investment Corp. 955 1,190,464 
USS Co. Ltd. 71,417 1,151,121 
Welcia Holdings Co. Ltd. 32,592 1,216,706 
West Japan Railway Co. 71,959 3,396,871 
Yakult Honsha Co. Ltd. 41,227 2,083,126 
Yamada Holdings Co. Ltd. 246,015 940,097 
Yamaha Corp. 44,432 2,807,129 
Yamaha Motor Co. Ltd. 96,978 2,703,147 
Yamato Holdings Co. Ltd. 98,102 2,411,661 
Yaskawa Electric Corp. 78,335 3,392,853 
Yokogawa Electric Corp. 75,323 1,505,123 
Z Holdings Corp. 872,096 5,413,990 
ZOZO, Inc. 40,307 1,293,797 
TOTAL JAPAN  1,298,915,860 
Korea (South) - 3.3%   
Alteogen, Inc. 8,563 510,249 
AMOREPACIFIC Corp. 9,565 1,480,796 
AMOREPACIFIC Group, Inc. 9,193 389,272 
BGF Retail Co. Ltd. 3,024 417,941 
Celltrion Healthcare Co. Ltd. 27,282 1,887,291 
Celltrion Pharm, Inc. 5,747 556,911 
Celltrion, Inc. (a) 31,536 5,401,407 
Cheil Worldwide, Inc. 26,874 546,323 
CJ CheilJedang Corp. 2,559 827,422 
CJ Corp. 4,083 333,965 
CJ ENM Co. Ltd. 2,769 416,669 
CJ Logistics Corp. (a) 3,520 425,807 
Coway Co. Ltd. 18,378 1,239,733 
Daewoo Shipbuilding & Marine Engineering Co. Ltd. (a) 9,426 208,288 
Db Insurance Co. Ltd. 13,818 698,628 
Doosan Bobcat, Inc. (a) 16,751 544,662 
Doosan Heavy Industries & Construction Co. Ltd. (a) 87,938 1,830,139 
Douzone Bizon Co. Ltd. 5,915 410,786 
E-Mart, Inc. 6,910 989,611 
Ecopro BM Co. Ltd. 3,669 1,283,373 
Fila Holdings Corp. 14,947 473,784 
Green Cross Corp. 2,118 495,746 
GS Engineering & Construction Corp. 18,707 660,395 
GS Holdings Corp. 14,660 528,184 
Hana Financial Group, Inc. 97,706 3,748,218 
Hankook Tire Co. Ltd. 22,118 779,655 
Hanmi Pharm Co. Ltd. 1,968 442,578 
Hanon Systems 55,584 685,051 
Hanwha Solutions Corp. (a) 42,331 1,477,479 
HLB, Inc. 30,254 1,083,981 
HMM Co. Ltd. (a) 85,000 1,934,855 
Hotel Shilla Co. 9,956 741,953 
HYBE Co. Ltd. (a) 4,143 1,184,096 
Hyundai Engineering & Construction Co. Ltd. 24,018 1,032,981 
Hyundai Glovis Co. Ltd. 6,995 1,002,189 
Hyundai Heavy Industries Holdi 14,298 771,188 
Hyundai Mobis 21,337 4,588,760 
Hyundai Motor Co. 43,243 7,694,607 
Hyundai Steel Co. 28,952 1,100,954 
Industrial Bank of Korea 89,743 845,031 
Kakao Corp. 102,628 10,984,587 
KakaoBank Corp. (a) 16,465 888,067 
Kangwon Land, Inc. (a) 35,484 839,998 
KB Financial Group, Inc. 130,645 6,291,315 
Kia Corp. 86,618 6,288,322 
Korea Aerospace Industries Ltd. 21,197 554,086 
Korea Electric Power Corp. 82,696 1,594,031 
Korea Investment Holdings Co. Ltd. 14,326 1,065,970 
Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) 13,076 1,150,186 
Korea Zinc Co. Ltd. 2,619 1,199,660 
Korean Air Lines Co. Ltd. (a) 54,233 1,406,740 
KT&G Corp. 37,685 2,604,138 
Kumho Petro Chemical Co. Ltd. 5,620 822,674 
LG Chemical Ltd. 15,186 10,840,941 
LG Corp. 28,416 2,210,107 
LG Display Co. Ltd. (a) 78,495 1,319,797 
LG Electronics, Inc. 35,143 3,617,047 
LG Household & Health Care Ltd. 3,068 3,054,980 
LG Innotek Co. Ltd. 5,078 908,126 
LG Uplus Corp. 67,148 822,166 
Lotte Chemical Corp. 5,872 1,123,641 
Lotte Shopping Co. Ltd. 2,878 257,703 
Meritz Securities Co. Ltd. 84,691 336,681 
Mirae Asset Securities Co. Ltd. 103,492 768,150 
NAVER Corp. 40,673 14,068,820 
NCSOFT Corp. 5,507 2,943,788 
Netmarble Corp. (b) 6,288 662,446 
NH Investment & Securities Co. Ltd. 37,868 425,517 
Orion Corp./Republic of Korea 7,293 733,789 
Pan Ocean Co., Ltd. (Korea) 78,379 403,485 
Pearl Abyss Corp. (a) 10,135 897,791 
POSCO 24,184 6,102,393 
POSCO Chemtech Co. Ltd. 10,520 1,305,800 
S-Oil Corp. 15,144 1,318,274 
S1 Corp. 4,192 297,342 
Samsung Biologics Co. Ltd. (a)(b) 5,405 4,006,023 
Samsung C&T Corp. 27,508 2,679,598 
Samsung Electro-Mechanics Co. Ltd. 18,416 2,495,162 
Samsung Electronics Co. Ltd. 1,579,152 94,064,188 
Samsung Engineering Co. Ltd. (a) 52,638 1,113,820 
Samsung Fire & Marine Insurance Co. Ltd. 10,280 2,027,284 
Samsung Heavy Industries Co. Ltd. (a) 208,726 1,134,802 
Samsung Heavy Industries Co. Ltd. rights 10/29/21(a) 47,578 50,633 
Samsung Life Insurance Co. Ltd. 23,519 1,353,513 
Samsung SDI Co. Ltd. 18,139 11,385,751 
Samsung SDS Co. Ltd. 11,893 1,555,242 
Samsung Securities Co. Ltd. 21,480 868,762 
Seegene, Inc. 11,706 532,831 
Shin Poong Pharmaceutical Co. 9,521 421,816 
Shinhan Financial Group Co. Ltd. 141,854 4,607,362 
Shinsegae Co. Ltd. 2,283 483,133 
SK Biopharmaceuticals Co. Ltd. (a) 9,937 800,450 
SK Bioscience Co. Ltd. (a) 6,385 1,247,307 
SK Chemicals Co. Ltd. 4,063 624,544 
SK Hynix, Inc. 179,625 15,752,906 
SK IE Technology Co. Ltd. (a)(b) 4,332 613,322 
SK Innovation Co., Ltd. (a) 16,819 3,489,626 
SK Telecom Co. Ltd. (c) 3,109 819,224 
SK, Inc. 10,363 2,151,543 
SKC Co. Ltd. 7,059 1,079,703 
Woori Financial Group, Inc. 170,455 1,927,827 
Yuhan Corp. 18,392 938,713 
TOTAL KOREA (SOUTH)  300,004,601 
Kuwait - 0.2%   
Agility Public Warehousing Co. KSC 409,112 1,357,147 
Boubyan Bank KSC 369,465 958,440 
Kuwait Finance House KSCP 1,524,728 4,208,239 
Mabanee Co. SAKC 147,486 385,044 
Mobile Telecommunication Co. 707,364 1,398,537 
National Bank of Kuwait 2,232,598 7,332,135 
TOTAL KUWAIT  15,639,542 
Luxembourg - 0.3%   
Adecoagro SA (a) 32,854 287,801 
ArcelorMittal SA (Netherlands) 236,955 8,032,703 
Aroundtown SA 321,624 2,234,502 
Eurofins Scientific SA 44,070 5,193,325 
Globant SA (a) 12,986 4,145,001 
InPost SA 67,951 969,010 
Reinet Investments SCA 53,463 964,959 
Tenaris SA 160,587 1,788,344 
TOTAL LUXEMBOURG  23,615,645 
Malaysia - 0.4%   
AMMB Holdings Bhd (a) 541,600 439,453 
Axiata Group Bhd 837,734 799,094 
CIMB Group Holdings Bhd 2,203,796 2,778,028 
Dialog Group Bhd 1,240,322 847,648 
DiGi.com Bhd 960,800 981,450 
Fraser & Neave Holdings Bhd 37,200 243,089 
Genting Bhd 653,500 817,467 
Genting Malaysia Bhd 939,300 719,049 
Hap Seng Consolidated Bhd 158,100 299,325 
Hartalega Holdings Bhd 643,000 909,920 
Hong Leong Bank Bhd 228,200 1,037,122 
Hong Leong Credit Bhd 58,700 259,975 
IHH Healthcare Bhd 589,000 930,225 
IOI Corp. Bhd 742,300 704,477 
IOI Properties Group Bhd 30 9 
Kossan Rubber Industries Bhd 387,100 220,612 
Kuala Lumpur Kepong Bhd 127,841 667,453 
Malayan Banking Bhd 1,340,099 2,605,119 
Malaysia Airports Holdings Bhd (a) 335,002 524,224 
Maxis Bhd 767,200 865,207 
MISC Bhd 385,700 658,512 
Nestle (Malaysia) Bhd 20,500 665,842 
Petronas Chemicals Group Bhd 821,100 1,723,100 
Petronas Dagangan Bhd 89,200 438,568 
Petronas Gas Bhd 239,400 967,775 
PPB Group Bhd 183,080 803,766 
Press Metal Bhd 1,110,200 1,490,633 
Public Bank Bhd 4,776,700 4,810,152 
QL Resources Bhd 319,350 389,451 
RHB Bank Bhd 596,537 803,834 
Sime Darby Bhd 892,285 489,130 
Sime Darby Plantation Bhd 533,240 516,371 
Sime Darby Property Bhd 10 2 
SP Setia Bhd (a) 13 5 
Supermax Corp. Bhd 449,960 208,627 
Telekom Malaysia Bhd 448,126 626,576 
Tenaga Nasional Bhd 793,000 1,849,887 
Top Glove Corp. Bhd 1,731,300 1,137,198 
Westports Holdings Bhd 297,100 320,704 
TOTAL MALAYSIA  34,549,079 
Mexico - 0.5%   
America Movil S.A.B. de CV Series L 11,329,000 10,097,491 
Arca Continental S.A.B. de CV 170,400 1,038,970 
Becle S.A.B. de CV 230,800 527,562 
CEMEX S.A.B. de CV unit (a) 4,986,094 3,206,522 
Coca-Cola FEMSA S.A.B. de CV unit 178,365 961,220 
Fibra Uno Administracion SA de CV 1,002,900 996,665 
Fomento Economico Mexicano S.A.B. de CV unit 643,200 5,287,936 
Gruma S.A.B. de CV Series B 78,290 919,303 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 127,600 1,608,511 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 69,375 1,399,058 
Grupo Bimbo S.A.B. de CV Series A 539,300 1,596,315 
Grupo Carso SA de CV Series A1 135,400 455,433 
Grupo Financiero Banorte S.A.B. de CV Series O 849,500 5,378,489 
Grupo Financiero Inbursa S.A.B. de CV Series O (a) 718,400 721,261 
Grupo Mexico SA de CV Series B 1,032,124 4,527,950 
Grupo Televisa SA de CV 776,800 1,577,144 
Industrias Penoles SA de CV (a) 43,610 559,190 
Kimberly-Clark de Mexico SA de CV Series A 485,300 767,740 
Megacable Holdings S.A.B. de CV unit 118,300 348,556 
Orbia Advance Corp. S.A.B. de CV 367,637 955,520 
Promotora y Operadora de Infraestructura S.A.B. de CV 81,915 602,386 
Telesites S.A.B. de C.V. 418,900 382,113 
Wal-Mart de Mexico SA de CV Series V 1,746,400 6,091,363 
TOTAL MEXICO  50,006,698 
Multi-National - 0.0%   
HK Electric Investments & HK Electric Investments Ltd. unit 849,500 846,170 
HKT Trust/HKT Ltd. unit 1,234,557 1,675,589 
TOTAL MULTI-NATIONAL  2,521,759 
Netherlands - 4.1%   
ABN AMRO Group NV GDR (b) 138,650 2,039,716 
Adyen BV (a)(b) 6,495 19,597,431 
AEGON NV 582,365 2,953,926 
Airbus Group NV (a) 193,621 24,838,096 
Akzo Nobel NV 62,646 7,199,875 
Argenx SE (a) 15,010 4,518,896 
ASM International NV (Netherlands) 15,673 7,091,381 
ASML Holding NV (Netherlands) 137,659 111,903,037 
CNH Industrial NV 330,063 5,696,584 
Davide Campari Milano NV 170,713 2,423,387 
EXOR NV 35,238 3,319,913 
Ferrari NV 41,149 9,751,490 
Heineken Holding NV 37,053 3,435,228 
Heineken NV (Bearer) 85,301 9,448,614 
ING Groep NV (Certificaten Van Aandelen) 1,280,551 19,424,559 
JDE Peet's BV 23,613 687,602 
Just Eat Takeaway.com NV (a)(b) 58,227 4,181,323 
Koninklijke Ahold Delhaize NV 344,209 11,193,085 
Koninklijke DSM NV 57,254 12,512,392 
Koninklijke KPN NV 1,071,475 3,201,499 
Koninklijke Philips Electronics NV 299,056 14,108,019 
Koninklijke Vopak NV 23,769 945,208 
NN Group NV 84,996 4,551,189 
Prosus NV 306,448 26,997,689 
Prosus NV rights (a)(e) 306,448 49,596 
QIAGEN NV (Germany) (a) 75,618 4,160,052 
Randstad NV 38,959 2,801,277 
Stellantis NV (Italy) 666,809 13,296,838 
STMicroelectronics NV (France) 224,990 10,682,262 
Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit (a) 41,646 2,975,705 
Universal Music Group NV 239,168 6,943,750 
Wolters Kluwer NV 87,941 9,214,444 
X5 Retail Group NV GDR 41,220 1,403,797 
Yandex NV Class A (a) 98,865 8,157,696 
TOTAL NETHERLANDS  371,705,556 
New Zealand - 0.2%   
Auckland International Airport Ltd. (a) 416,440 2,384,383 
Fisher & Paykel Healthcare Corp. 188,450 4,214,700 
Mercury Nz Ltd. 230,641 1,013,976 
Meridian Energy Ltd. 445,676 1,593,663 
Ryman Healthcare Group Ltd. 139,158 1,440,963 
Spark New Zealand Ltd. 622,109 2,035,092 
The a2 Milk Co. Ltd. (a)(d) 238,441 1,122,595 
Xero Ltd. (a) 43,236 4,862,705 
TOTAL NEW ZEALAND  18,668,077 
Norway - 0.4%   
Adevinta ASA Class B (a) 89,768 1,477,555 
DNB Bank ASA 302,027 7,178,946 
Equinor ASA 320,391 8,106,580 
Gjensidige Forsikring ASA 63,114 1,569,651 
Mowi ASA 140,854 4,078,278 
Norsk Hydro ASA 439,409 3,227,665 
Orkla ASA 236,007 2,295,285 
Schibsted ASA:   
(A Shares) 24,735 1,275,706 
(B Shares) 31,773 1,434,466 
Telenor ASA 218,894 3,455,239 
Yara International ASA 55,737 2,908,281 
TOTAL NORWAY  37,007,652 
Pakistan - 0.0%   
Habib Bank Ltd. 333,369 245,593 
Lucky Cement Ltd. (a) 55,383 249,920 
MCB Bank Ltd. 96,890 92,765 
TOTAL PAKISTAN  588,278 
Papua New Guinea - 0.0%   
Oil Search Ltd. ADR 649,844 2,097,146 
Peru - 0.0%   
Compania de Minas Buenaventura SA sponsored ADR (a) 64,286 506,574 
Philippines - 0.2%   
Aboitiz Equity Ventures, Inc. 594,350 569,522 
Altus Property Ventures, Inc. (a) 7 2 
Ayala Corp. 94,740 1,618,702 
Ayala Land, Inc. 2,751,400 1,911,981 
Bank of the Philippine Islands (BPI) 598,506 1,030,293 
BDO Unibank, Inc. 663,944 1,631,270 
DMCI Holdings, Inc. 4 1 
Globe Telecom, Inc. 8,285 491,425 
GT Capital Holdings, Inc. 37,401 418,364 
International Container Terminal Services, Inc. 348,910 1,243,393 
JG Summit Holdings, Inc. 1,022,526 1,218,691 
Jollibee Food Corp. 141,120 657,126 
Manila Electric Co. 74,460 423,085 
Metro Pacific Investments Corp. 3,853,200 286,072 
Metropolitan Bank & Trust Co. 695,271 656,591 
PLDT, Inc. 23,185 753,708 
SM Investments Corp. 82,323 1,572,791 
SM Prime Holdings, Inc. 3,456,000 2,264,771 
Universal Robina Corp. 273,850 748,194 
TOTAL PHILIPPINES  17,495,982 
Poland - 0.2%   
Allegro.eu SA (a)(b) 116,455 1,317,020 
Bank Polska Kasa Opieki SA 62,295 2,057,164 
CD Projekt RED SA 23,405 1,020,055 
Cyfrowy Polsat SA 85,637 765,864 
Dino Polska SA (a)(b) 16,800 1,500,763 
KGHM Polska Miedz SA (Bearer) 45,289 1,741,339 
LPP SA 353 1,267,903 
Orange Polska SA (a) 229,191 447,220 
PGE Polska Grupa Energetyczna SA (a) 254,561 625,803 
Polish Oil & Gas Co. SA 562,040 847,501 
Polski Koncern Naftowy Orlen SA 101,587 2,191,314 
Powszechna Kasa Oszczednosci Bank SA (a) 289,666 3,543,093 
Powszechny Zaklad Ubezpieczen SA 197,759 1,977,763 
Santander Bank Polska SA 11,348 1,053,835 
TOTAL POLAND  20,356,637 
Portugal - 0.1%   
Banco Espirito Santo SA (Reg.) (a)(c) 82,039 1 
Energias de Portugal SA 899,786 5,080,105 
Galp Energia SGPS SA Class B 165,030 1,714,322 
Jeronimo Martins SGPS SA 82,640 1,872,424 
TOTAL PORTUGAL  8,666,852 
Qatar - 0.2%   
Barwa Real Estate Co. 484,295 418,986 
Industries Qatar QSC (a) 511,491 2,228,027 
Masraf al Rayan 1,295,373 1,698,821 
Mesaieed Petrochemical Holding Co. 1,486,514 979,850 
Ooredoo QSC 288,499 548,315 
Qatar Electricity & Water Co. 135,772 626,468 
Qatar Fuel Co. 176,060 889,246 
Qatar Gas Transport Co. Ltd. (Nakilat) 910,517 812,738 
Qatar International Islamic Bank QSC 249,606 671,146 
Qatar Islamic Bank (a) 388,547 1,965,679 
Qatar National Bank SAQ (a) 1,505,477 8,476,319 
The Commercial Bank of Qatar (a) 677,427 1,136,797 
TOTAL QATAR  20,452,392 
Russia - 1.0%   
Alrosa Co. Ltd. 846,411 1,491,360 
Gazprom OAO 3,341,782 16,466,087 
Gazprom OAO sponsored ADR (Reg. S) 266,976 2,617,967 
Inter Rao Ues JSC 12,405,200 840,661 
Lukoil PJSC 132,862 13,566,832 
Lukoil PJSC sponsored ADR 3,670 374,340 
Magnit OJSC GDR (Reg. S) 111,049 2,056,627 
MMC Norilsk Nickel PJSC 17,683 5,518,588 
MMC Norilsk Nickel PJSC sponsored ADR 27,948 874,493 
Mobile TeleSystems OJSC sponsored ADR 145,706 1,339,038 
Moscow Exchange MICEX-RTS OAO 524,685 1,286,597 
Novatek PJSC GDR (Reg. S) 29,964 7,595,874 
Novolipetsk Steel OJSC 477,930 1,507,723 
PhosAgro OJSC GDR (Reg. S) 39,023 933,430 
Polyus PJSC 11,075 2,198,676 
Rosneft Oil Co. OJSC 322,313 2,894,100 
Rosneft Oil Co. OJSC GDR (Reg. S) 56,929 507,237 
Sberbank of Russia 3,530,586 17,761,650 
Severstal PAO 55,816 1,268,304 
Severstal PAO GDR (Reg. S) 9,813 224,325 
Surgutneftegas OJSC 1,105,600 531,923 
Surgutneftegas OJSC sponsored ADR 71,885 343,323 
Tatneft PAO 424,265 3,240,446 
Tatneft PAO sponsored ADR 5,142 235,247 
VTB Bank OJSC 1,160,850,350 866,084 
TOTAL RUSSIA  86,540,932 
Saudi Arabia - 1.0%   
Abdullah Al Othaim Markets Co. 14,651 452,314 
Advanced Polypropylene Co. 35,771 709,526 
Al Rajhi Bank 402,281 14,864,738 
Alinma Bank 327,754 2,197,609 
Almarai Co. Ltd. 82,780 1,167,470 
Arab National Bank 185,599 1,139,057 
Bank Al-Jazira 136,144 696,890 
Bank Albilad (a) 124,557 1,401,345 
Banque Saudi Fransi 192,512 2,168,448 
Bupa Arabia for Cooperative Insurance Co. (a) 18,340 707,021 
Dar Al Arkan Real Estate Development Co. (a) 140,582 370,673 
Dr Sulaiman Al Habib Medical Services Group Co. 17,279 763,779 
Emaar The Economic City (a) 105,641 357,685 
Etihad Etisalat Co. 123,357 994,841 
Jarir Marketing Co. 20,104 1,086,963 
Mobile Telecommunications Co. Saudi Arabia (a) 158,120 572,468 
Mouwasat Medical Services Co. 16,627 797,018 
National Industrialization Co. (a) 121,442 806,181 
National Petrochemical Co. 42,168 540,745 
Rabigh Refining & Petrochemical Co. (a) 77,235 586,845 
Riyad Bank 448,919 3,536,633 
Sabic Agriculture-Nutrients Co. 70,045 3,062,566 
Sahara International Petrochemical Co. 114,930 1,345,124 
Saudi Arabian Mining Co. (a) 141,468 3,077,605 
Saudi Arabian Oil Co. 710,259 7,148,225 
Saudi Basic Industries Corp. 294,519 10,129,023 
Saudi Cement Co. 25,357 400,206 
Saudi Electricity Co. 273,532 2,078,344 
Saudi Industrial Investment Group 80,896 816,314 
Saudi Kayan Petrochemical Co. (a) 245,152 1,330,693 
Saudi Telecom Co. 196,007 6,113,951 
The Co. for Cooperative Insurance 19,239 441,109 
The Saudi British Bank 275,972 2,439,007 
The Saudi National Bank 721,043 12,668,089 
The Savola Group 76,934 750,696 
Yanbu National Petrochemical Co. 84,710 1,718,636 
TOTAL SAUDI ARABIA  89,437,837 
Singapore - 0.7%   
Ascendas Real Estate Investment Trust 1,103,554 2,528,722 
BOC Aviation Ltd. Class A (b) 69,300 607,895 
CapitaLand Investment Ltd. (a) 842,771 2,149,894 
CapitaMall Trust 1,696,848 2,705,394 
City Developments Ltd. 115,352 626,160 
DBS Group Holdings Ltd. 598,000 13,982,158 
Genting Singapore Ltd. 2,155,013 1,246,504 
Keppel Corp. Ltd. 484,620 1,933,449 
Mapletree Commercial Trust 678,743 1,097,263 
Mapletree Logistics Trust (REIT) 1,087,914 1,629,652 
Oversea-Chinese Banking Corp. Ltd. 1,096,751 9,597,080 
Singapore Airlines Ltd. (a) 395,368 1,524,593 
Singapore Exchange Ltd. 261,217 1,875,106 
Singapore Technologies Engineering Ltd. 530,524 1,506,790 
Singapore Telecommunications Ltd. 2,667,969 4,946,179 
United Overseas Bank Ltd. 392,109 7,778,210 
UOL Group Ltd. 172,015 922,261 
Venture Corp. Ltd. 89,669 1,250,778 
Wilmar International Ltd. 639,793 2,049,615 
TOTAL SINGAPORE  59,957,703 
South Africa - 0.9%   
Absa Group Ltd. 225,505 2,066,822 
African Rainbow Minerals Ltd. 33,417 445,261 
Anglo American Platinum Ltd. 16,906 1,708,198 
AngloGold Ashanti Ltd. 138,024 2,546,370 
Aspen Pharmacare Holdings Ltd. 125,698 2,001,705 
Bid Corp. Ltd. 111,766 2,398,780 
Bidvest Group Ltd./The 86,059 1,078,287 
Capitec Bank Holdings Ltd. 26,640 2,976,669 
Clicks Group Ltd. 83,629 1,526,619 
Discovery Ltd. (a) 141,536 1,296,572 
Exxaro Resources Ltd. 86,445 946,509 
FirstRand Ltd. 1,643,074 6,239,916 
Gold Fields Ltd. 285,159 2,649,763 
Growthpoint Properties Ltd. 1,100,846 934,007 
Harmony Gold Mining Co. Ltd. 188,948 678,152 
Impala Platinum Holdings Ltd. 264,032 3,417,195 
Kumba Iron Ore Ltd. 20,039 608,976 
Mr Price Group Ltd. 85,793 1,123,088 
MTN Group Ltd. (a) 551,650 4,946,973 
MultiChoice Group Ltd. 123,724 983,879 
Naspers Ltd. Class N 71,482 12,105,747 
Nedbank Group Ltd. 127,403 1,450,518 
Northam Platinum Holdings Ltd. (a) 109,966 1,646,790 
Old Mutual Ltd. 1,506,475 1,537,541 
Rand Merchant Insurance Holdings Ltd. 242,920 649,006 
Remgro Ltd. 153,507 1,352,972 
Sanlam Ltd. 607,078 2,493,888 
Sasol Ltd. (a) 181,512 3,048,671 
Shoprite Holdings Ltd. 167,101 1,985,411 
Sibanye Stillwater Ltd. 930,348 3,255,986 
Spar Group Ltd./The 59,931 764,998 
Standard Bank Group Ltd. 411,755 3,650,670 
Tiger Brands Ltd. 49,590 625,500 
Vodacom Group Ltd. 212,675 1,887,691 
Woolworths Holdings Ltd. 340,406 1,201,394 
TOTAL SOUTH AFRICA  78,230,524 
Spain - 1.5%   
ACS Actividades de Construccion y Servicios SA 79,561 2,081,338 
Aena SME SA (a)(b) 24,631 4,045,310 
Amadeus IT Holding SA Class A (a) 148,536 9,931,569 
Banco Bilbao Vizcaya Argentaria SA 2,203,358 15,419,388 
Banco Santander SA (Spain) 5,715,979 21,650,036 
CaixaBank SA 1,475,849 4,242,573 
Cellnex Telecom SA (b) 168,358 10,349,990 
EDP Renovaveis SA 95,859 2,670,593 
Enagas SA 80,795 1,812,408 
Endesa SA 105,739 2,437,963 
Ferrovial SA 154,090 4,855,770 
Grifols SA 96,857 2,216,381 
Iberdrola SA 1,953,767 23,091,934 
Industria de Diseno Textil SA 360,120 13,005,172 
Naturgy Energy Group SA (d) 63,675 1,673,117 
Red Electrica Corporacion SA 146,592 3,051,981 
Repsol SA 487,380 6,242,625 
Siemens Gamesa Renewable Energy SA (a) 78,826 2,135,009 
Telefonica SA 1,704,924 7,405,615 
TOTAL SPAIN  138,318,772 
Sweden - 2.2%   
Alfa Laval AB 101,841 4,360,379 
ASSA ABLOY AB (B Shares) 328,523 9,639,741 
Atlas Copco AB:   
(A Shares) 222,863 14,319,493 
(B Shares) 124,646 6,741,740 
Boliden AB 91,665 3,233,038 
Electrolux AB (B Shares) 75,238 1,707,486 
Embracer Group AB (a) 152,755 1,420,116 
Epiroc AB:   
(A Shares) 223,392 5,558,788 
(B Shares) 119,222 2,533,537 
EQT AB 98,288 5,179,920 
Ericsson (B Shares) 962,542 10,506,538 
Essity AB (B Shares) 199,511 6,453,674 
Evolution AB (b) 55,926 9,046,623 
Fastighets AB Balder (a) 35,872 2,598,924 
H&M Hennes & Mauritz AB (B Shares) 242,097 4,539,178 
Hexagon AB (B Shares) 650,839 10,474,408 
Husqvarna AB (B Shares) 134,296 1,910,137 
ICA Gruppen AB 34,863 1,802,419 
Industrivarden AB:   
(A Shares) 47,890 1,579,232 
(C Shares) 43,766 1,421,325 
Investor AB (B Shares) 595,305 13,718,079 
Kinnevik AB (B Shares) (a) 79,902 3,132,162 
L E Lundbergforetagen AB 23,928 1,378,061 
Latour Investment AB (B Shares) 49,332 1,787,624 
Lundin Petroleum AB 66,120 2,611,540 
Nibe Industrier AB (B Shares) 468,829 6,979,482 
Sandvik AB 371,820 9,428,877 
Securitas AB (B Shares) 101,675 1,681,166 
Sinch AB (a)(b) 164,836 3,125,704 
Skandinaviska Enskilda Banken AB (A Shares) 532,577 8,325,392 
Skanska AB (B Shares) 108,390 2,751,400 
SKF AB (B Shares) 124,601 2,887,238 
Svenska Cellulosa AB SCA (B Shares) 201,875 3,147,539 
Svenska Handelsbanken AB (A Shares) 476,979 5,467,295 
Swedbank AB (A Shares) 295,825 6,415,283 
Swedish Match Co. AB 497,960 4,382,373 
Tele2 AB (B Shares) 162,256 2,288,928 
Telia Co. AB 868,765 3,418,714 
Volvo AB:   
(A Shares) 60,895 1,437,996 
(B Shares) 473,449 11,021,416 
TOTAL SWEDEN  200,412,965 
Switzerland - 6.2%   
ABB Ltd. (Reg.) 574,718 19,013,530 
Adecco SA (Reg.) 52,508 2,642,031 
Alcon, Inc. (Switzerland) 164,301 13,576,904 
Baloise Holdings AG 15,407 2,456,774 
Banque Cantonale Vaudoise 10,148 816,850 
Barry Callebaut AG 1,129 2,611,645 
Clariant AG (Reg.) 70,129 1,475,191 
Coca-Cola HBC AG 68,905 2,388,617 
Compagnie Financiere Richemont SA Series A 171,631 21,239,419 
Credit Suisse Group AG 844,372 8,782,914 
Ems-Chemie Holding AG 2,292 2,271,723 
Geberit AG (Reg.) 12,200 9,524,421 
Givaudan SA 3,033 14,273,915 
Holcim Ltd. 174,806 8,726,936 
Julius Baer Group Ltd. 74,268 5,371,960 
Kuehne & Nagel International AG 17,687 5,569,203 
Lindt & Spruengli AG 36 4,321,101 
Lindt & Spruengli AG (participation certificate) 342 4,030,341 
Logitech International SA (Reg.) 57,800 4,811,616 
Lonza Group AG 24,507 20,090,601 
Nestle SA (Reg. S) 944,039 124,525,567 
Novartis AG 728,708 60,273,433 
Partners Group Holding AG 7,500 13,085,682 
Roche Holding AG:   
(Bearer) 10,380 4,455,374 
(participation certificate) 230,732 89,384,237 
Schindler Holding AG:   
(participation certificate) 13,724 3,570,398 
(Reg.) 6,402 1,641,754 
SGS SA (Reg.) 1,997 5,906,374 
Siemens Energy AG (a) 131,870 3,783,604 
Sika AG 46,602 15,778,309 
Sonova Holding AG 18,064 7,463,533 
Straumann Holding AG 3,419 7,102,379 
Swatch Group AG (Bearer) 9,167 2,515,018 
Swatch Group AG (Bearer) (Reg.) 19,341 1,027,464 
Swiss Life Holding AG 10,732 5,891,113 
Swiss Prime Site AG 23,200 2,356,488 
Swiss Re Ltd. 100,124 9,693,088 
Swisscom AG 8,448 4,598,606 
Temenos Group AG 22,191 3,389,484 
UBS Group AG 1,206,842 21,939,586 
Vifor Pharma AG 15,761 2,032,956 
Zurich Insurance Group Ltd. 49,485 21,932,780 
TOTAL SWITZERLAND  566,342,919 
Taiwan - 4.1%   
Accton Technology Corp. 168,000 1,469,133 
Acer, Inc. 948,288 885,455 
Advantech Co. Ltd. 133,937 1,746,063 
ASE Technology Holding Co. Ltd. 1,072,840 3,832,539 
Asia Cement Corp. 741,466 1,179,635 
ASMedia Technology, Inc. 9,000 525,229 
ASUSTeK Computer, Inc. 241,000 3,055,234 
AU Optronics Corp. 2,639,000 1,811,204 
Catcher Technology Co. Ltd. 220,000 1,272,042 
Cathay Financial Holding Co. Ltd. 2,574,879 5,372,615 
Chang Hwa Commercial Bank 1,401,304 825,333 
Cheng Shin Rubber Industry Co. Ltd. 586,899 718,738 
China Airlines Ltd. (a) 490 303 
China Development Finance Holding Corp. 4,353,800 2,220,289 
China Life Insurance Co. Ltd. 613,070 638,500 
China Steel Corp. 3,842,426 4,636,578 
Chunghwa Telecom Co. Ltd. 1,227,000 4,862,665 
Compal Electronics, Inc. 1,332,000 1,169,596 
CTBC Financial Holding Co. Ltd. 6,179,579 5,148,724 
Delta Electronics, Inc. 637,621 5,610,240 
E.SUN Financial Holdings Co. Ltd. 3,904,497 3,722,909 
ECLAT Textile Co. Ltd. 64,941 1,415,665 
Evergreen Marine Corp. (Taiwan) 823,120 2,941,298 
Far Eastern New Century Corp. 878,664 918,266 
Far EasTone Telecommunications Co. Ltd. 461,000 1,013,223 
Feng Tay Enterprise Co. Ltd. 148,254 1,150,040 
First Financial Holding Co. Ltd. 3,487,796 2,868,398 
Formosa Chemicals & Fibre Corp. 1,113,590 3,219,393 
Formosa Petrochemical Corp. 381,000 1,368,289 
Formosa Plastics Corp. 1,246,480 4,812,232 
Foxconn Technology Co. Ltd. 363,535 898,230 
Fubon Financial Holding Co. Ltd. 2,580,334 6,820,348 
Giant Manufacturing Co. Ltd. 93,000 1,077,123 
GlobalWafers Co. Ltd. 72,000 1,965,164 
HIWIN Technologies Corp. 92,758 1,029,349 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 4,120,990 15,835,731 
Hotai Motor Co. Ltd. 99,000 2,175,902 
Hua Nan Financial Holdings Co. Ltd. 2,896,270 2,116,685 
Innolux Corp. 3,036,427 1,821,093 
Inventec Corp. 948,280 904,178 
Largan Precision Co. Ltd. 34,000 2,527,563 
Lite-On Technology Corp. 722,910 1,591,466 
MediaTek, Inc. 496,970 16,294,976 
Mega Financial Holding Co. Ltd. 3,604,246 4,323,283 
Micro-Star International Co. Ltd. 229,000 1,151,374 
momo.com, Inc. 14,000 899,982 
Nan Ya Plastics Corp. 1,676,780 5,124,582 
Nan Ya Printed Circuit Board Corp. 76,000 1,338,768 
Nanya Technology Corp. 387,000 924,241 
Nien Made Enterprise Co. Ltd. 48,000 658,502 
Novatek Microelectronics Corp. 191,000 2,850,081 
Oneness Biotech Co. Ltd. (a) 68,000 639,828 
Pegatron Corp. 640,000 1,562,938 
Phison Electronics Corp. 55,000 771,323 
Pou Chen Corp. 738,000 903,782 
Powertech Technology, Inc. 227,000 794,031 
President Chain Store Corp. 191,000 1,927,491 
Quanta Computer, Inc. 919,000 2,574,322 
Realtek Semiconductor Corp. 155,090 2,779,311 
Ruentex Development Co. Ltd. 367,557 935,888 
Shin Kong Financial Holding Co. Ltd. 4,085,475 1,439,343 
Sinopac Holdings Co. 3,206,314 1,629,353 
Synnex Technology International Corp. 416,500 804,730 
Taishin Financial Holdings Co. Ltd. 3,281,811 2,150,945 
Taiwan Cement Corp. 1,696,058 2,938,941 
Taiwan Cooperative Financial Holding Co. Ltd. 2,994,585 2,430,513 
Taiwan High Speed Rail Corp. 597,000 622,835 
Taiwan Mobile Co. Ltd. 517,600 1,823,543 
Taiwan Semiconductor Manufacturing Co. Ltd. 7,889,000 167,187,553 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 39,639 4,506,954 
The Shanghai Commercial & Savings Bank Ltd. 1,158,616 1,830,817 
Uni-President Enterprises Corp. 1,531,080 3,662,055 
Unimicron Technology Corp. 402,000 2,743,042 
United Microelectronics Corp. 3,910,000 8,106,424 
Vanguard International Semiconductor Corp. 290,000 1,504,938 
Walsin Technology Corp. 123,000 667,014 
Wan Hai Lines Ltd. 202,400 1,163,010 
Win Semiconductors Corp. 107,000 1,373,765 
Winbond Electronics Corp. 942,000 889,732 
Wistron Corp. 863,666 905,694 
Wiwynn Corp. 28,000 893,949 
WPG Holding Co. Ltd. 519,320 967,955 
Yageo Corp. 121,519 1,894,029 
Yang Ming Marine Transport Corp. (a) 524,000 1,815,981 
Yuanta Financial Holding Co. Ltd. 3,031,186 2,688,824 
TOTAL TAIWAN  372,269,302 
Thailand - 0.5%   
Advanced Info Service PCL (For. Reg.) 294,400 1,676,962 
Advanced Information Service PCL NVDR 150,600 857,848 
Airports of Thailand PCL:   
(depositary receipt) 383,700 745,891 
(For. Reg.) 1,153,800 2,242,920 
Asset World Corp. PCL (a) 2,621,000 360,210 
B. Grimm Power PCL (For. Reg.) 222,000 284,358 
Bangkok Commercial Asset Management PCL 497,800 285,057 
Bangkok Commercial Asset Management PCL unit 637,400 364,997 
Bangkok Dusit Medical Services PCL:   
unit 906,600 642,107 
(For. Reg.) 2,431,000 1,721,775 
Bangkok Expressway and Metro PCL 2,031,800 551,121 
Bangkok Expressway and Metro PCL NVDR 971,100 263,409 
Berli Jucker PCL (For. Reg) 308,300 313,596 
BTS Group Holdings PCL:   
unit 1,215,600 349,879 
warrants 11/7/24 (a) 194,880 1,950 
warrants 11/7/24 (a) 26,330 263 
warrants 11/20/26 (a) 389,760 1,896 
warrants 11/20/26 (a) 52,660 256 
(For. Reg.) 1,613,500 464,404 
Bumrungrad Hospital PCL (For. Reg.) 119,900 525,782 
Carabao Group PCL NVDR 110,600 413,333 
Central Pattana PCL:   
unit 156,200 278,929 
(For. Reg.) 570,500 1,018,750 
Central Retail Corp. PCL 288,366 302,011 
Central Retail Corp. PCL NVDR 289,900 303,617 
Charoen Pokphand Foods PCL:   
(For. Reg.) 1,027,100 781,624 
(NVDR) 339,400 258,284 
CP ALL PCL:   
unit 303,100 584,641 
(For. Reg.) 1,472,900 2,841,037 
Delta Electronics PCL (For. Reg.) 85,500 1,071,971 
Electricity Generating PCL:   
(For. Reg.) 73,900 397,563 
NVDR 55,800 300,190 
Energy Absolute PCL (For. Reg.) 396,300 782,328 
Global Power Synergy Public Co. Ltd. 214,300 503,779 
Gulf Energy Development PCL:   
unit 572,900 746,773 
(For. Reg.) 559,200 728,915 
Home Product Center PCL:   
unit 719,100 316,421 
(For. Reg.) 1,519,467 668,602 
Indorama Ventures PCL:   
unit 597,800 756,709 
(For. Reg.) 547,200 692,658 
Intouch Holdings PCL:   
(For. Reg.) 340,100 771,324 
NVDR 130,500 295,965 
Krung Thai Bank PCL (For. Reg.) 921,755 319,475 
Krungthai Card PCL:   
(For. Reg.) 197,500 343,750 
NVDR 94,500 164,478 
Land & House PCL (For. Reg.) 2,392,000 609,174 
Minor International PCL:   
warrants 2/15/24 (a) 33,433 4,071 
(For. Reg.) (a) 1,019,598 1,006,384 
Muangthai Leasing PCL 182,509 332,785 
Muangthai Leasing PCL unit 118,600 216,254 
Osotspa PCL 180,400 178,062 
Osotspa PCL unit 282,100 278,444 
PTT Exploration and Production PCL (For. Reg.) 410,944 1,455,272 
PTT Global Chemical PCL:   
(For. Reg.) 637,839 1,206,281 
NVDR 64,800 122,550 
PTT Oil & Retail Business PCL NVDR 1,093,000 905,892 
PTT PCL (For. Reg.) 3,075,400 3,522,158 
Ratchaburi Electric Generating Holding PCL (For. Reg.) 151,100 207,205 
SCG Packaging PCL NVDR 423,900 820,843 
Siam Cement PCL:   
(For. Reg.) 203,500 2,422,619 
NVDR 58,000 690,476 
Siam Commercial Bank PCL:   
(For. Reg.) 190,500 723,418 
(NVDR) 147,500 560,127 
Sri Trang Gloves Thailand PCL 163,500 150,294 
Sri Trang Gloves Thailand PCL NVDR 287,800 264,554 
Srisawad Corp. PCL:   
unit 141,000 271,971 
warrants 8/29/25 (a) 7,244 2,445 
(For. Reg.) 181,100 349,319 
Thai Oil PCL (For. Reg.) 304,000 510,790 
Thai Union Frozen Products PCL (For. Reg.) 828,700 521,996 
True Corp. PCL (For. Reg.) 2,917,012 356,934 
TOTAL THAILAND  44,988,126 
Turkey - 0.1%   
Akbank TAS 1,000,060 609,564 
Aselsan A/S 221,482 378,505 
Bim Birlesik Magazalar A/S JSC 143,013 924,512 
Eregli Demir ve Celik Fabrikalari T.A.S. 431,302 883,330 
Ford Otomotiv Sanayi A/S 21,047 406,316 
Koc Holding A/S 219,181 537,579 
Turk Sise ve Cam Fabrikalari A/S 600,488 540,901 
Turkcell Iletisim Hizmet A/S 356,698 567,289 
Turkiye Garanti Bankasi A/S 785,925 805,218 
Turkiye Is Bankasi A/S Series C 370,295 216,846 
Turkiye Petrol Rafinerileri A/S (a) 55,057 800,600 
TOTAL TURKEY  6,670,660 
United Arab Emirates - 0.2%   
Abu Dhabi Commercial Bank PJSC 921,039 2,081,217 
Abu Dhabi National Oil Co. for Distribution PJSC 853,711 994,755 
Aldar Properties PJSC (a) 1,274,264 1,401,529 
Dubai Islamic Bank Pakistan Ltd. (a) 609,351 847,715 
Emaar Properties PJSC (a) 1,160,273 1,266,677 
Emirates NBD Bank PJSC 833,523 3,165,579 
Emirates Telecommunications Corp. 574,938 4,007,027 
First Abu Dhabi Bank PJSC 1,430,929 6,942,040 
TOTAL UNITED ARAB EMIRATES  20,706,539 
United Kingdom - 8.4%   
3i Group PLC 321,471 6,000,906 
Abrdn PLC 708,240 2,461,925 
Admiral Group PLC 62,213 2,443,564 
Anglo American PLC (United Kingdom) 426,309 16,218,075 
Antofagasta PLC 129,451 2,525,418 
Ashtead Group PLC 147,351 12,349,488 
Associated British Foods PLC 116,447 2,849,420 
AstraZeneca PLC (United Kingdom) 508,519 63,616,408 
Auto Trader Group PLC (b) 332,012 2,752,524 
Aveva Group PLC 39,247 1,911,055 
Aviva PLC 1,295,100 6,995,699 
BAE Systems PLC 1,051,991 7,932,183 
Barclays PLC 5,581,237 15,401,284 
Barratt Developments PLC 331,181 3,004,966 
Berkeley Group Holdings PLC 35,024 2,087,443 
BHP Group PLC 695,411 18,366,888 
BP PLC 5,964,909 28,577,293 
BP PLC sponsored ADR 119,413 3,437,900 
British American Tobacco PLC (United Kingdom) 710,015 24,697,449 
British Land Co. PLC 291,927 1,974,811 
BT Group PLC (a) 2,938,996 5,586,784 
Bunzl PLC 111,345 4,117,340 
Burberry Group PLC 133,735 3,530,514 
Compass Group PLC (a) 587,940 12,476,459 
Croda International PLC 45,929 5,944,933 
Diageo PLC 766,938 38,156,461 
Direct Line Insurance Group PLC 433,828 1,736,024 
Evraz PLC 169,853 1,444,924 
GlaxoSmithKline PLC 1,648,516 34,224,560 
Halma PLC 125,737 5,096,932 
Hargreaves Lansdown PLC 116,886 2,458,652 
Hikma Pharmaceuticals PLC 56,799 1,871,016 
HSBC Holdings PLC (United Kingdom) 6,704,342 40,394,803 
Imperial Brands PLC 303,487 6,404,499 
Informa PLC (a) 492,927 3,503,848 
InterContinental Hotel Group PLC (a) 60,290 4,223,139 
Intertek Group PLC 53,846 3,607,172 
J Sainsbury PLC 558,852 2,289,862 
JD Sports Fashion PLC 171,828 2,558,489 
Johnson Matthey PLC 65,386 2,445,598 
Kingfisher PLC 705,466 3,237,801 
Land Securities Group PLC 235,012 2,209,568 
Legal & General Group PLC 1,963,757 7,764,186 
Lloyds Banking Group PLC 23,317,665 15,958,159 
London Stock Exchange Group PLC 108,348 10,546,997 
M&G PLC 858,528 2,347,527 
Melrose Industries PLC 1,436,782 3,102,834 
Mondi PLC 118,968 2,971,349 
Mondi PLC 39,980 996,163 
National Grid PLC 1,155,921 14,799,903 
NatWest Group PLC 1,908,284 5,774,208 
Next PLC 43,518 4,744,275 
NMC Health PLC (a) 30,958 5,882 
Ocado Group PLC (a) 159,865 3,944,662 
Pearson PLC 250,953 2,064,997 
Persimmon PLC 102,661 3,822,916 
Phoenix Group Holdings PLC 209,984 1,886,895 
Prudential PLC (a) 861,510 17,620,447 
Reckitt Benckiser Group PLC 234,218 19,014,470 
RELX PLC (London Stock Exchange) 634,339 19,654,342 
Rentokil Initial PLC 613,195 4,937,782 
Rio Tinto PLC 369,353 23,029,698 
Rolls-Royce Holdings PLC (a) 2,740,435 4,946,048 
Royal Dutch Shell PLC:   
Class A (United Kingdom) 1,339,977 30,697,373 
Class B (United Kingdom) 1,222,797 28,061,623 
Sage Group PLC 350,290 3,407,500 
Schroders PLC 40,679 2,015,299 
Segro PLC 396,988 7,022,126 
Severn Trent PLC 80,442 3,014,234 
Smith & Nephew PLC 290,992 5,025,453 
Smiths Group PLC 133,614 2,478,633 
Spirax-Sarco Engineering PLC 24,184 5,164,789 
SSE PLC 349,791 7,877,150 
St. James's Place Capital PLC 177,528 3,837,489 
Standard Chartered PLC (United Kingdom) 878,313 5,948,773 
Taylor Wimpey PLC 1,191,741 2,520,644 
Tesco PLC 2,547,812 9,407,201 
Unilever PLC 860,667 46,081,728 
United Utilities Group PLC 217,128 3,085,908 
Vodafone Group PLC 7,309,742 10,773,481 
Vodafone Group PLC sponsored ADR 183,000 2,735,850 
Whitbread PLC (a) 65,933 2,950,606 
TOTAL UNITED KINGDOM  765,163,677 
United States of America - 0.2%   
360 DigiTech, Inc. ADR (a) 29,762 607,442 
Coca-Cola European Partners PLC 68,373 3,599,838 
Dada Nexus Ltd. ADR (a) 17,522 355,872 
DiDi Global, Inc. ADR (d) 102,734 829,063 
Li Auto, Inc. ADR (a) 176,191 5,749,112 
NICE Systems Ltd. sponsored ADR (a) 3,864 1,093,589 
Southern Copper Corp. 28,313 1,698,497 
Yum China Holdings, Inc. 138,088 7,882,063 
TOTAL UNITED STATES OF AMERICA  21,815,476 
TOTAL COMMON STOCKS   
(Cost $7,341,405,117)  8,838,797,363 
Nonconvertible Preferred Stocks - 0.9%   
Brazil - 0.3%   
Alpargatas SA (PN) 61,700 422,317 
Banco Bradesco SA (PN) 1,635,268 5,765,944 
Bradespar SA (PN) 79,855 688,498 
Braskem SA (PN-A) (a) 63,600 613,710 
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) 42,607 255,470 
Companhia Energetica de Minas Gerais (CEMIG) (PN) 322,235 735,389 
Companhia Paranaense de Energia-COPEL (PN-B) 266,000 279,018 
Gerdau SA 377,700 1,800,229 
Itau Unibanco Holding SA 1,593,421 6,581,141 
Itausa-Investimentos Itau SA (PN) 1,448,798 2,631,238 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) 1,496,500 7,225,562 
TOTAL BRAZIL  26,998,516 
Chile - 0.0%   
Sociedad Quimica y Minera de Chile SA (PN-B) (a) 45,631 2,478,153 
Colombia - 0.0%   
Bancolombia SA (PN) 166,968 1,498,650 
France - 0.0%   
Air Liquide SA (a) 7,782 1,299,266 
Germany - 0.4%   
Bayerische Motoren Werke AG (BMW) (non-vtg.) 27,061 2,302,393 
Fuchs Petrolub AG 23,549 1,128,106 
Henkel AG & Co. KGaA 57,461 5,139,960 
Porsche Automobil Holding SE (Germany) 50,542 5,260,233 
Sartorius AG (non-vtg.) 8,674 5,619,212 
Volkswagen AG 60,607 13,579,357 
TOTAL GERMANY  33,029,261 
Korea (South) - 0.2%   
AMOREPACIFIC Corp. 1,704 104,422 
Hyundai Motor Co. 7,214 600,579 
Hyundai Motor Co. Series 2 17,036 1,423,969 
LG Chemical Ltd. 2,310 754,896 
LG Household & Health Care Ltd. 697 356,018 
Samsung Electronics Co. Ltd. 259,057 14,158,623 
TOTAL KOREA (SOUTH)  17,398,507 
Russia - 0.0%   
Surgutneftegas OJSC 2,525,333 1,375,618 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $80,494,954)  84,077,971 
 Principal Amount(f) Value 
Nonconvertible Bonds - 0.0%   
India - 0.0%   
NTPC Ltd. 8.49% 3/25/25
(Cost $13,959) 		INR69,696 12,912 
 Shares Value 
Money Market Funds - 2.1%   
Fidelity Cash Central Fund 0.06% (g) 154,026,704 154,057,509 
Fidelity Securities Lending Cash Central Fund 0.06% (g)(h) 35,878,325 35,881,913 
TOTAL MONEY MARKET FUNDS   
(Cost $189,938,788)  189,939,422 
TOTAL INVESTMENT IN SECURITIES - 99.8%   
(Cost $7,611,852,818)  9,112,827,668 
NET OTHER ASSETS (LIABILITIES) - 0.2%  19,660,035 
NET ASSETS - 100%  $9,132,487,703 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI EAFE Index Contracts (United States) 1,140 Dec. 2021 $133,357,200 $1,017,747 $1,017,747 
ICE MSCI Emerging Markets Index Contracts (United States) 979 Dec. 2021 61,774,900 (64,044) (64,044) 
TME S&P/TSX 60 Index Contracts (Canada) 76 Dec. 2021 15,481,254 445,453 445,453 
TOTAL FUTURES CONTRACTS     $1,399,156 

The notional amount of futures purchased as a percentage of Net Assets is 2.3%

Currency Abbreviations

INR – Indian rupee

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

Legend

 (a) Non-income producing

 (b) Security 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 $257,541,665 or 2.8% of net assets.

 (c) Level 3 security

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

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

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

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

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $127,452,013 $2,050,341,833 $2,023,735,671 $144,939 $(666) $-- $154,057,509 0.3% 
Fidelity Securities Lending Cash Central Fund 0.06% 33,544,971 390,190,126 387,853,184 627,339 -- -- 35,881,913 0.1% 
Total $160,996,984 $2,440,531,959 $2,411,588,855 $772,278 $(666) $-- $189,939,422  

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

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $547,457,126 $226,689,280 $319,948,622 $819,224 
Consumer Discretionary 1,153,021,957 538,259,500 614,754,893 7,564 
Consumer Staples 754,260,971 323,643,003 430,617,967 1 
Energy 445,002,160 255,432,690 189,569,439 31 
Financials 1,743,340,579 1,180,512,555 562,505,131 322,893 
Health Care 839,056,751 280,683,976 558,372,775 -- 
Industrials 1,077,672,935 569,719,166 507,953,769 -- 
Information Technology 1,168,772,532 363,696,712 805,075,820 -- 
Materials 707,977,568 434,748,926 273,228,642 -- 
Real Estate 215,540,783 162,036,376 53,504,407 -- 
Utilities 270,771,972 178,810,513 91,961,458 1 
Corporate Bonds 12,912 -- 12,912 -- 
Money Market Funds 189,939,422 189,939,422 -- -- 
Total Investments in Securities: $9,112,827,668 $4,704,172,119 $4,407,505,835 $1,149,714 
Derivative Instruments:     
Assets     
Futures Contracts $1,463,200 $1,463,200 $-- $-- 
Total Assets $1,463,200 $1,463,200 $-- $-- 
Liabilities     
Futures Contracts $(64,044) $(64,044) $-- $-- 
Total Liabilities $(64,044) $(64,044) $-- $-- 
Total Derivative Instruments: $1,399,156 $1,399,156 $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $1,463,200 $(64,044) 
Total Equity Risk 1,463,200 (64,044) 
Total Value of Derivatives $1,463,200 $(64,044) 

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

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


Fidelity® Global ex U.S. Index Fund

Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $33,121,120) — See accompanying schedule:
Unaffiliated issuers (cost $7,421,914,030) 		$8,922,888,246  
Fidelity Central Funds (cost $189,938,788) 189,939,422  
Total Investment in Securities (cost $7,611,852,818)  $9,112,827,668 
Segregated cash with brokers for derivative instruments  11,770,326 
Foreign currency held at value (cost $21,613,058)  21,541,275 
Receivable for investments sold  3,087,217 
Receivable for fund shares sold  12,445,851 
Dividends receivable  15,247,408 
Reclaims receivable  12,595,678 
Interest receivable  48 
Distributions receivable from Fidelity Central Funds  38,101 
Other receivables  226,257 
Total assets  9,189,779,829 
Liabilities   
Payable for investments purchased   
Regular delivery $2,316,892  
Delayed delivery 49,596  
Payable for fund shares redeemed 5,359,178  
Accrued management fee 414,079  
Payable for daily variation margin on futures contracts 1,684,678  
Other payables and accrued expenses 11,587,193  
Collateral on securities loaned 35,880,510  
Total liabilities  57,292,126 
Net Assets  $9,132,487,703 
Net Assets consist of:   
Paid in capital  $7,721,041,873 
Total accumulated earnings (loss)  1,411,445,830 
Net Assets  $9,132,487,703 
Net Asset Value, offering price and redemption price per share ($9,132,487,703 ÷ 578,218,568 shares)  $15.79 

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


Statement of Operations

  Year ended October 31, 2021 
Investment Income   
Dividends  $207,642,974 
Non-Cash dividends  17,034,339 
Interest  2,080 
Income from Fidelity Central Funds (including $627,339 from security lending)  772,278 
Income before foreign taxes withheld  225,451,671 
Less foreign taxes withheld  (25,652,138) 
Total income  199,799,533 
Expenses   
Management fee $4,339,052  
Independent trustees' fees and expenses 22,837  
Total expenses  4,361,889 
Net investment income (loss)  195,437,644 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $16,387) (80,460,922)  
Fidelity Central Funds (666)  
Foreign currency transactions 251,337  
Futures contracts 53,928,859  
Total net realized gain (loss)  (26,281,392) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $10,927,587) 1,513,092,022  
Assets and liabilities in foreign currencies (384,668)  
Futures contracts 6,634,770  
Total change in net unrealized appreciation (depreciation)  1,519,342,124 
Net gain (loss)  1,493,060,732 
Net increase (decrease) in net assets resulting from operations  $1,688,498,376 

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


Statement of Changes in Net Assets

 Year ended October 31, 2021 Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $195,437,644 $129,074,970 
Net realized gain (loss) (26,281,392) (106,842,831) 
Change in net unrealized appreciation (depreciation) 1,519,342,124 (158,863,477) 
Net increase (decrease) in net assets resulting from operations 1,688,498,376 (136,631,338) 
Distributions to shareholders (113,745,928) (156,691,409) 
Share transactions   
Proceeds from sales of shares 3,700,740,156 2,375,625,558 
Reinvestment of distributions 108,447,495 146,587,056 
Cost of shares redeemed (1,873,018,145) (1,950,719,186) 
Net increase (decrease) in net assets resulting from share transactions 1,936,169,506 571,493,428 
Total increase (decrease) in net assets 3,510,921,954 278,170,681 
Net Assets   
Beginning of period 5,621,565,749 5,343,395,068 
End of period $9,132,487,703 $5,621,565,749 
Other Information   
Shares   
Sold 240,549,523 194,724,987 
Issued in reinvestment of distributions 7,610,351 11,328,212 
Redeemed (122,263,327) (161,853,384) 
Net increase (decrease) 125,896,547 44,199,815 

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


Financial Highlights

Fidelity Global ex U.S. Index Fund

      
Years ended October 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $12.43 $13.09 $12.07 $13.50 $11.13 
Income from Investment Operations      
Net investment income (loss)A .38 .29 .41 .38 .33 
Net realized and unrealized gain (loss) 3.23 (.57) .91 (1.50) 2.27 
Total from investment operations 3.61 (.28) 1.32 (1.12) 2.60 
Distributions from net investment income (.25) (.38) (.30) (.28) (.22) 
Distributions from net realized gain – – – (.03) (.01) 
Total distributions (.25) (.38) (.30) (.31) (.23) 
Redemption fees added to paid in capitalA – – – – –B 
Net asset value, end of period $15.79 $12.43 $13.09 $12.07 $13.50 
Total ReturnC 29.25% (2.25)% 11.28% (8.47)% 23.83% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .05%F .06% .06% .06% .06% 
Expenses net of fee waivers, if any .05%F .06% .06% .06% .06% 
Expenses net of all reductions .05%F .06% .06% .06% .06% 
Net investment income (loss) 2.46% 2.37% 3.32% 2.91% 2.75% 
Supplemental Data      
Net assets, end of period (000 omitted) $9,132,488 $5,621,566 $5,343,395 $2,879,110 $952,883 
Portfolio turnover rateG 5%H 5% 5%H 19%H 9% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.005 per share.

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

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

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

 F The size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.

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

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

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


Notes to Financial Statements

For the period ended October 31, 2021

1. Organization.

Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund (the Funds) are funds of Fidelity Salem Street Trust (the Trust). Each Fund is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

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

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

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

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of each Fund's Schedule of Investments.

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

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

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

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

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

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund are subject to a tax imposed on capital gains by certain countries in which they invest. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on each applicable Fund's Statement of Assets & Liabilities.

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

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

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

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

 Tax cost Gross unrealized appreciation Gross unrealized depreciation Net unrealized appreciation (depreciation) 
Fidelity Emerging Markets Index Fund $5,211,051,056 $1,444,954,067 $(598,810,637) $846,143,430 
Fidelity Global ex U.S. Index Fund 7,695,169,442 2,114,265,560 (696,161,881) 1,418,103,679 

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

 Undistributed tax-exempt income Undistributed ordinary income Undistributed long-term capital gain Capital loss carryforward Net unrealized appreciation (depreciation) on securities and other investments 
Fidelity Emerging Markets Index Fund $– $117,177,210 $– $(256,319,935) $846,087,468 
Fidelity Global ex U.S. Index Fund – 199,518,844 – (194,660,235) 1,418,174,408 

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

 No expiration   
 Short-term Long-term Total capital loss carryfoward 
Fidelity Emerging Markets Index Fund $(57,286,741) $(199,033,194) $(256,319,935) 
Fidelity Global ex U.S. Index Fund (4,108,175) (190,552,060) (194,660,235) 

The tax character of distributions paid was as follows:

October 31, 2021   
 Ordinary Income Total 
Fidelity Emerging Markets Index Fund $60,657,681 $60,657,681 
Fidelity Global ex U.S. Index Fund 113,745,928 113,745,928 

October 31, 2020   
 Ordinary Income Total 
Fidelity Emerging Markets Index Fund $80,764,390 $80,764,390 
Fidelity Global ex U.S. Index Fund 156,691,409 156,691,409 

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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

4. Derivative Instruments.

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

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

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

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

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

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

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

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

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period for Fidelity Global ex U.S. Index Fund. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

5. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Emerging Markets Index Fund 2,496,115,926 242,263,302 
Fidelity Global ex U.S. Index Fund 2,430,431,198 386,797,103 

6. Fees and Other Transactions with Affiliates.

Management Fee and Expense Contract. Fidelity Management & Research Company LLC (the investment adviser) 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 .075% and .055% of average net assets for Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund, respectively. The management fee is reduced by an amount equal to the fees and expenses paid by each Fund to the independent Trustees. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.

Under the expense contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees, as necessary so that the total expenses do not exceed .075%, and .055% of average net assets for Fidelity Emerging Markets Index Fund and Fidelity Global Ex-U.S. Index Fund, respectively. These expense contracts will remain in place through December 31, 2022.

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

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

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

 Shares Total Proceeds
($) 
Fidelity Global ex U.S. Index Fund 1,703,066 26,142,058 

7. Committed Line of Credit.

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

8. Security Lending.

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

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Emerging Markets Index Fund $76,554 $51 $– 
Fidelity Global ex U.S. Index Fund $59,980 $9 $– 

9. Expense Reductions.

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

 Custodian credits 
Fidelity Emerging Markets Index Fund $18,464 

10. Other.

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

11. Coronavirus (COVID-19) Pandemic.

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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund (the "Funds"), each a fund of Fidelity Salem Street Trust, including the schedules of investments, as of October 31, 2021, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 15, 2021


We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance.  Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 179 funds. 

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

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

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

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

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

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

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

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

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

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

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

Independent Trustees:

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

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

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

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

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Vice Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank’s institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization’s equity and quantitative research groups. He began his career in 1983 as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).

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

Advisory Board Members and Officers:

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

Name, Year of Birth; Principal Occupation

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

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

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

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

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

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

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

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

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Jamie Pagliocco (1964)

Year of Election or Appointment: 2020

Vice President

Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer – Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

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

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2021 		Ending
Account Value
October 31, 2021 		Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 
Fidelity Emerging Markets Index Fund .07%    
Actual  $1,000.00 $948.90 $.34 
Hypothetical-C  $1,000.00 $1,024.85 $.36 
Fidelity Global ex U.S. Index Fund .05%    
Actual  $1,000.00 $1,018.10 $.25 
Hypothetical-C  $1,000.00 $1,024.95 $.26 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

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

Fidelity Emerging Markets Index Fund  
December 2020 64% 
Fidelity Global ex U.S. Index Fund  
December 2020 93% 

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

 Pay Date Income Taxes 
Fidelity Emerging Markets Index Fund 12/07/20 $0.2194 $0.0284 
Fidelity Global ex U.S. Index Fund 12/07/20 $0.2811 $0.0321 

The funds will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Emerging Markets Index Fund
Fidelity Global ex U.S. Index Fund

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

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

At its September 2021 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

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

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the funds and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement each fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

Resources Dedicated to Investment Management and Support Services.  The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

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

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

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers each fund's tracking error versus its benchmark index.

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

The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for each fund and its benchmark index for the most recent one-, three-, and five-year periods. No performance peer group information was considered by the Board due to the fact that the peer group does not distinguish between passively-managed and actively-managed funds. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

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

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

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

Fidelity Emerging Markets Index Fund

The Board considered that (i) effective July 1, 2016, the fund's management fee rate was reduced from 0.25% to 0.09%, (ii) effective August 1, 2017, the fund's management fee rate was further reduced from 0.09% to 0.08%, and (iii) effective August 1, 2019, the fund's management fee rate was further reduced from 0.08% to 0.075%. The Board considered that the chart below reflects the fund's lower management fee rates for 2016, 2017, and 2019 (as well as the 2019 reduction in 2018), as if the lower fee rates were in effect for the entire year.


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2020.

Fidelity Global ex U.S. Index Fund

The Board considered that (i) effective July 1, 2016, the fund's management fee rate was reduced from 0.20% to 0.06%, and (ii) effective August 1, 2019, the fund's management fee rate was further reduced from 0.06% to 0.055%. The Board considered that the chart below reflects the fund's lower management fee rates for 2016 and 2019 (as well as the 2019 reduction in 2018), as if the lower fee rates were in effect for the entire year.


The Board noted that the fund’s management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2020.

At its July 2021 meeting, the Board also approved an amendment to the fund's sub-advisory agreement with Geode (effective August 1, 2021) that lowered the sub-advisory fee rate that FMR pays to Geode.

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

Total Expense Ratio.  In its review of each fund's total expense ratio, the Board considered the fund's unitary fee rate as well as fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of each fund relative to a subset of non-Fidelity funds within the similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that each fund's total expense ratio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for 2020.

Fees Charged to Other Clients.  The Board also considered fee structures applicable to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

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

The Board also considered information regarding the profitability of Geode's relationship with each fund.

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

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

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the continued waiver of money market fund fees; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

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





Fidelity Investments

EMX-I-GUX-I-ANN-1221
1.929368.110

Fidelity® SAI Emerging Markets Low Volatility Index Fund

Fidelity® SAI International Low Volatility Index Fund

Fidelity® SAI U.S. Low Volatility Index Fund

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



Annual Report

October 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Fidelity® SAI Emerging Markets Low Volatility Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® SAI International Low Volatility Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Fidelity® SAI U.S. Low Volatility Index Fund

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


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

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

The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.

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

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

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



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Funds nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

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

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

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

Fidelity® SAI Emerging Markets Low Volatility Index Fund

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Life of fundA 
Fidelity® SAI Emerging Markets Low Volatility Index Fund 23.79% 6.45% 

 A From January 30, 2019

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® SAI Emerging Markets Low Volatility Index Fund on January 30, 2019, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Fidelity Emerging Markets Low Volatility Focus Index℠ and the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.


Period Ending Values
$11,877Fidelity® SAI Emerging Markets Low Volatility Index Fund
$12,283Fidelity Emerging Markets Low Volatility Focus Index℠
$13,752MSCI ACWI (All Country World Index) ex USA Index

Fidelity® SAI Emerging Markets Low Volatility Index Fund

Management's Discussion of Fund Performance

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

Comments from the Geode Capital Management, LLC, passive equity index team:  For the fiscal year ending October 31, 2021, the fund gained 23.79%, roughly in line with the 24.99% advance of the benchmark Fidelity Emerging Markets Low Volatility Focus Index. (The fund's relative performance was affected by differing methodologies (fund versus index) for valuing certain foreign stocks and for incorporating foreign exchange rates, as well as by required local capital gains tax.) By sector, information technology gained about 46% and contributed most, followed by financials, which gained roughly 29%, benefiting from the banks industry (+31%). Materials advanced about 62% and was additive. The consumer discretionary sector rose roughly 15%, boosted by the consumer durables & apparel industry (+52%), utilities gained approximately 29%, and communication services advanced about 13%. Other notable contributors included the consumer staples (+13%), energy (+40%), industrials (+11%), and health care (+7%) sectors. In contrast, stocks in the real estate sector returned approximately -5% and detracted most. Turning to individual stocks, the biggest individual contributor was Li Ning (+115%), from the consumer durables & apparel category. United Microelectronics, within the semiconductors & semiconductor equipment segment, advanced roughly 94% and lifted the fund. In software & services, Wipro (+88%) and Tech Mahindra (+84%) helped. Another contributor was China Steel (+72%), a stock in the materials sector. In contrast, the biggest individual detractor was TAL Education Group (-92%), from the consumer services industry. In pharmaceuticals, biotechnology & life sciences, Hansoh Pharmacetical (-47%) and Sino Biopharmaceutical (-26%) hurt. Kingdee International Software Group, within the software & services group, returned roughly -30% and hindered the fund. Another detractor was NCSoft (-29%), a stock in the media & entertainment industry.

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

Fidelity® SAI Emerging Markets Low Volatility Index Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of October 31, 2021 
   Taiwan 19.7% 
   India 15.8% 
   Cayman Islands 11.7% 
   China 8.8% 
   Korea (South) 8.8% 
   Saudi Arabia 7.6% 
   Malaysia 4.3% 
   Thailand 2.9% 
   Indonesia 2.7% 
   Other* 17.7% 


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

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

Asset Allocation as of October 31, 2021

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

Top Ten Stocks as of October 31, 2021

 % of fund's net assets 
Tech Mahindra Ltd. (India, IT Services) 1.7 
PetroChina Co. Ltd. (H Shares) (China, Oil, Gas & Consumable Fuels) 1.7 
National Bank of Kuwait (Kuwait, Banks) 1.6 
Wipro Ltd. (India, IT Services) 1.6 
HCL Technologies Ltd. (India, IT Services) 1.6 
Emirates Telecommunications Corp. (United Arab Emirates, Diversified Telecommunication Services) 1.6 
Saudi Basic Industries Corp. (Saudi Arabia, Chemicals) 1.5 
Power Grid Corp. of India Ltd. (India, Electric Utilities) 1.5 
Hindustan Unilever Ltd. (India, Household Products) 1.5 
Infosys Ltd. (India, IT Services) 1.5 
 15.8 

Top Market Sectors as of October 31, 2021

 % of fund's net assets 
Financials 21.5 
Information Technology 17.3 
Consumer Discretionary 12.7 
Communication Services 12.0 
Consumer Staples 9.6 
Health Care 7.8 
Utilities 6.5 
Materials 5.7 
Energy 3.2 
Industrials 2.6 

Fidelity® SAI Emerging Markets Low Volatility Index Fund

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 99.1%   
 Shares Value 
Bailiwick of Jersey - 0.7%   
WNS Holdings Ltd. sponsored ADR (a) 146,431 $13,004,537 
Bermuda - 0.9%   
China Gas Holdings Ltd. 338,600 846,881 
China Resource Gas Group Ltd. 2,982,000 16,020,513 
TOTAL BERMUDA  16,867,394 
Brazil - 0.7%   
Hypermarcas SA 136,300 677,660 
Telefonica Brasil SA 1,528,200 12,325,678 
TOTAL BRAZIL  13,003,338 
Cayman Islands - 11.7%   
Anta Sports Products Ltd. 1,168,400 18,260,708 
Hansoh Pharmaceutical Group Co. Ltd. (b) 3,428,000 7,657,431 
Hengan International Group Co. Ltd. 2,257,500 11,794,534 
JD.com, Inc. sponsored ADR (a) 255,807 20,024,572 
Kingdee International Software Group Co. Ltd. (a) 5,102,000 16,852,567 
Li Ning Co. Ltd. 2,379,000 26,448,622 
Shenzhou International Group Holdings Ltd. 1,146,600 24,702,582 
Sino Biopharmaceutical Ltd. 16,209,000 11,999,722 
Tencent Holdings Ltd. 270,200 16,436,210 
Trip.com Group Ltd. ADR (a) 651,641 18,610,867 
Want Want China Holdings Ltd. 20,077,000 15,559,965 
ZTO Express, Inc. sponsored ADR 722,716 21,197,260 
TOTAL CAYMAN ISLANDS  209,545,040 
Chile - 0.6%   
Banco de Chile 118,627,693 10,295,163 
China - 8.8%   
Bank of China Ltd. (H Shares) 67,041,000 23,725,930 
Bank of Communications Co. Ltd. (H Shares) 41,195,000 24,514,215 
CGN Power Co. Ltd. (H Shares) (b) 35,398,000 9,554,116 
China Minsheng Banking Corp. Ltd. (H Shares) (c) 20,276,500 8,052,745 
China Railway Group Ltd. (H Shares) 12,456,000 6,099,526 
Dongfeng Motor Group Co. Ltd. (H Shares) 7,912,000 7,392,872 
PetroChina Co. Ltd. (H Shares) 64,466,000 31,082,136 
Postal Savings Bank of China Co. Ltd. (H Shares) (b) 28,129,000 20,462,713 
Shandong Weigao Medical Polymer Co. Ltd. (H Shares) 7,568,000 12,897,845 
Sinopharm Group Co. Ltd. (H Shares) 2,238,000 5,338,639 
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) 1,761,800 8,446,133 
TOTAL CHINA  157,566,870 
Hong Kong - 2.7%   
China Resources Beer Holdings Co. Ltd. 1,764,000 14,623,482 
China Resources Power Holdings Co. Ltd. 5,731,000 14,805,360 
Far East Horizon Ltd. 6,780,500 6,475,049 
Guangdong Investment Ltd. 10,018,000 12,618,264 
TOTAL HONG KONG  48,522,155 
India - 15.8%   
Apollo Hospitals Enterprise Ltd. 308,937 17,566,606 
Cipla Ltd. (a) 1,188,711 14,353,184 
Dr. Reddy's Laboratories Ltd. 382,969 23,798,459 
HCL Technologies Ltd. 1,860,618 28,391,459 
Hindustan Unilever Ltd. 836,081 26,694,246 
Infosys Ltd. 1,192,631 26,663,406 
Lupin Ltd. 772,599 9,512,796 
Nestle India Ltd. 61,826 15,672,114 
Power Grid Corp. of India Ltd. 10,996,553 27,148,451 
Sun Pharmaceutical Industries Ltd. 656,486 6,962,929 
Tata Consultancy Services Ltd. 585,166 26,525,886 
Tech Mahindra Ltd. 1,581,689 31,185,369 
Wipro Ltd. 3,284,232 28,411,987 
TOTAL INDIA  282,886,892 
Indonesia - 2.7%   
PT Bank Central Asia Tbk 48,354,300 25,512,503 
PT Telkom Indonesia Persero Tbk 86,264,100 23,057,161 
TOTAL INDONESIA  48,569,664 
Korea (South) - 8.8%   
Coway Co. Ltd. 178,184 12,019,842 
Db Insurance Co. Ltd. 144,342 7,297,829 
Hankook Tire Co. Ltd. 255,379 9,002,054 
Hanon Systems 516,733 6,368,528 
Hyundai Mobis 82,336 17,707,276 
Kangwon Land, Inc. (a) 364,741 8,634,363 
Korea Electric Power Corp. 754,493 14,543,447 
KT&G Corp. 367,459 25,392,437 
NCSOFT Corp. 34,549 18,468,302 
Samsung Electronics Co. Ltd. 135,890 8,094,460 
Samsung Life Insurance Co. Ltd. 283,048 16,289,346 
SK Hynix, Inc. 32,176 2,821,798 
SK, Inc. 51,264 10,643,320 
TOTAL KOREA (SOUTH)  157,283,002 
Kuwait - 1.9%   
Boubyan Bank KSC 1,845,949 4,788,629 
National Bank of Kuwait 8,968,158 29,452,567 
TOTAL KUWAIT  34,241,196 
Malaysia - 4.3%   
Dialog Group Bhd 10,501,900 7,177,101 
DiGi.com Bhd 8,079,900 8,253,556 
IHH Healthcare Bhd 8,524,400 13,462,829 
Malayan Banking Bhd 4,064,662 7,901,601 
Petronas Gas Bhd 1,455,000 5,881,840 
PPB Group Bhd 1,750,300 7,684,244 
Public Bank Bhd 20,968,300 21,115,144 
Tenaga Nasional Bhd 2,675,600 6,241,559 
TOTAL MALAYSIA  77,717,874 
Mexico - 0.4%   
Gruma S.A.B. de CV Series B 80,010 939,500 
Kimberly-Clark de Mexico SA de CV Series A 3,624,700 5,734,237 
TOTAL MEXICO  6,673,737 
Philippines - 1.8%   
Bank of the Philippine Islands (BPI) 5,243,650 9,026,636 
BDO Unibank, Inc. 5,640,620 13,858,661 
PLDT, Inc. 155,025 5,039,617 
SM Prime Holdings, Inc. 5,276,000 3,457,446 
TOTAL PHILIPPINES  31,382,360 
Qatar - 2.2%   
Qatar Islamic Bank (a) 2,212,325 11,192,262 
Qatar National Bank SAQ (a) 3,424,600 19,281,598 
The Commercial Bank of Qatar (a) 5,438,666 9,126,682 
TOTAL QATAR  39,600,542 
Russia - 0.9%   
PhosAgro OJSC GDR (Reg. S) 403,195 9,644,424 
PIK Group 413,883 6,867,548 
TOTAL RUSSIA  16,511,972 
Saudi Arabia - 7.6%   
Advanced Polypropylene Co. 368,924 7,317,696 
Alinma Bank 3,413,269 22,886,165 
Almarai Co. Ltd. 627,400 8,848,399 
Jarir Marketing Co. 189,356 10,237,915 
Mouwasat Medical Services Co. 163,400 7,832,606 
Sabic Agriculture-Nutrients Co. 377,480 16,504,498 
Saudi Basic Industries Corp. 796,481 27,392,372 
Saudi Electricity Co. 1,703,892 12,946,472 
Saudi Telecom Co. 723,436 22,565,787 
TOTAL SAUDI ARABIA  136,531,910 
South Africa - 0.5%   
Bid Corp. Ltd. (c) 373,362 8,013,290 
Taiwan - 19.7%   
ASUSTeK Computer, Inc. 1,826,000 23,148,788 
Chang Hwa Commercial Bank 18,918,007 11,142,227 
Chicony Electronics Co. Ltd. 2,307,000 6,578,409 
China Steel Corp. 18,323,000 22,109,995 
Chunghwa Telecom Co. Ltd. 6,253,000 24,780,963 
Compal Electronics, Inc. 13,655,000 11,990,115 
Far EasTone Telecommunications Co. Ltd. 5,551,000 12,200,438 
Formosa Petrochemical Corp. 5,416,000 19,450,530 
Formosa Plastics Corp. 5,454,000 21,056,024 
Inventec Corp. 11,116,000 10,599,023 
Mega Financial Holding Co. Ltd. 17,498,000 20,988,802 
Novatek Microelectronics Corp. 920,000 13,728,138 
Pou Chen Corp. 8,171,000 10,006,504 
President Chain Store Corp. 1,152,000 11,625,498 
Quanta Computer, Inc. 8,072,000 22,611,456 
Synnex Technology International Corp. 4,708,000 9,096,441 
Taiwan Cooperative Financial Holding Co. Ltd. 21,986,995 17,845,433 
Taiwan Mobile Co. Ltd. 5,744,000 20,236,538 
The Shanghai Commercial & Savings Bank Ltd. 9,328,000 14,739,881 
Uni-President Enterprises Corp. 7,704,000 18,426,518 
United Microelectronics Corp. 10,013,000 20,759,493 
WPG Holding Co. Ltd. 4,914,000 9,159,152 
TOTAL TAIWAN  352,280,366 
Thailand - 2.9%   
Advanced Info Service PCL 255,300 1,454,241 
Advanced Info Service PCL (For. Reg.) 3,265,100 18,598,671 
Advanced Information Service PCL NVDR 244,700 1,393,861 
Bangkok Bank PCL:   
(For. Reg.) 1,473,600 5,440,506 
NVDR 90,000 332,278 
Bangkok Dusit Medical Services PCL:   
unit 818,800 579,922 
(For. Reg.) 12,617,300 8,936,304 
BTS Group Holdings PCL:   
warrants 11/7/24 (a) 1,934,530 19,359 
warrants 11/20/26 (a) 3,869,060 18,824 
Kasikornbank PCL 116,400 494,647 
Kasikornbank PCL:   
NVDR 188,200 799,765 
(For. Reg.) 3,404,200 14,466,311 
TOTAL THAILAND  52,534,689 
United Arab Emirates - 2.2%   
Abu Dhabi National Oil Co. for Distribution PJSC 5,220,739 6,083,270 
Emirates Telecommunications Corp. 4,063,344 28,319,455 
First Abu Dhabi Bank PJSC 1,197,645 5,810,281 
TOTAL UNITED ARAB EMIRATES  40,213,006 
United States of America - 1.3%   
Yum China Holdings, Inc. 418,308 23,877,021 
TOTAL COMMON STOCKS   
(Cost $1,523,308,795)  1,777,122,018 
Money Market Funds - 2.3%   
Fidelity Cash Central Fund 0.06% (d) 20,120,992 20,125,016 
Fidelity Securities Lending Cash Central Fund 0.06% (d)(e) 20,998,809 21,000,909 
TOTAL MONEY MARKET FUNDS   
(Cost $41,125,925)  41,125,925 
TOTAL INVESTMENT IN SECURITIES - 101.4%   
(Cost $1,564,434,720)  1,818,247,943 
NET OTHER ASSETS (LIABILITIES) - (1.4)%  (25,825,056) 
NET ASSETS - 100%  $1,792,422,887 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE MSCI Emerging Markets Index Contracts (United States) 236 Dec. 2021 $14,891,600 $(56,181) $(56,181) 

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

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

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $37,674,260 or 2.1% of net assets.

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

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

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $13,919,486 $251,838,461 $245,632,799 $9,549 $(132) $-- $20,125,016 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% -- 63,919,957 42,919,048 6,519 -- -- 21,000,909 0.1% 
Total $13,919,486 $315,758,418 $288,551,847 $16,068 $(132) $-- $41,125,925  

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

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $213,130,478 $130,387,842 $82,742,636 $-- 
Consumer Discretionary 226,244,544 147,809,899 78,434,645 -- 
Consumer Staples 171,008,464 145,616,027 25,392,437 -- 
Energy 57,709,767 26,627,631 31,082,136 -- 
Financials 383,315,569 336,002,464 47,313,105 -- 
Health Care 141,576,932 117,778,473 23,798,459 -- 
Industrials 46,424,422 35,742,919 10,681,503 -- 
Information Technology 309,622,484 222,871,340 86,751,144 -- 
Materials 104,025,009 104,025,009 -- -- 
Real Estate 3,457,446 3,457,446 -- -- 
Utilities 120,606,903 106,063,456 14,543,447 -- 
Money Market Funds 41,125,925 41,125,925 -- -- 
Total Investments in Securities: $1,818,247,943 $1,417,508,431 $400,739,512 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(56,181) $(56,181) $-- $-- 
Total Liabilities $(56,181) $(56,181) $-- $-- 
Total Derivative Instruments: $(56,181) $(56,181) $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(56,181) 
Total Equity Risk 0 (56,181) 
Total Value of Derivatives $0 $(56,181) 

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

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


Fidelity® SAI Emerging Markets Low Volatility Index Fund

Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $12,756,626) — See accompanying schedule:
Unaffiliated issuers (cost $1,523,308,795) 		$1,777,122,018  
Fidelity Central Funds (cost $41,125,925) 41,125,925  
Total Investment in Securities (cost $1,564,434,720)  $1,818,247,943 
Segregated cash with brokers for derivative instruments  813,727 
Foreign currency held at value (cost $7,924,634)  7,892,038 
Receivable for fund shares sold  495,603 
Dividends receivable  1,050,929 
Distributions receivable from Fidelity Central Funds  5,649 
Prepaid expenses  2,220 
Other receivables  2 
Total assets  1,828,508,111 
Liabilities   
Payable for investments purchased $1,756,703  
Payable for fund shares redeemed 316,113  
Accrued management fee 221,300  
Payable for daily variation margin on futures contracts 202,432  
Deferred foreign taxes 12,587,767  
Collateral on securities loaned 21,000,909  
Total liabilities  36,085,224 
Net Assets  $1,792,422,887 
Net Assets consist of:   
Paid in capital  $1,553,453,678 
Total accumulated earnings (loss)  238,969,209 
Net Assets  $1,792,422,887 
Net Asset Value, offering price and redemption price per share ($1,792,422,887 ÷ 156,717,721 shares)  $11.44 

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


Statement of Operations

  Year ended October 31, 2021 
Investment Income   
Dividends  $47,987,117 
Interest  1,287 
Income from Fidelity Central Funds (including $6,519 from security lending)  16,068 
Income before foreign taxes withheld  48,004,472 
Less foreign taxes withheld  (5,992,234) 
Total income  42,012,238 
Expenses   
Management fee $2,356,323  
Custodian fees and expenses 1,146,401  
Independent trustees' fees and expenses 4,539  
Registration fees 88,344  
Audit 78,582  
Legal 2,056  
Interest 4,471  
Miscellaneous 5,987  
Total expenses  3,686,703 
Net investment income (loss)  38,325,535 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $2,204,516) 9,734,393  
Fidelity Central Funds (132)  
Foreign currency transactions 90,228  
Futures contracts 3,309,192  
Total net realized gain (loss)  13,133,681 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $6,346,847) 248,862,299  
Assets and liabilities in foreign currencies (35,877)  
Futures contracts (292,021)  
Total change in net unrealized appreciation (depreciation)  248,534,401 
Net gain (loss)  261,668,082 
Net increase (decrease) in net assets resulting from operations  $299,993,617 

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


Statement of Changes in Net Assets

 Year ended October 31, 2021 Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $38,325,535 $22,589,518 
Net realized gain (loss) 13,133,681 (32,696,403) 
Change in net unrealized appreciation (depreciation) 248,534,401 (10,848,265) 
Net increase (decrease) in net assets resulting from operations 299,993,617 (20,955,150) 
Distributions to shareholders (24,528,630) (12,652,850) 
Share transactions   
Proceeds from sales of shares 431,880,407 741,990,113 
Reinvestment of distributions 24,269,809 12,534,179 
Cost of shares redeemed (198,597,781) (105,595,880) 
Net increase (decrease) in net assets resulting from share transactions 257,552,435 648,928,412 
Total increase (decrease) in net assets 533,017,422 615,320,412 
Net Assets   
Beginning of period 1,259,405,465 644,085,053 
End of period $1,792,422,887 $1,259,405,465 
Other Information   
Shares   
Sold 38,702,331 81,020,918 
Issued in reinvestment of distributions 2,367,786 1,273,799 
Redeemed (18,195,718) (12,170,642) 
Net increase (decrease) 22,874,399 70,124,075 

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


Financial Highlights

Fidelity SAI Emerging Markets Low Volatility Index Fund

    
Years ended October 31, 2021 2020 2019 A 
Selected Per–Share Data    
Net asset value, beginning of period $9.41 $10.11 $10.00 
Income from Investment Operations    
Net investment income (loss)B .27 .24 .22 
Net realized and unrealized gain (loss) 1.95 (.75) (.11) 
Total from investment operations 2.22 (.51) .11 
Distributions from net investment income (.19) (.19) – 
Total distributions (.19) (.19) – 
Net asset value, end of period $11.44 $9.41 $10.11 
Total ReturnC,D 23.79% (5.10)% 1.10% 
Ratios to Average Net AssetsE,F    
Expenses before reductions .23% .24% .35%G 
Expenses net of fee waivers, if any .23% .24% .26%G 
Expenses net of all reductions .23% .24% .26%G 
Net investment income (loss) 2.44% 2.59% 2.90%G 
Supplemental Data    
Net assets, end of period (000 omitted) $1,792,423 $1,259,405 $644,085 
Portfolio turnover rateH 28% 30% 75% 

 A For the period January 30, 2019 (commencement of operations) through October 31, 2019.

 B Calculated based on average shares outstanding during the period.

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

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

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

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

 G Annualized

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

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


Fidelity® SAI International Low Volatility Index Fund

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Past 5 years Life of fundA 
Fidelity® SAI International Low Volatility Index Fund 22.69% 6.68% 4.96% 

 A From May 29, 2015

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® SAI International Low Volatility Index Fund on May 29, 2015, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Fidelity International Low Volatility Focus Index℠, the Fidelity SAI International Low Volatility Index Fund Linked Index, and the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.


Period Ending Values
$13,643Fidelity® SAI International Low Volatility Index Fund
$13,792Fidelity International Low Volatility Focus Index℠
$13,908Fidelity SAI International Low Volatility Index Fund Linked Index
$14,808MSCI ACWI (All Country World Index) ex USA Index

Fidelity® SAI International Low Volatility Index Fund

Management's Discussion of Fund Performance

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

Comments from the Geode Capital Management, LLC, passive equity index team:  For the fiscal year ending October 31, 2021, the fund gained 22.69%, roughly in line with the 22.88% advance of the benchmark Fidelity International Low Volatility Focus Index. (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) From a regional standpoint, the U.K., Asia Pacific ex Japan, and Europe ex U.K. notably contributed. By sector, consumer staples gained 32% and helped most, followed by financials, which gained 32%. Industrials advanced roughly 18% and was additive. The consumer discretionary sector rose roughly 33%, communication services gained about 22%, and real estate advanced 25%. Other notable contributors included the information technology (+45%), health care (+15%), utilities (+5%), and materials (+7%) sectors. Conversely, the top individual contributor was EssilorLuxottica (+69%), from the consumer durables & apparel segment. In food, beverage & tobacco, Diageo (+57%) was helpful. RELX (+60%), from the commercial & professional services category, also contributed. Fujifilm Holdings, within the technology hardware & equipment industry, rose roughly 54% and L'Oreal, within the household & personal products group, gained 42% and boosted the fund. Conversely, the biggest individual detractor was Secom (-18%), from the commercial & professional services industry. Christian Hansen Holding, within the materials sector, returned about -20% and hindered the fund. In transportation, Nagoya Railroad (-38%) and Kintetsu (-21%) hurt. Another detractor was Tokyo Gas (-21%), a stock in the utilities sector.

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

Fidelity® SAI International Low Volatility Index Fund

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of October 31, 2021 
   Japan 29.2% 
   Switzerland 14.5% 
   United Kingdom 10.4% 
   France 8.1% 
   Germany 7.9% 
   Hong Kong 6.4% 
   Netherlands 5.2% 
   Denmark 4.0% 
   Australia 2.2% 
   Other* 12.1% 


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

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

Asset Allocation as of October 31, 2021

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

Top Ten Stocks as of October 31, 2021

 % of fund's net assets 
Sanofi SA (France, Pharmaceuticals) 2.0 
Diageo PLC (United Kingdom, Beverages) 2.0 
Nestle SA (Reg. S) (Switzerland, Food Products) 2.0 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 2.0 
L'Oreal SA (France, Personal Products) 2.0 
EssilorLuxottica SA (France, Textiles, Apparel & Luxury Goods) 1.9 
RELX PLC (London Stock Exchange) (United Kingdom, Professional Services) 1.9 
Novartis AG (Switzerland, Pharmaceuticals) 1.8 
FUJIFILM Holdings Corp. (Japan, Technology Hardware, Storage & Peripherals) 1.8 
Prosus NV (Netherlands, Internet & Direct Marketing Retail) 1.8 
 19.2 

Top Market Sectors as of October 31, 2021

 % of fund's net assets 
Industrials 14.9 
Consumer Staples 14.8 
Health Care 14.0 
Financials 13.4 
Communication Services 9.3 
Consumer Discretionary 8.2 
Utilities 7.9 
Real Estate 7.9 
Information Technology 4.9 
Materials 3.7 

Fidelity® SAI International Low Volatility Index Fund

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 99.0%   
 Shares Value 
Australia - 2.2%   
ASX Ltd. 935,471 $58,421,843 
Sonic Healthcare Ltd. 2,308,840 69,525,100 
Wesfarmers Ltd. 45,319 1,951,722 
TOTAL AUSTRALIA  129,898,665 
Bailiwick of Jersey - 1.8%   
Experian PLC 2,293,639 105,060,979 
Belgium - 1.2%   
Cofinimmo SA 45,339 7,311,458 
Colruyt NV 302,820 14,856,543 
Elia System Operator SA/NV 162,547 18,959,547 
Warehouses de Pauw 657,323 29,938,696 
TOTAL BELGIUM  71,066,244 
Bermuda - 1.3%   
CK Infrastructure Holdings Ltd. 813,500 4,903,689 
Jardine Matheson Holdings Ltd. 1,262,576 73,141,028 
TOTAL BERMUDA  78,044,717 
Cayman Islands - 0.0%   
China Huishan Dairy Holdings Co. Ltd. (a)(b) 5,145,000 7 
Denmark - 4.0%   
Chr. Hansen Holding A/S 498,058 39,627,925 
Coloplast A/S Series B 515,152 83,977,381 
Novo Nordisk A/S Series B 701,874 76,963,933 
Tryg A/S 1,490,712 35,339,257 
TOTAL DENMARK  235,908,496 
Finland - 1.1%   
Elisa Corp. (A Shares) 725,629 43,769,999 
Kesko Oyj 653,193 21,210,509 
TOTAL FINLAND  64,980,508 
France - 8.1%   
EssilorLuxottica SA 551,983 114,154,721 
Hermes International SCA 13,078 20,719,449 
L'Oreal SA 253,666 116,040,724 
Orange SA 7,485,981 81,634,283 
Orpea 265,770 27,712,157 
Sanofi SA 1,187,435 119,270,938 
Thales SA 12,826 1,181,107 
TOTAL FRANCE  480,713,379 
Germany - 7.9%   
Beiersdorf AG 474,999 50,462,184 
Deutsche Borse AG 497,984 82,666,141 
Deutsche Telekom AG 5,359,532 99,672,054 
Hannover Reuck SE 270,555 49,416,330 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 338,039 100,116,064 
Symrise AG 621,902 85,946,732 
TOTAL GERMANY  468,279,505 
Hong Kong - 6.4%   
CLP Holdings Ltd. 7,848,500 76,844,034 
Hang Seng Bank Ltd. 3,483,400 66,260,934 
Hong Kong & China Gas Co. Ltd. 54,326,015 84,397,207 
Link (REIT) 7,776,557 68,965,032 
MTR Corp. Ltd. 7,493,871 40,838,009 
Power Assets Holdings Ltd. 6,617,000 40,354,302 
TOTAL HONG KONG  377,659,518 
Ireland - 0.3%   
Kerry Group PLC Class A 142,321 19,101,129 
Israel - 1.0%   
Bank Hapoalim BM (Reg.) 4,700,918 46,201,763 
Mizrahi Tefahot Bank Ltd. 421,999 15,323,111 
TOTAL ISRAEL  61,524,874 
Italy - 0.5%   
Recordati SpA 488,044 30,533,360 
Japan - 29.2%   
Advance Residence Investment Corp. 6,721 22,089,956 
Ajinomoto Co., Inc. 2,659,800 79,636,231 
Ana Holdings, Inc. (a) 610,400 14,222,952 
Canon, Inc. 1,787,300 40,642,082 
Central Japan Railway Co. 516,680 76,644,645 
Chubu Electric Power Co., Inc. 3,506,800 36,299,371 
Daito Trust Construction Co. Ltd. 333,500 41,348,699 
Daiwa House REIT Investment Corp. 9,645 27,677,623 
FUJIFILM Holdings Corp. 1,370,510 105,909,478 
GLP J-REIT 432 704,653 
Hankyu Hanshin Holdings, Inc. 1,232,940 38,228,025 
Industrial & Infrastructure Fund Investment Corp. 10,002 18,339,153 
Japan Post Holdings Co. Ltd. 4,294,100 32,995,459 
Japan Prime Realty Investment Corp. 4,627 16,971,412 
Japan Real Estate Investment Corp. 6,697 41,047,494 
Kansai Electric Power Co., Inc. 2,418,500 22,267,401 
KDDI Corp. 818,600 25,032,794 
Kintetsu Group Holdings Co. Ltd. (a) 922,900 29,051,071 
Kyushu Railway Co. 759,700 17,005,567 
Nagoya Railroad Co. Ltd. (a) 954,200 15,765,969 
Nippon Building Fund, Inc. 7,997 51,956,073 
Nippon Prologis REIT, Inc. 12,463 41,626,846 
Nippon Telegraph & Telephone Corp. 3,732,996 104,594,606 
NTT Data Corp. 2,950,400 59,187,463 
Odakyu Electric Railway Co. Ltd. 1,597,910 34,641,752 
Oriental Land Co. Ltd. 591,600 93,437,163 
ORIX JREIT, Inc. 4,915 8,154,503 
Osaka Gas Co. Ltd. 2,027,860 32,685,019 
Otsuka Holdings Co. Ltd. 867,760 34,319,285 
Pan Pacific International Holdings Ltd. 755,500 15,863,155 
Secom Co. Ltd. 1,042,870 71,095,019 
Sekisui House Ltd. 1,100,000 22,869,861 
Seven & i Holdings Co. Ltd. 2,232,700 93,739,411 
SHIMANO, Inc. 359,400 100,277,493 
SoftBank Corp. 7,112,500 97,083,331 
Sohgo Security Services Co., Ltd. 419,800 17,960,599 
Suntory Beverage & Food Ltd. 169,500 6,577,012 
Tobu Railway Co. Ltd. 1,016,800 25,315,924 
Tohoku Electric Power Co., Inc. 2,448,500 15,886,199 
Tokyo Gas Co. Ltd. 1,871,000 32,467,350 
Toyo Suisan Kaisha Ltd. 493,780 21,276,536 
Trend Micro, Inc. 680,400 38,456,474 
Yamada Holdings Co. Ltd. 3,780,300 14,445,663 
TOTAL JAPAN  1,735,796,772 
Netherlands - 5.2%   
ASML Holding NV (Netherlands) 23,013 18,707,274 
Koninklijke Ahold Delhaize NV 2,934,197 95,415,040 
Prosus NV 1,193,356 105,133,184 
Prosus NV rights (a)(c) 1,193,356 193,133 
Wolters Kluwer NV 876,508 91,840,368 
TOTAL NETHERLANDS  311,288,999 
Singapore - 1.5%   
Ascendas Real Estate Investment Trust 2,272,965 5,208,351 
CapitaMall Trust 15,599,500 24,871,283 
Singapore Exchange Ltd. 4,002,400 28,730,613 
Singapore Telecommunications Ltd. 14,813,750 27,463,385 
TOTAL SINGAPORE  86,273,632 
Spain - 0.5%   
Grifols SA 1,425,523 32,620,271 
Sweden - 1.9%   
ICA Gruppen AB 445,329 23,023,530 
Industrivarden AB (A Shares) 116,507 3,841,963 
Svenska Handelsbanken AB (A Shares) 7,572,978 86,804,049 
TOTAL SWEDEN  113,669,542 
Switzerland - 14.5%   
Baloise Holdings AG 119,876 19,115,221 
Galenica AG (d) 242,187 17,722,290 
Givaudan SA 20,391 95,964,197 
Helvetia Holding AG (Reg.) 168,520 20,061,905 
Lindt & Spruengli AG 424 50,892,966 
Nestle SA (Reg. S) 890,249 117,430,277 
Novartis AG 1,303,429 107,810,179 
PSP Swiss Property AG 203,555 25,433,259 
Roche Holding AG (participation certificate) 303,036 117,394,387 
SGS SA (Reg.) 21,858 64,647,733 
Swiss Prime Site AG 365,585 37,133,470 
Swiss Re Ltd. 880,458 85,237,874 
Swisscom AG 123,525 67,239,908 
Tecan Group AG 58,146 35,563,303 
TOTAL SWITZERLAND  861,646,969 
United Kingdom - 10.4%   
Admiral Group PLC 1,251,963 49,173,833 
Bunzl PLC 1,624,808 60,082,509 
Diageo PLC 2,385,833 118,699,221 
Direct Line Insurance Group PLC 6,534,216 26,147,581 
GlaxoSmithKline PLC 306,540 6,364,025 
Halma PLC 696,870 28,248,636 
National Grid PLC 8,132,636 104,126,690 
Pearson PLC 1,060,149 8,723,565 
RELX PLC (London Stock Exchange) 3,626,257 112,355,845 
Smith & Nephew PLC 3,962,436 68,431,563 
Unilever PLC 677,117 36,254,116 
TOTAL UNITED KINGDOM  618,607,584 
TOTAL COMMON STOCKS   
(Cost $5,272,205,115)  5,882,675,150 
Money Market Funds - 0.4%   
Fidelity Cash Central Fund 0.06% (e) 22,535,161 22,539,668 
TOTAL MONEY MARKET FUNDS   
(Cost $22,539,668)  22,539,668 
TOTAL INVESTMENT IN SECURITIES - 99.4%   
(Cost $5,294,744,783)  5,905,214,818 
NET OTHER ASSETS (LIABILITIES) - 0.6%  33,522,839 
NET ASSETS - 100%  $5,938,737,657 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI EAFE Index Contracts (United States) 481 Dec. 2021 $56,267,380 $1,397,056 $1,397,056 

The notional amount of futures purchased as a percentage of Net Assets is 0.9%

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

Legend

 (a) Non-income producing

 (b) Level 3 security

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

 (d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $17,722,290 or 0.3% of net assets.

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $62,340,677 $710,647,626 $750,446,821 $18,587 $(1,814) $-- $22,539,668 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% 17,444,744 358,998,415 376,443,159 177,860 -- -- -- 0.0% 
Total $79,785,421 $1,069,646,041 $1,126,889,980 $196,447 $(1,814) $-- $22,539,668  

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

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $555,213,925 $138,473,292 $416,740,633 $-- 
Consumer Discretionary 489,045,544 241,959,076 247,086,468 -- 
Consumer Staples 864,615,436 274,961,901 589,653,528 7 
Financials 805,853,941 686,054,433 119,799,508 -- 
Health Care 828,208,172 297,653,862 530,554,310 -- 
Industrials 889,079,101 549,147,578 339,931,523 -- 
Information Technology 291,151,407 28,248,636 262,902,771 -- 
Materials 221,538,854 221,538,854 -- -- 
Real Estate 468,777,961 198,861,549 269,916,412 -- 
Utilities 469,190,809 64,217,538 404,973,271 -- 
Money Market Funds 22,539,668 22,539,668 -- -- 
Total Investments in Securities: $5,905,214,818 $2,723,656,387 $3,181,558,424 $7 
Derivative Instruments:     
Assets     
Futures Contracts $1,397,056 $1,397,056 $-- $-- 
Total Assets $1,397,056 $1,397,056 $-- $-- 
Total Derivative Instruments: $1,397,056 $1,397,056 $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $1,397,056 $0 
Total Equity Risk 1,397,056 0 
Total Value of Derivatives $1,397,056 $0 

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

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


Fidelity® SAI International Low Volatility Index Fund

Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $5,272,205,115) 		$5,882,675,150  
Fidelity Central Funds (cost $22,539,668) 22,539,668  
Total Investment in Securities (cost $5,294,744,783)  $5,905,214,818 
Segregated cash with brokers for derivative instruments  2,853,789 
Foreign currency held at value (cost $6,083,304)  6,086,493 
Receivable for fund shares sold  3,653,757 
Dividends receivable  12,725,312 
Reclaims receivable  14,918,956 
Distributions receivable from Fidelity Central Funds  1,803 
Prepaid expenses  7,254 
Total assets  5,945,462,182 
Liabilities   
Payable for investments purchased   
Regular delivery $2,770,854  
Delayed delivery 193,133  
Payable for fund shares redeemed 2,333,998  
Accrued management fee 723,114  
Payable for daily variation margin on futures contracts 327,726  
Other payables and accrued expenses 375,700  
Total liabilities  6,724,525 
Net Assets  $5,938,737,657 
Net Assets consist of:   
Paid in capital  $5,277,008,292 
Total accumulated earnings (loss)  661,729,365 
Net Assets  $5,938,737,657 
Net Asset Value, offering price and redemption price per share ($5,938,737,657 ÷ 508,737,137 shares)  $11.67 

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


Statement of Operations

  Year ended October 31, 2021 
Investment Income   
Dividends  $153,969,705 
Interest  828 
Income from Fidelity Central Funds (including $177,860 from security lending)  196,447 
Income before foreign taxes withheld  154,166,980 
Less foreign taxes withheld  (16,788,073) 
Total income  137,378,907 
Expenses   
Management fee $8,116,556  
Custodian fees and expenses 527,325  
Independent trustees' fees and expenses 15,977  
Registration fees 222,236  
Audit 59,018  
Legal 7,689  
Interest 11,063  
Miscellaneous 21,387  
Total expenses  8,981,251 
Net investment income (loss)  128,397,656 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (4,918,189)  
Fidelity Central Funds (1,814)  
Foreign currency transactions 848,276  
Futures contracts 18,239,706  
Total net realized gain (loss)  14,167,979 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 888,569,423  
Assets and liabilities in foreign currencies (441,401)  
Futures contracts 4,806,581  
Total change in net unrealized appreciation (depreciation)  892,934,603 
Net gain (loss)  907,102,582 
Net increase (decrease) in net assets resulting from operations  $1,035,500,238 

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


Statement of Changes in Net Assets

 Year ended October 31, 2021 Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $128,397,656 $84,804,558 
Net realized gain (loss) 14,167,979 (62,676,577) 
Change in net unrealized appreciation (depreciation) 892,934,603 (452,493,923) 
Net increase (decrease) in net assets resulting from operations 1,035,500,238 (430,365,942) 
Distributions to shareholders (67,692,252) (156,889,665) 
Share transactions   
Proceeds from sales of shares 1,656,234,854 3,095,884,670 
Reinvestment of distributions 65,190,425 154,116,638 
Cost of shares redeemed (1,354,456,288) (606,840,908) 
Net increase (decrease) in net assets resulting from share transactions 366,968,991 2,643,160,400 
Total increase (decrease) in net assets 1,334,776,977 2,055,904,793 
Net Assets   
Beginning of period 4,603,960,680 2,548,055,887 
End of period $5,938,737,657 $4,603,960,680 
Other Information   
Shares   
Sold 147,014,322 304,635,592 
Issued in reinvestment of distributions 6,126,920 14,100,333 
Redeemed (121,900,067) (62,012,450) 
Net increase (decrease) 31,241,175 256,723,475 

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


Financial Highlights

Fidelity SAI International Low Volatility Index Fund

      
Years ended October 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $9.64 $11.54 $10.49 $10.83 $9.76 
Income from Investment Operations      
Net investment income (loss)A .27 .24 .28 .27 .29 
Net realized and unrealized gain (loss) 1.90 (1.46) 1.04 (.42) 1.04 
Total from investment operations 2.17 (1.22) 1.32 (.15) 1.33 
Distributions from net investment income (.14) (.22) (.24) (.19) (.22) 
Distributions from net realized gain – (.46) (.03) – (.05) 
Total distributions (.14) (.68) (.27) (.19) (.26)B 
Net asset value, end of period $11.67 $9.64 $11.54 $10.49 $10.83 
Total ReturnC 22.69% (11.31)% 12.89% (1.47)% 14.15% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .17% .18% .25% .30% .31% 
Expenses net of fee waivers, if any .17% .18% .20% .20% .20% 
Expenses net of all reductions .17% .18% .20% .20% .20% 
Net investment income (loss) 2.37% 2.39% 2.59% 2.49% 2.86% 
Supplemental Data      
Net assets, end of period (000 omitted) $5,938,738 $4,603,961 $2,548,056 $1,536,470 $1,814,457 
Portfolio turnover rateF 26% 20% 93% 43% 25% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

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

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


Fidelity® SAI U.S. Low Volatility Index Fund

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Past 5 years Life of fundA 
Fidelity® SAI U.S. Low Volatility Index Fund 31.25% 15.27% 13.37% 

 A From May 29, 2015

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® SAI U.S. Low Volatility Index Fund on May 29, 2015, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Fidelity U.S. Low Volatility Focus Index℠, the Fidelity SAI U.S. Low Volatility Index Fund Linked Index, and the S&P 500 Index performed over the same period.


Period Ending Values
$22,369Fidelity® SAI U.S. Low Volatility Index Fund
$22,241Fidelity U.S. Low Volatility Focus Index℠
$22,550Fidelity SAI U.S. Low Volatility Index Fund Linked Index
$24,735S&P 500 Index

Fidelity® SAI U.S. Low Volatility Index Fund

Management's Discussion of Fund Performance

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

Comments from the Geode Capital Management, LLC, passive equity index team:  For the fiscal year ending October 31, 2021, the fund gained 31.25%, roughly in line with the 31.28% advance of the Fidelity U.S. Low Volatility Focus Index. By sector, information technology gained roughly 43% and contributed most, driven by the software & services industry (+48%), followed by health care, which gained 42%, and financials, which advanced 46%. The consumer discretionary sector rose approximately 26%, real estate gained 38%, and industrials advanced about 22%. Other notable contributors included the communication services (+16%), materials (+27%), consumer staples (+7%), utilities (+5%), and energy (+35%) sectors. Turning to individual stocks, the top contributor was Microsoft (+65%), from the software & services segment, followed by Eli Lilly (+99%), within the pharmaceuticals, biotechnology & life sciences industry. In health care equipment & services, UnitedHealth Group advanced 53% and Accenture (+67%) from the software & services category also helped. Apple, within the technology hardware & equipment group, rose about 39% and boosted the fund. In contrast, the biggest individual detractor was Activision Blizzard (-17%), from the media & entertainment industry, followed by Verizon Communications (-3%), which is in the telecommunication services segment. Within household & personal products, Clorox returned -19% and hurt. Other detractors were MarketAxess Holdings (-23%), a stock in the diversified financials category, and Kinder Morgan (-6%), from the energy sector.

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

Fidelity® SAI U.S. Low Volatility Index Fund

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2021

 % of fund's net assets 
Microsoft Corp. 8.0 
Apple, Inc. 3.4 
UnitedHealth Group, Inc. 3.1 
Johnson & Johnson 2.7 
Accenture PLC Class A 2.6 
Visa, Inc. Class A 2.5 
Merck & Co., Inc. 2.5 
Procter & Gamble Co. 2.5 
Verizon Communications, Inc. 2.4 
Eli Lilly & Co. 2.3 
 32.0 

Top Five Market Sectors as of October 31, 2021

 % of fund's net assets 
Information Technology 26.6 
Health Care 15.4 
Financials 11.1 
Consumer Discretionary 9.5 
Communication Services 8.3 

Asset Allocation (% of fund's net assets)

As of October 31, 2021* 
   Stocks and Equity Futures 100.1% 
 Short-Term Investments and Net Other Assets (Liabilities) (0.1)% 


 * Foreign investments - 9.6%

Fidelity® SAI U.S. Low Volatility Index Fund

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 99.7%   
 Shares Value 
COMMUNICATION SERVICES - 8.3%   
Diversified Telecommunication Services - 4.2%   
AT&T, Inc. 5,783,467 $146,090,376 
Verizon Communications, Inc. 3,509,284 185,956,959 
  332,047,335 
Entertainment - 0.8%   
Activision Blizzard, Inc. 693,537 54,227,658 
Take-Two Interactive Software, Inc. (a) 45,796 8,289,076 
  62,516,734 
Interactive Media & Services - 1.9%   
Alphabet, Inc. Class A (a) 48,558 143,776,353 
Meta Platforms, Inc. Class A (a) 5,669 1,834,318 
  145,610,671 
Media - 0.6%   
Cable One, Inc. (b) 4,848 8,295,946 
Comcast Corp. Class A 188,503 9,694,709 
Interpublic Group of Companies, Inc. 348,521 12,745,413 
Omnicom Group, Inc. 191,973 13,069,522 
  43,805,590 
Wireless Telecommunication Services - 0.8%   
T-Mobile U.S., Inc. (a) 523,063 60,167,937 
TOTAL COMMUNICATION SERVICES  644,148,267 
CONSUMER DISCRETIONARY - 9.5%   
Distributors - 0.2%   
Pool Corp. 35,819 18,452,516 
Diversified Consumer Services - 0.1%   
Service Corp. International 150,077 10,278,774 
Hotels, Restaurants & Leisure - 4.2%   
Domino's Pizza, Inc. 34,656 16,945,744 
McDonald's Corp. 666,008 163,538,264 
Starbucks Corp. 1,048,776 111,243,670 
Yum! Brands, Inc. 265,896 33,221,046 
  324,948,724 
Internet & Direct Marketing Retail - 1.4%   
Amazon.com, Inc. (a) 31,147 105,041,077 
Multiline Retail - 0.6%   
Dollar General Corp. 210,828 46,702,619 
Specialty Retail - 0.7%   
AutoZone, Inc. (a) 19,297 34,442,057 
TJX Companies, Inc. 341,239 22,347,742 
  56,789,799 
Textiles, Apparel & Luxury Goods - 2.3%   
NIKE, Inc. Class B 1,078,677 180,451,875 
TOTAL CONSUMER DISCRETIONARY  742,665,384 
CONSUMER STAPLES - 7.3%   
Beverages - 0.9%   
PepsiCo, Inc. 430,197 69,519,835 
Food & Staples Retailing - 2.1%   
Walmart, Inc. 1,112,119 166,172,821 
Food Products - 0.7%   
Hormel Foods Corp. (b) 251,595 10,647,500 
McCormick & Co., Inc. (non-vtg.) 222,226 17,829,192 
The Hershey Co. 130,656 22,910,530 
  51,387,222 
Household Products - 3.6%   
Church & Dwight Co., Inc. 218,898 19,122,929 
Colgate-Palmolive Co. 82,215 6,263,961 
Kimberly-Clark Corp. 301,179 38,999,669 
Procter & Gamble Co. 1,376,491 196,824,448 
The Clorox Co. 111,010 18,095,740 
  279,306,747 
TOTAL CONSUMER STAPLES  566,386,625 
ENERGY - 0.4%   
Oil, Gas & Consumable Fuels - 0.4%   
Coterra Energy, Inc. 356,725 7,605,377 
Kinder Morgan, Inc. 1,224,060 20,503,005 
  28,108,382 
FINANCIALS - 11.1%   
Banks - 1.0%   
Commerce Bancshares, Inc. (b) 94,015 6,628,998 
U.S. Bancorp 1,209,965 73,045,587 
  79,674,585 
Capital Markets - 4.0%   
Cboe Global Markets, Inc. 95,224 12,563,855 
CME Group, Inc. 320,514 70,689,363 
FactSet Research Systems, Inc. 33,785 14,996,824 
Houlihan Lokey 45,880 5,142,230 
Intercontinental Exchange, Inc. 502,304 69,549,012 
MarketAxess Holdings, Inc. 33,902 13,854,730 
NASDAQ, Inc. 102,524 21,516,712 
S&P Global, Inc. 215,019 101,953,409 
  310,266,135 
Insurance - 6.1%   
AFLAC, Inc. 564,181 30,279,594 
Allstate Corp. 267,179 33,042,027 
Aon PLC 201,404 64,433,168 
Arch Capital Group Ltd. (a) 360,256 15,065,906 
Arthur J. Gallagher & Co. 182,875 30,662,651 
Assurant, Inc. 54,060 8,720,419 
Brown & Brown, Inc. 208,801 13,177,431 
Chubb Ltd. 401,378 78,421,234 
Erie Indemnity Co. Class A (b) 22,262 4,581,742 
Marsh & McLennan Companies, Inc. 453,897 75,710,020 
Progressive Corp. 522,286 49,554,496 
Selective Insurance Group, Inc. 19,158 1,501,412 
The Travelers Companies, Inc. 224,480 36,114,342 
W.R. Berkley Corp. 125,076 9,956,050 
Willis Towers Watson PLC 115,120 27,891,274 
  479,111,766 
TOTAL FINANCIALS  869,052,486 
HEALTH CARE - 15.4%   
Health Care Equipment & Supplies - 3.5%   
Baxter International, Inc. 119,310 9,420,718 
Danaher Corp. 200,927 62,643,011 
Medtronic PLC 1,200,856 143,934,600 
Neogen Corp. (a)(b) 95,861 4,055,879 
ResMed, Inc. 129,884 34,147,802 
STERIS PLC (b) 87,150 20,370,441 
  274,572,451 
Health Care Providers & Services - 3.2%   
Chemed Corp. 14,236 6,865,311 
UnitedHealth Group, Inc. 521,502 240,136,026 
  247,001,337 
Pharmaceuticals - 8.7%   
Eli Lilly & Co. 709,457 180,741,265 
Johnson & Johnson 1,303,248 212,273,034 
Merck & Co., Inc. 2,260,023 198,995,025 
Zoetis, Inc. Class A 423,760 91,616,912 
  683,626,236 
TOTAL HEALTH CARE  1,205,200,024 
INDUSTRIALS - 7.4%   
Aerospace & Defense - 2.0%   
General Dynamics Corp. 2,249 455,985 
L3Harris Technologies, Inc. 154,692 35,662,694 
Lockheed Martin Corp. 218,305 72,547,118 
Northrop Grumman Corp. 133,611 47,728,521 
  156,394,318 
Air Freight & Logistics - 0.4%   
C.H. Robinson Worldwide, Inc. 118,701 11,512,810 
Expeditors International of Washington, Inc. 150,741 18,580,336 
  30,093,146 
Building Products - 1.1%   
Carrier Global Corp. 729,099 38,080,841 
Lennox International, Inc. 30,684 9,183,108 
Trane Technologies PLC 213,455 38,620,413 
  85,884,362 
Commercial Services & Supplies - 1.2%   
Republic Services, Inc. 187,940 25,296,724 
Rollins, Inc. 197,663 6,963,667 
Tetra Tech, Inc. (b) 48,341 8,491,580 
Waste Management, Inc. 346,633 55,541,006 
  96,292,977 
Industrial Conglomerates - 1.2%   
3M Co. 517,397 92,448,496 
Machinery - 0.7%   
Graco, Inc. 151,231 11,369,547 
Otis Worldwide Corp. 360,055 28,916,017 
Toro Co. (b) 95,560 9,123,113 
Watts Water Technologies, Inc. Class A 24,587 4,672,022 
  54,080,699 
Professional Services - 0.6%   
Booz Allen Hamilton Holding Corp. Class A 120,860 10,497,900 
Exponent, Inc. 46,523 5,340,840 
FTI Consulting, Inc. (a)(b) 30,544 4,395,892 
Verisk Analytics, Inc. 144,677 30,421,233 
  50,655,865 
Road & Rail - 0.1%   
Landstar System, Inc. 34,282 6,027,118 
Trading Companies & Distributors - 0.1%   
Watsco, Inc. 29,377 8,506,992 
TOTAL INDUSTRIALS  580,383,973 
INFORMATION TECHNOLOGY - 26.6%   
IT Services - 8.8%   
Accenture PLC Class A 567,355 203,561,300 
Akamai Technologies, Inc. (a) 145,481 15,342,426 
Amdocs Ltd. 113,939 8,869,012 
Automatic Data Processing, Inc. 379,802 85,261,751 
Broadridge Financial Solutions, Inc. 103,650 18,492,197 
Fiserv, Inc. (a) 531,604 52,357,678 
Jack Henry & Associates, Inc. 66,302 11,037,957 
MasterCard, Inc. Class A 102,884 34,519,640 
Maximus, Inc. 54,868 4,640,187 
Paychex, Inc. 286,263 35,290,503 
VeriSign, Inc. (a) 88,457 19,696,720 
Visa, Inc. Class A (b) 939,758 199,012,552 
  688,081,923 
Semiconductors & Semiconductor Equipment - 2.4%   
Intel Corp. 3,563,546 174,613,754 
Texas Instruments, Inc. 90,971 17,055,243 
  191,668,997 
Software - 12.0%   
Black Knight, Inc. (a) 139,788 9,800,537 
Check Point Software Technologies Ltd. (a) 95,397 11,409,481 
Citrix Systems, Inc. 110,827 10,498,642 
Dolby Laboratories, Inc. Class A 57,385 5,069,965 
Intuit, Inc. 163,090 102,092,709 
Microsoft Corp. 1,873,612 621,327,208 
Oracle Corp. 1,621,455 155,562,393 
Tyler Technologies, Inc. (a) 36,362 19,752,566 
  935,513,501 
Technology Hardware, Storage & Peripherals - 3.4%   
Apple, Inc. 1,758,508 263,424,498 
TOTAL INFORMATION TECHNOLOGY  2,078,688,919 
MATERIALS - 4.5%   
Chemicals - 3.3%   
Air Products & Chemicals, Inc. 197,537 59,223,568 
Ecolab, Inc. 222,039 49,341,507 
Linde PLC 464,319 148,210,625 
  256,775,700 
Construction Materials - 0.6%   
Martin Marietta Materials, Inc. 55,668 21,868,617 
Vulcan Materials Co. 118,412 22,512,489 
  44,381,106 
Containers & Packaging - 0.6%   
Aptargroup, Inc. (b) 58,655 7,084,351 
Ball Corp. 292,988 26,802,542 
Packaging Corp. of America 84,789 11,647,465 
Sonoco Products Co. 89,804 5,204,142 
  50,738,500 
TOTAL MATERIALS  351,895,306 
REAL ESTATE - 5.1%   
Equity Real Estate Investment Trusts (REITs) - 5.1%   
Agree Realty Corp. 60,825 4,322,225 
American Tower Corp. 405,845 114,436,115 
CoreSite Realty Corp. 38,367 5,465,763 
Crown Castle International Corp. 385,757 69,551,987 
CubeSmart 179,867 9,894,484 
Digital Realty Trust, Inc. 11,162 1,761,475 
Equinix, Inc. 79,956 66,928,769 
Equity Lifestyle Properties, Inc. 151,337 12,789,490 
Essex Property Trust, Inc. 58,016 19,721,379 
Extra Space Storage, Inc. 119,361 23,558,281 
Mid-America Apartment Communities, Inc. 102,187 20,867,607 
Public Storage 135,876 45,135,290 
Realty Income Corp. 96,400 6,885,852 
  401,318,717 
UTILITIES - 4.1%   
Electric Utilities - 2.5%   
Alliant Energy Corp. 223,178 12,625,179 
Duke Energy Corp. 657,627 67,084,530 
Evergy, Inc. 202,689 12,921,424 
Eversource Energy 306,565 26,027,369 
Hawaiian Electric Industries, Inc. (b) 97,451 3,952,613 
IDACORP, Inc. (b) 45,088 4,703,580 
NextEra Energy, Inc. 368,110 31,410,826 
Pinnacle West Capital Corp. 100,613 6,488,532 
Xcel Energy, Inc. 480,384 31,028,003 
  196,242,056 
Gas Utilities - 0.1%   
Atmos Energy Corp. 112,490 10,362,579 
Multi-Utilities - 1.1%   
Ameren Corp. 228,097 19,226,296 
CMS Energy Corp. 258,361 15,592,086 
Consolidated Edison, Inc. 305,982 23,071,043 
DTE Energy Co. 36,267 4,110,864 
WEC Energy Group, Inc. 281,546 25,356,033 
  87,356,322 
Water Utilities - 0.4%   
American Water Works Co., Inc. 161,973 28,212,457 
TOTAL UTILITIES  322,173,414 
TOTAL COMMON STOCKS   
(Cost $5,658,885,134)  7,790,021,497 
Money Market Funds - 1.8%   
Fidelity Cash Central Fund 0.06% (c) 15,249,895 15,252,945 
Fidelity Securities Lending Cash Central Fund 0.06% (c)(d) 127,448,561 127,461,306 
TOTAL MONEY MARKET FUNDS   
(Cost $142,714,251)  142,714,251 
TOTAL INVESTMENT IN SECURITIES - 101.5%   
(Cost $5,801,599,385)  7,932,735,748 
NET OTHER ASSETS (LIABILITIES) - (1.5)%  (116,690,463) 
NET ASSETS - 100%  $7,816,045,285 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
CME E-mini S&P 500 Index Contracts (United States) 86 Dec. 2021 $19,767,100 $691,672 $691,672 
CME E-mini S&P MidCap 400 Index Contracts (United States) 23 Dec. 2021 6,415,620 183,946 183,946 
TOTAL FUTURES CONTRACTS     $875,618 

The notional amount of futures purchased as a percentage of Net Assets is 0.3%

Legend

 (a) Non-income producing

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

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

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $23,941,566 $1,993,813,352 $2,002,506,016 $18,058 $4,043 $-- $15,252,945 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% 2,427,085 1,127,137,800 1,002,103,579 78,821 -- -- 127,461,306 0.3% 
Total $26,368,651 $3,120,951,152 $3,004,609,595 $96,879 $4,043 $-- $142,714,251  

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

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $644,148,267 $644,148,267 $-- $-- 
Consumer Discretionary 742,665,384 742,665,384 -- -- 
Consumer Staples 566,386,625 566,386,625 -- -- 
Energy 28,108,382 28,108,382 -- -- 
Financials 869,052,486 869,052,486 -- -- 
Health Care 1,205,200,024 1,205,200,024 -- -- 
Industrials 580,383,973 580,383,973 -- -- 
Information Technology 2,078,688,919 2,078,688,919 -- -- 
Materials 351,895,306 351,895,306 -- -- 
Real Estate 401,318,717 401,318,717 -- -- 
Utilities 322,173,414 322,173,414 -- -- 
Money Market Funds 142,714,251 142,714,251 -- -- 
Total Investments in Securities: $7,932,735,748 $7,932,735,748 $-- $-- 
Derivative Instruments:     
Assets     
Futures Contracts $875,618 $875,618 $-- $-- 
Total Assets $875,618 $875,618 $-- $-- 
Total Derivative Instruments: $875,618 $875,618 $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $875,618 $0 
Total Equity Risk 875,618 0 
Total Value of Derivatives $875,618 $0 

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

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


Fidelity® SAI U.S. Low Volatility Index Fund

Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $125,589,970) — See accompanying schedule:
Unaffiliated issuers (cost $5,658,885,134) 		$7,790,021,497  
Fidelity Central Funds (cost $142,714,251) 142,714,251  
Total Investment in Securities (cost $5,801,599,385)  $7,932,735,748 
Segregated cash with brokers for derivative instruments  1,192,000 
Cash  10 
Receivable for fund shares sold  3,674,798 
Dividends receivable  9,090,941 
Distributions receivable from Fidelity Central Funds  8,717 
Receivable for daily variation margin on futures contracts  40,348 
Prepaid expenses  10,743 
Total assets  7,946,753,305 
Liabilities   
Payable for fund shares redeemed $2,414,346  
Accrued management fee 641,734  
Other payables and accrued expenses 194,563  
Collateral on securities loaned 127,457,377  
Total liabilities  130,708,020 
Net Assets  $7,816,045,285 
Net Assets consist of:   
Paid in capital  $5,462,799,794 
Total accumulated earnings (loss)  2,353,245,491 
Net Assets  $7,816,045,285 
Net Asset Value, offering price and redemption price per share ($7,816,045,285 ÷ 405,742,457 shares)  $19.26 

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


Statement of Operations

  Year ended October 31, 2021 
Investment Income   
Dividends  $138,494,826 
Interest  1,129 
Income from Fidelity Central Funds (including $78,821 from security lending)  96,879 
Total income  138,592,834 
Expenses   
Management fee $7,411,306  
Custodian fees and expenses 97,527  
Independent trustees' fees and expenses 21,398  
Registration fees 248,692  
Audit 49,012  
Legal 12,711  
Interest 15,092  
Miscellaneous 26,964  
Total expenses before reductions 7,882,702  
Expense reductions (57)  
Total expenses after reductions  7,882,645 
Net investment income (loss)  130,710,189 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 216,003,140  
Fidelity Central Funds 4,043  
Futures contracts 6,758,107  
Total net realized gain (loss)  222,765,290 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 1,520,412,701  
Futures contracts 703,152  
Total change in net unrealized appreciation (depreciation)  1,521,115,853 
Net gain (loss)  1,743,881,143 
Net increase (decrease) in net assets resulting from operations  $1,874,591,332 

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


Statement of Changes in Net Assets

 Year ended October 31, 2021 Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $130,710,189 $87,394,658 
Net realized gain (loss) 222,765,290 (65,686,287) 
Change in net unrealized appreciation (depreciation) 1,521,115,853 100,530,998 
Net increase (decrease) in net assets resulting from operations 1,874,591,332 122,239,369 
Distributions to shareholders (80,110,109) (165,562,928) 
Share transactions   
Proceeds from sales of shares 3,501,165,873 3,206,742,666 
Reinvestment of distributions 79,731,236 162,467,419 
Cost of shares redeemed (2,803,328,859) (2,202,432,212) 
Net increase (decrease) in net assets resulting from share transactions 777,568,250 1,166,777,873 
Total increase (decrease) in net assets 2,572,049,473 1,123,454,314 
Net Assets   
Beginning of period 5,243,995,812 4,120,541,498 
End of period $7,816,045,285 $5,243,995,812 
Other Information   
Shares   
Sold 206,459,886 219,272,884 
Issued in reinvestment of distributions 4,912,584 10,889,237 
Redeemed (158,169,542) (150,183,258) 
Net increase (decrease) 53,202,928 79,978,863 

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


Financial Highlights

Fidelity SAI U.S. Low Volatility Index Fund

      
Years ended October 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $14.87 $15.12 $13.18 $12.60 $10.86 
Income from Investment Operations      
Net investment income (loss)A .31 .30 .29 .26 .24 
Net realized and unrealized gain (loss) 4.30 .03 1.98 .82 1.74 
Total from investment operations 4.61 .33 2.27 1.08 1.98 
Distributions from net investment income (.22) (.24) (.20) (.14) (.24) 
Distributions from net realized gain – (.34) (.13) (.37) – 
Total distributions (.22) (.58) (.33) (.50)B (.24) 
Net asset value, end of period $19.26 $14.87 $15.12 $13.18 $12.60 
Total ReturnC,D 31.25% 2.16% 17.62% 8.79% 18.60% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .11% .12% .19% .23% .26% 
Expenses net of fee waivers, if any .11% .12% .15% .15% .15% 
Expenses net of all reductions .11% .12% .15% .15% .15% 
Net investment income (loss) 1.76% 2.06% 2.05% 2.00% 2.04% 
Supplemental Data      
Net assets, end of period (000 omitted) $7,816,045 $5,243,996 $4,120,541 $1,979,673 $848,388 
Portfolio turnover rateG 44% 49% 72% 39% 108% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

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

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

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


Notes to Financial Statements

For the period ended October 31, 2021

1. Organization.

Fidelity SAI Emerging Markets Low Volatility Index Fund, Fidelity SAI International Low Volatility Index Fund and Fidelity SAI U.S. Low Volatility Index Fund (the Funds) are funds of Fidelity Salem Street Trust (the Trust). Each Fund is authorized to issue an unlimited number of shares. Shares are offered only to certain clients of Fidelity Management & Research Company (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

2. Investments in Fidelity Central Funds.

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

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

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

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of each Fund's Schedule of Investments.

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

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

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

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

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

Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity SAI Emerging Markets Low Volatility Index Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on each applicable Fund's Statement of Assets & Liabilities.

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

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

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

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

 Tax cost Gross unrealized appreciation Gross unrealized depreciation Net unrealized appreciation (depreciation) 
Fidelity SAI Emerging Markets Low Volatility Index Fund $1,576,133,420 $324,124,590 $(82,010,067) $242,114,523 
Fidelity SAI International Low Volatility Index Fund 5,330,944,496 817,872,194 (243,601,872) 574,270,322 
Fidelity SAI U.S. Low Volatility Index Fund 5,825,488,742 2,189,838,241 (82,591,235) 2,107,247,006 

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

 Undistributed tax-exempt income Undistributed ordinary income Undistributed long-term capital gain Capital loss carryforward Net unrealized appreciation (depreciation) on securities and other investments 
Fidelity SAI Emerging Markets Low Volatility Index Fund $– $35,192,006 $– $(26,438,388) $242,063,989 
Fidelity SAI International Low Volatility Index Fund – 127,027,790 – (39,657,085) 574,358,010 
Fidelity SAI U.S. Low Volatility Index Fund – 137,105,574 108,892,911 – 2,107,247,006 

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

 No expiration   
 Short-term Long-term Total capital loss carryfoward 
Fidelity SAI Emerging Markets Low Volatility Index Fund $(22,899,029) $(3,539,359) $(26,438,388) 
Fidelity SAI International Low Volatility Index Fund (–) (39,657,085) (39,657,085) 

Due to large subscriptions in the period, approximately $21,707,888 of Fidelity SAI Emerging Markets Low Volatility Index Fund's realized capital losses are subject to limitation. Due to this limitation, Fidelity SAI Emerging Markets Low Volatility Index Fund will only be permitted to use approximately $15,141,417 of those capital losses per year to offset capital gains.

The tax character of distributions paid was as follows:

October 31, 2021  
 Ordinary Income 
Fidelity SAI Emerging Markets Low Volatility Index Fund $24,528,630 
Fidelity SAI International Low Volatility Index Fund 67,692,252 
Fidelity SAI U.S. Low Volatility Index Fund 80,110,109 

October 31, 2020    
 Ordinary Income Long-term Capital Gains Total 
Fidelity SAI Emerging Markets Low Volatility Index Fund $12,652,850 $– $12,652,850 
Fidelity SAI International Low Volatility Index Fund 57,874,855 99,014,810 156,889,665 
Fidelity SAI U.S. Low Volatility Index Fund 91,088,254 74,474,674 165,562,928 

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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

4. Derivative Instruments.

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

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

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

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

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

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

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

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

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

5. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity SAI Emerging Markets Low Volatility Index Fund 705,588,087 434,572,529 
Fidelity SAI International Low Volatility Index Fund 1,931,236,279 1,394,081,146 
Fidelity SAI U.S. Low Volatility Index Fund 3,989,921,313 3,155,144,908 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. Each Fund's management fee is equal to the following annual rate of average net assets:

Fidelity SAI Emerging Markets Low Volatility Index Fund .15% 
Fidelity SAI International Low Volatility Index Fund .15% 
Fidelity SAI U.S. Low Volatility Index Fund .10% 

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

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity SAI Emerging Markets Low Volatility Index Fund Borrower $11,389,083 .31% $3,532 
Fidelity SAI International Low Volatility Index Fund Borrower $19,536,226 .30% $10,030 
Fidelity SAI U.S. Low Volatility Index Fund Borrower $50,379,382 .32% $15,092 

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

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity SAI Emerging Markets Low Volatility Index Fund $2,725 
Fidelity SAI International Low Volatility Index Fund 9,548 
Fidelity SAI U.S. Low Volatility Index Fund 12,828 

8. Security Lending.

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

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity SAI Emerging Markets Low Volatility Index Fund $703 $1 $– 
Fidelity SAI International Low Volatility Index Fund $12,135 $– $– 
Fidelity SAI U.S. Low Volatility Index Fund $8,019 $6 $– 

9. Bank Borrowings.

Each Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. Each Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

 Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity SAI Emerging Markets Low Volatility Index Fund $19,772,000 .57% $939 
Fidelity SAI International Low Volatility Index Fund $8,151,875 .57% $1,033 

10. Expense Reductions.

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

 Custodian credits 
Fidelity SAI U.S. Low Volatility Index Fund $57 

11. Other.

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

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

 Strategic Advisers Emerging Markets Fund Strategic Advisers Fidelity Emerging Markets Fund Strategic Advisers Fidelity International Fund Strategic Advisers Fidelity U.S. Total Stock Fund Strategic Advisers Large Cap Fund 
Fidelity SAI Emerging Markets Low Volatility Index Fund 32% 34% – – – 
Fidelity SAI International Low Volatility Index Fund – – 23% – – 
Fidelity SAI U.S. Low Volatility Index Fund – – – 31% 12% 

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

Fund % of shares held 
Fidelity SAI Emerging Markets Low Volatility Index Fund 66% 
Fidelity SAI International Low Volatility Index Fund 26% 
Fidelity SAI U.S. Low Volatility Index Fund 43% 

12. Coronavirus (COVID-19) Pandemic.

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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity SAI Emerging Markets Low Volatility Index Fund, Fidelity SAI International Low Volatility Index Fund and Fidelity SAI U.S. Low Volatility Index Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity SAI Emerging Markets Low Volatility Index Fund, Fidelity SAI International Low Volatility Index Fund and Fidelity SAI U.S. Low Volatility Index Fund (three of the funds constituting Fidelity Salem Street Trust, hereafter collectively referred to as the “Funds”) as of October 31, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2021, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 14, 2021



We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, oversee management of the risks associated with such activities and contractual arrangements, and review each fund's performance.  Except for Jonathan Chiel, each of the Trustees oversees 318 funds. Mr. Chiel oversees 179 funds. 

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

Each fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.

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

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

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

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

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

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

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

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

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

Independent Trustees:

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

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

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

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

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Vice Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank’s institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization’s equity and quantitative research groups. He began his career in 1983 as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).

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

Advisory Board Members and Officers:

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

Name, Year of Birth; Principal Occupation

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

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

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

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

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

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

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

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

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Jamie Pagliocco (1964)

Year of Election or Appointment: 2020

Vice President

Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer – Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

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

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2021 		Ending
Account Value
October 31, 2021 		Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 
Fidelity SAI Emerging Markets Low Volatility Index Fund .24%    
Actual  $1,000.00 $1,010.60 $1.22 
Hypothetical-C  $1,000.00 $1,024.00 $1.22 
Fidelity SAI International Low Volatility Index Fund .17%    
Actual  $1,000.00 $1,042.90 $.88 
Hypothetical-C  $1,000.00 $1,024.35 $.87 
Fidelity SAI U.S. Low Volatility Index Fund .10%    
Actual  $1,000.00 $1,085.70 $.53 
Hypothetical-C  $1,000.00 $1,024.70 $.51 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

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

 Pay Date Record Date Dividends Capital Gains 
Fidelity SAI Emerging Markets Low Volatility Index Fund 12/06/21 12/03/21 $0.255 $0.00 
Fidelity SAI International Low Volatility Index Fund 12/06/21 12/03/21 $0.280 $0.00 
Fidelity SAI U.S. Low Volatility Index Fund 12/06/21 12/03/21 $0.336 $0.345 

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

Fidelity SAI U.S. Low Volatility Index Fund $108,892,911 

A percentage of the dividends distributed during the fiscal year for the following funds qualify for the dividends–received deduction for corporate shareholders:

Fidelity SAI U.S. Low Volatility Index Fund  
December 2020 98% 

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

Fidelity SAI Emerging Markets Low Volatility Index Fund  
December 2020 43% 
Fidelity SAI International Low Volatility Index Fund  
December 2020 97% 
Fidelity SAI U.S. Low Volatility Index Fund  
December 2020 98% 

A percentage of the dividends distributed during the fiscal year for the following funds qualify as a section 199A dividend:

Fidelity SAI U.S. Low Volatility Index Fund  
December 2020 3% 

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

 Pay Date Income Taxes 
Fidelity SAI Emerging Markets Low Volatility Index Fund 12/07/20 $0.2062 $0.0250 
Fidelity SAI International Low Volatility Index Fund 12/07/20 $0.1610 $0.0180 

The funds will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity SAI Emerging Markets Low Volatility Index Fund
Fidelity SAI International Low Volatility Index Fund
Fidelity SAI U.S. Low Volatility Index Fund

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

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

At its September 2021 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of each fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

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

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the funds, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the funds' investment objectives, strategies, and related investment philosophies. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high-quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the funds and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement each fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

Resources Dedicated to Investment Management and Support Services.  The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board noted the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors.

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

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

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for each fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers each fund's tracking error versus its benchmark index.

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

The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for each fund and its benchmark index for the most recent one-, three- and five-year periods (one-year period for Fidelity SAI Emerging Markets Low Volatility Index Fund). No performance peer group information was considered by the Board due to the fact that the peer group does not distinguish between passively-managed and actively-managed funds. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance

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

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

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

Fidelity SAI Emerging Markets Low Volatility Index Fund


The Board noted that the fund's management fee rate ranked equal to the median of its Total Mapped Group and below the median of its ASPG for 2020.

Fidelity SAI International Low Volatility Index Fund


The Board noted that the fund’s management fee rate ranked equal to the median of its Total Mapped Group and below the median of its ASPG for 2020.

Fidelity SAI U.S. Low Volatility Index Fund


The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and above the median of its ASPG for 2020. The Board considered that Fidelity believes the management fee is reasonable and that the total expense ratio for the fund ranks below median.

At its July 2021 meeting, the Board also approved an amendment to Fidelity SAI U.S. Low Volatility Index Fund's sub-advisory agreement with Geode (effective August 1, 2021) that lowered the sub-advisory fee rate that FMR pays to Geode.

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

Total Expense Ratio.  In its review of each fund's total expense ratio, the Board considered the fund's management fee rate as well as other "fund-level" expenses, such as custodial, legal, and audit fees, paid by FMR under the fund's management contract. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund. Each fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that Fidelity SAI International Low Volatility Index Fund and Fidelity SAI U.S. Low Volatility Index Fund's total expense ratio ranked below the sales load structure group competitive median for 2020 and Fidelity SAI Emerging Markets Low Volatility Index Fund's total expense ratio ranked equal to the sales load structure group competitive median for 2020. The Board also noted that each fund's total expense ratio ranked above the ASPG competitive median for 2020. The Board considered that, when compared to a subset of the ASPG that FMR believes is most comparable, no fund would be above the ASPG competitive median for 2020.

The Board further considered that FMR has contractually agreed to reimburse each fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.25% for Fidelity SAI Emerging Markets Low Volatility Index Fund, 0.20% for Fidelity SAI International Low Volatility Index Fund, and 0.15% for Fidelity SAI U.S. Low Volatility Index Fund through February 28, 2022.

Fees Charged to Other Clients.  The Board also considered Fidelity fee structures and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that each fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

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

The Board also considered information regarding the profitability of Geode's relationship with each fund.

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

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

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the continued waiver of money market fund fees; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

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





Fidelity Investments

SV1-SV2-ANN-1221
1.9867660.106

Fidelity® SAI International Index Fund

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



Annual Report

October 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


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

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

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

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

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

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



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

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

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

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

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Past 5 years Life of fundA 
Fidelity® SAI International Index Fund 34.09% 9.85% 8.75% 

 A From January 5, 2016

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® SAI International Index Fund on January 5, 2016, when the fund started.

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


Period Ending Values
$16,303Fidelity® SAI International Index Fund
$16,574MSCI EAFE Index

Management's Discussion of Fund Performance

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

Comments from the Geode Capital Management, LLC, passive equity index team:  For the fiscal year ending October 31, 2021, the fund gained 34.09%, roughly in line with the 34.45% advance of the benchmark MSCI EAFE Index (Net MA). (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) From a regional standpoint, Europe ex U.K., Japan and the U.K. notably contributed. By sector, financials gained roughly 53% and contributed most, followed by industrials, which gained 35%, and consumer discretionary, which advanced about 38%. The information technology sector rose 49%, health care gained about 22%, driven by the pharmaceuticals, biotechnology & life sciences industry (+22%), and materials advanced 34%. Other notable contributors included the consumer staples (+18%), energy (+80%), real estate (+28%), communication services (+12%), and utilities (+14%) sectors. Turning to individual stocks, the top contributor was ASML Holding (+124%), from the semiconductors & semiconductor equipment group, followed by Royal Dutch Shell (+94%), within the energy sector. In consumer durables & apparel, LVMH Moët Hennessy Louis Vuitton advanced approximately 68% and Novo Nordisk (+73%) from the pharmaceuticals, biotechnology & life sciences segment also helped. Nestle, within the food, beverage & tobacco category, rose 20% and boosted the fund. In contrast, the biggest individual detractor was SoftBank Group (-17%), from the telecommunication services industry. In household & personal products, Unilever (-2%) and Kao (-19%) hurt. Nintendo, within the media & entertainment group, returned roughly -16% and hindered the fund. Another detractor was Just Eat Takeaway (-35%), a stock in the retailing segment.

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

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of October 31, 2021 
   Japan 22.7% 
   United Kingdom 13.4% 
   France 10.5% 
   Switzerland 9.9% 
   Germany 8.7% 
   Australia 6.8% 
   Netherlands 6.3% 
   Sweden 3.5% 
   Denmark 2.7% 
   Other* 15.5% 


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

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

Top Ten Stocks as of October 31, 2021

 % of fund's net assets 
Nestle SA (Reg. S) (Switzerland, Food Products) 2.2 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 2.0 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 1.6 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 1.3 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) 1.1 
Toyota Motor Corp. (Japan, Automobiles) 1.1 
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) 1.1 
Novartis AG (Switzerland, Pharmaceuticals) 1.1 
SAP SE (Germany, Software) 0.9 
Sony Group Corp. (Japan, Household Durables) 0.8 
 13.2 

Top Market Sectors as of October 31, 2021

 % of fund's net assets 
Financials 16.9 
Industrials 15.2 
Consumer Discretionary 13.2 
Health Care 12.7 
Consumer Staples 10.1 
Information Technology 9.8 
Materials 7.6 
Communication Services 4.4 
Energy 3.3 
Utilities 3.2 

Asset Allocation as of October 31, 2021

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

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 98.4%   
 Shares Value 
Australia - 6.8%   
Afterpay Ltd. (a) 77,907 $7,217,260 
AGL Energy Ltd. 222,693 958,219 
Ampol Ltd. 85,728 1,970,136 
APA Group unit 424,346 2,617,557 
Aristocrat Leisure Ltd. 216,209 7,592,186 
ASX Ltd. 69,417 4,335,216 
Aurizon Holdings Ltd. 658,968 1,670,538 
AusNet Services 685,820 1,274,293 
Australia & New Zealand Banking Group Ltd. 1,021,214 21,617,380 
BHP Group Ltd. 1,057,185 29,037,692 
BlueScope Steel Ltd. 181,052 2,808,369 
Brambles Ltd. 517,892 3,911,426 
Cochlear Ltd. 23,627 3,917,971 
Coles Group Ltd. 478,464 6,169,107 
Commonwealth Bank of Australia 636,728 50,139,484 
Computershare Ltd. 194,873 2,750,089 
Crown Ltd. (a) 133,427 999,690 
CSL Ltd. 163,332 36,920,154 
Dexus unit 384,669 3,145,422 
Dominos Pizza Enterprises Ltd. 21,792 2,220,600 
Endeavour Group Ltd. 480,334 2,457,053 
Evolution Mining Ltd. 649,364 1,773,197 
Fortescue Metals Group Ltd. 607,597 6,366,913 
Goodman Group unit 596,270 9,823,116 
Insurance Australia Group Ltd. 886,368 3,200,498 
Lendlease Group unit 247,777 1,949,642 
Macquarie Group Ltd. 123,341 18,235,967 
Magellan Financial Group Ltd. 51,062 1,331,723 
Medibank Private Ltd. 989,923 2,472,303 
Mirvac Group unit 1,415,605 3,002,987 
National Australia Bank Ltd. 1,183,909 25,740,525 
Newcrest Mining Ltd. 293,534 5,495,985 
Northern Star Resources Ltd. 397,347 2,761,876 
Orica Ltd. 146,444 1,666,759 
Origin Energy Ltd. 633,611 2,407,001 
Qantas Airways Ltd. (a) 331,137 1,332,673 
QBE Insurance Group Ltd. 529,045 4,708,034 
Ramsay Health Care Ltd. 65,825 3,486,977 
REA Group Ltd. 18,992 2,287,877 
Reece Ltd. 104,407 1,562,164 
Rio Tinto Ltd. 133,173 9,045,197 
Santos Ltd. 674,080 3,539,395 
Scentre Group unit 1,860,442 4,226,543 
SEEK Ltd. 120,551 2,965,383 
Sonic Healthcare Ltd. 163,159 4,913,136 
South32 Ltd. 1,690,737 4,540,529 
Stockland Corp. Ltd. unit 858,360 2,937,941 
Suncorp Group Ltd. 460,267 4,057,884 
Sydney Airport unit (a) 475,418 2,929,016 
Tabcorp Holdings Ltd. 798,339 2,978,731 
Telstra Corp. Ltd. 1,496,388 4,300,013 
The GPT Group unit 687,308 2,667,862 
Transurban Group unit 1,091,404 11,034,356 
Treasury Wine Estates Ltd. 259,395 2,247,896 
Vicinity Centres unit 1,392,131 1,806,473 
Washington H. Soul Pattinson & Co. Ltd. 77,710 1,898,695 
Wesfarmers Ltd. 406,882 17,522,907 
Westpac Banking Corp. 1,316,636 25,615,338 
WiseTech Global Ltd. 52,532 2,018,538 
Woodside Petroleum Ltd. 345,925 6,052,766 
Woolworths Group Ltd. 454,825 13,028,771 
TOTAL AUSTRALIA  423,663,429 
Austria - 0.2%   
Erste Group Bank AG 100,157 4,295,493 
OMV AG 52,969 3,208,565 
Raiffeisen International Bank-Holding AG 52,936 1,548,209 
Verbund AG 24,488 2,550,562 
Voestalpine AG 41,748 1,584,881 
TOTAL AUSTRIA  13,187,710 
Bailiwick of Jersey - 0.8%   
Experian PLC 331,312 15,175,868 
Ferguson PLC 80,137 12,058,380 
Glencore Xstrata PLC 3,585,979 17,931,974 
WPP PLC 431,948 6,243,708 
TOTAL BAILIWICK OF JERSEY  51,409,930 
Belgium - 0.8%   
Ageas 62,783 3,055,498 
Anheuser-Busch InBev SA NV 273,473 16,727,587 
Colruyt NV 19,508 957,075 
Elia System Operator SA/NV 11,055 1,289,460 
Groupe Bruxelles Lambert SA 40,525 4,696,402 
KBC Groep NV 89,715 8,354,921 
Proximus 54,892 1,033,367 
Sofina SA 5,545 2,451,192 
Solvay SA Class A 26,567 3,157,137 
UCB SA 45,347 5,404,619 
Umicore SA 70,716 4,053,051 
TOTAL BELGIUM  51,180,309 
Bermuda - 0.1%   
CK Infrastructure Holdings Ltd. 238,000 1,434,638 
Hongkong Land Holdings Ltd. 419,220 2,309,902 
Jardine Matheson Holdings Ltd. 77,661 4,498,902 
TOTAL BERMUDA  8,243,442 
Cayman Islands - 0.6%   
Budweiser Brewing Co. APAC Ltd. (b) 619,700 1,708,446 
Chow Tai Fook Jewellery Group Ltd. 719,200 1,471,585 
CK Asset Holdings Ltd. 719,925 4,446,038 
CK Hutchison Holdings Ltd. 969,000 6,519,780 
ESR Cayman Ltd. (a)(b) 715,600 2,322,331 
Futu Holdings Ltd. ADR (a)(c) 18,264 977,489 
Melco Crown Entertainment Ltd. sponsored ADR (a) 77,128 835,296 
Sands China Ltd. (a) 870,800 1,984,706 
Sea Ltd. ADR (a) 24,721 8,493,394 
SITC International Holdings Co. Ltd. 481,000 1,628,989 
WH Group Ltd. (b) 2,992,000 2,099,649 
Wharf Real Estate Investment Co. Ltd. 599,000 3,379,744 
Wynn Macau Ltd. (a) 558,400 502,384 
Xinyi Glass Holdings Ltd. 653,000 1,842,215 
TOTAL CAYMAN ISLANDS  38,212,046 
Denmark - 2.7%   
A.P. Moller - Maersk A/S:   
Series A 1,127 3,085,896 
Series B 2,079 6,024,834 
Ambu A/S Series B 60,209 1,715,044 
Carlsberg A/S Series B 36,010 5,940,111 
Chr. Hansen Holding A/S 37,931 3,017,975 
Coloplast A/S Series B 42,619 6,947,526 
Danske Bank A/S 247,444 4,187,514 
Demant A/S (a) 38,721 1,875,577 
DSV A/S 72,357 16,815,834 
Genmab A/S (a) 23,559 10,558,532 
GN Store Nord A/S 44,589 2,705,828 
Novo Nordisk A/S Series B 604,388 66,274,114 
Novozymes A/S Series B 73,704 5,419,850 
ORSTED A/S (b) 67,882 9,578,377 
Pandora A/S 35,942 5,019,034 
Rockwool International A/S Series B 2,996 1,368,802 
Tryg A/S 129,433 3,068,377 
Vestas Wind Systems A/S 362,396 15,672,853 
TOTAL DENMARK  169,276,078 
Finland - 1.2%   
Elisa Corp. (A Shares) 50,976 3,074,876 
Fortum Corp. 159,280 4,732,081 
Kesko Oyj 98,185 3,188,267 
Kone OYJ (B Shares) 121,961 8,312,589 
Neste Oyj 151,787 8,455,696 
Nokia Corp. (a) 1,934,950 11,105,666 
Nordea Bank ABP 1,162,702 14,223,739 
Orion Oyj (B Shares) 38,189 1,652,403 
Sampo Oyj (A Shares) 178,959 9,516,324 
Stora Enso Oyj (R Shares) 209,124 3,476,327 
UPM-Kymmene Corp. 191,334 6,750,478 
Wartsila Corp. 170,125 2,358,991 
TOTAL FINLAND  76,847,437 
France - 10.5%   
Accor SA (a) 60,839 2,173,897 
Aeroports de Paris SA (a) 10,684 1,419,096 
Air Liquide SA 170,037 28,389,013 
Alstom SA 114,069 4,065,168 
Amundi SA (b) 21,841 1,945,374 
Arkema SA 22,076 3,016,447 
Atos Origin SA 35,604 1,851,297 
AXA SA 694,653 20,209,535 
bioMerieux SA 14,897 1,895,164 
BNP Paribas SA 403,679 27,021,155 
Bollore SA 318,016 1,841,809 
Bouygues SA 82,161 3,324,234 
Bureau Veritas SA 105,614 3,352,585 
Capgemini SA 57,544 13,390,650 
Carrefour SA 226,225 4,094,035 
CNP Assurances 61,781 1,546,932 
Compagnie de St. Gobain 181,594 12,532,267 
Compagnie Generale des Etablissements Michelin SCA Series B 60,790 9,557,253 
Covivio 18,719 1,618,609 
Credit Agricole SA 418,517 6,314,155 
Danone SA 234,457 15,283,267 
Dassault Aviation SA 8,940 932,701 
Dassault Systemes SA 238,158 13,907,812 
Edenred SA 88,402 4,779,553 
EDF SA 167,203 2,460,539 
Eiffage SA 30,547 3,141,385 
ENGIE 655,461 9,316,838 
EssilorLuxottica SA 102,422 21,181,730 
Eurazeo SA 14,193 1,329,796 
Faurecia SA 42,196 2,197,475 
Gecina SA 16,512 2,310,587 
Getlink SE 157,639 2,420,935 
Hermes International SCA 11,366 18,007,131 
Ipsen SA 13,570 1,402,411 
Kering SA 26,919 20,203,651 
Klepierre SA 74,232 1,764,299 
L'Oreal SA 90,562 41,428,020 
La Francaise des Jeux SAEM (b) 34,214 1,775,857 
Legrand SA 95,959 10,468,180 
LVMH Moet Hennessy Louis Vuitton SE 99,641 78,130,667 
Orange SA 716,097 7,809,005 
Orpea 18,595 1,938,923 
Pernod Ricard SA 75,180 17,268,636 
Publicis Groupe SA 80,163 5,369,209 
Remy Cointreau SA 8,174 1,649,821 
Renault SA (a) 69,119 2,481,743 
Safran SA 122,647 16,507,034 
Sanofi SA 407,227 40,903,581 
Sartorius Stedim Biotech 9,921 5,461,384 
Schneider Electric SA 193,339 33,335,158 
SCOR SE 57,045 1,918,971 
SEB SA 9,964 1,558,437 
Societe Generale Series A 290,934 9,718,346 
Sodexo SA 31,716 3,079,750 
Suez Environnement SA 126,403 2,876,409 
Teleperformance 21,077 8,798,206 
Thales SA 38,236 3,521,037 
Total SA 896,672 44,900,820 
Ubisoft Entertainment SA (a) 33,292 1,743,296 
Valeo SA 82,580 2,418,065 
Veolia Environnement SA 235,195 7,675,325 
VINCI SA 191,059 20,401,227 
Vivendi SA 255,429 3,287,897 
Wendel SA 9,652 1,284,253 
Worldline SA (a)(b) 85,232 4,963,850 
TOTAL FRANCE  652,871,892 
Germany - 8.1%   
adidas AG 68,332 22,378,375 
Allianz SE 147,979 34,409,468 
BASF AG 329,625 23,724,319 
Bayer AG 352,579 19,870,537 
Bayerische Motoren Werke AG (BMW) 118,978 11,998,865 
Bechtle AG 29,454 2,206,364 
Beiersdorf AG 36,162 3,841,721 
Brenntag SE 55,510 5,277,305 
Carl Zeiss Meditec AG 14,451 2,905,897 
Commerzbank AG (a) 360,402 2,631,402 
Continental AG (a) 39,461 4,639,487 
Covestro AG (b) 69,287 4,437,306 
Daimler AG (Germany) 307,163 30,444,596 
Delivery Hero AG (a)(b) 58,134 7,227,672 
Deutsche Bank AG (a) 741,663 9,556,162 
Deutsche Borse AG 68,183 11,318,487 
Deutsche Lufthansa AG (a) 214,156 1,414,087 
Deutsche Post AG 355,790 22,012,414 
Deutsche Telekom AG 1,196,282 22,247,443 
E.ON AG 805,681 10,213,373 
Evonik Industries AG 75,424 2,443,068 
Fresenius Medical Care AG & Co. KGaA 73,539 4,885,130 
Fresenius SE & Co. KGaA 150,021 6,809,504 
GEA Group AG 55,164 2,715,947 
Hannover Reuck SE 21,622 3,949,215 
HeidelbergCement AG 53,342 4,016,917 
HelloFresh AG (a) 59,269 4,796,048 
Henkel AG & Co. KGaA 37,307 3,109,449 
Infineon Technologies AG 468,668 21,948,359 
KION Group AG 25,946 2,831,394 
Knorr-Bremse AG 26,079 2,747,627 
Lanxess AG 29,894 2,013,318 
LEG Immobilien AG 25,872 3,847,668 
Merck KGaA 46,381 10,948,476 
MTU Aero Engines AG 19,183 4,265,467 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 50,276 14,890,102 
Nemetschek Se 20,752 2,379,740 
Puma AG 37,863 4,696,481 
Rational AG 1,839 1,827,410 
RWE AG 230,500 8,865,058 
SAP SE 374,792 54,274,070 
Scout24 AG (b) 31,319 2,179,527 
Siemens AG 274,568 44,639,810 
Siemens Healthineers AG (b) 101,205 6,722,417 
Symrise AG 46,156 6,378,750 
TeamViewer AG (a)(b) 57,835 863,204 
Telefonica Deutschland Holding AG 375,042 976,785 
Uniper SE 32,955 1,455,647 
United Internet AG 34,687 1,278,330 
Vitesco Technologies Group AG (a) 395 22,648 
Volkswagen AG 11,680 3,791,384 
Vonovia SE 196,150 11,895,274 
Zalando SE (a)(b) 79,582 7,505,098 
TOTAL GERMANY  508,724,602 
Hong Kong - 2.3%   
AIA Group Ltd. 4,341,600 48,656,359 
BOC Hong Kong (Holdings) Ltd. 1,328,500 4,217,460 
CLP Holdings Ltd. 589,500 5,771,747 
Galaxy Entertainment Group Ltd. (a) 782,000 4,231,373 
Hang Lung Properties Ltd. 729,000 1,692,146 
Hang Seng Bank Ltd. 274,600 5,223,418 
Henderson Land Development Co. Ltd. 522,021 2,185,797 
Hong Kong & China Gas Co. Ltd. 4,017,074 6,240,653 
Hong Kong Exchanges and Clearing Ltd. 432,260 26,156,161 
Link (REIT) 746,829 6,623,122 
MTR Corp. Ltd. 555,435 3,026,855 
New World Development Co. Ltd. 546,845 2,372,086 
Power Assets Holdings Ltd. 497,500 3,034,043 
Sino Land Ltd. 1,192,152 1,565,940 
SJM Holdings Ltd. (a) 711,000 530,931 
Sun Hung Kai Properties Ltd. 468,000 6,204,901 
Swire Pacific Ltd. (A Shares) 178,500 1,123,009 
Swire Properties Ltd. 419,200 1,123,362 
Techtronic Industries Co. Ltd. 493,500 10,154,791 
TOTAL HONG KONG  140,134,154 
Ireland - 0.8%   
CRH PLC 281,311 13,461,808 
DCC PLC (United Kingdom) 35,436 2,961,162 
Flutter Entertainment PLC (Ireland) (a) 59,779 11,305,500 
James Hardie Industries PLC CDI 159,635 6,202,412 
Kerry Group PLC Class A 57,107 7,664,422 
Kingspan Group PLC (Ireland) 55,366 6,377,269 
Smurfit Kappa Group PLC 88,317 4,623,858 
TOTAL IRELAND  52,596,431 
Isle of Man - 0.1%   
Entain PLC (a) 210,015 5,886,280 
Israel - 0.6%   
Azrieli Group 15,218 1,420,638 
Bank Hapoalim BM (Reg.) 407,668 4,006,660 
Bank Leumi le-Israel BM 521,387 4,971,083 
Check Point Software Technologies Ltd. (a) 39,362 4,707,695 
CyberArk Software Ltd. (a) 14,254 2,567,288 
Elbit Systems Ltd. (Israel) 9,510 1,496,668 
Icl Group Ltd. 253,461 2,166,676 
Israel Discount Bank Ltd. (Class A) (a) 417,504 2,517,413 
Mizrahi Tefahot Bank Ltd. 50,535 1,834,965 
NICE Systems Ltd. (a) 22,647 6,371,090 
Teva Pharmaceutical Industries Ltd. sponsored ADR (a) 395,405 3,455,840 
Wix.com Ltd. (a) 20,101 3,737,982 
TOTAL ISRAEL  39,253,998 
Italy - 1.9%   
Amplifon SpA 44,750 2,273,577 
Assicurazioni Generali SpA 397,232 8,655,924 
Atlantia SpA (a) 177,625 3,430,113 
DiaSorin SpA 9,049 2,043,487 
Enel SpA 2,918,844 24,435,946 
Eni SpA 905,500 12,978,029 
FinecoBank SpA 219,159 4,184,039 
Infrastrutture Wireless Italiane SpA (b) 120,997 1,336,622 
Intesa Sanpaolo SpA 5,925,457 16,841,208 
Mediobanca SpA 223,353 2,663,292 
Moncler SpA 73,608 5,285,844 
Nexi SpA (a)(b) 157,920 2,742,897 
Poste Italiane SpA (b) 187,656 2,676,920 
Prysmian SpA 91,552 3,460,775 
Recordati SpA 37,592 2,351,858 
Snam Rete Gas SpA 724,601 4,101,917 
Telecom Italia SpA 3,541,885 1,263,569 
Telecom Italia SpA (Risparmio Shares) 2,192,984 832,777 
Terna - Rete Elettrica Naziona 504,310 3,755,572 
UniCredit SpA 764,801 10,100,072 
TOTAL ITALY  115,414,438 
Japan - 22.7%   
ABC-MART, Inc. 11,900 571,961 
ACOM Co. Ltd. 142,600 475,589 
Advantest Corp. 71,700 5,878,535 
AEON Co. Ltd. 234,700 5,399,192 
AGC, Inc. 69,530 3,462,288 
Aisin Seiki Co. Ltd. 52,990 1,939,051 
Ajinomoto Co., Inc. 167,400 5,012,070 
Ana Holdings, Inc. (a) 57,300 1,335,149 
Asahi Group Holdings 163,700 7,428,752 
ASAHI INTECC Co. Ltd. 75,000 1,976,952 
Asahi Kasei Corp. 449,700 4,724,255 
Astellas Pharma, Inc. 668,000 11,261,665 
Azbil Corp. 44,400 1,892,897 
Bandai Namco Holdings, Inc. 71,800 5,486,855 
Bridgestone Corp. 204,900 9,064,630 
Brother Industries Ltd. 84,900 1,641,451 
Canon, Inc. 358,900 8,161,161 
Capcom Co. Ltd. 63,300 1,703,747 
Casio Computer Co. Ltd. 69,500 983,502 
Central Japan Railway Co. 51,800 7,684,045 
Chiba Bank Ltd. 191,100 1,184,479 
Chubu Electric Power Co., Inc. 231,060 2,391,734 
Chugai Pharmaceutical Co. Ltd. 241,000 9,010,842 
Concordia Financial Group Ltd. 392,300 1,559,264 
Cosmos Pharmaceutical Corp. 7,200 1,100,284 
CyberAgent, Inc. 145,500 2,437,932 
Dai Nippon Printing Co. Ltd. 79,520 1,970,113 
Dai-ichi Mutual Life Insurance Co. 365,600 7,691,698 
Daifuku Co. Ltd. 36,400 3,350,965 
Daiichi Sankyo Kabushiki Kaisha 628,800 15,866,122 
Daikin Industries Ltd. 89,400 19,579,926 
Daito Trust Construction Co. Ltd. 23,500 2,913,626 
Daiwa House Industry Co. Ltd. 203,200 6,703,608 
Daiwa House REIT Investment Corp. 788 2,261,272 
Daiwa Securities Group, Inc. 519,600 2,919,191 
DENSO Corp. 155,500 11,272,999 
Dentsu Group, Inc. 77,600 2,835,792 
Disco Corp. 10,300 2,776,855 
East Japan Railway Co. 108,500 6,758,085 
Eisai Co. Ltd. 85,100 6,029,863 
ENEOS Holdings, Inc. 1,100,200 4,436,282 
FANUC Corp. 68,800 13,596,338 
Fast Retailing Co. Ltd. 20,900 13,873,791 
Fuji Electric Co. Ltd. 45,600 2,229,733 
FUJIFILM Holdings Corp. 129,300 9,991,971 
Fujitsu Ltd. 70,600 12,201,781 
GLP J-REIT 1,484 2,420,615 
GMO Payment Gateway, Inc. 14,900 1,887,775 
Hakuhodo DY Holdings, Inc. 83,500 1,361,350 
Hamamatsu Photonics K.K. 50,400 2,991,361 
Hankyu Hanshin Holdings, Inc. 82,000 2,542,458 
Harmonic Drive Systems, Inc. 15,600 707,175 
Hikari Tsushin, Inc. 7,500 1,156,156 
Hino Motors Ltd. 103,470 978,793 
Hirose Electric Co. Ltd. 11,630 1,944,895 
Hisamitsu Pharmaceutical Co., Inc. 18,200 620,922 
Hitachi Construction Machinery Co. Ltd. 38,400 1,225,189 
Hitachi Ltd. 347,300 20,013,010 
Hitachi Metals Ltd. (a) 77,100 1,459,554 
Honda Motor Co. Ltd. 585,100 17,306,007 
Hoshizaki Corp. 19,500 1,639,773 
Hoya Corp. 132,700 19,534,575 
Hulic Co. Ltd. 135,800 1,305,785 
Ibiden Co. Ltd. 38,000 2,283,265 
Idemitsu Kosan Co. Ltd. 74,623 2,038,126 
Iida Group Holdings Co. Ltd. 52,700 1,299,293 
INPEX Corp. 368,200 3,070,538 
Isuzu Motors Ltd. 209,200 2,814,327 
ITO EN Ltd. 19,300 1,285,491 
Itochu Corp. 426,500 12,164,150 
ITOCHU Techno-Solutions Corp. 34,600 1,092,989 
Japan Airlines Co. Ltd. (a) 51,700 1,112,657 
Japan Exchange Group, Inc. 182,800 4,328,351 
Japan Post Bank Co. Ltd. 145,900 1,138,315 
Japan Post Holdings Co. Ltd. 884,500 6,796,415 
Japan Post Insurance Co. Ltd. 81,100 1,315,823 
Japan Real Estate Investment Corp. 446 2,733,639 
Japan Retail Fund Investment Corp. 2,513 2,308,238 
Japan Tobacco, Inc. 430,700 8,455,146 
JFE Holdings, Inc. 176,700 2,700,056 
JSR Corp. 73,200 2,654,933 
Kajima Corp. 161,800 1,992,205 
Kakaku.com, Inc. 48,300 1,602,833 
Kansai Electric Power Co., Inc. 252,500 2,324,796 
Kansai Paint Co. Ltd. 63,800 1,477,353 
Kao Corp. 172,900 9,780,619 
KDDI Corp. 578,900 17,702,766 
Keio Corp. 37,000 1,867,676 
Keisei Electric Railway Co. 46,500 1,496,409 
Keyence Corp. 69,800 42,132,312 
Kikkoman Corp. 52,200 4,269,442 
Kintetsu Group Holdings Co. Ltd. (a) 61,500 1,935,899 
Kirin Holdings Co. Ltd. 294,900 5,132,984 
Kobayashi Pharmaceutical Co. Ltd. 19,060 1,526,058 
Kobe Bussan Co. Ltd. 49,200 1,694,777 
Koei Tecmo Holdings Co. Ltd. 21,130 983,564 
Koito Manufacturing Co. Ltd. 37,600 2,133,356 
Komatsu Ltd. 314,100 8,226,694 
Konami Holdings Corp. 33,500 1,843,524 
Kose Corp. 12,000 1,393,511 
Kubota Corp. 368,500 7,850,160 
Kurita Water Industries Ltd. 35,500 1,753,401 
Kyocera Corp. 115,100 6,738,755 
Kyowa Hakko Kirin Co., Ltd. 97,100 3,193,432 
Lasertec Corp. 27,100 5,878,417 
Lawson, Inc. 17,900 865,638 
Lion Corp. 80,830 1,346,174 
LIXIL Group Corp. 95,800 2,461,092 
M3, Inc. 158,300 9,328,673 
Makita Corp. 80,520 3,737,089 
Marubeni Corp. 560,800 4,758,568 
Mazda Motor Corp. (a) 204,500 1,839,329 
McDonald's Holdings Co. (Japan) Ltd. 28,600 1,278,179 
Medipal Holdings Corp. 66,100 1,195,896 
Meiji Holdings Co. Ltd. 43,800 2,764,165 
Mercari, Inc. (a) 36,700 1,985,816 
Minebea Mitsumi, Inc. 130,510 3,304,127 
Misumi Group, Inc. 102,150 4,272,297 
Mitsubishi Chemical Holdings Corp. 459,000 3,799,341 
Mitsubishi Corp. 453,200 14,410,842 
Mitsubishi Electric Corp. 654,700 8,792,255 
Mitsubishi Estate Co. Ltd. 424,300 6,448,083 
Mitsubishi Gas Chemical Co., Inc. 56,400 1,135,120 
Mitsubishi Heavy Industries Ltd. 114,800 2,935,766 
Mitsubishi UFJ Financial Group, Inc. 4,387,400 24,058,301 
Mitsubishi UFJ Lease & Finance Co. Ltd. 237,900 1,192,878 
Mitsui & Co. Ltd. 544,800 12,467,483 
Mitsui Chemicals, Inc. 66,200 1,968,380 
Mitsui Fudosan Co. Ltd. 329,000 7,522,203 
Miura Co. Ltd. 31,600 1,215,509 
Mizuho Financial Group, Inc. 865,820 11,427,073 
MonotaRO Co. Ltd. 90,100 2,053,539 
MS&AD Insurance Group Holdings, Inc. 159,700 5,159,485 
Murata Manufacturing Co. Ltd. 206,100 15,288,207 
Nabtesco Corp. 40,500 1,314,370 
NEC Corp. 88,100 4,510,900 
Nexon Co. Ltd. 175,410 2,985,680 
NGK Insulators Ltd. 92,800 1,545,227 
NH Foods Ltd. 29,500 1,037,447 
Nidec Corp. 160,500 17,776,632 
Nihon M&A Center Holdings, Inc. 108,900 3,343,709 
Nintendo Co. Ltd. 40,200 17,754,612 
Nippon Building Fund, Inc. 533 3,462,872 
Nippon Express Co. Ltd. 27,600 1,727,609 
Nippon Paint Holdings Co. Ltd. 255,700 2,735,949 
Nippon Prologis REIT, Inc. 743 2,481,645 
Nippon Sanso Holdings Corp. 54,600 1,289,028 
Nippon Shinyaku Co. Ltd. 17,700 1,418,061 
Nippon Steel & Sumitomo Metal Corp. 306,900 5,380,805 
Nippon Telegraph & Telephone Corp. 462,100 12,947,554 
Nippon Yusen KK 58,000 4,179,322 
Nissan Chemical Corp. 43,900 2,443,415 
Nissan Motor Co. Ltd. (a) 834,500 4,247,489 
Nisshin Seifun Group, Inc. 70,800 1,117,975 
Nissin Food Holdings Co. Ltd. 22,700 1,735,185 
Nitori Holdings Co. Ltd. 28,700 5,272,492 
Nitto Denko Corp. 51,000 3,985,149 
Nomura Holdings, Inc. 1,102,400 5,250,199 
Nomura Real Estate Holdings, Inc. 42,400 1,033,686 
Nomura Real Estate Master Fund, Inc. 1,527 2,286,631 
Nomura Research Institute Ltd. 120,320 4,816,899 
NSK Ltd. 137,700 925,269 
NTT Data Corp. 226,900 4,551,802 
Obayashi Corp. 232,500 1,962,821 
OBIC Co. Ltd. 25,000 4,623,091 
Odakyu Electric Railway Co. Ltd. 105,600 2,289,346 
Oji Holdings Corp. 292,100 1,447,863 
Olympus Corp. 418,100 9,057,319 
OMRON Corp. 66,600 6,369,267 
Ono Pharmaceutical Co. Ltd. 132,600 2,782,179 
Oracle Corp. Japan 13,800 1,305,818 
Oriental Land Co. Ltd. 71,800 11,340,075 
ORIX Corp. 438,200 8,709,798 
ORIX JREIT, Inc. 944 1,566,195 
Osaka Gas Co. Ltd. 134,430 2,166,741 
Otsuka Corp. 41,000 2,019,518 
Otsuka Holdings Co. Ltd. 140,000 5,536,899 
Pan Pacific International Holdings Ltd. 148,300 3,113,840 
Panasonic Corp. 792,400 9,798,845 
PeptiDream, Inc. (a) 34,500 833,941 
Persol Holdings Co. Ltd. 63,900 1,717,546 
Pigeon Corp. 41,600 963,297 
Pola Orbis Holdings, Inc. 33,000 704,608 
Rakuten Group, Inc. 311,200 3,407,028 
Recruit Holdings Co. Ltd. 486,900 32,388,110 
Renesas Electronics Corp. (a) 450,600 5,543,024 
Resona Holdings, Inc. 765,820 2,876,879 
Ricoh Co. Ltd. 241,000 2,346,819 
Rinnai Corp. 13,000 1,334,743 
ROHM Co. Ltd. 31,400 2,871,140 
Ryohin Keikaku Co. Ltd. 90,900 1,791,298 
Santen Pharmaceutical Co. Ltd. 129,700 1,828,115 
SBI Holdings, Inc. Japan 87,600 2,270,545 
SCSK Corp. 56,400 1,141,372 
Secom Co. Ltd. 75,300 5,133,387 
Seiko Epson Corp. 100,600 1,791,291 
Sekisui Chemical Co. Ltd. 135,100 2,219,521 
Sekisui House Ltd. 220,900 4,592,684 
Seven & i Holdings Co. Ltd. 270,400 11,352,684 
SG Holdings Co. Ltd. 114,800 2,882,753 
Sharp Corp. 76,700 904,691 
Shimadzu Corp. 84,900 3,449,252 
SHIMANO, Inc. 26,600 7,421,762 
SHIMIZU Corp. 198,700 1,455,844 
Shin-Etsu Chemical Co. Ltd. 127,100 22,666,133 
Shionogi & Co. Ltd. 95,000 6,194,029 
Shiseido Co. Ltd. 143,500 9,575,322 
Shizuoka Bank Ltd. 159,800 1,286,771 
SMC Corp. 20,600 12,293,364 
SoftBank Corp. 1,031,000 14,072,818 
SoftBank Group Corp. 432,800 23,430,669 
Sohgo Security Services Co., Ltd. 25,500 1,090,984 
Sompo Holdings, Inc. 113,800 4,935,146 
Sony Group Corp. 452,600 52,409,441 
Square Enix Holdings Co. Ltd. 30,800 1,687,227 
Stanley Electric Co. Ltd. 46,900 1,182,124 
Subaru Corp. 220,600 4,327,024 
Sumco Corp. 119,500 2,283,479 
Sumitomo Chemical Co. Ltd. 536,000 2,640,505 
Sumitomo Corp. 403,900 5,755,440 
Sumitomo Dainippon Pharma Co., Ltd. 64,400 910,717 
Sumitomo Electric Industries Ltd. 270,100 3,585,001 
Sumitomo Metal Mining Co. Ltd. 88,830 3,445,920 
Sumitomo Mitsui Financial Group, Inc. 468,500 15,202,664 
Sumitomo Mitsui Trust Holdings, Inc. 121,100 3,983,446 
Sumitomo Realty & Development Co. Ltd. 111,000 4,011,531 
Suntory Beverage & Food Ltd. 49,800 1,932,361 
Suzuki Motor Corp. 132,100 5,891,251 
Sysmex Corp. 60,200 7,464,253 
T&D Holdings, Inc. 193,600 2,483,047 
Taisei Corp. 68,700 2,155,747 
Taisho Pharmaceutical Holdings Co. Ltd. 13,800 740,523 
Takeda Pharmaceutical Co. Ltd. 566,203 15,890,958 
TDK Corp. 139,500 5,071,242 
Terumo Corp. 231,700 10,221,633 
THK Co. Ltd. 43,400 933,258 
TIS, Inc. 80,500 2,193,051 
Tobu Railway Co. Ltd. 68,000 1,693,040 
Toho Co. Ltd. 40,270 1,892,052 
Toho Gas Co. Ltd. 26,600 787,957 
Tohoku Electric Power Co., Inc. 153,210 994,047 
Tokio Marine Holdings, Inc. 225,300 11,866,560 
Tokyo Century Corp. 13,300 761,503 
Tokyo Electric Power Co., Inc. (a) 549,800 1,522,947 
Tokyo Electron Ltd. 53,600 24,979,373 
Tokyo Gas Co. Ltd. 134,800 2,339,176 
Tokyu Corp. 179,800 2,534,858 
Toppan, Inc. 94,500 1,525,432 
Toray Industries, Inc. 497,000 3,097,063 
Toshiba Corp. 147,000 6,340,427 
Tosoh Corp. 93,590 1,576,151 
Toto Ltd. 50,900 2,459,198 
Toyo Suisan Kaisha Ltd. 31,700 1,365,924 
Toyota Industries Corp. 52,670 4,477,614 
Toyota Motor Corp. 3,806,150 67,156,340 
Toyota Tsusho Corp. 76,340 3,311,340 
Trend Micro, Inc. 48,100 2,718,631 
Tsuruha Holdings, Inc. 14,200 1,751,502 
Unicharm Corp. 144,800 5,856,120 
United Urban Investment Corp. 1,066 1,328,832 
USS Co. Ltd. 78,400 1,263,675 
Welcia Holdings Co. Ltd. 33,800 1,261,802 
West Japan Railway Co. 77,400 3,653,717 
Yakult Honsha Co. Ltd. 46,000 2,324,298 
Yamada Holdings Co. Ltd. 244,400 933,926 
Yamaha Corp. 48,200 3,045,184 
Yamaha Motor Co. Ltd. 106,700 2,974,136 
Yamato Holdings Co. Ltd. 104,800 2,576,319 
Yaskawa Electric Corp. 86,100 3,729,172 
Yokogawa Electric Corp. 82,200 1,642,541 
Z Holdings Corp. 961,300 5,967,771 
ZOZO, Inc. 44,800 1,438,015 
TOTAL JAPAN  1,421,621,173 
Luxembourg - 0.3%   
ArcelorMittal SA (Netherlands) 257,176 8,718,189 
Aroundtown SA 358,224 2,488,783 
Eurofins Scientific SA 47,971 5,653,029 
InPost SA 71,870 1,024,896 
Tenaris SA 169,684 1,889,650 
TOTAL LUXEMBOURG  19,774,547 
Multi-National - 0.1%   
HK Electric Investments & HK Electric Investments Ltd. unit 954,000 950,260 
HKT Trust/HKT Ltd. unit 1,361,000 1,847,203 
TOTAL MULTI-NATIONAL  2,797,463 
Netherlands - 6.3%   
ABN AMRO Group NV GDR (b) 152,256 2,239,877 
Adyen BV (a)(b) 7,093 21,401,783 
AEGON NV 641,963 3,256,224 
Airbus Group NV (a) 211,578 27,141,657 
Akzo Nobel NV 68,372 7,857,961 
Argenx SE (a) 16,446 4,951,217 
ASM International NV (Netherlands) 16,972 7,679,124 
ASML Holding NV (Netherlands) 150,566 122,395,141 
CNH Industrial NV 367,671 6,345,663 
Davide Campari Milano NV 187,860 2,666,800 
EXOR NV 38,977 3,672,179 
Ferrari NV 45,231 10,718,842 
Heineken Holding NV 41,425 3,840,561 
Heineken NV (Bearer) 93,007 10,302,192 
ING Groep NV (Certificaten Van Aandelen) 1,401,095 21,253,080 
JDE Peet's BV 27,010 786,521 
Just Eat Takeaway.com NV (a)(b) 64,374 4,622,743 
Koninklijke Ahold Delhaize NV 375,383 12,206,810 
Koninklijke DSM NV 62,730 13,709,127 
Koninklijke KPN NV 1,205,877 3,603,084 
Koninklijke Philips Electronics NV 326,947 15,423,782 
Koninklijke Vopak NV 25,169 1,000,881 
NN Group NV 97,025 5,195,293 
Prosus NV 334,885 29,502,953 
Prosus NV rights (a)(d) 334,885 54,198 
QIAGEN NV (Germany) (a) 81,901 4,505,705 
Randstad NV 42,986 3,090,831 
Stellantis NV (Italy) 728,772 14,532,443 
STMicroelectronics NV (France) 245,035 11,633,975 
Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit (a) 44,798 3,200,923 
Universal Music Group NV 255,429 7,415,855 
Wolters Kluwer NV 95,992 10,058,026 
TOTAL NETHERLANDS  396,265,451 
New Zealand - 0.3%   
Auckland International Airport Ltd. (a) 450,152 2,577,406 
Fisher & Paykel Healthcare Corp. 207,151 4,632,950 
Mercury Nz Ltd. 244,970 1,076,972 
Meridian Energy Ltd. 472,899 1,691,008 
Ryman Healthcare Group Ltd. 152,819 1,582,421 
Spark New Zealand Ltd. 666,906 2,181,636 
The a2 Milk Co. Ltd. (a)(c) 267,124 1,257,636 
Xero Ltd. (a) 47,756 5,371,065 
TOTAL NEW ZEALAND  20,371,094 
Norway - 0.7%   
Adevinta ASA Class B (a) 98,467 1,620,738 
DNB Bank ASA 333,636 7,930,268 
Equinor ASA 350,343 8,864,430 
Gjensidige Forsikring ASA 71,838 1,786,617 
Mowi ASA 157,998 4,574,665 
Norsk Hydro ASA 483,132 3,548,831 
Orkla ASA 270,126 2,627,109 
Schibsted ASA:   
(A Shares) 26,960 1,390,461 
(B Shares) 34,071 1,538,214 
Telenor ASA 251,525 3,970,319 
Yara International ASA 62,633 3,268,105 
TOTAL NORWAY  41,119,757 
Papua New Guinea - 0.0%   
Oil Search Ltd. ADR 709,847 2,290,785 
Portugal - 0.2%   
Energias de Portugal SA 995,155 5,618,550 
Galp Energia SGPS SA Class B 180,413 1,874,120 
Jeronimo Martins SGPS SA 90,536 2,051,328 
TOTAL PORTUGAL  9,543,998 
Singapore - 1.0%   
Ascendas Real Estate Investment Trust 1,191,389 2,729,990 
CapitaLand Investment Ltd. (a) 948,965 2,420,793 
CapitaMall Trust 1,777,427 2,833,866 
City Developments Ltd. 146,100 793,068 
DBS Group Holdings Ltd. 648,605 15,165,381 
Genting Singapore Ltd. 2,166,200 1,252,974 
Keppel Corp. Ltd. 524,100 2,090,959 
Mapletree Commercial Trust 776,400 1,255,137 
Mapletree Logistics Trust (REIT) 1,079,568 1,617,150 
Oversea-Chinese Banking Corp. Ltd. 1,206,664 10,558,869 
Singapore Airlines Ltd. (a) 480,890 1,854,377 
Singapore Exchange Ltd. 288,900 2,073,824 
Singapore Technologies Engineering Ltd. 562,700 1,598,176 
Singapore Telecommunications Ltd. 2,961,600 5,490,545 
United Overseas Bank Ltd. 423,072 8,392,418 
UOL Group Ltd. 165,091 885,138 
Venture Corp. Ltd. 99,600 1,389,304 
Wilmar International Ltd. 687,900 2,203,729 
TOTAL SINGAPORE  64,605,698 
Spain - 2.4%   
ACS Actividades de Construccion y Servicios SA 88,200 2,307,337 
Aena SME SA (a)(b) 26,898 4,417,634 
Amadeus IT Holding SA Class A (a) 161,628 10,806,939 
Banco Bilbao Vizcaya Argentaria SA 2,392,922 16,745,982 
Banco Santander SA (Spain) 6,223,753 23,573,299 
CaixaBank SA 1,589,930 4,570,517 
Cellnex Telecom SA (b) 182,856 11,241,270 
EDP Renovaveis SA 103,600 2,886,255 
Enagas SA 89,544 2,008,667 
Endesa SA 114,276 2,634,795 
Ferrovial SA 170,896 5,385,370 
Grifols SA 107,246 2,454,112 
Iberdrola SA 2,125,014 25,115,935 
Industria de Diseno Textil SA 391,483 14,137,798 
Naturgy Energy Group SA (c) 69,608 1,829,011 
Red Electrica Corporacion SA 155,190 3,230,988 
Repsol SA 520,394 6,665,486 
Siemens Gamesa Renewable Energy SA (a) 85,693 2,321,002 
Telefonica SA 1,846,075 8,018,728 
TOTAL SPAIN  150,351,125 
Sweden - 3.5%   
Alfa Laval AB 113,049 4,840,256 
ASSA ABLOY AB (B Shares) 359,613 10,552,005 
Atlas Copco AB:   
(A Shares) 241,892 15,542,152 
(B Shares) 138,966 7,516,268 
Boliden AB 98,305 3,467,232 
Electrolux AB (B Shares) 81,163 1,841,950 
Embracer Group AB (a) 167,326 1,555,578 
Epiroc AB:   
(A Shares) 236,432 5,883,269 
(B Shares) 139,836 2,971,596 
EQT AB 106,096 5,591,412 
Ericsson (B Shares) 1,047,327 11,432,001 
Essity AB (B Shares) 218,282 7,060,869 
Evolution AB (b) 60,956 9,860,279 
Fastighets AB Balder (a) 37,826 2,740,491 
H&M Hennes & Mauritz AB (B Shares) 261,877 4,910,041 
Hexagon AB (B Shares) 706,806 11,375,124 
Husqvarna AB (B Shares) 150,570 2,141,608 
ICA Gruppen AB 36,222 1,872,679 
Industrivarden AB:   
(A Shares) 46,387 1,529,669 
(C Shares) 57,066 1,853,250 
Investor AB (B Shares) 653,534 15,059,895 
Kinnevik AB (B Shares) (a) 86,947 3,408,326 
L E Lundbergforetagen AB 27,313 1,573,010 
Latour Investment AB (B Shares) 53,165 1,926,519 
Lundin Petroleum AB 71,975 2,842,795 
Nibe Industrier AB (B Shares) 512,319 7,626,919 
Sandvik AB 405,035 10,271,167 
Securitas AB (B Shares) 112,666 1,862,898 
Sinch AB (a)(b) 181,761 3,446,644 
Skandinaviska Enskilda Banken AB (A Shares) 583,873 9,127,265 
Skanska AB (B Shares) 122,257 3,103,403 
SKF AB (B Shares) 137,177 3,178,647 
Svenska Cellulosa AB SCA (B Shares) 217,720 3,394,586 
Svenska Handelsbanken AB (A Shares) 523,287 5,998,094 
Swedbank AB (A Shares) 324,895 7,045,697 
Swedish Match Co. AB 566,501 4,985,578 
Tele2 AB (B Shares) 180,145 2,541,286 
Telia Co. AB 953,059 3,750,423 
Volvo AB:   
(A Shares) 74,579 1,761,134 
(B Shares) 510,155 11,875,895 
TOTAL SWEDEN  219,317,910 
Switzerland - 9.9%   
ABB Ltd. (Reg.) 622,484 20,593,784 
Adecco SA (Reg.) 55,714 2,803,346 
Alcon, Inc. (Switzerland) 179,344 14,819,973 
Baloise Holdings AG 16,621 2,650,356 
Banque Cantonale Vaudoise 10,882 875,932 
Barry Callebaut AG 1,280 2,960,944 
Clariant AG (Reg.) 77,664 1,633,692 
Coca-Cola HBC AG 72,008 2,496,184 
Compagnie Financiere Richemont SA Series A 187,333 23,182,550 
Credit Suisse Group AG 915,433 9,522,070 
Ems-Chemie Holding AG 2,522 2,499,689 
Geberit AG (Reg.) 13,290 10,375,374 
Givaudan SA 3,314 15,596,359 
Holcim Ltd. 187,821 9,376,691 
Julius Baer Group Ltd. 80,268 5,805,953 
Kuehne & Nagel International AG 19,505 6,141,646 
Lindt & Spruengli AG 39 4,681,193 
Lindt & Spruengli AG (participation certificate) 376 4,431,018 
Logitech International SA (Reg.) 62,104 5,169,907 
Lonza Group AG 26,725 21,908,896 
Nestle SA (Reg. S) 1,034,141 136,410,668 
Novartis AG 796,941 65,917,171 
Partners Group Holding AG 8,144 14,209,305 
Roche Holding AG:   
(Bearer) 11,463 4,920,226 
(participation certificate) 252,190 97,696,942 
Schindler Holding AG:   
(participation certificate) 14,600 3,798,296 
(Reg.) 7,230 1,854,089 
SGS SA (Reg.) 2,172 6,423,958 
Siemens Energy AG (a) 143,678 4,122,398 
Sika AG 50,883 17,227,752 
Sonova Holding AG 19,642 8,115,518 
Straumann Holding AG 3,710 7,706,881 
Swatch Group AG (Bearer) 10,405 2,854,670 
Swatch Group AG (Bearer) (Reg.) 18,911 1,004,621 
Swiss Life Holding AG 11,482 6,302,810 
Swiss Prime Site AG 27,249 2,767,756 
Swiss Re Ltd. 108,243 10,479,095 
Swisscom AG 9,294 5,059,119 
Temenos Group AG 24,003 3,666,251 
UBS Group AG 1,315,814 23,920,625 
Vifor Pharma AG 17,532 2,261,391 
Zurich Insurance Group Ltd. 54,007 23,937,024 
TOTAL SWITZERLAND  618,182,123 
United Kingdom - 13.4%   
3i Group PLC 349,167 6,517,908 
Abrdn PLC 784,429 2,726,767 
Admiral Group PLC 69,289 2,721,491 
Anglo American PLC (United Kingdom) 464,681 17,677,861 
Antofagasta PLC 141,721 2,764,790 
Ashtead Group PLC 161,061 13,498,523 
Associated British Foods PLC 128,106 3,134,712 
AstraZeneca PLC (United Kingdom) 555,988 69,554,844 
Auto Trader Group PLC (b) 347,234 2,878,722 
Aveva Group PLC 43,191 2,103,100 
Aviva PLC 1,411,478 7,624,334 
BAE Systems PLC 1,158,507 8,735,331 
Barclays PLC 6,098,748 16,829,342 
Barratt Developments PLC 365,017 3,311,977 
Berkeley Group Holdings PLC 40,253 2,399,093 
BHP Group PLC 757,951 20,018,667 
BP PLC 7,264,418 34,803,113 
British American Tobacco PLC (United Kingdom) 782,429 27,216,327 
British Land Co. PLC 316,532 2,141,258 
BT Group PLC (a) 3,202,897 6,088,438 
Bunzl PLC 121,107 4,478,321 
Burberry Group PLC 145,504 3,841,208 
Compass Group PLC (a) 640,192 13,585,279 
Croda International PLC 50,055 6,478,992 
Diageo PLC 839,448 41,763,956 
Direct Line Insurance Group PLC 483,853 1,936,206 
Evraz PLC 183,124 1,557,819 
GlaxoSmithKline PLC 1,805,833 37,490,591 
Halma PLC 136,402 5,529,253 
Hargreaves Lansdown PLC 127,855 2,689,381 
Hikma Pharmaceuticals PLC 62,138 2,046,888 
HSBC Holdings PLC (United Kingdom) 7,331,356 44,172,669 
Imperial Brands PLC 339,552 7,165,580 
Informa PLC (a) 540,131 3,839,385 
InterContinental Hotel Group PLC (a) 65,744 4,605,176 
Intertek Group PLC 58,014 3,886,388 
J Sainsbury PLC 601,911 2,466,293 
JD Sports Fashion PLC 185,519 2,762,345 
Johnson Matthey PLC 69,569 2,602,053 
Kingfisher PLC 758,977 3,483,395 
Land Securities Group PLC 253,320 2,381,699 
Legal & General Group PLC 2,140,571 8,463,263 
Lloyds Banking Group PLC 25,464,044 17,427,099 
London Stock Exchange Group PLC 118,056 11,492,010 
M&G PLC 934,485 2,555,221 
Melrose Industries PLC 1,571,546 3,393,867 
Mondi PLC 174,449 4,357,045 
National Grid PLC 1,276,303 16,341,222 
NatWest Group PLC 2,077,170 6,285,234 
Next PLC 47,695 5,199,647 
NMC Health PLC (a) 55,366 10,519 
Ocado Group PLC (a) 174,943 4,316,711 
Pearson PLC 271,034 2,230,236 
Persimmon PLC 114,413 4,260,539 
Phoenix Group Holdings PLC 233,560 2,098,747 
Prudential PLC (a) 938,642 19,198,026 
Reckitt Benckiser Group PLC 256,027 20,784,986 
RELX PLC (London Stock Exchange) 693,822 21,497,361 
Rentokil Initial PLC 666,581 5,367,676 
Rio Tinto PLC 403,024 25,129,134 
Rolls-Royce Holdings PLC (a) 3,001,655 5,417,508 
Royal Dutch Shell PLC:   
Class A (United Kingdom) 1,470,274 33,682,331 
Class B (United Kingdom) 1,331,820 30,563,561 
Sage Group PLC 385,353 3,748,580 
Schroders PLC 44,644 2,211,731 
Segro PLC 432,771 7,655,074 
Severn Trent PLC 89,551 3,355,556 
Smith & Nephew PLC 315,236 5,444,149 
Smiths Group PLC 142,486 2,643,214 
Spirax-Sarco Engineering PLC 26,496 5,658,545 
SSE PLC 387,110 8,717,559 
St. James's Place Capital PLC 193,345 4,179,393 
Standard Chartered PLC (United Kingdom) 951,328 6,443,301 
Taylor Wimpey PLC 1,306,708 2,763,810 
Tesco PLC 2,775,144 10,246,572 
Unilever PLC 940,374 50,349,390 
United Utilities Group PLC 245,004 3,482,093 
Vodafone Group PLC 10,034,846 14,789,883 
Whitbread PLC (a) 72,421 3,240,955 
TOTAL UNITED KINGDOM  836,511,223 
United States of America - 0.1%   
Coca-Cola European Partners PLC 73,565 3,873,197 
TOTAL COMMON STOCKS   
(Cost $4,842,239,083)  6,153,527,720 
Nonconvertible Preferred Stocks - 0.6%   
Germany - 0.6%   
Bayerische Motoren Werke AG (BMW) (non-vtg.) 20,517 1,745,619 
Fuchs Petrolub AG 25,016 1,198,382 
Henkel AG & Co. KGaA 63,927 5,718,352 
Porsche Automobil Holding SE (Germany) 54,932 5,717,129 
Sartorius AG (non-vtg.) 9,403 6,091,474 
Volkswagen AG 66,559 14,912,938 
TOTAL NONCOVERTIBLE PREFERRED STOCKS   
(Cost $28,045,662)  35,383,894 
Money Market Funds - 0.1%   
Fidelity Securities Lending Cash Central Fund 0.06% (e)(f)   
(Cost $4,060,855) 4,060,449 4,060,855 
TOTAL INVESTMENT IN SECURITIES - 99.1%   
(Cost $4,874,345,600)  6,192,972,469 
NET OTHER ASSETS (LIABILITIES) - 0.9%  59,174,107 
NET ASSETS - 100%  $6,252,146,576 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI EAFE Index Contracts (United States) 545 Dec. 2021 $63,754,100 $322,953 $322,953 

The notional amount of futures purchased as a percentage of Net Assets is 1.0%

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

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $120,194,499 or 1.9% of net assets.

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

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

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

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $40,285,529 $2,064,337,801 $2,104,623,432 $32,238 $102 $-- $-- 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% 19,215,112 178,991,385 194,145,642 339,825 -- -- 4,060,855 0.0% 
Total $59,500,641 $2,243,329,186 $2,298,769,074 $372,063 $102 $-- $4,060,855  

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

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $280,825,901 $98,788,336 $182,037,565 $-- 
Consumer Discretionary 798,213,588 355,936,646 442,276,942 -- 
Consumer Staples 631,748,721 173,105,120 458,643,601 -- 
Energy 217,026,200 40,124,144 176,902,056 -- 
Financials 1,078,326,996 588,326,891 490,000,105 -- 
Health Care 784,326,315 215,016,688 569,309,627 -- 
Industrials 965,052,599 435,775,963 529,276,636 -- 
Information Technology 597,942,732 103,377,200 494,565,532 -- 
Materials 452,472,012 198,908,823 253,563,189 -- 
Real Estate 174,465,026 115,285,867 59,179,159 -- 
Utilities 208,511,524 109,361,064 99,150,460 -- 
Money Market Funds 4,060,855 4,060,855 -- -- 
Total Investments in Securities: $6,192,972,469 $2,438,067,597 $3,754,904,872 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $322,953 $322,953 $-- $-- 
Total Assets $322,953 $322,953 $-- $-- 
Total Derivative Instruments: $322,953 $322,953 $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $322,953 $0 
Total Equity Risk 322,953 0 
Total Value of Derivatives $322,953 $0 

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

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


Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $3,779,282) — See accompanying schedule:
Unaffiliated issuers (cost $4,870,284,745) 		$6,188,911,614  
Fidelity Central Funds (cost $4,060,855) 4,060,855  
Total Investment in Securities (cost $4,874,345,600)  $6,192,972,469 
Segregated cash with brokers for derivative instruments  3,411,217 
Foreign currency held at value (cost $23,092,865)  23,186,218 
Receivable for investments sold  3,402,278 
Receivable for fund shares sold  1,202,693 
Dividends receivable  15,313,974 
Reclaims receivable  22,744,236 
Interest receivable  5,788 
Distributions receivable from Fidelity Central Funds  5,053 
Prepaid expenses  6,502 
Receivable from investment adviser for expense reductions  57,031 
Other receivables  537 
Total assets  6,262,307,996 
Liabilities   
Payable to custodian bank $597,507  
Payable for investments purchased   
Regular delivery 2,449,106  
Delayed delivery 54,198  
Payable for fund shares redeemed 2,120,592  
Accrued management fee 179,899  
Payable for daily variation margin on futures contracts 390,744  
Other payables and accrued expenses 308,519  
Collateral on securities loaned 4,060,855  
Total liabilities  10,161,420 
Net Assets  $6,252,146,576 
Net Assets consist of:   
Paid in capital  $5,411,358,542 
Total accumulated earnings (loss)  840,788,034 
Net Assets  $6,252,146,576 
Net Asset Value, offering price and redemption price per share ($6,252,146,576 ÷ 430,642,426 shares)  $14.52 

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


Statement of Operations

  Year ended October 31, 2021 
Investment Income   
Dividends  $131,286,893 
Non-Cash dividends  14,981,426 
Income from Fidelity Central Funds (including $339,825 from security lending)  372,063 
Income before foreign taxes withheld  146,640,382 
Less foreign taxes withheld  (14,898,264) 
Total income  131,742,118 
Expenses   
Management fee $1,708,423  
Custodian fees and expenses 461,459  
Independent trustees' fees and expenses 13,923  
Registration fees 43,158  
Audit 101,867  
Legal 8,089  
Interest 2,268  
Miscellaneous 21,313  
Total expenses before reductions 2,360,500  
Expense reductions (633,297)  
Total expenses after reductions  1,727,203 
Net investment income (loss)  130,014,915 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 39,331,664  
Fidelity Central Funds 102  
Foreign currency transactions (578,608)  
Futures contracts 23,134,044  
Total net realized gain (loss)  61,887,202 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 1,017,836,784  
Assets and liabilities in foreign currencies (432,077)  
Futures contracts 4,038,901  
Total change in net unrealized appreciation (depreciation)  1,021,443,608 
Net gain (loss)  1,083,330,810 
Net increase (decrease) in net assets resulting from operations  $1,213,345,725 

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


Statement of Changes in Net Assets

 Year ended October 31, 2021 Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $130,014,915 $129,126,696 
Net realized gain (loss) 61,887,202 (348,165,849) 
Change in net unrealized appreciation (depreciation) 1,021,443,608 (345,853,085) 
Net increase (decrease) in net assets resulting from operations 1,213,345,725 (564,892,238) 
Distributions to shareholders (79,662,707) (205,960,432) 
Share transactions   
Proceeds from sales of shares 2,374,722,124 2,458,344,434 
Reinvestment of distributions 79,438,628 201,549,942 
Cost of shares redeemed (993,618,213) (4,721,154,030) 
Net increase (decrease) in net assets resulting from share transactions 1,460,542,539 (2,061,259,654) 
Total increase (decrease) in net assets 2,594,225,557 (2,832,112,324) 
Net Assets   
Beginning of period 3,657,921,019 6,490,033,343 
End of period $6,252,146,576 $3,657,921,019 
Other Information   
Shares   
Sold 166,626,703 224,395,398 
Issued in reinvestment of distributions 6,210,995 16,753,944 
Redeemed (73,639,882) (442,136,418) 
Net increase (decrease) 99,197,816 (200,987,076) 

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


Financial Highlights

Fidelity SAI International Index Fund

      
Years ended October 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $11.04 $12.19 $11.27 $12.40 $10.19 
Income from Investment Operations      
Net investment income (loss)A .37 .28 .38 .37 .33 
Net realized and unrealized gain (loss) 3.36 (1.04) .85 (1.24) 2.02 
Total from investment operations 3.73 (.76) 1.23 (.87) 2.35 
Distributions from net investment income (.25) (.39) (.31) (.20) (.12) 
Distributions from net realized gain – – – (.06) (.03) 
Total distributions (.25) (.39) (.31) (.26) (.14)B 
Net asset value, end of period $14.52 $11.04 $12.19 $11.27 $12.40 
Total ReturnC,D 34.09% (6.51)% 11.36% (7.14)% 23.41% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .05% .05% .11% .13% .12% 
Expenses net of fee waivers, if any .04% .04% .05% .05% .05% 
Expenses net of all reductions .04% .04% .05% .05% .05% 
Net investment income (loss) 2.66% 2.51% 3.35% 2.98% 2.89% 
Supplemental Data      
Net assets, end of period (000 omitted) $6,252,147 $3,657,921 $6,490,033 $7,884,495 $6,365,867 
Portfolio turnover rateG 10% 16% 4% 7% 2% 

 A Calculated based on average shares outstanding during the period.

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

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

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

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

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

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

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


Notes to Financial Statements

For the period ended October 31, 2021

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

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

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

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

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

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

Gross unrealized appreciation $1,563,083,119 
Gross unrealized depreciation (291,459,343) 
Net unrealized appreciation (depreciation) $1,271,623,776 
Tax Cost $4,921,348,693 

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

Undistributed ordinary income $142,800,082 
Capital loss carryforward $(574,244,456) 
Net unrealized appreciation (depreciation) on securities and other investments $1,272,232,407 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

No expiration  
Short-term $(192,874,404) 
Long-term (381,370,052) 
Total capital loss carryforward $(574,244,456) 

The tax character of distributions paid was as follows:

 October 31, 2021 October 31, 2020 
Ordinary Income $79,662,707 $ 205,960,432 

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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

4. Derivative Instruments.

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

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

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

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

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

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

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

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

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

5. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity SAI International Index Fund 2,056,462,278 489,311,352 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .04% of the Fund's average net assets.

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

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity SAI International Index Fund Borrower $28,339,111 .32% $2,268 

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

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity SAI International Index Fund $8,332 

8. Security Lending.

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

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity SAI International Index Fund $30,662 $– $– 

9. Expense Reductions.

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .035% of average net assets. This reimbursement will remain in place through February 28, 2023. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $633,297.

10. Other.

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

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

 Strategic Advisers Fidelity International Fund Strategic Advisers International Fund 
Fidelity SAI International Index Fund 18% 10% 

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

Fund % of shares held 
Fidelity SAI International Index Fund 28% 

11. Coronavirus (COVID-19) Pandemic.

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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI International Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI International Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 13, 2021



We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Jonathan Chiel, each of the Trustees oversees 286 funds. Mr. Chiel oversees 179 funds. 

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

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.

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

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

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

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

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

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

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

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

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

Independent Trustees:

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

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

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

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

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Vice Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank’s institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization’s equity and quantitative research groups. He began his career in 1983 as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).

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

Advisory Board Members and Officers:

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

Name, Year of Birth; Principal Occupation

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

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

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

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

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

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

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

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

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Jamie Pagliocco (1964)

Year of Election or Appointment: 2020

Vice President

Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer – Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

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

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2021 		Ending
Account Value
October 31, 2021 		Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 
Fidelity SAI International Index Fund .04%    
Actual  $1,000.00 $1,042.40 $.21 
Hypothetical-C  $1,000.00 $1,025.00 $.20 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The fund designates 98% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.2746 and $0.0246 for the dividend paid December 7, 2020.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity SAI International Index Fund

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

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

At its September 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

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

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

Resources Dedicated to Investment Management and Support Services.  The Board reviewed the general qualifications and capabilities of Fidelity’s and Geode’s investment staffs, including their size, education, experience, and resources, as well as Fidelity’s and Geode’s approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity’s global investment organization, and that Fidelity’s analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity’s and Geode’s investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity’s and Geode’s trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

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

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

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index.

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

The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and its benchmark index for the most recent one- and three-year periods. No performance peer group information was considered by the Board due to the fact that the peer group does not distinguish between passively-managed and actively-managed funds. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

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

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

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

The Board considered that (i) effective July 1, 2016, the fund's management fee rate was reduced from 0.10% to 0.05%, and (ii) effective August 1, 2019, the fund's management fee rate was further reduced from 0.05% to 0.035%. The Board considered that the chart below reflects the fund's lower management fee rates for 2016 and 2019, as if the lower fee rates were in effect for the entire period.

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2020.

At its July 2021 meeting, the Board also approved an amendment to the fund's sub-advisory agreement with Geode (effective August 1, 2021) that lowered the sub-advisory fee rate that FMR pays to Geode.

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

Total Expense Ratio.  In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other "fund-level" expenses, such as custodial, legal, and audit fees, paid by FMR under the fund's management contract. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the fund's total expense ratio ranked below the similar sales load structure group competitive median for 2020 and below the ASPG competitive median for 2020.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.035% through February 28, 2022.

Fees Charged to Other Clients.  The Board also considered fee structures applicable to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

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

The Board also considered information regarding the profitability of Geode's relationship with the fund.

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

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

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the continued waiver of money market fund fees; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

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





Fidelity Investments

SV7-ANN-1221
1.9879602.105

Fidelity® SAI Emerging Markets Index Fund

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



Annual Report

October 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


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

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

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

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

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

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



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

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

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

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

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Past 5 years Life of fundA 
Fidelity® SAI Emerging Markets Index Fund 15.87% 9.04% 11.04% 

 A From January 5, 2016

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® SAI Emerging Markets Index Fund on January 5, 2016, when the fund started.

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


Period Ending Values
$18,403Fidelity® SAI Emerging Markets Index Fund
$18,856MSCI Emerging Markets Index

Management's Discussion of Fund Performance

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

Comments from the Geode Capital Management, LLC, passive equity index team:  For the fiscal year ending October 31, 2021, the fund gained 15.87%, compared with the 16.98% advance of the benchmark MSCI Emerging Markets (Net MA) index. (The fund's relative performance was affected by differing methodologies (fund versus index) for valuing certain foreign stocks and for incorporating foreign exchange rates, as well as by required local capital gains tax.) By sector, information technology rose approximately 34% and contributed most, followed by financials, which gained about 36%, benefiting from the banks industry (+42%). The materials sector rose 44%, energy gained 56%, and industrials advanced roughly 29%. Other notable contributors included the consumer staples (+15%), utilities (+32%), and health care (+4%) sectors. From a sector standpoint, stocks in the consumer discretionary sector returned about -15% and detracted most. This group was hampered by the retailing (-31%) industry. Real estate (-9%) and communication services (-1%), especially in the media & entertainment industry (-8%), also hurt. Turning to individual stocks, the top contributor was Taiwan Semiconductor (+43%), from the semiconductors & semiconductor equipment industry, followed by Samsung Electronics (+24%), within the technology hardware & equipment segment. In energy, Gazprom advanced 163% and Sberbank of Russia (+110%) from the banks category also helped. Infosys, within the software & services group, rose roughly 59% and boosted the fund. In contrast, the biggest individual detractor was Alibaba Group Holding (-45%), from the retailing industry. Tencent Holdings, within the media & entertainment segment, returned -19% and hindered the fund. In consumer services, TAL Education Group (-94%) and New Oriental Education & Technology Group (-87%) hurt. Another detractor was Ping An Insurance (-28%), a stock in the insurance category.

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

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of October 31, 2021 
   Cayman Islands 20.8% 
   Taiwan 13.9% 
   Korea (South) 11.9% 
   India 11.7% 
   China 11.1% 
   Brazil 3.8% 
   Saudi Arabia 3.3% 
   Russia 3.3% 
   United States of America 3.2% 
   Other* 17.0% 


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

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

Top Ten Stocks as of October 31, 2021

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 6.4 
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) 4.3 
Alibaba Group Holding Ltd. (Cayman Islands, Internet & Direct Marketing Retail) 3.9 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 3.5 
Meituan Class B (Cayman Islands, Internet & Direct Marketing Retail) 1.7 
Reliance Industries Ltd. (India, Oil, Gas & Consumable Fuels) 1.2 
Infosys Ltd. (India, IT Services) 0.9 
JD.com, Inc. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) 0.9 
China Construction Bank Corp. (H Shares) (China, Banks) 0.8 
Housing Development Finance Corp. Ltd. (India, Thrifts & Mortgage Finance) 0.8 
 24.4 

Top Market Sectors as of October 31, 2021

 % of fund's net assets 
Information Technology 20.1 
Financials 20.1 
Consumer Discretionary 14.6 
Communication Services 10.1 
Materials 8.5 
Consumer Staples 6.2 
Energy 5.4 
Industrials 4.0 
Health Care 4.5 
Utilities 2.3 

Asset Allocation as of October 31, 2021

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

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 95.6%   
 Shares Value 
Argentina - 0.0%   
YPF SA Class D sponsored ADR (a) 98,186 $412,381 
Bailiwick of Jersey - 0.1%   
Polymetal International PLC 166,553 3,102,834 
Bermuda - 0.6%   
Alibaba Health Information Technology Ltd. (a) 1,913,000 2,416,913 
Alibaba Pictures Group Ltd. (a) 5,700,000 608,059 
Beijing Enterprises Water Group Ltd. 2,270,000 866,512 
Brilliance China Automotive Holdings Ltd. (a) 1,362,000 405,740 
China Gas Holdings Ltd. 1,456,300 3,642,388 
China Resource Gas Group Ltd. 440,000 2,363,858 
China Youzan Ltd. (a) 6,592,000 838,774 
Cosco Shipping Ports Ltd. 862,473 718,312 
Credicorp Ltd. (United States) 32,255 4,182,183 
GOME Electrical Appliances Holdings Ltd. (a)(b) 5,737,000 582,511 
HengTen Networks Group Ltd. (a)(b) 1,316,000 451,606 
Hopson Development Holdings Ltd. 338,800 925,326 
Huabao International Holdings Ltd. 375,000 704,646 
Kunlun Energy Co. Ltd. 1,867,000 1,708,507 
Nine Dragons Paper (Holdings) Ltd. 784,000 985,479 
Shenzhen International Holdings Ltd. 567,396 684,769 
TOTAL BERMUDA  22,085,583 
Brazil - 2.8%   
Ambev SA 2,240,498 6,744,757 
Americanas SA (a) 187,720 987,860 
Atacadao SA 241,200 711,146 
B3 SA - Brasil Bolsa Balcao 2,909,640 6,140,156 
Banco Bradesco SA 692,175 2,084,938 
Banco do Brasil SA 397,005 2,004,792 
Banco Inter SA unit 162,182 1,020,139 
Banco Santander SA (Brasil) unit 189,700 1,156,256 
BB Seguridade Participacoes SA 314,258 1,230,015 
BRF SA (a) 305,869 1,258,963 
BTG Pactual Participations Ltd. unit 519,700 2,076,480 
CCR SA 554,612 1,123,218 
Centrais Eletricas Brasileiras SA (Electrobras) 160,497 962,049 
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) 166,100 1,035,955 
Companhia Siderurgica Nacional SA (CSN) 325,900 1,315,426 
Cosan SA 486,624 1,706,348 
CPFL Energia SA 103,800 483,890 
Energisa SA unit 85,200 598,112 
ENGIE Brasil Energia SA 94,920 654,406 
Equatorial Energia SA 428,800 1,738,358 
Hapvida Participacoes e Investimentos SA (c) 510,200 1,043,217 
Hypermarcas SA 172,500 857,640 
JBS SA 423,500 2,930,238 
Klabin SA unit 327,100 1,329,543 
Localiza Rent A Car SA 285,611 2,292,459 
Lojas Renner SA 423,456 2,418,227 
Magazine Luiza SA 1,380,508 2,644,192 
Natura & Co. Holding SA (a) 422,426 2,911,579 
Notre Dame Intermedica Participacoes SA 241,640 2,747,875 
Petroleo Brasileiro SA - Petrobras (ON) 1,761,208 8,634,719 
Raia Drogasil SA 512,500 2,111,277 
Rede D'Oregon Sao Luiz SA (c) 110,500 1,155,161 
Rumo SA (a) 611,900 1,733,634 
Suzano Papel e Celulose SA (a) 348,812 3,042,633 
Telefonica Brasil SA 237,700 1,917,166 
TIM SA 396,400 788,052 
Totvs SA 230,800 1,339,702 
Ultrapar Participacoes SA 341,938 790,654 
Ultrapar Participacoes SA rights 11/3/21 (a)(d) 24,508 43 
Vale SA 1,859,706 23,596,433 
Via S/A (a) 622,900 678,769 
Vibra Energia SA 554,849 2,062,570 
Weg SA 805,980 5,283,897 
TOTAL BRAZIL  107,342,944 
British Virgin Islands - 0.0%   
Mail.Ru Group Ltd. unit (a) 53,481 1,099,228 
Cayman Islands - 20.8%   
3SBio, Inc. (a)(c) 633,000 579,264 
51job, Inc. sponsored ADR (a) 14,878 886,134 
AAC Technology Holdings, Inc. 350,133 1,513,351 
Abu Dhabi Islamic Bank 692,276 1,100,661 
Agile Property Holdings Ltd. 536,000 421,608 
Agora, Inc. ADR (a)(b) 23,327 508,529 
Airtac International Group 65,926 1,965,113 
Akeso, Inc. (a)(c) 138,000 773,318 
Alibaba Group Holding Ltd. (a) 7,110,516 146,211,108 
Anta Sports Products Ltd. 509,000 7,955,067 
Autohome, Inc. ADR Class A 33,167 1,305,121 
Baidu, Inc. sponsored ADR (a) 127,270 20,648,285 
Baozun, Inc. sponsored ADR (a) 29,567 511,509 
BeiGene Ltd. ADR (a) 21,623 7,734,980 
Bilibili, Inc. ADR (a)(b) 76,293 5,592,277 
Bosideng International Holdings Ltd. 1,568,000 1,217,238 
Burning Rock Biotech Ltd. ADR (a) 21,163 298,187 
Chailease Holding Co. Ltd. 606,884 5,797,491 
China Aoyuan Group Ltd. 582,000 229,643 
China Conch Venture Holdings Ltd. 752,600 3,675,702 
China East Education Holdings Ltd. (c) 249,500 237,619 
China Education Group Holdings Ltd. 356,000 611,292 
China Evergrande Group 961,000 286,552 
China Feihe Ltd. (c) 1,704,000 2,838,357 
China Hongqiao Group Ltd. 1,084,200 1,205,363 
China Huishan Dairy Holdings Co. Ltd. (a)(d) 2,302,000 3 
China Liansu Group Holdings Ltd. 518,000 804,247 
China Literature Ltd. (a)(c) 192,100 1,336,960 
China Medical System Holdings Ltd. 646,000 1,100,952 
China Meidong Auto Holding Ltd. 270,000 1,401,966 
China Mengniu Dairy Co. Ltd. 1,495,000 9,520,886 
China Overseas Property Holdings Ltd. 640,000 575,798 
China Resources Cement Holdings Ltd. 1,212,000 1,021,878 
China Resources Land Ltd. 1,514,812 5,899,210 
China Resources Mixc Lifestyle Services Ltd. (c) 200,400 1,054,737 
China State Construction International Holdings Ltd. 887,500 911,397 
China Yuhua Education Corp. Ltd. (c) 678,000 308,479 
ChinaSoft International Ltd. 1,066,000 1,783,860 
Chindata Group Holdings Ltd. ADR (a) 41,848 416,806 
CIFI Ever Sunshine Services Group Ltd. 368,000 667,844 
CIFI Holdings Group Co. Ltd. 1,552,814 862,176 
Country Garden Holdings Co. Ltd. 3,627,719 3,408,345 
Country Garden Services Holdings Co. Ltd. 697,000 5,419,767 
Dali Foods Group Co. Ltd. (c) 1,032,800 574,773 
Daqo New Energy Corp. ADR (a) 25,351 1,972,054 
ENN Energy Holdings Ltd. 372,143 6,442,730 
Gaotu Techedu, Inc. ADR (a)(b) 59,307 174,363 
GDS Holdings Ltd. ADR (a)(b) 42,388 2,517,847 
Geely Automobile Holdings Ltd. 2,782,517 9,673,811 
Genscript Biotech Corp. (a) 538,000 2,389,037 
Greentown China Holdings Ltd. 422,500 584,294 
Greentown Service Group Co. Ltd. 706,000 701,418 
Haidilao International Holding Ltd. (b)(c) 502,000 1,406,542 
Haitian International Holdings Ltd. 309,000 905,495 
Hansoh Pharmaceutical Group Co. Ltd. (c) 568,000 1,268,792 
Hello Group, Inc. ADR 79,390 988,406 
Hengan International Group Co. Ltd. 312,900 1,634,777 
Huazhu Group Ltd. ADR (a) 84,207 3,903,837 
Hutchison China Meditech Ltd. sponsored ADR (a) 40,327 1,186,420 
HUYA, Inc. ADR (a)(b) 39,957 328,447 
I-Mab ADR (a) 15,450 954,656 
Innovent Biologics, Inc. (a)(c) 552,500 4,956,558 
iQIYI, Inc. ADR (a) 135,226 1,119,671 
JD Health International, Inc. (b)(c) 142,150 1,258,805 
JD.com, Inc. sponsored ADR (a) 407,437 31,894,168 
Jinxin Fertility Group Ltd. (a)(c) 604,000 855,482 
Jiumaojiu International Holdings Ltd. (c) 347,000 869,674 
JOYY, Inc. ADR 27,190 1,370,104 
Kaisa Group Holdings Ltd. 1,301,571 200,744 
KE Holdings, Inc. ADR (a) 168,263 3,065,752 
Kingboard Chemical Holdings Ltd. 316,400 1,384,669 
Kingboard Laminates Holdings Ltd. 454,500 712,666 
Kingdee International Software Group Co. Ltd. (a) 1,234,000 4,076,062 
Kingsoft Cloud Holdings Ltd. ADR (a)(b) 26,495 608,590 
Kingsoft Corp. Ltd. 458,800 1,972,477 
Kuaishou Technology Class B (c) 128,300 1,706,709 
KWG Group Holdings Ltd. 602,000 526,136 
Lee & Man Paper Manufacturing Ltd. 632,000 474,376 
Li Ning Co. Ltd. 1,055,000 11,729,002 
Logan Property Holdings Co. Ltd. 636,000 638,411 
Longfor Properties Co. Ltd. (c) 858,200 4,169,393 
Lufax Holding Ltd. ADR (a)(b) 86,012 542,736 
Meituan Class B (a)(c) 1,874,500 63,786,688 
Microport Scientific Corp. 303,400 1,431,114 
Ming Yuan Cloud Group Holdings Ltd. 185,000 606,324 
Minth Group Ltd. 358,000 1,430,988 
NetEase, Inc. ADR 188,993 18,443,827 
New Oriental Education & Technology Group, Inc. sponsored ADR 729,341 1,495,149 
NIO, Inc. sponsored ADR (a) 628,754 24,779,195 
Noah Holdings Ltd. sponsored ADR (a) 17,201 731,215 
OneConnect Financial Technology Co. Ltd. ADR (a)(b) 56,586 179,378 
Perennial Energy Holdings Ltd. 120,000 24,677 
Pinduoduo, Inc. ADR (a) 205,880 18,306,850 
Ping An Healthcare and Technology Co. Ltd. (a)(b)(c) 220,100 1,070,726 
Powerlong Real Estate Holding Ltd. 686,000 472,587 
RLX Technology, Inc. ADR (b) 267,692 1,300,983 
Sany Heavy Equipment International Holdings Co. Ltd. 531,000 608,768 
Seazen Group Ltd. 1,036,000 821,556 
Shenzhou International Group Holdings Ltd. 389,200 8,385,004 
Shimao Property Holdings Ltd. 586,200 922,189 
Shimao Services Holdings Ltd. (c) 287,000 547,404 
Silergy Corp. 37,000 6,085,832 
Sino Biopharmaceutical Ltd. 4,903,750 3,630,307 
Smoore International Holdings Ltd. (c) 796,000 3,816,053 
SSY Group Ltd. 660,000 314,710 
Sunac China Holdings Ltd. 1,216,000 2,619,390 
Sunac Services Holdings Ltd. (c) 300,000 608,444 
Sunny Optical Technology Group Co. Ltd. 336,100 9,080,165 
TAL Education Group ADR (a) 195,368 799,055 
Tencent Holdings Ltd. 2,696,500 164,027,536 
Tencent Music Entertainment Group ADR (a) 315,808 2,482,251 
Tingyi (Cayman Islands) Holding Corp. 945,000 1,768,421 
Tongcheng-Elong Holdings Ltd. (a) 460,800 1,031,699 
Topsports International Holdings Ltd. (c) 751,000 913,111 
Trip.com Group Ltd. ADR (a) 238,374 6,807,961 
Uni-President China Holdings Ltd. 650,000 554,720 
Up Fintech Holdings Ltd. ADR (a)(b) 38,572 249,561 
Vinda International Holdings Ltd. 175,000 482,456 
Vipshop Holdings Ltd. ADR (a) 211,234 2,357,371 
Vnet Group, Inc. ADR (a) 43,428 680,951 
Want Want China Holdings Ltd. 2,321,418 1,799,133 
Weibo Corp. sponsored ADR (a)(b) 29,979 1,348,455 
Weimob, Inc. (a)(b)(c) 814,000 1,261,724 
Wuxi Biologics (Cayman), Inc. (a)(c) 1,657,500 25,106,096 
Xiaomi Corp. Class B (a)(c) 6,757,400 18,542,573 
Xinyi Solar Holdings Ltd. 2,291,538 4,794,838 
XPeng, Inc. ADR (a) 181,433 8,460,221 
Yadea Group Holdings Ltd. (c) 566,000 974,796 
Yihai International Holding Ltd. 227,000 1,334,779 
Zai Lab Ltd. ADR (a) 35,632 3,719,981 
Zhen Ding Technology Holding Ltd. 316,000 1,089,460 
Zhenro Properties Group Ltd. 620,000 294,840 
Zhongsheng Group Holdings Ltd. Class H 272,600 2,464,804 
ZTO Express, Inc. sponsored ADR 206,939 6,069,521 
TOTAL CAYMAN ISLANDS  793,254,801 
Chile - 0.3%   
Banco de Chile 21,159,293 1,836,320 
Banco de Credito e Inversiones 25,561 860,747 
Banco Santander Chile 30,700,924 1,343,519 
Cencosud SA 684,790 1,001,721 
Cencosud Shopping SA 236,069 228,475 
Colbun SA 3,943,691 271,962 
Compania Cervecerias Unidas SA 72,870 610,523 
Empresas CMPC SA 509,288 939,694 
Empresas COPEC SA 181,160 1,425,229 
Enel Americas SA 9,904,486 1,126,202 
Enel Chile SA 12,864,108 527,057 
Falabella SA 351,584 972,248 
TOTAL CHILE  11,143,697 
China - 11.1%   
360 Security Technology, Inc. (A Shares) (a) 155,300 291,896 
A-Living Smart City Services C (H Shares) (c) 278,750 935,078 
Addsino Co. Ltd. (A Shares) 43,700 104,718 
Advanced Micro-Fabrication Equipment, Inc., China (A Shares) (a) 17,003 414,607 
AECC Aero-Engine Control Co. Ltd. (A Shares) 30,500 127,033 
AECC Aviation Power Co. Ltd. 74,100 684,347 
Agricultural Bank of China Ltd.:   
(A Shares) 1,552,800 712,677 
(H Shares) 12,981,297 4,421,366 
Aier Eye Hospital Group Co. Ltd. (A Shares) 145,510 1,102,385 
Air China Ltd. (H Shares) (a) 1,148,000 810,040 
Aluminum Corp. of China Ltd.:   
(A shares) (a) 1,314,300 1,259,775 
(H Shares) (a) 296,000 178,130 
Angel Yeast Co. Ltd. (A Shares) 22,400 194,530 
Anhui Conch Cement Co. Ltd.:   
(A Shares) 47,600 282,966 
(H Shares) 673,900 3,351,961 
Anhui Gujing Distillery Co. Ltd.:   
(A Shares) 25,100 892,013 
(B Shares) 13,900 179,152 
Anhui Honglu Steel Construction Group Co. Ltd. 13,900 91,354 
Anhui Kouzi Distillery Co. Ltd. (A Shares) 15,400 145,760 
Apeloa Pharmaceutical Co. Ltd. A Shares 31,600 171,276 
Asymchem Laboratories Tianjin Co. Ltd. (A Shares) 6,700 416,502 
Autobio Diagnostics Co. Ltd. 13,710 117,030 
Avary Holding Shenzhen Co. Ltd. (A Shares) 41,200 225,046 
AVIC Capital Co. Ltd. (A Shares) 264,900 160,865 
AVIC Electromechanical Systems Co. Ltd. (A Shares) 104,300 247,490 
AviChina Industry & Technology Co. Ltd. (H Shares) 1,107,000 705,703 
Avicopter PLC (A Shares) 15,300 150,044 
Bank of Beijing Co. Ltd. (A Shares) 555,525 384,182 
Bank of Chengdu Co. Ltd. (A Shares) 99,800 198,798 
Bank of China Ltd.:   
(A Shares) 304,500 144,983 
(H Shares) 38,036,464 13,461,173 
Bank of Communications Co. Ltd.:   
(A Shares) 1,101,600 777,307 
(H Shares) 4,095,176 2,436,947 
Bank of Hangzhou Co. Ltd. (A Shares) 156,700 349,323 
Bank of Jiangsu Co. Ltd. (A Shares) 390,143 383,093 
Bank of Nanjing Co. Ltd. (A Shares) 262,300 397,192 
Bank of Ningbo Co. Ltd. (A Shares) 160,200 955,335 
Bank of Shanghai Co. Ltd. (A Shares) 370,780 421,962 
Baoshan Iron & Steel Co. Ltd. (A Shares) 601,000 668,951 
BBMG Corp. (A Shares) 247,600 108,614 
Beijing BDStar Navigation Co. Ltd. (A Shares) (a) 14,900 92,158 
Beijing Capital International Airport Co. Ltd. (H Shares) (a) 933,000 605,572 
Beijing Dabeinong Technology Group Co. Ltd. (A Shares) 108,200 144,925 
Beijing E-Hualu Information Technology Co. Ltd. (A Shares) (a) 17,400 78,583 
Beijing Enlight Media Co. Ltd. (A Shares) 80,600 117,772 
Beijing Kingsoft Office Software, Inc. (A Shares) 10,281 473,914 
Beijing New Building Materials PLC (A Shares) 45,300 199,707 
Beijing Originwater Technology Co. Ltd. (A Shares) 101,800 110,926 
Beijing Roborock Technology Co. Ltd. (A Shares) 1,811 254,443 
Beijing Shiji Information Technology Co. Ltd. (A Shares) 29,540 109,200 
Beijing Shunxin Agriculture Co. Ltd. 20,100 102,230 
Beijing Sinnet Technology Co. Ltd. (A Shares) 44,200 91,150 
Beijing Tiantan Biological Products Corp. Ltd. (A Shares) 36,340 163,780 
Beijing United Information Technology Co. Ltd. (A Shares) 9,300 162,894 
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares) 11,000 379,898 
Beijing Yanjing Brewery Co. Ltd. (A Shares) 84,600 87,562 
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd. (A Shares) 6,500 164,384 
Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares) 1,098,800 789,054 
Betta Pharmaceuticals Co. Ltd. (A Shares) 11,100 137,239 
BGI Genomics Co. Ltd. 10,900 151,646 
BOC International China Co. Ltd. 47,800 99,096 
BOE Technology Group Co. Ltd. (A Shares) 936,000 717,443 
By-Health Co. Ltd. (A Shares) 45,900 182,575 
BYD Co. Ltd.:   
(A Shares) 37,100 1,803,005 
(H Shares) 389,800 14,908,907 
C&S Paper Co. Ltd. (A Shares) 35,800 95,232 
Caitong Securities Co. Ltd. 101,500 162,571 
CanSino Biologics, Inc. (H Shares) (a)(c) 43,800 1,128,143 
CGN Power Co. Ltd. (H Shares) (c) 5,122,447 1,382,577 
Chacha Food Co. Ltd. (A Shares) 13,300 118,139 
Changchun High & New Technology Industry Group, Inc. (A Shares) 11,100 472,643 
Changjiang Securities Co. Ltd. (A Shares) 160,900 181,855 
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares) 7,700 274,860 
Chaozhou Three-Circle Group Co. (A Shares) 48,100 300,355 
Chifeng Jilong Gold Mining Co. Ltd. (A Shares) (a) 43,300 110,383 
China Baoan Group Co. Ltd. (A Shares) 73,900 241,228 
China Bohai Bank Co. Ltd. (H Shares) (c) 1,196,000 453,467 
China Cinda Asset Management Co. Ltd. (H Shares) 3,882,000 648,622 
China CITIC Bank Corp. Ltd. (H Shares) 4,179,051 1,836,945 
China Communications Services Corp. Ltd. (H Shares) 1,114,000 615,667 
China Construction Bank Corp. (H Shares) 45,405,000 30,901,771 
China CSSC Holdings Ltd. (A Shares) 120,700 424,897 
China Eastern Airlines Corp. Ltd.:   
(A Shares) (a) 39,700 29,934 
(H Shares) (a) 482,000 189,566 
China Everbright Bank Co. Ltd.:   
(A Shares) 2,003,400 1,075,861 
(H Shares) 238,000 83,815 
China Fortune Land Development Co. Ltd. (A Shares) (a) 90,750 52,134 
China Galaxy Securities Co. Ltd.:   
(A Shares) 255,900 394,691 
(H Shares) 1,300,000 725,146 
China Great Wall Securities Co. Ltd. (A Shares) 65,900 117,382 
China Greatwall Technology Group Co. Ltd. (A Shares) 81,700 171,544 
China Huarong Asset Management Co. Ltd. (a)(c)(d) 4,537,000 594,787 
China International Capital Corp. Ltd. (H Shares) (c) 775,800 1,930,401 
China International Travel Service Corp. Ltd. (A Shares) 53,700 2,250,525 
China Jushi Co. Ltd. (A Shares) 108,114 323,038 
China Life Insurance Co. Ltd. (H Shares) 3,721,747 6,465,683 
China Longyuan Power Grid Corp. Ltd. (H Shares) 1,586,000 3,705,865 
China Merchants Bank Co. Ltd.:   
(A Shares) 398,400 3,356,617 
(H Shares) 2,001,921 16,866,001 
China Merchants Energy Shipping Co. Ltd. (A Shares) 240,720 172,111 
China Merchants Property Operation & Service Co. Ltd. (A Shares) 24,700 52,055 
China Merchants Securities Co. Ltd. (A Shares) 198,450 531,616 
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) 220,200 358,535 
China Minsheng Banking Corp. Ltd.:   
(A Shares) 1,192,400 724,105 
(H Shares) 2,377,061 944,042 
China Molybdenum Co. Ltd.:   
(A Shares) 553,500 517,576 
(H Shares) 1,564,000 970,904 
China National Building Materials Co. Ltd. (H Shares) 1,834,000 2,305,317 
China National Chemical Engineering Co. Ltd. (A Shares) 133,608 219,212 
China National Medicines Corp. Ltd. (A Shares) 20,700 98,560 
China National Nuclear Power Co. Ltd. (A Shares) 410,100 438,541 
China National Software & Service Co. Ltd. (A Shares) 12,200 97,512 
China Northern Rare Earth Group High-Tech Co. Ltd. 95,800 756,739 
China Oilfield Services Ltd. (H Shares) 924,000 889,501 
China Pacific Insurance (Group) Co. Ltd. 73,900 316,100 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 1,425,028 4,395,691 
China Petroleum & Chemical Corp.:   
(A Shares) 658,100 436,627 
(H Shares) 11,778,704 5,738,973 
China Railway Group Ltd.:   
(A Shares) 1,446,500 1,185,517 
(H Shares) 411,000 201,261 
China Railway Signal & Communications Corp. (A Shares) 211,253 162,585 
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares) 30,200 113,761 
China Shenhua Energy Co. Ltd.:   
(A Shares) 187,785 583,077 
(H Shares) 1,611,702 3,471,772 
China South Publishing & Media Group Co. Ltd. (A Shares) 46,600 59,653 
China Southern Airlines Ltd. (H Shares) (a) 1,218,000 742,024 
China State Construction Engineering Corp. Ltd. (A Shares) 1,133,540 824,618 
China Tower Corp. Ltd. (H Shares) (c) 19,981,000 2,593,768 
China TransInfo Technology Co. Ltd. (A Shares) 41,300 86,265 
China United Network Communications Ltd. (A Shares) 460,700 293,433 
China Vanke Co. Ltd.:   
(A Shares) 341,700 971,371 
(H Shares) 728,700 1,706,435 
China Yangtze Power Co. Ltd. (A Shares) 615,100 2,040,491 
China Zheshang Bank Co. Ltd. 439,000 235,751 
Chongqing Brewery Co. Ltd. (A Shares) (a) 13,100 307,676 
Chongqing Changan Automobile Co. Ltd. (A Shares) 178,780 544,231 
Chongqing Fuling Zhacai Group Co. Ltd. Group (A Shares) 24,200 131,772 
Chongqing Rural Commercial Bank Co. Ltd.:   
(A Shares) 181,300 108,116 
(H Shares) 1,191,646 428,842 
Chongqing Zhifei Biological Products Co. Ltd. (A Shares) 44,800 1,050,456 
CITIC Securities Co. Ltd.:   
(A Shares) 305,200 1,233,045 
(H Shares) 1,089,100 2,774,367 
Contemporary Amperex Technology Co. Ltd. 65,300 6,516,187 
COSCO Shipping Energy Transportation Co. Ltd. (H Shares) 276,000 122,028 
COSCO SHIPPING Holdings Co. Ltd.:   
(A Shares) 322,920 833,293 
(H Shares) (b) 1,632,300 2,534,308 
CRRC Corp. Ltd. (A Shares) 429,000 397,808 
CSC Financial Co. Ltd. (A Shares) 117,300 518,037 
Daan Gene Co. Ltd. 39,568 118,906 
DaShenLin Pharmaceutical Group Co. Ltd. 21,240 117,279 
DHC Software Co. Ltd. (A Shares) 88,500 95,881 
Dong E-E-Jiao Co. Ltd. (A Shares) 17,300 109,729 
Dongfang Electric Corp. Ltd. (A Shares) 80,400 227,805 
Dongfeng Motor Group Co. Ltd. (H Shares) 1,201,000 1,122,199 
Dongxing Securities Co. Ltd. (A Shares) 80,700 138,075 
East Money Information Co. Ltd. (A Shares) 284,484 1,461,113 
Ecovacs Robotics Co. Ltd. Class A 13,100 350,724 
ENN Natural Gas Co. Ltd. (A Shares) 53,200 152,896 
Eve Energy Co. Ltd. (A shares) 53,074 939,975 
Everbright Securities Co. Ltd. (A Shares) 106,858 254,060 
Fangda Carbon New Material Co. Ltd. (A Shares) 111,748 187,359 
FAW Jiefang Group Co. Ltd. (A Shares) 76,800 124,808 
Fiberhome Telecommunication Technologies Co. Ltd. (A Shares) 33,100 89,031 
Financial Street Holdings Co. Ltd. (A Shares) 84,300 76,855 
First Capital Securities Co. Ltd. (A Shares) 120,600 128,587 
Flat Glass Group Co. Ltd. 20,000 107,962 
Flat Glass Group Co. Ltd. (A Shares) 142,200 1,221,156 
Focus Media Information Technology Co. Ltd. (A Shares) 394,440 453,199 
Foshan Haitian Flavouring & Food Co. Ltd. (A Shares) 94,822 1,732,205 
Founder Securities Co. Ltd. (A Shares) 223,500 284,707 
Foxconn Industrial Internet Co. Ltd. (A Shares) 197,197 349,403 
Fu Jian Anjoy Foods Co. Ltd. (A Shares) 6,500 205,622 
Fujian Sunner Development Co. Ltd. A Shares 33,100 115,953 
Fuyao Glass Industries Group Co. Ltd.:   
(A Shares) 250,000 1,927,955 
(H Shares) (c) 40,800 235,450 
G-bits Network Technology Xiamen Co. Ltd. (A Shares) 2,000 106,916 
Ganfeng Lithium Co. Ltd. (A Shares) 29,500 770,917 
GCL System Integration Technology Co. Ltd. (a) 166,200 104,560 
GEM Co. Ltd. (A Shares) 133,100 226,482 
Gemdale Corp. (A Shares) 119,000 188,557 
GF Securities Co. Ltd.:   
(A Shares) 419,000 1,316,049 
(H Shares) 113,228 192,388 
Giant Network Group Co. Ltd. (A Shares) 50,000 77,587 
Gigadevice Semiconductor Beijing, Inc. (A Shares) 18,160 480,553 
GoerTek, Inc. (A Shares) 93,400 634,842 
Gotion High-tech Co. Ltd. (A Shares) (a) 36,400 334,693 
Great Wall Motor Co. Ltd.:   
(A Shares) 29,300 311,033 
(H Shares) 1,532,000 6,911,278 
Greenland Holdings Corp. Ltd. (A Shares) 217,455 139,522 
GRG Banking Equipment Co. Ltd. (A Shares) 61,700 99,787 
Guangdong Haid Group Co. Ltd. (A Shares) 45,600 467,336 
Guangdong Hongda Blasting Co. Ltd. (A Shares) 20,000 85,954 
Guangdong Kinlong Hardware Products Co. Ltd. (A Shares) 9,000 187,678 
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd. 19,500 68,280 
Guanghui Energy Co. Ltd. (A Shares) (a) 186,700 192,653 
Guangzhou Automobile Group Co. Ltd. (H Shares) 1,402,200 1,326,418 
Guangzhou Baiyunshan Pharma Health (A Shares) 41,200 187,292 
Guangzhou Haige Communications Group (A Shares) 73,500 108,315 
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares) 12,600 225,200 
Guangzhou R&F Properties Co. Ltd. (H Shares) (b) 765,200 479,940 
Guangzhou Shiyuan Electronic Technology Co. Ltd. (A Shares) 17,900 212,372 
Guangzhou Tinci Materials Technology Co. Ltd. (A Shares) 27,200 700,323 
Guangzhou Wondfo Biotech Co. Ltd. (A Shares) 12,595 68,168 
Guangzhou Yuexiu Financial Holdings Group Co. Ltd. (A Shares) 73,575 88,785 
Guolian Securities Co. Ltd. 44,200 84,388 
Guosen Securities Co. Ltd. (A Shares) 178,300 317,312 
Guotai Junan Securities Co. Ltd. (A Shares) 206,700 565,333 
Guoyuan Securities Co. Ltd. (A Shares) 121,270 140,471 
Haier Smart Home Co. Ltd. 967,200 3,617,444 
Haier Smart Home Co. Ltd. (A Shares) 235,200 998,703 
Haitong Securities Co. Ltd.:   
(A Shares) 262,100 505,317 
(H Shares) 1,337,600 1,191,385 
Hangzhou First Applied Material Co. Ltd. (A Shares) 25,780 576,712 
Hangzhou Great Star Industrial Co. Ltd. (A Shares) (a) 30,900 154,506 
Hangzhou Oxygen Plant Group Co. Ltd. (A Shares) 25,700 103,911 
Hangzhou Robam Appliances Co. Ltd. (A Shares) 27,900 136,457 
Hangzhou Silan Microelectronics Co. Ltd. (A Shares) 36,800 354,284 
Hangzhou Tigermed Consulting Co. Ltd. (A Shares) 56,400 1,500,302 
Hefei Meiya Optoelectronic Technology, Inc. (A Shares) 18,600 117,394 
Heilongjiang Agriculture Co. Ltd. (A Shares) 48,900 105,041 
Henan Shuanghui Investment & Development Co. Ltd. (A Shares) 77,600 357,366 
Hengli Petrochemical Co. Ltd. (A Shares) 159,520 548,854 
Hengyi Petrochemical Co. Ltd. (A Shares) 98,680 168,684 
Hesteel Co. Ltd. (A Shares) 274,000 105,224 
Hithink RoyalFlush Information Network Co. Ltd. (A Shares) 14,200 250,073 
Hongfa Technology Co. Ltd. (A Shares) 20,200 234,425 
Huaan Securities Co. Ltd. (A Shares) 141,560 112,925 
Huadian Power International Corp. Ltd. (A Shares) 231,200 159,168 
Huadong Medicine Co. Ltd. (A Shares) 47,400 271,121 
Huafon Chemical Co. Ltd. (A Shares) 125,100 232,204 
Huagong Tech Co. Ltd. (A Shares) 33,400 150,165 
Hualan Biological Engineer, Inc. (A Shares) 48,670 225,656 
Huaneng Power International, Inc.:   
(A Shares) 231,200 278,274 
(H Shares) 1,696,186 878,559 
Huatai Securities Co. Ltd.:   
(A Shares) 310,700 769,747 
(H Shares) (c) 568,200 847,133 
HUAXI Securities Co. Ltd. 80,700 114,012 
Huaxia Bank Co. Ltd. (A Shares) 334,358 293,867 
Huaxin Cement Co. Ltd. (A Shares) 36,600 95,646 
Huayu Automotive Systems Co. Ltd. (A Shares) 85,100 355,239 
Hubei Biocause Pharmaceutical Co. Ltd. (A Shares) 149,900 76,053 
Huizhou Desay SV Automotive Co. Ltd. 12,400 207,804 
Humanwell Healthcare Group Co. Ltd. (A Shares) 39,300 129,328 
Hunan Valin Steel Co. Ltd. (A Shares) 159,800 133,213 
Hundsun Technologies, Inc. (A Shares) 39,169 385,224 
iFlytek Co. Ltd. (A Shares) 60,800 535,509 
IMEIK Technology Development Co. Ltd. (A Shares) 5,200 507,925 
Industrial & Commercial Bank of China Ltd. (H Shares) 28,603,000 15,679,085 
Industrial Bank Co. Ltd. (A Shares) 554,300 1,612,084 
Industrial Securities Co. Ltd. (A Shares) 178,500 254,413 
Ingenic Semiconductor Co. Ltd. (A Shares) 13,000 278,843 
Inner Mongoli Yili Industries Co. Ltd. (A Shares) 162,900 1,093,502 
Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (a) 1,206,500 529,253 
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares) 224,800 180,030 
Inspur Electronic Information Industry Co. Ltd. (A Shares) 40,272 195,395 
Intco Medical Technology Co. Ltd. (A Shares) 14,550 116,591 
JA Solar Technology Co. Ltd. (A Shares) 44,800 638,177 
Jafron Biomedical Co. Ltd. (A Shares) 22,340 180,234 
Jason Furniture Hangzhou Co. Ltd. (A Shares) 17,300 168,091 
JCET Group Co. Ltd. (A Shares) 46,000 221,966 
Jiangsu Changshu Rural Commercial Bank Co. Ltd. 63,100 71,515 
Jiangsu Eastern Shenghong Co. Ltd. 90,900 386,688 
Jiangsu Expressway Co. Ltd. (H Shares) 568,000 537,302 
Jiangsu Hengli Hydraulic Co. Ltd. 35,476 454,682 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 171,758 1,320,277 
Jiangsu King's Luck Brewery JSC Ltd. (A Shares) 34,500 265,627 
Jiangsu Shagang Co. Ltd. (A Shares) 59,100 57,294 
Jiangsu Yanghe Brewery JSC Ltd. (A Shares) 40,800 1,185,832 
Jiangsu Yangnong Chemical Co. Ltd. (A Shares) 8,100 148,919 
Jiangsu Yoke Technology Co. Ltd. (A Shares) 12,900 152,949 
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares) 30,200 166,092 
Jiangsu Zhongnan Construction Group Co. Ltd. (A Shares) 102,200 61,105 
Jiangsu Zhongtian Technology Co. Ltd. (A Shares) 91,900 145,043 
Jiangxi Copper Co. Ltd.:   
(A Shares) 262,100 952,942 
(H Shares) 150,000 262,580 
Jiangxi Zhengbang Technology Co. Ltd. (A Shares) 79,200 123,886 
Jilin Aodong Pharmaceutical Group Co. Ltd. (A Shares) 34,400 85,010 
Jinke Properties Group Co. Ltd. (A Shares) 139,900 96,969 
JiuGui Liquor Co. Ltd. (A Shares) 9,000 301,946 
Joincare Pharmaceutical Group Industry Co. Ltd. (A Shares) 51,400 92,517 
Joinn Laboratories China Co. Ltd. (A Shares) 9,540 238,286 
Jointown Pharmaceutical Group (A Shares) 58,000 123,049 
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. (A Shares) 20,400 115,762 
Joyoung Co. Ltd. (A Shares) 22,400 81,652 
Juewei Food Co. Ltd. 16,600 170,645 
Kingfa Sci & Tech Co. Ltd. (A Shares) 67,800 124,153 
Kuang-Chi Technologies Co. Ltd. (A Shares) (a) 59,800 191,375 
Kunlun Tech Co. Ltd. (A Shares) 32,000 93,366 
Kweichow Moutai Co. Ltd. (A Shares) 34,500 9,834,876 
Lakala Payment Co. Ltd. (A Shares) 18,900 71,077 
Laobaixing Pharmacy Chain JSC (A Shares) 12,360 84,416 
Lb Group Co. Ltd. (A Shares) 61,900 274,338 
Lens Technology Co. Ltd. (A Shares) 134,000 444,941 
Leo Group Co. Ltd. (A Shares) 205,300 73,072 
Lepu Medical Technology Beijing Co. Ltd. (A Shares) 49,600 165,082 
Leyard Optoelectronic Co. Ltd. (A Shares) 76,400 112,231 
Liaoning Chengda Co. Ltd. (A Shares) 40,300 128,026 
Lingyi iTech Guangdong Co. (A Shares) (a) 190,000 197,541 
Livzon Pharmaceutical Group, Inc. (A Shares) 16,300 89,417 
LONGi Green Energy Technology Co. Ltd. 150,428 2,294,081 
Luxi Chemical Group Co. Ltd. 51,000 130,570 
Luxshare Precision Industry Co. Ltd. (A Shares) 190,724 1,150,463 
Luzhou Laojiao Co. Ltd. (A Shares) 39,600 1,415,357 
Maccura Biotechnology Co. Ltd. (A Shares) 15,300 66,471 
Mango Excellent Media Co. Ltd. (A Shares) 47,470 291,160 
Maxscend Microelectronics Co. Ltd. (A Shares) 9,180 443,096 
Meinian Onehealth Healthcare Holdings Co. Ltd. (A Shares) (a) 108,788 122,616 
Metallurgical Corp. China Ltd. (A Shares) 474,500 300,741 
Mingyang Smart Energy Group Ltd. 55,500 268,500 
Montage Technology Co. Ltd. (A Shares) 19,931 202,554 
Muyuan Foodstuff Co. Ltd. (A Shares) 140,954 1,256,665 
Nanji E-Commerce Co. Ltd. (A Shares) 67,700 75,777 
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd. 27,664 160,221 
Nanjing Securities Co. Ltd. (A Shares) 101,500 153,856 
NARI Technology Co. Ltd. (A Shares) 152,980 929,713 
National Silicon Industry Group Co. Ltd. (A Shares) (a) 53,848 237,139 
NAURA Technology Group Co. Ltd. 13,900 805,585 
NavInfo Co. Ltd. (A Shares) (a) 59,300 108,311 
New China Life Insurance Co. Ltd. 69,400 424,368 
New China Life Insurance Co. Ltd. (H Shares) 409,300 1,186,262 
New Hope Liuhe Co. Ltd. (A Shares) (a) 123,900 278,331 
Ninestar Corp. (A Shares) 30,600 175,458 
Ningbo Joyson Electronic Corp. (A shares) 35,900 99,365 
Ningbo Tuopu Group Co. Ltd. (A Shares) 29,500 239,012 
Ningxia Baofeng Energy Group Co. Ltd. 163,100 371,738 
Nongfu Spring Co. Ltd. (H Shares) (c) 200,200 1,015,088 
Northeast Securities Co. Ltd. (A Shares) 71,700 96,484 
Offcn Education Technology Co. A Shares (a) 61,376 100,030 
Offshore Oil Enginering Co. Ltd. (A Shares) 128,400 93,207 
OFILM Group Co. Ltd. (A Shares) 71,500 83,491 
Oppein Home Group, Inc. (A Shares) 13,580 269,851 
Orient Securities Co. Ltd. (A Shares) 166,918 358,552 
Ovctek China, Inc. (A Shares) 23,189 247,574 
Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (a) 218,500 136,440 
People's Insurance Co. of China Group Ltd.:   
(A Shares) 55,700 43,650 
(H Shares) 4,104,552 1,281,931 
Perfect World Co. Ltd. (A Shares) 51,200 138,915 
PetroChina Co. Ltd.:   
(A Shares) 429,700 367,600 
(H Shares) 10,235,790 4,935,163 
Pharmaron Beijing Co. Ltd.:   
(A Shares) 21,400 639,252 
(H Shares) (c) 60,400 1,315,828 
PICC Property & Casualty Co. Ltd. (H Shares) 3,245,568 3,036,789 
Ping An Bank Co. Ltd. (A Shares) 520,600 1,584,779 
Ping An Insurance Group Co. of China Ltd.:   
(A Shares) 92,996 719,637 
(H Shares) 3,170,141 22,706,874 
Poly Developments & Holdings (A Shares) 324,000 635,279 
Poly Property Development Co. Ltd. (H Shares) 64,200 360,586 
Postal Savings Bank of China Co. Ltd. (H Shares) (c) 4,607,000 3,351,407 
Power Construction Corp. of China Ltd. (A Shares) 423,200 542,399 
Proya Cosmetics Co. Ltd. (A Shares) 5,700 178,855 
Qianhe Condiment and Food Co. Ltd. (A Shares) 24,960 95,659 
Qingdao Rural Commercial Bank Corp. (A Shares) 153,500 91,538 
Raytron Technology Co. Ltd. (A Shares) 12,253 138,430 
Risesun Real Estate Development Co. Ltd. (A Shares) 126,400 84,651 
Riyue Heavy Industry Co. Ltd. (A Shares) 26,900 163,397 
Rongsheng Petrochemical Co. Ltd. (A Shares) 272,500 733,388 
SAIC Motor Corp. Ltd. (A Shares) 208,000 658,508 
Sailun Group Co. Ltd. A Shares 81,100 169,651 
Sanan Optoelectronics Co. Ltd. (A Shares) 123,300 646,744 
Sangfor Technologies, Inc. 11,200 354,599 
Sany Heavy Industry Co. Ltd. (A Shares) 229,500 822,592 
Satellite Chemical Co. Ltd. (A Shares) 47,180 286,877 
SDIC Capital Co. Ltd. 177,384 227,069 
SDIC Power Holdings Co. Ltd. (A Shares) 192,300 316,710 
Sealand Securities Co. Ltd. (A Shares) 145,850 87,887 
Seazen Holdings Co. Ltd. (A Shares) 62,100 331,937 
SF Holding Co. Ltd. (A Shares) 122,400 1,234,939 
SG Micro Corp. (A Shares) 6,750 341,412 
Shaanxi Coal Industry Co. Ltd. (A Shares) 270,200 527,682 
Shandong Buchang Pharmaceuticals Co. Ltd. (A Shares) 31,188 85,154 
Shandong Gold Mining Co. Ltd.:   
(A Shares) 294,344 915,323 
(H Shares) (c) 21,250 38,619 
Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares) 58,800 285,291 
Shandong Linglong Tyre Co. Ltd. (A Shares) 36,000 198,272 
Shandong Nanshan Aluminum Co. Ltd. (A Shares) 324,000 218,504 
Shandong Pharmaceutical Glass Co. Ltd. (A Shares) 15,000 79,639 
Shandong Sun Paper Industry JSC Ltd. (A Shares) 69,600 124,733 
Shandong Weigao Medical Polymer Co. Ltd. (H Shares) 1,198,000 2,041,704 
Shanghai Bailian Group Co. Ltd. (A Shares) 41,900 90,070 
Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares) 20,300 201,550 
Shanghai Baosight Software Co. Ltd. (A Shares) 30,680 335,261 
Shanghai Construction Group Co. Ltd. (A Shares) 273,294 139,511 
Shanghai Electric Group Co. Ltd. (A Shares) 338,200 250,783 
Shanghai Fosun Pharmaceutical (Group) Co. Ltd.:   
(A Shares) 28,200 220,115 
(H Shares) 278,500 1,313,662 
Shanghai International Airport Co. Ltd. (A Shares) (a) 24,500 201,944 
Shanghai International Port Group Co. Ltd. (A Shares) 256,843 226,942 
Shanghai Jahwa United Co. Ltd. (A Shares) 18,400 137,675 
Shanghai Jinjiang International Hotels Co. Ltd. (A Shares) 24,600 207,376 
Shanghai Lingang Holdings Corp. Ltd. (A Shares) 33,600 77,158 
Shanghai Lujiazui Finance Trust Ltd. (B Shares) 549,192 488,232 
Shanghai M&G Stationery, Inc. (A Shares) 25,400 251,789 
Shanghai Pharmaceuticals Holding Co. Ltd.:   
(A Shares) 70,200 204,384 
(H Shares) 357,509 655,238 
Shanghai Pudong Development Bank Co. Ltd. (A Shares) 776,209 1,083,294 
Shanghai Putailai New Energy Technology Co. Ltd. 19,362 537,388 
Shanghai RAAS Blood Products Co. Ltd. (A Shares) 138,900 143,112 
Shanghai Yuyuan Tourist Mart Group Co. Ltd. 88,000 135,041 
Shanghai Zhangjiang High Ltd. (A Shares) 44,000 114,641 
Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares) 82,800 167,261 
Shanxi Meijin Energy Co. Ltd. (A Shares) (a) 119,300 209,333 
Shanxi Securities Co. Ltd. (A Shares) 104,760 102,376 
Shanxi Taigang Stainless Steel Co. Ltd. (A Shares) 157,700 189,563 
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares) 33,660 1,584,278 
Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares) 111,190 160,386 
Shenergy Co. Ltd. (A Shares) 148,600 143,595 
Shenghe Resources Holding Co. Ltd. (A Shares) 49,600 156,564 
Shengyi Technology Co. Ltd. 62,100 215,701 
Shennan Circuits Co. Ltd. (A Shares) 13,340 184,989 
Shenwan Hongyuan Group Co. Ltd. (A Shares) 640,500 512,940 
Shenzhen Capchem Technology Co. Ltd. (A Shares) 11,400 255,131 
Shenzhen Energy Group Co. Ltd. (A Shares) 105,660 133,936 
Shenzhen Goodix Technology Co. Ltd. (A Shares) 12,200 195,006 
Shenzhen Hepalink Pharmaceutical Group Co. Ltd. (A Shares) 34,200 82,006 
Shenzhen Inovance Technology Co. Ltd. (A Shares) 71,200 725,032 
Shenzhen Kaifa Technology Co. Ltd. (A Shares) 44,300 102,352 
Shenzhen Kangtai Biological Products Co. Ltd. 19,200 342,442 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) 33,600 1,972,700 
Shenzhen MTC Co. Ltd. (A Shares) (a) 124,200 95,005 
Shenzhen Overseas Chinese Town Co. Ltd. (A Shares) 211,200 206,395 
Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares) (a) 29,800 134,445 
Shenzhen SC New Energy Technology Corp. (A Shares) 9,800 175,293 
Shenzhen Sunlord Electronics Co. Ltd. (A Shares) 20,200 104,220 
Shenzhen Sunway Communication Co. Ltd. (A Shares) 26,000 96,560 
Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares) 44,660 111,898 
Sichuan Chuantou Energy Co. Ltd. (A Shares) 102,500 209,456 
Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares) 38,700 106,752 
Sichuan Road & Bridge (Group) Co. Ltd. (A Shares) 130,800 245,438 
Sichuan Swellfun Co. Ltd. (A Shares) 13,500 266,934 
Sinolink Securities Co. Ltd. (A Shares) 79,600 133,210 
Sinoma Science & Technology Co. Ltd. (A Shares) 46,500 273,523 
Sinopec Shanghai Petrochemical Co. Ltd. (A Shares) 177,500 107,790 
Sinopharm Group Co. Ltd. (H Shares) 637,800 1,521,441 
Sinotrans Ltd. 119,900 84,603 
SKSHU Paint Co. Ltd. (A Shares) 10,920 190,008 
Songcheng Performance Development Co. Ltd. (A Shares) 70,460 153,993 
Soochow Securities Co. Ltd. (A Shares) 104,200 137,778 
Southwest Securities Co. Ltd. (A Shares) 193,700 145,447 
Spring Airlines Co. Ltd. (A Shares) (a) 24,600 224,658 
StarPower Semiconductor Ltd. (A Shares) 4,400 274,753 
Sungrow Power Supply Co. Ltd. (A Shares) 41,100 1,052,884 
Suning.com Co. Ltd. (A Shares) (a) 263,400 183,803 
Sunwoda Electronic Co. Ltd. (A Shares) 46,500 357,801 
Suofeiya Home Collection Co. Ltd. (A Shares) 14,500 38,300 
Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares) 47,000 149,091 
Suzhou Gold Mantis Consolidated Co. Ltd. 84,900 79,125 
Suzhou Maxwell Technologies Co. Ltd. (A Shares) 3,000 358,272 
Tangshan Jidong Cement Co. Ltd. A Shares 44,700 81,225 
TBEA Co. Ltd. (A Shares) 97,100 409,425 
TCL Technology Group Corp. (A Shares) 378,200 357,787 
The Pacific Securities Co. Ltd. (A Shares) (a) 189,900 92,493 
Thunder Software Technology Co. Ltd. (A Shares) 11,500 244,156 
Tianfeng Securities Co. Ltd. (A Shares) 188,900 116,187 
Tianjin 712 Communication & Broadcasting Co. Ltd. 22,200 130,585 
Tianjin Zhonghuan Semiconductor Co. Ltd. (A Shares) 84,100 687,426 
Tianma Microelectronics Co. Ltd. (A Shares) 73,400 141,054 
Tianshui Huatian Technology Co. Ltd. (A Shares) 71,100 142,627 
Toly Bread Co. Ltd. 24,220 119,101 
TongFu Microelectronics Co. Ltd. (A Shares) 37,500 117,199 
Tonghua Dongbao Pharmaceutical Co. Ltd. (A Shares) 56,500 107,518 
Tongkun Group Co. Ltd. (A Shares) 58,300 181,478 
Tongling Nonferrous Metals Group Co. Ltd. (A Shares) 268,800 154,841 
Tongwei Co. Ltd. (A Shares) 125,000 1,116,770 
Topchoice Medical Corp. (a) 8,800 327,588 
Topsec Technologies Group, Inc. 33,900 97,693 
Transfar Zhilian Co. Ltd. 91,200 116,603 
TravelSky Technology Ltd. (H Shares) 459,000 858,947 
Tsingtao Brewery Co. Ltd.:   
(A Shares) 36,800 599,072 
(H Shares) 228,000 1,982,418 
Unigroup Guoxin Microelectronics Co. Ltd. 17,000 537,806 
Unisplendour Corp. Ltd. (A Shares) 76,910 332,817 
Universal Scientific Industrial Shanghai Co. Ltd. (A Shares) 42,400 91,872 
Venus MedTech Hangzhou, Inc. (H Shares) (a)(c) 112,500 521,255 
Walvax Biotechnology Co. Ltd. (A Shares) 44,000 377,786 
Wangfujing Group Co. Ltd. 22,900 110,107 
Wanhua Chemical Group Co. Ltd. (A Shares) 85,400 1,406,102 
Weichai Power Co. Ltd.:   
(A Shares) 29,100 68,596 
(H Shares) 1,167,000 2,096,865 
Weifu High-Technology Group Co. Ltd. (A Shares) 26,800 81,290 
Weihai Guangwei Composites Co. Ltd. (A Shares) 14,200 150,496 
Wens Foodstuffs Group Co. Ltd. (A Shares) 170,500 438,643 
Western Securities Co. Ltd. (A Shares) 117,700 140,746 
Will Semiconductor Ltd. 23,500 975,842 
Wingtech Technology Co. Ltd. (A Shares) 33,900 580,863 
Winning Health Technology Group Co. Ltd. (A Shares) 56,130 110,845 
Wuchan Zhongda Group Co. Ltd. 140,600 137,620 
Wuhan Guide Infrared Co. Ltd. (A Shares) 62,272 210,951 
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd. (A Shares) 56,100 208,435 
Wuhu Token Science Co. Ltd. (A Shares) 75,700 121,248 
Wuliangye Yibin Co. Ltd. (A Shares) 106,400 3,596,248 
WUS Printed Circuit Kunshan Co. Ltd. (A Shares) 55,660 88,976 
WuXi AppTec Co. Ltd. 62,184 1,339,736 
WuXi AppTec Co. Ltd. (H Shares) (c) 173,468 3,707,696 
Wuxi Lead Intelligent Equipment Co. Ltd. (A Shares) 21,420 271,656 
Wuxi Shangji Automation Co. Ltd. (A Shares) 7,900 368,808 
XCMG Construction Machinery Co. Ltd. (A Shares) 203,000 193,628 
Xiamen C&D, Inc. (A Shares) 79,525 99,441 
Xiamen Intretech, Inc. 18,610 89,538 
Xiamen Tungsten Co. Ltd. (A Shares) 42,900 152,024 
Xinjiang Goldwind Science & Technology Co. Ltd.:   
(A Shares) 234,000 676,895 
(H Shares) 243,764 546,397 
Yango Group Co. Ltd. (A Shares) 108,700 54,641 
Yantai Eddie Precision Machinery Co. Ltd. (A Shares) 24,640 137,399 
Yantai Jereh Oilfield Services (A Shares) 27,300 180,231 
Yanzhou Coal Mining Co. Ltd.:   
(A Shares) 287,200 1,012,368 
(H Shares) (b) 266,000 394,530 
Yealink Network Technology Corp. Ltd. 24,450 289,053 
Yifan Pharmaceutical Co. Ltd. (A Shares) 39,400 100,810 
Yifeng Pharmacy Chain Co. Ltd. 18,850 140,512 
Yihai Kerry Arawana Holdings Co. Ltd. (A Shares) 34,000 323,135 
Yintai Gold Co. Ltd. (A Shares) 73,780 101,587 
Yixintang Pharmaceutical Group Co. Ltd. (A Shares) 13,400 66,312 
Yonghui Superstores Co. Ltd. (A Shares) 261,500 160,433 
Yonyou Network Technology Co. Ltd. (A Shares) 87,320 433,482 
Youngor Group Co. Ltd. (A Shares) 132,887 133,390 
YTO Express Group Co. Ltd. (A Shares) 82,600 188,262 
Yuan Longping High-tech Agriculture Co. Ltd. (A Shares) (a) 41,300 135,330 
Yunda Holding Co. Ltd. (A Shares) 79,660 232,175 
Yunnan Aluminium Co. Ltd. (A Shares) (a) 87,900 163,155 
Yunnan Baiyao Group Co. Ltd. (A Shares) 34,200 478,370 
Yunnan Energy New Material Co. Ltd. 24,800 1,129,478 
Yutong Bus Co. Ltd. 62,800 111,174 
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares) 16,500 1,063,604 
Zhaojin Mining Industry Co. Ltd. (H Shares) 526,000 376,559 
Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a) 199,210 231,063 
Zhejiang China Commodities City Group Co. Ltd. (A Shares) 154,100 117,396 
Zhejiang Chint Electric Co. Ltd. (A Shares) 61,500 578,349 
Zhejiang Dahua Technology Co. Ltd. (A Shares) 79,200 269,286 
Zhejiang Dingli Machinery Co. Ltd. (A Shares) 12,640 134,791 
Zhejiang Expressway Co. Ltd. (H Shares) 660,000 586,158 
Zhejiang Fuchunjiang Hp Co. Ltd. (A Shares) 149,100 166,656 
Zhejiang HangKe Technology, Inc. Co. (A Shares) 10,987 177,264 
Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares) 40,890 117,645 
Zhejiang Huayou Cobalt Co. Ltd. (A Shares) 34,050 590,290 
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares) 36,000 429,420 
Zhejiang Jiuzhou Pharmaceutical Co. Ltd. (A Shares) 22,400 183,026 
Zhejiang Juhua Co. Ltd. (A Shares) 76,600 185,827 
Zhejiang Longsheng Group Co. Ltd. (A Shares) 88,700 172,394 
Zhejiang NHU Co. Ltd. (A Shares) 70,980 300,729 
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) 95,750 354,555 
Zhejiang Semir Garment Co. Ltd. (A Shares) 63,500 74,347 
Zhejiang Supor Cookware Co. Ltd. 16,400 135,691 
Zhejiang Weixing New Building Materials Co. Ltd. (A Shares) 42,800 120,267 
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. 15,000 125,629 
Zheshang Securities Co. Ltd. (a) 100,300 193,217 
ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(b)(c) 237,100 870,022 
Zhongji Innolight Co. Ltd. (A Shares) 20,100 103,767 
Zhongjin Gold Co. Ltd. (A Shares) 138,600 180,018 
Zhongtai Securities Co. Ltd. (A Shares) 144,800 209,093 
Zhongtian Financial Group Co. Ltd. (A Shares) (a) 190,093 74,485 
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) 265,927 1,274,864 
Zhuzhou Kibing Group Co. Ltd. (A Shares) 76,500 189,884 
Zijin Mining Group Co. Ltd.:   
(A Shares) 401,600 655,776 
(H Shares) 2,896,000 4,034,784 
Zoomlion Heavy Industry Science and Technology Co. Ltd.:   
(A Shares) 368,900 419,823 
(H Shares) 455,000 328,655 
ZTE Corp.:   
(A Shares) 84,300 429,281 
(H Shares) 416,000 1,251,128 
TOTAL CHINA  420,835,555 
Colombia - 0.1%   
Bancolombia SA 125,881 1,125,855 
Ecopetrol SA 2,302,826 1,741,000 
Grupo de Inversiones Suramerica SA 104,642 609,945 
Interconexion Electrica SA ESP 205,362 1,233,022 
TOTAL COLOMBIA  4,709,822 
Cyprus - 0.2%   
Ozon Holdings PLC ADR (a) 18,292 834,392 
TCS Group Holding PLC unit 56,382 5,806,676 
TOTAL CYPRUS  6,641,068 
Czech Republic - 0.1%   
CEZ A/S (b) 76,991 2,541,667 
Komercni Banka A/S 37,507 1,455,266 
MONETA Money Bank A/S (a)(c) 185,985 727,063 
TOTAL CZECH REPUBLIC  4,723,996 
Egypt - 0.1%   
Commercial International Bank SAE (a) 810,114 2,630,421 
Eastern Co. SAE 492,848 363,911 
Fawry for Banking & Payment Technology Services SAE 286,982 274,743 
TOTAL EGYPT  3,269,075 
Greece - 0.2%   
Alpha Bank SA (a) 1,038,129 1,318,285 
EFG Eurobank Ergasias SA (a) 1,182,410 1,234,827 
Ff Group (a)(d) 1,944 2,697 
Hellenic Telecommunications Organization SA 107,705 1,904,957 
Jumbo SA 51,140 759,073 
OPAP SA 94,341 1,466,833 
TOTAL GREECE  6,686,672 
Hong Kong - 1.2%   
Beijing Enterprises Holdings Ltd. 227,427 873,988 
BYD Electronic International Co. Ltd. (b) 322,000 958,075 
China Everbright International Ltd. 1,726,814 1,187,386 
China Everbright Ltd. 445,000 501,022 
China Jinmao Holdings Group Ltd. 2,748,000 805,275 
China Merchants Holdings International Co. Ltd. 694,880 1,161,036 
China Overseas Land and Investment Ltd. 1,797,702 3,964,857 
China Power International Development Ltd. 2,019,000 1,014,625 
China Resources Beer Holdings Co. Ltd. 696,144 5,771,003 
China Resources Pharmaceutical Group Ltd. (c) 730,700 352,179 
China Resources Power Holdings Co. Ltd. 926,940 2,394,640 
China Taiping Insurance Group Ltd. 763,255 1,167,372 
China Traditional Chinese Medicine Holdings Co. Ltd. 1,338,000 636,283 
CITIC Pacific Ltd. 2,742,941 2,749,816 
CSPC Pharmaceutical Group Ltd. 4,255,608 4,452,239 
Far East Horizon Ltd. 757,000 722,898 
Fosun International Ltd. 1,208,954 1,421,750 
Ganfeng Lithium Co. Ltd. (H Shares) (c) 127,200 2,385,255 
Guangdong Investment Ltd. 1,435,126 1,807,626 
Hua Hong Semiconductor Ltd. (a)(c) 251,000 1,264,597 
Lenovo Group Ltd. 3,449,000 3,745,504 
MMG Ltd. (a) 1,412,000 653,326 
Shenzhen Investment Ltd. 1,178,515 289,308 
Sinotruk Hong Kong Ltd. 346,500 478,300 
Sun Art Retail Group Ltd. 992,500 584,236 
Wharf Holdings Ltd. 612,000 2,123,771 
Yuexiu Property Co. Ltd. 620,600 547,178 
TOTAL HONG KONG  44,013,545 
Hungary - 0.3%   
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) 185,402 1,584,347 
OTP Bank PLC (a) 104,527 6,277,812 
Richter Gedeon PLC 62,295 1,745,115 
TOTAL HUNGARY  9,607,274 
India - 11.7%   
ACC Ltd. 37,454 1,165,968 
Adani Enterprises Ltd. 129,455 2,458,704 
Adani Green Energy Ltd. (a) 184,098 2,831,531 
Adani Ports & Special Economic Zone Ltd. 239,282 2,212,293 
Adani Total Gas Ltd. (a) 129,563 2,488,152 
Adani Transmissions Ltd. (a) 129,655 3,057,198 
Ambuja Cements Ltd. 340,395 1,838,328 
Apollo Hospitals Enterprise Ltd. 47,328 2,691,139 
Asian Paints Ltd. 180,183 7,452,276 
Aurobindo Pharma Ltd. 137,048 1,260,410 
Avenue Supermarts Ltd. (a)(c) 77,312 4,781,214 
Axis Bank Ltd. (a) 1,063,362 10,526,511 
Bajaj Auto Ltd. 31,148 1,540,570 
Bajaj Finance Ltd. 127,606 12,598,358 
Bajaj Finserv Ltd. 17,900 4,255,868 
Balkrishna Industries Ltd. 40,707 1,336,046 
Bandhan Bank Ltd. (c) 301,775 1,173,402 
Berger Paints India Ltd. 115,686 1,144,436 
Bharat Electronics Ltd. 579,590 1,599,469 
Bharat Forge Ltd. 107,227 1,097,448 
Bharat Petroleum Corp. Ltd. 398,437 2,220,361 
Bharti Airtel Ltd. (a) 1,157,003 10,579,041 
Biocon Ltd. (a) 196,617 920,982 
Britannia Industries Ltd. 51,142 2,507,974 
Cholamandalam Investment and Finance Co. Ltd. 194,713 1,596,956 
Cipla Ltd. (a) 227,278 2,744,286 
Coal India Ltd. 713,445 1,565,286 
Colgate-Palmolive Ltd. 59,597 1,226,527 
Container Corp. of India Ltd. 117,395 1,026,022 
Dabur India Ltd. 299,343 2,339,672 
Divi's Laboratories Ltd. 63,433 4,358,475 
DLF Ltd. 298,772 1,588,827 
Dr. Reddy's Laboratories Ltd. 54,851 3,408,551 
Eicher Motors Ltd. 61,585 2,041,577 
GAIL India Ltd. 721,561 1,432,918 
Godrej Consumer Products Ltd. (a) 169,001 2,156,958 
Grasim Industries Ltd. 123,367 2,832,726 
Havells India Ltd. 111,729 1,882,571 
HCL Technologies Ltd. 508,629 7,761,249 
HDFC Asset Management Co. Ltd. (c) 26,185 924,781 
HDFC Standard Life Insurance Co. Ltd. (c) 378,824 3,439,007 
Hero Motocorp Ltd. 53,305 1,889,623 
Hindalco Industries Ltd. 745,490 4,573,095 
Hindustan Petroleum Corp. Ltd. 294,138 1,218,070 
Hindustan Unilever Ltd. 385,517 12,308,719 
Housing Development Finance Corp. Ltd. 802,983 30,474,895 
ICICI Bank Ltd. 2,399,356 25,674,118 
ICICI Lombard General Insurance Co. Ltd. (c) 104,245 2,060,492 
ICICI Prudential Life Insurance Co. Ltd. (c) 169,819 1,401,055 
Indian Oil Corp. Ltd. 854,227 1,458,186 
Indraprastha Gas Ltd. 129,052 815,926 
Indus Towers Ltd. 321,388 1,164,123 
Info Edge India Ltd. 36,763 2,979,762 
Infosys Ltd. 1,598,859 35,745,362 
InterGlobe Aviation Ltd. (a)(c) 42,272 1,226,737 
Ipca Laboratories Ltd. 33,082 945,566 
ITC Ltd. 1,347,084 4,011,329 
JSW Steel Ltd. 396,548 3,540,125 
Jubilant Foodworks Ltd. 37,298 1,835,815 
Kotak Mahindra Bank Ltd. (a) 259,509 7,032,242 
Larsen & Toubro Infotech Ltd. (c) 24,740 2,205,591 
Larsen & Toubro Ltd. 319,655 7,534,101 
Lupin Ltd. 105,870 1,303,548 
Mahindra & Mahindra Ltd. 397,228 4,686,130 
Marico Ltd. 249,496 1,892,149 
Maruti Suzuki India Ltd. 63,045 6,293,482 
Motherson Sumi Systems Ltd. 593,599 1,769,591 
MRF Ltd. 875 902,470 
Muthoot Finance Ltd. 57,552 1,126,969 
Nestle India Ltd. 15,835 4,013,973 
NTPC Ltd. 2,302,134 4,074,152 
Oil & Natural Gas Corp. Ltd. 1,163,462 2,313,575 
Page Industries Ltd. 2,651 1,331,108 
Petronet LNG Ltd. 353,163 1,081,563 
PI Industries Ltd. 40,133 1,606,257 
Pidilite Industries Ltd. 72,388 2,234,414 
Piramal Enterprises Ltd. 47,280 1,641,128 
Power Grid Corp. of India Ltd. 1,476,353 3,644,842 
Rec Ltd. 397,672 788,659 
Reliance Industries Ltd. 1,334,469 45,154,386 
SBI Cards & Payment Services Ltd. (a) 111,874 1,574,788 
SBI Life Insurance Co. Ltd. (c) 210,930 3,223,679 
Shree Cement Ltd. 5,216 1,992,682 
Shriram Transport Finance Co. Ltd. 95,615 1,832,063 
Siemens India Ltd. 35,263 1,028,722 
State Bank of India 840,976 5,633,995 
Sun Pharmaceutical Industries Ltd. 395,384 4,193,587 
Tata Consultancy Services Ltd. 433,706 19,660,124 
Tata Consumer Products Ltd. 285,370 3,081,943 
Tata Motors Ltd. (a) 770,088 4,949,114 
Tata Steel Ltd. 294,990 5,179,002 
Tech Mahindra Ltd. 296,292 5,841,840 
Titan Co. Ltd. 166,031 5,279,744 
Torrent Pharmaceuticals Ltd. 23,065 880,196 
Trent Ltd. 85,533 1,144,719 
Ultratech Cement Ltd. 47,746 4,864,130 
United Spirits Ltd. (a) 140,710 1,778,422 
UPL Ltd. (a) 234,748 2,318,197 
Vedanta Ltd. 524,855 2,128,689 
Wipro Ltd. 641,519 5,549,800 
Yes Bank Ltd. (a) 5,241,488 895,084 
TOTAL INDIA  445,047,916 
Indonesia - 1.4%   
PT Adaro Energy Tbk 7,017,800 832,180 
PT Aneka Tambang Tbk 4,062,900 671,056 
PT Astra International Tbk 9,256,959 3,936,699 
PT Bank Central Asia Tbk 26,060,350 13,749,858 
PT Bank Mandiri (Persero) Tbk 8,799,798 4,448,933 
PT Bank Negara Indonesia (Persero) Tbk 3,591,500 1,774,519 
PT Bank Rakyat Indonesia Tbk 32,111,527 9,639,361 
PT Barito Pacific Tbk 13,467,100 888,776 
PT Charoen Pokphand Indonesia Tbk 3,503,300 1,533,119 
PT Gudang Garam Tbk 213,300 504,362 
PT Indah Kiat Pulp & Paper Tbk 1,280,900 766,235 
PT Indocement Tunggal Prakarsa Tbk 755,400 630,500 
PT Indofood CBP Sukses Makmur Tbk 1,092,500 678,595 
PT Indofood Sukses Makmur Tbk 2,031,400 910,492 
PT Kalbe Farma Tbk 9,970,700 1,126,036 
PT Merdeka Copper Gold Tbk (a) 5,257,900 1,172,752 
PT Sarana Menara Nusantara Tbk 10,928,100 894,766 
PT Semen Gresik (Persero) Tbk 1,436,948 922,973 
PT Telkom Indonesia Persero Tbk 23,501,465 6,281,606 
PT Tower Bersama Infrastructure Tbk 3,761,600 780,597 
PT Unilever Indonesia Tbk 3,637,095 1,134,707 
PT United Tractors Tbk 793,200 1,318,501 
TOTAL INDONESIA  54,596,623 
Isle of Man - 0.0%   
NEPI Rockcastle PLC 190,598 1,277,724 
Korea (South) - 11.3%   
Alteogen, Inc. 13,278 791,204 
AMOREPACIFIC Corp. 14,804 2,291,866 
AMOREPACIFIC Group, Inc. 14,251 603,451 
BGF Retail Co. Ltd. 3,956 546,750 
Celltrion Healthcare Co. Ltd. 39,558 2,736,510 
Celltrion Pharm, Inc. 7,639 740,255 
Celltrion, Inc. (a) 45,469 7,787,817 
Cheil Worldwide, Inc. 31,146 633,168 
CJ CheilJedang Corp. 3,883 1,255,521 
CJ Corp. 6,951 568,551 
CJ ENM Co. Ltd. 4,890 735,830 
CJ Logistics Corp. (a) 4,295 519,557 
Coway Co. Ltd. 25,728 1,735,546 
Daewoo Shipbuilding & Marine Engineering Co. Ltd. (a) 17,782 392,931 
Db Insurance Co. Ltd. 21,536 1,088,845 
Doosan Bobcat, Inc. (a) 23,732 771,650 
Doosan Heavy Industries & Construction Co. Ltd. (a) 127,389 2,651,182 
Douzone Bizon Co. Ltd. 9,209 639,548 
E-Mart, Inc. 9,498 1,360,250 
Ecopro BM Co. Ltd. 3,688 1,290,019 
Fila Holdings Corp. 22,994 728,854 
Green Cross Corp. 2,782 651,164 
GS Engineering & Construction Corp. 29,191 1,030,502 
GS Holdings Corp. 21,157 762,263 
Hana Financial Group, Inc. 140,524 5,390,811 
Hankook Tire Co. Ltd. 34,623 1,220,453 
Hanmi Pharm Co. Ltd. 3,095 696,025 
Hanon Systems 85,647 1,055,565 
Hanwha Solutions Corp. (a) 56,534 1,973,206 
HLB, Inc. 43,222 1,548,616 
HMM Co. Ltd. (a) 121,222 2,759,376 
Hotel Shilla Co. 15,348 1,143,781 
HYBE Co. Ltd. (a) 6,415 1,833,448 
Hyundai Engineering & Construction Co. Ltd. 36,337 1,562,804 
Hyundai Glovis Co. Ltd. 9,223 1,321,399 
Hyundai Heavy Industries Holdi 22,023 1,187,850 
Hyundai Mobis 31,138 6,696,575 
Hyundai Motor Co. 68,702 12,224,751 
Hyundai Steel Co. 40,721 1,548,492 
Industrial Bank of Korea 114,025 1,073,673 
Kakao Corp. 146,311 15,660,112 
KakaoBank Corp. (a) 24,480 1,320,370 
Kangwon Land, Inc. (a) 45,141 1,068,604 
KB Financial Group, Inc. 184,950 8,906,416 
Kia Corp. 123,173 8,942,154 
KMW Co. Ltd. (a) 664 23,343 
Korea Aerospace Industries Ltd. 35,066 916,620 
Korea Electric Power Corp. 119,752 2,308,314 
Korea Investment Holdings Co. Ltd. 19,786 1,472,238 
Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) 18,345 1,613,656 
Korea Zinc Co. Ltd. 4,068 1,863,389 
Korean Air Lines Co. Ltd. (a) 69,795 1,810,400 
KT&G Corp. 52,280 3,612,693 
Kumho Petro Chemical Co. Ltd. 8,672 1,269,435 
LG Chemical Ltd. 21,455 15,316,238 
LG Corp. 40,688 3,164,584 
LG Display Co. Ltd. (a) 109,788 1,845,950 
LG Electronics, Inc. 49,823 5,127,966 
LG Household & Health Care Ltd. 4,714 4,693,995 
LG Innotek Co. Ltd. 6,890 1,232,176 
LG Uplus Corp. 101,609 1,244,110 
Lotte Chemical Corp. 8,117 1,553,234 
Lotte Shopping Co. Ltd. 4,932 441,623 
LX Holdings Corp. (a) 3,661 27,611 
Meritz Securities Co. Ltd. 134,468 534,564 
Mirae Asset Securities Co. Ltd. 127,882 949,180 
NAVER Corp. 58,066 20,085,072 
NCSOFT Corp. 7,754 4,144,931 
Netmarble Corp. (c) 10,035 1,057,196 
NH Investment & Securities Co. Ltd. 63,079 708,810 
Orion Corp./Republic of Korea 11,323 1,139,270 
Pan Ocean Co., Ltd. (Korea) 120,925 622,507 
Pearl Abyss Corp. (a) 14,024 1,242,291 
POSCO 34,853 8,794,521 
POSCO Chemtech Co. Ltd. 14,737 1,829,237 
S-Oil Corp. 21,388 1,861,809 
S1 Corp. 8,461 600,145 
Samsung Biologics Co. Ltd. (a)(c) 7,831 5,804,101 
Samsung C&T Corp. 39,744 3,871,526 
Samsung Electro-Mechanics Co. Ltd. 26,748 3,624,054 
Samsung Electronics Co. Ltd. 2,253,468 134,230,674 
Samsung Engineering Co. Ltd. (a) 74,698 1,580,610 
Samsung Fire & Marine Insurance Co. Ltd. 14,342 2,828,337 
Samsung Heavy Industries Co. Ltd. (a) 208,554 1,133,867 
Samsung Heavy Industries Co. Ltd. rights 10/29/21 (a) 69,040 73,474 
Samsung Life Insurance Co. Ltd. 32,020 1,842,743 
Samsung SDI Co. Ltd. 25,850 16,225,903 
Samsung SDS Co. Ltd. 16,037 2,097,151 
Samsung Securities Co. Ltd. 28,230 1,141,767 
Seegene, Inc. 17,556 799,110 
Shin Poong Pharmaceutical Co. 15,232 674,834 
Shinhan Financial Group Co. Ltd. 205,019 6,658,937 
Shinsegae Co. Ltd. 3,442 728,403 
SK Biopharmaceuticals Co. Ltd. (a) 12,973 1,045,007 
SK Bioscience Co. Ltd. (a) 8,400 1,640,936 
SK Chemicals Co. Ltd. 5,475 841,590 
SK Hynix, Inc. 255,970 22,448,274 
SK IE Technology Co. Ltd. (a)(c) 3,646 516,198 
SK Innovation Co., Ltd. (a) 23,900 4,958,801 
SK Telecom Co. Ltd. (d) 4,176 1,100,379 
SK, Inc. 14,904 3,094,336 
SKC Co. Ltd. 9,871 1,509,810 
Woori Financial Group, Inc. 236,321 2,672,764 
Yuhan Corp. 22,316 1,138,991 
TOTAL KOREA (SOUTH)  428,837,400 
Kuwait - 0.6%   
Agility Public Warehousing Co. KSC 585,158 1,941,144 
Boubyan Bank KSC 545,177 1,414,259 
Kuwait Finance House KSCP 2,191,840 6,049,464 
Mabanee Co. SAKC 269,778 704,313 
Mobile Telecommunication Co. 1,006,747 1,990,450 
National Bank of Kuwait 3,199,141 10,506,384 
TOTAL KUWAIT  22,606,014 
Luxembourg - 0.2%   
Adecoagro SA (a) 52,303 458,174 
Globant SA (a) 18,797 5,999,814 
Reinet Investments SCA 67,853 1,224,686 
TOTAL LUXEMBOURG  7,682,674 
Malaysia - 1.3%   
AMMB Holdings Bhd (a) 859,700 697,559 
Axiata Group Bhd 1,296,898 1,237,080 
CIMB Group Holdings Bhd 3,148,442 3,968,816 
Dialog Group Bhd 1,854,065 1,267,086 
DiGi.com Bhd 1,460,600 1,491,992 
Fraser & Neave Holdings Bhd 59,800 390,772 
Genting Bhd 955,800 1,195,616 
Genting Malaysia Bhd 1,355,640 1,037,764 
Hap Seng Consolidated Bhd 292,400 553,590 
Hartalega Holdings Bhd 828,500 1,172,425 
Hong Leong Bank Bhd 305,100 1,386,617 
Hong Leong Credit Bhd 103,600 458,832 
IHH Healthcare Bhd 810,687 1,280,341 
IOI Corp. Bhd 1,199,100 1,138,001 
Kossan Rubber Industries Bhd 641,600 365,655 
Kuala Lumpur Kepong Bhd 203,828 1,064,178 
Malayan Banking Bhd 1,876,910 3,648,666 
Malaysia Airports Holdings Bhd (a) 511,600 800,572 
Maxis Bhd 1,095,200 1,235,108 
MISC Bhd 598,700 1,022,171 
Nestle (Malaysia) Bhd 31,400 1,019,874 
Petronas Chemicals Group Bhd 1,120,700 2,351,819 
Petronas Dagangan Bhd 143,426 705,181 
Petronas Gas Bhd 350,000 1,414,876 
PPB Group Bhd 288,540 1,266,761 
Press Metal Bhd 1,517,600 2,037,637 
Public Bank Bhd 6,814,785 6,862,510 
QL Resources Bhd 520,500 634,756 
RHB Bank Bhd 836,899 1,127,722 
Sime Darby Bhd 1,337,449 733,158 
Sime Darby Plantation Bhd 843,596 816,909 
Supermax Corp. Bhd 729,268 338,130 
Telekom Malaysia Bhd 529,100 739,794 
Tenaga Nasional Bhd 1,054,672 2,460,307 
Top Glove Corp. Bhd 2,545,000 1,671,674 
Westports Holdings Bhd 456,200 492,445 
TOTAL MALAYSIA  50,086,394 
Mexico - 1.9%   
America Movil S.A.B. de CV Series L 16,117,147 14,365,147 
Arca Continental S.A.B. de CV 211,200 1,287,737 
Becle S.A.B. de CV 272,900 623,794 
CEMEX S.A.B. de CV unit (a) 7,156,286 4,602,158 
Coca-Cola FEMSA S.A.B. de CV unit 245,434 1,322,659 
Fibra Uno Administracion SA de CV 1,505,683 1,496,322 
Fomento Economico Mexicano S.A.B. de CV unit 913,491 7,510,078 
Gruma S.A.B. de CV Series B 100,865 1,184,385 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 176,927 2,230,322 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 98,155 1,979,453 
Grupo Bimbo S.A.B. de CV Series A 744,870 2,204,798 
Grupo Carso SA de CV Series A1 215,800 725,867 
Grupo Financiero Banorte S.A.B. de CV Series O 1,218,281 7,713,373 
Grupo Financiero Inbursa S.A.B. de CV Series O (a) 1,024,700 1,028,781 
Grupo Mexico SA de CV Series B 1,463,854 6,421,959 
Grupo Televisa SA de CV 1,124,093 2,282,256 
Industrias Penoles SA de CV (a) 66,620 854,236 
Kimberly-Clark de Mexico SA de CV Series A 693,127 1,096,520 
Megacable Holdings S.A.B. de CV unit 131,900 388,627 
Orbia Advance Corp. S.A.B. de CV 488,820 1,270,486 
Promotora y Operadora de Infraestructura S.A.B. de CV 103,060 757,882 
Telesites S.A.B. de C.V. 638,100 582,063 
Wal-Mart de Mexico SA de CV Series V 2,479,556 8,648,578 
TOTAL MEXICO  70,577,481 
Netherlands - 0.4%   
X5 Retail Group NV GDR 57,523 1,959,015 
Yandex NV Class A (a) 143,347 11,828,061 
TOTAL NETHERLANDS  13,787,076 
Pakistan - 0.0%   
Habib Bank Ltd. 320,417 236,051 
Lucky Cement Ltd. (a) 82,513 372,347 
MCB Bank Ltd. 208,418 199,546 
TOTAL PAKISTAN  807,944 
Peru - 0.0%   
Compania de Minas Buenaventura SA sponsored ADR (a) 104,666 824,768 
Philippines - 0.6%   
Aboitiz Equity Ventures, Inc. 924,420 885,803 
Ayala Corp. 133,856 2,287,027 
Ayala Land, Inc. 3,826,213 2,658,881 
Bank of the Philippine Islands (BPI) 851,678 1,466,114 
BDO Unibank, Inc. 936,001 2,299,698 
Globe Telecom, Inc. 12,960 768,722 
GT Capital Holdings, Inc. 47,837 535,100 
International Container Terminal Services, Inc. 481,810 1,717,003 
JG Summit Holdings, Inc. 1,404,043 1,673,399 
Jollibee Food Corp. 205,453 956,693 
Manila Electric Co. 112,750 640,650 
Metro Pacific Investments Corp. 5,844,200 433,889 
Metropolitan Bank & Trust Co. 861,832 813,886 
PLDT, Inc. 35,810 1,164,126 
SM Investments Corp. 115,350 2,203,776 
SM Prime Holdings, Inc. 4,755,500 3,116,354 
Universal Robina Corp. 418,168 1,142,490 
TOTAL PHILIPPINES  24,763,611 
Poland - 0.8%   
Allegro.eu SA (a)(c) 168,113 1,901,234 
Bank Polska Kasa Opieki SA 87,420 2,886,866 
CD Projekt RED SA 33,373 1,454,488 
Cyfrowy Polsat SA 128,032 1,145,008 
Dino Polska SA (a)(c) 23,446 2,094,458 
KGHM Polska Miedz SA (Bearer) 65,941 2,535,398 
LPP SA 523 1,878,508 
Orange Polska SA (a) 314,424 613,535 
PGE Polska Grupa Energetyczna SA (a) 399,300 981,624 
Polish Oil & Gas Co. SA 780,565 1,177,015 
Polski Koncern Naftowy Orlen SA 139,426 3,007,532 
Powszechna Kasa Oszczednosci Bank SA (a) 411,481 5,033,091 
Powszechny Zaklad Ubezpieczen SA 278,965 2,789,895 
Santander Bank Polska SA 17,195 1,596,819 
TOTAL POLAND  29,095,471 
Qatar - 0.8%   
Barwa Real Estate Co. 868,521 751,398 
Industries Qatar QSC (a) 728,287 3,172,379 
Masraf al Rayan 1,728,386 2,266,697 
Mesaieed Petrochemical Holding Co. 2,125,231 1,400,866 
Ooredoo QSC 393,911 748,658 
Qatar Electricity & Water Co. 200,603 925,606 
Qatar Fuel Co. 231,721 1,170,379 
Qatar Gas Transport Co. Ltd. (Nakilat) 1,180,983 1,054,160 
Qatar International Islamic Bank QSC 364,119 979,051 
Qatar Islamic Bank (a) 546,856 2,766,572 
Qatar National Bank SAQ (a) 2,119,483 11,933,370 
The Commercial Bank of Qatar (a) 951,975 1,597,519 
TOTAL QATAR  28,766,655 
Russia - 3.3%   
Alrosa Co. Ltd. 1,219,881 2,149,406 
Gazprom OAO 5,529,926 27,247,811 
Inter Rao Ues JSC 16,875,658 1,143,610 
Lukoil PJSC 194,546 19,865,521 
Magnit OJSC GDR (Reg. S) 156,363 2,895,843 
MMC Norilsk Nickel PJSC 29,664 9,257,670 
Mobile TeleSystems OJSC sponsored ADR 203,373 1,868,998 
Moscow Exchange MICEX-RTS OAO 705,317 1,729,530 
Novatek PJSC GDR (Reg. S) 42,727 10,831,295 
Novolipetsk Steel OJSC 706,206 2,227,865 
PhosAgro OJSC GDR (Reg. S) 61,283 1,465,889 
Polyus PJSC 15,915 3,159,542 
Rosneft Oil Co. OJSC 542,841 4,874,256 
Sberbank of Russia 5,044,215 25,376,405 
Severstal PAO 98,361 2,235,052 
Surgutneftegas OJSC 3,172,962 1,526,566 
Tatneft PAO 661,660 5,053,618 
VTB Bank OJSC 1,518,939,962 1,133,246 
TOTAL RUSSIA  124,042,123 
Saudi Arabia - 3.3%   
Abdullah Al Othaim Markets Co. 21,942 677,406 
Advanced Polypropylene Co. 51,337 1,018,282 
Al Rajhi Bank 573,440 21,189,257 
Alinma Bank 461,150 3,092,037 
Almarai Co. Ltd. 114,675 1,617,294 
Arab National Bank 267,252 1,640,177 
Bank Al-Jazira 193,146 988,670 
Bank Albilad (a) 174,261 1,960,547 
Banque Saudi Fransi 277,315 3,123,666 
Bupa Arabia for Cooperative Insurance Co. (a) 28,423 1,095,728 
Dar Al Arkan Real Estate Development Co. (a) 256,893 677,350 
Dr Sulaiman Al Habib Medical Services Group Co. 23,915 1,057,108 
Emaar The Economic City (a) 180,564 611,363 
Etihad Etisalat Co. 174,265 1,405,400 
Jarir Marketing Co. 28,225 1,526,042 
Mobile Telecommunications Co. Saudi Arabia (a) 207,386 750,834 
Mouwasat Medical Services Co. 22,779 1,091,915 
National Industrialization Co. (a) 157,845 1,047,839 
National Petrochemical Co. 57,086 732,047 
Rabigh Refining & Petrochemical Co. (a) 103,521 786,571 
Riyad Bank 630,427 4,966,573 
Sabic Agriculture-Nutrients Co. 101,202 4,424,839 
Sahara International Petrochemical Co. 171,419 2,006,264 
Saudi Arabian Mining Co. (a) 202,649 4,408,584 
Saudi Arabian Oil Co. 1,009,990 10,164,793 
Saudi Basic Industries Corp. 420,823 14,472,838 
Saudi Cement Co. 35,109 554,121 
Saudi Electricity Co. 389,195 2,957,172 
Saudi Industrial Investment Group 106,626 1,075,954 
Saudi Kayan Petrochemical Co. (a) 342,700 1,860,186 
Saudi Telecom Co. 281,111 8,768,559 
The Co. for Cooperative Insurance 28,850 661,468 
The Saudi British Bank 384,644 3,399,437 
The Saudi National Bank 1,026,079 18,027,302 
The Savola Group 117,038 1,142,017 
Yanbu National Petrochemical Co. 119,724 2,429,016 
TOTAL SAUDI ARABIA  127,408,656 
Singapore - 0.0%   
BOC Aviation Ltd. Class A (c) 92,800 814,035 
South Africa - 3.0%   
Absa Group Ltd. 338,211 3,099,806 
African Rainbow Minerals Ltd. 52,679 701,915 
Anglo American Platinum Ltd. 24,821 2,507,937 
AngloGold Ashanti Ltd. 195,165 3,600,549 
Aspen Pharmacare Holdings Ltd. 177,855 2,832,290 
Bid Corp. Ltd. 158,609 3,404,149 
Bidvest Group Ltd./The 135,163 1,693,542 
Capitec Bank Holdings Ltd. 37,960 4,241,530 
Clicks Group Ltd. 118,062 2,155,182 
Discovery Ltd. (a) 198,075 1,814,510 
Exxaro Resources Ltd. 115,789 1,267,804 
FirstRand Ltd. 2,361,093 8,966,743 
Gold Fields Ltd. 415,423 3,860,206 
Growthpoint Properties Ltd. 1,591,943 1,350,676 
Harmony Gold Mining Co. Ltd. 260,711 935,716 
Impala Platinum Holdings Ltd. 373,014 4,827,678 
Kumba Iron Ore Ltd. 30,160 916,548 
Mr Price Group Ltd. 121,559 1,591,289 
MTN Group Ltd. (a) 795,855 7,136,905 
MultiChoice Group Ltd. 169,647 1,349,068 
Naspers Ltd. Class N 102,083 17,288,142 
Nedbank Group Ltd. 178,486 2,032,111 
Northam Platinum Holdings Ltd. (a) 168,246 2,519,560 
Old Mutual Ltd. 2,146,934 2,191,208 
Rand Merchant Insurance Holdings Ltd. (b) 322,508 861,640 
Remgro Ltd. 238,315 2,100,448 
Sanlam Ltd. 869,558 3,572,161 
Sasol Ltd. (a) 265,156 4,453,554 
Shoprite Holdings Ltd. 237,449 2,821,252 
Sibanye Stillwater Ltd. 1,313,365 4,596,450 
Spar Group Ltd./The 92,920 1,186,091 
Standard Bank Group Ltd. 606,099 5,373,747 
Tiger Brands Ltd. (b) 74,832 943,887 
Vodacom Group Ltd. 291,788 2,589,893 
Woolworths Holdings Ltd. 453,647 1,601,055 
TOTAL SOUTH AFRICA  112,385,242 
Taiwan - 13.9%   
Accton Technology Corp. 237,000 2,072,526 
Acer, Inc. 1,417,000 1,323,110 
Advantech Co. Ltd. 186,066 2,425,640 
ASE Technology Holding Co. Ltd. 1,540,592 5,503,504 
Asia Cement Corp. 1,013,000 1,611,632 
ASMedia Technology, Inc. 12,000 700,305 
ASUSTeK Computer, Inc. 334,502 4,240,589 
AU Optronics Corp. 3,871,000 2,656,753 
Catcher Technology Co. Ltd. 324,095 1,873,920 
Cathay Financial Holding Co. Ltd. 3,694,809 7,709,406 
Chang Hwa Commercial Bank 1,891,584 1,114,095 
Cheng Shin Rubber Industry Co. Ltd. 806,000 987,057 
China Development Finance Holding Corp. 6,337,000 3,231,654 
China Life Insurance Co. Ltd. 901,594 938,992 
China Steel Corp. 5,545,289 6,691,388 
Chunghwa Telecom Co. Ltd. 1,776,129 7,038,891 
Compal Electronics, Inc. 1,973,000 1,732,442 
CTBC Financial Holding Co. Ltd. 8,625,778 7,186,858 
Delta Electronics, Inc. 915,717 8,057,126 
E.SUN Financial Holdings Co. Ltd. 5,563,486 5,304,742 
ECLAT Textile Co. Ltd. 90,129 1,964,744 
Evergreen Marine Corp. (Taiwan) 1,188,735 4,247,769 
Far Eastern New Century Corp. 1,348,000 1,408,756 
Far EasTone Telecommunications Co. Ltd. 717,348 1,576,646 
Feng Tay Enterprise Co. Ltd. 207,390 1,608,771 
First Financial Holding Co. Ltd. 4,784,952 3,935,191 
Formosa Chemicals & Fibre Corp. 1,639,149 4,738,786 
Formosa Petrochemical Corp. 538,347 1,933,370 
Formosa Plastics Corp. 1,794,085 6,926,347 
Foxconn Technology Co. Ltd. 444,710 1,098,799 
Fubon Financial Holding Co. Ltd. 3,547,346 9,376,357 
Giant Manufacturing Co. Ltd. 143,000 1,656,222 
GlobalWafers Co. Ltd. 103,000 2,811,277 
HIWIN Technologies Corp. 128,716 1,428,380 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 5,845,465 22,462,372 
Hotai Motor Co. Ltd. 141,000 3,099,012 
Hua Nan Financial Holdings Co. Ltd. 3,969,889 2,901,319 
Innolux Corp. 4,153,000 2,490,756 
Inventec Corp. 1,317,000 1,255,750 
Largan Precision Co. Ltd. 47,451 3,527,512 
Lite-On Technology Corp. 1,008,044 2,219,181 
MediaTek, Inc. 707,615 23,201,742 
Mega Financial Holding Co. Ltd. 5,048,289 6,055,409 
Micro-Star International Co. Ltd. 325,000 1,634,046 
momo.com, Inc. 18,000 1,157,120 
Nan Ya Plastics Corp. 2,415,358 7,381,827 
Nan Ya Printed Circuit Board Corp. 108,000 1,902,460 
Nanya Technology Corp. 596,000 1,423,379 
Nien Made Enterprise Co. Ltd. 74,000 1,015,191 
Novatek Microelectronics Corp. 274,000 4,088,598 
Oneness Biotech Co. Ltd. (a) 107,000 1,006,788 
Pegatron Corp. 939,000 2,293,123 
Phison Electronics Corp. 77,000 1,079,853 
Pou Chen Corp. 1,089,391 1,334,108 
Powertech Technology, Inc. 336,981 1,178,738 
President Chain Store Corp. 270,000 2,724,726 
Quanta Computer, Inc. 1,276,000 3,574,358 
Realtek Semiconductor Corp. 217,000 3,888,777 
Ruentex Development Co. Ltd. 533,960 1,359,589 
Shin Kong Financial Holding Co. Ltd. 5,335,732 1,879,818 
Sinopac Holdings Co. 4,730,302 2,403,799 
Synnex Technology International Corp. 623,700 1,205,066 
Taishin Financial Holdings Co. Ltd. 4,824,665 3,162,153 
Taiwan Cement Corp. 2,315,537 4,012,378 
Taiwan Cooperative Financial Holding Co. Ltd. 4,360,589 3,539,210 
Taiwan High Speed Rail Corp. 882,000 920,169 
Taiwan Mobile Co. Ltd. 757,000 2,666,967 
Taiwan Semiconductor Manufacturing Co. Ltd. 11,528,740 244,322,732 
The Shanghai Commercial & Savings Bank Ltd. 1,658,420 2,620,595 
Uni-President Enterprises Corp. 2,244,332 5,368,020 
Unimicron Technology Corp. 575,000 3,923,505 
United Microelectronics Corp. 5,568,000 11,543,879 
Vanguard International Semiconductor Corp. 433,000 2,247,028 
Walsin Technology Corp. 154,000 835,123 
Wan Hai Lines Ltd. 287,100 1,649,704 
Win Semiconductors Corp. 162,000 2,079,907 
Winbond Electronics Corp. 1,441,000 1,361,045 
Wistron Corp. 1,305,251 1,368,767 
Wiwynn Corp. 37,629 1,201,371 
WPG Holding Co. Ltd. 749,880 1,397,693 
Yageo Corp. 177,321 2,763,775 
Yang Ming Marine Transport Corp. (a) 716,000 2,481,379 
Yuanta Financial Holding Co. Ltd. 4,483,215 3,976,851 
TOTAL TAIWAN  530,298,713 
Thailand - 1.6%   
Advanced Info Service PCL (For. Reg.) 584,200 3,327,722 
Airports of Thailand PCL:   
(depositary receipt) 29,400 57,152 
(For. Reg.) 1,983,100 3,855,032 
Asset World Corp. PCL (a) 785,400 107,939 
Asset World Corp. PCL NVDR (a) 2,797,700 384,494 
B. Grimm Power PCL:   
unit 189,500 242,729 
(For. Reg.) 184,400 236,197 
Bangkok Bank PCL (For. Reg.) 113,300 418,302 
Bangkok Commercial Asset Management PCL 225,900 129,358 
Bangkok Commercial Asset Management PCL unit 619,000 354,461 
Bangkok Dusit Medical Services PCL:   
unit 83,900 59,423 
(For. Reg.) 4,563,800 3,232,348 
Bangkok Expressway and Metro PCL 3,640,200 987,396 
Berli Jucker PCL:   
unit 376,500 382,968 
(For. Reg) 130,200 132,437 
BTS Group Holdings PCL:   
warrants 11/7/24 (a) 386,240 3,865 
warrants 11/20/26 (a) 772,480 3,758 
(For. Reg.) 3,862,400 1,111,691 
Bumrungrad Hospital PCL:   
NVDR 17,200 75,425 
(For. Reg.) 187,600 822,658 
Carabao Group PCL NVDR 151,800 567,306 
Central Pattana PCL:   
unit 224,800 401,429 
(For. Reg.) 734,400 1,311,429 
Central Retail Corp. PCL 1,001,524 1,048,914 
Charoen Pokphand Foods PCL:   
(For. Reg.) 1,664,900 1,266,990 
(NVDR) 21,700 16,514 
CP ALL PCL:   
unit 320,800 618,782 
(For. Reg.) 2,405,200 4,639,325 
Delta Electronics PCL:   
(For. Reg.) 114,600 1,436,817 
NVDR 18,000 225,678 
Electricity Generating PCL:   
(For. Reg.) 53,000 285,127 
NVDR 76,900 413,703 
Energy Absolute PCL (For. Reg.) 694,500 1,370,999 
Global Power Synergy Public Co. Ltd. 141,400 332,405 
Global Power Synergy Public Co. Ltd. unit 212,900 500,488 
Gulf Energy Development PCL (For. Reg.) 1,364,300 1,778,360 
Home Product Center PCL:   
unit 1,354,200 595,881 
(For. Reg.) 1,638,400 720,936 
Indorama Ventures PCL:   
unit 442,200 559,747 
(For. Reg.) 355,200 449,620 
Intouch Holdings PCL:   
(For. Reg.) 486,500 1,103,349 
NVDR 41,600 94,346 
Krung Thai Bank PCL (For. Reg.) 1,776,300 615,656 
Krungthai Card PCL:   
(For. Reg.) 364,900 635,111 
NVDR 34,000 59,177 
Land & House PCL:   
NVDR 42,100 10,722 
(For. Reg.) 3,232,200 823,149 
Minor International PCL:   
unit (a) 83,200 82,122 
warrants 2/15/24 (a) 55,286 6,732 
(For. Reg.) (a) 1,428,526 1,410,013 
Muangthai Leasing PCL 122,901 224,096 
Muangthai Leasing PCL unit 238,000 433,966 
Osotspa PCL 303,500 299,567 
Osotspa PCL unit 337,100 332,731 
PTT Exploration and Production PCL:   
(For. Reg.) 537,800 1,904,506 
NVDR 110,700 392,021 
PTT Global Chemical PCL:   
(For. Reg.) 809,000 1,529,980 
NVDR 280,500 530,481 
PTT Oil & Retail Business PCL NVDR 1,395,700 1,156,774 
PTT PCL:   
(For. Reg.) 4,367,600 5,002,074 
NVDR 245,100 280,705 
Ratchaburi Electric Generating Holding PCL:   
unit 284,800 390,549 
(For. Reg.) 62,300 85,432 
Robinsons Department Store PCL (For. Reg.) (a) 55,100 91,368 
SCG Packaging PCL NVDR 619,600 1,199,798 
Siam Cement PCL:   
(For. Reg.) 342,400 4,076,190 
NVDR 13,500 160,714 
Siam Commercial Bank PCL:   
(For. Reg.) 408,400 1,550,886 
(NVDR) 10,100 38,354 
Sri Trang Gloves Thailand PCL 92,700 85,212 
Sri Trang Gloves Thailand PCL NVDR 364,400 334,967 
Srisawad Corp. PCL:   
unit 200,200 386,160 
warrants 8/29/25 (a) 16,016 5,406 
(For. Reg.) 173,400 334,467 
Thai Oil PCL (For. Reg.) 562,500 945,129 
Thai Union Frozen Products PCL:   
(For. Reg.) 275,800 173,726 
NVDR 1,083,400 682,431 
True Corp. PCL (For. Reg.) 4,958,137 606,692 
TOTAL THAILAND  62,540,564 
Turkey - 0.2%   
Akbank TAS 1,445,541 881,097 
Aselsan A/S 307,022 524,690 
Bim Birlesik Magazalar A/S JSC 218,666 1,413,573 
Eregli Demir ve Celik Fabrikalari T.A.S. 661,395 1,354,573 
Ford Otomotiv Sanayi A/S 31,771 613,345 
Koc Holding A/S 347,665 852,709 
Turk Sise ve Cam Fabrikalari A/S 636,466 573,309 
Turkcell Iletisim Hizmet A/S 542,046 862,064 
Turkiye Garanti Bankasi A/S 1,099,222 1,126,205 
Turkiye Is Bankasi A/S Series C 674,576 395,035 
Turkiye Petrol Rafinerileri A/S (a) 59,896 870,965 
TOTAL TURKEY  9,467,565 
United Arab Emirates - 0.8%   
Abu Dhabi Commercial Bank PJSC 1,307,048 2,953,459 
Abu Dhabi National Oil Co. for Distribution PJSC 1,175,358 1,369,542 
Aldar Properties PJSC (a) 1,759,125 1,934,815 
Dubai Islamic Bank Pakistan Ltd. (a) 833,689 1,159,809 
Emaar Properties PJSC (a) 1,580,023 1,724,921 
Emirates NBD Bank PJSC 1,188,440 4,513,493 
Emirates Telecommunications Corp. 810,873 5,651,375 
First Abu Dhabi Bank PJSC 2,053,064 9,960,279 
TOTAL UNITED ARAB EMIRATES  29,267,693 
United States of America - 0.6%   
360 DigiTech, Inc. ADR (a) 41,484 846,688 
Dada Nexus Ltd. ADR (a) 28,164 572,011 
DiDi Global, Inc. ADR (b) 145,188 1,171,667 
DouYu International Holdings Ltd. ADR (a) 11,088 34,927 
Li Auto, Inc. ADR (a) 254,756 8,312,688 
Southern Copper Corp. 40,152 2,408,718 
Yum China Holdings, Inc. 198,373 11,323,131 
TOTAL UNITED STATES OF AMERICA  24,669,830 
TOTAL COMMON STOCKS   
(Cost $2,356,295,214)  3,638,580,647 
Nonconvertible Preferred Stocks - 1.8%   
Brazil - 1.0%   
Alpargatas SA (PN) 87,900 601,647 
Banco Bradesco SA (PN) 2,293,680 8,087,500 
Bradespar SA (PN) 123,454 1,064,402 
Braskem SA (PN-A) (a) 88,600 854,948 
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) 109,505 656,588 
Companhia Energetica de Minas Gerais (CEMIG) (PN) 507,716 1,158,684 
Companhia Paranaense de Energia-COPEL (PN-B) 382,500 401,219 
Gerdau SA 543,200 2,589,050 
Itau Unibanco Holding SA 2,285,171 9,438,204 
Itausa-Investimentos Itau SA (PN) 2,082,412 3,781,977 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) 2,227,500 10,755,054 
TOTAL BRAZIL  39,389,273 
Chile - 0.1%   
Sociedad Quimica y Minera de Chile SA (PN-B) (a) 63,953 3,473,194 
Colombia - 0.1%   
Bancolombia SA (PN) 206,247 1,851,205 
Korea (South) - 0.6%   
AMOREPACIFIC Corp. 1,453 89,040 
Hyundai Motor Co. 6,789 565,197 
Hyundai Motor Co. Series 2 13,057 1,091,381 
LG Chemical Ltd. 3,711 1,212,736 
LG Household & Health Care Ltd. 321 163,962 
Samsung Electronics Co. Ltd. 368,004 20,113,064 
TOTAL KOREA (SOUTH)  23,235,380 
Russia - 0.0%   
Surgutneftegas OJSC 3,119,722 1,699,398 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $54,684,407)  69,648,450 
Money Market Funds - 3.2%   
Fidelity Cash Central Fund 0.06% (e) 90,686,746 90,704,884 
Fidelity Securities Lending Cash Central Fund 0.06% (e)(f) 31,016,778 31,019,879 
TOTAL MONEY MARKET FUNDS   
(Cost $121,724,763)  121,724,763 
TOTAL INVESTMENT IN SECURITIES - 100.6%   
(Cost $2,532,704,384)  3,829,953,860 
NET OTHER ASSETS (LIABILITIES) - (0.6)%  (23,797,291) 
NET ASSETS - 100%  $3,806,156,569 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE MSCI Emerging Markets Index Contracts (United States) 1,544 Dec. 2021 $97,426,400 $(1,080,682) $(1,080,682) 

The notional amount of futures purchased as a percentage of Net Assets is 2.6%

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

Legend

 (a) Non-income producing

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

 (c) Security 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 $201,294,448 or 5.3% of net assets.

 (d) Level 3 security

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

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $74,575,101 $966,151,591 $950,021,679 $59,439 $(129) $-- $90,704,884 0.1% 
Fidelity Securities Lending Cash Central Fund 0.06% 13,813,491 351,591,971 334,385,583 570,252 -- -- 31,019,879 0.1% 
Total $88,388,592 $1,317,743,562 $1,284,407,262 $629,691 $(129) $-- $121,724,763  

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

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $392,350,457 $168,001,717 $223,248,361 $1,100,379 
Consumer Discretionary 573,212,336 272,219,637 300,990,002 2,697 
Consumer Staples 216,625,098 200,868,297 15,756,798 3 
Energy 214,477,015 167,272,754 47,204,218 43 
Financials 730,698,696 564,835,169 165,268,740 594,787 
Health Care 168,394,683 115,374,082 53,020,601 -- 
Industrials 174,728,508 142,155,728 32,572,780 -- 
Information Technology 766,803,020 253,741,998 513,061,022 -- 
Materials 316,509,662 255,829,293 60,680,369 -- 
Real Estate 73,272,642 73,272,642 -- -- 
Utilities 81,156,980 78,848,666 2,308,314 -- 
Money Market Funds 121,724,763 121,724,763 -- -- 
Total Investments in Securities: $3,829,953,860 $2,414,144,746 $1,414,111,205 $1,697,909 
Derivative Instruments:     
Liabilities     
Futures Contracts $(1,080,682) $(1,080,682) $-- $-- 
Total Liabilities $(1,080,682) $(1,080,682) $-- $-- 
Total Derivative Instruments: $(1,080,682) $(1,080,682) $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(1,080,682) 
Total Equity Risk 0 (1,080,682) 
Total Value of Derivatives $0 $(1,080,682) 

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

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


Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $25,104,311) — See accompanying schedule:
Unaffiliated issuers (cost $2,410,979,621) 		$3,708,229,097  
Fidelity Central Funds (cost $121,724,763) 121,724,763  
Total Investment in Securities (cost $2,532,704,384)  $3,829,953,860 
Segregated cash with brokers for derivative instruments  6,081,059 
Foreign currency held at value (cost $18,973,475)  18,777,622 
Receivable for fund shares sold  2,025,578 
Dividends receivable  2,593,841 
Reclaims receivable  78,080 
Distributions receivable from Fidelity Central Funds  56,454 
Prepaid expenses  5,210 
Receivable from investment adviser for expense reductions  185,099 
Other receivables  302,975 
Total assets  3,860,059,778 
Liabilities   
Payable for fund shares redeemed $1,127,478  
Accrued management fee 240,617  
Payable for daily variation margin on futures contracts 1,372,015  
Deferred foreign taxes 19,070,521  
Other payables and accrued expenses 1,061,446  
Collateral on securities loaned 31,031,132  
Total liabilities  53,903,209 
Net Assets  $3,806,156,569 
Net Assets consist of:   
Paid in capital  $2,823,255,886 
Total accumulated earnings (loss)  982,900,683 
Net Assets  $3,806,156,569 
Net Asset Value, offering price and redemption price per share ($3,806,156,569 ÷ 230,781,154 shares)  $16.49 

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


Statement of Operations

  Year ended October 31, 2021 
Investment Income   
Dividends  $90,539,174 
Non-Cash dividends  4,292,113 
Interest  1,171 
Income from Fidelity Central Funds (including $570,252 from security lending)  629,691 
Income before foreign taxes withheld  95,462,149 
Less foreign taxes withheld  (10,645,236) 
Total income  84,816,913 
Expenses   
Management fee $2,933,900  
Custodian fees and expenses 1,937,540  
Independent trustees' fees and expenses 11,701  
Registration fees 81,449  
Audit 93,667  
Legal 7,475  
Interest 6,977  
Miscellaneous 17,947  
Total expenses before reductions 5,090,656  
Expense reductions (2,152,156)  
Total expenses after reductions  2,938,500 
Net investment income (loss)  81,878,413 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $801,315) 121,472,175  
Fidelity Central Funds (129)  
Foreign currency transactions (375,379)  
Futures contracts 17,180,454  
Total net realized gain (loss)  138,277,121 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $18,260,780) 393,875,204  
Assets and liabilities in foreign currencies (139,708)  
Futures contracts (2,016,701)  
Total change in net unrealized appreciation (depreciation)  391,718,795 
Net gain (loss)  529,995,916 
Net increase (decrease) in net assets resulting from operations  $611,874,329 

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


Statement of Changes in Net Assets

 Year ended October 31, 2021 Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $81,878,413 $86,043,153 
Net realized gain (loss) 138,277,121 (208,111,942) 
Change in net unrealized appreciation (depreciation) 391,718,795 279,787,572 
Net increase (decrease) in net assets resulting from operations 611,874,329 157,718,783 
Distributions to shareholders (61,451,040) (101,087,947) 
Share transactions   
Proceeds from sales of shares 904,679,177 3,256,992,963 
Reinvestment of distributions 59,925,572 100,106,928 
Cost of shares redeemed (1,273,280,123) (3,690,094,340) 
Net increase (decrease) in net assets resulting from share transactions (308,675,374) (332,994,449) 
Total increase (decrease) in net assets 241,747,915 (276,363,613) 
Net Assets   
Beginning of period 3,564,408,654 3,840,772,267 
End of period $3,806,156,569 $3,564,408,654 
Other Information   
Shares   
Sold 53,294,459 244,559,724 
Issued in reinvestment of distributions 3,717,467 7,409,839 
Redeemed (72,956,690) (285,330,039) 
Net increase (decrease) (15,944,764) (33,360,476) 

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


Financial Highlights

Fidelity SAI Emerging Markets Index Fund

      
Years ended October 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $14.45 $13.71 $12.62 $14.80 $11.94 
Income from Investment Operations      
Net investment income (loss)A .36 .30 .42B .36 .31 
Net realized and unrealized gain (loss) 1.93 .80 .99 (2.18) 2.76 
Total from investment operations 2.29 1.10 1.41 (1.82) 3.07 
Distributions from net investment income (.25) (.36) (.32) (.27) (.13) 
Distributions from net realized gain – – – (.09) (.08) 
Total distributions (.25) (.36) (.32) (.36) (.21) 
Net asset value, end of period $16.49 $14.45 $13.71 $12.62 $14.80 
Total ReturnC 15.87% 8.19% 11.44% (12.61)% 26.24% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .13% .14% .16% .17% .17% 
Expenses net of fee waivers, if any .08% .08% .08% .08% .09% 
Expenses net of all reductions .08% .08% .08% .08% .09% 
Net investment income (loss) 2.10% 2.21% 3.12%B 2.48% 2.36% 
Supplemental Data      
Net assets, end of period (000 omitted) $3,806,157 $3,564,409 $3,840,772 $4,257,694 $3,209,729 
Portfolio turnover rateF 16% 38% 22% 3% 2% 

 A Calculated based on average shares outstanding during the period.

 B Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.08 per share. Excluding such non-recurring dividend(s), the ratio of net investment income (loss) to average net assets would have been 2.51%.

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

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

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

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

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


Notes to Financial Statements

For the period ended October 31, 2021

1. Organization.

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

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

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

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

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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

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

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

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

Gross unrealized appreciation $1,454,827,593 
Gross unrealized depreciation (192,151,368) 
Net unrealized appreciation (depreciation) $1,262,676,225 
Tax Cost $2,567,277,635 

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

Undistributed ordinary income $93,266,289 
Capital loss carryforward $(353,763,618) 
Net unrealized appreciation (depreciation) on securities and other investments $1,262,468,532 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

No expiration  
Short-term $(270,946,960) 
Long-term (82,816,658) 
Total capital loss carryforward $(353,763,618) 

The tax character of distributions paid was as follows:

 October 31, 2021 October 31, 2020 
Ordinary Income $61,451,040 $ 101,087,947 

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

4. Derivative Instruments.

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

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

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

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

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

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

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

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

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

5. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity SAI Emerging Markets Index Fund 583,175,573 887,823,075 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .08% of the Fund's average net assets.

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

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity SAI Emerging Markets Index Fund Borrower $61,784,615 .31% $6,977 

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

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity SAI Emerging Markets Index Fund $7,036 

8. Security Lending.

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

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity SAI Emerging Markets Index Fund $56,625 $16 $– 

9. Expense Reductions.

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .075% of average net assets. This reimbursement will remain in place through February 28, 2023. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $2,141,131.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $11,025.

10. Other.

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

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

 Strategic Advisers Fidelity Emerging Markets Fund 
Fidelity SAI Emerging Markets Index Fund 15% 

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

Fund % of shares held 
Fidelity SAI Emerging Markets Index Fund 24% 

11. Coronavirus (COVID-19) Pandemic.

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

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI Emerging Markets Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI Emerging Markets Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 13, 2021



We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Jonathan Chiel, each of the Trustees oversees 286 funds. Mr. Chiel oversees 179 funds. 

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

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.

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

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

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

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

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

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

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

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

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

Independent Trustees:

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

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

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

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

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Vice Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank’s institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization’s equity and quantitative research groups. He began his career in 1983 as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).

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

Advisory Board Members and Officers:

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

Name, Year of Birth; Principal Occupation

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

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

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

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

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

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

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

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

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Jamie Pagliocco (1964)

Year of Election or Appointment: 2020

Vice President

Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer – Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

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

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2021 		Ending
Account Value
October 31, 2021 		Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 
Fidelity SAI Emerging Markets Index Fund .08%    
Actual  $1,000.00 $948.80 $.39 
Hypothetical-C  $1,000.00 $1,024.80 $.41 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The fund designates 74% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.2935 and $0.0455 for the dividend paid December 7, 2020.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity SAI Emerging Markets Index Fund

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

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

At its September 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

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

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

Resources Dedicated to Investment Management and Support Services.  The Board reviewed the general qualifications and capabilities of Fidelity’s and Geode’s investment staffs, including their size, education, experience, and resources, as well as Fidelity’s and Geode’s approach to recruiting, managing, training, and compensating investment personnel. Further, the Board considered that Fidelity’s and Geode’s investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity’s and Geode’s trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

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

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

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index.

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

The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and its benchmark index for the most recent one- and three-year periods. No performance peer group information was considered by the Board due to the fact that the peer group does not distinguish between passively-managed and actively-managed funds. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

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

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

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

The Board considered that (i) effective July 1, 2016, the fund's management fee rate was reduced from 0.20% to 0.09%, and (ii) effective August 1, 2019, the fund's management fee rate was further reduced from 0.09% to 0.075%. The Board considered that the chart below reflects the fund's lower management fee rates for 2016 and 2019, as if the lower fee rates were in effect for the entire period.

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2020.

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

Total Expense Ratio.  In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other "fund-level" expenses, such as custodial, legal, and audit fees, paid by FMR under the fund's management contract. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the fund's total expense ratio ranked below the similar sales load structure group competitive median for 2020 and below the ASPG competitive median for 2020.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.075% through February 28, 2022.

Fees Charged to Other Clients.  The Board also considered fee structures applicable to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

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

The Board also considered information regarding the profitability of Geode's relationship with the fund.

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

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

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the continued waiver of money market fund fees; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

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





Fidelity Investments

SV6-ANN-1221
1.9879600.105

Fidelity® Total International Index Fund



Annual Report

October 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


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

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

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

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

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

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



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

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

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

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

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Past 5 years Life of fundA 
Fidelity® Total International Index Fund 30.47% 9.89% 9.30% 

 A From June 7, 2016

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® Total International Index Fund on June 7, 2016, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Investable Market Index performed over the same period.


Period Ending Values
$16,167Fidelity® Total International Index Fund
$16,426MSCI ACWI (All Country World Index) ex USA Investable Market Index

Management's Discussion of Fund Performance

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

Comments from the Geode Capital Management, LLC, passive equity index team:  For the fiscal year ending October 31, 2021, the fund gained 30.47%, roughly in line with the 31.09% advance of the benchmark MSCI All Country World ex US IMI Index (Net MA). (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) From a regional standpoint, Canada, the U.K. and Europe ex U.K. notably contributed. By sector, financials gained roughly 49% and contributed most, followed by information technology, which gained 43%, and industrials, which advanced 38%. The materials sector rose roughly 35%, energy gained approximately 73%, and consumer discretionary advanced 16%. Other notable contributors included the health care (+19%), consumer staples (+17%), real estate (+24%), utilities (+20%), communication services (+8%), and multi sector (+2%) sectors. Turning to individual stocks, the top contributor was ASML Holding (+124%), from the semiconductors & semiconductor equipment segment. In semiconductors & semiconductor equipment, Taiwan Semiconductor (+42%) was helpful and Royal Dutch Shell (+94%) from the energy sector also contributed. LVMH Moet Hennessy Louis Vuitton, within the consumer durables & apparel group, rose 68% and Novo Nordisk, within the pharmaceuticals, biotechnology & life sciences industry, gained 73% and boosted the fund. Conversely, the biggest individual detractor was Alibaba Group Holding (-45%), from the retailing category. Tencent Holdings, within the media & entertainment group, returned about -19% and hindered the fund. In consumer services, TAL Education Group (-94%) and New Oriental Education & Technology Group (-87%) hurt. Another detractor was Ping An Insurance (-28%), a stock in the insurance industry.

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

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2021

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 1.7 
Nestle SA (Reg. S) (Switzerland, Food Products) 1.2 
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) 1.1 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 1.1 
Alibaba Group Holding Ltd. (Cayman Islands, Internet & Direct Marketing Retail) 1.0 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 0.9 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 0.8 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 0.7 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) 0.6 
Toyota Motor Corp. (Japan, Automobiles) 0.6 
 9.7 

Top Market Sectors as of October 31, 2021

 % of fund's net assets 
Financials 20.1 
Consumer Discretionary 12.9 
Information Technology 12.8 
Industrials 12.2 
Health Care 8.9 
Materials 8.8 
Consumer Staples 8.3 
Communication Services 5.9 
Energy 5.1 
Real Estate 2.2 

Geographic Diversification (% of fund's net assets)

As of October 31, 2021 
   Japan 15.2% 
   United Kingdom 8.8% 
   Canada 7.3% 
   Switzerland 6.0% 
   France 6.0% 
   Cayman Islands 5.9% 
   Germany 5.3% 
   Australia 4.6% 
   Taiwan 4.3% 
   Other* 36.6% 


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

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

Asset Allocation as of October 31, 2021

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

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 99.0%   
 Shares Value 
Argentina - 0.0%   
Banco Macro SA sponsored ADR (a) 22,226 $349,615 
Grupo Financiero Galicia SA sponsored ADR 40,080 426,050 
Pampa Holding SA sponsored ADR (a)(b) 14,899 273,099 
Transportadora de Gas del Sur SA Class B sponsored ADR (a)(b) 20,041 106,418 
YPF SA Class D sponsored ADR (a) 82,582 346,844 
TOTAL ARGENTINA  1,502,026 
Australia - 4.6%   
Abacus Property Group unit 107,655 289,111 
Accent Group Ltd. 148,620 277,263 
Adbri Ltd. 107,008 239,880 
Afterpay Ltd. (a) 59,143 5,478,973 
AGL Energy Ltd. 147,705 635,555 
ALS Ltd. 132,500 1,316,682 
Altium Ltd. 30,470 841,661 
Alumina Ltd. 658,550 985,835 
AMP Ltd. 828,260 672,903 
Ampol Ltd. 59,920 1,377,036 
Ansell Ltd. 32,944 780,885 
APA Group unit 300,517 1,853,724 
Appen Ltd. 26,037 210,553 
ARB Corp. Ltd. 20,748 758,377 
Aristocrat Leisure Ltd. 158,689 5,572,369 
ASX Ltd. 52,061 3,251,303 
Atlas Arteria Ltd. unit 263,129 1,227,221 
Aub Group Ltd. 26,473 432,340 
Aurizon Holdings Ltd. 456,059 1,156,147 
AusNet Services 479,355 890,669 
Austal Ltd. 109,179 154,404 
Australia & New Zealand Banking Group Ltd. 753,092 15,941,689 
Australian Agricultural Co. Ltd. (a) 71,591 85,090 
Bank of Queensland Ltd. 183,310 1,213,476 
Bapcor Ltd. 99,949 597,734 
Beach Energy Ltd. 427,038 448,129 
Bega Cheese Ltd. 114,275 465,921 
Bellevue Gold Ltd. (a) 214,402 138,704 
Bendigo & Adelaide Bank Ltd. 156,742 1,090,660 
Betmakers Technology Group Ltd. (a) 235,649 216,266 
BHP Group Ltd. 790,991 21,726,144 
Blackmores Ltd. 5,169 366,169 
BlueScope Steel Ltd. 139,445 2,162,986 
Boral Ltd. (a) 130,591 626,753 
BrainChip Holdings Ltd. (a)(b) 353,251 124,895 
Brambles Ltd. 382,052 2,885,482 
Bravura Solutions Ltd. 81,172 169,751 
Breville Group Ltd. 26,494 584,152 
Brickworks Ltd. 22,934 409,565 
BWP Trust 107,908 344,177 
carsales.com Ltd. 81,730 1,516,131 
Centuria Capital Group unit 306,687 740,564 
Centuria Industrial REIT 141,983 389,845 
Centuria Office REIT unit 158,269 286,929 
Chalice Mining Ltd. (a) 96,086 482,112 
Challenger Ltd. 168,801 881,245 
Champion Iron Ltd. (a) 98,713 326,730 
Charter Hall Group unit 135,998 1,772,937 
Charter Hall Long Wale REIT unit 166,063 607,116 
Charter Hall Retail REIT 148,591 458,288 
Charter Hall Social Infrastruc 100,983 290,184 
Cimic Group Ltd. 19,453 291,500 
Cleanaway Waste Management Ltd. 616,808 1,243,503 
Clinuvel Pharmaceuticals Ltd. 13,521 392,709 
Cochlear Ltd. 18,546 3,075,409 
Codan Ltd./Australia 36,460 275,642 
Coles Group Ltd. 357,201 4,605,594 
Collins Foods Ltd. 30,692 295,527 
Commonwealth Bank of Australia 474,124 37,335,146 
Computershare Ltd. 146,169 2,062,768 
Cooper Energy Ltd. (a) 310,278 67,688 
Corporate Travel Management Ltd. 33,960 625,632 
Costa Group Holdings Ltd. 201,308 442,187 
Credit Corp. Group Ltd. 18,159 428,244 
Cromwell Property Group unit 558,536 340,329 
Crown Ltd. (a) 108,567 813,428 
CSL Ltd. 122,897 27,780,081 
CSR Ltd. 192,847 860,260 
De Grey Mining Ltd. (a) 226,970 190,373 
Deterra Royalties Ltd. 113,732 331,953 
Dexus unit 292,400 2,390,942 
Domain Holdings Australia Ltd. 83,048 357,345 
Dominos Pizza Enterprises Ltd. 16,550 1,686,441 
Downer EDI Ltd. 186,479 883,757 
Eagers Automotive Ltd. 48,619 542,021 
Elders Ltd. 36,794 332,970 
EML Payments Ltd. (a) 70,842 157,208 
Endeavour Group Ltd. 355,211 1,817,011 
Evolution Mining Ltd. 490,621 1,339,723 
Flight Centre Travel Group Ltd. (a) 53,944 811,182 
Fortescue Metals Group Ltd. 459,111 4,810,952 
G8 Education Ltd. 297,462 246,142 
GDI Property Group unit 141,746 124,755 
Genworth Mortgage Insurance Ltd. 106,265 183,857 
Gold Road Resources Ltd. 282,072 293,881 
Goodman Group unit 447,411 7,370,772 
GrainCorp Ltd. 66,940 316,233 
Growthpoint Properties Australia Ltd. 63,027 196,760 
GUD Holdings Ltd. 34,058 312,566 
GWA Group Ltd. 43,695 89,405 
Harvey Norman Holdings Ltd. 146,855 547,940 
Healius Ltd. 167,246 606,408 
HUB24 Ltd. 13,142 313,191 
IDP Education Ltd. 54,371 1,531,727 
IGO Ltd. 196,201 1,422,789 
Iluka Resources Ltd. 113,591 803,219 
Imugene Ltd. (a) 1,135,398 422,781 
Incitec Pivot Ltd. 548,821 1,234,423 
Ingenia Communities Group unit 98,304 481,409 
Inghams Group Ltd. 88,689 247,517 
Insurance Australia Group Ltd. 658,245 2,376,791 
Invocare Ltd. 47,488 404,740 
IOOF Holdings Ltd. 222,011 681,392 
IPH Ltd. 58,840 378,886 
Iress Ltd. 62,699 565,984 
Irongate Group 155,589 187,852 
JB Hi-Fi Ltd. 36,997 1,405,187 
Jumbo Interactive Ltd. 13,442 169,169 
Kogan.Com Ltd. (b) 27,952 209,007 
Lendlease Group unit 181,830 1,430,736 
Lifestyle Communities Ltd. 37,447 612,687 
Link Administration Holdings Ltd. 123,479 404,059 
Lovisa Holdings Ltd. 15,484 252,991 
Lynas Rare Earths Ltd. (a) 246,492 1,359,155 
Macquarie Group Ltd. 92,086 13,614,915 
Magellan Financial Group Ltd. 41,245 1,075,691 
Mayne Pharma Group Ltd. (a) 356,519 91,185 
McMillan Shakespeare Ltd. 26,456 272,452 
Medibank Private Ltd. 718,372 1,794,113 
Megaport Ltd. (a) 41,028 552,762 
Mesoblast Ltd. (a)(b) 164,527 198,028 
Metcash Ltd. 365,506 1,119,054 
Mineral Resources Ltd. 44,787 1,300,136 
Mirvac Group unit 1,117,493 2,370,588 
Monadelphous Group Ltd. 24,351 184,096 
Nanosonics Ltd. (a) 77,091 343,311 
National Australia Bank Ltd. 865,589 18,819,618 
National Storage REIT unit 372,744 670,148 
Nearmap Ltd. (a) 111,209 184,882 
Netwealth Group Ltd. 37,179 483,845 
New Hope Corp. Ltd. 168,332 254,522 
Newcrest Mining Ltd. 214,327 4,012,952 
NEXTDC Ltd. (a) 125,278 1,106,382 
NIB Holdings Ltd. 125,607 625,510 
Nickel Mines Ltd. 287,905 226,322 
Nine Entertainment Co. Holdings Ltd. 364,718 757,231 
Northern Star Resources Ltd. 299,411 2,081,143 
Nufarm Ltd. (a) 100,803 329,856 
Omni Bridgeway Ltd. (a) 65,850 153,561 
oOh!media Ltd. (a) 157,597 215,173 
Orica Ltd. 117,043 1,332,130 
Origin Energy Ltd. 443,045 1,683,067 
Orocobre Ltd. (a) 169,469 1,134,599 
Orora Ltd. 241,387 599,225 
OZ Minerals Ltd. 88,986 1,682,195 
Paladin Energy Ltd. (Australia) (a) 642,085 425,047 
Pendal Group Ltd. 89,021 445,324 
Perpetual Trustees Australia Ltd. 15,768 446,703 
Perseus Mining Ltd. (Australia) 366,240 435,296 
Pilbara Minerals Ltd. (a) 680,368 1,125,975 
Platinum Asset Management Ltd. 68,712 157,133 
PointsBet Holdings Ltd. (a) 44,648 277,088 
PolyNovo Ltd. (a) 169,993 232,737 
Premier Investments Ltd. 20,736 477,007 
Pro Medicus Ltd. 12,501 501,039 
Qantas Airways Ltd. (a) 226,117 910,016 
QBE Insurance Group Ltd. 398,657 3,547,695 
Qube Holdings Ltd. 496,391 1,187,444 
Ramelius Resources Ltd. 184,610 220,808 
Ramsay Health Care Ltd. 46,932 2,486,150 
REA Group Ltd. 13,534 1,630,378 
Redbubble Ltd. (a) 57,816 180,492 
Reece Ltd. 80,031 1,197,444 
Regis Resources Ltd. 182,926 275,212 
Reliance Worldwide Corp. Ltd. 234,832 1,019,284 
Resolute Mng Ltd. (a) 272,558 86,113 
Rio Tinto Ltd. 98,516 6,691,271 
Sandfire Resources NL 142,787 597,208 
Santos Ltd. 500,028 2,625,500 
Scentre Group unit 1,441,966 3,275,851 
SEEK Ltd. 84,631 2,081,802 
Select Harvests Ltd. 56,040 311,534 
Seven Group Holdings Ltd. 42,974 696,004 
Shopping Centres Australasia Property Group unit 251,597 526,153 
Sigma Healthcare Ltd. 524,060 224,708 
Silver Lake Resources Ltd. (a) 204,791 261,122 
Sims Ltd. 41,768 448,991 
Smartgroup Corp. Ltd. 61,833 373,041 
Sonic Healthcare Ltd. 119,269 3,591,496 
South32 Ltd. 1,306,185 3,507,802 
Southern Cross Media Group Ltd. 52,408 91,463 
Spark Infrastructure Group unit 535,723 1,132,423 
St Barbara Ltd. 213,096 234,842 
Steadfast Group Ltd. 249,586 873,042 
Stockland Corp. Ltd. unit 627,436 2,147,549 
Suncorp Group Ltd. 348,084 3,068,837 
Super Retail Group Ltd. 44,388 431,744 
Sydney Airport unit (a) 350,804 2,161,278 
Tabcorp Holdings Ltd. 574,522 2,143,634 
Tassal Group Ltd. 61,130 163,247 
Technology One Ltd. 83,352 765,586 
Telix Pharmaceuticals Ltd. (a) 45,936 208,369 
Telstra Corp. Ltd. 1,070,959 3,077,502 
Temple & Webster Group Ltd. (a) 25,897 246,825 
The GPT Group unit 521,247 2,023,278 
The Star Entertainment Group Ltd. (a) 263,421 725,260 
Transurban Group unit 806,866 8,157,609 
Treasury Wine Estates Ltd. 197,635 1,712,689 
Tyro Payments Ltd. (a) 124,576 378,598 
United Malt Group Ltd. 69,875 212,356 
Uniti Group Ltd. (a) 153,857 471,057 
Vicinity Centres unit 1,115,877 1,447,997 
Viva Energy Group Ltd. (c) 280,626 489,754 
Washington H. Soul Pattinson & Co. Ltd. 57,020 1,393,174 
Waypoint (REIT) unit 214,837 441,198 
Webjet Ltd. 81,906 389,399 
Wesfarmers Ltd. 297,740 12,822,564 
West African Resources Ltd. (a) 273,082 267,054 
Western Areas NL 96,805 230,116 
Westgold Resources Ltd. 91,442 134,135 
Westpac Banking Corp. 965,835 18,790,456 
Whitehaven Coal Ltd. (a) 272,958 535,918 
WiseTech Global Ltd. 41,438 1,592,252 
Woodside Petroleum Ltd. 264,819 4,633,627 
Woolworths Group Ltd. 339,045 9,712,175 
WorleyParsons Ltd. 94,466 768,891 
Zip Co. Ltd. (a)(b) 128,975 630,639 
TOTAL AUSTRALIA  395,976,748 
Austria - 0.2%   
Andritz AG 18,140 1,027,103 
AT&S Austria Technologie & Systemtechnik AG 7,602 291,319 
BAWAG Group AG (c) 23,184 1,459,298 
CA Immobilien Anlagen AG 15,841 677,551 
DO & CO Restaurants & Catering AG (a) 1,729 156,300 
Erste Group Bank AG 78,753 3,377,527 
IMMOFINANZ Immobilien Anlagen AG 23,539 563,814 
Lenzing AG (a) 4,593 552,189 
Oesterreichische Post AG 13,734 579,492 
OMV AG 38,475 2,330,600 
PORR AG (a) 3,992 57,223 
PORR AG rights 11/3/21 (a) 3,992 652 
Raiffeisen International Bank-Holding AG 48,261 1,411,480 
S IMMO AG 14,648 347,128 
S&T AG (b) 16,374 393,331 
Schoeller-Bleckmann Oilfield Equipment AG (a) 4,330 176,443 
Telekom Austria AG 36,419 314,911 
UNIQA Insurance Group AG 38,799 361,056 
Verbund AG 18,437 1,920,317 
Vienna Insurance Group AG 10,702 312,381 
Voestalpine AG 31,530 1,196,975 
Wienerberger AG 32,594 1,153,721 
TOTAL AUSTRIA  18,660,811 
Bailiwick of Guernsey - 0.0%   
BMO Commercial Property Trust Ltd. 239,351 335,425 
Burford Capital Ltd. 57,209 586,809 
Picton Property Income Ltd. 162,738 216,256 
Regional REIT Ltd. (c) 130,746 157,103 
Sirius Real Estate Ltd. 265,605 491,444 
UK Commercial Property REIT Ltd. 231,627 240,915 
TOTAL BAILIWICK OF GUERNSEY  2,027,952 
Bailiwick of Jersey - 0.5%   
Boohoo.Com PLC (a) 284,911 708,670 
Breedon Group PLC 486,198 652,079 
Centamin PLC 342,693 439,727 
Experian PLC 243,569 11,156,768 
Ferguson PLC 58,791 8,846,404 
Glencore Xstrata PLC 2,691,367 13,458,395 
IWG PLC (a) 227,862 965,146 
Man Group PLC 387,937 1,235,430 
Petrofac Ltd. (a)(b) 83,397 147,802 
Petrofac Ltd. rights (a)(b) 20,849 4,137 
Polymetal International PLC 98,282 1,830,965 
Sanne Group PLC 47,499 587,643 
TP ICAP Group PLC 248,549 528,256 
WPP PLC 324,654 4,692,798 
TOTAL BAILIWICK OF JERSEY  45,254,220 
Belgium - 0.6%   
Ackermans & Van Haaren SA 6,132 1,054,074 
Aedifica SA 9,134 1,217,442 
Ageas 46,413 2,258,809 
Agfa-Gevaert NV (a) 35,896 156,024 
Akka Technologies SA (a) 3,532 195,004 
Anheuser-Busch InBev SA NV 201,551 12,328,317 
Barco NV 24,054 541,113 
Befimmo SCA Sicafi 6,227 254,824 
Bekaert SA 9,221 403,781 
Bpost SA (a) 38,958 333,262 
Cofinimmo SA 7,858 1,267,197 
Colruyt NV 15,683 769,418 
Compagnie D'entreprises CFE SA 1,504 153,868 
D'ieteren Group 6,412 1,103,687 
Econocom Group SA 66,804 282,259 
Elia System Operator SA/NV 8,682 1,012,672 
Euronav NV 54,372 577,629 
Fagron NV 18,048 312,535 
Galapagos NV (a) 11,873 629,631 
Gimv NV 6,514 420,937 
Groupe Bruxelles Lambert SA 26,695 3,093,657 
Intervest Offices & Warehouses NV 10,896 317,414 
KBC Ancora 11,792 614,238 
KBC Groep NV 65,271 6,078,516 
Kinepolis Group NV (a) 4,430 278,843 
Melexis NV 6,444 741,947 
Mithra Pharmaceuticals SA (a)(b) 5,337 117,222 
Montea SICAFI SCA 4,144 615,096 
Ontex Group NV (a) 19,217 180,829 
Orange Belgium 9,765 221,703 
Proximus 38,878 731,896 
Retail Estates NV 4,319 345,499 
Sofina SA 4,112 1,817,728 
Solvay SA Class A 19,237 2,286,064 
Telenet Group Holding NV 12,518 449,463 
Tessenderlo Group (a) 5,833 212,740 
Titan Cement International Trading SA 10,981 190,411 
UCB SA 34,588 4,122,322 
Umicore SA 53,071 3,041,737 
VGP NV 2,381 616,546 
Warehouses de Pauw 37,028 1,686,492 
Xior Student Housing NV 6,492 384,243 
TOTAL BELGIUM  53,417,089 
Bermuda - 0.4%   
Alibaba Health Information Technology Ltd. (a) 1,102,000 1,392,283 
Alibaba Pictures Group Ltd. (a) 4,760,000 507,782 
Beijing Enterprises Water Group Ltd. 1,374,000 524,488 
Brightoil Petroleum Holdings Ltd. (d) 26,000 0 
Brilliance China Automotive Holdings Ltd. (a) 664,000 197,806 
BW LPG Ltd. (c) 25,038 133,372 
Cafe de Coral Holdings Ltd. 104,000 189,808 
CGN New Energy Holdings Co. Ltd. (b)(c) 380,000 355,556 
China Foods Ltd. 312,000 119,499 
China Gas Holdings Ltd. 827,200 2,068,930 
China Grand Pharmaceutical and Healthcare Holdings Ltd. 365,500 293,603 
China Resource Gas Group Ltd. 264,000 1,418,315 
China Water Affairs Group Ltd. 278,000 286,557 
China Youzan Ltd. (a) 4,000,000 508,965 
Chinese Estates Holdings Ltd. 93,000 45,182 
Chow Sang Sang Holdings International Ltd. 95,000 135,043 
CK Infrastructure Holdings Ltd. 184,500 1,112,146 
CMBC Capital Holdings Ltd. 6,840,000 83,516 
Cosco Shipping Ports Ltd. 549,086 457,307 
Credicorp Ltd. (United States) 18,681 2,422,178 
Digital China Holdings Ltd. (H Shares) 209,000 112,821 
Frontline Ltd. (a)(b) 30,442 270,623 
Gemdale Properties and Investment Corp. Ltd. 1,710,000 167,033 
Golden Ocean Group Ltd. 33,560 302,711 
GOME Electrical Appliances Holdings Ltd. (a) 2,836,000 287,956 
Haitong International Securities Group Ltd. 666,030 153,228 
HengTen Networks Group Ltd. (a) 929,600 319,007 
Hi Sun Technology (China) Ltd. (a)(d) 1,221,000 164,777 
Hiscox Ltd. 96,483 1,099,908 
Hongkong Land Holdings Ltd. 320,639 1,766,721 
Hopson Development Holdings Ltd. 173,800 474,680 
Huabao International Holdings Ltd. 282,000 529,894 
Jardine Matheson Holdings Ltd. 57,158 3,311,163 
Johnson Electric Holdings Ltd. 114,927 255,246 
K Wah International Holdings Ltd. 524,902 209,812 
Kerry Logistics Network Ltd. 232,000 563,563 
Kerry Properties Ltd. 158,000 445,743 
Kunlun Energy Co. Ltd. 956,000 874,844 
Lancashire Holdings Ltd. 70,789 490,204 
Luk Fook Holdings International Ltd. 89,000 243,076 
Luye Pharma Group Ltd. (a)(c) 1,058,000 504,489 
Man Wah Holdings Ltd. 529,200 822,996 
Nine Dragons Paper (Holdings) Ltd. 416,000 522,907 
NWS Holdings Ltd. 454,367 452,002 
Pacific Basin Shipping Ltd. 1,263,000 584,384 
PAX Global Technology Ltd. (d) 216,000 149,913 
Pou Sheng International (Holdings) Ltd. (a) 736,000 123,920 
Realord Group Holdings Ltd. (a)(b) 172,000 267,931 
Shanghai Industrial Urban Development Group Ltd. 1,639,400 141,173 
Shangri-La Asia Ltd. (a) 256,000 208,604 
Shenzhen International Holdings Ltd. 330,009 398,276 
Sihuan Pharmaceutical Holdings Group Ltd. 971,000 204,671 
Sinopec Kantons Holdings Ltd. 352,000 134,367 
Skyworth Group Ltd. (a) 499,589 278,673 
SMI Corp. Ltd. (d) 7,200 2,165 
Vtech Holdings Ltd. 56,000 430,769 
Yue Yuen Industrial (Holdings) Ltd. (a) 246,500 525,284 
Yuexiu Transport Infrastructure Ltd. 276,000 176,657 
TOTAL BERMUDA  30,224,527 
Brazil - 0.9%   
AES Brasil Energia SA 120,039 231,834 
Aliansce Sonae Shopping Centers SA 38,572 131,084 
Alupar Investimento SA unit 51,900 218,311 
Ambev SA 1,242,663 3,740,892 
Americanas SA (a) 109,449 575,966 
Anima Holding SA (a) 115,300 134,835 
Arezzo Industria e Comercio SA 27,200 356,157 
Atacadao SA 152,000 448,152 
B3 SA - Brasil Bolsa Balcao 1,649,334 3,480,557 
Banco Bradesco SA 419,155 1,262,560 
Banco do Brasil SA 229,500 1,158,927 
Banco Inter SA unit 93,320 586,991 
Banco Santander SA (Brasil) unit 96,500 588,185 
BB Seguridade Participacoes SA 173,900 680,650 
BK Brasil Operacao e Assessoria a Restaurantes SA (a) 95,900 116,736 
BR Malls Participacoes SA (a) 327,705 416,323 
BRF SA (a) 167,500 689,434 
BTG Pactual Participations Ltd. unit 289,300 1,155,908 
CCR SA 287,084 581,411 
Centrais Eletricas Brasileiras SA (Electrobras) 71,176 426,642 
Cielo SA 247,560 96,062 
Cogna Educacao (a) 811,554 356,613 
Companhia Brasileira de Distribuicao Grupo Pao de Acucar 55,561 251,333 
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) 82,600 515,171 
Companhia de Saneamento de Minas Gerais 52,000 125,398 
Companhia Siderurgica Nacional SA (CSN) 185,987 750,697 
Compania de Locacao das Americas 104,300 364,619 
Compania de Saneamento do Parana unit 45,900 148,424 
Cosan SA 282,164 989,409 
CPFL Energia SA 76,400 356,158 
CVC Brasil Operadora e Agencia de Viagens SA (a) 86,306 244,216 
Cyrela Brazil Realty SA 73,600 183,746 
Dexco SA 73,600 202,264 
EDP Energias do Brasil SA 90,800 315,334 
Embraer SA (a) 207,188 805,066 
Energisa SA unit 48,700 341,879 
Eneva SA (a) 179,800 458,755 
ENGIE Brasil Energia SA 69,581 479,712 
Equatorial Energia SA 267,200 1,083,230 
EZ Tec Empreendimentos e Participacoes SA 30,200 97,656 
Fleury SA 61,200 204,188 
Gol Linhas Aereas Inteligentes SA:   
warrants 7/23/24 (a)(d) 900 1,225 
warrants 7/30/24 (a) 3,278 3,073 
Grendene SA 101,400 154,154 
Grupo de Moda Soma SA (a) 132,816 308,754 
Grupo SBF SA (a) 34,200 126,891 
Hapvida Participacoes e Investimentos SA (c) 317,700 649,608 
Hypermarcas SA 129,000 641,366 
Iguatemi Empresa de Shopping Centers SA 24,500 129,971 
IRB Brasil Resseguros SA 234,913 195,213 
JBS SA 248,000 1,715,936 
Klabin SA unit 170,200 691,801 
Light SA 89,200 152,992 
Localiza Rent A Car SA 161,208 1,293,937 
Locaweb Servicos de Internet SA (c) 130,900 424,443 
LOG Commercial Properties e Participacoes SA 19,191 79,671 
Lojas Renner SA 241,125 1,376,990 
M. Dias Branco SA 38,857 213,088 
Magazine Luiza SA 809,568 1,550,627 
Marfrig Global Foods SA 103,200 484,567 
Meliuz SA (c) 172,800 101,344 
Minerva SA 82,800 142,895 
MRV Engenharia e Participacoes SA 120,400 216,531 
Multiplan Empreendimentos Imobiliarios SA 68,496 224,768 
Natura & Co. Holding SA (a) 239,052 1,647,671 
Notre Dame Intermedica Participacoes SA 140,211 1,594,447 
Odontoprev SA 84,900 201,727 
Omega Geracao SA (a) 45,800 265,607 
Pet Center Comercio e Participacoes SA 109,700 364,837 
Petro Rio SA (a) 184,200 766,004 
Petroleo Brasileiro SA - Petrobras (ON) 928,988 4,554,573 
Qualicorp Consultoria E Corret 73,000 221,310 
Raia Drogasil SA 293,300 1,208,268 
Rede D'Oregon Sao Luiz SA (c) 103,500 1,081,984 
Rumo SA (a) 340,100 963,570 
Santos Brasil Participacoes SA (a) 229,800 209,694 
Sao Martinho SA 43,000 291,807 
Sendas Distribuidora SA 257,405 697,353 
SLC Agricola SA 25,100 193,816 
Sul America SA unit 109,520 503,957 
Suzano Papel e Celulose SA (a) 205,389 1,791,577 
Telefonica Brasil SA 127,400 1,027,543 
TIM SA 218,380 434,144 
Totvs SA 154,800 898,552 
Transmissora Alianca de Energia Eletrica SA unit 53,200 345,567 
Ultrapar Participacoes SA 189,700 438,638 
Ultrapar Participacoes SA rights 11/3/21 (a)(d) 13,597 24 
Vale SA 1,065,674 13,521,548 
Via S/A (a) 309,200 336,933 
Vibra Energia SA 347,742 1,292,680 
Weg SA 448,480 2,940,175 
YDUQS Participacoes SA 86,500 319,712 
TOTAL BRAZIL  74,345,048 
British Virgin Islands - 0.0%   
Arcos Dorados Holdings, Inc. Class A (b) 43,895 209,379 
Despegar.com Corp. (a) 12,672 140,913 
First Pacific Co. Ltd. 540,000 215,847 
Mail.Ru Group Ltd. unit (a) 33,026 678,804 
TOTAL BRITISH VIRGIN ISLANDS  1,244,943 
Canada - 7.3%   
Advantage Energy Ltd. (a) 58,810 333,111 
Aecon Group, Inc. 21,776 324,810 
AG Growth International, Inc. 4,878 107,209 
Agnico Eagle Mines Ltd. (Canada) 66,432 3,526,114 
Air Canada (a) 39,455 707,423 
Alamos Gold, Inc. 133,982 993,823 
Algonquin Power & Utilities Corp. 161,957 2,334,610 
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 223,919 8,398,772 
Allied Properties (REIT) 24,880 859,824 
AltaGas Ltd. 68,627 1,420,672 
Altius Minerals Corp. 9,979 127,479 
Altus Group Ltd. 10,731 562,823 
ARC Resources Ltd. 201,967 1,937,095 
Aritzia, Inc. (a) 23,506 925,729 
Artis (REIT) 26,390 249,912 
ATCO Ltd. Class I (non-vtg.) 22,275 755,939 
ATS Automation Tooling System, Inc. (a) 21,047 716,135 
Aurinia Pharmaceuticals, Inc. (Canada) (a) 25,230 834,608 
Aurora Cannabis, Inc. (a)(b) 47,587 315,683 
AutoCanada, Inc. (a) 9,108 328,156 
B2Gold Corp. 318,718 1,315,974 
Badger Infrastructure Solution 12,617 348,150 
Ballard Power Systems, Inc. (a)(b) 63,002 1,141,835 
Bank of Montreal 171,306 18,599,214 
Bank of Nova Scotia 313,818 20,574,655 
Barrick Gold Corp. (Canada) 485,182 8,903,105 
Bausch Health Cos., Inc. (Canada) (a) 80,087 2,244,843 
BCE, Inc. 16,308 839,514 
Birchcliff Energy Ltd. 83,322 447,714 
BlackBerry Ltd. (a) 141,224 1,525,667 
Boardwalk (REIT) 6,487 279,849 
Bombardier, Inc. Class B (sub. vtg.) (a) 529,444 851,320 
Boralex, Inc. Class A 28,138 870,787 
Boyd Group Services, Inc. 5,785 1,122,784 
Brookfield Asset Management Reinsurance Partners Ltd. 2,102 129,490 
Brookfield Asset Management, Inc. (Canada) Class A 343,939 20,765,289 
Brookfield Infrastructure Corp. Class A 9,935 602,233 
Brookfield Renewable Corp. 34,383 1,424,105 
BRP, Inc. 10,799 949,537 
CAE, Inc. (a) 82,529 2,502,677 
Cameco Corp. 104,419 2,537,071 
Canaccord Genuity Group, Inc. 27,626 319,654 
Canacol Energy Ltd. 76,702 240,468 
Canada Goose Holdings, Inc. (a) 16,384 607,648 
Canadian Apartment Properties (REIT) unit 23,247 1,135,113 
Canadian Imperial Bank of Commerce 118,436 14,370,987 
Canadian National Railway Co. 190,090 25,263,416 
Canadian Natural Resources Ltd. 318,278 13,527,329 
Canadian Pacific Railway Ltd. (b) 178,081 13,783,435 
Canadian Tire Ltd. Class A (non-vtg.) 15,025 2,134,045 
Canadian Utilities Ltd. Class A (non-vtg.) 36,635 1,061,219 
Canadian Western Bank, Edmonton 27,402 876,572 
Canfor Corp. (a) 15,677 324,789 
Capital Power Corp. 34,409 1,130,192 
Capstone Mining Corp. (a) 96,990 406,737 
Cargojet, Inc. 3,937 626,847 
Cascades, Inc. 27,255 315,802 
CCL Industries, Inc. Class B 43,941 2,401,914 
Celestica, Inc. (sub. vtg.) (a) 39,225 386,672 
Cenovus Energy, Inc. (Canada) 357,748 4,278,176 
Centerra Gold, Inc. 59,008 442,465 
CGI, Inc. Class A (sub. vtg.) (a) 57,722 5,156,548 
Chorus Aviation, Inc. Class B (a) 24,896 72,419 
CI Financial Corp. 52,292 1,192,373 
Cineplex, Inc. (a)(b) 17,158 183,836 
Cogeco Communications, Inc. 4,694 403,139 
Colliers International Group, Inc. 8,570 1,243,259 
Cominar (REIT) 24,281 226,604 
Computer Modelling Group Ltd. 20,058 87,843 
Constellation Software, Inc. 5,374 9,444,406 
Converge Technology Solutions Corp. (a) 51,156 491,058 
Corus Entertainment, Inc. Class B (non-vtg.) 57,210 259,331 
Crescent Point Energy Corp. 188,094 945,333 
Cronos Group, Inc. (a)(b) 48,105 249,543 
Denison Mines Corp. (a)(b) 286,037 485,357 
Descartes Systems Group, Inc. (Canada) (a) 24,991 2,040,918 
Docebo, Inc. (a) 6,179 462,526 
Dollarama, Inc. 76,402 3,453,400 
DREAM Unlimited Corp. 9,565 238,816 
Dundee Precious Metals, Inc. 57,288 376,797 
Dye & Durham Ltd. 16,526 505,688 
ECN Capital Corp. 62,476 543,182 
Eldorado Gold Corp. (a) 62,511 559,144 
Element Fleet Management Corp. 121,636 1,321,917 
Emera, Inc. 64,696 3,010,016 
Empire Co. Ltd. Class A (non-vtg.) 50,579 1,512,139 
Enbridge, Inc. 541,650 22,688,378 
Endeavour Silver Corp. (a) 38,654 194,894 
Enerflex Ltd. 34,296 292,358 
Energy Fuels, Inc. (a) 41,319 325,851 
Enerplus Corp. 65,754 622,687 
Enghouse Systems Ltd. 12,693 550,447 
Enthusiast Gaming Holdings, Inc. (a) 20,879 63,602 
Equinox Gold Corp. (a) 64,263 476,676 
Equitable Group, Inc. 8,888 555,069 
ERO Copper Corp. (a) 16,017 298,830 
Extendicare, Inc. 24,719 144,607 
Fairfax Financial Holdings Ltd. (sub. vtg.) 7,118 2,882,917 
Fiera Capital Corp. 28,214 242,108 
Finning International, Inc. 49,295 1,459,412 
First Capital (REIT) unit 28,560 408,000 
First Majestic Silver Corp. 57,921 733,841 
First National Financial Corp. 5,081 170,995 
First Quantum Minerals Ltd. 159,328 3,772,067 
FirstService Corp. 11,867 2,366,880 
Fortis, Inc. 123,275 5,487,411 
Fortuna Silver Mines, Inc. (a) 96,469 467,691 
Franco-Nevada Corp. 52,325 7,466,121 
George Weston Ltd. 21,138 2,283,915 
GFL Environmental, Inc. 40,843 1,679,460 
Gibson Energy, Inc. 43,309 872,759 
Gildan Activewear, Inc. 57,873 2,125,813 
goeasy Ltd. 3,974 622,752 
Granite Real Estate Investment Trust 7,979 646,779 
Great-West Lifeco, Inc. 68,090 2,003,197 
H&R (REIT) unit 37,451 514,739 
HEXO Corp. (a)(b) 41,309 60,081 
Home Capital Group, Inc. (a) 17,500 567,873 
HudBay Minerals, Inc. 60,374 420,998 
Hydro One Ltd. (c) 85,163 2,034,801 
iA Financial Corp, Inc. 32,731 1,936,196 
IAMGOLD Corp. (a) 109,758 302,420 
IGM Financial, Inc. 26,509 1,052,563 
Imperial Oil Ltd. (b) 69,414 2,350,070 
Innergex Renewable Energy, Inc. 48,743 811,333 
Intact Financial Corp. 47,010 6,302,060 
Inter Pipeline Ltd. 31,742 483,209 
Interfor Corp. 18,579 425,443 
InterRent REIT 28,813 422,091 
Intertape Polymer Group, Inc. 19,479 442,590 
Ivanhoe Mines Ltd. (a) 175,536 1,377,226 
Jamieson Wellness, Inc. (c) 15,449 475,728 
K92 Mining, Inc. (a) 64,815 378,122 
Keyera Corp. 58,464 1,498,447 
Killam Apartment (REIT) 18,141 333,328 
Kinaxis, Inc. (a) 7,081 1,098,997 
Kinross Gold Corp. 338,071 2,032,360 
Kirkland Lake Gold Ltd. 73,136 3,082,987 
Knight Therapeutics, Inc. (a) 46,978 195,109 
Labrador Iron Ore Royalty Corp. 17,869 517,329 
Lassonde Industries, Inc. Class A (sub. vtg.) 1,440 204,772 
Laurentian Bank of Canada 21,572 726,329 
Lifeworks, Inc. 24,873 642,928 
Lightspeed Commerce, Inc. (Canada) (a) 28,897 2,816,617 
Linamar Corp. 14,953 822,439 
Lithium Americas Corp. (a) 31,906 925,521 
Loblaw Companies Ltd. 46,244 3,478,015 
Lundin Gold, Inc. (a) 22,222 203,438 
Lundin Mining Corp. 179,581 1,562,773 
MAG Silver Corp. (a) 30,196 601,431 
Magna International, Inc. Class A (sub. vtg.) 76,928 6,257,548 
Manulife Financial Corp. 511,994 9,974,285 
Maple Leaf Foods, Inc. 28,054 611,584 
Martinrea International, Inc. 30,018 278,690 
MEG Energy Corp. (a) 86,428 774,472 
Methanex Corp. 20,135 901,975 
Metro, Inc. 66,426 3,342,233 
Mind Medicine (MindMed), Inc. (a) 85,274 214,287 
Morguard North American Resources (REIT) 10,443 155,430 
MTY Food Group, Inc. 7,141 349,087 
Mullen Group Ltd. 25,088 259,475 
National Bank of Canada 87,501 7,244,144 
New Gold, Inc. (a) 150,508 211,606 
NexGen Energy Ltd. (a) 131,076 724,434 
Nfi Group, Inc. 15,974 323,714 
North West Co., Inc. 25,106 682,219 
Northland Power, Inc. 62,292 2,002,746 
Novagold Resources, Inc. (a) 62,006 452,920 
Nutrien Ltd. 154,327 10,786,430 
Nuvei Corp. (a)(c) 15,567 1,870,908 
OceanaGold Corp. (a) 163,763 305,666 
Onex Corp. (sub. vtg.) 22,794 1,698,683 
Open Text Corp. 70,321 3,542,187 
Orla Mining Ltd. (a) 38,591 135,954 
Osisko Gold Royalties Ltd. 44,050 556,320 
Osisko Mining, Inc. (a) 93,634 202,006 
Pan American Silver Corp. 58,220 1,491,014 
Paramount Resources Ltd. Class A 17,862 298,614 
Parex Resources, Inc. (b) 47,315 918,697 
Park Lawn Corp. 9,739 290,533 
Parkland Corp. 43,014 1,251,563 
Pason Systems, Inc. 25,190 187,256 
Pembina Pipeline Corp. 144,856 4,795,370 
Peyto Exploration & Development Corp. 50,216 396,015 
Power Corp. of Canada (sub. vtg.) 145,765 4,854,907 
PrairieSky Royalty Ltd. 77,090 948,675 
Premium Brands Holdings Corp. 11,403 1,232,346 
Pretium Resources, Inc. (a) 55,669 673,372 
Primo Water Corp. 38,350 609,765 
Quebecor, Inc. Class B (sub. vtg.) 48,747 1,242,308 
Real Matters, Inc. (a) 22,449 164,159 
Restaurant Brands International, Inc. 76,236 4,316,303 
Richelieu Hardware Ltd. 18,074 638,052 
RioCan (REIT) 36,481 657,047 
Ritchie Bros. Auctioneers, Inc. 29,358 2,006,620 
Rogers Communications, Inc. Class B (non-vtg.) 96,750 4,499,782 
Rogers Sugar, Inc. 24,244 110,485 
Royal Bank of Canada 369,411 38,451,458 
Russel Metals, Inc. 17,916 472,365 
Sabina Gold & Silver Corp. (a) 80,380 91,577 
Sandstorm Gold Ltd. (a) 52,264 330,662 
Saputo, Inc. 70,987 1,695,520 
Seabridge Gold, Inc. (a) 22,302 411,765 
Shaw Communications, Inc. Class B 118,059 3,399,824 
Shopify, Inc. Class A (a) 30,297 44,236,656 
Sienna Senior Living, Inc. 26,218 300,609 
Sierra Wireless, Inc. (a) 10,046 168,353 
Silvercorp Metals, Inc. 41,930 177,532 
SilverCrest Metals, Inc. (a) 45,994 414,005 
Sleep Country Canada Holdings, Inc. (c) 9,534 267,547 
Smart (REIT) 19,014 479,191 
SNC-Lavalin Group, Inc. 50,743 1,364,928 
Spin Master Corp. (a)(c) 8,412 291,185 
Sprott Physical Uranium Trust (a) 11,647 129,495 
Sprott, Inc. (a) 6,227 253,337 
SSR Mining, Inc. 68,937 1,087,306 
Stantec, Inc. 33,097 1,829,214 
Stelco Holdings, Inc. 12,310 427,408 
Stella-Jones, Inc. 18,833 676,107 
Summit Industrial Income REIT 34,545 659,861 
Sun Life Financial, Inc. 149,965 8,546,406 
Suncor Energy, Inc. 412,265 10,842,943 
SunOpta, Inc. (a) 22,933 177,960 
Superior Plus Corp. 43,827 487,636 
TC Energy Corp. 262,395 14,194,688 
Teck Resources Ltd. Class B (sub. vtg.) 123,331 3,442,027 
TELUS Corp. 115,116 2,640,710 
TFI International, Inc. (Canada) 22,729 2,520,282 
The Toronto-Dominion Bank 479,970 34,842,037 
Thomson Reuters Corp. 45,858 5,516,225 
Timbercreek Financial Corp. 20,210 158,891 
TMX Group Ltd. 16,710 1,809,125 
Torex Gold Resources, Inc. (a) 27,198 316,240 
Toromont Industries Ltd. 22,807 2,029,152 
Tourmaline Oil Corp. 77,503 2,801,155 
TransAlta Corp. 73,076 819,566 
TransAlta Renewables, Inc. 33,252 492,224 
Transcontinental, Inc. Class A 20,983 332,310 
Tricon Residential, Inc. 68,466 996,342 
Trillium Therapeutics, Inc. (a) 19,093 345,774 
Trisura Group Ltd. (a)(b) 14,224 480,761 
Turquoise Hill Resources Ltd. (a) 29,866 378,393 
Vermilion Energy, Inc. (a) 57,215 620,415 
Village Farms International, Inc. (a)(b) 35,154 266,723 
Well Health Technologies Corp. (a)(b) 56,378 299,747 
Wesdome Gold Mines, Inc. (a) 47,331 425,658 
West Fraser Timber Co. Ltd. 28,353 2,270,119 
Westshore Terminals Investment Corp. 10,081 218,058 
Wheaton Precious Metals Corp. 121,135 4,890,033 
Whitecap Resources, Inc. 188,880 1,133,952 
Winpak Ltd. 11,215 350,967 
WSP Global, Inc. 31,859 4,319,088 
Yamana Gold, Inc. 254,458 999,245 
TOTAL CANADA  627,863,335 
Cayman Islands - 5.9%   
3SBio, Inc. (a)(c) 348,500 318,915 
51job, Inc. sponsored ADR (a) 8,853 527,285 
AAC Technology Holdings, Inc. 216,500 935,760 
Abu Dhabi Islamic Bank 395,879 629,414 
Agile Property Holdings Ltd. 300,000 235,975 
Agora, Inc. ADR (a) 13,309 290,136 
Airtac International Group 39,673 1,182,567 
AK Medical Holdings Ltd. (c) 158,000 164,285 
Akeso, Inc. (a)(c) 89,000 498,734 
Alchip Technologies Ltd. 20,000 739,810 
Alibaba Group Holding Ltd. (a) 4,077,164 83,837,329 
Alphamab Oncology (a)(c) 126,000 260,405 
Anta Sports Products Ltd. 290,000 4,532,357 
Ascentage Pharma Group International (a)(c) 50,600 188,275 
Asia Cement (China) Holdings Corp. 169,000 128,805 
ASM Pacific Technology Ltd. 89,000 961,436 
Autohome, Inc. ADR Class A 23,703 932,713 
Baidu, Inc. sponsored ADR (a) 75,899 12,313,854 
Baozun, Inc. sponsored ADR (a) 15,647 270,693 
BeiGene Ltd. ADR (a) 12,380 4,428,574 
Beijing Enterprises Urban Resources Group Ltd. (a) 424,000 43,051 
BeyondSpring, Inc. (a)(b) 10,457 144,516 
Bilibili, Inc. ADR (a)(b) 44,822 3,285,453 
Bit Digital, Inc. (a)(b) 15,624 222,642 
BizLink Holding, Inc. 38,062 350,616 
Bosideng International Holdings Ltd. 862,000 669,170 
Budweiser Brewing Co. APAC Ltd. (c) 491,000 1,353,634 
Burning Rock Biotech Ltd. ADR (a) 12,119 170,757 
Canaan, Inc. ADR (a)(b) 26,224 224,740 
Chailease Holding Co. Ltd. 347,397 3,318,643 
China Aoyuan Group Ltd. 302,000 119,162 
China Conch Venture Holdings Ltd. 488,000 2,383,394 
China Dongxiang Group Co. Ltd. 951,000 100,227 
China East Education Holdings Ltd. (c) 144,500 137,619 
China Education Group Holdings Ltd. 220,000 377,765 
China Evergrande Group (b) 469,190 139,904 
China Feihe Ltd. (c) 973,000 1,620,729 
China Harmony Auto Holding Ltd. 258,500 132,232 
China Hongqiao Group Ltd. 636,500 707,631 
China Huishan Dairy Holdings Co. Ltd. (a)(d) 51,000 0 
China Liansu Group Holdings Ltd. 329,000 510,805 
China Literature Ltd. (a)(c) 105,800 736,337 
China Logistics Property Holdings Co. Ltd. (a)(c) 383,000 205,763 
China Medical System Holdings Ltd. 402,000 685,113 
China Meidong Auto Holding Ltd. 164,000 851,565 
China Mengniu Dairy Co. Ltd. 839,000 5,343,159 
China Modern Dairy Holdings Ltd. 1,097,000 207,260 
China New Higher Education Group Ltd. (c) 305,000 154,058 
China Overseas Property Holdings Ltd. 345,000 310,391 
China Resources Cement Holdings Ltd. 644,000 542,978 
China Resources Land Ltd. 882,000 3,434,818 
China Resources Medical Holdin 292,000 204,537 
China Resources Mixc Lifestyle Services Ltd. (c) 193,400 1,017,895 
China SCE Property Holdings Ltd. 635,000 198,323 
China State Construction International Holdings Ltd. 539,750 554,283 
China Yuhua Education Corp. Ltd. (c) 490,000 222,942 
ChinaSoft International Ltd. 690,000 1,154,656 
Chindata Group Holdings Ltd. ADR (a) 28,667 285,523 
Chow Tai Fook Jewellery Group Ltd. 504,000 1,031,255 
CIFI Ever Sunshine Services Group Ltd. 196,000 355,700 
CIFI Holdings Group Co. Ltd. 790,911 439,141 
Cimc Enric Holdings Ltd. 274,000 354,275 
CK Asset Holdings Ltd. 539,488 3,331,714 
CK Hutchison Holdings Ltd. 724,000 4,871,332 
COFCO Meat Holdings Ltd. 553,000 214,647 
Comba Telecom Systems Holdings Ltd. (a) 624,000 174,035 
Country Garden Holdings Co. Ltd. 2,252,990 2,116,748 
Country Garden Services Holdings Co. Ltd. 424,000 3,296,960 
CStone Pharmaceuticals Co. Ltd. (a)(c) 129,000 160,162 
CT Environmental Group Ltd. (d) 26,000 0 
Dali Foods Group Co. Ltd. (c) 654,500 364,242 
Daqo New Energy Corp. ADR (a) 16,596 1,291,003 
Differ Group Holding Co. Ltd. 1,004,000 242,596 
Dongyue Group Co. Ltd. (b) 300,000 698,670 
E-House China Enterprise Holdings Ltd. 171,000 32,308 
EHang Holdings Ltd. ADR (a)(b) 5,865 141,522 
ENN Energy Holdings Ltd. 210,400 3,642,553 
ESR Cayman Ltd. (a)(c) 540,400 1,753,756 
Fanhua, Inc. ADR 12,015 159,319 
Far East Consortium International Ltd. 630,463 208,250 
FIH Mobile Ltd. (a) 831,000 129,235 
FinVolution Group ADR 26,684 163,306 
Fu Shou Yuan International Group Ltd. 374,000 321,581 
Fufeng Group Ltd. 468,000 161,805 
Fulgent Sun International Holding Co. Ltd. 50,000 184,952 
Futu Holdings Ltd. ADR (a)(b) 13,664 731,297 
Gaotu Techedu, Inc. ADR (a)(b) 31,318 92,075 
GCL-Poly Energy Holdings Ltd. (a)(d) 4,208,000 1,070,862 
GDS Holdings Ltd. ADR (a)(b) 24,143 1,434,094 
Geely Automobile Holdings Ltd. 1,583,000 5,503,522 
General Interface Solution Holding Ltd. 63,000 219,691 
Genscript Biotech Corp. (a) 306,000 1,358,820 
Glory Sun Financial Group Ltd. (a) 3,552,000 123,262 
Gourmet Master Co. Ltd. 27,630 129,989 
Greentown China Holdings Ltd. 247,000 341,587 
Greentown Service Group Co. Ltd. 364,000 361,637 
Haidilao International Holding Ltd. (c) 290,000 812,544 
Haitian International Holdings Ltd. 161,000 471,795 
Hansoh Pharmaceutical Group Co. Ltd. (c) 356,000 795,229 
Health & Happiness H&H International Holdings Ltd. 71,000 166,629 
Hello Group, Inc. ADR 54,951 684,140 
Hengan International Group Co. Ltd. 209,000 1,091,941 
HKBN Ltd. 286,500 343,925 
Hope Education Group Co. Ltd. (c) 658,000 118,399 
Huazhu Group Ltd. ADR (a) 47,366 2,195,888 
Hutchison China Meditech Ltd. sponsored ADR (a) 23,999 706,051 
HUYA, Inc. ADR (a)(b) 19,182 157,676 
I-Mab ADR (a) 9,242 571,063 
iClick Interactive Asia Group Ltd. (A Shares) ADR (a)(b) 23,130 159,366 
iDreamSky Technology Holdings Ltd. (a)(b)(c) 356,800 254,513 
IGG, Inc. 186,000 173,079 
Innovent Biologics, Inc. (a)(c) 313,500 2,812,454 
iQIYI, Inc. ADR (a)(b) 71,027 588,104 
JD Health International, Inc. (b)(c) 109,250 967,460 
JD.com, Inc. sponsored ADR (a) 233,854 18,306,091 
Jiayuan International Group Ltd. 603,952 233,648 
JinkoSolar Holdings Co. Ltd. ADR (a)(b) 10,607 634,511 
Jinxin Fertility Group Ltd. (a)(c) 328,000 464,567 
Jiumaojiu International Holdings Ltd. (c) 215,000 538,847 
JOYY, Inc. ADR 14,384 724,810 
Kaisa Group Holdings Ltd. 764,571 117,921 
KE Holdings, Inc. ADR (a) 97,266 1,772,187 
Kingboard Chemical Holdings Ltd. 210,000 919,028 
Kingboard Laminates Holdings Ltd. 262,500 411,606 
Kingdee International Software Group Co. Ltd. (a) 691,000 2,282,463 
Kingsoft Cloud Holdings Ltd. ADR (a)(b) 13,178 302,699 
Kingsoft Corp. Ltd. 244,000 1,049,007 
Kuaishou Technology Class B (c) 76,900 1,022,961 
KWG Group Holdings Ltd. 329,123 287,647 
KWG Living Group Holdings Ltd. 237,000 161,137 
Lee & Man Paper Manufacturing Ltd. 349,000 261,957 
Li Ning Co. Ltd. 615,000 6,837,286 
Lifestyle International Holdings Ltd. (a) 165,000 86,524 
Lifetech Scientific Corp. (a) 962,000 447,586 
Logan Property Holdings Co. Ltd. 352,000 353,335 
Longfor Properties Co. Ltd. (c) 475,500 2,310,121 
Lonking Holdings Ltd. 501,000 146,813 
Lufax Holding Ltd. ADR (a)(b) 41,174 259,808 
Maoyan Entertainment (a)(c) 109,800 132,937 
Meitu, Inc. (a)(c) 502,000 109,684 
Meituan Class B (a)(c) 1,083,300 36,863,227 
Melco Crown Entertainment Ltd. sponsored ADR (a) 65,300 707,199 
MGM China Holdings Ltd. (a) 219,600 161,726 
MH Development Ltd. (d) 74,000 0 
Microport Scientific Corp. 174,472 822,971 
Ming Yuan Cloud Group Holdings Ltd. 96,000 314,633 
Minth Group Ltd. 192,000 767,457 
NetDragon WebSoft, Inc. 65,500 143,956 
NetEase, Inc. ADR 109,761 10,711,576 
New Oriental Education & Technology Group, Inc. sponsored ADR 437,031 895,914 
Nexteer Auto Group Ltd. 239,000 294,891 
NIO, Inc. sponsored ADR (a) 370,435 14,598,843 
Niu Technologies ADR (a) 7,218 188,967 
Noah Holdings Ltd. sponsored ADR (a) 8,898 378,254 
OneConnect Financial Technology Co. Ltd. ADR (a) 31,588 100,134 
OneSmart International Education Group Ltd. ADR (a)(b)(d) 26,587 10,640 
Pacific Textile Holdings Ltd. 262,000 130,655 
Parade Technologies Ltd. 20,000 1,282,097 
Perennial Energy Holdings Ltd. 550,000 113,103 
Pinduoduo, Inc. ADR (a) 119,151 10,594,907 
Ping An Healthcare and Technology Co. Ltd. (a)(c) 115,800 563,335 
Powerlong Commercial Management Holdings Ltd. 43,937 99,388 
Powerlong Real Estate Holding Ltd. 309,000 212,871 
Q Technology (Group) Co. Ltd. (a) 133,000 195,556 
Redco Properties Group Ltd. (c) 460,000 141,302 
RLX Technology, Inc. ADR (b) 161,102 782,956 
Ronshine China Holdings Ltd. 260,500 105,466 
Sands China Ltd. (a) 690,400 1,573,543 
Sany Heavy Equipment International Holdings Co. Ltd. 308,000 353,108 
Sapiens International Corp. NV 8,937 308,411 
Sea Ltd. ADR (a) 18,769 6,448,465 
Seazen Group Ltd. 542,000 429,810 
Shenzhou International Group Holdings Ltd. 221,300 4,767,732 
Shimao Property Holdings Ltd. 418,500 658,369 
Shimao Services Holdings Ltd. (c) 175,000 333,783 
Silergy Corp. 21,000 3,454,121 
Sino Biopharmaceutical Ltd. 2,783,000 2,060,289 
SITC International Holdings Co. Ltd. 359,000 1,215,815 
Smoore International Holdings Ltd. (c) 500,000 2,397,018 
SOHO China Ltd. (a) 727,500 184,201 
Sohu.Com Ltd. ADR (a) 10,665 216,073 
Sos Ltd. ADR (a)(b) 47,732 107,397 
SSY Group Ltd. 430,000 205,038 
Sunac China Holdings Ltd. 754,000 1,624,194 
Sunac Services Holdings Ltd. (c) 211,000 427,939 
Sunevision Holdings Ltd. 171,000 157,143 
Sunny Optical Technology Group Co. Ltd. 190,700 5,152,001 
TAL Education Group ADR (a) 122,716 501,908 
TCL Electronics Holdings Ltd. 345,000 187,565 
Tencent Holdings Ltd. 1,545,525 94,013,966 
Tencent Music Entertainment Group ADR (a) 176,621 1,388,241 
The United Laboratories International Holdings Ltd. 328,000 207,832 
Tianli Education International Holdings Ltd. 294,000 61,592 
Tianneng Power International Ltd. (b) 180,000 205,668 
Times Neighborhood Holdings Ltd. 186,000 87,735 
Tingyi (Cayman Islands) Holding Corp. 592,000 1,107,836 
Tongcheng-Elong Holdings Ltd. (a) 251,600 563,315 
Tongda Group Holdings Ltd. (a) 1,440,000 46,084 
Tongdao Liepin Group (a) 67,000 96,791 
Topsports International Holdings Ltd. (c) 504,000 612,794 
Towngas China Co. Ltd. 333,474 229,302 
TPK Holding Co. Ltd. 90,000 137,368 
Trip.com Group Ltd. ADR (a) 137,110 3,915,862 
Uni-President China Holdings Ltd. 352,000 300,402 
Up Fintech Holdings Ltd. ADR (a)(b) 21,931 141,894 
Value Partners Group Ltd. 308,000 158,345 
Vinda International Holdings Ltd. (b) 86,000 237,093 
Vipshop Holdings Ltd. ADR (a) 125,709 1,402,912 
Viva Biotech Holdings (c) 278,000 210,452 
Vnet Group, Inc. ADR (a) 28,519 447,178 
Vobile Group Ltd. (a) 324,000 284,419 
Want Want China Holdings Ltd. 1,191,000 923,042 
Weibo Corp. sponsored ADR (a) 18,141 815,982 
Weimob, Inc. (a)(b)(c) 496,000 768,814 
WH Group Ltd. (c) 2,207,500 1,549,123 
Wharf Real Estate Investment Co. Ltd. 459,000 2,589,821 
Wisdom Marine Lines Co. Ltd. 189,000 443,229 
Wuxi Biologics (Cayman), Inc. (a)(c) 980,000 14,844,026 
Wynn Macau Ltd. (a) 377,600 339,721 
XD, Inc. (a) 49,800 283,547 
Xiabu Xiabu Catering Co. Ltd. (c) 112,000 82,051 
Xiaomi Corp. Class B (a)(c) 3,903,800 10,712,182 
Xinyi Glass Holdings Ltd. 501,000 1,413,399 
Xinyi Solar Holdings Ltd. 1,315,379 2,752,313 
XPeng, Inc. ADR (a) 103,572 4,829,562 
XTEP International Holdings Ltd. (b) 414,365 545,350 
Yadea Group Holdings Ltd. (c) 354,000 609,678 
Yihai International Holding Ltd. 135,000 793,811 
Yuzhou Properties Co. 511,339 55,863 
Zai Lab Ltd. ADR (a) 20,643 2,155,129 
Zhen Ding Technology Holding Ltd. 206,000 710,217 
Zhenro Properties Group Ltd. 403,000 191,646 
Zhongsheng Group Holdings Ltd. Class H 155,500 1,406,005 
Zhou Hei Ya International Holdings Co. Ltd. (b)(c) 256,000 230,648 
ZTO Express, Inc. sponsored ADR 115,629 3,391,399 
TOTAL CAYMAN ISLANDS  508,192,539 
Chile - 0.1%   
AES Andes SA 891,915 91,658 
Aguas Andinas SA 994,324 189,453 
Banco de Chile 13,719,440 1,190,648 
Banco de Credito e Inversiones 12,781 430,391 
Banco Santander Chile 15,720,530 687,954 
CAP SA 15,861 156,992 
Cencosud SA 365,614 534,826 
Cencosud Shopping SA 173,012 167,446 
Colbun SA 2,274,542 156,855 
Compania Cervecerias Unidas SA 36,955 309,618 
Compania Sud Americana de Vapores SA 9,097,261 591,014 
Empresa Nacional de Telecomunicaciones SA (ENTEL) 27,613 94,668 
Empresas CMPC SA 329,228 607,463 
Empresas COPEC SA 106,898 840,992 
Enel Americas SA 6,520,356 741,405 
Enel Chile SA 5,654,069 231,654 
Engie Energia Chile SA 111,915 65,347 
Falabella SA 238,878 660,578 
Grupo Security SA 475,730 71,918 
Inversiones La Construccion SA 6,663 24,203 
Parque Arauco SA (a) 141,149 139,327 
SMU SA 757,181 75,383 
Vina Concha y Toro SA 104,755 152,336 
TOTAL CHILE  8,212,129 
China - 2.8%   
360 Security Technology, Inc. (A Shares) (a) 154,900 291,144 
A-Living Smart City Services C (H Shares) (c) 188,500 632,331 
Advanced Micro-Fabrication Equipment, Inc., China (A Shares) (a) 10,233 249,525 
AECC Aviation Power Co. Ltd. 46,000 424,831 
Agricultural Bank of China Ltd.:   
(A Shares) 1,392,100 638,922 
(H Shares) 5,995,000 2,041,867 
Aier Eye Hospital Group Co. Ltd. (A Shares) 85,003 643,983 
Air China Ltd.:   
(A Shares) (a) 197,600 262,510 
(H Shares) (a) 432,000 304,824 
Aluminum Corp. of China Ltd. (H Shares) (a) 1,380,000 830,471 
Anhui Conch Cement Co. Ltd. (H Shares) 409,000 2,034,355 
Anhui Gujing Distillery Co. Ltd. (B Shares) 98,000 1,263,086 
Asymchem Laboratories Tianjin Co. Ltd. (A Shares) 8,000 497,316 
AviChina Industry & Technology Co. Ltd. (H Shares) 610,000 388,870 
Bank of Beijing Co. Ltd. (A Shares) 398,800 275,797 
Bank of Chengdu Co. Ltd. (A Shares) 92,200 183,659 
Bank of China Ltd.:   
(A Shares) 2,979,700 1,418,739 
(H Shares) 17,740,000 6,278,218 
Bank of Communications Co. Ltd.:   
(A Shares) 373,200 263,336 
(H Shares) 2,546,000 1,515,067 
Bank of Hangzhou Co. Ltd. (A Shares) 175,300 390,787 
Bank of Jiangsu Co. Ltd. (A Shares) 232,310 228,112 
Bank of Nanjing Co. Ltd. (A Shares) 128,300 194,280 
Bank of Ningbo Co. Ltd. (A Shares) 110,500 658,955 
Bank of Shanghai Co. Ltd. (A Shares) 201,900 229,770 
Baoshan Iron & Steel Co. Ltd. (A Shares) 405,900 451,792 
Beijing Capital International Airport Co. Ltd. (H Shares) (a) 444,000 288,182 
Beijing Kingsoft Office Software, Inc. (A Shares) 6,415 295,706 
Beijing New Building Materials PLC (A Shares) 47,200 208,083 
Beijing Roborock Technology Co. Ltd. (A Shares) 1,183 166,210 
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares) 7,800 269,382 
Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares) 621,100 446,015 
BGI Genomics Co. Ltd. 13,600 189,210 
BOE Technology Group Co. Ltd. (A Shares) 438,900 336,416 
BYD Co. Ltd. (H Shares) 249,000 9,523,648 
CanSino Biologics, Inc.:   
(A Shares) (a) 3,525 150,724 
(H Shares) (a)(c) 17,400 448,167 
CGN Power Co. Ltd. (H Shares) (c) 3,760,000 1,014,845 
Changchun High & New Technology Industry Group, Inc. (A Shares) 9,100 387,483 
Chaozhou Three-Circle Group Co. (A Shares) 44,400 277,251 
China Bohai Bank Co. Ltd. (H Shares) (c) 919,500 348,631 
China Cinda Asset Management Co. Ltd. (H Shares) 2,526,000 422,055 
China CITIC Bank Corp. Ltd. (H Shares) 2,445,000 1,074,725 
China Communications Services Corp. Ltd. (H Shares) 694,000 383,549 
China Construction Bank Corp.:   
(A Shares) 603,000 558,216 
(H Shares) 24,946,000 16,977,768 
China CSSC Holdings Ltd. (A Shares) 167,800 590,702 
China Datang Corp. Renewable Power Co. Ltd. 586,000 249,298 
China Eastern Airlines Corp. Ltd. (A Shares) (a) 359,900 271,368 
China Everbright Bank Co. Ltd.:   
(A Shares) 265,800 142,739 
(H Shares) 1,790,000 630,371 
China Fangda Group Co. Ltd. (B Shares) (a) 1,720,857 648,045 
China Galaxy Securities Co. Ltd. (H Shares) 1,003,500 559,757 
China Huarong Asset Management Co. Ltd. (a)(c)(d) 2,544,000 333,511 
China International Capital Corp. Ltd. (H Shares) (c) 437,600 1,088,868 
China International Travel Service Corp. Ltd. (A Shares) 28,200 1,181,840 
China Jushi Co. Ltd. (A Shares) 110,030 328,763 
China Life Insurance Co. Ltd. (H Shares) 2,110,000 3,665,641 
China Longyuan Power Grid Corp. Ltd. (H Shares) 886,000 2,070,237 
China Merchants Bank Co. Ltd.:   
(A Shares) 147,400 1,241,881 
(H Shares) 1,206,500 10,164,652 
China Merchants Securities Co. Ltd. (A Shares) 99,060 265,366 
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) 294,700 479,838 
China Minsheng Banking Corp. Ltd.:   
(A Shares) 725,100 440,329 
(H Shares) 1,513,000 600,883 
China Molybdenum Co. Ltd. (H Shares) 1,296,000 804,534 
China National Building Materials Co. Ltd. (H Shares) 1,143,350 1,437,178 
China National Nuclear Power Co. Ltd. (A Shares) 224,700 240,283 
China Northern Rare Earth Group High-Tech Co. Ltd. 97,400 769,378 
China Oilfield Services Ltd. (H Shares) 744,000 716,221 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 853,000 2,631,193 
China Petroleum & Chemical Corp.:   
(A Shares) 443,400 294,181 
(H Shares) 6,470,000 3,152,398 
China Railway Group Ltd.:   
(A Shares) 193,400 158,506 
(H Shares) 1,096,000 536,696 
China Shenhua Energy Co. Ltd.:   
(A Shares) 323,800 1,005,406 
(H Shares) 573,500 1,235,378 
China Southern Airlines Ltd.:   
(A Shares) (a) 373,300 382,289 
(H Shares) (a) 456,000 277,802 
China State Construction Engineering Corp. Ltd. (A Shares) 618,900 450,232 
China Tower Corp. Ltd. (H Shares) (c) 11,250,000 1,460,382 
China Vanke Co. Ltd. (H Shares) 634,700 1,486,310 
China Yangtze Power Co. Ltd. (A Shares) 358,900 1,190,590 
Chongqing Brewery Co. Ltd. (A Shares) (a) 10,900 256,005 
Chongqing Changan Automobile Co. Ltd. (A Shares) 126,140 383,988 
Chongqing Rural Commercial Bank Co. Ltd. (H Shares) 798,000 287,179 
Chongqing Zhifei Biological Products Co. Ltd. (A Shares) 27,700 649,501 
CITIC Securities Co. Ltd. (H Shares) 889,000 2,264,633 
Contemporary Amperex Technology Co. Ltd. 36,200 3,612,343 
COSCO SHIPPING Holdings Co. Ltd. (H Shares) (b) 1,326,600 2,059,678 
CSC Financial Co. Ltd. (A Shares) 89,800 396,588 
Dongfeng Motor Group Co. Ltd. (H Shares) 678,000 633,515 
East Money Information Co. Ltd. (A Shares) 149,184 766,211 
Eastern Communications Co. Ltd. (B Shares) 1,819,150 814,979 
Ecovacs Robotics Co. Ltd. Class A 9,100 243,633 
Eve Energy Co. Ltd. (A shares) 30,300 536,633 
Everbright Securities Co. Ltd. (A Shares) 102,900 244,650 
Flat Glass Group Co. Ltd. (A Shares) 121,000 1,039,099 
Focus Media Information Technology Co. Ltd. (A Shares) 375,500 431,437 
Foshan Haitian Flavouring & Food Co. Ltd. (A Shares) 60,580 1,106,673 
Founder Securities Co. Ltd. (A Shares) 236,700 301,522 
Fu Jian Anjoy Foods Co. Ltd. (A Shares) 9,100 287,870 
Fuyao Glass Industries Group Co. Ltd. (H Shares) (c) 192,800 1,112,617 
Ganfeng Lithium Co. Ltd. (A Shares) 51,900 1,356,291 
Gemdale Corp. (A Shares) 80,200 127,078 
GF Securities Co. Ltd. (H Shares) 497,400 845,142 
Gigadevice Semiconductor Beijing, Inc. (A Shares) 7,644 202,277 
GoerTek, Inc. (A Shares) 46,100 313,343 
Great Wall Motor Co. Ltd.:   
(A Shares) 70,800 751,575 
(H Shares) 772,500 3,484,962 
Guangdong Haid Group Co. Ltd. (A Shares) 38,300 392,522 
Guangzhou Automobile Group Co. Ltd. (H Shares) 863,600 816,926 
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares) 14,400 257,371 
Guangzhou R&F Properties Co. Ltd. (H Shares) (b) 466,400 292,530 
Guangzhou Shiyuan Electronic Technology Co. Ltd. (A Shares) 20,600 244,405 
Guangzhou Tinci Materials Technology Co. Ltd. (A Shares) 23,700 610,208 
Guotai Junan Securities Co. Ltd. (A Shares) 258,300 706,462 
Haier Smart Home Co. Ltd. 484,400 1,811,714 
Haier Smart Home Co. Ltd. (A Shares) 203,600 864,523 
Hainan Meilan International Airport Co. Ltd. (a) 54,000 218,971 
Haitong Securities Co. Ltd. (H Shares) 1,245,600 1,109,441 
Hangzhou First Applied Material Co. Ltd. (A Shares) 21,000 469,781 
Hangzhou Steam Turbine Co. Ltd. 600,061 1,228,581 
Hangzhou Tigermed Consulting Co. Ltd. (A Shares) 28,600 760,791 
Hebei Construction Group Corp. (H Shares) 80,500 20,382 
Henan Shuanghui Investment & Development Co. Ltd. (A Shares) 52,100 239,933 
Hengli Petrochemical Co. Ltd. (A Shares) 113,920 391,960 
Hithink RoyalFlush Information Network Co. Ltd. (A Shares) 8,000 140,886 
Huadong Medicine Co. Ltd. (A Shares) 39,400 225,363 
Hualan Biological Engineer, Inc. (A Shares) 25,100 116,375 
Huaneng Power International, Inc. (H Shares) 1,112,000 575,973 
Huangshan Tourism Development Co. Ltd. (a) 1,701,689 1,187,779 
Huatai Securities Co. Ltd. (H Shares) (c) 689,800 1,028,427 
Huaxia Bank Co. Ltd. (A Shares) 315,000 276,853 
Huayu Automotive Systems Co. Ltd. (A Shares) 40,300 168,227 
Hundsun Technologies, Inc. (A Shares) 28,000 275,378 
iFlytek Co. Ltd. (A Shares) 45,100 397,228 
IMEIK Technology Development Co. Ltd. (A Shares) 3,100 302,801 
Industrial & Commercial Bank of China Ltd.:   
(A Shares) 804,500 586,507 
(H Shares) 15,149,000 8,304,110 
Industrial Bank Co. Ltd. (A Shares) 330,000 959,747 
INESA Intelligent Tech, Inc. (B Shares) 2,038,794 892,992 
Inner Mongoli Yili Industries Co. Ltd. (A Shares) 81,400 546,415 
Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (a) 1,158,200 508,066 
Inner Mongolia Eerduosi Resourses Co. Ltd. (B Shares) 245,305 470,250 
Inner Mongolia Yitai Coal Co. Ltd. (B Shares) 1,599,673 1,386,916 
JA Solar Technology Co. Ltd. (A Shares) 27,900 397,436 
Jafron Biomedical Co. Ltd. (A Shares) 23,100 186,365 
Jiangsu Eastern Shenghong Co. Ltd. 75,000 319,049 
Jiangsu Expressway Co. Ltd. (H Shares) 298,000 281,894 
Jiangsu Hengli Hydraulic Co. Ltd. 24,736 317,032 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 116,424 894,933 
Jiangsu King's Luck Brewery JSC Ltd. (A Shares) 36,200 278,716 
Jiangsu Yanghe Brewery JSC Ltd. (A Shares) 23,700 688,829 
Jiangxi Copper Co. Ltd. (H Shares) 394,000 689,709 
JiuGui Liquor Co. Ltd. (A Shares) 7,500 251,622 
Konka Group Co. Ltd. (B Shares) 3,218,800 980,471 
Kweichow Moutai Co. Ltd. (A Shares) 19,100 5,444,816 
Lb Group Co. Ltd. (A Shares) 44,200 195,892 
Lens Technology Co. Ltd. (A Shares) 121,400 403,103 
LONGi Green Energy Technology Co. Ltd. 82,040 1,251,140 
Luxshare Precision Industry Co. Ltd. (A Shares) 145,278 876,329 
Luzhou Laojiao Co. Ltd. (A Shares) 23,000 822,051 
Mango Excellent Media Co. Ltd. (A Shares) 29,279 179,584 
Maxscend Microelectronics Co. Ltd. (A Shares) 5,680 274,160 
Muyuan Foodstuff Co. Ltd. (A Shares) 73,066 651,415 
NARI Technology Co. Ltd. (A Shares) 125,760 764,288 
NAURA Technology Group Co. Ltd. 9,400 544,784 
New China Life Insurance Co. Ltd. (H Shares) 318,900 924,259 
New Hope Liuhe Co. Ltd. (A Shares) (a) 70,300 157,923 
Ningxia Baofeng Energy Group Co. Ltd. 159,200 362,849 
Nongfu Spring Co. Ltd. (H Shares) (c) 102,200 518,192 
Offcn Education Technology Co. A Shares (a) 40,700 66,332 
Oppein Home Group, Inc. (A Shares) 18,400 365,630 
Orient Securities Co. Ltd. (A Shares) 95,300 204,711 
Ovctek China, Inc. (A Shares) 18,700 199,648 
People's Insurance Co. of China Group Ltd. (H Shares) 3,080,000 961,943 
PetroChina Co. Ltd. (H Shares) 6,092,000 2,937,244 
Pharmaron Beijing Co. Ltd.:   
(A Shares) 11,700 349,498 
(H Shares) (c) 33,200 723,270 
PICC Property & Casualty Co. Ltd. (H Shares) 1,927,000 1,803,041 
Ping An Bank Co. Ltd. (A Shares) 257,000 782,344 
Ping An Insurance Group Co. of China Ltd.:   
(A Shares) 239,590 1,854,034 
(H Shares) 1,636,000 11,718,231 
Poly Developments & Holdings (A Shares) 537,300 1,053,505 
Poly Property Development Co. Ltd. (H Shares) 30,000 168,498 
Postal Savings Bank of China Co. Ltd. (H Shares) (c) 2,537,000 1,845,565 
Power Construction Corp. of China Ltd. (A Shares) 248,800 318,877 
Rongsheng Petrochemical Co. Ltd. (A Shares) 178,650 480,806 
SAIC Motor Corp. Ltd. (A Shares) 99,000 313,425 
Sanan Optoelectronics Co. Ltd. (A Shares) 37,200 195,125 
Sangfor Technologies, Inc. 10,400 329,270 
Sany Heavy Industry Co. Ltd. (A Shares) 154,100 552,338 
Satellite Chemical Co. Ltd. (A Shares) 43,300 263,285 
Seazen Holdings Co. Ltd. (A Shares) 96,500 515,812 
SF Holding Co. Ltd. (A Shares) 73,100 737,533 
Shaanxi Coal Industry Co. Ltd. (A Shares) 169,600 331,217 
Shandong Gold Mining Co. Ltd. (A Shares) 221,560 688,986 
Shandong Linglong Tyre Co. Ltd. (A Shares) 28,800 158,617 
Shandong Weigao Medical Polymer Co. Ltd. (H Shares) 776,000 1,322,506 
Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares) 17,360 172,360 
Shanghai Chlor Alkali Co. Ltd. (B Shares) 967,742 643,548 
Shanghai Diesel Engine Co. Ltd. (B Shares) 1,153,186 601,963 
Shanghai Fosun Pharmaceutical (Group) Co. Ltd. (H Shares) 200,000 943,384 
Shanghai Fudan Microelectronics Group Co. Ltd. (H Shares) (a) 74,000 202,583 
Shanghai Haixin Group Co. Ltd. (B Shares) (a) 2,354,800 798,277 
Shanghai Highly Group Co. Ltd. (B Shares) 1,350,722 678,062 
Shanghai Jin Jiang International Industrial Investment Co. Ltd. (B Shares) 1,645,604 1,077,871 
Shanghai Jinjiang International Hotels Co. Ltd. (A Shares) 40,700 343,098 
Shanghai Lujiazui Finance Trust Ltd. (B Shares) 963,417 856,478 
Shanghai M&G Stationery, Inc. (A Shares) 26,000 257,737 
Shanghai Pharmaceuticals Holding Co. Ltd. (H Shares) 239,800 439,502 
Shanghai Pudong Development Bank Co. Ltd. (A Shares) 561,000 782,943 
Shanghai Putailai New Energy Technology Co. Ltd. 12,000 333,057 
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares) 18,200 856,621 
Shengyi Technology Co. Ltd. 34,700 120,528 
Shenwan Hongyuan Group Co. Ltd. (A Shares) 313,800 251,305 
Shenzhen Inovance Technology Co. Ltd. (A Shares) 38,700 394,084 
Shenzhen Kangtai Biological Products Co. Ltd. 11,100 197,974 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) 18,000 1,056,804 
Shenzhen Overseas Chinese Town Co. Ltd. (A Shares) 359,400 351,223 
Sichuan Swellfun Co. Ltd. (A Shares) 12,500 247,161 
Sinopec Engineering Group Co. Ltd. (H Shares) 489,000 257,683 
Sinopharm Group Co. Ltd. (H Shares) 331,200 790,061 
SKSHU Paint Co. Ltd. (A Shares) 10,500 182,700 
Songcheng Performance Development Co. Ltd. (A Shares) 75,982 166,061 
Spring Airlines Co. Ltd. (A Shares) (a) 23,300 212,785 
Sungrow Power Supply Co. Ltd. (A Shares) 26,400 676,305 
Suning.com Co. Ltd. (A Shares) (a) 302,200 210,878 
TCL Technology Group Corp. (A Shares) 260,100 246,061 
Thunder Software Technology Co. Ltd. (A Shares) 15,900 337,572 
Tianjin Zhonghuan Semiconductor Co. Ltd. (A Shares) 45,900 375,182 
Tong Ren Tang Technologies Co. Ltd. (H Shares) 187,000 132,430 
Tongwei Co. Ltd. (A Shares) 61,400 548,557 
Topchoice Medical Corp. (a) 7,100 264,304 
TravelSky Technology Ltd. (H Shares) 411,000 769,123 
Tsingtao Brewery Co. Ltd. (H Shares) 170,000 1,478,118 
Unigroup Guoxin Microelectronics Co. Ltd. 10,400 329,011 
Unisplendour Corp. Ltd. (A Shares) 70,160 303,608 
Venus MedTech Hangzhou, Inc. (H Shares) (a)(c) 61,000 282,636 
Walvax Biotechnology Co. Ltd. (A Shares) 25,300 217,227 
Wanhua Chemical Group Co. Ltd. (A Shares) 56,600 931,913 
Weichai Power Co. Ltd. (H Shares) 681,000 1,223,621 
Wens Foodstuffs Group Co. Ltd. (A Shares) 91,200 234,629 
Will Semiconductor Ltd. 15,700 651,946 
Wingtech Technology Co. Ltd. (A Shares) 38,000 651,115 
Wuhan Guide Infrared Co. Ltd. (A Shares) 68,740 232,862 
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd. (A Shares) 43,300 160,877 
Wuliangye Yibin Co. Ltd. (A Shares) 55,100 1,862,343 
WuXi AppTec Co. Ltd. 10,416 224,410 
WuXi AppTec Co. Ltd. (H Shares) (c) 123,697 2,643,893 
Xinjiang Goldwind Science & Technology Co. Ltd. (H Shares) 333,992 748,643 
Yanzhou Coal Mining Co. Ltd. (H Shares) (b) 532,000 789,060 
Yealink Network Technology Corp. Ltd. 19,800 234,079 
Yihai Kerry Arawana Holdings Co. Ltd. (A Shares) 26,600 252,805 
Yonghui Superstores Co. Ltd. (A Shares) 145,200 89,082 
Yonyou Network Technology Co. Ltd. (A Shares) 45,959 228,154 
Yunda Holding Co. Ltd. (A Shares) 73,060 212,938 
Yunnan Baiyao Group Co. Ltd. (A Shares) 32,100 448,997 
Yunnan Energy New Material Co. Ltd. 15,300 696,815 
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares) 8,400 541,471 
Zhaojin Mining Industry Co. Ltd. (H Shares) 273,500 195,797 
Zhejiang Chint Electric Co. Ltd. (A Shares) 34,900 328,201 
Zhejiang Dahua Technology Co. Ltd. (A Shares) 51,300 174,424 
Zhejiang Expressway Co. Ltd. (H Shares) 408,000 362,352 
Zhejiang Huayou Cobalt Co. Ltd. (A Shares) 24,200 419,531 
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares) 24,200 288,666 
Zhejiang NHU Co. Ltd. (A Shares) 78,700 333,438 
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) 70,000 259,205 
ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(b)(c) 129,600 475,558 
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) 154,800 742,117 
Zijin Mining Group Co. Ltd. (H Shares) 1,930,000 2,688,927 
Zoomlion Heavy Industry Science and Technology Co. Ltd.:   
(A Shares) 216,400 246,272 
(H Shares) 148,600 107,337 
ZTE Corp. (H Shares) 323,600 973,233 
TOTAL CHINA  242,777,783 
Colombia - 0.0%   
Bancolombia SA 84,489 755,653 
Cementos Argos SA 111,409 187,864 
Corporacion Financiera Colombiana SA 22,586 177,954 
Ecopetrol SA 1,347,331 1,018,620 
Grupo Argos SA 73,106 229,079 
Grupo de Inversiones Suramerica SA 56,600 329,914 
Interconexion Electrica SA ESP 104,442 627,084 
TOTAL COLOMBIA  3,326,168 
Cyprus - 0.1%   
Ozon Holdings PLC ADR (a) 12,844 585,881 
TCS Group Holding PLC unit 31,831 3,278,215 
TOTAL CYPRUS  3,864,096 
Czech Republic - 0.0%   
CEZ A/S 43,099 1,422,806 
Komercni Banka A/S 22,762 883,162 
MONETA Money Bank A/S (a)(c) 148,575 580,818 
TOTAL CZECH REPUBLIC  2,886,786 
Denmark - 1.7%   
A.P. Moller - Maersk A/S:   
Series A 843 2,308,261 
Series B 1,527 4,425,167 
ALK-Abello A/S (a) 1,732 750,399 
Alm. Brand A/S (b) 14,914 114,955 
Ambu A/S Series B 47,571 1,355,053 
Bavarian Nordic A/S (a) 17,980 860,581 
Carlsberg A/S Series B 26,569 4,382,750 
Chemometec A/S 4,722 713,253 
Chr. Hansen Holding A/S 28,984 2,306,108 
Coloplast A/S Series B 31,262 5,096,168 
D/S Norden A/S 5,090 122,840 
Danske Bank A/S 172,321 2,916,202 
Demant A/S (a) 28,391 1,375,210 
DFDS A/S (a) 8,997 465,579 
DSV A/S 53,777 12,497,825 
FLSmidth & Co. A/S 11,996 455,978 
Genmab A/S (a) 18,116 8,119,121 
GN Store Nord A/S 34,875 2,116,346 
H Lundbeck A/S 17,749 493,442 
ISS Holdings A/S (a) 39,397 784,267 
Jyske Bank A/S (Reg.) (a) 13,328 650,348 
Matas A/S 18,241 356,883 
Netcompany Group A/S (c) 10,780 1,224,581 
Nilfisk Holding A/S (a) 5,420 188,247 
NKT Holding A/S (a) 13,900 670,051 
NNIT A/S (c) 3,587 67,448 
Novo Nordisk A/S Series B 450,929 49,446,580 
Novozymes A/S Series B 54,874 4,035,179 
ORSTED A/S (c) 49,986 7,053,192 
Pandora A/S 25,913 3,618,558 
Per Aarsleff Holding A/S 4,622 199,317 
Ringkjoebing Landbobank A/S 8,153 1,035,121 
Rockwool International A/S Series B 2,016 921,063 
Royal Unibrew A/S 13,251 1,644,071 
Scandinavian Tobacco Group A/S (c) 21,748 488,696 
Schouw & Co. 3,192 310,519 
SimCorp A/S 10,782 1,302,553 
Spar Nord Bank A/S 26,405 340,167 
Sydbank A/S 16,189 555,986 
The Drilling Co. of 1972 A/S (a) 6,568 235,366 
Topdanmark A/S 11,141 591,763 
Tryg A/S 93,391 2,213,954 
Vestas Wind Systems A/S 271,672 11,749,234 
Zealand Pharma A/S (a) 12,255 392,312 
TOTAL DENMARK  140,950,694 
Egypt - 0.0%   
Commercial International Bank SAE (a) 536,166 1,740,918 
Eastern Co. SAE 409,424 302,312 
EFG-Hermes Holding SAE (a) 295,948 233,970 
Elsewedy Electric Co. 306,885 167,996 
Fawry for Banking & Payment Technology Services SAE 311,102 297,834 
Talaat Moustafa Group Holding 527,072 248,271 
TOTAL EGYPT  2,991,301 
Faroe Islands - 0.0%   
Bakkafrost 13,753 1,270,149 
Finland - 0.8%   
Cargotec Corp. (B Shares) 11,404 591,127 
Caverion Oyj 23,670 187,023 
Citycon Oyj (b) 39,588 325,151 
Elisa Corp. (A Shares) 37,541 2,264,476 
Fortum Corp. 119,732 3,557,142 
Harvia Oyj 3,466 213,156 
Huhtamaki Oyj 24,934 1,085,501 
Kemira Oyj 35,172 539,543 
Kesko Oyj 77,945 2,531,033 
Kojamo OYJ 34,866 779,098 
Kone OYJ (B Shares) 86,884 5,921,819 
Konecranes Oyj 16,658 692,854 
Metsa Board OYJ (B Shares) 56,465 522,188 
Metso Outotec Oyj 164,064 1,646,231 
Musti Group OYJ 11,942 469,092 
Neles Oyj 25,750 385,780 
Neste Oyj 113,884 6,344,209 
Nokia Corp. (a) 1,426,715 8,188,646 
Nokian Tyres PLC 38,529 1,443,081 
Nordea Bank ABP 871,867 10,665,853 
Oriola-KD Oyj 25,304 57,918 
Orion Oyj (B Shares) 31,269 1,352,981 
Outokumpu Oyj (A Shares) (a) 114,153 712,589 
Qt Group Oyj (a) 4,560 735,882 
Revenio Group Oyj 7,808 515,839 
Sampo Oyj (A Shares) 129,102 6,865,128 
Sanoma Corp. 24,593 382,661 
Stora Enso Oyj (R Shares) 161,065 2,677,429 
TietoEVRY Oyj 22,785 697,996 
Tokmanni Group Corp. 14,591 331,946 
UPM-Kymmene Corp. 138,040 4,870,206 
Uponor Oyj 13,253 322,343 
Valmet Corp. 34,026 1,380,625 
Wartsila Corp. 124,471 1,725,942 
YIT OYJ 47,940 282,635 
TOTAL FINLAND  71,265,123 
France - 6.0%   
AB Science SA (a)(b) 8,184 123,462 
Accor SA (a) 44,953 1,606,259 
Aeroports de Paris SA (a) 8,250 1,095,801 
Air France KLM (Reg.) (a)(b) 78,997 371,675 
Air Liquide SA 124,369 20,764,381 
Albioma SA 9,985 392,450 
ALD SA (c) 21,760 323,488 
Alstom SA 84,157 2,999,170 
ALTEN 9,153 1,472,857 
Amundi SA (c) 16,128 1,436,518 
Arkema SA 16,105 2,200,574 
Atos Origin SA 28,661 1,490,283 
AXA SA 510,353 14,847,696 
Beneteau SA (a) 9,748 148,521 
BIC SA 6,860 398,491 
bioMerieux SA 11,226 1,428,147 
BNP Paribas SA 299,379 20,039,602 
Boiron SA 4,065 196,659 
Bollore SA 258,154 1,495,114 
Bonduelle SCA 8,084 206,994 
Bouygues SA 61,387 2,483,718 
Bureau Veritas SA 82,052 2,604,639 
Capgemini SA 42,541 9,899,410 
Carmila SA 15,084 228,426 
Carrefour SA 170,529 3,086,094 
Casino Guichard Perrachon SA (a) 12,307 306,305 
Cellectis SA (a) 14,046 152,568 
CGG SA (a) 188,659 136,699 
Chargeurs SA 5,240 155,434 
CNP Assurances 45,525 1,139,899 
Coface SA 32,744 467,473 
Compagnie de St. Gobain 137,120 9,463,003 
Compagnie Generale des Etablissements Michelin SCA Series B 44,764 7,037,685 
Covivio 12,707 1,098,759 
Credit Agricole SA 314,623 4,746,709 
Danone SA 176,345 11,495,190 
Dassault Aviation SA 6,110 637,450 
Dassault Systemes SA 179,018 10,454,189 
Derichebourg (a) 37,827 429,846 
Edenred SA 66,375 3,588,639 
EDF SA 116,324 1,711,810 
Eiffage SA 21,288 2,189,210 
Elior SA (a)(c) 35,209 277,585 
Elis SA (a) 48,568 920,210 
ENGIE 468,342 6,657,096 
Eramet SA (a) 2,471 206,523 
EssilorLuxottica SA 75,814 15,678,972 
Eurazeo SA 10,557 989,125 
Eutelsat Communications 48,063 682,287 
Faurecia SA 31,859 1,659,147 
Fnac Darty SA 5,328 345,221 
Gaztransport et Technigaz SA 5,891 486,234 
Gecina SA 12,092 1,692,080 
Getlink SE 115,242 1,769,824 
Hermes International SCA 8,351 13,230,473 
ICADE 8,232 645,198 
ID Logistics Group (a) 1,101 404,100 
Imerys SA 10,106 437,861 
Interparfums SA 6,543 527,947 
Ipsen SA 9,645 996,776 
Ipsos SA 11,801 551,817 
JCDecaux SA (a) 16,902 440,793 
Kaufman & Broad SA 4,651 186,029 
Kering SA 20,154 15,126,282 
Klepierre SA 54,319 1,291,019 
Korian SA 22,248 740,698 
L'Oreal SA 67,266 30,771,153 
La Francaise des Jeux SAEM (c) 25,864 1,342,455 
Lagardere S.C.A. (Reg.) (a) 12,751 336,665 
Legrand SA 72,641 7,924,416 
LISI 7,750 215,464 
LVMH Moet Hennessy Louis Vuitton SE 74,216 58,194,373 
Maisons du Monde SA (c) 11,390 257,807 
McPhy Energy SA (a)(b) 5,945 161,364 
Mercialys SA 17,218 186,600 
Mersen SA 6,210 232,951 
Neoen SA (a)(c) 10,595 487,463 
Nexans SA 6,686 669,719 
Nexity 14,813 676,049 
Orange SA 494,487 5,392,358 
Orpea 14,641 1,526,635 
Pernod Ricard SA 55,441 12,734,643 
Peugeot Invest 1,594 222,225 
Plastic Omnium SA 15,014 415,854 
Publicis Groupe SA 62,901 4,213,023 
Quadient SA 11,190 267,250 
Remy Cointreau SA 6,903 1,393,285 
Renault SA (a) 53,061 1,905,174 
Rexel SA 71,672 1,421,755 
Rubis SCA 24,092 771,176 
Safran SA 92,675 12,473,109 
Sanofi SA 300,795 30,213,107 
Sartorius Stedim Biotech 7,735 4,258,019 
Schneider Electric SA 144,735 24,954,945 
SCOR SE 41,655 1,401,258 
SEB SA 7,053 1,103,137 
Societe Generale Series A 214,655 7,170,326 
Sodexo SA 25,818 2,507,031 
Soitec SA (a) 5,912 1,570,516 
Sopra Steria Group 4,179 821,740 
SPIE SA 44,802 1,087,613 
Suez Environnement SA 76,413 1,738,844 
Teleperformance 15,842 6,612,951 
Television Francaise 1 SA 15,595 166,938 
Thales SA 27,836 2,563,333 
Total SA 670,526 33,576,566 
Trigano SA 2,169 405,942 
Ubisoft Entertainment SA (a) 28,221 1,477,759 
Valeo SA 61,971 1,814,603 
Valneva SE (a)(b) 21,476 477,905 
Veolia Environnement SA 171,344 5,591,620 
Verallia SA (c) 12,706 469,727 
Vicat SA 9,264 394,633 
VINCI SA 143,366 15,308,581 
Virbac SA 1,168 590,716 
Vivendi SA 188,206 2,422,599 
Wendel SA 7,621 1,014,017 
Worldline SA (a)(c) 63,842 3,718,112 
TOTAL FRANCE  510,120,098 
Germany - 5.0%   
Aareal Bank AG (b) 20,889 667,442 
adidas AG 51,096 16,733,674 
ADVA Optical Networking SE (a) 14,948 198,028 
Aixtron AG 31,717 753,463 
Allianz SE 109,796 25,530,798 
alstria office REIT-AG 56,541 1,056,240 
Amadeus Fire AG 1,925 444,615 
AURELIUS AG 9,948 287,727 
Aurubis AG 8,483 731,946 
BASF AG 244,743 17,615,050 
Bayer AG 264,336 14,897,366 
Bayerische Motoren Werke AG (BMW) 75,942 7,658,708 
BayWa AG 7,017 296,886 
Bechtle AG 22,884 1,714,213 
Befesa SA (c) 11,921 886,097 
Beiersdorf AG 27,808 2,954,222 
Bertrandt AG 1,967 128,473 
Bilfinger Berger AG 11,180 392,375 
Borussia Dortmund GmbH & Co. KGaA (a) 32,518 179,308 
Brenntag SE 42,903 4,078,764 
CANCOM AG 12,230 844,880 
Carl Zeiss Meditec AG 10,705 2,152,628 
CECONOMY AG (a) 44,468 216,518 
CeWe Color Holding AG 1,495 208,769 
Commerzbank AG (a) 273,656 1,998,043 
CompuGroup Medical AG 7,595 634,781 
Continental AG (a) 29,213 3,434,615 
Corestate Capital Holding SA (a)(b) 8,354 98,214 
Covestro AG (c) 52,862 3,385,409 
CropEnergies AG 6,907 99,008 
CTS Eventim AG (a) 16,018 1,163,967 
Daimler AG (Germany) 228,943 22,691,786 
Delivery Hero AG (a)(c) 44,161 5,490,440 
Dermapharm Holding SE 6,086 612,081 
Deutsche Bank AG (a) 564,992 7,279,795 
Deutsche Beteiligungs AG 6,402 296,028 
Deutsche Borse AG 50,638 8,405,989 
Deutsche EuroShop AG 16,131 327,635 
Deutsche Lufthansa AG (a) 164,612 1,086,945 
Deutsche Pfandbriefbank AG (c) 45,651 565,986 
Deutsche Post AG 266,901 16,512,930 
Deutsche Telekom AG 899,387 16,726,041 
Deutz AG (a) 34,352 288,301 
DIC Asset AG 29,110 511,161 
Draegerwerk AG & Co. KGaA 423 31,540 
Duerr AG 16,292 736,392 
E.ON AG 600,180 7,608,299 
Eckert & Ziegler Strahlen-und Medizintechnik AG 4,912 735,336 
ElringKlinger AG (a) 7,581 107,004 
Encavis AG 34,359 718,914 
Evonik Industries AG 56,559 1,832,009 
Evotec OAI AG (a) 38,125 1,844,434 
Flatex AG (a) 14,968 340,177 
Fraport AG Frankfurt Airport Services Worldwide (a) 8,789 626,877 
Freenet AG 33,707 868,147 
Fresenius Medical Care AG & Co. KGaA 54,287 3,606,237 
Fresenius SE & Co. KGaA 111,771 5,073,324 
GEA Group AG 40,834 2,010,423 
Gerresheimer AG 9,467 867,847 
Global Fashion Group SA (a) 20,550 184,701 
Grenkeleasing AG (b) 9,588 373,632 
Hamborner (REIT) AG 37,362 418,991 
Hamburger Hafen und Logistik AG 6,581 147,512 
Hannover Reuck SE 16,620 3,035,610 
HeidelbergCement AG 41,112 3,095,937 
HelloFresh AG (a) 44,299 3,584,675 
Henkel AG & Co. KGaA 29,257 2,438,501 
Hochtief AG 5,741 442,661 
Hornbach Holding AG & Co. KGaA 2,735 345,569 
Hugo Boss AG 15,847 990,332 
Hypoport AG (a) 1,082 664,796 
INDUS Holding AG 6,012 236,296 
Infineon Technologies AG 354,864 16,618,763 
Instone Real Estate Group BV (c) 26,411 696,109 
Jenoptik AG 16,398 627,067 
JOST Werke AG (c) 6,321 366,085 
K+S AG 60,032 1,033,668 
KION Group AG 19,879 2,169,324 
Kloeckner & Co. AG (a) 22,116 297,589 
Knorr-Bremse AG 18,769 1,977,461 
Koenig & Bauer AG (a) 5,449 192,121 
Krones AG 4,124 425,485 
KWS Saat AG 2,835 241,862 
Lanxess AG 24,460 1,647,346 
LEG Immobilien AG 19,538 2,905,680 
LPKF Laser & Electronics AG 10,028 222,226 
Merck KGaA 34,857 8,228,176 
Metro Wholesale & Food Specialist AG 41,563 525,152 
Morphosys AG (a) 9,402 442,900 
MTU Aero Engines AG 15,158 3,370,481 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 37,929 11,233,326 
Nagarro SE (a) 2,333 469,269 
Nemetschek Se 16,304 1,869,664 
New Work SE 812 198,060 
Nordex Se (a) 36,051 662,632 
NORMA Group AG 10,602 455,920 
Patrizia Immobilien AG 16,899 466,892 
Pfeiffer Vacuum Technology AG 1,055 263,429 
ProSiebenSat.1 Media AG 52,762 883,482 
Puma AG 28,992 3,596,133 
Rational AG 1,350 1,341,492 
Rheinmetall AG 13,975 1,354,444 
RWE AG 173,980 6,691,292 
Salzgitter AG (a) 10,324 379,757 
SAP SE 279,302 40,446,051 
Scout24 AG (c) 25,846 1,798,654 
Siemens AG 205,575 33,422,791 
Siemens Healthineers AG (c) 76,874 5,106,260 
Siltronic AG 5,173 806,102 
Sixt AG (a) 4,905 844,290 
SMA Solar Technology AG 5,547 292,787 
Software AG (Bearer) 14,327 588,945 
STRATEC Biomedical Systems AG 2,630 419,559 
Stroer Out-of-Home Media AG 7,468 632,799 
Suedzucker AG (Bearer) 21,268 337,317 
Symrise AG 34,231 4,730,717 
TAG Immobilien AG 45,114 1,370,549 
Takkt AG 10,011 163,407 
TeamViewer AG (a)(c) 44,444 663,339 
Telefonica Deutschland Holding AG 300,090 781,575 
Thyssenkrupp AG 116,588 1,211,903 
TUI AG (GB) (a)(b) 440,991 1,480,430 
Uniper SE 31,517 1,392,130 
United Internet AG 28,138 1,036,978 
Varta AG (b) 5,204 800,105 
VERBIO Vereinigte BioEnergie AG 5,966 473,113 
Vitesco Technologies Group AG (a) 6,103 349,931 
Volkswagen AG 11,890 3,859,551 
Vonovia SE 147,150 8,923,729 
Vossloh AG 8,400 449,106 
Wacker Chemie AG 5,022 905,357 
Wacker Construction Equipment AG 8,214 269,289 
WashTec AG 4,595 298,524 
Wustenrot & Wurttembergische AG 15,478 322,424 
Zalando SE (a)(c) 60,034 5,661,595 
Zooplus AG (a) 1,751 968,356 
TOTAL GERMANY  427,864,468 
Gibraltar - 0.0%   
888 Holdings PLC 129,245 677,090 
Greece - 0.1%   
Alpha Bank SA (a) 565,762 718,442 
Athens Water Supply & Sewage Co. SA 7,606 66,472 
EFG Eurobank Ergasias SA (a) 628,712 656,583 
Ff Group (a)(d) 881 1,222 
GEK Terna Holding Real Estate Construction SA (a) 14,236 159,137 
Hellenic Telecommunications Organization SA 66,876 1,182,822 
Holding Co. ADMIE IPTO SA 49,556 146,081 
Jumbo SA 27,574 409,282 
Motor Oil (HELLAS) Corinth Refineries SA 20,781 352,655 
Mytilineos SA 26,511 483,299 
National Bank of Greece SA (a) 204,837 644,073 
OPAP SA 49,061 762,810 
Piraeus Financial Holdings SA (a) 136,507 231,969 
Public Power Corp. of Greece (a) 26,800 290,445 
Terna Energy SA 15,348 207,585 
TOTAL GREECE  6,312,877 
Hong Kong - 1.6%   
AIA Group Ltd. 3,246,600 36,384,682 
Bank of East Asia Ltd. 362,857 596,950 
Beijing Enterprises Holdings Ltd. 126,000 484,211 
Beijing Tong Ren Tang Chinese Medicine Co. Ltd. 63,000 80,405 
BOC Hong Kong (Holdings) Ltd. 913,000 2,898,413 
BYD Electronic International Co. Ltd. (b) 202,000 601,028 
Champion (REIT) 490,000 257,580 
China Everbright International Ltd. 981,370 674,806 
China Everbright Ltd. 326,000 367,041 
China Jinmao Holdings Group Ltd. 1,424,000 417,289 
China Merchants Holdings International Co. Ltd. 367,671 614,321 
China Overseas Grand Oceans Group Ltd. 469,500 225,080 
China Overseas Land and Investment Ltd. 1,020,000 2,249,624 
China Power International Development Ltd. 1,205,666 605,893 
China Resources Beer Holdings Co. Ltd. 390,666 3,238,604 
China Resources Pharmaceutical Group Ltd. (c) 497,500 239,782 
China Resources Power Holdings Co. Ltd. 596,000 1,539,695 
China South City Holdings Ltd. 2,034,000 151,625 
China Taiping Insurance Group Ltd. 470,800 720,072 
China Tobacco International Co. Ltd. (b) 85,000 195,553 
China Traditional Chinese Medicine Holdings Co. Ltd. 740,000 351,905 
CITIC 1616 Holdings Ltd. 445,000 157,856 
CITIC Pacific Ltd. 1,562,000 1,565,915 
CLP Holdings Ltd. 436,500 4,273,737 
CSPC Pharmaceutical Group Ltd. 2,397,600 2,508,382 
Dah Sing Banking Group Ltd. 209,200 200,582 
Dah Sing Financial Holdings Ltd. 74,800 233,134 
Far East Horizon Ltd. 483,000 461,242 
Fosun International Ltd. 651,500 766,175 
Galaxy Entertainment Group Ltd. (a) 588,000 3,181,646 
Ganfeng Lithium Co. Ltd. (H Shares) (c) 25,600 480,051 
Genertec Universal Medical Group Co. Ltd. (c) 305,000 230,499 
Guangdong Investment Ltd. 920,000 1,158,794 
Hang Lung Group Ltd. 243,000 569,046 
Hang Lung Properties Ltd. 528,000 1,225,587 
Hang Seng Bank Ltd. 196,800 3,743,513 
Henderson Land Development Co. Ltd. 403,345 1,688,879 
Hong Kong & China Gas Co. Ltd. 2,976,038 4,623,370 
Hong Kong & Shanghai Hotels Ltd. (a) 159,517 145,360 
Hong Kong Exchanges and Clearing Ltd. 326,574 19,761,074 
Hong Kong Television Network Ltd. 132,000 198,496 
Hua Hong Semiconductor Ltd. (a)(c) 152,000 765,812 
Hysan Development Co. Ltd. 190,000 660,562 
Lenovo Group Ltd. 1,978,000 2,148,045 
Link (REIT) 548,742 4,866,422 
Melco International Development Ltd. (a) 152,000 198,486 
MMG Ltd. (a) 708,000 327,588 
MTR Corp. Ltd. 368,028 2,005,576 
New World Development Co. Ltd. 406,822 1,764,699 
PCCW Ltd. 1,513,886 780,243 
Poly Property Group Co. Ltd. 726,000 179,156 
Power Assets Holdings Ltd. 369,000 2,250,376 
Shanghai Industrial Holdings Ltd. 194,000 289,735 
Shenzhen Investment Ltd. 962,810 236,356 
Shougang Fushan Resources Group Ltd. 530,335 139,732 
Shun Tak Holdings Ltd. (a) 450,000 123,193 
Sino Land Ltd. 956,911 1,256,941 
Sino-Ocean Group Holding Ltd. 1,136,500 246,859 
Sinotruk Hong Kong Ltd. 180,000 248,467 
SJM Holdings Ltd. (a) 511,000 381,583 
Sun Art Retail Group Ltd. 695,000 409,113 
Sun Hung Kai Properties Ltd. 340,500 4,514,463 
Sunlight (REIT) 313,000 181,030 
Swire Pacific Ltd. (A Shares) 157,000 987,745 
Swire Properties Ltd. 314,400 842,522 
Techtronic Industries Co. Ltd. 370,500 7,623,810 
Television Broadcasts Ltd. (a) 105,100 81,454 
Vitasoy International Holdings Ltd. 262,000 630,376 
Wharf Holdings Ltd. 383,000 1,329,092 
Yuexiu (REIT) 565,000 246,173 
Yuexiu Property Co. Ltd. 428,400 377,717 
TOTAL HONG KONG  136,161,223 
Hungary - 0.1%   
Magyar Telekom PLC 169,238 233,243 
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) 100,346 857,504 
OTP Bank PLC (a) 59,986 3,602,714 
Richter Gedeon PLC 40,215 1,126,572 
TOTAL HUNGARY  5,820,033 
India - 3.7%   
3M India Ltd. (a) 772 261,615 
Aarti Industries Ltd. 71,579 920,677 
Aarti Industries Ltd. 24,342 313,096 
Aavas Financiers Ltd. (a) 10,128 378,440 
ACC Ltd. 24,801 772,072 
Adani Enterprises Ltd. 75,261 1,429,412 
Adani Green Energy Ltd. (a) 106,000 1,630,340 
Adani Ports & Special Economic Zone Ltd. 129,078 1,193,397 
Adani Power Ltd. (a) 248,213 332,805 
Adani Total Gas Ltd. (a) 76,988 1,478,492 
Adani Transmissions Ltd. (a) 75,083 1,770,418 
Aditya Birla Capital Ltd. (a) 203,614 262,684 
Aditya Birla Fashion and Retail Ltd. (a) 92,087 323,112 
Affle (India) Ltd. (a) 15,920 223,014 
AIA Engineering Ltd. 9,552 244,379 
Ajanta Pharma Ltd. 8,229 232,702 
Alembic Pharmaceuticals Ltd. 22,609 234,415 
Alkyl Amines Chemicals 3,853 185,286 
Amara Raja Batteries Ltd. 34,260 311,108 
Ambuja Cements Ltd. 217,049 1,172,189 
APL Apollo Tubes Ltd. 51,993 554,994 
Apollo Hospitals Enterprise Ltd. 28,105 1,598,091 
Apollo Tyres Ltd. 129,115 366,734 
Ashok Leyland Ltd. 419,230 796,456 
Asian Paints Ltd. 102,409 4,235,583 
Astral Poly Technik Ltd. 24,024 700,207 
Atul Ltd. 4,782 582,376 
AU Small Finance Bank Ltd. (a)(c) 24,383 395,681 
Aurobindo Pharma Ltd. 77,109 709,160 
Avenue Supermarts Ltd. (a)(c) 45,130 2,790,979 
Axis Bank Ltd. (a) 604,983 5,988,892 
Bajaj Auto Ltd. 17,489 865,000 
Bajaj Finance Ltd. 75,100 7,414,516 
Bajaj Finserv Ltd. 10,021 2,382,573 
Balkrishna Industries Ltd. 25,724 844,288 
Bandhan Bank Ltd. (c) 169,148 657,704 
Bata India Ltd. 20,373 538,021 
Bayer CropScience Ltd. 4,485 298,479 
Berger Paints India Ltd. 73,520 727,304 
Bharat Electronics Ltd. 405,580 1,119,261 
Bharat Forge Ltd. 88,827 909,127 
Bharat Heavy Electricals Ltd. (a) 239,124 217,733 
Bharat Petroleum Corp. Ltd. 243,632 1,357,682 
Bharti Airtel Ltd. (a) 679,521 6,213,191 
Biocon Ltd. (a) 154,331 722,909 
Britannia Industries Ltd. 29,876 1,465,102 
Canara Bank Ltd. (a) 136,957 391,932 
Carborundum Universal Ltd. 41,384 463,393 
Central Depository Services (India) Ltd. (a) 26,316 475,078 
CESC Ltd. GDR 315,810 367,402 
Cg Power & Industrial Soluti (a) 169,486 330,809 
Cholamandalam Financial Holdings Ltd. 42,632 398,393 
Cholamandalam Investment and Finance Co. Ltd. 104,444 856,607 
Cipla Ltd. (a) 125,981 1,521,167 
City Union Bank Ltd. 130,985 293,845 
Coal India Ltd. 388,963 853,378 
Coforge Ltd. 6,976 453,289 
Colgate-Palmolive Ltd. 41,856 861,411 
Computer Age Management Services Private Ltd. 5,552 223,110 
Container Corp. of India Ltd. 67,116 586,588 
Coromandel International Ltd. 35,124 368,133 
CRISIL Ltd. 4,663 174,314 
Crompton Greaves Consumer Electricals Ltd. 147,118 913,857 
Cummins India Ltd. 42,392 506,577 
Cyient Ltd. 27,763 395,675 
Dabur India Ltd. 201,380 1,573,991 
Dalmia Bharat Ltd. 23,611 633,863 
Dcb Bank Ltd. (a) 81,115 98,262 
Deepak Nitrite Ltd. 19,420 577,859 
Dhani Services Ltd. (a) 54,613 129,401 
Divi's Laboratories Ltd. 35,306 2,425,871 
Dixon Technologies India Ltd. 7,800 519,641 
DLF Ltd. 185,760 987,845 
Dr Lal Pathlabs Ltd. (c) 12,785 598,501 
Dr. Reddy's Laboratories Ltd. 34,115 2,119,974 
Edelweiss Financial Services Ltd. 151,886 156,739 
Eicher Motors Ltd. 34,751 1,152,015 
Emami Ltd. 58,194 412,455 
Endurance Technologies Ltd. (c) 13,503 328,005 
Escorts Ltd. 22,524 471,605 
Exide Industries Ltd. 272,186 627,856 
Federal Bank Ltd. 620,883 807,218 
Fortis Healthcare Ltd. (a) 159,933 521,268 
GAIL India Ltd. 493,493 980,007 
Gillette India Ltd. 3,982 299,698 
Glenmark Pharmaceuticals Ltd. 50,349 338,481 
GMR Infrastructure Ltd. (a) 695,906 376,479 
Godrej Consumer Products Ltd. (a) 94,608 1,207,481 
Godrej Industries Ltd. (a) 24,980 193,461 
Godrej Properties Ltd. (a) 38,778 1,155,399 
Granules India Ltd. 87,786 362,950 
Graphite India Ltd. 17,486 125,135 
Grasim Industries Ltd. 70,336 1,615,040 
Gujarat Gas Ltd. 49,098 407,627 
Gujarat State Petronet Ltd. 88,794 361,490 
Happiest Minds Technologies Ltd. 15,626 265,676 
Havells India Ltd. 76,642 1,291,375 
HCL Technologies Ltd. 291,694 4,451,004 
HDFC Asset Management Co. Ltd. (c) 14,297 504,930 
HDFC Standard Life Insurance Co. Ltd. (c) 227,055 2,061,231 
Hero Motocorp Ltd. 36,800 1,304,533 
Hindalco Industries Ltd. 416,064 2,552,281 
Hindustan Petroleum Corp. Ltd. 180,235 746,380 
Hindustan Unilever Ltd. 225,131 7,187,943 
Housing Development Finance Corp. Ltd. 463,135 17,576,948 
ICICI Bank Ltd. 1,379,790 14,764,333 
ICICI Lombard General Insurance Co. Ltd. (c) 58,184 1,150,057 
ICICI Prudential Life Insurance Co. Ltd. (c) 116,886 964,343 
IDFC Bank Ltd. (a) 778,568 514,163 
IDFC Ltd. (a) 359,337 264,151 
IIFL Wealth Management Ltd. 10,646 231,498 
India Cements Ltd./The 50,292 138,285 
Indiabulls Housing Finance Ltd. 74,815 216,395 
IndiaMart InterMesh Ltd. (c) 3,038 289,655 
Indian Energy Exchange Ltd. (c) 55,772 527,027 
Indian Oil Corp. Ltd. 502,758 858,220 
Indian Railway Catering & Tourism Corp. Ltd. (a) 92,375 1,042,246 
Indraprastha Gas Ltd. 78,811 498,279 
Indus Towers Ltd. 173,300 627,723 
Info Edge India Ltd. 21,649 1,754,723 
Infosys Ltd. 919,890 20,565,792 
Intellect Design Arena Ltd. (a) 30,100 262,891 
InterGlobe Aviation Ltd. (a)(c) 26,504 769,148 
Ipca Laboratories Ltd. 27,197 777,358 
ITC Ltd. 795,530 2,368,919 
Jindal Steel & Power Ltd. (a) 111,772 622,273 
JK Cement Ltd. 12,317 544,861 
JSW Energy Ltd. 94,311 438,684 
JSW Steel Ltd. 221,630 1,978,570 
Jubilant Foodworks Ltd. 23,620 1,162,581 
Jubilant Pharmova Ltd. 19,324 153,705 
Kajaria Ceramics Ltd. 29,272 476,932 
Kotak Mahindra Bank Ltd. (a) 149,765 4,058,371 
KPIT Engineering Ltd. 79,428 327,122 
L&T Finance Holdings Ltd. (a) 548,746 600,689 
L&T Technology Services Ltd. (c) 8,276 521,701 
Larsen & Toubro Infotech Ltd. (c) 15,471 1,379,252 
Larsen & Toubro Ltd. 191,568 4,515,157 
Laurus Labs Ltd. (c) 90,043 619,628 
LIC Housing Finance Ltd. 86,138 467,550 
Lupin Ltd. 71,810 884,176 
Mahanagar Gas Ltd. 21,960 293,899 
Mahindra & Mahindra Financial Services Ltd. 180,954 433,343 
Mahindra & Mahindra Ltd. 240,247 2,834,213 
Manappuram General Finance & Leasing Ltd. 197,141 546,540 
Marico Ltd. 166,321 1,261,359 
Maruti Suzuki India Ltd. 37,916 3,784,973 
Max Financial Services Ltd. (a) 64,262 834,707 
Max Healthcare Institute Ltd. (a) 89,599 396,086 
Metropolis Healthcare Ltd. (c) 7,917 312,878 
MindTree Consulting Ltd. 14,948 895,903 
Motherson Sumi Systems Ltd. 316,561 943,707 
Mphasis BFL Ltd. 25,328 1,093,407 
MRF Ltd. 506 521,885 
Multi Commodity Exchange of India Ltd. 10,138 230,440 
Muthoot Finance Ltd. 32,109 628,750 
Natco Pharma Ltd. 25,726 283,911 
National Aluminium Co. Ltd. 320,533 414,377 
Navin Fluorine International Ltd. 11,046 491,975 
Nestle India Ltd. 9,137 2,316,115 
Nippon Life India Asset Management Ltd. (c) 62,492 348,790 
NTPC Ltd. 1,333,583 2,360,080 
Oberoi Realty Ltd. (a) 43,403 524,218 
Oil & Natural Gas Corp. Ltd. 631,199 1,255,156 
Oracle Financial Services Soft 6,471 381,975 
Page Industries Ltd. 1,502 754,177 
Persistent Systems Ltd. 15,384 805,313 
Petronet LNG Ltd. 195,847 599,782 
Phoenix Mills Ltd. 27,549 354,327 
PI Industries Ltd. 27,019 1,081,391 
Pidilite Industries Ltd. 39,681 1,224,841 
Piramal Enterprises Ltd. 29,140 1,011,473 
PNB Housing Finance Ltd. (a)(c) 17,131 110,356 
Power Grid Corp. of India Ltd. 927,099 2,288,836 
Prestige Estates Projs. Ltd. (a) 43,149 245,291 
Procter & Gamble Health Ltd. 1,779 128,729 
PVR Ltd. (a) 24,966 558,791 
Rajesh Exports Ltd. (a) 31,394 267,323 
RBL Bank Ltd. (a)(c) 182,952 440,691 
Rec Ltd. 209,308 415,098 
Redington (India) Ltd. 127,516 244,467 
Reliance Industries Ltd. 766,368 25,931,570 
Sanofi India Ltd. 3,515 391,426 
SBI Cards & Payment Services Ltd. (a) 59,741 840,941 
SBI Life Insurance Co. Ltd. (c) 120,672 1,844,251 
Shree Cement Ltd. 3,379 1,290,888 
Shriram Transport Finance Co. Ltd. 55,444 1,062,353 
Siemens India Ltd. 20,153 587,920 
SRF Ltd. 48,848 1,379,840 
State Bank of India 488,146 3,270,262 
Strides Pharma Science Ltd. 15,610 111,366 
Sun Pharmaceutical Industries Ltd. 227,219 2,409,967 
Sundaram Finance Ltd. 18,245 581,769 
Sundram Fasteners Ltd. 33,836 377,159 
Supreme Industries Ltd. 22,855 710,135 
Suven Pharmaceuticals Ltd. 25,770 174,860 
Syngene International Ltd. (a)(c) 46,147 332,950 
Tata Chemicals Ltd. 55,658 669,299 
Tata Communications Ltd. 29,938 522,193 
Tata Consultancy Services Ltd. 247,849 11,235,127 
Tata Consumer Products Ltd. 159,332 1,720,756 
Tata Elxsi Ltd. 11,191 876,752 
Tata Motors Ltd. (a) 435,997 2,802,016 
Tata Power Co. Ltd. 418,533 1,196,606 
Tata Steel Ltd. 213,491 3,748,162 
Tech Mahindra Ltd. 168,959 3,331,280 
The Indian Hotels Co. Ltd. 176,924 464,173 
The Ramco Cements Ltd. 60,517 861,068 
Titan Co. Ltd. 96,227 3,059,994 
Torrent Pharmaceuticals Ltd. 19,645 749,684 
Torrent Power Ltd. 92,130 614,507 
Trent Ltd. 57,454 768,928 
Tube Investments of India Ltd. 29,049 541,217 
Ultratech Cement Ltd. 26,649 2,714,870 
United Spirits Ltd. (a) 84,594 1,069,177 
UPL Ltd. (a) 134,872 1,331,896 
Vaibhav Global Ltd. 10,889 83,482 
Varun Beverages Ltd. 53,178 602,585 
Vedanta Ltd. 279,867 1,135,075 
Vodafone Idea Ltd. (a) 1,938,506 246,985 
Voltas Ltd. 63,655 1,022,956 
Wipro Ltd. 364,764 3,155,584 
Yes Bank Ltd. (a) 207,098 28,293 
Yes Bank Ltd. (a) 2,995,577 511,552 
Zee Entertainment Enterprises Ltd. 257,845 1,035,267 
TOTAL INDIA  316,717,744 
Indonesia - 0.4%   
Perusahaan Gas Negara Tbk PT Series B (a) 4,967,800 529,478 
PT ACE Hardware Indonesia Tbk 1,943,200 193,394 
PT Adaro Energy Tbk 4,328,300 513,255 
PT AKR Corporindo Tbk 564,700 170,197 
PT Aneka Tambang Tbk 2,793,500 461,393 
PT Astra International Tbk 5,622,700 2,391,161 
PT Bank BTPN Syariah Tbk 563,400 151,513 
PT Bank Central Asia Tbk 14,838,300 7,828,925 
PT Bank Mandiri (Persero) Tbk 5,100,200 2,578,519 
PT Bank Negara Indonesia (Persero) Tbk 2,307,800 1,140,258 
PT Bank Rakyat Indonesia Tbk 18,782,871 5,638,314 
PT Bank Tabungan Negara Tbk (a) 1,749,000 219,744 
PT Barito Pacific Tbk 8,867,900 585,247 
PT Bukit Asam Tbk 2,215,600 419,115 
PT Bumi Serpong Damai Tbk (a) 1,853,300 145,203 
PT Charoen Pokphand Indonesia Tbk 1,853,700 811,219 
PT Ciputra Development Tbk 2,857,600 216,829 
PT Gudang Garam Tbk 128,400 303,610 
PT Hanson International Tbk (a)(d) 3,268,900 11,537 
PT Indah Kiat Pulp & Paper Tbk 697,000 416,945 
PT Indocement Tunggal Prakarsa Tbk 403,200 336,534 
PT Indofood CBP Sukses Makmur Tbk 692,200 429,953 
PT Indofood Sukses Makmur Tbk 1,293,000 579,534 
PT Inti Agriculture Resources Tbk (a)(d) 1,180,800 4,167 
PT Jasa Marga Tbk (a) 684,096 202,802 
PT Kalbe Farma Tbk 6,528,700 737,316 
PT Link Net Tbk 552,700 151,756 
PT Lippo Karawaci Tbk (a) 8,522,900 89,034 
PT Media Nusantara Citra Tbk 2,275,500 144,553 
PT Merdeka Copper Gold Tbk (a) 3,711,500 827,834 
PT Mitra Adiperkasa Tbk (a) 2,151,200 133,620 
PT Pabrik Kertas Tjiwi Kimia Tbk 315,800 186,125 
PT Pakuwon Jati Tbk (a) 4,960,000 175,049 
PT Panin Financial Tbk (a) 3,762,800 48,338 
PT Pool Advista Indonesia Tbk (a)(d) 184,900 653 
PT Sarana Menara Nusantara Tbk 5,987,800 490,266 
PT Semen Gresik (Persero) Tbk 969,500 622,725 
PT Sugih Energy Tbk (a)(d) 40,500 143 
PT Summarecon Agung Tbk (a) 2,230,500 144,056 
PT Surya Citra Media Tbk (a) 7,464,500 221,287 
PT Telkom Indonesia Persero Tbk 13,227,500 3,535,522 
PT Tower Bersama Infrastructure Tbk 2,046,800 424,746 
PT Unilever Indonesia Tbk 2,477,800 773,028 
PT United Tractors Tbk 423,200 703,466 
PT Wijaya Karya Persero Tbk (a) 841,326 73,933 
PT XL Axiata Tbk 1,098,500 238,813 
TOTAL INDONESIA  36,001,109 
Ireland - 0.5%   
AIB Group PLC (a) 205,198 556,018 
Bank Ireland Group PLC (a) 267,717 1,597,540 
C&C Group PLC (United Kingdom) (a) 132,192 468,922 
Cairn Homes PLC 169,404 219,722 
CRH PLC 206,631 9,888,084 
Dalata Hotel Group PLC (a) 52,540 224,724 
DCC PLC (United Kingdom) 27,073 2,262,319 
Flutter Entertainment PLC (a) 19,689 3,717,115 
Flutter Entertainment PLC (Ireland) (a) 25,345 4,793,287 
Glanbia PLC 56,437 921,858 
Glenveagh Properties PLC (a)(c) 243,350 306,631 
Grafton Group PLC unit 69,092 1,267,994 
Greencore Group PLC (a)(b) 261,538 462,443 
Hibernia (REIT) PLC 242,334 352,974 
Irish Residential Properties REIT PLC 155,957 293,867 
James Hardie Industries PLC CDI 123,423 4,795,442 
Kerry Group PLC Class A 41,886 5,621,587 
Kingspan Group PLC (Ireland) 41,116 4,735,899 
Origin Enterprises PLC 59,362 229,885 
Smurfit Kappa Group PLC 62,580 3,276,391 
TOTAL IRELAND  45,992,702 
Isle of Man - 0.1%   
Entain PLC (a) 156,451 4,384,994 
Kape Technologies PLC (a) 51,223 279,003 
NEPI Rockcastle PLC 102,085 684,354 
Playtech Ltd. (a) 91,756 873,986 
TOTAL ISLE OF MAN  6,222,337 
Israel - 0.7%   
AFI Properties Ltd. (a) 8,956 464,166 
Airport City Ltd. (a) 22,463 427,914 
Alony Hetz Properties & Investments Ltd. 44,235 721,186 
Amot Investments Ltd. 69,080 526,338 
AudioCodes Ltd. 6,947 241,494 
Azrieli Group 11,889 1,109,868 
Bank Hapoalim BM (Reg.) 309,154 3,038,441 
Bank Leumi le-Israel BM 396,173 3,777,249 
Bezeq The Israel Telecommunication Corp. Ltd. (a) 545,602 682,962 
Big Shopping Centers Ltd. 3,298 493,811 
Caesarstone Sdot-Yam Ltd. 11,026 137,604 
Camtek Ltd. (a) 8,680 345,900 
Cellcom Israel Ltd. (Israel) (a) 16,639 62,784 
Check Point Software Technologies Ltd. (a) 29,044 3,473,662 
Clal Insurance Enterprises Holdings Ltd. (a) 17,719 437,438 
Cognyte Software Ltd. (a) 21,104 420,181 
Compugen Ltd. (a)(b) 19,285 125,160 
CyberArk Software Ltd. (a) 11,491 2,069,644 
Danel Adir Yeoshua Ltd. 2,185 461,257 
Elbit Systems Ltd. (Israel) 7,272 1,144,455 
Electra Israel Ltd. 586 385,191 
Energix-Renewable Energies Ltd. 82,410 386,742 
Enlight Renewable Energy Ltd. (a) 290,934 717,141 
Equital Ltd. (a) 5,424 166,576 
Fattal Holdings 1998 Ltd. (a) 1,495 160,539 
First International Bank of Israel 16,004 640,292 
Formula Systems (1985) Ltd. 2,350 251,906 
Fox Wizel Ltd. 2,363 325,213 
Gav-Yam Lands Corp. Ltd. 44,487 528,892 
Gazit-Globe Ltd. 18,453 149,579 
Harel Insurance Investments and Financial Services Ltd. 37,056 413,262 
Hilan Ltd. 5,070 280,389 
Icl Group Ltd. 192,680 1,647,098 
InMode Ltd. (a) 13,514 1,280,316 
Isracard Ltd. 84,382 338,397 
Israel Corp. Ltd. (Class A) (a) 1,404 516,547 
Israel Discount Bank Ltd. (Class A) (a) 328,939 1,983,395 
Ituran Location & Control Ltd. 9,860 256,459 
Kornit Digital Ltd. (a) 12,469 2,085,814 
Matrix IT Ltd. 9,561 259,273 
Maytronics Ltd. 21,943 517,725 
Mega Or Holdings Ltd. 10,876 429,630 
Melisron Ltd. (a) 6,044 510,551 
Migdal Insurance & Financial Holdings Ltd. 124,022 210,508 
Mivne Real Estate KD Ltd. 200,181 728,771 
Mizrahi Tefahot Bank Ltd. 39,823 1,446,004 
Nano Dimension Ltd. ADR (a)(b) 73,097 429,810 
NICE Systems Ltd. (a) 17,699 4,979,111 
Nova Ltd. (a) 8,752 926,547 
Oil Refineries Ltd. (a) 557,271 150,749 
OPC Energy Ltd. (a) 32,534 339,287 
Partner Communications Co. Ltd. (a) 31,298 157,956 
Paz Oil Co. Ltd. (a) 2,284 290,304 
Plus500 Ltd. 31,057 559,553 
Radware Ltd. (a) 19,735 699,211 
Reit 1 Ltd. 90,098 563,193 
Shapir Engineering and Industry Ltd. 38,345 313,367 
Shikun & Binui Ltd. (a) 78,913 468,837 
Shufersal Ltd. 86,682 716,609 
Strauss Group Ltd. 19,662 577,430 
Teva Pharmaceutical Industries Ltd. sponsored ADR (a) 292,768 2,558,792 
The Phoenix Holdings Ltd. 51,367 647,211 
Tower Semiconductor Ltd. (a) 27,527 893,398 
Tremor International Ltd. (a)(b) 28,495 265,178 
Wix.com Ltd. (a) 15,117 2,811,157 
TOTAL ISRAEL  55,125,424 
Italy - 1.3%   
A2A SpA 417,585 877,600 
ACEA SpA 11,158 241,979 
Amco - Asset Management Co. SpA Class B (a)(b)(d) 795 0 
Amplifon SpA 31,414 1,596,026 
Anima Holding SpA (c) 80,920 429,365 
Ascopiave SpA 12,721 51,763 
Assicurazioni Generali SpA 277,256 6,041,575 
Atlantia SpA (a) 119,481 2,307,295 
Autogrill SpA (a) 57,853 453,166 
Azimut Holding SpA 35,800 1,030,068 
Banca Generali SpA 18,840 885,536 
Banca Mediolanum S.p.A. 74,366 748,430 
Banca Popolare di Sondrio SCARL 129,726 563,262 
Banco BPM SpA 358,011 1,111,630 
BFF Bank SpA (c) 51,083 457,062 
BPER Banca 364,507 798,286 
Brembo SpA 43,860 575,470 
Brunello Cucinelli SpA (a) 8,599 520,879 
Buzzi Unicem SpA 29,653 691,405 
Carel Industries SpA (c) 9,053 261,632 
Cerved Information Solutions SpA 45,991 551,859 
CIR SpA (a) 143,676 79,142 
Credito Emiliano SpA 33,641 255,112 
Danieli & C. Officine Meccaniche SpA 3,702 124,534 
De'Longhi SpA 16,486 644,154 
DiaSorin SpA 6,836 1,543,737 
Dovalue SpA (c) 26,678 255,662 
Enav SpA (a)(c) 62,425 273,499 
Enel SpA 2,155,974 18,049,359 
Eni SpA 665,589 9,539,518 
ERG SpA 19,513 704,230 
Falck Renewables SpA 36,481 367,529 
Fincantieri SpA (a)(b) 149,857 118,146 
FinecoBank SpA 163,716 3,125,558 
Gruppo MutuiOnline SpA 7,736 377,834 
GVS SpA (c) 19,918 295,874 
Hera SpA 193,863 792,662 
Illimity Bank SpA (a) 24,731 389,954 
Infrastrutture Wireless Italiane SpA (c) 103,429 1,142,553 
Interpump Group SpA 19,095 1,407,206 
Intesa Sanpaolo SpA 4,314,638 12,262,973 
Iren SpA 164,790 511,676 
Italgas SpA 130,422 827,715 
Italmobiliare SpA 3,310 116,130 
Leonardo SpA (a) 95,070 696,552 
Maire Tecnimont SpA 44,964 193,671 
MARR SpA 12,543 295,214 
Mediobanca SpA 161,934 1,930,924 
Moncler SpA 56,903 4,086,245 
Nexi SpA (a)(c) 120,572 2,094,203 
Piaggio & C SpA 69,082 231,591 
Pirelli & C. SpA (c) 100,016 614,165 
Poste Italiane SpA (c) 135,078 1,926,893 
Prysmian SpA 70,601 2,668,803 
Rai Way SpA (c) 44,967 272,385 
Recordati SpA 30,074 1,881,511 
Reply SpA 5,793 1,123,038 
Saipem SpA (a)(b) 172,702 378,624 
Salvatore Ferragamo Italia SpA (a) 14,979 318,436 
Sesa SpA 2,535 497,006 
Snam Rete Gas SpA 498,558 2,822,303 
Societa Cattolica Di Assicurazioni SCRL (a) 41,615 316,544 
Tamburi Investment Partners SpA 35,045 394,992 
Technogym SpA (c) 37,180 390,259 
Telecom Italia SpA 2,251,155 803,100 
Telecom Italia SpA (Risparmio Shares) 2,229,845 846,775 
Terna - Rete Elettrica Naziona 382,845 2,851,028 
Tinexta SpA 9,410 416,626 
UniCredit SpA 562,229 7,424,877 
Unipol Gruppo SpA 114,410 657,322 
Webuild SpA (b) 153,420 379,537 
Webuild SpA warrants 8/2/30 (a)(b)(d) 5,707 5,686 
Zignago Vetro SpA 5,403 108,928 
TOTAL ITALY  110,026,283 
Japan - 15.2%   
77 Bank Ltd. 20,300 207,091 
ABC-MART, Inc. 9,307 447,331 
ACOM Co. Ltd. 146,100 487,262 
Activia Properties, Inc. 169 692,845 
Adeka Corp. 27,600 613,972 
Advance Residence Investment Corp. 351 1,153,634 
Advantest Corp. 54,159 4,440,384 
Aeon (REIT) Investment Corp. 351 474,497 
AEON Co. Ltd. 175,725 4,042,493 
Aeon Delight Co. Ltd. 7,400 227,268 
AEON Financial Service Co. Ltd. 33,599 426,880 
AEON MALL Co. Ltd. 33,700 493,695 
AGC, Inc. 51,063 2,542,713 
Ai Holdings Corp. 14,100 266,126 
Aica Kogyo Co. Ltd. 17,000 521,064 
Aiful Corp. 77,800 259,194 
Ain Holdings, Inc. 7,000 413,171 
Air Water, Inc. 63,300 968,496 
Aisin Seiki Co. Ltd. 39,100 1,430,777 
Ajinomoto Co., Inc. 122,125 3,656,506 
Alfresa Holdings Corp. 43,339 610,949 
Alps Electric Co. Ltd. 68,598 670,275 
Amada Co. Ltd. 107,500 1,062,043 
Amano Corp. 14,300 353,863 
Ana Holdings, Inc. (a) 39,641 923,676 
AnGes MG, Inc. (a) 54,200 257,277 
Anicom Holdings, Inc. 19,700 153,591 
Anritsu Corp. (b) 40,800 676,564 
Aozora Bank Ltd. 40,300 921,862 
Arata Corp. 6,900 244,249 
ARCS Co. Ltd. 15,200 292,103 
Ariake Japan Co. Ltd. 4,600 299,497 
Aruhi Corp. 11,800 136,805 
As One Corp. 3,800 520,914 
Asahi Group Holdings 127,359 5,779,588 
Asahi Holdings, Inc. 19,600 349,823 
ASAHI INTECC Co. Ltd. 57,660 1,519,881 
Asahi Kasei Corp. 331,800 3,485,675 
Asics Corp. 42,300 1,054,177 
ASKUL Corp. 12,600 171,143 
Astellas Pharma, Inc. 498,803 8,409,210 
Atom Corp. 39,400 265,778 
Autobacs Seven Co. Ltd. 25,900 334,977 
Axial Retailing, Inc. 6,000 190,835 
Azbil Corp. 35,600 1,517,728 
Bandai Namco Holdings, Inc. 56,600 4,325,293 
Bank of Kyoto Ltd. 15,000 674,599 
BASE, Inc. (a) 20,500 167,518 
BayCurrent Consulting, Inc. 3,500 1,452,571 
Belc Co. Ltd. 3,400 167,846 
Bell System24 Holdings, Inc. 10,200 131,045 
Benefit One, Inc. 20,500 1,034,565 
Benesse Holdings, Inc. 17,700 404,944 
Bengo4.Com, Inc. (a) 2,200 132,299 
Bic Camera, Inc. 30,300 261,323 
BML, Inc. 6,500 228,474 
Bridgestone Corp. 152,958 6,766,753 
Brother Industries Ltd. 69,700 1,347,576 
Calbee, Inc. 21,500 553,958 
Canon Marketing Japan, Inc. 14,400 285,269 
Canon, Inc. 266,543 6,061,021 
Capcom Co. Ltd. 50,300 1,353,846 
Casio Computer Co. Ltd. 67,500 955,200 
Central Glass Co. Ltd. 10,900 202,976 
Central Japan Railway Co. 38,155 5,659,937 
Change, Inc. (a) 8,500 153,173 
Chiba Bank Ltd. 147,000 911,138 
Chiyoda Corp. (a) 33,800 123,556 
Chofu Seisakusho Co. Ltd. 2,100 37,944 
Chubu Electric Power Co., Inc. 157,516 1,630,470 
Chugai Pharmaceutical Co. Ltd. 181,600 6,789,912 
Chugoku Electric Power Co., Inc. 85,200 706,720 
Chugoku Marine Paints Ltd. 17,500 135,463 
Citizen Watch Co. Ltd. 75,600 329,696 
CKD Corp. 11,865 235,226 
Coca-Cola West Co. Ltd. 30,950 425,921 
COLOPL, Inc. 25,700 185,675 
Colowide Co. Ltd. 17,100 247,205 
Comforia Residential REIT, Inc. 186 543,428 
COMSYS Holdings Corp. 32,800 812,162 
Comture Corp. 7,600 206,097 
Concordia Financial Group Ltd. 280,500 1,114,895 
Cosmo Energy Holdings Co. Ltd. 17,100 349,569 
Cosmos Pharmaceutical Corp. 5,300 809,931 
CRE Logistics REIT, Inc. 135 262,648 
Create Restaurants Holdings, Inc. 19,000 130,627 
Create SD Holdings Co. Ltd. 9,700 298,198 
Credit Saison Co. Ltd. 43,201 529,632 
CyberAgent, Inc. 107,900 1,807,923 
CYBERDYNE, Inc. (a)(b) 48,600 169,732 
Cybozu, Inc. 10,800 256,239 
Dai Nippon Printing Co. Ltd. 59,600 1,476,594 
Dai-ichi Mutual Life Insurance Co. 273,099 5,745,610 
Daibiru Corp. 18,300 254,658 
Daicel Chemical Industries Ltd. 74,121 554,964 
Daido Steel Co. Ltd. 7,100 272,021 
Daifuku Co. Ltd. 26,900 2,476,400 
Daihen Corp. 10,100 421,588 
Daiichi Sankyo Kabushiki Kaisha 469,700 11,851,650 
Daiichikosho Co. Ltd. 9,300 337,678 
Daikin Industries Ltd. 66,468 14,557,478 
Daio Paper Corp. 23,600 415,279 
Daiseki Co. Ltd. 13,320 621,735 
Daishi Hokuetsu Financial Group, Inc. 12,242 274,165 
Daito Trust Construction Co. Ltd. 17,444 2,162,779 
Daiwa House Industry Co. Ltd. 148,544 4,900,496 
Daiwa House REIT Investment Corp. 571 1,638,561 
Daiwa Office Investment Corp. 83 535,756 
Daiwa Securities Group, Inc. 380,600 2,138,268 
Daiwa Securities Living Invest 518 523,292 
Daiwabo Holdings Co. Ltd. 25,700 452,448 
DCM Holdings Co. Ltd. 42,900 418,280 
DeNA Co. Ltd. 33,000 609,582 
Denka Co. Ltd. 21,400 700,618 
DENSO Corp. 115,222 8,353,039 
Dentsu Group, Inc. 58,100 2,123,190 
Descente Ltd. (a) 8,800 333,564 
Dexerials Corp. 23,100 467,296 
Dic Corp. 21,400 566,603 
Digital Arts, Inc. 2,700 220,459 
Digital Garage, Inc. 13,500 630,639 
Dip Corp. 13,900 498,722 
Disco Corp. 7,900 2,129,821 
Dmg Mori Co. Ltd. 35,500 611,339 
Dowa Holdings Co. Ltd. 12,800 534,578 
DTS Corp. 11,500 255,170 
Duskin Co. Ltd. 13,800 332,440 
Dydo Group Holdings, Inc. 4,300 204,880 
Earth Corp. 6,000 368,193 
East Japan Railway Co. 79,610 4,958,628 
Ebara Corp. 26,300 1,435,109 
EDION Corp. 27,800 263,841 
eGuarantee, Inc. 14,900 331,811 
Eiken Chemical Co. Ltd. 15,900 267,280 
Eisai Co. Ltd. 64,200 4,548,968 
Eizo Corp. 6,700 256,234 
Elecom Co. Ltd. 17,900 273,791 
Electric Power Development Co. Ltd. 43,800 579,018 
en japan, Inc. 11,200 444,773 
ENEOS Holdings, Inc. 838,550 3,381,244 
eRex Co. Ltd. 10,400 238,151 
euglena Co. Ltd. (a) 29,600 209,834 
Exeo Group, Inc. 27,700 640,260 
Ezaki Glico Co. Ltd. 12,700 460,927 
Fancl Corp. 26,400 800,395 
FANUC Corp. 51,185 10,115,240 
Fast Retailing Co. Ltd. 15,736 10,445,836 
FCC Co. Ltd. 13,800 191,058 
Ferrotec Holdings Corp. 9,500 318,673 
Food & Life Companies Ltd. 30,900 1,339,312 
FP Corp. 11,200 380,318 
Freee KK (a) 9,300 667,516 
Frontier Real Estate Investment Corp. 117 517,625 
Fuji Corp. 19,300 450,193 
Fuji Electric Co. Ltd. 36,000 1,760,315 
Fuji Kyuko Co. Ltd. 5,400 217,549 
Fuji Oil Holdings, Inc. 12,000 281,615 
Fuji Seal International, Inc. 13,300 292,487 
Fuji Soft ABC, Inc. 6,900 351,372 
FUJIFILM Holdings Corp. 97,900 7,565,460 
Fujikura Ltd. (a) 88,800 478,974 
Fujimori Kogyo Co. Ltd. 6,100 250,817 
Fujitec Co. Ltd. 19,000 431,596 
Fujitsu General Ltd. 14,300 350,665 
Fujitsu Ltd. 52,442 9,063,538 
Fukuoka (REIT) Investment Fund 188 279,032 
Fukuoka Financial Group, Inc. 53,712 964,954 
Fukuyama Transporting Co. Ltd. 6,900 274,861 
Funai Soken Holdings, Inc. 11,600 322,266 
Furukawa Electric Co. Ltd. 21,400 468,256 
Fuso Chemical Co. Ltd. 4,900 225,599 
Fuyo General Lease Co. Ltd. 4,700 305,460 
Giken Ltd. 6,000 228,948 
Global One Real Estate Investment Corp. 266 273,975 
Glory Ltd. 16,400 353,014 
GLP J-REIT 1,087 1,773,052 
GMO Internet, Inc. 29,300 809,096 
GMO Payment Gateway, Inc. 11,000 1,393,659 
GNI Group Ltd. (a) 10,400 145,725 
GOLDWIN, Inc. 6,600 399,362 
Grace Technology, Inc. 7,400 67,729 
GREE, Inc. 36,500 307,836 
GS Yuasa Corp. 21,300 463,694 
GungHo Online Entertainment, Inc. 11,900 223,254 
Gunma Bank Ltd. 119,300 368,314 
H.I.S. Co. Ltd. (a)(b) 14,100 317,065 
H.U. Group Holdings, Inc. 12,447 306,959 
H2O Retailing Corp. 33,800 269,933 
Hakuhodo DY Holdings, Inc. 56,900 927,675 
Hamakyorex Co. Ltd. 4,000 110,898 
Hamamatsu Photonics K.K. 38,000 2,255,391 
Hankyu Hanshin Holdings, Inc. 56,200 1,742,514 
Hankyu REIT, Inc. 236 348,063 
Hanwa Co. Ltd. 9,800 294,378 
Harmonic Drive Systems, Inc. 12,700 575,713 
Haseko Corp. 64,400 838,555 
Hazama Ando Corp. 55,100 373,121 
Heiwa Corp. 20,000 356,621 
Heiwa Real Estate (REIT), Inc. 247 344,851 
Heiwa Real Estate Co. Ltd. 11,300 356,752 
Heiwado Co. Ltd. 11,800 204,260 
Hiday Hidaka Corp. 8,376 119,634 
Hikari Tsushin, Inc. 5,800 894,094 
Hino Motors Ltd. 79,400 751,099 
Hirata Corp. 2,300 140,234 
Hirogin Holdings, Inc. 87,800 483,712 
Hirose Electric Co. Ltd. 9,455 1,581,168 
Hisamitsu Pharmaceutical Co., Inc. 13,100 446,927 
Hitachi Construction Machinery Co. Ltd. 29,000 925,273 
Hitachi Ltd. 261,676 15,078,965 
Hitachi Metals Ltd. (a) 48,400 916,244 
Hitachi Transport System Ltd. 11,500 453,056 
Hitachi Zosen Corp. 39,600 310,501 
Hogy Medical Co. Ltd. 8,000 219,335 
Hokkaido Electric Power Co., Inc. 57,600 239,378 
Hokkoku Financial Holdings, Inc. 7,300 127,232 
Hokuetsu Kishu Paper Co. Ltd. 38,700 255,710 
Hokuhoku Financial Group, Inc. 40,500 289,727 
Hokuriku Electric Power Co., Inc. 44,900 213,803 
Honda Motor Co. Ltd. 432,372 12,788,640 
Horiba Ltd. 9,000 590,050 
Hoshino Resorts REIT, Inc. 58 378,714 
Hoshizaki Corp. 14,800 1,244,546 
Hosiden Corp. 21,300 224,577 
House Foods Group, Inc. 15,400 441,854 
Hoya Corp. 99,018 14,576,297 
Hulic (REIT), Inc. 348 527,215 
Hulic Co. Ltd. 118,600 1,140,398 
Hyakujushi Bank Ltd. 6,900 89,279 
Ibiden Co. Ltd. 28,900 1,736,483 
Ichibanya Co. Ltd. 6,600 266,831 
Ichigo Real Estate Investment Corp. 335 253,765 
Ichigo, Inc. 98,600 295,166 
Idec Corp. 9,500 201,334 
Idemitsu Kosan Co. Ltd. 56,100 1,532,220 
IDOM, Inc. 21,700 148,628 
IHI Corp. (a) 33,172 774,826 
Iida Group Holdings Co. Ltd. 43,000 1,060,144 
Inaba Denki Sangyo Co. Ltd. 21,100 506,138 
Industrial & Infrastructure Fund Investment Corp. 544 997,450 
Infocom Corp. 4,900 94,082 
Infomart Corp. 63,700 621,607 
Information Services Inter-Dentsu Ltd. 7,400 258,907 
INFRONEER Holdings, Inc. 68,204 566,596 
INPEX Corp. 263,600 2,198,245 
Internet Initiative Japan, Inc. 13,600 475,841 
Invincible Investment Corp. 1,825 721,511 
IR Japan Holdings Ltd. 3,200 295,106 
Iriso Electronics Co. Ltd. 5,600 257,267 
Isetan Mitsukoshi Holdings Ltd. 91,271 667,278 
Isuzu Motors Ltd. 163,168 2,195,068 
ITO EN Ltd. 15,660 1,043,046 
ITOCHU Advance Logistics Investment Corp. 162 230,702 
Itochu Corp. 312,250 8,905,641 
ITOCHU Techno-Solutions Corp. 22,512 711,138 
Itoham Yonekyu Holdings, Inc. 39,300 239,635 
Iwatani Corp. 13,300 785,570 
Iyo Bank Ltd. 67,700 331,224 
Izumi Co. Ltd. 9,400 284,996 
J. Front Retailing Co. Ltd. 66,400 615,456 
JAFCO Co. Ltd. 8,800 557,544 
Japan Airlines Co. Ltd. (a) 29,700 639,186 
Japan Airport Terminal Co. Ltd. (a) 16,800 833,406 
Japan Aviation Electronics Industry Ltd. 14,100 233,789 
Japan Elevator Service Holdings Co. Ltd. 16,900 366,237 
Japan Excellent, Inc. 390 470,897 
Japan Exchange Group, Inc. 134,300 3,179,965 
Japan Hotel REIT Investment Corp. 1,077 650,410 
Japan Lifeline Co. Ltd. 17,500 188,442 
Japan Logistics Fund, Inc. 227 679,030 
Japan Material Co. Ltd. 33,600 467,248 
Japan Petroleum Exploration Co. Ltd. 12,300 223,832 
Japan Post Bank Co. Ltd. 91,834 716,491 
Japan Post Holdings Co. Ltd. 666,338 5,120,078 
Japan Post Insurance Co. Ltd. 60,700 984,839 
Japan Prime Realty Investment Corp. 225 825,279 
Japan Real Estate Investment Corp. 331 2,028,777 
Japan Retail Fund Investment Corp. 1,971 1,810,401 
Japan Steel Works Ltd. 19,600 575,794 
Japan Tobacco, Inc. 301,043 5,909,827 
JCR Pharmaceuticals Co. Ltd. 16,600 407,412 
JEOL Ltd. 9,200 697,253 
JFE Holdings, Inc. 132,300 2,021,604 
JGC Corp. 76,042 714,590 
JINS Holdings, Inc. 4,900 309,809 
JMDC, Inc. (a) 7,700 578,887 
Joshin Denki Co. Ltd. 7,200 149,864 
Joyful Honda Co. Ltd. 24,400 335,577 
JSR Corp. 56,800 2,060,112 
JTEKT Corp. 54,900 485,954 
JTOWER, Inc. (a) 2,900 275,519 
Justsystems Corp. 8,700 449,671 
K's Holdings Corp. 52,500 541,943 
Kadokawa Corp. 11,500 607,207 
Kagome Co. Ltd. 21,400 543,042 
Kajima Corp. 127,900 1,574,803 
Kakaku.com, Inc. 38,900 1,290,895 
Kaken Pharmaceutical Co. Ltd. 11,056 436,091 
Kameda Seika Co. Ltd. 7,200 281,597 
Kamigumi Co. Ltd. 22,800 459,077 
Kandenko Co. Ltd. 28,700 222,478 
Kaneka Corp. 14,500 556,059 
Kanematsu Corp. 26,700 310,072 
Kansai Electric Power Co., Inc. 192,699 1,774,201 
Kansai Paint Co. Ltd. 52,039 1,205,015 
Kao Corp. 127,691 7,223,233 
Katitas Co. Ltd. 16,900 617,083 
Kato Sangyo 9,300 262,210 
Kawasaki Heavy Industries Ltd. (a) 41,500 842,137 
Kawasaki Kisen Kaisha Ltd. (a) 12,700 612,145 
KDDI Corp. 428,137 13,092,433 
Keihan Electric Railway Co., Ltd. 30,800 810,244 
Keikyu Corp. 58,439 659,567 
Keio Corp. 26,803 1,352,955 
Keisei Electric Railway Co. 37,806 1,216,628 
Kenedix Office Investment Corp. 118 747,146 
Kenedix Residential Investment Corp. 281 540,367 
Kenedix Retail REIT Corp. 175 446,521 
Kewpie Corp. 32,600 715,060 
Key Coffee, Inc. 17,100 334,559 
Keyence Corp. 51,850 31,297,427 
KH Neochem Co. Ltd. 9,100 233,877 
Kikkoman Corp. 38,200 3,124,381 
Kinden Corp. 32,892 539,778 
Kintetsu Group Holdings Co. Ltd. (a) 44,353 1,396,145 
Kintetsu World Express, Inc. 12,700 305,011 
Kirin Holdings Co. Ltd. 218,870 3,809,617 
Kisoji Co. Ltd. 9,700 182,170 
Kissei Pharmaceutical Co. Ltd. 9,100 182,030 
Kitz Corp. 26,700 178,618 
Kobayashi Pharmaceutical Co. Ltd. 15,900 1,273,050 
Kobe Bussan Co. Ltd. 40,200 1,384,757 
Kobe Steel Ltd. 94,900 557,575 
Koei Tecmo Holdings Co. Ltd. 14,248 663,219 
Kohnan Shoji Co. Ltd. 9,400 293,969 
Koito Manufacturing Co. Ltd. 28,600 1,622,712 
Kokuyo Co. Ltd. 22,900 348,512 
Komatsu Ltd. 236,411 6,191,916 
KOMEDA Holdings Co. Ltd. 20,400 370,001 
KOMERI Co. Ltd. 10,000 230,933 
Konami Holdings Corp. 28,500 1,568,371 
Konica Minolta, Inc. 120,500 596,437 
Kose Corp. 9,500 1,103,196 
Kotobuki Spirits Co. Ltd. 4,400 294,190 
Kubota Corp. 274,310 5,843,630 
Kumagai Gumi Co. Ltd. 13,800 341,570 
Kumiai Chemical Industry Co. Ltd. 25,100 187,169 
Kura Sushi, Inc. 5,800 187,663 
Kuraray Co. Ltd. 90,752 821,220 
Kureha Chemical Industry Co. Ltd. 6,400 415,922 
Kurita Water Industries Ltd. 26,900 1,328,633 
Kusuri No Aoki Holdings Co. Ltd. 4,900 326,171 
Kyocera Corp. 80,637 4,721,051 
Kyoei Steel Ltd. 9,600 118,454 
Kyokuto Kaihatsu Kogyo Co. Ltd. 13,500 184,503 
Kyorin Holdings, Inc. 14,600 224,269 
Kyoritsu Maintenance Co. Ltd. 11,900 445,910 
Kyowa Hakko Kirin Co., Ltd. 74,800 2,460,028 
Kyudenko Corp. 10,800 342,577 
Kyushu Electric Power Co., Inc. 108,278 762,752 
Kyushu Financial Group, Inc. 108,185 364,320 
Kyushu Railway Co. 33,400 747,645 
LaSalle Logiport REIT 449 749,162 
Lasertec Corp. 20,300 4,403,390 
Lawson, Inc. 15,200 735,067 
LIFE Corp. 5,100 167,404 
Lintec Corp. 16,900 377,267 
Lion Corp. 61,436 1,023,179 
LIXIL Group Corp. 68,795 1,767,336 
M&A Capital Partners Co. Ltd. (a) 3,800 214,338 
M3, Inc. 117,290 6,911,940 
Mabuchi Motor Co. Ltd. 21,200 730,940 
Macnica Fuji Electronics Holdings, Inc. 22,800 536,020 
Makino Milling Machine Co. Ltd. 8,500 305,814 
Makita Corp. 61,500 2,854,334 
Mandom Corp. 16,100 234,043 
Mani, Inc. 21,200 361,386 
Marubeni Corp. 413,800 3,511,226 
Maruha Nichiro Corp. 11,200 252,681 
Marui Group Co. Ltd. 46,702 916,467 
Maruichi Steel Tube Ltd. 16,000 363,548 
Maruwa Ceramic Co. Ltd. 2,600 291,426 
Maruwa Unyu Kikan Co. Ltd. 14,400 201,666 
Matsui Securities Co. Ltd. 50,600 363,006 
Matsumotokiyoshi Holdings Co. Ltd. 31,500 1,396,695 
Maxell Ltd. 16,400 197,346 
Mazda Motor Corp. (a) 151,500 1,362,632 
McDonald's Holdings Co. (Japan) Ltd. 18,628 832,515 
MCJ Co. Ltd. 27,800 312,991 
Mebuki Financial Group, Inc. 258,468 529,218 
Medical Data Vision Co. Ltd. 6,700 86,435 
Medipal Holdings Corp. 46,800 846,716 
Medley, Inc. (a) 4,800 141,540 
MedPeer, Inc. (a) 4,800 144,231 
Megachips Corp. 7,700 243,456 
Megmilk Snow Brand Co. Ltd. 12,400 239,939 
Meidensha Corp. 8,600 181,024 
Meiji Holdings Co. Ltd. 33,000 2,082,590 
Meitec Corp. 8,200 493,210 
Menicon Co. Ltd. 18,000 675,797 
Mercari, Inc. (a) 27,300 1,477,187 
Milbon Co. Ltd. 6,700 401,156 
Minebea Mitsumi, Inc. 94,195 2,384,739 
Mirai Corp. 774 357,341 
Mirait Holdings Corp. 29,300 563,519 
Miroku Jyoho Service Co., Ltd. 13,500 213,147 
Misumi Group, Inc. 75,905 3,174,633 
Mitsubishi Chemical Holdings Corp. 332,957 2,756,028 
Mitsubishi Corp. 338,451 10,762,057 
Mitsubishi Electric Corp. 486,292 6,530,630 
Mitsubishi Estate Co. Ltd. 304,671 4,630,082 
Mitsubishi Estate Logistics REIT Investment Corp. 129 557,817 
Mitsubishi Gas Chemical Co., Inc. 42,545 856,271 
Mitsubishi Heavy Industries Ltd. 83,166 2,126,794 
Mitsubishi Logistics Corp. 12,500 349,068 
Mitsubishi Materials Corp. 31,300 607,619 
Mitsubishi Motors Corp. of Japan (a) 210,734 674,459 
Mitsubishi Pencil Co. Ltd. 12,000 143,970 
Mitsubishi Shokuhin Co. Ltd. 5,400 139,009 
Mitsubishi UFJ Financial Group, Inc. 3,245,839 17,798,553 
Mitsubishi UFJ Lease & Finance Co. Ltd. 152,680 765,568 
Mitsui & Co. Ltd. 402,582 9,212,893 
Mitsui Chemicals, Inc. 52,900 1,572,920 
Mitsui Fudosan Co. Ltd. 246,240 5,629,992 
Mitsui Fudosan Logistics Park, Inc. 134 712,336 
Mitsui High-Tec, Inc. 5,500 424,826 
Mitsui Mining & Smelting Co. Ltd. 15,000 430,428 
Mitsui OSK Lines Ltd. 28,900 1,822,188 
Miura Co. Ltd. 26,055 1,002,218 
mixi, Inc. 14,700 336,841 
Mizuho Financial Group, Inc. 630,868 8,326,182 
Mizuho Leasing Co. Ltd. 7,400 228,636 
Mochida Pharmaceutical Co. Ltd. 9,700 282,866 
Monex Group, Inc. 38,900 253,314 
Money Forward, Inc. (a) 10,700 727,096 
MonotaRO Co. Ltd. 69,100 1,574,911 
Mori Hills REIT Investment Corp. 462 626,398 
Mori Trust Hotel (REIT), Inc. 73 90,637 
MORI TRUST Sogo (REIT), Inc. 257 332,028 
Morinaga & Co. Ltd. 11,900 420,531 
Morinaga Milk Industry Co. Ltd. 11,900 697,396 
Morita Holdings Corp. 25,100 315,804 
MOS Food Services, Inc. 6,600 184,037 
MS&AD Insurance Group Holdings, Inc. 118,097 3,815,402 
Murata Manufacturing Co. Ltd. 153,602 11,393,979 
Musashi Seimitsu Industry Co. Ltd. 11,100 208,914 
Nabtesco Corp. 33,900 1,100,177 
Nachi-Fujikoshi Corp. 5,300 200,765 
Nagaileben Co. Ltd. 5,500 113,044 
Nagase & Co. Ltd. 32,200 545,010 
Nagoya Railroad Co. Ltd. (a) 47,216 780,136 
Nakanishi, Inc. 20,400 473,183 
Nankai Electric Railway Co. Ltd. 24,600 488,230 
NEC Corp. 66,800 3,420,296 
NEC Networks & System Integration Corp. 16,800 270,320 
Net One Systems Co. Ltd. 21,200 695,220 
Nexon Co. Ltd. 127,900 2,177,005 
Nextage Co. Ltd. 22,000 403,189 
NGK Insulators Ltd. 78,300 1,303,786 
NGK Spark Plug Co. Ltd. 43,400 693,315 
NH Foods Ltd. 26,413 928,884 
NHK Spring Co. Ltd. 55,187 416,319 
Nichi-iko Pharmaceutical Co. Ltd. 17,700 134,375 
Nichias Corp. 18,300 448,075 
Nichiha Corp. 7,800 224,225 
Nichirei Corp. 31,810 774,747 
Nidec Corp. 120,090 13,300,908 
Nifco, Inc. 24,400 778,349 
Nihon Kohden Corp. 20,300 645,931 
Nihon M&A Center Holdings, Inc. 80,000 2,456,352 
Nihon Parkerizing Co. Ltd. 26,300 262,404 
Nihon Unisys Ltd. 24,500 688,371 
Nikkiso Co. Ltd. 16,700 147,879 
Nikkon Holdings Co. Ltd. 18,800 367,302 
Nikon Corp. 86,900 958,139 
Nintendo Co. Ltd. 30,088 13,288,577 
Nippn Corp. 20,200 289,440 
Nippo Corp. 13,500 477,575 
Nippon Accommodations Fund, Inc. 119 663,694 
Nippon Building Fund, Inc. 391 2,540,306 
Nippon Carbon Co. Ltd. 6,700 258,658 
Nippon Ceramic Co. Ltd. 10,700 277,977 
Nippon Densetsu Kogyo Co. Ltd. 10,800 166,470 
Nippon Electric Glass Co. Ltd. 26,600 679,176 
Nippon Express Co. Ltd. 22,066 1,381,210 
Nippon Gas Co. Ltd. 29,100 360,945 
Nippon Kayaku Co. Ltd. 50,200 528,710 
Nippon Light Metal Holding Co. Ltd. 15,040 249,623 
Nippon Paint Holdings Co. Ltd. 187,685 2,008,199 
Nippon Paper Industries Co. Ltd. 32,945 337,696 
Nippon Prologis REIT, Inc. 563 1,880,439 
Nippon REIT Investment Corp. 132 507,436 
Nippon Sanso Holdings Corp. 43,600 1,029,334 
Nippon Seiki Co. Ltd. 19,900 200,206 
Nippon Sheet Glass Co. Ltd. (a) 21,900 122,389 
Nippon Shinyaku Co. Ltd. 14,900 1,193,735 
Nippon Shokubai Co. Ltd. 8,900 464,978 
Nippon Signal Co. Ltd. 15,400 133,171 
Nippon Soda Co. Ltd. 8,000 240,366 
Nippon Steel & Sumikin Bussan Corp. 4,400 198,967 
Nippon Steel & Sumitomo Metal Corp. 235,983 4,137,434 
Nippon Suisan Kaisha Co. Ltd. 102,900 584,812 
Nippon Telegraph & Telephone Corp. 335,664 9,404,951 
Nippon Yusen KK 42,600 3,069,640 
Nipro Corp. 42,638 433,274 
Nishi-Nippon Financial Holdings, Inc. 44,800 261,226 
Nishi-Nippon Railroad Co. Ltd. 15,400 379,353 
Nishimatsu Construction Co. Ltd. 15,000 432,678 
Nishimatsuya Chain Co. Ltd. 18,600 237,323 
Nissan Chemical Corp. 34,100 1,897,960 
Nissan Motor Co. Ltd. (a) 616,548 3,138,144 
Nissan Shatai Co. Ltd. 15,700 111,354 
Nissha Co. Ltd. 14,500 237,540 
Nisshin Oillio Group Ltd. 8,500 225,319 
Nisshin Seifun Group, Inc. 61,400 969,544 
Nisshinbo Holdings, Inc. 39,700 306,425 
Nissin Electric Co. Ltd. 19,100 236,708 
Nissin Food Holdings Co. Ltd. 19,100 1,460,001 
Nitori Holdings Co. Ltd. 21,600 3,968,147 
Nitta Corp. 4,800 110,041 
Nitto Boseki Co. Ltd. 7,800 250,010 
Nitto Denko Corp. 38,642 3,019,492 
Noevir Holdings Co. Ltd. 5,800 283,707 
NOF Corp. 17,600 883,284 
Nojima Co. Ltd. 10,400 228,083 
NOK Corp. 22,900 265,818 
NOMURA Co. Ltd. 24,000 236,626 
Nomura Holdings, Inc. 831,954 3,962,195 
Nomura Real Estate Holdings, Inc. 32,100 782,578 
Nomura Real Estate Master Fund, Inc. 1,161 1,738,558 
Nomura Research Institute Ltd. 88,210 3,531,405 
North Pacific Bank Ltd. 83,700 173,223 
NS Solutions Corp. 8,800 295,797 
NSD Co. Ltd. 24,700 470,646 
NSK Ltd. 110,400 741,828 
NTN Corp. (a) 91,200 197,770 
NTT Data Corp. 161,400 3,237,817 
Ntt Ud (REIT) Investment Corp. 371 492,480 
Obayashi Corp. 170,500 1,439,402 
OBIC Business Consultants Ltd. 7,900 389,985 
OBIC Co. Ltd. 18,641 3,447,162 
Odakyu Electric Railway Co. Ltd. 83,700 1,814,567 
Ogaki Kyoritsu Bank Ltd. 14,200 235,976 
Ohsho Food Service Corp. 3,100 162,789 
Oisix Ra Daichi, Inc. (a) 6,600 276,432 
Oji Holdings Corp. 214,400 1,062,725 
Okamoto Industries, Inc. 6,500 228,097 
Okasan Securities Group, Inc. 49,834 170,449 
Oki Electric Industry Co. Ltd. 34,500 283,388 
Okinawa Financial Group, Inc. 9,400 206,643 
Okuma Corp. 6,300 300,186 
Okumura Corp. 9,800 253,080 
Olympus Corp. 310,000 6,715,544 
OMRON Corp. 48,800 4,666,970 
One (REIT), Inc. 109 292,328 
Ono Pharmaceutical Co. Ltd. 100,880 2,116,638 
Open House Co. Ltd. 19,300 1,230,820 
Optex Group Co. Ltd. 8,200 104,442 
Optorun Co. Ltd. 13,500 273,657 
Oracle Corp. Japan 10,900 1,031,407 
Orient Corp. 117,600 161,387 
Oriental Land Co. Ltd. 52,934 8,360,383 
ORIX Corp. 334,920 6,656,973 
ORIX JREIT, Inc. 672 1,114,919 
Osaka Gas Co. Ltd. 91,400 1,473,184 
OSG Corp. 29,400 489,126 
Otsuka Corp. 29,500 1,453,068 
Otsuka Holdings Co. Ltd. 106,418 4,208,755 
Outsourcing, Inc. 30,000 575,500 
Pacific Industrial Co. Ltd. 25,100 255,657 
PALTAC Corp. 8,700 385,234 
Pan Pacific International Holdings Ltd. 110,292 2,315,790 
Panasonic Corp. 602,989 7,456,583 
Paramount Bed Holdings Co. Ltd. 14,900 278,021 
Park24 Co. Ltd. (a) 32,940 504,567 
Penta-Ocean Construction Co. Ltd. 89,500 616,739 
PeptiDream, Inc. (a) 24,600 594,636 
Persol Holdings Co. Ltd. 54,700 1,470,263 
Pharma Foods International Co. Ltd. (b) 6,000 135,989 
Pigeon Corp. 33,900 784,995 
Pilot Corp. 9,900 363,071 
Piolax, Inc. 22,700 326,549 
Pola Orbis Holdings, Inc. 40,489 864,511 
Pressance Corp. 6,500 107,731 
Prestige International, Inc. 28,000 192,005 
Raito Kogyo Co. Ltd. 13,400 238,281 
Raksul, Inc. (a)(b) 7,300 401,624 
Rakus Co. Ltd. 22,000 697,277 
Rakuten Group, Inc. 226,595 2,480,770 
Recruit Holdings Co. Ltd. 364,154 24,223,167 
Relia, Inc. 10,300 105,548 
Relo Group, Inc. 29,100 605,276 
Renesas Electronics Corp. (a) 337,255 4,148,718 
Rengo Co. Ltd. 43,700 331,383 
RENOVA, Inc. (a) 9,900 435,510 
Resona Holdings, Inc. 561,846 2,110,630 
Resorttrust, Inc. 22,700 402,270 
Ricoh Co. Ltd. 181,000 1,762,549 
Ringer Hut Co. Ltd. (a) 7,300 141,597 
Rinnai Corp. 8,661 889,247 
Riso Kyoiku Co. Ltd. 73,700 307,879 
ROHM Co. Ltd. 24,000 2,194,502 
Rohto Pharmaceutical Co. Ltd. 26,900 821,894 
Roland Corp. 6,300 259,029 
Rorze Corp. 4,100 392,975 
Round One Corp. 18,100 217,792 
Royal Holdings Co. Ltd. (a) 12,300 223,272 
Ryohin Keikaku Co. Ltd. 71,330 1,405,646 
S Foods, Inc. 6,900 199,804 
Saizeriya Co. Ltd. 6,200 167,360 
Sakai Moving Service Co. Ltd. 2,000 82,358 
Sakata Seed Corp. 6,900 208,174 
San-A Co. Ltd. 8,600 309,887 
San-Ai Oil Co. Ltd. 27,300 355,797 
Sangetsu Corp. 15,000 206,407 
Sanken Electric Co. Ltd. (a) 5,800 304,931 
Sankyo Co. Ltd. (Gunma) 13,800 334,953 
Sankyu, Inc. 14,600 659,143 
Sanrio Co. Ltd. 12,100 271,109 
Sansan, Inc. (a) 4,300 499,611 
Santen Pharmaceutical Co. Ltd. 91,860 1,294,762 
Sanwa Holdings Corp. 49,100 572,685 
Sanyo Chemical Industries Ltd. 4,600 227,768 
Sapporo Holdings Ltd. 20,600 446,961 
Sato Holding Corp. 9,200 212,057 
Sawai Group Holdings Co. Ltd. 12,000 529,371 
SBI Holdings, Inc. Japan 66,700 1,728,828 
Screen Holdings Co. Ltd. 11,600 1,078,212 
SCSK Corp. 46,600 943,048 
Secom Co. Ltd. 53,633 3,656,294 
Sega Sammy Holdings, Inc. 59,319 843,542 
Seibu Holdings, Inc. (a) 64,500 704,568 
Seiko Epson Corp. 77,173 1,374,148 
Seiko Holdings Corp. 13,900 293,140 
Seino Holdings Co. Ltd. 32,300 391,344 
Seiren Co. Ltd. 13,300 268,425 
Sekisui Chemical Co. Ltd. 95,600 1,570,586 
Sekisui House (REIT), Inc. 1,014 766,584 
Sekisui House Ltd. 169,380 3,521,543 
Sekisui Jushi Corp. 8,700 162,078 
SENKO Co. Ltd. 25,000 222,366 
Seria Co. Ltd. 12,200 402,767 
Seven & i Holdings Co. Ltd. 202,229 8,490,539 
Seven Bank Ltd. 166,400 351,761 
SG Holdings Co. Ltd. 86,500 2,172,109 
Sharp Corp. 59,200 698,275 
SHIFT, Inc. (a) 3,400 784,105 
Shiga Bank Ltd. 11,000 177,996 
Shikoku Electric Power Co., Inc. 43,300 282,004 
Shima Seiki Manufacturing Ltd. 8,000 153,829 
Shimadzu Corp. 63,100 2,563,578 
Shimamura Co. Ltd. 5,900 499,567 
SHIMANO, Inc. 19,965 5,570,507 
SHIMIZU Corp. 146,500 1,073,383 
Shin-Etsu Chemical Co. Ltd. 94,535 16,858,717 
Shinko Electric Industries Co. Ltd. 21,200 854,088 
Shinmaywa Industries Ltd. 24,200 197,789 
Shinsei Bank Ltd. 35,000 578,014 
Shionogi & Co. Ltd. 74,200 4,837,863 
Ship Healthcare Holdings, Inc. 20,400 535,834 
Shiseido Co. Ltd. 107,355 7,163,475 
Shizuoka Bank Ltd. 123,100 991,248 
Shizuoka Gas Co. Ltd. 19,800 208,858 
SHO-BOND Holdings Co. Ltd. 11,800 494,295 
Shochiku Co. Ltd. (a) 2,100 228,506 
Shoei Co. Ltd. 6,700 298,125 
Showa Denko K.K. 50,082 1,256,058 
Siix Corp. 14,000 155,091 
SKY Perfect JSAT Holdings, Inc. 35,900 134,635 
Skylark Co. Ltd. (a) 69,400 940,342 
SMC Corp. 15,467 9,230,168 
SMS Co., Ltd. 20,900 810,886 
SoftBank Corp. 745,600 10,177,200 
SoftBank Group Corp. 323,812 17,530,341 
Sohgo Security Services Co., Ltd. 21,500 919,850 
Sojitz Corp. 65,440 1,079,698 
Solasto Corp. 17,500 211,803 
Sompo Holdings, Inc. 85,319 3,700,015 
Sony Group Corp. 337,505 39,081,857 
Sosei Group Corp. (a) 31,912 510,357 
SOSiLA Logistics REIT, Inc. 208 312,770 
Sotetsu Holdings, Inc. 19,700 381,054 
Square Enix Holdings Co. Ltd. 22,900 1,254,464 
Stanley Electric Co. Ltd. 33,839 852,919 
Star Asia Investment Corp. 555 294,432 
Star Micronics Co. Ltd. 12,400 162,745 
Starts Corp., Inc. 9,600 230,695 
Subaru Corp. 166,925 3,274,199 
Sugi Holdings Co. Ltd. 10,500 751,814 
Sumco Corp. 88,800 1,696,845 
Sumitomo Bakelite Co. Ltd. 8,800 395,496 
Sumitomo Chemical Co. Ltd. 395,800 1,949,835 
Sumitomo Corp. 298,200 4,249,250 
Sumitomo Dainippon Pharma Co., Ltd. 58,000 820,211 
Sumitomo Electric Industries Ltd. 199,600 2,649,264 
Sumitomo Forestry Co. Ltd. 37,823 722,455 
Sumitomo Heavy Industries Ltd. 34,347 884,281 
Sumitomo Metal Mining Co. Ltd. 64,400 2,498,224 
Sumitomo Mitsui Construction Co. Ltd. 58,860 249,781 
Sumitomo Mitsui Financial Group, Inc. 347,533 11,277,327 
Sumitomo Mitsui Trust Holdings, Inc. 90,600 2,980,183 
Sumitomo Osaka Cement Co. Ltd. 11,703 327,928 
Sumitomo Realty & Development Co. Ltd. 87,687 3,169,001 
Sumitomo Rubber Industries Ltd. 43,700 538,562 
Sumitomo Seika Chemicals Co. Ltd. 2,800 79,748 
Sundrug Co. Ltd. 20,141 589,448 
Suntory Beverage & Food Ltd. 37,800 1,466,732 
Suzuken Co. Ltd. 15,600 434,272 
Suzuki Motor Corp. 97,640 4,354,441 
Sysmex Corp. 45,700 5,666,385 
SystemPro Co. Ltd. 16,900 312,308 
T Hasegawa Co. Ltd. 11,700 285,720 
T&D Holdings, Inc. 141,600 1,816,113 
T-Gaia Corp. 9,900 176,400 
Tadano Ltd. 23,800 259,898 
Taiheiyo Cement Corp. 37,691 800,793 
Taikisha Ltd. 8,100 231,341 
Taisei Corp. 49,000 1,537,578 
Taisho Pharmaceutical Holdings Co. Ltd. 9,600 515,146 
Taiyo Holdings Co. Ltd. 9,400 251,303 
Taiyo Yuden Co. Ltd. 33,100 1,677,722 
Takara Bio, Inc. 16,100 420,160 
Takara Holdings, Inc. 53,169 727,259 
Takasago International Corp. 3,300 86,004 
Takasago Thermal Engineering Co. Ltd. 17,500 320,141 
Takashimaya Co. Ltd. 41,700 386,113 
Takeda Pharmaceutical Co. Ltd. 425,070 11,929,943 
Takeuchi Manufacturing Co. Ltd. 12,600 323,497 
Takuma Co. Ltd. 16,000 209,303 
Tbs Holdings, Inc. 14,400 227,773 
TDK Corp. 105,443 3,833,168 
Techmatrix Corp. 8,800 139,536 
TechnoPro Holdings, Inc. 33,500 1,070,635 
Teijin Ltd. 57,700 774,492 
Terumo Corp. 174,100 7,680,562 
The Awa Bank Ltd. 8,500 158,333 
The Chugoku Bank Ltd. 48,300 350,376 
The Hachijuni Bank Ltd. 111,400 372,320 
The Hyakugo Bank Ltd. 96,800 280,603 
The Keiyo Bank Ltd. 30,900 120,356 
The Kiyo Bank Ltd. 19,800 260,016 
The Nanto Bank Ltd. 9,600 165,499 
The Okinawa Electric Power Co., Inc. 19,201 235,566 
The Pack Corp. 5,100 135,492 
The San-In Godo Bank Ltd. 53,700 262,805 
The Sumitomo Warehouse Co. Ltd. 21,600 347,257 
The Suruga Bank Ltd. 74,200 272,196 
The Toho Bank Ltd. 44,700 80,016 
THK Co. Ltd. 34,700 746,176 
TIS, Inc. 59,500 1,620,951 
TKC Corp. 8,000 245,250 
Toagosei Co. Ltd. 35,000 391,163 
Tobu Railway Co. Ltd. 51,300 1,277,249 
Tocalo Co. Ltd. 19,000 232,994 
Toda Corp. 56,100 353,410 
Toei Animation Co. Ltd. 2,700 419,266 
Toei Co. Ltd. 1,600 313,859 
Toho Co. Ltd. 30,200 1,418,922 
Toho Gas Co. Ltd. 21,400 633,920 
Toho Holdings Co. Ltd. 15,300 247,707 
Tohoku Electric Power Co., Inc. 119,600 775,981 
Tokai Carbon Co. Ltd. 60,200 787,460 
TOKAI Holdings Corp. 38,900 295,380 
Tokai Rika Co. Ltd. 19,100 267,356 
Tokai Tokyo Financial Holdings 74,400 257,922 
Tokio Marine Holdings, Inc. 166,193 8,753,392 
Tokushu Tokai Paper Co. Ltd. 3,200 124,784 
Tokuyama Corp. 21,835 373,910 
Tokyo Century Corp. 10,200 584,010 
Tokyo Electric Power Co., Inc. (a) 440,128 1,219,155 
Tokyo Electron Ltd. 40,623 18,931,662 
Tokyo Gas Co. Ltd. 101,735 1,765,401 
Tokyo Ohka Kogyo Co. Ltd. 10,100 642,102 
Tokyo Seimitsu Co. Ltd. 13,200 537,452 
Tokyo Steel Manufacturing Co. Ltd. 20,300 225,893 
Tokyo Tatemono Co. Ltd. 58,100 853,977 
Tokyotokeiba Co. Ltd. 4,000 158,486 
Tokyu Construction Co. Ltd. 27,300 193,036 
Tokyu Corp. 134,300 1,893,389 
Tokyu Fudosan Holdings Corp. 171,200 992,004 
Tokyu REIT, Inc. 271 454,684 
TOMONY Holdings, Inc. 109,400 292,278 
Tomy Co. Ltd. 33,100 314,160 
Topcon Corp. 28,060 500,282 
Toppan Forms Co. Ltd. 19,300 185,547 
Toppan, Inc. 72,100 1,163,848 
Toray Industries, Inc. 365,000 2,274,503 
TORIDOLL Holdings Corp. 11,100 267,229 
Toshiba Corp. 111,452 4,807,165 
Toshiba Tec Corp. 11,800 464,583 
Tosoh Corp. 72,300 1,217,606 
Totetsu Kogyo Co. Ltd. 12,900 280,672 
Toto Ltd. 41,500 2,005,043 
Towa Pharmaceutical Co. Ltd. 13,100 336,785 
Toyo Ink South Carolina Holdings Co. Ltd. 17,249 303,774 
Toyo Seikan Group Holdings Ltd. 38,500 457,151 
Toyo Suisan Kaisha Ltd. 27,036 1,164,957 
Toyo Tire Corp. 30,500 507,167 
Toyobo Co. Ltd. 33,700 404,648 
Toyoda Gosei Co. Ltd. 17,900 366,276 
Toyota Boshoku Corp. 19,500 374,927 
Toyota Industries Corp. 39,200 3,332,494 
Toyota Motor Corp. 2,828,660 49,909,345 
Toyota Tsusho Corp. 55,849 2,422,518 
Trancom Co. Ltd. 2,200 154,363 
Trans Cosmos, Inc. 7,100 214,080 
Trend Micro, Inc. 36,500 2,062,994 
Tri Chemical Laboratories, Inc. 9,600 287,145 
Trusco Nakayama Corp. 14,800 357,863 
TS tech Co. Ltd. 29,700 397,387 
Tsubakimoto Chain Co. 8,100 239,334 
Tsugami Corp. 12,100 166,353 
Tsumura & Co. 14,984 466,983 
Tsuruha Holdings, Inc. 11,100 1,369,132 
Uacj Corp. (a) 7,300 169,194 
Ube Industries Ltd. 37,400 696,813 
Ulvac, Inc. 13,059 732,675 
Unicharm Corp. 109,700 4,436,577 
Unipres Corp. 12,900 105,247 
United Super Markets Holdings, Inc. 24,800 226,371 
United Urban Investment Corp. 798 994,755 
Universal Entertainment Corp. (a) 8,400 199,542 
Ushio, Inc. 30,000 536,712 
USS Co. Ltd. 61,100 984,828 
UT Group Co. Ltd. 7,200 230,318 
V Technology Co. Ltd. 4,000 150,843 
Valor Holdings Co. Ltd. 16,400 347,336 
Wacoal Holdings Corp. 19,500 390,512 
Wacom Co. Ltd. 66,700 431,486 
WealthNavi, Inc. 9,000 246,794 
Welcia Holdings Co. Ltd. 27,200 1,015,415 
West Holdings Corp. 7,149 399,570 
West Japan Railway Co. 56,756 2,679,204 
World Co. Ltd. (a) 13,000 159,561 
YA-MAN Ltd. 9,900 105,168 
Yakult Honsha Co. Ltd. 33,500 1,692,695 
Yamada Holdings Co. Ltd. 193,510 739,460 
Yamaguchi Financial Group, Inc. 62,500 348,908 
Yamaha Corp. 37,200 2,350,225 
Yamaha Motor Co. Ltd. 81,507 2,271,911 
Yamato Holdings Co. Ltd. 79,700 1,959,281 
Yamato Kogyo Co. Ltd. 11,100 372,186 
Yamazaki Baking Co. Ltd. 34,800 528,640 
Yamazen Co. Ltd. 29,400 272,398 
Yaoko Co. Ltd. 6,600 392,855 
Yaskawa Electric Corp. 64,100 2,776,305 
Yokogawa Bridge Holdings Corp. 11,300 227,766 
Yokogawa Electric Corp. 65,012 1,299,086 
Yokohama Rubber Co. Ltd. 29,900 505,943 
Yondoshi Holdings, Inc. 17,900 271,537 
Yoshinoya Holdings Co. Ltd. 19,500 380,218 
Z Holdings Corp. 715,265 4,440,380 
Zenkoku Hosho Co. Ltd. 13,800 666,880 
Zenrin Co. Ltd. 11,250 103,729 
Zensho Holdings Co. Ltd. 30,800 711,376 
Zeon Corp. 33,300 395,071 
ZERIA Pharmaceutical Co. Ltd. 12,200 218,408 
Zojirushi Thermos 10,600 147,023 
ZOZO, Inc. 32,200 1,033,574 
TOTAL JAPAN  1,297,860,110 
Korea (South) - 3.4%   
ABL Bio, Inc. (a) 13,796 251,440 
Ace Technologies Corp. (a) 17,838 218,749 
AfreecaTV Co. Ltd. 3,138 517,212 
Alteogen, Inc. 7,976 475,271 
Amicogen, Inc. (a) 4,213 116,020 
AMOREPACIFIC Corp. 8,300 1,284,956 
AMOREPACIFIC Group, Inc. 6,985 295,776 
Anterogen Co. Ltd. (a) 3,650 182,569 
Asiana Airlines, Inc. (a) 5,090 97,822 
BGF Retail Co. Ltd. 3,090 427,062 
Binex Co. Ltd. (a) 6,221 88,025 
Bioneer Corp. (a) 8,100 345,791 
BNK Financial Group, Inc. 99,473 746,086 
Bukwang Pharmaceutical Co. Ltd. 13,456 149,893 
Cellid Co. Ltd. (a) 2,023 123,820 
Cellivery Therapeutics, Inc. 4,314 183,914 
Celltrion Healthcare Co. Ltd. 24,844 1,718,637 
Celltrion Pharm, Inc. 4,505 436,556 
Celltrion, Inc. (a) 26,385 4,519,157 
CHA Biotech Co. Ltd. (a) 13,621 226,946 
Cheil Worldwide, Inc. 29,151 592,612 
Chong Kun Dang Pharmaceutical Corp. 1,536 153,479 
Chunbo Co. Ltd. 1,438 347,858 
CJ CheilJedang Corp. 2,435 787,328 
CJ Corp. 3,664 299,694 
CJ ENM Co. Ltd. 2,550 383,715 
CJ Logistics Corp. (a) 2,651 320,686 
Com2uS Corp. 2,283 250,224 
Cosmax, Inc. (a) 2,512 265,911 
Cosmo AM&T Co. Ltd. (a) 10,378 373,340 
Coway Co. Ltd. 14,177 956,345 
CrystalGenomics, Inc. (a) 17,430 101,910 
CS Wind Corp. 10,773 639,848 
Daesang Corp. 7,364 149,880 
Daewoo Engineering & Construction Co. Ltd. (a) 62,913 335,105 
Daewoo Shipbuilding & Marine Engineering Co. Ltd. (a) 9,658 213,414 
Daewoong Co. Ltd. 5,529 149,046 
Daewoong Pharmaceutical Co. Ltd. 1,174 140,391 
Daou Technology, Inc. 10,263 204,274 
DB HiTek Co. Ltd. 9,988 491,159 
Db Insurance Co. Ltd. 14,889 752,777 
DGB Financial Group Co. Ltd. 58,048 511,717 
DL E&C Co. Ltd. (a) 4,669 537,796 
DL Holdings Co. Ltd. 3,185 178,654 
Dong Suh Companies, Inc. 11,237 330,097 
Dong-A St. Co. Ltd. 3,614 224,407 
Dongjin Semichem Co. Ltd. 19,375 580,238 
DongKook Pharmaceutical Co. Ltd. 14,602 279,234 
Dongkuk Steel Mill Co. Ltd. 18,098 262,797 
Dongwon Industries Co. 313 60,769 
Doosan Bobcat, Inc. (a) 11,890 386,606 
Doosan Fuel Cell Co. Ltd. (a) 18,556 828,717 
Doosan Heavy Industries & Construction Co. Ltd. (a) 72,892 1,517,006 
DOUBLEUGAMES Co. Ltd. 2,551 139,501 
Douzone Bizon Co. Ltd. 6,178 429,051 
E-Mart, Inc. 6,035 864,299 
Ecopro BM Co. Ltd. 3,689 1,290,369 
Ecopro Co. Ltd. 4,638 396,740 
Ecopro HN Co. Ltd. 3,792 351,307 
Enzychem Lifesciences Corp. (a) 2,045 116,170 
Enzychem Lifesciences Corp. rights 12/17/21 (a) 1,244 10,591 
EO Technics Co. Ltd. 5,511 505,706 
Eubiologics Co. Ltd. (a) 7,324 298,394 
F&F Co. Ltd. (a) 1,146 851,385 
Fila Holdings Corp. 12,230 387,662 
Foosung Co. Ltd. (a) 24,376 416,344 
GemVax & Kael Co. Ltd. (a) 8,477 134,701 
GeneOne Life Science, Inc. (a) 11,662 249,354 
GeneOne Life Science, Inc. rights 11/25/21 (a) 1,491 4,716 
Genexine Co. Ltd. (a) 6,431 359,744 
Grand Korea Leisure Co. Ltd. (a) 16,280 226,462 
Green Cross Corp. 2,134 499,491 
Green Cross Holdings Corp. 6,592 164,623 
GS Engineering & Construction Corp. 18,682 659,513 
GS Holdings Corp. 11,200 403,524 
GS Retail Co. Ltd. 25,169 691,324 
Halla Holdings Corp. 5,854 254,387 
Hana Financial Group, Inc. 85,711 3,288,064 
HanAll BioPharma Co. Ltd. (a) 8,814 153,551 
Handsome Co. Ltd. 4,875 175,243 
Hankook Tire Co. Ltd. 21,250 749,058 
Hanmi Pharm Co. Ltd. 1,797 404,122 
Hanmi Semiconductor Co. Ltd. 8,678 237,986 
Hanon Systems 52,082 641,890 
Hansol Chemical Co. Ltd. 2,892 811,965 
Hanssem Co. Ltd. 2,675 231,722 
Hanwha Aerospace Co. Ltd. 9,142 351,296 
Hanwha Corp. 11,895 340,665 
Hanwha Life Insurance Co. Ltd. 74,889 222,006 
Hanwha Solutions Corp. (a) 33,428 1,166,737 
Hanwha Systems Co. Ltd. 25,566 357,911 
HDC Hyundai Development Co. 9,800 213,806 
Helixmith Co., Ltd. (a) 9,500 192,942 
Hite Jinro Co. Ltd. 9,979 296,272 
HLB Life Science Co. Ltd. 18,860 240,287 
HLB, Inc. 23,847 854,422 
HMM Co. Ltd. (a) 68,640 1,562,452 
Hotel Shilla Co. 11,011 820,574 
HUGEL, Inc. (a) 1,679 259,550 
HYBE Co. Ltd. (a) 3,532 1,009,468 
Hyosung Advanced Materials Co. (a) 823 500,107 
Hyosung Chemical Co. Ltd. (a) 514 126,647 
Hyosung Corp. 3,398 299,308 
Hyosung TNC Co. Ltd. 817 417,880 
Hyundai Bioscience Co. Ltd. (a) 7,361 147,863 
Hyundai Construction Equipment Co. Ltd. (a) 10,479 360,845 
Hyundai Department Store Co. Ltd. 3,810 269,139 
Hyundai Doosan Infracore Co. Lt (a) 10,347 92,656 
Hyundai Elevator Co. Ltd. 6,684 276,136 
Hyundai Engineering & Construction Co. Ltd. 18,711 804,734 
Hyundai Fire & Marine Insurance Co. Ltd. 17,842 399,205 
Hyundai Glovis Co. Ltd. 5,200 745,015 
Hyundai Greenfood Co. Ltd. 17,032 140,886 
Hyundai Heavy Industries Holdi 12,581 678,579 
Hyundai Mipo Dockyard Co. Ltd. (a) 5,748 371,904 
Hyundai Mobis 17,799 3,827,874 
Hyundai Motor Co. 33,477 5,956,857 
Hyundai Rotem Co. Ltd. (a) 37,353 719,636 
Hyundai Steel Co. 26,451 1,005,848 
Hyundai Wia Corp. 5,560 399,462 
Iljin Materials Co. Ltd. 8,365 719,209 
Industrial Bank of Korea 73,203 689,288 
JB Financial Group Co. Ltd. 48,096 363,752 
JW Pharmaceutical Corp. 8,390 167,121 
JYP Entertainment Corp. 11,769 526,603 
Kakao Corp. 83,389 8,925,379 
KakaoBank Corp. (a) 13,435 724,639 
Kangwon Land, Inc. (a) 28,702 679,451 
KB Financial Group, Inc. 109,844 5,289,626 
KCC Corp. 1,164 331,079 
KEPCO E&C 5,442 328,733 
KEPCO Plant Service & Engineering Co. Ltd. 10,745 382,644 
Kia Corp. 72,745 5,281,165 
Kiwoom Securities Co. Ltd. 4,775 428,268 
KMW Co. Ltd. (a) 7,171 252,098 
Koh Young Technology, Inc. 21,020 330,455 
Kolmar Korea Co. Ltd. 11,380 432,833 
Kolon Industries, Inc. 4,911 373,841 
Komipharm International Co. Ltd. (a) 20,217 154,983 
Korea Aerospace Industries Ltd. 21,753 568,620 
Korea Electric Power Corp. 68,573 1,321,799 
Korea Investment Holdings Co. Ltd. 11,889 884,637 
Korea Line Corp. (a) 58,979 142,162 
Korea Petro Chemical Industries Co. Ltd. 783 123,824 
Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) 11,993 1,054,924 
Korea Zinc Co. Ltd. 2,146 982,997 
Korean Air Lines Co. Ltd. (a) 46,820 1,214,456 
Korean Reinsurance Co. 32,932 271,311 
KT&G Corp. 30,198 2,086,766 
Kuk-il Paper Manufacturing Co. Ltd. (a) 25,856 94,781 
Kumho Petro Chemical Co. Ltd. 5,075 742,895 
Kwang Dong Pharmaceutical Co. Ltd. 15,693 103,896 
L&F Co. Ltd. 6,601 1,039,735 
Leeno Industrial, Inc. 2,919 425,630 
LegoChem Biosciences, Inc. (a) 7,416 284,788 
LG Chemical Ltd. 11,532 8,232,433 
LG Corp. 26,024 2,024,065 
LG Display Co. Ltd. (a) 64,240 1,080,117 
LG Electronics, Inc. 30,358 3,124,557 
LG Household & Health Care Ltd. 2,535 2,524,242 
LG Innotek Co. Ltd. 5,031 899,721 
LG Uplus Corp. 58,948 721,765 
Lotte Chemical Corp. 4,938 944,914 
Lotte Fine Chemical Co. Ltd. 5,176 375,952 
Lotte Shopping Co. Ltd. 2,722 243,734 
Lotte Tour Development Co. Ltd. (a) 24,273 416,848 
LS Corp. 7,194 383,727 
LS Electric Co. Ltd. 9,145 460,464 
LX Hausys Ltd. 4,577 271,515 
LX Holdings Corp. (a) 9,824 74,093 
LX International Corp. 7,676 178,008 
Lx Semicon Co. Ltd. 4,951 463,150 
Mando Corp. (a) 8,247 440,398 
MedPacto, Inc. (a) 2,859 137,812 
Medy-Tox, Inc. 1,048 133,860 
Meritz Financial Holdings Co. 10,185 289,831 
Meritz Fire & Marine Insurance Co. Ltd. 14,009 331,284 
Meritz Securities Co. Ltd. 126,717 503,751 
Mezzion Pharma Co. Ltd. (a) 1,813 242,165 
Mirae Asset Securities Co. Ltd. 70,538 523,555 
Naturecell Co. Ltd. (a) 15,711 265,079 
NAVER Corp. 33,905 11,727,764 
NCSOFT Corp. 4,373 2,337,604 
Netmarble Corp. (c) 6,464 680,988 
NH Investment & Securities Co. Ltd. 49,717 558,663 
NHN Corp. (a) 4,275 291,418 
NHN KCP Corp. 4,728 230,794 
NICE Information Service Co. Ltd. 18,196 306,345 
NongShim Co. Ltd. 835 201,428 
Oci Co. Ltd. (a) 4,692 517,178 
Orion Corp./Republic of Korea 8,023 807,239 
Oscotec, Inc. (a) 5,662 144,515 
Osstem Implant Co. Ltd. 3,309 348,961 
Ottogi Corp. 370 151,632 
Pan Ocean Co., Ltd. (Korea) 62,099 319,678 
Paradise Co. Ltd. (a) 12,802 189,930 
Pearl Abyss Corp. (a) 9,145 810,094 
Pharmicell Co. Ltd. (a) 15,610 166,358 
POSCO 20,346 5,133,943 
POSCO Chemtech Co. Ltd. 8,542 1,060,280 
Posco International Corp. 14,878 275,790 
RFHIC Corp. 10,728 287,359 
S&S Tech Corp. 6,195 194,522 
S-Oil Corp. 12,111 1,054,253 
S.M. Entertainment Co. Ltd. (a) 5,197 348,359 
S1 Corp. 5,812 412,249 
Sam Chun Dang Pharm Co. Ltd. (a) 4,000 160,771 
Samsung Biologics Co. Ltd. (a)(c) 4,609 3,416,052 
Samsung C&T Corp. 22,453 2,187,182 
Samsung Electro-Mechanics Co. Ltd. 15,267 2,068,507 
Samsung Electronics Co. Ltd. 1,206,652 71,875,754 
Samsung Engineering Co. Ltd. (a) 46,033 974,059 
Samsung Fire & Marine Insurance Co. Ltd. 8,035 1,584,555 
Samsung Heavy Industries Co. Ltd. (a) 184,113 1,000,986 
Samsung Heavy Industries Co. Ltd. rights 10/29/21 (a) 37,866 40,298 
Samsung Life Insurance Co. Ltd. 18,958 1,091,028 
Samsung SDI Co. Ltd. 15,108 9,483,209 
Samsung SDS Co. Ltd. 8,862 1,158,880 
Samsung Securities Co. Ltd. 22,460 908,398 
Sangsangin Co. Ltd. (a) 19,939 152,034 
Seegene, Inc. 11,008 501,060 
Seojin System Co. Ltd. (a) 3,691 108,649 
Seoul Semiconductor Co. Ltd. 28,406 361,893 
SFA Engineering Corp. 4,624 139,132 
Shin Poong Pharmaceutical Co. 9,738 431,429 
Shinhan Financial Group Co. Ltd. 123,389 4,007,627 
Shinsegae Co. Ltd. 1,766 373,725 
Shinsegae International Co. Ltd. 1,127 161,693 
SillaJen, Inc. (a)(d) 9,987 102,883 
SK Biopharmaceuticals Co. Ltd. (a) 8,845 712,487 
SK Bioscience Co. Ltd. (a) 5,339 1,042,971 
SK Chemicals Co. Ltd. 2,799 430,248 
SK Hynix, Inc. 149,238 13,088,001 
SK IE Technology Co. Ltd. (a)(c) 3,481 492,838 
SK Innovation Co., Ltd. (a) 14,816 3,074,042 
SK Materials Co., Ltd. 1,516 493,740 
SK Networks Co. Ltd. 40,170 174,087 
SK Telecom Co. Ltd. (d) 3,577 942,542 
SK, Inc. 8,987 1,865,861 
SKC Co. Ltd. 6,089 931,337 
SOLUM Co. Ltd. (a) 16,877 378,007 
Solus Advanced Materials Co. Lt 4,237 297,833 
Soulbrain Co. Ltd. 1,207 269,553 
ST Pharm Co. Ltd. (a) 2,165 161,450 
Taihan Electric Wire Co. (a) 86,335 165,074 
Tokai Carbon Korea Co. Ltd. 2,821 300,165 
Vaxcell-Bio Therapeutics Co. Ltd. 3,231 177,114 
Vieworks Co. Ltd. 7,225 244,082 
WeMade Entertainment Co. Ltd. 5,755 895,924 
WONIK IPS Co. Ltd. 11,060 381,889 
Woori Financial Group, Inc. 135,378 1,531,110 
Youngone Corp. 5,901 224,704 
Yuhan Corp. 13,825 705,617 
YUNGJIN Pharmaceutical Co. Ltd. (a) 61,816 246,919 
Zinus, Inc. 3,449 229,814 
TOTAL KOREA (SOUTH)  291,156,649 
Kuwait - 0.2%   
Agility Public Warehousing Co. KSC 378,350 1,255,100 
Boubyan Bank KSC 353,995 918,308 
Boubyan Petrochemicals Co. KSCP 186,184 568,218 
Gulf Bank 552,963 451,249 
Human Soft Holding Co. KSCC 25,900 287,654 
Kuwait Finance House KSCP 1,236,661 3,413,176 
Mabanee Co. SAKC 231,862 605,326 
Mobile Telecommunication Co. 515,019 1,018,250 
National Bank of Kuwait 1,823,638 5,989,058 
National Industries Group Holding SAK 596,961 542,602 
Qurain Petrochemical Industries Co. 301,335 378,855 
Shamal Az-Zour Al-Oula for the First Phase of Az-Zour Power Plant KSC 141,655 110,429 
Warba Bank KSCP (a) 468,517 438,288 
TOTAL KUWAIT  15,976,513 
Liechtenstein - 0.0%   
Liechtensteinische Landesbank AG 3,376 199,109 
Luxembourg - 0.3%   
Adecoagro SA (a) 26,941 236,003 
ADLER Group SA (b)(c) 18,069 245,013 
Aperam SA 12,187 726,668 
ArcelorMittal SA (Netherlands) 190,514 6,458,367 
Aroundtown SA 292,890 2,034,871 
B&M European Value Retail SA 239,417 2,074,706 
Eurofins Scientific SA 37,377 4,404,604 
Globant SA (a) 10,600 3,383,414 
Grand City Properties SA 33,121 848,459 
InPost SA 56,481 805,443 
Millicom International Cellular SA (depository receipt) (a) 25,387 888,013 
Reinet Investments SCA 51,450 928,626 
SES SA (France) (depositary receipt) 106,558 956,870 
Solutions 30 SE (a)(b) 18,338 165,668 
Stabilus SA 10,099 758,839 
Subsea 7 SA 60,264 540,442 
Tenaris SA 134,847 1,501,695 
TOTAL LUXEMBOURG  26,957,701 
Malaysia - 0.4%   
Alliance Bank Malaysia Bhd 375,100 249,100 
AMMB Holdings Bhd (a) 560,300 454,626 
Axiata Group Bhd 831,758 793,394 
Axis (REIT) 580,700 267,843 
British American Tobacco (Malaysia) Bhd 69,800 254,523 
Bursa Malaysia Bhd 318,300 577,260 
Carlsberg Brewery Bhd 50,800 272,095 
CIMB Group Holdings Bhd 1,898,648 2,393,369 
Dialog Group Bhd 1,274,800 871,211 
DiGi.com Bhd 913,700 933,338 
DRB-Hicom Bhd 341,600 136,112 
Fraser & Neave Holdings Bhd 54,900 358,752 
Frontken Corp. Bhd 281,400 258,907 
Gamuda Bhd (a) 488,900 382,525 
Genting Bhd 745,600 932,675 
Genting Malaysia Bhd 1,131,200 865,951 
Hap Seng Consolidated Bhd 217,700 412,163 
Hartalega Holdings Bhd 524,200 741,804 
Hong Leong Bank Bhd 203,700 925,775 
Hong Leong Credit Bhd 66,000 292,306 
IGB (REIT) 628,500 254,982 
IHH Healthcare Bhd 524,200 827,884 
IJM Corp. Bhd 1,008,900 450,728 
Inari Amertron Bhd 817,050 763,580 
IOI Corp. Bhd 715,300 678,853 
Kossan Rubber Industries Bhd 487,200 277,660 
KPJ Healthcare Bhd 1,106,400 304,587 
Kuala Lumpur Kepong Bhd 132,327 690,874 
Malayan Banking Bhd 1,059,134 2,058,930 
Malaysia Airports Holdings Bhd (a) 257,800 403,416 
Maxis Bhd 626,300 706,308 
MISC Bhd 387,600 661,756 
My E.G.Services Bhd 1,670,444 419,527 
Nestle (Malaysia) Bhd 20,400 662,594 
Petronas Chemicals Group Bhd 663,900 1,393,212 
Petronas Dagangan Bhd 84,000 413,002 
Petronas Gas Bhd 210,700 851,755 
PPB Group Bhd 194,640 854,517 
Press Metal Bhd 842,800 1,131,603 
Public Bank Bhd 4,163,800 4,192,960 
QL Resources Bhd 412,375 502,896 
RHB Bank Bhd 600,172 808,732 
Serba Dinamik Holdings Bhd (d) 387,580 32,759 
Sime Darby Bhd 811,789 445,004 
Sime Darby Plantation Bhd 538,471 521,437 
Sime Darby Property Bhd 477,889 83,668 
SP Setia Bhd (a) 512,661 193,130 
Sunway (REIT) 434,400 153,157 
Supermax Corp. Bhd 526,731 244,222 
Telekom Malaysia Bhd 396,300 554,112 
Tenaga Nasional Bhd 627,500 1,463,813 
TIME dotCom Bhd 489,300 534,083 
Top Glove Corp. Bhd 1,598,800 1,050,166 
V.S. Industry Bhd 970,600 370,333 
Westports Holdings Bhd 232,600 251,080 
Yinson Holdings Bhd 164,000 231,683 
TOTAL MALAYSIA  37,812,732 
Malta - 0.0%   
Kambi Group PLC (a) 7,149 193,959 
Kindred Group PLC (depositary receipt) 64,076 895,333 
TOTAL MALTA  1,089,292 
Marshall Islands - 0.0%   
Atlas Corp. (b) 25,959 363,426 
Mauritius - 0.0%   
Golden Agri-Resources Ltd. 1,654,000 325,035 
Mexico - 0.6%   
Alsea S.A.B. de CV (a) 135,311 284,056 
America Movil S.A.B. de CV Series L 9,121,496 8,129,952 
Arca Continental S.A.B. de CV 144,400 880,442 
Banco del Bajio SA (c) 241,200 452,806 
Becle S.A.B. de CV 198,800 454,417 
Bolsa Mexicana de Valores S.A.B. de CV 190,900 365,703 
CEMEX S.A.B. de CV unit (a) 4,270,232 2,746,157 
Coca-Cola FEMSA S.A.B. de CV unit 154,055 830,212 
Concentradora Fibra Danhos SA de CV 101,245 122,352 
Controladora Vuela Compania de Aviacion S.A.B. de CV (a) 176,200 320,511 
Corporacion Inmobiliaria Vesta S.A.B. de CV 185,900 323,618 
Fibra Uno Administracion SA de CV 974,335 968,277 
Fomento Economico Mexicano S.A.B. de CV unit 511,291 4,203,474 
GCC S.A.B. de CV 65,800 489,473 
Genomma Lab Internacional SA de CV (a) 210,800 201,708 
Gentera S.A.B. de CV (a) 246,100 147,268 
Gruma S.A.B. de CV Series B 52,865 620,755 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 110,096 1,387,858 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 61,320 1,236,616 
Grupo Aeroportuario Norte S.A.B. de CV (a) 77,400 467,039 
Grupo Bimbo S.A.B. de CV Series A 440,277 1,303,210 
Grupo Carso SA de CV Series A1 95,627 321,652 
Grupo Comercial Chedraui S.A.B. de CV 91,600 180,637 
Grupo Financiero Banorte S.A.B. de CV Series O 699,819 4,430,805 
Grupo Financiero Inbursa S.A.B. de CV Series O (a) 662,300 664,938 
Grupo Herdez S.A.B. de CV 98,900 181,871 
Grupo Mexico SA de CV Series B 854,217 3,747,468 
Grupo Televisa SA de CV 629,770 1,278,628 
Industrias Penoles SA de CV (a) 34,880 447,249 
Kimberly-Clark de Mexico SA de CV Series A 450,367 712,476 
La Comer S.A.B. de CV (b) 188,200 339,506 
Macquarie Mexican (REIT) (c) 176,650 210,731 
Megacable Holdings S.A.B. de CV unit 134,200 395,404 
Nemak S.A.B. de CV (a)(c) 1,063,675 245,408 
Orbia Advance Corp. S.A.B. de CV 308,728 802,411 
Prologis Property Mexico SA 123,500 284,276 
Promotora y Operadora de Infraestructura S.A.B. de CV 53,860 396,076 
Qualitas Controladora S.A.B. de CV 60,000 277,939 
Regional S.A.B. de CV 79,700 416,888 
Telesites S.A.B. de C.V. 351,063 320,233 
Terrafina 202,271 283,344 
Wal-Mart de Mexico SA de CV Series V 1,393,330 4,859,871 
TOTAL MEXICO  46,733,715 
Multi-National - 0.0%   
HK Electric Investments & HK Electric Investments Ltd. unit 714,000 711,201 
HKT Trust/HKT Ltd. unit 987,000 1,339,595 
TOTAL MULTI-NATIONAL  2,050,796 
Netherlands - 3.9%   
Aalberts Industries NV 28,542 1,578,789 
ABN AMRO Group NV GDR (c) 118,410 1,741,960 
Accell Group NV (a) 7,610 313,619 
Adyen BV (a)(c) 5,305 16,006,832 
AEGON NV 474,674 2,407,686 
AerCap Holdings NV (a) 35,808 2,114,104 
Airbus Group NV (a) 159,037 20,401,590 
Akzo Nobel NV 50,943 5,854,855 
Alfen Beheer BV (a)(c) 7,866 884,758 
AMG Advanced Metallurgical Group NV 8,400 248,004 
Arcadis NV 18,203 888,001 
Argenx SE (a) 12,875 3,876,135 
ASM International NV (Netherlands) 12,814 5,797,802 
ASML Holding NV (Netherlands) 112,693 91,608,169 
ASR Nederland NV 41,030 1,919,045 
Basic-Fit NV (a)(c) 14,662 711,869 
BE Semiconductor Industries NV 19,365 1,767,594 
Boskalis Westminster 21,878 652,507 
Brunel International NV 7,332 100,692 
CNH Industrial NV 281,527 4,858,897 
Corbion NV 18,750 890,843 
COSMO Pharmaceuticals NV (a) 1,970 149,966 
Davide Campari Milano NV 135,327 1,921,059 
Eurocommercial Properties NV 10,655 248,684 
Euronext NV (c) 21,262 2,393,982 
EXOR NV 26,198 2,468,218 
Ferrari NV 32,862 7,787,637 
Flow Traders BV (c) 11,122 377,482 
Fugro NV (Certificaten Van Aandelen) (a) 49,568 420,013 
Heineken Holding NV 29,765 2,759,549 
Heineken NV (Bearer) 67,486 7,475,284 
IMCD NV 15,254 3,386,538 
ING Groep NV (Certificaten Van Aandelen) 1,039,312 15,765,227 
Intertrust NV (a)(c) 21,727 328,523 
JDE Peet's BV 18,335 533,909 
Just Eat Takeaway.com NV (a)(c) 47,910 3,440,452 
Koninklijke Ahold Delhaize NV 279,902 9,101,932 
Koninklijke BAM Groep NV (a) 66,389 192,632 
Koninklijke DSM NV 46,411 10,142,744 
Koninklijke KPN NV 926,541 2,768,446 
Koninklijke Philips Electronics NV 245,014 11,558,578 
Koninklijke Vopak NV 18,104 719,931 
Mediaset NV 72,020 202,143 
Meltwater Holding BV (a) 57,070 264,817 
NN Group NV 66,981 3,586,559 
NSI NV 7,465 299,445 
OCI NV (a) 25,011 708,362 
Pharming Group NV (a)(b) 337,924 283,214 
PostNL NV 151,253 656,206 
Prosus NV 249,731 22,000,992 
Prosus NV rights (a)(e) 251,821 40,755 
PT Smartfren Telecom Tbk (a) 31,915,700 243,296 
QIAGEN NV (Germany) (a) 63,783 3,508,961 
Randstad NV 31,628 2,274,154 
RHI Magnesita NV 8,312 381,986 
SBM Offshore NV 40,522 639,881 
Shop Apotheke Europe NV (a)(c) 3,610 546,684 
Signify NV (c) 34,615 1,674,625 
Steinhoff International Holdings NV (South Africa) (a) 865,555 136,562 
Stellantis NV (Italy) 551,657 11,000,592 
STMicroelectronics NV (France) 185,901 8,826,362 
Technip Energies NV (a) 31,290 481,982 
TKH Group NV (depositary receipt) 11,698 666,137 
TomTom Group BV (a) 18,979 163,341 
Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit (a) 32,583 2,328,132 
Universal Music Group NV 191,203 5,551,185 
Wereldhave NV 12,130 188,039 
Wolters Kluwer NV 71,075 7,447,227 
X5 Retail Group NV GDR 33,857 1,153,041 
Yandex NV Class A (a) 83,997 6,930,885 
TOTAL NETHERLANDS  330,750,102 
New Zealand - 0.3%   
Air New Zealand Ltd. (a) 99,109 118,606 
Argosy Property Ltd. 298,019 333,154 
Auckland International Airport Ltd. (a) 331,564 1,898,414 
Chorus Ltd. 117,417 535,978 
Contact Energy Ltd. 209,381 1,227,347 
Fisher & Paykel Healthcare Corp. 160,689 3,593,823 
Fletcher Building Ltd. 216,150 1,110,583 
Genesis Energy Ltd. 161,700 377,750 
Goodman Property Trust 307,128 546,918 
Infratil Ltd. 180,736 1,072,388 
Kiwi Property Group Ltd. 446,684 374,510 
Mercury Nz Ltd. 209,189 919,666 
Meridian Energy Ltd. 407,107 1,455,747 
Precinct Properties New Zealand Ltd. 382,227 457,419 
Pushpay Holdings Ltd. (a) 244,641 333,089 
Ryman Healthcare Group Ltd. 128,177 1,327,256 
SKYCITY Entertainment Group Ltd. 208,871 478,966 
Spark New Zealand Ltd. 608,481 1,990,511 
Summerset Group Holdings Ltd. 62,027 644,948 
Synlait Milk Ltd. (a) 38,685 99,798 
The a2 Milk Co. Ltd. (a)(b) 219,622 1,033,994 
Xero Ltd. (a) 37,553 4,223,545 
Z Energy Ltd. 157,677 406,769 
TOTAL NEW ZEALAND  24,561,179 
Norway - 0.6%   
Adevinta ASA Class B (a) 75,879 1,248,946 
Aker ASA (A Shares) 5,825 535,757 
Atea ASA 19,081 356,870 
Atlantic Sapphire A/S (a) 18,376 92,120 
Austevoll Seafood ASA 21,125 285,321 
Borregaard ASA 25,980 630,441 
BW Energy Ltd. (a) 49,444 161,245 
Crayon Group Holding A/S (a)(c) 19,457 453,956 
DNB Bank ASA 240,503 5,716,569 
DNO ASA (A Shares) (a) 124,636 181,468 
Elkem ASA (c) 80,302 318,056 
Entra ASA (c) 35,932 896,609 
Equinor ASA 261,215 6,609,300 
Europris ASA (c) 42,274 312,255 
Fjordkraft Holding ASA (c) 29,083 172,992 
Gjensidige Forsikring ASA 48,113 1,196,574 
Grieg Seafood ASA (a) 15,158 168,394 
Kahoot! A/S (a) 72,882 433,950 
Kongsberg Gruppen ASA 24,809 813,468 
Leroy Seafood Group ASA 92,152 837,755 
Mowi ASA 125,052 3,620,748 
NEL ASA (a)(b) 415,453 876,848 
Nordic VLSI ASA (a) 46,579 1,378,419 
Norsk Hydro ASA 342,941 2,519,063 
Orkla ASA 207,332 2,016,406 
Pexip Holding ASA (a) 17,305 81,569 
Protector Forsikring ASA 21,927 254,105 
Quantafuel ASA (a) 57,593 187,479 
REC Silicon ASA (a) 138,608 250,869 
Salmar ASA 15,467 1,177,249 
Sbanken ASA (c) 45,475 532,916 
Scatec Solar AS (c) 34,755 683,342 
Schibsted ASA:   
(A Shares) 18,858 972,600 
(B Shares) 27,008 1,219,339 
Sparebank 1 Sr Bank ASA (primary capital certificate) 43,887 672,235 
Sparebanken Midt-Norge 35,770 595,327 
Sparebanken Nord-Norge 25,900 313,943 
Storebrand ASA (A Shares) 134,994 1,446,792 
Telenor ASA 186,448 2,943,079 
TGS ASA 30,919 284,452 
Tomra Systems ASA 33,655 2,171,984 
Vaccibody A/S (a) 34,938 268,821 
Veidekke ASA 26,115 375,902 
Wallenius Wilhelmsen ASA (a) 24,825 113,136 
Yara International ASA 46,283 2,414,984 
TOTAL NORWAY  48,793,653 
Pakistan - 0.0%   
Engro Corp. Ltd. 212,884 352,076 
Habib Bank Ltd. 289,014 212,917 
Hub Power Co. Ltd. 760,834 337,655 
Pakistan Oilfields Ltd. 102,334 228,720 
Pakistan State Oil Co. Ltd. 234,875 261,016 
United Bank Ltd. 236,051 193,017 
TOTAL PAKISTAN  1,585,401 
Panama - 0.0%   
Intercorp Financial Services, Inc. 10,730 308,166 
Papua New Guinea - 0.0%   
Oil Search Ltd. ADR 549,976 1,774,856 
Peru - 0.0%   
Compania de Minas Buenaventura SA sponsored ADR (a) 56,083 441,934 
Philippines - 0.2%   
Aboitiz Equity Ventures, Inc. 626,760 600,578 
AC Energy Corp. 2,580,700 626,398 
Alliance Global Group, Inc. 1,008,900 207,732 
Ayala Corp. 75,545 1,290,741 
Ayala Land, Inc. 2,372,700 1,648,817 
Bank of the Philippine Islands (BPI) 524,474 902,851 
BDO Unibank, Inc. 589,573 1,448,545 
Bloomberry Resorts Corp. (a) 744,200 100,189 
D&L Industries, Inc. 1,431,500 239,197 
Globe Telecom, Inc. 8,835 524,048 
GT Capital Holdings, Inc. 36,950 413,319 
International Container Terminal Services, Inc. 262,220 934,461 
JG Summit Holdings, Inc. 853,260 1,016,952 
Jollibee Food Corp. 140,950 656,334 
Manila Electric Co. 60,420 343,309 
Manila Water Co., Inc. (a) 257,300 134,992 
Megaworld Corp. 3,321,000 201,851 
Metro Pacific Investments Corp. 3,857,600 286,399 
Metropolitan Bank & Trust Co. 654,698 618,275 
PLDT, Inc. 21,715 705,920 
PUREGOLD Price Club, Inc. 306,000 255,959 
Robinsons Land Corp. 457,956 154,133 
Security Bank Corp. 139,950 334,982 
SM Investments Corp. 62,785 1,199,515 
SM Prime Holdings, Inc. 2,764,100 1,811,358 
Universal Robina Corp. 222,690 608,419 
Vista Land & Lifescapes, Inc. 754,300 56,300 
TOTAL PHILIPPINES  17,321,574 
Poland - 0.3%   
Alior Bank SA (a) 36,716 579,409 
Allegro.eu SA (a)(c) 94,480 1,068,499 
AmRest Holdings NV (a) 15,112 121,134 
Asseco Poland SA 18,320 451,152 
Bank Millennium SA (a) 204,946 470,030 
Bank Polska Kasa Opieki SA 47,905 1,581,964 
Budimex SA 4,808 307,305 
CCC SA (a) 9,315 281,342 
CD Projekt RED SA 20,902 910,967 
Ciech SA 5,782 51,448 
Cyfrowy Polsat SA 84,943 759,657 
Dino Polska SA (a)(c) 13,668 1,220,978 
ENEA SA (a) 46,683 118,297 
Eurocash SA 33,144 81,829 
Grupa Azoty SA (a) 13,020 97,251 
Grupa Lotos SA (a) 29,323 455,539 
KGHM Polska Miedz SA (Bearer) 36,829 1,416,056 
Kruk SA 5,991 499,444 
LPP SA 290 1,041,620 
mBank SA (a) 3,944 558,041 
Orange Polska SA (a) 205,009 400,034 
PGE Polska Grupa Energetyczna SA (a) 257,314 632,571 
Polish Oil & Gas Co. SA 471,402 710,828 
Polski Koncern Naftowy Orlen SA 81,560 1,759,316 
Powszechna Kasa Oszczednosci Bank SA (a) 233,755 2,859,209 
Powszechny Zaklad Ubezpieczen SA 157,929 1,579,429 
Santander Bank Polska SA 8,779 815,264 
Tauron Polska Energia SA (a) 282,624 232,778 
TEN Square Games SA 1,032 91,362 
TOTAL POLAND  21,152,753 
Portugal - 0.1%   
Banco Comercial Portugues SA (Reg.) (a) 2,062,128 372,114 
Corticeira Amorim SGPS SA 7,280 101,493 
Energias de Portugal SA 755,394 4,264,882 
Galp Energia SGPS SA Class B 154,539 1,605,342 
Jeronimo Martins SGPS SA 68,622 1,554,810 
NOS SGPS 80,580 314,290 
REN - Redes Energeticas Nacionais SGPS SA 123,547 376,332 
Sonae SGPS SA 304,770 335,227 
TOTAL PORTUGAL  8,924,490 
Qatar - 0.2%   
Barwa Real Estate Co. 520,492 450,302 
Doha Bank 457,746 362,576 
Gulf Warehousing Co. (a) 174,951 235,350 
Industries Qatar QSC (a) 442,783 1,928,739 
Masraf al Rayan 1,093,471 1,434,036 
Medicare Group (a) 47,078 109,504 
Mesaieed Petrochemical Holding Co. 1,348,405 888,814 
Ooredoo QSC 242,348 460,601 
Qatar Aluminum Manufacturing Co. (a) 737,400 383,991 
Qatar Electricity & Water Co. 119,816 552,845 
Qatar Fuel Co. 144,774 731,226 
Qatar Gas Transport Co. Ltd. (Nakilat) 724,635 646,818 
Qatar Insurance Co. SAQ (a) 401,602 270,235 
Qatar International Islamic Bank QSC 207,111 556,885 
Qatar Islamic Bank (a) 328,503 1,661,913 
Qatar National Bank SAQ (a) 1,157,001 6,514,287 
Qatar National Cement Co. QSC (a) 112,594 156,753 
Qatar Navigation QPSC 144,821 301,853 
The Commercial Bank of Qatar (a) 580,788 974,626 
United Development Co. 695,669 296,725 
Vodafone Qatar QSC (a) 617,816 274,887 
TOTAL QATAR  19,192,966 
Russia - 0.9%   
Aeroflot Pjsc (a) 402,869 390,836 
Alrosa Co. Ltd. 739,283 1,302,602 
Credit Bank of Moscow (a) 4,537,000 457,748 
Detsky Mir PJSC (c) 227,830 440,187 
Gazprom OAO 3,184,581 15,691,505 
Inter Rao Ues JSC 8,966,173 607,609 
Lukoil PJSC 111,823 11,418,493 
Magnit OJSC GDR (Reg. S) 90,475 1,675,597 
MMC Norilsk Nickel PJSC 16,847 5,257,685 
Mobile TeleSystems OJSC sponsored ADR 128,761 1,183,314 
Moscow Exchange MICEX-RTS OAO 383,134 939,495 
Novatek PJSC GDR (Reg. S) 24,251 6,147,629 
Novolipetsk Steel OJSC 409,801 1,292,797 
PhosAgro OJSC GDR (Reg. S) 37,266 891,403 
Polyus PJSC 9,421 1,870,314 
Rosneft Oil Co. OJSC 303,346 2,723,792 
Rostelecom PJSC 298,140 392,011 
Sberbank of Russia 2,866,773 14,422,144 
Severstal PAO 56,911 1,293,186 
Sistema JSFC sponsored GDR 40,315 304,781 
Surgutneftegas OJSC 1,383,286 665,523 
Tatneft PAO 374,324 2,859,007 
Unipro PJSC 5,218,000 200,779 
VTB Bank OJSC 963,847,980 719,105 
TOTAL RUSSIA  73,147,542 
Saudi Arabia - 0.9%   
Abdullah Al Othaim Markets Co. 18,324 565,709 
Advanced Polypropylene Co. 32,049 635,700 
Al Rajhi Bank 328,410 12,135,121 
Aldrees Petroleum and Transport Services Co. 13,460 265,547 
Alinma Bank 291,591 1,955,134 
Almarai Co. Ltd. 84,688 1,194,379 
Arab National Bank 172,069 1,056,021 
Bank Al-Jazira 126,249 646,240 
Bank Albilad (a) 100,941 1,135,650 
Banque Saudi Fransi 163,547 1,842,187 
Bupa Arabia for Cooperative Insurance Co. (a) 19,945 768,895 
Dar Al Arkan Real Estate Development Co. (a) 257,886 679,968 
Dr Sulaiman Al Habib Medical Services Group Co. 16,678 737,213 
Emaar The Economic City (a) 136,942 463,666 
Etihad Etisalat Co. 106,596 859,668 
Jadwa (REIT) Saudi Fund 66,326 258,521 
Jarir Marketing Co. 17,585 950,769 
Mobile Telecommunications Co. Saudi Arabia (a) 153,670 556,357 
Mouwasat Medical Services Co. 13,562 650,097 
National Industrialization Co. (a) 132,229 877,790 
National Petrochemical Co. 36,459 467,535 
Qassim Cement Co. 15,800 343,726 
Rabigh Refining & Petrochemical Co. (a) 58,680 445,861 
Riyad Bank 363,741 2,865,591 
Sabic Agriculture-Nutrients Co. 59,606 2,606,144 
Sahara International Petrochemical Co. 117,536 1,375,625 
Saudi Airlines Catering Co. 16,080 407,262 
Saudi Arabian Mining Co. (a) 116,930 2,543,786 
Saudi Arabian Oil Co. 528,982 5,323,808 
Saudi Basic Industries Corp. 243,135 8,361,837 
Saudi Cement Co. 31,589 498,565 
Saudi Dairy & Foodstuffs Co. 7,297 319,046 
Saudi Electricity Co. 228,609 1,737,012 
Saudi Ground Services Co. (a) 30,826 306,542 
Saudi Industrial Investment Group 62,038 626,020 
Saudi Kayan Petrochemical Co. (a) 205,251 1,114,109 
Saudi Pharmaceutical Industries & Medical Appliances Corp. 18,302 208,837 
Saudi Research & Marketing Group (a) 10,980 494,713 
Saudi Telecom Co. 165,975 5,177,177 
Seera Group Holding (a) 39,529 244,494 
Southern Province Cement Co. 26,449 504,878 
The Co. for Cooperative Insurance 22,302 511,336 
The National Agriculture Development Co. (a) 21,254 201,156 
The Saudi British Bank 229,866 2,031,528 
The Saudi National Bank 586,219 10,299,350 
The Savola Group 68,632 669,688 
United Electronics Co. 8,608 323,124 
Yamama Cement Co. (a) 49,231 363,566 
Yanbu Cement Co. 30,198 308,348 
Yanbu National Petrochemical Co. 73,234 1,485,805 
TOTAL SAUDI ARABIA  80,401,101 
Singapore - 0.8%   
AEM Holdings Ltd. 131,600 408,902 
Ascendas India Trust 296,200 305,316 
Ascendas Real Estate Investment Trust 867,841 1,988,601 
Ascott Residence Trust 523,724 400,026 
Best World International Ltd. (a)(d) 50,000 48,128 
BOC Aviation Ltd. Class A (c) 55,200 484,211 
CapitaLand Investment Ltd. (a) 744,625 1,899,525 
CapitaMall Trust 1,319,037 2,103,025 
CapitaRetail China Trust 334,874 302,964 
CDL Hospitality Trusts unit 305,000 271,413 
City Developments Ltd. 165,400 897,833 
ComfortDelgro Corp. Ltd. 752,700 870,754 
Cromwell European (REIT) 68,162 208,807 
DBS Group Holdings Ltd. 485,075 11,341,798 
ESR (REIT) 996,886 354,843 
Ezion Holdings Ltd. warrants 4/16/23 (a)(d) 30,780 36 
First Resources Ltd. 134,300 177,274 
Fortune (REIT) 502,000 520,679 
Frasers Centrepoint Trust 308,183 550,776 
Frasers Logistics & Industrial Trust 822,865 927,516 
Genting Singapore Ltd. 1,422,500 822,803 
Hutchison Port Holdings Trust 1,302,000 279,930 
iFast Corp. Ltd. 50,500 323,934 
Kenon Holdings Ltd. 8,226 328,588 
Keppel (REIT) 424,694 355,880 
Keppel Corp. Ltd. 385,300 1,537,200 
Keppel DC (REIT) 344,474 610,525 
Keppel Infrastructure Trust 1,049,843 412,619 
Keppel Pacific Oak U.S. (REIT) 315,400 250,743 
Manulife U.S. REIT 416,249 295,537 
Mapletree Commercial Trust 714,815 1,155,578 
Mapletree Greater China Commercial Trust 584,693 442,259 
Mapletree Industrial (REIT) 575,915 1,174,465 
Mapletree Logistics Trust (REIT) 830,637 1,244,262 
Nanofilm Technologies International Ltd. 79,000 221,446 
NetLink NBN Trust 910,869 688,978 
OUE Commercial (REIT) 603,085 201,252 
Oversea-Chinese Banking Corp. Ltd. 890,678 7,793,845 
Parkway Life REIT 125,900 435,072 
Raffles Medical Group Ltd. 284,055 288,584 
SATS Ltd. (a) 182,400 566,745 
Sembcorp Industries Ltd. 245,500 365,929 
Sembcorp Marine Ltd. (a) 7,895,082 462,522 
Sheng Siong Group Ltd. 229,800 241,984 
SIA Engineering Co. Ltd. (a) 118,400 190,529 
Singapore Airlines Ltd. (a) 358,350 1,381,847 
Singapore Exchange Ltd. 228,000 1,636,663 
Singapore Post Ltd. 520,100 252,626 
Singapore Press Holdings Ltd. 400,500 591,023 
Singapore Technologies Engineering Ltd. 432,900 1,229,519 
Singapore Telecommunications Ltd. 2,129,600 3,948,090 
SPH REIT 219,300 158,560 
Starhill Global (REIT) 725,783 347,149 
StarHub Ltd. 280,800 258,207 
Suntec (REIT) 735,500 812,677 
United Overseas Bank Ltd. 305,214 6,054,486 
UOL Group Ltd. 201,231 1,078,903 
Venture Corp. Ltd. 92,900 1,295,847 
Wilmar International Ltd. 633,200 2,028,494 
Yangzijiang Shipbuilding Holdings Ltd. 689,300 725,848 
Yanlord Land Group Ltd. 208,100 172,838 
TOTAL SINGAPORE  66,726,413 
South Africa - 0.9%   
Absa Group Ltd. 194,587 1,783,449 
African Rainbow Minerals Ltd. 26,352 351,124 
Anglo American Platinum Ltd. 13,797 1,394,062 
AngloGold Ashanti Ltd. 110,953 2,046,944 
Aspen Pharmacare Holdings Ltd. 113,128 1,801,531 
AVI Ltd. 76,657 396,960 
Barloworld Ltd. 42,624 357,986 
Bid Corp. Ltd. 92,069 1,976,033 
Bidvest Group Ltd./The 75,120 941,225 
Capitec Bank Holdings Ltd. 21,401 2,391,280 
Clicks Group Ltd. 67,327 1,229,032 
Coronation Fund Managers Ltd. 61,759 204,623 
DataTec Ltd. 32,456 88,391 
Dis-Chem Pharmacies Pty Ltd. (c) 82,703 172,986 
Discovery Ltd. (a) 115,242 1,055,700 
Distell Group Holdings Ltd. (a) 43,189 516,769 
DRDGOLD Ltd. 147,790 131,237 
Equites Property Fund Ltd. 139,597 186,343 
Exxaro Resources Ltd. 62,927 689,004 
FirstRand Ltd. 1,335,845 5,073,150 
Fortress (REIT) Ltd. Class A 363,654 316,635 
Foschini Group Ltd./The (a) 90,554 768,894 
Gold Fields Ltd. 241,346 2,242,642 
Growthpoint Properties Ltd. 863,155 732,340 
Harmony Gold Mining Co. Ltd. 149,839 537,786 
Impala Platinum Holdings Ltd. 214,738 2,779,215 
Imperial Holdings Ltd. 54,447 223,491 
Investec Ltd. 84,059 385,213 
JSE Ltd. 20,287 141,723 
KAP Industrial Holdings Ltd. 684,697 211,572 
Kumba Iron Ore Ltd. 18,090 549,747 
Liberty Holdings Ltd. (a) 40,195 237,433 
Life Healthcare Group Holdings Ltd. (a) 399,776 636,501 
MMI Holdings Ltd. 239,599 308,381 
Motus Holdings Ltd. 46,737 311,876 
Mr Price Group Ltd. 71,096 930,694 
MTN Group Ltd. (a) 465,517 4,174,568 
MultiChoice Group Ltd. 97,262 773,448 
Naspers Ltd. Class N 58,094 9,838,439 
Nedbank Group Ltd. 106,586 1,213,510 
Netcare Ltd. (a) 302,503 334,882 
Ninety One Ltd. 23,571 81,260 
Northam Platinum Holdings Ltd. (a) 103,064 1,543,430 
Old Mutual Ltd. 1,265,334 1,291,428 
Pick 'n Pay Stores Ltd. 104,682 409,134 
PSG Group Ltd. 42,370 212,141 
Rand Merchant Insurance Holdings Ltd. 195,614 522,619 
Redefine Properties Ltd. (a) 1,266,858 373,215 
Remgro Ltd. 141,418 1,246,423 
Resilient Property Income Fund Ltd. 61,923 227,017 
Reunert Ltd. 33,657 111,735 
Royal Bafokeng Holdings (Pty) Ltd. 53,684 384,978 
Sanlam Ltd. 502,945 2,066,108 
Sappi Ltd. (a) 145,524 444,241 
Sasol Ltd. (a) 157,234 2,640,898 
Shoprite Holdings Ltd. 136,604 1,623,061 
Sibanye Stillwater Ltd. 773,274 2,706,266 
Spar Group Ltd./The 65,072 830,621 
Standard Bank Group Ltd. 342,259 3,034,510 
Super Group Ltd. 123,132 257,308 
Telkom SA Ltd. (a) 84,632 281,072 
Tiger Brands Ltd. 52,227 658,761 
Transaction Capital Ltd. 117,499 339,074 
Truworths International Ltd. 133,669 471,845 
Vodacom Group Ltd. 150,537 1,336,158 
Wilson Bayly Holmes-Ovcon Ltd. (a) 9,618 67,291 
Woolworths Holdings Ltd. 265,182 935,906 
TOTAL SOUTH AFRICA  74,533,319 
Spain - 1.5%   
Acciona SA 6,933 1,328,812 
Acerinox SA 45,631 634,839 
ACS Actividades de Construccion y Servicios SA 63,898 1,671,590 
Aena SME SA (a)(c) 19,701 3,235,624 
Almirall SA 21,067 312,942 
Amadeus IT Holding SA Class A (a) 121,221 8,105,205 
Applus Services SA 53,051 480,190 
Banco Bilbao Vizcaya Argentaria SA 1,820,014 12,736,697 
Banco de Sabadell SA (a) 1,579,848 1,271,838 
Banco Santander SA (Spain) 4,620,079 17,499,168 
Bankinter SA 190,988 1,051,365 
CaixaBank SA 1,158,504 3,330,312 
Cellnex Telecom SA (c) 136,060 8,364,435 
Cie Automotive SA 16,106 437,908 
Compania de Distribucion Integral Logista Holdings SA 29,253 623,576 
Construcciones y Auxiliar de Ferrocarriles 6,069 266,248 
Corporacion Financiera Alba SA 5,370 305,730 
Ebro Foods SA 17,118 339,569 
EDP Renovaveis SA 82,384 2,295,185 
Enagas SA 57,857 1,297,859 
Ence Energia y Celulosa SA (a) 56,061 144,130 
Endesa SA 83,617 1,927,909 
Faes Farma SA 85,657 349,341 
Ferrovial SA 126,086 3,973,293 
Fluidra SA 22,351 853,938 
Gestamp Automocion SA (a)(c) 48,773 217,746 
Global Dominion Access SA (c) 53,879 288,687 
Grifols SA 81,180 1,857,644 
Grupo Catalana Occidente SA 9,751 346,619 
Iberdrola SA 1,570,569 18,562,846 
Indra Sistemas SA (a) 48,069 580,683 
Industria de Diseno Textil SA 291,463 10,525,732 
Inmobiliaria Colonial SA 73,942 718,861 
Laboratorios Farmaceuticos ROVI SA 5,950 416,819 
Lar Espana Real Estate Socimi SA 35,719 217,192 
Linea Directa Aseguradora SA Compania de Seguros y Reaseguros 162,615 327,090 
MAPFRE SA (Reg.) 357,503 756,497 
Mediaset Espana Comunicacion SA (a) 45,127 234,751 
Melia Hotels International SA (a) 73,498 540,539 
Merlin Properties Socimi SA 115,470 1,250,472 
Metrovacesa SA (c) 11,551 100,948 
Miquel y Costas & Miquel SA 6,025 83,440 
Miquel y Costas & Miquel SA rights (a) 6,025 30,342 
Naturgy Energy Group SA 47,233 1,241,089 
Neinor Homes SLU (c) 15,573 200,547 
Pharma Mar SA 4,175 324,038 
Prosegur Cash SA (c) 95,201 65,151 
Prosegur Compania de Seguridad SA (Reg.) 66,624 188,692 
Red Electrica Corporacion SA 113,955 2,372,493 
Repsol SA 404,754 5,184,307 
Sacyr SA 133,205 378,803 
Siemens Gamesa Renewable Energy SA (a) 64,044 1,734,637 
Solaria Energia y Medio Ambiente SA (a) 21,135 421,942 
Talgo SA (a)(c) 13,767 75,754 
Tecnicas Reunidas SA (a) 16,117 145,696 
Telefonica SA 1,390,294 6,038,969 
Unicaja Banco SA (c) 535,129 572,213 
Viscofan Envolturas Celulosicas SA 12,498 854,581 
Zardoya Otis SA 59,900 480,556 
TOTAL SPAIN  130,174,079 
Sweden - 2.7%   
AAK AB 49,033 1,071,669 
AcadeMedia AB (c) 27,075 193,888 
AddTech AB (B Shares) 70,486 1,575,840 
AFRY AB (B Shares) 27,431 817,053 
Alfa Laval AB 82,109 3,515,543 
Alimak Group AB (c) 15,908 215,984 
Arjo AB 56,857 774,600 
ASSA ABLOY AB (B Shares) 268,801 7,887,338 
Atlas Copco AB:   
(A Shares) 185,144 11,895,955 
(B Shares) 93,845 5,075,804 
Atrium Ljungberg AB (B Shares) 25,355 582,208 
Attendo AB (a)(c) 32,859 141,185 
Avanza Bank Holding AB 35,426 1,406,232 
Axfood AB 34,546 846,755 
Beijer Alma AB (B Shares) 22,760 571,120 
Beijer Ref AB (B Shares) 67,378 1,383,964 
Betsson AB (B Shares) 26,323 183,292 
BHG Group AB (a) 23,525 270,779 
BICO Group AB (a) 8,676 435,416 
Bilia AB (A Shares) 24,304 431,574 
Billerud AB 47,096 984,366 
BioGaia AB 4,704 289,207 
Biotage AB (A Shares) 18,290 591,209 
Boliden AB 70,497 2,486,439 
Bonava AB 21,786 214,993 
Boozt AB (a)(c) 12,629 212,787 
Bravida Holding AB (c) 55,141 828,913 
Bure Equity AB 17,062 791,114 
Camurus AB (a) 8,701 163,524 
Castellum AB 70,069 1,863,503 
Catena AB 8,751 532,927 
Cellavision AB 6,730 306,094 
Cint Group AB 27,199 410,455 
Clas Ohlson AB (B Shares) 13,538 145,658 
Cloetta AB 83,904 266,328 
Coor Service Management Holding AB (c) 35,080 340,261 
Corem Property Group AB 200,916 666,757 
Creades AB (A Shares) 9,155 127,283 
Dios Fastigheter AB 25,297 294,415 
Dometic Group AB (c) 77,618 1,128,389 
Dustin Group AB (c) 13,417 164,197 
Electrolux AB (B Shares) 60,259 1,367,545 
Electrolux Professional AB (a) 66,588 513,289 
Elekta AB (B Shares) 101,515 1,178,747 
Embracer Group AB (a) 134,800 1,253,194 
Epiroc AB:   
(A Shares) 180,810 4,499,196 
(B Shares) 94,747 2,013,429 
EQT AB 77,815 4,100,963 
Ericsson (B Shares) 776,296 8,473,587 
Essity AB (B Shares) 161,522 5,224,827 
Evolution AB (c) 46,376 7,501,809 
Fabege AB 72,702 1,229,195 
Fastighets AB Balder (a) 31,258 2,264,640 
Fingerprint Cards AB (a)(b) 70,215 168,179 
Fortnox AB 14,345 1,015,575 
Getinge AB (B Shares) 61,411 2,748,049 
Granges AB 38,219 415,879 
H&M Hennes & Mauritz AB (B Shares) 201,051 3,769,589 
Hansa Medical AB (a) 8,952 101,466 
Hexagon AB (B Shares) 517,274 8,324,853 
HEXPOL AB (B Shares) 90,885 1,061,454 
HMS Networks AB 7,452 425,184 
Holmen AB (B Shares) 28,289 1,254,361 
Hufvudstaden AB (A Shares) 29,333 468,618 
Husqvarna AB (B Shares) 114,455 1,627,932 
ICA Gruppen AB 26,429 1,366,381 
Industrivarden AB:   
(A Shares) 36,750 1,211,877 
(C Shares) 39,924 1,296,554 
Indutrade AB 70,740 2,058,445 
Instalco AB 12,896 683,242 
Intrum AB 17,796 503,958 
Investment AB Oresund 12,432 216,272 
Investor AB (B Shares) 475,370 10,954,323 
INVISIO AB 13,582 245,450 
Inwido AB 20,618 378,125 
JM AB (B Shares) 22,520 911,237 
Karo Bio AB (a) 16,144 106,399 
Kinnevik AB (B Shares) (a) 67,778 2,656,901 
Kungsleden AB 44,372 609,676 
L E Lundbergforetagen AB 20,723 1,193,479 
Latour Investment AB (B Shares) 40,136 1,454,393 
Lifco AB 61,653 1,795,461 
Lindab International AB 24,017 786,957 
Loomis AB (B Shares) 25,074 677,068 
Lundin Petroleum AB 58,160 2,297,144 
Mekonomen AB (a) 8,758 180,504 
MIPS AB 7,263 877,006 
Modern Times Group MTG AB (a) 5,335 61,066 
Modern Times Group MTG AB (B Shares) (a) 22,814 261,134 
Munters Group AB (c) 45,362 334,880 
Mycronic AB 19,870 460,888 
NCC AB (B Shares) 21,279 368,443 
Nibe Industrier AB (B Shares) 379,216 5,645,408 
Nobia AB 44,603 274,484 
Nobina AB (c) 24,778 237,163 
Nolato AB (B Shares) 55,720 735,753 
Nordic Entertainment Group AB (B Shares) (a) 22,934 1,326,690 
Nordnet AB 28,486 546,136 
Nordnet AB (B Shares) (a)(d) 492 0 
Nyfosa AB 60,081 1,013,709 
Oncopeptides AB (a)(b)(c) 21,169 9,574 
Pandox AB (a) 21,609 380,950 
Paradox Interactive AB 9,173 134,583 
Peab AB 71,144 892,199 
PowerCell Sweden AB (a) 20,661 461,432 
Ratos AB (B Shares) 60,086 345,488 
Resurs Holding AB (c) 72,162 388,203 
Saab AB (B Shares) 21,340 593,385 
Sagax AB 42,520 1,663,568 
Samhallsbyggnadsbolaget I Norden AB (B Shares) 256,938 1,723,292 
Sandvik AB 304,096 7,711,484 
SAS AB (a) 813,408 141,551 
Scandic Hotels Group AB (a)(b)(c) 88,522 426,736 
Sdiptech AB (a) 8,356 435,411 
Securitas AB (B Shares) 84,657 1,399,778 
Sinch AB (a)(c) 137,918 2,615,271 
Skandinaviska Enskilda Banken AB (A Shares) 428,490 6,698,275 
Skanska AB (B Shares) 88,725 2,252,218 
SKF AB (B Shares) 101,426 2,350,230 
SSAB Svenskt Stal AB:   
(A Shares) (a) 69,911 398,073 
(B Shares) (a) 144,028 718,128 
Stillfront Group AB (a) 103,849 463,378 
Storytel AB (a) 8,904 175,529 
Svenska Cellulosa AB SCA (B Shares) 160,378 2,500,537 
Svenska Handelsbanken AB (A Shares) 388,148 4,449,084 
Sweco AB (B Shares) 59,095 940,648 
Swedbank AB (A Shares) 236,335 5,125,178 
Swedencare AB 19,559 322,263 
Swedish Match Co. AB 410,682 3,614,269 
Swedish Orphan Biovitrum AB (a) 56,973 1,545,728 
Tele2 AB (B Shares) 134,553 1,898,125 
Telia Co. AB 707,876 2,785,593 
Thule Group AB (c) 29,183 1,681,387 
Tobii AB (a) 21,624 156,364 
Trelleborg AB (B Shares) 66,005 1,507,555 
Troax Group AB 9,914 406,349 
Vitrolife AB 16,704 1,087,277 
Volvo AB:   
(A Shares) 23,169 547,121 
(B Shares) 409,452 9,531,631 
Wallenstam AB (B Shares) 46,128 807,831 
Wihlborgs Fastigheter AB 38,034 899,920 
Xvivo Perfusion AB (a) 8,364 332,106 
TOTAL SWEDEN  229,330,886 
Switzerland - 6.0%   
ABB Ltd. (Reg.) 473,383 15,661,040 
Adecco SA (Reg.) 42,094 2,118,033 
Alcon, Inc. (Switzerland) 133,868 11,062,094 
Allreal Holding AG 5,133 1,085,353 
ALSO Holding AG 2,031 601,137 
ams AG (a) 79,231 1,565,409 
APG SGA SA (a) 936 211,612 
Arbonia AG 15,112 328,120 
Aryzta AG (a) 239,247 312,777 
Ascom Holding AG (Reg.) (a) 12,241 190,113 
Autoneum Holding AG (a) 768 120,115 
Bachem Holding AG (B Shares) 1,425 1,145,478 
Baloise Holdings AG 13,393 2,135,625 
Banque Cantonale Vaudoise 10,371 834,800 
Barry Callebaut AG 1,020 2,359,502 
Basilea Pharmaceutica AG (a) 6,409 299,591 
Belimo Holding AG (Reg.) 2,641 1,534,526 
Bell AG 594 190,734 
BKW AG 7,232 957,316 
Bobst Group SA (a) 2,262 184,300 
Bossard Holding AG 1,692 620,917 
Bucher Industries AG 2,343 1,181,224 
Burckhardt Compression Holding AG 862 362,462 
Burkhalter Holding AG 979 70,784 
Bystronic AG 431 592,178 
Cembra Money Bank AG 8,387 559,225 
Clariant AG (Reg.) 65,549 1,378,849 
Coca-Cola HBC AG 53,071 1,839,726 
Comet Holding AG 2,352 873,395 
Compagnie Financiere Richemont SA Series A 140,281 17,359,842 
Credit Suisse Group AG 686,936 7,145,310 
Daetwyler Holdings AG 1,913 742,760 
DKSH Holding AG 9,583 767,184 
Dorma Kaba Holding AG 869 643,967 
Dufry AG (a) 24,196 1,281,089 
EFG International 32,896 231,019 
Emmi AG 571 595,259 
Ems-Chemie Holding AG 1,770 1,754,341 
Flughafen Zuerich AG (a) 4,492 809,502 
Forbo Holding AG (Reg.) 336 652,477 
Galenica AG (c) 15,291 1,118,935 
GAM Holding Ltd. (a) 49,524 79,781 
Geberit AG (Reg.) 9,685 7,560,985 
Georg Fischer AG (Reg.) 1,186 1,794,026 
Givaudan SA 2,442 11,492,549 
Gurit-Heberlein AG (Bearer) 165 286,173 
Helvetia Holding AG (Reg.) 10,327 1,229,405 
Holcim Ltd. 141,739 7,076,114 
Huber+Suhner AG 5,934 527,553 
Idorsia Ltd. (a) 31,746 653,227 
Implenia AG (a) 2,895 59,064 
INFICON Holding AG 451 577,296 
Interroll Holding AG 193 936,965 
Intershop Holding AG 375 234,682 
Julius Baer Group Ltd. 61,193 4,426,218 
Kardex AG 1,999 615,682 
Komax Holding AG (Reg.) (a) 1,158 294,938 
Kuehne & Nagel International AG 14,661 4,616,390 
Landis+Gyr Group AG 5,806 399,495 
LEM Holding SA 200 484,928 
Leonteq AG 4,296 284,336 
Lindt & Spruengli AG 26 3,120,795 
Lindt & Spruengli AG (participation certificate) 304 3,582,525 
Logitech International SA (Reg.) 47,521 3,955,931 
Lonza Group AG 19,982 16,381,050 
Medacta Group SA (a)(c) 1,949 326,962 
medmix AG (c) 5,316 254,159 
Meyer Burger Technology AG (a) 760,354 363,070 
Mobimo Holding AG 2,093 705,210 
Molecular Partners AG (a) 5,545 104,166 
Nestle SA (Reg. S) 763,420 100,700,616 
Novartis AG 590,578 48,848,323 
OC Oerlikon Corp. AG (Reg.) 58,444 593,313 
Orior AG 2,423 248,757 
Partners Group Holding AG 6,022 10,506,930 
PSP Swiss Property AG 13,112 1,638,284 
Roche Holding AG:   
(Bearer) 23,130 9,928,014 
(participation certificate) 171,454 66,420,284 
Schindler Holding AG:   
(participation certificate) 10,122 2,633,312 
(Reg.) 6,163 1,580,464 
Schweiter Technologies AG 312 447,759 
Sensirion Holding AG (a)(c) 4,169 600,125 
SFS Group AG 4,828 649,639 
SGS SA (Reg.) 1,619 4,788,392 
Siegfried Holding AG 1,207 1,159,411 
Siemens Energy AG (a) 110,234 3,162,825 
Sig Combibloc Group AG 83,985 2,194,104 
Sika AG 38,032 12,876,715 
Softwareone Holding AG 25,677 594,531 
Sonova Holding AG 14,554 6,013,301 
St.Galler Kantonalbank AG 1,044 481,180 
Stadler Rail AG (b) 15,861 696,387 
Straumann Holding AG 2,737 5,685,642 
Sulzer AG (Reg.) 5,316 522,833 
Swatch Group AG (Bearer) 8,395 2,303,215 
Swatch Group AG (Bearer) (Reg.) 11,854 629,728 
Swiss Life Holding AG 8,598 4,719,697 
Swiss Prime Site AG 21,695 2,203,621 
Swiss Re Ltd. 79,633 7,709,337 
Swisscom AG 6,737 3,667,235 
Swissquote Group Holding SA 2,674 541,459 
Tecan Group AG 3,460 2,116,208 
Temenos Group AG 19,381 2,960,281 
u-blox Holding AG (a) 2,135 156,231 
UBS Group AG 977,306 17,766,774 
Valiant Holding AG 5,748 568,773 
Valora Holding AG (a) 1,318 250,760 
VAT Group AG (c) 7,079 3,380,230 
Vetropack Holding AG 5,935 364,942 
Vifor Pharma AG 13,608 1,755,248 
Vontobel Holdings AG 8,061 745,704 
VZ Holding AG 4,915 499,767 
Ypsomed Holding AG 1,243 206,352 
Zehnder Group AG 2,713 291,864 
Zur Rose Group AG (a) 2,532 898,755 
Zurich Insurance Group Ltd. 39,817 17,647,721 
TOTAL SWITZERLAND  510,256,838 
Taiwan - 4.3%   
Accton Technology Corp. 143,000 1,250,512 
Acer, Inc. 931,000 869,312 
ADATA Technology Co. Ltd. 85,000 253,367 
Adimmune Corp. 121,000 190,984 
Advanced Ceramic X Corp. 15,000 184,773 
Advantech Co. Ltd. 112,741 1,469,743 
AP Memory Technology Corp. 22,000 425,067 
ASE Technology Holding Co. Ltd. 915,718 3,271,247 
Asia Cement Corp. 569,000 905,250 
Asia Optical Co., Inc. 103,000 327,366 
Asia Pacific Telecom Co. Ltd. (a) 465,723 137,651 
Asia Vital Components Co. Ltd. 113,000 336,423 
ASMedia Technology, Inc. 7,000 408,511 
ASPEED Tech, Inc. 6,000 596,876 
ASUSTeK Computer, Inc. 188,000 2,383,336 
AU Optronics Corp. 2,166,000 1,486,574 
Bank of Kaohsiung Co. Ltd. 895,380 361,753 
Brighton-Best International Taiwan, Inc. 165,000 205,917 
Capital Securities Corp. 923,490 502,456 
Catcher Technology Co. Ltd. 192,000 1,110,145 
Cathay Financial Holding Co. Ltd. 2,186,216 4,561,650 
Center Laboratories, Inc. 111,277 265,754 
Century Iron & Steel Industrial Co. Ltd. 45,000 182,618 
Chang Hwa Commercial Bank 1,495,546 880,839 
Cheng Loong Corp. 183,000 223,451 
Cheng Shin Rubber Industry Co. Ltd. 652,000 798,463 
Cheng Uei Precision Industries Co. Ltd. 125,000 173,281 
Chicony Electronics Co. Ltd. 170,125 485,111 
Chilisin Electronics Corp. 65,958 203,950 
Chin-Poon Industrial Co. Ltd. 137,000 147,111 
China Airlines Ltd. (a) 1,070,000 660,945 
China Bills Finance Corp. 183,000 109,425 
China Development Finance Holding Corp. 3,531,000 1,800,690 
China Life Insurance Co. Ltd. 652,085 679,133 
China Motor Co. Ltd. 50,800 126,430 
China Petrochemical Development Corp. (a) 847,350 368,215 
China Steel Chemical Corp. 55,000 243,940 
China Steel Corp. 3,199,000 3,860,169 
Chipbond Technology Corp. 186,000 429,513 
ChipMOS TECHNOLOGIES, Inc. 168,000 278,441 
Chroma ATE, Inc. 109,000 708,529 
Chung Hung Steel Co. Ltd. 224,000 282,363 
Chunghwa Precision Test Tech Co. Ltd. 6,000 170,874 
Chunghwa Telecom Co. Ltd. 1,040,000 4,121,574 
Clevo Co. Ltd. 228,000 282,083 
Compal Electronics, Inc. 1,231,000 1,080,910 
Compeq Manufacturing Co. Ltd. 296,000 428,932 
Coretronic Corp. 107,000 220,571 
CTBC Financial Holding Co. Ltd. 5,083,960 4,235,873 
CTCI Corp. 140,000 183,265 
Delta Electronics, Inc. 526,000 4,628,120 
E Ink Holdings, Inc. 227,000 749,194 
E.SUN Financial Holdings Co. Ltd. 3,199,440 3,050,642 
ECLAT Textile Co. Ltd. 58,060 1,265,664 
EirGenix, Inc. (a) 52,000 202,622 
Elan Microelectronics Corp. 114,500 686,712 
Elite Material Co. Ltd. 75,000 647,782 
Elite Semiconductor Memory Technology, Inc. 76,000 388,939 
eMemory Technology, Inc. 18,000 1,486,802 
Ennoconn Corp. 41,248 272,567 
ENNOSTAR, Inc. (a) 229,000 600,359 
Episil Technologies Incorp (a) 109,000 596,965 
Eternal Materials Co. Ltd. 263,291 347,966 
EVA Airways Corp. 704,040 476,608 
Evergreen Marine Corp. (Taiwan) 682,878 2,440,164 
Everlight Electronics Co. Ltd. 189,000 335,985 
Far Eastern Department Stores Co. Ltd. 228,000 180,959 
Far Eastern New Century Corp. 978,000 1,022,079 
Far EasTone Telecommunications Co. Ltd. 392,000 861,569 
Feng Hsin Iron & Steel Co. 114,000 320,567 
Feng Tay Enterprise Co. Ltd. 121,758 944,505 
Firich Enterprise Co. Ltd. 129,512 149,303 
First Financial Holding Co. Ltd. 2,964,699 2,438,197 
Fitipower Integrated Technology, Inc. 38,159 291,897 
FLEXium Interconnect, Inc. 89,940 310,405 
FocalTech Systems Co. Ltd. 59,000 339,020 
Formosa Chemicals & Fibre Corp. 1,014,000 2,931,478 
Formosa Petrochemical Corp. 317,000 1,138,445 
Formosa Plastics Corp. 1,054,000 4,069,133 
Formosa Taffeta Co. Ltd. 219,000 235,949 
Foxconn Technology Co. Ltd. 397,010 980,940 
Fubon Financial Holding Co. Ltd. 2,109,877 5,576,834 
Fusheng Precision Co. Ltd. 40,000 270,785 
Genius Electronic Optical Co. Ltd. 21,792 334,569 
Getac Holdings Corp. 114,000 214,121 
Giant Manufacturing Co. Ltd. 92,000 1,065,541 
Gigabyte Technology Co. Ltd. 136,000 549,470 
Global Unichip Corp. 32,000 687,233 
GlobalWafers Co. Ltd. 58,000 1,583,049 
Gold Circuit Electronics Ltd. 148,000 352,925 
Goldsun Development & Construction Co. Ltd. 411,101 379,432 
Grand Pacific Petrochemical Corp. 388,000 376,226 
Grape King Bio Ltd. 32,000 186,173 
Great Wall Enterprise Co. Ltd. 184,881 356,549 
Greatek Electronics, Inc. 109,000 311,205 
HannStar Display Corp. 774,000 391,934 
Highwealth Construction Corp. 229,900 371,126 
HIWIN Technologies Corp. 82,695 917,678 
Holystone Enterprise Co. Ltd. 40,000 169,510 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 3,384,600 13,006,005 
Hota Industrial Manufacturing Co. Ltd. 59,014 198,585 
Hotai Motor Co. Ltd. 84,000 1,846,220 
HTC Corp. (a) 269,000 633,737 
Hua Nan Financial Holdings Co. Ltd. 2,428,648 1,774,932 
Huaku Development Co. Ltd. 97,000 317,005 
IBF Financial Holdings Co. Ltd. 586,453 334,875 
Innolux Corp. 2,571,000 1,541,954 
International CSRC Investment Holdings Co. 227,579 196,154 
International Games Systems Co. Ltd. 16,000 410,271 
Inventec Corp. 877,000 836,213 
ITEQ Corp. 103,931 479,624 
Jentech Precision Industrial Co. Ltd. 17,000 225,283 
Kenda Rubber Industrial Co. Ltd. 146,622 161,129 
King Slide Works Co. Ltd. 24,000 368,037 
King Yuan Electronics Co. Ltd. 441,000 629,548 
King's Town Bank 296,000 441,156 
Kinpo Electronics, Inc. 434,000 202,622 
Kinsus Interconnect Technology Corp. 74,000 648,447 
LandMark Optoelectronics Corp. 21,000 134,620 
Largan Precision Co. Ltd. 29,000 2,155,863 
Lien Hwa Industrial Corp. 228,681 458,265 
Lite-On Technology Corp. 551,009 1,213,031 
Lotes Co. Ltd. 23,444 486,645 
Macronix International Co. Ltd. 495,380 697,393 
Makalot Industrial Co. Ltd. 60,701 528,640 
MediaTek, Inc. 413,000 13,541,713 
Medigen Vaccine Biologics Corp. (a) 43,000 370,623 
Mega Financial Holding Co. Ltd. 2,967,000 3,558,908 
Merida Industry Co. Ltd. 52,000 539,702 
Merry Electronics Co. Ltd. 86,006 253,895 
Micro-Star International Co. Ltd. 205,000 1,030,706 
Microbio Co. Ltd. 88,954 202,219 
MiTAC Holdings Corp. 353,483 364,972 
momo.com, Inc. 14,700 944,981 
Nan Ya Plastics Corp. 1,469,000 4,489,564 
Nan Ya Printed Circuit Board Corp. 65,000 1,144,999 
Nankang Rubber Tire Co. Ltd. 113,000 162,327 
Nantex Industry Co. Ltd. 74,000 216,592 
Nanya Technology Corp. 374,000 893,194 
Nien Made Enterprise Co. Ltd. 40,000 548,752 
Novatek Microelectronics Corp. 153,000 2,283,049 
Nuvoton Technology Corp. 82,000 376,944 
OBI Pharma, Inc. (a) 38,389 146,828 
Oneness Biotech Co. Ltd. (a) 71,000 668,055 
Pan Jit International, Inc. 75,000 303,017 
PChome Online, Inc. 38,062 198,204 
Pegatron Corp. 571,000 1,394,433 
Phison Electronics Corp. 52,000 729,251 
PixArt Imaging, Inc. 56,000 316,753 
Pou Chen Corp. 880,000 1,077,680 
Powertech Technology, Inc. 209,000 731,068 
Poya International Co. Ltd. 20,610 367,864 
President Chain Store Corp. 157,000 1,584,378 
Primax Electronics Ltd. 192,000 355,109 
Qisda Corp. 720,000 801,580 
Quanta Computer, Inc. 741,000 2,075,705 
Radiant Opto-Electronics Corp. 156,000 545,118 
RDC Semiconductor Co. Ltd. (a) 15,000 213,324 
Realtek Semiconductor Corp. 123,000 2,204,238 
RichWave Technology Corp. 21,000 217,202 
Ruentex Development Co. Ltd. 379,700 966,807 
Ruentex Industries Ltd. 123,500 481,226 
SerComm Corp. 96,000 219,616 
Shin Kong Financial Holding Co. Ltd. 3,387,410 1,193,410 
Shin Zu Shing Co. Ltd. 42,279 151,381 
Shinkong Synthetic Fiber Co. 462,000 312,756 
Simplo Technology Co. Ltd. 78,000 837,565 
SINBON Electronics Co. Ltd. 59,000 487,341 
Sino-American Silicon Products, Inc. 130,000 884,719 
Sinopac Holdings Co. 2,636,495 1,339,788 
Sitronix Technology Corp. 32,000 306,267 
St.Shine Optical Co. Ltd. 17,000 179,799 
Standard Foods Corp. 115,714 215,263 
Synnex Technology International Corp. 448,100 865,785 
Systex Corp. 54,000 167,362 
Ta Chen Stainless Pipe Co. Ltd. 447,629 709,744 
Taichung Commercial Bank Co. Ltd. 1,665,343 714,701 
TaiDoc Technology Corp. 23,000 144,137 
TaiMed Biologics, Inc. (a) 52,000 124,748 
Tainan Spinning Co. Ltd. 286,000 233,155 
Taishin Financial Holdings Co. Ltd. 2,787,585 1,827,022 
Taiwan Business Bank 1,894,186 643,527 
Taiwan Cement Corp. 1,488,110 2,578,607 
Taiwan Cooperative Financial Holding Co. Ltd. 2,749,857 2,231,883 
Taiwan Fertilizer Co. Ltd. 241,000 587,678 
Taiwan Glass Industry Corp. 422,000 413,740 
Taiwan High Speed Rail Corp. 458,000 477,820 
Taiwan Hon Chuan Enterprise Co. Ltd. 117,000 273,539 
Taiwan Mobile Co. Ltd. 452,000 1,592,430 
Taiwan Paiho Ltd. 76,000 235,820 
Taiwan Secom Co. 64,000 230,993 
Taiwan Semiconductor Manufacturing Co. Ltd. 6,611,000 140,103,561 
Taiwan Surface Mounting Technology Co. Ltd. 69,000 277,536 
Taiwan Union Technology Corp. 98,000 336,111 
TCI Co. Ltd. 25,557 206,971 
TECO Electric & Machinery Co. Ltd. 583,000 631,261 
The Shanghai Commercial & Savings Bank Ltd. 917,842 1,450,352 
Tong Hsing Electronics Industries Ltd. 57,286 543,132 
Tong Yang Industry Co. Ltd. 168,000 203,929 
Topco Scientific Co. Ltd. 76,304 378,163 
Transcend Information, Inc. 79,000 191,507 
Tripod Technology Corp. 168,000 708,924 
TTY Biopharm Co. Ltd. 59,000 145,355 
Tung Ho Steel Enterprise Corp. 212,000 307,588 
Tung Thih Electronic Co. Ltd. 25,000 180,014 
TXC Corp. 78,000 287,125 
U-Ming Marine Transport Corp. 143,000 270,131 
Uni-President Enterprises Corp. 1,245,000 2,977,806 
Unimicron Technology Corp. 346,000 2,360,927 
Unitech Printed Circuit Board Corp. (a) 191,000 124,155 
United Integrated Services Co. 39,000 257,012 
United Microelectronics Corp. 3,217,000 6,669,658 
United Renewable Energy Co. Ltd. (a) 342,796 294,230 
USI Corp. 218,000 269,319 
Vanguard International Semiconductor Corp. 282,000 1,463,423 
Visual Photonics Epitaxy Co. Ltd. 44,000 222,015 
Voltronic Power Technology Corp. 18,075 1,054,835 
Wafer Works Corp. 171,511 395,439 
Walsin Lihwa Corp. 844,000 786,561 
Walsin Technology Corp. 99,875 541,610 
Wan Hai Lines Ltd. 161,700 929,143 
Win Semiconductors Corp. 93,389 1,199,015 
Winbond Electronics Corp. 837,363 790,901 
Wistron Corp. 768,829 806,242 
Wistron NeWeb Corp. 109,460 304,656 
Wiwynn Corp. 24,000 766,242 
WPG Holding Co. Ltd. 493,760 920,314 
WT Microelectronics Co. Ltd. 187,235 422,279 
XinTec, Inc. 66,000 319,986 
Yageo Corp. 108,129 1,685,329 
Yang Ming Marine Transport Corp. (a) 431,000 1,493,679 
YFY, Inc. 290,000 333,273 
Yieh Phui Enterprise Co. (a) 265,568 236,527 
Yuanta Financial Holding Co. Ltd. 2,456,920 2,179,419 
Yulon Motor Co. Ltd. 194,364 286,887 
TOTAL TAIWAN  366,077,635 
Thailand - 0.6%   
Advanced Info Service PCL (For. Reg.) 207,800 1,183,671 
Advanced Information Service PCL NVDR 372,800 2,123,544 
AEON Thana Sinsap Thailand PCL 19,200 108,210 
Airports of Thailand PCL:   
(depositary receipt) 1,895,900 3,685,520 
(For. Reg.) 20,200 39,268 
AP Thailand PCL NVDR 2,288,900 610,511 
Asset World Corp. PCL (a) 2,400,600 329,920 
B. Grimm Power PCL (For. Reg.) 267,600 342,767 
Bangchak Corp. PCL (For. Reg.) 266,300 220,713 
Bangkok Bank PCL (For. Reg.) 142,700 526,846 
Bangkok Chain Hospital PCL 273,800 167,515 
Bangkok Commercial Asset Management PCL 444,400 254,479 
Bangkok Dusit Medical Services PCL:   
unit 1,988,200 1,408,159 
(For. Reg.) 1,755,900 1,243,630 
Bangkok Expressway and Metro PCL 2,773,700 752,360 
Bangkok Land PCL 2,816,000 93,357 
Banpu PCL:   
(For. Reg.) 844,800 290,257 
NVDR 774,800 266,206 
Berli Jucker PCL (For. Reg) 296,700 301,797 
BTS Group Holdings PCL:   
warrants 11/7/24 (a) 141,070 1,412 
warrants 11/20/26 (a) 282,140 1,373 
(For. Reg.) 1,410,700 406,033 
Bumrungrad Hospital PCL (For. Reg.) 112,800 494,647 
Carabao Group PCL NVDR 367,600 1,373,791 
Central Pattana PCL (For. Reg.) 494,900 883,750 
Central Retail Corp. PCL 702,983 736,247 
CH. Karnchang PCL 388,600 255,319 
Charoen Pokphand Foods PCL (For. Reg.) 726,960 553,217 
Chularat Hospital PCL 1,771,600 202,896 
Com7 PCL 528,000 1,141,772 
CP ALL PCL (For. Reg.) 1,189,800 2,294,973 
Delta Electronics PCL (For. Reg.) 71,300 893,936 
Dynasty Ceramic PCL (For. Reg.) 1,960,860 174,929 
Electricity Generating PCL (For. Reg.) 81,000 435,759 
Energy Absolute PCL (For. Reg.) 372,400 735,148 
Energy Earth PCL (a)(d) 7,600 0 
Global Power Synergy Public Co. Ltd. 180,500 424,322 
Gulf Energy Development PCL (For. Reg.) 410,500 535,085 
Gunkul Engineering PCL 1,929,339 313,997 
Hana Microelectronics PCL (For. Reg.) 154,400 372,272 
Home Product Center PCL (For. Reg.) 1,427,700 628,222 
Indorama Ventures PCL (For. Reg.) 476,600 603,291 
Intouch Holdings PCL (For. Reg.) 287,200 651,350 
IRPC PCL (For. Reg.) 2,406,200 311,834 
Jay Mart PCL unit 232,500 290,800 
JMT Network Services PCL 154,900 227,588 
KCE Electronics PCL 228,200 598,354 
Kiatnakin Bank PCL (For. Reg.) 34,900 63,110 
Krung Thai Bank PCL (For. Reg.) 599,200 207,679 
Krungthai Card PCL (For. Reg.) 264,900 461,060 
Land & House PCL (For. Reg.) 1,812,800 461,668 
Major Cineplex Group PCL (For. Reg.) (a) 300,500 192,907 
Minor International PCL:   
unit (a) 634,600 626,376 
(For. Reg.) (a) 578,249 570,755 
Muangthai Leasing PCL 195,300 356,108 
Osotspa PCL 118,600 117,063 
PTG Energy PCL 341,200 160,420 
PTT Exploration and Production PCL (For. Reg.) 321,100 1,137,108 
PTT Global Chemical PCL (For. Reg.) 441,700 835,343 
PTT Oil & Retail Business PCL (For. Reg.) 650,800 539,391 
PTT PCL (For. Reg.) 2,469,500 2,828,240 
Quality Houses PCL 2,204,300 152,800 
Ratchaburi Electric Generating Holding PCL (For. Reg.) 130,200 178,544 
SCG Packaging PCL NVDR 819,500 1,586,886 
Siam Cement PCL (For. Reg.) 177,000 2,107,143 
Siam Commercial Bank PCL (For. Reg.) 149,400 567,342 
Sino-Thai Engineering & Construction PCL (For. Reg.) 521,300 216,816 
Sri Trang Agro-Industry PCL 263,160 257,767 
Sri Trang Gloves Thailand PCL 279,400 256,832 
Srisawad Corp. PCL (For. Reg.) 187,130 360,950 
Star Petroleum Refining PCL (a) 469,800 148,671 
Supalai PCL (For. Reg.) 381,875 269,315 
Super Energy Corp. PCL 3,368,100 98,465 
Thai Airways International PCL (For. Reg.) (a)(d) 126,000 12,608 
Thai Oil PCL (For. Reg.) 262,400 440,892 
Thai Union Frozen Products PCL (For. Reg.) 817,400 514,878 
Thai Vegetable Oil PCL 141,800 133,552 
Thanachart Capital PCL (For. Reg.) 117,000 124,299 
Thonburi Healthcare Group PCL NVDR 309,200 314,512 
Thoresen Thai Agencies PCL unit 975,200 340,938 
TQM Corp. PCL 222,400 703,797 
True Corp. PCL (For. Reg.) 2,301,300 281,594 
TTW PCL 454,400 160,231 
VGI PCL 1,713,100 343,343 
WHA Corp. PCL 1,819,200 185,319 
TOTAL THAILAND  47,805,769 
Turkey - 0.1%   
Akbank TAS 952,004 580,273 
Anadolu Efes Biracilik Ve Malt Sanayii A/S 118,490 273,609 
Aselsan A/S 258,060 441,016 
Bera Holding A/S (a) 101,966 102,030 
Bim Birlesik Magazalar A/S JSC 146,924 949,795 
Coca-Cola Icecek Sanayi A/S 25,886 229,134 
Emlak Konut Gayrimenkul Yatirim Ortakligi A/S 629,902 129,073 
Eregli Demir ve Celik Fabrikalari T.A.S. 400,160 819,550 
Ford Otomotiv Sanayi A/S 21,798 420,814 
Haci Omer Sabanci Holding A/S 463,412 536,004 
Kardemir Karabuk Demir Celik Sanayi ve Ticaret A/S Class D (a) 281,354 218,317 
Koc Holding A/S 258,317 633,567 
Petkim Petrokimya Holding A/S 682,033 463,249 
TAV Havalimanlari Holding A/S (a) 53,768 148,653 
Tekfen Holding A/S 93,195 146,665 
Turk Hava Yollari AO (a) 101,508 158,059 
Turk Sise ve Cam Fabrikalari A/S 586,695 528,477 
Turkcell Iletisim Hizmet A/S 433,832 689,962 
Turkiye Garanti Bankasi A/S 581,114 595,379 
Turkiye Is Bankasi A/S Series C 631,212 369,640 
Turkiye Petrol Rafinerileri A/S (a) 32,391 471,007 
Ulker Biskuvi Sanayi A/S 63,602 133,502 
Yapi ve Kredi Bankasi A/S 842,918 239,356 
TOTAL TURKEY  9,277,131 
United Arab Emirates - 0.2%   
Abu Dhabi Commercial Bank PJSC 780,010 1,762,543 
Abu Dhabi National Oil Co. for Distribution PJSC 882,669 1,028,497 
Air Arabia PJSC (a) 858,937 325,040 
Aldar Properties PJSC (a) 1,128,081 1,240,746 
Dana Gas PJSC 1,524,959 427,619 
Dubai Investments Ltd. (a) 739,247 342,137 
Dubai Islamic Bank Pakistan Ltd. (a) 630,600 877,276 
Emaar Properties PJSC (a) 1,065,895 1,163,644 
Emirates NBD Bank PJSC 670,166 2,545,177 
Emirates Telecommunications Corp. 463,878 3,232,995 
First Abu Dhabi Bank PJSC 1,192,628 5,785,941 
TOTAL UNITED ARAB EMIRATES  18,731,615 
United Kingdom - 8.8%   
3i Group PLC 254,864 4,757,552 
A.G. Barr PLC 31,889 216,681 
AB Dynamics PLC 5,161 129,254 
Abcam PLC (a) 66,447 1,504,082 
Abrdn PLC 624,094 2,169,424 
Admiral Group PLC 51,544 2,024,514 
Advanced Medical Solutions Group PLC 70,253 312,470 
Airtel Africa PLC (c) 198,823 298,221 
AJ Bell PLC 101,664 570,442 
Anglo American PLC (United Kingdom) 346,305 13,174,483 
Antofagasta PLC 104,914 2,046,734 
AO World PLC (a) 92,130 184,462 
Argo Blockchain PLC (a) 107,275 179,110 
Ascential PLC (a) 115,478 638,471 
Ashmore Group PLC 153,430 708,461 
Ashtead Group PLC 121,977 10,222,893 
ASOS PLC (a) 21,965 746,094 
Associated British Foods PLC 99,449 2,433,485 
Assura PLC 945,879 943,678 
Aston Martin Lagonda Global Holdings PLC (a)(c) 18,240 426,357 
AstraZeneca PLC (United Kingdom) 415,174 51,938,824 
Auction Technology Group PLC 21,878 423,368 
Auto Trader Group PLC (c) 254,890 2,113,149 
Avacta Group PLC (a) 66,261 106,097 
Avast PLC (c) 183,678 1,406,681 
Aveva Group PLC 36,326 1,768,822 
Aviva PLC 1,046,602 5,653,395 
Avon Rubber PLC 7,443 198,120 
Babcock International Group PLC (a) 65,672 286,972 
BAE Systems PLC 848,789 6,400,007 
Balfour Beatty PLC 263,277 915,182 
Bank of Georgia Group PLC 14,643 304,202 
Barclays PLC 4,487,423 12,382,931 
Barratt Developments PLC 278,557 2,527,483 
Beazley PLC (a) 161,282 860,818 
Bellway PLC 30,889 1,400,509 
Berkeley Group Holdings PLC 33,806 2,014,850 
BHP Group PLC 563,922 14,894,059 
Biffa PLC (a)(c) 130,608 711,399 
Big Yellow Group PLC 56,178 1,137,091 
Blue Prism Group PLC (a) 20,969 323,991 
Bodycote PLC 54,696 598,459 
BP PLC 5,455,090 26,134,800 
Brewin Dolphin Holding PLC 87,289 449,765 
British American Tobacco PLC (United Kingdom) 567,476 19,739,315 
British Land Co. PLC 232,455 1,572,498 
Britvic PLC 85,136 1,034,634 
BT Group PLC (a) 2,394,455 4,551,658 
Bunzl PLC 87,345 3,229,863 
Burberry Group PLC 107,596 2,840,462 
Bytes Technology Group PLC 91,458 668,380 
Cairn Energy PLC 143,688 359,662 
Capita Group PLC (a) 402,533 260,790 
Capital & Counties Properties PLC 176,508 398,574 
Carnival PLC (a) 46,428 937,179 
Centrica PLC (a) 1,583,225 1,306,967 
Ceres Power Holdings PLC (a) 30,525 520,099 
Chemring Group PLC 77,212 309,080 
Cineworld Group PLC (a)(b) 233,534 195,597 
Civitas Social Housing PLC 185,403 238,256 
Clinigen Group PLC 34,331 288,010 
Close Brothers Group PLC 41,028 808,544 
Coats Group PLC (a) 590,174 520,148 
Compass Group PLC (a) 479,300 10,171,049 
Computacenter PLC 18,604 684,888 
ConvaTec Group PLC (c) 422,434 1,236,025 
Countryside Properties PLC (a)(c) 132,667 854,065 
Craneware PLC 6,621 206,595 
Cranswick PLC 13,021 616,568 
Crest Nicholson Holdings PLC 75,679 368,711 
Croda International PLC 37,820 4,895,325 
Currys PLC 291,396 484,131 
Custodian (REIT) PLC 176,590 234,905 
CVS Group PLC 18,402 628,342 
Dechra Pharmaceuticals PLC 31,394 2,199,770 
Derwent London PLC 27,351 1,265,924 
Diageo PLC 616,989 30,696,245 
Diploma PLC 36,089 1,483,664 
Direct Line Insurance Group PLC 362,016 1,448,658 
Diversified Gas & Oil PLC 260,645 411,638 
Domino's Pizza UK & IRL PLC 133,178 705,349 
Dr. Martens Ltd. (a) 132,159 667,035 
Draper Esprit PLC (a) 46,445 614,647 
Drax Group PLC 117,115 850,273 
DS Smith PLC 369,737 1,940,018 
Dunelm Group PLC 30,678 536,980 
easyJet PLC (a) 84,765 722,712 
Electrocomponents PLC 133,613 2,057,131 
Elementis PLC (a) 172,963 330,208 
EMIS Group PLC 19,237 354,885 
Empiric Student Property PLC 182,726 221,312 
Endeavour Mining PLC (b) 50,118 1,273,198 
Energean PLC (a) 35,141 431,628 
Equiniti Group PLC (a)(c) 121,323 296,209 
Essentra PLC 86,347 343,284 
Eurasia Mining PLC (a) 446,783 146,747 
Euromoney Institutional Invest 28,566 409,705 
Evraz PLC 145,972 1,241,770 
FD Technologies PLC (a) 7,774 222,357 
Ferrexpo PLC 78,493 335,155 
Fever-Tree Drinks PLC 30,365 942,906 
Firstgroup PLC (a) 312,935 431,693 
Forterra PLC (c) 76,777 272,139 
Frasers Group PLC (a) 51,038 449,472 
Frontier Developments PLC (a) 5,036 169,888 
Funding Circle Holdings PLC (a)(c) 38,228 82,138 
Future PLC 31,095 1,501,343 
Games Workshop Group PLC 9,652 1,274,032 
Gamma Communications PLC 22,154 549,378 
GB Group PLC 52,168 632,912 
GCP Student Living PLC 128,039 368,854 
Genuit Group PLC 72,143 655,576 
Genus PLC 17,144 1,297,472 
GlaxoSmithKline PLC 1,328,863 27,588,298 
Grainger Trust PLC 205,169 867,061 
Great Portland Estates PLC 62,730 628,416 
Greatland Gold PLC (a) 923,782 219,346 
Greggs PLC 27,502 1,149,837 
Halfords Group PLC 79,925 291,392 
Halma PLC 97,585 3,955,750 
Hammerson PLC 823,246 362,332 
Harbour Energy PLC (a) 56,470 271,569 
Hargreaves Lansdown PLC 92,054 1,936,320 
Hays PLC 446,881 1,015,221 
Helical Bar PLC 24,389 153,537 
Hikma Pharmaceuticals PLC 50,064 1,649,158 
Hill & Smith Holdings PLC 24,095 604,765 
Hochschild Mining PLC 81,798 159,633 
HomeServe PLC 84,072 983,735 
Hotel Chocolat Group Ltd. (a) 31,140 225,016 
Howden Joinery Group PLC 162,605 2,046,859 
HSBC Holdings PLC (United Kingdom) 5,420,795 32,661,213 
Hunting PLC 34,510 80,005 
Ibstock PLC (c) 131,633 359,572 
IG Group Holdings PLC 109,745 1,191,770 
IMI PLC 70,335 1,572,839 
Imperial Brands PLC 255,095 5,383,280 
Inchcape PLC 101,368 1,145,886 
Indivior PLC (a) 201,220 669,723 
Informa PLC (a) 397,880 2,828,230 
IntegraFin Holdings PLC 76,090 595,120 
InterContinental Hotel Group PLC (a) 51,140 3,582,208 
Intermediate Capital Group PLC 85,413 2,561,103 
Intertek Group PLC 43,471 2,912,145 
Investec PLC 193,968 880,779 
IP Group PLC 309,060 510,095 
IQE PLC (a) 278,395 178,878 
ITM Power PLC (a)(b) 110,108 736,866 
ITV PLC (a) 1,103,572 1,625,831 
J Sainsbury PLC 455,424 1,866,072 
J.D. Wetherspoon PLC (a) 36,132 505,858 
JD Sports Fashion PLC 150,613 2,242,601 
Jet2 PLC (a) 42,576 710,571 
John Wood Group PLC (a) 184,166 538,106 
Johnson Matthey PLC 56,202 2,102,094 
Jupiter Fund Management PLC 129,235 441,100 
Just Group PLC (a) 239,045 300,646 
Kainos Group PLC 22,139 599,907 
Keller Group PLC 17,202 215,878 
Keywords Studios PLC 19,541 758,427 
Kingfisher PLC 556,216 2,552,805 
Land Securities Group PLC 205,361 1,930,791 
Learning Technologies Group PLC 166,265 445,527 
Legal & General Group PLC 1,595,137 6,306,758 
Liontrust Asset Management PLC 18,772 560,051 
Lloyds Banking Group PLC 19,107,428 13,076,754 
London Stock Exchange Group PLC 88,346 8,599,928 
Londonmetric Properity PLC 335,589 1,200,533 
LXI REIT PLC 190,083 381,883 
M&G PLC 657,429 1,797,649 
Marks & Spencer Group PLC (a) 534,229 1,342,335 
Marshalls PLC 63,886 619,450 
Marston's PLC (a) 147,334 160,299 
Mediclinic International PLC (London) (a) 131,974 603,247 
Meggitt PLC (a) 211,396 2,169,795 
Melrose Industries PLC 1,158,067 2,500,929 
Micro Focus International PLC 85,874 420,823 
Mitchells & Butlers PLC (a) 68,521 237,437 
Mitie Group PLC (a) 346,576 310,197 
Mondi PLC 129,891 3,244,162 
Moneysupermarket.com Group PLC 140,588 407,892 
Morgan Advanced Materials PLC 82,475 390,534 
Morgan Sindall PLC 11,793 367,169 
National Express Group PLC Class L (a) 138,467 433,195 
National Grid PLC 924,338 11,834,817 
NatWest Group PLC 1,528,450 4,624,882 
NCC Group Ltd. 93,834 319,115 
Network International Holdings PLC (a)(c) 119,832 530,035 
Next PLC 36,012 3,925,981 
Ninety One PLC 113,922 406,608 
NMC Health PLC (a) 17,953 3,411 
Ocado Group PLC (a) 129,530 3,196,147 
On The Beach Group PLC (a)(c) 37,490 153,151 
OSB Group PLC 135,631 937,370 
Pagegroup PLC 90,074 818,518 
Paragon Banking Group PLC 85,513 641,903 
Pearson PLC 202,982 1,670,262 
Pennon Group PLC 85,221 1,359,896 
Persimmon PLC 81,859 3,048,286 
Petropavlovsk PLC (a)(b) 780,680 254,706 
Pets At Home Group PLC 159,924 1,055,800 
Phoenix Group Holdings PLC 163,879 1,472,600 
Premier Foods PLC 237,218 356,460 
Primary Health Properties PLC 360,139 757,046 
Provident Financial PLC (a) 59,738 301,347 
Prudential PLC (a) 701,884 14,355,619 
PZ Cussons PLC Class L 76,203 224,218 
QinetiQ Group PLC 177,962 656,123 
Quilter PLC (c) 472,790 1,006,789 
Rathbone Brothers PLC 26,708 720,790 
Reach PLC 96,647 418,623 
Reckitt Benckiser Group PLC 190,968 15,503,315 
Redde Northgate PLC 73,477 400,217 
Redrow PLC 82,103 724,960 
RELX PLC (London Stock Exchange) 505,345 15,657,595 
Renishaw PLC 10,684 734,735 
Rentokil Initial PLC 501,687 4,039,859 
Restore PLC 34,718 225,213 
Rightmove PLC 227,483 2,152,479 
Rio Tinto PLC 301,102 18,774,149 
Rolls-Royce Holdings PLC (a) 2,253,348 4,066,934 
Rotork PLC 257,637 1,248,871 
Royal Dutch Shell PLC:   
Class A (United Kingdom) 1,101,063 25,224,120 
Class B (United Kingdom) 987,340 22,658,186 
Royal Mail PLC 226,372 1,302,715 
RWS Holdings PLC 90,222 768,004 
S4 Capital PLC (a) 79,231 787,213 
Sabre Insurance Group PLC (c) 68,008 183,166 
Safestore Holdings PLC 62,900 1,034,703 
Sage Group PLC 296,013 2,879,512 
Savills PLC 44,461 862,812 
Schroders PLC 32,969 1,633,334 
Segro PLC 326,617 5,777,368 
Senior Engineering Group PLC (a) 101,169 221,805 
Serco Group PLC 401,893 694,663 
Severn Trent PLC 66,905 2,506,990 
Shaftesbury PLC 46,943 401,203 
Smart Metering Systems PLC 45,791 511,365 
Smith & Nephew PLC 235,741 4,071,265 
Smiths Group PLC 109,497 2,031,245 
Softcat PLC 30,876 821,021 
Spectris PLC 30,947 1,594,149 
Spirax-Sarco Engineering PLC 19,580 4,181,548 
Spire Healthcare Group PLC (a)(c) 59,808 192,348 
Spirent Communications PLC 184,736 728,123 
SSE PLC 276,731 6,231,869 
SSP Group PLC (a) 184,917 651,651 
St. James's Place Capital PLC 143,472 3,101,326 
Standard Chartered PLC (United Kingdom) 697,204 4,722,131 
Synthomer PLC 97,210 673,831 
Tate & Lyle PLC 125,992 1,117,668 
Taylor Wimpey PLC 911,610 1,928,141 
Team17 Group PLC (a) 31,186 303,025 
Telecom Plus PLC 19,977 341,197 
Tesco PLC 2,064,611 7,623,094 
The Go-Ahead Group PLC (a) 11,430 122,794 
The Restaurant Group PLC (a) 195,245 235,940 
The Weir Group PLC 70,479 1,673,478 
TI Fluid Systems PLC (c) 50,677 184,135 
Trainline PLC (a)(c) 148,362 643,233 
Travis Perkins PLC 70,882 1,496,796 
Tritax Big Box REIT PLC 476,981 1,468,738 
Tullow Oil PLC (a) 327,059 205,760 
Ultra Electronics Holdings PLC 20,268 899,259 
Unilever PLC 698,562 37,402,322 
Unite Group PLC 83,251 1,240,162 
United Utilities Group PLC 163,300 2,320,884 
Vesuvius PLC 61,652 398,245 
Victoria PLC (a) 19,921 294,439 
Victrex PLC 25,290 791,891 
Virgin Money UK PLC (a) 379,670 1,056,341 
Vistry Group PLC 56,272 939,535 
Vodafone Group PLC 7,448,109 10,977,414 
WH Smith PLC (a) 34,265 732,474 
Whitbread PLC (a) 51,569 2,307,794 
Wickes Group PLC 102,109 299,605 
Workspace Group PLC 34,429 387,308 
TOTAL UNITED KINGDOM  754,975,826 
United States of America - 0.2%   
360 DigiTech, Inc. ADR (a) 22,709 463,491 
Coca-Cola European Partners PLC 55,751 2,935,290 
Dada Nexus Ltd. ADR (a) 16,603 337,207 
DiDi Global, Inc. ADR (b) 76,201 614,942 
DouYu International Holdings Ltd. ADR (a) 27,378 86,241 
Fiverr International Ltd. (a)(b) 7,283 1,240,659 
LexinFintech Holdings Ltd. ADR (a) 25,204 134,589 
Li Auto, Inc. ADR (a) 145,151 4,736,277 
Nano-X Imaging Ltd. (a)(b) 12,068 273,340 
Penn National Gaming, Inc. (a) 2,456 175,850 
Southern Copper Corp. 23,160 1,389,368 
Yum China Holdings, Inc. 111,730 6,377,548 
TOTAL UNITED STATES OF AMERICA  18,764,802 
TOTAL COMMON STOCKS   
(Cost $7,161,946,922)  8,468,829,963 
Nonconvertible Preferred Stocks - 0.9%   
Brazil - 0.3%   
Alpargatas SA (PN) 48,400 331,282 
Azul SA (a) 94,600 416,865 
Banco ABC Brasil SA 52,789 142,079 
Banco Bradesco SA (PN) 1,300,684 4,586,203 
Banco do Estado Rio Grande do Sul SA Class B 92,900 179,255 
Banco Pan SA 78,600 185,087 
Bradespar SA (PN) 64,357 554,876 
Braskem SA (PN-A) (a) 61,100 589,586 
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) 70,811 424,580 
Cia de Saneamento do Parana 46,500 30,650 
Companhia Energetica de Minas Gerais (CEMIG) (PN) 353,150 805,941 
Companhia Energetica de Sao Paulo Series B 82,500 372,754 
Companhia Paranaense de Energia-COPEL (PN-B) 235,600 247,130 
Gerdau SA 303,403 1,446,107 
Gol Linhas Aereas Inteligentes SA (PN) (a) 94,546 254,298 
Itau Unibanco Holding SA 1,274,760 5,265,009 
Itausa-Investimentos Itau SA (PN) 1,164,632 2,115,149 
Lojas Americanas SA (PN) 219,143 187,544 
Metalurgica Gerdau SA (PN) 195,700 433,787 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) 1,367,986 6,605,057 
Unipar Carbocloro SA 14,900 197,134 
TOTAL BRAZIL  25,370,373 
Chile - 0.0%   
Embotelladora Andina SA Class B 156,427 323,045 
Sociedad Quimica y Minera de Chile SA (PN-B) (a) 34,843 1,892,273 
TOTAL CHILE  2,215,318 
Colombia - 0.0%   
Bancolombia SA (PN) 119,471 1,072,332 
Germany - 0.3%   
Bayerische Motoren Werke AG (BMW) (non-vtg.) 30,590 2,602,646 
Draegerwerk AG & Co. KGaA (non-vtg.) 3,600 283,405 
Fuchs Petrolub AG 20,667 990,045 
Henkel AG & Co. KGaA 46,133 4,126,656 
Jungheinrich AG 14,525 735,777 
Porsche Automobil Holding SE (Germany) 40,995 4,266,615 
Sartorius AG (non-vtg.) 7,332 4,749,834 
Sixt AG Preference Shares 2,910 287,955 
Sto SE & Co. KGaA 1,245 280,072 
Volkswagen AG 44,294 9,924,333 
TOTAL GERMANY  28,247,338 
Italy - 0.0%   
Danieli & C. Officine Meccaniche SpA 7,847 169,449 
Korea (South) - 0.3%   
Daishin Securities Co. Ltd. 14,209 229,438 
Hyundai Motor Co. 5,294 440,735 
Hyundai Motor Co. Series 2 19,169 1,602,258 
LG Chemical Ltd. 4,145 1,354,565 
LG Household & Health Care Ltd. 464 237,005 
Samsung Electronics Co. Ltd. 299,894 16,390,548 
TOTAL KOREA (SOUTH)  20,254,549 
Russia - 0.0%   
Surgutneftegas OJSC 1,961,555 1,068,513 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $78,462,188)  78,397,872 
Money Market Funds - 0.6%   
Fidelity Securities Lending Cash Central Fund 0.06% (f)(g)   
(Cost $53,637,748) 53,632,385 53,637,748 
TOTAL INVESTMENT IN SECURITIES - 100.5%   
(Cost $7,294,046,858)  8,600,865,583 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (43,209,861) 
NET ASSETS - 100%  $8,557,655,722 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI EAFE Index Contracts (United States) 13 Dec. 2021 $1,520,740 $3,830 $3,830 
ICE MSCI Emerging Markets Index Contracts (United States) 9 Dec. 2021 567,900 (536) (536) 
TME S&P/TSX 60 Index Contracts (Canada) 1 Dec. 2021 203,701 (57) (57) 
TOTAL FUTURES CONTRACTS     $3,237 

The notional amount of futures purchased as a percentage of Net Assets is 0.0%

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

Legend

 (a) Non-income producing

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

 (c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $270,608,746 or 3.2% of net assets.

 (d) Level 3 security

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

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

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $-- $2,191,239,854 $2,191,230,802 $70,342 $(9,052) $-- $-- 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% 37,898,553 326,744,737 311,005,542 1,170,483 -- -- 53,637,748 0.1% 
Total $37,898,553 $2,517,984,591 $2,502,236,344 $1,240,825 $(9,052) $-- $53,637,748  

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

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $499,872,136 $226,707,539 $272,219,890 $944,707 
Consumer Discretionary 1,093,710,166 545,659,093 548,039,211 11,862 
Consumer Staples 685,310,987 311,635,198 373,623,494 52,295 
Energy 398,175,941 236,506,352 161,636,627 32,962 
Financials 1,558,255,408 1,082,628,889 475,292,355 334,164 
Health Care 777,388,782 304,912,654 472,373,245 102,883 
Industrials 1,141,096,704 658,321,266 482,755,919 19,519 
Information Technology 1,108,053,378 403,472,221 703,195,605 1,385,552 
Materials 712,169,522 456,307,021 255,862,501 -- 
Real Estate 311,255,423 241,618,804 69,625,082 11,537 
Utilities 261,939,388 183,107,004 78,832,384 -- 
Money Market Funds 53,637,748 53,637,748 -- -- 
Total Investments in Securities: $8,600,865,583 $4,704,513,789 $3,893,456,313 $2,895,481 
Derivative Instruments:     
Assets     
Futures Contracts $3,830 $3,830 $-- $-- 
Total Assets $3,830 $3,830 $-- $-- 
Liabilities     
Futures Contracts $(593) $(593) $-- $-- 
Total Liabilities $(593) $(593) $-- $-- 
Total Derivative Instruments: $3,237 $3,237 $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $3,830 $(593) 
Total Equity Risk 3,830 (593) 
Total Value of Derivatives $3,830 $(593) 

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

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


Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $48,509,476) — See accompanying schedule:
Unaffiliated issuers (cost $7,240,409,110) 		$8,547,227,835  
Fidelity Central Funds (cost $53,637,748) 53,637,748  
Total Investment in Securities (cost $7,294,046,858)  $8,600,865,583 
Segregated cash with brokers for derivative instruments  1,028,061 
Foreign currency held at value (cost $11,552,769)  11,536,781 
Receivable for investments sold  50,518,672 
Receivable for fund shares sold  17,106,406 
Dividends receivable  14,674,715 
Reclaims receivable  7,122,293 
Distributions receivable from Fidelity Central Funds  84,048 
Other receivables  112,550 
Total assets  8,703,049,109 
Liabilities   
Payable to custodian bank $1,020,079  
Payable for investments purchased   
Regular delivery 3,347,440  
Delayed delivery 40,755  
Payable for fund shares redeemed 31,472,664  
Accrued management fee 428,238  
Notes payable to affiliates 42,995,000  
Other payables and accrued expenses 12,450,180  
Collateral on securities loaned 53,639,031  
Total liabilities  145,393,387 
Net Assets  $8,557,655,722 
Net Assets consist of:   
Paid in capital  $7,159,157,896 
Total accumulated earnings (loss)  1,398,497,826 
Net Assets  $8,557,655,722 
Net Asset Value, offering price and redemption price per share ($8,557,655,722 ÷ 577,759,945 shares)  $14.81 

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


Statement of Operations

  Year ended October 31, 2021 
Investment Income   
Dividends  $187,964,167 
Non-Cash dividends  13,697,259 
Interest  4,121 
Income from Fidelity Central Funds (including $1,170,483 from security lending)  1,240,825 
Income before foreign taxes withheld  202,906,372 
Less foreign taxes withheld  (21,335,784) 
Total income  181,570,588 
Expenses   
Management fee $4,297,177  
Independent trustees' fees and expenses 20,307  
Interest 2,327  
Total expenses  4,319,811 
Net investment income (loss)  177,250,777 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $269,606) (27,036,435)  
Fidelity Central Funds (9,052)  
Foreign currency transactions 1,151,797  
Futures contracts 16,078,421  
Total net realized gain (loss)  (9,815,269) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $11,595,522) 1,329,219,282  
Assets and liabilities in foreign currencies (304,746)  
Futures contracts 203,567  
Total change in net unrealized appreciation (depreciation)  1,329,118,103 
Net gain (loss)  1,319,302,834 
Net increase (decrease) in net assets resulting from operations  $1,496,553,611 

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


Statement of Changes in Net Assets

 Year ended October 31, 2021 Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $177,250,777 $96,983,077 
Net realized gain (loss) (9,815,269) (20,531,010) 
Change in net unrealized appreciation (depreciation) 1,329,118,103 (134,178,799) 
Net increase (decrease) in net assets resulting from operations 1,496,553,611 (57,726,732) 
Distributions to shareholders (90,362,587) (89,709,041) 
Share transactions   
Proceeds from sales of shares 4,282,334,390 2,811,867,157 
Reinvestment of distributions 85,865,324 85,197,461 
Cost of shares redeemed (1,873,000,573) (1,348,069,877) 
Net increase (decrease) in net assets resulting from share transactions 2,495,199,141 1,548,994,741 
Total increase (decrease) in net assets 3,901,390,165 1,401,558,968 
Net Assets   
Beginning of period 4,656,265,557 3,254,706,589 
End of period $8,557,655,722 $4,656,265,557 
Other Information   
Shares   
Sold 299,302,742 249,286,015 
Issued in reinvestment of distributions 6,485,296 7,099,791 
Redeemed (131,651,107) (121,913,996) 
Net increase (decrease) 174,136,931 134,471,810 

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


Financial Highlights

Fidelity Total International Index Fund

      
Years ended October 31, 2021 2020 2019 2018 2017 
Selected Per–Share Data      
Net asset value, beginning of period $11.54 $12.09 $11.14 $12.39 $10.09 
Income from Investment Operations      
Net investment income (loss)A .35 .27 .37 .34 .31 
Net realized and unrealized gain (loss) 3.14 (.50) .81 (1.36) 2.04 
Total from investment operations 3.49 (.23) 1.18 (1.02) 2.35 
Distributions from net investment income (.22) (.32) (.23) (.17) (.04) 
Distributions from net realized gain – – – (.06) (.01) 
Total distributions (.22) (.32) (.23) (.23) (.05) 
Redemption fees added to paid in capitalA – – – –B –B 
Net asset value, end of period $14.81 $11.54 $12.09 $11.14 $12.39 
Total ReturnC 30.47% (1.97)% 10.88% (8.42)% 23.37% 
Ratios to Average Net AssetsD,E      
Expenses before reductions .06% .06% .06% .06% .06% 
Expenses net of fee waivers, if any .06% .06% .06% .06% .06% 
Expenses net of all reductions .06% .06% .06% .06% .06% 
Net investment income (loss) 2.47% 2.41% 3.25% 2.81% 2.65% 
Supplemental Data      
Net assets, end of period (000 omitted) $8,557,656 $4,656,266 $3,254,707 $589,295 $135,488 
Portfolio turnover rateF 5% 4% 4% 3% 2% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than .005%.

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

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

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

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

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


Notes to Financial Statements

For the period ended October 31, 2021

1. Organization.

Fidelity Total International Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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.

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

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

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

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

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

3. Significant Accounting Policies.

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

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

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

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

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

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

Gross unrealized appreciation $1,800,730,535 
Gross unrealized depreciation (568,426,817) 
Net unrealized appreciation (depreciation) $1,232,303,718 
Tax Cost $7,368,561,808 

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

Undistributed ordinary income $185,928,565 
Capital loss carryforward $(7,337,752) 
Net unrealized appreciation (depreciation) on securities and other investments $1,232,260,077 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

No expiration  
Long-term $(7,337,752) 

The tax character of distributions paid was as follows:

 October 31, 2021 October 31, 2021 
Ordinary Income $90,362,587 $ 89,709,041 

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

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

4. Derivative Instruments.

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

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

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

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

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

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

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

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

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

5. Purchases and Sales of Investments.

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

 Purchases ($) Sales ($) 
Fidelity Total International Index Fund 2,983,861,728 362,855,144 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .06% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.

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

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable to affiliates" in the Statement of Assets and Liabilities. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity Total International Index Fund Borrower $11,924,895 .32% $2,327 

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

7. Committed Line of Credit.

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

8. Security Lending.

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

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Total International Index Fund $93,040 $3,211 $186,583 

9. Other.

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

10. Coronavirus (COVID-19) Pandemic.

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

Report of Independent Registered Public Accounting Firm

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

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Total International Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 13, 2021



We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Jonathan Chiel, each of the Trustees oversees 286 funds. Mr. Chiel oversees 179 funds. 

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

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

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

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

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

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

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

Interested Trustees*:

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

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

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

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

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

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

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

Independent Trustees:

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

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

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

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

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Vice Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank’s institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization’s equity and quantitative research groups. He began his career in 1983 as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).

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

Advisory Board Members and Officers:

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

Name, Year of Birth; Principal Occupation

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

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

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

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

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

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

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

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

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

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

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

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

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Jamie Pagliocco (1964)

Year of Election or Appointment: 2020

Vice President

Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer – Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

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

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

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

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

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

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

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

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2021 		Ending
Account Value
October 31, 2021 		Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 
Fidelity Total International Index Fund .06%    
Actual  $1,000.00 $1,020.00 $.31 
Hypothetical-C  $1,000.00 $1,024.90 $.31 

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

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The fund designates 90% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.2455 and $0.0255 for the dividend paid December 7, 2020.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Total International Index Fund

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

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

At its September 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

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

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high-quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

Resources Dedicated to Investment Management and Support Services.  The Board reviewed the general qualifications and capabilities of Fidelity’s and Geode’s investment staffs, including their size, education, experience, and resources, as well as Fidelity’s and Geode’s approach to recruiting, training, managing, and compensating investment personnel.The Board noted the resources devoted to Fidelity’s global investment organization, and that Fidelity’s analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity’s and Geode’s investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity’s and Geode’s trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

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

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

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

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

The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and its benchmark index for the most recent one- and three-year periods. No performance peer group information was considered by the Board due to the fact that the peer group does not distinguish between passively-managed and actively-managed funds. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

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

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

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

The Board considered that effective July 1, 2016, the fund's management fee rate was reduced from 0.20% to 0.06%. The Board considered that the chart below reflects the fund's lower management fee rate for 2016, as if the lower fee rate were in effect for the entire period.

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2020.

At its July 2021 meeting, the Board also approved an amendment to the fund's sub-advisory agreement with Geode (effective August 1, 2021) that lowered the sub-advisory fee rate that FMR pays to Geode.

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

Total Expense Ratio.  In its review of the fund's total expense ratio, the Board considered the fund's unitary fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the unitary arrangement. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the fund's total expense ratio ranked below the similar sales load structure group competitive median for 2020 and below the ASPG competitive median for 2020.

Fees Charged to Other Fidelity Clients.  The Board also considered Fidelity fee structures applicable and other information with respect to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

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

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

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

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

The Board also considered information regarding the profitability of Geode's relationship with the fund.

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

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

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the continued waiver of money market fund fees; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

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





Fidelity Investments

TI1-I-ANN-1221
1.9879613.105



Fidelity Flex® Funds

Fidelity Flex® International Index Fund



Annual Report

October 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


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

You may also call 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.

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

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

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

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



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

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

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

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

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

Performance: The Bottom Line

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

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Life of fundA 
Fidelity Flex® International Index Fund 29.31% 9.40% 

 A From March 9, 2017

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity Flex® International Index Fund on March 9, 2017, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.


Period Ending Values
$15,188Fidelity Flex® International Index Fund
$15,326MSCI ACWI (All Country World Index) ex USA Index

Management's Discussion of Fund Performance

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

Comments from the Geode Capital Management, LLC, passive equity index team:  For the fiscal year ending October 31, 2021, the fund gained 29.31%, roughly in line with the 29.85% advance of the benchmark MSCI All Country World ex US Index (Net MA). (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) From a regional standpoint, emerging markets, Europe ex U.K., Canada and the U.K. notably contributed. By sector, financials gained 49% and helped most, followed by information technology, which gained about 43%, and industrials, which advanced roughly 35%. The energy sector rose about 72%, materials gained 33%, and consumer discretionary advanced roughly 13%, benefiting from the automobiles & components industry (+47%). Other notable contributors included the health care (+19%), consumer staples (+18%), utilities (+17%), real estate (+18%), and communication services (+6%) sectors. Turning to individual stocks, the top contributor was ASML Holding (+124%), from the semiconductors & semiconductor equipment segment, followed by Taiwan Semiconductor (+42%), within the semiconductors & semiconductor equipment group. In consumer durables & apparel, LVMH Moet Hennessy Louis Vuitton advanced 68% and Royal Dutch Shell (+94%) from the energy sector also helped. Novo Nordisk, within the pharmaceuticals, biotechnology & life sciences category, rose 73% and boosted the fund. In contrast, the biggest individual detractor was Alibaba Group Holding (-45%), from the retailing industry. Tencent Holdings, within the media & entertainment segment, returned about -19% and hindered the fund. In consumer services, TAL Education Group (-94%) and New Oriental Education & Technology Group (-87%) hurt. Another detractor was Ping An Insurance (-28%), a stock in the insurance group.

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

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2021

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 1.9 
Nestle SA (Reg. S) (Switzerland, Food Products) 1.4 
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) 1.3 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 1.2 
Alibaba Group Holding Ltd. (Cayman Islands, Internet & Direct Marketing Retail) 1.1 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 1.0 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 1.0 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 0.8 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) 0.7 
Toyota Motor Corp. (Japan, Automobiles) 0.7 
 11.1 

Top Market Sectors as of October 31, 2021

 % of fund's net assets 
Financials 20.5 
Information Technology 12.6 
Consumer Discretionary 12.5 
Industrials 10.9 
Health Care 9.1 
Consumer Staples 8.1 
Materials 7.8 
Communication Services 5.8 
Energy 5.1 
Utilities 2.4 

Geographic Diversification (% of fund's net assets)

As of October 31, 2021 
   Japan 14.1% 
   United Kingdom 8.3% 
   Canada 7.4% 
   France 6.5% 
   Cayman Islands 6.4% 
   Switzerland 6.1% 
   Germany 5.5% 
   Australia 4.2% 
   Taiwan 4.0% 
   Other* 37.5% 


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

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

Asset Allocation as of October 31, 2021

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

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 95.8%   
 Shares Value 
Argentina - 0.0%   
YPF SA Class D sponsored ADR (a) 7,798 $32,752 
Australia - 4.2%   
Afterpay Ltd. (a) 9,873 914,629 
AGL Energy Ltd. 27,518 118,406 
Ampol Ltd. 11,400 261,986 
APA Group unit 53,497 329,994 
Aristocrat Leisure Ltd. 26,145 918,082 
ASX Ltd. 8,532 532,839 
Aurizon Holdings Ltd. 84,361 213,862 
AusNet Services 88,524 164,483 
Australia & New Zealand Banking Group Ltd. 127,808 2,705,480 
BHP Group Ltd. 133,484 3,666,404 
BlueScope Steel Ltd. 22,235 344,896 
Brambles Ltd. 67,046 506,371 
Cochlear Ltd. 3,098 513,729 
Coles Group Ltd. 59,565 768,005 
Commonwealth Bank of Australia 80,214 6,316,494 
Computershare Ltd. 24,063 339,582 
Crown Ltd. (a) 15,773 118,178 
CSL Ltd. 20,656 4,669,157 
Dexus unit 48,182 393,982 
Dominos Pizza Enterprises Ltd. 2,708 275,945 
Endeavour Group Ltd. 58,330 298,375 
Evolution Mining Ltd. 85,647 233,873 
Fortescue Metals Group Ltd. 77,411 811,178 
Goodman Group unit 76,066 1,253,132 
Insurance Australia Group Ltd. 110,246 398,076 
Lendlease Group unit 32,902 258,891 
Macquarie Group Ltd. 15,548 2,298,772 
Magellan Financial Group Ltd. 6,164 160,760 
Medibank Private Ltd. 127,072 317,359 
Mirvac Group unit 175,223 371,708 
National Australia Bank Ltd. 147,962 3,216,987 
Newcrest Mining Ltd. 37,261 697,656 
Northern Star Resources Ltd. 51,197 355,860 
Orica Ltd. 17,434 198,426 
Origin Energy Ltd. 82,970 315,192 
Qantas Airways Ltd. (a) 38,358 154,373 
QBE Insurance Group Ltd. 68,647 610,898 
Ramsay Health Care Ltd. 8,136 430,992 
REA Group Ltd. 2,496 300,681 
Reece Ltd. 13,783 206,225 
Rio Tinto Ltd. 16,973 1,152,817 
Santos Ltd. 83,672 439,337 
Scentre Group unit 230,658 524,008 
SEEK Ltd. 15,596 383,639 
Sonic Healthcare Ltd. 20,969 631,430 
South32 Ltd. 218,114 585,752 
Stockland Corp. Ltd. unit 113,547 388,642 
Suncorp Group Ltd. 56,994 502,480 
Sydney Airport unit (a) 58,191 358,511 
Tabcorp Holdings Ltd. 101,633 379,209 
Telstra Corp. Ltd. 189,960 545,868 
The GPT Group unit 91,760 356,177 
Transurban Group unit 138,015 1,395,365 
Treasury Wine Estates Ltd. 32,617 282,656 
Vicinity Centres unit 165,066 214,195 
Washington H. Soul Pattinson & Co. Ltd. 9,316 227,619 
Wesfarmers Ltd. 51,186 2,204,392 
Westpac Banking Corp. 164,849 3,207,160 
WiseTech Global Ltd. 6,514 250,300 
Woodside Petroleum Ltd. 44,779 783,513 
Woolworths Group Ltd. 57,388 1,643,918 
TOTAL AUSTRALIA  53,418,906 
Austria - 0.1%   
Erste Group Bank AG 12,434 533,264 
OMV AG 6,666 403,789 
Raiffeisen International Bank-Holding AG 6,725 196,685 
Verbund AG 3,079 320,695 
Voestalpine AG 4,973 188,790 
TOTAL AUSTRIA  1,643,223 
Bailiwick of Jersey - 0.5%   
Experian PLC 41,610 1,905,961 
Ferguson PLC 10,037 1,510,288 
Glencore Xstrata PLC 452,819 2,264,358 
Polymetal International PLC 15,686 292,226 
WPP PLC 55,822 806,894 
TOTAL BAILIWICK OF JERSEY  6,779,727 
Belgium - 0.5%   
Ageas 8,224 400,242 
Anheuser-Busch InBev SA NV 34,600 2,116,386 
Colruyt NV 2,513 123,289 
Elia System Operator SA/NV 1,265 147,550 
Galapagos NV (a) 27 1,432 
Groupe Bruxelles Lambert SA 5,080 588,716 
KBC Groep NV 11,314 1,053,643 
Proximus 6,538 123,081 
Sofina SA 668 295,292 
Solvay SA Class A 3,233 384,199 
UCB SA 5,932 706,997 
Umicore SA 9,185 526,434 
TOTAL BELGIUM  6,467,261 
Bermuda - 0.2%   
Alibaba Health Information Technology Ltd. (a) 182,000 229,942 
Alibaba Pictures Group Ltd. (a) 480,000 51,205 
Beijing Enterprises Water Group Ltd. 240,000 91,614 
Brilliance China Automotive Holdings Ltd. (a) 110,000 32,769 
China Gas Holdings Ltd. 149,400 373,668 
China Resource Gas Group Ltd. 40,000 214,896 
China Youzan Ltd. (a) 680,000 86,524 
CK Infrastructure Holdings Ltd. 30,000 180,837 
Cosco Shipping Ports Ltd. 75,757 63,094 
Credicorp Ltd. (United States) 3,279 425,155 
GOME Electrical Appliances Holdings Ltd. (a) 423,000 42,950 
HengTen Networks Group Ltd. (a) 100,000 34,317 
Hongkong Land Holdings Ltd. 52,109 287,121 
Hopson Development Holdings Ltd. 28,600 78,112 
Huabao International Holdings Ltd. 40,000 75,162 
Jardine Matheson Holdings Ltd. 9,835 569,742 
Kunlun Energy Co. Ltd. 174,000 159,229 
Nine Dragons Paper (Holdings) Ltd. 74,000 93,017 
Shanghai Industrial Urban Development Group Ltd. 2,400 207 
Shenzhen International Holdings Ltd. 53,437 64,491 
TOTAL BERMUDA  3,154,052 
Brazil - 0.8%   
Ambev SA 217,400 654,457 
Americanas SA (a) 19,301 101,570 
Atacadao SA 28,000 82,554 
B3 SA - Brasil Bolsa Balcao 276,400 583,281 
Banco Bradesco SA 82,071 247,211 
Banco do Brasil SA 43,400 219,161 
Banco Inter SA unit 14,350 90,263 
Banco Santander SA (Brasil) unit 18,300 111,542 
BB Seguridade Participacoes SA 29,300 114,681 
BRF SA (a) 27,200 111,956 
BTG Pactual Participations Ltd. unit 53,100 212,163 
CCR SA 70,400 142,576 
Centrais Eletricas Brasileiras SA (Electrobras) 16,200 97,106 
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) 13,900 86,693 
Companhia Siderurgica Nacional SA (CSN) 35,300 142,481 
Cosan SA 43,308 151,860 
CPFL Energia SA 9,500 44,287 
Energisa SA unit 8,000 56,161 
ENGIE Brasil Energia SA 9,450 65,151 
Equatorial Energia SA 38,800 157,295 
Hapvida Participacoes e Investimentos SA (b) 48,700 99,578 
Hypermarcas SA 17,000 84,521 
JBS SA 41,700 288,526 
Klabin SA unit 29,900 121,533 
Localiza Rent A Car SA 29,230 234,615 
Lojas Renner SA 41,249 235,560 
Magazine Luiza SA 132,832 254,423 
Natura & Co. Holding SA (a) 41,393 285,302 
Notre Dame Intermedica Participacoes SA 23,070 262,347 
Petroleo Brasileiro SA - Petrobras (ON) 177,444 869,959 
Raia Drogasil SA 45,100 185,792 
Rede D'Oregon Sao Luiz SA (b) 16,800 175,626 
Rumo SA (a) 53,500 151,576 
Suzano Papel e Celulose SA (a) 33,222 289,790 
Telefonica Brasil SA 20,400 164,536 
TIM SA 36,800 73,159 
Totvs SA 25,300 146,856 
Ultrapar Participacoes SA 32,100 74,224 
Ultrapar Participacoes SA rights 11/3/21 (a)(c) 2,301 4 
Vale SA 179,973 2,283,544 
Via S/A (a) 56,500 61,568 
Vibra Energia SA 50,078 186,158 
Weg SA 73,860 484,216 
TOTAL BRAZIL  10,485,862 
British Virgin Islands - 0.0%   
Mail.Ru Group Ltd. unit (a) 4,984 102,439 
Canada - 7.2%   
Agnico Eagle Mines Ltd. (Canada) 10,851 575,955 
Air Canada (a) 9,304 166,819 
Algonquin Power & Utilities Corp. (d) 26,941 388,354 
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 37,746 1,415,780 
AltaGas Ltd. 13,622 281,994 
ATCO Ltd. Class I (non-vtg.) 3,192 108,326 
B2Gold Corp. 46,396 191,567 
Ballard Power Systems, Inc. (a) 10,205 184,953 
Bank of Montreal (d) 29,220 3,172,504 
Bank of Nova Scotia 54,577 3,578,198 
Barrick Gold Corp. (Canada) 81,837 1,501,712 
Bausch Health Cos., Inc. (Canada) (a) 14,422 404,250 
BCE, Inc. 3,399 174,976 
BlackBerry Ltd. (a)(d) 24,238 261,847 
Brookfield Asset Management, Inc. (Canada) Class A 58,208 3,514,303 
Brookfield Renewable Corp. 5,503 227,928 
CAE, Inc. (a) 13,266 402,289 
Cameco Corp. 18,549 450,686 
Canadian Apartment Properties (REIT) unit 4,336 211,720 
Canadian Imperial Bank of Commerce 20,321 2,465,744 
Canadian National Railway Co. 32,163 4,274,540 
Canadian Natural Resources Ltd. 54,204 2,303,758 
Canadian Pacific Railway Ltd. 30,322 2,346,917 
Canadian Tire Ltd. Class A (non-vtg.) 2,525 358,633 
Canadian Utilities Ltd. Class A (non-vtg.) 5,473 158,538 
CCL Industries, Inc. Class B 6,677 364,980 
Cenovus Energy, Inc. (Canada) 58,893 704,280 
CGI, Inc. Class A (sub. vtg.) (a) 9,907 885,034 
Constellation Software, Inc. 916 1,609,802 
Dollarama, Inc. 13,802 623,856 
Emera, Inc. 11,025 512,944 
Empire Co. Ltd. Class A (non-vtg.) 7,612 227,573 
Enbridge, Inc. 91,561 3,835,264 
Fairfax Financial Holdings Ltd. (sub. vtg.) 1,157 468,606 
First Quantum Minerals Ltd. 26,258 621,654 
FirstService Corp. 1,859 370,779 
Fortis, Inc. (d) 20,931 931,714 
Franco-Nevada Corp. 8,787 1,253,795 
George Weston Ltd. 3,552 383,786 
GFL Environmental, Inc. 7,533 309,756 
Gildan Activewear, Inc. 9,408 345,578 
Great-West Lifeco, Inc. 11,885 349,655 
Hydro One Ltd. (b) 14,256 340,619 
iA Financial Corp, Inc. 4,724 279,447 
IGM Financial, Inc. 3,707 147,190 
Imperial Oil Ltd. 11,770 398,483 
Intact Financial Corp. 8,008 1,073,535 
Inter Pipeline Ltd. 4,944 75,263 
Ivanhoe Mines Ltd. (a) 28,240 221,566 
Keyera Corp. (d) 11,104 284,598 
Kinross Gold Corp. 59,885 360,007 
Kirkland Lake Gold Ltd. 12,538 528,529 
Lightspeed Commerce, Inc. (Canada) (a) 4,929 480,434 
Loblaw Companies Ltd. 7,881 592,731 
Lundin Mining Corp. 29,895 260,156 
Magna International, Inc. Class A (sub. vtg.) 13,235 1,076,574 
Manulife Financial Corp. 87,804 1,710,532 
Metro, Inc. 11,546 580,938 
National Bank of Canada 15,177 1,256,493 
Northland Power, Inc. 10,417 334,916 
Nutrien Ltd. 26,035 1,819,673 
Nuvei Corp. (a)(b) 2,623 315,243 
Onex Corp. (sub. vtg.) 3,317 247,194 
Open Text Corp. 12,700 639,720 
Pan American Silver Corp. 9,372 240,017 
Parkland Corp. 6,391 185,957 
Pembina Pipeline Corp. 24,819 821,618 
Power Corp. of Canada (sub. vtg.) 25,314 843,118 
Quebecor, Inc. Class B (sub. vtg.) 7,379 188,052 
Restaurant Brands International, Inc. 10,951 620,020 
Restaurant Brands International, Inc. 1,853 104,954 
RioCan (REIT) 7,433 133,873 
Ritchie Bros. Auctioneers, Inc. 5,135 350,977 
Rogers Communications, Inc. Class B (non-vtg.) 16,624 773,172 
Royal Bank of Canada 63,799 6,640,746 
Saputo, Inc. 12,068 288,243 
Shaw Communications, Inc. Class B 20,420 588,048 
Shopify, Inc. Class A (a) 5,112 7,464,032 
SSR Mining, Inc. 88 1,388 
Sun Life Financial, Inc. 26,324 1,500,187 
Suncor Energy, Inc. 69,547 1,829,149 
TC Energy Corp. 44,657 2,415,794 
Teck Resources Ltd. Class B (sub. vtg.) 21,867 610,283 
TELUS Corp. 19,961 457,897 
The Toronto-Dominion Bank 82,091 5,959,159 
Thomson Reuters Corp. 7,842 943,308 
TMX Group Ltd. 2,498 270,448 
Toromont Industries Ltd. 3,760 334,529 
West Fraser Timber Co. Ltd. 4,287 343,244 
Wheaton Precious Metals Corp. 20,276 818,511 
WSP Global, Inc. 5,354 725,836 
Yamana Gold, Inc. 42,984 168,796 
TOTAL CANADA  91,566,544 
Cayman Islands - 6.4%   
3SBio, Inc. (a)(b) 53,000 48,501 
51job, Inc. sponsored ADR (a) 1,285 76,535 
AAC Technology Holdings, Inc. 31,000 133,989 
Abu Dhabi Islamic Bank 68,423 108,787 
Agile Property Holdings Ltd. 40,000 31,463 
Agora, Inc. ADR (a) 2,116 46,129 
Airtac International Group 6,278 187,134 
Akeso, Inc. (a)(b) 14,000 78,453 
Alibaba Group Holding Ltd. (a) 688,644 14,160,351 
Anta Sports Products Ltd. 50,200 784,567 
Autohome, Inc. ADR Class A 3,840 151,104 
Baidu, Inc. sponsored ADR (a) 12,408 2,013,074 
Baozun, Inc. sponsored ADR (a)(d) 2,195 37,974 
BeiGene Ltd. ADR (a) 2,139 765,163 
Bilibili, Inc. ADR (a)(d) 7,394 541,980 
Bosideng International Holdings Ltd. 170,000 131,971 
Budweiser Brewing Co. APAC Ltd. (b) 74,300 204,837 
Burning Rock Biotech Ltd. ADR (a) 1,567 22,079 
Chailease Holding Co. Ltd. 58,480 558,653 
China Aoyuan Group Ltd. 41,000 16,178 
China Conch Venture Holdings Ltd. 72,000 351,648 
China East Education Holdings Ltd. (b) 22,000 20,952 
China Education Group Holdings Ltd. 31,000 53,231 
China Evergrande Group 69,000 20,575 
China Feihe Ltd. (b) 168,000 279,838 
China Hongqiao Group Ltd. 98,000 108,952 
China Liansu Group Holdings Ltd. 47,000 72,972 
China Literature Ltd. (a)(b) 17,800 123,883 
China Medical System Holdings Ltd. 60,000 102,256 
China Meidong Auto Holding Ltd. 30,000 155,774 
China Mengniu Dairy Co. Ltd. 142,000 904,325 
China Overseas Property Holdings Ltd. 50,000 44,984 
China Resources Cement Holdings Ltd. 130,000 109,607 
China Resources Land Ltd. 146,000 568,575 
China Resources Mixc Lifestyle Services Ltd. (b) 24,400 128,421 
China State Construction International Holdings Ltd. 90,000 92,423 
China Yuhua Education Corp. Ltd. (b) 54,000 24,569 
ChinaSoft International Ltd. 126,000 210,850 
Chindata Group Holdings Ltd. ADR (a) 3,026 30,139 
Chow Tai Fook Jewellery Group Ltd. 87,200 178,423 
CIFI Ever Sunshine Services Group Ltd. 32,000 58,073 
CIFI Holdings Group Co. Ltd. 133,655 74,210 
CK Asset Holdings Ltd. 88,745 548,062 
CK Hutchison Holdings Ltd. 122,500 824,224 
Country Garden Holdings Co. Ltd. 333,827 313,640 
Country Garden Services Holdings Co. Ltd. 68,000 528,758 
Dali Foods Group Co. Ltd. (b) 88,000 48,974 
Daqo New Energy Corp. ADR (a) 2,783 216,490 
ENN Energy Holdings Ltd. 35,500 614,594 
ESR Cayman Ltd. (a)(b) 86,600 281,042 
Futu Holdings Ltd. ADR (a)(d) 2,303 123,257 
Gaotu Techedu, Inc. ADR (a) 4,443 13,062 
GDS Holdings Ltd. ADR (a) 4,318 256,489 
Geely Automobile Holdings Ltd. 274,000 952,599 
Genscript Biotech Corp. (a) 52,000 230,911 
Greentown China Holdings Ltd. 39,500 54,626 
Greentown Service Group Co. Ltd. 54,000 53,650 
Haidilao International Holding Ltd. (b) 45,000 126,084 
Haitian International Holdings Ltd. 25,000 73,260 
Hansoh Pharmaceutical Group Co. Ltd. (b) 54,000 120,625 
Hello Group, Inc. ADR 7,076 88,096 
Hengan International Group Co. Ltd. 28,000 146,289 
Huazhu Group Ltd. ADR (a) 8,068 374,032 
Hutchison China Meditech Ltd. sponsored ADR (a) 3,747 110,237 
HUYA, Inc. ADR (a) 2,725 22,400 
I-Mab ADR (a) 1,406 86,877 
Innovent Biologics, Inc. (a)(b) 52,500 470,985 
iQIYI, Inc. ADR (a) 12,160 100,685 
JD Health International, Inc. (b) 14,850 131,504 
JD.com, Inc. sponsored ADR (a) 39,619 3,101,375 
Jiayuan International Group Ltd. 11 4 
Jinxin Fertility Group Ltd. (a)(b) 61,000 86,398 
Jiumaojiu International Holdings Ltd. (b) 34,000 85,213 
JOYY, Inc. ADR 2,393 120,583 
Kaisa Group Holdings Ltd. 94,285 14,542 
KE Holdings, Inc. ADR (a) 16,158 294,399 
Kingboard Chemical Holdings Ltd. 28,000 122,537 
Kingboard Laminates Holdings Ltd. 35,500 55,665 
Kingdee International Software Group Co. Ltd. (a) 123,000 406,285 
Kingsoft Cloud Holdings Ltd. ADR (a) 2,926 67,210 
Kingsoft Corp. Ltd. 41,600 178,847 
Koolearn Technology Holding Ltd. (a)(b) 1,500 819 
Kuaishou Technology Class B (b) 13,200 175,593 
KWG Group Holdings Ltd. 61,000 53,313 
Lee & Man Paper Manufacturing Ltd. 76,000 57,045 
Legend Biotech Corp. ADR (a) 5 263 
Li Ning Co. Ltd. 103,000 1,145,106 
Logan Property Holdings Co. Ltd. 65,000 65,246 
Longfor Properties Co. Ltd. (b) 87,000 422,672 
Lufax Holding Ltd. ADR (a) 6,408 40,434 
Meituan Class B (a)(b) 183,000 6,227,241 
Melco Crown Entertainment Ltd. sponsored ADR (a) 9,772 105,831 
Microport Scientific Corp. 27,000 127,357 
Ming Yuan Cloud Group Holdings Ltd. 14,000 45,884 
Minth Group Ltd. 34,000 135,904 
NetEase, Inc. ADR 18,397 1,795,363 
New Oriental Education & Technology Group, Inc. sponsored ADR 71,535 146,647 
NIO, Inc. sponsored ADR (a) 62,281 2,454,494 
Noah Holdings Ltd. sponsored ADR (a) 1,401 59,557 
OneConnect Financial Technology Co. Ltd. ADR (a) 4,130 13,092 
Pinduoduo, Inc. ADR (a) 20,008 1,779,111 
Ping An Healthcare and Technology Co. Ltd. (a)(b) 19,700 95,835 
Powerlong Real Estate Holding Ltd. 51,000 35,134 
RLX Technology, Inc. ADR 26,448 128,537 
Sands China Ltd. (a) 115,600 263,473 
Sany Heavy Equipment International Holdings Co. Ltd. 47,000 53,883 
Sea Ltd. ADR (a) 3,043 1,045,484 
Seazen Group Ltd. 128,000 101,505 
Shenzhou International Group Holdings Ltd. 37,300 803,599 
Shimao Property Holdings Ltd. 56,500 88,884 
Shimao Services Holdings Ltd. (b) 26,000 49,591 
Silergy Corp. 4,000 657,928 
Sino Biopharmaceutical Ltd. 505,250 374,043 
SITC International Holdings Co. Ltd. 65,000 220,134 
Smoore International Holdings Ltd. (b) 81,000 388,317 
SSY Group Ltd. 60,000 28,610 
Sunac China Holdings Ltd. 123,000 264,955 
Sunac Services Holdings Ltd. (b) 33,000 66,929 
Sunny Optical Technology Group Co. Ltd. 33,100 894,238 
TAL Education Group ADR (a) 16,296 66,651 
Tencent Holdings Ltd. 261,100 15,882,659 
Tencent Music Entertainment Group ADR (a) 28,690 225,503 
Tingyi (Cayman Islands) Holding Corp. 90,000 168,421 
Tongcheng-Elong Holdings Ltd. (a) 46,800 104,782 
Topsports International Holdings Ltd. (b) 72,000 87,542 
Trip.com Group Ltd. ADR (a) 22,850 652,596 
Uni-President China Holdings Ltd. 52,000 44,378 
Up Fintech Holdings Ltd. ADR (a)(d) 2,845 18,407 
Vinda International Holdings Ltd. 15,000 41,353 
Vipshop Holdings Ltd. ADR (a) 21,135 235,867 
Vnet Group, Inc. ADR (a) 4,178 65,511 
Want Want China Holdings Ltd. 191,000 148,028 
Weibo Corp. sponsored ADR (a) 2,821 126,889 
Weimob, Inc. (a)(b) 85,000 131,752 
WH Group Ltd. (b) 377,266 264,748 
Wharf Real Estate Investment Co. Ltd. 75,000 423,173 
Wuxi Biologics (Cayman), Inc. (a)(b) 164,500 2,491,676 
Wynn Macau Ltd. (a) 70,000 62,978 
Xiaomi Corp. Class B (a)(b) 666,400 1,828,628 
Xinyi Glass Holdings Ltd. 87,000 245,441 
Xinyi Solar Holdings Ltd. 218,968 458,171 
XPeng, Inc. ADR (a) 17,285 806,000 
Yadea Group Holdings Ltd. (b) 52,000 89,557 
Yihai International Holding Ltd. 21,000 123,482 
Zai Lab Ltd. ADR (a) 3,350 349,740 
Zhen Ding Technology Holding Ltd. 29,000 99,982 
Zhenro Properties Group Ltd. 43,000 20,449 
Zhongsheng Group Holdings Ltd. Class H 25,500 230,567 
ZTO Express, Inc. sponsored ADR 19,772 579,913 
TOTAL CAYMAN ISLANDS  81,745,007 
Chile - 0.1%   
Banco de Chile 2,046,114 177,573 
Banco de Credito e Inversiones 2,097 70,615 
Banco Santander Chile 2,877,928 125,943 
Cencosud SA 60,698 88,790 
Cencosud Shopping SA 18,002 17,423 
Colbun SA 400,110 27,592 
Compania Cervecerias Unidas SA 6,607 55,355 
Empresas CMPC SA 46,411 85,634 
Empresas COPEC SA 16,318 128,378 
Enel Americas SA 884,524 100,576 
Enel Chile SA 989,338 40,534 
Falabella SA 31,288 86,522 
TOTAL CHILE  1,004,935 
China - 3.2%   
360 Security Technology, Inc. (A Shares) (a) 15,500 29,133 
A-Living Smart City Services C (H Shares) (b) 26,500 88,895 
Addsino Co. Ltd. (A Shares) 3,700 8,866 
Advanced Micro-Fabrication Equipment, Inc., China (A Shares) (a) 1,680 40,966 
AECC Aero-Engine Control Co. Ltd. (A Shares) 2,900 12,079 
AECC Aviation Power Co. Ltd. 7,400 68,342 
Agricultural Bank of China Ltd.:   
(A Shares) 224,000 102,808 
(H Shares) 1,142,000 388,960 
Aier Eye Hospital Group Co. Ltd. (A Shares) 15,069 114,163 
Air China Ltd.:   
(A Shares) (a) 35,200 46,763 
(H Shares) (a) 32,000 22,580 
Aluminum Corp. of China Ltd.:   
(A shares) (a) 64,900 62,208 
(H Shares) (a) 152,000 91,472 
Angel Yeast Co. Ltd. (A Shares) 1,700 14,763 
Anhui Conch Cement Co. Ltd.:   
(A Shares) 8,200 48,746 
(H Shares) 60,500 300,925 
Anhui Gujing Distillery Co. Ltd. (B Shares) 13,300 171,419 
Anhui Honglu Steel Construction Group Co. Ltd. 1,100 7,229 
Anhui Kouzi Distillery Co. Ltd. (A Shares) 900 8,518 
Apeloa Pharmaceutical Co. Ltd. A Shares 2,700 14,634 
Asymchem Laboratories Tianjin Co. Ltd. (A Shares) 500 31,082 
Autobio Diagnostics Co. Ltd. 1,020 8,707 
Avary Holding Shenzhen Co. Ltd. (A Shares) 2,600 14,202 
AVIC Capital Co. Ltd. (A Shares) 18,400 11,174 
AVIC Electromechanical Systems Co. Ltd. (A Shares) 8,400 19,932 
AviChina Industry & Technology Co. Ltd. (H Shares) 115,000 73,311 
Avicopter PLC (A Shares) 1,300 12,749 
Bank of Beijing Co. Ltd. (A Shares) 34,100 23,582 
Bank of Chengdu Co. Ltd. (A Shares) 7,100 14,143 
Bank of China Ltd.:   
(A Shares) 588,100 280,015 
(H Shares) 3,239,000 1,146,288 
Bank of Communications Co. Ltd.:   
(A Shares) 50,700 35,775 
(H Shares) 485,000 288,613 
Bank of Hangzhou Co. Ltd. (A Shares) 12,400 27,643 
Bank of Jiangsu Co. Ltd. (A Shares) 28,360 27,848 
Bank of Nanjing Co. Ltd. (A Shares) 19,400 29,377 
Bank of Ningbo Co. Ltd. (A Shares) 14,800 88,258 
Bank of Shanghai Co. Ltd. (A Shares) 24,618 28,016 
Baoshan Iron & Steel Co. Ltd. (A Shares) 61,900 68,899 
BBMG Corp. (A Shares) 10,900 4,781 
Beijing BDStar Navigation Co. Ltd. (A Shares) (a) 1,200 7,422 
Beijing Capital International Airport Co. Ltd. (H Shares) (a) 64,000 41,540 
Beijing Dabeinong Technology Group Co. Ltd. (A Shares) 9,100 12,189 
Beijing E-Hualu Information Technology Co. Ltd. (A Shares) (a) 840 3,794 
Beijing Enlight Media Co. Ltd. (A Shares) 6,400 9,352 
Beijing Kingsoft Office Software, Inc. (A Shares) 1,104 50,890 
Beijing New Building Materials PLC (A Shares) 3,500 15,430 
Beijing Originwater Technology Co. Ltd. (A Shares) 4,300 4,685 
Beijing Roborock Technology Co. Ltd. (A Shares) 195 27,397 
Beijing Shiji Information Technology Co. Ltd. (A Shares) 1,680 6,210 
Beijing Shunxin Agriculture Co. Ltd. 1,100 5,595 
Beijing Sinnet Technology Co. Ltd. (A Shares) 2,200 4,537 
Beijing Tiantan Biological Products Corp. Ltd. (A Shares) 2,900 13,070 
Beijing United Information Technology Co. Ltd. (A Shares) 700 12,261 
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (A Shares) 1,200 41,443 
Beijing Yanjing Brewery Co. Ltd. (A Shares) 4,200 4,347 
Beijing Yuanliu Hongyuan Electronic Technology Co. Ltd. (A Shares) 500 12,645 
Beijing-Shanghai High Speed Railway Co. Ltd. (A Shares) 127,100 91,271 
Betta Pharmaceuticals Co. Ltd. (A Shares) 800 9,891 
BGI Genomics Co. Ltd. 900 12,521 
BOC International China Co. Ltd. 3,200 6,634 
BOE Technology Group Co. Ltd. (A Shares) 117,100 89,757 
By-Health Co. Ltd. (A Shares) 3,600 14,320 
BYD Co. Ltd.:   
(A Shares) 5,100 247,852 
(H Shares) 36,000 1,376,913 
C&S Paper Co. Ltd. (A Shares) 2,700 7,182 
Caitong Securities Co. Ltd. 7,400 11,852 
CanSino Biologics, Inc.:   
(A Shares) (a) 262 11,203 
(H Shares) (a)(b) 3,400 87,573 
CGN Power Co. Ltd. (H Shares) (b) 523,000 141,161 
Chacha Food Co. Ltd. (A Shares) 700 6,218 
Changchun High & New Technology Industry Group, Inc. (A Shares) 900 38,322 
Changjiang Securities Co. Ltd. (A Shares) 11,000 12,433 
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares) 700 24,987 
Chaozhou Three-Circle Group Co. (A Shares) 3,800 23,729 
Chifeng Jilong Gold Mining Co. Ltd. (A Shares) (a) 4,500 11,472 
China Baoan Group Co. Ltd. (A Shares) 7,400 24,155 
China Bohai Bank Co. Ltd. (H Shares) (b) 135,500 51,375 
China Cinda Asset Management Co. Ltd. (H Shares) 356,000 59,482 
China CITIC Bank Corp. Ltd.:   
(A Shares) 68,200 48,336 
(H Shares) 267,000 117,363 
China Communications Services Corp. Ltd. (H Shares) 106,000 58,582 
China Construction Bank Corp.:   
(A Shares) 331,200 306,602 
(H Shares) 4,042,000 2,750,908 
China CSSC Holdings Ltd. (A Shares) 8,700 30,626 
China Eastern Airlines Corp. Ltd. (A Shares) (a) 42,400 31,970 
China Everbright Bank Co. Ltd.:   
(A Shares) 75,400 40,491 
(H Shares) 209,000 73,602 
China Fortune Land Development Co. Ltd. (A Shares) (a) 5,460 3,137 
China Galaxy Securities Co. Ltd.:   
(A Shares) 6,200 9,563 
(H Shares) 163,000 90,922 
China Great Wall Securities Co. Ltd. (A Shares) 3,000 5,344 
China Greatwall Technology Group Co. Ltd. (A Shares) 5,000 10,498 
China Huarong Asset Management Co. Ltd. (a)(b)(c) 250,000 32,774 
China International Capital Corp. Ltd. 1,400 10,526 
China International Capital Corp. Ltd. (H Shares) (b) 66,800 166,217 
China International Travel Service Corp. Ltd. (A Shares) 5,200 217,928 
China Jushi Co. Ltd. (A Shares) 8,415 25,144 
China Life Insurance Co. Ltd.:   
(A Shares) 4,500 20,934 
(H Shares) 348,000 604,570 
China Longyuan Power Grid Corp. Ltd. (H Shares) 152,000 355,165 
China Merchants Bank Co. Ltd.:   
(A Shares) 27,300 230,009 
(H Shares) 199,500 1,680,769 
China Merchants Energy Shipping Co. Ltd. (A Shares) 16,560 11,840 
China Merchants Property Operation & Service Co. Ltd. (A Shares) 2,600 5,479 
China Merchants Securities Co. Ltd. (A Shares) 19,750 52,907 
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) 16,600 27,029 
China Minsheng Banking Corp. Ltd.:   
(A Shares) 26,000 15,789 
(H Shares) 381,400 151,472 
China Molybdenum Co. Ltd.:   
(A Shares) 25,700 24,032 
(H Shares) 177,000 109,879 
China National Building Materials Co. Ltd. (H Shares) 167,000 209,917 
China National Chemical Engineering Co. Ltd. (A Shares) 10,600 17,392 
China National Medicines Corp. Ltd. (A Shares) 1,100 5,237 
China National Nuclear Power Co. Ltd. (A Shares) 28,400 30,370 
China National Software & Service Co. Ltd. (A Shares) 1,200 9,591 
China Northern Rare Earth Group High-Tech Co. Ltd. 9,200 72,672 
China Oilfield Services Ltd. (H Shares) 82,000 78,938 
China Pacific Insurance (Group) Co. Ltd. 25,700 109,929 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 115,000 354,733 
China Petroleum & Chemical Corp.:   
(A Shares) 62,300 41,334 
(H Shares) 1,132,000 551,548 
China Railway Group Ltd.:   
(A Shares) 102,300 83,843 
(H Shares) 174,000 85,205 
China Railway Signal & Communications Corp. (A Shares) 9,684 7,453 
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares) 1,500 5,650 
China Shenhua Energy Co. Ltd.:   
(A Shares) 7,300 22,667 
(H Shares) 168,000 361,889 
China South Publishing & Media Group Co. Ltd. (A Shares) 5,000 6,401 
China Southern Airlines Ltd.:   
(A Shares) (a) 45,100 46,186 
(H Shares) (a) 32,000 19,495 
China State Construction Engineering Corp. Ltd. (A Shares) 157,000 114,213 
China Tower Corp. Ltd. (H Shares) (b) 1,820,000 236,257 
China TransInfo Technology Co. Ltd. (A Shares) 3,800 7,937 
China United Network Communications Ltd. (A Shares) 117,900 75,094 
China Vanke Co. Ltd.:   
(A Shares) 13,100 37,240 
(H Shares) 90,900 212,865 
China Yangtze Power Co. Ltd. (A Shares) 89,900 298,228 
China Zheshang Bank Co. Ltd. 26,600 14,285 
Chongqing Brewery Co. Ltd. (A Shares) (a) 1,000 23,487 
Chongqing Changan Automobile Co. Ltd. (A Shares) 17,460 53,151 
Chongqing Fuling Zhacai Group Co. Ltd. Group (A Shares) 1,700 9,257 
Chongqing Rural Commercial Bank Co. Ltd. (H Shares) 121,000 43,545 
Chongqing Zhifei Biological Products Co. Ltd. (A Shares) 4,300 100,825 
CITIC Securities Co. Ltd.:   
(A Shares) 13,500 54,542 
(H Shares) 133,000 338,803 
Contemporary Amperex Technology Co. Ltd. 6,000 598,731 
COSCO Shipping Energy Transportation Co. Ltd.:   
(A Shares) 5,200 4,814 
(H Shares) 16,000 7,074 
COSCO SHIPPING Holdings Co. Ltd.:   
(A Shares) 49,270 127,141 
(H Shares) 136,550 212,007 
CRRC Corp. Ltd. (A Shares) 86,000 79,747 
CSC Financial Co. Ltd. (A Shares) 13,700 60,504 
Daan Gene Co. Ltd. 3,136 9,424 
DaShenLin Pharmaceutical Group Co. Ltd. 1,800 9,939 
DHC Software Co. Ltd. (A Shares) 4,300 4,659 
Dong E-E-Jiao Co. Ltd. (A Shares) 1,300 8,246 
Dongfang Electric Corp. Ltd. (A Shares) 3,900 11,050 
Dongfeng Motor Group Co. Ltd. (H Shares) 118,000 110,258 
Dongxing Securities Co. Ltd. (A Shares) 3,700 6,331 
East Money Information Co. Ltd. (A Shares) 29,392 150,958 
Ecovacs Robotics Co. Ltd. Class A 1,300 34,805 
ENN Natural Gas Co. Ltd. (A Shares) 3,600 10,346 
Eve Energy Co. Ltd. (A shares) 5,171 91,582 
Everbright Securities Co. Ltd. (A Shares) 8,000 19,020 
Fangda Carbon New Material Co. Ltd. (A Shares) 8,840 14,821 
FAW Jiefang Group Co. Ltd. (A Shares) 7,300 11,863 
Fiberhome Telecommunication Technologies Co. Ltd. (A Shares) 1,700 4,573 
Financial Street Holdings Co. Ltd. (A Shares) 7,100 6,473 
First Capital Securities Co. Ltd. (A Shares) 9,000 9,596 
Flat Glass Group Co. Ltd. (A Shares) 14,100 121,085 
Focus Media Information Technology Co. Ltd. (A Shares) 32,500 37,341 
Foshan Haitian Flavouring & Food Co. Ltd. (A Shares) 10,140 185,237 
Founder Securities Co. Ltd. (A Shares) 17,100 21,783 
Foxconn Industrial Internet Co. Ltd. (A Shares) 13,600 24,097 
Fu Jian Anjoy Foods Co. Ltd. (A Shares) 600 18,980 
Fujian Sunner Development Co. Ltd. A Shares 1,900 6,656 
Fuyao Glass Industries Group Co. Ltd.:   
(A Shares) 2,500 19,280 
(H Shares) (b) 31,200 180,050 
G-bits Network Technology Xiamen Co. Ltd. (A Shares) 200 10,692 
Ganfeng Lithium Co. Ltd. (A Shares) 7,900 206,449 
GCL System Integration Technology Co. Ltd. (a) 7,700 4,844 
GEM Co. Ltd. (A Shares) 10,100 17,186 
Gemdale Corp. (A Shares) 9,400 14,894 
GF Securities Co. Ltd.:   
(A Shares) 9,600 30,153 
(H Shares) 74,400 126,415 
Giant Network Group Co. Ltd. (A Shares) 4,100 6,362 
Gigadevice Semiconductor Beijing, Inc. (A Shares) 2,040 53,983 
GoerTek, Inc. (A Shares) 9,800 66,611 
Gotion High-tech Co. Ltd. (A Shares) (a) 2,700 24,826 
Great Wall Motor Co. Ltd.:   
(A Shares) 8,300 88,108 
(H Shares) 139,000 627,068 
Greenland Holdings Corp. Ltd. (A Shares) 17,955 11,520 
GRG Banking Equipment Co. Ltd. (A Shares) 5,500 8,895 
Guangdong Haid Group Co. Ltd. (A Shares) 3,500 35,870 
Guangdong Hongda Blasting Co. Ltd. (A Shares) 1,000 4,298 
Guangdong Kinlong Hardware Products Co. Ltd. (A Shares) 700 14,597 
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd. 1,700 5,953 
Guanghui Energy Co. Ltd. (A Shares) (a) 9,000 9,287 
Guangzhou Automobile Group Co. Ltd. 17,400 46,938 
Guangzhou Automobile Group Co. Ltd. (H Shares) 72,000 68,109 
Guangzhou Baiyunshan Pharma Health (A Shares) 2,200 10,001 
Guangzhou Haige Communications Group (A Shares) 3,300 4,863 
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares) 1,000 17,873 
Guangzhou R&F Properties Co. Ltd. (H Shares) 60,600 38,009 
Guangzhou Shiyuan Electronic Technology Co. Ltd. (A Shares) 1,400 16,610 
Guangzhou Tinci Materials Technology Co. Ltd. (A Shares) 2,380 61,278 
Guangzhou Wondfo Biotech Co. Ltd. (A Shares) 950 5,142 
Guangzhou Yuexiu Financial Holdings Group Co. Ltd. (A Shares) 5,805 7,005 
Guolian Securities Co. Ltd. 3,400 6,491 
Guosen Securities Co. Ltd. (A Shares) 11,400 20,288 
Guotai Junan Securities Co. Ltd.:   
(A Shares) 11,200 30,632 
(H Shares) (b) 19,800 27,077 
Guoyuan Securities Co. Ltd. (A Shares) 6,110 7,077 
Haier Smart Home Co. Ltd. 101,800 380,744 
Haier Smart Home Co. Ltd. (A Shares) 17,100 72,610 
Haitong Securities Co. Ltd.:   
(A Shares) 12,400 23,907 
(H Shares) 228,000 203,077 
Hangzhou First Applied Material Co. Ltd. (A Shares) 1,980 44,294 
Hangzhou Great Star Industrial Co. Ltd. (A Shares) (a) 2,800 14,001 
Hangzhou Oxygen Plant Group Co. Ltd. (A Shares) 2,100 8,491 
Hangzhou Robam Appliances Co. Ltd. (A Shares) 1,900 9,293 
Hangzhou Silan Microelectronics Co. Ltd. (A Shares) 2,700 25,994 
Hangzhou Tigermed Consulting Co. Ltd.:   
(A Shares) 1,700 45,222 
(H Shares) (b) 4,500 87,739 
Hefei Meiya Optoelectronic Technology, Inc. (A Shares) 900 5,680 
Heilongjiang Agriculture Co. Ltd. (A Shares) 2,600 5,585 
Henan Shuanghui Investment & Development Co. Ltd. (A Shares) 5,800 26,710 
Hengli Petrochemical Co. Ltd. (A Shares) 16,400 56,427 
Hengyi Petrochemical Co. Ltd. (A Shares) 7,200 12,308 
Hesteel Co. Ltd. (A Shares) 13,900 5,338 
Hithink RoyalFlush Information Network Co. Ltd. (A Shares) 1,100 19,372 
Hongfa Technology Co. Ltd. (A Shares) 1,500 17,408 
Huaan Securities Co. Ltd. (A Shares) 6,630 5,289 
Huadian Power International Corp. Ltd.:   
(A Shares) 2,800 1,928 
(H Shares) 26,000 9,657 
Huadong Medicine Co. Ltd. (A Shares) 3,800 21,735 
Huafon Chemical Co. Ltd. (A Shares) 9,700 18,005 
Huagong Tech Co. Ltd. (A Shares) 1,500 6,744 
Hualan Biological Engineer, Inc. (A Shares) 3,810 17,665 
Huaneng Power International, Inc.:   
(A Shares) 10,900 13,119 
(H Shares) 168,000 87,018 
Huatai Securities Co. Ltd.:   
(A Shares) 10,300 25,518 
(H Shares) (b) 85,600 127,622 
HUAXI Securities Co. Ltd. 12,200 17,236 
Huaxia Bank Co. Ltd. (A Shares) 20,800 18,281 
Huaxin Cement Co. Ltd. (A Shares) 1,900 4,965 
Huayu Automotive Systems Co. Ltd. (A Shares) 6,000 25,046 
Hubei Biocause Pharmaceutical Co. Ltd. (A Shares) 6,500 3,298 
Huizhou Desay SV Automotive Co. Ltd. 1,000 16,758 
Humanwell Healthcare Group Co. Ltd. (A Shares) 3,600 11,847 
Hunan Valin Steel Co. Ltd. (A Shares) 12,800 10,670 
Hundsun Technologies, Inc. (A Shares) 3,122 30,705 
iFlytek Co. Ltd. (A Shares) 4,800 42,277 
IMEIK Technology Development Co. Ltd. (A Shares) 500 48,839 
Industrial & Commercial Bank of China Ltd.:   
(A Shares) 484,200 352,998 
(H Shares) 2,325,000 1,274,477 
Industrial Bank Co. Ltd. (A Shares) 58,300 169,555 
Industrial Securities Co. Ltd. (A Shares) 13,500 19,241 
Ingenic Semiconductor Co. Ltd. (A Shares) 900 19,305 
Inner Mongoli Yili Industries Co. Ltd. (A Shares) 20,700 138,953 
Inner Mongolia Baotou Steel Union Co. Ltd. (A Shares) (a) 95,300 41,805 
Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. (A Shares) 17,800 14,255 
Inspur Electronic Information Industry Co. Ltd. (A Shares) 2,945 14,289 
Intco Medical Technology Co. Ltd. (A Shares) 1,050 8,414 
JA Solar Technology Co. Ltd. (A Shares) 4,400 62,678 
Jafron Biomedical Co. Ltd. (A Shares) 1,700 13,715 
Jason Furniture Hangzhou Co. Ltd. (A Shares) 1,600 15,546 
JCET Group Co. Ltd. (A Shares) 5,100 24,609 
Jiangsu Changshu Rural Commercial Bank Co. Ltd. 4,200 4,760 
Jiangsu Eastern Shenghong Co. Ltd. 7,100 30,203 
Jiangsu Expressway Co. Ltd. (H Shares) 52,000 49,190 
Jiangsu Hengli Hydraulic Co. Ltd. 2,676 34,297 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 18,032 138,609 
Jiangsu King's Luck Brewery JSC Ltd. (A Shares) 2,400 18,478 
Jiangsu Shagang Co. Ltd. (A Shares) 3,100 3,005 
Jiangsu Yanghe Brewery JSC Ltd. (A Shares) 4,200 122,071 
Jiangsu Yangnong Chemical Co. Ltd. (A Shares) 400 7,354 
Jiangsu Yoke Technology Co. Ltd. (A Shares) 700 8,300 
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (A Shares) 1,400 7,700 
Jiangsu Zhongnan Construction Group Co. Ltd. (A Shares) 9,100 5,441 
Jiangsu Zhongtian Technology Co. Ltd. (A Shares) 4,400 6,944 
Jiangxi Copper Co. Ltd.:   
(A Shares) 3,400 12,362 
(H Shares) 54,000 94,529 
Jiangxi Zhengbang Technology Co. Ltd. (A Shares) 5,900 9,229 
Jilin Aodong Pharmaceutical Group Co. Ltd. (A Shares) 2,600 6,425 
Jinke Properties Group Co. Ltd. (A Shares) 11,400 7,902 
JiuGui Liquor Co. Ltd. (A Shares) 800 26,840 
Joincare Pharmaceutical Group Industry Co. Ltd. (A Shares) 3,100 5,580 
Joinn Laboratories China Co. Ltd. (A Shares) 700 17,484 
Jointown Pharmaceutical Group (A Shares) 2,600 5,516 
Jonjee Hi-Tech Industrial & Commercial Holding Co. Ltd. (A Shares) 1,600 9,079 
Joyoung Co. Ltd. (A Shares) 1,800 6,561 
Juewei Food Co. Ltd. 1,200 12,336 
Kingfa Sci & Tech Co. Ltd. (A Shares) 6,900 12,635 
Kuang-Chi Technologies Co. Ltd. (A Shares) (a) 4,100 13,121 
Kunlun Tech Co. Ltd. (A Shares) 3,000 8,753 
Kweichow Moutai Co. Ltd. (A Shares) 3,600 1,026,248 
Lakala Payment Co. Ltd. (A Shares) 2,300 8,650 
Laobaixing Pharmacy Chain JSC (A Shares) 560 3,825 
Lb Group Co. Ltd. (A Shares) 4,800 21,273 
Lens Technology Co. Ltd. (A Shares) 12,300 40,842 
Leo Group Co. Ltd. (A Shares) 9,400 3,346 
Lepu Medical Technology Beijing Co. Ltd. (A Shares) 3,300 10,983 
Leyard Optoelectronic Co. Ltd. (A Shares) 3,800 5,582 
Liaoning Chengda Co. Ltd. (A Shares) 3,300 10,484 
Lingyi iTech Guangdong Co. (A Shares) (a) 13,000 13,516 
Livzon Pharmaceutical Group, Inc. (A Shares) 1,000 5,486 
LONGi Green Energy Technology Co. Ltd. 14,280 217,775 
Luxi Chemical Group Co. Ltd. 3,900 9,985 
Luxshare Precision Industry Co. Ltd. (A Shares) 19,293 116,377 
Luzhou Laojiao Co. Ltd. (A Shares) 4,200 150,114 
Maccura Biotechnology Co. Ltd. (A Shares) 1,500 6,517 
Mango Excellent Media Co. Ltd. (A Shares) 4,400 26,988 
Maxscend Microelectronics Co. Ltd. (A Shares) 740 35,718 
Meinian Onehealth Healthcare Holdings Co. Ltd. (A Shares) (a) 7,900 8,904 
Metallurgical Corp. China Ltd. (A Shares) 37,200 23,578 
Mingyang Smart Energy Group Ltd. 3,600 17,416 
Montage Technology Co. Ltd. (A Shares) 1,397 14,197 
Muyuan Foodstuff Co. Ltd. (A Shares) 14,740 131,413 
Nanji E-Commerce Co. Ltd. (A Shares) 6,200 6,940 
Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd. 2,301 13,327 
Nanjing Securities Co. Ltd. (A Shares) 7,400 11,217 
NARI Technology Co. Ltd. (A Shares) 18,800 114,254 
National Silicon Industry Group Co. Ltd. (A Shares) (a) 6,402 28,193 
NAURA Technology Group Co. Ltd. 1,400 81,138 
NavInfo Co. Ltd. (A Shares) (a) 4,800 8,767 
New China Life Insurance Co. Ltd. 19,000 116,182 
New China Life Insurance Co. Ltd. (H Shares) 18,300 53,038 
New Hope Liuhe Co. Ltd. (A Shares) (a) 8,900 19,993 
Ninestar Corp. (A Shares) 1,500 8,601 
Ningbo Joyson Electronic Corp. (A shares) 1,800 4,982 
Ningbo Tuopu Group Co. Ltd. (A Shares) 2,200 17,825 
Ningxia Baofeng Energy Group Co. Ltd. 12,900 29,402 
Nongfu Spring Co. Ltd. (H Shares) (b) 18,800 95,323 
Northeast Securities Co. Ltd. (A Shares) 3,400 4,575 
Offcn Education Technology Co. A Shares (a) 4,500 7,334 
Offshore Oil Enginering Co. Ltd. (A Shares) 6,300 4,573 
OFILM Group Co. Ltd. (A Shares) 3,800 4,437 
Oppein Home Group, Inc. (A Shares) 1,060 21,063 
Orient Securities Co. Ltd. (A Shares) 18,000 38,665 
Ovctek China, Inc. (A Shares) 1,820 19,431 
Pangang Group Vanadium Titanium & Resources Co. Ltd. (A Shares) (a) 11,700 7,306 
People's Insurance Co. of China Group Ltd.:   
(A Shares) 93,400 73,195 
(H Shares) 269,000 84,014 
Perfect World Co. Ltd. (A Shares) 3,950 10,717 
PetroChina Co. Ltd.:   
(A Shares) 97,600 83,495 
(H Shares) 868,000 418,504 
Pharmaron Beijing Co. Ltd.:   
(A Shares) 1,200 35,846 
(H Shares) (b) 7,300 159,032 
PICC Property & Casualty Co. Ltd. (H Shares) 354,000 331,228 
Ping An Bank Co. Ltd. (A Shares) 53,600 163,166 
Ping An Insurance Group Co. of China Ltd.:   
(A Shares) 54,400 420,967 
(H Shares) 272,500 1,951,845 
Poly Developments & Holdings (A Shares) 25,500 49,999 
Poly Property Development Co. Ltd. (H Shares) 4,200 23,590 
Postal Savings Bank of China Co. Ltd. 183,300 154,807 
Postal Savings Bank of China Co. Ltd. (H Shares) (b) 316,000 229,877 
Power Construction Corp. of China Ltd. (A Shares) 29,700 38,065 
Proya Cosmetics Co. Ltd. (A Shares) 500 15,689 
Qianhe Condiment and Food Co. Ltd. (A Shares) 2,640 10,118 
Qingdao Rural Commercial Bank Corp. (A Shares) 8,100 4,830 
Raytron Technology Co. Ltd. (A Shares) 908 10,258 
Risesun Real Estate Development Co. Ltd. (A Shares) 10,000 6,697 
Riyue Heavy Industry Co. Ltd. (A Shares) 1,900 11,541 
Rongsheng Petrochemical Co. Ltd. (A Shares) 23,850 64,188 
SAIC Motor Corp. Ltd. (A Shares) 27,300 86,429 
Sailun Group Co. Ltd. A Shares 6,700 14,016 
Sanan Optoelectronics Co. Ltd. (A Shares) 13,000 68,189 
Sangfor Technologies, Inc. 1,100 34,827 
Sany Heavy Industry Co. Ltd. (A Shares) 24,500 87,815 
Satellite Chemical Co. Ltd. (A Shares) 3,780 22,984 
SDIC Capital Co. Ltd. 10,488 13,426 
SDIC Power Holdings Co. Ltd. (A Shares) 19,500 32,116 
Sealand Securities Co. Ltd. (A Shares) 7,700 4,640 
Seazen Holdings Co. Ltd. (A Shares) 6,300 33,675 
SF Holding Co. Ltd. (A Shares) 17,300 174,546 
SG Micro Corp. (A Shares) 450 22,761 
Shaanxi Coal Industry Co. Ltd. (A Shares) 21,300 41,597 
Shandong Buchang Pharmaceuticals Co. Ltd. (A Shares) 2,200 6,007 
Shandong Gold Mining Co. Ltd.:   
(A Shares) 21,140 65,739 
(H Shares) (b) 6,250 11,359 
Shandong Hualu Hengsheng Chemical Co. Ltd. (A Shares) 4,260 20,669 
Shandong Linglong Tyre Co. Ltd. (A Shares) 3,000 16,523 
Shandong Nanshan Aluminum Co. Ltd. (A Shares) 24,200 16,320 
Shandong Pharmaceutical Glass Co. Ltd. (A Shares) 1,700 9,026 
Shandong Sun Paper Industry JSC Ltd. (A Shares) 5,300 9,498 
Shandong Weigao Medical Polymer Co. Ltd. (H Shares) 108,000 184,060 
Shanghai Bailian Group Co. Ltd. (A Shares) 3,400 7,309 
Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares) 1,960 19,460 
Shanghai Baosight Software Co. Ltd. (A Shares) 2,340 25,571 
Shanghai Construction Group Co. Ltd. (A Shares) 11,298 5,767 
Shanghai Electric Group Co. Ltd. (A Shares) 46,700 34,629 
Shanghai Fosun Pharmaceutical (Group) Co. Ltd.:   
(A Shares) 2,100 16,392 
(H Shares) 26,500 124,998 
Shanghai International Airport Co. Ltd. (A Shares) (a) 1,900 15,661 
Shanghai International Port Group Co. Ltd. (A Shares) 18,300 16,170 
Shanghai Jahwa United Co. Ltd. (A Shares) 1,500 11,224 
Shanghai Jinjiang International Hotels Co. Ltd. (A Shares) 2,200 18,546 
Shanghai Lingang Holdings Corp. Ltd. (A Shares) 3,480 7,991 
Shanghai Lujiazui Finance Trust Ltd. (B Shares) 129,461 115,091 
Shanghai M&G Stationery, Inc. (A Shares) 1,900 18,835 
Shanghai Pharmaceuticals Holding Co. Ltd.:   
(A Shares) 2,500 7,279 
(H Shares) 33,500 61,398 
Shanghai Pudong Development Bank Co. Ltd. (A Shares) 96,200 134,259 
Shanghai Putailai New Energy Technology Co. Ltd. 1,440 39,967 
Shanghai RAAS Blood Products Co. Ltd. (A Shares) 12,700 13,085 
Shanghai Yuyuan Tourist Mart Group Co. Ltd. 6,700 10,282 
Shanghai Zhangjiang High Ltd. (A Shares) 3,900 10,161 
Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares) 6,600 13,332 
Shanxi Meijin Energy Co. Ltd. (A Shares) (a) 9,400 16,494 
Shanxi Securities Co. Ltd. (A Shares) 5,070 4,955 
Shanxi Taigang Stainless Steel Co. Ltd. (A Shares) 12,000 14,425 
Shanxi Xinghuacun Fen Wine Factory Co. Ltd. (A Shares) 3,160 148,732 
Shanxi Xishan Coal & Electricity Power Co. Ltd. (A Shares) 9,330 13,458 
Shenergy Co. Ltd. (A Shares) 6,400 6,184 
Shenghe Resources Holding Co. Ltd. (A Shares) 3,700 11,679 
Shengyi Technology Co. Ltd. 4,600 15,978 
Shennan Circuits Co. Ltd. (A Shares) 940 13,035 
Shenwan Hongyuan Group Co. Ltd. (A Shares) 49,000 39,241 
Shenzhen Capchem Technology Co. Ltd. (A Shares) 1,100 24,618 
Shenzhen Energy Group Co. Ltd. (A Shares) 8,340 10,572 
Shenzhen Goodix Technology Co. Ltd. (A Shares) 800 12,787 
Shenzhen Hepalink Pharmaceutical Group Co. Ltd. (A Shares) 1,600 3,837 
Shenzhen Inovance Technology Co. Ltd. (A Shares) 7,050 71,790 
Shenzhen Kaifa Technology Co. Ltd. (A Shares) 2,000 4,621 
Shenzhen Kangtai Biological Products Co. Ltd. 1,500 26,753 
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) 3,200 187,876 
Shenzhen MTC Co. Ltd. (A Shares) (a) 11,600 8,873 
Shenzhen Overseas Chinese Town Co. Ltd. (A Shares) 18,200 17,786 
Shenzhen Salubris Pharmaceuticals Co. Ltd. (A Shares) (a) 2,000 9,023 
Shenzhen SC New Energy Technology Corp. (A Shares) 800 14,310 
Shenzhen Sunlord Electronics Co. Ltd. (A Shares) 1,400 7,223 
Shenzhen Sunway Communication Co. Ltd. (A Shares) 1,400 5,199 
Shijiazhuang Yiling Pharmaceutical Co. Ltd. (A Shares) 3,640 9,120 
Sichuan Chuantou Energy Co. Ltd. (A Shares) 13,400 27,383 
Sichuan Kelun Pharmaceutical Co. Ltd. (A Shares) 2,400 6,620 
Sichuan Road & Bridge (Group) Co. Ltd. (A Shares) 10,400 19,515 
Sichuan Swellfun Co. Ltd. (A Shares) 1,000 19,773 
Sinolink Securities Co. Ltd. (A Shares) 8,100 13,555 
Sinoma Science & Technology Co. Ltd. (A Shares) 4,600 27,058 
Sinopec Shanghai Petrochemical Co. Ltd.:   
(A Shares) 8,500 5,162 
(H Shares) 6,000 1,396 
Sinopharm Group Co. Ltd. (H Shares) 60,400 144,081 
Sinotrans Ltd. 5,900 4,163 
Sinotrans Ltd. (H Shares) 10,000 3,277 
SKSHU Paint Co. Ltd. (A Shares) 840 14,616 
Songcheng Performance Development Co. Ltd. (A Shares) 6,120 13,375 
Soochow Securities Co. Ltd. (A Shares) 8,600 11,371 
Southwest Securities Co. Ltd. (A Shares) 13,000 9,762 
Spring Airlines Co. Ltd. (A Shares) (a) 2,200 20,091 
StarPower Semiconductor Ltd. (A Shares) 500 31,222 
Sungrow Power Supply Co. Ltd. (A Shares) 3,800 97,347 
Suning.com Co. Ltd. (A Shares) (a) 16,800 11,723 
Sunwoda Electronic Co. Ltd. (A Shares) 3,300 25,392 
Suofeiya Home Collection Co. Ltd. (A Shares) 1,300 3,434 
Suzhou Dongshan Precision Manufacturing Co. Ltd. (A Shares) 2,300 7,296 
Suzhou Gold Mantis Consolidated Co. Ltd. 3,800 3,542 
Suzhou Maxwell Technologies Co. Ltd. (A Shares) 200 23,885 
Tangshan Jidong Cement Co. Ltd. A Shares 2,000 3,634 
TBEA Co. Ltd. (A Shares) 7,600 32,046 
TCL Technology Group Corp. (A Shares) 30,400 28,759 
The Pacific Securities Co. Ltd. (A Shares) (a) 9,800 4,773 
Thunder Software Technology Co. Ltd. (A Shares) 900 19,108 
Tianfeng Securities Co. Ltd. (A Shares) 15,200 9,349 
Tianjin 712 Communication & Broadcasting Co. Ltd. 1,900 11,176 
Tianjin Zhonghuan Semiconductor Co. Ltd. (A Shares) 8,500 69,478 
Tianma Microelectronics Co. Ltd. (A Shares) 4,800 9,224 
Tianshui Huatian Technology Co. Ltd. (A Shares) 3,800 7,623 
Toly Bread Co. Ltd. 1,820 8,950 
TongFu Microelectronics Co. Ltd. (A Shares) 1,600 5,001 
Tonghua Dongbao Pharmaceutical Co. Ltd. (A Shares) 3,400 6,470 
Tongkun Group Co. Ltd. (A Shares) 4,500 14,008 
Tongling Nonferrous Metals Group Co. Ltd. (A Shares) 22,400 12,903 
Tongwei Co. Ltd. (A Shares) 12,200 108,997 
Topchoice Medical Corp. (a) 700 26,058 
Topsec Technologies Group, Inc. 1,600 4,611 
Transfar Zhilian Co. Ltd. 4,400 5,626 
TravelSky Technology Ltd. (H Shares) 37,000 69,240 
Tsingtao Brewery Co. Ltd.:   
(A Shares) 500 8,140 
(H Shares) 26,000 226,065 
Unigroup Guoxin Microelectronics Co. Ltd. 1,700 53,781 
Unisplendour Corp. Ltd. (A Shares) 5,320 23,022 
Universal Scientific Industrial Shanghai Co. Ltd. (A Shares) 2,000 4,334 
Venus MedTech Hangzhou, Inc. (H Shares) (a)(b) 7,500 34,750 
Walvax Biotechnology Co. Ltd. (A Shares) 3,300 28,334 
Wangfujing Group Co. Ltd. 1,700 8,174 
Wanhua Chemical Group Co. Ltd. (A Shares) 8,500 139,952 
Weichai Power Co. Ltd.:   
(A Shares) 38,900 91,697 
(H Shares) 94,000 168,899 
Weifu High-Technology Group Co. Ltd. (A Shares) 1,200 3,640 
Weihai Guangwei Composites Co. Ltd. (A Shares) 700 7,419 
Wens Foodstuffs Group Co. Ltd. (A Shares) 13,260 34,114 
Western Securities Co. Ltd. (A Shares) 8,100 9,686 
Will Semiconductor Ltd. 2,100 87,203 
Wingtech Technology Co. Ltd. (A Shares) 3,700 63,398 
Winning Health Technology Group Co. Ltd. (A Shares) 4,690 9,262 
Wuchan Zhongda Group Co. Ltd. 6,700 6,558 
Wuhan Guide Infrared Co. Ltd. (A Shares) 4,494 15,224 
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd. (A Shares) 4,400 16,348 
Wuhu Token Science Co. Ltd. (A Shares) 3,400 5,446 
Wuliangye Yibin Co. Ltd. (A Shares) 10,200 344,753 
WUS Printed Circuit Kunshan Co. Ltd. (A Shares) 2,640 4,220 
WuXi AppTec Co. Ltd. 6,660 143,488 
WuXi AppTec Co. Ltd. (H Shares) (b) 16,864 360,450 
Wuxi Lead Intelligent Equipment Co. Ltd. (A Shares) 1,920 24,350 
Wuxi Shangji Automation Co. Ltd. (A Shares) 600 28,011 
XCMG Construction Machinery Co. Ltd. (A Shares) 15,300 14,594 
Xiamen C&D, Inc. (A Shares) 4,100 5,127 
Xiamen Intretech, Inc. 1,620 7,794 
Xiamen Tungsten Co. Ltd. (A Shares) 2,000 7,087 
Xinjiang Goldwind Science & Technology Co. Ltd.:   
(A Shares) 3,436 9,939 
(H Shares) 43,616 97,765 
Yango Group Co. Ltd. (A Shares) 10,100 5,077 
Yantai Eddie Precision Machinery Co. Ltd. (A Shares) 2,100 11,710 
Yantai Jereh Oilfield Services (A Shares) 2,100 13,864 
Yanzhou Coal Mining Co. Ltd.:   
(A Shares) 12,100 42,652 
(H Shares) 54,000 80,093 
Yealink Network Technology Corp. Ltd. 1,850 21,871 
Yifan Pharmaceutical Co. Ltd. (A Shares) 2,000 5,117 
Yifeng Pharmacy Chain Co. Ltd. 1,300 9,691 
Yihai Kerry Arawana Holdings Co. Ltd. (A Shares) 3,000 28,512 
Yintai Gold Co. Ltd. (A Shares) 3,920 5,397 
Yixintang Pharmaceutical Group Co. Ltd. (A Shares) 1,100 5,444 
Yonghui Superstores Co. Ltd. (A Shares) 13,100 8,037 
Yonyou Network Technology Co. Ltd. (A Shares) 7,320 36,339 
Youngor Group Co. Ltd. (A Shares) 11,100 11,142 
YTO Express Group Co. Ltd. (A Shares) 6,100 13,903 
Yuan Longping High-tech Agriculture Co. Ltd. (A Shares) (a) 1,900 6,226 
Yunda Holding Co. Ltd. (A Shares) 5,180 15,097 
Yunnan Aluminium Co. Ltd. (A Shares) (a) 6,800 12,622 
Yunnan Baiyao Group Co. Ltd. (A Shares) 2,800 39,165 
Yunnan Energy New Material Co. Ltd. 2,400 109,304 
Yutong Bus Co. Ltd. 5,100 9,028 
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (A Shares) 1,700 109,583 
Zhaojin Mining Industry Co. Ltd. (H Shares) 41,500 29,710 
Zhejiang Century Huatong Group Co. Ltd. (A Shares) (a) 15,240 17,677 
Zhejiang China Commodities City Group Co. Ltd. (A Shares) 12,200 9,294 
Zhejiang Chint Electric Co. Ltd. (A Shares) 6,400 60,186 
Zhejiang Dahua Technology Co. Ltd. (A Shares) 6,000 20,400 
Zhejiang Dingli Machinery Co. Ltd. (A Shares) 1,100 11,730 
Zhejiang Expressway Co. Ltd. (H Shares) 66,000 58,616 
Zhejiang Fuchunjiang Hp Co. Ltd. (A Shares) 9,700 10,842 
Zhejiang HangKe Technology, Inc. Co. (A Shares) 797 12,859 
Zhejiang Huahai Pharmaceutical Co. Ltd. (A Shares) 3,390 9,753 
Zhejiang Huayou Cobalt Co. Ltd. (A Shares) 3,300 57,209 
Zhejiang Jingsheng Mechanical & Electrical Co. Ltd. (A Shares) 5,400 64,413 
Zhejiang Jiuzhou Pharmaceutical Co. Ltd. (A Shares) 1,800 14,707 
Zhejiang Juhua Co. Ltd. (A Shares) 3,900 9,461 
Zhejiang Longsheng Group Co. Ltd. (A Shares) 4,700 9,135 
Zhejiang NHU Co. Ltd. (A Shares) 6,960 29,488 
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) 8,040 29,772 
Zhejiang Semir Garment Co. Ltd. (A Shares) 3,200 3,747 
Zhejiang Supor Cookware Co. Ltd. 1,100 9,101 
Zhejiang Weixing New Building Materials Co. Ltd. (A Shares) 3,400 9,554 
Zhejiang Wolwo Bio-Pharmaceutical Co. Ltd. 1,200 10,050 
Zheshang Securities Co. Ltd. (a) 7,400 14,255 
ZhongAn Online P & C Insurance Co. Ltd. (H Shares) (a)(b) 21,400 78,526 
Zhongji Innolight Co. Ltd. (A Shares) 900 4,646 
Zhongjin Gold Co. Ltd. (A Shares) 8,500 11,040 
Zhongtai Securities Co. Ltd. (A Shares) 20,100 29,025 
Zhongtian Financial Group Co. Ltd. (A Shares) (a) 18,400 7,210 
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) 23,800 114,098 
Zhuzhou Kibing Group Co. Ltd. (A Shares) 5,800 14,396 
Zijin Mining Group Co. Ltd.:   
(A Shares) 47,800 78,053 
(H Shares) 274,000 381,744 
Zoomlion Heavy Industry Science and Technology Co. Ltd.:   
(A Shares) 14,000 15,933 
(H Shares) 66,400 47,962 
ZTE Corp.:   
(A Shares) 4,100 20,878 
(H Shares) 41,400 124,511 
TOTAL CHINA  40,513,002 
Colombia - 0.0%   
Bancolombia SA 15,748 140,847 
Ecopetrol SA 244,402 184,775 
Grupo de Inversiones Suramerica SA 10,582 61,681 
Interconexion Electrica SA ESP 18,725 112,428 
TOTAL COLOMBIA  499,731 
Cyprus - 0.1%   
Ozon Holdings PLC ADR (a) 2,159 98,483 
TCS Group Holding PLC unit 5,437 559,946 
TOTAL CYPRUS  658,429 
Czech Republic - 0.0%   
CEZ A/S 7,924 261,591 
Komercni Banka A/S 3,958 153,570 
MONETA Money Bank A/S (a)(b) 15,300 59,812 
TOTAL CZECH REPUBLIC  474,973 
Denmark - 1.7%   
A.P. Moller - Maersk A/S:   
Series A 143 391,556 
Series B 261 756,364 
Ambu A/S Series B (d) 7,824 222,865 
Carlsberg A/S Series B 4,525 746,432 
Chr. Hansen Holding A/S 4,641 369,261 
Coloplast A/S Series B 5,288 862,022 
Danske Bank A/S 30,957 523,888 
Demant A/S (a) 4,920 238,316 
DSV A/S 9,081 2,110,433 
Genmab A/S (a) 3,001 1,344,970 
GN Store Nord A/S 5,798 351,844 
Novo Nordisk A/S Series B 76,204 8,356,143 
Novozymes A/S Series B 9,217 677,775 
ORSTED A/S (b) 8,591 1,212,219 
Pandora A/S 4,529 632,441 
Rockwool International A/S Series B 401 183,207 
Tryg A/S 15,526 368,064 
Vestas Wind Systems A/S 45,928 1,986,288 
TOTAL DENMARK  21,334,088 
Egypt - 0.0%   
Commercial International Bank SAE (a) 35,349 114,777 
Commercial International Bank SAE sponsored GDR 37,136 115,122 
Eastern Co. SAE 43,181 31,884 
Fawry for Banking & Payment Technology Services SAE 17,986 17,219 
TOTAL EGYPT  279,002 
Finland - 0.8%   
Elisa Corp. (A Shares) 6,685 403,240 
Fortum Corp. 20,236 601,195 
Kesko Oyj 12,059 391,580 
Kone OYJ (B Shares) 15,583 1,062,102 
Neste Oyj 19,360 1,078,500 
Nokia Corp. (a) 245,703 1,410,215 
Nordea Bank ABP 145,692 1,782,301 
Orion Oyj (B Shares) 4,512 195,230 
Sampo Oyj (A Shares) 22,517 1,197,364 
Stora Enso Oyj (R Shares) 26,339 437,841 
UPM-Kymmene Corp. 24,043 848,264 
Wartsila Corp. 20,475 283,911 
TOTAL FINLAND  9,691,743 
France - 6.5%   
Accor SA (a) 7,323 261,665 
Aeroports de Paris SA (a) 1,440 191,267 
Air Liquide SA 21,353 3,565,051 
Alstom SA 14,162 504,702 
Amundi SA (b) 2,824 251,533 
Arkema SA 2,924 399,533 
Atos Origin SA 4,290 223,067 
AXA SA 87,266 2,538,829 
bioMerieux SA 1,972 250,874 
BNP Paribas SA 50,942 3,409,917 
Bollore SA 42,012 243,315 
Bouygues SA 10,361 419,206 
Bureau Veritas SA 13,002 412,732 
Capgemini SA 7,239 1,684,536 
Carrefour SA 28,195 510,250 
CNP Assurances 7,143 178,853 
Compagnie de St. Gobain 22,958 1,584,390 
Compagnie Generale des Etablissements Michelin SCA Series B 7,678 1,207,116 
Covivio 2,221 192,047 
Credit Agricole SA 53,016 799,851 
Danone SA 29,729 1,937,909 
Dassault Aviation SA 1,040 108,502 
Dassault Systemes SA 29,912 1,746,784 
Edenred SA 11,143 602,459 
EDF SA 21,294 313,360 
Eiffage SA 3,827 393,560 
ENGIE 82,929 1,178,767 
EssilorLuxottica SA 12,822 2,651,697 
Eurazeo SA 1,905 178,487 
Faurecia SA 5,269 274,398 
Gecina SA 2,230 312,052 
Getlink SE 21,161 324,979 
Hermes International SCA 1,425 2,257,625 
Ipsen SA 1,595 164,838 
Kering SA 3,400 2,551,819 
Klepierre SA 9,822 233,443 
L'Oreal SA 11,417 5,222,761 
La Francaise des Jeux SAEM (b) 4,128 214,261 
Legrand SA 12,316 1,343,554 
LVMH Moet Hennessy Louis Vuitton SE 12,553 9,843,079 
Orange SA 88,673 966,975 
Orpea 2,271 236,800 
Pernod Ricard SA 9,483 2,178,219 
Publicis Groupe SA 10,336 692,291 
Remy Cointreau SA 977 197,195 
Renault SA (a) 8,981 322,466 
Safran SA 15,661 2,107,811 
Sanofi SA 51,474 5,170,264 
Sartorius Stedim Biotech 1,273 700,770 
Schneider Electric SA 24,529 4,229,246 
SCOR SE 7,001 235,511 
SEB SA 1,151 180,024 
Societe Generale Series A 36,919 1,233,241 
Sodexo SA 4,143 402,302 
Suez Environnement SA 14,215 323,475 
Teleperformance 2,669 1,114,125 
Thales SA 4,906 451,779 
Total SA 113,156 5,666,283 
Ubisoft Entertainment SA (a) 4,156 217,624 
Valeo SA 10,587 310,003 
Veolia Environnement SA 29,963 977,809 
VINCI SA 24,064 2,569,547 
Vivendi SA 33,101 426,078 
Wendel SA 1,131 150,486 
Worldline SA (a)(b) 10,879 633,585 
TOTAL FRANCE  82,376,977 
Germany - 5.1%   
adidas AG 8,632 2,826,935 
Allianz SE 18,614 4,328,302 
BASF AG 41,643 2,997,199 
Bayer AG 44,759 2,522,514 
Bayerische Motoren Werke AG (BMW) 13,781 1,389,806 
Bechtle AG 3,788 283,755 
Beiersdorf AG 4,434 471,052 
Brenntag SE 6,997 665,201 
Carl Zeiss Meditec AG 1,775 356,928 
Commerzbank AG (a) 47,161 344,336 
Continental AG (a) 4,852 570,457 
Covestro AG (b) 9,017 577,470 
Daimler AG (Germany) 38,656 3,831,406 
Delivery Hero AG (a)(b) 7,409 921,145 
Deutsche Bank AG (a) 94,558 1,218,359 
Deutsche Borse AG 8,635 1,433,424 
Deutsche Lufthansa AG (a) 30,974 204,524 
Deutsche Post AG 44,922 2,779,285 
Deutsche Telekom AG 151,569 2,818,752 
Deutsche Wohnen SE (Bearer) 1,000 51,199 
E.ON AG 102,229 1,295,926 
Evonik Industries AG 9,205 298,160 
Fresenius Medical Care AG & Co. KGaA 9,411 625,164 
Fresenius SE & Co. KGaA 19,175 870,360 
GEA Group AG 6,917 340,552 
Hannover Reuck SE 2,650 484,017 
HeidelbergCement AG 6,938 522,466 
HelloFresh AG (a) 7,568 612,403 
Henkel AG & Co. KGaA 4,729 394,151 
Infineon Technologies AG 59,026 2,764,268 
KION Group AG 3,255 355,206 
Knorr-Bremse AG 3,164 333,352 
Lanxess AG 3,843 258,821 
LEG Immobilien AG 3,286 488,692 
Merck KGaA 5,911 1,395,322 
MTU Aero Engines AG 2,388 530,988 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 6,384 1,890,731 
Nemetschek Se 2,604 298,614 
Puma AG 4,761 590,549 
Rational AG 232 230,538 
RWE AG 29,568 1,137,189 
SAP SE 47,204 6,835,667 
Scout24 AG (b) 3,793 263,959 
Siemens AG 34,678 5,638,018 
Siemens Healthineers AG (b) 12,758 847,434 
Symrise AG 5,701 787,877 
TeamViewer AG (a)(b) 6,937 103,537 
Telefonica Deutschland Holding AG 48,781 127,049 
Uniper SE 4,093 180,791 
United Internet AG 4,383 161,528 
Vitesco Technologies Group AG (a) 44 2,523 
Volkswagen AG 1,655 537,221 
Vonovia SE 24,784 1,502,995 
Zalando SE (a)(b) 10,172 959,286 
TOTAL GERMANY  64,257,403 
Greece - 0.0%   
Alpha Bank SA (a) 92,990 118,085 
EFG Eurobank Ergasias SA (a) 106,692 111,422 
Ff Group (a)(c) 256 355 
Hellenic Telecommunications Organization SA 9,810 173,508 
Jumbo SA 3,890 57,739 
OPAP SA 8,586 133,497 
TOTAL GREECE  594,606 
Hong Kong - 1.7%   
AIA Group Ltd. 549,200 6,154,891 
Beijing Enterprises Holdings Ltd. 23,000 88,388 
BOC Hong Kong (Holdings) Ltd. 169,000 536,508 
BYD Electronic International Co. Ltd. 29,500 87,774 
China Everbright International Ltd. 165,888 114,067 
China Everbright Ltd. 46,000 51,791 
China Jinmao Holdings Group Ltd. 224,000 65,641 
China Merchants Holdings International Co. Ltd. 72,131 120,520 
China Overseas Land and Investment Ltd. 166,000 366,115 
China Power International Development Ltd. 161,000 80,909 
China Resources Beer Holdings Co. Ltd. 66,000 547,137 
China Resources Pharmaceutical Group Ltd. (b) 68,500 33,015 
China Resources Power Holdings Co. Ltd. 84,000 217,004 
China Taiping Insurance Group Ltd. 69,400 106,145 
China Traditional Chinese Medicine Holdings Co. Ltd. 114,000 54,212 
CITIC Pacific Ltd. 247,000 247,619 
CLP Holdings Ltd. 74,500 729,424 
CSPC Pharmaceutical Group Ltd. 415,760 434,970 
Far East Horizon Ltd. 73,000 69,711 
Fosun International Ltd. 148,000 174,051 
Galaxy Entertainment Group Ltd. (a) 96,000 519,452 
Ganfeng Lithium Co. Ltd. (H Shares) (b) 5,700 106,886 
Guangdong Investment Ltd. 130,000 163,743 
Hang Lung Properties Ltd. 102,000 236,761 
Hang Seng Bank Ltd. 34,400 654,354 
Henderson Land Development Co. Ltd. 69,010 288,957 
Hong Kong & China Gas Co. Ltd. 517,865 804,520 
Hong Kong Exchanges and Clearing Ltd. 54,849 3,318,927 
Hua Hong Semiconductor Ltd. (a)(b) 23,000 115,879 
i-CABLE Communications Ltd. (a)(c) 531 5 
Lenovo Group Ltd. 328,000 356,198 
Link (REIT) 93,805 831,893 
MMG Ltd. (a) 148,000 68,479 
MTR Corp. Ltd. 66,945 364,818 
New World Development Co. Ltd. 72,267 313,477 
Power Assets Holdings Ltd. 64,000 390,309 
Shenzhen Investment Ltd. 137,881 33,848 
Sino Land Ltd. 162,997 214,103 
Sinotruk Hong Kong Ltd. 30,000 41,411 
SJM Holdings Ltd. (a) 76,000 56,752 
Sun Art Retail Group Ltd. 84,000 49,447 
Sun Hung Kai Properties Ltd. 60,000 795,500 
Swire Pacific Ltd. (A Shares) 21,000 132,119 
Swire Properties Ltd. 50,000 133,989 
Techtronic Industries Co. Ltd. 63,000 1,296,356 
Wharf Holdings Ltd. 66,000 229,034 
Yuexiu Property Co. Ltd. 60,800 53,607 
TOTAL HONG KONG  21,850,716 
Hungary - 0.1%   
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) 16,720 142,880 
OTP Bank PLC (a) 10,404 624,856 
Richter Gedeon PLC 5,957 166,878 
TOTAL HUNGARY  934,614 
India - 3.4%   
ACC Ltd. 3,164 98,497 
Adani Enterprises Ltd. 12,228 232,243 
Adani Green Energy Ltd. (a) 17,746 272,943 
Adani Ports & Special Economic Zone Ltd. 23,294 215,366 
Adani Total Gas Ltd. (a) 12,600 241,973 
Adani Transmissions Ltd. (a) 12,563 296,229 
Ambuja Cements Ltd. 29,760 160,721 
Apollo Hospitals Enterprise Ltd. 4,474 254,398 
Asian Paints Ltd. 17,543 725,569 
Aurobindo Pharma Ltd. 13,798 126,898 
Avenue Supermarts Ltd. (a)(b) 7,109 439,643 
Axis Bank Ltd. (a) 101,338 1,003,173 
Bajaj Auto Ltd. 3,210 158,766 
Bajaj Finance Ltd. 12,270 1,211,400 
Bajaj Finserv Ltd. 1,754 417,028 
Balkrishna Industries Ltd. 3,778 123,998 
Bandhan Bank Ltd. (b) 32,815 127,596 
Berger Paints India Ltd. 9,709 96,047 
Bharat Electronics Ltd. 51,667 142,583 
Bharat Forge Ltd. 9,831 100,618 
Bharat Petroleum Corp. Ltd. 36,598 203,949 
Bharti Airtel Ltd. (a) 113,194 1,034,988 
Biocon Ltd. (a) 20,093 94,119 
Britannia Industries Ltd. 4,687 229,848 
Cholamandalam Investment and Finance Co. Ltd. 17,860 146,480 
Cipla Ltd. (a) 24,066 290,587 
Coal India Ltd. 63,744 139,853 
Colgate-Palmolive Ltd. 5,332 109,734 
Container Corp. of India Ltd. 10,452 91,350 
Dabur India Ltd. 26,488 207,031 
Divi's Laboratories Ltd. 5,870 403,327 
DLF Ltd. 26,573 141,311 
Dr. Reddy's Laboratories Ltd. 5,378 334,200 
Eicher Motors Ltd. 6,070 201,224 
GAIL India Ltd. 66,443 131,946 
Godrej Consumer Products Ltd. (a) 16,745 213,716 
Grasim Industries Ltd. 11,650 267,505 
Havells India Ltd. 11,567 194,898 
HCL Technologies Ltd. 49,724 758,746 
HDFC Asset Management Co. Ltd. (b) 2,078 73,389 
HDFC Standard Life Insurance Co. Ltd. (b) 34,618 314,266 
Hero Motocorp Ltd. 5,727 203,018 
Hindalco Industries Ltd. 70,328 431,416 
Hindustan Petroleum Corp. Ltd. 27,618 114,370 
Hindustan Unilever Ltd. 37,488 1,196,910 
Housing Development Finance Corp. Ltd. 77,652 2,947,057 
ICICI Bank Ltd. 231,945 2,481,909 
ICICI Lombard General Insurance Co. Ltd. (b) 10,301 203,608 
ICICI Prudential Life Insurance Co. Ltd. (b) 14,970 123,507 
Indian Oil Corp. Ltd. 90,520 154,520 
Indraprastha Gas Ltd. 11,533 72,917 
Indus Towers Ltd. 33,301 120,622 
Info Edge India Ltd. 3,500 283,687 
Infosys Ltd. 154,254 3,448,625 
InterGlobe Aviation Ltd. (a)(b) 4,111 119,302 
Ipca Laboratories Ltd. 3,037 86,805 
ITC Ltd. 137,859 410,515 
JSW Steel Ltd. 36,884 329,277 
Jubilant Foodworks Ltd. 3,855 189,744 
Kotak Mahindra Bank Ltd. (a) 25,288 685,261 
Larsen & Toubro Infotech Ltd. (b) 2,452 218,598 
Larsen & Toubro Ltd. 31,034 731,455 
Lupin Ltd. 10,694 131,672 
Mahindra & Mahindra Ltd. 40,071 472,721 
Marico Ltd. 21,918 166,224 
Maruti Suzuki India Ltd. 6,199 618,817 
Motherson Sumi Systems Ltd. 54,552 162,626 
MRF Ltd. 74 76,323 
Muthoot Finance Ltd. 5,736 112,321 
Nestle India Ltd. 1,531 388,089 
NTPC Ltd. 218,042 385,875 
Oil & Natural Gas Corp. Ltd. 118,325 235,292 
Page Industries Ltd. 272 136,575 
Petronet LNG Ltd. 30,407 93,122 
PI Industries Ltd. 3,519 140,842 
Pidilite Industries Ltd. 6,685 206,347 
Piramal Enterprises Ltd. 4,950 171,819 
Power Grid Corp. of India Ltd. 145,817 359,995 
Rec Ltd. 33,633 66,701 
Reliance Industries Ltd. 129,134 4,369,503 
SBI Cards & Payment Services Ltd. (a) 10,077 141,848 
SBI Life Insurance Co. Ltd. (b) 21,102 322,505 
Shree Cement Ltd. 458 174,971 
Shriram Transport Finance Co. Ltd. 8,559 163,998 
Siemens India Ltd. 2,990 87,227 
State Bank of India 81,236 544,229 
Sun Pharmaceutical Industries Ltd. 37,331 395,946 
Tata Consultancy Services Ltd. 41,761 1,893,048 
Tata Consumer Products Ltd. 29,659 320,312 
Tata Motors Ltd. (a) 74,506 478,827 
Tata Steel Ltd. 33,336 585,265 
Tech Mahindra Ltd. 28,934 570,477 
Titan Co. Ltd. 16,159 513,852 
Torrent Pharmaceuticals Ltd. 2,783 106,204 
Trent Ltd. 7,663 102,557 
Ultratech Cement Ltd. 4,750 483,907 
United Spirits Ltd. (a) 14,316 180,939 
UPL Ltd. (a) 23,807 235,100 
Vedanta Ltd. 52,272 212,003 
Wipro Ltd. 62,073 536,995 
Yes Bank Ltd. (a) 506,680 86,525 
TOTAL INDIA  43,012,878 
Indonesia - 0.4%   
PT Adaro Energy Tbk 647,900 76,829 
PT Aneka Tambang Tbk 325,100 53,696 
PT Astra International Tbk 953,100 405,324 
PT Bank Central Asia Tbk 2,466,000 1,301,101 
PT Bank Mandiri (Persero) Tbk 870,500 440,101 
PT Bank Negara Indonesia (Persero) Tbk 305,600 150,993 
PT Bank Rakyat Indonesia Tbk 3,033,110 910,491 
PT Barito Pacific Tbk 1,060,600 69,995 
PT Charoen Pokphand Indonesia Tbk 311,600 136,363 
PT Gudang Garam Tbk 21,100 49,892 
PT Indah Kiat Pulp & Paper Tbk 137,900 82,492 
PT Indocement Tunggal Prakarsa Tbk 60,900 50,831 
PT Indofood CBP Sukses Makmur Tbk 125,900 78,202 
PT Indofood Sukses Makmur Tbk 213,100 95,513 
PT Kalbe Farma Tbk 925,400 104,510 
PT Merdeka Copper Gold Tbk (a) 494,700 110,341 
PT Sarana Menara Nusantara Tbk 1,013,100 82,950 
PT Semen Gresik (Persero) Tbk 117,200 75,279 
PT Telkom Indonesia Persero Tbk 2,267,800 606,151 
PT Tower Bersama Infrastructure Tbk 386,900 80,288 
PT Unilever Indonesia Tbk 301,500 94,062 
PT United Tractors Tbk 81,900 136,139 
TOTAL INDONESIA  5,191,543 
Ireland - 0.5%   
CRH PLC 31,939 1,528,403 
CRH PLC sponsored ADR 3,623 173,687 
DCC PLC (United Kingdom) 4,327 361,580 
Flutter Entertainment PLC (a) 778 146,880 
Flutter Entertainment PLC (Ireland) (a) 6,810 1,287,918 
James Hardie Industries PLC CDI 19,906 773,422 
Kerry Group PLC Class A 7,178 963,371 
Kingspan Group PLC (Ireland) 7,017 808,245 
Smurfit Kappa Group PLC 11,204 586,588 
TOTAL IRELAND  6,630,094 
Isle of Man - 0.1%   
Entain PLC (a) 26,685 747,925 
NEPI Rockcastle PLC 17,552 117,664 
TOTAL ISLE OF MAN  865,589 
Israel - 0.4%   
Azrieli Group 1,784 166,541 
Bank Hapoalim BM (Reg.) 51,410 505,270 
Bank Leumi le-Israel BM 66,772 636,627 
Check Point Software Technologies Ltd. (a) 4,918 588,193 
CyberArk Software Ltd. (a) 1,792 322,757 
Elbit Systems Ltd. (Israel) 1,105 173,903 
Icl Group Ltd. 30,964 264,691 
Israel Discount Bank Ltd. (Class A) (a) 54,711 329,890 
Mizrahi Tefahot Bank Ltd. 5,938 215,613 
NICE Systems Ltd. (a) 2,760 776,448 
Teva Pharmaceutical Industries Ltd. sponsored ADR (a) 50,025 437,219 
Wix.com Ltd. (a) 2,491 463,226 
TOTAL ISRAEL  4,880,378 
Italy - 1.1%   
Amplifon SpA 5,879 298,690 
Assicurazioni Generali SpA 48,033 1,046,668 
Atlantia SpA (a) 22,342 431,446 
DiaSorin SpA 1,082 244,342 
Enel SpA 368,052 3,081,254 
Eni SpA 113,519 1,627,005 
FinecoBank SpA 27,505 525,107 
Infrastrutture Wireless Italiane SpA (b) 15,840 174,980 
Intesa Sanpaolo SpA 746,471 2,121,604 
Mediobanca SpA 27,463 327,473 
Moncler SpA 9,115 654,555 
Nexi SpA (a)(b) 19,936 346,266 
Poste Italiane SpA (b) 21,844 311,606 
Prysmian SpA 11,287 426,662 
Recordati SpA 5,115 320,008 
Snam Rete Gas SpA 89,361 505,867 
Telecom Italia SpA 431,103 153,796 
Telecom Italia SpA (Risparmio Shares) 271,955 103,274 
Terna - Rete Elettrica Naziona 64,979 483,896 
UniCredit SpA 97,499 1,287,586 
TOTAL ITALY  14,472,085 
Japan - 14.1%   
ABC-MART, Inc. 1,700 81,709 
ACOM Co. Ltd. 18,500 61,700 
Advantest Corp. 9,300 762,488 
AEON Co. Ltd. (d) 29,200 671,736 
AGC, Inc. 9,000 448,160 
Aisin Seiki Co. Ltd. 6,700 245,172 
Ajinomoto Co., Inc. 21,600 646,719 
Ana Holdings, Inc. (a) 8,000 186,408 
Asahi Group Holdings 20,400 925,758 
ASAHI INTECC Co. Ltd. 9,700 255,686 
Asahi Kasei Corp. 57,900 608,260 
Astellas Pharma, Inc. 84,900 1,431,310 
Azbil Corp. 5,300 225,954 
Bandai Namco Holdings, Inc. 9,300 710,693 
Bridgestone Corp. 25,700 1,136,950 
Brother Industries Ltd. 10,300 199,140 
Canon, Inc. 45,300 1,030,094 
Capcom Co. Ltd. 8,400 226,090 
Casio Computer Co. Ltd. 8,100 114,624 
Central Japan Railway Co. 6,500 964,214 
Chiba Bank Ltd. 22,500 139,460 
Chubu Electric Power Co., Inc. 28,100 290,867 
Chugai Pharmaceutical Co. Ltd. 30,700 1,147,854 
Concordia Financial Group Ltd. 48,800 193,964 
Cosmos Pharmaceutical Corp. 900 137,535 
CyberAgent, Inc. 17,800 298,249 
Dai Nippon Printing Co. Ltd. 9,500 235,363 
Dai-ichi Mutual Life Insurance Co. 46,400 976,189 
Daifuku Co. Ltd. 4,500 414,268 
Daiichi Sankyo Kabushiki Kaisha 79,700 2,011,021 
Daikin Industries Ltd. 11,300 2,474,868 
Daito Trust Construction Co. Ltd. 3,000 371,952 
Daiwa House Industry Co. Ltd. 25,400 837,951 
Daiwa House REIT Investment Corp. 106 304,181 
Daiwa Securities Group, Inc. 64,000 359,562 
DENSO Corp. 19,600 1,420,905 
Dentsu Group, Inc. 10,200 372,746 
Disco Corp. 1,300 350,477 
East Japan Railway Co. 13,700 853,325 
Eisai Co. Ltd. 10,800 765,247 
ENEOS Holdings, Inc. 142,200 573,386 
FANUC Corp. 8,700 1,719,304 
Fast Retailing Co. Ltd. 2,600 1,725,926 
Fuji Electric Co. Ltd. 5,700 278,717 
FUJIFILM Holdings Corp. 16,400 1,267,350 
Fujitsu Ltd. 8,900 1,538,185 
GLP J-REIT 182 296,868 
GMO Payment Gateway, Inc. 1,800 228,053 
Hakuhodo DY Holdings, Inc. 11,900 194,013 
Hamamatsu Photonics K.K. 6,300 373,920 
Hankyu Hanshin Holdings, Inc. 10,200 316,257 
Harmonic Drive Systems, Inc. 2,000 90,663 
Hikari Tsushin, Inc. 900 138,739 
Hino Motors Ltd. 12,500 118,246 
Hirose Electric Co. Ltd. 1,410 235,796 
Hisamitsu Pharmaceutical Co., Inc. 2,100 71,645 
Hitachi Construction Machinery Co. Ltd. 4,600 146,767 
Hitachi Ltd. 43,800 2,523,956 
Hitachi Metals Ltd. (a) 8,800 166,590 
Honda Motor Co. Ltd. 73,400 2,171,015 
Hoshizaki Corp. 2,400 201,818 
Hoya Corp. 16,800 2,473,104 
Hulic Co. Ltd. 20,200 194,233 
Ibiden Co. Ltd. 4,800 288,412 
Idemitsu Kosan Co. Ltd. 9,366 255,807 
Iida Group Holdings Co. Ltd. 7,100 175,047 
INPEX Corp. 46,300 386,111 
Isuzu Motors Ltd. 25,800 347,082 
ITO EN Ltd. 2,300 153,193 
Itochu Corp. 53,100 1,514,458 
ITOCHU Techno-Solutions Corp. 4,500 142,152 
Japan Airlines Co. Ltd. (a) 6,300 135,585 
Japan Exchange Group, Inc. 23,600 558,802 
Japan Post Bank Co. Ltd. 16,400 127,953 
Japan Post Holdings Co. Ltd. 111,700 858,292 
Japan Post Insurance Co. Ltd. 10,400 168,737 
Japan Real Estate Investment Corp. 56 343,237 
Japan Retail Fund Investment Corp. 332 304,948 
Japan Tobacco, Inc. 53,100 1,042,415 
JFE Holdings, Inc. 21,700 331,586 
JSR Corp. 9,200 333,680 
Kajima Corp. 20,500 252,412 
Kakaku.com, Inc. 5,800 192,473 
Kansai Electric Power Co., Inc. 30,700 282,658 
Kansai Paint Co. Ltd. 7,600 175,986 
Kao Corp. 21,900 1,238,841 
KDDI Corp. 72,900 2,229,283 
Keio Corp. 4,800 242,293 
Keisei Electric Railway Co. 5,800 186,649 
Keyence Corp. 8,800 5,311,810 
Kikkoman Corp. 6,800 556,173 
Kintetsu Group Holdings Co. Ltd. (a) 8,000 251,824 
Kirin Holdings Co. Ltd. 37,800 657,941 
Kobayashi Pharmaceutical Co. Ltd. 2,600 208,172 
Kobe Bussan Co. Ltd. 6,100 210,125 
Koei Tecmo Holdings Co. Ltd. 2,590 120,560 
Koito Manufacturing Co. Ltd. 5,000 283,691 
Komatsu Ltd. 39,900 1,045,034 
Konami Holdings Corp. 4,100 225,625 
Kose Corp. 1,400 162,576 
Kubota Corp. 47,100 1,003,372 
Kurita Water Industries Ltd. 4,700 232,140 
Kyocera Corp. 14,500 848,931 
Kyowa Hakko Kirin Co., Ltd. 11,900 391,368 
Lasertec Corp. 3,300 715,822 
Lawson, Inc. 2,400 116,063 
Lion Corp. 9,900 164,878 
LIXIL Group Corp. 12,700 326,262 
M3, Inc. 20,330 1,198,054 
Makita Corp. 9,900 459,478 
Marubeni Corp. 71,100 603,306 
Mazda Motor Corp. (a) 26,700 240,147 
McDonald's Holdings Co. (Japan) Ltd. 3,400 151,951 
Medipal Holdings Corp. 9,400 170,067 
Meiji Holdings Co. Ltd. 5,500 347,098 
Mercari, Inc. (a) 4,600 248,903 
Minebea Mitsumi, Inc. 16,000 405,073 
Misumi Group, Inc. 13,000 543,709 
Mitsubishi Chemical Holdings Corp. 56,800 470,158 
Mitsubishi Corp. 57,000 1,812,485 
Mitsubishi Electric Corp. 82,600 1,109,272 
Mitsubishi Estate Co. Ltd. 52,500 797,842 
Mitsubishi Gas Chemical Co., Inc. 7,500 150,947 
Mitsubishi Heavy Industries Ltd. 14,200 363,135 
Mitsubishi UFJ Financial Group, Inc. 552,700 3,030,730 
Mitsubishi UFJ Lease & Finance Co. Ltd. 27,400 137,389 
Mitsui & Co. Ltd. 68,600 1,569,878 
Mitsui Chemicals, Inc. 8,400 249,764 
Mitsui Fudosan Co. Ltd. 41,500 948,849 
Miura Co. Ltd. 3,800 146,169 
Mizuho Financial Group, Inc. 108,510 1,432,113 
MonotaRO Co. Ltd. 11,700 266,664 
MS&AD Insurance Group Holdings, Inc. 20,000 646,147 
Murata Manufacturing Co. Ltd. 26,200 1,943,479 
Nabtesco Corp. 4,900 159,023 
NEC Corp. 10,900 558,102 
Nexon Co. Ltd. 22,500 382,976 
NGK Insulators Ltd. 11,700 194,819 
NH Foods Ltd. 4,400 154,738 
Nidec Corp. 20,400 2,259,460 
Nihon M&A Center Holdings, Inc. 13,700 420,650 
Nintendo Co. Ltd. 5,100 2,252,451 
Nippon Building Fund, Inc. 68 441,792 
Nippon Express Co. Ltd. 3,400 212,821 
Nippon Paint Holdings Co. Ltd. 31,900 341,325 
Nippon Prologis REIT, Inc. 91 303,943 
Nippon Sanso Holdings Corp. 6,300 148,734 
Nippon Shinyaku Co. Ltd. 2,100 168,244 
Nippon Steel & Sumitomo Metal Corp. 39,300 689,038 
Nippon Telegraph & Telephone Corp. 57,600 1,613,891 
Nippon Yusen KK 7,000 504,401 
Nissan Chemical Corp. 5,500 306,123 
Nissan Motor Co. Ltd. (a) 105,700 537,998 
Nisshin Seifun Group, Inc. 7,900 124,746 
Nissin Food Holdings Co. Ltd. 2,800 214,032 
Nitori Holdings Co. Ltd. 3,700 679,729 
Nitto Denko Corp. 6,340 495,409 
Nomura Holdings, Inc. 137,000 652,465 
Nomura Real Estate Holdings, Inc. 4,900 119,459 
Nomura Real Estate Master Fund, Inc. 200 299,493 
Nomura Research Institute Ltd. 15,400 616,525 
NSK Ltd. 16,000 107,511 
NTT Data Corp. 28,500 571,734 
Obayashi Corp. 29,800 251,579 
OBIC Co. Ltd. 3,200 591,756 
Odakyu Electric Railway Co. Ltd. 13,300 288,336 
Oji Holdings Corp. 34,500 171,007 
Olympus Corp. 53,100 1,150,308 
OMRON Corp. 8,500 812,894 
Ono Pharmaceutical Co. Ltd. 16,100 337,806 
Oracle Corp. Japan 1,600 151,399 
Oriental Land Co. Ltd. 9,000 1,421,458 
ORIX Corp. 55,700 1,107,110 
ORIX JREIT, Inc. 111 184,161 
Osaka Gas Co. Ltd. 16,100 259,500 
Otsuka Corp. 5,400 265,985 
Otsuka Holdings Co. Ltd. 18,100 715,842 
Pan Pacific International Holdings Ltd. 18,290 384,033 
Panasonic Corp. 100,600 1,244,023 
PeptiDream, Inc. (a) 4,200 101,523 
Persol Holdings Co. Ltd. 8,000 215,029 
Pigeon Corp. 4,800 111,150 
Pola Orbis Holdings, Inc. 4,100 87,542 
Rakuten Group, Inc. 38,600 422,594 
Recruit Holdings Co. Ltd. 61,400 4,084,268 
Renesas Electronics Corp. (a) 57,100 702,412 
Resona Holdings, Inc. 93,600 351,618 
Ricoh Co. Ltd. 30,600 297,978 
Rinnai Corp. 1,800 184,811 
ROHM Co. Ltd. 4,000 365,750 
Ryohin Keikaku Co. Ltd. 11,400 224,651 
Santen Pharmaceutical Co. Ltd. 17,100 241,024 
SBI Holdings, Inc. Japan 11,500 298,074 
SCSK Corp. 6,300 127,494 
Secom Co. Ltd. 9,200 627,187 
Seiko Epson Corp. 12,300 219,015 
Sekisui Chemical Co. Ltd. 16,900 277,645 
Sekisui House Ltd. 28,200 586,300 
Seven & i Holdings Co. Ltd. 34,100 1,431,681 
SG Holdings Co. Ltd. 14,300 359,089 
Sharp Corp. 9,100 107,336 
Shimadzu Corp. 11,000 446,900 
SHIMANO, Inc. 3,400 948,646 
SHIMIZU Corp. 25,000 183,171 
Shin-Etsu Chemical Co. Ltd. 16,100 2,871,162 
Shionogi & Co. Ltd. 12,400 808,484 
Shiseido Co. Ltd. 18,400 1,227,776 
Shizuoka Bank Ltd. 21,200 170,711 
SMC Corp. 2,600 1,551,590 
SoftBank Corp. 128,900 1,759,443 
SoftBank Group Corp. 54,800 2,966,730 
Sohgo Security Services Co., Ltd. 3,400 145,465 
Sompo Holdings, Inc. 14,300 620,146 
Sony Group Corp. 57,100 6,611,973 
Square Enix Holdings Co. Ltd. 3,900 213,642 
Stanley Electric Co. Ltd. 6,300 158,793 
Subaru Corp. 27,100 531,561 
Sumco Corp. 14,600 278,986 
Sumitomo Chemical Co. Ltd. 67,400 332,034 
Sumitomo Corp. 50,100 713,908 
Sumitomo Dainippon Pharma Co., Ltd. 7,500 106,062 
Sumitomo Electric Industries Ltd. 33,700 447,296 
Sumitomo Metal Mining Co. Ltd. 11,500 446,111 
Sumitomo Mitsui Financial Group, Inc. 59,300 1,924,265 
Sumitomo Mitsui Trust Holdings, Inc. 15,300 503,276 
Sumitomo Realty & Development Co. Ltd. 14,100 509,573 
Suntory Beverage & Food Ltd. 6,500 252,216 
Suzuki Motor Corp. 16,900 753,688 
Sysmex Corp. 7,600 942,331 
T&D Holdings, Inc. 23,900 306,533 
Taisei Corp. 8,700 272,999 
Taisho Pharmaceutical Holdings Co. Ltd. 1,700 91,224 
Takeda Pharmaceutical Co. Ltd. 72,077 2,022,901 
TDK Corp. 17,976 653,481 
Terumo Corp. 29,400 1,297,005 
THK Co. Ltd. 5,500 118,270 
TIS, Inc. 10,000 272,429 
Tobu Railway Co. Ltd. 7,900 196,691 
Toho Co. Ltd. 5,100 239,619 
Toho Gas Co. Ltd. 3,000 88,867 
Tohoku Electric Power Co., Inc. 17,700 114,840 
Tokio Marine Holdings, Inc. 28,300 1,490,562 
Tokyo Century Corp. 1,900 108,786 
Tokyo Electric Power Co., Inc. (a) 70,800 196,116 
Tokyo Electron Ltd. 6,800 3,169,025 
Tokyo Gas Co. Ltd. 16,400 284,588 
Tokyu Corp. 22,200 312,980 
Toppan, Inc. 10,600 171,107 
Toray Industries, Inc. 61,200 381,369 
Toshiba Corp. 18,600 802,258 
Tosoh Corp. 12,800 215,565 
Toto Ltd. 6,300 304,380 
Toyo Suisan Kaisha Ltd. 4,500 193,901 
Toyota Industries Corp. 6,700 569,584 
Toyota Motor Corp. 478,700 8,446,262 
Toyota Tsusho Corp. 9,400 407,736 
Trend Micro, Inc. 6,100 344,774 
Tsuruha Holdings, Inc. 1,700 209,687 
Unicharm Corp. 18,700 756,281 
United Urban Investment Corp. 147 183,244 
USS Co. Ltd. 9,600 154,736 
Welcia Holdings Co. Ltd. 4,200 156,792 
West Japan Railway Co. 9,700 457,895 
Yakult Honsha Co. Ltd. 5,700 288,011 
Yamada Holdings Co. Ltd. 32,800 125,339 
Yamaha Corp. 6,000 379,069 
Yamaha Motor Co. Ltd. 13,300 370,722 
Yamato Holdings Co. Ltd. 13,300 326,957 
Yaskawa Electric Corp. 11,500 498,089 
Yokogawa Electric Corp. 9,600 191,830 
Z Holdings Corp. 122,200 758,620 
ZOZO, Inc. 5,500 176,542 
TOTAL JAPAN  179,303,271 
Korea (South) - 3.2%   
Alteogen, Inc. 1,047 62,388 
AMOREPACIFIC Corp. 1,248 193,208 
AMOREPACIFIC Group, Inc. 1,053 44,589 
BGF Retail Co. Ltd. 299 41,324 
Celltrion Healthcare Co. Ltd. 3,787 261,974 
Celltrion Pharm, Inc. 719 69,674 
Celltrion, Inc. (a) 4,515 773,318 
Cheil Worldwide, Inc. 3,746 76,153 
CJ CheilJedang Corp. 385 124,485 
CJ Corp. 568 46,459 
CJ ENM Co. Ltd. 439 66,059 
CJ Logistics Corp. (a) 378 45,726 
Coway Co. Ltd. 2,372 160,009 
Daewoo Shipbuilding & Marine Engineering Co. Ltd. (a) 1,610 35,576 
Db Insurance Co. Ltd. 1,869 94,495 
Doosan Bobcat, Inc. (a) 2,117 68,835 
Doosan Heavy Industries & Construction Co. Ltd. (a) 12,630 262,852 
Douzone Bizon Co. Ltd. 743 51,600 
E-Mart, Inc. 911 130,468 
Ecopro BM Co. Ltd. 474 165,800 
Fila Holdings Corp. 2,083 66,026 
Green Cross Corp. 257 60,154 
GS Engineering & Construction Corp. 2,800 98,846 
GS Holdings Corp. 1,755 63,231 
Hana Financial Group, Inc. 13,391 513,708 
Hankook Tire Co. Ltd. 3,236 114,068 
Hanmi Pharm Co. Ltd. 255 57,346 
Hanon Systems 8,074 99,509 
Hanwha Solutions Corp. (a) 6,297 219,784 
HLB, Inc. 3,881 139,054 
HMM Co. Ltd. (a) 11,623 264,574 
Hotel Shilla Co. 1,905 141,967 
HYBE Co. Ltd. (a) 576 164,624 
Hyundai Engineering & Construction Co. Ltd. 3,270 140,638 
Hyundai Glovis Co. Ltd. 772 110,606 
Hyundai Heavy Industries Holdi 2,015 108,683 
Hyundai Mobis 2,988 642,603 
Hyundai Motor Co. 5,767 1,026,173 
Hyundai Steel Co. 3,640 138,418 
Industrial Bank of Korea 9,889 93,116 
Kakao Corp. 14,214 1,521,368 
KakaoBank Corp. (a) 2,151 116,018 
Kangwon Land, Inc. (a) 3,996 94,596 
KB Financial Group, Inc. 18,197 876,291 
Kia Corp. 11,784 855,499 
Korea Aerospace Industries Ltd. 4,558 119,145 
Korea Electric Power Corp. 12,152 234,239 
Korea Investment Holdings Co. Ltd. 1,920 142,863 
Korea Shipbuilding & Offshore Engineering Co. Ltd. (a) 1,595 140,299 
Korea Zinc Co. Ltd. 362 165,818 
Korean Air Lines Co. Ltd. (a) 8,582 222,607 
KT&G Corp. 5,299 366,176 
Kumho Petro Chemical Co. Ltd. 773 113,154 
LG Chemical Ltd. 1,899 1,355,653 
LG Corp. 3,879 301,696 
LG Display Co. Ltd. (a) 10,057 169,096 
LG Electronics, Inc. 4,782 492,181 
LG Household & Health Care Ltd. 420 418,218 
LG Innotek Co. Ltd. 741 132,517 
LG Uplus Corp. 9,475 116,013 
Lotte Chemical Corp. 718 137,393 
Lotte Shopping Co. Ltd. 426 38,145 
Meritz Securities Co. Ltd. 15,290 60,784 
Mirae Asset Securities Co. Ltd. 11,404 84,644 
NAVER Corp. 5,637 1,949,842 
NCSOFT Corp. 728 389,155 
Netmarble Corp. (b) 860 90,602 
NH Investment & Securities Co. Ltd. 5,266 59,173 
Orion Corp./Republic of Korea 992 99,811 
Pan Ocean Co., Ltd. (Korea) 14,914 76,775 
Pearl Abyss Corp. (a) 1,343 118,967 
POSCO 3,425 864,237 
POSCO Chemtech Co. Ltd. 1,324 164,342 
S-Oil Corp. 1,930 168,005 
S1 Corp. 982 69,654 
Samsung Biologics Co. Ltd. (a)(b) 762 564,771 
Samsung C&T Corp. 3,896 379,516 
Samsung Electro-Mechanics Co. Ltd. 2,774 375,846 
Samsung Electronics Co. Ltd. 217,863 12,977,285 
Samsung Engineering Co. Ltd. (a) 6,867 145,306 
Samsung Fire & Marine Insurance Co. Ltd. 1,426 281,217 
Samsung Heavy Industries Co. Ltd. (a) 29,167 158,575 
Samsung Heavy Industries Co. Ltd. rights 10/29/21 (a) 6,631 7,057 
Samsung Life Insurance Co. Ltd. 2,906 167,240 
Samsung SDI Co. Ltd. 2,521 1,582,418 
Samsung SDS Co. Ltd. 1,433 187,393 
Samsung Securities Co. Ltd. 2,479 100,264 
Seegene, Inc. 1,572 71,554 
Shin Poong Pharmaceutical Co. 1,418 62,823 
Shinhan Financial Group Co. Ltd. 20,317 659,888 
Shinsegae Co. Ltd. 413 87,400 
SK Biopharmaceuticals Co. Ltd. (a) 1,222 98,435 
SK Bioscience Co. Ltd. (a) 809 158,038 
SK Chemicals Co. Ltd. 450 69,172 
SK Hynix, Inc. 24,845 2,178,878 
SK IE Technology Co. Ltd. (a)(b) 608 86,080 
SK Innovation Co., Ltd. (a) 2,368 491,315 
SK Telecom Co. Ltd. (c) 361 95,124 
SK, Inc. 1,465 304,160 
SKC Co. Ltd. 901 137,812 
Woori Financial Group, Inc. 21,292 240,810 
Yuhan Corp. 1,937 98,863 
TOTAL KOREA (SOUTH)  41,130,336 
Kuwait - 0.2%   
Agility Public Warehousing Co. KSC 55,656 184,628 
Boubyan Bank KSC 49,708 128,949 
Kuwait Finance House KSCP 205,904 568,294 
Mabanee Co. SAKC 28,988 75,679 
Mobile Telecommunication Co. 93,876 185,603 
National Bank of Kuwait 309,842 1,017,560 
TOTAL KUWAIT  2,160,713 
Luxembourg - 0.3%   
Adecoagro SA (a) 6,513 57,054 
ArcelorMittal SA (Netherlands) 32,836 1,113,131 
Aroundtown SA 47,093 327,181 
Eurofins Scientific SA 6,130 722,375 
Globant SA (a) 1,757 560,817 
InPost SA 8,393 119,688 
Reinet Investments SCA 7,657 138,202 
Tenaris SA 23,452 261,168 
TOTAL LUXEMBOURG  3,299,616 
Malaysia - 0.4%   
AMMB Holdings Bhd (a) 75,400 61,179 
Axiata Group Bhd 130,360 124,347 
CIMB Group Holdings Bhd 317,038 399,647 
Dialog Group Bhd 170,000 116,180 
DiGi.com Bhd 123,000 125,644 
Fraser & Neave Holdings Bhd 6,200 40,515 
Genting Bhd 86,800 108,579 
Genting Malaysia Bhd 124,400 95,230 
Hap Seng Consolidated Bhd 34,300 64,939 
Hartalega Holdings Bhd 72,000 101,888 
Hong Leong Bank Bhd 30,100 136,798 
Hong Leong Credit Bhd 12,800 56,690 
IHH Healthcare Bhd 72,000 113,712 
IOI Corp. Bhd 105,300 99,935 
Kossan Rubber Industries Bhd 44,400 25,304 
Kuala Lumpur Kepong Bhd 18,600 97,110 
Malayan Banking Bhd 185,749 361,091 
Malaysia Airports Holdings Bhd (a) 39,400 61,655 
Maxis Bhd 104,900 118,301 
MISC Bhd 55,900 95,439 
Nestle (Malaysia) Bhd 3,300 107,184 
Petronas Chemicals Group Bhd 116,400 244,269 
Petronas Dagangan Bhd 12,600 61,950 
Petronas Gas Bhd 36,600 147,956 
PPB Group Bhd 22,740 99,834 
Press Metal Bhd 143,200 192,270 
Public Bank Bhd 682,400 687,179 
QL Resources Bhd 43,800 53,415 
RHB Bank Bhd 68,769 92,666 
Sime Darby Bhd 114,900 62,986 
Sime Darby Plantation Bhd 95,616 92,591 
SP Setia Bhd (a) 1 0 
Supermax Corp. Bhd 54,448 25,245 
Telekom Malaysia Bhd 37,400 52,293 
Tenaga Nasional Bhd 103,900 242,375 
Top Glove Corp. Bhd 261,400 171,700 
Westports Holdings Bhd 33,700 36,377 
TOTAL MALAYSIA  4,774,473 
Mexico - 0.5%   
America Movil S.A.B. de CV Series L 1,581,500 1,409,584 
Arca Continental S.A.B. de CV 29,800 181,698 
Becle S.A.B. de CV 22,100 50,516 
CEMEX S.A.B. de CV unit (a) 673,480 433,110 
Coca-Cola FEMSA S.A.B. de CV unit 23,960 129,122 
Fibra Uno Administracion SA de CV 156,700 155,726 
Fomento Economico Mexicano S.A.B. de CV unit 86,300 709,498 
Gruma S.A.B. de CV Series B 9,100 106,855 
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B 17,000 214,300 
Grupo Aeroportuario del Sureste S.A.B. de CV Series B 9,560 192,793 
Grupo Bimbo S.A.B. de CV Series A 66,300 196,246 
Grupo Carso SA de CV Series A1 17,900 60,209 
Grupo Financiero Banorte S.A.B. de CV Series O 121,700 770,526 
Grupo Financiero Inbursa S.A.B. de CV Series O (a) 90,700 91,061 
Grupo Mexico SA de CV Series B 143,400 629,099 
Grupo Televisa SA de CV 102,700 208,513 
Industrias Penoles SA de CV (a) 6,320 81,038 
Kimberly-Clark de Mexico SA de CV Series A 61,600 97,451 
Megacable Holdings S.A.B. de CV unit 12,800 37,714 
Orbia Advance Corp. S.A.B. de CV 45,500 118,258 
Promotora y Operadora de Infraestructura S.A.B. de CV 8,975 66,000 
Telesites S.A.B. de C.V. 56,800 51,812 
Wal-Mart de Mexico SA de CV Series V 242,900 847,224 
TOTAL MEXICO  6,838,353 
Multi-National - 0.0%   
HK Electric Investments & HK Electric Investments Ltd. unit 129,000 128,494 
HKT Trust/HKT Ltd. unit 170,000 230,731 
TOTAL MULTI-NATIONAL  359,225 
Netherlands - 4.0%   
ABN AMRO Group NV GDR (b) 19,197 282,412 
Adyen BV (a)(b) 897 2,706,527 
AEGON NV 83,154 421,781 
Airbus Group NV (a) 26,821 3,440,653 
Akzo Nobel NV 8,787 1,009,886 
Argenx SE (a) 2,141 644,567 
ASM International NV (Netherlands) 2,159 976,858 
ASML Holding NV (Netherlands) 18,973 15,423,157 
CNH Industrial NV 46,518 802,858 
Davide Campari Milano NV 22,833 324,130 
EXOR NV 4,933 464,758 
Ferrari NV 5,650 1,338,937 
Heineken Holding NV 4,995 463,092 
Heineken NV (Bearer) 11,736 1,299,972 
ING Groep NV (Certificaten Van Aandelen) 176,619 2,679,117 
JDE Peet's BV 2,877 83,777 
Just Eat Takeaway.com NV (a)(b) 8,249 592,367 
Koninklijke Ahold Delhaize NV 47,736 1,552,293 
Koninklijke DSM NV 7,941 1,735,440 
Koninklijke KPN NV 157,378 470,236 
Koninklijke Philips Electronics NV 41,441 1,954,986 
Koninklijke Vopak NV 2,920 116,118 
NN Group NV 11,738 628,522 
Prosus NV 42,347 3,730,718 
Prosus NV rights (a)(e) 42,347 6,853 
QIAGEN NV (Germany) (a) 10,162 559,053 
Randstad NV 5,340 383,963 
Stellantis NV (Italy) 92,129 1,837,144 
STMicroelectronics NV (France) 30,712 1,458,170 
Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit (a) 5,702 407,421 
Universal Music Group NV 32,936 956,229 
Wolters Kluwer NV 11,972 1,254,424 
X5 Retail Group NV GDR 5,172 176,139 
Yandex NV Class A (a) 13,940 1,150,238 
TOTAL NETHERLANDS  51,332,796 
New Zealand - 0.2%   
Auckland International Airport Ltd. (a) 60,953 348,995 
Fisher & Paykel Healthcare Corp. 27,052 605,020 
Mercury Nz Ltd. 30,791 135,368 
Meridian Energy Ltd. 56,757 202,954 
Ryman Healthcare Group Ltd. 18,183 188,283 
Spark New Zealand Ltd. 79,862 261,251 
The a2 Milk Co. Ltd. (a) 31,906 150,215 
Xero Ltd. (a) 6,114 687,635 
TOTAL NEW ZEALAND  2,579,721 
Norway - 0.4%   
Adevinta ASA Class B (a) 12,532 206,273 
DNB Bank ASA 41,119 977,367 
Equinor ASA 44,384 1,123,010 
Gjensidige Forsikring ASA 8,636 214,778 
Mowi ASA 20,335 588,778 
Norsk Hydro ASA 61,953 455,074 
Orkla ASA 32,719 318,208 
Schibsted ASA:   
(A Shares) 3,362 173,395 
(B Shares) 4,608 208,039 
Telenor ASA 31,474 496,817 
Yara International ASA 7,732 403,445 
TOTAL NORWAY  5,165,184 
Pakistan - 0.0%   
Habib Bank Ltd. 23,480 17,298 
Lucky Cement Ltd. (a) 13,492 60,884 
MCB Bank Ltd. 27,755 26,573 
TOTAL PAKISTAN  104,755 
Papua New Guinea - 0.0%   
Oil Search Ltd. ADR 92,223 297,618 
Peru - 0.0%   
Compania de Minas Buenaventura SA sponsored ADR (a) 8,069 63,584 
Philippines - 0.2%   
Aboitiz Equity Ventures, Inc. 78,140 74,876 
Altus Property Ventures, Inc. (a) 1 0 
Ayala Corp. 12,580 214,938 
Ayala Land, Inc. 340,400 236,548 
Bank of the Philippine Islands (BPI) 90,000 154,930 
BDO Unibank, Inc. 82,460 202,599 
Globe Telecom, Inc. 1,125 66,729 
GT Capital Holdings, Inc. 5,657 63,279 
International Container Terminal Services, Inc. 41,510 147,927 
JG Summit Holdings, Inc. 127,261 151,675 
Jollibee Food Corp. 22,420 104,399 
Manila Electric Co. 12,540 71,253 
Metro Pacific Investments Corp. 833,200 61,859 
Metropolitan Bank & Trust Co. 88,913 83,967 
PLDT, Inc. 3,090 100,451 
SM Investments Corp. 11,535 220,378 
SM Prime Holdings, Inc. 466,300 305,574 
Universal Robina Corp. 34,420 94,040 
TOTAL PHILIPPINES  2,355,422 
Poland - 0.2%   
Allegro.eu SA (a)(b) 16,439 185,913 
Bank Polska Kasa Opieki SA 8,496 280,563 
CD Projekt RED SA 2,935 127,915 
Cyfrowy Polsat SA 11,681 104,465 
Dino Polska SA (a)(b) 2,082 185,987 
KGHM Polska Miedz SA (Bearer) 6,282 241,540 
LPP SA 47 168,814 
Orange Polska SA (a) 28,650 55,905 
PGE Polska Grupa Energetyczna SA (a) 35,000 86,043 
Polish Oil & Gas Co. SA 72,305 109,029 
Polski Koncern Naftowy Orlen SA 13,820 298,109 
Powszechna Kasa Oszczednosci Bank SA (a) 38,814 474,759 
Powszechny Zaklad Ubezpieczen SA 27,674 276,764 
Santander Bank Polska SA 1,561 144,963 
TOTAL POLAND  2,740,769 
Portugal - 0.1%   
Energias de Portugal SA 128,166 723,613 
Galp Energia SGPS SA Class B 21,964 228,161 
Jeronimo Martins SGPS SA 10,703 242,504 
TOTAL PORTUGAL  1,194,278 
Qatar - 0.2%   
Barwa Real Estate Co. 95,650 82,751 
Industries Qatar QSC (a) 66,881 291,330 
Masraf al Rayan 176,314 231,228 
Mesaieed Petrochemical Holding Co. 207,246 136,608 
Ooredoo QSC 32,567 61,896 
Qatar Electricity & Water Co. 16,220 74,841 
Qatar Fuel Co. 24,221 122,336 
Qatar Gas Transport Co. Ltd. (Nakilat) 111,338 99,382 
Qatar International Islamic Bank QSC 30,645 82,399 
Qatar Islamic Bank (a) 53,564 270,983 
Qatar National Bank SAQ (a) 205,421 1,156,586 
The Commercial Bank of Qatar (a) 95,426 160,135 
TOTAL QATAR  2,770,475 
Russia - 1.0%   
Alrosa Co. Ltd. 115,470 203,456 
Gazprom OAO 536,200 2,642,038 
Inter Rao Ues JSC 1,756,400 119,026 
Lukoil PJSC 18,912 1,931,146 
Magnit OJSC GDR (Reg. S) 15,602 288,949 
MMC Norilsk Nickel PJSC 2,305 719,354 
MMC Norilsk Nickel PJSC sponsored ADR 5,556 173,847 
Mobile TeleSystems OJSC sponsored ADR 18,833 173,075 
Moscow Exchange MICEX-RTS OAO 77,210 189,329 
Novatek PJSC GDR (Reg. S) 4,146 1,051,011 
Novolipetsk Steel OJSC 69,070 217,895 
PhosAgro OJSC GDR (Reg. S) 5,989 143,257 
Polyus PJSC 1,563 310,296 
Rosneft Oil Co. OJSC 51,430 461,798 
Sberbank of Russia 488,495 2,457,518 
Severstal PAO 7,038 159,924 
Severstal PAO GDR (Reg. S) 2,375 54,293 
Surgutneftegas OJSC 301,800 145,201 
Tatneft PAO 67,200 513,259 
VTB Bank OJSC 162,070,000 120,917 
TOTAL RUSSIA  12,075,589 
Saudi Arabia - 1.0%   
Abdullah Al Othaim Markets Co. 2,007 61,961 
Advanced Polypropylene Co. 4,829 95,784 
Al Rajhi Bank 55,410 2,047,462 
Alinma Bank 42,080 282,149 
Almarai Co. Ltd. 10,400 146,674 
Arab National Bank 24,355 149,471 
Bank Al-Jazira 18,279 93,566 
Bank Albilad (a) 17,433 196,132 
Banque Saudi Fransi 28,408 319,987 
Bupa Arabia for Cooperative Insurance Co. (a) 2,634 101,543 
Dar Al Arkan Real Estate Development Co. (a) 28,855 76,082 
Dr Sulaiman Al Habib Medical Services Group Co. 2,198 97,158 
Emaar The Economic City (a) 24,081 81,535 
Etihad Etisalat Co. 15,847 127,802 
Jarir Marketing Co. 2,805 151,658 
Mobile Telecommunications Co. Saudi Arabia (a) 22,748 82,358 
Mouwasat Medical Services Co. 2,072 99,322 
National Industrialization Co. (a) 15,152 100,585 
National Petrochemical Co. 5,924 75,967 
Rabigh Refining & Petrochemical Co. (a) 9,515 72,297 
Riyad Bank 62,790 494,666 
Sabic Agriculture-Nutrients Co. 9,542 417,203 
Sahara International Petrochemical Co. 15,788 184,781 
Saudi Arabian Mining Co. (a) 18,941 412,057 
Saudi Arabian Oil Co. 95,267 958,791 
Saudi Basic Industries Corp. 40,913 1,407,070 
Saudi Cement Co. 3,363 53,078 
Saudi Electricity Co. 39,000 296,329 
Saudi Industrial Investment Group 10,085 101,767 
Saudi Kayan Petrochemical Co. (a) 35,226 191,208 
Saudi Telecom Co. 27,682 863,471 
The Co. for Cooperative Insurance 2,761 63,304 
The Saudi British Bank 37,585 332,172 
The Saudi National Bank 99,360 1,745,667 
The Savola Group 10,102 98,572 
Yanbu National Petrochemical Co. 11,596 235,265 
TOTAL SAUDI ARABIA  12,314,894 
Singapore - 0.7%   
Ascendas Real Estate Investment Trust 171,158 392,197 
BOC Aviation Ltd. Class A (b) 10,900 95,614 
CapitaLand Investment Ltd. (a) 122,545 312,610 
CapitaMall Trust 211,723 337,564 
City Developments Ltd. 18,900 102,594 
DBS Group Holdings Ltd. 81,926 1,915,556 
Genting Singapore Ltd. 304,500 176,129 
Keppel Corp. Ltd. 63,500 253,341 
Mapletree Commercial Trust 90,700 146,627 
Mapletree Logistics Trust (REIT) 150,750 225,818 
Oversea-Chinese Banking Corp. Ltd. 151,952 1,329,650 
Singapore Airlines Ltd. (a) 57,100 220,185 
Singapore Exchange Ltd. 35,800 256,985 
Singapore Technologies Engineering Ltd. 66,700 189,441 
Singapore Telecommunications Ltd. 402,200 745,643 
United Overseas Bank Ltd. 53,503 1,061,331 
UOL Group Ltd. 23,500 125,996 
Venture Corp. Ltd. 11,800 164,596 
Wilmar International Ltd. 87,500 280,311 
TOTAL SINGAPORE  8,332,188 
South Africa - 0.9%   
Absa Group Ltd. 33,616 308,101 
African Rainbow Minerals Ltd. 4,622 61,585 
Anglo American Platinum Ltd. 2,282 230,575 
AngloGold Ashanti Ltd. 18,639 343,866 
Aspen Pharmacare Holdings Ltd. 17,273 275,068 
Bid Corp. Ltd. 15,131 324,749 
Bidvest Group Ltd./The 12,036 150,807 
Capitec Bank Holdings Ltd. 3,614 403,817 
Clicks Group Ltd. 11,159 203,704 
Discovery Ltd. (a) 20,964 192,045 
Exxaro Resources Ltd. 10,589 115,942 
FirstRand Ltd. 229,357 871,031 
Gold Fields Ltd. 41,162 382,487 
Growthpoint Properties Ltd. 151,442 128,490 
Harmony Gold Mining Co. Ltd. 24,814 89,060 
Impala Platinum Holdings Ltd. 35,746 462,637 
Kumba Iron Ore Ltd. 2,644 80,350 
Mr Price Group Ltd. 11,334 148,370 
MTN Group Ltd. (a) 77,805 697,724 
MultiChoice Group Ltd. 15,772 125,422 
Naspers Ltd. Class N 9,892 1,675,248 
Nedbank Group Ltd. 16,618 189,200 
Northam Platinum Holdings Ltd. (a) 15,564 233,078 
Old Mutual Ltd. 214,706 219,134 
Rand Merchant Insurance Holdings Ltd. 31,161 83,252 
Remgro Ltd. 25,202 222,124 
Sanlam Ltd. 88,032 361,637 
Sasol Ltd. (a) 26,011 436,880 
Shoprite Holdings Ltd. 23,106 274,534 
Sibanye Stillwater Ltd. 126,036 441,095 
Spar Group Ltd./The 8,367 106,802 
Standard Bank Group Ltd. 57,593 510,627 
Tiger Brands Ltd. 7,533 95,017 
Vodacom Group Ltd. 31,836 282,574 
Woolworths Holdings Ltd. 42,536 150,122 
TOTAL SOUTH AFRICA  10,877,154 
Spain - 1.5%   
ACS Actividades de Construccion y Servicios SA 11,521 301,393 
Aena SME SA (a)(b) 3,412 560,375 
Amadeus IT Holding SA Class A (a) 20,524 1,372,297 
Banco Bilbao Vizcaya Argentaria SA 304,146 2,128,454 
Banco Santander SA (Spain) 786,820 2,980,186 
CaixaBank SA 199,002 572,064 
Cellnex Telecom SA (b) 23,320 1,433,622 
EDP Renovaveis SA 13,265 369,558 
Enagas SA 10,326 231,635 
Endesa SA 13,765 317,372 
Ferrovial SA 21,565 679,568 
Grifols SA 13,861 317,182 
Iberdrola SA 268,427 3,172,588 
Industria de Diseno Textil SA 49,492 1,787,326 
Naturgy Energy Group SA 8,507 223,529 
Red Electrica Corporacion SA 20,046 417,349 
Repsol SA 67,205 860,798 
Siemens Gamesa Renewable Energy SA (a) 10,270 278,164 
Telefonica SA 236,273 1,026,290 
TOTAL SPAIN  19,029,750 
Sweden - 2.2%   
Alfa Laval AB 14,288 611,749 
ASSA ABLOY AB (B Shares) 45,097 1,323,266 
Atlas Copco AB:   
(A Shares) 29,696 1,908,041 
(B Shares) 18,364 993,255 
Boliden AB 12,139 428,144 
Electrolux AB (B Shares) 10,403 236,090 
Embracer Group AB (a) 22,510 209,269 
Epiroc AB:   
(A Shares) 30,243 752,553 
(B Shares) 17,138 364,192 
EQT AB 13,482 710,521 
Ericsson (B Shares) 132,472 1,445,986 
Essity AB (B Shares) 27,855 901,039 
Evolution AB (b) 7,719 1,248,630 
Fastighets AB Balder (a) 4,906 355,439 
H&M Hennes & Mauritz AB (B Shares) 33,574 629,493 
Hexagon AB (B Shares) 88,842 1,429,797 
Husqvarna AB (B Shares) 18,737 266,503 
ICA Gruppen AB 4,909 253,796 
Industrivarden AB:   
(A Shares) 8,041 265,162 
(C Shares) 6,083 197,549 
Investor AB (B Shares) 81,358 1,874,796 
Kinnevik AB (B Shares) (a) 10,780 422,577 
L E Lundbergforetagen AB 3,618 208,368 
Latour Investment AB (B Shares) 6,632 240,321 
Lundin Petroleum AB 9,074 358,396 
Nibe Industrier AB (B Shares) 64,831 965,142 
Sandvik AB 51,261 1,299,913 
Securitas AB (B Shares) 14,442 238,794 
Sinch AB (a)(b) 22,481 426,296 
Skandinaviska Enskilda Banken AB (A Shares) 72,753 1,137,295 
Skanska AB (B Shares) 15,245 386,983 
SKF AB (B Shares) 16,772 388,639 
Svenska Cellulosa AB SCA (B Shares) 27,852 434,255 
Svenska Handelsbanken AB (A Shares) 65,409 749,740 
Swedbank AB (A Shares) 40,547 879,305 
Swedish Match Co. AB 71,147 626,140 
Tele2 AB (B Shares) 23,619 333,191 
Telia Co. AB 115,992 456,445 
Volvo AB:   
(A Shares) 13,647 322,265 
(B Shares) 59,787 1,391,781 
TOTAL SWEDEN  27,671,116 
Switzerland - 6.1%   
ABB Ltd. (Reg.) 79,272 2,622,574 
Adecco SA (Reg.) 7,117 358,104 
Alcon, Inc. (Switzerland) 22,670 1,873,320 
Baloise Holdings AG 2,130 339,646 
Banque Cantonale Vaudoise 1,282 103,193 
Barry Callebaut AG 176 407,130 
Clariant AG (Reg.) 9,346 196,597 
Coca-Cola HBC AG 9,275 321,521 
Compagnie Financiere Richemont SA Series A 23,653 2,927,070 
Credit Suisse Group AG 116,815 1,215,076 
Ems-Chemie Holding AG 302 299,328 
Geberit AG (Reg.) 1,671 1,304,533 
Givaudan SA 418 1,967,193 
Holcim Ltd. 23,454 1,170,907 
Julius Baer Group Ltd. 9,955 720,066 
Kuehne & Nagel International AG 2,476 779,632 
Lindt & Spruengli AG 5 600,153 
Lindt & Spruengli AG (participation certificate) 48 565,662 
Logitech International SA (Reg.) 7,760 645,989 
Lonza Group AG 3,373 2,765,153 
Nestle SA (Reg. S) 130,003 17,148,335 
Novartis AG 100,467 8,309,901 
Partners Group Holding AG 1,038 1,811,058 
Roche Holding AG:   
(Bearer) 1,806 775,183 
(participation certificate) 31,408 12,167,277 
Schindler Holding AG:   
(participation certificate) 1,817 472,706 
(Reg.) 1,002 256,957 
SGS SA (Reg.) 264 780,813 
Siemens Energy AG (a) 18,081 518,779 
Sika AG 6,448 2,183,137 
Sonova Holding AG 2,498 1,032,103 
Straumann Holding AG 475 986,730 
Swatch Group AG (Bearer) 1,356 372,026 
Swatch Group AG (Bearer) (Reg.) 2,028 107,735 
Swiss Life Holding AG 1,475 809,671 
Swiss Prime Site AG 3,452 350,629 
Swiss Re Ltd. 13,745 1,330,665 
Swisscom AG 1,160 631,437 
Temenos Group AG 2,944 449,671 
UBS Group AG 165,820 3,014,497 
Vifor Pharma AG 2,244 289,446 
Zurich Insurance Group Ltd. 6,782 3,005,923 
TOTAL SWITZERLAND  77,987,526 
Taiwan - 4.0%   
Accton Technology Corp. 25,000 218,621 
Acer, Inc. 135,000 126,055 
Advantech Co. Ltd. 16,798 218,986 
ASE Technology Holding Co. Ltd. 152,500 544,780 
Asia Cement Corp. 108,000 171,823 
ASMedia Technology, Inc. 1,000 58,359 
ASUSTeK Computer, Inc. 32,000 405,674 
AU Optronics Corp. 369,000 253,253 
Catcher Technology Co. Ltd. 30,000 173,460 
Cathay Financial Holding Co. Ltd. 351,436 733,289 
Chang Hwa Commercial Bank 172,549 101,627 
Cheng Shin Rubber Industry Co. Ltd. 70,000 85,725 
China Development Finance Holding Corp. 616,000 314,139 
China Life Insurance Co. Ltd. 93,169 97,034 
China Steel Corp. 544,000 656,434 
Chunghwa Telecom Co. Ltd. 171,000 677,682 
Compal Electronics, Inc. 193,000 169,468 
CTBC Financial Holding Co. Ltd. 822,000 684,877 
Delta Electronics, Inc. 87,000 765,488 
E.SUN Financial Holdings Co. Ltd. 530,471 505,800 
ECLAT Textile Co. Ltd. 9,000 196,193 
Evergreen Marine Corp. (Taiwan) 112,358 401,495 
Far Eastern New Century Corp. 123,000 128,544 
Far EasTone Telecommunications Co. Ltd. 68,000 149,456 
Feng Tay Enterprise Co. Ltd. 19,200 148,939 
First Financial Holding Co. Ltd. 466,209 383,415 
Formosa Chemicals & Fibre Corp. 155,000 448,106 
Formosa Petrochemical Corp. 48,000 172,383 
Formosa Plastics Corp. 177,000 683,336 
Foxconn Technology Co. Ltd. 45,000 111,187 
Fubon Financial Holding Co. Ltd. 345,259 912,590 
Giant Manufacturing Co. Ltd. 16,000 185,312 
GlobalWafers Co. Ltd. 10,000 272,939 
HIWIN Technologies Corp. 11,946 132,566 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 566,800 2,178,043 
Hotai Motor Co. Ltd. 14,000 307,703 
Hua Nan Financial Holdings Co. Ltd. 362,700 265,073 
Innolux Corp. 406,000 243,498 
Inventec Corp. 114,000 108,698 
Largan Precision Co. Ltd. 5,000 371,700 
Lite-On Technology Corp. 91,000 200,334 
MediaTek, Inc. 69,000 2,262,417 
Mega Financial Holding Co. Ltd. 492,000 590,153 
Micro-Star International Co. Ltd. 32,000 160,891 
momo.com, Inc. 2,000 128,569 
Nan Ya Plastics Corp. 241,000 736,545 
Nan Ya Printed Circuit Board Corp. 10,000 176,154 
Nanya Technology Corp. 54,000 128,964 
Nien Made Enterprise Co. Ltd. 7,000 96,032 
Novatek Microelectronics Corp. 26,000 387,969 
Oneness Biotech Co. Ltd. (a) 10,000 94,092 
Pegatron Corp. 84,000 205,136 
Phison Electronics Corp. 7,000 98,168 
Pou Chen Corp. 100,000 122,464 
Powertech Technology, Inc. 33,000 115,432 
President Chain Store Corp. 28,000 282,564 
Quanta Computer, Inc. 128,000 358,556 
Realtek Semiconductor Corp. 22,000 394,254 
Ruentex Development Co. Ltd. 52,500 133,678 
Shin Kong Financial Holding Co. Ltd. 508,393 179,111 
Sinopac Holdings Co. 470,100 238,891 
Synnex Technology International Corp. 63,000 121,724 
Taishin Financial Holdings Co. Ltd. 466,463 305,726 
Taiwan Cement Corp. 223,535 387,343 
Taiwan Cooperative Financial Holding Co. Ltd. 434,259 352,460 
Taiwan High Speed Rail Corp. 83,000 86,592 
Taiwan Mobile Co. Ltd. 71,000 250,138 
Taiwan Semiconductor Manufacturing Co. Ltd. 1,115,000 23,629,587 
The Shanghai Commercial & Savings Bank Ltd. 173,899 274,791 
Uni-President Enterprises Corp. 216,000 516,631 
Unimicron Technology Corp. 58,000 395,762 
United Microelectronics Corp. 542,000 1,123,704 
Vanguard International Semiconductor Corp. 43,000 223,146 
Walsin Technology Corp. 15,000 81,343 
Wan Hai Lines Ltd. 25,300 145,376 
Win Semiconductors Corp. 14,000 179,745 
Winbond Electronics Corp. 130,000 122,787 
Wistron Corp. 130,763 137,126 
Wiwynn Corp. 3,629 115,862 
WPG Holding Co. Ltd. 66,400 123,762 
Yageo Corp. 17,396 271,139 
Yang Ming Marine Transport Corp. (a) 71,000 246,059 
Yuanta Financial Holding Co. Ltd. 439,080 389,487 
TOTAL TAIWAN  51,334,414 
Thailand - 0.5%   
Advanced Info Service PCL (For. Reg.) 35,400 201,646 
Advanced Information Service PCL NVDR 25,400 144,684 
Airports of Thailand PCL:   
(depositary receipt) 26,900 52,292 
(For. Reg.) 171,900 334,164 
Asset World Corp. PCL (a) 326,600 44,885 
B. Grimm Power PCL:   
unit 10,100 12,937 
(For. Reg.) 25,000 32,022 
Bangkok Commercial Asset Management PCL 50,700 29,033 
Bangkok Commercial Asset Management PCL unit 69,700 39,913 
Bangkok Dusit Medical Services PCL:   
unit 130,400 92,357 
(For. Reg.) 292,100 206,882 
Bangkok Expressway and Metro PCL 178,100 48,309 
Bangkok Expressway and Metro PCL NVDR 199,500 54,114 
Berli Jucker PCL:   
unit 27,900 28,379 
(For. Reg) 24,600 25,023 
BTS Group Holdings PCL:   
unit 319,700 92,017 
warrants 11/7/24 (a) 18,710 187 
warrants 11/7/24 (a) 5,240 52 
warrants 11/20/26 (a) 37,420 182 
warrants 11/20/26 (a) 10,480 51 
(For. Reg.) 187,100 53,852 
Bumrungrad Hospital PCL:   
NVDR 11,900 52,184 
(For. Reg.) 12,900 56,569 
Carabao Group PCL NVDR 13,000 48,583 
Central Pattana PCL:   
unit 19,400 34,643 
(For. Reg.) 78,200 139,643 
Central Retail Corp. PCL 66,617 69,769 
Charoen Pokphand Foods PCL:   
(For. Reg.) 110,100 83,786 
(NVDR) 51,500 39,192 
CP ALL PCL:   
unit 114,800 221,435 
(For. Reg.) 150,600 290,488 
Delta Electronics PCL:   
(For. Reg.) 10,100 126,631 
NVDR 14,300 179,289 
Electricity Generating PCL:   
(For. Reg.) 6,900 37,120 
NVDR 5,600 30,127 
Energy Absolute PCL:   
unit 20,800 41,061 
(For. Reg.) 54,700 107,982 
Global Power Synergy Public Co. Ltd. 24,100 56,655 
Global Power Synergy Public Co. Ltd. unit 11,400 26,799 
Gulf Energy Development PCL:   
unit 77,100 100,500 
(For. Reg.) 68,700 89,550 
Home Product Center PCL:   
unit 87,900 38,678 
(For. Reg.) 208,400 91,701 
Indorama Ventures PCL:   
unit 71,000 89,873 
(For. Reg.) 76,800 97,215 
Intouch Holdings PCL:   
(For. Reg.) 25,000 56,698 
NVDR 27,800 63,049 
Krung Thai Bank PCL:   
(For. Reg.) 95,600 33,134 
NVDR 47,100 16,325 
Krungthai Card PCL (For. Reg.) 31,000 53,956 
Land & House PCL:   
NVDR 132,300 33,693 
(For. Reg.) 249,000 63,413 
Minor International PCL:   
unit (a) 47,441 46,826 
warrants 2/15/24 (a) 3,368 410 
warrants 2/15/24 (a) 671 82 
(For. Reg.) (a) 109,181 107,766 
Muangthai Leasing PCL 28,400 51,784 
Muangthai Leasing PCL unit 12,100 22,063 
Osotspa PCL 17,500 17,273 
Osotspa PCL unit 31,500 31,092 
PTT Exploration and Production PCL:   
(For. Reg.) 33,000 116,863 
NVDR 23,200 82,158 
PTT Global Chemical PCL:   
(For. Reg.) 63,800 120,659 
NVDR 75,000 141,840 
PTT Oil & Retail Business PCL NVDR 120,100 99,540 
PTT PCL:   
(For. Reg.) 314,700 360,416 
NVDR 123,500 141,441 
Ratchaburi Electric Generating Holding PCL:   
unit 11,100 15,222 
(For. Reg.) 15,300 20,981 
SCG Packaging PCL NVDR 47,400 91,786 
Siam Cement PCL:   
(For. Reg.) 25,900 308,333 
NVDR 7,300 86,905 
Siam Commercial Bank PCL:   
(For. Reg.) 33,400 126,835 
(NVDR) 8,600 32,658 
Sri Trang Gloves Thailand PCL 23,800 21,878 
Sri Trang Gloves Thailand PCL NVDR 18,600 17,098 
Srisawad Corp. PCL:   
unit 8,100 15,624 
warrants 8/29/25 (a) 712 240 
(For. Reg.) 26,600 51,308 
Thai Oil PCL:   
(For. Reg.) 33,900 56,960 
NVDR 27,300 45,870 
Thai Union Frozen Products PCL:   
(For. Reg.) 95,300 60,029 
NVDR 7,200 4,535 
True Corp. PCL:   
unit 137,900 16,874 
(For. Reg.) 278,900 34,127 
TOTAL THAILAND  6,310,198 
Turkey - 0.1%   
Akbank TAS 151,024 92,053 
Aselsan A/S 27,749 47,422 
Bim Birlesik Magazalar A/S JSC 21,782 140,810 
Eregli Demir ve Celik Fabrikalari T.A.S. 65,488 134,123 
Ford Otomotiv Sanayi A/S 2,467 47,626 
Koc Holding A/S 31,072 76,209 
Turk Sise ve Cam Fabrikalari A/S 60,592 54,579 
Turkcell Iletisim Hizmet A/S 51,846 82,455 
Turkiye Garanti Bankasi A/S 98,559 100,978 
Turkiye Is Bankasi A/S Series C 66,060 38,685 
Turkiye Petrol Rafinerileri A/S (a) 5,845 84,994 
TOTAL TURKEY  899,934 
United Arab Emirates - 0.2%   
Abu Dhabi Commercial Bank PJSC 121,137 273,726 
Abu Dhabi National Oil Co. for Distribution PJSC 104,959 122,300 
Aldar Properties PJSC (a) 175,784 193,340 
Dubai Islamic Bank Pakistan Ltd. (a) 77,178 107,368 
Emaar Properties PJSC (a) 151,570 165,470 
Emirates NBD Bank PJSC 117,254 445,311 
Emirates Telecommunications Corp. 81,610 568,780 
First Abu Dhabi Bank PJSC 199,603 968,358 
TOTAL UNITED ARAB EMIRATES  2,844,653 
United Kingdom - 8.3%   
3i Group PLC 43,869 818,904 
Abrdn PLC 103,243 358,885 
Admiral Group PLC 8,952 351,611 
Anglo American PLC (United Kingdom) 58,801 2,236,967 
Antofagasta PLC 17,586 343,080 
Ashtead Group PLC 20,305 1,701,762 
Associated British Foods PLC 16,061 393,007 
AstraZeneca PLC (United Kingdom) 70,217 8,784,241 
Auto Trader Group PLC (b) 43,881 363,793 
Aveva Group PLC 5,271 256,661 
Aviva PLC 178,890 966,304 
BAE Systems PLC 143,181 1,079,608 
Barclays PLC 764,120 2,108,570 
Barratt Developments PLC 48,954 444,183 
Berkeley Group Holdings PLC 5,548 330,663 
BHP Group PLC 95,760 2,529,171 
BP PLC 888,823 4,258,264 
BP PLC sponsored ADR 5,019 144,497 
British American Tobacco PLC (United Kingdom) 97,907 3,405,637 
British Land Co. PLC 37,749 255,362 
BT Group PLC (a) 409,094 777,653 
Bunzl PLC 15,236 563,400 
Burberry Group PLC 17,849 471,202 
Compass Group PLC (a) 80,831 1,715,285 
Croda International PLC 6,353 822,316 
Diageo PLC 105,025 5,225,171 
Direct Line Insurance Group PLC 63,568 254,376 
Evraz PLC 23,412 199,164 
GlaxoSmithKline PLC 227,876 4,730,895 
Halma PLC 17,203 697,349 
Hargreaves Lansdown PLC 16,055 337,711 
Hikma Pharmaceuticals PLC 7,973 262,639 
HSBC Holdings PLC (United Kingdom) 922,392 5,557,569 
Imperial Brands PLC 42,910 905,531 
Informa PLC (a) 67,345 478,705 
InterContinental Hotel Group PLC (a) 8,389 587,625 
Intertek Group PLC 7,092 475,097 
J Sainsbury PLC 74,926 307,005 
JD Sports Fashion PLC 23,092 343,836 
Johnson Matthey PLC 9,391 351,247 
Kingfisher PLC 93,923 431,068 
Land Securities Group PLC 30,483 286,599 
Legal & General Group PLC 271,312 1,072,697 
Lloyds Banking Group PLC 3,214,845 2,200,178 
London Stock Exchange Group PLC 14,978 1,458,014 
M&G PLC 114,713 313,667 
Melrose Industries PLC 192,845 416,463 
Mondi PLC 1,237 30,822 
Mondi PLC 21,037 525,421 
National Grid PLC 159,359 2,040,362 
NatWest Group PLC 257,385 778,812 
Next PLC 6,130 668,285 
NMC Health PLC (a) 2,259 429 
Ocado Group PLC (a) 21,559 531,967 
Pearson PLC 34,122 280,777 
Persimmon PLC 14,192 528,485 
Phoenix Group Holdings PLC 29,295 263,242 
Prudential PLC (a) 118,933 2,432,534 
Reckitt Benckiser Group PLC 32,392 2,629,673 
RELX PLC (London Stock Exchange) 86,208 2,671,066 
Rentokil Initial PLC 82,469 664,086 
Rio Tinto PLC 50,915 3,174,624 
Rolls-Royce Holdings PLC (a) 385,126 695,091 
Royal Dutch Shell PLC:   
Class A (United Kingdom) 181,892 4,166,942 
Class B (United Kingdom) 171,269 3,930,404 
Sage Group PLC 48,445 471,256 
Schroders PLC 5,397 267,376 
Segro PLC 54,822 969,719 
Severn Trent PLC 11,278 422,597 
Smith & Nephew PLC 39,198 676,952 
Smiths Group PLC 18,836 349,421 
Spirax-Sarco Engineering PLC 3,364 718,423 
SSE PLC 46,745 1,052,678 
St. James's Place Capital PLC 23,984 518,444 
Standard Chartered PLC (United Kingdom) 118,294 801,200 
Taylor Wimpey PLC 164,550 348,039 
Tesco PLC 350,296 1,293,386 
Unilever PLC 118,383 6,338,448 
United Utilities Group PLC 29,222 415,315 
Vodafone Group PLC 1,097,956 1,618,225 
Vodafone Group PLC sponsored ADR 16,730 250,114 
Whitbread PLC (a) 9,650 431,853 
TOTAL UNITED KINGDOM  105,330,100 
United States of America - 0.2%   
360 DigiTech, Inc. ADR (a) 3,685 75,211 
Coca-Cola European Partners PLC 9,641 507,599 
Dada Nexus Ltd. ADR (a) 2,589 52,583 
DiDi Global, Inc. ADR (d) 14,258 115,062 
Li Auto, Inc. ADR (a)(d) 24,181 789,026 
NICE Systems Ltd. sponsored ADR (a) 132 37,359 
Southern Copper Corp. 3,596 215,724 
Yum China Holdings, Inc. 19,843 1,132,638 
TOTAL UNITED STATES OF AMERICA  2,925,202 
TOTAL COMMON STOCKS   
(Cost $1,072,944,600)  1,219,321,866 
Nonconvertible Preferred Stocks - 0.9%   
Brazil - 0.3%   
Alpargatas SA (PN) 8,000 54,757 
Banco Bradesco SA (PN) 214,214 755,317 
Bradespar SA (PN) 11,294 97,375 
Braskem SA (PN-A) (a) 8,400 81,056 
Centrais Eletricas Brasileiras SA (Electrobras) (PN-B) 7,755 46,499 
Companhia Energetica de Minas Gerais (CEMIG) (PN) 46,885 106,999 
Companhia Paranaense de Energia-COPEL (PN-B) 29,000 30,419 
Gerdau SA 53,000 252,613 
Itau Unibanco Holding SA 226,550 935,696 
Itausa-Investimentos Itau SA (PN) 196,347 356,596 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) 210,100 1,014,427 
TOTAL BRAZIL  3,731,754 
Chile - 0.0%   
Sociedad Quimica y Minera de Chile SA (PN-B) (a) 6,387 346,869 
Colombia - 0.0%   
Bancolombia SA (PN) 17,385 156,042 
Germany - 0.4%   
Bayerische Motoren Werke AG (BMW) (non-vtg.) 3,972 337,944 
Fuchs Petrolub AG 2,949 141,271 
Henkel AG & Co. KGaA 8,306 742,982 
Porsche Automobil Holding SE (Germany) 6,790 706,679 
Sartorius AG (non-vtg.) 1,205 780,626 
Volkswagen AG 8,097 1,814,181 
TOTAL GERMANY  4,523,683 
Korea (South) - 0.2%   
AMOREPACIFIC Corp. 891 54,601 
Hyundai Motor Co. 1,106 92,077 
Hyundai Motor Co. Series 2 2,956 247,080 
LG Chemical Ltd. 787 257,188 
LG Household & Health Care Ltd. 89 45,460 
Samsung Electronics Co. Ltd. 35,665 1,949,252 
TOTAL KOREA (SOUTH)  2,645,658 
Russia - 0.0%   
Surgutneftegas OJSC 301,100 164,017 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $11,644,343)  11,568,023 
Money Market Funds - 3.4%   
Fidelity Cash Central Fund 0.06% (f) 35,966,759 35,973,953 
Fidelity Securities Lending Cash Central Fund 0.06% (f)(g) 6,771,106 6,771,783 
TOTAL MONEY MARKET FUNDS   
(Cost $42,745,736)  42,745,736 
TOTAL INVESTMENT IN SECURITIES - 100.1%   
(Cost $1,127,334,679)  1,273,635,625 
NET OTHER ASSETS (LIABILITIES) - (0.1)%  (1,483,627) 
NET ASSETS - 100%  $1,272,151,998 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI EAFE Index Contracts (United States) 223 Dec. 2021 $26,086,540 $596,375 $596,375 
ICE MSCI Emerging Markets Index Contracts (United States) 194 Dec. 2021 12,241,400 113,054 113,054 
TME S&P/TSX 60 Index Contracts (Canada) 14 Dec. 2021 2,851,810 104,674 104,674 
TOTAL FUTURES CONTRACTS     $814,103 

The notional amount of futures purchased as a percentage of Net Assets is 3.2%

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

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $35,606,578 or 2.8% of net assets.

 (c) Level 3 security

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

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

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

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

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $20,499,225 $423,548,395 $408,073,448 $21,183 $(219) $-- $35,973,953 0.1% 
Fidelity Securities Lending Cash Central Fund 0.06% 488,481 42,850,842 36,567,540 93,982 -- -- 6,771,783 0.0% 
Total $20,987,706 $466,399,237 $444,640,988 $115,165 $(219) $-- $42,745,736  

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

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $75,688,937 $31,230,819 $44,362,989 $95,129 
Consumer Discretionary 159,298,427 74,432,811 84,865,261 355 
Consumer Staples 103,862,502 44,578,680 59,283,822 -- 
Energy 61,339,973 34,626,982 26,712,987 4 
Financials 240,295,413 163,512,314 76,750,325 32,774 
Health Care 115,822,187 38,814,527 77,007,660 -- 
Industrials 148,535,877 78,487,254 70,048,623 -- 
Information Technology 161,199,171 49,228,486 111,970,685 -- 
Materials 97,465,975 59,684,862 37,781,113 -- 
Real Estate 30,066,569 22,540,386 7,526,183 -- 
Utilities 37,314,858 24,682,357 12,632,501 -- 
Money Market Funds 42,745,736 42,745,736 -- -- 
Total Investments in Securities: $1,273,635,625 $664,565,214 $608,942,149 $128,262 
Derivative Instruments:     
Assets     
Futures Contracts $814,103 $814,103 $-- $-- 
Total Assets $814,103 $814,103 $-- $-- 
Total Derivative Instruments: $814,103 $814,103 $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $814,103 $0 
Total Equity Risk 814,103 0 
Total Value of Derivatives $814,103 $0 

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

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $6,312,704) — See accompanying schedule:
Unaffiliated issuers (cost $1,084,588,943) 		$1,230,889,889  
Fidelity Central Funds (cost $42,745,736) 42,745,736  
Total Investment in Securities (cost $1,127,334,679)  $1,273,635,625 
Segregated cash with brokers for derivative instruments  2,132,736 
Cash  550,916 
Foreign currency held at value (cost $3,192,375)  3,189,773 
Receivable for investments sold  410,705 
Receivable for fund shares sold  1,802,540 
Dividends receivable  2,036,535 
Reclaims receivable  887,922 
Distributions receivable from Fidelity Central Funds  4,367 
Other receivables  29,320 
Total assets  1,284,680,439 
Liabilities   
Payable for investments purchased   
Regular delivery $3,257,112  
Delayed delivery 6,853  
Payable for fund shares redeemed 630,178  
Payable for daily variation margin on futures contracts 338,175  
Other payables and accrued expenses 1,524,581  
Collateral on securities loaned 6,771,542  
Total liabilities  12,528,441 
Net Assets  $1,272,151,998 
Net Assets consist of:   
Paid in capital  $1,118,697,535 
Total accumulated earnings (loss)  153,454,463 
Net Assets  $1,272,151,998 
Net Asset Value, offering price and redemption price per share ($1,272,151,998 ÷ 90,477,051 shares)  $14.06 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended October 31, 2021 
Investment Income   
Dividends  $25,197,187 
Non-Cash dividends  2,162,690 
Interest  1,276 
Income from Fidelity Central Funds (including $93,982 from security lending)  115,165 
Income before foreign taxes withheld  27,476,318 
Less foreign taxes withheld  (2,878,533) 
Total income  24,597,785 
Expenses   
Independent trustees' fees and expenses $2,655  
Total expenses before reductions 2,655  
Expense reductions (14)  
Total expenses after reductions  2,641 
Net investment income (loss)  24,595,144 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $4,524) (7,173,698)  
Fidelity Central Funds (219)  
Foreign currency transactions (99,431)  
Futures contracts 3,066,669  
Total net realized gain (loss)  (4,206,679) 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $1,380,186) 158,427,205  
Assets and liabilities in foreign currencies (32,032)  
Futures contracts 1,629,659  
Total change in net unrealized appreciation (depreciation)  160,024,832 
Net gain (loss)  155,818,153 
Net increase (decrease) in net assets resulting from operations  $180,413,297 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended October 31, 2021 Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $24,595,144 $11,378,734 
Net realized gain (loss) (4,206,679) (7,448,905) 
Change in net unrealized appreciation (depreciation) 160,024,832 (7,386,219) 
Net increase (decrease) in net assets resulting from operations 180,413,297 (3,456,390) 
Distributions to shareholders (10,454,288) (10,024,220) 
Share transactions   
Proceeds from sales of shares 773,112,753 386,505,924 
Reinvestment of distributions 7,447,910 6,979,662 
Cost of shares redeemed (253,488,031) (183,471,990) 
Net increase (decrease) in net assets resulting from share transactions 527,072,632 210,013,596 
Total increase (decrease) in net assets 697,031,641 196,532,986 
Net Assets   
Beginning of period 575,120,357 378,587,371 
End of period $1,272,151,998 $575,120,357 
Other Information   
Shares   
Sold 56,476,027 35,972,994 
Issued in reinvestment of distributions 587,374 607,455 
Redeemed (18,694,973) (17,142,013) 
Net increase (decrease) 38,368,428 19,438,436 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Flex International Index Fund

      
Years ended October 31, 2021 2020 2019 2018 2017 A 
Selected Per–Share Data      
Net asset value, beginning of period $11.04 $11.59 $10.60 $11.79 $10.00 
Income from Investment Operations      
Net investment income (loss)B .35 .27 .37 .36 .19 
Net realized and unrealized gain (loss) 2.87 (.52) .81 (1.35) 1.60 
Total from investment operations 3.22 (.25) 1.18 (.99) 1.79 
Distributions from net investment income (.20) (.30) (.19) (.15) – 
Distributions from net realized gain – – – (.05) – 
Total distributions (.20) (.30) (.19) (.20) – 
Net asset value, end of period $14.06 $11.04 $11.59 $10.60 $11.79 
Total ReturnC,D 29.31% (2.24)% 11.40% (8.53)% 17.90% 
Ratios to Average Net AssetsE,F      
Expenses before reductionsG -% -% -% -% - %H 
Expenses net of fee waivers, if anyG -% -% -% -% - %H 
Expenses net of all reductionsG -% -% -% -% - %H 
Net investment income (loss) 2.56% 2.46% 3.35% 3.13% 2.64%H 
Supplemental Data      
Net assets, end of period (000 omitted) $1,272,152 $575,120 $378,587 $244,871 $7,993 
Portfolio turnover rateI 5% 4% 4% 4%J 18%H 

 A For the period March 9, 2017 (commencement of operations) through October 31, 2017.

 B Calculated based on average shares outstanding during the period.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Amount represents less than .005%.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 J Portfolio turnover rate excludes securities received or delivered in-kind.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended October 31, 2021

1. Organization.

Fidelity Flex International Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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 is available only to certain fee-based accounts and advisory programs offered by Fidelity. 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.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), capital loss carryforwards, partnerships and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $217,301,248 
Gross unrealized depreciation (79,189,016) 
Net unrealized appreciation (depreciation) $138,112,232 
Tax Cost $1,135,628,067 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $24,402,135 
Capital loss carryforward $(7,527,158) 
Net unrealized appreciation (depreciation) on securities and other investments $138,104,067 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

No expiration  
Short-term $(413,841) 
Long-term (7,113,317) 
Total capital loss carryforward $(7,527,158) 

The tax character of distributions paid was as follows:

 October 31, 2021 October 31, 2020 
Ordinary Income $10,454,288 $ 10,024,220 

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity Flex International Index Fund 574,376,610 42,499,913 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period there were no interfund trades.

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

8. Security Lending.

Funds lend portfolio securities through a lending agent from time to time in order to earn additional income. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds.

 Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity Flex International Index Fund $– $– 

9. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $14.

10. Other.

Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.

11. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity Flex International Index Fund

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity Flex International Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of October 31, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and for the period from March 9, 2017 (commencement of operations) through October 31, 2017, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from March 9, 2017 (commencement of operations) through October 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 13, 2021


We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Jonathan Chiel, each of the Trustees oversees 286 funds. Mr. Chiel oversees 179 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants).

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees.  In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Vice Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank’s institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization’s equity and quantitative research groups. He began his career in 1983 as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jamie Pagliocco (1964)

Year of Election or Appointment: 2020

Vice President

Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer – Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2021 		Ending
Account Value
October 31, 2021 		Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 
Fidelity Flex International Index Fund - %C    
Actual  $1,000.00 $1,018.80 $-D 
Hypothetical-E  $1,000.00 $1,025.21 $-D 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C Amount represents less than .005%.

 D Amount Represents less than $.005.

 E 5% return per year before expenses

Distributions (Unaudited)

The fund designates 94% of the dividends distributed in December, during the fiscal year, as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.2164 and $0.0214 for the dividend paid December 7, 2020.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity Flex International Index Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In considering whether to renew the Advisory Contracts for the fund, the Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

Resources Dedicated to Investment Management and Support Services.  The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. The Board did not consider performance to be a material factor in its decision to renew the fund's Advisory Contracts as the fund is not publicly offered as a stand-alone investment product. In this regard, the Board noted that the fund is available exclusively to certain fee-based accounts and advisor programs offered by Fidelity, including certain employer-sponsored plans and discretionary investment programs.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board noted that the fund is available exclusively through certain Fidelity fee-based accounts and advisory programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of Fidelity fee-based account and advisory program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

At its July 2021 meeting, the Board also approved an amendment to the fund's sub-advisory agreement with Geode (effective August 1, 2021) that lowered the sub-advisory fee rate that FMR pays to Geode.

Based on its review, the Board considered that the fund does not pay a management fee and concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the level of Fidelity's profits in respect of all the Fidelity funds.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board concluded that the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund were not relevant to the renewal of the Advisory Contracts because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund, with limited exceptions.

The Board also considered information regarding the profitability of Geode's relationship with the fund.

Economies of Scale.  The Board concluded that because the fund pays no advisory fees and FMR or an affiliate bears all expenses of the fund with certain limited exceptions, the realization of economies of scale was not a material factor in the Board's decision to renew the fund's Advisory Contracts.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the continued waiver of money market fund fees; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

ZEI-ANN-1221
1.9881635.104

Fidelity® U.S. Sustainability Index Fund



Annual Report

October 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Life of fundA 
Fidelity® U.S. Sustainability Index Fund 47.84% 19.14% 

 A From May 9, 2017

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® U.S. Sustainability Index Fund on May 9, 2017, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the MSCI USA ESG Leaders Index performed over the same period.


Period Ending Values
$21,923Fidelity® U.S. Sustainability Index Fund
$22,049MSCI USA ESG Leaders Index

Management's Discussion of Fund Performance

Market Recap:  The S&P 500® index gained 42.91% for the 12 months ending October 31, 2021, with U.S. equities rising on the prospect of a surge in economic growth amid strong corporate earnings, widespread COVID-19 vaccination, fiscal stimulus and fresh spending programs. After the index closed 2020 at an all-time high, investors were hopeful as the new year began. The rollout of three COVID-19 vaccines was underway, the U.S. Federal Reserve pledged to hold interest rates near zero until the economy recovered, and the federal government planned to deploy trillions of dollars to boost consumers and the economy. A flattish May reflected concerns about inflation and jobs, but the rally resumed through August amid strong earnings. In early September, sentiment turned broadly negative due to a host of factors. These included inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. In addition, the Fed signaled it could soon begin to taper the bond purchases it has made since the onset of the pandemic. The index returned -4.65% in September, its first monthly decline since January, but sharply reversed course with a 7.01% gain in October, driven by strength in earnings and notable improvement in the economy. By sector, energy gained 111% to lead by a wide margin, followed by financials (+72%), whereas the defensive utilities (+11%) and consumer staples (+19%) groups notably lagged.

Comments from the Geode Capital Management, LLC, passive equity index team:  For the fiscal year ending October 31, 2021, the fund gained 47.84%, roughly in line with the 48.01% advance of the benchmark, the MSCI USA ESG Leaders Index. By sector, information technology gained 54% and contributed the most, followed by consumer discretionary, which gained roughly 67%, and communication services, which advanced 58%. Elsewhere, the financials sector rose 64%, health care gained roughly 30%, and industrials advanced 40%. Other notable contributors included the energy (+104%), real estate (+37%), and materials (+32%) sectors. Turning to individual stocks, owning technology and tech-related names, including Google parent Alphabet (+83%) and Microsoft (+65%), added value for the fund. It also helped to own electric vehicle maker Tesla (+187%). Conversely, the biggest individual detractor was Novocure (-49%), an oncology-focused company from the health care equipment & services group, as well as Verizon Communications (-3%). Within pharmaceuticals, biotechnology & life sciences, Vertex Pharmaceuticals returned -11% and detracted as well. Notable positioning changes by period end included an increased stake in the information technology, consumer discretionary, and financials sectors, and a decreased stake in consumer staples and utilities.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2021

 % of fund's net assets 
Microsoft Corp. 11.1 
Tesla, Inc. 4.3 
Alphabet, Inc. Class A 4.2 
Alphabet, Inc. Class C 4.0 
NVIDIA Corp. 3.0 
Johnson & Johnson 2.0 
The Home Depot, Inc. 1.8 
Visa, Inc. Class A 1.7 
Procter & Gamble Co. 1.7 
Adobe, Inc. 1.5 
 35.3 

Top Five Market Sectors as of October 31, 2021

 % of fund's net assets 
Information Technology 29.0 
Consumer Discretionary 13.5 
Health Care 12.8 
Communication Services 11.5 
Financials 11.2 

Asset Allocation (% of fund's net assets)

As of October 31, 2021* 
   Stocks and Equity Futures 99.7% 
   Short-Term Investments and Net Other Assets (Liabilities) 0.3% 


 * Foreign investments - 4.9%

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 99.2%   
 Shares Value 
COMMUNICATION SERVICES - 11.5%   
Diversified Telecommunication Services - 1.0%   
Verizon Communications, Inc. 364,635 $19,322,009 
Entertainment - 2.0%   
Activision Blizzard, Inc. 60,394 4,722,207 
Electronic Arts, Inc. 25,542 3,582,266 
Take-Two Interactive Software, Inc. (a) 10,453 1,891,993 
The Walt Disney Co. (a) 159,209 26,917,466 
  37,113,932 
Interactive Media & Services - 8.2%   
Alphabet, Inc.:   
Class A (a) 26,514 78,505,833 
Class C (a) 25,287 74,986,323 
  153,492,156 
Media - 0.3%   
Cable One, Inc. 511 874,428 
Discovery Communications, Inc.:   
Class A (a) 13,591 318,573 
Class C (non-vtg.) (a) 30,517 688,464 
Interpublic Group of Companies, Inc. 34,132 1,248,207 
Omnicom Group, Inc. 19,456 1,324,564 
Sirius XM Holdings, Inc. (b) 101,324 617,063 
  5,071,299 
TOTAL COMMUNICATION SERVICES  214,999,396 
CONSUMER DISCRETIONARY - 13.5%   
Auto Components - 0.3%   
Aptiv PLC (a) 23,813 4,117,030 
BorgWarner, Inc. 21,308 960,352 
  5,077,382 
Automobiles - 4.3%   
Tesla, Inc. (a) 71,686 79,858,204 
Distributors - 0.3%   
Genuine Parts Co. 12,999 1,704,299 
LKQ Corp. 25,034 1,378,873 
Pool Corp. 3,556 1,831,909 
  4,915,081 
Hotels, Restaurants & Leisure - 2.3%   
Booking Holdings, Inc. (a) 3,597 8,707,546 
Darden Restaurants, Inc. 11,482 1,655,015 
Domino's Pizza, Inc. 3,372 1,648,807 
Hilton Worldwide Holdings, Inc. (a) 24,532 3,531,381 
McDonald's Corp. 64,925 15,942,334 
Starbucks Corp. 102,802 10,904,208 
Vail Resorts, Inc. 3,528 1,216,137 
  43,605,428 
Household Durables - 0.3%   
Garmin Ltd. 13,328 1,913,901 
Mohawk Industries, Inc. (a) 5,205 922,378 
Newell Brands, Inc. 36,367 832,441 
NVR, Inc. (a) 306 1,497,809 
  5,166,529 
Internet & Direct Marketing Retail - 0.5%   
eBay, Inc. 60,217 4,619,848 
MercadoLibre, Inc. (a) 3,970 5,879,649 
  10,499,497 
Leisure Products - 0.0%   
Hasbro, Inc. 11,938 1,143,183 
Multiline Retail - 0.6%   
Target Corp. 43,475 11,286,980 
Specialty Retail - 3.5%   
Advance Auto Parts, Inc. 5,627 1,269,001 
Best Buy Co., Inc. 20,361 2,488,929 
Burlington Stores, Inc. (a) 5,985 1,653,596 
CarMax, Inc. (a) 14,382 1,969,183 
Lowe's Companies, Inc. 61,852 14,462,235 
The Home Depot, Inc. 92,917 34,540,966 
TJX Companies, Inc. 105,885 6,934,409 
Tractor Supply Co. 9,991 2,169,745 
  65,488,064 
Textiles, Apparel & Luxury Goods - 1.4%   
lululemon athletica, Inc. (a) 11,076 5,161,527 
NIKE, Inc. Class B 112,319 18,789,846 
VF Corp. 22,658 1,651,315 
  25,602,688 
TOTAL CONSUMER DISCRETIONARY  252,643,036 
CONSUMER STAPLES - 5.6%   
Beverages - 2.3%   
Keurig Dr. Pepper, Inc. 64,647 2,333,110 
PepsiCo, Inc. 121,211 19,587,698 
The Coca-Cola Co. 359,447 20,262,027 
  42,182,835 
Food & Staples Retailing - 0.1%   
Kroger Co. 65,988 2,640,840 
Food Products - 0.7%   
Bunge Ltd. 12,673 1,174,027 
Campbell Soup Co. 22,027 879,979 
Conagra Brands, Inc. 48,643 1,566,305 
General Mills, Inc. 58,745 3,630,441 
Hormel Foods Corp. 18,092 765,653 
Kellogg Co. 27,060 1,658,778 
Lamb Weston Holdings, Inc. 7,048 397,860 
McCormick & Co., Inc. (non-vtg.) 16,428 1,318,018 
The J.M. Smucker Co. 10,872 1,335,734 
  12,726,795 
Household Products - 2.2%   
Colgate-Palmolive Co. 61,425 4,679,971 
Kimberly-Clark Corp. 32,507 4,209,331 
Procter & Gamble Co. 216,485 30,955,190 
The Clorox Co. 8,220 1,339,942 
  41,184,434 
Personal Products - 0.3%   
Estee Lauder Companies, Inc. Class A 20,381 6,610,170 
TOTAL CONSUMER STAPLES  105,345,074 
ENERGY - 1.2%   
Energy Equipment & Services - 0.3%   
Baker Hughes Co. Class A 75,244 1,887,120 
Schlumberger Ltd. 103,581 3,341,523 
  5,228,643 
Oil, Gas & Consumable Fuels - 0.9%   
Cheniere Energy, Inc. 21,552 2,228,477 
Marathon Petroleum Corp. 59,079 3,895,078 
ONEOK, Inc. 40,762 2,593,278 
Phillips 66 Co. 32,219 2,409,337 
The Williams Companies, Inc. 112,356 3,156,080 
Valero Energy Corp. 38,051 2,942,484 
  17,224,734 
TOTAL ENERGY  22,453,377 
FINANCIALS - 11.2%   
Banks - 2.1%   
Citizens Financial Group, Inc. 37,780 1,790,016 
First Republic Bank 15,169 3,281,510 
Huntington Bancshares, Inc. 132,841 2,090,917 
KeyCorp 84,530 1,967,013 
M&T Bank Corp. 11,641 1,712,624 
PNC Financial Services Group, Inc. 36,757 7,756,830 
Regions Financial Corp. 85,267 2,019,123 
SVB Financial Group (a) 4,884 3,503,782 
Truist Financial Corp. 119,626 7,592,662 
U.S. Bancorp 124,093 7,491,494 
  39,205,971 
Capital Markets - 4.9%   
Ameriprise Financial, Inc. 10,514 3,176,595 
Bank of New York Mellon Corp. 74,671 4,420,523 
BlackRock, Inc. Class A 12,087 11,403,601 
Carlyle Group LP 14,148 794,410 
Cboe Global Markets, Inc. 9,557 1,260,951 
Charles Schwab Corp. 127,355 10,446,931 
CME Group, Inc. 31,641 6,978,423 
FactSet Research Systems, Inc. 3,318 1,472,827 
Franklin Resources, Inc. 28,634 901,685 
Intercontinental Exchange, Inc. 49,262 6,820,817 
Invesco Ltd. 33,308 846,356 
MarketAxess Holdings, Inc. 2,585 1,056,412 
Moody's Corp. 14,810 5,985,462 
Morgan Stanley 122,386 12,578,833 
NASDAQ, Inc. 9,870 2,071,417 
Northern Trust Corp. 18,619 2,290,882 
Raymond James Financial, Inc. 16,447 1,621,510 
S&P Global, Inc. 21,189 10,046,976 
State Street Corp. 33,428 3,294,329 
T. Rowe Price Group, Inc. 20,357 4,415,026 
  91,883,966 
Consumer Finance - 0.8%   
Ally Financial, Inc. 31,231 1,490,968 
American Express Co. 59,935 10,415,504 
Discover Financial Services 26,759 3,032,330 
  14,938,802 
Diversified Financial Services - 0.1%   
Equitable Holdings, Inc. 38,310 1,283,385 
Voya Financial, Inc. (b) 11,625 811,076 
  2,094,461 
Insurance - 3.2%   
AFLAC, Inc. 55,619 2,985,072 
Allstate Corp. 26,184 3,238,175 
American Financial Group, Inc. 5,881 800,051 
American International Group, Inc. 75,778 4,477,722 
Aon PLC 19,809 6,337,295 
Arch Capital Group Ltd. (a) 36,022 1,506,440 
Arthur J. Gallagher & Co. 18,054 3,027,114 
Assurant, Inc. 5,311 856,717 
Chubb Ltd. 39,685 7,753,655 
Erie Indemnity Co. Class A 1,208 248,618 
Hartford Financial Services Group, Inc. 30,625 2,233,481 
Lincoln National Corp. 16,075 1,159,811 
Loews Corp. 18,186 1,019,689 
Marsh & McLennan Companies, Inc. 44,078 7,352,210 
Principal Financial Group, Inc. 24,174 1,621,834 
Progressive Corp. 51,994 4,933,191 
Prudential Financial, Inc. 34,199 3,763,600 
The Travelers Companies, Inc. 22,522 3,623,339 
Willis Towers Watson PLC 11,597 2,809,721 
  59,747,735 
Mortgage Real Estate Investment Trusts - 0.1%   
Annaly Capital Management, Inc. 122,147 1,033,364 
TOTAL FINANCIALS  208,904,299 
HEALTH CARE - 12.8%   
Biotechnology - 1.5%   
Amgen, Inc. 51,069 10,569,751 
Biogen, Inc. (a) 13,443 3,584,979 
BioMarin Pharmaceutical, Inc. (a) 16,967 1,344,295 
Gilead Sciences, Inc. 111,788 7,252,805 
Horizon Therapeutics PLC (a) 18,958 2,273,254 
Vertex Pharmaceuticals, Inc. (a) 19,386 3,585,053 
  28,610,137 
Health Care Equipment & Supplies - 2.2%   
Abiomed, Inc. (a) 4,069 1,351,071 
Align Technology, Inc. (a) 6,654 4,154,558 
Baxter International, Inc. 45,006 3,553,674 
Dentsply Sirona, Inc. 19,556 1,118,799 
DexCom, Inc. (a) 8,518 5,308,503 
Edwards Lifesciences Corp. (a) 54,729 6,557,629 
Hologic, Inc. (a) 22,700 1,664,137 
IDEXX Laboratories, Inc. (a) 7,482 4,984,059 
Insulet Corp. (a) 6,000 1,860,120 
Novocure Ltd. (a) 5,564 570,699 
ResMed, Inc. 12,829 3,372,872 
STERIS PLC 8,892 2,078,416 
Teleflex, Inc. 4,343 1,550,190 
West Pharmaceutical Services, Inc. 6,474 2,783,043 
  40,907,770 
Health Care Providers & Services - 1.6%   
AmerisourceBergen Corp. 14,240 1,737,565 
Cardinal Health, Inc. 19,326 923,976 
Centene Corp. (a) 52,158 3,715,736 
Cigna Corp. 30,394 6,492,462 
DaVita HealthCare Partners, Inc. (a) 6,453 666,208 
HCA Holdings, Inc. 23,621 5,916,116 
Humana, Inc. 11,491 5,322,172 
Laboratory Corp. of America Holdings (a) 8,472 2,431,633 
Quest Diagnostics, Inc. 11,485 1,685,768 
  28,891,636 
Health Care Technology - 0.2%   
Cerner Corp. 29,146 2,165,256 
Teladoc Health, Inc. (a)(b) 8,822 1,319,683 
  3,484,939 
Life Sciences Tools & Services - 2.0%   
Agilent Technologies, Inc. 23,142 3,644,634 
Bio-Techne Corp. 3,555 1,861,576 
Illumina, Inc. (a) 12,985 5,389,554 
Mettler-Toledo International, Inc. (a) 2,140 3,169,083 
Thermo Fisher Scientific, Inc. 34,629 21,922,581 
Waters Corp. (a) 4,496 1,652,505 
  37,639,933 
Pharmaceuticals - 5.3%   
Bristol-Myers Squibb Co. 197,533 11,535,927 
Catalent, Inc. (a) 15,027 2,071,622 
Eli Lilly & Co. 71,404 18,190,883 
Jazz Pharmaceuticals PLC (a) 5,634 749,547 
Johnson & Johnson 230,299 37,511,101 
Merck & Co., Inc. 222,531 19,593,855 
Zoetis, Inc. Class A 41,575 8,988,515 
  98,641,450 
TOTAL HEALTH CARE  238,175,865 
INDUSTRIALS - 8.2%   
Aerospace & Defense - 0.1%   
Howmet Aerospace, Inc. 35,791 1,062,635 
Air Freight & Logistics - 0.9%   
C.H. Robinson Worldwide, Inc. 15,296 1,483,559 
Expeditors International of Washington, Inc. 17,359 2,139,670 
United Parcel Service, Inc. Class B 57,360 12,244,639 
  15,867,868 
Airlines - 0.0%   
Delta Air Lines, Inc. (a) 14,995 586,754 
Building Products - 0.7%   
Allegion PLC 8,200 1,052,060 
Fortune Brands Home & Security, Inc. 13,149 1,333,309 
Johnson Controls International PLC 62,426 4,580,196 
Lennox International, Inc. 3,272 979,244 
Masco Corp. 23,590 1,546,325 
Owens Corning 9,977 931,952 
Trane Technologies PLC 18,160 3,285,689 
  13,708,775 
Commercial Services & Supplies - 0.5%   
Copart, Inc. (a) 19,193 2,980,481 
Waste Management, Inc. 37,028 5,932,996 
  8,913,477 
Electrical Equipment - 0.6%   
Eaton Corp. PLC 35,612 5,867,433 
Generac Holdings, Inc. (a) 5,585 2,784,458 
Rockwell Automation, Inc. 10,449 3,337,411 
  11,989,302 
Industrial Conglomerates - 0.7%   
3M Co. 45,592 8,146,379 
Roper Technologies, Inc. 9,551 4,659,646 
  12,806,025 
Machinery - 2.3%   
Caterpillar, Inc. 43,112 8,795,279 
Cummins, Inc. 13,842 3,319,865 
Deere & Co. 26,370 9,026,715 
Dover Corp. 12,966 2,192,291 
Fortive Corp. 29,335 2,220,953 
IDEX Corp. 7,145 1,590,263 
Illinois Tool Works, Inc. 28,616 6,520,728 
PACCAR, Inc. 32,240 2,889,349 
Pentair PLC 15,163 1,121,607 
Snap-On, Inc. 5,056 1,027,531 
Stanley Black & Decker, Inc. 15,055 2,705,835 
Xylem, Inc. 16,256 2,122,871 
  43,533,287 
Professional Services - 0.3%   
IHS Markit Ltd. 33,517 4,381,342 
Robert Half International, Inc. 9,645 1,090,560 
  5,471,902 
Road & Rail - 1.7%   
AMERCO 797 587,381 
CSX Corp. 201,509 7,288,581 
Kansas City Southern 7,928 2,459,662 
Norfolk Southern Corp. 22,268 6,525,637 
Union Pacific Corp. 58,491 14,119,727 
  30,980,988 
Trading Companies & Distributors - 0.4%   
Fastenal Co. 51,116 2,917,701 
United Rentals, Inc. (a) 6,485 2,458,528 
W.W. Grainger, Inc. 4,048 1,874,669 
  7,250,898 
TOTAL INDUSTRIALS  152,171,911 
INFORMATION TECHNOLOGY - 29.0%   
Communications Equipment - 1.3%   
Cisco Systems, Inc. 369,836 20,699,721 
Motorola Solutions, Inc. 14,959 3,718,658 
  24,418,379 
Electronic Equipment & Components - 0.5%   
Cognex Corp. 16,595 1,453,556 
Keysight Technologies, Inc. (a) 16,319 2,937,746 
Teledyne Technologies, Inc. (a) 4,192 1,883,130 
Trimble, Inc. (a) 18,362 1,604,288 
Zebra Technologies Corp. Class A (a) 4,000 2,135,800 
  10,014,520 
IT Services - 5.3%   
Accenture PLC Class A 55,509 19,916,074 
Automatic Data Processing, Inc. 37,361 8,387,171 
IBM Corp. 78,638 9,837,614 
MasterCard, Inc. Class A 77,683 26,064,200 
Okta, Inc. (a) 11,273 2,786,460 
The Western Union Co. 24,370 444,021 
Visa, Inc. Class A 148,378 31,422,009 
  98,857,549 
Semiconductors & Semiconductor Equipment - 5.7%   
Applied Materials, Inc. 80,502 11,000,598 
Intel Corp. 353,909 17,341,541 
Lam Research Corp. 12,627 7,116,198 
NVIDIA Corp. 218,310 55,815,318 
Texas Instruments, Inc. 81,067 15,198,441 
  106,472,096 
Software - 15.9%   
Adobe, Inc. (a) 42,069 27,359,995 
ANSYS, Inc. (a) 7,921 3,006,653 
Autodesk, Inc. (a) 19,630 6,234,684 
Cadence Design Systems, Inc. (a) 24,697 4,275,298 
Citrix Systems, Inc. 8,269 783,322 
Intuit, Inc. 23,923 14,975,559 
Microsoft Corp. 626,297 207,692,611 
Salesforce.com, Inc. (a) 85,344 25,576,743 
VMware, Inc. Class A (a) 7,749 1,175,523 
Workday, Inc. Class A (a) 16,851 4,886,453 
  295,966,841 
Technology Hardware, Storage & Peripherals - 0.3%   
Hewlett Packard Enterprise Co. 116,307 1,703,898 
HP, Inc. 113,170 3,432,446 
  5,136,344 
TOTAL INFORMATION TECHNOLOGY  540,865,729 
MATERIALS - 2.7%   
Chemicals - 2.1%   
DuPont de Nemours, Inc. 48,111 3,348,526 
Ecolab, Inc. 22,780 5,062,172 
International Flavors & Fragrances, Inc. 21,960 3,238,002 
Linde PLC 45,641 14,568,607 
LyondellBasell Industries NV Class A 25,245 2,343,241 
PPG Industries, Inc. 17,619 2,829,083 
Sherwin-Williams Co. 22,302 7,061,036 
The Mosaic Co. 31,725 1,318,808 
  39,769,475 
Containers & Packaging - 0.3%   
Amcor PLC 139,174 1,679,830 
Ball Corp. 29,401 2,689,603 
International Paper Co. 34,100 1,693,747 
  6,063,180 
Metals & Mining - 0.3%   
Newmont Corp. 71,330 3,851,820 
Steel Dynamics, Inc. 18,949 1,252,150 
  5,103,970 
TOTAL MATERIALS  50,936,625 
REAL ESTATE - 2.6%   
Equity Real Estate Investment Trusts (REITs) - 2.5%   
American Tower Corp. 40,101 11,307,279 
Boston Properties, Inc. 10,124 1,150,491 
Crown Castle International Corp. 38,639 6,966,612 
Equinix, Inc. 7,990 6,688,189 
Equity Residential (SBI) 30,659 2,648,938 
Healthpeak Properties, Inc. 48,579 1,725,040 
Host Hotels & Resorts, Inc. (a) 65,099 1,095,616 
Prologis (REIT), Inc. 64,935 9,412,978 
Welltower, Inc. 36,906 2,967,242 
Weyerhaeuser Co. 66,539 2,376,773 
  46,339,158 
Real Estate Management & Development - 0.1%   
CBRE Group, Inc. (a) 29,082 3,026,855 
TOTAL REAL ESTATE  49,366,013 
UTILITIES - 0.9%   
Electric Utilities - 0.2%   
Edison International 25,900 1,629,887 
Eversource Energy 32,865 2,790,239 
  4,420,126 
Gas Utilities - 0.1%   
Atmos Energy Corp. 12,720 1,171,766 
UGI Corp. 19,179 832,560 
  2,004,326 
Multi-Utilities - 0.4%   
CenterPoint Energy, Inc. 53,740 1,399,390 
Consolidated Edison, Inc. 23,715 1,788,111 
Sempra Energy 29,783 3,801,204 
  6,988,705 
Water Utilities - 0.2%   
American Water Works Co., Inc. 16,555 2,883,550 
Essential Utilities, Inc. 21,712 1,021,984 
  3,905,534 
TOTAL UTILITIES  17,318,691 
TOTAL COMMON STOCKS   
(Cost $1,441,927,097)  1,853,180,016 
Money Market Funds - 0.9%   
Fidelity Cash Central Fund 0.06% (c) 15,020,395 15,023,399 
Fidelity Securities Lending Cash Central Fund 0.06% (c)(d) 2,463,224 2,463,470 
TOTAL MONEY MARKET FUNDS   
(Cost $17,486,869)  17,486,869 
TOTAL INVESTMENT IN SECURITIES - 100.1%   
(Cost $1,459,413,966)  1,870,666,885 
NET OTHER ASSETS (LIABILITIES) - (0.1)%  (2,209,974) 
NET ASSETS - 100%  $1,868,456,911 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
CME E-mini S&P 500 Index Contracts (United States) 37 Dec. 2021 $8,504,450 $286,130 $286,130 

The notional amount of futures purchased as a percentage of Net Assets is 0.5%

Legend

 (a) Non-income producing

 (b) Security or a portion of the security is on loan at period end.

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

 (d) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $3,091,128 $680,324,271 $668,391,800 $5,598 $(200) $-- $15,023,399 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% 1,220,970 36,454,547 35,212,047 13,486 -- -- 2,463,470 0.0% 
Total $4,312,098 $716,778,818 $703,603,847 $19,084 $(200) $-- $17,486,869  

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $214,999,396 $214,999,396 $-- $-- 
Consumer Discretionary 252,643,036 252,643,036 -- -- 
Consumer Staples 105,345,074 105,345,074 -- -- 
Energy 22,453,377 22,453,377 -- -- 
Financials 208,904,299 208,904,299 -- -- 
Health Care 238,175,865 238,175,865 -- -- 
Industrials 152,171,911 152,171,911 -- -- 
Information Technology 540,865,729 540,865,729 -- -- 
Materials 50,936,625 50,936,625 -- -- 
Real Estate 49,366,013 49,366,013 -- -- 
Utilities 17,318,691 17,318,691 -- -- 
Money Market Funds 17,486,869 17,486,869 -- -- 
Total Investments in Securities: $1,870,666,885 $1,870,666,885 $-- $-- 
Derivative Instruments:     
Assets     
Futures Contracts $286,130 $286,130 $-- $-- 
Total Assets $286,130 $286,130 $-- $-- 
Total Derivative Instruments: $286,130 $286,130 $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $286,130 $0 
Total Equity Risk 286,130 0 
Total Value of Derivatives $286,130 $0 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $2,416,445) — See accompanying schedule:
Unaffiliated issuers (cost $1,441,927,097) 		$1,853,180,016  
Fidelity Central Funds (cost $17,486,869) 17,486,869  
Total Investment in Securities (cost $1,459,413,966)  $1,870,666,885 
Segregated cash with brokers for derivative instruments  218,500 
Cash  20,797 
Receivable for fund shares sold  11,288,740 
Dividends receivable  1,221,611 
Distributions receivable from Fidelity Central Funds  3,326 
Receivable for daily variation margin on futures contracts  12,534 
Total assets  1,883,432,393 
Liabilities   
Payable for investments purchased $11,113,458  
Payable for fund shares redeemed 1,244,388  
Accrued management fee 154,236  
Collateral on securities loaned 2,463,400  
Total liabilities  14,975,482 
Net Assets  $1,868,456,911 
Net Assets consist of:   
Paid in capital  $1,446,671,764 
Total accumulated earnings (loss)  421,785,147 
Net Assets  $1,868,456,911 
Net Asset Value, offering price and redemption price per share ($1,868,456,911 ÷ 89,374,642 shares)  $20.91 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended October 31, 2021 
Investment Income   
Dividends  $15,225,362 
Income from Fidelity Central Funds (including $13,486 from security lending)  19,084 
Total income  15,244,446 
Expenses   
Management fee $1,201,175  
Independent trustees' fees and expenses 2,868  
Total expenses before reductions 1,204,043  
Expense reductions (15)  
Total expenses after reductions  1,204,028 
Net investment income (loss)  14,040,418 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 641,254  
Fidelity Central Funds (200)  
Futures contracts 2,546,110  
Total net realized gain (loss)  3,187,164 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 364,298,562  
Futures contracts 289,274  
Total change in net unrealized appreciation (depreciation)  364,587,836 
Net gain (loss)  367,775,000 
Net increase (decrease) in net assets resulting from operations  $381,815,418 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended October 31, 2021 Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $14,040,418 $5,775,459 
Net realized gain (loss) 3,187,164 (3,756,855) 
Change in net unrealized appreciation (depreciation) 364,587,836 27,375,694 
Net increase (decrease) in net assets resulting from operations 381,815,418 29,394,298 
Distributions to shareholders (5,983,382) (3,292,427) 
Share transactions   
Proceeds from sales of shares 1,187,275,553 385,625,152 
Reinvestment of distributions 5,525,267 3,022,374 
Cost of shares redeemed (188,928,085) (132,091,115) 
Net increase (decrease) in net assets resulting from share transactions 1,003,872,735 256,556,411 
Total increase (decrease) in net assets 1,379,704,771 282,658,282 
Net Assets   
Beginning of period 488,752,140 206,093,858 
End of period $1,868,456,911 $488,752,140 
Other Information   
Shares   
Sold 65,208,424 28,144,888 
Issued in reinvestment of distributions 345,545 223,714 
Redeemed (10,378,452) (9,802,910) 
Net increase (decrease) 55,175,517 18,565,692 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity U.S. Sustainability Index Fund

      
Years ended October 31, 2021 2020 2019 2018 2017 A 
Selected Per–Share Data      
Net asset value, beginning of period $14.29 $13.18 $11.43 $10.90 $10.00 
Income from Investment Operations      
Net investment income (loss)B .23 .23 .23 .21 .09 
Net realized and unrealized gain (loss) 6.56 1.08 1.69 .41 .81 
Total from investment operations 6.79 1.31 1.92 .62 .90 
Distributions from net investment income (.17) (.18) (.15) (.08) – 
Distributions from net realized gain – (.02) (.02) (.01) – 
Total distributions (.17) (.20) (.17) (.09) – 
Net asset value, end of period $20.91 $14.29 $13.18 $11.43 $10.90 
Total ReturnC,D 47.84% 9.99% 17.06% 5.67% 9.00% 
Ratios to Average Net AssetsE,F      
Expenses before reductions .11% .11% .11% .11% .11%G 
Expenses net of fee waivers, if any .11% .11% .11% .11% .11%G 
Expenses net of all reductions .11% .11% .11% .11% .11%G 
Net investment income (loss) 1.28% 1.68% 1.84% 1.82% 1.86%G 
Supplemental Data      
Net assets, end of period (000 omitted) $1,868,457 $488,752 $206,094 $6,125 $558 
Portfolio turnover rateH 12% 10% 12% 15% 3%I 

 A For the period May 9, 2017 (commencement of operations) through October 31, 2017.

 B Calculated based on average shares outstanding during the period.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Annualized

 H Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 I Amount not annualized.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended October 31, 2021

1. Organization.

Fidelity U.S. Sustainability Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $428,951,409 
Gross unrealized depreciation (23,039,290) 
Net unrealized appreciation (depreciation) $405,912,119 
Tax Cost $1,464,754,766 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $13,662,473 
Undistributed long-term capital gain $2,210,555 
Net unrealized appreciation (depreciation) on securities and other investments $406,198,249 

The tax character of distributions paid was as follows:

 October 31, 2021 October 31, 2020 
Ordinary Income $5,983,382 $ 2,988,511 
Long-term Capital Gains – 303,916 
Total $5,983,382 $ 3,292,427 

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity U.S. Sustainability Index Fund 1,137,669,262 132,833,079 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .11% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period there were no interfund trades.

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

8. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity U.S. Sustainability Index Fund $1,385 $–(a) $– 

 (a) Amount less than $1.

9. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $15.

10. Other.

Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.

11. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity U.S. Sustainability Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity U.S. Sustainability Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the four years in the period ended October 31, 2021 and for the period May 9, 2017 (commencement of operations) to October 31, 2017 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the four years in the period ended October 31, 2021 and for the period May 9, 2017 (commencement of operations) to October 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 13, 2021



We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Jonathan Chiel, each of the Trustees oversees 286 funds. Mr. Chiel oversees 179 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees.  In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Vice Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank’s institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization’s equity and quantitative research groups. He began his career in 1983 as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jamie Pagliocco (1964)

Year of Election or Appointment: 2020

Vice President

Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer – Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2021 		Ending
Account Value
October 31, 2021 		Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 
Fidelity U.S. Sustainability Index Fund .11%    
Actual  $1,000.00 $1,141.40 $.59 
Hypothetical-C  $1,000.00 $1,024.65 $.56 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity U.S. Sustainability Index Fund voted to pay on December 6, 2021, to shareholders of record at the opening of business on December 3, 2021, a distribution of $.037 per share derived from capital gains realized from sales of portfolio securities and a dividend of $.172 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2021, $2,210,555, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 98% of the dividend distributed during the fiscal year as qualifying for the dividends–received deduction for corporate shareholders.

The fund designates 100% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 1% of the dividend distributed during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity U.S. Sustainability Index Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high-quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

Resources Dedicated to Investment Management and Support Services.  The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization, and that Fidelity's analysts have extensive resources, tools and capabilities that allow them to conduct sophisticated quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions that occur at Board meeting throughout the year with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to a fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and its benchmark index for the most recent one- and three-year periods. No performance peer group information was considered by the Board due to the fact that the peer group does not distinguish between passively-managed and actively-managed funds. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

The Board considered that effective August 1, 2019, the fund's management fee rate was increased from 0.08% to 0.11%, but the fund no longer paid operating expenses under separate agreements. The Board considered that the chart below reflects the fund's higher management fee rate for 2019, as if the higher fee rate were in effect for the entire year.

The Board noted that the fund's management fee rate ranked below the median of its Total Mapped Group and below the median of its ASPG for 2020.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of the fund's total expense ratio, the Board considered the fund's unitary fee rate. The Board also considered other expenses, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees, paid by FMR under the unitary fee arrangement. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the fund's total expense ratio ranked above the similar sales load structure group competitive median for 2020 and below the ASPG competitive median for 2020. The Board considered that the fund is one of three ESG funds in the similar sales load structure group. The Board noted that, when compared to a subset of the similar sales load structure group that FMR believes is most comparable, the fund is below the competitive median for 2020.

Fees Charged to Other Clients.  The Board also considered fee structures applicable to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board also considered information regarding the profitability of Geode's relationship with the fund.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the continued waiver of money market fund fees; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

USY-ANN-1221
1.9883815.104

Fidelity® International Sustainability Index Fund



Annual Report

October 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Life of fundA 
Fidelity® International Sustainability Index Fund 27.27% 8.76% 

 A From May 9, 2017

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® International Sustainability Index Fund on May 9, 2017, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the MSCI ACWI (All Country World Index) ex USA ESG Leaders Index performed over the same period.


Period Ending Values
$14,586Fidelity® International Sustainability Index Fund
$15,146MSCI ACWI (All Country World Index) ex USA ESG Leaders Index

Management's Discussion of Fund Performance

Market Recap:  The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.

Comments from the Geode Capital Management, LLC, passive equity index team:  For the fiscal year ending October 31, 2021, the fund gained 27.27%, roughly in line with the 28.39% advance of the benchmark, the MSCI ACWI EX USA ESG Leaders Index. (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) From a regional standpoint, Canada, Europe ex U.K., and Asia Pacific ex Japan notably contributed. By sector, financials gained 51% and contributed most, followed by information technology, which gained about 50%, and industrials, which advanced 34%. The health care sector rose 25%, boosted by the pharmaceuticals, biotechnology & life sciences industry (+27%). Elsewhere, energy gained 65% and materials advanced 28%. Other notable contributors included the consumer staples (+14%), real estate (+24%), consumer discretionary (+3%), and utilities (+8%) sectors. Turning to individual stocks, owning several semiconductor and semiconductor equipment names, including ASML Holding (+124%) and Taiwan Semiconductor (+42%), added value. It also helped to own pharmaceuticals, biotechnology & life sciences company Novo-Nordisk (+73%) in the fund. Conversely, the biggest individual detractor was Alibaba Group Holding from the retailing industry. Lastly, in media & entertainment, it hurt to own Tencent Holdings (-19%) and Nintendo (-16%).

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Top Ten Stocks as of October 31, 2021

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 3.5 
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) 2.3 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 2.3 
Alibaba Group Holding Ltd. (Cayman Islands, Internet & Direct Marketing Retail) 2.1 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 1.8 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) 1.3 
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) 1.2 
Shopify, Inc. Class A (Canada, IT Services) 1.1 
SAP SE (Germany, Software) 1.0 
Sony Group Corp. (Japan, Household Durables) 1.0 
 17.6 

Top Market Sectors as of October 31, 2021

 % of fund's net assets 
Financials 19.0 
Consumer Discretionary 13.0 
Information Technology 12.8 
Industrials 11.3 
Health Care 9.7 
Materials 8.1 
Consumer Staples 7.1 
Communication Services 6.5 
Energy 4.2 
Utilities 2.2 

Geographic Diversification (% of fund's net assets)

As of October 31, 2021 
   Japan 14.3% 
   Canada 7.9% 
   Cayman Islands 7.8% 
   United Kingdom 7.4% 
   France 6.2% 
   Taiwan 6.0% 
   Switzerland 5.5% 
   Germany 4.7% 
   Netherlands 4.5% 
   Other* 35.7% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of October 31, 2021

 % of fund's net assets 
Stocks and Equity Futures 99.2 
Short-Term Investments and Net Other Assets (Liabilities) 0.8 

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 95.4%   
 Shares Value 
Australia - 4.1%   
Afterpay Ltd. (a) 5,856 $542,496 
APA Group unit 32,831 202,516 
Aristocrat Leisure Ltd. 16,345 573,955 
ASX Ltd. 5,025 313,820 
Aurizon Holdings Ltd. 44,833 113,655 
AusNet Services 51,621 95,915 
Australia & New Zealand Banking Group Ltd. 76,551 1,620,456 
BlueScope Steel Ltd. 13,777 213,700 
Brambles Ltd. 39,579 298,924 
Cochlear Ltd. 1,792 297,160 
Coles Group Ltd. 36,247 467,353 
Commonwealth Bank of Australia 47,744 3,759,627 
Computershare Ltd. 14,155 199,758 
Dexus unit 29,828 243,902 
Evolution Mining Ltd. 49,947 136,389 
Fortescue Metals Group Ltd. 45,953 481,534 
Goodman Group unit 44,940 740,354 
Insurance Australia Group Ltd. 67,362 243,231 
Lendlease Group unit 16,403 129,068 
Macquarie Group Ltd. 9,267 1,370,126 
Mirvac Group unit 108,097 229,311 
Newcrest Mining Ltd. 22,265 416,879 
Northern Star Resources Ltd. 30,233 210,143 
Orica Ltd. 10,592 120,553 
QBE Insurance Group Ltd. 40,039 356,312 
Ramsay Health Care Ltd. 4,860 257,451 
REA Group Ltd. 1,384 166,724 
SEEK Ltd. 8,814 216,812 
Sonic Healthcare Ltd. 12,106 364,543 
Stockland Corp. Ltd. unit 66,308 226,955 
Sydney Airport unit (a) 34,692 213,735 
Telstra Corp. Ltd. 108,166 310,825 
The GPT Group unit 53,624 208,147 
Transurban Group unit 78,639 795,059 
Vicinity Centres unit 104,712 135,878 
Woodside Petroleum Ltd. 26,251 459,323 
TOTAL AUSTRALIA  16,732,589 
Austria - 0.2%   
Erste Group Bank AG 7,626 327,061 
OMV AG 4,062 246,053 
Voestalpine AG 2,840 107,815 
TOTAL AUSTRIA  680,929 
Bailiwick of Jersey - 0.4%   
Ferguson PLC 6,012 904,638 
Polymetal International PLC 9,824 183,018 
WPP PLC 33,088 478,279 
TOTAL BAILIWICK OF JERSEY  1,565,935 
Belgium - 0.4%   
Colruyt NV 1,320 64,760 
KBC Groep NV 6,772 630,658 
Solvay SA Class A 2,150 255,499 
UCB SA 3,481 414,878 
Umicore SA 5,409 310,014 
TOTAL BELGIUM  1,675,809 
Bermuda - 0.2%   
Alibaba Health Information Technology Ltd. (a) 112,000 141,502 
Beijing Enterprises Water Group Ltd. 124,000 47,334 
China Gas Holdings Ltd. 84,200 210,595 
China Resource Gas Group Ltd. 24,000 128,938 
HengTen Networks Group Ltd. (a) 52,000 17,845 
Hopson Development Holdings Ltd. 18,590 50,773 
Shenzhen International Holdings Ltd. 36,500 44,051 
TOTAL BERMUDA  641,038 
Brazil - 0.6%   
Americanas SA (a) 10,000 52,624 
Atacadao SA 17,100 50,417 
B3 SA - Brasil Bolsa Balcao 169,400 357,481 
Banco Bradesco SA 53,100 159,945 
Banco do Brasil SA 16,900 85,341 
Banco Santander SA (Brasil) unit 8,200 49,981 
CCR SA 38,300 77,566 
Cosan SA 29,744 104,297 
CPFL Energia SA 6,100 28,437 
Energisa SA unit 6,400 44,929 
Equatorial Energia SA 24,400 98,918 
Klabin SA unit 21,400 86,983 
Localiza Rent A Car SA 17,100 137,253 
Lojas Renner SA 21,423 122,340 
Natura & Co. Holding SA (a) 25,413 175,160 
Notre Dame Intermedica Participacoes SA 14,493 164,811 
Rede D'Oregon Sao Luiz SA (b) 11,100 116,039 
Rumo SA (a) 38,500 109,078 
Telefonica Brasil SA 10,200 82,268 
TIM SA 29,300 58,249 
Ultrapar Participacoes SA 14,400 33,297 
Ultrapar Participacoes SA rights 11/3/21 (a)(c) 1,218 2 
Via S/A (a) 35,700 38,902 
Weg SA 46,280 303,406 
TOTAL BRAZIL  2,537,724 
Canada - 7.6%   
Agnico Eagle Mines Ltd. (Canada) 6,632 352,017 
Algonquin Power & Utilities Corp. 17,104 246,554 
Alimentation Couche-Tard, Inc. Class B (sub. vtg.) 22,342 838,006 
B2Gold Corp. 25,492 105,255 
Ballard Power Systems, Inc. (a) 6,659 120,686 
Bank of Montreal 17,429 1,892,320 
Bank of Nova Scotia 32,774 2,148,741 
Brookfield Asset Management, Inc. (Canada) Class A 34,575 2,087,463 
CAE, Inc. (a) 7,937 240,688 
Cameco Corp. 10,817 262,821 
Canadian Apartment Properties (REIT) unit 2,254 110,059 
Canadian Imperial Bank of Commerce 12,102 1,468,453 
Canadian National Railway Co. 19,144 2,544,283 
Canadian Tire Ltd. Class A (non-vtg.) 1,578 224,128 
Enbridge, Inc. 54,553 2,285,090 
FirstService Corp. 1,032 205,833 
Fortis, Inc. 12,252 545,380 
Franco-Nevada Corp. 5,159 736,125 
Gildan Activewear, Inc. 5,353 196,628 
Hydro One Ltd. (b) 8,473 202,446 
Intact Financial Corp. 4,726 633,557 
Inter Pipeline Ltd. 2,869 43,675 
Keyera Corp. 5,792 148,450 
Kinross Gold Corp. 35,296 212,187 
Loblaw Companies Ltd. 4,477 336,716 
Lundin Mining Corp. 16,702 145,346 
Magna International, Inc. Class A (sub. vtg.) 7,803 634,719 
Manulife Financial Corp. 52,693 1,026,526 
Metro, Inc. 6,809 342,596 
National Bank of Canada 9,119 754,955 
Nutrien Ltd. 15,393 1,075,868 
Parkland Corp. 4,081 118,743 
Pembina Pipeline Corp. 14,987 496,136 
Ritchie Bros. Auctioneers, Inc. 3,052 208,604 
Rogers Communications, Inc. Class B (non-vtg.) 9,706 451,420 
Shopify, Inc. Class A (a) 3,035 4,431,404 
Sun Life Financial, Inc. 15,790 899,862 
TELUS Corp. 12,663 290,484 
Thomson Reuters Corp. 4,673 562,112 
TMX Group Ltd. 1,582 171,277 
Toromont Industries Ltd. 2,151 191,376 
Wheaton Precious Metals Corp. 12,226 493,545 
WSP Global, Inc. 3,149 426,906 
TOTAL CANADA  30,909,440 
Cayman Islands - 7.8%   
3SBio, Inc. (a)(b) 37,000 33,859 
51job, Inc. sponsored ADR (a) 773 46,040 
AAC Technology Holdings, Inc. 17,500 75,639 
Abu Dhabi Islamic Bank 38,739 61,592 
Alibaba Group Holding Ltd. (a) 408,900 8,408,071 
Baozun, Inc. sponsored ADR (a) 1,402 24,255 
Chailease Holding Co. Ltd. 35,297 337,188 
China Aoyuan Group Ltd. 8,000 3,157 
China Conch Venture Holdings Ltd. 45,000 219,780 
China East Education Holdings Ltd. (b) 7,000 6,667 
China Education Group Holdings Ltd. 24,000 41,211 
China Feihe Ltd. (b) 98,000 163,239 
China Liansu Group Holdings Ltd. 27,000 41,920 
China Medical System Holdings Ltd. 34,000 57,945 
China Mengniu Dairy Co. Ltd. 85,000 541,321 
CIFI Ever Sunshine Services Group Ltd. 22,000 39,925 
CIFI Holdings Group Co. Ltd. 100,000 55,523 
Country Garden Services Holdings Co. Ltd. 42,000 326,586 
Dali Foods Group Co. Ltd. (b) 62,000 34,504 
ENN Energy Holdings Ltd. 21,400 370,488 
ESR Cayman Ltd. (a)(b) 54,800 177,842 
Geely Automobile Holdings Ltd. 160,000 556,262 
Genscript Biotech Corp. (a) 30,000 133,218 
Greentown Service Group Co. Ltd. 42,000 41,727 
Hansoh Pharmaceutical Group Co. Ltd. (b) 28,000 62,546 
Hutchison China Meditech Ltd. sponsored ADR (a) 2,342 68,902 
Jinxin Fertility Group Ltd. (a)(b) 31,500 44,615 
Kaisa Group Holdings Ltd. 50,000 7,712 
Kingdee International Software Group Co. Ltd. (a) 71,000 234,522 
KWG Group Holdings Ltd. 42,500 37,144 
Lee & Man Paper Manufacturing Ltd. 39,000 29,273 
Legend Biotech Corp. ADR (a) 2 105 
Li Ning Co. Ltd. 60,500 672,611 
Logan Property Holdings Co. Ltd. 45,000 45,171 
Longfor Properties Co. Ltd. (b) 50,000 242,915 
Meituan Class B (a)(b) 108,600 3,695,510 
Microport Scientific Corp. 17,500 82,546 
Minth Group Ltd. 22,000 87,938 
NIO, Inc. sponsored ADR (a) 36,752 1,448,396 
Shenzhou International Group Holdings Ltd. 22,400 482,590 
Shimao Property Holdings Ltd. 28,500 44,835 
Sino Biopharmaceutical Ltd. 261,750 193,777 
Tencent Holdings Ltd. 155,000 9,428,618 
Tongcheng-Elong Holdings Ltd. (a) 28,800 64,481 
Topsports International Holdings Ltd. (b) 45,000 54,714 
Uni-President China Holdings Ltd. 38,000 32,430 
Vinda International Holdings Ltd. (d) 11,000 30,326 
Vipshop Holdings Ltd. ADR (a) 11,250 125,550 
Want Want China Holdings Ltd. 134,000 103,852 
Wuxi Biologics (Cayman), Inc. (a)(b) 97,000 1,469,256 
Xinyi Solar Holdings Ltd. 131,494 275,139 
XPeng, Inc. ADR (a) 10,447 487,144 
Yadea Group Holdings Ltd. (b) 34,000 58,557 
Zhenro Properties Group Ltd. 40,000 19,022 
Zhongsheng Group Holdings Ltd. Class H 16,000 144,669 
TOTAL CAYMAN ISLANDS  31,572,825 
Chile - 0.1%   
Cencosud Shopping SA 18,432 17,839 
Empresas CMPC SA 23,300 42,991 
Empresas COPEC SA 11,558 90,930 
Enel Americas SA 627,313 71,329 
Falabella SA 16,393 45,332 
TOTAL CHILE  268,421 
China - 2.1%   
360 Security Technology, Inc. (A Shares) (a) 13,500 25,374 
A-Living Smart City Services C (H Shares) (b) 15,250 51,157 
Air China Ltd.:   
(A Shares) (a) 23,600 31,352 
(H Shares) (a) 26,000 18,346 
Angel Yeast Co. Ltd. (A Shares) 1,100 9,553 
BBMG Corp. (A Shares) 23,600 10,353 
Beijing Capital International Airport Co. Ltd. (H Shares) (a) 56,000 36,347 
By-Health Co. Ltd. (A Shares) 2,300 9,149 
BYD Co. Ltd.:   
(A Shares) 1,100 53,458 
(H Shares) 22,500 860,571 
CanSino Biologics, Inc.:   
(A Shares) (a) 274 11,716 
(H Shares) (a)(b) 1,800 46,362 
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (A Shares) 400 14,278 
China Communications Services Corp. Ltd. (H Shares) 70,000 38,686 
China Construction Bank Corp.:   
(A Shares) 90,200 83,501 
(H Shares) 2,393,000 1,628,630 
China Eastern Airlines Corp. Ltd.:   
(A Shares) (a) 10,900 8,219 
(H Shares) (a) 6,000 2,360 
China International Travel Service Corp. Ltd. (A Shares) 3,100 129,919 
China Jushi Co. Ltd. (A Shares) 5,457 16,305 
China Merchants Bank Co. Ltd. (H Shares) 105,500 888,828 
China Merchants Property Operation & Service Co. Ltd. (A Shares) 1,100 2,318 
China Merchants Shekou Industrial Zone Holdings Co. Ltd. (A Shares) 10,000 16,282 
China Molybdenum Co. Ltd.:   
(A Shares) 20,600 19,263 
(H Shares) 105,000 65,182 
China National Medicines Corp. Ltd. (A Shares) 2,500 11,903 
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares) 1,300 4,897 
China Southern Airlines Ltd. (A Shares) (a) 47,700 48,849 
China Vanke Co. Ltd.:   
(A Shares) 4,300 12,224 
(H Shares) 55,400 129,733 
Chongqing Changan Automobile Co. Ltd. (A Shares) 8,400 25,571 
Contemporary Amperex Technology Co. Ltd. 3,600 359,239 
Dongfeng Motor Group Co. Ltd. (H Shares) 82,000 76,620 
ENN Natural Gas Co. Ltd. (A Shares) 4,000 11,496 
Eve Energy Co. Ltd. (A shares) 2,540 44,985 
Fu Jian Anjoy Foods Co. Ltd. (A Shares) 500 15,817 
Fuyao Glass Industries Group Co. Ltd.:   
(A Shares) 6,000 46,271 
(H Shares) (b) 10,800 62,325 
Ganfeng Lithium Co. Ltd. (A Shares) 1,300 33,973 
GEM Co. Ltd. (A Shares) 8,600 14,634 
GoerTek, Inc. (A Shares) 4,600 31,266 
Gotion High-tech Co. Ltd. (A Shares) (a) 1,800 16,551 
Great Wall Motor Co. Ltd.:   
(A Shares) 3,900 41,400 
(H Shares) 79,500 358,647 
Greenland Holdings Corp. Ltd. (A Shares) 21,695 13,920 
Guangdong Xinbao Electrical Appliances Holdings Co. Ltd. 1,100 3,852 
Guangzhou Automobile Group Co. Ltd. (H Shares) 84,000 79,460 
Guangzhou Baiyunshan Pharma Health (A Shares) 3,600 16,365 
Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares) 600 10,724 
Guangzhou R&F Properties Co. Ltd. (H Shares) (d) 40,800 25,590 
Hangzhou Robam Appliances Co. Ltd. (A Shares) 2,100 10,271 
Huaxia Bank Co. Ltd. (A Shares) 23,900 21,006 
Industrial Bank Co. Ltd. (A Shares) 33,600 97,720 
Inner Mongoli Yili Industries Co. Ltd. (A Shares) 8,200 55,044 
Jafron Biomedical Co. Ltd. (A Shares) 1,100 8,875 
Jiangsu Zhongtian Technology Co. Ltd. (A Shares) 3,900 6,155 
Jinke Properties Group Co. Ltd. (A Shares) 7,300 5,060 
Joyoung Co. Ltd. (A Shares) 1,100 4,010 
Kuang-Chi Technologies Co. Ltd. (A Shares) (a) 4,000 12,801 
Liaoning Chengda Co. Ltd. (A Shares) 1,900 6,036 
Mingyang Smart Energy Group Ltd. 3,900 18,868 
NARI Technology Co. Ltd. (A Shares) 7,680 46,674 
Offshore Oil Enginering Co. Ltd. (A Shares) 4,100 2,976 
Ovctek China, Inc. (A Shares) 1,640 17,509 
Pharmaron Beijing Co. Ltd.:   
(A Shares) 1,800 53,769 
(H Shares) (b) 2,600 56,642 
Ping An Insurance Group Co. of China Ltd.:   
(A Shares) 21,100 163,279 
(H Shares) 168,500 1,206,921 
Poly Developments & Holdings (A Shares) 16,000 31,372 
Poly Property Development Co. Ltd. (H Shares) 3,000 16,850 
Shandong Weigao Medical Polymer Co. Ltd. (H Shares) 68,000 115,890 
Shanghai Electric Group Co. Ltd. (A Shares) 13,400 9,936 
Shanghai Fosun Pharmaceutical (Group) Co. Ltd.:   
(A Shares) 3,700 28,880 
(H Shares) 12,500 58,962 
Shanghai M&G Stationery, Inc. (A Shares) 1,200 11,896 
Shanghai Pharmaceuticals Holding Co. Ltd.:   
(A Shares) 1,900 5,532 
(H Shares) 22,600 41,421 
Shenzhen Inovance Technology Co. Ltd. (A Shares) 3,600 36,659 
Shenzhen Overseas Chinese Town Co. Ltd. (A Shares) 11,500 11,238 
Sichuan Chuantou Energy Co. Ltd. (A Shares) 8,700 17,778 
Sinotrans Ltd. 5,400 3,810 
SKSHU Paint Co. Ltd. (A Shares) 420 7,308 
Sungrow Power Supply Co. Ltd. (A Shares) 2,000 51,235 
Suning.com Co. Ltd. (A Shares) (a) 18,200 12,700 
TCL Technology Group Corp. (A Shares) 19,100 18,069 
Topchoice Medical Corp. (a) 400 14,890 
Transfar Zhilian Co. Ltd. 4,400 5,626 
Unisplendour Corp. Ltd. (A Shares) 5,200 22,502 
Weifu High-Technology Group Co. Ltd. (A Shares) 800 2,427 
Wuchan Zhongda Group Co. Ltd. 9,200 9,005 
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd. (A Shares) 2,900 10,775 
WuXi AppTec Co. Ltd. 3,576 77,044 
WuXi AppTec Co. Ltd. (H Shares) (b) 9,480 202,625 
Xiamen Intretech, Inc. 800 3,849 
Xinjiang Goldwind Science & Technology Co. Ltd. (H Shares) (d) 30,418 68,182 
Yantai Jereh Oilfield Services (A Shares) 1,300 8,582 
Yunnan Baiyao Group Co. Ltd. (A Shares) 1,800 25,177 
Yutong Bus Co. Ltd. 3,000 5,311 
Zhejiang Chint Electric Co. Ltd. (A Shares) 2,700 25,391 
Zhejiang Expressway Co. Ltd. (H Shares) 48,000 42,630 
Zhejiang Huayou Cobalt Co. Ltd. (A Shares) 1,660 28,778 
Zhejiang Jiuzhou Pharmaceutical Co. Ltd. (A Shares) 1,200 9,805 
Zhejiang Weixing New Building Materials Co. Ltd. (A Shares) 2,100 5,901 
Zoomlion Heavy Industry Science and Technology Co. Ltd.:   
(A Shares) 1,600 1,821 
(H Shares) 47,600 34,382 
TOTAL CHINA  8,451,676 
Colombia - 0.0%   
Bancolombia SA 494 4,418 
Czech Republic - 0.0%   
Komercni Banka A/S 1,994 77,367 
MONETA Money Bank A/S (a)(b) 8,475 33,131 
TOTAL CZECH REPUBLIC  110,498 
Denmark - 2.4%   
Ambu A/S Series B 4,561 129,919 
Chr. Hansen Holding A/S 2,733 217,451 
Coloplast A/S Series B 3,188 519,691 
Demant A/S (a) 2,824 136,790 
Genmab A/S (a) 1,774 795,061 
GN Store Nord A/S 3,388 205,597 
Novo Nordisk A/S Series B 45,326 4,970,219 
Novozymes A/S Series B 5,585 410,695 
ORSTED A/S (b) 5,114 721,602 
Pandora A/S 2,697 376,616 
Tryg A/S 9,634 228,386 
Vestas Wind Systems A/S 27,259 1,178,894 
TOTAL DENMARK  9,890,921 
Egypt - 0.0%   
Commercial International Bank SAE (a) 35,749 116,076 
Commercial International Bank SAE sponsored GDR 9,380 29,078 
TOTAL EGYPT  145,154 
Finland - 0.8%   
Elisa Corp. (A Shares) 3,992 240,798 
Kesko Oyj 7,078 229,837 
Neste Oyj 11,481 639,579 
Nordea Bank ABP 87,562 1,071,176 
Orion Oyj (B Shares) 2,729 118,081 
Stora Enso Oyj (R Shares) 16,350 271,791 
UPM-Kymmene Corp. 14,618 515,739 
Wartsila Corp. 11,161 154,761 
TOTAL FINLAND  3,241,762 
France - 6.2%   
Accor SA (a) 4,280 152,933 
Air Liquide SA 12,807 2,138,229 
Alstom SA 8,661 308,659 
Amundi SA (b) 1,754 156,228 
Atos Origin SA 2,278 118,449 
AXA SA 52,195 1,518,509 
BNP Paribas SA 30,439 2,037,502 
Bouygues SA 6,347 256,800 
Bureau Veritas SA 7,435 236,015 
Carrefour SA 17,343 313,859 
CNP Assurances 3,447 86,309 
Compagnie Generale des Etablissements Michelin SCA Series B 4,607 724,301 
Covivio 1,388 120,019 
Danone SA 17,626 1,148,965 
Eiffage SA 2,418 248,662 
EssilorLuxottica SA 7,658 1,583,739 
Eurazeo SA 1,028 96,317 
Gecina SA 1,308 183,033 
Kering SA 2,022 1,517,582 
Klepierre SA 5,913 140,536 
L'Oreal SA 6,798 3,109,778 
Orange SA 47,933 522,707 
Publicis Groupe SA 6,087 407,699 
Schneider Electric SA 14,553 2,509,202 
SEB SA 667 104,323 
Societe Generale Series A 22,113 738,662 
Teleperformance 1,587 662,464 
Total SA 67,238 3,366,941 
Valeo SA 6,426 188,163 
Vivendi SA 19,591 252,177 
Wendel SA 694 92,341 
TOTAL FRANCE  25,041,103 
Germany - 4.6%   
adidas AG 5,134 1,681,358 
Allianz SE 11,119 2,585,494 
BASF AG 24,950 1,795,743 
Bayerische Motoren Werke AG (BMW) 8,225 829,487 
Beiersdorf AG 2,795 296,931 
Brenntag SE 3,957 376,190 
Commerzbank AG (a) 28,255 206,298 
Delivery Hero AG (a)(b) 4,395 546,421 
Deutsche Borse AG 5,143 853,746 
Deutsche Post AG 26,766 1,655,989 
HeidelbergCement AG 4,176 314,473 
Henkel AG & Co. KGaA 2,798 233,207 
Lanxess AG 2,426 163,388 
Merck KGaA 3,499 825,957 
MTU Aero Engines AG 1,451 322,639 
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 3,802 1,126,028 
Puma AG 2,712 336,393 
SAP SE 28,135 4,074,262 
Symrise AG 3,532 488,122 
Telefonica Deutschland Holding AG 24,667 64,244 
TOTAL GERMANY  18,776,370 
Greece - 0.0%   
EFG Eurobank Ergasias SA (a) 70,569 73,697 
Hellenic Telecommunications Organization SA 6,486 114,717 
TOTAL GREECE  188,414 
Hong Kong - 1.2%   
BOC Hong Kong (Holdings) Ltd. 86,500 274,603 
China Everbright International Ltd. 98,962 68,048 
China Jinmao Holdings Group Ltd. 172,000 50,403 
China Overseas Land and Investment Ltd. 99,000 218,346 
China Resources Pharmaceutical Group Ltd. (b) 80,000 38,558 
CITIC Pacific Ltd. 162,000 162,406 
CSPC Pharmaceutical Group Ltd. 245,280 256,613 
Fosun International Ltd. 70,500 82,909 
Ganfeng Lithium Co. Ltd. (H Shares) (b) 7,600 142,515 
Hang Seng Bank Ltd. 21,000 399,460 
Hong Kong & China Gas Co. Ltd. 305,356 474,380 
Hong Kong Exchanges and Clearing Ltd. 32,462 1,964,284 
Lenovo Group Ltd. 190,000 206,334 
MTR Corp. Ltd. 43,048 234,591 
Shenzhen Investment Ltd. 53,284 13,080 
Sinotruk Hong Kong Ltd. 22,000 30,368 
Swire Pacific Ltd. (A Shares) 11,500 72,351 
Swire Properties Ltd. 29,400 78,785 
TOTAL HONG KONG  4,768,034 
Hungary - 0.1%   
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) 9,442 80,686 
OTP Bank PLC (a) 6,038 362,638 
TOTAL HUNGARY  443,324 
India - 3.5%   
Adani Green Energy Ltd. (a) 10,596 162,972 
Adani Total Gas Ltd. (a) 7,377 141,669 
Asian Paints Ltd. 10,363 428,608 
Axis Bank Ltd. (a) 61,249 606,321 
Bajaj Auto Ltd. 1,697 83,933 
Bandhan Bank Ltd. (b) 17,170 66,763 
Berger Paints India Ltd. 6,384 63,154 
Bharat Petroleum Corp. Ltd. 24,296 135,394 
Biocon Ltd. (a) 12,008 56,247 
Britannia Industries Ltd. 2,945 144,421 
Colgate-Palmolive Ltd. 3,240 66,680 
Dabur India Ltd. 16,300 127,401 
DLF Ltd. 16,556 88,042 
Eicher Motors Ltd. 3,833 127,066 
Grasim Industries Ltd. 7,085 162,684 
Havells India Ltd. 6,821 114,930 
HCL Technologies Ltd. 29,368 448,131 
Hero Motocorp Ltd. 3,630 128,681 
Hindalco Industries Ltd. 41,093 252,079 
Hindustan Unilever Ltd. 22,189 708,446 
Housing Development Finance Corp. Ltd. 46,124 1,750,503 
Info Edge India Ltd. 2,091 169,482 
Infosys Ltd. 91,757 2,051,392 
Lupin Ltd. 6,440 79,294 
Mahindra & Mahindra Ltd. 23,942 282,446 
Marico Ltd. 13,618 103,277 
Motherson Sumi Systems Ltd. 34,597 103,138 
Nestle India Ltd. 912 231,181 
PI Industries Ltd. 2,209 88,412 
Pidilite Industries Ltd. 4,085 126,092 
Piramal Enterprises Ltd. 2,761 95,837 
Reliance Industries Ltd. 76,836 2,599,897 
Shree Cement Ltd. 295 112,700 
Siemens India Ltd. 1,628 47,493 
State Bank of India 48,018 321,690 
Tata Consultancy Services Ltd. 24,898 1,128,640 
Titan Co. Ltd. 9,511 302,447 
Trent Ltd. 4,840 64,775 
UPL Ltd. (a) 12,912 127,509 
Wipro Ltd. 36,835 318,661 
TOTAL INDIA  14,218,488 
Indonesia - 0.3%   
PT Aneka Tambang Tbk 225,700 37,278 
PT Bank Central Asia Tbk 1,498,000 790,369 
PT Barito Pacific Tbk 797,600 52,639 
PT Indah Kiat Pulp & Paper Tbk 59,200 35,413 
PT Kalbe Farma Tbk 605,200 68,348 
PT Merdeka Copper Gold Tbk (a) 300,100 66,936 
PT Tower Bersama Infrastructure Tbk 222,800 46,235 
PT Unilever Indonesia Tbk 183,700 57,311 
TOTAL INDONESIA  1,154,529 
Ireland - 0.6%   
CRH PLC 21,145 1,011,869 
DCC PLC (United Kingdom) 2,507 209,494 
Kerry Group PLC Class A 4,287 575,365 
Kingspan Group PLC (Ireland) 4,200 483,772 
TOTAL IRELAND  2,280,500 
Isle of Man - 0.0%   
NEPI Rockcastle PLC 10,311 69,123 
Israel - 0.2%   
Bank Hapoalim BM (Reg.) 31,264 307,270 
Bank Leumi le-Israel BM 39,551 377,093 
CyberArk Software Ltd. (a) 1,077 193,978 
TOTAL ISRAEL  878,341 
Italy - 1.0%   
Amplifon SpA 3,251 165,171 
Assicurazioni Generali SpA 29,813 649,643 
Enel SpA 219,921 1,841,132 
Intesa Sanpaolo SpA 450,643 1,280,808 
TOTAL ITALY  3,936,754 
Japan - 14.3%   
AEON Co. Ltd. 17,800 409,483 
Ajinomoto Co., Inc. 12,500 374,259 
Ana Holdings, Inc. (a) 3,900 90,874 
Asahi Kasei Corp. 34,400 361,384 
Astellas Pharma, Inc. 50,200 846,311 
Azbil Corp. 3,400 144,952 
Bridgestone Corp. 15,400 681,285 
Capcom Co. Ltd. 4,900 131,886 
Casio Computer Co. Ltd. 4,800 67,925 
Central Japan Railway Co. 3,900 578,529 
Chugai Pharmaceutical Co. Ltd. 18,200 680,487 
CyberAgent, Inc. 11,000 184,311 
Dai Nippon Printing Co. Ltd. 6,000 148,650 
Dai-ichi Mutual Life Insurance Co. 27,500 578,560 
Daifuku Co. Ltd. 2,800 257,767 
Daikin Industries Ltd. 6,700 1,467,399 
Daiwa House Industry Co. Ltd. 15,300 504,750 
DENSO Corp. 11,700 848,194 
East Japan Railway Co. 8,200 510,749 
Eisai Co. Ltd. 6,400 453,480 
ENEOS Holdings, Inc. 84,200 339,516 
Fast Retailing Co. Ltd. 1,600 1,062,108 
FUJIFILM Holdings Corp. 9,700 749,591 
Fujitsu Ltd. 5,300 915,998 
Hankyu Hanshin Holdings, Inc. 6,400 198,436 
Hikari Tsushin, Inc. 600 92,492 
Hirose Electric Co. Ltd. 900 150,508 
Hitachi Construction Machinery Co. Ltd. 3,100 98,908 
Hitachi Metals Ltd. (a) 5,400 102,226 
Hoshizaki Corp. 1,500 126,136 
Hoya Corp. 9,900 1,457,365 
Hulic Co. Ltd. 10,200 98,078 
Ibiden Co. Ltd. 2,800 168,241 
INPEX Corp. 28,100 234,335 
Isuzu Motors Ltd. 15,800 212,554 
Itochu Corp. 32,100 915,520 
JFE Holdings, Inc. 13,300 203,230 
JSR Corp. 5,600 203,110 
Kajima Corp. 12,600 155,141 
Kansai Paint Co. Ltd. 4,400 101,886 
Kao Corp. 13,100 741,042 
KDDI Corp. 43,400 1,327,172 
Keio Corp. 2,200 111,051 
Kikkoman Corp. 3,900 318,981 
Kobayashi Pharmaceutical Co. Ltd. 1,200 96,079 
Komatsu Ltd. 23,800 623,353 
Kubota Corp. 28,000 596,484 
Kurita Water Industries Ltd. 2,700 133,357 
Kyowa Hakko Kirin Co., Ltd. 7,300 240,083 
Lawson, Inc. 1,100 53,196 
LIXIL Group Corp. 7,300 187,536 
Marubeni Corp. 42,700 362,323 
Mazda Motor Corp. (a) 16,000 143,908 
Mercari, Inc. (a) 2,800 151,506 
Mitsubishi Chemical Holdings Corp. 35,200 291,366 
Mitsubishi Estate Co. Ltd. 32,100 487,823 
Mitsui Chemicals, Inc. 5,100 151,643 
Mitsui Fudosan Co. Ltd. 24,800 567,023 
Miura Co. Ltd. 2,000 76,931 
Mizuho Financial Group, Inc. 65,490 864,336 
MS&AD Insurance Group Holdings, Inc. 12,000 387,688 
Murata Manufacturing Co. Ltd. 15,500 1,149,768 
Nabtesco Corp. 2,900 94,115 
NEC Corp. 6,700 343,054 
Nintendo Co. Ltd. 2,999 1,324,529 
Nippon Building Fund, Inc. 40 259,878 
Nippon Express Co. Ltd. 2,100 131,448 
Nippon Paint Holdings Co. Ltd. 19,400 207,577 
Nippon Yusen KK 4,400 317,052 
Nissin Food Holdings Co. Ltd. 1,700 129,948 
Nitori Holdings Co. Ltd. 2,200 404,163 
Nitto Denko Corp. 3,900 304,747 
Nomura Holdings, Inc. 83,900 399,575 
Nomura Real Estate Holdings, Inc. 3,100 75,576 
Nomura Real Estate Master Fund, Inc. 109 163,224 
Nomura Research Institute Ltd. 9,100 364,310 
NSK Ltd. 8,800 59,131 
NTT Data Corp. 16,400 328,998 
Obayashi Corp. 18,500 156,181 
Odakyu Electric Railway Co. Ltd. 7,200 156,092 
OMRON Corp. 5,000 478,173 
Oriental Land Co. Ltd. 5,400 852,875 
ORIX Corp. 32,900 653,931 
ORIX JREIT, Inc. 67 111,160 
Osaka Gas Co. Ltd. 10,500 169,239 
Otsuka Corp. 3,000 147,770 
Pan Pacific International Holdings Ltd. 11,200 235,165 
Panasonic Corp. 59,800 739,489 
Recruit Holdings Co. Ltd. 36,500 2,427,944 
Resona Holdings, Inc. 52,200 196,095 
ROHM Co. Ltd. 2,400 219,450 
SCSK Corp. 4,200 84,996 
Secom Co. Ltd. 5,200 354,497 
Sekisui Chemical Co. Ltd. 10,700 175,787 
Sekisui House Ltd. 16,900 351,364 
Seven & i Holdings Co. Ltd. 20,300 852,291 
SG Holdings Co. Ltd. 8,700 218,466 
Sharp Corp. 4,600 54,258 
Shimadzu Corp. 6,400 260,014 
SHIMIZU Corp. 13,500 98,912 
Shin-Etsu Chemical Co. Ltd. 9,500 1,694,164 
Shionogi & Co. Ltd. 7,200 469,442 
Shiseido Co. Ltd. 10,800 720,651 
SoftBank Corp. 77,300 1,055,120 
Sohgo Security Services Co., Ltd. 1,900 81,289 
Sompo Holdings, Inc. 8,500 368,618 
Sony Group Corp. 33,900 3,925,497 
Stanley Electric Co. Ltd. 2,900 73,095 
Sumitomo Chemical Co. Ltd. 41,300 203,457 
Sumitomo Metal Mining Co. Ltd. 6,700 259,908 
Sumitomo Mitsui Trust Holdings, Inc. 9,200 302,623 
Suntory Beverage & Food Ltd. 3,700 143,569 
Sysmex Corp. 4,500 557,959 
T&D Holdings, Inc. 14,800 189,820 
Taisei Corp. 4,400 138,068 
Takeda Pharmaceutical Co. Ltd. 42,700 1,198,411 
TDK Corp. 10,700 388,977 
Terumo Corp. 17,400 767,615 
Tobu Railway Co. Ltd. 5,400 134,447 
Toho Gas Co. Ltd. 1,600 47,396 
Tokyo Century Corp. 1,100 62,981 
Tokyo Electron Ltd. 4,000 1,864,132 
Tokyo Gas Co. Ltd. 8,900 154,441 
Tokyu Corp. 13,100 184,687 
Toray Industries, Inc. 33,200 206,886 
Toto Ltd. 3,900 188,426 
Toyo Suisan Kaisha Ltd. 2,400 103,414 
Unicharm Corp. 10,900 440,827 
USS Co. Ltd. 4,800 77,368 
West Japan Railway Co. 5,900 278,513 
Yakult Honsha Co. Ltd. 3,500 176,849 
Yamada Holdings Co. Ltd. 20,100 76,808 
Yamaha Corp. 3,600 227,441 
Yamaha Motor Co. Ltd. 7,800 217,416 
Yaskawa Electric Corp. 6,600 285,860 
Yokogawa Electric Corp. 6,400 127,886 
Z Holdings Corp. 72,500 450,082 
ZOZO, Inc. 3,400 109,135 
TOTAL JAPAN  57,824,015 
Korea (South) - 2.1%   
AMOREPACIFIC Corp. 769 119,052 
AMOREPACIFIC Group, Inc. 884 37,432 
BGF Retail Co. Ltd. 173 23,910 
Celltrion Healthcare Co. Ltd. 2,307 159,592 
CJ CheilJedang Corp. 219 70,811 
CJ Corp. 465 38,034 
CJ Logistics Corp. (a) 296 35,806 
Coway Co. Ltd. 1,550 104,559 
Doosan Bobcat, Inc. (a) 1,486 48,318 
Fila Holdings Corp. 1,362 43,172 
GS Engineering & Construction Corp. 1,715 60,543 
GS Holdings Corp. 1,446 52,098 
Hankook Tire Co. Ltd. 1,764 62,181 
Hanon Systems 4,971 61,266 
Hanwha Solutions Corp. (a) 3,315 115,703 
Hyundai Engineering & Construction Co. Ltd. 2,131 91,651 
Hyundai Glovis Co. Ltd. 508 72,782 
Hyundai Heavy Industries Holdi 1,254 67,637 
Kakao Corp. 8,382 897,151 
KB Financial Group, Inc. 10,773 518,782 
Korean Air Lines Co. Ltd. (a) 4,863 126,141 
LG Chemical Ltd. 1,109 791,690 
LG Corp. 2,371 184,409 
LG Display Co. Ltd. (a) 6,732 113,190 
LG Electronics, Inc. 2,918 300,331 
LG Household & Health Care Ltd. 241 239,977 
Lotte Chemical Corp. 422 80,752 
NAVER Corp. 3,325 1,150,120 
POSCO Chemtech Co. Ltd. 797 98,928 
Samsung Electro-Mechanics Co. Ltd. 1,472 199,439 
Samsung Engineering Co. Ltd. (a) 4,037 85,423 
Samsung Fire & Marine Insurance Co. Ltd. 802 158,160 
Samsung SDI Co. Ltd. 1,484 931,499 
Samsung SDS Co. Ltd. 858 112,200 
Shinhan Financial Group Co. Ltd. 12,092 392,743 
SK Biopharmaceuticals Co. Ltd. (a) 830 66,859 
SK Innovation Co., Ltd. (a) 1,382 286,739 
SK Telecom Co. Ltd. (c) 252 66,402 
SK, Inc. 825 171,285 
SKC Co. Ltd. 575 87,949 
Yuhan Corp. 1,349 68,852 
TOTAL KOREA (SOUTH)  8,393,568 
Kuwait - 0.1%   
Kuwait Finance House KSCP 123,137 339,857 
Luxembourg - 0.1%   
Adecoagro SA (a)(d) 2,912 25,509 
Globant SA (a) 1,069 341,214 
Tenaris SA 11,411 127,076 
TOTAL LUXEMBOURG  493,799 
Malaysia - 0.6%   
AMMB Holdings Bhd (a) 61,600 49,982 
Axiata Group Bhd 65,604 62,578 
CIMB Group Holdings Bhd 186,258 234,790 
Dialog Group Bhd 113,800 77,772 
DiGi.com Bhd 84,800 86,623 
Fraser & Neave Holdings Bhd 4,600 30,059 
Hap Seng Consolidated Bhd 21,700 41,084 
Hartalega Holdings Bhd 37,100 52,501 
IHH Healthcare Bhd 47,600 75,176 
Kossan Rubber Industries Bhd 13,000 7,409 
Kuala Lumpur Kepong Bhd 12,900 67,350 
Malayan Banking Bhd 103,015 200,259 
Malaysia Airports Holdings Bhd (a) 28,200 44,128 
Maxis Bhd 74,600 84,130 
MISC Bhd 34,400 58,732 
Nestle (Malaysia) Bhd 1,600 51,968 
Petronas Dagangan Bhd 9,600 47,200 
Petronas Gas Bhd 24,800 100,254 
PPB Group Bhd 17,300 75,951 
Press Metal Bhd 80,000 107,414 
Public Bank Bhd 400,700 403,506 
QL Resources Bhd 28,400 34,634 
RHB Bank Bhd 57,577 77,585 
Sime Darby Bhd 81,000 44,402 
Supermax Corp. Bhd 15,164 7,031 
Telekom Malaysia Bhd 29,000 40,548 
Top Glove Corp. Bhd 115,100 75,603 
Westports Holdings Bhd 35,500 38,320 
TOTAL MALAYSIA  2,276,989 
Mexico - 0.4%   
Arca Continental S.A.B. de CV 10,200 62,192 
CEMEX S.A.B. de CV unit (a) 412,100 265,019 
Coca-Cola FEMSA S.A.B. de CV unit 15,745 84,851 
Fomento Economico Mexicano S.A.B. de CV unit 52,800 434,084 
Gruma S.A.B. de CV Series B 6,055 71,099 
Grupo Bimbo S.A.B. de CV Series A 41,600 123,135 
Grupo Financiero Banorte S.A.B. de CV Series O 70,200 444,461 
Industrias Penoles SA de CV (a) 2,610 33,467 
Kimberly-Clark de Mexico SA de CV Series A 38,500 60,907 
TOTAL MEXICO  1,579,215 
Multi-National - 0.0%   
HKT Trust/HKT Ltd. unit 110,000 149,296 
Netherlands - 4.5%   
AEGON NV 49,829 252,747 
Akzo Nobel NV 5,252 603,610 
ASML Holding NV (Netherlands) 11,282 9,171,141 
CNH Industrial NV 27,734 478,663 
ING Groep NV (Certificaten Van Aandelen) 105,302 1,597,316 
JDE Peet's BV 1,289 37,535 
Koninklijke Ahold Delhaize NV 28,363 922,316 
Koninklijke DSM NV 4,739 1,035,670 
Koninklijke KPN NV 93,071 278,090 
Koninklijke Vopak NV 1,695 67,404 
NN Group NV 7,690 411,768 
Prosus NV 25,181 2,218,415 
Prosus NV rights(a)(e) 25,181 4,075 
Randstad NV 3,106 223,331 
Unibail-Rodamco SE & WFD Unibail-Rodamco NV unit (a) 2,964 211,785 
Wolters Kluwer NV 7,193 753,681 
TOTAL NETHERLANDS  18,267,547 
New Zealand - 0.4%   
Auckland International Airport Ltd. (a) 34,796 199,229 
Fisher & Paykel Healthcare Corp. 15,660 350,237 
Mercury Nz Ltd. 17,445 76,694 
Meridian Energy Ltd. 30,079 107,558 
Ryman Healthcare Group Ltd. 11,505 119,133 
Spark New Zealand Ltd. 56,030 183,290 
Xero Ltd. (a) 3,607 405,675 
TOTAL NEW ZEALAND  1,441,816 
Norway - 0.4%   
DNB Bank ASA 25,396 603,643 
Mowi ASA 11,979 346,839 
Norsk Hydro ASA 35,026 257,282 
Orkla ASA 21,003 204,265 
Telenor ASA 17,536 276,806 
TOTAL NORWAY  1,688,835 
Philippines - 0.2%   
Ayala Land, Inc. 225,000 156,355 
Bank of the Philippine Islands (BPI) 46,202 79,534 
Globe Telecom, Inc. 720 42,707 
GT Capital Holdings, Inc. 2,220 24,833 
JG Summit Holdings, Inc. 84,853 101,131 
SM Investments Corp. 6,795 129,819 
SM Prime Holdings, Inc. 266,100 174,380 
Universal Robina Corp. 23,900 65,298 
TOTAL PHILIPPINES  774,057 
Poland - 0.3%   
Bank Polska Kasa Opieki SA 4,802 158,576 
CD Projekt RED SA 1,619 70,561 
Cyfrowy Polsat SA 7,684 68,719 
KGHM Polska Miedz SA (Bearer) 3,961 152,298 
Orange Polska SA (a) 22,176 43,272 
Polski Koncern Naftowy Orlen SA 8,572 184,905 
Powszechna Kasa Oszczednosci Bank SA (a) 24,012 293,706 
Powszechny Zaklad Ubezpieczen SA 14,611 146,123 
Santander Bank Polska SA 930 86,365 
TOTAL POLAND  1,204,525 
Portugal - 0.1%   
Galp Energia SGPS SA Class B 11,901 123,627 
Jeronimo Martins SGPS SA 6,480 146,821 
TOTAL PORTUGAL  270,448 
Qatar - 0.2%   
Ooredoo QSC 24,556 46,671 
Qatar Fuel Co. 13,659 68,989 
Qatar National Bank SAQ (a) 122,705 690,869 
The Commercial Bank of Qatar (a) 52,618 88,299 
TOTAL QATAR  894,828 
Russia - 1.0%   
Gazprom OAO 318,770 1,570,687 
Lukoil PJSC 11,215 1,145,188 
Mobile TeleSystems OJSC sponsored ADR 12,289 112,936 
Moscow Exchange MICEX-RTS OAO 41,930 102,818 
Novatek PJSC GDR (Reg. S) 2,455 622,343 
Novolipetsk Steel OJSC 37,370 117,891 
PhosAgro OJSC GDR (Reg. S) 3,560 85,155 
Polyus PJSC 932 185,026 
TOTAL RUSSIA  3,942,044 
Saudi Arabia - 0.4%   
Almarai Co. Ltd. 6,601 93,096 
Bank Albilad (a) 9,494 106,814 
Dr Sulaiman Al Habib Medical Services Group Co. 1,394 61,619 
Saudi Arabian Mining Co. (a) 11,624 252,878 
Saudi Basic Industries Corp. 24,426 840,053 
The Savola Group 7,883 76,920 
TOTAL SAUDI ARABIA  1,431,380 
Singapore - 0.8%   
BOC Aviation Ltd. Class A (b) 6,100 53,509 
CapitaLand Investment Ltd. (a) 68,401 174,490 
CapitaMall Trust 129,909 207,122 
City Developments Ltd. 13,600 73,824 
DBS Group Holdings Ltd. 49,251 1,151,564 
Keppel Corp. Ltd. 37,100 148,015 
Oversea-Chinese Banking Corp. Ltd. 92,200 806,793 
Singapore Airlines Ltd. (a) 39,400 151,932 
Singapore Exchange Ltd. 22,600 162,231 
Singapore Telecommunications Ltd. 201,000 372,636 
UOL Group Ltd. 17,300 92,754 
TOTAL SINGAPORE  3,394,870 
South Africa - 1.3%   
Absa Group Ltd. 19,898 182,371 
Anglo American Platinum Ltd. 1,480 149,541 
Aspen Pharmacare Holdings Ltd. 10,575 168,404 
Bid Corp. Ltd. 8,729 187,346 
Bidvest Group Ltd./The 8,582 107,529 
Capitec Bank Holdings Ltd. 2,211 247,050 
Clicks Group Ltd. 6,936 126,614 
Discovery Ltd. (a) 12,214 111,889 
FirstRand Ltd. 136,799 519,523 
Gold Fields Ltd. 24,337 226,145 
Growthpoint Properties Ltd. 70,975 60,218 
Impala Platinum Holdings Ltd. 21,749 281,483 
Kumba Iron Ore Ltd. 1,863 56,616 
MTN Group Ltd. (a) 45,868 411,326 
MultiChoice Group Ltd. 9,946 79,093 
Naspers Ltd. Class N 5,886 996,816 
Nedbank Group Ltd. 10,625 120,968 
Northam Platinum Holdings Ltd. (a) 9,902 148,287 
Old Mutual Ltd. 122,016 124,532 
Remgro Ltd. 11,917 105,033 
Sanlam Ltd. 45,191 185,646 
Shoprite Holdings Ltd. 14,219 168,943 
Spar Group Ltd./The 6,264 79,958 
Standard Bank Group Ltd. 32,361 286,917 
Vodacom Group Ltd. 18,870 167,489 
Woolworths Holdings Ltd. 26,177 92,386 
TOTAL SOUTH AFRICA  5,392,123 
Spain - 1.3%   
Banco Bilbao Vizcaya Argentaria SA 179,672 1,257,368 
CaixaBank SA 107,368 308,647 
Iberdrola SA 159,889 1,889,758 
Industria de Diseno Textil SA 29,431 1,062,855 
Naturgy Energy Group SA 5,220 137,160 
Red Electrica Corporacion SA 12,029 250,438 
Repsol SA 39,718 508,730 
TOTAL SPAIN  5,414,956 
Sweden - 2.1%   
Alfa Laval AB 8,579 367,315 
ASSA ABLOY AB (B Shares) 27,168 797,182 
Atlas Copco AB:   
(A Shares) 17,219 1,106,363 
(B Shares) 10,205 551,959 
Boliden AB 7,513 264,985 
Electrolux AB (B Shares) 5,804 131,719 
Ericsson (B Shares) 79,062 862,994 
Essity AB (B Shares) 16,728 541,108 
Evolution AB (b) 4,580 740,864 
H&M Hennes & Mauritz AB (B Shares) 19,926 373,601 
Husqvarna AB (B Shares) 11,831 168,276 
ICA Gruppen AB 2,585 133,645 
Nibe Industrier AB (B Shares) 38,444 572,318 
Sandvik AB 30,738 779,476 
SKF AB (B Shares) 10,591 245,413 
Svenska Cellulosa AB SCA (B Shares) 15,752 245,598 
Tele2 AB (B Shares) 13,067 184,335 
Telia Co. AB 75,722 297,977 
TOTAL SWEDEN  8,365,128 
Switzerland - 5.5%   
ABB Ltd. (Reg.) 46,829 1,549,255 
Adecco SA (Reg.) 4,245 213,595 
Clariant AG (Reg.) 5,212 109,636 
Coca-Cola HBC AG 5,609 194,438 
Compagnie Financiere Richemont SA Series A 14,046 1,738,199 
Geberit AG (Reg.) 999 779,910 
Givaudan SA 250 1,176,551 
Kuehne & Nagel International AG 1,474 464,126 
Lindt & Spruengli AG 3 360,092 
Lindt & Spruengli AG (participation certificate) 27 318,185 
Lonza Group AG 2,007 1,645,319 
Roche Holding AG (participation certificate) 18,913 7,326,786 
SGS SA (Reg.) 154 455,474 
Sika AG 3,831 1,297,084 
Sonova Holding AG 1,472 608,189 
Straumann Holding AG 277 575,419 
Swiss Life Holding AG 870 477,569 
Swiss Re Ltd. 8,215 795,301 
Swisscom AG 712 387,572 
Vifor Pharma AG 1,353 174,519 
Zurich Insurance Group Ltd. 4,043 1,791,942 
TOTAL SWITZERLAND  22,439,161 
Taiwan - 6.0%   
Acer, Inc. 72,000 67,229 
ASE Technology Holding Co. Ltd. 89,000 317,937 
AU Optronics Corp. 223,000 153,050 
Cathay Financial Holding Co. Ltd. 213,547 445,577 
Cheng Shin Rubber Industry Co. Ltd. 41,000 50,210 
China Steel Corp. 318,000 383,724 
Chunghwa Telecom Co. Ltd. 103,000 408,194 
Compal Electronics, Inc. 113,000 99,222 
CTBC Financial Holding Co. Ltd. 502,000 418,258 
Delta Electronics, Inc. 53,000 466,331 
E.SUN Financial Holdings Co. Ltd. 322,638 307,633 
ECLAT Textile Co. Ltd. 5,000 108,996 
Evergreen Marine Corp. (Taiwan) 67,894 242,609 
Far Eastern New Century Corp. 78,000 81,516 
Far EasTone Telecommunications Co. Ltd. 41,000 90,113 
Feng Tay Enterprise Co. Ltd. 12,000 93,087 
First Financial Holding Co. Ltd. 280,437 230,634 
Fubon Financial Holding Co. Ltd. 209,756 554,428 
HIWIN Technologies Corp. 7,500 83,229 
Hotai Motor Co. Ltd. 8,000 175,830 
Hua Nan Financial Holdings Co. Ltd. 226,382 165,447 
Innolux Corp. 240,000 143,940 
Inventec Corp. 72,000 68,651 
Lite-On Technology Corp. 58,000 127,685 
MediaTek, Inc. 41,000 1,344,335 
Mega Financial Holding Co. Ltd. 293,000 351,453 
Nan Ya Plastics Corp. 141,000 430,925 
Nien Made Enterprise Co. Ltd. 5,000 68,594 
Oneness Biotech Co. Ltd. (a) 7,000 65,865 
President Chain Store Corp. 15,000 151,374 
Ruentex Development Co. Ltd. 32,440 82,600 
Sinopac Holdings Co. 260,720 132,490 
Taishin Financial Holdings Co. Ltd. 279,381 183,110 
Taiwan Cement Corp. 136,000 235,662 
Taiwan High Speed Rail Corp. 56,000 58,423 
Taiwan Mobile Co. Ltd. 43,000 151,492 
Taiwan Semiconductor Manufacturing Co. Ltd. 663,000 14,050,623 
The Shanghai Commercial & Savings Bank Ltd. 99,000 156,437 
Uni-President Enterprises Corp. 131,000 313,327 
United Microelectronics Corp. 319,000 661,368 
Wan Hai Lines Ltd. 16,400 94,236 
Wistron Corp. 81,264 85,218 
Yageo Corp. 10,000 155,863 
Yang Ming Marine Transport Corp. (a) 43,000 149,021 
Yuanta Financial Holding Co. Ltd. 253,280 224,673 
TOTAL TAIWAN  24,430,619 
Thailand - 0.6%   
Advanced Info Service PCL (For. Reg.) 17,300 98,544 
Advanced Information Service PCL NVDR 11,900 67,785 
Airports of Thailand PCL:   
(depositary receipt) 54,500 105,945 
(For. Reg.) 55,400 107,694 
Asset World Corp. PCL NVDR (a) 162,000 22,264 
B. Grimm Power PCL:   
unit 7,400 9,479 
(For. Reg.) 13,000 16,652 
Bangkok Dusit Medical Services PCL:   
unit 190,400 134,852 
(For. Reg.) 131,200 92,923 
Berli Jucker PCL unit 54,000 54,928 
BTS Group Holdings PCL:   
unit 105,500 30,365 
warrants 11/7/24 (a) 10,823 108 
warrants 11/7/24 (a) 10,550 106 
warrants 11/20/26 (a) 21,646 105 
warrants 11/20/26 (a) 21,100 103 
(For. Reg.) 108,233 31,152 
Bumrungrad Hospital PCL:   
NVDR 15,200 66,655 
(For. Reg.) 6,200 27,188 
Central Pattana PCL:   
unit 24,000 42,857 
(For. Reg.) 31,400 56,071 
Charoen Pokphand Foods PCL:   
(For. Reg.) 53,600 40,790 
(NVDR) 31,100 23,667 
CP ALL PCL:   
unit 63,300 122,098 
(For. Reg.) 85,500 164,919 
Energy Absolute PCL:   
unit 15,400 30,401 
(For. Reg.) 20,900 41,258 
Gulf Energy Development PCL:   
unit 27,400 35,716 
(For. Reg.) 43,300 56,441 
Home Product Center PCL:   
unit 63,800 28,074 
(For. Reg.) 78,800 34,674 
Indorama Ventures PCL:   
unit 16,200 20,506 
(For. Reg.) 25,100 31,772 
Intouch Holdings PCL:   
(For. Reg.) 6,200 14,061 
NVDR 21,900 49,668 
Land & House PCL:   
NVDR 99,300 25,289 
(For. Reg.) 123,700 31,503 
Minor International PCL:   
unit (a) 29,068 28,691 
warrants 2/15/24 (a) 1,424 173 
warrants 2/15/24 (a) 878 107 
(For. Reg.) (a) 48,599 47,969 
Muangthai Leasing PCL 10,200 18,599 
Muangthai Leasing PCL unit 12,000 21,881 
Osotspa PCL unit 53,400 52,708 
PTT Exploration and Production PCL:   
(For. Reg.) 20,200 71,534 
NVDR 10,800 38,246 
PTT Global Chemical PCL:   
(For. Reg.) 30,600 57,871 
NVDR 26,700 50,495 
Siam Cement PCL:   
(For. Reg.) 11,200 133,333 
NVDR 8,800 104,762 
Siam Commercial Bank PCL:   
(For. Reg.) 11,400 43,291 
(NVDR) 8,400 31,899 
Sri Trang Gloves Thailand PCL NVDR 21,400 19,671 
Thai Oil PCL:   
(For. Reg.) 17,300 29,068 
NVDR 5,100 8,569 
Thai Union Frozen Products PCL:   
(For. Reg.) 42,700 26,897 
NVDR 64,800 40,817 
True Corp. PCL:   
unit 96,900 11,857 
(For. Reg.) 156,800 19,187 
TOTAL THAILAND  2,574,238 
Turkey - 0.1%   
Koc Holding A/S 21,267 52,161 
Turkcell Iletisim Hizmet A/S 26,059 41,444 
Turkiye Garanti Bankasi A/S 67,462 69,118 
Turkiye Is Bankasi A/S Series C 54,597 31,972 
TOTAL TURKEY  194,695 
United Arab Emirates - 0.4%   
Abu Dhabi Commercial Bank PJSC 73,616 166,346 
Aldar Properties PJSC (a) 101,784 111,950 
Emirates NBD Bank PJSC 69,328 263,296 
Emirates Telecommunications Corp. 47,967 334,306 
First Abu Dhabi Bank PJSC 117,964 572,293 
TOTAL UNITED ARAB EMIRATES  1,448,191 
United Kingdom - 7.4%   
Abrdn PLC 51,867 180,296 
Antofagasta PLC 10,696 208,665 
Ashtead Group PLC 12,058 1,010,581 
Associated British Foods PLC 8,436 206,426 
AstraZeneca PLC (United Kingdom) 41,704 5,217,226 
Barratt Developments PLC 28,909 262,305 
Berkeley Group Holdings PLC 2,777 165,510 
British Land Co. PLC 24,758 167,481 
BT Group PLC (a) 226,960 431,432 
Burberry Group PLC 10,961 289,363 
Compass Group PLC (a) 48,249 1,023,874 
Croda International PLC 3,791 490,697 
GlaxoSmithKline PLC 135,917 2,821,750 
Informa PLC (a) 41,148 292,490 
InterContinental Hotel Group PLC (a) 5,073 355,349 
Intertek Group PLC 4,407 295,227 
J Sainsbury PLC 45,672 187,138 
JD Sports Fashion PLC 14,044 209,113 
Johnson Matthey PLC 5,097 190,640 
Kingfisher PLC 58,214 267,179 
Legal & General Group PLC 161,251 637,545 
Lloyds Banking Group PLC 1,915,879 1,311,191 
Mondi PLC 8,274 206,159 
Mondi PLC 4,005 100,029 
National Grid PLC 96,091 1,230,307 
Next PLC 3,622 394,866 
NMC Health PLC (a) 987 188 
Reckitt Benckiser Group PLC 19,273 1,564,636 
RELX PLC (London Stock Exchange) 51,873 1,607,232 
Rentokil Initial PLC 50,635 407,741 
Schroders PLC 3,247 160,861 
Segro PLC 32,531 575,425 
Spirax-Sarco Engineering PLC 2,008 428,833 
St. James's Place Capital PLC 14,054 303,795 
Standard Chartered PLC (United Kingdom) 72,444 490,660 
Taylor Wimpey PLC 91,422 193,366 
Tesco PLC 208,479 769,760 
Unilever PLC 70,611 3,780,646 
Vodafone Group PLC 756,920 1,115,588 
Whitbread PLC (a) 5,655 253,070 
TOTAL UNITED KINGDOM  29,804,640 
United States of America - 0.4%   
Coca-Cola European Partners PLC 5,570 293,261 
Li Auto, Inc. ADR (a) 14,663 478,454 
Yum China Holdings, Inc. 11,427 652,253 
TOTAL UNITED STATES OF AMERICA  1,423,968 
TOTAL COMMON STOCKS   
(Cost $343,095,429)  386,038,927 
Nonconvertible Preferred Stocks - 0.4%   
Brazil - 0.1%   
Banco Bradesco SA (PN) 123,578 435,735 
Companhia Energetica de Minas Gerais (CEMIG) (PN) 28,453 64,934 
TOTAL BRAZIL  500,669 
Chile - 0.1%   
Sociedad Quimica y Minera de Chile SA (PN-B) (a) 3,735 202,842 
Colombia - 0.0%   
Bancolombia SA (PN) 11,376 102,107 
Germany - 0.1%   
Bayerische Motoren Werke AG (BMW) (non-vtg.) 1,884 160,294 
Henkel AG & Co. KGaA 4,512 403,604 
TOTAL GERMANY  563,898 
Korea (South) - 0.1%   
AMOREPACIFIC Corp. 196 12,011 
LG Chemical Ltd. 382 124,836 
LG Household & Health Care Ltd. 60 30,647 
TOTAL KOREA (SOUTH)  167,494 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $1,740,694)  1,537,010 
Money Market Funds - 2.7%   
Fidelity Cash Central Fund 0.06% (f) 10,906,780 10,908,961 
Fidelity Securities Lending Cash Central Fund 0.06% (f)(g) 154,895 154,910 
TOTAL MONEY MARKET FUNDS   
(Cost $11,063,871)  11,063,871 
TOTAL INVESTMENT IN SECURITIES - 98.5%   
(Cost $355,899,994)  398,639,808 
NET OTHER ASSETS (LIABILITIES) - 1.5%  5,968,278 
NET ASSETS - 100%  $404,608,086 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI EAFE Index Contracts (United States) 74 Dec. 2021 $8,656,520 $134,024 $134,024 
ICE MSCI Emerging Markets Index Contracts (United States) 64 Dec. 2021 4,038,400 1,613 1,613 
TME S&P/TSX 60 Index Contracts (Canada) 5 Dec. 2021 1,018,504 22,742 22,742 
TOTAL FUTURES CONTRACTS     $158,379 

The notional amount of futures purchased as a percentage of Net Assets is 3.4%

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $9,281,411 or 2.3% of net assets.

 (c) Level 3 security

 (d) Security or a portion of the security is on loan at period end.

 (e) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

 (f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

 (g) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $3,919,026 $175,251,978 $168,261,846 $6,517 $(197) $-- $10,908,961 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% 9,900 4,388,574 4,243,564 55,076 -- -- 154,910 0.0% 
Total $3,928,926 $179,640,552 $172,505,410 $61,593 $(197) $-- $11,063,871  

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $26,472,102 $7,653,853 $18,751,847 $66,402 
Consumer Discretionary 53,483,892 22,058,433 31,425,459 -- 
Consumer Staples 29,033,485 13,565,271 15,468,214 -- 
Energy 16,726,898 10,117,147 6,609,749 2 
Financials 73,313,202 53,309,047 20,004,155 -- 
Health Care 39,747,806 10,976,113 28,771,693 -- 
Industrials 46,111,243 27,240,746 18,870,497 -- 
Information Technology 52,143,569 10,414,526 41,729,043 -- 
Materials 31,271,288 19,654,622 11,616,666 -- 
Real Estate 9,189,518 6,922,006 2,267,512 -- 
Utilities 10,082,934 4,276,281 5,806,653 -- 
Money Market Funds 11,063,871 11,063,871 -- -- 
Total Investments in Securities: $398,639,808 $197,251,916 $201,321,488 $66,404 
Derivative Instruments:     
Assets     
Futures Contracts $158,379 $158,379 $-- $-- 
Total Assets $158,379 $158,379 $-- $-- 
Total Derivative Instruments: $158,379 $158,379 $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $158,379 $0 
Total Equity Risk 158,379 0 
Total Value of Derivatives $158,379 $0 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $130,620) — See accompanying schedule:
Unaffiliated issuers (cost $344,836,123) 		$387,575,937  
Fidelity Central Funds (cost $11,063,871) 11,063,871  
Total Investment in Securities (cost $355,899,994)  $398,639,808 
Segregated cash with brokers for derivative instruments  710,540 
Foreign currency held at value (cost $1,513,217)  1,507,859 
Receivable for investments sold  254,679 
Receivable for fund shares sold  3,475,019 
Dividends receivable  611,687 
Reclaims receivable  238,174 
Distributions receivable from Fidelity Central Funds  888 
Other receivables  369 
Total assets  405,439,023 
Liabilities   
Payable for investments purchased on a delayed delivery basis $4,075  
Payable for fund shares redeemed 45,046  
Accrued management fee 65,503  
Payable for daily variation margin on futures contracts 113,258  
Other payables and accrued expenses 448,145  
Collateral on securities loaned 154,910  
Total liabilities  830,937 
Net Assets  $404,608,086 
Net Assets consist of:   
Paid in capital  $358,015,951 
Total accumulated earnings (loss)  46,592,135 
Net Assets  $404,608,086 
Net Asset Value, offering price and redemption price per share ($404,608,086 ÷ 29,740,036 shares)  $13.60 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended October 31, 2021 
Investment Income   
Dividends  $7,609,090 
Non-Cash dividends  939,754 
Interest  9 
Income from Fidelity Central Funds (including $55,076 from security lending)  61,593 
Income before foreign taxes withheld  8,610,446 
Less foreign taxes withheld  (982,346) 
Total income  7,628,100 
Expenses   
Management fee $613,099  
Independent trustees' fees and expenses 835  
Total expenses before reductions 613,934  
Expense reductions (2)  
Total expenses after reductions  613,932 
Net investment income (loss)  7,014,168 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $20,850) 1,320,383  
Fidelity Central Funds (197)  
Foreign currency transactions (62,806)  
Futures contracts 1,378,883  
Total net realized gain (loss)  2,636,263 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $360,817) 39,358,977  
Assets and liabilities in foreign currencies (17,979)  
Futures contracts 254,392  
Total change in net unrealized appreciation (depreciation)  39,595,390 
Net gain (loss)  42,231,653 
Net increase (decrease) in net assets resulting from operations  $49,245,821 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended October 31, 2021 Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $7,014,168 $2,361,333 
Net realized gain (loss) 2,636,263 (3,276,994) 
Change in net unrealized appreciation (depreciation) 39,595,390 506,411 
Net increase (decrease) in net assets resulting from operations 49,245,821 (409,250) 
Distributions to shareholders (2,202,031) (1,690,713) 
Share transactions   
Proceeds from sales of shares 254,390,236 113,297,249 
Reinvestment of distributions 1,989,394 1,508,542 
Cost of shares redeemed (48,683,263) (34,712,551) 
Net increase (decrease) in net assets resulting from share transactions 207,696,367 80,093,240 
Total increase (decrease) in net assets 254,740,157 77,993,277 
Net Assets   
Beginning of period 149,867,929 71,874,652 
End of period $404,608,086 $149,867,929 
Other Information   
Shares   
Sold 19,388,313 10,592,608 
Issued in reinvestment of distributions 162,399 138,780 
Redeemed (3,675,014) (3,466,902) 
Net increase (decrease) 15,875,698 7,264,486 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity International Sustainability Index Fund

      
Years ended October 31, 2021 2020 2019 2018 2017 A 
Selected Per–Share Data      
Net asset value, beginning of period $10.81 $10.89 $9.87 $10.96 $10.00 
Income from Investment Operations      
Net investment income (loss)B .30 .24 .32C .29 .11 
Net realized and unrealized gain (loss) 2.63 (.08) .91 (1.24) .85 
Total from investment operations 2.93 .16 1.23 (.95) .96 
Distributions from net investment income (.14) (.24) (.21) (.09) – 
Distributions from net realized gain – – – (.05) – 
Total distributions (.14) (.24) (.21) (.14) – 
Net asset value, end of period $13.60 $10.81 $10.89 $9.87 $10.96 
Total ReturnD,E 27.27% 1.48% 12.81% (8.77)% 9.60% 
Ratios to Average Net AssetsF,G      
Expenses before reductions .20% .20% .20% .20% .20%H 
Expenses net of fee waivers, if any .20% .20% .20% .20% .20%H 
Expenses net of all reductions .20% .20% .20% .20% .20%H 
Net investment income (loss) 2.28% 2.25% 3.14%C 2.70% 2.25%H 
Supplemental Data      
Net assets, end of period (000 omitted) $404,608 $149,868 $71,875 $3,810 $1,968 
Portfolio turnover rateI 19% 11% 17% 10% 4%J 

 A For the period May 9, 2017 (commencement of operations) through October 31, 2017.

 B Calculated based on average shares outstanding during the period.

 C Net investment income per share reflects one or more large, non-recurring dividend(s) which amounted to $.04 per share. Such dividends are not annualized in the ratio of net investment income (loss) to average net assets. Excluding such non-recurring dividend(s) the ratio of net investment income (loss) to average net assets would have been 2.73%.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 J Amount not annualized.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended October 31, 2021

1. Organization.

Fidelity International Sustainability Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. 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.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005%. 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021, is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $61,527,749 
Gross unrealized depreciation (21,155,410) 
Net unrealized appreciation (depreciation) $40,372,339 
Tax Cost $358,290,211 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $6,873,378 
Capital loss carryforward $(198,918) 
Net unrealized appreciation (depreciation) on securities and other investments $40,359,499 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of fiscal period end and is subject to adjustment.

No expiration  
Long-term $(198,918) 
Total capital loss carryforward $(198,918) 

The tax character of distributions paid was as follows:

 October 31, 2021 October 31, 2020 
Ordinary Income $2,202,031 $ 1,690,713 

Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.

Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity International Sustainability Index Fund 256,450,974 54,133,795 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .20% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period there were no interfund trades.

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The commitment fees on the pro-rata portion of the line of credit are borne by the investment adviser. During the period, there were no borrowings on this line of credit.

8. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity International Sustainability Index Fund $2,507 $– $– 

9. Expense Reductions.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2.

10. Other.

Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.

11. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity International Sustainability Index Fund

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statement of assets and liabilities of Fidelity International Sustainability Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of October 31, 2021, the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and for the period from May 9, 2017 (commencement of operations) through October 31, 2017, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the four years in the period then ended and for the period from May 9, 2017 (commencement of operations) through October 31, 2017 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 13, 2021


We have served as the auditor of one or more of the Fidelity investment companies since 1999.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Jonathan Chiel, each of the Trustees oversees 286 funds. Mr. Chiel oversees 179 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees.  In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Vice Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank’s institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization’s equity and quantitative research groups. He began his career in 1983 as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jamie Pagliocco (1964)

Year of Election or Appointment: 2020

Vice President

Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer – Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2021 		Ending
Account Value
October 31, 2021 		Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 
Fidelity International Sustainability Index Fund .20%    
Actual  $1,000.00 $1,023.30 $1.02 
Hypothetical-C  $1,000.00 $1,024.20 $1.02 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The fund designates 97% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.1593 and $0.0173 for the dividend paid December 14, 2020.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity International Sustainability Index Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

Resources Dedicated to Investment Management and Support Services.  The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to a fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and its benchmark index for the most recent one- and three-year periods. No performance peer group information was considered by the Board due to the fact that the peer group does not distinguish between passively-managed and actively-managed funds. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

The Board considered that effective August 1, 2019, the fund's management fee rate was increased from 0.17% to 0.20%, but that the fund no longer paid operating expenses under separate agreements. The Board considered that the chart below reflects the fund's higher management fee rate for 2019, as if the higher fee rate were in effect for the entire year.

The Board noted that the fund's management fee rate ranked above the median of its Total Mapped Group and below the median of its ASPG for 2020. The Board considered that the fund has a unitary fee that covers expenses beyond portfolio management, whereas the majority of funds within this group do not have unitary or all-inclusive fees. The Board further considered that when compared to the total expenses of its load-type competitors, the fund ranks below median.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of the fund's total expense ratio, the Board considered the fund's unitary fee rate as well as fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the fund's total expense ratio ranked below the similar sales load structure group competitive median and below the ASPG competitive median for 2020.

Fees Charged to Other Clients.  The Board also considered fee structures applicable to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board also considered information regarding the profitability of Geode's relationship with the fund.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board recognized that, due to the fund's current contractual arrangements, its expense ratio will not decline if the fund's operating costs decrease as assets grow, or rise as assets decrease. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the continued waiver of money market fund fees; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

ISY-ANN-1221
1.9883818.104

Fidelity® SAI International Value Index Fund

Offered exclusively to certain clients of the Adviser or its affiliates - not available for sale to the general public. Fidelity SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers LLC.



Annual Report

October 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


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The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.

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All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Life of fundA 
Fidelity® SAI International Value Index Fund 42.33% 1.96% 

 A From December 19, 2017

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® SAI International Value Index Fund on December 19, 2017, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Fidelity International Value Focus Index℠ and the MSCI ACWI (All Country World Index) ex USA Index performed over the same period.


Period Ending Values
$10,781Fidelity® SAI International Value Index Fund
$10,972Fidelity International Value Focus Index℠
$12,794MSCI ACWI (All Country World Index) ex USA Index

Management's Discussion of Fund Performance

Market Recap:  The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.

Comments from the Geode Capital Management, LLC, passive equity index team:  For the fiscal year ending October 31, 2021, the fund gained 42.33%, roughly in line with the 43.04% advance of the benchmark Fidelity International Value Focus Index (Net). (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) From a regional standpoint, the U.K., Europe ex U.K. and Japan notably contributed. By sector, financials gained about 63% and helped most, driven by the banks industry (+64%). Industrials, which gained 44%, also helped, benefiting from the capital goods industry (+42%). Consumer discretionary advanced roughly 51%, lifted by the automobiles & components industry (+53%). The materials sector rose about 43%, energy gained 90%, and information technology advanced 45%. Other notable contributors included the consumer staples (+29%), communication services (+29%), health care (+16%), real estate (+31%), and utilities (+18%) sectors. The biggest individual contributor was TotalEnergies (+77%), from the energy sector. Daimler, within the automobiles & components segment, advanced roughly 95% and lifted the fund. In banks, BNP Paribas (+99%) and ING Group (+104%) helped. Another contributor was BHP (+40%), a stock in the materials sector. In contrast, the biggest individual detractor was Rio Tinto (+18%), from the materials sector, followed by Takeda Pharmaceutical (-18%), which is in the pharmaceuticals, biotechnology & life sciences industry. Within telecommunication services, SoftBank Group returned about -10% and hurt. Other detractors were Ericsson (-7%), a stock in the technology hardware & equipment group, and AGL Energy (-49%), from the utilities sector.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of October 31, 2021 
   Japan 25.9% 
   United Kingdom 16.8% 
   France 16.1% 
   Germany 8.9% 
   Switzerland 4.8% 
   Netherlands 4.0% 
   Sweden 3.6% 
   Australia 3.6% 
   Italy 2.6% 
   Other* 13.7% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Asset Allocation as of October 31, 2021

 % of fund's net assets 
Stocks and Equity Futures 99.9 
Short-Term Investments and Net Other Assets (Liabilities) 0.1 

Top Ten Stocks as of October 31, 2021

 % of fund's net assets 
Total SA (France, Oil, Gas & Consumable Fuels) 2.7 
Sanofi SA (France, Pharmaceuticals) 2.7 
GlaxoSmithKline PLC (United Kingdom, Pharmaceuticals) 2.4 
Daimler AG (Germany) (Germany, Automobiles) 2.2 
British American Tobacco PLC (United Kingdom) (United Kingdom, Tobacco) 2.2 
BNP Paribas SA (France, Banks) 2.1 
SoftBank Group Corp. (Japan, Wireless Telecommunication Services) 1.9 
UBS Group AG (Switzerland, Capital Markets) 1.8 
Rio Tinto PLC (United Kingdom, Metals & Mining) 1.8 
BHP Group Ltd. (Australia, Metals & Mining) 1.8 
 21.6 

Top Market Sectors as of October 31, 2021

 % of fund's net assets 
Financials 18.8 
Industrials 15.6 
Consumer Discretionary 12.2 
Health Care 10.2 
Materials 9.3 
Consumer Staples 7.5 
Information Technology 7.5 
Communication Services 6.2 
Energy 5.4 
Utilities 4.4 

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 98.7%   
 Shares Value 
Australia - 3.6%   
Aurizon Holdings Ltd. 2,993,339 $7,588,361 
Bendigo & Adelaide Bank Ltd. 888,643 6,183,456 
BHP Group Ltd. 3,847,950 105,691,613 
BlueScope Steel Ltd. 819,286 12,708,269 
Downer EDI Ltd. 1,132,560 5,367,400 
Fortescue Metals Group Ltd. 2,753,845 28,857,108 
JB Hi-Fi Ltd. 186,822 7,095,706 
Rio Tinto Ltd. 603,669 41,001,592 
TOTAL AUSTRALIA  214,493,505 
Austria - 0.5%   
OMV AG 234,172 14,184,828 
Raiffeisen International Bank-Holding AG 219,317 6,414,320 
Voestalpine AG 180,020 6,834,106 
TOTAL AUSTRIA  27,433,254 
Belgium - 1.5%   
Ageas 295,124 14,362,977 
Anheuser-Busch InBev SA NV 1,262,891 77,247,550 
TOTAL BELGIUM  91,610,527 
Bermuda - 0.4%   
Jardine Matheson Holdings Ltd. 410,733 23,793,763 
Cayman Islands - 0.9%   
ASM Pacific Technology Ltd. 501,000 5,412,126 
CK Asset Holdings Ltd. 3,199,500 19,759,138 
CK Hutchison Holdings Ltd. 4,380,500 29,473,578 
TOTAL CAYMAN ISLANDS  54,644,842 
Denmark - 1.0%   
A.P. Moller - Maersk A/S Series B 14,260 41,324,742 
Danske Bank A/S 1,107,643 18,744,728 
TOTAL DENMARK  60,069,470 
Finland - 1.3%   
Fortum Corp. 707,823 21,028,855 
Nokia Corp. (a) 8,767,925 50,323,596 
TietoEVRY Oyj 171,395 5,250,514 
TOTAL FINLAND  76,602,965 
France - 16.1%   
Atos Origin SA 160,983 8,370,614 
BNP Paribas SA 1,869,821 125,160,643 
Bouygues SA 353,289 14,294,073 
Capgemini SA 255,264 59,400,648 
Carrefour SA 1,025,346 18,555,871 
Compagnie de St. Gobain 866,042 59,767,777 
Compagnie Generale des Etablissements Michelin SCA Series B 290,032 45,598,110 
Credit Agricole SA 2,262,698 34,137,264 
Eiffage SA 133,835 13,763,292 
Elis SA (a) 313,376 5,937,485 
ENGIE 2,890,978 41,092,870 
Faurecia SA 211,005 10,988,676 
Ipsen SA 65,424 6,761,335 
Orange SA 3,071,293 33,492,311 
Publicis Groupe SA 374,047 25,053,159 
Renault SA (a) 336,631 12,086,857 
Rexel SA 387,779 7,692,357 
Rubis SCA 158,932 5,087,356 
Sanofi SA 1,590,166 159,722,917 
SPIE SA 236,981 5,752,951 
Total SA 3,251,770 162,832,264 
Valeo SA 373,425 10,934,437 
VINCI SA 758,892 81,034,276 
Vivendi SA 1,315,661 16,935,267 
TOTAL FRANCE  964,452,810 
Germany - 8.9%   
Bayer AG 1,597,611 90,037,663 
Bayerische Motoren Werke AG (BMW) 593,664 59,870,682 
Continental AG (a) 175,634 20,649,546 
Daimler AG (Germany) 1,357,014 134,501,040 
Deutsche Bank AG (a) 3,360,972 43,305,372 
Deutsche Telekom AG 1,458,972 27,132,730 
Fresenius Medical Care AG & Co. KGaA 323,981 21,521,769 
Fresenius SE & Co. KGaA 672,013 30,502,899 
HeidelbergCement AG 238,770 17,980,563 
Lanxess AG 142,207 9,577,437 
LEG Immobilien AG 118,452 17,616,110 
ProSiebenSat.1 Media AG 333,435 5,583,256 
Rheinmetall AG 70,835 6,865,260 
RWE AG 1,099,664 42,293,210 
Uniper SE 148,780 6,571,726 
TOTAL GERMANY  534,009,263 
Hong Kong - 1.1%   
BOC Hong Kong (Holdings) Ltd. 5,845,500 18,557,143 
Henderson Land Development Co. Ltd. 2,125,930 8,901,658 
Sino Land Ltd. 5,050,000 6,633,378 
Sun Hung Kai Properties Ltd. 2,497,500 33,112,691 
TOTAL HONG KONG  67,204,870 
Ireland - 0.2%   
DCC PLC (United Kingdom) 164,789 13,770,372 
Italy - 2.6%   
A2A SpA 2,547,353 5,353,537 
Enel SpA 5,451,269 45,636,874 
Hera SpA 1,308,030 5,348,236 
Intesa Sanpaolo SpA 27,805,955 79,029,496 
Italgas SpA 789,487 5,010,432 
Leonardo SpA (a) 658,128 4,821,925 
Telecom Italia SpA 26,558,530 9,474,765 
TOTAL ITALY  154,675,265 
Japan - 25.9%   
Aisin Seiki Co. Ltd. 297,100 10,871,713 
Brother Industries Ltd. 426,400 8,243,992 
Canon, Inc. 1,691,800 38,470,472 
Chubu Electric Power Co., Inc. 1,171,000 12,121,183 
ENEOS Holdings, Inc. 5,253,100 21,181,816 
FUJIFILM Holdings Corp. 554,800 42,873,513 
Fukuoka Financial Group, Inc. 310,800 5,583,624 
Hitachi Ltd. 1,367,400 78,795,826 
Honda Motor Co. Ltd. 2,798,400 82,770,691 
Idemitsu Kosan Co. Ltd. 402,000 10,979,547 
Iida Group Holdings Co. Ltd. 292,100 7,201,584 
INPEX Corp. 1,759,700 14,674,705 
Isuzu Motors Ltd. 1,011,400 13,606,169 
Itochu Corp. 2,422,700 69,097,506 
Japan Post Holdings Co. Ltd. 1,960,700 15,065,834 
Japan Post Insurance Co. Ltd. 329,400 5,344,415 
Japan Tobacco, Inc. 1,788,800 35,116,243 
Kajima Corp. 808,100 9,949,944 
Kyocera Corp. 571,100 33,436,167 
Marubeni Corp. 2,827,100 23,988,853 
Mazda Motor Corp. (a) 976,100 8,779,309 
Medipal Holdings Corp. 342,000 6,187,543 
Mitsubishi Corp. 2,416,100 76,827,088 
Mitsubishi Electric Corp. 3,481,400 46,753,256 
Mitsubishi UFJ Financial Group, Inc. 7,075,400 38,797,944 
Mitsui & Co. Ltd. 2,670,800 61,119,960 
Mizuho Financial Group, Inc. 4,129,300 54,498,410 
NEC Corp. 443,700 22,718,345 
NH Foods Ltd. 167,400 5,887,070 
Nippon Yusen KK 275,700 19,866,191 
Nissan Motor Co. Ltd. (a) 3,912,320 19,913,165 
Obayashi Corp. 1,173,300 9,905,283 
Oji Holdings Corp. 1,599,100 7,926,319 
Osaka Gas Co. Ltd. 677,600 10,921,547 
Otsuka Holdings Co. Ltd. 447,900 17,714,123 
Panasonic Corp. 3,790,900 46,878,399 
Resona Holdings, Inc. 3,942,000 14,808,516 
Ricoh Co. Ltd. 1,211,400 11,796,420 
Seiko Epson Corp. 506,900 9,025,897 
Sekisui House Ltd. 1,057,800 21,992,490 
SHIMIZU Corp. 1,137,800 8,336,483 
SoftBank Group Corp. 2,045,400 110,732,648 
Sojitz Corp. 350,100 5,776,317 
Stanley Electric Co. Ltd. 245,360 6,184,350 
Subaru Corp. 1,000,700 19,628,524 
Sumitomo Chemical Co. Ltd. 2,692,100 13,262,132 
Sumitomo Corp. 2,035,000 28,998,069 
Sumitomo Electric Industries Ltd. 1,291,100 17,136,597 
Sumitomo Forestry Co. Ltd. 307,600 5,875,453 
Sumitomo Heavy Industries Ltd. 199,900 5,146,527 
Sumitomo Mitsui Financial Group, Inc. 2,235,000 72,524,983 
Sumitomo Mitsui Trust Holdings, Inc. 608,500 20,015,912 
Suzuki Motor Corp. 798,700 35,619,544 
Taisei Corp. 335,900 10,540,254 
Takeda Pharmaceutical Co. Ltd. 2,573,000 72,213,384 
TDK Corp. 632,200 22,982,360 
Tokyo Gas Co. Ltd. 666,900 11,572,676 
Toppan, Inc. 568,700 9,180,034 
Tosoh Corp. 527,100 8,876,904 
Yamaha Motor Co. Ltd. 511,000 14,243,521 
TOTAL JAPAN  1,550,537,744 
Luxembourg - 0.9%   
ArcelorMittal SA (Netherlands) 1,091,706 37,008,506 
Aroundtown SA 1,574,685 10,940,219 
SES SA (France) (depositary receipt) 623,577 5,599,602 
TOTAL LUXEMBOURG  53,548,327 
Netherlands - 4.0%   
AEGON NV 2,293,652 11,634,075 
ASR Nederland NV 224,507 10,500,588 
Koninklijke Ahold Delhaize NV 1,700,551 55,298,994 
NN Group NV 516,931 27,679,546 
Randstad NV 203,424 14,626,837 
Signify NV (b) 208,712 10,097,194 
Stellantis NV (Italy) 3,615,703 72,100,734 
STMicroelectronics NV (Italy) 766,628 36,385,037 
TOTAL NETHERLANDS  238,323,005 
New Zealand - 0.1%   
Fletcher Building Ltd. 1,335,352 6,861,068 
Norway - 0.2%   
Orkla ASA 1,221,390 11,878,621 
Singapore - 2.1%   
DBS Group Holdings Ltd. 566,940 13,255,927 
Oversea-Chinese Banking Corp. Ltd. 6,525,386 57,100,152 
United Overseas Bank Ltd. 2,508,800 49,766,704 
Venture Corp. Ltd. 439,300 6,127,722 
TOTAL SINGAPORE  126,250,505 
Spain - 2.2%   
ACS Actividades de Construccion y Servicios SA 439,525 11,498,097 
CaixaBank SA 7,078,409 20,348,060 
Enagas SA 404,744 9,079,290 
Endesa SA 516,520 11,909,102 
Red Electrica Corporacion SA 701,825 14,611,688 
Repsol SA 2,285,132 29,269,200 
Telefonica SA 8,710,132 37,833,878 
TOTAL SPAIN  134,549,315 
Sweden - 3.6%   
Boliden AB 443,457 15,640,792 
Electrolux AB (B Shares) 410,795 9,322,770 
Ericsson (B Shares) 4,696,529 51,264,527 
ICA Gruppen AB 150,020 7,756,041 
Kinnevik AB (B Shares) (a) 409,059 16,035,132 
Securitas AB (B Shares) 526,174 8,700,129 
Skanska AB (B Shares) 650,833 16,520,912 
SKF AB (B Shares) 611,878 14,178,356 
SSAB Svenskt Stal AB (A Shares) (a) 1,254,463 7,142,902 
Trelleborg AB (B Shares) 394,469 9,009,676 
Volvo AB (B Shares) 2,575,458 59,954,071 
TOTAL SWEDEN  215,525,308 
Switzerland - 4.8%   
ams AG (a) 446,047 8,812,790 
Credit Suisse Group AG 4,095,096 42,596,008 
Holcim Ltd. 841,360 42,003,676 
Logitech International SA (Reg.) 281,505 23,434,154 
Novartis AG 732,272 60,568,221 
UBS Group AG 6,020,854 109,455,128 
TOTAL SWITZERLAND  286,869,977 
United Kingdom - 16.8%   
3i Group PLC 1,582,606 29,542,541 
Abrdn PLC 3,546,276 12,327,270 
Anglo American PLC (United Kingdom) 100,637 3,828,534 
Associated British Foods PLC 579,337 14,176,187 
Aviva PLC 6,389,602 34,514,501 
Barclays PLC 25,918,468 71,521,363 
Barratt Developments PLC 1,657,609 15,040,293 
BHP Group PLC 3,434,636 90,714,087 
British American Tobacco PLC (United Kingdom) 3,715,245 129,232,588 
BT Group PLC (a) 14,264,880 27,116,338 
Centrica PLC (a) 9,562,618 7,894,031 
GlaxoSmithKline PLC 6,885,865 142,956,270 
Imperial Brands PLC 1,543,901 32,581,006 
J Sainsbury PLC 2,843,761 11,652,136 
Kingfisher PLC 3,433,716 15,759,356 
M&G PLC 4,227,949 11,560,747 
Marks & Spencer Group PLC (a) 3,184,252 8,000,936 
Phoenix Group Holdings PLC 1,381,443 12,413,508 
Rio Tinto PLC 1,735,760 108,227,167 
Royal Dutch Shell PLC Class A (United Kingdom) 2,853,534 65,371,268 
Royal Mail PLC 1,284,692 7,393,085 
Standard Chartered PLC (United Kingdom) 4,191,347 28,387,800 
Tate & Lyle PLC 761,818 6,758,043 
Tesco PLC 12,504,752 46,170,879 
Vistry Group PLC 361,491 6,035,566 
Vodafone Group PLC 43,581,409 64,232,567 
TOTAL UNITED KINGDOM  1,003,408,067 
TOTAL COMMON STOCKS   
(Cost $5,602,707,153)  5,910,512,843 
Money Market Funds - 0.8%   
Fidelity Cash Central Fund 0.06% (c)   
(Cost $45,610,810) 45,601,690 45,610,810 
TOTAL INVESTMENT IN SECURITIES - 99.5%   
(Cost $5,648,317,963)  5,956,123,653 
NET OTHER ASSETS (LIABILITIES) - 0.5%  28,925,797 
NET ASSETS - 100%  $5,985,049,450 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI EAFE Index Contracts (United States) 636 Dec. 2021 $74,399,280 $734,154 $734,154 

The notional amount of futures purchased as a percentage of Net Assets is 1.2%

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $10,097,194 or 0.2% of net assets.

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $1,325,850 $2,130,397,906 $2,086,112,946 $33,844 $-- $-- $45,610,810 0.1% 
Fidelity Securities Lending Cash Central Fund 0.06% 4,085,287 235,444,545 239,529,832 243,044 -- -- -- 0.0% 
Total $5,411,137 $2,365,842,451 $2,325,642,778 $276,888 $-- $-- $45,610,810  

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $363,186,521 $80,287,622 $282,898,899 $-- 
Consumer Discretionary 738,686,218 345,977,697 392,708,521 -- 
Consumer Staples 452,311,229 158,656,899 293,654,330 -- 
Energy 318,493,628 14,184,828 304,308,800 -- 
Financials 1,131,174,087 520,107,540 611,066,547 -- 
Health Care 608,186,124 37,264,234 570,921,890 -- 
Industrials 944,368,628 378,994,518 565,374,110 -- 
Information Technology 444,328,894 116,808,568 327,520,326 -- 
Materials 557,281,707 200,774,388 356,507,319 -- 
Real Estate 96,963,194 54,948,845 42,014,349 -- 
Utilities 255,532,613 175,280,333 80,252,280 -- 
Money Market Funds 45,610,810 45,610,810 -- -- 
Total Investments in Securities: $5,956,123,653 $2,128,896,282 $3,827,227,371 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $734,154 $734,154 $-- $-- 
Total Assets $734,154 $734,154 $-- $-- 
Total Derivative Instruments: $734,154 $734,154 $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $734,154 $0 
Total Equity Risk 734,154 0 
Total Value of Derivatives $734,154 $0 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $5,602,707,153) 		$5,910,512,843  
Fidelity Central Funds (cost $45,610,810) 45,610,810  
Total Investment in Securities (cost $5,648,317,963)  $5,956,123,653 
Segregated cash with brokers for derivative instruments  3,835,347 
Foreign currency held at value (cost $167,452)  167,496 
Receivable for fund shares sold  247,491 
Dividends receivable  23,413,148 
Reclaims receivable  3,288,143 
Distributions receivable from Fidelity Central Funds  2,668 
Prepaid expenses  7,363 
Other receivables  2,431 
Total assets  5,987,087,740 
Liabilities   
Payable for fund shares redeemed $287,139  
Accrued management fee 747,388  
Accrued custodian fees and expenses 229,131  
Accrued registration fees 291,736   
Payable for daily variation margin on futures contracts 439,954  
Other payables and accrued expenses 42,942  
Total liabilities  2,038,290 
Net Assets  $5,985,049,450 
Net Assets consist of:   
Paid in capital  $5,333,789,640 
Total accumulated earnings (loss)  651,259,810 
Net Assets  $5,985,049,450 
Net Asset Value, offering price and redemption price per share ($5,985,049,450 ÷ 596,590,340 shares)  $10.03 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended October 31, 2021 
Investment Income   
Dividends:   
Unaffiliated issuers  $212,308,692 
Interest  3,756 
Income from Fidelity Central Funds (including $243,044 from security lending)  276,888 
Income before foreign taxes withheld  212,589,336 
Less foreign taxes withheld  (20,360,404) 
Total income  192,228,932 
Expenses   
Management fee $7,159,039  
Custodian fees and expenses 418,585  
Independent trustees' fees and expenses 13,036  
Registration fees 321,948  
Audit 54,302  
Legal 4,904  
Interest 1,380  
Miscellaneous 15,222  
Total expenses  7,988,416 
Net investment income (loss)  184,240,516 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 286,386,871  
Foreign currency transactions 127,280  
Futures contracts 14,348,044  
Total net realized gain (loss)  300,862,195 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 590,602,847  
Assets and liabilities in foreign currencies (411,662)  
Futures contracts 1,246,831  
Total change in net unrealized appreciation (depreciation)  591,438,016 
Net gain (loss)  892,300,211 
Net increase (decrease) in net assets resulting from operations  $1,076,540,727 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended October 31, 2021 Year ended October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $184,240,516 $44,551,305 
Net realized gain (loss) 300,862,195 (107,240,690) 
Change in net unrealized appreciation (depreciation) 591,438,016 (251,407,761) 
Net increase (decrease) in net assets resulting from operations 1,076,540,727 (314,097,146) 
Distributions to shareholders (51,993,306) (36,928,070) 
Share transactions   
Proceeds from sales of shares 2,803,272,597 1,592,051,086 
Reinvestment of distributions 51,615,891 36,648,189 
Cost of shares redeemed (152,783,351) (55,809,660) 
Net increase (decrease) in net assets resulting from share transactions 2,702,105,137 1,572,889,615 
Total increase (decrease) in net assets 3,726,652,558 1,221,864,399 
Net Assets   
Beginning of period 2,258,396,892 1,036,532,493 
End of period $5,985,049,450 $2,258,396,892 
Other Information   
Shares   
Sold 291,393,514 206,311,318 
Issued in reinvestment of distributions 5,908,191 4,018,442 
Redeemed (16,184,874) (7,648,317) 
Net increase (decrease) 281,116,831 202,681,443 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity SAI International Value Index Fund

     
Years ended October 31, 2021 2020 2019 2018 A 
Selected Per–Share Data     
Net asset value, beginning of period $7.16 $9.19 $8.93 $10.00 
Income from Investment Operations     
Net investment income (loss)B .38 .24 .37 .28 
Net realized and unrealized gain (loss) 2.63 (1.95) .07 (1.34) 
Total from investment operations 3.01 (1.71) .44 (1.06) 
Distributions from net investment income (.14) (.32) (.18) (.01) 
Distributions from net realized gain – – –C – 
Total distributions (.14) (.32) (.18) (.01) 
Net asset value, end of period $10.03 $7.16 $9.19 $8.93 
Total ReturnD,E 42.33% (19.36)% 5.12% (10.64)% 
Ratios to Average Net AssetsF,G     
Expenses before reductions .17% .18% .26% .37%H 
Expenses net of fee waivers, if any .17% .18% .20% .20%H 
Expenses net of all reductions .17% .18% .20% .20%H 
Net investment income (loss) 3.84% 3.04% 4.22% 3.32%H 
Supplemental Data     
Net assets, end of period (000 omitted) $5,985,049 $2,258,397 $1,036,532 $475,509 
Portfolio turnover rateI 60% 57% 59% 54%H 

 A For the period December 19, 2017 (commencement of operations) through October 31, 2018.

 B Calculated based on average shares outstanding during the period.

 C Amount represents less than $.005 per share.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended October 31, 2021

1. Organization.

Fidelity SAI International Value Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

2. Investments in Fidelity Central Funds.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $570,232,786 
Gross unrealized depreciation (315,867,421) 
Net unrealized appreciation (depreciation) $254,365,365 
Tax Cost $5,701,758,288 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $397,214,992 
Net unrealized appreciation (depreciation) on securities and other investments $254,044,818 

The tax character of distributions paid was as follows:

 October 31, 2021 October 31,2020 
Ordinary Income $51,993,306 $ 36,928,070 

Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume activity during the period. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, and in-kind transactions, as applicable are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity SAI International Value Index Fund 5,568,168,689 2,768,901,819 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .15% of the Fund's average net assets.

Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity SAI International Value Index Fund Borrower $5,493,429 .32% $342 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period there were no interfund trades.

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity SAI International Value Index Fund $7,752 

8. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity SAI International Value Index Fund $20,272 $– $– 

9. Bank Borrowings.

The Fund is permitted to have bank borrowings for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity requirements. The Fund has established borrowing arrangements with certain banks. The interest rate on the borrowings is the bank's base rate, as revised from time to time. Any open loans, including accrued interest, at period end are presented under the caption "Notes payable" in the Statement of Assets and Liabilities, if applicable. Activity in this program during the period for which loans were outstanding was as follows:

 Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity SAI International Value Index Fund $4,039,688 .58% $1,038 

10. Other.

Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.

At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

 Strategic Advisers Fidelity International Fund Strategic Advisers International Fund 
Fidelity SAI International Value Index Fund 72% 17% 

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

Fund % of shares held 
Fidelity SAI International Value Index Fund 89% 

11. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI International Value Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI International Value Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statement of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the three years in the period ended October 31, 2021 and for the period December 19, 2017 (commencement of operations) to October 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the three years in the period ended October 31, 2021 and for the period December 19, 2017 (commencement of operations) to October 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 14, 2021



We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Jonathan Chiel, each of the Trustees oversees 286 funds. Mr Chiel oversees 179. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees.  In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Vice Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank’s institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization’s equity and quantitative research groups. He began his career in 1983 as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jamie Pagliocco (1964)

Year of Election or Appointment: 2020

Vice President

Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer – Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2021 		Ending
Account Value
October 31, 2021 		Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 
Fidelity SAI International Value Index Fund .16%    
Actual  $1,000.00 $1,009.10 $.81 
Hypothetical-C  $1,000.00 $1,024.40 $.82 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity SAI International Value Index Fund voted to pay on December 13, 2021, to shareholders of record at the opening of business on December 10, 2021, a distribution of $0.351 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.458 per share from net investment income.

The fund designates 93% and 85% of the dividends distributed December 14 and December 30, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.1347 and $0.0097 for the dividend paid December 14, 2020.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity SAI International Value Index Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high-quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

Resources Dedicated to Investment Management and Support Services.  The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board considered that Fidelity's and Geode's investment professionals have extensive resources, tools and capabilities so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions and its performance history.

The Board took into account discussions with representatives of the Investment Advisers about fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considers annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track. The Board also periodically considers the fund's tracking error versus its benchmark index.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) compared to a fund's benchmark index, over appropriate time periods, taking into account relevant factors including the following: general market conditions; the characteristics of the fund's benchmark index; the extent to which statistical sampling is employed; any securities lending revenues; and fund cash flows and other factors. The Independent Trustees generally give greater weight to fund performance over longer time periods than over shorter time periods. Depending on the circumstances, the Independent Trustees may be satisfied with a fund's performance notwithstanding that it lags its benchmark index for certain periods.

The Independent Trustees recognize that shareholders evaluate performance on a net basis (after fees and expenses) over their own holding periods, for which one-, three-, and five-year periods are often used as a proxy. For this reason, the performance information reviewed by the Board also included net cumulative calendar year total return information for the fund and its benchmark index for the most recent one- and three-year periods. No performance peer group information was considered by the Board due to the fact that the peer group does not distinguish between passively-managed and actively-managed funds. The Independent Trustees recognize that shareholders who are not investing through a tax-advantaged retirement account also consider tax consequences in evaluating performance.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG %s and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

The Board noted that the fund's management fee rate ranked equal to the median of its Total Mapped Group and below the median of its ASPG for 2020.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other "fund-level" expenses, such as custodial, legal, and audit fees, paid by FMR under the fund's management contract. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the fund's total expenses relative to a subset of non-Fidelity funds within the similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the fund's total expense ratio ranked below the similar sales load structure group competitive median and above the ASPG competitive median for 2020. The Board considered that, when compared to a subset of the ASPG that FMR believes is most comparable, the fund would not be above the ASPG competitive median for 2020.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.20% through February 28, 2022.

Fees Charged to Other Clients.  The Board also considered fee structures applicable to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board also considered information regarding the profitability of Geode's relationship with the fund.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the continued waiver of money market fund fees; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

IIV-ANN-1221
1.9885501.103

Fidelity® SAI Emerging Markets Value Index Fund

Offered exclusively to certain clients of the Adviser or its affiliates - not available for sale to the general public. Fidelity SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers LLC.



Annual Report

October 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Life of fundA 
Fidelity® SAI Emerging Markets Value Index Fund 23.32% 28.90% 

 A From May 12, 2020

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® SAI Emerging Markets Value Index Fund on May 12, 2020, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Fidelity Emerging Markets Value Focus Index℠ and MSCI ACWI (All Country World Index) ex USA Index performed over the same period.


Period Ending Values
$14,527Fidelity® SAI Emerging Markets Value Index Fund
$14,782Fidelity Emerging Markets Value Focus Index℠
$14,687MSCI ACWI (All Country World Index) ex USA index

Management's Discussion of Fund Performance

Market Recap:  The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.

Comments from the Geode Capital Management, LLC, passive equity index team:  For the fiscal year ending October 31, 2021, the fund gained 23.32%, compared with the 25.12% advance of the benchmark Fidelity Emerging Markets Value Focus Index - Net MA. (The fund's relative performance was affected by differing methodologies (fund versus index) for valuing certain foreign stocks and for incorporating foreign exchange rates, as well as by required local capital gains tax.) By sector, information technology gained about 45% and helped most, followed by financials, which gained roughly 33%, benefiting from the banks industry (+30%). Energy advanced roughly 77% and was additive. The materials sector rose about 46%, utilities gained approximately 56%, and industrials advanced about 22%. Other notable contributors included the consumer staples (+19%), health care (+21%), consumer discretionary (+2%), and communication services (+3%) sectors. In contrast, stocks in the real estate sector returned -21% and detracted most. Turning to individual stocks, the top contributor was Taiwan Semiconductor (+42%), from the semiconductors & semiconductor equipment industry, followed by Gazprom (+164%), within the energy sector. In technology hardware & equipment, Samsung Electronics advanced roughly 23% and Infosys (+58%) from the software & services category also helped. Fubon Financial Holding, within the insurance group, rose 112% and boosted the fund. In contrast, the biggest individual detractor was Alibaba Group Holding (-46%), from the retailing segment, followed by Tencent Holdings (-19%), which is in the media & entertainment group. Within retailing, Vipshop returned -48% and hurt. Other detractors were Sunac China Holdings (-46%), a stock in the real estate sector, and Top Glove (-54%), from the health care equipment & services industry.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of October 31, 2021 
   India 14.8% 
   Taiwan 14.8% 
   Cayman Islands 14.3% 
   Korea (South) 13.8% 
   China 13.1% 
   Brazil 4.6% 
   Russia 3.9% 
   South Africa 3.5% 
   Saudi Arabia 2.7% 
   Other* 14.5% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Top Ten Stocks as of October 31, 2021

 % of fund's net assets 
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan, Semiconductors & Semiconductor Equipment) 4.4 
Tencent Holdings Ltd. (Cayman Islands, Interactive Media & Services) 4.0 
Samsung Electronics Co. Ltd. (Korea (South), Technology Hardware, Storage & Peripherals) 3.9 
Alibaba Group Holding Ltd. sponsored ADR (Cayman Islands, Internet & Direct Marketing Retail) 3.7 
Infosys Ltd. (India, IT Services) 2.1 
Gazprom OAO (Russia, Oil, Gas & Consumable Fuels) 2.0 
China Construction Bank Corp. (H Shares) (China, Banks) 1.9 
Hon Hai Precision Industry Co. Ltd. (Foxconn) (Taiwan, Electronic Equipment & Components) 1.6 
Industrial & Commercial Bank of China Ltd. (H Shares) (China, Banks) 1.5 
Bank of China Ltd. (H Shares) (China, Banks) 1.4 
 26.5 

Top Market Sectors as of October 31, 2021

 % of fund's net assets 
Information Technology 21.3 
Financials 20.2 
Consumer Discretionary 16.1 
Communication Services 11.4 
Materials 7.6 
Energy 6.0 
Consumer Staples 4.8 
Industrials 4.2 
Health Care 4.3 
Utilities 1.8 

Asset Allocation as of October 31, 2021

 % of fund's net assets 
Stocks and Equity Futures 100.0 

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 97.3%   
 Shares Value 
Bailiwick of Jersey - 0.3%   
Polymetal International PLC 367,739 $6,819,298 
Bermuda - 0.4%   
Brilliance China Automotive Holdings Ltd. (a) 2,288,000 681,595 
Credicorp Ltd. (United States) 16,397 2,126,035 
Kunlun Energy Co. Ltd. 5,044,000 4,615,806 
TOTAL BERMUDA  7,423,436 
Brazil - 3.1%   
Banco do Brasil SA 1,885,600 9,521,882 
BRF SA (a) 962,400 3,961,259 
CCR SA 1,462,200 2,961,293 
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) 449,800 2,805,372 
Hypermarcas SA 520,400 2,587,339 
JBS SA 1,189,800 8,232,342 
Telefonica Brasil SA 578,700 4,667,498 
Vale SA 1,840,600 23,354,011 
Vibra Energia SA 1,064,300 3,956,379 
TOTAL BRAZIL  62,047,375 
Cayman Islands - 14.3%   
Alibaba Group Holding Ltd. sponsored ADR (a) 442,477 72,982,156 
Baidu, Inc. sponsored ADR (a) 60,829 9,868,897 
China Conch Venture Holdings Ltd. 2,161,500 10,556,777 
China Hongqiao Group Ltd. 2,281,000 2,535,910 
China Resources Cement Holdings Ltd. 2,850,000 2,402,930 
China Yongda Automobiles Services Holdings Ltd. 1,820,500 2,910,741 
Country Garden Holdings Co. Ltd. 9,576,000 8,996,923 
Geely Automobile Holdings Ltd. 7,206,000 25,052,670 
Hello Group, Inc. ADR 218,403 2,719,117 
Hengan International Group Co. Ltd. 914,500 4,777,897 
JOYY, Inc. ADR 70,855 3,570,383 
Kingboard Chemical Holdings Ltd. 889,000 3,890,553 
Meituan Class B (a)(b) 499,900 17,010,918 
New Oriental Education & Technology Group, Inc. sponsored ADR 1,985,434 4,070,140 
Sunac China Holdings Ltd. 3,315,000 7,140,852 
TAL Education Group ADR (a) 525,805 2,150,542 
Tencent Holdings Ltd. 1,293,600 78,689,420 
Tingyi (Cayman Islands) Holding Corp. 2,444,000 4,573,567 
Vipshop Holdings Ltd. ADR (a) 510,270 5,694,613 
WH Group Ltd. (b) 12,421,000 8,716,491 
Zhen Ding Technology Holding Ltd. 810,000 2,792,602 
TOTAL CAYMAN ISLANDS  281,104,099 
Chile - 0.3%   
Cencosud SA 1,771,147 2,590,860 
Enel Americas SA 7,315,070 831,769 
Falabella SA 990,633 2,739,432 
TOTAL CHILE  6,162,061 
China - 13.1%   
Agricultural Bank of China Ltd. (H Shares) 37,222,000 12,677,630 
Anhui Conch Cement Co. Ltd. (H Shares) 1,556,500 7,741,990 
Bank of China Ltd. (H Shares) 77,731,000 27,509,141 
Bank of Communications Co. Ltd. (H Shares) 28,110,000 16,727,627 
CGN Power Co. Ltd. (H Shares) (b) 13,370,000 3,608,637 
China CITIC Bank Corp. Ltd. (H Shares) 15,279,000 6,716,044 
China Construction Bank Corp. (H Shares) 53,724,000 36,563,522 
China Galaxy Securities Co. Ltd. (H Shares) 4,566,500 2,547,215 
China Life Insurance Co. Ltd. (H Shares) 9,794,000 17,014,831 
China Minsheng Banking Corp. Ltd. (H Shares) 7,666,500 3,044,725 
China National Building Materials Co. Ltd. (H Shares) 5,092,000 6,400,586 
China Railway Group Ltd. (H Shares) 5,095,000 2,494,949 
China Tower Corp. Ltd. (H Shares) (b) 61,420,000 7,973,035 
COSCO SHIPPING Holdings Co. Ltd. (H Shares) (c) 4,415,300 6,855,192 
Dongfeng Motor Group Co. Ltd. (H Shares) 3,232,000 3,019,940 
Guangzhou Automobile Group Co. Ltd. (H Shares) 3,712,000 3,511,384 
Industrial & Commercial Bank of China Ltd. (H Shares) 55,606,000 30,481,111 
New China Life Insurance Co. Ltd. (H Shares) 1,048,000 3,037,388 
People's Insurance Co. of China Group Ltd. (H Shares) 10,223,000 3,192,840 
PetroChina Co. Ltd. (H Shares) 27,770,000 13,389,243 
PICC Property & Casualty Co. Ltd. (H Shares) 9,080,000 8,495,906 
Ping An Insurance Group Co. of China Ltd. (H Shares) 2,013,500 14,422,163 
Postal Savings Bank of China Co. Ltd. (H Shares) (b) 11,499,000 8,365,059 
Sinopharm Group Co. Ltd. (H Shares) 1,766,000 4,212,706 
Weichai Power Co. Ltd. (H Shares) 2,557,000 4,594,417 
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) 720,400 3,453,624 
TOTAL CHINA  258,050,905 
Czech Republic - 0.1%   
CEZ A/S 66,847 2,206,788 
Egypt - 0.1%   
Commercial International Bank SAE (a) 518,623 1,683,957 
Greece - 0.2%   
Mytilineos SA 137,294 2,502,886 
OPAP SA 38,360 596,429 
TOTAL GREECE  3,099,315 
Hong Kong - 1.9%   
China Everbright International Ltd. 4,689,000 3,224,234 
China Merchants Holdings International Co. Ltd. 1,782,000 2,977,444 
China Overseas Land and Investment Ltd. 4,898,000 10,802,607 
China Taiping Insurance Group Ltd. 1,892,200 2,894,053 
CSPC Pharmaceutical Group Ltd. 8,936,000 9,348,890 
Lenovo Group Ltd. 8,242,000 8,950,550 
TOTAL HONG KONG  38,197,778 
Hungary - 0.3%   
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) 40,891 349,433 
Richter Gedeon PLC 178,876 5,010,983 
TOTAL HUNGARY  5,360,416 
India - 14.8%   
Aurobindo Pharma Ltd. 370,194 3,404,619 
Bajaj Auto Ltd. 91,407 4,520,961 
Cipla Ltd. (a) 662,497 7,999,372 
Dr. Reddy's Laboratories Ltd. 158,275 9,835,525 
HCL Technologies Ltd. 1,428,660 21,800,145 
Hero Motocorp Ltd. 170,927 6,059,237 
Indian Oil Corp. Ltd. 3,345,537 5,710,913 
Infosys Ltd. 1,847,113 41,295,526 
ITC Ltd. 3,888,171 11,578,144 
Jindal Steel & Power Ltd. (a) 523,576 2,914,926 
Lupin Ltd. 313,351 3,858,203 
Mahindra & Mahindra Ltd. 1,259,908 14,863,233 
Maruti Suzuki India Ltd. 173,310 17,300,710 
NTPC Ltd. 6,253,610 11,067,192 
Oil & Natural Gas Corp. Ltd. 4,801,727 9,548,361 
Power Finance Corp. Ltd. 1,529,019 2,715,128 
Rec Ltd. 1,221,763 2,422,988 
Reliance Industries Ltd. 198,862 6,728,887 
State Bank of India 2,215,597 14,843,066 
Sun Pharmaceutical Industries Ltd. 1,407,803 14,931,671 
Tata Elxsi Ltd. 45,080 3,531,763 
Tata Motors Ltd. (a) 2,791,058 17,937,253 
Tata Steel Ltd. 1,028,679 18,060,038 
Tech Mahindra Ltd. 815,795 16,084,619 
Vedanta Ltd. 1,663,414 6,746,419 
Wipro Ltd. 1,874,990 16,220,593 
TOTAL INDIA  291,979,492 
Indonesia - 1.3%   
PT Astra International Tbk 26,393,100 11,224,170 
PT Indofood Sukses Makmur Tbk 5,779,100 2,590,244 
PT Telkom Indonesia Persero Tbk 45,210,200 12,084,040 
TOTAL INDONESIA  25,898,454 
Korea (South) - 13.8%   
BNK Financial Group, Inc. 381,772 2,863,439 
GS Engineering & Construction Corp. 102,395 3,614,753 
Hana Financial Group, Inc. 395,166 15,159,442 
Hankook Tire Co. Ltd. 104,346 3,678,174 
Hanwha Corp. 80,703 2,311,281 
Hyundai Mobis 87,335 18,782,367 
Hyundai Motor Co. 98,843 17,588,004 
Industrial Bank of Korea 408,337 3,844,950 
KB Financial Group, Inc. 506,609 24,396,163 
Kia Corp. 340,971 24,753,924 
KT&G Corp. 65,623 4,534,731 
LG Electronics, Inc. 152,492 15,695,037 
POSCO 89,054 22,471,159 
Samsung Electronics Co. Ltd. 1,283,631 76,461,105 
Shinhan Financial Group Co. Ltd. 673,506 21,875,212 
SK Hynix, Inc. 59,096 5,182,651 
Woori Financial Group, Inc. 715,735 8,094,882 
TOTAL KOREA (SOUTH)  271,307,274 
Kuwait - 0.6%   
Agility Public Warehousing Co. KSC 1,702,549 5,647,865 
Mobile Telecommunication Co. 2,790,903 5,517,924 
National Bank of Kuwait 332,141 1,090,793 
TOTAL KUWAIT  12,256,582 
Luxembourg - 0.2%   
Ternium SA sponsored ADR 69,957 3,241,108 
Malaysia - 1.5%   
Axiata Group Bhd 5,909,100 5,636,548 
CIMB Group Holdings Bhd 6,556,714 8,265,165 
Gamuda Bhd (a) 3,308,400 2,588,557 
Hartalega Holdings Bhd 1,992,400 2,819,479 
IHH Healthcare Bhd 4,120,300 6,507,308 
Top Glove Corp. Bhd 4,939,200 3,244,295 
TOTAL MALAYSIA  29,061,352 
Mexico - 1.4%   
Alfa SA de CV Series A 3,682,800 2,667,114 
America Movil S.A.B. de CV Series L 26,012,200 23,184,567 
Fibra Uno Administracion SA de CV 1,905,500 1,893,653 
TOTAL MEXICO  27,745,334 
Netherlands - 0.3%   
X5 Retail Group NV GDR (Reg. S) 146,561 4,988,936 
Philippines - 0.6%   
Ayala Corp. 326,260 5,574,389 
International Container Terminal Services, Inc. 530,460 1,890,374 
JG Summit Holdings, Inc. 3,959,560 4,719,175 
TOTAL PHILIPPINES  12,183,938 
Poland - 0.7%   
CD Projekt RED SA 18,323 798,567 
KGHM Polska Miedz SA (Bearer) 179,002 6,882,535 
PGE Polska Grupa Energetyczna SA (a) 1,058,242 2,601,541 
Polish Oil & Gas Co. SA 2,129,663 3,211,322 
TOTAL POLAND  13,493,965 
Qatar - 0.8%   
Qatar National Bank SAQ (a) 2,670,969 15,038,414 
Russia - 3.7%   
Gazprom OAO 7,924,610 39,047,227 
Inter Rao Ues JSC 46,720,000 3,166,067 
Magnit OJSC 99,260 9,054,119 
Mobile TeleSystems OJSC sponsored ADR 586,291 5,388,014 
Sberbank of Russia 140,600 707,330 
Surgutneftegas OJSC 23,310,900 11,215,273 
VTB Bank OJSC 6,652,320,080 4,963,144 
TOTAL RUSSIA  73,541,174 
Saudi Arabia - 2.7%   
Almarai Co. Ltd. 329,086 4,641,193 
Etihad Etisalat Co. 496,597 4,004,921 
Jarir Marketing Co. 77,393 4,184,409 
Riyad Bank 1,762,701 13,886,751 
Saudi Telecom Co. 725,695 22,636,251 
The Savola Group 344,444 3,360,967 
TOTAL SAUDI ARABIA  52,714,492 
South Africa - 3.5%   
AngloGold Ashanti Ltd. 518,531 9,566,246 
Aspen Pharmacare Holdings Ltd. 499,836 7,959,745 
Foschini Group Ltd./The (a) 431,640 3,665,055 
Impala Platinum Holdings Ltd. 1,039,852 13,458,130 
Kumba Iron Ore Ltd. 72,068 2,190,112 
MTN Group Ltd. (a) 2,256,810 20,238,156 
Sibanye Stillwater Ltd. 3,655,902 12,794,744 
TOTAL SOUTH AFRICA  69,872,188 
Taiwan - 14.8%   
Acer, Inc. 4,011,000 3,745,233 
Asia Cement Corp. 2,354,000 3,745,096 
ASUSTeK Computer, Inc. 919,000 11,650,458 
AU Optronics Corp. 11,780,000 8,084,876 
Catcher Technology Co. Ltd. 1,002,000 5,793,572 
Compal Electronics, Inc. 5,163,000 4,533,502 
Evergreen Marine Corp. (Taiwan) 2,276,000 8,132,950 
Far Eastern New Century Corp. 5,073,000 5,301,645 
Foxconn Technology Co. Ltd. 1,303,000 3,219,479 
Fubon Financial Holding Co. Ltd. 9,512,872 25,144,456 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 8,342,000 32,055,809 
Innolux Corp. 13,083,000 7,846,511 
Lite-On Technology Corp. 2,909,000 6,404,083 
Nanya Technology Corp. 1,201,000 2,868,253 
Pegatron Corp. 2,909,000 7,104,040 
Pou Chen Corp. 3,335,000 4,084,162 
Powertech Technology, Inc. 964,000 3,372,009 
Quanta Computer, Inc. 3,660,000 10,252,469 
Shin Kong Financial Holding Co. Ltd. 15,767,309 5,554,940 
Simplo Technology Co. Ltd. 231,000 2,480,481 
Taiwan Semiconductor Manufacturing Co. Ltd. 4,067,000 86,189,870 
Tripod Technology Corp. 602,000 2,540,312 
Uni-President Enterprises Corp. 6,731,000 16,099,285 
United Microelectronics Corp. 11,799,000 24,462,325 
TOTAL TAIWAN  290,665,816 
Thailand - 1.5%   
Advanced Information Service PCL NVDR 1,360,700 7,750,823 
Charoen Pokphand Foods PCL:   
unit 3,919,300 2,982,590 
(For. Reg.) 595,200 452,948 
Kasikornbank PCL:   
NVDR 1,471,900 6,254,910 
(For. Reg.) 57,400 243,924 
Siam Commercial Bank PCL:   
unit 1,830,200 6,950,127 
(For. Reg.) 4,400 16,709 
Thai Beverage PCL 11,244,700 5,920,458 
TOTAL THAILAND  30,572,489 
Turkey - 0.2%   
Akbank TAS 1,413,646 861,657 
Koc Holding A/S 1,435,248 3,520,194 
TOTAL TURKEY  4,381,851 
United Arab Emirates - 0.8%   
Emirates NBD Bank PJSC 1,558,024 5,917,111 
Emirates Telecommunications Corp. 1,371,923 9,561,610 
TOTAL UNITED ARAB EMIRATES  15,478,721 
TOTAL COMMON STOCKS   
(Cost $1,797,436,599)  1,916,577,008 
Nonconvertible Preferred Stocks - 1.9%   
Brazil - 1.5%   
Companhia Energetica de Minas Gerais (CEMIG) (PN) 1,833,200 4,183,638 
Metalurgica Gerdau SA (PN) 1,062,600 2,355,350 
Petroleo Brasileiro SA - Petrobras (PN) (non-vtg.) 4,850,200 23,418,255 
TOTAL BRAZIL  29,957,243 
Colombia - 0.2%   
Bancolombia SA (PN) 331,964 2,979,600 
Russia - 0.2%   
AK Transneft OAO 2,047 4,391,533 
TOTAL NONCONVERTIBLE PREFERRED STOCKS   
(Cost $36,497,682)  37,328,376 
Money Market Funds - 1.3%   
Fidelity Cash Central Fund 0.06% (d) 20,246,541 20,250,590 
Fidelity Securities Lending Cash Central Fund 0.06% (d)(e) 6,605,589 6,606,250 
TOTAL MONEY MARKET FUNDS   
(Cost $26,856,840)  26,856,840 
TOTAL INVESTMENT IN SECURITIES - 100.5%   
(Cost $1,860,791,121)  1,980,762,224 
NET OTHER ASSETS (LIABILITIES) - (0.5)%  (10,711,794) 
NET ASSETS - 100%  $1,970,050,430 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE MSCI Emerging Markets Index Contracts (United States) 249 Dec. 2021 $15,711,900 $(167,817) $(167,817) 

The notional amount of futures purchased as a percentage of Net Assets is 0.8%

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $45,674,140 or 2.3% of net assets.

 (c) Security or a portion of the security is on loan at period end.

 (d) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

 (e) Investment made with cash collateral received from securities on loan.

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $10,264,097 $508,660,481 $498,673,963 $8,341 $(25) $-- $20,250,590 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% -- 58,178,082 51,571,832 354,881 -- -- 6,606,250 0.0% 
Total $10,264,097 $566,838,563 $550,245,795 $363,222 $(25) $-- $26,856,840  

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $224,289,771 $133,516,311 $90,773,460 $-- 
Consumer Discretionary 308,713,635 192,586,363 116,127,272 -- 
Consumer Staples 99,056,031 94,521,300 4,534,731 -- 
Energy 117,010,447 64,573,977 52,436,470 -- 
Financials 401,111,430 198,179,244 202,932,186 -- 
Health Care 81,720,135 71,884,610 9,835,525 -- 
Industrials 85,589,113 79,663,079 5,926,034 -- 
Information Technology 418,813,389 151,965,893 266,847,496 -- 
Materials 153,680,588 95,390,309 58,290,279 -- 
Real Estate 28,834,035 28,834,035 -- -- 
Utilities 35,086,810 35,086,810 -- -- 
Money Market Funds 26,856,840 26,856,840 -- -- 
Total Investments in Securities: $1,980,762,224 $1,173,058,771 $807,703,453 $-- 
Derivative Instruments:     
Liabilities     
Futures Contracts $(167,817) $(167,817) $-- $-- 
Total Liabilities $(167,817) $(167,817) $-- $-- 
Total Derivative Instruments: $(167,817) $(167,817) $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $0 $(167,817) 
Total Equity Risk 0 (167,817) 
Total Value of Derivatives $0 $(167,817) 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value (including securities loaned of $5,863,475) — See accompanying schedule:
Unaffiliated issuers (cost $1,833,934,281) 		$1,953,905,384  
Fidelity Central Funds (cost $26,856,840) 26,856,840  
Total Investment in Securities (cost $1,860,791,121)  $1,980,762,224 
Segregated cash with brokers for derivative instruments  846,568 
Foreign currency held at value (cost $4,756,335)  4,754,211 
Dividends receivable  1,884,609 
Distributions receivable from Fidelity Central Funds  14,468 
Prepaid expenses  2,124 
Other receivables  3,790 
Total assets  1,988,267,994 
Liabilities   
Payable for investments purchased $2,161,840  
Accrued management fee 239,304  
Payable for daily variation margin on futures contracts 210,972  
Other payables and accrued expenses 8,999,198  
Collateral on securities loaned 6,606,250  
Total liabilities  18,217,564 
Net Assets  $1,970,050,430 
Net Assets consist of:   
Paid in capital  $1,767,200,907 
Total accumulated earnings (loss)  202,849,523 
Net Assets  $1,970,050,430 
Net Asset Value, offering price and redemption price per share ($1,970,050,430 ÷ 137,527,481 shares)  $14.32 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended October 31, 2021 
Investment Income   
Dividends  $60,014,748 
Interest  675 
Income from Fidelity Central Funds (including $354,881 from security lending)  363,222 
Income before foreign taxes withheld  60,378,645 
Less foreign taxes withheld  (7,019,880) 
Total income  53,358,765 
Expenses   
Management fee $2,125,725  
Custodian fees and expenses 765,321  
Independent trustees' fees and expenses 3,842  
Registration fees 134,502  
Audit 94,395  
Legal 1,410  
Interest 2,229  
Miscellaneous 3,259  
Total expenses  3,130,683 
Net investment income (loss)  50,228,082 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (net of foreign taxes of $1,950,748) 51,171,277  
Fidelity Central Funds (25)  
Foreign currency transactions (1,119,399)  
Futures contracts (637,130)  
Total net realized gain (loss)  49,414,723 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers (net of increase in deferred foreign taxes of $7,533,473) 83,408,509  
Assets and liabilities in foreign currencies (14,987)  
Futures contracts (134,248)  
Total change in net unrealized appreciation (depreciation)  83,259,274 
Net gain (loss)  132,673,997 
Net increase (decrease) in net assets resulting from operations  $182,902,079 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended October 31, 2021 For the period
May 12, 2020 (commencement of operations) through October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $50,228,082 $7,985,498 
Net realized gain (loss) 49,414,723 (2,379,091) 
Change in net unrealized appreciation (depreciation) 83,259,274 28,123,962 
Net increase (decrease) in net assets resulting from operations 182,902,079 33,730,369 
Distributions to shareholders (13,732,853) – 
Share transactions   
Proceeds from sales of shares 949,000,000 809,000,278 
Reinvestment of distributions 13,732,853 – 
Cost of shares redeemed (28) (4,582,268) 
Net increase (decrease) in net assets resulting from share transactions 962,732,825 804,418,010 
Total increase (decrease) in net assets 1,131,902,051 838,148,379 
Net Assets   
Beginning of period 838,148,379 – 
End of period $1,970,050,430 $838,148,379 
Other Information   
Shares   
Sold 65,341,811 71,553,833 
Issued in reinvestment of distributions 1,030,995 – 
Redeemed (2) (399,156) 
Net increase (decrease) 66,372,804 71,154,677 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity SAI Emerging Markets Value Index Fund

   
Years ended October 31, 2021 2020 A 
Selected Per–Share Data   
Net asset value, beginning of period $11.78 $10.00 
Income from Investment Operations   
Net investment income (loss)B .51 .19 
Net realized and unrealized gain (loss) 2.22 1.59 
Total from investment operations 2.73 1.78 
Distributions from net investment income (.17) – 
Distributions from net realized gain (.02) – 
Total distributions (.19) – 
Net asset value, end of period $14.32 $11.78 
Total ReturnC,D 23.32% 17.80% 
Ratios to Average Net AssetsE,F   
Expenses before reductions .22% .27%G,H 
Expenses net of fee waivers, if any .22% .25%G 
Expenses net of all reductions .22% .25%G 
Net investment income (loss) 3.53% 3.43%G 
Supplemental Data   
Net assets, end of period (000 omitted) $1,970,050 $838,148 
Portfolio turnover rateI 33% 17%J 

 A For the period May 12, 2020 (commencement of operations) through October 31, 2020.

 B Calculated based on average shares outstanding during the period.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Annualized

 H Audit fees are not annualized.

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 J Amount not annualized.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended October 31, 2021

1. Organization.

Fidelity SAI Emerging Markets Value Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. 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.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses on the Statement of Assets & Liabilities.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC) and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $258,597,507 
Gross unrealized depreciation (145,632,667) 
Net unrealized appreciation (depreciation) $112,964,840 
Tax Cost $1,867,797,384 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $84,250,505 
Undistributed long-term capital gain $14,053,223 
Net unrealized appreciation (depreciation) on securities and other investments $112,958,586 

The tax character of distributions paid was as follows:

 October 31, 2021 October 31, 2020(a) 
Ordinary Income $13,163,616 $– 
Long-term Capital Gains 569,237 – 
Total $13,732,853 $– 

 (a) For the period May 12, 2020 through October 31, 2020.

Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity SAI Emerging Markets Value Index Fund 1,448,009,240 467,926,659 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .15% of the Fund's average net assets.

Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity SAI Emerging Markets Value Index Fund Borrower $12,655,300 .32% $2,229 

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity SAI Emerging Markets Value Index Fund $1,380 

8. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity SAI Emerging Markets Value Index Fund $35,722 $– $– 

9. Other.

Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.

In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

 Strategic Advisers Emerging Markets Fund Strategic Advisers Fidelity Emerging Markets Fund 
Fidelity SAI Emerging Markets Value Index Fund 27% 73% 

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

Fund % of shares held 
Fidelity SAI Emerging Markets Value Index Fund 100% 

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI Emerging Markets Value Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI Emerging Markets Value Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021 and the statement of changes in net assets and the financial highlights for the year ended October 31, 2021 and for the period May 12, 2020 (commencement of operations) through October 31, 2020, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year ended October 31, 2021, and the changes in its net assets and financial highlights for the year ended October 31, 2021 and for the period May 12, 2020 (commencement of operations) through October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 13, 2021



We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Jonathan Chiel, each of the Trustees oversees 286 funds. Mr. Chiel oversees 179 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees.  In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Vice Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank’s institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization’s equity and quantitative research groups. He began his career in 1983 as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jamie Pagliocco (1964)

Year of Election or Appointment: 2020

Vice President

Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer – Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2021 		Ending
Account Value
October 31, 2021 		Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 
Fidelity SAI Emerging Markets Value Index Fund .22%    
Actual  $1,000.00 $974.80 $1.10 
Hypothetical-C  $1,000.00 $1,024.10 $1.12 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity SAI Emerging Markets Value Index Fund voted to pay on December 13, 2021, to shareholders of record at the opening of business on December 10, 2021, a distribution of $0.317 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.368 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2021, $14,060,094, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 49% of the dividend distributed in December, during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.1338 and $0.0183 for the dividend paid December 14, 2020.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity SAI Emerging Markets Value Index Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

Resources Dedicated to Investment Management and Support Services.  The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity'sand Geode's approach to recruiting, training, managing, and compensating investment personnel. Further, the Board considered that Fidelity'sand Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts and by FMR's affiliates under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. As the fund recently commenced operations, the Board did not believe that it was appropriate to assign significant weight to its limited investment performance.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month (or shorter) periods shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG % and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

The Board noted that the fund's management fee rate ranked equal to the median of its Total Mapped Group and below the median of its ASPG for the period.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other "fund-level" expenses, such as custodial, legal, and audit fees, paid by FMR under the fund's management contract. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the fund's total expense ratio ranked above the similar sales load group competitive median for the period and below the ASPG competitive median for the period. The Board considered that, when compared to a subset of the similar sales load group that FMR believes is most comparable, the fund would not be above the similar sales load group competitive median for 2020.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.25% through February 28, 2022.

Fees Charged to Other Clients.  The Board also considered fee structures applicable to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board also considered information regarding the profitability of Geode's relationship with the fund.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the continued waiver of money market fund fees; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

EMV-ANN-1221
1.9900583.101

Fidelity® SAI International Momentum Index Fund

Offered exclusively to certain clients of the Adviser or its affiliates - not available for sale to the general public. Fidelity SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers LLC.



Annual Report

October 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Life of fundA 
Fidelity® SAI International Momentum Index Fund 29.56% 29.81% 

 A From May 12, 2020

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® SAI International Momentum Index Fund on May 12, 2020, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Fidelity International Momentum Focus Index℠ and MSCI ACWI (All Country World Index) ex USA Index performed over the same period.


Period Ending Values
$14,679Fidelity® SAI International Momentum Index Fund
$14,753Fidelity International Momentum Focus Index℠
$14,687MSCI ACWI (All Country World Index) ex USA index

Management's Discussion of Fund Performance

Market Recap:  The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.

Comments from the Geode Capital Management, LLC, passive equity index team:  For the fiscal year ending October 31, 2021, the fund gained 29.56%, roughly in line with the 30.07% advance of the benchmark Fidelity International Momentum Focus Index - Net MA. (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) From a regional standpoint, Europe ex U.K., the U.K. and Asia Pacific ex Japan notably contributed. By sector, industrials gained about 38% and helped most, followed by financials, which gained 40%, and information technology, which advanced 51%. The consumer discretionary sector rose roughly 41%, health care gained 28%, driven by the pharmaceuticals, biotechnology & life sciences industry (+41%), and materials advanced 33%. Other notable contributors included the consumer staples (+13%), real estate (+28%) and energy (+21%) sectors. In contrast, emerging markets was a noteworthy detractor versus the benchmark. From a sector standpoint, stocks in the communication services sector returned -16% and detracted most, followed by utilities (-4%). Turning to individual stocks, the top contributor was Novo Nordisk (+73%), from the pharmaceuticals, biotechnology & life sciences industry, followed by Adyen (+79%), within the software & services segment. In semiconductors & semiconductor equipment, Tokyo Electron advanced 77% and Sony (+40%) from the consumer durables & apparel category also helped. L'oreal, within the household & personal products group, rose 42% and boosted the fund. In contrast, the biggest individual detractor was SoftBank Group (-16%), from the telecommunication services segment, followed by Alibaba Health Information Technology (-48%), which is in the health care equipment & services group. Within household & personal products, Reckitt Benckiser returned -11% and hurt. Other detractors were Fanuc (-19%), a stock in the capital goods category, and Nintendo (-28%), from the media & entertainment industry. Notable changes in positioning include higher allocations to the industrials and financial sectors, and reduced exposure to consumer staples and health care stocks.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of October 31, 2021 
   Japan 22.3% 
   France 12.4% 
   United Kingdom 11.2% 
   Netherlands 8.0% 
   Australia 7.4% 
   Switzerland 7.3% 
   Denmark 6.0% 
   Germany 5.9% 
   Sweden 5.8% 
   Other 13.7% 


Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Top Ten Stocks as of October 31, 2021

 % of fund's net assets 
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) 3.0 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 3.0 
Sony Group Corp. (Japan, Household Durables) 2.7 
L'Oreal SA (France, Personal Products) 2.5 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 2.4 
Daimler AG (Germany) (Germany, Automobiles) 2.2 
Adyen BV (Netherlands, IT Services) 2.1 
Tokyo Electron Ltd. (Japan, Semiconductors & Semiconductor Equipment) 1.9 
National Australia Bank Ltd. (Australia, Banks) 1.9 
Lonza Group AG (Switzerland, Life Sciences Tools & Services) 1.6 
 23.3 

Top Market Sectors as of October 31, 2021

 % of fund's net assets 
Industrials 18.8 
Financials 17.5 
Consumer Discretionary 14.8 
Information Technology 11.6 
Health Care 10.9 
Materials 9.5 
Consumer Staples 8.1 
Communication Services 3.4 
Real Estate 2.0 
Energy 1.2 

Asset Allocation as of October 31, 2021

 % of fund's net assets 
Stocks and Equity Futures 100.0 

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 98.9%   
 Shares Value 
Australia - 7.4%   
Ansell Ltd. 34,954 $828,529 
Australia & New Zealand Banking Group Ltd. 683,930 14,477,646 
BlueScope Steel Ltd. 137,618 2,134,647 
Dominos Pizza Enterprises Ltd. 17,100 1,742,486 
IGO Ltd. 184,131 1,335,261 
Lynas Rare Earths Ltd. (a) 243,943 1,345,100 
Macquarie Group Ltd. 77,570 11,468,724 
Mineral Resources Ltd. 45,369 1,317,032 
National Australia Bank Ltd. 892,835 19,412,000 
Orocobre Ltd. (a) 161,803 1,083,275 
OZ Minerals Ltd. 89,817 1,697,904 
Pilbara Minerals Ltd. (a) 689,633 1,141,308 
Santos Ltd. 457,602 2,402,733 
SEEK Ltd. 95,575 2,351,009 
Sonic Healthcare Ltd. 130,578 3,932,039 
Woolworths Group Ltd. 342,667 9,815,929 
TOTAL AUSTRALIA  76,485,622 
Austria - 0.5%   
OMV AG 39,332 2,382,512 
Verbund AG 18,598 1,937,086 
Voestalpine AG 30,104 1,142,839 
TOTAL AUSTRIA  5,462,437 
Bailiwick of Jersey - 2.1%   
Ferguson PLC 62,876 9,461,082 
Glencore Xstrata PLC 1,133,343 5,667,372 
Man Group PLC 421,184 1,341,309 
WPP PLC 335,239 4,845,802 
TOTAL BAILIWICK OF JERSEY  21,315,565 
Belgium - 0.2%   
Sofina SA 4,303 1,902,160 
Cayman Islands - 0.3%   
ENN Energy Holdings Ltd. 206,800 3,580,227 
Denmark - 6.0%   
A.P. Moller - Maersk A/S Series B 2,395 6,940,586 
Carlsberg A/S Series B 26,665 4,398,585 
Demant A/S (a) 27,552 1,334,570 
DSV A/S 54,230 12,603,103 
Novo Nordisk A/S Series B 285,713 31,329,835 
Pandora A/S 27,074 3,780,683 
Ringkjoebing Landbobank A/S 7,941 1,008,205 
Royal Unibrew A/S 9,654 1,197,786 
TOTAL DENMARK  62,593,353 
Finland - 1.8%   
Fortum Corp. 44,673 1,327,199 
Kesko Oyj 74,601 2,422,447 
Neste Oyj 53,992 3,007,767 
Nordea Bank ABP 973,381 11,907,709 
TOTAL FINLAND  18,665,122 
France - 12.4%   
Air Liquide SA 82,419 13,760,499 
Bollore SA 249,603 1,445,591 
Bureau Veritas SA 79,082 2,510,360 
Compagnie de St. Gobain 145,453 10,038,084 
EssilorLuxottica SA 14,989 3,099,851 
Eurazeo SA 14,066 1,317,897 
Hermes International SCA 9,515 15,074,596 
L'Oreal SA 56,751 25,961,016 
LVMH Moet Hennessy Louis Vuitton SE 31,991 25,084,836 
Pernod Ricard SA 22,164 5,091,009 
Publicis Groupe SA 62,741 4,202,307 
Remy Cointreau SA 6,349 1,281,467 
Sartorius Stedim Biotech 6,489 3,572,111 
Societe Generale Series A 216,751 7,240,340 
Suez Environnement SA 104,766 2,384,040 
Teleperformance 15,901 6,637,580 
TOTAL FRANCE  128,701,584 
Germany - 5.9%   
Allianz SE 51,937 12,076,879 
alstria office REIT-AG 48,629 908,436 
Brenntag SE 39,822 3,785,855 
Carl Zeiss Meditec AG 10,017 2,014,280 
Covestro AG (b) 48,121 3,081,784 
Daimler AG (Germany) 226,986 22,497,817 
Deutsche Bank AG (a) 562,273 7,244,762 
Infineon Technologies AG 79,205 3,709,278 
LEG Immobilien AG 16,955 2,521,537 
Merck KGaA 10,881 2,568,517 
TAG Immobilien AG 39,662 1,204,919 
TOTAL GERMANY  61,614,064 
Hong Kong - 2.4%   
Hong Kong Exchanges and Clearing Ltd. 244,100 14,770,552 
Techtronic Industries Co. Ltd. 466,500 9,599,210 
TOTAL HONG KONG  24,369,762 
Ireland - 1.1%   
Bank Ireland Group PLC (a) 253,411 1,512,172 
James Hardie Industries PLC CDI 120,252 4,672,237 
Kingspan Group PLC (Ireland) 41,795 4,814,109 
TOTAL IRELAND  10,998,518 
Isle of Man - 0.4%   
Entain PLC (a) 159,935 4,482,643 
Israel - 0.7%   
Bank Leumi le-Israel BM 400,428 3,817,818 
Icl Group Ltd. 188,087 1,607,835 
Israel Discount Bank Ltd. (Class A) (a) 317,907 1,916,876 
TOTAL ISRAEL  7,342,529 
Italy - 0.6%   
A2A SpA 427,853 899,179 
Banco BPM SpA 413,819 1,284,915 
FinecoBank SpA 114,104 2,178,398 
Interpump Group SpA 22,612 1,666,391 
TOTAL ITALY  6,028,883 
Japan - 22.3%   
AGC, Inc. 61,900 3,082,348 
Aisin Seiki Co. Ltd. 49,900 1,825,979 
Ajinomoto Co., Inc. 150,000 4,491,103 
BayCurrent Consulting, Inc. 3,800 1,577,077 
Bridgestone Corp. 160,700 7,109,253 
Chugai Pharmaceutical Co. Ltd. 128,800 4,815,753 
CyberAgent, Inc. 111,900 1,874,946 
Dai-ichi Mutual Life Insurance Co. 77,700 1,634,696 
Ebara Corp. 23,500 1,282,322 
FANUC Corp. 25,400 5,019,578 
FUJIFILM Holdings Corp. 58,300 4,505,274 
Fujitsu Ltd. 50,300 8,693,337 
Hitachi Ltd. 229,500 13,224,837 
Hoya Corp. 94,300 13,881,767 
Ibiden Co. Ltd. 36,300 2,181,119 
Iida Group Holdings Co. Ltd. 49,100 1,210,537 
Itochu Corp. 382,000 10,894,971 
Kawasaki Kisen Kaisha Ltd. (a) 21,300 1,026,669 
Keyence Corp. 10,200 6,156,871 
Konami Holdings Corp. 27,200 1,496,832 
Lasertec Corp. 20,900 4,533,540 
LIXIL Group Corp. 60,800 1,561,945 
M3, Inc. 115,800 6,824,133 
Makita Corp. 75,900 3,522,665 
Marubeni Corp. 447,000 3,792,939 
Mitsubishi Chemical Holdings Corp. 321,500 2,661,194 
Mitsui OSK Lines Ltd. 33,000 2,080,699 
Nippon Yusen KK 46,500 3,350,663 
Nomura Research Institute Ltd. 101,200 4,051,447 
Recruit Holdings Co. Ltd. 46,700 3,106,438 
Renesas Electronics Corp. (a) 272,000 3,345,989 
Screen Holdings Co. Ltd. 12,800 1,189,751 
SHIMANO, Inc. 11,400 3,180,755 
Shin-Etsu Chemical Co. Ltd. 83,900 14,962,145 
Showa Denko K.K. 41,400 1,038,313 
SoftBank Group Corp. 287,800 15,580,745 
Sony Group Corp. 245,100 28,381,692 
Tokyo Electron Ltd. 42,600 19,853,009 
Toyota Industries Corp. 55,600 4,726,701 
Toyota Tsusho Corp. 64,300 2,789,090 
Unicharm Corp. 105,000 4,246,496 
TOTAL JAPAN  230,765,618 
Luxembourg - 1.3%   
ArcelorMittal SA (Netherlands) 183,358 6,215,781 
B&M European Value Retail SA 230,297 1,995,675 
Eurofins Scientific SA 34,912 4,114,122 
Tenaris SA 125,762 1,400,522 
TOTAL LUXEMBOURG  13,726,100 
Malta - 0.1%   
Kindred Group PLC (depositary receipt) 62,297 870,475 
Netherlands - 8.0%   
Adyen BV (a)(b) 7,140 21,543,596 
ASM International NV (Netherlands) 10,502 4,751,718 
ASML Holding NV (Netherlands) 37,785 30,715,436 
BE Semiconductor Industries NV 19,957 1,821,630 
CNH Industrial NV 270,879 4,675,122 
Davide Campari Milano NV 145,950 2,071,860 
IMCD NV 15,565 3,455,583 
Stellantis NV (Italy) 311,769 6,216,986 
Wolters Kluwer NV 72,450 7,591,299 
TOTAL NETHERLANDS  82,843,230 
New Zealand - 0.1%   
Fletcher Building Ltd. 223,143 1,146,514 
Norway - 0.6%   
Gjensidige Forsikring ASA 45,812 1,139,348 
Mowi ASA 121,791 3,526,329 
Norsk Hydro ASA 230,596 1,693,836 
TOTAL NORWAY  6,359,513 
Papua New Guinea - 0.1%   
Oil Search Ltd. ADR 206,309 665,791 
Singapore - 0.2%   
Singapore Exchange Ltd. 223,200 1,602,207 
Spain - 0.1%   
Fluidra SA 26,717 1,020,744 
Sweden - 5.8%   
AddTech AB (B Shares) 70,362 1,573,068 
Avanza Bank Holding AB 32,025 1,271,230 
Castellum AB 62,113 1,651,911 
Epiroc AB (A Shares) 261,611 6,509,813 
EQT AB 75,424 3,974,954 
Evolution AB (b) 43,705 7,069,747 
Fastighets AB Balder (a) 26,777 1,939,992 
Getinge AB (B Shares) 59,705 2,671,708 
Holmen AB (B Shares) 25,081 1,112,115 
Indutrade AB 71,862 2,091,094 
Investor AB (B Shares) 655,167 15,097,526 
Lifco AB 57,369 1,670,702 
Nibe Industrier AB (B Shares) 384,701 5,727,064 
Sagax AB 49,161 1,923,393 
Samhallsbyggnadsbolaget I Norden AB (B Shares) 306,739 2,057,309 
SSAB Svenskt Stal AB (A Shares) (a) 210,756 1,200,043 
Thule Group AB (b) 25,477 1,467,864 
Trelleborg AB (B Shares) 65,676 1,500,040 
TOTAL SWEDEN  60,509,573 
Switzerland - 7.3%   
Bucher Industries AG 1,804 909,487 
Georg Fischer AG (Reg.) 1,110 1,679,063 
Kuehne & Nagel International AG 13,851 4,361,340 
Lindt & Spruengli AG 57 6,841,743 
Lonza Group AG 19,883 16,299,891 
Partners Group Holding AG 6,198 10,814,007 
Siegfried Holding AG 1,196 1,148,844 
Sig Combibloc Group AG 86,650 2,263,727 
Sika AG 38,723 13,110,671 
Sonova Holding AG 14,712 6,078,582 
Straumann Holding AG 3,128 6,497,877 
Tecan Group AG 3,238 1,980,428 
VAT Group AG (b) 7,007 3,345,850 
TOTAL SWITZERLAND  75,331,510 
United Kingdom - 11.2%   
3i Group PLC 263,470 4,918,200 
Admiral Group PLC 69,884 2,744,861 
Anglo American PLC (United Kingdom) 369,125 14,042,624 
Ashtead Group PLC 122,716 10,284,828 
Big Yellow Group PLC 47,210 955,571 
Bunzl PLC 75,346 2,786,161 
Dechra Pharmaceuticals PLC 29,559 2,071,192 
Diageo PLC 238,490 11,865,280 
Future PLC 30,970 1,495,307 
Games Workshop Group PLC 8,872 1,171,074 
Greggs PLC 27,817 1,163,007 
Halma PLC 92,332 3,742,812 
Howden Joinery Group PLC 164,678 2,072,954 
IG Group Holdings PLC 100,255 1,088,714 
IMI PLC 76,807 1,717,566 
Inchcape PLC 106,954 1,209,032 
ITV PLC (a) 989,688 1,458,052 
J Sainsbury PLC 477,621 1,957,023 
Kingfisher PLC 571,462 2,622,777 
Lloyds Banking Group PLC 19,385,450 13,267,027 
NatWest Group PLC 1,447,346 4,379,472 
Next PLC 35,994 3,924,019 
Persimmon PLC 81,302 3,027,544 
Rightmove PLC 238,113 2,253,062 
Royal Dutch Shell PLC Class A (United Kingdom) 135,672 3,108,094 
Segro PLC 327,837 5,798,948 
Severn Trent PLC 59,650 2,235,139 
Spirax-Sarco Engineering PLC 19,964 4,263,556 
St. James's Place Capital PLC 147,437 3,187,035 
Tritax Big Box REIT PLC 470,088 1,447,513 
TOTAL UNITED KINGDOM  116,258,444 
TOTAL COMMON STOCKS   
(Cost $899,634,061)  1,024,642,188 
Money Market Funds - 0.9%   
Fidelity Cash Central Fund 0.06% (c)   
(Cost $8,855,470) 8,853,699 8,855,470 
TOTAL INVESTMENT IN SECURITIES - 99.8%   
(Cost $908,489,531)  1,033,497,658 
NET OTHER ASSETS (LIABILITIES) - 0.2%  2,074,947 
NET ASSETS - 100%  $1,035,572,605 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI EAFE Index Contracts (United States) 93 Dec. 2021 $10,879,140 $166,222 $166,222 

The notional amount of futures purchased as a percentage of Net Assets is 1.1%

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $36,508,841 or 3.5% of net assets.

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $1,331,588 $330,743,341 $323,219,463 $4,058 $4 $-- $8,855,470 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% 523,791 6,134,144 6,657,935 59,136 -- -- -- 0.0% 
Total $1,855,379 $336,877,485 $329,877,398 $63,194 $4 $-- $8,855,470  

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $37,003,653 $13,205,328 $23,798,325 $-- 
Consumer Discretionary 152,936,029 78,793,499 74,142,530 -- 
Consumer Staples 85,168,073 38,604,178 46,563,895 -- 
Energy 12,967,419 8,458,803 4,508,616 -- 
Financials 179,997,639 138,443,576 41,554,063 -- 
Health Care 111,964,178 55,112,690 56,851,488 -- 
Industrials 192,750,449 119,459,538 73,290,911 -- 
Information Technology 120,794,807 10,316,160 110,478,647 -- 
Materials 98,287,542 44,461,559 53,825,983 -- 
Real Estate 20,409,529 20,409,529 -- -- 
Utilities 12,362,870 12,362,870 -- -- 
Money Market Funds 8,855,470 8,855,470 -- -- 
Total Investments in Securities: $1,033,497,658 $548,483,200 $485,014,458 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $166,222 $166,222 $-- $-- 
Total Assets $166,222 $166,222 $-- $-- 
Total Derivative Instruments: $166,222 $166,222 $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $166,222 $0 
Total Equity Risk 166,222 0 
Total Value of Derivatives $166,222 $0 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $899,634,061) 		$1,024,642,188  
Fidelity Central Funds (cost $8,855,470) 8,855,470  
Total Investment in Securities (cost $908,489,531)  $1,033,497,658 
Segregated cash with brokers for derivative instruments  569,546 
Cash  45,009 
Foreign currency held at value (cost $125,598)  125,335 
Receivable for fund shares sold  149,828 
Dividends receivable  1,779,933 
Distributions receivable from Fidelity Central Funds  409 
Prepaid expenses  668 
Total assets  1,036,168,386 
Liabilities   
Payable for fund shares redeemed 239,399  
Accrued management fee 131,021  
Payable for daily variation margin on futures contracts 65,332  
Other payables and accrued expenses 160,029  
Total liabilities  595,781 
Net Assets  $1,035,572,605 
Net Assets consist of:   
Paid in capital  $889,786,326 
Total accumulated earnings (loss)  145,786,279 
Net Assets  $1,035,572,605 
Net Asset Value, offering price and redemption price per share ($1,035,572,605 ÷ 71,363,252 shares)  $14.51 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended October 31, 2021 
Investment Income   
Dividends  $13,361,942 
Non-Cash dividends  1,447,699 
Income from Fidelity Central Funds (including $59,136 from security lending)  63,194 
Income before foreign taxes withheld  14,872,835 
Less foreign taxes withheld  (1,471,239) 
Total income  13,401,596 
Expenses   
Management fee $899,180  
Custodian fees and expenses 118,233  
Independent trustees' fees and expenses 1,592  
Registration fees 100,463  
Audit 50,641  
Legal 642  
Interest 561  
Miscellaneous 1,382  
Total expenses  1,172,694 
Net investment income (loss)  12,228,902 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 8,886,121  
Fidelity Central Funds 4  
Foreign currency transactions 815,549  
Futures contracts 1,005,552  
Total net realized gain (loss)  10,707,226 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 104,810,016  
Assets and liabilities in foreign currencies (31,967)  
Futures contracts 267,520  
Total change in net unrealized appreciation (depreciation)  105,045,569 
Net gain (loss)  115,752,795 
Net increase (decrease) in net assets resulting from operations  $127,981,697 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended October 31, 2021 For the period
May 12, 2020 (commencement of operations) through October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $12,228,902 $2,253,309 
Net realized gain (loss) 10,707,226 1,810,871 
Change in net unrealized appreciation (depreciation) 105,045,569 20,100,192 
Net increase (decrease) in net assets resulting from operations 127,981,697 24,164,372 
Distributions to shareholders (4,606,186) – 
Share transactions   
Proceeds from sales of shares 654,139,459 371,501,411 
Reinvestment of distributions 4,604,063 – 
Cost of shares redeemed (119,284,291) (22,927,920) 
Net increase (decrease) in net assets resulting from share transactions 539,459,231 348,573,491 
Total increase (decrease) in net assets 662,834,742 372,737,863 
Net Assets   
Beginning of period 372,737,863 – 
End of period $1,035,572,605 $372,737,863 
Other Information   
Shares   
Sold 47,007,361 34,922,757 
Issued in reinvestment of distributions 366,566 – 
Redeemed (8,899,729) (2,033,703) 
Net increase (decrease) 38,474,198 32,889,054 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity SAI International Momentum Index Fund

   
Years ended October 31, 2021 2020 A 
Selected Per–Share Data   
Net asset value, beginning of period $11.33 $10.00 
Income from Investment Operations   
Net investment income (loss)B .28 .08 
Net realized and unrealized gain (loss) 3.05 1.25 
Total from investment operations 3.33 1.33 
Distributions from net investment income (.09) – 
Distributions from net realized gain (.05) – 
Total distributions (.15)C – 
Net asset value, end of period $14.51 $11.33 
Total ReturnD,E 29.56% 13.30% 
Ratios to Average Net AssetsF,G   
Expenses before reductions .19% .24%H,I 
Expenses net of fee waivers, if any .19% .20%H 
Expenses net of all reductions .19% .20%H 
Net investment income (loss) 2.03% 1.55%H 
Supplemental Data   
Net assets, end of period (000 omitted) $1,035,573 $372,738 
Portfolio turnover rateJ 73% 29%K 

 A For the period May 12, 2020 (commencement of operations) through October 31, 2020.

 B Calculated based on average shares outstanding during the period.

 C Total distributions per share do not sum due to rounding.

 D Total returns for periods of less than one year are not annualized.

 E Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 F Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 G Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 H Annualized

 I Audit fees are not annualized.

 J Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 K Amount not annualized.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended October 31, 2021

1. Organization.

Fidelity SAI International Momentum Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. 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.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $139,797,501 
Gross unrealized depreciation (20,038,168) 
Net unrealized appreciation (depreciation) $119,759,333 
Tax Cost $913,738,325 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $16,745,269 
Undistributed long-term capital gain $9,310,264 
Net unrealized appreciation (depreciation) on securities and other investments $119,730,745 

The tax character of distributions paid was as follows:

 October 31, 2021 October 31, 2020(a) 
Ordinary Income $4,479,989 $– 
Long-term Capital Gains 126,197 – 
Total $4,606,186 $– 

 (a) For the period May 12, 2020 through October 31, 2020.

Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity SAI International Momentum Index Fund 988,826,378 448,072,572 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .15% of the Fund's average net assets.

Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity SAI International Momentum Index Fund Borrower $8,306,250 .30% $561 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period there were no interfund trades.

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity SAI International Momentum Index Fund $569 

8. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity SAI International Momentum Index Fund $6,298 $– $– 

9. Other.

Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.

In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

 Strategic Advisers Fidelity International Fund Strategic Advisers International Fund 
Fidelity SAI International Momentum Index Fund 23% 24% 

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

Fund % of shares held 
Fidelity SAI International Momentum Index Fund 47% 

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI International Momentum Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI International Momentum Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021 and the statement of changes in net assets and the financial highlights for the year ended October 31, 2021 and for the period May 12, 2020 (commencement of operations) through October 31, 2020, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year ended October 31, 2021, and the changes in its net assets and financial highlights for the year ended October 31, 2021 and for the period May 12, 2020 (commencement of operations) through October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 13, 2021



We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Jonathan Chiel, each of the Trustees oversees 286 funds. Mr. Chiel oversees 179 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees.  In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Vice Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank’s institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization’s equity and quantitative research groups. He began his career in 1983 as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jamie Pagliocco (1964)

Year of Election or Appointment: 2020

Vice President

Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer – Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2021 		Ending
Account Value
October 31, 2021 		Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 
Fidelity SAI International Momentum Index Fund .19%    
Actual  $1,000.00 $1,069.30 $.99 
Hypothetical-C  $1,000.00 $1,024.25 $.97 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity SAI International Momentum Index Fund voted to pay on December 13, 2021, to shareholders of record at the opening of business on December 10, 2021, a distribution of $0.105 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.259 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2021, $9,333,574, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 53% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.0840 and $0.0056 for the dividend paid December 14, 2020.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity SAI International Momentum Index Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

Resources Dedicated to Investment Management and Support Services.  The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. Further, the Board considered that Fidelity'sand Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. As the fund recently commenced operations, the Board did not believe that it was appropriate to assign significant weight to its limited investment performance.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month (or shorter) period shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG % and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

The Board noted that the fund's management fee rate ranked equal to the median of its Total Mapped Group and below the median of its ASPG for the period.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other "fund-level" expenses, such as custodial, legal, and audit fees, paid by FMR under the fund's management contract. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the fund's total expense ratio ranked below the similar sales load group and competitive medium and below the ASPG competitive median for the period.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.20% through February 28, 2022.

Fees Charged to Other Clients.  The Board also considered fee structures applicable to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board also considered information regarding the profitability of Geode's relationship with the fund.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the continued waiver of money market fund fees; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

IMI-ANN-1221
1.9900587.101

Fidelity® SAI International Quality Index Fund

Offered exclusively to certain clients of the Adviser or its affiliates - not available for sale to the general public. Fidelity SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers LLC.



Annual Report

October 31, 2021

Fidelity Investments



Fidelity Investments

Contents

Note to Shareholders

Performance

Management's Discussion of Fund Performance

Investment Summary

Schedule of Investments

Financial Statements

Notes to Financial Statements

Report of Independent Registered Public Accounting Firm

Trustees and Officers

Shareholder Expense Example

Distributions

Board Approval of Investment Advisory Contracts and Management Fees


To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2021 FMR LLC. All rights reserved.



This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC’s web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.

For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Note to Shareholders:

Early in 2020, the outbreak and spread of COVID-19 emerged as a public health emergency that had a major influence on financial markets, primarily based on its impact on the global economy and corporate earnings. On March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic, citing sustained risk of further global spread. The pandemic prompted a number of measures to limit the spread of COVID-19, including travel and border restrictions, quarantines, and restrictions on large gatherings. In turn, these resulted in lower consumer activity, diminished demand for a wide range of products and services, disruption in manufacturing and supply chains, and – given the wide variability in outcomes regarding the outbreak – significant market uncertainty and volatility. To help stem the turmoil, the U.S. government took unprecedented action – in concert with the U.S. Federal Reserve and central banks around the world – to help support consumers, businesses, and the broader economy, and to limit disruption to the financial system.

In general, the overall impact of the pandemic lessened in 2021, amid a resilient economy and widespread distribution of three COVID-19 vaccines granted emergency use authorization from the U.S. Food and Drug Administration (FDA) early in the year. Still, the situation remains dynamic, and the extent and duration of its influence on financial markets and the economy is highly uncertain, due in part to a recent spike in cases based on highly contagious variants of the coronavirus.

Extreme events such as the COVID-19 crisis are exogenous shocks that can have significant adverse effects on mutual funds and their investments. Although multiple asset classes may be affected by market disruption, the duration and impact may not be the same for all types of assets. Fidelity is committed to helping you stay informed amid news about COVID-19 and during increased market volatility, and we continue to take extra steps to be responsive to customer needs. We encourage you to visit us online, where we offer ongoing updates, commentary, and analysis on the markets and our funds.

Performance: The Bottom Line

Average annual total return reflects the change in the value of an investment, assuming reinvestment of distributions from dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The hypothetical investment and the average annual total returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.

Average Annual Total Returns

For the periods ended October 31, 2021 Past 1 year Life of fundA 
Fidelity® SAI International Quality Index Fund 32.28% 29.60% 

 A From May 12, 2020

$10,000 Over Life of Fund

Let's say hypothetically that $10,000 was invested in Fidelity® SAI International Quality Index Fund on May 12, 2020, when the fund started.

The chart shows how the value of your investment would have changed, and also shows how the Fidelity International Quality Focus Index℠ and MSCI ACWI (All Country World Index) ex USA Index performed over the same period.


Period Ending Values
$14,644Fidelity® SAI International Quality Index Fund
$14,711Fidelity International Quality Focus Index℠
$14,687MSCI ACWI (All Country World Index) ex USA Index

Management's Discussion of Fund Performance

Market Recap:  The MSCI ACWI (All Country World Index) ex USA Index gained 29.85% for the 12 months ending October 31, 2021, with international equities rising amid an improved outlook for global economic growth, widespread COVID-19 vaccination, fiscal stimulus in the U.S. and abroad, and government spending programs. As 2021 began, investors saw reasons to be hopeful and the index recorded steady monthly gains. As part of the economic “reopening” trade, investors generally moved out of tech-driven mega-caps that had thrived due to the work-from-home trend in favor of cheap, smaller companies they believed stood to benefit from a broad cyclical recovery. In early September, sentiment turned broadly negative due to inflationary pressure from surging energy/other commodity prices, rising bond yields, supply constraints and disruption, valuation concerns, and the fast-spreading delta variant of the coronavirus. International stocks returned -3.18% for the month, but rebounded in October (+2.39%) amid strength in corporate earnings and notable improvement in the global economy. By region, Canada (+50%) led the way, followed by the U.K. (+44%) and Europe ex U.K (+41%). Conversely, emerging markets (+17%) and Japan (+20%) lagged most. By sector, energy (+74%) fared best by a wide margin. Financials (+50%) and information technology (+43%) also stood out. In contrast, communication services (+6%), consumer discretionary (+14%) and real estate (+17%) notably trailed the index.

Comments from the Geode Capital Management, LLC, passive equity index team:  For the fiscal year ending October 31, 2021, the fund gained 32.28%, roughly in line with the 32.84% advance of the benchmark Fidelity International Quality Focus Index - Net MA. (The fund's relative performance can be affected by Fidelity's methodologies for valuing certain foreign stocks and for incorporating foreign exchange rates, which differ from those used by the index, as well as by local tax laws or regulations, which vary by country.) From a regional standpoint, Europe ex U.K. and the U.K. notably contributed. By sector, information technology gained 60% and contributed most, followed by health care, which gained 24%, benefiting from the pharmaceuticals, biotechnology & life sciences industry (+26%). Consumer discretionary stocks advanced approximately 55% and helped. The industrials sector rose 32%, financials gained 29%, and consumer staples advanced 14%. Other notable contributors included the materials (+19%), communication services (+14%), utilities (+26%), real estate (+39%), and energy (+31%) sectors. In contrast, the top individual contributor was ASML Holding (+124%), from the semiconductors & semiconductor equipment segment, followed by Novo Nordisk (+73%), within the pharmaceuticals, biotechnology & life sciences category. In consumer durables & apparel, LVMH Moet Hennessy Louis Vuitton advanced 68% and BHP (+50%) from the materials sector also helped. Adyen, within the software & services group, rose about 79% and boosted the fund. In contrast, the biggest individual detractor was Rio Tinto (-13%), from the materials sector. Logitech International, within the technology hardware & equipment industry, returned roughly -31% and hindered the fund. In media & entertainment, Nintendo (-9%) and Nexon (-39%) hurt. Another detractor was Unilever (-4%), a stock in the household & personal products segment. Notable changes in positioning include a higher allocation to the information technology sector and reduced exposure to consumer discretionary stocks.

The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.

Investment Summary (Unaudited)

Geographic Diversification (% of fund's net assets)

As of October 31, 2021 
   Japan 18.0% 
   United Kingdom 17.6% 
   Switzerland 16.2% 
   France 8.0% 
   Netherlands 7.6% 
   Germany 6.6% 
   Denmark 5.8% 
   Sweden 4.8% 
   Australia 4.7% 
   Other* 10.7% 


 * Includes Short-Term investments and Net Other Assets (Liabilities).

Percentages are based on country or territory of incorporation and are adjusted for the effect of futures contracts, if applicable.

Top Ten Stocks as of October 31, 2021

 % of fund's net assets 
Nestle SA (Reg. S) (Switzerland, Food Products) 4.2 
ASML Holding NV (Netherlands) (Netherlands, Semiconductors & Semiconductor Equipment) 3.8 
Roche Holding AG (participation certificate) (Switzerland, Pharmaceuticals) 3.5 
AstraZeneca PLC (United Kingdom) (United Kingdom, Pharmaceuticals) 3.2 
Novo Nordisk A/S Series B (Denmark, Pharmaceuticals) 3.2 
LVMH Moet Hennessy Louis Vuitton SE (France, Textiles, Apparel & Luxury Goods) 3.0 
Novartis AG (Switzerland, Pharmaceuticals) 2.8 
SAP SE (Germany, Software) 2.8 
Diageo PLC (United Kingdom, Beverages) 2.7 
Keyence Corp. (Japan, Electronic Equipment & Components) 2.6 
 31.8 

Top Market Sectors as of October 31, 2021

 % of fund's net assets 
Health Care 22.5 
Information Technology 17.3 
Consumer Staples 15.0 
Industrials 14.3 
Financials 10.4 
Consumer Discretionary 7.2 
Communication Services 5.5 
Materials 3.9 
Real Estate 1.4 
Utilities 1.0 

Asset Allocation as of October 31, 2021

 % of fund's net assets 
Stocks and Equity Futures 100.0 

Schedule of Investments October 31, 2021

Showing Percentage of Net Assets

Common Stocks - 98.5%   
 Shares Value 
Australia - 4.7%   
ALS Ltd. 77,380 $768,942 
ASX Ltd. 31,052 1,939,253 
carsales.com Ltd. 43,600 808,801 
CSL Ltd. 67,255 15,202,562 
Fortescue Metals Group Ltd. 266,685 2,794,550 
Magellan Financial Group Ltd. 22,995 599,721 
Medibank Private Ltd. 441,737 1,103,225 
Newcrest Mining Ltd. 20,898 391,284 
Rio Tinto Ltd. 59,542 4,044,131 
TOTAL AUSTRALIA  27,652,469 
Austria - 0.2%   
Verbund AG 10,922 1,137,587 
Bailiwick of Jersey - 1.2%   
Experian PLC 147,734 6,767,010 
Belgium - 0.2%   
Sofina SA 2,527 1,117,071 
Bermuda - 0.1%   
CK Infrastructure Holdings Ltd. 93,000 560,594 
Cayman Islands - 0.1%   
Chow Tai Fook Jewellery Group Ltd. 352,800 721,879 
Denmark - 5.8%   
Coloplast A/S Series B 19,055 3,106,246 
Genmab A/S (a) 10,520 4,714,791 
GN Store Nord A/S 3,042 184,600 
Novo Nordisk A/S Series B 171,466 18,802,089 
Novozymes A/S Series B 33,317 2,449,977 
Pandora A/S 16,040 2,239,867 
Royal Unibrew A/S 6,728 834,753 
SimCorp A/S 6,173 745,748 
Tryg A/S 49,352 1,169,953 
TOTAL DENMARK  34,248,024 
Finland - 1.1%   
Elisa Corp. (A Shares) 24,156 1,457,092 
Kone OYJ (B Shares) 64,694 4,409,398 
Orion Oyj (B Shares) 17,017 736,310 
TOTAL FINLAND  6,602,800 
France - 8.0%   
bioMerieux SA 6,645 845,362 
Edenred SA 39,551 2,138,369 
Hermes International SCA 5,588 8,853,057 
Ipsen SA 4,602 475,600 
L'Oreal SA 33,067 15,126,657 
La Francaise des Jeux SAEM (b) 19,607 1,017,690 
Legrand SA 5,835 636,541 
LVMH Moet Hennessy Louis Vuitton SE 22,243 17,441,218 
Remy Cointreau SA 3,888 784,745 
TOTAL FRANCE  47,319,239 
Germany - 6.6%   
Allianz SE 53,648 12,474,737 
Beiersdorf AG 14,980 1,591,421 
Deutsche Borse AG 30,476 5,059,065 
LEG Immobilien AG 11,564 1,719,791 
Nemetschek Se 8,707 998,477 
SAP SE 114,376 16,562,923 
TeamViewer AG (a)(b) 24,212 361,371 
TOTAL GERMANY  38,767,785 
Hong Kong - 3.1%   
Hong Kong Exchanges and Clearing Ltd. 191,200 11,569,560 
Power Assets Holdings Ltd. 219,000 1,335,589 
Techtronic Industries Co. Ltd. 262,500 5,401,484 
TOTAL HONG KONG  18,306,633 
Israel - 0.5%   
NICE Systems Ltd. (a) 10,124 2,848,100 
Italy - 1.3%   
Azimut Holding SpA 18,152 522,285 
DiaSorin SpA 3,141 709,315 
FinecoBank SpA 97,827 1,867,649 
Italgas SpA 77,870 494,197 
Moncler SpA 30,322 2,177,445 
Recordati SpA 16,101 1,007,322 
Reply SpA 3,600 697,900 
TOTAL ITALY  7,476,113 
Japan - 18.0%   
Azbil Corp. 19,900 848,393 
BayCurrent Consulting, Inc. 2,100 871,542 
Capcom Co. Ltd. 26,100 702,493 
Chugai Pharmaceutical Co. Ltd. 102,300 3,824,934 
Daito Trust Construction Co. Ltd. 11,100 1,376,224 
Disco Corp. 4,700 1,267,109 
GMO Payment Gateway, Inc. 6,900 874,205 
Hoya Corp. 59,300 8,729,467 
Japan Exchange Group, Inc. 86,000 2,036,314 
Japan Tobacco, Inc. 176,400 3,462,939 
Kakaku.com, Inc. 20,900 693,565 
KDDI Corp. 262,400 8,024,194 
Keyence Corp. 25,700 15,512,900 
Kobayashi Pharmaceutical Co. Ltd. 8,800 704,581 
Lasertec Corp. 12,400 2,689,756 
Lion Corp. 45,600 759,440 
M3, Inc. 68,600 4,042,621 
Nexon Co. Ltd. 68,900 1,172,757 
Nihon M&A Center Holdings, Inc. 47,000 1,443,107 
Nintendo Co. Ltd. 19,000 8,391,483 
Nippon Shinyaku Co. Ltd. 9,800 785,141 
Nippon Telegraph & Telephone Corp. 206,500 5,785,912 
Nissan Chemical Corp. 23,100 1,285,715 
NOF Corp. 12,800 642,388 
OBIC Co. Ltd. 10,700 1,978,683 
Ono Pharmaceutical Co. Ltd. 75,700 1,588,318 
Otsuka Holdings Co. Ltd. 23,200 917,543 
Pigeon Corp. 19,500 451,546 
Secom Co. Ltd. 32,700 2,229,240 
Shimadzu Corp. 44,200 1,795,724 
SHIMANO, Inc. 13,700 3,822,487 
Shionogi & Co. Ltd. 45,000 2,934,014 
SMC Corp. 9,600 5,728,946 
Square Enix Holdings Co. Ltd. 14,300 783,355 
T&D Holdings, Inc. 96,500 1,237,676 
Trend Micro, Inc. 22,600 1,277,361 
Unicharm Corp. 70,700 2,859,307 
USS Co. Ltd. 35,700 575,423 
Yakult Honsha Co. Ltd. 25,800 1,303,628 
ZOZO, Inc. 15,500 497,528 
TOTAL JAPAN  105,907,959 
Malta - 0.1%   
Kindred Group PLC (depositary receipt) 36,912 515,771 
Netherlands - 7.6%   
Adyen BV (a)(b) 4,747 14,323,172 
Arcadis NV 11,896 580,325 
ASML Holding NV (Netherlands) 27,628 22,458,808 
BE Semiconductor Industries NV 11,972 1,092,777 
Euronext NV (b) 15,805 1,779,555 
Wolters Kluwer NV 42,909 4,495,998 
TOTAL NETHERLANDS  44,730,635 
New Zealand - 0.5%   
Fisher & Paykel Healthcare Corp. 92,464 2,067,965 
Spark New Zealand Ltd. 255,276 835,079 
TOTAL NEW ZEALAND  2,903,044 
Norway - 0.2%   
Entra ASA (b) 26,877 670,660 
Gjensidige Forsikring ASA 30,476 757,941 
TOTAL NORWAY  1,428,601 
Singapore - 0.2%   
Singapore Exchange Ltd. 132,100 948,260 
Spain - 0.4%   
Enagas SA 39,922 895,537 
Red Electrica Corporacion SA 69,431 1,445,523 
TOTAL SPAIN  2,341,060 
Sweden - 4.8%   
Atlas Copco AB (A Shares) 156,561 10,059,427 
Avanza Bank Holding AB 18,889 749,797 
Epiroc AB (A Shares) 154,697 3,849,412 
Hexagon AB (B Shares) 315,998 5,085,577 
Husqvarna AB (B Shares) 63,033 896,539 
Indutrade AB 40,459 1,177,306 
Kinnevik AB (B Shares) (a) 38,802 1,521,040 
Lifco AB 33,991 989,887 
Swedish Match Co. AB 260,166 2,289,630 
Thule Group AB (b) 15,094 869,645 
Vitrolife AB 9,576 623,310 
TOTAL SWEDEN  28,111,570 
Switzerland - 16.2%   
Belimo Holding AG (Reg.) 1,598 928,502 
Bucher Industries AG 1,069 538,937 
Ems-Chemie Holding AG 1,125 1,115,048 
Geberit AG (Reg.) 5,941 4,638,081 
Interroll Holding AG 112 543,731 
Kuehne & Nagel International AG 8,084 2,545,453 
Logitech International SA (Reg.) 27,766 2,311,407 
Nestle SA (Reg. S) 187,082 24,677,474 
Novartis AG 200,715 16,601,687 
Partners Group Holding AG 2,998 5,230,783 
Roche Holding AG (participation certificate) 53,425 20,696,535 
Schindler Holding AG (participation certificate) 9,540 2,481,900 
SGS SA (Reg.) 784 2,318,777 
Sonova Holding AG 8,677 3,585,091 
Swisscom AG 4,071 2,216,018 
Tecan Group AG 1,926 1,177,982 
Temenos Group AG 10,619 1,621,961 
VAT Group AG (b) 4,331 2,068,057 
TOTAL SWITZERLAND  95,297,424 
United Kingdom - 17.6%   
Admiral Group PLC 41,981 1,648,904 
Ashtead Group PLC 72,069 6,040,103 
AstraZeneca PLC (United Kingdom) 151,827 18,993,761 
Auto Trader Group PLC (b) 155,427 1,288,558 
Big Yellow Group PLC 26,524 536,868 
Diageo PLC 319,714 15,906,311 
Direct Line Insurance Group PLC 205,992 824,306 
Games Workshop Group PLC 5,257 693,906 
Halma PLC 60,894 2,468,427 
Hargreaves Lansdown PLC 44,126 928,173 
IG Group Holdings PLC 59,395 644,997 
IMI PLC 45,728 1,022,574 
Imperial Brands PLC 144,710 3,053,821 
Intermediate Capital Group PLC 47,175 1,414,539 
M&G PLC 417,020 1,140,284 
Persimmon PLC 51,182 1,905,928 
RELX PLC (London Stock Exchange) 317,975 9,852,128 
Rightmove PLC 140,439 1,328,856 
Rio Tinto PLC 161,366 10,061,405 
Rotork PLC 140,212 679,664 
Safestore Holdings PLC 33,815 556,256 
Sage Group PLC 179,773 1,748,769 
Schroders PLC 19,939 987,808 
Segro PLC 192,289 3,401,306 
Softcat PLC 18,836 500,867 
St. James's Place Capital PLC 86,467 1,869,092 
Unilever PLC 265,896 14,236,571 
TOTAL UNITED KINGDOM  103,734,182 
TOTAL COMMON STOCKS   
(Cost $491,993,571)  579,443,810 
Money Market Funds - 1.2%   
Fidelity Cash Central Fund 0.06% (c)   
(Cost $6,762,264) 6,760,912 6,762,264 
TOTAL INVESTMENT IN SECURITIES - 99.7%   
(Cost $498,755,835)  586,206,074 
NET OTHER ASSETS (LIABILITIES) - 0.3%  1,995,114 
NET ASSETS - 100%  $588,201,188 

Futures Contracts      
 Number of contracts Expiration Date Notional Amount Value Unrealized Appreciation/(Depreciation) 
Purchased      
Equity Index Contracts      
ICE E-mini MSCI EAFE Index Contracts (United States) 75 Dec. 2021 $8,773,500 $144,509 $144,509 

The notional amount of futures purchased as a percentage of Net Assets is 1.5%

Categorizations in the Schedule of Investments are based on country or territory of incorporation.

Legend

 (a) Non-income producing

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $22,378,708 or 3.8% of net assets.

 (c) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

Affiliated Central Funds

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

Fund Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain/Loss Change in Unrealized appreciation (depreciation) Value, end of period % ownership, end of period 
Fidelity Cash Central Fund 0.06% $5,186,633 $148,288,503 $146,712,872 $3,046 $-- $-- $6,762,264 0.0% 
Fidelity Securities Lending Cash Central Fund 0.06% -- 838,750 838,750 321 -- -- -- 0.0% 
Total $5,186,633 $149,127,253 $147,551,622 $3,367 $-- $-- $6,762,264  

Amounts in the income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line-item in the Statement of Operations, if applicable. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Investment Valuation

The following is a summary of the inputs used, as of October 31, 2021, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

 Valuation Inputs at Reporting Date: 
Description Total Level 1 Level 2 Level 3 
Investments in Securities:     
Equities:     
Communication Services $33,488,163 $6,645,846 $26,842,317 $-- 
Consumer Discretionary 42,228,383 19,891,727 22,336,656 -- 
Consumer Staples 88,042,824 8,554,370 79,488,454 -- 
Financials 61,141,988 57,867,998 3,273,990 -- 
Health Care 132,352,566 34,436,456 97,916,110 -- 
Industrials 83,066,472 72,157,096 10,909,376 -- 
Information Technology 102,208,784 17,172,802 85,035,982 -- 
Materials 22,784,498 10,794,990 11,989,508 -- 
Real Estate 8,261,105 6,884,881 1,376,224 -- 
Utilities 5,869,027 5,869,027 -- -- 
Money Market Funds 6,762,264 6,762,264 -- -- 
Total Investments in Securities: $586,206,074 $247,037,457 $339,168,617 $-- 
Derivative Instruments:     
Assets     
Futures Contracts $144,509 $144,509 $-- $-- 
Total Assets $144,509 $144,509 $-- $-- 
Total Derivative Instruments: $144,509 $144,509 $-- $-- 

Value of Derivative Instruments

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 2021. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.

Primary Risk Exposure / Derivative Type Value 
 Asset Liability 
Equity Risk   
Futures Contracts(a) $144,509 $0 
Total Equity Risk 144,509 0 
Total Value of Derivatives $144,509 $0 

 (a) Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  October 31, 2021 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $491,993,571) 		$579,443,810  
Fidelity Central Funds (cost $6,762,264) 6,762,264  
Total Investment in Securities (cost $498,755,835)  $586,206,074 
Segregated cash with brokers for derivative instruments  460,484 
Cash  19,002 
Foreign currency held at value (cost $758,407)  760,928 
Receivable for fund shares sold  122,923 
Dividends receivable  553,650 
Reclaims receivable  516,077 
Distributions receivable from Fidelity Central Funds  640 
Prepaid expenses  574 
Total assets  588,640,352 
Liabilities   
Payable for fund shares redeemed 227,013  
Accrued management fee 71,471  
Audit Fee payable 39,805  
Custody Fee payable  38,844  
Payable for daily variation margin on futures contracts 52,822  
Other payables and accrued expenses 9,209  
Total liabilities  439,164 
Net Assets  $588,201,188 
Net Assets consist of:   
Paid in capital  $444,832,549 
Total accumulated earnings (loss)  143,368,639 
Net Assets  $588,201,188 
Net Asset Value, offering price and redemption price per share ($588,201,188 ÷ 40,549,704 shares)  $14.51 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Year ended October 31, 2021 
Investment Income   
Dividends  $10,829,526 
Income from Fidelity Central Funds (including $321 from security lending)  3,367 
Income before foreign taxes withheld  10,832,893 
Less foreign taxes withheld  (1,059,127) 
Total income  9,773,766 
Expenses   
Management fee $746,802  
Custodian fees and expenses 81,815  
Independent trustees' fees and expenses 1,480  
Registration fees 50,222  
Audit 50,646  
Legal 761  
Interest 1,618  
Miscellaneous 1,443  
Total expenses  934,787 
Net investment income (loss)  8,838,979 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers 55,783,296  
Foreign currency transactions (141,231)  
Futures contracts 1,347,171  
Total net realized gain (loss)  56,989,236 
Change in net unrealized appreciation (depreciation) on:   
Investment securities:   
Unaffiliated issuers 66,871,540  
Assets and liabilities in foreign currencies (13,699)  
Futures contracts 424,919  
Total change in net unrealized appreciation (depreciation)  67,282,760 
Net gain (loss)  124,271,996 
Net increase (decrease) in net assets resulting from operations  $133,110,975 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Year ended October 31, 2021 For the period
May 12, 2020 (commencement of operations) through October 31, 2020 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $8,838,979 $3,093,857 
Net realized gain (loss) 56,989,236 857,139 
Change in net unrealized appreciation (depreciation) 67,282,760 20,303,038 
Net increase (decrease) in net assets resulting from operations 133,110,975 24,254,034 
Distributions to shareholders (4,741,796) – 
Share transactions   
Proceeds from sales of shares 211,498,578 500,040,231 
Reinvestment of distributions 4,739,668 – 
Cost of shares redeemed (229,953,190) (50,747,312) 
Net increase (decrease) in net assets resulting from share transactions (13,714,944) 449,292,919 
Total increase (decrease) in net assets 114,654,235 473,546,953 
Net Assets   
Beginning of period 473,546,953 – 
End of period $588,201,188 $473,546,953 
Other Information   
Shares   
Sold 14,999,451 47,275,403 
Issued in reinvestment of distributions 379,477 – 
Redeemed (17,607,218) (4,497,409) 
Net increase (decrease) (2,228,290) 42,777,994 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity SAI International Quality Index Fund

   
Years ended October 31, 2021 2020 A 
Selected Per–Share Data   
Net asset value, beginning of period $11.07 $10.00 
Income from Investment Operations   
Net investment income (loss)B .24 .08 
Net realized and unrealized gain (loss) 3.32 .99 
Total from investment operations 3.56 1.07 
Distributions from net investment income (.10) – 
Distributions from net realized gain (.02) – 
Total distributions (.12) – 
Net asset value, end of period $14.51 $11.07 
Total ReturnC,D 32.28% 10.70% 
Ratios to Average Net AssetsE,F   
Expenses before reductions .19% .23%G,H 
Expenses net of fee waivers, if any .19% .20%G 
Expenses net of all reductions .19% .20%G 
Net investment income (loss) 1.78% 1.55%G 
Supplemental Data   
Net assets, end of period (000 omitted) $588,201 $473,547 
Portfolio turnover rateI 78% 30%J 

 A For the period May 12, 2020 (commencement of operations) through October 31, 2020.

 B Calculated based on average shares outstanding during the period.

 C Total returns for periods of less than one year are not annualized.

 D Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.

 E Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.

 F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.

 G Annualized

 H Audit fees are not annualized.

 I Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs).

 J Amount not annualized.

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements

For the period ended October 31, 2021

1. Organization.

Fidelity SAI International Quality Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. 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.

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

Fidelity Central Fund Investment Manager Investment Objective Investment Practices Expense Ratio(a) 
Fidelity Money Market Central Funds Fidelity Management & Research Company LLC (FMR) Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. Short-term Investments Less than .005% 

 (a) Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds (ETFs) but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 2021 is included at the end of the Fund's Schedule of Investments.

Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.

Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.

The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.

Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable.

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2021, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

Gross unrealized appreciation $101,470,720 
Gross unrealized depreciation (15,350,512) 
Net unrealized appreciation (depreciation) $86,120,208 
Tax Cost $500,085,866 

The tax-based components of distributable earnings as of period end were as follows:

Undistributed ordinary income $45,295,839 
Undistributed long-term capital gain $11,961,542 
Net unrealized appreciation (depreciation) on securities and other investments $86,111,258 

The tax character of distributions paid was as follows:

 October 31, 2021 October 31, 2020(a) 
Ordinary Income $4,741,796 $– 
Total $4,741,796 $– 

 (a) For the period May 12, 2020 through October 31, 2020.

Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

4. Derivative Instruments.

Risk Exposures and the Use of Derivative Instruments. The Fund's investment objective allows the Fund to enter into various types of derivative contracts, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.

The Fund used derivatives to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.

The Fund's use of derivatives increased or decreased its exposure to the following risk:

Equity Risk Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 

The Fund is also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that the Fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to the Fund. Counterparty credit risk related to exchange-traded futures contracts may be mitigated by the protection provided by the exchange on which they trade.

Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.

Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. The Fund used futures contracts to manage its exposure to the stock market.

Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments (variation margin) are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end and is representative of volume of activity during the period. Cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

5. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

 Purchases ($) Sales ($) 
Fidelity SAI International Quality Index Fund 386,216,836 396,643,738 

6. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .15% of the Fund's average net assets.

Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.

Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:

 Borrower or Lender Average Loan Balance Weighted Average Interest Rate Interest Expense 
Fidelity SAI International Quality Index Fund Borrower $13,082,533 .30% $1,618 

Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period there were no interfund trades.

7. Committed Line of Credit.

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below. During the period, there were no borrowings on this line of credit.

 Amount 
Fidelity SAI International Quality Index Fund $419 

8. Security Lending.

Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, a fund receives collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the market value of the loaned securities during the period of the loan. The market value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Affiliated security lending activity, if any, was as follows:

 Total Security Lending Fees Paid to NFS Security Lending Income From Securities Loaned to NFS Value of Securities Loaned to NFS at Period End 
Fidelity SAI International Quality Index Fund $34 $– $– 

9. Other.

Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote.

In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.

 Strategic Advisers Fidelity International Fund 
Fidelity SAI International Quality Index Fund 20% 

Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.

Fund % of shares held 
Fidelity SAI International Quality Index Fund 21% 

10. Coronavirus (COVID-19) Pandemic.

An outbreak of COVID-19 first detected in China during December 2019 has since spread globally and was declared a pandemic by the World Health Organization during March 2020. Developments that disrupt global economies and financial markets, such as the COVID-19 pandemic, may magnify factors that affect the Fund's performance.

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI International Quality Index Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI International Quality Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021 and the statement of changes in net assets and the financial highlights for the year ended October 31, 2021 and for the period May 12, 2020 (commencement of operations) through October 31, 2020, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year ended October 31, 2021, and the changes in its net assets and financial highlights for the year ended October 31, 2021 and for the period May 12, 2020 (commencement of operations) through October 31, 2020 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 13, 2021



We have served as the auditor of one or more investment companies in the Fidelity group of funds since 1932.

Trustees and Officers

The Trustees, Members of the Advisory Board (if any), and officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, oversee management of the risks associated with such activities and contractual arrangements, and review the fund's performance.  Except for Jonathan Chiel, each of the Trustees oversees 286 funds. Mr. Chiel oversees 179 funds. 

The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust.  Each Trustee who is not an interested person (as defined in the 1940 Act) of the trust and the fund is referred to herein as an Independent Trustee.  Each Independent Trustee shall retire not later than the last day of the calendar year in which his or her 75th birthday occurs.  The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees.  Officers and Advisory Board Members hold office without limit in time, except that any officer or Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years. 

The fund’s Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-3455.

Experience, Skills, Attributes, and Qualifications of the Trustees. The Governance and Nominating Committee has adopted a statement of policy that describes the experience, qualifications, attributes, and skills that are necessary and desirable for potential Independent Trustee candidates (Statement of Policy). The Board believes that each Trustee satisfied at the time he or she was initially elected or appointed a Trustee, and continues to satisfy, the standards contemplated by the Statement of Policy. The Governance and Nominating Committee also engages professional search firms to help identify potential Independent Trustee candidates who have the experience, qualifications, attributes, and skills consistent with the Statement of Policy. From time to time, additional criteria based on the composition and skills of the current Independent Trustees, as well as experience or skills that may be appropriate in light of future changes to board composition, business conditions, and regulatory or other developments, have also been considered by the professional search firms and the Governance and Nominating Committee. In addition, the Board takes into account the Trustees' commitment and participation in Board and committee meetings, as well as their leadership of standing and ad hoc committees throughout their tenure.

In determining that a particular Trustee was and continues to be qualified to serve as a Trustee, the Board has considered a variety of criteria, none of which, in isolation, was controlling. The Board believes that, collectively, the Trustees have balanced and diverse experience, qualifications, attributes, and skills, which allow the Board to operate effectively in governing the fund and protecting the interests of shareholders. Information about the specific experience, skills, attributes, and qualifications of each Trustee, which in each case led to the Board's conclusion that the Trustee should serve (or continue to serve) as a trustee of the fund, is provided below.

Board Structure and Oversight Function. Abigail P. Johnson is an interested person and currently serves as Chairman. The Trustees have determined that an interested Chairman is appropriate and benefits shareholders because an interested Chairman has a personal and professional stake in the quality and continuity of services provided to the fund. Independent Trustees exercise their informed business judgment to appoint an individual of their choosing to serve as Chairman, regardless of whether the Trustee happens to be independent or a member of management. The Independent Trustees have determined that they can act independently and effectively without having an Independent Trustee serve as Chairman and that a key structural component for assuring that they are in a position to do so is for the Independent Trustees to constitute a substantial majority for the Board. The Independent Trustees also regularly meet in executive session. Arthur E. Johnson serves as Chairman of the Independent Trustees and as such (i) acts as a liaison between the Independent Trustees and management with respect to matters important to the Independent Trustees and (ii) with management prepares agendas for Board meetings.

Fidelity® funds are overseen by different Boards of Trustees. The fund's Board oversees Fidelity's investment-grade bond, money market, asset allocation and certain equity funds, and other Boards oversee Fidelity's high income and other equity funds. The asset allocation funds may invest in Fidelity® funds that are overseen by such other Boards. The use of separate Boards, each with its own committee structure, allows the Trustees of each group of Fidelity® funds to focus on the unique issues of the funds they oversee, including common research, investment, and operational issues. On occasion, the separate Boards establish joint committees to address issues of overlapping consequences for the Fidelity® funds overseen by each Board.

The Trustees operate using a system of committees to facilitate the timely and efficient consideration of all matters of importance to the Trustees, the fund, and fund shareholders and to facilitate compliance with legal and regulatory requirements and oversight of the fund's activities and associated risks.  The Board, acting through its committees, has charged FMR and its affiliates with (i) identifying events or circumstances the occurrence of which could have demonstrably adverse effects on the fund's business and/or reputation; (ii) implementing processes and controls to lessen the possibility that such events or circumstances occur or to mitigate the effects of such events or circumstances if they do occur; and (iii) creating and maintaining a system designed to evaluate continuously business and market conditions in order to facilitate the identification and implementation processes described in (i) and (ii) above.  Because the day-to-day operations and activities of the fund are carried out by or through FMR, its affiliates, and other service providers, the fund's exposure to risks is mitigated but not eliminated by the processes overseen by the Trustees.  While each of the Board's committees has responsibility for overseeing different aspects of the fund's activities, oversight is exercised primarily through the Operations and Audit Committees.  In addition, an ad hoc Board committee of Independent Trustees has worked with FMR to enhance the Board's oversight of investment and financial risks, legal and regulatory risks, technology risks, and operational risks, including the development of additional risk reporting to the Board.  Appropriate personnel, including but not limited to the fund's Chief Compliance Officer (CCO), FMR's internal auditor, the independent accountants, the fund's Treasurer and portfolio management personnel, make periodic reports to the Board's committees, as appropriate, including an annual review of Fidelity's risk management program for the Fidelity® funds.  The responsibilities of each standing committee, including their oversight responsibilities, are described further under "Standing Committees of the Trustees." 

Interested Trustees*:

Correspondence intended for a Trustee who is an interested person may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Jonathan Chiel (1957)

Year of Election or Appointment: 2016

Trustee

Mr. Chiel also serves as Trustee of other Fidelity® funds. Mr. Chiel is Executive Vice President and General Counsel for FMR LLC (diversified financial services company, 2012-present). Previously, Mr. Chiel served as general counsel (2004-2012) and senior vice president and deputy general counsel (2000-2004) for John Hancock Financial Services; a partner with Choate, Hall & Stewart (1996-2000) (law firm); and an Assistant United States Attorney for the United States Attorney’s Office of the District of Massachusetts (1986-95), including Chief of the Criminal Division (1993-1995). Mr. Chiel is a director on the boards of the Boston Bar Foundation and the Maimonides School.

Abigail P. Johnson (1961)

Year of Election or Appointment: 2009

Trustee

Chairman of the Board of Trustees

Ms. Johnson also serves as Trustee of other Fidelity® funds. Ms. Johnson serves as Chairman (2016-present), Chief Executive Officer (2014-present), and Director (2007-present) of FMR LLC (diversified financial services company), President of Fidelity Financial Services (2012-present) and President of Personal, Workplace and Institutional Services (2005-present). Ms. Johnson is Chairman and Director of Fidelity Management & Research Company LLC (investment adviser firm, 2011-present). Previously, Ms. Johnson served as Chairman and Director of FMR Co., Inc. (investment adviser firm, 2011-2019), Vice Chairman (2007-2016) and President (2013-2016) of FMR LLC, President and a Director of Fidelity Management & Research Company (2001-2005), a Trustee of other investment companies advised by Fidelity Management & Research Company, Fidelity Investments Money Management, Inc. (investment adviser firm), and FMR Co., Inc. (2001-2005), Senior Vice President of the Fidelity® funds (2001-2005), and managed a number of Fidelity® funds. Ms. Abigail P. Johnson and Mr. Arthur E. Johnson are not related.

Jennifer Toolin McAuliffe (1959)

Year of Election or Appointment: 2016

Trustee

Ms. McAuliffe also serves as Trustee of other Fidelity® funds and as Trustee of Fidelity Charitable (2020-present). Previously, Ms. McAuliffe served as Co-Head of Fixed Income of Fidelity Investments Limited (now known as FIL Limited (FIL)) (diversified financial services company), Director of Research for FIL’s credit and quantitative teams in London, Hong Kong and Tokyo and Director of Research for taxable and municipal bonds at Fidelity Investments Money Management, Inc. Ms. McAuliffe previously served as a member of the Advisory Board of certain Fidelity® funds (2016). Ms. McAuliffe was previously a lawyer at Ropes & Gray LLP and currently serves as director or trustee of several not-for-profit entities.

 * Determined to be an “Interested Trustee” by virtue of, among other things, his or her affiliation with the trust or various entities under common control with FMR. 

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Independent Trustees:

Correspondence intended for an Independent Trustee may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.

Name, Year of Birth; Principal Occupations and Other Relevant Experience+

Elizabeth S. Acton (1951)

Year of Election or Appointment: 2013

Trustee

Ms. Acton also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Acton served as Executive Vice President, Finance (2011-2012), Executive Vice President, Chief Financial Officer (2002-2011) and Treasurer (2004-2005) of Comerica Incorporated (financial services). Prior to joining Comerica, Ms. Acton held a variety of positions at Ford Motor Company (1983-2002), including Vice President and Treasurer (2000-2002) and Executive Vice President and Chief Financial Officer of Ford Motor Credit Company (1998-2000). Ms. Acton currently serves as a member of the Board and Audit and Finance Committees of Beazer Homes USA, Inc. (homebuilding, 2012-present). Ms. Acton previously served as a member of the Advisory Board of certain Fidelity® funds (2013-2016).

Ann E. Dunwoody (1953)

Year of Election or Appointment: 2018

Trustee

General Dunwoody also serves as Trustee of other Fidelity® funds. General Dunwoody (United States Army, Retired) was the first woman in U.S. military history to achieve the rank of four-star general and prior to her retirement in 2012 held a variety of positions within the U.S. Army, including Commanding General, U.S. Army Material Command (2008-2012). General Dunwoody currently serves as President of First to Four LLC (leadership and mentoring services, 2012-present), a member of the Board and Nomination and Corporate Governance Committees of Kforce Inc. (professional staffing services, 2016-present) and a member of the Board of Automattic Inc. (software engineering, 2018-present). Previously, General Dunwoody served as a member of the Advisory Board and Nominating and Corporate Governance Committee of L3 Technologies, Inc. (communication, electronic, sensor and aerospace systems, 2013-2019) and a member of the Board and Audit and Sustainability and Corporate Responsibility Committees of Republic Services, Inc. (waste collection, disposal and recycling, 2013-2016). Ms. Dunwoody also serves on several boards for non-profit organizations, including as a member of the Board, Chair of the Nomination and Governance Committee and a member of the Audit Committee of Logistics Management Institute (consulting non-profit, 2012-present), a member of the Council of Trustees for the Association of the United States Army (advocacy non-profit, 2013-present), a member of the Board of Florida Institute of Technology (2015-present) and a member of the Board of ThanksUSA (military family education non-profit, 2014-present). General Dunwoody previously served as a member of the Advisory Board of certain Fidelity® funds (2018).

John Engler (1948)

Year of Election or Appointment: 2014

Trustee

Mr. Engler also serves as Trustee of other Fidelity® funds. Previously, Mr. Engler served as Governor of Michigan (1991-2003), President of the Business Roundtable (2011-2017) and interim President of Michigan State University (2018-2019). Mr. Engler currently serves as a member of the Board of Stride, Inc. (formerly K12 Inc.) (technology-based education company, 2012-present). Previously, Mr. Engler served as a member of the Board of Universal Forest Products (manufacturer and distributor of wood and wood-alternative products, 2003-2019) and Trustee of The Munder Funds (2003-2014). Mr. Engler previously served as a member of the Advisory Board of certain Fidelity® funds (2014-2016).

Robert F. Gartland (1951)

Year of Election or Appointment: 2010

Trustee

Mr. Gartland also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Gartland held a variety of positions at Morgan Stanley (financial services, 1979-2007), including Managing Director (1987-2007) and Chase Manhattan Bank (1975-1978). Mr. Gartland previously served as Chairman and an investor in Gartland & Mellina Group Corp. (consulting, 2009-2019), as a member of the Board of National Securities Clearing Corporation (1993-1996) and as Chairman of TradeWeb (2003-2004).

Arthur E. Johnson (1947)

Year of Election or Appointment: 2008

Trustee

Chairman of the Independent Trustees

Mr. Johnson also serves as Trustee of other Fidelity® funds. Prior to his retirement, Mr. Johnson served as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor, 1999-2009). Mr. Johnson currently serves as a member of the Board of Booz Allen Hamilton (management consulting, 2011-present). Mr. Johnson previously served as a member of the Board of Eaton Corporation plc (diversified power management, 2009-2019) and a member of the Board of AGL Resources, Inc. (holding company, 2002-2016). Mr. Johnson previously served as Vice Chairman (2015-2018) of the Independent Trustees of certain Fidelity® funds. Mr. Arthur E. Johnson is not related to Ms. Abigail P. Johnson.

Michael E. Kenneally (1954)

Year of Election or Appointment: 2009

Trustee

Vice Chairman of the Independent Trustees

Mr. Kenneally also serves as Trustee of other Fidelity® funds. Prior to retirement, he was Chairman and Global Chief Executive Officer of Credit Suisse Asset Management. Previously, Mr. Kenneally was an Executive Vice President and the Chief Investment Officer for Bank of America. In this role, he was responsible for the investment management, strategy and products delivered to the bank’s institutional, high-net-worth and retail clients. Earlier, Mr. Kenneally directed the organization’s equity and quantitative research groups. He began his career in 1983 as a research analyst and then spent more than a dozen years as a portfolio manager for endowments, pension plans and mutual funds. He earned the Chartered Financial Analyst (CFA) designation in 1991.

Marie L. Knowles (1946)

Year of Election or Appointment: 2001

Trustee

Ms. Knowles also serves as Trustee of other Fidelity® funds. Prior to her retirement, Ms. Knowles held several positions at Atlantic Richfield Company (diversified energy), including Executive Vice President and Chief Financial Officer (1996-2000), Senior Vice President (1993-1996) and President of ARCO Transportation Company (pipeline and tanker operations, 1993-1996). Ms. Knowles currently serves as a member of the Board of McKesson Corporation (healthcare service, since 2002), a member of the Board of the Santa Catalina Island Company (real estate, 2009-present), a member of the Investment Company Institute Board of Governors and a member of the Governing Council of the Independent Directors Council (2014-present). Ms. Knowles also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Ms. Knowles previously served as Chairman (2015-2018) and Vice Chairman (2012-2015) of the Independent Trustees of certain Fidelity® funds.

Mark A. Murray (1954)

Year of Election or Appointment: 2016

Trustee

Mr. Murray also serves as Trustee of other Fidelity® funds. Previously, Mr. Murray served as Co-Chief Executive Officer (2013-2016), President (2006-2013) and Vice Chairman (2013-2020) of Meijer, Inc. Mr. Murray serves as a member of the Board (2009-present) and Public Policy and Responsibility Committee (2009-present) and Chair of the Nuclear Review Committee (2019-present) of DTE Energy Company (diversified energy company). Mr. Murray previously served as a member of the Board of Spectrum Health (not-for-profit health system, 2015-2019) and as a member of the Board and Audit Committee and Chairman of the Nominating and Corporate Governance Committee of Universal Forest Products, Inc. (manufacturer and distributor of wood and wood-alternative products, 2004-2016). Mr. Murray also serves as a member of the Board of many community and professional organizations. Mr. Murray previously served as a member of the Advisory Board of certain Fidelity® funds (2016).

 + The information includes the Trustee's principal occupation during the last five years and other information relating to the experience, attributes, and skills relevant to the Trustee's qualifications to serve as a Trustee, which led to the conclusion that the Trustee should serve as a Trustee for the fund. 

Advisory Board Members and Officers:

Correspondence intended for an officer may be sent to Fidelity Investments, 245 Summer Street, Boston, Massachusetts 02210.  Officers appear below in alphabetical order. 

Name, Year of Birth; Principal Occupation

Robert W. Helm (1957)

Year of Election or Appointment: 2021

Member of the Advisory Board

Mr. Helm also serves as a Member of the Advisory Board of other Fidelity® funds. Mr. Helm was formerly Deputy Chairman (2003-2020), partner (1991-2020) and an associate (1984-1991) of Dechert LLP (formerly Dechert Price & Rhoads). Mr. Helm currently serves on boards and committees of several not-for-profit organizations.

Craig S. Brown (1977)

Year of Election or Appointment: 2019

Assistant Treasurer

Mr. Brown also serves as an officer of other funds. Mr. Brown serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2013-present).

John J. Burke III (1964)

Year of Election or Appointment: 2018

Chief Financial Officer

Mr. Burke also serves as Chief Financial Officer of other funds. Mr. Burke serves as Head of Investment Operations for Fidelity Fund and Investment Operations (2018-present) and is an employee of Fidelity Investments (1998-present). Previously Mr. Burke served as head of Asset Management Investment Operations (2012-2018).

David J. Carter (1973)

Year of Election or Appointment: 2020

Assistant Secretary

Mr. Carter also serves as Assistant Secretary of other funds. Mr. Carter serves as Vice President, Associate General Counsel (2010-present) and is an employee of Fidelity Investments (2005-present).

Jonathan Davis (1968)

Year of Election or Appointment: 2010

Assistant Treasurer

Mr. Davis also serves as an officer of other funds. Mr. Davis serves as Assistant Treasurer of FIMM, LLC (2021-present), FMR Capital, Inc. (2017-present), FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and is an employee of Fidelity Investments. Previously, Mr. Davis served as Vice President and Associate General Counsel of FMR LLC (diversified financial services company, 2003-2010).

Laura M. Del Prato (1964)

Year of Election or Appointment: 2018

President and Treasurer

Ms. Del Prato also serves as an officer of other funds. Ms. Del Prato serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2017-present). Previously, Ms. Del Prato served as President and Treasurer of The North Carolina Capital Management Trust: Cash Portfolio and Term Portfolio (2018-2020). Prior to joining Fidelity Investments, Ms. Del Prato served as a Managing Director and Treasurer of the JPMorgan Mutual Funds (2014-2017). Prior to JPMorgan, Ms. Del Prato served as a partner at Cohen Fund Audit Services (accounting firm, 2012-2013) and KPMG LLP (accounting firm, 2004-2012).

Colm A. Hogan (1973)

Year of Election or Appointment: 2016

Assistant Treasurer

Mr. Hogan also serves as an officer of other funds. Mr. Hogan serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present) and is an employee of Fidelity Investments (2005-present). Previously, Mr. Hogan served as Deputy Treasurer of certain Fidelity® funds (2016-2020) and Assistant Treasurer of certain Fidelity® funds (2016-2018). 

Cynthia Lo Bessette (1969)

Year of Election or Appointment: 2019

Secretary and Chief Legal Officer (CLO)

Ms. Lo Bessette also serves as an officer of other funds. Ms. Lo Bessette serves as CLO, Secretary, and Senior Vice President of Fidelity Management & Research Company LLC (investment adviser firm, 2019-present); CLO of Fidelity Management & Research (Hong Kong) Limited, FMR Investment Management (UK) Limited, and Fidelity Management & Research (Japan) Limited (investment adviser firms, 2019-present); Secretary of FD Funds GP LLC (2021-present), FD Funds Holding LLC (2021-present), and FD Funds Management LLC (2021-present); and Assistant Secretary of FIMM, LLC (2019-present). She is a Senior Vice President and Deputy General Counsel of FMR LLC (diversified financial services company, 2019-present), and is an employee of Fidelity Investments. Previously, Ms. Lo Bessette served as CLO, Secretary, and Senior Vice President of FMR Co., Inc. (investment adviser firm, 2019); Secretary of Fidelity SelectCo, LLC and Fidelity Investments Money Management, Inc. (investment adviser firms, 2019). Prior to joining Fidelity Investments, Ms. Lo Bessette was Executive Vice President, General Counsel (2016-2019) and Senior Vice President, Deputy General Counsel (2015-2016) of OppenheimerFunds (investment management company) and Deputy Chief Legal Officer (2013-2015) of Jennison Associates LLC (investment adviser firm).

Chris Maher (1972)

Year of Election or Appointment: 2013

Assistant Treasurer

Mr. Maher also serves as an officer of other funds. Mr. Maher serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), and is an employee of Fidelity Investments (2008-present). Previously, Mr. Maher served as Assistant Treasurer of certain funds (2013-2020); Vice President of Asset Management Compliance (2013), Vice President of the Program Management Group of FMR (investment adviser firm, 2010-2013), and Vice President of Valuation Oversight (2008-2010).

Jamie Pagliocco (1964)

Year of Election or Appointment: 2020

Vice President

Mr. Pagliocco also serves as Vice President of other funds. Mr. Pagliocco serves as President of Fixed Income (2020-present), and is an employee of Fidelity Investments (2001-present). Previously, Mr. Pagliocco served as Co-Chief Investment Officer – Bond (2017-2020), Global Head of Bond Trading (2016-2019), and as a portfolio manager.

Kenneth B. Robins (1969)

Year of Election or Appointment: 2020

Chief Compliance Officer

Mr. Robins also serves as an officer of other funds. Mr. Robins serves as Compliance Officer of Fidelity Management & Research Company LLC (investment adviser firm, 2016-present) and is an employee of Fidelity Investments (2004-present). Previously, Mr. Robins served as Compliance Officer of FMR Co., Inc. (investment adviser firm, 2016-2019), as Executive Vice President of Fidelity Investments Money Management, Inc. (investment adviser firm, 2013-2016) and served in other fund officer roles.

Brett Segaloff (1972)

Year of Election or Appointment: 2021

Anti-Money Laundering (AML) Officer

Mr. Segaloff also serves as an AML Officer of other funds and other related entities. He is Director, Anti-Money Laundering (2007-present) of FMR LLC (diversified financial services company) and is an employee of Fidelity Investments (1996-present).

Stacie M. Smith (1974)

Year of Election or Appointment: 2013

Assistant Treasurer

Ms. Smith also serves as an officer of other funds. Ms. Smith serves as Assistant Treasurer of FIMM, LLC (2021-present) and FMR Capital, Inc. (2017-present), is an employee of Fidelity Investments (2009-present), and has served in other fund officer roles. Prior to joining Fidelity Investments, Ms. Smith served as Senior Audit Manager of Ernst & Young LLP (accounting firm, 1996-2009). Previously, Ms. Smith served as Assistant Treasurer (2013-2019) and Deputy Treasurer (2013-2016) of certain Fidelity® funds.

Jim Wegmann (1979)

Year of Election or Appointment: 2021

Deputy Treasurer

Mr. Wegmann also serves as an officer of other funds. Mr. Wegmann serves as Assistant Treasurer of FIMM, LLC (2021-present) and is an employee of Fidelity Investments (2011-present). Previously, Mr. Wegmann served as Assistant Treasurer of certain Fidelity® funds (2019-2021).

Shareholder Expense Example

As a shareholder, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or redemption proceeds, as applicable and (2) ongoing costs, which generally include management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in a fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (May 1, 2021 to October 31, 2021).

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class/Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. If any fund is a shareholder of any underlying mutual funds or exchange-traded funds (ETFs) (the Underlying Funds), such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses incurred presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. If any fund is a shareholder of any Underlying Funds, such fund indirectly bears its proportional share of the expenses of the Underlying Funds in addition to the direct expenses as presented in the table. These fees and expenses are not included in the annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

 Annualized Expense Ratio-A Beginning
Account Value
May 1, 2021 		Ending
Account Value
October 31, 2021 		Expenses Paid
During Period-B
May 1, 2021
to October 31, 2021 
Fidelity SAI International Quality Index Fund .18%    
Actual  $1,000.00 $1,078.00 $.94 
Hypothetical-C  $1,000.00 $1,024.30 $.92 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to the annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/ 365 (to reflect the one-half year period). The fees and expenses of any Underlying Funds are not included in each annualized expense ratio.

 C 5% return per year before expenses

Distributions (Unaudited)

The Board of Trustees of Fidelity SAI International Quality Index Fund voted to pay on December 13, 2021, to shareholders of record at the opening of business on December 10, 2021, a distribution of $1.235 per share derived from capital gains realized from sales of portfolio securities and a dividend of $0.235 per share from net investment income.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2021, $ 11,961,542, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates 72% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.0884 and $0.0061 for the dividend paid December 14, 2020.

The fund will notify shareholders in January 2022 of amounts for use in preparing 2021 income tax returns.

Board Approval of Investment Advisory Contracts and Management Fees

Fidelity SAI International Quality Index Fund

Each year, the Board of Trustees, including the Independent Trustees (together, the Board), votes on the renewal of the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement (Sub-Advisory Agreement) for the fund with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts). FMR and Geode are referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requests and considers a broad range of information relevant to the renewal of the Advisory Contracts throughout the year.

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board has established four standing committees (Committees) — Operations, Audit, Fair Valuation, and Governance and Nominating — each composed of and chaired by Independent Trustees with varying backgrounds, to which the Board has assigned specific subject matter responsibilities in order to enhance effective decision-making by the Board. The Operations Committee, of which all of the Independent Trustees are members, meets regularly throughout the year and considers, among other matters, information specifically related to the annual consideration of the renewal of the fund's Advisory Contracts. The Board, acting directly and through its Committees, requests and receives information concerning the annual consideration of the renewal of the fund's Advisory Contracts. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet with trustees of other Fidelity funds through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2021 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders.

In considering whether to renew the Advisory Contracts for the fund, the Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable. The Board's decision to renew the Advisory Contracts was not based on any single factor, but rather was based on a comprehensive consideration of all the information provided to the Board at its meetings throughout the year. The Board, in reaching its determination to renew the Advisory Contracts, was aware that shareholders of the fund have a broad range of investment choices available to them, including a wide choice among funds offered by Fidelity's competitors, and that the fund's shareholders, who have the opportunity to review and weigh the disclosure provided by the fund in its prospectus and other public disclosures, have chosen to invest in this fund, which is part of the Fidelity family of funds.

Nature, Extent, and Quality of Services Provided.  The Board considered staffing as it relates to the fund, including the backgrounds of investment personnel of Fidelity and Geode, and also considered the fund's investment objective, strategies, and related investment philosophy. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund. The Board also considered the steps Fidelity had taken to ensure the continued provision of high quality services to the Fidelity funds during the COVID-19 pandemic, including the expansion of staff in client facing positions to maintain service levels in periods of high volumes and volatility.

The Trustees also discussed with representatives of Fidelity, at meetings throughout the year, Fidelity's role in, among other things, overseeing compliance with federal securities laws and other applicable requirements by Geode with respect to the fund and monitoring and overseeing the performance and investment capabilities of Geode. The Trustees considered that the Board had received from Fidelity periodic reports about its oversight and due diligence processes, as well as periodic reports regarding the performance of Geode.

The Board also considered the nature, extent and quality of services provided by Geode. The Trustees noted that under the Sub-Advisory Agreement, subject to oversight by Fidelity, Geode is responsible for, among other things, identifying investments and arranging for execution of portfolio transactions to implement the fund's investment strategy. In addition, the Trustees noted that Geode is responsible for providing such reporting as may be requested by Fidelity to fulfill its oversight responsibilities discussed above.

Resources Dedicated to Investment Management and Support Services.  The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. Further, the Board considered that Fidelity'sand Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

Shareholder and Administrative Services.  The Board considered (i) the nature, extent, quality, and cost of advisory, administrative, and shareholder services performed by the Investment Advisers and their affiliates under the Advisory Contracts under separate agreements covering transfer agency, pricing and bookkeeping, and securities lending services for the fund; (ii) the nature and extent of the supervision of third party service providers, principally custodians, subcustodians, and pricing vendors; and (iii) the resources devoted to, and the record of compliance with, the fund's compliance policies and procedures. The Board also reviewed the allocation of fund brokerage, including allocations to brokers affiliated with the Investment Advisers.

The Board noted that the growth of fund assets over time across the complex allows Fidelity to reinvest in the development of services designed to enhance the value and convenience of the Fidelity funds as investment vehicles. These services include 24-hour access to account information and market information over the Internet and through telephone representatives, investor education materials and asset allocation tools. The Board also considered that it reviews customer service metrics such as telephone response times, continuity of services on the website and metrics addressing services at Fidelity Investor Centers.

Investment in a Large Fund Family.  The Board considered the benefits to shareholders of investing in a Fidelity fund, including the benefits of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of mutual fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds, including: (i) continuing to dedicate additional resources to Fidelity's investment research process, which includes meetings with management of issuers of securities in which the funds invest; (ii) continuing efforts to enhance Fidelity's global research capabilities; (iii) launching new funds and ETFs with innovative structures, strategies and pricing and making other enhancements to meet client needs; (iv) launching new share classes of existing funds; (v) eliminating purchase minimums and broadening eligibility requirements for certain funds and share classes; (vi) reducing the holding period for the conversion of Class C shares to Class A shares; (vii) reducing management fees and total expenses for certain target date funds and classes and index funds; (viii) lowering expenses for certain existing funds and classes by implementing or lowering expense caps; (ix) rationalizing product lines and gaining increased efficiencies from fund mergers, liquidations, and share class consolidations; (x) continuing to develop, acquire and implement systems and technology to improve services to the funds and shareholders, strengthen information security, and increase efficiency; and (xi) continuing to implement enhancements to further strengthen Fidelity's product line to increase investors' probability of success in achieving their investment goals, including their retirement income goals.

Investment Performance.  The Board considered whether the fund has operated in accordance with its investment objective, as well as its record of compliance with its investment restrictions. As the fund recently commenced operations, the Board did not believe that it was appropriate to assign significant weight to its limited investment performance.

Based on its review, the Board concluded that the nature, extent, and quality of services provided to the fund under the Advisory Contracts should continue to benefit the shareholders of the fund.

Competitiveness of Management Fee and Total Expense Ratio.  The Board considered the fund's management fee and total expense ratio compared to "mapped groups" of competitive funds and classes created for the purpose of facilitating the Trustees' competitive analysis of management fees and total expenses. Fidelity creates "mapped groups" by combining similar Lipper investment objective categories that have comparable investment mandates. Combining Lipper investment objective categories aids the Board's management fee and total expense ratio comparisons by broadening the competitive group used for comparison.

Management Fee.  The Board considered two proprietary management fee comparisons for the 12-month (or shorter) period shown in basis points (BP) in the chart below. The group of Lipper funds used by the Board for management fee comparisons is referred to below as the "Total Mapped Group." The Total Mapped Group comparison focuses on a fund's standing in terms of gross management fees before expense reimbursements or caps relative to the total universe of funds with comparable investment mandates, regardless of whether their management fee structures also are comparable. Funds with comparable investment mandates offer exposure to similar types of securities. Funds with comparable management fee structures have similar management fee contractual arrangements (e.g., flat rate charged for advisory services, all-inclusive fee rate, etc.). "TMG %" represents the percentage of funds in the Total Mapped Group that had management fees that were lower than the fund's. For example, a hypothetical TMG % of 20% would mean that 80% of the funds in the Total Mapped Group had higher, and 20% had lower, management fees than the fund. The fund's actual TMG % and the number of funds in the Total Mapped Group are in the chart below. The "Asset-Sized Peer Group" (ASPG) comparison focuses on a fund's standing relative to a subset of non-Fidelity funds within the Total Mapped Group that are similar in size and management fee structure. For example, if a fund is in the first quartile of the ASPG, the fund's management fee ranks in the least expensive or lowest 25% of funds in the ASPG. The ASPG represents at least 15% of the funds in the Total Mapped Group with comparable asset size and management fee structures, subject to a minimum of 50 funds (or all funds in the Total Mapped Group if fewer than 50). Additional information, such as the ASPG quartile in which the fund's management fee rate ranked, is also included in the chart and was considered by the Board.

The Board noted that the fund's management fee rate ranked equal to the median of its Total Mapped Group and below the median of its ASPG for the period.

Based on its review, the Board concluded that the fund's management fee is fair and reasonable in light of the services that the fund receives and the other factors considered.

Total Expense Ratio.  In its review of the fund's total expense ratio, the Board considered the fund's management fee rate as well as other "fund-level" expenses, such as custodial, legal, and audit fees, paid by FMR under the fund's management contract. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund. The fund is compared to those funds and classes in the Total Mapped Group (used by the Board for management fee comparisons) that have a similar sales load structure. The Board also considered a total expense ASPG comparison, which focuses on the total expenses of the fund relative to a subset of non-Fidelity funds within the similar sales load structure group. The total expense ASPG is limited to 15 larger and 15 smaller classes of different funds, where possible. The total expense ASPG comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in expenses relating to these items.

The Board noted that the fund's total expense ratio ranked below the similar sales load group and competitive medium and below the ASPG competitive median for the period.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.20% through February 28, 2022.

Fees Charged to Other Clients.  The Board also considered fee structures applicable to clients of Fidelity and Geode, such as other funds advised or subadvised by Fidelity or Geode, pension plan clients, and other institutional clients with similar mandates. The Board noted that a joint ad hoc committee created by it and the boards of other Fidelity funds periodically reviews and compares Fidelity's institutional investment advisory business with its business of providing services to the Fidelity funds and also noted the most recent findings of the committee. The Board noted that the committee's review included a consideration of the differences in services provided, fees charged, and costs incurred, as well as competition in the markets serving the different categories of clients.

Based on its review of total expense ratios and fees charged to other Fidelity clients, the Board concluded that the fund's total expense ratio was reasonable in light of the services that the fund and its shareholders receive and the other factors considered.

Costs of the Services and Profitability.  The Board considered the revenues earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering and servicing the fund and servicing the fund's shareholders. The Board also considered the level of Fidelity's profits in respect of all the Fidelity funds.

On an annual basis, Fidelity presents to the Board information about the profitability of its relationships with the fund. Fidelity calculates profitability information for each fund, as well as aggregate profitability information for groups of Fidelity funds and all Fidelity funds, using a series of detailed revenue and cost allocation methodologies which originate with the books and records of Fidelity on which Fidelity's audited financial statements are based. The Audit Committee of the Board reviews any significant changes from the prior year's methodologies and the full Board approves such changes.

A public accounting firm has been engaged annually by the Board as part of the Board's assessment of Fidelity's profitability analysis. The engagement includes the review and assessment of the methodologies used by Fidelity in determining the revenues and expenses attributable to Fidelity's mutual fund business, and completion of agreed-upon procedures in respect of the mathematical accuracy of certain fund profitability information and its conformity to established allocation methodologies. After considering the reports issued under the engagement and information provided by Fidelity, the Board concluded that while other allocation methods may also be reasonable, Fidelity's profitability methodologies are reasonable in all material respects.

The Board also reviewed Fidelity's and Geode's non-fund businesses and potential indirect benefits such businesses may have received as a result of their association with Fidelity's mutual fund business (i.e., fall-out benefits) as well as cases where Fidelity's and Geode's affiliates may benefit from the funds' business. The Board considered areas where potential indirect benefits to the Fidelity funds from their relationships with Fidelity may exist. The Board's consideration of these matters was informed by the findings of a joint ad hoc committee created by it and the boards of other Fidelity funds to evaluate potential fall-out benefits.

The Board considered the costs of the services provided by and the profits realized by Fidelity in connection with the operation of the fund and was satisfied that the profitability was not excessive.

The Board also considered information regarding the profitability of Geode's relationship with the fund.

Economies of Scale.  The Board considered whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including the fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered the extent to which the fund will benefit from economies of scale as assets grow through increased services to the fund, through waivers or reimbursements, or through fee or expense ratio reductions. The Board also noted that a committee (the Economies of Scale Committee) created by it and the boards of other Fidelity funds periodically analyzes whether Fidelity attains economies of scale in respect of the management and servicing of the Fidelity funds, whether the Fidelity funds have appropriately benefited from such economies of scale, and whether there is potential for realization of any further economies of scale.

The Board concluded, taking into account the analysis of the Economies of Scale Committee, that economies of scale, if any, are being appropriately shared between fund shareholders and Fidelity.

Additional Information Requested by the Board.  In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) Fidelity's fund profitability methodology, profitability trends for certain funds, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (ii) portfolio manager changes that have occurred during the past year and the amount of the investment that each portfolio manager has made in the Fidelity fund(s) that he or she manages; (iii) the extent to which current market conditions have affected retention and recruitment of personnel; (iv) the arrangements with and compensation paid to certain fund sub-advisers on behalf of the Fidelity funds and the treatment of such compensation within Fidelity's fund profitability methodology; (v) the terms of the funds' various management fee structures, including the basic group fee and the terms of Fidelity's voluntary expense limitation arrangements; (vi) Fidelity's transfer agent fee, expense, and service structures for different funds and classes relative to competitive trends; (vii) the impact on fund profitability of recent industry trends, such as the growth in passively managed funds and the continued waiver of money market fund fees; (viii) the types of management fee and total expense comparisons provided, and the challenges and limitations associated with such information; and (ix) explanations regarding the relative total expense ratios of certain funds and classes, total expense competitive trends and methodologies for total expense competitive comparisons. In addition, the Board considered its discussions with Fidelity regarding Fidelity's efforts to maintain the continuous investment and shareholder services necessary for the funds during the current pandemic and economic circumstances.

Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board concluded that the advisory and sub-advisory fee arrangements are fair and reasonable, and that the fund's Advisory Contracts should be renewed.





Fidelity Investments

IQI-ANN-1221
1.9900585.101

Item 2.

Code of Ethics


As of the end of the period, October 31, 2021, Fidelity Salem Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer.  A copy of the code of ethics is filed as an exhibit to this Form N-CSR.


Item 3.

Audit Committee Financial Expert


The Board of Trustees of the trust has determined that Elizabeth S. Acton is an audit committee financial expert, as defined in Item 3 of Form N-CSR.  Ms. Acton is independent for purposes of Item 3 of Form N-CSR.  



Item 4.  

Principal Accountant Fees and Services


Fees and Services


The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, “Deloitte Entities”) in each of the last two fiscal years for services rendered to Fidelity Emerging Markets Index Fund, Fidelity Flex International Index Fund, Fidelity Global ex U.S. Index Fund, Fidelity International Sustainability Index Fund and Fidelity Series Global ex U.S. Index Fund (the “Fund(s)”):


Services Billed by Deloitte Entities


October 31, 2021 FeesA

Audit Fees

Audit-Related Fees

Tax Fees

All Other  Fees

Fidelity Emerging Markets Index Fund

 $45,100

$-

 $11,100

 $1,100

Fidelity Flex International Index Fund

 $47,300

$-

 $9,100

 $1,100

Fidelity Global ex U.S. Index Fund

 $50,100

$-

 $9,100

 $1,200

Fidelity International Sustainability Index Fund

 $34,700

$-

 $9,100

 $900

Fidelity Series Global ex U.S. Index Fund

 $54,500

$-

 $9,100

 $1,300



October 31, 2020 FeesA

Audit Fees

Audit-Related Fees

Tax Fees

All Other  Fees

Fidelity Emerging Markets Index Fund

 $46,200

$-

 $11,100

 $1,100

Fidelity Flex International Index Fund

 $48,500

$-

 $9,100

 $1,100

Fidelity Global ex U.S. Index Fund

 $54,600

$-

 $9,100

 $1,200

Fidelity International Sustainability Index Fund

 $35,700

$-

 $9,100

 $900

Fidelity Series Global ex U.S. Index Fund

 $59,100

$-

 $9,100

 $1,300



A Amounts may reflect rounding.


The following table presents fees billed by PricewaterhouseCoopers LLP (“PwC”) in each of the last two fiscal years for services rendered to Fidelity SAI Emerging Markets Index Fund, Fidelity SAI Emerging Markets Low Volatility Index Fund, Fidelity SAI Emerging Markets Value Index Fund, Fidelity SAI International Index Fund, Fidelity SAI International Low Volatility Index Fund, Fidelity SAI International Momentum Index Fund, Fidelity SAI International Quality Index Fund, Fidelity SAI International Value Index Fund, Fidelity SAI U.S. Low Volatility Index Fund, Fidelity Total International Index Fund and Fidelity U.S. Sustainability Index Fund (the “Fund(s)”):



Services Billed by PwC


October 31, 2021 FeesA

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity SAI Emerging Markets Index Fund

 $37,900  

$3,800

 $9,600    

 $1,700

Fidelity SAI Emerging Markets Low Volatility Index Fund

 $33,500  

$3,400

 $10,000    

 $1,500

Fidelity SAI Emerging Markets Value Index Fund

$35,500

$3,500

$9,200

$1,600

Fidelity SAI International Index Fund

$37,900

$3,800

$10,200

$1,700

Fidelity SAI International Low Volatility Index Fund

$33,500  

$3,400

$9,000    

$1,500

Fidelity SAI International Momentum Index Fund

$35,500  

$3,500

$9,200    

$1,600

Fidelity SAI International Quality Index Fund

$35,500  

$3,500

$9,200    

$1,600

Fidelity SAI International Value Index Fund

$36,300  

$3,600

$9,000    

$1,600

Fidelity SAI U.S. Low Volatility Index Fund

 $34,200  

$3,400

 $9,000   

 $1,500

Fidelity Total International Index Fund

$60,500

$6,000

$16,000

$2,700

Fidelity U.S. Sustainability Index Fund

$29,200

$2,800

$6,100

$1,300



October 31, 2020 FeesA,B

Audit Fees

Audit-Related Fees

Tax Fees

All Other Fees

Fidelity SAI Emerging Markets Index Fund

 $38,700  

$3,900

 $9,600    

 $2,100

Fidelity SAI Emerging Markets Low Volatility Index Fund

 $35,900  

$3,400

 $9,000    

 $1,800

Fidelity SAI Emerging Markets Value Index Fund

$25,600

$1,300

$9,200

$700

Fidelity SAI International Index Fund

$38,700

$3,900

$9,600

$2,100

Fidelity SAI International Low Volatility Index Fund

$34,200  

$3,400

$9,000    

$1,900

Fidelity SAI International Momentum Index Fund

$25,600  

$1,300

$9,200    

$700

Fidelity SAI International Quality Index Fund

$25,600  

$1,300

$9,200    

$700

Fidelity International Value Index Fund

$37,100  

$3,700

$9,000    

$2,000

Fidelity SAI U.S. Low Volatility Index Fund

 $35,000  

$3,500

 $9,000   

 $1,900

Fidelity Total International Index Fund

$61,300

$6,000

$15,800

$3,200

Fidelity U.S. Sustainability Index Fund

$29,800

$2,800

$6,100

$1,500



A Amounts may reflect rounding.

B Fidelity SAI International Momentum Index Fund commenced operations on May 5, 2020 and Fidelity SAI Emerging Markets Value Index Fund and Fidelity SAI International Quality Index Fund commenced operations on May 12, 2020.



The following table(s) present(s) fees billed by Deloitte Entities and PwC that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Fund(s) and that are rendered on behalf of Fidelity Management & Research Company LLC ("FMR") and entities controlling,



controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Fund(s) (“Fund Service Providers”):


Services Billed by Deloitte Entities

October 31, 2021A

October 31, 2020A

Audit-Related Fees

 $-

 $-

Tax Fees

$-

$-

All Other Fees

 $-

 $-


A Amounts may reflect rounding.



Services Billed by PwC




October 31, 2021A

October 31, 2020A,B

Audit-Related Fees

 $8,830,600

 $9,069,400

 

Tax Fees

$354,200

$30,000

 

All Other Fees

$-

$-

 


A Amounts may reflect rounding.

B May include amounts billed prior to the Fidelity SAI Emerging Markets Value Index Fund, Fidelity SAI International Momentum Index Fund, and Fidelity SAI International Quality Index Funds’ commencement of operations.


“Audit-Related Fees” represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.


“Tax Fees” represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.


“All Other Fees” represent fees billed for services provided to the fund or Fund Service Provider, a significant portion of which are assurance related, that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.  


Assurance services must be performed by an independent public accountant.


* * *




The aggregate non-audit fees billed by Deloitte Entities and PwC for services rendered to the Fund(s), FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Fund(s) are as follows:


Billed By

October 31, 2021A

October 31, 2020A,B

Deloitte Entities

$574,700

$554,700

PwC

$14,653,000

$14,332,100



A Amounts may reflect rounding.

B May include amounts billed prior to the Fidelity SAI Emerging Markets Value Index Fund, Fidelity SAI International Momentum Index Fund, and Fidelity SAI International Quality Index Funds’ commencement of operations.


The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities and PwC to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities and PwC in its(their) audit of the Fund(s), taking into account representations from Deloitte Entities and PwC, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Fund(s) and its(their) related entities and FMR’s review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund(s) Service Providers.


Audit Committee Pre-Approval Policies and Procedures

 

The trust’s Audit Committee must pre-approve all audit and non-audit services provided by a fund’s independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.


The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee’s consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (“Covered Service”) are subject to approval by the Audit Committee before such service is provided.


All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair’s absence). The approval contemplated by (ii) above is permitted where the Treasurer



determines that action on such an engagement is necessary before the next meeting of the Audit Committee.


Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee periodically.


Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X (“De Minimis Exception”)


There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Fund’s(s’) last two fiscal years relating to services provided to (i) the Fund(s) or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Fund(s).



Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable.


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


There were no material changes to the procedures by which shareholders may recommend nominees to the trust’s Board of Trustees.


Item 11.

Controls and Procedures




(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.


(a)(ii)  There was no change in the trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust’s internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.


Item 13.

Exhibits


(a)

(1)

Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.

(a)

(2)

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(a)

(3)

Not applicable.

(b)


Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.




SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Fidelity Salem Street Trust



By:

/s/Laura M. Del Prato

Laura M. Del Prato

President and Treasurer


Date:

December 21, 2021


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Laura M. Del Prato

Laura M. Del Prato

President and Treasurer


Date:

December 21, 2021



By:

/s/John J. Burke III

John J. Burke III

Chief Financial Officer


Date:

December 21, 2021