# EDGAR Filing Document

**Accession Number:** 0000819118
**File Stem:** 0000819118-25-000285
**Filing Date:** 2025-6
**Character Count:** 1081135
**Document Hash:** 39f852fe988fb203bac45582a5279602
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000819118-25-000285.hdr.sgml**: 20250620

**ACCESSION NUMBER**: 0000819118-25-000285

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 68

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250620

**DATE AS OF CHANGE**: 20250620

**EFFECTIVENESS DATE**: 20250620

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY CONCORD STREET TRUST
- **CENTRAL INDEX KEY:** 0000819118

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0228

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05251
- **FILM NUMBER:** 251059724

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY INSTITUTIONAL TRUST
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Fidelity Series International Index Fund (Series ID: S000062806)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000203453 | Fidelity Series International Index Fund | FHLFX           |

### Fidelity ZERO Extended Market Index Fund (Series ID: S000063103)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000204611 | Fidelity ZERO Extended Market Index Fund | FZIPX           |

### Fidelity ZERO Large Cap Index Fund (Series ID: S000063104)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000204612 | Fidelity ZERO Large Cap Index Fund | FNILX           |

### Fidelity ZERO International Index Fund (Series ID: S000063105)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000204613 | Fidelity ZERO International Index Fund | FZILX           |

### Fidelity ZERO Total Market Index Fund (Series ID: S000063106)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000204614 | Fidelity ZERO Total Market Index Fund | FZROX           |

### Fidelity SAI International Small Cap Index Fund (Series ID: S000071895)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000227499 | Fidelity SAI International Small Cap Index Fund | FSISX           |

### Fidelity SAI Japan Stock Index Fund (Series ID: S000071896)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000227500 | Fidelity SAI Japan Stock Index Fund | FSJPX           |

### Fidelity SAI Canada Equity Index Fund (Series ID: S000085736)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000251104 | Fidelity SAI Canada Equity Index Fund | FSCJX           |

### Fidelity SAI Global ex U.S. Low Volatility Index Fund (Series ID: S000085737)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000251105 | Fidelity SAI Global ex U.S. Low Volatility Index Fund | FSGJX           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

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 <u>811-05251</u>

<u>Fidelity Concord Street Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, MA 02210</u>

(Address of principal executive offices) (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| Date of fiscal year end: | October 31 |
| Date of reporting period: | April 30, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity ZERO® Large Cap Index Fund<br> **Fidelity ZERO® Large Cap Index Fund : FNILX** <br>|

---

This semi-annual shareholder report contains information about Fidelity ZERO® Large Cap Index Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity ZERO® Large Cap Index Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $11939065338<br>|
| Number of Holdings | 511<br>|
| Portfolio Turnover | 3%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 30.6 |
| Financials | 14.5 |
| Health Care | 10.7 |
| Consumer Discretionary | 10.2 |
| Communication Services | 9.2 |
| Industrials | 8.5 |
| Consumer Staples | 6.0 |
| Energy | 3.2 |
| Utilities | 2.5 |
| Real Estate | 2.2 |
| Materials | 2.1 |

---

Common Stocks 99.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3231_20250430_AA.jpg) <br>|

---

Common Stocks - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.3 <br>

---

| | |
|:---|:---|
| United States | 99.3 |
| Ireland | 0.4 |
| Netherlands | 0.1 |
| Switzerland | 0.1 |
| United Kingdom | 0.1 |
| Canada | 0.0 |
| Bailiwick Of Jersey | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3231_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Bailiwick Of Jersey - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Apple Inc | 6.7<br>|
| Microsoft Corp | 6.2<br>|
| NVIDIA Corp | 5.5<br>|
| Amazon.com Inc | 3.6<br>|
| Meta Platforms Inc Class A | 2.5<br>|
| Berkshire Hathaway Inc Class B | 2.1<br>|
| Alphabet Inc Class A | 1.9<br>|
| Broadcom Inc | 1.9<br>|
| Tesla Inc | 1.6<br>|
| Alphabet Inc Class C | 1.6<br>|
|  | 33.6 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3231_20250430_1.jpg)<br>| ![](img109065_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915805.100 3231-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® SAI Japan Stock Index Fund<br> **Fidelity® SAI Japan Stock Index Fund : FSJPX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® SAI Japan Stock Index Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI Japan Stock Index Fund  | $6  | 0.12% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $684074623<br>|
| Number of Holdings | 186<br>|
| Portfolio Turnover | 7%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 23.0 |
| Consumer Discretionary | 18.3 |
| Financials | 15.8 |
| Information Technology | 12.8 |
| Communication Services | 8.2 |
| Health Care | 7.5 |
| Consumer Staples | 5.5 |
| Materials | 3.5 |
| Real Estate | 2.4 |
| Utilities | 1.0 |
| Energy | 0.7 |

---

Common Stocks 98.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6418_20250430_AA.jpg) <br>|

---

Common Stocks - 98.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.3 <br>

Japan 98.7 <br> United States 1.3

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6418_20250430_GD.jpg) <br>|

---

Japan - 98.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> United States - 1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Toyota Motor Corp | 4.6<br>|
| Sony Group Corp | 4.2<br>|
| Mitsubishi UFJ Financial Group Inc | 3.8<br>|
| Hitachi Ltd | 2.9<br>|
| Nintendo Co Ltd | 2.3<br>|
| Sumitomo Mitsui Financial Group Inc | 2.3<br>|
| Keyence Corp | 2.1<br>|
| Recruit Holdings Co Ltd | 2.0<br>|
| Tokio Marine Holdings Inc | 1.8<br>|
| Tokyo Electron Ltd | 1.7<br>|
|  | 27.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6418_20250430_1.jpg)<br>| ![](img109125_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915818.100 6418-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® SAI Canada Equity Index Fund<br> **Fidelity® SAI Canada Equity Index Fund : FSCJX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® SAI Canada Equity Index Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI Canada Equity Index Fund  | $7  | 0.14% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5404561554<br>|
| Number of Holdings | 86<br>|
| Portfolio Turnover | 2%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 37.1 |
| Energy | 16.5 |
| Materials | 12.1 |
| Industrials | 11.0 |
| Information Technology | 10.6 |
| Consumer Staples | 4.6 |
| Consumer Discretionary | 3.4 |
| Utilities | 3.0 |
| Communication Services | 1.0 |
| Real Estate | 0.3 |

---

Common Stocks 99.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7628_20250430_AA.jpg) <br>|

---

Common Stocks - 99.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.4 <br>

---

| | |
|:---|:---|
| Canada | 96.4 |
| Brazil | 1.7 |
| United States | 0.9 |
| Zambia | 0.4 |
| Congo Democratic Republic Of | 0.3 |
| Chile | 0.3 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7628_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Canada - 96.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Brazil - 1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 0.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Zambia - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Congo Democratic Republic Of - 0.3&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Chile - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Royal Bank of Canada | 7.7<br>|
| Shopify Inc Class A | 5.2<br>|
| Toronto Dominion Bank | 5.1<br>|
| Enbridge Inc | 4.7<br>|
| Brookfield Corp Class A | 3.3<br>|
| Constellation Software Inc/Canada | 3.3<br>|
| Bank of Montreal | 3.2<br>|
| Canadian Pacific Kansas City Ltd | 3.1<br>|
| Bank of Nova Scotia/The | 2.8<br>|
| Canadian Natural Resources Ltd | 2.8<br>|
|  | 41.2 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img7628_20250430_1.jpg)<br>| ![](img109287_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916854.100 7628-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity ZERO® Extended Market Index Fund<br> **Fidelity ZERO® Extended Market Index Fund : FZIPX** <br>|

---

This semi-annual shareholder report contains information about Fidelity ZERO® Extended Market Index Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity ZERO® Extended Market Index Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1632240611<br>|
| Number of Holdings | 2105<br>|
| Portfolio Turnover | 15%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 19.3 |
| Financials | 18.2 |
| Health Care | 12.2 |
| Consumer Discretionary | 12.0 |
| Information Technology | 11.9 |
| Real Estate | 7.0 |
| Materials | 5.1 |
| Consumer Staples | 4.5 |
| Communication Services | 3.6 |
| Energy | 3.3 |
| Utilities | 2.7 |

---

Common Stocks 99.8 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3230_20250430_AA.jpg) <br>|

---

Common Stocks - 99.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.2 <br>

---

| | |
|:---|:---|
| United States | 98.3 |
| United Kingdom | 0.6 |
| Puerto Rico | 0.3 |
| Bermuda | 0.2 |
| Sweden | 0.2 |
| Thailand | 0.1 |
| Switzerland | 0.1 |
| Canada | 0.1 |
| Belgium | 0.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3230_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 98.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bermuda - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Thailand - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Belgium - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| EMCOR Group Inc | 0.4<br>|
| Anglogold Ashanti Plc | 0.4<br>|
| Casey's General Stores Inc | 0.4<br>|
| Nutanix Inc Class A | 0.4<br>|
| Guidewire Software Inc | 0.4<br>|
| Rollins Inc | 0.4<br>|
| BJ's Wholesale Club Holdings Inc | 0.4<br>|
| Equitable Holdings Inc | 0.4<br>|
| Loews Corp | 0.4<br>|
| US Foods Holding Corp | 0.4<br>|
|  | 4.0 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3230_20250430_1.jpg)<br>| ![](img109067_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915804.100 3230-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® SAI International Small Cap Index Fund<br> **Fidelity® SAI International Small Cap Index Fund : FSISX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® SAI International Small Cap Index Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI International Small Cap Index Fund  | $5  | 0.10% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $808263262<br>|
| Number of Holdings | 2023<br>|
| Portfolio Turnover | 19%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Industrials | 23.2 |
| Financials | 13.4 |
| Consumer Discretionary | 12.7 |
| Real Estate | 11.5 |
| Materials | 9.4 |
| Information Technology | 8.2 |
| Consumer Staples | 5.9 |
| Health Care | 5.4 |
| Communication Services | 4.2 |
| Energy | 2.5 |
| Utilities | 2.4 |

---

Common Stocks 98.5 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.2

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6417_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.2 |

---

---

| | |
|:---|:---|
| Japan | 36.1 |
| United Kingdom | 12.6 |
| Australia | 9.7 |
| Sweden | 5.3 |
| Switzerland | 4.6 |
| Germany | 4.2 |
| France | 3.3 |
| Italy | 3.1 |
| Israel | 3.1 |
| Others | 18.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6417_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 36.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 12.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 9.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 4.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Italy - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Israel - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 18.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| IHI Corp | 0.5<br>|
| Evolution Mining Ltd | 0.4<br>|
| Kawasaki Heavy Industries Ltd | 0.4<br>|
| Ryohin Keikaku Co Ltd | 0.4<br>|
| Belimo Holding AG | 0.4<br>|
| Weir Group PLC/The | 0.4<br>|
| BAWAG Group AG | 0.3<br>|
| PSP Swiss Property AG | 0.3<br>|
| Bankinter SA | 0.3<br>|
| Rightmove PLC | 0.3<br>|
|  | 3.7 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img6417_20250430_1.jpg)<br>| ![](img109127_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915817.100 6417-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity ZERO® International Index Fund<br> **Fidelity ZERO® International Index Fund : FZILX** <br>|

---

This semi-annual shareholder report contains information about Fidelity ZERO® International Index Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity ZERO® International Index Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $5251461925<br>|
| Number of Holdings | 2193<br>|
| Portfolio Turnover | 3%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 25.3 |
| Industrials | 14.5 |
| Information Technology | 12.1 |
| Consumer Discretionary | 10.7 |
| Health Care | 7.7 |
| Consumer Staples | 6.8 |
| Materials | 5.9 |
| Communication Services | 5.6 |
| Energy | 3.9 |
| Utilities | 2.9 |
| Real Estate | 1.7 |

---

Common Stocks 96.8 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3228_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.9 |

---

---

| | |
|:---|:---|
| Japan | 16.4 |
| United States | 9.5 |
| Canada | 7.4 |
| United Kingdom | 7.3 |
| China | 7.1 |
| Germany | 6.0 |
| France | 5.4 |
| Taiwan | 5.0 |
| Australia | 4.5 |
| Others | 31.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3228_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 16.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 7.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 7.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 6.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 5.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 5.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 31.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Taiwan Semiconductor Manufacturing Co Ltd | 2.4<br>|
| Tencent Holdings Ltd | 1.3<br>|
| SAP SE | 1.1<br>|
| Nestle SA | 1.0<br>|
| ASML Holding NV | 1.0<br>|
| Toyota Motor Corp | 0.9<br>|
| Alibaba Group Holding Ltd | 0.8<br>|
| Roche Holding AG | 0.8<br>|
| Novartis AG | 0.8<br>|
| Astrazeneca PLC | 0.7<br>|
|  | 10.8 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3228_20250430_1.jpg)<br>| ![](img109066_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915803.100 3228-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity ZERO® Total Market Index Fund<br> **Fidelity ZERO® Total Market Index Fund : FZROX** <br>|

---

This semi-annual shareholder report contains information about Fidelity ZERO® Total Market Index Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity ZERO® Total Market Index Fund  | $0 A | 0.00%B |

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $24578833962<br>|
| Number of Holdings | 2614<br>|
| Portfolio Turnover | 1%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 28.9 |
| Financials | 14.8 |
| Health Care | 10.9 |
| Consumer Discretionary | 10.4 |
| Industrials | 9.6 |
| Communication Services | 8.6 |
| Consumer Staples | 5.8 |
| Energy | 3.2 |
| Real Estate | 2.7 |
| Utilities | 2.5 |
| Materials | 2.3 |

---

Common Stocks 99.7 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3227_20250430_AA.jpg) <br>|

---

Common Stocks - 99.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Short-Term Investments and Net Other Assets (Liabilities) - 0.3 <br>

---

| | |
|:---|:---|
| United States | 99.3 |
| Ireland | 0.4 |
| United Kingdom | 0.1 |
| Switzerland | 0.1 |
| Netherlands | 0.1 |
| Canada | 0.0 |
| Puerto Rico | 0.0 |
| Bailiwick Of Jersey | 0.0 |
| Bermuda | 0.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3227_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Ireland - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Puerto Rico - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bailiwick Of Jersey - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Bermuda - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| Apple Inc | 6.0<br>|
| Microsoft Corp | 5.6<br>|
| NVIDIA Corp | 5.1<br>|
| Amazon.com Inc | 3.2<br>|
| Meta Platforms Inc Class A | 2.3<br>|
| Berkshire Hathaway Inc Class B | 1.9<br>|
| Alphabet Inc Class A | 1.8<br>|
| Broadcom Inc | 1.7<br>|
| Tesla Inc | 1.5<br>|
| Alphabet Inc Class C | 1.4<br>|
|  | 30.5 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3227_20250430_1.jpg)<br>| ![](img109064_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915802.100 3227-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® SAI Global ex U.S. Low Volatility Index Fund<br> **Fidelity® SAI Global ex U.S. Low Volatility Index Fund : FSGJX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® SAI Global ex U.S. Low Volatility Index Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI Global ex U.S. Low Volatility Index Fund  | $10  | 0.20% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $4735179025<br>|
| Number of Holdings | 202<br>|
| Portfolio Turnover | 45%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.2 |
| Health Care | 11.9 |
| Communication Services | 10.9 |
| Consumer Staples | 10.7 |
| Industrials | 10.2 |
| Utilities | 8.2 |
| Consumer Discretionary | 6.3 |
| Information Technology | 5.9 |
| Real Estate | 2.5 |
| Energy | 2.3 |
| Materials | 2.1 |

---

Common Stocks 94.2 <br> International Equity Funds 3.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.3

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img7629_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 94.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| International Equity Funds - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.3 |

---

---

| | |
|:---|:---|
| Japan | 20.4 |
| United States | 15.7 |
| China | 11.9 |
| Canada | 10.1 |
| Taiwan | 9.2 |
| United Kingdom | 6.2 |
| Switzerland | 3.8 |
| Saudi Arabia | 3.5 |
| Hong Kong | 3.3 |
| Others | 15.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img7629_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 20.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 15.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 11.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Taiwan - 9.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 6.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 3.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Saudi Arabia - 3.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 3.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 15.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| iShares MSCI India ETF | 3.5<br>|
| Roche Holding AG | 2.3<br>|
| Novartis AG | 2.2<br>|
| Astrazeneca PLC | 2.2<br>|
| Nestle SA | 2.1<br>|
| Intact Financial Corp | 1.8<br>|
| Novo Nordisk A/S Series B | 1.7<br>|
| SoftBank Corp | 1.7<br>|
| Koninklijke Ahold Delhaize NV | 1.7<br>|
| Dollarama Inc | 1.7<br>|
|  | 20.9 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img7629_20250430_1.jpg)<br>| ![](img109288_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9916856.100 7629-TSRS-0625 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF APRIL 30, 2025 |
| Fidelity® Series International Index Fund<br> **Fidelity® Series International Index Fund : FHLFX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Series International Index Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series International Index Fund  | $1  | 0.01% |

---

**Key Fund Statistics**

(as of April 30, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $606746811<br>|
| Number of Holdings | 701<br>|
| Portfolio Turnover | 11%<br>|

---

**What did the Fund invest in?** (as of April 30, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.2 |
| Industrials | 18.0 |
| Health Care | 11.7 |
| Consumer Discretionary | 10.1 |
| Consumer Staples | 8.5 |
| Information Technology | 8.0 |
| Materials | 5.5 |
| Communication Services | 5.1 |
| Utilities | 3.2 |
| Energy | 3.0 |
| Real Estate | 1.8 |

---

Common Stocks 97.8 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3226_20250430_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.9 |

---

---

| | |
|:---|:---|
| Japan | 21.6 |
| United States | 12.3 |
| United Kingdom | 11.4 |
| Germany | 10.1 |
| France | 9.5 |
| Australia | 6.6 |
| Switzerland | 4.8 |
| Netherlands | 3.9 |
| Sweden | 3.1 |
| Others | 16.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3226_20250430_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 21.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United States - 12.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;United Kingdom - 11.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Germany - 10.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 9.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Australia - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Switzerland - 4.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Netherlands - 3.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Sweden - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Others - 16.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS** **(% of Fund's net assets)**<br>|  |
| SAP SE | 1.8<br>|
| Nestle SA | 1.6<br>|
| ASML Holding NV | 1.5<br>|
| Roche Holding AG | 1.3<br>|
| Novartis AG | 1.2<br>|
| Astrazeneca PLC | 1.2<br>|
| Novo Nordisk A/S Series B | 1.2<br>|
| HSBC Holdings PLC | 1.2<br>|
| Shell PLC | 1.1<br>|
| Toyota Motor Corp | 1.0<br>|
|  | 13.1 |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img3226_20250430_1.jpg)<br>| ![](img109116_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9915801.100 3226-TSRS-0625 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

<u>Principal Accountant Fees and Services</u>

Not applicable.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® SAI Japan Stock Index Fund**

**Semi-Annual Report**

**April 30, 2025**

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

![](img109480_1.jpg)

![](img109480_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_JSI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI Japan Stock Index Fund](#Sub_Sec_Fund_6418_JSI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6418_JSI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_JSI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_JSI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_JSI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_JSI-SANN)** |

---

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.© 2025 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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity® SAI Japan Stock Index Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.7%** | &nbsp;&nbsp;**Common Stocks - 98.7%** | &nbsp;&nbsp;**Common Stocks - 98.7%** |
|  | Shares | Value ($)<br>|
| JAPAN - 98.7%  |  |  |
| Communication Services - 8.2% |  |  |
| Diversified Telecommunication Services - 0.8% |  |  |
| Nippon Telegraph & Telephone Corp  | 5209800 | 5445685 |
| Entertainment - 3.3% |  |  |
| Capcom Co Ltd  | 60400 | 1748466 |
| Konami Group Corp  | 17500 | 2499280 |
| Nexon Co Ltd  | 58800 | 922553 |
| Nintendo Co Ltd  | 192500 | 15981351 |
| Toho Co Ltd/Tokyo  | 19500 | 1113285 |
|  |  | 22264935 |
| Interactive Media & Services - 0.3% |  |  |
| LY Corp  | 498800 | 1886473 |
| Media - 0.1% |  |  |
| Dentsu Group Inc  | 34800 | 729621 |
| Wireless Telecommunication Services - 3.7% |  |  |
| KDDI Corp  | 535000 | 9482139 |
| SoftBank Corp  | 4989300 | 7550036 |
| SoftBank Group Corp  | 166600 | 8424905 |
|  |  | 25457080 |
| TOTAL COMMUNICATION SERVICES |  | 55783794 |
| Consumer Discretionary - 18.3% |  |  |
| Automobile Components - 1.7% |  |  |
| Aisin Corp  | 91700 | 1161803 |
| Bridgestone Corp  | 99500 | 4160611 |
| Denso Corp  | 329900 | 4259648 |
| Sumitomo Electric Industries Ltd  | 124600 | 2002747 |
|  |  | 11584809 |
| Automobiles - 7.1% |  |  |
| Honda Motor Co Ltd  | 782500 | 7961736 |
| Isuzu Motors Ltd  | 98200 | 1320637 |
| Nissan Motor Co Ltd (b) | 388500 | 924874 |
| Subaru Corp  | 102200 | 1850629 |
| Suzuki Motor Corp  | 274000 | 3283525 |
| Toyota Motor Corp  | 1652300 | 31557971 |
| Yamaha Motor Co Ltd  | 161100 | 1265237 |
|  |  | 48164609 |
| Broadline Retail - 0.5% |  |  |
| Pan Pacific International Holdings Corp  | 66400 | 2048007 |
| Rakuten Group Inc (b) | 262800 | 1549556 |
|  |  | 3597563 |
| Hotels, Restaurants & Leisure - 0.7% |  |  |
| Oriental Land Co Ltd/Japan  | 188300 | 3988099 |
| Zensho Holdings Co Ltd  | 16800 | 1042098 |
|  |  | 5030197 |
| Household Durables - 5.2% |  |  |
| Panasonic Holdings Corp  | 406500 | 4660917 |
| Sekisui House Ltd  | 104000 | 2390981 |
| Sony Group Corp  | 1072200 | 28287635 |
|  |  | 35339533 |
| Leisure Products - 0.8% |  |  |
| Bandai Namco Holdings Inc  | 103600 | 3600364 |
| Shimano Inc  | 13200 | 1859687 |
|  |  | 5460051 |
| Specialty Retail - 1.9% |  |  |
| Fast Retailing Co Ltd  | 33300 | 10953864 |
| Nitori Holdings Co Ltd  | 14000 | 1665787 |
| ZOZO Inc  | 70700 | 717993 |
|  |  | 13337644 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Asics Corp  | 112540 | 2418941 |
| TOTAL CONSUMER DISCRETIONARY |  | 124933347 |
| Consumer Staples - 5.5% |  |  |
| Beverages - 0.9% |  |  |
| Asahi Group Holdings Ltd  | 251900 | 3481837 |
| Kirin Holdings Co Ltd  | 135500 | 2049665 |
| Suntory Beverage & Food Ltd  | 24200 | 844241 |
|  |  | 6375743 |
| Consumer Staples Distribution & Retail - 1.7% |  |  |
| Aeon Co Ltd  | 114000 | 3371114 |
| Kobe Bussan Co Ltd  | 26200 | 803701 |
| MatsukiyoCocokara & Co  | 58000 | 1065443 |
| Seven & i Holdings Co Ltd  | 386000 | 5682160 |
|  |  | 10922418 |
| Food Products - 1.0% |  |  |
| Ajinomoto Co Inc  | 159500 | 3262428 |
| Kikkoman Corp  | 118300 | 1158059 |
| MEIJI Holdings Co Ltd  | 41800 | 1027730 |
| Nissin Foods Holdings Co Ltd  | 34300 | 755425 |
| Yakult Honsha Co Ltd  | 44700 | 916791 |
|  |  | 7120433 |
| Household Products - 0.3% |  |  |
| Unicharm Corp  | 194800 | 1805899 |
| Personal Care Products - 0.7% |  |  |
| Kao Corp  | 81200 | 3477109 |
| Shiseido Co Ltd  | 69700 | 1145954 |
|  |  | 4623063 |
| Tobacco - 0.9% |  |  |
| Japan Tobacco Inc  | 209200 | 6445043 |
| TOTAL CONSUMER STAPLES |  | 37292599 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| ENEOS Holdings Inc  | 475900 | 2291092 |
| Idemitsu Kosan Co Ltd  | 157800 | 977889 |
| Inpex Corp  | 153700 | 1922710 |
|  |  | 5191691 |
| Financials - 15.8% |  |  |
| Banks - 9.2% |  |  |
| Chiba Bank Ltd/The  | 99500 | 884702 |
| Concordia Financial Group Ltd  | 183200 | 1184930 |
| Japan Post Bank Co Ltd  | 315371 | 3222528 |
| Mitsubishi UFJ Financial Group Inc  | 1998800 | 25183139 |
| Mizuho Financial Group Inc  | 420600 | 10516108 |
| Resona Holdings Inc  | 364600 | 2924747 |
| Sumitomo Mitsui Financial Group Inc  | 650000 | 15507189 |
| Sumitomo Mitsui Trust Group Inc  | 113200 | 2800424 |
|  |  | 62223767 |
| Capital Markets - 1.1% |  |  |
| Daiwa Securities Group Inc  | 232600 | 1529561 |
| Japan Exchange Group Inc  | 173000 | 1924758 |
| Nomura Holdings Inc  | 524000 | 2920548 |
| SBI Holdings Inc  | 47500 | 1242149 |
|  |  | 7617016 |
| Financial Services - 0.7% |  |  |
| Mitsubishi HC Capital Inc  | 153500 | 1080555 |
| ORIX Corp  | 201200 | 4036078 |
|  |  | 5116633 |
| Insurance - 4.8% |  |  |
| Dai-ichi Life Holdings Inc  | 631200 | 4557546 |
| Japan Post Holdings Co Ltd  | 335400 | 3260177 |
| Japan Post Insurance Co Ltd  | 33400 | 667976 |
| Ms&Ad Insurance Group Holdings Inc  | 224300 | 5098297 |
| Sompo Holdings Inc  | 155400 | 5092631 |
| T&D Holdings Inc  | 85400 | 1817194 |
| Tokio Marine Holdings Inc  | 310400 | 12441570 |
|  |  | 32935391 |
| TOTAL FINANCIALS |  | 107892807 |
| Health Care - 7.5% |  |  |
| Health Care Equipment & Supplies - 2.3% |  |  |
| Hoya Corp  | 60700 | 7142338 |
| Olympus Corp  | 195100 | 2556395 |
| Sysmex Corp  | 87800 | 1628211 |
| Terumo Corp  | 232300 | 4446393 |
|  |  | 15773337 |
| Health Care Technology - 0.1% |  |  |
| M3 Inc  | 77000 | 965010 |
| Pharmaceuticals - 5.1% |  |  |
| Astellas Pharma Inc  | 315500 | 3159464 |
| Chugai Pharmaceutical Co Ltd  | 117100 | 6746079 |
| Daiichi Sankyo Co Ltd  | 305500 | 7814883 |
| Eisai Co Ltd  | 45800 | 1323802 |
| Kyowa Kirin Co Ltd  | 41200 | 643322 |
| Ono Pharmaceutical Co Ltd  | 65200 | 750513 |
| Otsuka Holdings Co Ltd  | 77000 | 3753810 |
| Shionogi & Co Ltd  | 131800 | 2214307 |
| Takeda Pharmaceutical Co Ltd  | 277400 | 8390969 |
|  |  | 34797149 |
| TOTAL HEALTH CARE |  | 51535496 |
| Industrials - 23.0% |  |  |
| Air Freight & Logistics - 0.1% |  |  |
| SG Holdings Co Ltd  | 55800 | 587152 |
| Building Products - 0.9% |  |  |
| Agc Inc  | 34100 | 1064667 |
| Daikin Industries Ltd  | 46000 | 5240472 |
|  |  | 6305139 |
| Commercial Services & Supplies - 0.7% |  |  |
| Dai Nippon Printing Co Ltd  | 67700 | 943653 |
| Secom Co Ltd  | 73200 | 2691595 |
| TOPPAN Holdings Inc  | 41700 | 1170626 |
|  |  | 4805874 |
| Construction & Engineering - 0.7% |  |  |
| Kajima Corp  | 69100 | 1649946 |
| Obayashi Corp  | 113200 | 1756318 |
| Taisei Corp  | 28700 | 1556172 |
|  |  | 4962436 |
| Electrical Equipment - 1.7% |  |  |
| Fuji Electric Co Ltd  | 23400 | 1040522 |
| Fujikura Ltd  | 43800 | 1629662 |
| Mitsubishi Electric Corp  | 331600 | 6414937 |
| NIDEC CORP  | 145500 | 2585729 |
|  |  | 11670850 |
| Ground Transportation - 1.6% |  |  |
| Central Japan Railway Co  | 134700 | 2834608 |
| East Japan Railway Co  | 158200 | 3429281 |
| Hankyu Hanshin Holdings Inc  | 39700 | 1129526 |
| Tokyo Metro Co Ltd  | 50700 | 642172 |
| Tokyu Corp  | 92600 | 1123058 |
| West Japan Railway Co  | 78000 | 1640808 |
|  |  | 10799453 |
| Industrial Conglomerates - 3.2% |  |  |
| Hikari Tsushin Inc  | 3100 | 858148 |
| Hitachi Ltd  | 808400 | 19980022 |
| Sekisui Chemical Co Ltd  | 65900 | 1147189 |
|  |  | 21985359 |
| Machinery - 4.9% |  |  |
| Daifuku Co Ltd  | 56300 | 1491174 |
| FANUC Corp  | 164900 | 4185106 |
| Hoshizaki Corp  | 18900 | 802635 |
| Komatsu Ltd  | 157500 | 4554832 |
| Kubota Corp  | 170600 | 1982440 |
| Makita Corp  | 41500 | 1213827 |
| MINEBEA MITSUMI Inc  | 63300 | 927727 |
| Mitsubishi Heavy Industries Ltd  | 558800 | 11015540 |
| SMC Corp  | 10000 | 3236409 |
| Toyota Industries Corp  | 28400 | 3329025 |
| Yaskawa Electric Corp  | 39500 | 832237 |
|  |  | 33570952 |
| Marine Transportation - 0.8% |  |  |
| Kawasaki Kisen Kaisha Ltd  | 64700 | 887316 |
| Mitsui OSK Lines Ltd  | 60100 | 2001560 |
| Nippon Yusen KK  | 76400 | 2496211 |
|  |  | 5385087 |
| Passenger Airlines - 0.1% |  |  |
| ANA Holdings Inc  | 27900 | 535943 |
| Japan Airlines Co Ltd  | 25200 | 456559 |
|  |  | 992502 |
| Professional Services - 2.0% |  |  |
| Recruit Holdings Co Ltd  | 244500 | 13549039 |
| Trading Companies & Distributors - 6.3% |  |  |
| ITOCHU Corp  | 207200 | 10596817 |
| Marubeni Corp  | 246100 | 4363024 |
| Mitsubishi Corp  | 596100 | 11317903 |
| Mitsui & Co Ltd  | 440000 | 8897294 |
| MonotaRO Co Ltd  | 43700 | 840043 |
| Sumitomo Corp  | 190000 | 4639114 |
| Toyota Tsusho Corp  | 111100 | 2207860 |
|  |  | 42862055 |
| TOTAL INDUSTRIALS |  | 157475898 |
| Information Technology - 12.8% |  |  |
| Electronic Equipment, Instruments & Components - 4.0% |  |  |
| Keyence Corp  | 33900 | 14173306 |
| Kyocera Corp  | 223900 | 2653603 |
| Murata Manufacturing Co Ltd  | 290900 | 4144324 |
| Omron Corp  | 30600 | 908360 |
| Shimadzu Corp  | 41300 | 1059508 |
| TDK Corp  | 338900 | 3616553 |
| Yokogawa Electric Corp  | 39800 | 861278 |
|  |  | 27416932 |
| IT Services - 3.1% |  |  |
| Fujitsu Ltd  | 306900 | 6817925 |
| NEC Corp  | 214100 | 5211799 |
| Nomura Research Institute Ltd  | 65900 | 2495466 |
| NTT Data Group Corp  | 110000 | 2184644 |
| Obic Co Ltd  | 56400 | 1968754 |
| Otsuka Corp  | 39800 | 882681 |
| SCSK Corp  | 27300 | 714672 |
| TIS Inc  | 37100 | 1071899 |
|  |  | 21347840 |
| Semiconductors & Semiconductor Equipment - 3.8% |  |  |
| Advantest Corp  | 133600 | 5589283 |
| Disco Corp  | 16100 | 3115021 |
| Lasertec Corp  | 14000 | 1301586 |
| Renesas Electronics Corp  | 293500 | 3444300 |
| SCREEN Holdings Co Ltd  | 14200 | 944257 |
| Tokyo Electron Ltd  | 78100 | 11628964 |
|  |  | 26023411 |
| Software - 0.3% |  |  |
| Oracle Corp Japan  | 6700 | 803878 |
| Trend Micro Inc/Japan  | 22100 | 1585688 |
|  |  | 2389566 |
| Technology Hardware, Storage & Peripherals - 1.6% |  |  |
| Canon Inc  | 162800 | 5023968 |
| FUJIFILM Holdings Corp  | 195200 | 3998162 |
| Ricoh Co Ltd  | 92100 | 968719 |
| Seiko Epson Corp  | 50300 | 697816 |
|  |  | 10688665 |
| TOTAL INFORMATION TECHNOLOGY |  | 87866414 |
| Materials - 3.5% |  |  |
| Chemicals - 2.7% |  |  |
| Asahi Kasei Corp  | 218700 | 1524064 |
| Mitsubishi Chemical Group Corp  | 236400 | 1149272 |
| Nippon Paint Holdings Co Ltd  | 165300 | 1254375 |
| Nippon Sanso Holdings Corp  | 30200 | 964212 |
| Nitto Denko Corp  | 123200 | 2165463 |
| Shin-Etsu Chemical Co Ltd  | 311500 | 9479411 |
| Toray Industries Inc  | 241800 | 1544260 |
|  |  | 18081057 |
| Metals & Mining - 0.8% |  |  |
| JFE Holdings Inc  | 100300 | 1168096 |
| Nippon Steel Corp  | 168600 | 3548644 |
| Sumitomo Metal Mining Co Ltd  | 43100 | 956261 |
|  |  | 5673001 |
| TOTAL MATERIALS |  | 23754058 |
| Real Estate - 2.4% |  |  |
| Office REITs - 0.2% |  |  |
| Nippon Building Fund Inc  | 1335 | 1238082 |
| Real Estate Management & Development - 2.2% |  |  |
| Daito Trust Construction Co Ltd  | 10200 | 1131431 |
| Daiwa House Industry Co Ltd  | 97700 | 3535072 |
| Hulic Co Ltd  | 80300 | 837090 |
| Mitsubishi Estate Co Ltd  | 185400 | 3256732 |
| Mitsui Fudosan Co Ltd  | 460800 | 4566827 |
| Sumitomo Realty & Development Co Ltd  | 54000 | 2011300 |
|  |  | 15338452 |
| TOTAL REAL ESTATE |  | 16576534 |
| Utilities - 1.0% |  |  |
| Electric Utilities - 0.5% |  |  |
| Chubu Electric Power Co Inc  | 112300 | 1458252 |
| Kansai Electric Power Co Inc/The  | 165200 | 2035336 |
|  |  | 3493588 |
| Gas Utilities - 0.5% |  |  |
| Osaka Gas Co Ltd  | 63400 | 1607701 |
| Tokyo Gas Co Ltd  | 61000 | 2026591 |
|  |  | 3634292 |
| TOTAL UTILITIES |  | 7127880 |
| TOTAL JAPAN |  | 675430518 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $581,682,372) |  | <br> **675430518** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/29/2025 (d)<br>(Cost $189,378)<br>| 4.25 | 190000 | **189376** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** | &nbsp;&nbsp;**Money Market Funds - 0.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e)<br>(Cost $375,855)<br>| 4.33 | 375780 | **375855** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.8%**<br> (Cost $582,247,605)<br>| <br>**675995749** |
| **NET OTHER ASSETS (LIABILITIES) - 1.2%**  | **8078874** |
| **NET ASSETS - 100.0%** | **684074623** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME Nikkei 225 Index Contracts (United States) | 65 | Jun 2025 | 8220468 | (38367) | (38367) |
| The notional amount of futures purchased as a percentage of Net Assets is 1.2% | The notional amount of futures purchased as a percentage of Net Assets is 1.2% | The notional amount of futures purchased as a percentage of Net Assets is 1.2% | The notional amount of futures purchased as a percentage of Net Assets is 1.2% | The notional amount of futures purchased as a percentage of Net Assets is 1.2% | The notional amount of futures purchased as a percentage of Net Assets is 1.2% |

---

**Legend**

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

(b) Non-income producing

(c) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(d) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $189,376.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 208226 | 1836159 | 1668530 | 1451 | - | - | 375855 | 375780 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 1669550 | 9168414 | 10837964 | 8139 | - | - | - | - | 0.0% |
| Total | 1877776 | 11004573 | 12506494 | 9590 | - | - | 375855 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 55783794 | 1748466 | 54035328 | - |
| Consumer Discretionary | 124933347 | 4251908 | 120681439 | - |
| Consumer Staples | 37292599 | 6191500 | 31101099 | - |
| Energy | 5191691 | - | 5191691 | - |
| Financials | 107892807 | 6213208 | 101679599 | - |
| Health Care | 51535496 | 1628211 | 49907285 | - |
| Industrials | 157475898 | 12040891 | 145435007 | - |
| Information Technology | 87866414 | 6501392 | 81365022 | - |
| Materials | 23754058 | 2218587 | 21535471 | - |
| Real Estate | 16576534 | 3206603 | 13369931 | - |
| Utilities | 7127880 | - | 7127880 | - |
|  **U.S. Treasury Obligations** | 189376 | - | 189376 | - |
|  **Money Market Funds** | 375855 | 375855 | - | - |
| **Total Investments in Securities:** | 675995749 | 44376621 | 631619128 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Liabilities** |  |  |  |  |
| Futures Contracts | (38367) | (38367) | - | - |
| Total Liabilities | (38367) | (38367) | - | - |
| **Total Derivative Instruments:** | (38367) | (38367) | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2025. 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** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 0 | (38367) |
| **Total Equity Risk**  | 0 | (38367) |
| **Total Value of Derivatives** | 0 | (38367) |

---

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

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $581,871,750) | $675619894 |  |
| Fidelity Central Funds (cost $375,855) | 375855 |  |
| Total Investment in Securities (cost $582,247,605) |  | $675995749 |
| Segregated cash with brokers for derivative instruments |  | 505376 |
| Cash |  | 34768 |
| Foreign currency held at value (cost $47,977) |  | 47865 |
| Receivable for investments sold |  | 26145085 |
| Dividends receivable |  | 7350643 |
| Distributions receivable from Fidelity Central Funds |  | 869 |
| Receivable for daily variation margin on futures contracts |  | 92347 |
| Prepaid expenses |  | 208 |
| **Total assets** |  | 710172910 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $26000000 |  |
| Accrued management fee | 55486 |  |
| Other payables and accrued expenses | 42801 |  |
| **Total liabilities** |  | 26098287 |
| **Net Assets**  |  | $684074623 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $822257963 |
| Total accumulated earnings (loss) |  | (138183340) |
| **Net Assets** |  | $684074623 |
| **Net Asset Value**, offering price and redemption price per share ($684,074,623 ÷ 65,020,895 shares) |  | $10.52 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $8915023 |
| Interest  |  | 6222 |
| Income from Fidelity Central Funds (including $8,139 from security lending)  |  | 9590 |
| Income before foreign taxes withheld |  | $8930835 |
| Less foreign taxes withheld |  | (891502) |
| **Total income** |  | 8039333 |
| **Expenses** |  |  |
| Management fee | $337550 |  |
| Custodian fees and expenses | 15883 |  |
| Independent trustees' fees and expenses | 1465 |  |
| Registration fees | 5595 |  |
| Audit fees | 31950 |  |
| Legal | 377 |  |
| Miscellaneous | 1147 |  |
| **Total expenses** |  | 393967 |
| **Net Investment income (loss)** |  | 7645366 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (7520743) |  |
| Foreign currency transactions | (219846) |  |
| Futures contracts | 312845 |  |
| Total net realized gain (loss) |  | (7427744) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 48524597 |  |
| Assets and liabilities in foreign currencies | 714938 |  |
| Futures contracts | (236248) |  |
| Total change in net unrealized appreciation (depreciation) |  | 49003287 |
| **Net gain (loss)** |  | 41575543 |
| **Net increase (decrease) in net assets resulting from operations** |  | $49220909 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $7645366 | $13017463 |
| &nbsp;&nbsp;Net realized gain (loss) | (7427744)<br>| (53677223)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 49003287 | 135315495<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 49220909<br>| 94655735<br>|
| Distributions to shareholders | (14659486)<br>| (23223128)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | - | 251000000 |
| Reinvestment of distributions | 14659486<br>| 23223128<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (26000000) | (414000000) |
| **Net increase (decrease) in net assets resulting from share transactions** | (11340514)<br>| (139776872)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 23220909<br>| (68344265)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 660853714 | 729197979<br>|
| &nbsp;&nbsp;End of period | $684074623 | $660853714 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | - | 25182539 |
| Issued in reinvestment of distributions | 1458655<br>| 2566092<br>|
| &nbsp;&nbsp;Redeemed | (2471483) | (44912805) |
| &nbsp;&nbsp;Net increase (decrease) | (1012828) | (17164174) |

---

**Financial Highlights** 

**Fidelity® SAI Japan Stock Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $10.01 | $8.76 | $7.58 | $10.18 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .11  | .21  | .19  | .19  | .10  |
| Net realized and unrealized gain (loss)  | .62  | 1.43  | 1.18  | (2.69)  | .08  |
| Total from investment operations  | .73  | 1.64  | 1.37  | (2.50)  | .18  |
| Distributions from net investment income  | (.22)  | (.39)  | (.19)  | (.10)  | -  |
| Total distributions  | (.22)  | (.39)  | (.19)  | (.10)  | -  |
| Net asset value, end of period  | $10.52 | $10.01 | $8.76 | $7.58 | $10.18 |
| **Total Return** D,E | 7.42% <br>| 19.13%  | 18.18%  | (24.83)%  | 1.80%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .12% H | .13%  | .13%  | .11%  | .14% H,I |
| Expenses net of fee waivers, if any  | .12% H<br>| .13%  | .13%  | .11%  | .14% H,I |
| Expenses net of all reductions, if any  | .12% H | .13%  | .13%  | .11%  | .14% H,I |
| Net investment income (loss)  | 2.26% H | 2.06%  | 2.12%  | 2.12%  | 2.27% H,I |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $684075 | $660854 | $729198 | $968363 | $1720298 |
| Portfolio turnover rate J | 7% H<br>| 47%  | 5%  | 8%  | 0% K,L |

---

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

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

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

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

H*Annualized.*

I*Audit fees are not annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

K*Amount represents less than 1%.*

L*Amount not annualized.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2025

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.

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

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

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

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

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $140080016 |
| **Gross unrealized depreciation** | <u>(55763970)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$84316046</u> |
| **Tax cost** | <u>$591641336</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(82588651) |
| Long-term | <u>(138038561)</u> |
| **Total capital loss carryforward** | <u>$(220627212)</u> |

---

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

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

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

Derivatives were used to increase or decrease exposure to the following risk(s):

---

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

---

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

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

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

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

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity SAI Japan Stock Index Fund** | 24608447 | 43895234 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .10% of the Fund's average net assets.

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

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI Japan Stock Index Fund** | 523 |

---

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity SAI Japan Stock Index Fund** | 864 | - | - |

---

**9. Other.**

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

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

---

| | | |
|:---|:---|:---|
|  | **Strategic Advisers Fidelity International Fund** | **Strategic Advisers International Fund** |
| Fidelity SAI Japan Stock Index Fund | 17% | 83% |

---

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

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| Fidelity SAI Japan Stock Index Fund | 100% |

---

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img109480_4.jpg)<br>

1.9901433.103 JSI-SANN-0625

**Fidelity® SAI International Small Cap Index Fund**

**Semi-Annual Report**

**April 30, 2025**

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

![](img109481_1.jpg)

![](img109481_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SCI-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI International Small Cap Index Fund](#Sub_Sec_Fund_6417_SCI-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6417_SCI-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SCI-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SCI-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SCI-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SCI-SANN)** |

---

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.© 2025 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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity® SAI International Small Cap Index Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.5%** | &nbsp;&nbsp;**Common Stocks - 98.5%** | &nbsp;&nbsp;**Common Stocks - 98.5%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 9.7%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Aussie Broadband Ltd  | 63094 | 165756 |
| Tuas Ltd (b) | 51741 | 186852 |
|  |  | 352608 |
| Entertainment - 0.0% |  |  |
| EVT Ltd  | 24036 | 216380 |
| Interactive Media & Services - 0.3% |  |  |
| Domain Holdings Australia Ltd  | 71270 | 195962 |
| SEEK Ltd  | 97360 | 1325458 |
|  |  | 1521420 |
| Media - 0.0% |  |  |
| Nine Entertainment Co Holdings Ltd  | 374123 | 342869 |
| TOTAL COMMUNICATION SERVICES |  | 2433277 |
| Consumer Discretionary - 1.1% |  |  |
| Automobile Components - 0.1% |  |  |
| Amotiv Ltd  | 34059 | 168886 |
| ARB Corp Ltd  | 22133 | 446025 |
| PWR Holdings Ltd (c) | 23707 | 103918 |
|  |  | 718829 |
| Broadline Retail - 0.1% |  |  |
| Harvey Norman Holdings Ltd  | 155763 | 520770 |
| Distributors - 0.0% |  |  |
| Bapcor Ltd  | 93284 | 303091 |
| Diversified Consumer Services - 0.1% |  |  |
| G8 Education Ltd  | 207444 | 166790 |
| IDP Education Ltd  | 73332 | 415892 |
|  |  | 582682 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Collins Foods Ltd  | 30682 | 161528 |
| Corporate Travel Management Ltd  | 34506 | 281780 |
| Domino's Pizza Enterprises Ltd (c) | 18874 | 305028 |
| Flight Centre Travel Group Ltd  | 52353 | 429568 |
| Guzman y Gomez Ltd  | 4299 | 88499 |
| Jumbo Interactive Ltd  | 15102 | 98715 |
| Tabcorp Holdings Ltd  | 595812 | 212360 |
| WEB Travel Group Ltd (b) | 102094 | 280744 |
|  |  | 1858222 |
| Household Durables - 0.1% |  |  |
| Breville Group Ltd  | 27966 | 512766 |
| Specialty Retail - 0.5% |  |  |
| Accent Group Ltd  | 111639 | 132495 |
| Eagers Automotive Ltd  | 39401 | 465015 |
| JB Hi-Fi Ltd  | 30024 | 1989623 |
| Lovisa Holdings Ltd  | 16898 | 269769 |
| Nick Scali Ltd  | 21092 | 240191 |
| Premier Investments Ltd  | 26580 | 354052 |
| Super Retail Group Ltd  | 43855 | 376115 |
| Temple & Webster Group Ltd (b) | 24447 | 278976 |
|  |  | 4106236 |
| TOTAL CONSUMER DISCRETIONARY |  | 8602596 |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Endeavour Group Ltd/Australia  | 418847 | 1071373 |
| GrainCorp Ltd Class A  | 58335 | 248364 |
| Metcash Ltd  | 289380 | 596056 |
|  |  | 1915793 |
| Food Products - 0.1% |  |  |
| Bega Cheese Ltd  | 74896 | 270928 |
| Elders Ltd  | 52288 | 211795 |
| Inghams Group Ltd  | 101421 | 222656 |
|  |  | 705379 |
| TOTAL CONSUMER STAPLES |  | 2621172 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Ampol Ltd  | 65229 | 990453 |
| Beach Energy Ltd  | 443123 | 333551 |
| Boss Energy Ltd (b) | 111046 | 227054 |
| Deep Yellow Ltd (b) | 261146 | 189936 |
| New Hope Corp Ltd  | 140659 | 329965 |
| Paladin Energy Ltd (b) | 110715 | 415426 |
| Viva Energy Group Ltd (d)(e) | 302768 | 332901 |
| Whitehaven Coal Ltd  | 228564 | 731116 |
| Yancoal Australia Ltd  | 109948 | 350587 |
|  |  | 3900989 |
| Financials - 1.2% |  |  |
| Banks - 0.3% |  |  |
| Bank of Queensland Ltd  | 183695 | 877486 |
| Bendigo & Adelaide Bank Ltd  | 156271 | 1117936 |
| Judo Capital Holdings Ltd (b) | 200803 | 228939 |
|  |  | 2224361 |
| Capital Markets - 0.4% |  |  |
| HMC Capital Ltd  | 80131 | 249591 |
| HUB24 Ltd  | 22183 | 1024829 |
| Insignia Financial Ltd (b) | 148965 | 358953 |
| MA Financial Group Ltd  | 30773 | 130670 |
| Magellan Financial Group Ltd  | 49207 | 241240 |
| Magellan Financial Group Ltd warrants 4/16/2027 (b) | 5527 | 213 |
| Netwealth Group Ltd  | 33988 | 610664 |
| Perpetual Ltd  | 28643 | 304283 |
| Pinnacle Investment Management Group Ltd  | 47186 | 544178 |
| Regal Partners Ltd  | 37387 | 44968 |
|  |  | 3509589 |
| Consumer Finance - 0.0% |  |  |
| Credit Corp Group Ltd  | 19322 | 167192 |
| Zip Co Ltd (b) | 344226 | 385625 |
|  |  | 552817 |
| Financial Services - 0.2% |  |  |
| AMP Ltd  | 667552 | 551369 |
| Challenger Ltd  | 143894 | 652007 |
| Helia Group Ltd  | 75575 | 234238 |
|  |  | 1437614 |
| Insurance - 0.3% |  |  |
| AUB Group Ltd  | 30734 | 627572 |
| nib holdings Ltd/Australia  | 134986 | 588896 |
| Steadfast Group Ltd  | 289064 | 1086263 |
|  |  | 2302731 |
| TOTAL FINANCIALS |  | 10027112 |
| Health Care - 0.8% |  |  |
| Biotechnology - 0.2% |  |  |
| Mesoblast Ltd (b) | 241398 | 277898 |
| Telix Pharmaceuticals Ltd (b) | 68753 | 1195191 |
|  |  | 1473089 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Ansell Ltd  | 39982 | 775633 |
| Nanosonics Ltd (b) | 70243 | 215688 |
| PolyNovo Ltd (b) | 177815 | 137493 |
|  |  | 1128814 |
| Health Care Providers & Services - 0.5% |  |  |
| EBOS Group Ltd  | 42863 | 932846 |
| Healius Ltd (b) | 174840 | 162781 |
| Ramsay Health Care Ltd  | 53772 | 1144843 |
| Regis Healthcare Ltd  | 40409 | 176747 |
| Sigma Healthcare Ltd  | 425149 | 820398 |
|  |  | 3237615 |
| Pharmaceuticals - 0.0% |  |  |
| Clarity Pharmaceuticals Ltd (b) | 68236 | 96243 |
| Neuren Pharmaceuticals Ltd (b) | 32202 | 240122 |
|  |  | 336365 |
| TOTAL HEALTH CARE |  | 6175883 |
| Industrials - 1.2% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Austal Ltd (b) | 109741 | 371806 |
| Commercial Services & Supplies - 0.2% |  |  |
| Cleanaway Waste Management Ltd  | 613414 | 1020848 |
| Downer EDI Ltd  | 186426 | 680766 |
| Mader Group Ltd (c) | 13915 | 56776 |
| SG Fleet Group Ltd  | 42947 | 96284 |
|  |  | 1854674 |
| Construction & Engineering - 0.4% |  |  |
| Johns Lyng Group Ltd  | 63788 | 90717 |
| Maas Group Holdings Ltd (c) | 44364 | 112341 |
| Monadelphous Group Ltd  | 26443 | 273440 |
| NRW Holdings Ltd  | 114060 | 197698 |
| Ventia Services Group Pty Ltd  | 225565 | 610714 |
| Worley Ltd  | 137681 | 1096917 |
|  |  | 2381827 |
| Ground Transportation - 0.1% |  |  |
| Aurizon Holdings Ltd  | 487099 | 953600 |
| Kelsian Group Ltd  | 50351 | 87476 |
|  |  | 1041076 |
| Machinery - 0.0% |  |  |
| Silex Systems Ltd (b)(c) | 53882 | 106899 |
| Professional Services - 0.2% |  |  |
| ALS Ltd  | 132794 | 1457077 |
| IPH Ltd  | 72237 | 210994 |
| McMillan Shakespeare Ltd  | 15012 | 147080 |
| SmartGroup Corp Ltd  | 37929 | 190207 |
|  |  | 2005358 |
| Trading Companies & Distributors - 0.0% |  |  |
| Redox Ltd/Australia  | 52692 | 98515 |
| Transportation Infrastructure - 0.3% |  |  |
| Atlas Arteria Ltd unit  | 299045 | 990543 |
| Qube Holdings Ltd  | 462059 | 1169799 |
|  |  | 2160342 |
| TOTAL INDUSTRIALS |  | 10020497 |
| Information Technology - 0.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Codan Ltd  | 30203 | 304215 |
| Dicker Data Ltd  | 22881 | 123628 |
|  |  | 427843 |
| IT Services - 0.2% |  |  |
| Data#3 Ltd  | 41566 | 193577 |
| Macquarie Technology Group Ltd (b) | 3931 | 149576 |
| Megaport Ltd (b) | 44513 | 327463 |
| NEXTDC Ltd (b) | 175227 | 1330382 |
|  |  | 2000998 |
| Software - 0.3% |  |  |
| Hansen Technologies Ltd  | 51648 | 179222 |
| IRESS Ltd  | 51169 | 260572 |
| Nuix Ltd (b) | 60903 | 94982 |
| Objective Corp Ltd  | 8056 | 80755 |
| SiteMinder Ltd (b) | 69837 | 184267 |
| Technology One Ltd  | 80485 | 1553536 |
|  |  | 2353334 |
| TOTAL INFORMATION TECHNOLOGY |  | 4782175 |
| Materials - 2.3% |  |  |
| Chemicals - 0.3% |  |  |
| Alpha HPA Ltd (b) | 258560 | 151452 |
| Dyno Nobel Ltd  | 511503 | 742499 |
| Nufarm Ltd  | 94396 | 233052 |
| Orica Ltd  | 134102 | 1391959 |
|  |  | 2518962 |
| Construction Materials - 0.0% |  |  |
| Brickworks Ltd  | 23362 | 376324 |
| Containers & Packaging - 0.1% |  |  |
| Orora Ltd  | 372753 | 431880 |
| Metals & Mining - 1.9% |  |  |
| AVZ Minerals Ltd (b)(c)(f) | 776046 | 5 |
| Bellevue Gold Ltd (b) | 404120 | 235266 |
| Capricorn Metals Ltd (b) | 103010 | 609455 |
| Champion Iron Ltd  | 107906 | 315438 |
| Coronado Global Resources Inc depository receipt (d)(e) | 237498 | 29621 |
| Deterra Royalties Ltd  | 108208 | 252292 |
| Emerald Resources NL (b) | 145871 | 374559 |
| Evolution Mining Ltd  | 546896 | 2742697 |
| Firefinch Ltd (c)(f) | 325521 | 2 |
| Genesis Minerals Ltd (b) | 278126 | 686817 |
| Gold Road Resources Ltd  | 297548 | 577285 |
| IGO Ltd  | 189200 | 474059 |
| Iluka Resources Ltd  | 118267 | 313336 |
| Imdex Ltd  | 139850 | 264568 |
| IperionX Ltd (b) | 78914 | 181016 |
| Leo Lithium Ltd (f) | 273636 | 58367 |
| Liontown Resources Ltd (b)(c) | 441580 | 148344 |
| Lynas Rare Earths Ltd (b)(c) | 230992 | 1262778 |
| MAC Copper Ltd depository receipt  | 18730 | 178485 |
| Mineral Resources Ltd (b) | 48245 | 634470 |
| Ora Banda Mining Ltd (b) | 313123 | 200080 |
| Perenti Ltd  | 228543 | 199875 |
| Perseus Mining Ltd  | 376929 | 807838 |
| Pilbara Minerals Ltd (b)(c) | 833667 | 803187 |
| Ramelius Resources Ltd  | 325025 | 546954 |
| Regis Resources Ltd (b) | 199300 | 576194 |
| Resolute Mining Ltd (b) | 572376 | 186845 |
| Sandfire Resources Ltd (b) | 124818 | 794952 |
| Spartan Resources Ltd/Australia (b) | 244729 | 317477 |
| Stanmore Resources Ltd  | 97743 | 121407 |
| Vault Minerals Ltd (b) | 1794084 | 493678 |
| Vulcan Energy Resources Ltd (b) | 38981 | 121533 |
| Vulcan Steel Ltd  | 18365 | 86864 |
| WA1 Resources Ltd (b) | 11888 | 95905 |
| West African Resources Ltd (b) | 298540 | 456889 |
| Westgold Resources Ltd  | 248700 | 472462 |
|  |  | 15621000 |
| TOTAL MATERIALS |  | 18948166 |
| Real Estate - 1.3% |  |  |
| Diversified REITs - 0.6% |  |  |
| Centuria Capital Group unit  | 180865 | 182241 |
| Charter Hall Group unit  | 129596 | 1401185 |
| Charter Hall Long Wale REIT unit  | 177682 | 436512 |
| Growthpoint Properties Australia Ltd  | 70282 | 104260 |
| Mirvac Group unit  | 1085105 | 1582791 |
|  |  | 3706989 |
| Industrial REITs - 0.0% |  |  |
| Centuria Industrial REIT  | 147709 | 278182 |
| Dexus Industria REIT  | 68684 | 114324 |
|  |  | 392506 |
| Office REITs - 0.2% |  |  |
| Abacus Group unit  | 128732 | 93971 |
| Centuria Office REIT unit  | 97125 | 76334 |
| Cromwell Property Group unit  | 383321 | 91983 |
| Dexus unit  | 294904 | 1419557 |
|  |  | 1681845 |
| Real Estate Management & Development - 0.1% |  |  |
| Lendlease Group unit  | 178041 | 599913 |
| Lifestyle Communities Ltd (c) | 28652 | 130878 |
| PEXA Group Ltd (b) | 36524 | 281417 |
|  |  | 1012208 |
| Residential REITs - 0.0% |  |  |
| Ingenia Communities Group unit  | 107470 | 381267 |
| Retail REITs - 0.3% |  |  |
| BWP Trust  | 158543 | 363512 |
| Charter Hall Retail REIT  | 145252 | 346952 |
| HomeCo Daily Needs REIT unit (e) | 487082 | 381864 |
| Region Group unit  | 322902 | 478611 |
| Waypoint REIT Ltd unit  | 183201 | 300025 |
|  |  | 1870964 |
| Specialized REITs - 0.1% |  |  |
| Abacus Storage King unit  | 167767 | 158644 |
| Arena REIT unit  | 101021 | 240573 |
| Charter Hall Social Infrastructure REIT  | 94726 | 177419 |
| National Storage REIT unit  | 332761 | 489297 |
|  |  | 1065933 |
| TOTAL REAL ESTATE |  | 10111712 |
| Utilities - 0.1% |  |  |
| Multi-Utilities - 0.1% |  |  |
| AGL Energy Ltd  | 166610 | 1135448 |
| TOTAL AUSTRALIA |  | 78759027 |
| AUSTRIA - 1.2%  |  |  |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Schoeller-Bleckmann Oilfield Equipment AG  | 2911 | 103384 |
| Financials - 0.5% |  |  |
| Banks - 0.4% |  |  |
| BAWAG Group AG (d)(e) | 21614 | 2368965 |
| Raiffeisen Bank International AG  | 36098 | 960182 |
|  |  | 3329147 |
| Insurance - 0.1% |  |  |
| UNIQA Insurance Group AG  | 33770 | 390214 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe  | 10649 | 505470 |
|  |  | 895684 |
| TOTAL FINANCIALS |  | 4224831 |
| Industrials - 0.3% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| Oesterreichische Post AG (c) | 9210 | 310398 |
| Commercial Services & Supplies - 0.0% |  |  |
| DO & Co AG (b) | 2132 | 339582 |
| Construction & Engineering - 0.0% |  |  |
| Porr Ag  | 4992 | 174180 |
| Machinery - 0.3% |  |  |
| ANDRITZ AG  | 18597 | 1328313 |
| Palfinger AG  | 4300 | 139561 |
|  |  | 1467874 |
| TOTAL INDUSTRIALS |  | 2292034 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Kontron AG  | 10423 | 251268 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| ams-OSRAM AG (b) | 27704 | 243859 |
| TOTAL INFORMATION TECHNOLOGY |  | 495127 |
| Materials - 0.2% |  |  |
| Chemicals - 0.0% |  |  |
| Lenzing AG (b) | 5211 | 163226 |
| Construction Materials - 0.1% |  |  |
| Wienerberger AG  | 30583 | 1069867 |
| Metals & Mining - 0.1% |  |  |
| voestalpine AG  | 29730 | 780020 |
| TOTAL MATERIALS |  | 2013113 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| CA Immobilien Anlagen AG (c) | 10338 | 278966 |
| CPI Europe AG (b)(c) | 9872 | 194593 |
| CPI Europe AG (b)(f) | 25803 | 0 |
| S IMMO AG rights (b)(f) | 11010 | 0 |
|  |  | 473559 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| EVN AG  | 9974 | 261008 |
| TOTAL AUSTRIA |  | 9863056 |
| BAILIWICK OF JERSEY - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| JTC PLC (d)(e) | 43606 | 484668 |
| BELGIUM - 1.7%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Proximus SADP  | 36995 | 283729 |
| Entertainment - 0.0% |  |  |
| Kinepolis Group NV  | 3339 | 114991 |
| TOTAL COMMUNICATION SERVICES |  | 398720 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Colruyt Group N.V  | 8643 | 415148 |
| Personal Care Products - 0.0% |  |  |
| Ontex Group NV (b) | 17610 | 143836 |
| TOTAL CONSUMER STAPLES |  | 558984 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| KBC Ancora  | 10553 | 688606 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.0% |  |  |
| Galapagos NV (b) | 12793 | 346082 |
| Health Care Providers & Services - 0.1% |  |  |
| Fagron  | 18256 | 423967 |
| TOTAL HEALTH CARE |  | 770049 |
| Industrials - 0.3% |  |  |
| Building Products - 0.0% |  |  |
| Recticel SA (c) | 12185 | 146872 |
| Construction & Engineering - 0.2% |  |  |
| Ackermans & van Haaren NV  | 5940 | 1448109 |
| Deme Group NV  | 2089 | 311434 |
|  |  | 1759543 |
| Trading Companies & Distributors - 0.1% |  |  |
| Azelis Group NV  | 43316 | 669322 |
| TOTAL INDUSTRIALS |  | 2575737 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Barco NV  | 17755 | 242169 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Melexis NV  | 5596 | 333771 |
| X-Fab Silicon Foundries SE (b)(d)(e) | 16499 | 91249 |
|  |  | 425020 |
| TOTAL INFORMATION TECHNOLOGY |  | 667189 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Solvay SA Class A  | 20301 | 767673 |
| Tessenderlo Group SA (c) | 5810 | 171786 |
| Umicore SA  | 54731 | 496016 |
|  |  | 1435475 |
| Metals & Mining - 0.0% |  |  |
| Bekaert SA  | 9808 | 376663 |
| TOTAL MATERIALS |  | 1812138 |
| Real Estate - 0.6% |  |  |
| Health Care REITs - 0.3% |  |  |
| Aedifica SA  | 13090 | 1047669 |
| Cofinimmo SA  | 10443 | 834040 |
|  |  | 1881709 |
| Industrial REITs - 0.3% |  |  |
| Montea NV  | 5115 | 370676 |
| Warehouses De Pauw CVA (b) | 49694 | 1265531 |
|  |  | 1636207 |
| Real Estate Management & Development - 0.0% |  |  |
| VGP NV  | 3780 | 348569 |
| Residential REITs - 0.0% |  |  |
| Xior Student Housing NV (e) | 9340 | 302082 |
| Xior Student Housing NV rights (b)(g) | 9678 | 13664 |
| Xior Student Housing NV rights (b) | 9309 | 5502 |
| Xior Student Housing NV rights (b) | 9340 | 5279 |
|  |  | 326527 |
| Retail REITs - 0.0% |  |  |
| Retail Estates NV  | 3312 | 242380 |
| Vastned NV  | 2366 | 77729 |
|  |  | 320109 |
| Specialized REITs - 0.0% |  |  |
| Shurgard Self Storage Ltd  | 9573 | 395834 |
| TOTAL REAL ESTATE |  | 4908955 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Elia Group SA/NV (c) | 11998 | 1299389 |
| TOTAL BELGIUM |  | 13679767 |
| BERMUDA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Cool Company Ltd (c) | 6859 | 42854 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Conduit Holdings Ltd  | 43391 | 199215 |
| TOTAL BERMUDA |  | 242069 |
| BRAZIL - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Karoon Energy Ltd  | 211401 | 194605 |
| CHINA - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| CITIC Telecom International Holdings Ltd  | 472000 | 143628 |
| Media - 0.0% |  |  |
| Mobvista Inc (b)(d)(e) | 153000 | 108502 |
| TOTAL COMMUNICATION SERVICES |  | 252130 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Health & Happiness H&H International Holdings Ltd  | 65500 | 74658 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| OSL Group Ltd (b)(c) | 109000 | 157971 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| CARsgen Therapeutics Holdings Ltd (b)(c)(d)(e) | 103000 | 206382 |
| Industrials - 0.1% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| KLN Logistics Group Ltd  | 101500 | 81927 |
| Building Products - 0.1% |  |  |
| Xinyi Glass Holdings Ltd (c) | 472549 | 442961 |
| Trading Companies & Distributors - 0.0% |  |  |
| E-Commodities Holdings Ltd  | 360000 | 38063 |
| Theme International Holdings Ltd (c) | 1530000 | 76938 |
|  |  | 115001 |
| TOTAL INDUSTRIALS |  | 639889 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| VSTECS Holdings Ltd  | 180000 | 138094 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| ESR Group Ltd (d)(e) | 411400 | 655644 |
| Yanlord Land Group Ltd (b) | 162400 | 58499 |
|  |  | 714143 |
| Retail REITs - 0.0% |  |  |
| Sasseur Real Estate Investment Trust (e) | 153600 | 74830 |
| TOTAL REAL ESTATE |  | 788973 |
| TOTAL CHINA |  | 2258097 |
| COTE D'IVOIRE - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Endeavour Mining PLC (United Kingdom)  | 53677 | 1442152 |
| CYPRUS - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| ATALAYA MINING COPPER SA (c) | 31653 | 153128 |
| DENMARK - 1.9%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Better Collective A/S (b)(c) | 10685 | 140506 |
| Consumer Discretionary - 0.1% |  |  |
| Household Durables - 0.1% |  |  |
| GN Store Nord AS (b) | 37696 | 563981 |
| Specialty Retail - 0.0% |  |  |
| Matas A/S  | 9767 | 201299 |
| TOTAL CONSUMER DISCRETIONARY |  | 765280 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Royal Unibrew A/S  | 13939 | 1107462 |
| Food Products - 0.0% |  |  |
| Schouw & Co A/S  | 3420 | 310390 |
| Tobacco - 0.0% |  |  |
| Scandinavian Tobacco Group A/S Series A (d)(e) | 12970 | 188576 |
| TOTAL CONSUMER STAPLES |  | 1606428 |
| Financials - 0.6% |  |  |
| Banks - 0.5% |  |  |
| Jyske Bank A/S  | 12494 | 1021099 |
| Ringkjoebing Landbobank A/S  | 7415 | 1414578 |
| Spar Nord Bank A/S (b) | 20101 | 644916 |
| Sydbank AS  | 14397 | 917702 |
|  |  | 3998295 |
| Insurance - 0.1% |  |  |
| Alm Brand A/S  | 235413 | 558074 |
| TOTAL FINANCIALS |  | 4556369 |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.1% |  |  |
| Bavarian Nordic A/S (b) | 21876 | 519094 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Ambu AS Series B  | 52190 | 932276 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Chemometec A/S  | 4327 | 309569 |
| Gubra A/S (b) | 1816 | 102802 |
|  |  | 412371 |
| Pharmaceuticals - 0.2% |  |  |
| ALK-Abello A/S Series B (b) | 36529 | 842679 |
| H Lundbeck A/S Series A  | 10261 | 42280 |
| H Lundbeck A/S Series B  | 77970 | 370858 |
|  |  | 1255817 |
| TOTAL HEALTH CARE |  | 3119558 |
| Industrials - 0.5% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| ISS A/S  | 41237 | 1033898 |
| Construction & Engineering - 0.1% |  |  |
| Cadeler A/S (b) | 63221 | 328763 |
| Per Aarsleff Holding A/S Series B  | 4798 | 384481 |
|  |  | 713244 |
| Electrical Equipment - 0.2% |  |  |
| NKT A/S (b) | 14912 | 1209662 |
| Ground Transportation - 0.0% |  |  |
| NTG Nordic Transport Group A/S (b) | 2864 | 108449 |
| Machinery - 0.1% |  |  |
| FLSmidth & Co A/S  | 11999 | 564166 |
| Marine Transportation - 0.0% |  |  |
| D/S Norden A/S  | 5929 | 160890 |
| Dfds A/S (b) | 8632 | 119543 |
|  |  | 280433 |
| Transportation Infrastructure - 0.0% |  |  |
| Svitzer Group A/S  | 4012 | 167811 |
| TOTAL INDUSTRIALS |  | 4077663 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Netcompany Group A/S (b)(d)(e) | 11798 | 528216 |
| Software - 0.0% |  |  |
| cBrain A/S  | 3079 | 79533 |
| TOTAL INFORMATION TECHNOLOGY |  | 607749 |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Cementir Holding NV  | 13386 | 218973 |
| TOTAL DENMARK |  | 15092526 |
| FAROE ISLANDS - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Bakkafrost  | 13789 | 691213 |
| FINLAND - 1.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.0% |  |  |
| Nokian Renkaat Oyj (c) | 33430 | 265288 |
| Broadline Retail - 0.2% |  |  |
| Puuilo Oyj  | 20785 | 295270 |
| Tokmanni Group Corp  | 13043 | 205206 |
|  |  | 500476 |
| Household Durables - 0.0% |  |  |
| YIT Oyj (b) | 39403 | 114540 |
| Leisure Products - 0.0% |  |  |
| Harvia Oyj (e) | 4553 | 209667 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Marimekko Oyj  | 9239 | 127481 |
| TOTAL CONSUMER DISCRETIONARY |  | 1217452 |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| Mandatum Holding Oy  | 124117 | 873725 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Revenio Group Oyj  | 5530 | 172278 |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Kempower Oyj (b)(c) | 6430 | 79762 |
| Machinery - 0.4% |  |  |
| Hiab Oyj B Shares  | 10720 | 507868 |
| Kalmar Oyj B Shares  | 10641 | 336084 |
| Konecranes Oyj A Shares  | 18485 | 1231315 |
| Valmet Oyj  | 40604 | 1234594 |
|  |  | 3309861 |
| Passenger Airlines - 0.0% |  |  |
| Finnair Oyj  | 25972 | 69790 |
| TOTAL INDUSTRIALS |  | 3459413 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| TietoEVRY Oyj  | 29644 | 529927 |
| Software - 0.0% |  |  |
| QT Group Oyj (b) | 5300 | 343735 |
| TOTAL INFORMATION TECHNOLOGY |  | 873662 |
| Materials - 0.3% |  |  |
| Chemicals - 0.1% |  |  |
| Kemira Oyj  | 31888 | 655657 |
| Containers & Packaging - 0.2% |  |  |
| Huhtamaki Oyj  | 26650 | 978775 |
| Metsa Board Oyj B Shares  | 43648 | 158724 |
|  |  | 1137499 |
| Metals & Mining - 0.0% |  |  |
| Outokumpu Oyj A Shares (c) | 101475 | 387861 |
| TOTAL MATERIALS |  | 2181017 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Citycon Oyj  | 26089 | 104447 |
| Kojamo Oyj (b) | 37698 | 437738 |
|  |  | 542185 |
| TOTAL FINLAND |  | 9319732 |
| FRANCE - 3.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.1% |  |  |
| Ubisoft Entertainment SA (b)(c) | 25401 | 299283 |
| Vivendi SE  | 182202 | 564318 |
|  |  | 863601 |
| Media - 0.2% |  |  |
| Canal+ SA  | 192535 | 437488 |
| Eutelsat Communications SACA (b)(c) | 33607 | 135726 |
| IPSOS SA  | 9582 | 451350 |
| JCDecaux SE (b) | 17645 | 306034 |
| Louis Hachette Group  | 192532 | 300774 |
| Metropole Television SA  | 7199 | 112544 |
| Television Francaise 1 SA  | 11718 | 111507 |
|  |  | 1855423 |
| TOTAL COMMUNICATION SERVICES |  | 2719024 |
| Consumer Discretionary - 0.3% |  |  |
| Automobile Components - 0.2% |  |  |
| Forvia SE  | 41017 | 314855 |
| Opmobility  | 16123 | 179270 |
| Valeo SE  | 60019 | 589360 |
|  |  | 1083485 |
| Automobiles - 0.0% |  |  |
| Trigano SA  | 2409 | 284638 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Cie des Alpes  | 5589 | 109662 |
| Elior Group SA (b)(d)(e) | 32589 | 98351 |
| Pierre Et Vacances SA (b) | 39563 | 61849 |
|  |  | 269862 |
| Household Durables - 0.1% |  |  |
| Kaufman & Broad SA  | 3280 | 128379 |
| SEB SA  | 6795 | 636601 |
|  |  | 764980 |
| Leisure Products - 0.0% |  |  |
| Beneteau SACA  | 10510 | 95548 |
| Specialty Retail - 0.0% |  |  |
| Fnac Darty SA  | 3321 | 115330 |
| TOTAL CONSUMER DISCRETIONARY |  | 2613843 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Remy Cointreau SA  | 6507 | 352769 |
| Personal Care Products - 0.0% |  |  |
| Interparfums SA  | 6267 | 246958 |
| TOTAL CONSUMER STAPLES |  | 599727 |
| Energy - 0.5% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Technip Energies NV  | 36814 | 1255313 |
| Vallourec SACA (b) | 44838 | 828208 |
|  |  | 2083521 |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Esso SA Francaise  | 724 | 115892 |
| Etablissements Maurel et Prom SA  | 17206 | 88687 |
| Gaztransport Et Technigaz SA  | 9693 | 1579027 |
|  |  | 1783606 |
| TOTAL ENERGY |  | 3867127 |
| Financials - 0.5% |  |  |
| Capital Markets - 0.0% |  |  |
| Antin Infrastructure Partners SA  | 8701 | 101526 |
| Financial Services - 0.2% |  |  |
| Peugeot Invest SA  | 1416 | 116459 |
| Pluxee France SA  | 24506 | 549125 |
| Wendel SE  | 6780 | 663614 |
| Worldline SA/France (b)(d)(e) | 59026 | 325645 |
|  |  | 1654843 |
| Insurance - 0.3% |  |  |
| Coface SA  | 29162 | 594981 |
| SCOR SE  | 41930 | 1310062 |
|  |  | 1905043 |
| TOTAL FINANCIALS |  | 3661412 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Clariane SE (b) | 30198 | 127329 |
| Emeis SA (b)(c) | 20150 | 257670 |
|  |  | 384999 |
| Health Care Technology - 0.0% |  |  |
| Equasens (c) | 1479 | 64925 |
| Pharmaceuticals - 0.1% |  |  |
| Virbac SACA  | 1162 | 408273 |
| TOTAL HEALTH CARE |  | 858197 |
| Industrials - 0.8% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Exosens SAS (b) | 5455 | 212273 |
| LISI SA  | 4570 | 143147 |
|  |  | 355420 |
| Air Freight & Logistics - 0.1% |  |  |
| ID Logistics Group SACA (b) | 907 | 405861 |
| Commercial Services & Supplies - 0.6% |  |  |
| Derichebourg SA  | 25977 | 178187 |
| Elis SA  | 45571 | 1164662 |
| Seche Environnement SACA  | 589 | 60453 |
| Societe BIC SA  | 6349 | 409970 |
| SPIE SA  | 39517 | 1926765 |
|  |  | 3740037 |
| Electrical Equipment - 0.1% |  |  |
| Mersen SA  | 6190 | 132113 |
| Nexans SA  | 8968 | 977334 |
|  |  | 1109447 |
| Machinery - 0.0% |  |  |
| Manitou BF SA  | 2797 | 64321 |
| Passenger Airlines - 0.0% |  |  |
| Air France-KLM (b) | 32700 | 283833 |
| Professional Services - 0.0% |  |  |
| Assystem SA (c) | 1750 | 75731 |
| TOTAL INDUSTRIALS |  | 6034650 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| VusionGroup  | 1776 | 354907 |
| IT Services - 0.2% |  |  |
| Alten SA  | 8200 | 686949 |
| Aubay  | 1852 | 96510 |
| Sopra Steria Group  | 3941 | 803621 |
| Wavestone (c) | 1982 | 105417 |
|  |  | 1692497 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| SOITEC (b) | 7437 | 417965 |
| Software - 0.0% |  |  |
| Planisware SA (b) | 5437 | 147207 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Quadient SA  | 7764 | 146532 |
| TOTAL INFORMATION TECHNOLOGY |  | 2759108 |
| Materials - 0.2% |  |  |
| Construction Materials - 0.1% |  |  |
| Imerys SA  | 9385 | 311299 |
| Vicat SACA  | 4353 | 242620 |
|  |  | 553919 |
| Containers & Packaging - 0.1% |  |  |
| Verallia SA (d)(e) | 19795 | 658391 |
| Metals & Mining - 0.0% |  |  |
| Eramet SA (c) | 2284 | 125749 |
| TOTAL MATERIALS |  | 1338059 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.0% |  |  |
| ICADE  | 9325 | 220784 |
| Real Estate Management & Development - 0.0% |  |  |
| Nexity SA (b)(c) | 10353 | 107725 |
| Residential REITs - 0.0% |  |  |
| Altarea SCA  | 1494 | 172023 |
| Retail REITs - 0.1% |  |  |
| Carmila SA (b) | 15697 | 340710 |
| Mercialys SA (b) | 25931 | 346049 |
|  |  | 686759 |
| TOTAL REAL ESTATE |  | 1187291 |
| Utilities - 0.1% |  |  |
| Gas Utilities - 0.1% |  |  |
| Rubis SCA  | 21164 | 684744 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Voltalia SA (b)(c) | 11135 | 92084 |
| TOTAL UTILITIES |  | 776828 |
| TOTAL FRANCE |  | 26415266 |
| GEORGIA - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Lion Finance Group PLC  | 9714 | 776751 |
| TBC Bank Group PLC  | 11536 | 727191 |
| TOTAL GEORGIA |  | 1503942 |
| GERMANY - 3.9%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| United Internet AG  | 21314 | 480255 |
| Media - 0.1% |  |  |
| ProSiebenSat.1 Media SE (c) | 38437 | 267574 |
| Stroeer SE & Co KGaA  | 9300 | 553114 |
|  |  | 820688 |
| Wireless Telecommunication Services - 0.2% |  |  |
| 1&1 AG  | 9541 | 169045 |
| Freenet AG  | 32722 | 1358213 |
|  |  | 1527258 |
| TOTAL COMMUNICATION SERVICES |  | 2828201 |
| Consumer Discretionary - 0.5% |  |  |
| Automobile Components - 0.1% |  |  |
| SAF-Holland SE  | 12417 | 223940 |
| Schaeffler AG  | 51794 | 221556 |
|  |  | 445496 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| TUI AG (b) | 124930 | 954741 |
| Specialty Retail - 0.2% |  |  |
| About You Holding SE (b) | 8096 | 61449 |
| Auto1 Group SE (b)(d)(e) | 35842 | 855112 |
| CECONOMY AG (b) | 39263 | 138997 |
| Douglas AG (b) | 8748 | 103660 |
| Fielmann Group AG  | 6930 | 392533 |
| Hornbach Holding AG & Co KGaA  | 2839 | 318722 |
|  |  | 1870473 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| HUGO BOSS AG (c) | 12702 | 526223 |
| TOTAL CONSUMER DISCRETIONARY |  | 3796933 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| HelloFresh SE (b)(c) | 43263 | 448642 |
| Food Products - 0.0% |  |  |
| Suedzucker AG (c) | 17386 | 233985 |
| TOTAL CONSUMER STAPLES |  | 682627 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Verbio SE (c) | 6291 | 73904 |
| Financials - 0.2% |  |  |
| Capital Markets - 0.1% |  |  |
| flatexDEGIRO AG  | 22917 | 599712 |
| Mutares SE & Co KGaA (c) | 3740 | 135579 |
|  |  | 735291 |
| Financial Services - 0.1% |  |  |
| Deutsche Pfandbriefbank AG (b)(c)(d)(e) | 37242 | 227824 |
| GRENKE AG  | 7077 | 107590 |
| Hypoport SE (b) | 1134 | 262069 |
|  |  | 597483 |
| Insurance - 0.0% |  |  |
| Wuestenrot & Wuerttembergische AG  | 6672 | 107329 |
| TOTAL FINANCIALS |  | 1440103 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.0% |  |  |
| CureVac NV (Germany) (b)(c) | 28384 | 103989 |
| Formycon AG (b)(c) | 1877 | 49331 |
|  |  | 153320 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Carl Zeiss Meditec Ag  | 9777 | 665660 |
| Eckert & Ziegler SE  | 4020 | 273243 |
|  |  | 938903 |
| Life Sciences Tools & Services - 0.2% |  |  |
| Evotec SE (b)(c) | 39431 | 330055 |
| Gerresheimer AG  | 9591 | 645391 |
| Schott Pharma AG & Co KGaA (c) | 10377 | 290951 |
|  |  | 1266397 |
| Pharmaceuticals - 0.0% |  |  |
| Dermapharm Holding SE  | 4472 | 195045 |
| TOTAL HEALTH CARE |  | 2553665 |
| Industrials - 1.1% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Hensoldt AG  | 17456 | 1348657 |
| Montana Aerospace Ag (b)(d)(e) | 7416 | 148257 |
|  |  | 1496914 |
| Commercial Services & Supplies - 0.1% |  |  |
| Bilfinger SE  | 7822 | 661042 |
| Cewe Stiftung & Co KGAA  | 1462 | 168935 |
| Takkt AG  | 6467 | 55679 |
|  |  | 885656 |
| Construction & Engineering - 0.0% |  |  |
| Thyssenkrupp Nucera AG & Co KGaa (b)(c)(d)(e) | 7230 | 74902 |
| Electrical Equipment - 0.1% |  |  |
| Energiekontor AG (c) | 1847 | 88403 |
| Nordex SE (b) | 32812 | 612951 |
| PNE AG (c) | 8664 | 151151 |
| SGL Carbon SE (b)(c) | 17184 | 68231 |
|  |  | 920736 |
| Ground Transportation - 0.0% |  |  |
| Sixt SE (c) | 3850 | 364183 |
| Industrial Conglomerates - 0.0% |  |  |
| MBB SE  | 427 | 76913 |
| Machinery - 0.6% |  |  |
| Deutz AG  | 35812 | 275468 |
| Duerr AG  | 14385 | 338143 |
| JOST Werke SE (d)(e) | 3379 | 189672 |
| KION Group AG  | 19767 | 833470 |
| Krones AG  | 3943 | 573541 |
| Norma Group SE  | 8503 | 105766 |
| Pfeiffer Vacuum Technology AG  | 959 | 169044 |
| RENK GmbH  | 16477 | 987057 |
| Stabilus SE  | 6758 | 186036 |
| Vossloh AG  | 2668 | 209153 |
| Wacker Neuson SE (c) | 8551 | 228613 |
|  |  | 4095963 |
| Trading Companies & Distributors - 0.0% |  |  |
| Kloeckner & Co SE  | 14617 | 116740 |
| Transportation Infrastructure - 0.1% |  |  |
| Fraport AG Frankfurt Airport Services Worldwide (b)(c) | 10268 | 677570 |
| TOTAL INDUSTRIALS |  | 8709577 |
| Information Technology - 0.6% |  |  |
| Communications Equipment - 0.0% |  |  |
| Adtran Networks SE (c) | 5190 | 119354 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Jenoptik AG  | 14268 | 281568 |
| Softwareone Holding AG (b) | 32427 | 223946 |
|  |  | 505514 |
| IT Services - 0.3% |  |  |
| Adesso SE  | 1016 | 112565 |
| Bechtle AG  | 22464 | 951768 |
| CANCOM SE  | 6980 | 213102 |
| GFT Technologies SE  | 4818 | 135360 |
| IONOS Group SE (b) | 11659 | 386991 |
| Nagarro SE  | 1895 | 134172 |
| Secunet Security Network Ag (c) | 451 | 104738 |
|  |  | 2038696 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| AIXTRON SE  | 31476 | 421294 |
| Elmos Semiconductor SE  | 1985 | 133798 |
| Siltronic AG  | 4518 | 182209 |
| SMA Solar Technology AG (c) | 4098 | 70472 |
| SUSS MicroTec SE  | 4958 | 187934 |
|  |  | 995707 |
| Software - 0.1% |  |  |
| Atoss Software SE  | 2646 | 396272 |
| Northern Data AG (b)(c) | 3564 | 99322 |
| TeamViewer SE (b)(d)(e) | 40099 | 611891 |
|  |  | 1107485 |
| TOTAL INFORMATION TECHNOLOGY |  | 4766756 |
| Materials - 0.5% |  |  |
| Chemicals - 0.2% |  |  |
| K+S AG  | 46564 | 808658 |
| LANXESS AG  | 23969 | 711959 |
| Wacker Chemie AG  | 5064 | 378625 |
|  |  | 1899242 |
| Metals & Mining - 0.3% |  |  |
| Aurubis AG (c) | 8621 | 747610 |
| Salzgitter AG  | 6828 | 168006 |
| thyssenkrupp AG  | 136843 | 1569352 |
|  |  | 2484968 |
| TOTAL MATERIALS |  | 4384210 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| Aroundtown SA (b) | 210143 | 624195 |
| Grand City Properties SA (b) | 19260 | 229096 |
| Patrizia SE (c) | 11679 | 97245 |
| Sirius Real Estate Ltd  | 418717 | 515893 |
| TAG Immobilien AG (b) | 48068 | 778690 |
|  |  | 2245119 |
| Retail REITs - 0.0% |  |  |
| Hamborner REIT AG (b) | 20435 | 144686 |
| TOTAL REAL ESTATE |  | 2389805 |
| TOTAL GERMANY |  | 31625781 |
| GUATEMALA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Millicom International Cellular SA  | 28334 | 978656 |
| HONG KONG - 1.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| HKBN Ltd  | 286000 | 186964 |
| PCCW Ltd  | 1165000 | 776607 |
|  |  | 963571 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Hutchison Telecommunications Hong Kong Holdings Ltd (c) | 408000 | 53133 |
| Smartone Telecommunications Hldgs Ltd  | 92000 | 50415 |
|  |  | 103548 |
| TOTAL COMMUNICATION SERVICES |  | 1067119 |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.0% |  |  |
| Johnson Electric Holdings Ltd  | 101035 | 184467 |
| Automobiles - 0.0% |  |  |
| Polestar Automotive Holding UK PLC Class A ADR (b)(c) | 117049 | 121731 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Cafe de Coral Holdings Ltd  | 100000 | 91934 |
| Melco International Development Ltd (b)(c) | 164000 | 68513 |
| Melco Resorts & Entertainment Ltd ADR (b) | 52381 | 269762 |
| Super Hi International Holding Ltd (b)(c) | 60000 | 130125 |
|  |  | 560334 |
| Household Durables - 0.0% |  |  |
| Man Wah Holdings Ltd  | 426000 | 226304 |
| Specialty Retail - 0.0% |  |  |
| Luk Fook Holdings International Ltd  | 87000 | 189804 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Stella International Holdings Ltd  | 159000 | 284968 |
| Viva Goods Company Ltd (c) | 952000 | 44190 |
| Yue Yuen Industrial Holdings Ltd  | 222500 | 319595 |
|  |  | 648753 |
| TOTAL CONSUMER DISCRETIONARY |  | 1931393 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| DFI Retail Group Holdings Ltd  | 92200 | 232726 |
| Food Products - 0.1% |  |  |
| Vitasoy International Holdings Ltd  | 194000 | 250142 |
| TOTAL CONSUMER STAPLES |  | 482868 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| United Energy Group Ltd  | 1780000 | 92952 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Bank of East Asia Ltd/The  | 255581 | 351953 |
| Dah Sing Banking Group Ltd  | 110400 | 119146 |
| Dah Sing Financial Holdings Ltd  | 52000 | 189747 |
|  |  | 660846 |
| Capital Markets - 0.0% |  |  |
| Guotai Junan International Holdings Ltd  | 799000 | 103022 |
| TOTAL FINANCIALS |  | 763868 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| United Laboratories International Holdings Ltd/The  | 272000 | 487493 |
| Industrials - 0.1% |  |  |
| Construction & Engineering - 0.0% |  |  |
| Envision Greenwise Holdings Ltd (b)(e) | 173000 | 184028 |
| Electrical Equipment - 0.0% |  |  |
| Time Interconnect Technology Ltd  | 168000 | 88163 |
| Industrial Conglomerates - 0.0% |  |  |
| CTF Services Ltd  | 277000 | 262156 |
| Marine Transportation - 0.1% |  |  |
| Pacific Basin Shipping Ltd  | 1426000 | 319929 |
| Trading Companies & Distributors - 0.0% |  |  |
| Hao Tian International Construction Investment Group Ltd (b)(c) | 736000 | 43179 |
| Realord Group Holdings Ltd (b) | 122000 | 111373 |
|  |  | 154552 |
| Transportation Infrastructure - 0.0% |  |  |
| Hutchison Port Holdings Trust  | 1302400 | 193891 |
| TOTAL INDUSTRIALS |  | 1202719 |
| Information Technology - 0.2% |  |  |
| Communications Equipment - 0.0% |  |  |
| VTech Holdings Ltd  | 45500 | 306243 |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Cowell e Holdings Inc (b)(c) | 73000 | 209430 |
| PAX Global Technology Ltd  | 195000 | 117418 |
|  |  | 326848 |
| IT Services - 0.0% |  |  |
| SUNeVision Holdings Ltd  | 193000 | 160510 |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| ASMPT Ltd  | 84600 | 569410 |
| TOTAL INFORMATION TECHNOLOGY |  | 1363011 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Hang Lung Group Ltd  | 218000 | 313131 |
| Hang Lung Properties Ltd  | 530203 | 435478 |
| Hysan Development Co Ltd  | 170000 | 277503 |
| Kerry Properties Ltd  | 160500 | 377058 |
| New World Development Co Ltd (b)(c) | 384000 | 235680 |
|  |  | 1638850 |
| Retail REITs - 0.0% |  |  |
| Fortune Real Estate Investment Trust  | 418000 | 233911 |
| TOTAL REAL ESTATE |  | 1872761 |
| TOTAL HONG KONG |  | 9264184 |
| INDONESIA - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| First Pacific Co Ltd  | 648000 | 436144 |
| First Resources Ltd  | 155800 | 180258 |
| Golden Agri-Resources Ltd  | 1958700 | 360053 |
|  |  | 976455 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Nickel Industries Ltd  | 461900 | 166802 |
| TOTAL INDONESIA |  | 1143257 |
| IRELAND - 0.3%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Dalata Hotel Group PLC  | 49833 | 285654 |
| Household Durables - 0.1% |  |  |
| Cairn Homes PLC (Ireland)  | 172072 | 377778 |
| Glenveagh Properties PLC (b)(d)(e) | 153985 | 288178 |
|  |  | 665956 |
| TOTAL CONSUMER DISCRETIONARY |  | 951610 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.0% |  |  |
| C&C Group PLC  | 104688 | 191976 |
| Food Products - 0.2% |  |  |
| Glanbia PLC  | 52945 | 683758 |
| Greencore Group PLC  | 122601 | 302272 |
|  |  | 986030 |
| TOTAL CONSUMER STAPLES |  | 1178006 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Uniphar PLC  | 67998 | 228013 |
| Pharmaceuticals - 0.0% |  |  |
| COSMO Pharmaceuticals NV  | 2229 | 128687 |
| TOTAL HEALTH CARE |  | 356700 |
| Real Estate - 0.0% |  |  |
| Residential REITs - 0.0% |  |  |
| Irish Residential Properties Reit PLC  | 142748 | 164946 |
| TOTAL IRELAND |  | 2651262 |
| ISRAEL - 3.1%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Bezeq The Israeli Telecommunication Corp Ltd  | 569954 | 864552 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Cellcom Israel Ltd (b) | 29886 | 188479 |
| Partner Communications Co Ltd  | 38635 | 256501 |
|  |  | 444980 |
| TOTAL COMMUNICATION SERVICES |  | 1309532 |
| Consumer Discretionary - 0.1% |  |  |
| Distributors - 0.0% |  |  |
| Tadiran Group Ltd  | 968 | 53785 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Fattal Holdings 1998 Ltd (b) | 2050 | 267584 |
| Household Durables - 0.0% |  |  |
| Azorim-Investment Development & Construction Co Ltd  | 20127 | 92420 |
| Danya Cebus Ltd  | 2185 | 62805 |
| Electra Consumer Products 1970 Ltd  | 3487 | 96014 |
|  |  | 251239 |
| Specialty Retail - 0.1% |  |  |
| Delek Automotive Systems Ltd (b) | 13690 | 98526 |
| Fox Wizel Ltd  | 2222 | 186599 |
| Retailors Ltd  | 5076 | 104657 |
|  |  | 389782 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Delta Galil Ltd  | 2871 | 135304 |
| TOTAL CONSUMER DISCRETIONARY |  | 1097694 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| M Yochananof & Sons Ltd  | 1428 | 96572 |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd  | 2540 | 194249 |
| Shufersal Ltd  | 55468 | 519005 |
|  |  | 809826 |
| Food Products - 0.0% |  |  |
| Strauss Group Ltd  | 14563 | 329914 |
| Personal Care Products - 0.1% |  |  |
| Oddity Tech Ltd Class A (b)(c) | 9409 | 578089 |
| TOTAL CONSUMER STAPLES |  | 1717829 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Delek Group Ltd  | 2482 | 394768 |
| Energean PLC  | 43276 | 508685 |
| Equital Ltd (b) | 6545 | 244962 |
| Oil Refineries Ltd  | 677506 | 169793 |
| Paz Retail And Energy Ltd  | 2517 | 354339 |
|  |  | 1672547 |
| Financials - 0.7% |  |  |
| Banks - 0.1% |  |  |
| FIBI Holdings Ltd  | 4919 | 284538 |
| First International Bank of Israel Ltd  | 15143 | 831418 |
|  |  | 1115956 |
| Capital Markets - 0.2% |  |  |
| Plus500 Ltd  | 20289 | 829021 |
| Tel Aviv Stock Exchange Ltd  | 25319 | 310795 |
|  |  | 1139816 |
| Consumer Finance - 0.0% |  |  |
| Isracard Ltd  | 53019 | 249720 |
| Insurance - 0.4% |  |  |
| Clal Insurance Enterprises Holdings Ltd  | 17261 | 472430 |
| Harel Insurance Investments & Financial Services Ltd  | 30879 | 512606 |
| Menora Mivtachim Holdings Ltd  | 6036 | 318963 |
| Migdal Insurance & Financial Holdings Ltd  | 115062 | 221078 |
| Phoenix Financial Ltd  | 61899 | 1219083 |
|  |  | 2744160 |
| TOTAL FINANCIALS |  | 5249652 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Bet Shemesh Engines Holdings 1997 Ltd (b) | 2003 | 267503 |
| Construction & Engineering - 0.2% |  |  |
| Ashtrom Group Ltd  | 13910 | 219331 |
| Elco Ltd  | 2983 | 131975 |
| Electra Ltd/Israel  | 580 | 309202 |
| Kvutzat Acro Ltd  | 7369 | 99324 |
| Shapir Engineering and Industry Ltd  | 44636 | 311307 |
| Shikun & Binui Ltd (b) | 91169 | 298882 |
|  |  | 1370021 |
| Machinery - 0.0% |  |  |
| Kornit Digital Ltd (b) | 13232 | 249820 |
| Marine Transportation - 0.1% |  |  |
| ZIM Integrated Shipping Services Ltd (c) | 33422 | 513028 |
| Passenger Airlines - 0.0% |  |  |
| El Al Israel Airlines (b) | 68703 | 209184 |
| Professional Services - 0.1% |  |  |
| Danel Adir Yeoshua Ltd  | 1374 | 148536 |
| Hilan Ltd  | 4451 | 283887 |
|  |  | 432423 |
| TOTAL INDUSTRIALS |  | 3041979 |
| Information Technology - 0.5% |  |  |
| Communications Equipment - 0.0% |  |  |
| Ituran Location and Control Ltd  | 4537 | 163060 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Nayax Ltd (b) | 3539 | 148404 |
| Next Vision Stabilized Systems Ltd  | 16721 | 439271 |
|  |  | 587675 |
| IT Services - 0.1% |  |  |
| Formula Systems 1985 Ltd  | 2613 | 230635 |
| Matrix IT Ltd  | 9700 | 237206 |
| One Software Technologies Ltd  | 12795 | 241903 |
|  |  | 709744 |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Camtek Ltd/Israel (Israel) (b) | 8187 | 538143 |
| Tower Semiconductor Ltd (b) | 30350 | 1098390 |
|  |  | 1636533 |
| Software - 0.1% |  |  |
| Cellebrite DI Ltd (b) | 26646 | 527324 |
| Magic Software Enterprises Ltd (Israel)  | 7646 | 105538 |
| Radware Ltd (b) | 9707 | 231609 |
| Sapiens International Corp NV (Israel)  | 9199 | 251648 |
| SimilarWeb Ltd (b) | 11477 | 86537 |
|  |  | 1202656 |
| TOTAL INFORMATION TECHNOLOGY |  | 4299668 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Israel Corp Ltd Class A1  | 1048 | 329515 |
| Real Estate - 0.7% |  |  |
| Diversified REITs - 0.1% |  |  |
| Reit 1 Ltd  | 54016 | 280541 |
| Sella Capital Real Estate Ltd  | 62921 | 153885 |
|  |  | 434426 |
| Real Estate Management & Development - 0.6% |  |  |
| Africa Israel Residences Ltd  | 1621 | 107041 |
| Airport City Ltd (b) | 15975 | 237317 |
| Alony Hetz Properties & Investments Ltd  | 44769 | 373377 |
| Amot Investments Ltd  | 65404 | 345617 |
| Aura Investments Ltd  | 42591 | 222608 |
| Big Shopping Centers Ltd (b) | 4377 | 638559 |
| Blue Square Real Estate Ltd  | 1446 | 123181 |
| Electra Real Estate Ltd (b) | 8488 | 104705 |
| G City Ltd  | 30338 | 104793 |
| Israel Canada T.R Ltd  | 42694 | 138909 |
| Isras Holdings Ltd (b) | 994 | 106828 |
| Isras Investment Co Ltd  | 360 | 77658 |
| Mega Or Holdings Ltd  | 6406 | 217403 |
| Melisron Ltd  | 7144 | 606810 |
| Mivne Real Estate Kd Ltd  | 163576 | 477371 |
| Prashkovsky Investments and Construction Ltd  | 2104 | 54175 |
| Summit Real Estate Holdings Ltd  | 11268 | 165968 |
| YH Dimri Construction & Development Ltd  | 2581 | 217173 |
|  |  | 4319493 |
| TOTAL REAL ESTATE |  | 4753919 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Energix-Renewable Energies Ltd  | 75596 | 223523 |
| Enlight Renewable Energy Ltd (b) | 32256 | 521284 |
| OPC Energy Ltd (b) | 35474 | 334556 |
| OY Nofar Energy Ltd (b) | 5510 | 128747 |
|  |  | 1208110 |
| TOTAL ISRAEL |  | 24680445 |
| ITALY - 3.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| RAI Way SpA (d)(e) | 26926 | 184239 |
| Entertainment - 0.0% |  |  |
| Juventus Football Club SpA (b)(c) | 42684 | 149706 |
| Media - 0.1% |  |  |
| Arnoldo Mondadori Editore SpA  | 36431 | 88526 |
| MFE-MediaForEurope NV Class A  | 46183 | 167210 |
| MFE-MediaForEurope NV Class B  | 15642 | 75841 |
|  |  | 331577 |
| TOTAL COMMUNICATION SERVICES |  | 665522 |
| Consumer Discretionary - 0.6% |  |  |
| Automobile Components - 0.1% |  |  |
| Brembo NV  | 41667 | 388004 |
| CIR SpA-Compagnie Industriali (b) | 137888 | 91068 |
| Pirelli & C SpA (d)(e) | 109266 | 671394 |
|  |  | 1150466 |
| Automobiles - 0.0% |  |  |
| Piaggio & C SpA (c) | 49251 | 96300 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Lottomatica Group Spa  | 48460 | 1100154 |
| Household Durables - 0.1% |  |  |
| De' Longhi SpA  | 20658 | 636546 |
| Leisure Products - 0.1% |  |  |
| Ferretti SpA (c) | 43202 | 123332 |
| Sanlorenzo SpA/Ameglia (c) | 4496 | 143631 |
| Technogym SpA (d)(e) | 33471 | 450462 |
|  |  | 717425 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Brunello Cucinelli SpA  | 9351 | 1050006 |
| OVS SpA (d)(e) | 44893 | 161420 |
| Salvatore Ferragamo SpA (c) | 14039 | 87234 |
|  |  | 1298660 |
| TOTAL CONSUMER DISCRETIONARY |  | 4999551 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| MARR SpA  | 9349 | 103051 |
| Personal Care Products - 0.0% |  |  |
| Intercos SpA  | 14719 | 221770 |
| Pharmanutra SpA  | 959 | 58448 |
|  |  | 280218 |
| TOTAL CONSUMER STAPLES |  | 383269 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Saipem SpA (b) | 354813 | 820380 |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| d'Amico International Shipping SA  | 13919 | 51562 |
| TOTAL ENERGY |  | 871942 |
| Financials - 0.9% |  |  |
| Banks - 0.5% |  |  |
| Banca Monte dei Paschi di Siena SpA  | 224937 | 1889744 |
| Banca Popolare di Sondrio SPA  | 99501 | 1239917 |
| Banco di Desio e della Brianza SpA  | 9288 | 79545 |
| Credito Emiliano SpA  | 23648 | 323619 |
|  |  | 3532825 |
| Capital Markets - 0.3% |  |  |
| Azimut Holding SpA  | 31834 | 879580 |
| Banca Generali SpA  | 16047 | 947118 |
| Tamburi Investment Partners SpA (c) | 27804 | 237493 |
|  |  | 2064191 |
| Financial Services - 0.1% |  |  |
| Banca IFIS SpA  | 6856 | 171336 |
| BFF Bank SpA (b)(d)(e) | 49601 | 468067 |
|  |  | 639403 |
| TOTAL FINANCIALS |  | 6236419 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| El.En. SpA  | 13625 | 136369 |
| Industrials - 0.5% |  |  |
| Building Products - 0.1% |  |  |
| Ariston Holding NV  | 19012 | 85591 |
| Carel Industries SpA (d)(e) | 14037 | 280826 |
| LU-VE SpA  | 2293 | 73902 |
|  |  | 440319 |
| Commercial Services & Supplies - 0.0% |  |  |
| Fila SpA Class A  | 8503 | 110583 |
| Construction & Engineering - 0.1% |  |  |
| Maire SpA  | 41041 | 441686 |
| Webuild SpA  | 141121 | 509982 |
| Webuild SpA warrants 8/2/2030 (b) | 6588 | 23808 |
|  |  | 975476 |
| Electrical Equipment - 0.0% |  |  |
| Cembre SpA  | 1659 | 91715 |
| Machinery - 0.3% |  |  |
| Danieli & C Officine Meccaniche SpA (c) | 2838 | 97415 |
| Fincantieri SpA (b) | 26537 | 344215 |
| GVS SpA (b)(d)(e) | 23564 | 114119 |
| Industrie De Nora SpA (c) | 8211 | 58881 |
| Interpump Group SpA  | 20851 | 710521 |
| Iveco Group NV  | 48320 | 766624 |
|  |  | 2091775 |
| Transportation Infrastructure - 0.0% |  |  |
| Enav Spa (d)(e) | 75091 | 332101 |
| TOTAL INDUSTRIALS |  | 4041969 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Sesa SpA  | 2067 | 173512 |
| IT Services - 0.2% |  |  |
| Reply SpA  | 6201 | 1101489 |
| Wiit SpA  | 3321 | 57938 |
|  |  | 1159427 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Technoprobe SpA (b)(c) | 45236 | 289538 |
| TOTAL INFORMATION TECHNOLOGY |  | 1622477 |
| Materials - 0.2% |  |  |
| Chemicals - 0.0% |  |  |
| SOL SpA  | 11327 | 516480 |
| Construction Materials - 0.2% |  |  |
| Buzzi SpA  | 23787 | 1242800 |
| Containers & Packaging - 0.0% |  |  |
| Zignago Vetro Spa (c) | 7996 | 80256 |
| TOTAL MATERIALS |  | 1839536 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Stoneweg European Real Estate Investment Trust (e) | 93690 | 159165 |
| Utilities - 0.5% |  |  |
| Gas Utilities - 0.1% |  |  |
| Ascopiave SpA  | 20485 | 76465 |
| Italgas SpA  | 133990 | 1098964 |
|  |  | 1175429 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| ERG SpA  | 14483 | 295491 |
| Multi-Utilities - 0.4% |  |  |
| A2A SpA  | 430744 | 1092561 |
| ACEA SpA  | 11713 | 274670 |
| Hera SpA  | 225324 | 1063406 |
| Iren SpA  | 180415 | 513819 |
|  |  | 2944456 |
| TOTAL UTILITIES |  | 4415376 |
| TOTAL ITALY |  | 25371595 |
| JAPAN - 36.1%  |  |  |
| Communication Services - 1.2% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Internet Initiative Japan Inc  | 29900 | 553123 |
| U-Next Holdings Co Ltd  | 17200 | 245645 |
|  |  | 798768 |
| Entertainment - 0.6% |  |  |
| Anycolor Inc  | 7700 | 199259 |
| Cover Corp (b)(c) | 9500 | 144912 |
| Daiichikosho Co Ltd  | 19700 | 229957 |
| DeNA Co Ltd  | 20300 | 548824 |
| GREE Holdings Inc  | 19800 | 74363 |
| GungHo Online Entertainment Inc  | 11400 | 240390 |
| Koei Tecmo Holdings Co Ltd  | 23300 | 398926 |
| MIXI Inc  | 9200 | 203973 |
| Shochiku Co Ltd  | 2300 | 215555 |
| Square Enix Holdings Co Ltd  | 21900 | 1268080 |
| Toei Animation Co Ltd  | 17500 | 423486 |
| Toei Co Ltd  | 9200 | 336523 |
|  |  | 4284248 |
| Interactive Media & Services - 0.1% |  |  |
| Kakaku.com Inc  | 35700 | 631704 |
| Media - 0.4% |  |  |
| CyberAgent Inc  | 117600 | 1006659 |
| Fuji Media Holdings Inc  | 13000 | 268947 |
| Hakuhodo DY Holdings Inc  | 58100 | 435811 |
| Kadokawa Corp  | 24400 | 654626 |
| Nippon Television Holdings Inc  | 14500 | 334561 |
| Septeni Holdings Co Ltd  | 21000 | 53461 |
| SKY Perfect JSAT Holdings Inc  | 45400 | 365156 |
| TBS Holdings Inc  | 9200 | 306988 |
| TV Asahi Holdings Corp  | 6000 | 108645 |
|  |  | 3534854 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Okinawa Cellular Telephone Co  | 5900 | 174755 |
| TOTAL COMMUNICATION SERVICES |  | 9424329 |
| Consumer Discretionary - 6.0% |  |  |
| Automobile Components - 1.1% |  |  |
| Aisan Industry Co Ltd  | 8900 | 120073 |
| Eagle Industry Co Ltd  | 5600 | 71909 |
| Exedy Corp  | 7400 | 222031 |
| FCC Co Ltd  | 9000 | 184368 |
| JTEKT Corp  | 57100 | 440987 |
| Koito Manufacturing Co Ltd  | 50300 | 608961 |
| KYB Corp  | 9500 | 194080 |
| Musashi Seimitsu Industry Co Ltd  | 12700 | 216552 |
| NHK Spring Co Ltd  | 47400 | 526114 |
| Nifco Inc/Japan  | 22200 | 550264 |
| Niterra Co Ltd  | 41100 | 1276866 |
| NOK Corp  | 24000 | 331011 |
| Pacific Industrial Co Ltd  | 10600 | 92893 |
| Piolax Inc  | 4700 | 71956 |
| Seiren Co Ltd  | 13400 | 208245 |
| Shoei Co Ltd  | 13700 | 160207 |
| Stanley Electric Co Ltd  | 34400 | 644068 |
| Sumitomo Riko Co Ltd  | 10200 | 116425 |
| Sumitomo Rubber Industries Ltd  | 46600 | 586655 |
| Tokai Rika Co Ltd  | 14300 | 212930 |
| Topre Corp  | 10000 | 121905 |
| Toyo Tire Corp  | 29900 | 558142 |
| Toyoda Gosei Co Ltd  | 15800 | 302673 |
| Toyota Boshoku Corp  | 23400 | 335338 |
| TS Tech Co Ltd  | 22600 | 255115 |
| Yokohama Rubber Co Ltd/The  | 34700 | 758710 |
|  |  | 9168478 |
| Automobiles - 0.2% |  |  |
| Mazda Motor Corp  | 163500 | 977537 |
| Mitsubishi Motors Corp  | 182400 | 504958 |
| Nissan Shatai Co Ltd  | 19100 | 141199 |
|  |  | 1623694 |
| Broadline Retail - 0.8% |  |  |
| ASKUL Corp  | 10000 | 106239 |
| Belluna Co Ltd  | 12100 | 82934 |
| Isetan Mitsukoshi Holdings Ltd  | 89500 | 1150475 |
| Izumi Co Ltd  | 9900 | 228009 |
| J Front Retailing Co Ltd  | 66700 | 816418 |
| Mercari Inc (b) | 31900 | 516948 |
| Ryohin Keikaku Co Ltd  | 69400 | 2345758 |
| Seria Co Ltd  | 12400 | 252111 |
| Takashimaya Co Ltd  | 76000 | 585972 |
|  |  | 6084864 |
| Distributors - 0.0% |  |  |
| Arata Corp  | 7500 | 166807 |
| Central Automotive Products Ltd  | 9300 | 110185 |
| Doshisha Co Ltd  | 5600 | 87771 |
| PALTAC Corp  | 7700 | 212937 |
|  |  | 577700 |
| Hotels, Restaurants & Leisure - 1.2% |  |  |
| Atom Corp (b)(c) | 32600 | 149571 |
| Colowide Co Ltd (c) | 24900 | 312861 |
| Create Restaurants Holdings Inc (c) | 32410 | 314625 |
| Doutor Nichires Holdings Co Ltd  | 8200 | 152495 |
| Food & Life Cos Ltd  | 30300 | 1111510 |
| Fuji Kyuko Co Ltd  | 6200 | 90151 |
| Fujita Kanko Inc  | 1900 | 119198 |
| GENDA INC (b)(c) | 15200 | 114813 |
| Heiwa Corp  | 14900 | 231139 |
| Hiday Hidaka Corp  | 7500 | 162610 |
| HIS Co Ltd  | 13900 | 164490 |
| Ichibanya Co Ltd  | 20000 | 133165 |
| Imperial Hotel Ltd  | 11500 | 72468 |
| KOMEDA Holdings Co Ltd  | 12100 | 243811 |
| Koshidaka Holdings Co Ltd  | 14200 | 100606 |
| Kura Sushi Inc (c) | 5500 | 121748 |
| Kyoritsu Maintenance Co Ltd  | 17400 | 367398 |
| Matsuyafoods Holdings Co Ltd  | 2400 | 99706 |
| McDonald's Holdings Co Japan Ltd  | 23800 | 1003735 |
| Metaplanet Inc (b) | 76000 | 204112 |
| Monogatari Corp/The  | 8600 | 223752 |
| MOS Food Services Inc  | 7200 | 186068 |
| Ohsho Food Service Corp  | 9500 | 215275 |
| Resorttrust Inc  | 48000 | 491649 |
| Round One Corp  | 56000 | 347797 |
| Royal Holdings Co Ltd  | 8000 | 145363 |
| Saizeriya Co Ltd  | 8700 | 279291 |
| Skylark Holdings Co Ltd  | 62500 | 1295855 |
| Tokyotokeiba Co Ltd  | 3900 | 114561 |
| Toridoll Holdings Corp  | 13400 | 399994 |
| Yoshinoya Holdings Co Ltd  | 18000 | 393915 |
|  |  | 9363732 |
| Household Durables - 0.9% |  |  |
| Casio Computer Co Ltd  | 52800 | 412927 |
| ES-Con Japan Ltd  | 12500 | 92757 |
| Fujitsu General Ltd  | 16700 | 327389 |
| Haseko Corp  | 66100 | 944082 |
| Iida Group Holdings Co Ltd  | 42200 | 665997 |
| JVCKenwood Corp  | 40900 | 305220 |
| Nagawa Co Ltd  | 2200 | 94474 |
| Nikon Corp  | 77100 | 741351 |
| Open House Group Co Ltd  | 21600 | 954461 |
| Rinnai Corp  | 26000 | 582445 |
| Sangetsu Corp  | 12800 | 259796 |
| Sharp Corp/Japan (b)(c) | 72300 | 428627 |
| Sumitomo Forestry Co Ltd  | 42400 | 1218207 |
| Tama Home Co Ltd (c) | 4100 | 114558 |
| Tamron Co Ltd  | 9400 | 211365 |
| Token Corp  | 1500 | 139845 |
| Zojirushi Corp  | 10200 | 97877 |
|  |  | 7591378 |
| Leisure Products - 0.5% |  |  |
| Mizuno Corp  | 14100 | 250976 |
| Roland Corp  | 4000 | 88544 |
| Sankyo Co Ltd  | 49800 | 758250 |
| Sega Sammy Holdings Inc  | 43000 | 899969 |
| Tomy Co Ltd  | 22900 | 502269 |
| Tsuburaya Fields Holdings Inc  | 9500 | 123717 |
| Universal Entertainment Corp  | 7000 | 54195 |
| Yamaha Corp (c) | 101700 | 743319 |
| Yonex Co Ltd  | 16600 | 270978 |
|  |  | 3692217 |
| Specialty Retail - 1.1% |  |  |
| ABC-Mart Inc  | 27500 | 510168 |
| Adastria Co Ltd  | 7400 | 150660 |
| Alpen Co Ltd  | 4400 | 73333 |
| AOKI Holdings Inc  | 9700 | 86769 |
| Aoyama Trading Co Ltd  | 11400 | 163609 |
| ARCLANDS CORP  | 13880 | 168331 |
| Autobacs Seven Co Ltd  | 18500 | 192013 |
| Bic Camera Inc  | 26100 | 279565 |
| DCM Holdings Co Ltd  | 26400 | 250743 |
| EDION Corp  | 21800 | 290606 |
| IDOM Inc  | 15300 | 117923 |
| JINS Holdings Inc  | 3200 | 200532 |
| Joyful Honda Co Ltd  | 15100 | 214175 |
| K's Holdings Corp  | 34300 | 328534 |
| Kohnan Shoji Co Ltd  | 5400 | 141817 |
| Komeri Co Ltd  | 7400 | 157595 |
| Nextage Co Ltd  | 11900 | 148563 |
| Nishimatsuya Chain Co Ltd  | 10800 | 166857 |
| Nojima Corp  | 16900 | 304124 |
| PAL GROUP Holdings Co Ltd  | 11300 | 314152 |
| Sanrio Co Ltd  | 49100 | 1951912 |
| Shimamura Co Ltd  | 12100 | 804974 |
| USS Co Ltd  | 113200 | 1131367 |
| Workman Co Ltd (c) | 5500 | 173870 |
| Yamada Holdings Co Ltd  | 147900 | 477691 |
| Yellow Hat Ltd  | 18000 | 171465 |
|  |  | 8971348 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Goldwin Inc  | 5900 | 337420 |
| Gunze Ltd  | 7800 | 139983 |
| Japan Wool Textile Co Ltd/The  | 12900 | 133259 |
| Onward Holdings Co Ltd  | 29000 | 117030 |
| Seiko Group Corp  | 7500 | 197755 |
| Wacoal Holdings Corp  | 10000 | 349000 |
|  |  | 1274447 |
| TOTAL CONSUMER DISCRETIONARY |  | 48347858 |
| Consumer Staples - 3.0% |  |  |
| Beverages - 0.3% |  |  |
| Coca-Cola Bottlers Japan Holdings Inc  | 35000 | 655913 |
| Ito En Ltd  | 14500 | 346527 |
| Lifedrink Co Inc  | 9400 | 111698 |
| Sapporo Holdings Ltd  | 17300 | 960731 |
| Takara Holdings Inc  | 40300 | 324700 |
|  |  | 2399569 |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| Aeon Hokkaido Corp  | 11800 | 72212 |
| Ain Holdings Inc  | 7300 | 282085 |
| Arcs Co Ltd  | 9500 | 190757 |
| Axial Retailing Inc  | 17100 | 130122 |
| Belc Co Ltd  | 2800 | 138649 |
| Cosmos Pharmaceutical Corp  | 11100 | 714614 |
| Create SD Holdings Co Ltd  | 7600 | 161855 |
| Daikokutenbussan Co Ltd  | 1900 | 100993 |
| Fuji Co Ltd/Ehime  | 8700 | 126624 |
| Genky DrugStores Co Ltd  | 4400 | 113400 |
| H2o Retailing Corp  | 26000 | 354777 |
| Halows Co Ltd  | 2700 | 81860 |
| Heiwado Co Ltd  | 7800 | 145220 |
| Itochu-Shokuhin Co Ltd  | 1400 | 94293 |
| Kato Sangyo Co Ltd  | 5800 | 202826 |
| Kusuri no Aoki Holdings Co Ltd  | 14600 | 348203 |
| Life Corp  | 9400 | 135826 |
| Maxvalu Tokai Co Ltd  | 2800 | 59532 |
| Mitsubishi Shokuhin Co Ltd  | 5400 | 201679 |
| San-A Co Ltd  | 10600 | 210695 |
| Sugi Holdings Co Ltd  | 29000 | 609491 |
| Sundrug Co Ltd  | 19900 | 665839 |
| Trial Holdings Inc (c) | 10400 | 165841 |
| Tsuruha Holdings Inc  | 10300 | 826637 |
| United Super Markets Holdings Inc  | 24700 | 158759 |
| Valor Holdings Co Ltd  | 9900 | 173586 |
| Welcia Holdings Co Ltd  | 26200 | 461313 |
| Yaoko Co Ltd  | 5200 | 347576 |
|  |  | 7275264 |
| Food Products - 1.4% |  |  |
| Ariake Japan Co Ltd  | 4900 | 205623 |
| Calbee Inc  | 22300 | 448012 |
| DyDo Group Holdings Inc  | 4600 | 93847 |
| Ezaki Glico Co Ltd  | 14000 | 461281 |
| FUJI OIL CO LTD /Osaka  | 12100 | 265222 |
| House Foods Group Inc  | 16400 | 321221 |
| Itoham Yonekyu Holdings Inc  | 6960 | 217835 |
| Kagome Co Ltd  | 20800 | 427405 |
| Kameda Seika Co Ltd  | 3800 | 105245 |
| Kewpie Corp  | 27000 | 613533 |
| Kotobuki Spirits Co Ltd  | 28100 | 417235 |
| Maruha Nichiro Corp  | 11000 | 251035 |
| Megmilk Snow Brand Co Ltd  | 12700 | 233162 |
| Mitsui DM Sugar Co Ltd  | 4100 | 98070 |
| Morinaga & Co Ltd/Japan  | 19100 | 340041 |
| Morinaga Milk Industry Co Ltd  | 18500 | 439145 |
| NH Foods Ltd  | 24000 | 906080 |
| Nichirei Corp  | 56200 | 770920 |
| Nippn Corp  | 12800 | 201427 |
| Nisshin Oillio Group Ltd/The  | 7400 | 254896 |
| Nisshin Seifun Group Inc  | 58400 | 753460 |
| Nissui Corp  | 78000 | 474415 |
| Prima Meat Packers Ltd  | 7000 | 112603 |
| Riken Vitamin Co Ltd  | 4900 | 85368 |
| S Foods Inc  | 5000 | 94244 |
| Sakata Seed Corp  | 7700 | 177986 |
| Showa Sangyo Co Ltd  | 5200 | 110015 |
| Toyo Suisan Kaisha Ltd  | 24400 | 1573423 |
| Yamazaki Baking Co Ltd  | 33100 | 791039 |
|  |  | 11243788 |
| Household Products - 0.1% |  |  |
| Earth Corp  | 3900 | 140474 |
| Lion Corp  | 74200 | 908429 |
| Pigeon Corp  | 32100 | 387611 |
|  |  | 1436514 |
| Personal Care Products - 0.3% |  |  |
| Kobayashi Pharmaceutical Co Ltd  | 12700 | 483822 |
| Kose Corp  | 9200 | 395269 |
| Milbon Co Ltd  | 7800 | 147621 |
| Noevir Holdings Co Ltd  | 4300 | 124056 |
| Pola Orbis Holdings Inc  | 25400 | 231741 |
| Rohto Pharmaceutical Co Ltd  | 51800 | 864058 |
|  |  | 2246567 |
| TOTAL CONSUMER STAPLES |  | 24601702 |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Modec Inc  | 13300 | 402311 |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Cosmo Energy Holdings Co Ltd  | 15600 | 638817 |
| Itochu Enex Co Ltd  | 13900 | 149908 |
| Iwatani Corp  | 50900 | 485576 |
| Japan Petroleum Exploration Co Ltd  | 35600 | 255211 |
| Mitsuuroko Group Holdings Co Ltd  | 7700 | 97097 |
| San-Ai Obbli Co Ltd  | 13800 | 161859 |
|  |  | 1788468 |
| TOTAL ENERGY |  | 2190779 |
| Financials - 3.1% |  |  |
| Banks - 2.2% |  |  |
| 77 Bank Ltd/The  | 17000 | 528619 |
| Aichi Financial Group Inc  | 9400 | 178954 |
| Aozora Bank Ltd  | 29100 | 401785 |
| Awa Bank Ltd/The  | 8400 | 160386 |
| Bank of Nagoya Ltd/The  | 2800 | 146286 |
| Chugin Financial Group Inc  | 41000 | 457228 |
| Daishi Hokuetsu Financial Group Inc  | 19100 | 415450 |
| Fukuoka Financial Group Inc  | 47500 | 1254963 |
| Gunma Bank Ltd/The  | 85100 | 704703 |
| Hachijuni Bank Ltd/The  | 98300 | 736666 |
| Hirogin Holdings Inc  | 68600 | 566149 |
| Hokkoku Financial Holdings Inc  | 5400 | 200168 |
| Hokuhoku Financial Group Inc  | 27400 | 487712 |
| Hyakugo Bank Ltd/The  | 56400 | 270995 |
| Iyogin Holdings Inc  | 64300 | 739553 |
| Juroku Financial Group Inc  | 8400 | 282585 |
| Keiyo Bank Ltd/The  | 25900 | 149806 |
| Kiyo Bank Ltd/The  | 15600 | 263601 |
| Kyoto Financial Group Inc  | 61800 | 1055069 |
| Kyushu Financial Group Inc  | 90000 | 451322 |
| Mebuki Financial Group Inc  | 250700 | 1216153 |
| Musashino Bank Ltd/The  | 6800 | 149811 |
| Nanto Bank Ltd/The  | 6700 | 182284 |
| Nishi-Nippon Financial Holdings Inc  | 32700 | 476846 |
| North Pacific Bank Ltd  | 71100 | 246150 |
| Ogaki Kyoritsu Bank Ltd/The  | 9600 | 154763 |
| Rakuten Bank Ltd (b) | 26300 | 1095190 |
| San-In Godo Bank Ltd/The  | 39200 | 345447 |
| SBI Sumishin Net Bank Ltd  | 14700 | 425640 |
| Senshu Ikeda Holdings Inc  | 60800 | 199435 |
| Seven Bank Ltd  | 163100 | 292252 |
| Shiga Bank Ltd/The  | 9600 | 383382 |
| Shizuoka Financial Group Inc  | 119300 | 1325726 |
| Suruga Bank Ltd  | 35600 | 313224 |
| Toho Bank Ltd/The  | 50800 | 124353 |
| Tokyo Kiraboshi Financial Group Inc  | 6800 | 266331 |
| TOMONY Holdings Inc  | 46200 | 175778 |
| Yamaguchi Financial Group Inc  | 48000 | 563324 |
|  |  | 17388089 |
| Capital Markets - 0.2% |  |  |
| Aizawa Securities Group Co Ltd  | 4700 | 42404 |
| GMO Financial Holdings Inc  | 11900 | 63587 |
| Integral Corp (c) | 2500 | 47454 |
| JAFCO Group Co ltd  | 14000 | 234753 |
| M&A Capital Partners Co Ltd  | 4000 | 77018 |
| M&A Research Institute Holdings Inc (b)(c) | 8300 | 73491 |
| Matsui Securities Co Ltd  | 28400 | 145992 |
| Monex Group Inc  | 49400 | 246689 |
| Nihon M&A Center Holdings Inc  | 79500 | 324161 |
| Okasan Securities Group Inc  | 37800 | 167877 |
| Tokai Tokyo Financial Holdings Inc  | 57300 | 188756 |
|  |  | 1612182 |
| Consumer Finance - 0.3% |  |  |
| Acom Co Ltd  | 108500 | 303539 |
| AEON Financial Service Co Ltd  | 28300 | 232666 |
| Aiful Corp  | 86600 | 215016 |
| Credit Saison Co Ltd  | 35500 | 829030 |
| Jaccs Co Ltd  | 5700 | 149895 |
| Marui Group Co Ltd  | 45800 | 911672 |
| Orient Corp  | 14620 | 80063 |
|  |  | 2721881 |
| Financial Services - 0.4% |  |  |
| eGuarantee Inc  | 10100 | 124890 |
| Financial Partners Group Co Ltd  | 16400 | 255784 |
| Fuyo General Lease Co Ltd  | 13800 | 384138 |
| GMO Payment Gateway Inc  | 11500 | 719856 |
| Japan Securities Finance Co Ltd  | 21900 | 260999 |
| Mizuho Leasing Co Ltd  | 39200 | 288147 |
| Ricoh Leasing Co Ltd  | 3700 | 141810 |
| Tokyo Century Corp  | 41000 | 430990 |
| Zenkoku Hosho Co Ltd  | 28600 | 618286 |
|  |  | 3224900 |
| Insurance - 0.0% |  |  |
| LIFENET INSURANCE CO (b) | 16700 | 209071 |
| TOTAL FINANCIALS |  | 25156123 |
| Health Care - 1.5% |  |  |
| Biotechnology - 0.1% |  |  |
| GNI Group Ltd (b) | 13200 | 217692 |
| Peptidream Inc (b) | 27100 | 367133 |
| Takara Bio Inc  | 13500 | 77140 |
|  |  | 661965 |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Asahi Intecc Co Ltd  | 59600 | 913925 |
| Eiken Chemical Co Ltd  | 8100 | 125483 |
| Fukuda Denshi Co Ltd  | 4100 | 173773 |
| Hogy Medical Co Ltd  | 4900 | 140166 |
| Japan Lifeline Co Ltd  | 14900 | 159338 |
| Mani Inc  | 20000 | 160652 |
| Menicon Co Ltd  | 16500 | 162715 |
| Nakanishi Inc  | 17900 | 233108 |
| Nihon Kohden Corp  | 44300 | 534463 |
| Nipro Corp  | 40400 | 357435 |
| Paramount Bed Holdings Co Ltd  | 9500 | 152752 |
| PHC Holdings Corp  | 8900 | 59880 |
|  |  | 3173690 |
| Health Care Providers & Services - 0.5% |  |  |
| Alfresa Holdings Corp  | 47100 | 709234 |
| As One Corp  | 15400 | 243580 |
| BML Inc  | 6500 | 135337 |
| H.U. Group Holdings Inc  | 15100 | 295706 |
| Medipal Holdings Corp  | 51100 | 867571 |
| Ship Healthcare Holdings Inc  | 22500 | 325587 |
| Suzuken Co Ltd/Aichi Japan  | 18300 | 662476 |
| Toho Holdings Co Ltd (c) | 14800 | 483500 |
| Tokai Corp/Gifu  | 5700 | 83798 |
|  |  | 3806789 |
| Health Care Technology - 0.0% |  |  |
| JMDC Inc  | 7400 | 166549 |
| Medley Inc (b) | 6500 | 157295 |
|  |  | 323844 |
| Pharmaceuticals - 0.5% |  |  |
| Hisamitsu Pharmaceutical Co Inc  | 14200 | 430231 |
| Kaken Pharmaceutical Co Ltd  | 7600 | 216072 |
| Kissei Pharmaceutical Co Ltd  | 7900 | 206921 |
| Kyorin Pharmaceutical Co Ltd  | 12600 | 129895 |
| Mochida Pharmaceutical Co Ltd  | 5800 | 125346 |
| Nippon Shinyaku Co Ltd  | 14600 | 375467 |
| Nxera Pharma Co Ltd (b) | 21800 | 135697 |
| Santen Pharmaceutical Co Ltd  | 85600 | 866297 |
| Sawai Group Holdings Co Ltd  | 29200 | 418558 |
| Sumitomo Pharma Co Ltd (b) | 48600 | 268263 |
| Torii Pharmaceutical Co Ltd  | 3700 | 121108 |
| Towa Pharmaceutical Co Ltd  | 6700 | 123897 |
| Tsumura & CO  | 15700 | 470846 |
| Zeria Pharmaceutical Co Ltd  | 6700 | 109651 |
|  |  | 3998249 |
| TOTAL HEALTH CARE |  | 11964537 |
| Industrials - 9.6% |  |  |
| Air Freight & Logistics - 0.5% |  |  |
| AZ-COM MARUWA Holdings Inc  | 14900 | 137558 |
| Hamakyorex Co Ltd  | 15600 | 145439 |
| Konoike Transport Co Ltd  | 8000 | 146370 |
| Mitsui-Soko Holdings Co Ltd  | 15600 | 320772 |
| NIPPON EXPRESS HOLDINGS INC  | 57400 | 1025041 |
| Sankyu Inc  | 12000 | 524465 |
| SBS Holdings Inc  | 4500 | 90013 |
| Senko Group Holdings Co Ltd  | 32400 | 384549 |
| Yamato Holdings Co Ltd  | 69300 | 983905 |
|  |  | 3758112 |
| Building Products - 0.7% |  |  |
| Bunka Shutter Co Ltd  | 13700 | 195947 |
| Central Glass Co Ltd  | 5900 | 123257 |
| Lixil Corp  | 78900 | 927343 |
| Nichias Corp  | 15000 | 503357 |
| Nichiha Corp  | 6200 | 125708 |
| Nitto Boseki Co Ltd  | 6300 | 166555 |
| Noritz Corp  | 8400 | 103164 |
| Sanwa Holdings Corp  | 49900 | 1635414 |
| Shin Nippon Air Technologies Co Ltd  | 6200 | 91712 |
| Sinko Industries Ltd  | 14100 | 119324 |
| Takara Standard Co Ltd  | 10600 | 133519 |
| Takasago Thermal Engineering Co Ltd  | 11700 | 517163 |
| TOTO Ltd  | 36500 | 962450 |
|  |  | 5604913 |
| Commercial Services & Supplies - 0.5% |  |  |
| Daiei Kankyo Co Ltd  | 10800 | 220487 |
| Daiseki Co Ltd  | 11280 | 287956 |
| Duskin Co Ltd  | 11000 | 288810 |
| Itoki Corp  | 10500 | 131599 |
| Japan Elevator Service Holdings Co Ltd  | 19800 | 427214 |
| Kokuyo Co Ltd  | 22500 | 460685 |
| Matsuda Sangyo Co Ltd  | 4200 | 106483 |
| Mitsubishi Pencil Co Ltd  | 8100 | 125596 |
| Nippon Kanzai Holdings Co Ltd  | 5200 | 98813 |
| Okamura Corp  | 14500 | 201000 |
| Park24 Co Ltd  | 35600 | 503823 |
| Pilot Corp  | 7300 | 203305 |
| Prestige International Inc  | 24800 | 116386 |
| Sohgo Security Services Co Ltd  | 97900 | 771327 |
| TRE Holdings Corp  | 12000 | 129249 |
|  |  | 4072733 |
| Construction & Engineering - 1.4% |  |  |
| Chiyoda Corp (b) | 44900 | 107084 |
| Chudenko Corp  | 7000 | 171597 |
| COMSYS Holdings Corp  | 30900 | 684870 |
| Dai-Dan Co Ltd  | 7300 | 212393 |
| EXEO Group Inc  | 51800 | 602848 |
| Hazama Ando Corp  | 39400 | 392402 |
| INFRONEER Holdings Inc  | 53416 | 456154 |
| JGC Holdings Corp  | 61200 | 489472 |
| Kandenko Co Ltd  | 28000 | 555770 |
| Kinden Corp  | 33400 | 865251 |
| Kumagai Gumi Co Ltd  | 9000 | 268464 |
| Kyudenko Corp  | 11800 | 396057 |
| MIRAIT ONE corp  | 22100 | 347003 |
| Nippon Densetsu Kogyo Co Ltd  | 9500 | 144380 |
| Nippon Road Co Ltd/The  | 6100 | 83577 |
| Nishimatsu Construction Co Ltd  | 8100 | 300535 |
| Okumura Corp  | 7800 | 241125 |
| Penta-Ocean Construction Co Ltd  | 71400 | 409484 |
| Raito Kogyo Co Ltd  | 10400 | 193191 |
| Raiznext Corp  | 6900 | 72002 |
| Sanki Engineering Co Ltd  | 9600 | 244734 |
| Shimizu Corp  | 137800 | 1472132 |
| Shinnihon Corp  | 6200 | 71548 |
| SHO-BOND Holdings Co Ltd  | 10600 | 379652 |
| Sumitomo Densetsu Co Ltd  | 4100 | 149972 |
| Taihei Dengyo Kaisha Ltd  | 3100 | 106022 |
| Taikisha Ltd  | 13000 | 213121 |
| Takamatsu Construction Group Co Ltd  | 4500 | 91240 |
| Toa Corp/Tokyo  | 15000 | 144880 |
| Toda Corp  | 58200 | 369601 |
| Toenec Corp  | 13300 | 105113 |
| Tokyu Construction Co Ltd  | 22400 | 129562 |
| Totetsu Kogyo Co Ltd  | 6000 | 132396 |
| Toyo Construction Co Ltd  | 13600 | 127268 |
| West Holdings Corp  | 5800 | 64052 |
| Yokogawa Bridge Holdings Corp  | 9100 | 166814 |
| Yurtec Corp  | 9200 | 118008 |
|  |  | 11079774 |
| Electrical Equipment - 0.4% |  |  |
| Daihen Corp  | 4900 | 215904 |
| Furukawa Electric Co Ltd  | 18600 | 587419 |
| GS Yuasa Corp  | 22300 | 391697 |
| Idec Corp/Japan  | 7600 | 121670 |
| Mabuchi Motor Co Ltd  | 25300 | 369467 |
| Mirai Industry Co Ltd  | 1900 | 47108 |
| Nitto Kogyo Corp  | 6900 | 144582 |
| Sanyo Denki Co Ltd  | 2400 | 164331 |
| Sinfonia Technology Co Ltd  | 6200 | 263645 |
| SWCC Corp  | 8600 | 389761 |
| Toyo Tanso Co Ltd  | 3900 | 109243 |
| Ushio Inc  | 20900 | 250981 |
|  |  | 3055808 |
| Ground Transportation - 1.3% |  |  |
| Fukuyama Transporting Co Ltd  | 5200 | 128563 |
| Keikyu Corp  | 60300 | 627123 |
| Keio Corp  | 28100 | 764377 |
| Keisei Electric Railway Co Ltd  | 106700 | 1105616 |
| Kintetsu Group Holdings Co Ltd  | 49900 | 1071779 |
| Kyushu Railway Co  | 38900 | 999843 |
| Maruzen Showa Unyu Co Ltd  | 3200 | 134285 |
| Nagoya Railroad Co Ltd  | 51800 | 630925 |
| Nankai Electric Railway Co Ltd  | 28300 | 447222 |
| Nikkon Holdings Co Ltd  | 26300 | 542628 |
| Nishi-Nippon Railroad Co Ltd  | 16000 | 245405 |
| Odakyu Electric Railway Co Ltd  | 86000 | 949467 |
| Sakai Moving Service Co Ltd  | 6500 | 111061 |
| Seibu Holdings Inc  | 62200 | 1501275 |
| Seino Holdings Co Ltd  | 25800 | 405640 |
| Sotetsu Holdings Inc  | 21700 | 329643 |
| Tobu Railway Co Ltd  | 49600 | 905098 |
|  |  | 10899950 |
| Industrial Conglomerates - 0.2% |  |  |
| Keihan Holdings Co Ltd  | 26300 | 643061 |
| Nisshinbo Holdings Inc  | 39900 | 237508 |
| Noritsu Koki Co Ltd  | 5100 | 160868 |
| TOKAI Holdings Corp  | 27500 | 192527 |
|  |  | 1233964 |
| Machinery - 3.0% |  |  |
| Aichi Corp  | 7500 | 67300 |
| Amada Co Ltd  | 88900 | 890158 |
| CKD Corp  | 15000 | 218527 |
| Daiwa Industries Ltd  | 7700 | 87889 |
| DMG Mori Co Ltd  | 36800 | 636626 |
| Ebara Corp  | 126800 | 1904764 |
| Fuji Corp/Aichi  | 21700 | 322510 |
| Fujitec Co Ltd  | 17200 | 673661 |
| Galilei Co Ltd  | 6800 | 136209 |
| Glory Ltd  | 11100 | 195170 |
| Harmonic Drive Systems Inc  | 16000 | 375437 |
| Hino Motors Ltd (b) | 79700 | 253435 |
| Hitachi Construction Machinery Co Ltd  | 29500 | 881604 |
| IHI Corp  | 38200 | 2992290 |
| Japan Steel Works Ltd/The  | 17300 | 712849 |
| Kanadevia Corp  | 44600 | 286063 |
| Kawasaki Heavy Industries Ltd  | 41500 | 2475546 |
| Kitz Corp  | 14000 | 106826 |
| Kurita Water Industries Ltd  | 28700 | 948437 |
| Kyokuto Kaihatsu Kogyo Co Ltd  | 8500 | 142618 |
| Makino Milling Machine Co Ltd  | 5800 | 456763 |
| Max Co Ltd  | 6400 | 188222 |
| Meidensha Corp  | 9500 | 260456 |
| METAWATER Co Ltd  | 7800 | 111070 |
| MISUMI Group Inc  | 78200 | 1095524 |
| Mitsubishi Logisnext Co Ltd  | 9000 | 126332 |
| Mitsuboshi Belting Ltd  | 6500 | 162523 |
| Mitsui E&S Co Ltd (c) | 25700 | 327137 |
| Miura Co Ltd  | 24300 | 517509 |
| Morita Holdings Corp  | 8600 | 127875 |
| Nabtesco Corp  | 30200 | 453380 |
| Nachi-Fujikoshi Corp  | 3900 | 83057 |
| Namura Shipbuilding Co Ltd (c) | 12700 | 178535 |
| NGK Insulators Ltd  | 61300 | 756443 |
| Nitta Corp  | 4800 | 123038 |
| Nomura Micro Science Co Ltd (c) | 7400 | 121056 |
| Noritake Co Ltd  | 5500 | 142905 |
| NSK Ltd  | 104100 | 454719 |
| NTN Corp  | 124900 | 192361 |
| Obara Group Inc  | 2500 | 58138 |
| Oiles Corp  | 5700 | 85153 |
| OKUMA Corp  | 12200 | 274092 |
| Organo Corp  | 7100 | 337173 |
| OSG Corp  | 19000 | 224909 |
| Shibaura Machine Co Ltd  | 6000 | 150860 |
| Shibuya Corp  | 4000 | 86725 |
| Shinmaywa Industries Ltd  | 14900 | 139329 |
| Star Micronics Co Ltd  | 8500 | 97675 |
| Sumitomo Heavy Industries Ltd  | 30700 | 639230 |
| Tadano Ltd  | 26600 | 184124 |
| Takeuchi Manufacturing Co Ltd  | 9000 | 280424 |
| Takuma Co Ltd  | 17000 | 218891 |
| THK Co Ltd  | 32000 | 786236 |
| Tocalo Co Ltd  | 14800 | 169965 |
| Tsubakimoto Chain Co  | 19900 | 241756 |
| Tsugami Corp  | 10800 | 132942 |
| Tsurumi Manufacturing Co Ltd  | 4400 | 101707 |
| Union Tool Co  | 2500 | 63645 |
| YAMABIKO Corp  | 7700 | 115139 |
|  |  | 24574937 |
| Marine Transportation - 0.0% |  |  |
| Iino Kaiun Kaisha Ltd  | 20100 | 146062 |
| NS United Kaiun Kaisha Ltd  | 2700 | 71097 |
|  |  | 217159 |
| Professional Services - 0.8% |  |  |
| BayCurrent Inc  | 36300 | 1955975 |
| Bell System24 Holdings Inc  | 9500 | 78137 |
| dip Corp  | 9000 | 130361 |
| en Japan Inc  | 8500 | 97377 |
| Funai Soken Holdings Inc  | 9800 | 156274 |
| Infomart Corp  | 54700 | 144994 |
| Insource Co Ltd  | 13200 | 83919 |
| JAC Recruitment Co Ltd  | 17800 | 103578 |
| MEITEC Group Holdings Inc  | 19500 | 399806 |
| Nomura Co Ltd  | 22000 | 133096 |
| Open Up Group Inc  | 14900 | 190913 |
| Pasona Group Inc  | 6400 | 98744 |
| Persol Holdings Co Ltd  | 468300 | 844696 |
| SMS Co Ltd  | 18700 | 173490 |
| TechnoPro Holdings Inc  | 28500 | 641240 |
| Timee Inc (b) | 8100 | 97214 |
| TKC Corp  | 7100 | 199622 |
| Transcosmos Inc  | 5900 | 128745 |
| UT Group CO Ltd  | 7500 | 104175 |
| Visional Inc (b) | 6600 | 399194 |
|  |  | 6161550 |
| Trading Companies & Distributors - 0.6% |  |  |
| Hanwa Co Ltd  | 10000 | 331865 |
| Inaba Denki Sangyo Co Ltd  | 14000 | 367968 |
| Inabata & Co Ltd  | 12100 | 259382 |
| Japan Pulp & Paper Co Ltd  | 23500 | 100916 |
| Kanamoto Co Ltd  | 7700 | 172063 |
| Kanematsu Corp  | 22200 | 383819 |
| Nagase & Co Ltd  | 22200 | 389874 |
| Nichiden Corp  | 3500 | 69716 |
| Nishio Holdings Co Ltd  | 5200 | 148748 |
| Senshu Electric Co Ltd  | 3300 | 101206 |
| Sojitz Corp  | 61960 | 1465840 |
| Totech Corp  | 6900 | 125231 |
| Trusco Nakayama Corp  | 12700 | 189194 |
| Wakita & Co Ltd  | 8900 | 109492 |
| Yamazen Corp  | 13000 | 127654 |
| Yuasa Trading Co Ltd  | 4400 | 134480 |
|  |  | 4477448 |
| Transportation Infrastructure - 0.2% |  |  |
| Japan Airport Terminal Co Ltd  | 17700 | 507430 |
| Kamigumi Co Ltd  | 23000 | 562051 |
| Mitsubishi Logistics Corp  | 70100 | 481551 |
| Sumitomo Warehouse Co Ltd/The  | 13200 | 255543 |
|  |  | 1806575 |
| TOTAL INDUSTRIALS |  | 76942923 |
| Information Technology - 3.5% |  |  |
| Electronic Equipment, Instruments & Components - 1.6% |  |  |
| Ai Holdings Corp  | 10900 | 161083 |
| Alps Alpine Co Ltd  | 51700 | 525181 |
| Amano Corp  | 14900 | 433619 |
| Anritsu Corp  | 37700 | 376657 |
| Azbil Corp  | 122900 | 1058980 |
| Canon Electronics Inc  | 5300 | 86258 |
| Canon Marketing Japan Inc  | 13900 | 492887 |
| Citizen Watch Co Ltd  | 54400 | 314679 |
| Daiwabo Holdings Co Ltd  | 22700 | 383969 |
| Dexerials Corp  | 45100 | 528028 |
| Furuya Metal Co Ltd  | 4700 | 84250 |
| Hakuto Co Ltd  | 2800 | 76668 |
| Hamamatsu Photonics KK  | 81100 | 749004 |
| Hioki EE Corp  | 2600 | 103469 |
| Hirose Electric Co Ltd  | 7900 | 895920 |
| Horiba Ltd  | 9200 | 627940 |
| Hosiden Corp  | 11100 | 149056 |
| Ibiden Co Ltd  | 32800 | 906601 |
| Japan Aviation Electronics Industry Ltd  | 12400 | 198514 |
| Jeol Ltd  | 12100 | 388100 |
| Kaga Electronics Co Ltd  | 10000 | 179046 |
| Macnica Holdings Inc  | 38000 | 528354 |
| Maruwa Co Ltd/Aichi  | 2400 | 487789 |
| Maxell Ltd  | 10300 | 125850 |
| Meiko Electronics Co Ltd  | 6000 | 261855 |
| Nichicon Corp  | 13200 | 108015 |
| Nippon Electric Glass Co Ltd  | 18400 | 421006 |
| Nissha Co Ltd  | 11000 | 94013 |
| Nohmi Bosai Ltd  | 6700 | 156277 |
| Oki Electric Industry Co Ltd  | 22500 | 149496 |
| Restar Corp  | 5400 | 84410 |
| Rigaku Holdings Corp  | 31200 | 192245 |
| Riken Keiki Co Ltd  | 7800 | 145548 |
| Ryoyo Ryosan Holdings Inc  | 7392 | 123872 |
| Santec Holdings Corp  | 1400 | 40586 |
| Taiyo Yuden Co Ltd  | 34300 | 517322 |
| Tokyo Electron Device Ltd  | 4900 | 101269 |
| Topcon Corp  | 26700 | 605969 |
|  |  | 12863785 |
| IT Services - 0.5% |  |  |
| Argo Graphics Inc  | 4200 | 148049 |
| BIPROGY Inc  | 20700 | 676536 |
| Change Holdings Inc  | 10600 | 99787 |
| Dentsu Soken Inc  | 7200 | 314226 |
| Digital Garage Inc  | 7200 | 226353 |
| DTS Corp  | 8000 | 227444 |
| Future Corp  | 11500 | 144615 |
| GMO internet group Inc  | 18200 | 425278 |
| Mitsubishi Research Institute Inc  | 2300 | 72065 |
| NS Solutions Corp  | 17400 | 411452 |
| NSD Co Ltd  | 16300 | 382933 |
| Sakura Internet Inc (c) | 6300 | 145846 |
| SHIFT Inc (b) | 52000 | 476794 |
| Simplex Holdings Inc  | 10200 | 215086 |
| TechMatrix Corp  | 10200 | 145174 |
| Zuken Inc  | 4400 | 158791 |
|  |  | 4270429 |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Ferrotec Holdings Corp  | 13100 | 225022 |
| Japan Material Co Ltd  | 17900 | 149980 |
| Kokusai Electric Corp  | 42000 | 774024 |
| Megachips Corp  | 3100 | 100710 |
| Micronics Japan Co Ltd  | 7700 | 162369 |
| Mitsui High-Tec Inc  | 28000 | 130816 |
| Optorun Co Ltd  | 7900 | 78238 |
| Rohm Co Ltd  | 93500 | 848484 |
| Rorze Corp  | 26900 | 268191 |
| RS Technologies Co Ltd  | 4100 | 76132 |
| Sanken Electric Co Ltd (b) | 6300 | 276313 |
| Shibaura Mechatronics Corp  | 3400 | 158847 |
| Socionext Inc  | 49800 | 535628 |
| SUMCO Corp  | 94800 | 653749 |
| Tokyo Seimitsu Co Ltd  | 11100 | 618737 |
| Towa Corp  | 17400 | 161490 |
| Tri Chemical Laboratories Inc  | 7100 | 126229 |
| Ulvac Inc  | 13000 | 439607 |
|  |  | 5784566 |
| Software - 0.4% |  |  |
| Appier Group Inc  | 16800 | 147814 |
| Cybozu Inc  | 6700 | 138517 |
| Digital Arts Inc  | 3000 | 148133 |
| Freee KK (b) | 12100 | 341471 |
| Fuji Soft Inc  | 5600 | 383869 |
| Justsystems Corp  | 8000 | 190796 |
| Money Forward Inc (b) | 12200 | 364259 |
| OBIC Business Consultants Co Ltd  | 8200 | 391074 |
| PKSHA Technology Inc (b) | 5000 | 98965 |
| Plus Alpha Consulting Co Ltd  | 7400 | 86225 |
| Rakus Co Ltd  | 25100 | 378220 |
| Sansan Inc (b) | 19300 | 262949 |
| Systena Corp  | 68900 | 179261 |
| WingArc1st Inc  | 5100 | 135900 |
|  |  | 3247453 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Brother Industries Ltd  | 63500 | 1114959 |
| Eizo Corp  | 8500 | 121514 |
| Elecom Co Ltd  | 11600 | 136137 |
| Konica Minolta Inc (b) | 125600 | 385505 |
| MCJ Co Ltd  | 17800 | 166696 |
| Riso Kagaku Corp  | 10200 | 87461 |
| Sun Corp  | 3600 | 196391 |
| Toshiba TEC Corp  | 7200 | 135006 |
| Wacom Co Ltd  | 34400 | 131604 |
|  |  | 2475273 |
| TOTAL INFORMATION TECHNOLOGY |  | 28641506 |
| Materials - 3.6% |  |  |
| Chemicals - 2.3% |  |  |
| ADEKA Corp  | 21600 | 387721 |
| Aica Kogyo Co Ltd  | 15000 | 347251 |
| Air Water Inc (Osaka)  | 50200 | 682535 |
| Artience Co Ltd  | 9600 | 196928 |
| ASAHI YUKIZAI CORP  | 3000 | 78473 |
| C Uyemura & Co Ltd  | 2800 | 180753 |
| Chugoku Marine Paints Ltd  | 10100 | 146223 |
| Daicel Corp  | 61500 | 521963 |
| Denka Co Ltd  | 22100 | 301598 |
| DIC Corp  | 21100 | 410253 |
| Fujimi Inc  | 14200 | 185619 |
| Fuso Chemical Co Ltd  | 5400 | 130676 |
| Ise Chemicals Corp (c) | 500 | 77738 |
| JCU Corp  | 5700 | 125577 |
| Kaneka Corp  | 11800 | 287696 |
| Kansai Paint Co Ltd  | 38200 | 574416 |
| KeePer Technical Laboratory Co Ltd  | 3600 | 104490 |
| KH Neochem Co Ltd  | 8400 | 148342 |
| Konishi Co Ltd  | 14300 | 112016 |
| Kumiai Chemical Industry Co Ltd  | 20300 | 107903 |
| Kuraray Co Ltd  | 80300 | 938024 |
| Kureha Corp  | 9200 | 160797 |
| Lintec Corp  | 10000 | 190516 |
| Mitsubishi Gas Chemical Co Inc  | 41500 | 630569 |
| Mitsui Chemicals Inc  | 49700 | 1092145 |
| Nihon Parkerizing Co Ltd  | 23900 | 198414 |
| Nippon Kayaku Co Ltd  | 36600 | 344165 |
| Nippon Shokubai Co Ltd  | 28100 | 329189 |
| Nippon Soda Co Ltd  | 11500 | 215152 |
| Nissan Chemical Corp  | 34100 | 997379 |
| NOF Corp  | 56500 | 847619 |
| Okamoto Industries Inc  | 2500 | 87949 |
| Osaka Soda Co Ltd  | 19900 | 207379 |
| PILLAR Corp /Japan (c) | 5000 | 126941 |
| Resonac Holdings Corp  | 48073 | 874350 |
| Sakata INX Corp  | 11100 | 143621 |
| Sanyo Chemical Industries Ltd  | 3300 | 83089 |
| Shikoku Kasei Holdings Corp  | 7600 | 97485 |
| Shin-Etsu Polymer Co Ltd  | 10500 | 107291 |
| Sumitomo Bakelite Co Ltd  | 20800 | 482686 |
| Sumitomo Chemical Co Ltd  | 409600 | 990130 |
| T Hasegawa Co Ltd  | 8600 | 171783 |
| Taiyo Holdings Co Ltd  | 10400 | 384781 |
| Takasago International Corp  | 3400 | 159323 |
| Teijin Ltd  | 49400 | 414203 |
| Toagosei Co Ltd  | 23300 | 218611 |
| Tokai Carbon Co Ltd  | 56000 | 361356 |
| Tokuyama Corp  | 16900 | 344970 |
| Tokyo Ohka Kogyo Co Ltd  | 26100 | 572637 |
| Tosoh Corp  | 76100 | 1072762 |
| Toyobo Co Ltd  | 23900 | 147933 |
| UBE Corp  | 26500 | 388793 |
| Zacros Corp  | 4100 | 113554 |
| Zeon Corp  | 38200 | 373103 |
|  |  | 18976870 |
| Construction Materials - 0.2% |  |  |
| Krosaki Harima Corp  | 5200 | 90740 |
| Maeda Kosen Co Ltd  | 11300 | 161462 |
| Mitani Sekisan Co Ltd  | 2200 | 104168 |
| Shinagawa Refractories Co Ltd  | 6900 | 79337 |
| Sumitomo Osaka Cement Co Ltd  | 8300 | 226860 |
| Taiheiyo Cement Corp  | 30800 | 829302 |
|  |  | 1491869 |
| Containers & Packaging - 0.2% |  |  |
| FP Corp  | 12900 | 277885 |
| Fuji Seal International Inc  | 10700 | 190831 |
| Rengo Co Ltd  | 52600 | 292835 |
| Toyo Seikan Group Holdings Ltd  | 31700 | 552500 |
|  |  | 1314051 |
| Metals & Mining - 0.7% |  |  |
| ARE Holdings Inc  | 22100 | 274357 |
| Daido Steel Co Ltd  | 35900 | 269037 |
| Dowa Holdings Co Ltd  | 14600 | 468435 |
| Kobe Steel Ltd  | 103700 | 1216183 |
| Kyoei Steel Ltd  | 5400 | 75762 |
| Maruichi Steel Tube Ltd  | 17500 | 412593 |
| Mitsubishi Materials Corp  | 34700 | 547307 |
| Mitsui Mining & Smelting Co Ltd  | 14500 | 394212 |
| Nippon Light Metal Holdings Co Ltd  | 15800 | 164431 |
| Nittetsu Mining Co Ltd  | 3100 | 134424 |
| Osaka Steel Co Ltd  | 2200 | 36696 |
| Tokyo Steel Manufacturing Co Ltd  | 14800 | 167170 |
| UACJ Corp  | 10000 | 336760 |
| Yamato Kogyo Co Ltd  | 10800 | 641217 |
| Yodogawa Steel Works Ltd  | 5200 | 210575 |
|  |  | 5349159 |
| Paper & Forest Products - 0.2% |  |  |
| Daio Paper Corp  | 24000 | 152916 |
| Hokuetsu Corp (c) | 28700 | 219596 |
| Nippon Paper Industries Co Ltd  | 26900 | 208457 |
| Oji Holdings Corp  | 222900 | 1052208 |
|  |  | 1633177 |
| TOTAL MATERIALS |  | 28765126 |
| Real Estate - 3.5% |  |  |
| Diversified REITs - 1.0% |  |  |
| Activia Properties Inc  | 187 | 447947 |
| Daiwa House REIT Investment Corp  | 632 | 1057754 |
| Hankyu Hanshin REIT Inc (c) | 167 | 168659 |
| Heiwa Real Estate REIT Inc  | 293 | 269680 |
| Hulic Reit Inc  | 360 | 368359 |
| KDX Realty Investment Corp  | 1141 | 1185848 |
| Mirai Corp  | 538 | 156155 |
| Mori Trust Reit Inc  | 741 | 328573 |
| NIPPON REIT Investment Corp  | 466 | 271817 |
| Nomura Real Estate Master Fund Inc  | 1092 | 1086043 |
| NTT UD REIT Investment Corp  | 409 | 383884 |
| Sekisui House Reit Inc  | 1199 | 645706 |
| Star Asia Investment Corp  | 694 | 265504 |
| Takara Leben Real Estate Investment Corp  | 243 | 144630 |
| Tokyu REIT Inc  | 230 | 287621 |
| United Urban Investment Corp  | 808 | 848801 |
|  |  | 7916981 |
| Hotel & Resort REITs - 0.1% |  |  |
| Hoshino Resorts REIT Inc  | 159 | 244204 |
| Invincible Investment Corp  | 2100 | 866555 |
| Japan Hotel REIT Investment Corp  | 1396 | 689310 |
|  |  | 1800069 |
| Industrial REITs - 0.6% |  |  |
| CRE Logistics REIT Inc  | 159 | 159467 |
| GLP J-REIT  | 1288 | 1109817 |
| Industrial & Infrastructure Fund Investment Corp  | 657 | 536702 |
| Japan Logistics Fund Inc  | 683 | 446639 |
| LaSalle Logiport REIT  | 493 | 469278 |
| Mitsubishi Estate Logistics REIT Investment Corp  | 392 | 319675 |
| Mitsui Fudosan Logistics Park Inc  | 835 | 595094 |
| Nippon Prologis REIT Inc  | 625 | 1032050 |
| SOSiLA Logistics REIT Inc  | 193 | 149157 |
|  |  | 4817879 |
| Office REITs - 0.5% |  |  |
| Daiwa Office Investment Corp  | 146 | 312463 |
| Global One Real Estate Investment Corp  | 276 | 230290 |
| Ichigo Office REIT Investment Corp  | 281 | 163907 |
| Japan Excellent Inc  | 329 | 297062 |
| Japan Prime Realty Investment Corp  | 232 | 572779 |
| Japan Real Estate Investment Corp  | 1765 | 1398619 |
| Mori Hills REIT Investment Corp  | 426 | 391498 |
| Orix JREIT Inc  | 721 | 906671 |
|  |  | 4273289 |
| Real Estate Management & Development - 0.7% |  |  |
| Aeon Mall Co Ltd  | 28400 | 544244 |
| Goldcrest Co Ltd  | 4000 | 91621 |
| Heiwa Real Estate Co Ltd  | 5400 | 177319 |
| Ichigo Inc  | 59500 | 159799 |
| Kasumigaseki Capital Co Ltd (c) | 1800 | 154469 |
| Katitas Co Ltd  | 14000 | 202294 |
| Keihanshin Building Co Ltd  | 8300 | 87191 |
| Leopalace21 Corp  | 44200 | 180534 |
| Nomura Real Estate Holdings Inc  | 151400 | 896773 |
| Relo Group Inc  | 25500 | 335470 |
| Starts Corp Inc  | 9000 | 244230 |
| Sun Frontier Fudousan Co Ltd  | 8200 | 111776 |
| Tokyo Tatemono Co Ltd  | 51600 | 925102 |
| Tokyu Fudosan Holdings Corp  | 158400 | 1109406 |
| Tosei Corp  | 7900 | 132606 |
|  |  | 5352834 |
| Residential REITs - 0.3% |  |  |
| Advance Residence Investment Corp  | 786 | 809748 |
| Comforia Residential REIT Inc  | 195 | 378871 |
| Daiwa Securities Living Investment Corporation  | 529 | 333724 |
| Nippon Accommodations Fund Inc  | 623 | 507620 |
| Samty Residential Investment Corp  | 107 | 69373 |
|  |  | 2099336 |
| Retail REITs - 0.3% |  |  |
| AEON REIT Investment Corp  | 472 | 412645 |
| Frontier Real Estate Investment Corp  | 711 | 394337 |
| Fukuoka REIT Corp  | 196 | 214259 |
| Japan Metropolitan Fund Invest  | 1983 | 1318949 |
|  |  | 2340190 |
| TOTAL REAL ESTATE |  | 28600578 |
| Utilities - 0.8% |  |  |
| Electric Utilities - 0.6% |  |  |
| Chugoku Electric Power Co Inc/The  | 84200 | 446264 |
| Hokkaido Electric Power Co Inc (c) | 47200 | 223488 |
| Hokuriku Electric Power Co  | 46300 | 237199 |
| Kyushu Electric Power Co Inc  | 117300 | 1042311 |
| Shikoku Electric Power Co Inc  | 46000 | 377221 |
| Tohoku Electric Power Co Inc  | 131100 | 938459 |
| Tokyo Electric Power Co Holdings Inc (b) | 419500 | 1283316 |
|  |  | 4548258 |
| Gas Utilities - 0.2% |  |  |
| K&O Energy Group Inc  | 3600 | 69618 |
| Nippon Gas Co Ltd  | 28200 | 518815 |
| Shizuoka Gas Co Ltd  | 10700 | 88007 |
| Toho Gas Co Ltd  | 20200 | 602270 |
|  |  | 1278710 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Electric Power Development Co Ltd  | 40100 | 702408 |
| TOTAL UTILITIES |  | 6529376 |
| TOTAL JAPAN |  | 291164837 |
| LUXEMBOURG - 0.2%  |  |  |
| Communication Services - 0.2% |  |  |
| Media - 0.2% |  |  |
| RTL Group SA (Germany) (b)(c) | 10737 | 437883 |
| SES SA Series A depository receipt  | 100659 | 531159 |
|  |  | 969042 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| APERAM SA  | 11973 | 346414 |
| TOTAL LUXEMBOURG |  | 1315456 |
| MACAU - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| SJM Holdings Ltd (b)(c) | 786000 | 218907 |
| Wynn Macau Ltd  | 436000 | 291769 |
| TOTAL MACAU |  | 510676 |
| NETHERLANDS - 1.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Havas NV  | 178744 | 295271 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Basic-Fit NV (b)(c)(d)(e) | 13723 | 309834 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Redcare Pharmacy NV (b)(d)(e) | 4234 | 628819 |
| Sligro Food Group NV  | 6155 | 82836 |
|  |  | 711655 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| SBM Offshore NV  | 36176 | 759806 |
| SBM Offshore NV rights (b)(g) | 36700 | 35780 |
|  |  | 795586 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Koninklijke Vopak NV  | 16123 | 665574 |
| TOTAL ENERGY |  | 1461160 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| Flow Traders Ltd  | 9505 | 282330 |
| Van Lanschot Kempen NV depository receipt  | 7769 | 449297 |
|  |  | 731627 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Pharming Group NV (b)(c) | 183636 | 161433 |
| Pharmaceuticals - 0.0% |  |  |
| Pharvaris NV (b)(c) | 3797 | 70168 |
| TOTAL HEALTH CARE |  | 231601 |
| Industrials - 0.5% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| PostNL NV (c) | 91183 | 92812 |
| PostNL NV rights (b)(c)(g) | 91183 | 4132 |
|  |  | 96944 |
| Construction & Engineering - 0.2% |  |  |
| Fugro NV  | 32095 | 374497 |
| Fugro NV rights (b)(g) | 32095 | 27269 |
| Koninklijke BAM Groep NV (b) | 74888 | 504780 |
| Koninklijke Heijmans N.V depository receipt  | 6863 | 350330 |
|  |  | 1256876 |
| Electrical Equipment - 0.1% |  |  |
| TKH Group NV depository receipt  | 11124 | 437283 |
| Machinery - 0.1% |  |  |
| Aalberts NV  | 27188 | 897510 |
| Aalberts NV rights (b)(g) | 27633 | 35373 |
|  |  | 932883 |
| Professional Services - 0.1% |  |  |
| Arcadis NV  | 19850 | 957949 |
| Brunel International NV (c) | 5618 | 58934 |
|  |  | 1016883 |
| TOTAL INDUSTRIALS |  | 3740869 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| TomTom NV (b)(c) | 18554 | 97738 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Corbion NV  | 14539 | 309481 |
| OCI NV  | 29207 | 241536 |
|  |  | 551017 |
| Metals & Mining - 0.0% |  |  |
| AMG Critical Materials NV (c) | 8783 | 155715 |
| TOTAL MATERIALS |  | 706732 |
| Real Estate - 0.1% |  |  |
| Retail REITs - 0.1% |  |  |
| Eurocommercial Properties NV  | 12067 | 347904 |
| Wereldhave NV (b) | 10550 | 198635 |
|  |  | 546539 |
| TOTAL NETHERLANDS |  | 8833026 |
| NEW ZEALAND - 0.4%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Spark New Zealand Ltd  | 506128 | 627055 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Ryman Healthcare Ltd (b) | 253933 | 333070 |
| Industrials - 0.1% |  |  |
| Building Products - 0.1% |  |  |
| Fletcher Building Ltd (b) | 298439 | 543379 |
| Passenger Airlines - 0.0% |  |  |
| Air New Zealand Ltd  | 472827 | 163550 |
| TOTAL INDUSTRIALS |  | 706929 |
| Real Estate - 0.1% |  |  |
| Industrial REITs - 0.1% |  |  |
| Goodman Property Trust  | 299789 | 326790 |
| Retail REITs - 0.0% |  |  |
| Kiwi Property Group Ltd  | 435854 | 213696 |
| TOTAL REAL ESTATE |  | 540486 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Contact Energy Ltd  | 917 | 4831 |
| Mercury NZ Ltd  | 192816 | 639826 |
|  |  | 644657 |
| TOTAL NEW ZEALAND |  | 2852197 |
| NIGERIA - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Airtel Africa PLC (d)(e) | 250533 | 572613 |
| NORWAY - 1.7%  |  |  |
| Communication Services - 0.2% |  |  |
| Media - 0.2% |  |  |
| Schibsted ASA A Shares  | 19588 | 594226 |
| Schibsted ASA B Shares  | 27247 | 783095 |
|  |  | 1377321 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Europris ASA (d)(e) | 43843 | 324922 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Austevoll Seafood ASA  | 25262 | 236511 |
| Grieg Seafood ASA (c) | 14380 | 90191 |
| Leroy Seafood Group ASA  | 74231 | 323656 |
|  |  | 650358 |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Aker Solutions ASA  | 81824 | 220695 |
| BW Offshore Ltd  | 25783 | 70508 |
| DOF Group ASA A Shares (b) | 40927 | 318064 |
| Odfjell Drilling Ltd  | 25219 | 130417 |
| TGS ASA  | 54412 | 402465 |
|  |  | 1142149 |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| BLUENORD ASA (b)(c) | 6615 | 378966 |
| DNO ASA A Shares (c) | 118048 | 135121 |
| FLEX LNG Ltd  | 8946 | 215838 |
| Frontline PLC (Norway) (c) | 39492 | 663363 |
|  |  | 1393288 |
| TOTAL ENERGY |  | 2535437 |
| Financials - 0.6% |  |  |
| Banks - 0.4% |  |  |
| SpareBank 1 Nord Norge  | 26066 | 347466 |
| Sparebank 1 Oestlandet  | 12878 | 214151 |
| SpareBank 1 SMN  | 35501 | 642017 |
| SpareBank 1 Sor-Norge ASA  | 56792 | 902916 |
|  |  | 2106550 |
| Insurance - 0.2% |  |  |
| Protector Forsikring ASA  | 14894 | 523267 |
| Storebrand ASA A Shares  | 117334 | 1408676 |
|  |  | 1931943 |
| TOTAL FINANCIALS |  | 4038493 |
| Industrials - 0.4% |  |  |
| Construction & Engineering - 0.0% |  |  |
| Norconsult Norge AS  | 30487 | 137733 |
| Industrial Conglomerates - 0.0% |  |  |
| Aker ASA A Shares  | 5898 | 340158 |
| Machinery - 0.2% |  |  |
| AutoStore Holdings Ltd (b)(d)(e) | 333117 | 148893 |
| Hexagon Composites ASA (b) | 38697 | 69036 |
| TOMRA Systems ASA (b) | 60955 | 952111 |
|  |  | 1170040 |
| Marine Transportation - 0.2% |  |  |
| Golden Ocean Group Ltd (Norway) (c) | 35907 | 275083 |
| Hoegh Autoliners ASA  | 28478 | 227202 |
| MPC Container Ships ASA  | 101762 | 149659 |
| Odfjell SE A Shares (c) | 5262 | 49315 |
| Stolt-Nielsen Ltd  | 6206 | 138993 |
| Wallenius Wilhelmsen ASA  | 29003 | 208391 |
| Wilh Wilhelmsen Holding ASA A Shares  | 3812 | 142170 |
|  |  | 1190813 |
| Passenger Airlines - 0.0% |  |  |
| Norwegian Air Shuttle ASA (b) | 209676 | 274404 |
| TOTAL INDUSTRIALS |  | 3113148 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Kitron ASA  | 48867 | 239557 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Nordic Semiconductor ASA (b)(c) | 50859 | 501091 |
| Software - 0.0% |  |  |
| Crayon Group Holding ASA (b)(d)(e) | 22164 | 264177 |
| TOTAL INFORMATION TECHNOLOGY |  | 1004825 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Elkem ASA (b)(d)(e) | 81211 | 142073 |
| Containers & Packaging - 0.0% |  |  |
| Elopak ASA (c) | 37321 | 151926 |
| TOTAL MATERIALS |  | 293999 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Entra ASA (b)(d)(e) | 15149 | 174448 |
| TOTAL NORWAY |  | 13512951 |
| PERU - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Hochschild Mining PLC (b) | 90810 | 341525 |
| PORTUGAL - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| NOS SGPS SA  | 56661 | 235892 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Sonae SGPS SA  | 218469 | 277192 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Banco Comercial Portugues SA  | 1658375 | 1059206 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| CTT-Correios de Portugal SA  | 20794 | 183034 |
| Construction & Engineering - 0.0% |  |  |
| Mota-Engil SGPS SA (c) | 26490 | 104792 |
| TOTAL INDUSTRIALS |  | 287826 |
| Materials - 0.1% |  |  |
| Containers & Packaging - 0.0% |  |  |
| Corticeira Amorim SGPS SA  | 11434 | 98572 |
| Paper & Forest Products - 0.1% |  |  |
| Altri SGPS SA (c) | 20394 | 140307 |
| Navigator Co SA/The  | 58639 | 222272 |
| Semapa-Sociedade de Investimento e Gestao  | 3936 | 73527 |
|  |  | 436106 |
| TOTAL MATERIALS |  | 534678 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Redes Energeticas Naci Sgps SA  | 109250 | 358296 |
| TOTAL PORTUGAL |  | 2753090 |
| SINGAPORE - 1.9%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| NETLINK NBN TRUST (e) | 811400 | 568246 |
| Wireless Telecommunication Services - 0.0% |  |  |
| StarHub Ltd  | 172400 | 154530 |
| TOTAL COMMUNICATION SERVICES |  | 722776 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Olam Group Ltd  | 265100 | 196236 |
| Sheng Siong Group Ltd  | 184500 | 248582 |
|  |  | 444818 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| BW LPG Ltd (d)(e) | 26513 | 263514 |
| Hafnia Ltd  | 84932 | 390641 |
|  |  | 654155 |
| Financials - 0.1% |  |  |
| Capital Markets - 0.1% |  |  |
| iFAST Corp Ltd  | 36500 | 173861 |
| Yangzijiang Financial Holding Ltd  | 607800 | 331385 |
|  |  | 505246 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Riverstone Holdings Ltd  | 146000 | 101177 |
| Health Care Providers & Services - 0.0% |  |  |
| Raffles Medical Group Ltd  | 227700 | 176280 |
| TOTAL HEALTH CARE |  | 277457 |
| Industrials - 0.3% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| Singapore Post Ltd  | 418500 | 183157 |
| Ground Transportation - 0.1% |  |  |
| ComfortDelGro Corp Ltd  | 585900 | 687365 |
| Machinery - 0.1% |  |  |
| Seatrium Ltd (b) | 606400 | 890530 |
| Transportation Infrastructure - 0.1% |  |  |
| SATS Ltd  | 249058 | 537097 |
| SIA Engineering Co Ltd  | 79600 | 136538 |
|  |  | 673635 |
| TOTAL INDUSTRIALS |  | 2434687 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Venture Corp Ltd  | 73500 | 652461 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| UMS Integration Ltd  | 170100 | 140663 |
| TOTAL INFORMATION TECHNOLOGY |  | 793124 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Keppel Infrastructure Trust  | 1181730 | 362259 |
| Real Estate - 1.1% |  |  |
| Diversified REITs - 0.1% |  |  |
| Mapletree Pan Asia Commercial Trust  | 658400 | 616605 |
| Suntec Real Estate Investment Trust  | 567800 | 500610 |
|  |  | 1117215 |
| Health Care REITs - 0.0% |  |  |
| Parkway Life Real Estate Investment Trust  | 126800 | 410761 |
| Hotel & Resort REITs - 0.1% |  |  |
| CapitaLand Ascott Trust unit  | 738100 | 482944 |
| CDL Hospitality Trusts unit  | 226100 | 137676 |
| Far East Hospitality Trust unit  | 283500 | 118336 |
| Frasers Hospitality Trust unit  | 202600 | 101823 |
|  |  | 840779 |
| Industrial REITs - 0.3% |  |  |
| AIMS APAC REIT  | 154173 | 145364 |
| ESR-REIT  | 175786 | 296229 |
| Frasers Logistics & Commercial Trust (e) | 784000 | 537775 |
| Mapletree Industrial Trust  | 586745 | 907624 |
| Mapletree Logistics Trust  | 972175 | 836588 |
|  |  | 2723580 |
| Office REITs - 0.1% |  |  |
| Keppel REIT  | 692600 | 453729 |
| Real Estate Management & Development - 0.2% |  |  |
| Capitaland India Trust  | 273165 | 203801 |
| City Developments Ltd  | 138000 | 525441 |
| Hong Fok Corp Ltd  | 88300 | 49681 |
| UOL Group Ltd  | 129100 | 571097 |
|  |  | 1350020 |
| Retail REITs - 0.2% |  |  |
| CapitaLand China Trust  | 322300 | 170162 |
| Frasers Centrepoint Trust  | 372694 | 645656 |
| Lendlease Global Commercial REIT  | 464383 | 183209 |
| PARAGON REIT  | 311900 | 234044 |
| Starhill Global REIT  | 400411 | 151890 |
|  |  | 1384961 |
| Specialized REITs - 0.1% |  |  |
| Digital Core REIT Management Pte Ltd  | 259500 | 129816 |
| Keppel DC REIT  | 513592 | 849711 |
|  |  | 979527 |
| TOTAL REAL ESTATE |  | 9260572 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Kenon Holdings Ltd/Singapore  | 5623 | 173060 |
| TOTAL SINGAPORE |  | 15628154 |
| SOUTH AFRICA - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Pan African Resources PLC  | 551735 | 326840 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Scatec ASA (b)(c)(d)(e) | 35257 | 267899 |
| TOTAL SOUTH AFRICA |  | 594739 |
| SPAIN - 1.8%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| Atresmedia Corp de Medios de Comunicacion SA  | 25592 | 161195 |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.1% |  |  |
| CIE Automotive SA  | 11595 | 305398 |
| Gestamp Automocion SA (c)(d)(e) | 48813 | 144880 |
|  |  | 450278 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| eDreams ODIGEO SA (b) | 23938 | 199319 |
| Melia Hotels International SA  | 30354 | 219042 |
|  |  | 418361 |
| Household Durables - 0.0% |  |  |
| Neinor Homes SA (d)(e) | 6436 | 111698 |
| TOTAL CONSUMER DISCRETIONARY |  | 980337 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Distribuidora Internacional de Alimentacion SA (b) | 4035 | 104220 |
| Food Products - 0.1% |  |  |
| Viscofan SA  | 10826 | 780005 |
| TOTAL CONSUMER STAPLES |  | 884225 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Tecnicas Reunidas SA (b) | 12929 | 216770 |
| Financials - 0.5% |  |  |
| Banks - 0.4% |  |  |
| Bankinter SA  | 185417 | 2150909 |
| Unicaja Banco SA (d)(e) | 285421 | 541917 |
|  |  | 2692826 |
| Insurance - 0.1% |  |  |
| Linea Directa Aseguradora SA Cia de Seguros y Reaseguros  | 150663 | 218469 |
| Mapfre SA  | 253484 | 899957 |
|  |  | 1118426 |
| TOTAL FINANCIALS |  | 3811252 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.0% |  |  |
| Pharma Mar SA  | 3793 | 319475 |
| Pharmaceuticals - 0.1% |  |  |
| Almirall SA  | 20362 | 224904 |
| Laboratorios Farmaceuticos Rovi SA  | 5675 | 331411 |
|  |  | 556315 |
| TOTAL HEALTH CARE |  | 875790 |
| Industrials - 0.3% |  |  |
| Air Freight & Logistics - 0.1% |  |  |
| Logista Integral SA  | 16549 | 564676 |
| Commercial Services & Supplies - 0.0% |  |  |
| Befesa SA (d)(e) | 9410 | 284625 |
| Prosegur Cash SA (d)(e) | 83530 | 72484 |
| Prosegur Comp Securidad SA  | 37027 | 102978 |
|  |  | 460087 |
| Construction & Engineering - 0.1% |  |  |
| Sacyr SA  | 155054 | 566305 |
| Machinery - 0.1% |  |  |
| Construcciones y Auxiliar de Ferrocarriles SA  | 5203 | 253451 |
| Fluidra SA  | 26202 | 603157 |
| Talgo SA (b)(c)(d)(e) | 19005 | 68465 |
|  |  | 925073 |
| TOTAL INDUSTRIALS |  | 2516141 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Indra Sistemas SA  | 21743 | 690176 |
| Materials - 0.2% |  |  |
| Containers & Packaging - 0.1% |  |  |
| Vidrala SA  | 5954 | 646170 |
| Metals & Mining - 0.1% |  |  |
| Acerinox SA  | 50998 | 573976 |
| Paper & Forest Products - 0.0% |  |  |
| Ence Energia y Celulosa SA (c) | 33790 | 108712 |
| TOTAL MATERIALS |  | 1328858 |
| Real Estate - 0.2% |  |  |
| Diversified REITs - 0.2% |  |  |
| Merlin Properties Socimi SA  | 108631 | 1225704 |
| Office REITs - 0.0% |  |  |
| Inmobiliaria Colonial Socimi SA  | 87102 | 562932 |
| Real Estate Management & Development - 0.0% |  |  |
| Aedas Homes SL (d)(e) | 2412 | 77601 |
| TOTAL REAL ESTATE |  | 1866237 |
| Utilities - 0.2% |  |  |
| Gas Utilities - 0.1% |  |  |
| Enagas SA  | 64792 | 1010713 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Audax Renovables SA  | 44509 | 76237 |
| Grenergy Renovables SA (b) | 3540 | 202520 |
| Solaria Energia y Medio Ambiente SA (b)(c) | 20750 | 155943 |
|  |  | 434700 |
| TOTAL UTILITIES |  | 1445413 |
| TOTAL SPAIN |  | 14776394 |
| SWEDEN - 5.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| Embracer Group AB B Shares (b) | 36002 | 453158 |
| Modern Times Group MTG AB B Shares (b) | 23446 | 281871 |
| Paradox Interactive AB  | 9796 | 192059 |
|  |  | 927088 |
| Interactive Media & Services - 0.0% |  |  |
| Hemnet Group AB (b) | 23801 | 815077 |
| TOTAL COMMUNICATION SERVICES |  | 1742165 |
| Consumer Discretionary - 0.6% |  |  |
| Automobile Components - 0.0% |  |  |
| Dometic Group AB (d) | 84257 | 302839 |
| Broadline Retail - 0.0% |  |  |
| Boozt AB (b)(d)(e) | 15906 | 139139 |
| Rusta AB  | 14936 | 123407 |
|  |  | 262546 |
| Distributors - 0.0% |  |  |
| MEKO AB  | 11203 | 146970 |
| Diversified Consumer Services - 0.0% |  |  |
| AcadeMedia AB (d)(e) | 21469 | 176141 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Betsson AB B Shares  | 32536 | 571244 |
| Scandic Hotels Group AB (d)(e) | 42531 | 328482 |
| SkiStar AB B Shares  | 11557 | 199561 |
|  |  | 1099287 |
| Household Durables - 0.1% |  |  |
| Electrolux AB B Shares (b) | 59656 | 370324 |
| JM AB  | 16858 | 269295 |
|  |  | 639619 |
| Leisure Products - 0.3% |  |  |
| Asmodee Group AB B Shares  | 35659 | 392911 |
| MIPS AB (e) | 7339 | 259528 |
| Thule Group AB (d)(e) | 29560 | 672827 |
|  |  | 1325266 |
| Specialty Retail - 0.1% |  |  |
| Bilia AB A Shares  | 17066 | 214881 |
| Clas Ohlson AB B Shares  | 10692 | 303321 |
| Synsam AB  | 31247 | 158409 |
|  |  | 676611 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| New Wave Group AB B Shares  | 24269 | 296285 |
| TOTAL CONSUMER DISCRETIONARY |  | 4925564 |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Axfood AB B Shares  | 30121 | 842347 |
| Food Products - 0.2% |  |  |
| AAK AB  | 50104 | 1308391 |
| Cloetta AB B Shares  | 48782 | 141821 |
|  |  | 1450212 |
| TOTAL CONSUMER STAPLES |  | 2292559 |
| Financials - 0.5% |  |  |
| Banks - 0.0% |  |  |
| Norion Bank AB (b) | 17462 | 71407 |
| Capital Markets - 0.4% |  |  |
| Avanza Bank Holding AB  | 34492 | 1150864 |
| Bure Equity AB  | 15445 | 517736 |
| Nordnet AB  | 38038 | 999602 |
| Ratos AB B Shares  | 57339 | 194818 |
|  |  | 2863020 |
| Consumer Finance - 0.0% |  |  |
| Hoist Finance AB (b)(d)(e) | 12944 | 115171 |
| Financial Services - 0.1% |  |  |
| Creades AB A Shares  | 14459 | 115397 |
| Kinnevik AB B Shares  | 66257 | 528383 |
| Svolder AB B Shares  | 24714 | 145745 |
|  |  | 789525 |
| TOTAL FINANCIALS |  | 3839123 |
| Health Care - 0.9% |  |  |
| Biotechnology - 0.2% |  |  |
| BioArctic AB B Shares (b)(c)(d)(e) | 9844 | 199620 |
| BioGaia AB B Shares  | 25461 | 270007 |
| BoneSupport Holding AB (b)(d)(e) | 15235 | 497772 |
| Vitrolife AB  | 20687 | 337310 |
|  |  | 1304709 |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Arjo AB B Shares  | 59925 | 199884 |
| Elekta AB B Shares  | 102307 | 518653 |
| Getinge AB B Shares  | 62898 | 1211692 |
| Surgical Science Sweden AB (b) | 9483 | 135100 |
| Vimian Group AB (b) | 48618 | 195971 |
| Xvivo Perfusion AB (b) | 6964 | 229984 |
|  |  | 2491284 |
| Health Care Providers & Services - 0.1% |  |  |
| Ambea AB (d)(e) | 22119 | 267291 |
| Attendo AB (b)(d)(e) | 27779 | 188537 |
| Medicover Ab B Shares  | 18257 | 456165 |
|  |  | 911993 |
| Health Care Technology - 0.1% |  |  |
| Sectra AB B Shares  | 37381 | 1147091 |
| Life Sciences Tools & Services - 0.1% |  |  |
| AddLife AB B Shares  | 32105 | 607855 |
| Biotage AB A Shares  | 18542 | 270106 |
|  |  | 877961 |
| Pharmaceuticals - 0.1% |  |  |
| Camurus AB (b) | 9632 | 618847 |
| SwedenCare AB  | 15646 | 62483 |
|  |  | 681330 |
| TOTAL HEALTH CARE |  | 7414368 |
| Industrials - 1.1% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| INVISIO AB  | 9985 | 399793 |
| Building Products - 0.1% |  |  |
| Inwido AB  | 14470 | 307200 |
| Lindab International AB  | 20789 | 437912 |
| Munters Group AB (d)(e) | 35840 | 459426 |
|  |  | 1204538 |
| Commercial Services & Supplies - 0.3% |  |  |
| Bravida Holding AB (d)(e) | 56774 | 539222 |
| Loomis AB  | 19462 | 813476 |
| Sdiptech AB B Shares (b) | 8606 | 192501 |
|  |  | 1545199 |
| Construction & Engineering - 0.3% |  |  |
| Instalco AB (e) | 64741 | 180046 |
| NCC AB B Shares  | 23236 | 434165 |
| Peab AB B Shares  | 47238 | 392204 |
| Sweco AB B Shares  | 54735 | 958734 |
|  |  | 1965149 |
| Electrical Equipment - 0.0% |  |  |
| AQ Group AB  | 16498 | 265422 |
| Hexatronic Group AB (b)(c) | 47684 | 126542 |
|  |  | 391964 |
| Industrial Conglomerates - 0.1% |  |  |
| Nolato AB B Shares  | 53409 | 299771 |
| Storskogen Group AB B Shares  | 378333 | 492806 |
|  |  | 792577 |
| Machinery - 0.2% |  |  |
| Alimak Group AB (d)(e) | 19124 | 241387 |
| Electrolux Professional AB B Shares (b) | 65934 | 384055 |
| Engcon AB B Shares  | 11465 | 110788 |
| Husqvarna AB B Shares  | 97582 | 454821 |
| Troax Group AB  | 10687 | 148383 |
| VBG Group AB B Shares  | 4477 | 125248 |
|  |  | 1464682 |
| Professional Services - 0.1% |  |  |
| AFRY AB B Shares  | 26695 | 462616 |
| Trading Companies & Distributors - 0.0% |  |  |
| Alligo AB B Shares  | 6464 | 73698 |
| Bufab AB  | 7396 | 306231 |
|  |  | 379929 |
| TOTAL INDUSTRIALS |  | 8606447 |
| Information Technology - 0.6% |  |  |
| Communications Equipment - 0.1% |  |  |
| HMS Networks AB (b) | 9075 | 405044 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Mycronic AB  | 21390 | 851130 |
| Ncab Group Ab  | 48695 | 214216 |
|  |  | 1065346 |
| IT Services - 0.1% |  |  |
| Addnode Group AB B Shares  | 34446 | 297578 |
| Atea ASA  | 21741 | 296751 |
|  |  | 594329 |
| Software - 0.3% |  |  |
| Fortnox AB  | 134033 | 1206166 |
| Truecaller AB B Shares  | 66676 | 501855 |
| Vitec Software Group AB B Shares  | 9136 | 416841 |
| Yubico AB (c) | 13169 | 263775 |
|  |  | 2388637 |
| TOTAL INFORMATION TECHNOLOGY |  | 4453356 |
| Materials - 0.4% |  |  |
| Chemicals - 0.0% |  |  |
| Hexpol AB B Shares  | 72087 | 624249 |
| Containers & Packaging - 0.1% |  |  |
| Billerud Aktiebolag  | 61377 | 646441 |
| Metals & Mining - 0.3% |  |  |
| Alleima AB  | 52271 | 409656 |
| Granges AB  | 29528 | 368737 |
| SSAB AB A Shares  | 60246 | 380219 |
| SSAB AB B Shares  | 173362 | 1077247 |
|  |  | 2235859 |
| TOTAL MATERIALS |  | 3506549 |
| Real Estate - 0.8% |  |  |
| Real Estate Management & Development - 0.8% |  |  |
| Atrium Ljungberg AB B Shares  | 65045 | 230792 |
| Castellum AB (b) | 106098 | 1284856 |
| Catena AB  | 12565 | 589933 |
| Cibus Nordic Real Estate AB publ  | 17444 | 301487 |
| Corem Property Group AB B Shares (c) | 161170 | 81405 |
| Dios Fastigheter AB  | 29297 | 203689 |
| Fabege AB  | 64333 | 548782 |
| FastPartner AB A Shares  | 15515 | 90886 |
| Hufvudstaden AB A Shares  | 30961 | 376382 |
| NP3 Fastigheter AB  | 8536 | 222110 |
| Nyfosa AB (b) | 46194 | 433479 |
| Pandox AB B Shares  | 29877 | 498285 |
| Platzer Fastigheter Holding AB B Shares  | 13065 | 102460 |
| Samhallsbyggnadsbolaget i Norden AB B Shares (c) | 298974 | 121316 |
| Wallenstam AB B Shares  | 98478 | 485997 |
| Wihlborgs Fastigheter AB  | 75852 | 784771 |
|  |  | 6356630 |
| TOTAL SWEDEN |  | 43136761 |
| SWITZERLAND - 4.6%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Sunrise Communications AG Series A  | 18212 | 979721 |
| Media - 0.0% |  |  |
| TX Group AG  | 709 | 159264 |
| TOTAL COMMUNICATION SERVICES |  | 1138985 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Autoneum Holding AG  | 821 | 123147 |
| Specialty Retail - 0.0% |  |  |
| Mobilezone Holding AG (c) | 10955 | 150252 |
| TOTAL CONSUMER DISCRETIONARY |  | 273399 |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.2% |  |  |
| Aryzta AG (b) | 261940 | 655684 |
| Emmi AG  | 586 | 574391 |
|  |  | 1230075 |
| Financials - 0.5% |  |  |
| Banks - 0.1% |  |  |
| Valiant Holding AG  | 4325 | 637208 |
| Capital Markets - 0.3% |  |  |
| EFG International AG  | 26097 | 392712 |
| Swissquote Group Holding SA  | 2942 | 1507804 |
| Vontobel Holding AG  | 7775 | 560505 |
|  |  | 2461021 |
| Consumer Finance - 0.1% |  |  |
| Cembra Money Bank AG  | 8239 | 993252 |
| TOTAL FINANCIALS |  | 4091481 |
| Health Care - 0.7% |  |  |
| Biotechnology - 0.0% |  |  |
| Basilea Pharmaceutica Ag Allschwil (b) | 3399 | 182027 |
| Kuros Biosciences AG (b)(c) | 7460 | 241511 |
|  |  | 423538 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Medacta Group SA (d)(e) | 1944 | 313735 |
| Medmix AG (d)(e) | 7023 | 87984 |
| Metall Zug AG Series B  | 53 | 66142 |
| Ypsomed Holding AG  | 1137 | 481470 |
|  |  | 949331 |
| Health Care Providers & Services - 0.2% |  |  |
| Galenica AG (d)(e) | 13784 | 1442949 |
| Life Sciences Tools & Services - 0.4% |  |  |
| Bachem Holding AG Series B (b) | 9213 | 562034 |
| Siegfried Holding AG  | 11170 | 1326298 |
| SKAN Group AG  | 3438 | 279921 |
| Tecan Group AG  | 3492 | 675257 |
|  |  | 2843510 |
| Pharmaceuticals - 0.0% |  |  |
| Dottikon Es Holding AG (b)(c) | 952 | 226999 |
| TOTAL HEALTH CARE |  | 5886327 |
| Industrials - 2.1% |  |  |
| Building Products - 0.5% |  |  |
| Arbonia Ag  | 14169 | 107124 |
| Belimo Holding AG  | 2704 | 2286778 |
| dormakaba Holding AG Series B  | 863 | 725658 |
| Forbo Holding AG  | 267 | 255241 |
| Schweiter Technologies AG (c) | 269 | 123850 |
| Zehnder Group AG  | 2189 | 145341 |
|  |  | 3643992 |
| Construction & Engineering - 0.1% |  |  |
| Burkhalter Holding AG  | 1936 | 287579 |
| Implenia AG  | 3388 | 191700 |
|  |  | 479279 |
| Electrical Equipment - 0.2% |  |  |
| Accelleron Industries AG  | 25929 | 1386692 |
| Huber + Suhner AG  | 3985 | 350048 |
| R&S Group Holding AG Series A  | 6085 | 146273 |
|  |  | 1883013 |
| Machinery - 0.9% |  |  |
| Bucher Industries AG  | 1829 | 786690 |
| Burckhardt Compression Holding AG  | 897 | 606441 |
| Bystronic AG (c) | 403 | 123046 |
| Daetwyler Holdings Ag  | 2087 | 300401 |
| Georg Fischer AG  | 21451 | 1543817 |
| Interroll Holding AG  | 197 | 429636 |
| Kardex Holding AG  | 1717 | 429588 |
| Komax Holding AG (b)(c) | 970 | 120817 |
| OC Oerlikon Corp AG Pfaffikon  | 51234 | 216768 |
| Rieter Holding AG  | 689 | 58436 |
| Sfs Group Ag (b) | 4789 | 644065 |
| Stadler Rail AG (c) | 15275 | 401238 |
| Sulzer AG  | 5165 | 871107 |
|  |  | 6532050 |
| Professional Services - 0.1% |  |  |
| Adecco Group AG  | 46186 | 1198648 |
| Trading Companies & Distributors - 0.1% |  |  |
| Bossard Holding AG Series A  | 1566 | 341148 |
| DKSH Holding AG  | 9794 | 721482 |
|  |  | 1062630 |
| Transportation Infrastructure - 0.2% |  |  |
| Flughafen Zurich Ag Kloten  | 5488 | 1379065 |
| TOTAL INDUSTRIALS |  | 16178677 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| ALSO Holding AG  | 1607 | 489684 |
| Comet Holding AG  | 2050 | 527061 |
| Inficon Holding AG  | 4750 | 501848 |
| Landis+Gyr Group AG  | 6819 | 437057 |
| LEM Holding SA  | 142 | 118025 |
| Sensirion Holding AG (b)(d)(e) | 2598 | 200512 |
|  |  | 2274187 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| u-blox Holding AG  | 1877 | 189440 |
| TOTAL INFORMATION TECHNOLOGY |  | 2463627 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Clariant AG  | 58979 | 656712 |
| Containers & Packaging - 0.0% |  |  |
| Vetropack Holding AG Series A  | 3696 | 127625 |
| TOTAL MATERIALS |  | 784337 |
| Real Estate - 0.6% |  |  |
| Real Estate Management & Development - 0.6% |  |  |
| Allreal Holding AG  | 4111 | 905531 |
| Hiag Immobilien Holding AG  | 1262 | 152904 |
| International Workplace Group PLC  | 206406 | 508618 |
| Intershop Holding AG  | 1419 | 232445 |
| Mobimo Holding AG  | 1991 | 768321 |
| PSP Swiss Property AG  | 12625 | 2247062 |
|  |  | 4814881 |
| TOTAL SWITZERLAND |  | 36861789 |
| TANZANIA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Helios Towers PLC (b) | 202694 | 289580 |
| UKRAINE - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Ferrexpo PLC (b)(c) | 82983 | 65138 |
| UNITED KINGDOM - 12.6%  |  |  |
| Communication Services - 0.7% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Gamma Communications PLC  | 25243 | 448775 |
| Interactive Media & Services - 0.4% |  |  |
| Baltic Classifieds Group PLC  | 127587 | 578120 |
| MONY Group PLC  | 141479 | 380492 |
| Rightmove PLC  | 215194 | 2115930 |
| Trustpilot Group PLC (b)(d)(e) | 97416 | 290551 |
|  |  | 3365093 |
| Media - 0.2% |  |  |
| 4imprint Group PLC  | 7817 | 354202 |
| Future PLC  | 29103 | 273050 |
| ITV PLC  | 930139 | 992917 |
| YouGov PLC (c) | 33453 | 127507 |
|  |  | 1747676 |
| TOTAL COMMUNICATION SERVICES |  | 5561544 |
| Consumer Discretionary - 2.6% |  |  |
| Automobile Components - 0.1% |  |  |
| AB Dynamics PLC  | 5170 | 121265 |
| Dowlais Group PLC  | 374195 | 287993 |
|  |  | 409258 |
| Automobiles - 0.0% |  |  |
| Aston Martin Lagonda Global Holdings PLC (b)(c)(d)(e) | 81142 | 73144 |
| Broadline Retail - 0.2% |  |  |
| B&M European Value Retail SA  | 276062 | 1237642 |
| Thg PLC (b) | 183040 | 60009 |
|  |  | 1297651 |
| Distributors - 0.1% |  |  |
| Inchcape PLC  | 97364 | 871318 |
| Diversified Consumer Services - 0.0% |  |  |
| Auction Technology Group PLC (b) | 28792 | 223704 |
| ME Group International PLC  | 58347 | 156684 |
|  |  | 380388 |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Deliveroo PLC Class A (b)(d)(e) | 274605 | 623972 |
| Domino's Pizza Group PLC  | 98447 | 352929 |
| Greggs PLC  | 27970 | 692208 |
| Hollywood Bowl Group PLC  | 45783 | 178774 |
| J D Wetherspoon PLC  | 23587 | 205424 |
| Just Eat Takeaway.com NV (b)(d)(e) | 48854 | 1064823 |
| Mitchells & Butlers PLC (b) | 73594 | 242745 |
| Playtech Plc (b) | 67633 | 685022 |
| SSP Group Plc  | 221927 | 437728 |
| Trainline PLC (b)(d)(e) | 124588 | 482840 |
| Young & Co's Brewery PLC Class A  | 9028 | 106119 |
|  |  | 5072584 |
| Household Durables - 0.8% |  |  |
| Bellway PLC  | 32552 | 1163507 |
| Berkeley Group Holdings PLC  | 27859 | 1552953 |
| Crest Nicholson Holdings plc  | 69088 | 165547 |
| Persimmon PLC  | 87883 | 1516726 |
| Taylor Wimpey PLC  | 972305 | 1527791 |
| Vistry Group PLC (b) | 85950 | 720721 |
|  |  | 6647245 |
| Leisure Products - 0.2% |  |  |
| Games Workshop Group PLC  | 9070 | 1862697 |
| Specialty Retail - 0.4% |  |  |
| AO World PLC (b) | 89256 | 116929 |
| ASOS PLC (b)(c) | 12048 | 46082 |
| boohoo Group PLC (b)(c) | 212926 | 61294 |
| Currys PLC (b) | 283186 | 418916 |
| Dunelm Group PLC  | 36576 | 536681 |
| Frasers Group PLC (b) | 30694 | 270797 |
| Moonpig Group PLC  | 89165 | 273309 |
| Pets at Home Group Plc  | 121171 | 382073 |
| Watches of Switzerland Group PLC (b)(d) | 63159 | 297969 |
| WH Smith PLC  | 36011 | 434086 |
|  |  | 2838136 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Burberry Group PLC  | 98267 | 957000 |
| Coats Group PLC  | 443964 | 428370 |
| Dr Martens PLC  | 162891 | 119397 |
|  |  | 1504767 |
| TOTAL CONSUMER DISCRETIONARY |  | 20957188 |
| Consumer Staples - 0.5% |  |  |
| Beverages - 0.1% |  |  |
| AG Barr PLC  | 31033 | 286195 |
| Fevertree Drinks PLC  | 28929 | 306502 |
|  |  | 592697 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Ocado Group PLC (b) | 148057 | 555048 |
| Food Products - 0.3% |  |  |
| Cranswick PLC  | 14873 | 1026741 |
| Hilton Food Group PLC  | 20698 | 245224 |
| Premier Foods PLC  | 180818 | 480024 |
| Tate & Lyle PLC  | 103717 | 771288 |
|  |  | 2523277 |
| TOTAL CONSUMER STAPLES |  | 3671022 |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Hunting PLC  | 38729 | 132390 |
| John Wood Group PLC (b) | 187593 | 46101 |
| Paratus Energy Services Ltd  | 23330 | 79520 |
| Subsea 7 SA  | 61593 | 926554 |
|  |  | 1184565 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Harbour Energy PLC  | 159855 | 325949 |
| Serica Energy PLC  | 77164 | 131014 |
| TORM PLC Series A  | 16131 | 268197 |
| Yellow Cake PLC (b)(d)(e) | 60041 | 343271 |
|  |  | 1068431 |
| TOTAL ENERGY |  | 2252996 |
| Financials - 2.5% |  |  |
| Banks - 0.0% |  |  |
| Metro Bank Holdings PLC (b) | 93262 | 125036 |
| Capital Markets - 1.6% |  |  |
| Aberdeen Group PLC  | 504879 | 993130 |
| AJ Bell PLC  | 91491 | 513569 |
| Allfunds Group Plc  | 84778 | 476362 |
| Alpha Group International PLC (e) | 9920 | 360916 |
| Ashmore Group PLC  | 127501 | 245875 |
| Bridgepoint Group PLC (d)(e) | 68632 | 244580 |
| CMC Markets PLC (d)(e) | 31521 | 101870 |
| Foresight Group Holdings Ltd  | 18582 | 91875 |
| IG Group Holdings PLC  | 97726 | 1387050 |
| Integrafin Holdings Ltd (e) | 78082 | 316862 |
| Intermediate Capital Group PLC  | 79799 | 1995091 |
| Investec PLC  | 168117 | 1054377 |
| IP Group PLC (b) | 265263 | 149184 |
| Jupiter Fund Management PLC  | 125226 | 120827 |
| Man Group Plc/Jersey  | 323357 | 702429 |
| Molten Ventures PLC (b) | 41976 | 148469 |
| Ninety One PLC  | 77589 | 153967 |
| Polar Capital Holdings PLC  | 24444 | 127700 |
| Quilter PLC (d)(e) | 381397 | 686189 |
| Rathbones Group PLC  | 11424 | 239029 |
| St James's Place PLC  | 149794 | 1874929 |
| TP ICAP Group PLC  | 206011 | 704223 |
| XPS Pensions Group PLC (e) | 50633 | 260805 |
|  |  | 12949308 |
| Financial Services - 0.2% |  |  |
| OSB Group PLC  | 100850 | 637070 |
| Paragon Banking Group PLC  | 55810 | 627006 |
|  |  | 1264076 |
| Insurance - 0.7% |  |  |
| Beazley PLC  | 175377 | 2067297 |
| Direct Line Insurance Group PLC  | 361419 | 1363107 |
| Hiscox Ltd  | 93638 | 1371457 |
| Just Group PLC  | 288368 | 541106 |
| Lancashire Holdings Ltd  | 67728 | 508169 |
|  |  | 5851136 |
| TOTAL FINANCIALS |  | 20189556 |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.1% |  |  |
| Genus PLC  | 18333 | 450045 |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Advanced Medical Solutions Group PLC  | 58063 | 149344 |
| ConvaTec Group PLC (d)(e) | 451433 | 1563022 |
|  |  | 1712366 |
| Health Care Providers & Services - 0.1% |  |  |
| CVS Group PLC  | 19755 | 283284 |
| Spire Healthcare Group PLC (d)(e) | 75771 | 195295 |
|  |  | 478579 |
| Health Care Technology - 0.0% |  |  |
| Craneware PLC  | 8047 | 193036 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Oxford Nanopore Technologies PLC (b)(c) | 159063 | 252048 |
| Pharmaceuticals - 0.0% |  |  |
| Indivior PLC (b) | 27661 | 313711 |
| TOTAL HEALTH CARE |  | 3399785 |
| Industrials - 2.8% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Babcock International Group PLC  | 70041 | 750483 |
| Chemring Group PLC  | 75613 | 402070 |
| QinetiQ Group PLC  | 137685 | 720393 |
| Senior PLC  | 115721 | 213751 |
|  |  | 2086697 |
| Air Freight & Logistics - 0.1% |  |  |
| International Distribution Services PLC  | 171156 | 836669 |
| Building Products - 0.1% |  |  |
| Genuit Group PLC  | 65474 | 332450 |
| Volution Group PLC  | 54844 | 415155 |
|  |  | 747605 |
| Commercial Services & Supplies - 0.2% |  |  |
| Johnson Service Group PLC  | 112031 | 209025 |
| Mitie Group PLC  | 332723 | 639412 |
| Renewi PLC  | 19634 | 225030 |
| Serco Group PLC  | 284172 | 650255 |
|  |  | 1723722 |
| Construction & Engineering - 0.3% |  |  |
| Balfour Beatty PLC  | 141058 | 860233 |
| Keller Group PLC  | 19183 | 363026 |
| Kier Group PLC  | 124907 | 241705 |
| Morgan Sindall Group PLC  | 12660 | 596425 |
| Renew Holdings PLC  | 21423 | 215555 |
|  |  | 2276944 |
| Electrical Equipment - 0.0% |  |  |
| DiscoverIE Group PLC  | 26180 | 197827 |
| Volex PLC (c) | 35641 | 120647 |
|  |  | 318474 |
| Ground Transportation - 0.1% |  |  |
| Firstgroup PLC  | 167315 | 385088 |
| Mobico Group PLC (b) | 128699 | 53342 |
| Zigup PLC  | 59036 | 245866 |
|  |  | 684296 |
| Machinery - 0.7% |  |  |
| Bodycote PLC  | 50622 | 321128 |
| IMI PLC  | 70303 | 1656489 |
| Judges Scientific PLC  | 1595 | 128390 |
| Morgan Advanced Materials PLC  | 78004 | 204585 |
| Rotork PLC  | 232083 | 940263 |
| Vesuvius PLC  | 56668 | 258434 |
| Weir Group PLC/The  | 71393 | 2138870 |
|  |  | 5648159 |
| Marine Transportation - 0.0% |  |  |
| Clarkson PLC  | 8386 | 367132 |
| Passenger Airlines - 0.2% |  |  |
| easyJet PLC  | 84008 | 553742 |
| JET2 PLC  | 49988 | 1054579 |
|  |  | 1608321 |
| Professional Services - 0.1% |  |  |
| GlobalData PLC (c) | 80645 | 190769 |
| Hays PLC  | 441144 | 420946 |
| Pagegroup PLC  | 86472 | 309999 |
| Rws Holdings PLC  | 78779 | 70342 |
| SThree PLC  | 38447 | 125534 |
|  |  | 1117590 |
| Trading Companies & Distributors - 0.7% |  |  |
| Ashtead Technology Holdings plc  | 21290 | 141157 |
| Diploma PLC  | 36799 | 1943045 |
| Grafton Group PLC unit  | 49161 | 594697 |
| Howden Joinery Group PLC  | 150893 | 1546421 |
| RS GROUP PLC  | 129734 | 891281 |
| Travis Perkins PLC  | 58887 | 438696 |
|  |  | 5555297 |
| TOTAL INDUSTRIALS |  | 22970906 |
| Information Technology - 0.6% |  |  |
| Communications Equipment - 0.0% |  |  |
| Spirent Communications PLC (b) | 160227 | 394185 |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Oxford Instruments PLC  | 16092 | 351711 |
| Renishaw PLC  | 11108 | 331601 |
| Spectris PLC  | 26923 | 717606 |
|  |  | 1400918 |
| IT Services - 0.3% |  |  |
| Computacenter PLC  | 18854 | 605554 |
| Kainos Group PLC  | 24143 | 235363 |
| NCC Group PLC (c) | 84716 | 166190 |
| Softcat PLC  | 32822 | 730927 |
|  |  | 1738034 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Alphawave IP Group PLC (b)(c) | 104254 | 176453 |
| Software - 0.1% |  |  |
| Alfa Financial Software Holdings PLC (d)(e) | 37441 | 110773 |
| Bytes Technology Group PLC  | 63483 | 428941 |
| Cerillion PLC  | 5011 | 110190 |
| FD Technologies PLC (b)(c) | 4426 | 105347 |
| GB Group PLC  | 70083 | 228362 |
|  |  | 983613 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Raspberry PI Ltd (b)(c) | 24488 | 143856 |
| TOTAL INFORMATION TECHNOLOGY |  | 4837059 |
| Materials - 0.4% |  |  |
| Chemicals - 0.2% |  |  |
| Elementis PLC  | 163676 | 273100 |
| Johnson Matthey PLC  | 43653 | 747567 |
| Victrex PLC  | 24143 | 267377 |
|  |  | 1288044 |
| Construction Materials - 0.2% |  |  |
| Breedon Group PLC  | 76229 | 437448 |
| Ibstock PLC (d)(e) | 106708 | 255978 |
| Marshalls PLC  | 62012 | 232227 |
| SigmaRoc PLC (b) | 277538 | 335107 |
|  |  | 1260760 |
| Metals & Mining - 0.0% |  |  |
| Greatland Gold PLC (b) | 2360305 | 418362 |
| Hill & Smith PLC  | 22347 | 533095 |
|  |  | 951457 |
| TOTAL MATERIALS |  | 3500261 |
| Real Estate - 1.5% |  |  |
| Diversified REITs - 0.4% |  |  |
| British Land Co PLC/The  | 275543 | 1444628 |
| LondonMetric Property PLC  | 565863 | 1450185 |
|  |  | 2894813 |
| Health Care REITs - 0.2% |  |  |
| Assura PLC  | 857685 | 555059 |
| Primary Health Properties PLC  | 352425 | 480949 |
| Target Healthcare REIT PLC  | 169449 | 221985 |
|  |  | 1257993 |
| Industrial REITs - 0.2% |  |  |
| Tritax Big Box REIT PLC  | 614974 | 1171993 |
| Urban Logistics REIT PLC  | 126853 | 246147 |
|  |  | 1418140 |
| Office REITs - 0.2% |  |  |
| Derwent London PLC  | 27707 | 717455 |
| Great Portland Estates PLC  | 95895 | 396178 |
| Workspace Group PLC  | 39128 | 231788 |
|  |  | 1345421 |
| Real Estate Management & Development - 0.0% |  |  |
| Grainger PLC  | 195461 | 560055 |
| Savills PLC  | 38087 | 470532 |
|  |  | 1030587 |
| Residential REITs - 0.2% |  |  |
| Empiric Student Property PLC  | 185858 | 225896 |
| Home Reit PLC (b)(f) | 235236 | 95429 |
| PRS REIT Plc/The  | 141518 | 218023 |
| UNITE Group PLC/The  | 107846 | 1236765 |
|  |  | 1776113 |
| Retail REITs - 0.2% |  |  |
| Hammerson PLC  | 129611 | 436323 |
| Shaftesbury Capital PLC  | 400642 | 725085 |
| Supermarket Income Reit PLC  | 346124 | 357952 |
|  |  | 1519360 |
| Specialized REITs - 0.1% |  |  |
| Big Yellow Group PLC (The)  | 51091 | 684975 |
| Safestore Holdings PLC  | 60643 | 508755 |
|  |  | 1193730 |
| TOTAL REAL ESTATE |  | 12436157 |
| Utilities - 0.3% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Drax Group PLC  | 100911 | 829767 |
| Multi-Utilities - 0.1% |  |  |
| Telecom Plus PLC  | 18739 | 472498 |
| Water Utilities - 0.1% |  |  |
| Pennon Group PLC  | 129504 | 866943 |
| TOTAL UTILITIES |  | 2169208 |
| TOTAL UNITED KINGDOM |  | 101945682 |
| UNITED STATES - 0.6%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Carnival PLC (b) | 37564 | 630513 |
| Household Durables - 0.0% |  |  |
| JS Global Lifestyle Co Ltd (b)(c)(d)(e) | 288500 | 66958 |
| TOTAL CONSUMER DISCRETIONARY |  | 697471 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Diversified Energy Co PLC (c)(e) | 15755 | 197684 |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Burford Capital Ltd  | 53961 | 737117 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Inmode Ltd (b)(c) | 19037 | 268422 |
| Life Sciences Tools & Services - 0.0% |  |  |
| PolyPeptide Group AG (b)(d)(e) | 4199 | 96866 |
| TOTAL HEALTH CARE |  | 365288 |
| Industrials - 0.2% |  |  |
| Building Products - 0.1% |  |  |
| Reliance Worldwide Corp Ltd  | 216443 | 581859 |
| Electrical Equipment - 0.1% |  |  |
| Signify NV (d)(e) | 34976 | 719942 |
| Professional Services - 0.0% |  |  |
| Fiverr International Ltd (b)(c) | 8161 | 207697 |
| TOTAL INDUSTRIALS |  | 1509498 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Bitdeer Technologies Group Class A (b)(c) | 23994 | 229623 |
| Riskified Ltd Class A (b) | 23919 | 109788 |
| Sinch AB (b)(d)(e) | 187570 | 436638 |
| Vobile Group Ltd (b)(e) | 475000 | 199662 |
|  |  | 975711 |
| Materials - 0.1% |  |  |
| Construction Materials - 0.0% |  |  |
| RHI Magnesita NV  | 4372 | 181497 |
| Metals & Mining - 0.1% |  |  |
| Sims Ltd  | 44093 | 411564 |
| TOTAL MATERIALS |  | 593061 |
| TOTAL UNITED STATES |  | 5075830 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $818,622,844) |  | <br> **796044866** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| GERMANY - 0.3%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Household Durables - 0.0% |  |  |
| Einhell Germany AG  | 1440 | 107992 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Draegerwerk AG & Co KGaA  | 2417 | 163191 |
| Industrials - 0.1% |  |  |
| Ground Transportation - 0.0% |  |  |
| Sixt SE  | 4506 | 298110 |
| Machinery - 0.1% |  |  |
| Jungheinrich AG  | 13301 | 479766 |
| TOTAL INDUSTRIALS |  | 777876 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| FUCHS SE  | 18184 | 907213 |
| Construction Materials - 0.0% |  |  |
| STO SE & Co KGaA  | 731 | 104342 |
| TOTAL MATERIALS |  | 1011555 |
| TOTAL GERMANY |  | 2060614 |
| ITALY - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Danieli & C Officine Meccaniche SpA  | 10652 | 287439 |
| JAPAN - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Ito En Ltd  | 6400 | 80436 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $2,350,187) |  | <br> **2428489** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.1%** | &nbsp;&nbsp;**Money Market Funds - 3.1%** | &nbsp;&nbsp;**Money Market Funds - 3.1%** | &nbsp;&nbsp;**Money Market Funds - 3.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 4.33 | 860295 | 860467 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 4.33 | 24433964 | 24436408 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $25,296,874) |  |  | **25296875** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (h) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/29/2025 (k)<br>(Cost $248,185)<br>| 4.25 | 249000 | **248183** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.9%**<br> (Cost $846,518,090)<br>| <br>**824018413** |
| **NET OTHER ASSETS (LIABILITIES) - (1.9)%**  | **(15755151)** |
| **NET ASSETS - 100.0%** | **808263262** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 80 | Jun 2025 | 9978800 | 355869 | 355869 |
| The notional amount of futures purchased as a percentage of Net Assets is 1.2% | The notional amount of futures purchased as a percentage of Net Assets is 1.2% | The notional amount of futures purchased as a percentage of Net Assets is 1.2% | The notional amount of futures purchased as a percentage of Net Assets is 1.2% | The notional amount of futures purchased as a percentage of Net Assets is 1.2% | The notional amount of futures purchased as a percentage of Net Assets is 1.2% |

---

**Legend**

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

(b) Non-income producing

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

(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $29,362,152 or 3.6% of net assets.

(e) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $32,954,504 or 4.1% of net assets.

(f) Level 3 security

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

(h) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

(k) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $248,183.

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 5848708 | 19086945 | 24075186 | 58816 | - | - | 860467 | 860295 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 30090286 | 43077509 | 48731387 | 253286 | - | - | 24436408 | 24433964 | 0.1% |
| Total | 35938994 | 62164454 | 72806573 | 312102 | - | - | 25296875 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 35910455 | 30272581 | 5637874 | - |
| Consumer Discretionary | 103303601 | 78591535 | 24712066 | - |
| Consumer Staples | 46336842 | 38279440 | 8057402 | - |
| Energy | 20329285 | 16233691 | 4095594 | - |
| Financials | 104227117 | 88971583 | 15255534 | - |
| Health Care | 45584797 | 38200069 | 7384728 | - |
| Industrials | 185104178 | 143686354 | 41417824 | - |
| Information Technology | 66332138 | 57403769 | 8928369 | - |
| Materials | 76282586 | 42541086 | 33683126 | 58374 |
| Real Estate | 91949799 | 67732889 | 24121481 | 95429 |
| Utilities | 20684068 | 16753704 | 3930364 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 107992 | 107992 | - | - |
| Consumer Staples | 80436 | 80436 | - | - |
| Health Care | 163191 | 163191 | - | - |
| Industrials | 1065315 | 1065315 | - | - |
| Materials | 1011555 | 1011555 | - | - |
|  **U.S. Treasury Obligations** | 248183 | - | 248183 | - |
|  **Money Market Funds** | 25296875 | 25296875 | - | - |
| **Total Investments in Securities:** | 824018413 | 646392065 | 177472545 | 153803 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 355869 | 355869 | - | - |
| Total Assets | 355869 | 355869 | - | - |
| **Total Derivative Instruments:** | 355869 | 355869 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2025. 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** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 355869 | 0 |
| **Total Equity Risk**  | 355869 | 0 |
| **Total Value of Derivatives** | 355869 | 0 |

---

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

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $23,244,021) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $821,221,216) | $798721538 |  |
| Fidelity Central Funds (cost $25,296,874) | 25296875 |  |
| Total Investment in Securities (cost $846,518,090) |  | $824018413 |
| Segregated cash with brokers for derivative instruments |  | 204094 |
| Foreign currency held at value (cost $551,204) |  | 550389 |
| Receivable for investments sold |  | 376976 |
| Receivable for fund shares sold |  | 48553 |
| Dividends receivable |  | 5402206 |
| Reclaims receivable |  | 2419831 |
| Distributions receivable from Fidelity Central Funds |  | 38521 |
| Prepaid expenses |  | 230 |
| Receivable from investment adviser for expense reductions |  | 19151 |
| Other receivables |  | 344 |
| **Total assets** |  | 833078708 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $5279 |  |
| Delayed delivery | 116219 |  |
| Payable for fund shares redeemed | 128116 |  |
| Accrued management fee | 64137 |  |
| Payable for daily variation margin on futures contracts | 18525 |  |
| Other payables and accrued expenses | 46762 |  |
| Collateral on securities loaned | 24436408 |  |
| **Total liabilities** |  | 24815446 |
| **Net Assets**  |  | $808263262 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $937983624 |
| Total accumulated earnings (loss) |  | (129720362) |
| **Net Assets** |  | $808263262 |
| **Net Asset Value**, offering price and redemption price per share ($808,263,262 ÷ 90,509,093 shares) |  | $8.93 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $13233878 |
| Foreign Tax Reclaims |  | 750950 |
| Interest  |  | 8113 |
| Income from Fidelity Central Funds (including $253,286 from security lending)  |  | 312102 |
| Income before foreign taxes withheld |  | $14305043 |
| Less foreign taxes withheld |  | (1390837) |
| **Total income** |  | 12914206 |
| **Expenses** |  |  |
| Management fee | $387558 |  |
| Custodian fees and expenses | 23914 |  |
| Independent trustees' fees and expenses | 1688 |  |
| Registration fees | 7419 |  |
| Audit fees | 28950 |  |
| Legal | 1200 |  |
| Miscellaneous | 1293 |  |
| Total expenses before reductions | 452022 |  |
| Expense reductions | (62890) |  |
| Total expenses after reductions |  | 389132 |
| **Net Investment income (loss)** |  | 12525074 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (14782036) |  |
| Foreign currency transactions | (193449) |  |
| Futures contracts | (304459) |  |
| Total net realized gain (loss) |  | (15279944) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 58521487 |  |
| Assets and liabilities in foreign currencies | 466183 |  |
| Futures contracts | 750255 |  |
| Total change in net unrealized appreciation (depreciation) |  | 59737925 |
| **Net gain (loss)** |  | 44457981 |
| **Net increase (decrease) in net assets resulting from operations** |  | $56983055 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $12525074 | $22002280 |
| &nbsp;&nbsp;Net realized gain (loss) | (15279944)<br>| (23378511)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 59737925 | 139750014<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 56983055<br>| 138373783<br>|
| Distributions to shareholders | (24540884)<br>| (22109584)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 17739559 | 73474872 |
| Reinvestment of distributions | 24199008<br>| 22063414<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (40408710) | (56341347) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1529857<br>| 39196939<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 33972028<br>| 155461138<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 774291234 | 618830096<br>|
| &nbsp;&nbsp;End of period | $808263262 | $774291234 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 2109255 | 8808522 |
| Issued in reinvestment of distributions | 2915543<br>| 2754484<br>|
| &nbsp;&nbsp;Redeemed | (4778702) | (6660466) |
| &nbsp;&nbsp;Net increase (decrease) | 246096 | 4902540 |

---

**Financial Highlights** 

**Fidelity® SAI International Small Cap Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021** A |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $8.58 | $7.25 | $6.96 | $10.12 | $10.00 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) B,C | .14  | .25  | .23  | .24  | .09  |
| Net realized and unrealized gain (loss)  | .48  | 1.34  | .29  | (3.27)  | .03  |
| Total from investment operations  | .62  | 1.59  | .52  | (3.03)  | .12  |
| Distributions from net investment income  | (.27)  | (.26)  | (.23)  | (.13)  | -  |
| Total distributions  | (.27)  | (.26)  | (.23)  | (.13)  | -  |
| Net asset value, end of period  | $8.93 | $8.58 | $7.25 | $6.96 | $10.12 |
| **Total Return** D,E | 7.48% <br>| 22.16%  | 7.34%  | (30.31)%  | 1.20%  |
| **Ratios to Average Net Assets** C,F,G |  |  |  |  |  |
| Expenses before reductions  | .12% H | .14%  | .14%  | .14%  | .19% H,I |
| Expenses net of fee waivers, if any  | .10% H<br>| .10%  | .10%  | .10%  | .10% H |
| Expenses net of all reductions, if any  | .10% H | .10%  | .10%  | .10%  | .10% H |
| Net investment income (loss)  | 3.23% H | 2.94%  | 3.00%  | 2.85%  | 2.00% H |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $808263 | $774291 | $618830 | $664180 | $873419 |
| Portfolio turnover rate J | 19% H<br>| 16%  | 13%  | 20%  | 1% K |

---

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

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

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

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

H*Annualized.*

I*Audit fees are not annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

K*Amount not annualized.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2025

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 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 tax reclaims 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. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $132260652 |
| **Gross unrealized depreciation** | <u>(164102106)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$(31841454)</u> |
| **Tax cost** | <u>$856215736</u> |

---

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

---

| | |
|:---|:---|
| Short-term | $(36889161) |
| Long-term | <u>(52564545)</u> |
| **Total capital loss carryforward** | <u>$(89453706)</u> |

---

**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.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

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

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

Derivatives were used to increase or decrease exposure to the following risk(s):

---

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

---

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

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

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

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

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity SAI International Small Cap Index Fund** | 74190188 | 79375229 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .10% of the Fund's average net assets.

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

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI International Small Cap Index Fund** | 602 |

---

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity SAI International Small Cap Index Fund** | 26427 | 26 | - |

---

**9. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .10% of average net assets. This reimbursement will remain in place through February 28, 2026. 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 $62,686.

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 $204.

**10. Other.**

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

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

---

| | | |
|:---|:---|:---|
|  | **Strategic Advisers Fidelity International Fund** | **Strategic Advisers International Fund** |
| Fidelity SAI International Small Cap Index Fund  | 69% | 13% |

---

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

---

| | |
|:---|:---|
|  | **% of shares held** |
| Fidelity SAI International Small Cap Index Fund  | 82% |

---

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img109481_4.jpg)<br>

1.9903807.103 SCI-SANN-0625

**Fidelity ZERO® Funds**

**Fidelity ZERO® Extended Market Index Fund**

**Fidelity ZERO® International Index Fund**

**Fidelity ZERO® Large Cap Index Fund**

**Fidelity ZERO® Total Market Index Fund**

**Semi-Annual Report**

**April 30, 2025**

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**Contents**

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| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_EML-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity ZERO® Extended Market Index Fund](#Sub_Sec_Fund_3230_EML-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity ZERO® International Index Fund](#Sub_Sec_Fund_3228_EML-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity ZERO® Large Cap Index Fund](#Sub_Sec_Fund_3231_EML-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity ZERO® Total Market Index Fund](#Sub_Sec_Fund_3227_EML-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3230_EML-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EML-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EML-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EML-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EML-SANN)** |

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

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

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

The index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for us by Fidelity. S&P®;, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P") and Dow Jones®; is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). A fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the index or indices.

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.© 2025 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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity ZERO® Extended Market Index Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** | &nbsp;&nbsp;**Common Stocks - 99.8%** |
|  | Shares | Value ($)<br>|
| BAHAMAS (NASSAU) - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Diversified Consumer Services - 0.0% |  |  |
| OneSpaWorld Holdings Ltd  | 30809 | 514510 |
| BELGIUM - 0.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Liberty Global Ltd Class A (b) | 52223 | 571842 |
| Liberty Global Ltd Class C (b) | 45400 | 514836 |
| TOTAL BELGIUM |  | 1086678 |
| BERMUDA - 0.2%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Teekay Corp Ltd  | 17156 | 123695 |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| RenaissanceRe Holdings Ltd  | 14714 | 3559758 |
| TOTAL BERMUDA |  | 3683453 |
| CANADA - 0.1%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Sunopta Inc (United States) (b) | 29323 | 126675 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Teekay Tankers Ltd Class A  | 7465 | 317785 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| D-Wave Quantum Inc (b)(c) | 62690 | 433189 |
| Hut 8 Corp (United States) (b)(c) | 24714 | 304229 |
|  |  | 737418 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| McEwen Mining Inc (b)(c) | 13630 | 106314 |
| TOTAL CANADA |  | 1288192 |
| CHINA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| indie Semiconductor Inc Class A (b)(c) | 48991 | 97492 |
| GERMANY - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Orion SA  | 16883 | 203271 |
| Paper & Forest Products - 0.0% |  |  |
| Mercer International Inc  | 13459 | 60162 |
| TOTAL GERMANY |  | 263433 |
| GHANA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Kosmos Energy Ltd (b) | 139426 | 214716 |
| HONG KONG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| GigaCloud Technology Inc Class A (b)(c) | 8112 | 101724 |
| IRELAND - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Ardmore Shipping Corp (c) | 11132 | 106199 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Prothena Corp PLC (b) | 11198 | 103021 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Cimpress PLC (b) | 4530 | 190351 |
| TOTAL IRELAND |  | 399571 |
| ISRAEL - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Mobileye Global Inc Class A (b)(c) | 29739 | 433595 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Allegro MicroSystems Inc (b) | 39151 | 746610 |
| MONACO - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Scorpio Tankers Inc  | 11835 | 446061 |
| NETHERLANDS - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| uniQure NV (b)(c) | 15009 | 221533 |
| PHILIPPINES - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| TaskUS Inc Class A (b) | 5125 | 71545 |
| PUERTO RICO - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class A (b) | 8431 | 45695 |
| Liberty Latin America Ltd Class C (b) | 38849 | 213670 |
|  |  | 259365 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| First BanCorp/Puerto Rico  | 48774 | 957921 |
| Ofg Bancorp  | 13805 | 543227 |
| Popular Inc  | 20978 | 2001721 |
|  |  | 3502869 |
| Financial Services - 0.0% |  |  |
| EVERTEC Inc  | 18899 | 641432 |
| TOTAL FINANCIALS |  | 4144301 |
| TOTAL PUERTO RICO |  | 4403666 |
| SINGAPORE - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Scilex Holding Co (b) | 6 | 27 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Kulicke & Soffa Industries Inc  | 16116 | 519419 |
| TOTAL SINGAPORE |  | 519446 |
| SWEDEN - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.2% |  |  |
| Autoliv Inc  | 21389 | 1994096 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| SiriusPoint Ltd (b) | 27270 | 458136 |
| TOTAL SWEDEN |  | 2452232 |
| SWITZERLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Garrett Motion Inc (c) | 35843 | 330472 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| CRISPR Therapeutics AG (b)(c) | 25507 | 986356 |
| TOTAL SWITZERLAND |  | 1316828 |
| THAILAND - 0.1%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| BKV Corp (b) | 4956 | 89852 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Fabrinet (b) | 10731 | 2200499 |
| TOTAL THAILAND |  | 2290351 |
| UNITED KINGDOM - 0.6%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Soho House & Co Inc Class A (b)(c) | 10716 | 64403 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| TechnipFMC PLC  | 126923 | 3575421 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Luxfer Holdings PLC  | 7746 | 83347 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Anglogold Ashanti Plc  | 127747 | 5385814 |
| TOTAL UNITED KINGDOM |  | 9108985 |
| UNITED STATES - 98.1%  |  |  |
| Communication Services - 3.5% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Anterix Inc (b) | 5523 | 164862 |
| AST SpaceMobile Inc Class A (b)(c) | 47941 | 1112711 |
| Atn International Inc  | 2886 | 51052 |
| Bandwidth Inc Class A (b) | 7470 | 92777 |
| Cogent Communications Holdings Inc  | 12598 | 684701 |
| Frontier Communications Parent Inc (b) | 66175 | 2398844 |
| Globalstar Inc (b) | 15139 | 290972 |
| IDT Corp Class B  | 6102 | 306626 |
| Iridium Communications Inc  | 32678 | 788520 |
| Lumen Technologies Inc (b) | 303693 | 1075073 |
| Shenandoah Telecommunications Co  | 13685 | 152451 |
|  |  | 7118589 |
| Entertainment - 0.7% |  |  |
| AMC Entertainment Holdings Inc Class A (b)(c) | 115026 | 307119 |
| Atlanta Braves Holdings Inc Class A (b)(c) | 2833 | 123094 |
| Atlanta Braves Holdings Inc Class C (b) | 11778 | 469471 |
| Cinemark Holdings Inc (c) | 31976 | 956402 |
| Eventbrite Inc Class A (b) | 22923 | 48597 |
| Lions Gate Entertainment Corp Class A (b)(c) | 22057 | 195866 |
| Lions Gate Entertainment Corp Class B (b) | 31789 | 253676 |
| Madison Square Garden Entertainment Corp Class A (b) | 12360 | 400958 |
| Madison Square Garden Sports Corp Class A (b) | 5039 | 970360 |
| Marcus Corp/The  | 7131 | 116307 |
| Roku Inc Class A (b) | 38462 | 2622339 |
| Sphere Entertainment Co Class A (b)(c) | 7985 | 217591 |
| TKO Group Holdings Inc Class A  | 19850 | 3233764 |
| Vivid Seats Inc Class A (b)(c) | 27437 | 77098 |
| Warner Music Group Corp Class A  | 43597 | 1327529 |
|  |  | 11320171 |
| Interactive Media & Services - 0.9% |  |  |
| Angi Inc Class A (b) | 13084 | 149943 |
| Bumble Inc Class A (b)(c) | 23654 | 99820 |
| Cargurus Inc Class A (b) | 26419 | 738675 |
| Cars.com Inc (b) | 17701 | 206040 |
| EverQuote Inc Class A (b) | 7818 | 185599 |
| fuboTV Inc (b)(c) | 101905 | 305715 |
| IAC Inc Class A (b) | 21074 | 736326 |
| Match Group Inc  | 74765 | 2217530 |
| MediaAlpha Inc Class A (b) | 9658 | 81127 |
| Nextdoor Holdings Inc Class A (b) | 58396 | 85842 |
| Outbrain Inc (b) | 11381 | 40289 |
| QuinStreet Inc (b) | 17161 | 300661 |
| Reddit Inc Class A (b) | 31873 | 3715436 |
| Rumble Inc Class A (b)(c) | 35857 | 276816 |
| Shutterstock Inc  | 6998 | 111688 |
| Snap Inc Class A (b) | 323193 | 2572616 |
| TripAdvisor Inc Class A (b) | 33153 | 412755 |
| Trump Media & Technology Group Corp (b)(c) | 27671 | 679046 |
| Vimeo Inc Class A (b) | 45811 | 230887 |
| Yelp Inc Class A (b) | 19815 | 695110 |
| Ziff Davis Inc (b) | 12905 | 381085 |
| ZipRecruiter Inc Class A (b) | 22382 | 115491 |
| ZoomInfo Technologies Inc (b) | 81297 | 695902 |
|  |  | 15034399 |
| Media - 1.4% |  |  |
| Altice USA Inc Class A (b)(c) | 71938 | 178406 |
| AMC Networks Inc Class A (b) | 9472 | 60621 |
| Boston Omaha Corp (b) | 6720 | 104362 |
| Cable One Inc (c) | 1382 | 369367 |
| Cardlytics Inc (b)(c) | 15235 | 21938 |
| Clear Channel Outdoor Holdings Inc (b) | 96166 | 94647 |
| EchoStar Corp Class A (b) | 36195 | 813664 |
| EW Scripps Co/The Class A (b) | 18108 | 36397 |
| Gannett Co Inc (b) | 34832 | 111462 |
| Gray Media Inc  | 24133 | 80846 |
| Ibotta Inc Class A (b)(c) | 2034 | 99259 |
| iHeartMedia Inc Class A (b) | 34118 | 35142 |
| Integral Ad Science Holding Corp (b)(c) | 21600 | 152712 |
| Interpublic Group of Cos Inc/The  | 111208 | 2793545 |
| John Wiley & Sons Inc Class A  | 12336 | 538343 |
| Liberty Broadband Corp Class A (b) | 6127 | 545609 |
| Liberty Broadband Corp Class C (b) | 32326 | 2921947 |
| Magnite Inc (b) | 37689 | 448122 |
| National CineMedia Inc  | 27907 | 159907 |
| New York Times Co/The Class A  | 48822 | 2541673 |
| News Corp Class A  | 113428 | 3076168 |
| News Corp Class B  | 32915 | 1034189 |
| Nexstar Media Group Inc  | 8738 | 1307729 |
| Paramount Global Class B (c) | 177947 | 2089098 |
| PubMatic Inc Class A (b) | 11574 | 113078 |
| Scholastic Corp  | 7536 | 135874 |
| Sinclair Inc Class A  | 11167 | 160805 |
| Sirius XM Holdings Inc  | 65549 | 1404060 |
| Stagwell Inc Class A (b) | 32159 | 179447 |
| TechTarget Inc/old  | 7692 | 61305 |
| TEGNA Inc  | 48367 | 784996 |
| Thryv Holdings Inc (b) | 11698 | 160263 |
| WideOpenWest Inc (b) | 13686 | 59945 |
|  |  | 22674926 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Gogo Inc (b)(c) | 17774 | 134549 |
| NII Holdings Inc (b)(c)(d) | 10174 | 0 |
| Spok Holdings Inc  | 6388 | 91604 |
| Telephone and Data Systems Inc  | 29185 | 1094146 |
| United States Cellular Corp (b) | 4221 | 289814 |
|  |  | 1610113 |
| TOTAL COMMUNICATION SERVICES |  | 57758198 |
| Consumer Discretionary - 11.8% |  |  |
| Automobile Components - 0.8% |  |  |
| Adient PLC (b) | 24795 | 313657 |
| American Axle & Manufacturing Holdings Inc (b) | 34866 | 133188 |
| BorgWarner Inc  | 65086 | 1847141 |
| Cooper-Standard Holdings Inc (b) | 5275 | 77384 |
| Dana Inc  | 38688 | 531573 |
| Dorman Products Inc (b) | 8112 | 919090 |
| Fox Factory Holding Corp (b) | 12254 | 248879 |
| Gentex Corp  | 68139 | 1484067 |
| Gentherm Inc (b) | 9161 | 238278 |
| Goodyear Tire & Rubber Co/The (b) | 85335 | 928445 |
| LCI Industries  | 7654 | 589970 |
| Lear Corp  | 16056 | 1376802 |
| Luminar Technologies Inc Class A (b)(c) | 8092 | 31640 |
| Modine Manufacturing Co (b) | 15728 | 1284034 |
| Patrick Industries Inc  | 9962 | 766875 |
| Phinia Inc  | 12324 | 494809 |
| QuantumScape Corp Class A (b)(c) | 114264 | 446772 |
| Solid Power Inc (b)(c) | 42283 | 46088 |
| Standard Motor Products Inc  | 5978 | 162004 |
| Stoneridge Inc (b) | 7786 | 30053 |
| Visteon Corp (b) | 8339 | 660365 |
| XPEL Inc (b)(e) | 6704 | 192003 |
|  |  | 12803117 |
| Automobiles - 0.4% |  |  |
| Harley-Davidson Inc  | 34488 | 773221 |
| Lucid Group Inc Class A (b)(c) | 351548 | 882385 |
| Rivian Automotive Inc Class A (b)(c) | 217869 | 2976091 |
| Thor Industries Inc (c) | 15948 | 1154954 |
| Winnebago Industries Inc  | 8460 | 269197 |
|  |  | 6055848 |
| Broadline Retail - 0.4% |  |  |
| ContextLogic Inc Class A (b) | 7498 | 53535 |
| Dillard's Inc Class A (c) | 879 | 304714 |
| Etsy Inc (b) | 33677 | 1464276 |
| Groupon Inc (b)(c) | 6998 | 127434 |
| Kohl's Corp (c) | 32762 | 219505 |
| Macy's Inc  | 83266 | 950898 |
| Nordstrom Inc (c) | 29019 | 700519 |
| Ollie's Bargain Outlet Holdings Inc (b) | 18323 | 1944254 |
| Savers Value Village Inc (b) | 8280 | 79405 |
|  |  | 5844540 |
| Distributors - 0.0% |  |  |
| A-Mark Precious Metals Inc  | 5242 | 127694 |
| Diversified Consumer Services - 1.4% |  |  |
| ADT Inc  | 120727 | 968231 |
| Adtalem Global Education Inc (b) | 11140 | 1183068 |
| American Public Education Inc (b) | 5379 | 126407 |
| Bright Horizons Family Solutions Inc (b) | 17383 | 2180176 |
| Carriage Services Inc  | 3794 | 151608 |
| Coursera Inc (b) | 36461 | 307002 |
| Duolingo Inc Class A (b) | 11318 | 4408135 |
| European Wax Center Inc Class A (b) | 9613 | 29992 |
| Frontdoor Inc (b) | 22694 | 932950 |
| Graham Holdings Co Class B  | 1008 | 927410 |
| Grand Canyon Education Inc (b) | 8587 | 1531663 |
| H&R Block Inc (c) | 40001 | 2414860 |
| KinderCare Learning Cos Inc (b) | 7606 | 93250 |
| Laureate Education Inc (b) | 40203 | 806874 |
| Lincoln Educational Services Corp (b) | 8891 | 150258 |
| Mister Car Wash Inc (b)(c) | 27251 | 186942 |
| Nerdy Inc Class A (b)(c) | 24430 | 38844 |
| Perdoceo Education Corp  | 18552 | 466026 |
| Service Corp International/US  | 43077 | 3441852 |
| Strategic Education Inc  | 7306 | 596023 |
| Stride Inc (b) | 12781 | 1818097 |
| Udemy Inc (b) | 26319 | 180812 |
| Universal Technical Institute Inc (b) | 13043 | 365987 |
|  |  | 23306467 |
| Hotels, Restaurants & Leisure - 3.1% |  |  |
| Accel Entertainment Inc Class A (b) | 16151 | 166355 |
| Aramark  | 79203 | 2647756 |
| Biglari Holdings Inc Class B (b) | 212 | 49377 |
| BJ's Restaurants Inc (b) | 6757 | 224941 |
| Bloomin' Brands Inc  | 22333 | 179111 |
| Boyd Gaming Corp  | 19825 | 1370701 |
| Brinker International Inc (b) | 13248 | 1779206 |
| Caesars Entertainment Inc (b) | 63517 | 1718770 |
| Cava Group Inc (b) | 24306 | 2246604 |
| Cheesecake Factory Inc/The (c) | 14084 | 709411 |
| Choice Hotels International Inc (c) | 6682 | 842667 |
| Churchill Downs Inc  | 21969 | 1986217 |
| Cracker Barrel Old Country Store Inc (c) | 6697 | 285962 |
| Dave & Buster's Entertainment Inc (b)(c) | 9224 | 177009 |
| Denny's Corp (b)(c) | 15410 | 56863 |
| Dine Brands Global Inc  | 4484 | 89276 |
| Dutch Bros Inc Class A (b) | 34717 | 2073994 |
| El Pollo Loco Holdings Inc (b) | 7148 | 66834 |
| Everi Holdings Inc (b) | 25458 | 357685 |
| First Watch Restaurant Group Inc (b) | 12188 | 215240 |
| Global Business Travel Group I Class A (b) | 25495 | 171071 |
| Golden Entertainment Inc  | 6105 | 156899 |
| Hilton Grand Vacations Inc (b)(c) | 18392 | 618523 |
| Hyatt Hotels Corp Class A  | 12779 | 1439938 |
| Jack in the Box Inc (c) | 5646 | 147022 |
| Krispy Kreme Inc  | 25159 | 103152 |
| Kura Sushi USA Inc Class A (b) | 1715 | 100979 |
| Life Time Group Holdings Inc (b) | 28453 | 872369 |
| Light & Wonder Inc Class A (b) | 26382 | 2252495 |
| Lindblad Expeditions Holdings Inc (b) | 10812 | 95578 |
| Lucky Strike Entertainment Corp Class A (c) | 8129 | 76413 |
| Marriott Vacations Worldwide Corp  | 9693 | 531273 |
| MGM Resorts International (b) | 66870 | 2103730 |
| Monarch Casino & Resort Inc  | 3752 | 293369 |
| Norwegian Cruise Line Holdings Ltd (b) | 131329 | 2105204 |
| Papa John's International Inc  | 9681 | 334285 |
| Penn Entertainment Inc (b) | 44534 | 677807 |
| Planet Fitness Inc Class A (b) | 25152 | 2379128 |
| Playa Hotels & Resorts NV (b) | 28696 | 385100 |
| PlayAGS Inc (b) | 11819 | 143246 |
| Portillo's Inc Class A (b)(c) | 16905 | 174798 |
| Potbelly Corp (b) | 7433 | 60207 |
| Rci Hospitality Holdings Inc  | 2474 | 98168 |
| Red Rock Resorts Inc Class A  | 14891 | 635846 |
| Rush Street Interactive Inc Class A (b) | 24491 | 297076 |
| Sabre Corp (b) | 113586 | 269199 |
| Serve Robotics Inc (b)(c) | 8218 | 50705 |
| Shake Shack Inc Class A (b) | 11906 | 1044632 |
| Six Flags Entertainment Corp  | 27686 | 952675 |
| Sweetgreen Inc Class A (b) | 30634 | 596750 |
| Target Hospitality Corp (b) | 9661 | 65695 |
| Texas Roadhouse Inc  | 19932 | 3307915 |
| Travel + Leisure Co  | 20399 | 896128 |
| United Parks & Resorts Inc (b)(c) | 8405 | 366878 |
| Vail Resorts Inc  | 11208 | 1560154 |
| Viking Holdings Ltd (b) | 27262 | 1118560 |
| Wendy's Co/The (c) | 51422 | 642775 |
| Wingstop Inc  | 8736 | 2305343 |
| Wyndham Hotels & Resorts Inc  | 23241 | 1982457 |
| Wynn Resorts Ltd  | 26767 | 2149658 |
| Xponential Fitness Inc Class A (b)(c) | 7101 | 59435 |
|  |  | 50866614 |
| Household Durables - 1.7% |  |  |
| Beazer Homes USA Inc (b) | 8436 | 165008 |
| Cavco Industries Inc (b) | 2390 | 1180302 |
| Century Communities Inc  | 8137 | 443792 |
| Champion Homes Inc (b) | 15765 | 1363673 |
| Cricut Inc Class A (c) | 15054 | 74969 |
| Dream Finders Homes Inc Class A (b)(c) | 8017 | 181665 |
| Ethan Allen Interiors Inc  | 6791 | 193068 |
| Flexsteel Industries Inc  | 1172 | 39132 |
| Green Brick Partners Inc (b) | 9152 | 539876 |
| Helen of Troy Ltd (b) | 6690 | 186383 |
| Hovnanian Enterprises Inc Class A (b) | 1384 | 133971 |
| Installed Building Products Inc  | 6902 | 1144559 |
| KB Home  | 20827 | 1125283 |
| La-Z-Boy Inc  | 12258 | 484191 |
| Landsea Homes Corp Class A (b) | 5055 | 30835 |
| Legacy Housing Corp (b) | 3207 | 78010 |
| Leggett & Platt Inc  | 41159 | 395950 |
| LGI Homes Inc (b) | 6284 | 343169 |
| Lovesac Co/The (b) | 4290 | 83441 |
| M/I Homes Inc (b) | 8174 | 872002 |
| Meritage Homes Corp  | 21504 | 1465283 |
| Mohawk Industries Inc (b) | 15682 | 1667781 |
| Newell Brands Inc  | 123561 | 590622 |
| SharkNinja Inc (b) | 19703 | 1586092 |
| Smith Douglas Homes Corp Class A (b) | 2835 | 55140 |
| Somnigroup International Inc (c) | 57116 | 3487503 |
| Sonos Inc (b) | 35829 | 329985 |
| Taylor Morrison Home Corp (b) | 30990 | 1777277 |
| Toll Brothers Inc  | 29886 | 3014601 |
| TopBuild Corp (b) | 8777 | 2595886 |
| Tri Pointe Homes Inc (b) | 28099 | 864044 |
| Whirlpool Corp  | 16569 | 1263883 |
|  |  | 27757376 |
| Leisure Products - 0.5% |  |  |
| Acushnet Holdings Corp (c) | 8240 | 545653 |
| Brunswick Corp/DE  | 19668 | 905711 |
| Funko Inc Class A (b) | 10690 | 42867 |
| Hasbro Inc  | 39086 | 2419424 |
| JAKKS Pacific Inc  | 2546 | 49112 |
| Johnson Outdoors Inc Class A  | 1543 | 35227 |
| Latham Group Inc (b) | 12146 | 66378 |
| Malibu Boats Inc Class A (b) | 5769 | 164763 |
| MasterCraft Boat Holdings Inc (b) | 4062 | 66779 |
| Mattel Inc (b) | 100235 | 1592734 |
| Peloton Interactive Inc Class A (b) | 111915 | 771094 |
| Polaris Inc  | 15837 | 537825 |
| Smith & Wesson Brands Inc  | 12991 | 123804 |
| Sturm Ruger & Co Inc  | 5163 | 209928 |
| Topgolf Callaway Brands Corp (b)(c) | 41390 | 273588 |
| YETI Holdings Inc (b) | 25559 | 729709 |
|  |  | 8534596 |
| Specialty Retail - 2.4% |  |  |
| 1-800-Flowers.com Inc Class A (b)(c) | 8197 | 45329 |
| Abercrombie & Fitch Co Class A (b) | 15079 | 1046784 |
| Academy Sports & Outdoors Inc  | 20771 | 782651 |
| Advance Auto Parts Inc  | 17830 | 583398 |
| America's Car-Mart Inc/TX (b) | 2253 | 106837 |
| American Eagle Outfitters Inc  | 52187 | 549529 |
| Arhaus Inc Class A (b) | 15655 | 123048 |
| Arko Corp  | 20390 | 82070 |
| Asbury Automotive Group Inc (b) | 5870 | 1280482 |
| AutoNation Inc (b) | 7720 | 1344438 |
| BARK Inc (b) | 37867 | 42790 |
| Barnes & Noble Education Inc (b) | 5376 | 56609 |
| Bath & Body Works Inc  | 64517 | 1968414 |
| Beyond Inc (b) | 11943 | 48608 |
| Boot Barn Holdings Inc (b) | 9173 | 957111 |
| Buckle Inc/The  | 8790 | 305540 |
| Build-A-Bear Workshop Inc  | 3643 | 128525 |
| Caleres Inc  | 10299 | 156957 |
| Camping World Holdings Inc Class A  | 17730 | 213824 |
| Chewy Inc Class A (b) | 49519 | 1856963 |
| Children's Place Inc/The (b)(c) | 4117 | 20913 |
| Citi Trends Inc (b) | 2295 | 51247 |
| Designer Brands Inc Class A (c) | 11955 | 33354 |
| Dick's Sporting Goods Inc  | 17268 | 3241894 |
| EVgo Inc Class A (b)(c) | 30105 | 83090 |
| Five Below Inc (b) | 16472 | 1250060 |
| Floor & Decor Holdings Inc Class A (b) | 31952 | 2282651 |
| Foot Locker Inc (b) | 24306 | 298235 |
| GameStop Corp Class A (b)(c) | 121479 | 3384405 |
| Gap Inc/The  | 66568 | 1457839 |
| Genesco Inc (b) | 3094 | 60024 |
| Group 1 Automotive Inc  | 3884 | 1567699 |
| Guess? Inc (c) | 8369 | 94151 |
| Haverty Furniture Cos Inc  | 3961 | 71932 |
| J Jill Inc  | 2027 | 30851 |
| Lands' End Inc (b) | 4011 | 35618 |
| Leslie's Inc (b) | 52601 | 31571 |
| Lithia Motors Inc Class A  | 7932 | 2322172 |
| MarineMax Inc (b) | 5892 | 126442 |
| Monro Inc  | 8617 | 120121 |
| Murphy USA Inc  | 5439 | 2711722 |
| National Vision Holdings Inc (b) | 23153 | 285940 |
| ODP Corp/The (b) | 8751 | 119714 |
| OneWater Marine Inc Class A (b)(c) | 4387 | 65849 |
| Penske Automotive Group Inc  | 5611 | 873464 |
| Petco Health & Wellness Co Inc Class A (b) | 25024 | 73821 |
| RealReal Inc/The (b) | 27291 | 158288 |
| Restoration Hardware Inc (b) | 4510 | 829975 |
| Revolve Group Inc Class A (b) | 11499 | 228600 |
| Sally Beauty Holdings Inc (b) | 29816 | 242702 |
| Shoe Carnival Inc (c) | 5107 | 88760 |
| Signet Jewelers Ltd  | 12933 | 766927 |
| Sleep Number Corp (b)(c) | 6638 | 51710 |
| Sonic Automotive Inc Class A  | 4306 | 261460 |
| Stitch Fix Inc Class A (b) | 30193 | 98731 |
| ThredUp Inc Class A (b) | 25673 | 115272 |
| Upbound Group Inc  | 15500 | 308450 |
| Urban Outfitters Inc (b) | 16854 | 889554 |
| Valvoline Inc (b) | 38011 | 1302257 |
| Victoria's Secret & Co (b) | 23237 | 436856 |
| Warby Parker Inc Class A (b) | 26433 | 436409 |
| Wayfair Inc Class A (b)(c) | 29844 | 900095 |
| Winmark Corp  | 878 | 316089 |
| Zumiez Inc (b) | 4885 | 57155 |
|  |  | 39863976 |
| Textiles, Apparel & Luxury Goods - 1.1% |  |  |
| Capri Holdings Ltd (b) | 34992 | 526280 |
| Carter's Inc  | 10826 | 357799 |
| Columbia Sportswear Co (c) | 9527 | 592294 |
| Crocs Inc (b) | 16766 | 1616578 |
| Figs Inc Class A (b)(c) | 37818 | 152407 |
| G-III Apparel Group Ltd (b) | 11351 | 286272 |
| Hanesbrands Inc (b) | 104583 | 480036 |
| Kontoor Brands Inc  | 14877 | 894852 |
| Lakeland Industries Inc  | 2907 | 47470 |
| Levi Strauss & Co Class A  | 29562 | 473288 |
| Movado Group Inc  | 4478 | 62198 |
| Oxford Industries Inc  | 4345 | 211167 |
| PVH Corp  | 16666 | 1149621 |
| Ralph Lauren Corp Class A  | 11910 | 2679155 |
| Skechers USA Inc Class A (b) | 39244 | 1884497 |
| Steven Madden Ltd  | 21830 | 458430 |
| Tapestry Inc  | 61797 | 4365958 |
| Under Armour Inc Class A (b)(c) | 39345 | 225053 |
| Under Armour Inc Class C (b) | 55414 | 301453 |
| VF Corp  | 99123 | 1177581 |
| Wolverine World Wide Inc  | 23998 | 313174 |
|  |  | 18255563 |
| TOTAL CONSUMER DISCRETIONARY |  | 193415791 |
| Consumer Staples - 4.5% |  |  |
| Beverages - 0.8% |  |  |
| Boston Beer Co Inc/The Class A (b) | 2590 | 636622 |
| Brown-Forman Corp Class A  | 16948 | 586570 |
| Brown-Forman Corp Class B (c) | 53743 | 1872406 |
| Celsius Holdings Inc (b) | 47096 | 1646476 |
| Coca-Cola Consolidated Inc  | 1761 | 2387581 |
| MGP Ingredients Inc  | 4123 | 121505 |
| Molson Coors Beverage Co Class B  | 51450 | 2959919 |
| National Beverage Corp  | 7038 | 312487 |
| Primo Brands Corp Class A  | 59506 | 1944061 |
| Vita Coco Co Inc/The (b) | 11679 | 385991 |
|  |  | 12853618 |
| Consumer Staples Distribution & Retail - 1.8% |  |  |
| Albertsons Cos Inc Class A  | 121152 | 2662921 |
| Andersons Inc/The  | 9690 | 365410 |
| BJ's Wholesale Club Holdings Inc (b) | 39446 | 4637272 |
| Blue Apron Holdings Inc warrants 11/4/2028 (b)(d) | 2335 | 0 |
| Blue Apron Holdings Inc warrants 11/4/2028 (b)(d) | 2335 | 0 |
| Blue Apron Holdings Inc warrants 11/4/2028 (b)(d) | 2335 | 0 |
| Casey's General Stores Inc  | 11083 | 5126886 |
| Chefs' Warehouse Inc/The (b) | 10531 | 599951 |
| Grocery Outlet Holding Corp (b) | 29045 | 487666 |
| Guardian Pharmacy Services Inc Class A (b) | 2848 | 71314 |
| Ingles Markets Inc Class A  | 4273 | 263601 |
| Maplebear Inc (b) | 48411 | 1931115 |
| Natural Grocers by Vitamin Cottage Inc  | 3164 | 158706 |
| Performance Food Group Co (b) | 46647 | 3762547 |
| PriceSmart Inc  | 7419 | 752954 |
| SpartanNash Co  | 10009 | 198579 |
| United Natural Foods Inc (b) | 17940 | 479177 |
| US Foods Holding Corp (b) | 68765 | 4515110 |
| Walgreens Boots Alliance Inc  | 214453 | 2352549 |
| Weis Markets Inc  | 4870 | 418771 |
|  |  | 28784529 |
| Food Products - 1.4% |  |  |
| Alico Inc  | 1786 | 50972 |
| B&G Foods Inc (c) | 22870 | 157574 |
| Beyond Meat Inc (b)(c) | 23775 | 58962 |
| BRC Inc Class A (b)(c) | 12496 | 28491 |
| Cal-Maine Foods Inc  | 12171 | 1136406 |
| Calavo Growers Inc  | 4959 | 136968 |
| Darling Ingredients Inc (b) | 47605 | 1532405 |
| Flowers Foods Inc  | 58742 | 1033272 |
| Fresh Del Monte Produce Inc  | 10022 | 340848 |
| Freshpet Inc (b) | 14529 | 1068463 |
| Hain Celestial Group Inc (b) | 26006 | 79058 |
| Hormel Foods Corp  | 86979 | 2600672 |
| Ingredion Inc  | 19268 | 2559176 |
| J & J Snack Foods Corp  | 4677 | 606092 |
| John B Sanfilippo & Son Inc  | 2643 | 175152 |
| Lamb Weston Holdings Inc  | 42655 | 2252611 |
| Lancaster Colony Corp  | 5778 | 940543 |
| Limoneira Co  | 4947 | 74353 |
| Mama's Creations Inc (b) | 10467 | 69082 |
| Mission Produce Inc (b) | 13001 | 136185 |
| Pilgrim's Pride Corp  | 12054 | 657907 |
| Post Holdings Inc (b) | 13670 | 1547034 |
| Seaboard Corp  | 75 | 193949 |
| Seneca Foods Corp Class A (b) | 1342 | 120364 |
| Simply Good Foods Co/The (b) | 27519 | 993711 |
| The Campbell's Company  | 58843 | 2145416 |
| Tootsie Roll Industries Inc Class A  | 5040 | 161280 |
| TreeHouse Foods Inc (b) | 13599 | 316721 |
| Utz Brands Inc Class A  | 21661 | 287875 |
| Vital Farms Inc (b)(c) | 9184 | 314460 |
| Westrock Coffee Co (b) | 10389 | 60256 |
| WK Kellogg Co (c) | 19574 | 350962 |
|  |  | 22187220 |
| Household Products - 0.1% |  |  |
| Central Garden & Pet Co (b) | 2079 | 69771 |
| Central Garden & Pet Co Class A (b) | 15752 | 465787 |
| Energizer Holdings Inc  | 19702 | 532742 |
| Oil-Dri Corp of America  | 3115 | 131110 |
| Reynolds Consumer Products Inc  | 16354 | 376142 |
| Spectrum Brands Holdings Inc  | 7974 | 503159 |
| WD-40 Co  | 4056 | 926229 |
|  |  | 3004940 |
| Personal Care Products - 0.4% |  |  |
| BellRing Brands Inc (b) | 38292 | 2953845 |
| Coty Inc Class A (b) | 110253 | 556778 |
| Edgewell Personal Care Co  | 14376 | 439187 |
| elf Beauty Inc (b)(c) | 16887 | 1044799 |
| Herbalife Ltd (b) | 29618 | 213250 |
| Honest Co Inc/The (b) | 21073 | 100940 |
| Interparfums Inc  | 5323 | 581272 |
| Medifast Inc (b) | 3443 | 45240 |
| Nu Skin Enterprises Inc Class A  | 14705 | 93083 |
| Olaplex Holdings Inc (b) | 35020 | 45875 |
| USANA Health Sciences Inc (b) | 3311 | 93006 |
|  |  | 6167275 |
| Tobacco - 0.0% |  |  |
| Turning Point Brands Inc  | 5215 | 320096 |
| Universal Corp/VA  | 7528 | 438657 |
|  |  | 758753 |
| TOTAL CONSUMER STAPLES |  | 73756335 |
| Energy - 3.1% |  |  |
| Energy Equipment & Services - 0.8% |  |  |
| Archrock Inc  | 52503 | 1235396 |
| Aris Water Solutions Inc Class A  | 7874 | 196535 |
| Atlas Energy Solutions Inc  | 21829 | 295346 |
| Bristow Group Inc (b)(c) | 7265 | 210976 |
| Cactus Inc Class A  | 20123 | 763467 |
| ChampionX Corp  | 56979 | 1374903 |
| Core Laboratories Inc  | 13740 | 156224 |
| DMC Global Inc (b)(c) | 4920 | 31931 |
| Expro Group Holdings NV (b) | 32211 | 266385 |
| Helix Energy Solutions Group Inc (b) | 43836 | 266961 |
| Helmerich & Payne Inc  | 29934 | 565453 |
| Innovex International Inc (b) | 11410 | 172291 |
| Kodiak Gas Services Inc  | 11678 | 397169 |
| Liberty Energy Inc Class A  | 48144 | 553656 |
| Nabors Industries Ltd (b)(c) | 2607 | 69972 |
| Natural Gas Services Group Inc (b) | 3267 | 58708 |
| Noble Corp PLC (c) | 39668 | 862382 |
| NOV Inc  | 114413 | 1328335 |
| NPK International Inc (b) | 25507 | 147430 |
| Oceaneering International Inc (b) | 30085 | 534009 |
| Oil States International Inc (b) | 17266 | 60604 |
| Patterson-UTI Energy Inc  | 105443 | 594699 |
| ProPetro Holding Corp (b) | 23301 | 116039 |
| Ranger Energy Services Inc Class A  | 4843 | 53709 |
| RPC Inc  | 24321 | 115038 |
| Select Water Solutions Inc Class A  | 27637 | 235467 |
| Solaris Energy Infrastructure Inc Class A  | 10741 | 227065 |
| TETRA Technologies Inc (b) | 34797 | 99171 |
| Tidewater Inc (b) | 14534 | 525985 |
| Transocean Ltd (b)(c) | 231030 | 492094 |
| Valaris Ltd (b)(c) | 19433 | 627880 |
| Weatherford International PLC  | 21668 | 897055 |
|  |  | 13532335 |
| Oil, Gas & Consumable Fuels - 2.3% |  |  |
| Amplify Energy Corp (b) | 11828 | 30753 |
| Antero Midstream Corp  | 100640 | 1665592 |
| Antero Resources Corp (b) | 87494 | 3047417 |
| APA Corp  | 110884 | 1723137 |
| Berry Corp  | 23441 | 58134 |
| California Resources Corp  | 21540 | 743345 |
| Calumet Inc (c) | 20822 | 220713 |
| Centrus Energy Corp Class A (b)(c) | 4434 | 307232 |
| Chord Energy Corp  | 18302 | 1651389 |
| Civitas Resources Inc  | 26706 | 727739 |
| Clean Energy Fuels Corp (b) | 52461 | 76068 |
| CNX Resources Corp (b) | 44575 | 1311842 |
| Comstock Resources Inc (b)(c) | 27111 | 495318 |
| Core Natural Resources Inc  | 15216 | 1098747 |
| Crescent Energy Co Class A  | 55449 | 459118 |
| CVR Energy Inc (c) | 10411 | 196351 |
| Delek US Holdings Inc  | 18796 | 244724 |
| Dorian LPG Ltd  | 10800 | 231336 |
| DT Midstream Inc  | 30324 | 2947493 |
| Excelerate Energy Inc Class A  | 7112 | 181925 |
| FutureFuel Corp  | 8221 | 33788 |
| Gevo Inc (b)(c) | 66957 | 73653 |
| Granite Ridge Resources Inc  | 16976 | 81655 |
| Green Plains Inc (b)(c) | 19407 | 69477 |
| Gulfport Energy Corp (b) | 3751 | 647048 |
| Hallador Energy Co (b) | 9548 | 134293 |
| HF Sinclair Corp  | 47842 | 1438609 |
| HighPeak Energy Inc Class A (c) | 8120 | 65041 |
| International Seaways Inc (c) | 12179 | 413599 |
| Kinetik Holdings Inc Class A  | 11346 | 469044 |
| Magnolia Oil & Gas Corp Class A  | 57754 | 1185690 |
| Matador Resources Co  | 34648 | 1369982 |
| Murphy Oil Corp  | 40903 | 839739 |
| New Fortress Energy Inc Class A (c) | 38701 | 210146 |
| NextDecade Corp (b) | 41400 | 309672 |
| Northern Oil & Gas Inc  | 30054 | 730312 |
| Par Pacific Holdings Inc (b) | 16603 | 237755 |
| PBF Energy Inc Class A  | 29162 | 501003 |
| Peabody Energy Corp  | 36686 | 452705 |
| Permian Resources Corp Class A  | 191254 | 2256797 |
| Range Resources Corp  | 72016 | 2443503 |
| REX American Resources Corp (b) | 4781 | 189901 |
| Riley Exploration Permian Inc  | 2839 | 70067 |
| Ring Energy Inc (b) | 36914 | 32710 |
| Sable Offshore Corp (b)(c) | 18996 | 354465 |
| SandRidge Energy Inc  | 10574 | 96329 |
| Sitio Royalties Corp Class A  | 23829 | 404140 |
| SM Energy Co  | 34519 | 786688 |
| Summit Midstream Corp Class A  | 3077 | 85664 |
| Talos Energy Inc (b) | 38046 | 261756 |
| Uranium Energy Corp (b)(c) | 127231 | 667963 |
| VAALCO Energy Inc  | 32088 | 104928 |
| Viper Energy Inc Class A  | 39283 | 1584283 |
| Vital Energy Inc (b)(c) | 7985 | 113227 |
| Vitesse Energy Inc (c) | 9141 | 186933 |
| W&T Offshore Inc (c) | 30269 | 34809 |
| World Kinect Corp  | 17660 | 443089 |
|  |  | 36798836 |
| TOTAL ENERGY |  | 50331171 |
| Financials - 17.7% |  |  |
| Banks - 6.4% |  |  |
| 1st Source Corp  | 4975 | 298251 |
| Amalgamated Financial Corp  | 6216 | 175043 |
| Amerant Bancorp Inc Class A  | 10771 | 181384 |
| Ameris Bancorp  | 19355 | 1134203 |
| Associated Banc-Corp  | 49099 | 1083124 |
| Atlantic Union Bankshares Corp  | 39098 | 1083015 |
| Axos Financial Inc (b) | 16225 | 1029963 |
| Banc of California Inc  | 41666 | 561658 |
| BancFirst Corp  | 5957 | 701854 |
| Bancorp Inc/The (b) | 14131 | 682669 |
| Bank First Corp  | 2652 | 289545 |
| Bank of Hawaii Corp  | 11813 | 780957 |
| Bank of Marin Bancorp  | 4501 | 92360 |
| Bank OZK  | 31576 | 1345138 |
| BankUnited Inc  | 22435 | 733849 |
| Banner Corp  | 10250 | 626685 |
| Bar Harbor Bankshares  | 4699 | 139278 |
| Berkshire Hills Bancorp Inc  | 13769 | 341884 |
| BOK Financial Corp  | 6703 | 624519 |
| Brookline Bancorp Inc  | 26434 | 275971 |
| Burke & Herbert Financial Services Corp  | 4048 | 226324 |
| Business First Bancshares Inc  | 8544 | 196939 |
| Byline Bancorp Inc  | 7231 | 184680 |
| Cadence Bank  | 54944 | 1607661 |
| California BanCorp (b) | 7300 | 101981 |
| Camden National Corp  | 5135 | 197800 |
| Capital Bancorp Inc  | 3630 | 114672 |
| Capitol Federal Financial Inc  | 35930 | 203723 |
| Cathay General Bancorp  | 21217 | 884537 |
| Central Pacific Financial Corp  | 7988 | 205212 |
| City Holding Co  | 4415 | 511566 |
| CNB Financial Corp/PA  | 6468 | 141973 |
| Coastal Financial Corp/WA Class A (b) | 3620 | 297383 |
| Columbia Banking System Inc  | 62612 | 1403761 |
| Columbia Financial Inc (b) | 7876 | 106090 |
| Comerica Inc  | 39106 | 2101948 |
| Commerce Bancshares Inc/MO  | 36410 | 2211543 |
| Community Financial System Inc  | 15751 | 859847 |
| Community Trust Bancorp Inc  | 4453 | 218019 |
| Connectone Bancorp Inc  | 10381 | 233884 |
| Cullen/Frost Bankers Inc  | 19101 | 2224693 |
| Customers Bancorp Inc (b) | 8775 | 438750 |
| CVB Financial Corp  | 39330 | 729178 |
| Dime Community Bancshares Inc  | 11546 | 296617 |
| Eagle Bancorp Inc  | 8788 | 157745 |
| East West Bancorp Inc  | 41420 | 3543481 |
| Eastern Bankshares Inc  | 56941 | 849560 |
| Enterprise Bancorp Inc/MA  | 2879 | 107099 |
| Enterprise Financial Services Corp  | 10947 | 569463 |
| Equity Bancshares Inc Class A  | 4702 | 180980 |
| Esquire Financial Holdings Inc  | 1953 | 161943 |
| Farmers National Banc Corp  | 11556 | 150690 |
| FB Bancorp Inc  | 6670 | 75037 |
| FB Financial Corp  | 10532 | 448242 |
| Financial Institutions Inc  | 5995 | 152213 |
| First Bancorp/Southern Pines NC  | 12440 | 503322 |
| First Busey Corp  | 24949 | 518690 |
| First Business Financial Services Inc  | 2238 | 107737 |
| First Commonwealth Financial Corp  | 30264 | 463644 |
| First Community Bankshares Inc  | 4946 | 186365 |
| First Financial Bancorp  | 28615 | 662437 |
| First Financial Bankshares Inc  | 38462 | 1288862 |
| First Financial Corp  | 3212 | 158673 |
| First Foundation Inc  | 22288 | 111886 |
| First Hawaiian Inc  | 37454 | 856198 |
| First Horizon Corp  | 156129 | 2822812 |
| First Interstate BancSystem Inc Class A  | 25383 | 664908 |
| First Merchants Corp  | 17560 | 625838 |
| First Mid Bancshares Inc  | 6018 | 201182 |
| Firstsun Capital Bancorp (b) | 3395 | 118791 |
| Five Star Bancorp  | 4963 | 137376 |
| Flagstar Financial Inc  | 90682 | 1061886 |
| Flushing Financial Corp  | 10412 | 124632 |
| FNB Corp/PA  | 107613 | 1408654 |
| Fulton Financial Corp  | 54552 | 909927 |
| German American Bancorp Inc  | 11213 | 425085 |
| Glacier Bancorp Inc  | 33666 | 1372226 |
| Great Southern Bancorp Inc  | 2545 | 139975 |
| Hancock Whitney Corp  | 25727 | 1340119 |
| Hanmi Financial Corp  | 8960 | 204915 |
| Harborone Northeast Bancorp Inc  | 11047 | 125052 |
| Heritage Commerce Corp  | 18781 | 169780 |
| Heritage Financial Corp Wash  | 10124 | 231030 |
| Hilltop Holdings Inc  | 13795 | 407366 |
| Hingham Institution For Savings The  | 522 | 130270 |
| Home BancShares Inc/AR  | 55132 | 1529913 |
| HomeStreet Inc (b) | 5347 | 60741 |
| HomeTrust Bancshares Inc  | 4237 | 144651 |
| Hope Bancorp Inc  | 38412 | 382968 |
| Horizon Bancorp Inc/IN  | 12855 | 188711 |
| Independent Bank Corp  | 12724 | 751861 |
| Independent Bank Corp/MI  | 6067 | 184801 |
| International Bancshares Corp  | 15885 | 969620 |
| Kearny Financial Corp/MD  | 16813 | 105249 |
| Lakeland Financial Corp  | 7587 | 422368 |
| Live Oak Bancshares Inc  | 9996 | 261295 |
| Mercantile Bank Corp  | 4713 | 199407 |
| Metropolitan Bank Holding Corp (b) | 2877 | 178173 |
| Mid Penn Bancorp Inc  | 5655 | 164278 |
| Midland States Bancorp Inc  | 6288 | 102369 |
| MidWestOne Financial Group Inc  | 5893 | 163472 |
| National Bank Holdings Corp Class A  | 11462 | 414466 |
| NB Bancorp Inc (b) | 11744 | 201410 |
| Nbt Bancorp Inc  | 14146 | 598942 |
| Nicolet Bankshares Inc  | 4043 | 472263 |
| Northeast Bank  | 2125 | 175993 |
| Northeast Community Bancorp Inc  | 4122 | 93817 |
| Northfield Bancorp Inc  | 11345 | 119690 |
| Northrim BanCorp Inc  | 1672 | 134245 |
| Northwest Bancshares Inc  | 38171 | 471412 |
| OceanFirst Financial Corp  | 17324 | 286885 |
| Old National Bancorp/IN  | 95302 | 1962268 |
| Old Second Bancorp Inc  | 13116 | 207102 |
| Origin Bancorp Inc  | 8903 | 285252 |
| Orrstown Financial Services Inc  | 5966 | 178801 |
| Pacific Premier Bancorp Inc  | 28994 | 589738 |
| Park National Corp  | 4316 | 647832 |
| Pathward Financial Inc  | 7164 | 568607 |
| Peapack-Gladstone Financial Corp  | 4739 | 131176 |
| Peoples Bancorp Inc/OH  | 10428 | 302516 |
| Peoples Financial Services Corp  | 2940 | 127067 |
| Pinnacle Financial Partners Inc  | 22766 | 2282064 |
| Preferred Bank/Los Angeles CA  | 3634 | 290211 |
| Prosperity Bancshares Inc  | 28496 | 1934878 |
| Provident Financial Services Inc  | 39158 | 641016 |
| QCR Holdings Inc  | 5066 | 329037 |
| Renasant Corp  | 27361 | 877467 |
| Republic Bancorp Inc/KY Class A  | 2873 | 194933 |
| S&T Bancorp Inc  | 11272 | 410752 |
| Seacoast Banking Corp of Florida  | 25420 | 602708 |
| ServisFirst Bancshares Inc  | 14881 | 1059825 |
| Shore Bancshares Inc  | 9510 | 131523 |
| Simmons First National Corp Class A  | 37739 | 704210 |
| SmartFinancial Inc  | 4370 | 132935 |
| Southern Missouri Bancorp Inc  | 2886 | 151948 |
| Southside Bancshares Inc  | 8467 | 238685 |
| SouthState Corp  | 29345 | 2546559 |
| Stellar Bancorp Inc  | 13993 | 349265 |
| Stock Yards Bancorp Inc (c) | 8088 | 588726 |
| Synovus Financial Corp  | 42196 | 1827931 |
| Texas Capital Bancshares Inc (b) | 13798 | 940334 |
| TFS Financial Corp  | 15623 | 202474 |
| Third Coast Bancshares Inc (b) | 3950 | 117710 |
| Tompkins Financial Corp  | 3634 | 216586 |
| Towne Bank/Portsmouth VA  | 20727 | 682955 |
| TriCo Bancshares  | 9787 | 377582 |
| Triumph Financial Inc (b) | 6649 | 355190 |
| TrustCo Bank Corp NY  | 5622 | 171190 |
| Trustmark Corp  | 18068 | 606181 |
| UMB Financial Corp  | 20335 | 1923081 |
| United Bankshares Inc/WV  | 42667 | 1463051 |
| United Community Banks Inc/GA  | 35795 | 988300 |
| Unity Bancorp Inc  | 1882 | 77914 |
| Univest Financial Corp  | 8702 | 257057 |
| Valley National Bancorp  | 142115 | 1222189 |
| Veritex Holdings Inc  | 16259 | 378510 |
| WaFd Inc  | 24476 | 698300 |
| Washington Trust Bancorp Inc  | 5915 | 163254 |
| Webster Financial Corp  | 51235 | 2423416 |
| WesBanco Inc  | 28615 | 852155 |
| Westamerica BanCorp  | 8082 | 391411 |
| Western Alliance Bancorp  | 32473 | 2263693 |
| Wintrust Financial Corp  | 19779 | 2198831 |
| WSFS Financial Corp  | 17403 | 897125 |
| Zions Bancorp NA  | 44195 | 1987449 |
|  |  | 102686192 |
| Capital Markets - 2.8% |  |  |
| Acadian Asset Management Inc  | 8113 | 218564 |
| Affiliated Managers Group Inc  | 8752 | 1449594 |
| Artisan Partners Asset Management Inc Class A  | 21043 | 778170 |
| BGC Group Inc Class A  | 112115 | 1015762 |
| Blue Owl Capital Inc Class A  | 156208 | 2894534 |
| Bridge Investment Group Holdings Inc Class A  | 11233 | 107724 |
| Carlyle Group Inc/The  | 62825 | 2427558 |
| Cohen & Steers Inc  | 8028 | 612697 |
| Diamond Hill Investment Group Inc  | 797 | 100406 |
| DigitalBridge Group Inc Class A  | 46986 | 394682 |
| Donnelley Financial Solutions Inc (b) | 7845 | 378129 |
| Evercore Inc Class A  | 10585 | 2172995 |
| Federated Hermes Inc Class B  | 23277 | 945279 |
| Franklin Resources Inc  | 92712 | 1739277 |
| GCM Grosvenor Inc Class A  | 12924 | 162067 |
| Hamilton Lane Inc Class A  | 12959 | 2002036 |
| Houlihan Lokey Inc Class A  | 16118 | 2612405 |
| Invesco Ltd  | 134094 | 1867929 |
| Janus Henderson Group PLC  | 38093 | 1265069 |
| Jefferies Financial Group Inc  | 48634 | 2272667 |
| Lazard Inc  | 33752 | 1312953 |
| MarketAxess Holdings Inc  | 11264 | 2495990 |
| Moelis & Co Class A  | 21099 | 1130484 |
| Morningstar Inc  | 8062 | 2295413 |
| Open Lending Corp (b) | 30391 | 37684 |
| Oppenheimer Holdings Inc Class A  | 1764 | 104094 |
| P10 Inc Class A  | 16281 | 180231 |
| Perella Weinberg Partners Class A  | 17741 | 304613 |
| Piper Sandler Cos  | 4813 | 1160511 |
| PJT Partners Inc Class A  | 7068 | 1001606 |
| SEI Investments Co  | 28731 | 2249350 |
| StepStone Group Inc Class A  | 19768 | 988598 |
| Stifel Financial Corp  | 30533 | 2616373 |
| StoneX Group Inc (b) | 12799 | 1133543 |
| TPG Inc Class A (c) | 27899 | 1295909 |
| Victory Capital Holdings Inc Class A  | 13266 | 760009 |
| Virtu Financial Inc Class A  | 24143 | 945198 |
| Virtus Invt Partners Inc  | 2010 | 308716 |
| WisdomTree Inc  | 33698 | 293173 |
|  |  | 46031992 |
| Consumer Finance - 1.1% |  |  |
| Ally Financial Inc  | 81927 | 2675736 |
| Atlanticus Holdings Corp (b) | 1451 | 79544 |
| Bread Financial Holdings Inc  | 14617 | 693577 |
| Credit Acceptance Corp (b)(c) | 1865 | 909038 |
| Dave Inc Class A (b) | 2232 | 211638 |
| Encore Capital Group Inc (b) | 6999 | 240766 |
| Enova International Inc (b) | 7740 | 710455 |
| EZCORP Inc Class A (b) | 15258 | 249773 |
| FirstCash Holdings Inc  | 11646 | 1560098 |
| Green Dot Corp Class A (b) | 16406 | 137318 |
| LendingClub Corp (b) | 33820 | 330421 |
| Lendingtree Inc (b) | 3190 | 164572 |
| Navient Corp (c) | 22522 | 278822 |
| Nelnet Inc Class A  | 5163 | 547743 |
| NerdWallet Inc Class A (b) | 10183 | 91240 |
| OneMain Holdings Inc  | 35509 | 1671409 |
| Oportun Financial Corp (b) | 9392 | 48086 |
| PRA Group Inc (b) | 11503 | 210505 |
| PROG Holdings Inc  | 12240 | 322646 |
| SLM Corp  | 62730 | 1813524 |
| SoFi Technologies Inc Class A (b) | 327247 | 4093860 |
| Upstart Holdings Inc (b)(c) | 24402 | 1166416 |
| World Acceptance Corp (b) | 938 | 121115 |
|  |  | 18328302 |
| Financial Services - 2.5% |  |  |
| Affirm Holdings Inc Class A (b) | 75368 | 3750312 |
| Alerus Financial Corp  | 7246 | 144050 |
| AvidXchange Holdings Inc (b) | 56092 | 456028 |
| Cannae Holdings Inc  | 16551 | 293118 |
| Cantaloupe Inc (b) | 17353 | 138824 |
| Cass Information Systems Inc  | 3647 | 148579 |
| Corebridge Financial Inc  | 76495 | 2266547 |
| Enact Holdings Inc  | 8680 | 310657 |
| Equitable Holdings Inc  | 92557 | 4576945 |
| Essent Group Ltd  | 31308 | 1782364 |
| Euronet Worldwide Inc (b) | 12382 | 1227056 |
| Federal Agricultural Mortgage Corp Class C  | 2785 | 488294 |
| Flywire Corp (b) | 33088 | 311358 |
| HA Sustainable Infrastructure Capital Inc  | 35650 | 890537 |
| International Money Express Inc (b) | 8489 | 105433 |
| Jackson Financial Inc  | 22103 | 1722045 |
| loanDepot Inc Class A (b) | 24791 | 27518 |
| Marqeta Inc Class A (b) | 122933 | 513860 |
| Merchants Bancorp/IN  | 8142 | 244911 |
| MGIC Investment Corp  | 73946 | 1841995 |
| Mr Cooper Group Inc (b) | 19008 | 2262142 |
| NCR Atleos Corp (b) | 21762 | 607595 |
| NewtekOne Inc  | 7230 | 75192 |
| NMI Holdings Inc (b) | 23310 | 843123 |
| Onity Group Inc (b) | 1914 | 71794 |
| Paymentus Holdings Inc Class A (b) | 5959 | 193429 |
| Payoneer Global Inc (b) | 77138 | 542280 |
| PennyMac Financial Services Inc  | 9506 | 926265 |
| Radian Group Inc  | 43392 | 1385940 |
| Remitly Global Inc (b) | 44477 | 899325 |
| Repay Holdings Corp Class A (b) | 21921 | 87684 |
| Rocket Cos Inc Class A (c) | 41089 | 530459 |
| Sezzle Inc (b)(c) | 4458 | 231593 |
| Shift4 Payments Inc Class A (b)(c) | 20526 | 1679027 |
| Toast Inc Class A (b) | 123808 | 4405090 |
| UWM Holdings Corp Class A  | 28482 | 133865 |
| Velocity Financial Inc (b) | 2824 | 50465 |
| Voya Financial Inc  | 28806 | 1705315 |
| Walker & Dunlop Inc  | 9656 | 739070 |
| Western Union Co/The  | 101419 | 1005062 |
| WEX Inc (b) | 10449 | 1362236 |
|  |  | 40977382 |
| Insurance - 3.9% |  |  |
| Abacus Global Management Inc Class A (b) | 8214 | 67848 |
| Ambac Financial Group Inc (b) | 14174 | 113109 |
| American Coastal Insurance Corp  | 7075 | 80867 |
| American Financial Group Inc/OH  | 21572 | 2732310 |
| Amerisafe Inc  | 5594 | 260065 |
| Assurant Inc  | 15311 | 2951042 |
| Assured Guaranty Ltd  | 14323 | 1256557 |
| Axis Capital Holdings Ltd  | 22693 | 2185790 |
| Baldwin Insurance Group Inc/The Class A (b) | 20209 | 841099 |
| Bowhead Specialty Holdings Inc (b) | 2345 | 94246 |
| Brighthouse Financial Inc (b) | 17417 | 1014018 |
| CNO Financial Group Inc  | 30337 | 1150986 |
| Donegal Group Inc Class A  | 4907 | 94950 |
| eHealth Inc (b) | 8959 | 49811 |
| Employers Holdings Inc  | 7464 | 362676 |
| Enstar Group Ltd (b) | 3724 | 1245343 |
| Erie Indemnity Co Class A  | 7454 | 2673153 |
| F&G Annuities & Life Inc  | 6440 | 224176 |
| First American Financial Corp  | 30630 | 1862610 |
| Genworth Financial Inc Class A (b) | 128237 | 879706 |
| Globe Life Inc  | 25002 | 3083747 |
| Goosehead Insurance Inc Class A  | 7225 | 702342 |
| Hanover Insurance Group Inc/The  | 10752 | 1785907 |
| HCI Group Inc  | 2519 | 368530 |
| Heritage Insurance Holdings Inc (b) | 6635 | 125402 |
| Hippo Holdings Inc (b) | 5449 | 125981 |
| Horace Mann Educators Corp  | 12244 | 508616 |
| Investors Title Co  | 459 | 106116 |
| James River Group Holdings Ltd  | 11377 | 54154 |
| Kemper Corp  | 18018 | 1065224 |
| Kinsale Capital Group Inc  | 6609 | 2876633 |
| Lemonade Inc (b)(c) | 16458 | 480903 |
| Lincoln National Corp  | 50952 | 1623840 |
| Loews Corp  | 52707 | 4576549 |
| MBIA Inc (b) | 12731 | 59708 |
| Mercury General Corp  | 7958 | 441032 |
| Old Republic International Corp  | 69423 | 2610305 |
| Oscar Health Inc Class A (b) | 60392 | 785700 |
| Palomar Hldgs Inc (b) | 7935 | 1150734 |
| Primerica Inc  | 9953 | 2608383 |
| ProAssurance Corp (b) | 15293 | 354951 |
| Reinsurance Group of America Inc  | 19682 | 3686635 |
| RLI Corp  | 24918 | 1844181 |
| Root Inc/OH Class A (b) | 2301 | 321381 |
| Ryan Specialty Holdings Inc Class A  | 31760 | 2080598 |
| Safety Insurance Group Inc  | 4482 | 342873 |
| Selective Insurance Group Inc  | 18193 | 1586975 |
| Selectquote Inc (b) | 43378 | 137508 |
| Skyward Specialty Insurance Group Inc (b) | 9852 | 523043 |
| Stewart Information Services Corp  | 8309 | 544073 |
| Tiptree Inc Class A  | 6562 | 146398 |
| Trupanion Inc (b)(c) | 10035 | 367281 |
| TWFG Inc Class A  | 3629 | 114967 |
| United Fire Group Inc  | 6399 | 177060 |
| Universal Insurance Holdings Inc  | 7584 | 183836 |
| Unum Group  | 48998 | 3805185 |
| White Mountains Insurance Group Ltd  | 758 | 1339727 |
|  |  | 62836840 |
| Mortgage Real Estate Investment Trusts (REITs) - 1.0% |  |  |
| AG Mortgage Investment Trust Inc  | 9783 | 63882 |
| AGNC Investment Corp  | 268369 | 2369698 |
| Annaly Capital Management Inc  | 172912 | 3389075 |
| Apollo Commercial Real Estate Finance Inc  | 38980 | 365243 |
| Arbor Realty Trust Inc (c) | 56741 | 654224 |
| Ares Commercial Real Estate Corp  | 15441 | 62844 |
| ARMOUR Residential REIT Inc  | 23242 | 382796 |
| Blackstone Mortgage Trust Inc Class A  | 51137 | 974160 |
| Brightspire Capital Inc Class A  | 38389 | 192329 |
| Chimera Investment Corp  | 24871 | 306908 |
| Claros Mortgage Trust Inc  | 33883 | 83352 |
| Dynex Capital Inc  | 25805 | 318176 |
| Ellington Financial Inc  | 27586 | 359446 |
| Franklin BSP Realty Trust Inc  | 25587 | 291180 |
| Invesco Mortgage Capital Inc (c) | 17859 | 130906 |
| Kkr Real Estate Finance Trust Inc  | 17071 | 157907 |
| Ladder Capital Corp Class A  | 33823 | 353112 |
| MFA Financial Inc  | 30644 | 300924 |
| New York Mortgage Trust Inc  | 27304 | 160274 |
| Orchid Island Capital Inc  | 28895 | 206599 |
| Pennymac Mortgage Investment Trust  | 26294 | 337615 |
| Ready Capital Corp (c) | 49357 | 219639 |
| Redwood Trust Inc  | 40936 | 254213 |
| Rithm Capital Corp  | 156022 | 1744326 |
| Starwood Property Trust Inc  | 96167 | 1845445 |
| TPG RE Finance Trust Inc  | 20140 | 153870 |
| Two Harbors Investment Corp  | 30717 | 364611 |
|  |  | 16042754 |
| TOTAL FINANCIALS |  | 286903462 |
| Health Care - 12.1% |  |  |
| Biotechnology - 5.0% |  |  |
| 2seventy bio Inc (b) | 14659 | 73148 |
| 4D Molecular Therapeutics Inc (b) | 10929 | 36831 |
| 89bio Inc (b) | 38060 | 305241 |
| Abeona Therapeutics Inc (b)(c) | 13229 | 86782 |
| Absci Corp (b)(c) | 25211 | 77398 |
| ACADIA Pharmaceuticals Inc (b) | 36961 | 539631 |
| ACELYRIN Inc (b)(c) | 20096 | 49637 |
| ADMA Biologics Inc (b) | 70647 | 1681399 |
| Agios Pharmaceuticals Inc (b) | 17200 | 510668 |
| Akebia Therapeutics Inc (b) | 57576 | 138758 |
| Akero Therapeutics Inc (b) | 21009 | 958220 |
| Alector Inc (b) | 23095 | 27714 |
| Alkermes PLC (b) | 48279 | 1388987 |
| Allogene Therapeutics Inc (b)(c) | 45515 | 76465 |
| Altimmune Inc (b)(c) | 20790 | 109148 |
| Amicus Therapeutics Inc (b) | 81023 | 622257 |
| AnaptysBio Inc (b)(c) | 5771 | 128232 |
| Anavex Life Sciences Corp (b)(c) | 25442 | 241699 |
| Anika Therapeutics Inc (b) | 4266 | 61985 |
| Annexon Inc (b) | 25975 | 48314 |
| Apellis Pharmaceuticals Inc (b) | 32168 | 617947 |
| Apogee Therapeutics Inc (b) | 9288 | 364554 |
| Arbutus Biopharma Corp (b)(c) | 44356 | 157464 |
| Arcellx Inc (b) | 11683 | 758811 |
| Arcturus Therapeutics Holdings Inc (b) | 7347 | 94115 |
| Arcus Biosciences Inc (b) | 20504 | 179410 |
| Arcutis Biotherapeutics Inc (b) | 31609 | 471290 |
| Ardelyx Inc (b) | 70964 | 390657 |
| ArriVent Biopharma Inc (b) | 6937 | 147481 |
| Arrowhead Pharmaceuticals Inc (b) | 37887 | 526250 |
| ARS Pharmaceuticals Inc (b)(c) | 15318 | 213992 |
| Astria Therapeutics Inc (b) | 10109 | 52162 |
| aTyr Pharma Inc (b) | 25470 | 88381 |
| Aura Biosciences Inc (b) | 11315 | 65966 |
| Avidity Biosciences Inc (b) | 35549 | 1160675 |
| Avita Medical Inc (b)(c) | 7925 | 76793 |
| Beam Therapeutics Inc (b) | 27015 | 538409 |
| Bicara Therapeutics Inc  | 5753 | 82671 |
| BioCryst Pharmaceuticals Inc (b) | 61323 | 542709 |
| Biohaven Ltd (b) | 24930 | 551452 |
| Blueprint Medicines Corp (b) | 19000 | 1700500 |
| Bridgebio Pharma Inc (b) | 44081 | 1690947 |
| C4 Therapeutics Inc (b) | 16020 | 26273 |
| Candel Therapeutics Inc (b) | 9613 | 47200 |
| Capricor Therapeutics Inc (b)(c) | 12650 | 160655 |
| Cardiff Oncology Inc (b)(c) | 18986 | 52022 |
| CareDx Inc (b) | 16132 | 272308 |
| Cargo Therapeutics Inc (b)(c) | 10670 | 48762 |
| Carisma Therapeutics Inc rights (b)(d) | 47241 | 0 |
| Cartesian Therapeutics Inc rights (b)(d) | 31759 | 9210 |
| Catalyst Pharmaceuticals Inc (b) | 33558 | 815124 |
| Celcuity Inc (b) | 8341 | 92919 |
| Celldex Therapeutics Inc (b) | 20072 | 418100 |
| CG oncology Inc (b) | 16343 | 440280 |
| Cogent Biosciences Inc (b) | 30117 | 156910 |
| Coherus Biosciences Inc (b)(c) | 34509 | 35544 |
| Compass Therapeutics Inc (b) | 30448 | 56633 |
| Corvus Pharmaceuticals Inc (b)(c) | 16012 | 57483 |
| Crinetics Pharmaceuticals Inc (b) | 27696 | 924769 |
| Cullinan Therapeutics Inc (b) | 15423 | 127702 |
| Cytokinetics Inc (b)(c) | 35096 | 1503513 |
| Day One Biopharmaceuticals Inc (b) | 20352 | 158339 |
| Denali Therapeutics Inc (b) | 37208 | 619513 |
| Dianthus Therapeutics Inc (b) | 5519 | 120590 |
| Disc Medicine Inc (b) | 7325 | 362002 |
| Dynavax Technologies Corp (b) | 36432 | 428076 |
| Dyne Therapeutics Inc (b) | 23288 | 274566 |
| Editas Medicine Inc (b) | 23561 | 38876 |
| Emergent BioSolutions Inc (b)(c) | 15799 | 84367 |
| Enanta Pharmaceuticals Inc (b) | 5644 | 34372 |
| Entrada Therapeutics Inc (b) | 7456 | 68073 |
| Erasca Inc (b) | 63404 | 92570 |
| Exact Sciences Corp (b) | 55332 | 2525352 |
| Exelixis Inc (b) | 83613 | 3273449 |
| Geron Corp (b) | 152954 | 215665 |
| Gossamer Bio Inc (b) | 57036 | 58177 |
| GRAIL Inc (c) | 8682 | 299486 |
| Halozyme Therapeutics Inc (b) | 37999 | 2333899 |
| Heron Therapeutics Inc (b)(c) | 42281 | 102320 |
| Humacyte Inc Class A (b)(c) | 28118 | 40771 |
| Ideaya Biosciences Inc (b) | 26168 | 526762 |
| ImmunityBio Inc (b)(c) | 50625 | 127069 |
| Immunome Inc (b) | 23661 | 207980 |
| Immunovant Inc (b) | 23141 | 373727 |
| Incyte Corp (b) | 48026 | 3009309 |
| Inmune Bio Inc (b) | 4754 | 37366 |
| Intellia Therapeutics Inc (b)(c) | 30080 | 266810 |
| Ionis Pharmaceuticals Inc (b) | 46839 | 1438426 |
| Iovance Biotherapeutics Inc (b)(c) | 66799 | 239808 |
| Ironwood Pharmaceuticals Inc Class A (b) | 40433 | 37696 |
| iTeos Therapeutics Inc (b) | 7803 | 56572 |
| Janux Therapeutics Inc (b) | 9752 | 323766 |
| KalVista Pharmaceuticals Inc (b) | 10835 | 149198 |
| Keros Therapeutics Inc (b) | 10304 | 148790 |
| Kodiak Sciences Inc (b) | 9251 | 40334 |
| Korro Bio Inc (b) | 1889 | 33530 |
| Krystal Biotech Inc (b) | 7574 | 1286671 |
| Kura Oncology Inc (b) | 23491 | 154101 |
| Kymera Therapeutics Inc (b) | 13734 | 470664 |
| Lexicon Pharmaceuticals Inc (b)(c) | 50872 | 37177 |
| Madrigal Pharmaceuticals Inc (b) | 5087 | 1698600 |
| MannKind Corp (b) | 80883 | 407650 |
| MiMedx Group Inc (b) | 35030 | 241006 |
| Mineralys Therapeutics Inc (b) | 10997 | 156267 |
| Mirum Pharmaceuticals Inc (b) | 12092 | 525397 |
| Moderna Inc (b) | 101244 | 2889504 |
| Monte Rosa Therapeutics Inc (b) | 13760 | 67562 |
| Myriad Genetics Inc (b) | 26610 | 197180 |
| Neurocrine Biosciences Inc (b) | 29711 | 3199578 |
| Neurogene Inc (b) | 3205 | 48075 |
| Nkarta Inc (b) | 15902 | 33712 |
| Novavax Inc (b)(c) | 48022 | 320307 |
| Nurix Therapeutics Inc (b) | 21471 | 247561 |
| Nuvalent Inc Class A (b) | 11445 | 878404 |
| Ocugen Inc (b)(c) | 81854 | 61161 |
| Olema Pharmaceuticals Inc (b) | 15025 | 77529 |
| OmniAb Operations Inc (b)(d) | 1470 | 3161 |
| OmniAb Operations Inc (b)(d) | 1470 | 2807 |
| Organogenesis Holdings Inc Class A (b) | 20630 | 101293 |
| ORIC Pharmaceuticals Inc (b) | 13545 | 77342 |
| PDL BioPharma Inc (b)(d) | 15583 | 0 |
| Perspective Therapeutics Inc (b) | 17087 | 41863 |
| Praxis Precision Medicines Inc (b) | 5042 | 189781 |
| Precigen Inc (b)(c) | 43955 | 68570 |
| Prime Medicine Inc (b)(c) | 19163 | 33152 |
| Protagonist Therapeutics Inc (b) | 17684 | 810281 |
| PTC Therapeutics Inc (b) | 23048 | 1148712 |
| Puma Biotechnology Inc (b) | 12202 | 38802 |
| RAPT Therapeutics Inc (b) | 27065 | 25084 |
| Recursion Pharmaceuticals Inc Class A (b)(c) | 87442 | 488801 |
| REGENXBIO Inc (b) | 13604 | 130734 |
| Relay Therapeutics Inc (b) | 38589 | 128501 |
| Replimune Group Inc (b) | 20258 | 198123 |
| Revolution Medicines Inc (b) | 51667 | 2086313 |
| Rezolute Inc (b) | 16202 | 60920 |
| Rhythm Pharmaceuticals Inc (b) | 15618 | 1018137 |
| Rigel Pharmaceuticals Inc (b) | 5150 | 100734 |
| Rocket Pharmaceuticals Inc (b) | 26312 | 200761 |
| Roivant Sciences Ltd (b) | 126316 | 1467792 |
| Sage Therapeutics Inc (b) | 15834 | 115430 |
| Sana Biotechnology Inc (b)(c) | 38355 | 72875 |
| Sangamo Therapeutics Inc (b)(c) | 55929 | 43183 |
| Sarepta Therapeutics Inc (b) | 28444 | 1774906 |
| Savara Inc (b)(c) | 34181 | 109379 |
| Scholar Rock Holding Corp (b) | 22179 | 729911 |
| Seres Therapeutics Inc (b)(c) | 2331 | 22611 |
| Soleno Therapeutics Inc (b) | 7881 | 589972 |
| SpringWorks Therapeutics Inc (b) | 22241 | 1029758 |
| Spyre Therapeutics Inc (b) | 15259 | 232395 |
| Stoke Therapeutics Inc (b) | 11836 | 115519 |
| Summit Therapeutics Inc (b)(c) | 41857 | 1009591 |
| Syndax Pharmaceuticals Inc (b) | 25755 | 364433 |
| Tango Therapeutics Inc (b)(c) | 18433 | 25991 |
| Taysha Gene Therapies Inc (b) | 43785 | 84943 |
| Tectonic Therapeutic Inc (b) | 2147 | 44786 |
| TG Therapeutics Inc (b) | 39886 | 1815212 |
| Tourmaline Bio Inc (b) | 5766 | 99233 |
| Travere Therapeutics Inc (b) | 22757 | 473573 |
| Twist Bioscience Corp (b) | 17903 | 686043 |
| Tyra Biosciences Inc (b) | 5910 | 60873 |
| Ultragenyx Pharmaceutical Inc (b) | 27363 | 1066610 |
| United Therapeutics Corp (b) | 13348 | 4045645 |
| Upstream Bio Inc  | 4878 | 45170 |
| Vanda Pharmaceuticals Inc (b) | 17222 | 77671 |
| Vaxcyte Inc (b) | 34338 | 1230674 |
| Vera Therapeutics Inc Class A (b) | 16192 | 378407 |
| Veracyte Inc (b) | 23235 | 708668 |
| Verastem Inc (b)(c) | 13523 | 101287 |
| Vericel Corp (b) | 14804 | 562848 |
| Verve Therapeutics Inc (b)(c) | 19820 | 112379 |
| Viking Therapeutics Inc (b)(c) | 33458 | 965932 |
| Vir Biotechnology Inc (b) | 27267 | 166874 |
| Viridian Therapeutics Inc (b) | 20420 | 276691 |
| Voyager Therapeutics Inc (b) | 13428 | 47804 |
| Xencor Inc (b) | 20396 | 224764 |
| Y-mAbs Therapeutics Inc (b) | 9531 | 40507 |
|  |  | 82000481 |
| Health Care Equipment & Supplies - 2.2% |  |  |
| Accuray Inc Del (b) | 33299 | 51613 |
| Alphatec Holdings Inc (b)(c) | 30534 | 335263 |
| AngioDynamics Inc (b) | 11893 | 110486 |
| Artivion Inc (b) | 11136 | 263812 |
| AtriCure Inc (b) | 14606 | 436865 |
| Avanos Medical Inc (b) | 13409 | 168283 |
| Axogen Inc (b) | 12933 | 210420 |
| Bioventus Inc (b) | 12503 | 91397 |
| Butterfly Network Inc Class A (b)(c) | 53898 | 126121 |
| Ceribell Inc  | 3457 | 55623 |
| Cerus Corp (b) | 55296 | 72991 |
| ClearPoint Neuro Inc (b) | 7998 | 115091 |
| CONMED Corp  | 9302 | 456821 |
| CVRx Inc (b) | 4202 | 30759 |
| Delcath Systems Inc (b) | 8136 | 97957 |
| DENTSPLY SIRONA Inc  | 59670 | 829413 |
| Electromed Inc (b) | 2016 | 46428 |
| Embecta Corp  | 17426 | 212423 |
| Enovis Corp (b) | 17273 | 597473 |
| Envista Holdings Corp (b) | 51771 | 832478 |
| Glaukos Corp (b) | 16497 | 1554842 |
| Globus Medical Inc Class A (b) | 33993 | 2439678 |
| Haemonetics Corp (b) | 15056 | 948829 |
| ICU Medical Inc (b) | 7278 | 994102 |
| Inogen Inc (b) | 7030 | 50124 |
| Inspire Medical Systems Inc (b) | 8848 | 1401346 |
| Integer Holdings Corp (b) | 10052 | 1269668 |
| Integra LifeSciences Holdings Corp (b) | 19694 | 322785 |
| iRadimed Corp  | 2365 | 123950 |
| iRhythm Technologies Inc (b) | 9367 | 1001239 |
| Lantheus Holdings Inc (b) | 20787 | 2168916 |
| LeMaitre Vascular Inc  | 6118 | 555147 |
| LivaNova PLC (b) | 16333 | 604321 |
| Masimo Corp (b) | 13270 | 2135939 |
| Merit Medical Systems Inc (b) | 17326 | 1636441 |
| Myomo Inc (b) | 7843 | 36862 |
| Neogen Corp (b)(c) | 59068 | 298293 |
| NeuroPace Inc (b) | 4515 | 52780 |
| Novocure Ltd (b) | 29511 | 535330 |
| Omnicell Inc (b) | 13942 | 435827 |
| OraSure Technologies Inc (b) | 21470 | 64195 |
| Orthofix Medical Inc (b) | 11886 | 165334 |
| OrthoPediatrics Corp (b) | 4768 | 99270 |
| Penumbra Inc (b) | 11463 | 3356826 |
| PROCEPT BioRobotics Corp (b) | 16203 | 874638 |
| Pulmonx Corp (b) | 11662 | 56327 |
| Pulse Biosciences Inc (b)(c) | 5584 | 95040 |
| QuidelOrtho Corp (b) | 19522 | 542516 |
| RxSight Inc (b) | 10186 | 149938 |
| Semler Scientific Inc (b)(c) | 2358 | 76234 |
| Senseonics Holdings Inc (b)(c) | 172559 | 128505 |
| SI-BONE Inc (b) | 10990 | 150014 |
| Solventum Corp (b) | 41171 | 2722228 |
| STAAR Surgical Co (b) | 14808 | 270394 |
| Surmodics Inc (b) | 4349 | 121815 |
| Tactile Systems Technology Inc (b) | 7119 | 100520 |
| Tandem Diabetes Care Inc (b) | 19302 | 325239 |
| Teleflex Inc  | 13895 | 1904310 |
| TransMedics Group Inc (b)(c) | 10042 | 923964 |
| Treace Medical Concepts Inc (b) | 12781 | 90489 |
| UFP Technologies Inc (b) | 2190 | 456703 |
| Utah Medical Products Inc  | 931 | 48179 |
| Varex Imaging Corp (b) | 11916 | 99141 |
| Zimvie Inc (b) | 8007 | 72543 |
|  |  | 36602498 |
| Health Care Providers & Services - 2.5% |  |  |
| Acadia Healthcare Co Inc (b) | 27862 | 651971 |
| AdaptHealth Corp (b) | 31870 | 271214 |
| Addus HomeCare Corp (b) | 5400 | 564570 |
| agilon health Inc (b) | 91242 | 388691 |
| Alignment Healthcare Inc (b) | 30042 | 532344 |
| Amedisys Inc (b) | 9812 | 931159 |
| AMN Healthcare Services Inc (b) | 11098 | 226732 |
| Astrana Health Inc (b) | 12461 | 388409 |
| Aveanna Healthcare Holdings Inc (b) | 17716 | 81671 |
| BrightSpring Health Services Inc (b) | 16261 | 285055 |
| Brookdale Senior Living Inc (b) | 58849 | 386049 |
| Castle Biosciences Inc (b) | 8238 | 165172 |
| Chemed Corp  | 4479 | 2604583 |
| Clover Health Investments Corp Class A (b) | 123595 | 420223 |
| Community Health Systems Inc (b) | 35835 | 97830 |
| Concentra Group Holdings Parent Inc  | 32012 | 696261 |
| CorVel Corp (b) | 8152 | 886612 |
| Cross Country Healthcare Inc (b) | 9182 | 124416 |
| DaVita Inc (b) | 13154 | 1861949 |
| DocGo Inc Class A (b) | 26671 | 59476 |
| Encompass Health Corp  | 30093 | 3520580 |
| Enhabit Inc (b) | 14831 | 118500 |
| Ensign Group Inc/The (c) | 16992 | 2191798 |
| Fulgent Genetics Inc (b)(c) | 6086 | 105592 |
| GeneDx Holdings Corp Class A (b) | 6082 | 406582 |
| Guardant Health Inc (b) | 36941 | 1744723 |
| HealthEquity Inc (b) | 25825 | 2213719 |
| Henry Schein Inc (b) | 37158 | 2414155 |
| Hims & Hers Health Inc Class A (b)(c) | 57149 | 1891632 |
| LifeStance Health Group Inc (b) | 38481 | 252820 |
| National HealthCare Corp  | 3644 | 344322 |
| National Research Corp Class A  | 4185 | 47541 |
| NeoGenomics Inc (b) | 37786 | 241641 |
| OPKO Health Inc (b) | 103709 | 143118 |
| Option Care Health Inc (b) | 50868 | 1643545 |
| Owens & Minor Inc (b) | 21666 | 152962 |
| PACS Group Inc (b) | 11331 | 109118 |
| Pediatrix Medical Group Inc (b) | 25484 | 328234 |
| Pennant Group Inc/The (b) | 10434 | 267319 |
| Premier Inc Class A (c) | 27430 | 558201 |
| Privia Health Group Inc (b) | 30717 | 721235 |
| Progyny Inc (b) | 22182 | 506637 |
| RadNet Inc (b) | 19504 | 1021620 |
| Select Medical Holdings Corp  | 31299 | 570894 |
| Sonida Senior Living Inc (b) | 3279 | 76138 |
| Surgery Partners Inc (b) | 22361 | 490824 |
| Talkspace Inc Class A (b) | 41630 | 127804 |
| Tenet Healthcare Corp (b) | 28417 | 4062210 |
| Universal Health Services Inc Class B  | 17508 | 3100142 |
| US Physical Therapy Inc  | 4443 | 315942 |
|  |  | 41313935 |
| Health Care Technology - 0.4% |  |  |
| Certara Inc (b) | 32848 | 455273 |
| Claritev Corp Class A (b)(c) | 1830 | 41046 |
| Definitive Healthcare Corp Class A (b)(c) | 16719 | 45476 |
| Doximity Inc Class A (b) | 39884 | 2268602 |
| Evolent Health Inc Class A (b) | 31525 | 310837 |
| GoodRx Holdings Inc Class A (b) | 26690 | 123575 |
| Health Catalyst Inc (b) | 17328 | 68446 |
| HealthStream Inc  | 7237 | 243380 |
| LifeMD Inc (b)(c) | 11625 | 85560 |
| OptimizeRx Corp (b) | 5393 | 49184 |
| Phreesia Inc (b) | 16607 | 414511 |
| Schrodinger Inc/United States (b) | 16627 | 426150 |
| Simulations Plus Inc  | 4922 | 169071 |
| Teladoc Health Inc (b) | 50655 | 364209 |
| TruBridge Inc (b) | 3559 | 92641 |
| Waystar Holding Corp (b) | 20124 | 748009 |
|  |  | 5905970 |
| Life Sciences Tools & Services - 0.9% |  |  |
| 10X Genomics Inc Class A (b) | 32897 | 272058 |
| Adaptive Biotechnologies Corp (b) | 33589 | 247215 |
| Azenta Inc (b) | 13675 | 360200 |
| Bio-Rad Laboratories Inc Class A (b)(c) | 5777 | 1410050 |
| Bio-Techne Corp  | 47172 | 2375111 |
| BioLife Solutions Inc (b) | 10648 | 256723 |
| Bruker Corp  | 32992 | 1321660 |
| Charles River Laboratories International Inc (b) | 15294 | 1814174 |
| Codexis Inc (b) | 23838 | 54827 |
| CryoPort Inc (b) | 14532 | 81089 |
| Cytek Biosciences Inc (b) | 31053 | 115207 |
| Fortrea Holdings Inc (b) | 26494 | 165058 |
| Lifecore Biomedical Inc (b)(c) | 10791 | 72947 |
| Maravai LifeSciences Holdings Inc Class A (b) | 34665 | 70023 |
| MaxCyte Inc (United States) (b) | 30794 | 87455 |
| Medpace Holdings Inc (b) | 7487 | 2308916 |
| Mesa Laboratories Inc  | 1597 | 184054 |
| Niagen Bioscience Inc (b) | 16097 | 126361 |
| OmniAb Inc (b) | 29666 | 50432 |
| Pacific Biosciences of California Inc (b)(c) | 75484 | 83787 |
| Personalis Inc (b) | 13917 | 52606 |
| Quanterix Corp (b) | 10389 | 59841 |
| Quantum-Si Inc Class A (b)(c) | 41935 | 47806 |
| Repligen Corp (b) | 15532 | 2143261 |
| Sotera Health Co (b)(c) | 45368 | 521732 |
| Standard BioTools Inc (b) | 89239 | 99055 |
|  |  | 14381648 |
| Pharmaceuticals - 1.1% |  |  |
| Aclaris Therapeutics Inc (b) | 33877 | 46750 |
| Alumis Inc (c) | 4079 | 16886 |
| Amneal Intermediate Inc Class A (b) | 44981 | 344554 |
| Amphastar Pharmaceuticals Inc (b) | 11391 | 278054 |
| Amylyx Pharmaceuticals Inc (b) | 21230 | 108485 |
| ANI Pharmaceuticals Inc (b) | 5014 | 355091 |
| Aquestive Therapeutics Inc (b)(c) | 21966 | 64251 |
| Arvinas Inc (b) | 18775 | 180616 |
| Axsome Therapeutics Inc (b) | 12178 | 1367468 |
| Collegium Pharmaceutical Inc (b) | 9614 | 259530 |
| Corcept Therapeutics Inc (b) | 27852 | 2002002 |
| CorMedix Inc (b)(c) | 18189 | 167157 |
| Edgewise Therapeutics Inc (b) | 17282 | 283425 |
| Elanco Animal Health Inc (b) | 147303 | 1396432 |
| Enliven Therapeutics Inc (b)(c) | 9059 | 171577 |
| Esperion Therapeutics Inc (b) | 51793 | 51762 |
| Evolus Inc (b) | 14473 | 164992 |
| EyePoint Pharmaceuticals Inc (b) | 19825 | 135207 |
| Fulcrum Therapeutics Inc (b) | 12655 | 48722 |
| Harmony Biosciences Holdings Inc (b) | 11502 | 338964 |
| Harrow Inc (b) | 9191 | 227661 |
| Innoviva Inc (b) | 16202 | 302815 |
| Jazz Pharmaceuticals PLC (b) | 18002 | 2105514 |
| LENZ Therapeutics Inc (b) | 4933 | 140665 |
| Ligand Pharmaceuticals Inc (b) | 5686 | 624664 |
| Liquidia Corp (b) | 14021 | 195873 |
| Mind Medicine MindMed Inc (b)(c) | 19287 | 123244 |
| Nektar Therapeutics (b) | 52081 | 41430 |
| Nuvation Bio Inc Class A (b) | 74225 | 167006 |
| Ocular Therapeutix Inc (b) | 38183 | 316919 |
| Omeros Corp (b)(c) | 16884 | 124097 |
| Organon & Co  | 76720 | 991990 |
| Pacira BioSciences Inc (b) | 13864 | 372942 |
| Perrigo Co PLC  | 40880 | 1051434 |
| Phathom Pharmaceuticals Inc (b)(c) | 12987 | 55714 |
| Phibro Animal Health Corp Class A  | 6064 | 112851 |
| Prestige Consumer Healthcare Inc (b) | 14842 | 1205616 |
| Septerna Inc  | 5316 | 36999 |
| SIGA Technologies Inc  | 11932 | 65865 |
| Supernus Pharmaceuticals Inc (b) | 16423 | 533419 |
| Tarsus Pharmaceuticals Inc (b) | 10291 | 534206 |
| Terns Pharmaceuticals Inc (b) | 17274 | 57004 |
| Theravance Biopharma Inc (b) | 10357 | 101188 |
| Third Harmonic Bio Inc (b) | 6611 | 34179 |
| Trevi Therapeutics Inc (b) | 19422 | 134206 |
| Veru Inc (b) | 42933 | 23257 |
| WaVe Life Sciences Ltd (b) | 34566 | 266850 |
| Xeris Biopharma Holdings Inc (b) | 43221 | 197520 |
| Xeris Biopharma Holdings Inc rights (b)(d) | 12393 | 0 |
| Zevra Therapeutics Inc (b) | 14212 | 104174 |
|  |  | 18031227 |
| TOTAL HEALTH CARE |  | 198235759 |
| Industrials - 19.3% |  |  |
| Aerospace & Defense - 1.7% |  |  |
| AAR Corp (b) | 10549 | 563950 |
| AeroVironment Inc (b) | 8382 | 1270041 |
| AerSale Corp (b) | 9290 | 64750 |
| Archer Aviation Inc Class A (b)(c) | 121686 | 1013644 |
| Astronics Corp (b) | 8694 | 197267 |
| BWX Technologies Inc  | 27296 | 2978540 |
| Byrna Technologies Inc (b)(c) | 5415 | 121242 |
| Cadre Holdings Inc  | 7770 | 226496 |
| Curtiss-Wright Corp  | 11240 | 3876564 |
| Ducommun Inc (b) | 4021 | 230484 |
| Hexcel Corp  | 24332 | 1179372 |
| Huntington Ingalls Industries Inc  | 11688 | 2692214 |
| Intuitive Machines Inc Class A (b)(c) | 24228 | 198670 |
| Kratos Defense & Security Solutions Inc (b) | 45713 | 1544414 |
| Leonardo DRS Inc  | 22157 | 818923 |
| Loar Holdings Inc (b)(c) | 5322 | 503355 |
| Mercury Systems Inc (b) | 15132 | 756600 |
| Moog Inc Class A  | 8474 | 1417277 |
| National Presto Industries Inc  | 1527 | 128802 |
| Redwire Corp Class A (b)(c) | 7298 | 78672 |
| Rocket Lab USA Inc Class A (b)(c) | 104470 | 2276401 |
| Spirit AeroSystems Holdings Inc Class A (b) | 35076 | 1262736 |
| Standardaero Inc (c) | 30526 | 824813 |
| Triumph Group Inc (b) | 23033 | 585038 |
| V2X Inc (b) | 4249 | 211430 |
| Virgin Galactic Holdings Inc Class A (b)(c) | 7478 | 21610 |
| Woodward Inc  | 17716 | 3322990 |
|  |  | 28366295 |
| Air Freight & Logistics - 0.3% |  |  |
| CH Robinson Worldwide Inc  | 35461 | 3163831 |
| Forward Air Corp Class A (b) | 5792 | 85258 |
| GXO Logistics Inc (b) | 35781 | 1296703 |
| Hub Group Inc Class A  | 18050 | 570200 |
|  |  | 5115992 |
| Building Products - 2.1% |  |  |
| A O Smith Corp  | 35244 | 2391658 |
| AAON Inc  | 20176 | 1841464 |
| Advanced Drainage Systems Inc  | 21109 | 2395660 |
| Allegion plc  | 25960 | 3613632 |
| American Woodmark Corp (b) | 4591 | 270869 |
| Apogee Enterprises Inc  | 6448 | 255792 |
| Armstrong World Industries Inc  | 13003 | 1885695 |
| AZEK Co Inc/The Class A (b) | 42927 | 2127462 |
| AZZ Inc  | 8945 | 776068 |
| CSW Industrials Inc  | 5019 | 1568337 |
| Fortune Brands Innovations Inc  | 36996 | 1991125 |
| Gibraltar Industries Inc (b) | 9145 | 484228 |
| Griffon Corp  | 11800 | 803698 |
| Hayward Holdings Inc (b) | 42726 | 569538 |
| Insteel Industries Inc  | 5881 | 199425 |
| Janus International Group Inc (b) | 41818 | 287708 |
| JELD-WEN Holding Inc (b) | 24853 | 137188 |
| Masterbrand Inc (b) | 38429 | 466912 |
| Owens Corning  | 25647 | 3729330 |
| Quanex Building Products Corp  | 13855 | 227776 |
| Resideo Technologies Inc (b) | 44128 | 740468 |
| Simpson Manufacturing Co Inc  | 12621 | 1939721 |
| Tecnoglass Inc  | 6541 | 466177 |
| Trex Co Inc (b) | 31911 | 1845094 |
| UFP Industries Inc  | 18170 | 1796105 |
| Zurn Elkay Water Solutions Corp  | 42647 | 1448292 |
|  |  | 34259422 |
| Commercial Services & Supplies - 1.7% |  |  |
| ABM Industries Inc  | 18537 | 903493 |
| ACCO Brands Corp  | 27155 | 104818 |
| ACV Auctions Inc Class A (b) | 47490 | 697628 |
| Brady Corp Class A  | 13267 | 932537 |
| BrightView Holdings Inc (b) | 17500 | 240100 |
| Brink's Co/The  | 13078 | 1167081 |
| Casella Waste Systems Inc Class A (b) | 18609 | 2185627 |
| CECO Environmental Corp (b) | 8360 | 198884 |
| Clean Harbors Inc (b) | 15134 | 3237768 |
| CoreCivic Inc (b) | 32816 | 742954 |
| Deluxe Corp  | 12901 | 188355 |
| Driven Brands Holdings Inc (b) | 17317 | 286077 |
| Ennis Inc  | 7772 | 139507 |
| Enviri Corp (b) | 23433 | 160985 |
| GEO Group Inc/The (b) | 40673 | 1272251 |
| Healthcare Services Group Inc (b) | 21752 | 309096 |
| HNI Corp  | 14423 | 610093 |
| Interface Inc  | 17162 | 322646 |
| Liquidity Services Inc (b) | 6762 | 214896 |
| Matthews International Corp Class A  | 9347 | 191146 |
| MillerKnoll Inc  | 20345 | 333658 |
| Montrose Environmental Group Inc (b) | 9304 | 136118 |
| MSA Safety Inc  | 11744 | 1848740 |
| OPENLANE Inc (b) | 31830 | 589173 |
| Perma-Fix Environmental Services Inc (b) | 5718 | 46888 |
| Pitney Bowes Inc  | 46953 | 407552 |
| Pursuit Attractions and Hospitality Inc (b) | 6204 | 181715 |
| Quad/Graphics Inc Class A  | 9710 | 46317 |
| Rollins Inc  | 83817 | 4788466 |
| Steelcase Inc Class A  | 27816 | 275935 |
| Tetra Tech Inc  | 80162 | 2500253 |
| UniFirst Corp/MA  | 4489 | 801152 |
| Vestis Corp  | 33722 | 295405 |
| Virco Mfg. Corp  | 3133 | 28792 |
| VSE Corp  | 5300 | 606956 |
|  |  | 26993062 |
| Construction & Engineering - 2.1% |  |  |
| AECOM  | 39616 | 3908118 |
| Ameresco Inc Class A (b) | 9483 | 100804 |
| API Group Corp (b) | 72900 | 2757807 |
| Arcosa Inc  | 14516 | 1162296 |
| Argan Inc  | 3865 | 591847 |
| Bowman Consulting Group Ltd (b) | 4143 | 91643 |
| Comfort Systems USA Inc  | 10598 | 4213235 |
| Construction Partners Inc Class A (b) | 14121 | 1159899 |
| Dycom Industries Inc (b) | 8733 | 1463214 |
| EMCOR Group Inc  | 13742 | 5506420 |
| Everus Construction Group Inc  | 15243 | 613378 |
| Fluor Corp (b) | 51270 | 1788810 |
| Granite Construction Inc  | 12983 | 1055388 |
| Great Lakes Dredge & Dock Corp (b) | 19579 | 177973 |
| IES Holdings Inc (b) | 2517 | 495044 |
| Limbach Holdings Inc (b)(c) | 3062 | 293156 |
| MasTec Inc (b) | 18388 | 2341160 |
| Matrix Service Co (b) | 7230 | 83868 |
| MYR Group Inc (b) | 4850 | 593252 |
| Northwest Pipe Co (b) | 3105 | 131528 |
| Orion Group Holdings Inc (b) | 10768 | 68808 |
| Primoris Services Corp  | 16083 | 964498 |
| Sterling Infrastructure Inc (b) | 9186 | 1372664 |
| Tutor Perini Corp (b) | 12942 | 277735 |
| Valmont Industries Inc  | 5991 | 1756681 |
| WillScot Holdings Corp  | 55324 | 1389739 |
|  |  | 34358965 |
| Electrical Equipment - 1.1% |  |  |
| Acuity Inc  | 9139 | 2226352 |
| Allient Inc  | 4371 | 93321 |
| American Superconductor Corp (b) | 11601 | 230280 |
| Array Technologies Inc (b) | 43259 | 206778 |
| Atkore Inc  | 10347 | 660863 |
| Blink Charging Co (b)(c) | 29565 | 21644 |
| Bloom Energy Corp Class A (b)(c) | 59484 | 1089747 |
| ChargePoint Holdings Inc Class A (b)(c) | 115396 | 71869 |
| EnerSys  | 11756 | 1018070 |
| Enovix Corp Class B (b)(c) | 47894 | 320890 |
| Eos Energy Enterprises Inc (b)(c) | 64841 | 338470 |
| Fluence Energy Inc Class A (b)(c) | 17910 | 73252 |
| FuelCell Energy Inc (b)(c) | 5947 | 24382 |
| Generac Holdings Inc (b) | 17766 | 2032075 |
| GrafTech International Ltd (b) | 56572 | 35810 |
| Hyliion Holdings Corp Class A (b) | 37987 | 57360 |
| LSI Industries Inc  | 7893 | 119105 |
| Net Power Inc Class A (b)(c) | 10524 | 17890 |
| NEXTracker Inc Class A (b) | 42987 | 1745702 |
| NuScale Power Corp Class A (b)(c) | 32566 | 539619 |
| nVent Electric PLC  | 49266 | 2705196 |
| Plug Power Inc (b)(c) | 260886 | 227649 |
| Powell Industries Inc  | 2815 | 515455 |
| Preformed Line Products Co  | 864 | 118688 |
| Regal Rexnord Corp  | 19735 | 2088752 |
| Sensata Technologies Holding PLC  | 44850 | 959790 |
| SES AI Corp Class A (b)(c) | 46464 | 41762 |
| Shoals Technologies Group Inc (b) | 49721 | 179493 |
| Sunrun Inc (b)(c) | 67268 | 463477 |
| Thermon Group Holdings Inc (b) | 10288 | 269854 |
| Vicor Corp (b) | 6886 | 274786 |
|  |  | 18768381 |
| Ground Transportation - 1.0% |  |  |
| ArcBest Corp  | 6902 | 403905 |
| Avis Budget Group Inc (b)(c) | 5046 | 467411 |
| Covenant Logistics Group Inc Class A  | 4886 | 97231 |
| Ftai Infrastructure Inc  | 33051 | 142780 |
| Heartland Express Inc  | 13087 | 99461 |
| Hertz Global Holdings Inc (b)(c) | 36714 | 250389 |
| Knight-Swift Transportation Holdings Inc  | 48226 | 1889013 |
| Landstar System Inc  | 10583 | 1419709 |
| Lyft Inc Class A (b) | 110335 | 1368154 |
| Marten Transport Ltd  | 17138 | 220052 |
| Proficient Auto Logistics Inc (b) | 5004 | 41583 |
| RXO Inc (b) | 42433 | 597881 |
| Ryder System Inc  | 12595 | 1733954 |
| Saia Inc (b) | 7925 | 1933701 |
| Schneider National Inc Class B (c) | 13899 | 298690 |
| U-Haul Holding Co (b)(c) | 3364 | 206516 |
| U-Haul Holding Co Class N  | 29548 | 1619230 |
| Universal Logistics Holdings Inc  | 2210 | 48045 |
| Werner Enterprises Inc  | 18778 | 463065 |
| XPO Inc (b) | 35034 | 3717809 |
|  |  | 17018579 |
| Machinery - 4.5% |  |  |
| 3D Systems Corp (b) | 39401 | 72497 |
| AGCO Corp  | 18527 | 1571645 |
| Alamo Group Inc  | 3115 | 520143 |
| Albany International Corp Class A  | 9277 | 610056 |
| Allison Transmission Holdings Inc  | 25486 | 2350829 |
| Astec Industries Inc  | 6803 | 246473 |
| Atmus Filtration Technologies Inc  | 24894 | 863075 |
| Blue Bird Corp (b) | 9518 | 331893 |
| Chart Industries Inc (b) | 12565 | 1696024 |
| CNH Industrial NV Class A  | 261105 | 3020985 |
| Columbus McKinnon Corp/NY  | 8445 | 125408 |
| Crane Co  | 14528 | 2338717 |
| Donaldson Co Inc  | 35719 | 2347810 |
| Douglas Dynamics Inc  | 6892 | 165270 |
| Energy Recovery Inc (b) | 16974 | 262248 |
| Enerpac Tool Group Corp Class A  | 16306 | 658273 |
| Enpro Inc  | 6247 | 933302 |
| Esab Corp  | 16976 | 2039157 |
| ESCO Technologies Inc  | 7713 | 1206699 |
| Federal Signal Corp  | 18278 | 1488378 |
| Flowserve Corp  | 39287 | 1776951 |
| Franklin Electric Co Inc  | 11759 | 999045 |
| Gates Industrial Corp PLC (b) | 68065 | 1287790 |
| Gorman-Rupp Co/The  | 6202 | 222404 |
| Graco Inc  | 50434 | 4115919 |
| Graham Corp (b) | 2973 | 90617 |
| Greenbrier Cos Inc/The  | 9425 | 399809 |
| Helios Technologies Inc  | 9791 | 266903 |
| Hillenbrand Inc  | 21149 | 427844 |
| Hillman Solutions Corp Class A (b) | 58911 | 411788 |
| Hyster-Yale Inc Class A  | 3218 | 123668 |
| ITT Inc  | 24320 | 3332326 |
| JBT Marel Corp  | 13802 | 1452799 |
| Kadant Inc  | 3515 | 1036925 |
| Kennametal Inc  | 22953 | 447124 |
| Lincoln Electric Holdings Inc  | 16868 | 2972142 |
| Lindsay Corp  | 3267 | 421639 |
| Manitowoc Co Inc/The (b) | 10504 | 82771 |
| Mayville Engineering Co Inc (b) | 3886 | 49662 |
| Middleby Corp/The (b) | 16072 | 2143201 |
| Miller Industries Inc/TN  | 3396 | 138591 |
| Mueller Industries Inc  | 33963 | 2498318 |
| Mueller Water Products Inc Class A1  | 46804 | 1228137 |
| Nordson Corp  | 16224 | 3075584 |
| Oshkosh Corp  | 19459 | 1629886 |
| Pentair PLC  | 49333 | 4475983 |
| Proto Labs Inc (b) | 7405 | 260360 |
| RBC Bearings Inc (b) | 9337 | 3067858 |
| REV Group Inc  | 15593 | 509891 |
| Shyft Group Inc/The  | 9325 | 78889 |
| SPX Technologies Inc (b) | 13865 | 1859990 |
| Standex International Corp  | 3558 | 503172 |
| Symbotic Inc Class A (b)(c) | 11948 | 257838 |
| Tennant CO  | 5582 | 402797 |
| Terex Corp  | 19980 | 703296 |
| Timken Co/The  | 19110 | 1227818 |
| Titan International Inc (b) | 14513 | 106671 |
| Toro Co/The  | 30097 | 2055023 |
| Trinity Industries Inc  | 24363 | 611511 |
| Wabash National Corp  | 12684 | 87645 |
| Watts Water Technologies Inc Class A  | 8177 | 1698772 |
| Worthington Enterprises Inc  | 9306 | 471163 |
|  |  | 71859402 |
| Marine Transportation - 0.2% |  |  |
| Genco Shipping & Trading Ltd  | 13014 | 168661 |
| Kirby Corp (b) | 17158 | 1653516 |
| Matson Inc  | 9929 | 1083155 |
|  |  | 2905332 |
| Passenger Airlines - 0.4% |  |  |
| Alaska Air Group Inc (b) | 36777 | 1628118 |
| Allegiant Travel Co  | 4248 | 199359 |
| American Airlines Group Inc (b)(c) | 196561 | 1955782 |
| Blade Air Mobility Inc (b) | 18183 | 48184 |
| Frontier Group Holdings Inc (b)(c) | 23887 | 71183 |
| JetBlue Airways Corp (b) | 91287 | 398011 |
| Joby Aviation Inc Class A (b)(c) | 144269 | 908895 |
| SkyWest Inc (b) | 12092 | 1078244 |
| Sun Country Airlines Holdings Inc (b) | 11457 | 112279 |
|  |  | 6400055 |
| Professional Services - 2.6% |  |  |
| Alight Inc Class A  | 136078 | 695359 |
| Amentum Holdings Inc  | 43033 | 938980 |
| Barrett Business Services Inc  | 7622 | 309148 |
| BlackSky Technology Inc Class A (b)(c) | 7462 | 62382 |
| CACI International Inc (b) | 6698 | 3066813 |
| Cbiz Inc (b) | 14954 | 1018367 |
| Clarivate PLC (b)(c) | 133694 | 576221 |
| Concentrix Corp  | 13853 | 707334 |
| Conduent Inc (b) | 43590 | 91975 |
| CRA International Inc  | 1997 | 323913 |
| CSG Systems International Inc  | 8298 | 498959 |
| Dayforce Inc (b) | 47513 | 2749577 |
| Dun & Bradstreet Holdings Inc  | 92576 | 830407 |
| ExlService Holdings Inc (b) | 47906 | 2322483 |
| Exponent Inc  | 15201 | 1196015 |
| First Advantage Corp (b) | 18048 | 254477 |
| Franklin Covey Co (b) | 3394 | 68932 |
| FTI Consulting Inc (b) | 10566 | 1756914 |
| Genpact Ltd  | 47934 | 2409163 |
| Heidrick & Struggles International Inc  | 5958 | 232481 |
| Huron Consulting Group Inc (b) | 4891 | 659258 |
| ICF International Inc  | 5643 | 479429 |
| Innodata Inc (b)(c) | 7619 | 288151 |
| Insperity Inc  | 10519 | 683840 |
| KBR Inc  | 39830 | 2103422 |
| Kelly Services Inc Class A  | 9691 | 111931 |
| Kforce Inc  | 5243 | 200283 |
| Korn Ferry  | 15335 | 946170 |
| Legalzoom.com Inc (b) | 31761 | 232491 |
| ManpowerGroup Inc  | 13985 | 602334 |
| Maximus Inc  | 16957 | 1135441 |
| Mistras Group Inc (b) | 5938 | 54155 |
| NV5 Global Inc (b) | 15325 | 284279 |
| Parsons Corp (b) | 13971 | 934101 |
| Paycom Software Inc  | 14065 | 3184175 |
| Paylocity Holding Corp (b) | 13020 | 2501142 |
| Planet Labs PBC Class A (b) | 65185 | 214459 |
| Resolute Holdings Management Inc  | 806 | 21737 |
| Resources Connection Inc  | 8960 | 51386 |
| Robert Half Inc  | 29989 | 1328513 |
| Science Applications International Corp  | 14603 | 1767401 |
| Spire Global Inc Class A (b)(c) | 6686 | 62782 |
| TriNet Group Inc  | 9108 | 713430 |
| TrueBlue Inc (b) | 8624 | 37427 |
| TTEC Holdings Inc (b) | 5182 | 20727 |
| UL Solutions Inc Class A  | 18509 | 1058530 |
| Upwork Inc (b) | 37857 | 497820 |
| Verra Mobility Corp Class A (b) | 49312 | 1075002 |
| Willdan Group Inc (b) | 3986 | 156251 |
|  |  | 41515967 |
| Trading Companies & Distributors - 1.6% |  |  |
| Air Lease Corp Class A  | 31025 | 1450729 |
| Alta Equipment Group Inc Class A  | 6730 | 28602 |
| Applied Industrial Technologies Inc  | 11466 | 2789448 |
| BlueLinx Holdings Inc (b) | 2600 | 169364 |
| Boise Cascade Co  | 11407 | 1064045 |
| Core & Main Inc Class A (b) | 56826 | 2993594 |
| Custom Truck One Source Inc Class A (b)(c) | 15597 | 62856 |
| Distribution Solutions Group Inc (b) | 2631 | 68511 |
| DNOW Inc (b) | 31609 | 501635 |
| DXP Enterprises Inc/TX (b) | 3775 | 333937 |
| FTAI Aviation Ltd  | 30628 | 3280565 |
| GATX Corp  | 10604 | 1547760 |
| Global Industrial Co  | 3995 | 102592 |
| GMS Inc (b) | 11530 | 844688 |
| H&E Equipment Services Inc  | 9385 | 842867 |
| Herc Holdings Inc  | 8522 | 932648 |
| Hudson Technologies Inc (b) | 11344 | 75891 |
| McGrath RentCorp  | 7309 | 779651 |
| Mrc Global Inc (b) | 25974 | 302597 |
| MSC Industrial Direct Co Inc Class A  | 13392 | 1024220 |
| QXO Inc (c) | 73556 | 981237 |
| Rush Enterprises Inc Class A  | 18688 | 952901 |
| SiteOne Landscape Supply Inc (b) | 13359 | 1533747 |
| Titan Machinery Inc (b) | 6153 | 102078 |
| Transcat Inc (b)(c) | 2796 | 221807 |
| Wesco International Inc  | 13221 | 2154494 |
| Willis Lease Finance Corp  | 853 | 131976 |
| Xometry Inc Class A (b) | 13719 | 351755 |
|  |  | 25626195 |
| TOTAL INDUSTRIALS |  | 313187647 |
| Information Technology - 11.7% |  |  |
| Communications Equipment - 0.7% |  |  |
| ADTRAN Holdings Inc (b) | 20866 | 159834 |
| Applied Optoelectronics Inc (b)(c) | 13709 | 175338 |
| Aviat Networks Inc (b) | 3456 | 60687 |
| Calix Inc (b) | 17733 | 725457 |
| Ciena Corp (b) | 42440 | 2850270 |
| Clearfield Inc (b) | 3400 | 97478 |
| CommScope Holding Co Inc (b) | 63291 | 236708 |
| Digi International Inc (b) | 11178 | 304042 |
| Extreme Networks Inc (b) | 39977 | 526097 |
| Harmonic Inc (b) | 34559 | 310340 |
| Juniper Networks Inc  | 98842 | 3589942 |
| Lumentum Holdings Inc (b) | 20661 | 1219825 |
| Netgear Inc (b) | 8438 | 203525 |
| NetScout Systems Inc (b) | 21342 | 448609 |
| Ribbon Communications Inc (b) | 28167 | 90416 |
| Viasat Inc (b)(c) | 25094 | 232621 |
| Viavi Solutions Inc (b) | 66527 | 703856 |
|  |  | 11935045 |
| Electronic Equipment, Instruments & Components - 2.2% |  |  |
| 908 Devices Inc (b)(c) | 8174 | 44385 |
| Advanced Energy Industries Inc  | 11235 | 1094401 |
| Aeva Technologies Inc (b) | 9949 | 70737 |
| Arlo Technologies Inc (b) | 29747 | 292413 |
| Arrow Electronics Inc (b) | 15628 | 1740334 |
| Avnet Inc  | 25891 | 1216618 |
| Badger Meter Inc  | 8796 | 1942333 |
| Bel Fuse Inc Class B  | 3096 | 203624 |
| Belden Inc  | 12055 | 1242991 |
| Benchmark Electronics Inc  | 10879 | 353894 |
| Climb Global Solutions Inc  | 1169 | 123213 |
| Cognex Corp  | 50607 | 1381571 |
| Coherent Corp (b) | 46288 | 2977244 |
| Crane NXT Co (c) | 14806 | 694698 |
| CTS Corp  | 8953 | 340930 |
| Daktronics Inc (b) | 11995 | 152217 |
| ePlus Inc (b) | 7793 | 485971 |
| Evolv Technologies Holdings Inc Class A (b)(c) | 32223 | 141459 |
| FARO Technologies Inc (b) | 5657 | 166372 |
| Flex Ltd (b) | 114401 | 3928531 |
| Insight Enterprises Inc (b) | 8181 | 1131269 |
| IPG Photonics Corp (b) | 7930 | 474928 |
| Itron Inc (b) | 13489 | 1501191 |
| Kimball Electronics Inc (b) | 7345 | 105327 |
| Knowles Corp (b) | 25996 | 409177 |
| Lightwave Logic Inc (b)(c) | 36821 | 32774 |
| Littelfuse Inc  | 7440 | 1356386 |
| Methode Electronics Inc  | 10633 | 66669 |
| MicroVision Inc (b)(c) | 69270 | 78275 |
| Mirion Technologies Inc Class A (b) | 55945 | 882812 |
| Napco Security Technologies Inc  | 10774 | 246186 |
| nLight Inc (b) | 14106 | 108757 |
| Novanta Inc (b) | 10756 | 1278458 |
| OSI Systems Inc (b) | 4674 | 956955 |
| Ouster Inc Class A (b) | 12669 | 94131 |
| PAR Technology Corp (b)(c) | 11603 | 677615 |
| PC Connection Inc  | 3707 | 229982 |
| Plexus Corp (b) | 8026 | 982623 |
| Powerfleet Inc NJ (b)(c) | 34875 | 175770 |
| Red Cat Holdings Inc (b)(c) | 17979 | 90255 |
| Rogers Corp (b) | 5025 | 310595 |
| Sanmina Corp (b) | 16251 | 1247914 |
| ScanSource Inc (b) | 6382 | 210542 |
| SmartRent Inc Class A (b) | 51235 | 48832 |
| TD SYNNEX Corp  | 22505 | 2493554 |
| TTM Technologies Inc (b) | 30598 | 612572 |
| Vishay Intertechnology Inc  | 33114 | 430151 |
| Vishay Precision Group Inc (b) | 3888 | 96967 |
| Vontier Corp  | 44328 | 1410074 |
|  |  | 36334677 |
| IT Services - 0.7% |  |  |
| Amdocs Ltd  | 33678 | 2983197 |
| Applied Digital Corp (b)(c) | 53641 | 243530 |
| ASGN Inc (b) | 13159 | 662950 |
| Backblaze Inc Class A (b) | 13819 | 60804 |
| BigBear.ai Holdings Inc (b)(c) | 29656 | 101127 |
| BigCommerce Holdings Inc (b) | 19074 | 98803 |
| Couchbase Inc (b)(c) | 12714 | 224275 |
| DigitalOcean Holdings Inc (b) | 18965 | 586019 |
| DXC Technology Co (b) | 54419 | 844583 |
| EPAM Systems Inc (b) | 16956 | 2660566 |
| Fastly Inc Class A (b) | 37787 | 217275 |
| Grid Dynamics Holdings Inc (b) | 18228 | 258108 |
| Hackett Group Inc/The  | 7394 | 188843 |
| Kyndryl Holdings Inc (b) | 69541 | 2254519 |
| Rackspace Technology Inc (b) | 22813 | 31026 |
| TSS Inc/MD (b)(c) | 3887 | 26587 |
| Unisys Corp (b) | 20083 | 79730 |
|  |  | 11521942 |
| Semiconductors & Semiconductor Equipment - 2.0% |  |  |
| ACM Research Inc Class A (b) | 14384 | 280056 |
| Aehr Test Systems (b)(c) | 8099 | 69084 |
| Alpha & Omega Semiconductor Ltd (b) | 7020 | 132187 |
| Ambarella Inc (b) | 11614 | 557356 |
| Amkor Technology Inc  | 33703 | 588117 |
| Atomera Inc (b)(c) | 8213 | 36055 |
| Axcelis Technologies Inc (b) | 9810 | 480494 |
| CEVA Inc (b) | 6907 | 181032 |
| Cirrus Logic Inc (b) | 15902 | 1527228 |
| Cohu Inc (b) | 13748 | 219968 |
| Credo Technology Group Holding Ltd (b) | 42943 | 1848696 |
| Diodes Inc (b) | 13933 | 535027 |
| Enphase Energy Inc (b) | 39610 | 1766210 |
| FormFactor Inc (b) | 23236 | 653861 |
| Ichor Holdings Ltd (b) | 9938 | 196574 |
| Impinj Inc (b) | 6930 | 638461 |
| Kopin Corp (b) | 41004 | 52485 |
| Lattice Semiconductor Corp (b) | 41225 | 2017140 |
| MACOM Technology Solutions Holdings Inc (b) | 17758 | 1842393 |
| MaxLinear Inc Class A (b) | 22568 | 225454 |
| MKS Instruments Inc  | 20110 | 1410515 |
| Navitas Semiconductor Corp Class A (b)(c) | 38304 | 73927 |
| NVE Corp  | 1396 | 81122 |
| Onto Innovation Inc (b) | 14760 | 1800277 |
| PDF Solutions Inc (b) | 9111 | 167187 |
| Penguin Solutions Inc (b) | 16161 | 275868 |
| Photronics Inc (b) | 18838 | 344170 |
| Power Integrations Inc  | 17104 | 840148 |
| Qorvo Inc (b) | 27902 | 1999736 |
| Rambus Inc (b) | 31838 | 1553376 |
| Rigetti Computing Inc Class A (b)(c) | 73764 | 654287 |
| Semtech Corp (b) | 25715 | 803594 |
| Silicon Laboratories Inc (b) | 9718 | 988904 |
| SiTime Corp (b) | 5719 | 839892 |
| SkyWater Technology Inc (b) | 6315 | 44773 |
| Skyworks Solutions Inc  | 48021 | 3086791 |
| SolarEdge Technologies Inc (b)(c) | 17076 | 208925 |
| Synaptics Inc (b) | 11765 | 654840 |
| Ultra Clean Holdings Inc (b) | 13280 | 248402 |
| Universal Display Corp  | 13189 | 1656934 |
| Veeco Instruments Inc (b) | 17667 | 330373 |
| Wolfspeed Inc (b)(c) | 47003 | 166861 |
|  |  | 32078780 |
| Software - 5.6% |  |  |
| 8x8 Inc (b) | 38602 | 68326 |
| A10 Networks Inc  | 22190 | 365691 |
| ACI Worldwide Inc (b) | 31340 | 1672302 |
| Adeia Inc  | 32317 | 397822 |
| Agilysys Inc (b) | 6737 | 500896 |
| Alarm.com Holdings Inc (b) | 14818 | 794245 |
| Alkami Technology Inc (b) | 19920 | 531665 |
| Amplitude Inc Class A (b) | 25292 | 232433 |
| Appfolio Inc Class A (b) | 6959 | 1437173 |
| Appian Corp Class A (b)(c) | 12567 | 390205 |
| Arteris Inc (b) | 7978 | 53133 |
| Asana Inc Class A (b) | 25357 | 409262 |
| Aurora Innovation Inc Class A (b)(c) | 311484 | 2255144 |
| AvePoint Inc Class A (b) | 30902 | 505248 |
| Bentley Systems Inc Class B  | 46070 | 1980549 |
| BILL Holdings Inc (b) | 27958 | 1274046 |
| Blackbaud Inc (b) | 11387 | 689369 |
| BlackLine Inc (b) | 15510 | 732537 |
| Blend Labs Inc Class A (b) | 56973 | 190860 |
| Box Inc Class A (b) | 42942 | 1340649 |
| Braze Inc Class A (b) | 20526 | 638974 |
| C3.ai Inc Class A (b)(c) | 34290 | 754723 |
| Ccc Intelligent Solutions Holdings Inc Class A (b) | 141861 | 1313633 |
| Cerence Inc (b) | 12971 | 117517 |
| Cipher Mining Inc (b)(c) | 67283 | 191757 |
| Cleanspark Inc (b)(c) | 83259 | 680226 |
| Clear Secure Inc Class A  | 28109 | 693730 |
| Clearwater Analytics Holdings Inc Class A (b) | 63827 | 1451426 |
| Commvault Systems Inc (b) | 13139 | 2195921 |
| Confluent Inc Class A (b) | 77122 | 1836275 |
| Consensus Cloud Solutions Inc (b) | 5263 | 104523 |
| Core Scientific Inc (b) | 83538 | 676658 |
| Daily Journal Corp (b) | 271 | 102704 |
| Digimarc Corp (b) | 4460 | 58381 |
| Digital Turbine Inc (b) | 27537 | 82611 |
| Dolby Laboratories Inc Class A  | 18299 | 1405180 |
| Domo Inc Class B (b) | 9436 | 70109 |
| DoubleVerify Holdings Inc (b) | 42281 | 560646 |
| Dropbox Inc Class A (b) | 64693 | 1846985 |
| Dynatrace Inc (b) | 89423 | 4200198 |
| E2open Parent Holdings Inc Class A (b) | 61449 | 121055 |
| Elastic NV (b) | 26005 | 2241631 |
| Expensify Inc Class A (b) | 15543 | 46007 |
| Five9 Inc (b)(c) | 22465 | 564770 |
| Freshworks Inc Class A (b) | 56113 | 828789 |
| Gitlab Inc Class A (b) | 36716 | 1713536 |
| Guidewire Software Inc (b) | 24935 | 5105940 |
| I3 Verticals Inc Class A (b) | 6319 | 158733 |
| Informatica Inc Class A (b) | 24627 | 463726 |
| Intapp Inc (b) | 15914 | 863494 |
| InterDigital Inc  | 7670 | 1541670 |
| Jamf Holding Corp (b) | 18579 | 214959 |
| Klaviyo Inc Class A (b) | 23425 | 713057 |
| LiveRamp Holdings Inc (b) | 19522 | 510696 |
| Manhattan Associates Inc (b) | 18262 | 3239496 |
| MARA Holdings Inc (b)(c) | 101482 | 1356814 |
| Meridianlink Inc (b) | 7779 | 131543 |
| Mitek Systems Inc (b) | 13333 | 110397 |
| N-able Inc/US (b) | 21039 | 148535 |
| nCino Inc (b)(c) | 27784 | 644589 |
| NCR Voyix Corp (b)(c) | 44247 | 379197 |
| NextNav Inc Class A (b) | 20005 | 248462 |
| Nutanix Inc Class A (b) | 74421 | 5112724 |
| Olo Inc Class A (b) | 33245 | 206119 |
| OneSpan Inc  | 10400 | 154648 |
| Onestream Inc Class A (c) | 15490 | 331486 |
| Ooma Inc (b) | 7777 | 95113 |
| PagerDuty Inc (b) | 26685 | 413884 |
| Pegasystems Inc  | 13334 | 1227795 |
| Porch Group Inc (b) | 27479 | 159378 |
| Procore Technologies Inc (b) | 31990 | 2050239 |
| Progress Software Corp  | 12990 | 778880 |
| PROS Holdings Inc (b) | 12870 | 219820 |
| Q2 Holdings Inc (b) | 18176 | 1440448 |
| Qualys Inc (b) | 10947 | 1376147 |
| Rapid7 Inc (b) | 19085 | 450788 |
| Red Violet Inc  | 3483 | 136046 |
| Rekor Systems Inc (b)(c) | 32058 | 33661 |
| RingCentral Inc Class A (b) | 23968 | 611184 |
| Riot Platforms Inc (b)(c) | 89525 | 648161 |
| Rubrik Inc Class A (b) | 26010 | 1834485 |
| Samsara Inc Class A (b) | 75650 | 3000279 |
| SEMrush Holdings Inc Class A (b) | 9824 | 100991 |
| SentinelOne Inc Class A (b) | 88425 | 1635863 |
| SoundHound AI Inc Class A (b)(c) | 107887 | 1002270 |
| Sprinklr Inc Class A (b) | 33726 | 259353 |
| Sprout Social Inc Class A (b) | 15435 | 322746 |
| SPS Commerce Inc (b) | 11356 | 1629700 |
| Telos Corp (b) | 14697 | 40123 |
| Tenable Holdings Inc (b) | 35723 | 1092052 |
| Teradata Corp (b) | 28740 | 617910 |
| Terawulf Inc (b)(c) | 92297 | 256586 |
| UiPath Inc Class A (b) | 126577 | 1511329 |
| Unity Software Inc (b) | 87866 | 1851337 |
| Varonis Systems Inc (b) | 33669 | 1442380 |
| Verint Systems Inc (b) | 18821 | 332002 |
| Veritone Inc (b)(c) | 12107 | 24698 |
| Vertex Inc Class A (b) | 15602 | 624548 |
| Viant Technology Inc Class A (b) | 4951 | 70849 |
| Weave Communications Inc (b) | 11802 | 125101 |
| Workiva Inc Class A (b) | 15403 | 1159384 |
| Xperi Inc (b) | 13552 | 100149 |
| Yext Inc (b) | 32012 | 217682 |
| Zeta Global Holdings Corp Class A (b) | 63595 | 830551 |
|  |  | 91679717 |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| CompoSecure Inc Class A  | 11701 | 128594 |
| Corsair Gaming Inc (b) | 13226 | 93640 |
| Diebold Nixdorf Inc (b) | 11265 | 499377 |
| Eastman Kodak Co (b)(c) | 21565 | 135644 |
| Immersion Corp  | 8794 | 63581 |
| IonQ Inc (b)(c) | 58857 | 1616213 |
| Pure Storage Inc Class A (b) | 92594 | 4200064 |
| Sandisk Corp/DE  | 34465 | 1106671 |
| Turtle Beach Corp (b) | 4876 | 56318 |
| Xerox Holdings Corp (c) | 33913 | 149556 |
|  |  | 8049658 |
| TOTAL INFORMATION TECHNOLOGY |  | 191599819 |
| Materials - 4.7% |  |  |
| Chemicals - 2.0% |  |  |
| AdvanSix Inc  | 7823 | 167569 |
| Albemarle Corp  | 35027 | 2050831 |
| American Vanguard Corp  | 7401 | 31232 |
| Arq Inc (b) | 10355 | 39245 |
| Ashland Inc  | 14214 | 773099 |
| ASP Isotopes Inc (b)(c) | 16573 | 87505 |
| Aspen Aerogels Inc (b) | 19540 | 105516 |
| Avient Corp  | 27443 | 914126 |
| Axalta Coating Systems Ltd (b) | 64972 | 2111590 |
| Balchem Corp  | 9712 | 1520414 |
| Cabot Corp  | 16253 | 1276511 |
| Celanese Corp  | 32720 | 1456367 |
| Chemours Co/The  | 45005 | 557162 |
| Danimer Scientific Inc warrants 7/15/2025 (b) | 8133 | 3 |
| Ecovyst Inc (b) | 30619 | 183102 |
| Element Solutions Inc  | 66697 | 1361286 |
| FMC Corp  | 37365 | 1566341 |
| Ginkgo Bioworks Holdings Inc Class A (b)(c) | 11681 | 86089 |
| Hawkins Inc  | 5697 | 693781 |
| HB Fuller Co  | 16438 | 888310 |
| Huntsman Corp  | 48309 | 642993 |
| Ingevity Corp (b) | 10888 | 359086 |
| Innospec Inc  | 7506 | 671637 |
| Intrepid Potash Inc (b) | 2795 | 92347 |
| Koppers Holdings Inc  | 6062 | 151914 |
| Kronos Worldwide Inc  | 6225 | 47995 |
| LSB Industries Inc (b) | 15620 | 99656 |
| Mativ Holdings Inc  | 15754 | 80503 |
| Minerals Technologies Inc  | 9500 | 490105 |
| Mosaic Co/The  | 94920 | 2885568 |
| NewMarket Corp  | 2278 | 1401653 |
| Olin Corp  | 34379 | 743274 |
| Origin Materials Inc Class A (b)(c) | 36401 | 25721 |
| Perimeter Solutions Inc  | 41084 | 416181 |
| PureCycle Technologies Inc (b)(c) | 44351 | 297595 |
| Quaker Chemical Corp  | 4056 | 429693 |
| Rayonier Advanced Materials Inc (b) | 18986 | 80880 |
| RPM International Inc  | 38423 | 4101655 |
| Scotts Miracle-Gro Co/The  | 12925 | 651162 |
| Sensient Technologies Corp  | 12673 | 1190628 |
| Stepan Co  | 6574 | 332381 |
| Trinseo PLC  | 10443 | 41563 |
| Tronox Holdings PLC  | 34379 | 185990 |
| Westlake Corp  | 10042 | 928182 |
|  |  | 32218441 |
| Construction Materials - 0.3% |  |  |
| Eagle Materials Inc  | 9915 | 2244657 |
| Knife River Corp (b) | 16951 | 1582884 |
| United States Lime & Minerals Inc  | 3151 | 294650 |
|  |  | 4122191 |
| Containers & Packaging - 0.9% |  |  |
| Amcor PLC  | 12477 | 114788 |
| AptarGroup Inc  | 19883 | 2981456 |
| Ardagh Metal Packaging SA  | 43045 | 159697 |
| Crown Holdings Inc  | 34969 | 3368564 |
| Graphic Packaging Holding CO  | 89826 | 2273496 |
| Greif Inc Class A  | 7869 | 412965 |
| Myers Industries Inc  | 10947 | 114944 |
| O-I Glass Inc (b) | 46484 | 588487 |
| Ranpak Holdings Corp Class A (b) | 12524 | 51473 |
| Sealed Air Corp  | 43395 | 1195966 |
| Silgan Holdings Inc  | 24086 | 1244042 |
| Sonoco Products Co  | 29460 | 1207860 |
| TriMas Corp  | 11513 | 276888 |
|  |  | 13990626 |
| Metals & Mining - 1.4% |  |  |
| Alcoa Corp (c) | 76968 | 1888025 |
| Alpha Metallurgical Resources Inc (b) | 3283 | 398392 |
| ATI Inc (b) | 42611 | 2317186 |
| Carpenter Technology Corp  | 14907 | 2915958 |
| Century Aluminum Co (b) | 15280 | 250745 |
| Cleveland-Cliffs Inc (b)(c) | 144943 | 1194330 |
| Coeur Mining Inc (b) | 191237 | 1061365 |
| Commercial Metals Co  | 34001 | 1514405 |
| Compass Minerals International Inc (b) | 10200 | 137088 |
| Contango ORE Inc (b)(c) | 3082 | 43333 |
| Hecla Mining Co  | 189248 | 1082499 |
| Idaho Strategic Resources Inc (b)(c) | 3587 | 57356 |
| Ivanhoe Electric Inc / US (b)(c) | 27741 | 174768 |
| Kaiser Aluminum Corp  | 4857 | 313082 |
| Materion Corp  | 6178 | 512836 |
| Mesabi Trust  | 3984 | 111313 |
| Metallus Inc (b) | 10871 | 137518 |
| MP Materials Corp (b)(c) | 36140 | 883984 |
| Olympic Steel Inc  | 2859 | 92203 |
| Piedmont Lithium Inc (b)(c) | 6040 | 45179 |
| Radius Recycling Inc Class A  | 7863 | 230622 |
| Ramaco Resources Inc Class A  | 8328 | 83946 |
| Royal Gold Inc  | 19626 | 3585867 |
| Ryerson Holding Corp  | 8138 | 190266 |
| SunCoke Energy Inc  | 25482 | 230867 |
| United States Steel Corp  | 67252 | 2939586 |
| Warrior Met Coal Inc  | 15756 | 753452 |
| Worthington Steel Inc  | 10502 | 269481 |
|  |  | 23415652 |
| Paper & Forest Products - 0.1% |  |  |
| Clearwater Paper Corp (b) | 4780 | 128391 |
| Louisiana-Pacific Corp  | 18710 | 1614860 |
| Sylvamo Corp  | 10132 | 604070 |
|  |  | 2347321 |
| TOTAL MATERIALS |  | 76094231 |
| Real Estate - 7.0% |  |  |
| Diversified REITs - 0.2% |  |  |
| Alexander & Baldwin Inc  | 21821 | 374885 |
| Alpine Income Property Trust Inc  | 4309 | 66574 |
| American Assets Trust Inc  | 14186 | 265704 |
| Armada Hoffler Properties Inc Class A  | 23760 | 160855 |
| Broadstone Net Lease Inc Class A  | 56933 | 921176 |
| CTO Realty Growth Inc  | 7890 | 144150 |
| Empire State Realty Trust Inc Class A  | 40335 | 287185 |
| Essential Properties Realty Trust Inc  | 56277 | 1810431 |
| Gladstone Commercial Corp  | 13148 | 185781 |
| Global Net Lease Inc  | 58821 | 444099 |
| One Liberty Properties Inc  | 5066 | 123610 |
|  |  | 4784450 |
| Health Care REITs - 0.8% |  |  |
| American Healthcare REIT Inc  | 45788 | 1478037 |
| CareTrust REIT Inc  | 56212 | 1645325 |
| Community Healthcare Trust Inc  | 7388 | 126187 |
| Diversified Healthcare Trust  | 63989 | 144615 |
| Global Medical REIT Inc  | 19201 | 148616 |
| Healthcare Realty Trust Inc  | 106205 | 1649364 |
| LTC Properties Inc  | 13784 | 494432 |
| Medical Properties Trust Inc (c) | 179789 | 992435 |
| National Health Investors Inc  | 13649 | 1032820 |
| Omega Healthcare Investors Inc  | 84224 | 3288947 |
| Sabra Health Care REIT Inc  | 70896 | 1265494 |
| Sila Realty Trust Inc  | 16379 | 421923 |
| Universal Health Realty Income Trust  | 3788 | 144739 |
|  |  | 12832934 |
| Hotel & Resort REITs - 0.3% |  |  |
| Apple Hospitality REIT Inc  | 66806 | 786307 |
| Chatham Lodging Trust  | 15301 | 105118 |
| DiamondRock Hospitality Co  | 63134 | 463404 |
| Park Hotels & Resorts Inc  | 61575 | 612056 |
| Pebblebrook Hotel Trust  | 36360 | 329058 |
| RLJ Lodging Trust  | 46479 | 325818 |
| Ryman Hospitality Properties Inc  | 17960 | 1579582 |
| Service Properties Trust  | 48704 | 87666 |
| Summit Hotel Properties Inc  | 32692 | 133056 |
| Sunstone Hotel Investors Inc  | 60622 | 505587 |
| Xenia Hotels & Resorts Inc  | 30138 | 321874 |
|  |  | 5249526 |
| Industrial REITs - 0.8% |  |  |
| Americold Realty Trust Inc  | 78425 | 1516740 |
| EastGroup Properties Inc  | 15559 | 2542652 |
| First Industrial Realty Trust Inc  | 39672 | 1887594 |
| Lineage Inc (c) | 17730 | 855118 |
| LXP Industrial Trust  | 89701 | 707741 |
| Plymouth Industrial REIT Inc  | 12405 | 184461 |
| Rexford Industrial Realty Inc  | 67911 | 2247854 |
| STAG Industrial Inc Class A  | 55941 | 1847731 |
| Terreno Realty Corp  | 29893 | 1683873 |
|  |  | 13473764 |
| Office REITs - 0.8% |  |  |
| Brandywine Realty Trust  | 51050 | 202158 |
| BXP Inc  | 43390 | 2765245 |
| COPT Defense Properties  | 33834 | 883406 |
| Cousins Properties Inc  | 50383 | 1387548 |
| Douglas Emmett Inc  | 50366 | 696562 |
| Easterly Government Properties Inc  | 12249 | 247062 |
| Highwoods Properties Inc  | 32501 | 924328 |
| Hudson Pacific Properties Inc  | 41847 | 85786 |
| JBG SMITH Properties  | 25239 | 352841 |
| Kilroy Realty Corp  | 31956 | 1006934 |
| NET Lease Office Properties (b) | 4787 | 144711 |
| Orion Properties Inc  | 15560 | 28474 |
| Paramount Group Inc  | 54462 | 233642 |
| Peakstone Realty Trust  | 11209 | 129016 |
| Piedmont Office Realty Trust Inc Class A1  | 36461 | 215485 |
| Postal Realty Trust Inc Class A  | 7006 | 92759 |
| SL Green Realty Corp  | 20887 | 1098865 |
| Vornado Realty Trust  | 49699 | 1753381 |
|  |  | 12248203 |
| Real Estate Management & Development - 0.8% |  |  |
| Anywhere Real Estate Inc (b) | 29262 | 101247 |
| Compass Inc Class A (b) | 125154 | 966189 |
| Cushman & Wakefield PLC (b) | 68199 | 639025 |
| Douglas Elliman Inc (b) | 20007 | 33211 |
| eXp World Holdings Inc  | 24890 | 227992 |
| Forestar Group Inc (b) | 5984 | 115252 |
| Howard Hughes Holdings Inc (b) | 9116 | 606487 |
| Jones Lang LaSalle Inc (b) | 14143 | 3216260 |
| Kennedy-Wilson Holdings Inc  | 34922 | 223501 |
| Marcus & Millichap Inc  | 7412 | 225325 |
| Newmark Group Inc Class A  | 41667 | 457920 |
| Opendoor Technologies Inc Class A (b) | 185175 | 140418 |
| RE/MAX Holdings Inc Class A (b) | 5364 | 41034 |
| Redfin Corp (b) | 37214 | 353905 |
| RMR Group Inc/The Class A  | 4642 | 68145 |
| Seaport Entertainment Group Inc (c) | 2398 | 45922 |
| St Joe Co/The  | 11316 | 478893 |
| Tejon Ranch Co (b) | 7720 | 130700 |
| Zillow Group Inc Class A (b) | 19650 | 1296507 |
| Zillow Group Inc Class C (b) | 44537 | 2998676 |
|  |  | 12366609 |
| Residential REITs - 0.9% |  |  |
| American Homes 4 Rent Class A  | 94903 | 3548423 |
| Apartment Investment and Management Co Class A  | 38199 | 302154 |
| Camden Property Trust  | 31913 | 3631699 |
| Centerspace  | 5146 | 310613 |
| Elme Communities  | 26688 | 415532 |
| Equity LifeStyle Properties Inc  | 57133 | 3701077 |
| Independence Realty Trust Inc  | 69033 | 1341311 |
| NexPoint Residential Trust Inc  | 6540 | 243811 |
| UMH Properties Inc  | 21849 | 386072 |
| Veris Residential Inc  | 24116 | 374280 |
|  |  | 14254972 |
| Retail REITs - 1.6% |  |  |
| Acadia Realty Trust  | 36055 | 688651 |
| Agree Realty Corp  | 32001 | 2483598 |
| Alexander's Inc  | 688 | 142003 |
| Brixmor Property Group Inc  | 91525 | 2279888 |
| CBL & Associates Properties Inc  | 4322 | 101437 |
| Curbline Properties Corp  | 28529 | 653029 |
| Federal Realty Investment Trust  | 23109 | 2172708 |
| FrontView REIT Inc  | 4963 | 61740 |
| Getty Realty Corp  | 15066 | 421697 |
| InvenTrust Properties Corp  | 23464 | 653707 |
| Kimco Realty Corp  | 203240 | 4060735 |
| Kite Realty Group Trust  | 65569 | 1419569 |
| Macerich Co/The  | 74598 | 1093607 |
| NETSTREIT Corp  | 24272 | 394905 |
| NNN REIT Inc  | 56176 | 2309395 |
| Phillips Edison & Co Inc  | 37591 | 1304408 |
| Regency Centers Corp  | 48808 | 3522961 |
| Saul Centers Inc  | 3632 | 118766 |
| SITE Centers Corp  | 14695 | 173989 |
| Tanger Inc  | 32923 | 1037404 |
| Urban Edge Properties  | 37971 | 686136 |
| Whitestone REIT  | 13613 | 177514 |
|  |  | 25957847 |
| Specialized REITs - 0.8% |  |  |
| CubeSmart  | 67767 | 2756084 |
| EPR Properties  | 22577 | 1117336 |
| Farmland Partners Inc  | 12849 | 129261 |
| Four Corners Property Trust Inc  | 30141 | 842441 |
| Gladstone Land Corp  | 9995 | 99250 |
| Lamar Advertising Co Class A  | 26299 | 2993089 |
| Millrose Properties Inc Class A  | 36042 | 902492 |
| National Storage Affiliates Trust  | 21175 | 787710 |
| Outfront Media Inc  | 41571 | 628969 |
| PotlatchDeltic Corp  | 21613 | 829723 |
| Rayonier Inc  | 42348 | 1035832 |
| Safehold Inc  | 13443 | 211727 |
| Uniti Group Inc  | 71905 | 353773 |
|  |  | 12687687 |
| TOTAL REAL ESTATE |  | 113855992 |
| Utilities - 2.7% |  |  |
| Electric Utilities - 1.0% |  |  |
| ALLETE Inc  | 17248 | 1129572 |
| Hawaiian Electric Industries Inc (b) | 51902 | 544971 |
| IDACORP Inc  | 15901 | 1877749 |
| MGE Energy Inc  | 10831 | 979339 |
| OGE Energy Corp  | 59832 | 2715176 |
| Oklo Inc Class A (b)(c) | 21558 | 511786 |
| Otter Tail Corp  | 12536 | 995108 |
| Pinnacle West Capital Corp  | 33889 | 3225555 |
| Portland General Electric Co  | 32739 | 1378967 |
| TXNM Energy Inc  | 26958 | 1434166 |
|  |  | 14792389 |
| Gas Utilities - 0.7% |  |  |
| Chesapeake Utilities Corp  | 6824 | 898516 |
| MDU Resources Group Inc  | 61155 | 1048197 |
| National Fuel Gas Co  | 27015 | 2074212 |
| New Jersey Resources Corp  | 29987 | 1467564 |
| Northwest Natural Holding Co  | 12088 | 520993 |
| ONE Gas Inc  | 16947 | 1330509 |
| Southwest Gas Holdings Inc  | 18058 | 1303968 |
| Spire Inc  | 17419 | 1333250 |
| UGI Corp  | 64174 | 2104265 |
|  |  | 12081474 |
| Independent Power and Renewable Electricity Producers - 0.4% |  |  |
| AES Corp/The  | 212637 | 2126370 |
| Clearway Energy Inc Class A  | 11597 | 317178 |
| Clearway Energy Inc Class C  | 23724 | 696062 |
| Ormat Technologies Inc  | 17215 | 1249809 |
| Talen Energy Corp (b) | 13722 | 2951328 |
|  |  | 7340747 |
| Multi-Utilities - 0.2% |  |  |
| Avista Corp  | 23704 | 983005 |
| Black Hills Corp  | 21419 | 1304417 |
| Northwestern Energy Group Inc  | 18357 | 1068928 |
| Unitil Corp  | 4771 | 279866 |
|  |  | 3636216 |
| Water Utilities - 0.4% |  |  |
| American States Water Co  | 11315 | 917760 |
| Cadiz Inc (b) | 14969 | 42512 |
| California Water Service Group  | 17831 | 903140 |
| Consolidated Water Co Ltd  | 4698 | 109182 |
| Essential Utilities Inc  | 75419 | 3101983 |
| Middlesex Water Co  | 5273 | 332832 |
| SJW Group  | 9100 | 516334 |
| York Water Co/The  | 4376 | 154035 |
|  |  | 6077778 |
| TOTAL UTILITIES |  | 43928604 |
| TOTAL UNITED STATES |  | 1599067009 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,571,545,331) |  | <br> **1628727630** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.9%** | &nbsp;&nbsp;**Money Market Funds - 5.9%** | &nbsp;&nbsp;**Money Market Funds - 5.9%** | &nbsp;&nbsp;**Money Market Funds - 5.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.33 | 416127 | 416210 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 96561465 | 96571121 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $96,987,331) |  |  | **96987331** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/29/2025 (i)<br>(Cost $287,058)<br>| 4.25 | 288000 | **287055** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 105.7%**<br> (Cost $1,668,819,720)<br>| <br>**1726002016** |
| **NET OTHER ASSETS (LIABILITIES) - (5.7)%**  | **(93761405)** |
| **NET ASSETS - 100.0%** | **1632240611** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini Russell 2000 Index Contracts (United States) | 14 | Jun 2025 | 1378860 | 62237 | 62237 |
| CME S&P 400 Midcap Index Contracts (United States) | 8 | Jun 2025 | 2286240 | 96899 | 96899 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **159136** |
| The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% | The notional amount of futures purchased as a percentage of Net Assets is 0.2% |

---

**Legend**

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

(b) Non-income producing

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

(d) Level 3 security

(e) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $192,003 or 0.0% of net assets.

(f) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

(i) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $287,055.

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 4501826 | 63341638 | 67427254 | 65743 | - | - | 416210 | 416127 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 91588044 | 160852431 | 155869354 | 408924 | - | - | 96571121 | 96561465 | 0.3% |
| Total | 96089870 | 224194069 | 223296608 | 474667 | - | - | 96987331 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 59104241 | 59104241 | - | - |
| Consumer Discretionary | 196854591 | 196854591 | - | - |
| Consumer Staples | 73883010 | 73883010 | - | - |
| Energy | 55204900 | 55204900 | - | - |
| Financials | 295065657 | 295065657 | - | - |
| Health Care | 199546696 | 199531518 | - | 15178 |
| Industrials | 313532890 | 313532890 | - | - |
| Information Technology | 195901257 | 195901257 | - | - |
| Materials | 81849792 | 81849792 | - | - |
| Real Estate | 113855992 | 113855992 | - | - |
| Utilities | 43928604 | 43928604 | - | - |
|  **U.S. Treasury Obligations** | 287055 | - | 287055 | - |
|  **Money Market Funds** | 96987331 | 96987331 | - | - |
| **Total Investments in Securities:** | 1726002016 | 1725699783 | 287055 | 15178 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 159136 | 159136 | - | - |
| Total Assets | 159136 | 159136 | - | - |
| **Total Derivative Instruments:** | 159136 | 159136 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2025. 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** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 159136 | 0 |
| **Total Equity Risk**  | 159136 | 0 |
| **Total Value of Derivatives** | 159136 | 0 |

---

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

**Fidelity ZERO® Extended Market Index Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $95,660,796) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,571,832,389) | $1629014685 |  |
| Fidelity Central Funds (cost $96,987,331) | 96987331 |  |
| Total Investment in Securities (cost $1,668,819,720) |  | $1726002016 |
| Segregated cash with brokers for derivative instruments |  | 90000 |
| Cash |  | 2254350 |
| Foreign currency held at value (cost $403) |  | 402 |
| Receivable for investments sold |  | 2226736 |
| Receivable for fund shares sold |  | 713809 |
| Dividends receivable |  | 500005 |
| Distributions receivable from Fidelity Central Funds |  | 48715 |
| Other receivables |  | 43855 |
| **Total assets** |  | 1731879888 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $2489656 |  |
| Payable for fund shares redeemed | 563410 |  |
| Payable for daily variation margin on futures contracts | 14602 |  |
| Collateral on securities loaned | 96571609 |  |
| **Total liabilities** |  | 99639277 |
| **Net Assets**  |  | $1632240611 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1579931197 |
| Total accumulated earnings (loss) |  | 52309414 |
| **Net Assets** |  | $1632240611 |
| **Net Asset Value**, offering price and redemption price per share ($1,632,240,611 ÷ 131,527,978 shares) |  | $12.41 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $11224347 |
| Interest  |  | 8257 |
| Income from Fidelity Central Funds (including $408,924 from security lending)  |  | 474667 |
| **Total income** |  | 11707271 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $3881 |  |
| **Total expenses** |  | 3881 |
| **Net Investment income (loss)** |  | 11703390 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 32410842 |  |
| Futures contracts | (400963) |  |
| Total net realized gain (loss) |  | 32009879 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (173815477) |  |
| Assets and liabilities in foreign currencies | 1 |  |
| Futures contracts | 105345 |  |
| Total change in net unrealized appreciation (depreciation) |  | (173710131) |
| **Net gain (loss)** |  | (141700252) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(129996862) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $11703390 | $24640668 |
| &nbsp;&nbsp;Net realized gain (loss) | 32009879<br>| 39884419<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (173710131) | 363744676<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (129996862)<br>| 428269763<br>|
| Distributions to shareholders | (21542038)<br>| (21540620)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 206757738 | 413229922 |
| Reinvestment of distributions | 19136759<br>| 19026243<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (177839895) | (373879253) |
| **Net increase (decrease) in net assets resulting from share transactions** | 48054602<br>| 58376912<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (103484298)<br>| 465106055<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1735724909 | 1270618854<br>|
| &nbsp;&nbsp;End of period | $1632240611 | $1735724909 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 15169846 | 33192384 |
| Issued in reinvestment of distributions | 1341049<br>| 1582882<br>|
| &nbsp;&nbsp;Redeemed | (13265211) | (30232808) |
| &nbsp;&nbsp;Net increase (decrease) | 3245684 | 4542458 |

---

**Financial Highlights** 

**Fidelity ZERO® Extended Market Index Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.53 | $10.27 | $10.90 | $14.09 | $9.48 | $9.66 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .09  | .20  | .19  | .18  | .18  | .14  |
| Net realized and unrealized gain (loss)  | (1.04)  | 3.24  | (.65)  | (2.46)  | 4.68  | (.14)  |
| Total from investment operations  | (.95)  | 3.44  | (.46)  | (2.28)  | 4.86  | -  |
| Distributions from net investment income  | (.17)  | (.18)  | (.17)  | (.16)  | (.14)  | (.13)  |
| Distributions from net realized gain  | -  | -  | -  | (.75)  | (.11)  | (.06)  |
| Total distributions  | (.17)  | (.18)  | (.17)  | (.91)  | (.25)  | (.18) C |
| Net asset value, end of period  | $12.41 | $13.53 | $10.27 | $10.90 | $14.09 | $9.48 |
| **Total Return** D,E | (7.21)% <br>| 33.66%  | (4.23)%  | (16.99)%  | 51.93%  | (.06)%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |  |
| Expenses before reductions H | -% I | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any H | -% I<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any H | -% I | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.32% I | 1.56%  | 1.74%  | 1.57%  | 1.38%  | 1.55%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1632241 | $1735725 | $1270619 | $1265762 | $1395074 | $591543 |
| Portfolio turnover rate J | 15% I<br>| 8% K | 7% K | 16% K | 25%  | 26%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

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

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

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

H*Amount represents less than .005%.*

I*Annualized.*

J*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

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

**Fidelity ZERO® International Index Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.8%** | &nbsp;&nbsp;**Common Stocks - 96.8%** | &nbsp;&nbsp;**Common Stocks - 96.8%** |
|  | Shares | Value ($)<br>|
| ARGENTINA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Vista Energy SAB de CV ADR (b) | 13606 | 614582 |
| AUSTRALIA - 4.5%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telstra Group Ltd  | 710437 | 2050390 |
| Interactive Media & Services - 0.1% |  |  |
| CAR Group Ltd  | 66440 | 1418115 |
| REA Group Ltd  | 9063 | 1439928 |
| SEEK Ltd  | 62834 | 855422 |
|  |  | 3713465 |
| TOTAL COMMUNICATION SERVICES |  | 5763855 |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.2% |  |  |
| Wesfarmers Ltd  | 199587 | 9998558 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Aristocrat Leisure Ltd  | 110017 | 4698721 |
| Lottery Corp/The  | 391845 | 1305834 |
|  |  | 6004555 |
| Specialty Retail - 0.0% |  |  |
| JB Hi-Fi Ltd  | 19256 | 1276052 |
| TOTAL CONSUMER DISCRETIONARY |  | 17279165 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.0% |  |  |
| Treasury Wine Estates Ltd  | 142958 | 817147 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Coles Group Ltd  | 235710 | 3200896 |
| Endeavour Group Ltd/Australia  | 268181 | 685983 |
| Metcash Ltd  | 191795 | 395053 |
| Woolworths Group Ltd  | 214848 | 4336201 |
|  |  | 8618133 |
| TOTAL CONSUMER STAPLES |  | 9435280 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Ampol Ltd  | 42108 | 639377 |
| Santos Ltd  | 571688 | 2197777 |
| Whitehaven Coal Ltd  | 146454 | 468468 |
| Woodside Energy Group Ltd  | 334012 | 4353892 |
|  |  | 7659514 |
| Financials - 1.7% |  |  |
| Banks - 1.3% |  |  |
| ANZ Group Holdings Ltd  | 523122 | 10003275 |
| Bank of Queensland Ltd  | 117141 | 559566 |
| Bendigo & Adelaide Bank Ltd  | 100018 | 715512 |
| Commonwealth Bank of Australia  | 294306 | 31369823 |
| National Australia Bank Ltd  | 539975 | 12468400 |
| Westpac Banking Corp  | 603218 | 12658635 |
|  |  | 67775211 |
| Capital Markets - 0.2% |  |  |
| ASX Ltd  | 34112 | 1544658 |
| HUB24 Ltd  | 14318 | 661474 |
| Macquarie Group Ltd  | 62334 | 7702928 |
| Magellan Financial Group Ltd warrants 4/16/2027 (b) | 1938 | 75 |
|  |  | 9909135 |
| Financial Services - 0.0% |  |  |
| AMP Ltd  | 441172 | 364389 |
| Challenger Ltd  | 90494 | 410043 |
| Washington H Soul Pattinson & Co Ltd  | 44036 | 1048170 |
|  |  | 1822602 |
| Insurance - 0.2% |  |  |
| Insurance Australia Group Ltd  | 416123 | 2185674 |
| Medibank Pvt Ltd  | 484672 | 1441766 |
| QBE Insurance Group Ltd  | 264739 | 3658673 |
| Steadfast Group Ltd  | 194921 | 732486 |
| Suncorp Group Ltd  | 190515 | 2477474 |
|  |  | 10496073 |
| TOTAL FINANCIALS |  | 90003021 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.0% |  |  |
| Telix Pharmaceuticals Ltd (b) | 51000 | 886576 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Ansell Ltd  | 25476 | 494223 |
| Cochlear Ltd  | 11510 | 2015753 |
|  |  | 2509976 |
| Health Care Providers & Services - 0.2% |  |  |
| EBOS Group Ltd  | 27817 | 605393 |
| Ramsay Health Care Ltd  | 32905 | 700569 |
| Sigma Healthcare Ltd  | 1015231 | 1959063 |
| Sonic Healthcare Ltd  | 84577 | 1412180 |
|  |  | 4677205 |
| Health Care Technology - 0.0% |  |  |
| Pro Medicus Ltd  | 9566 | 1402666 |
| TOTAL HEALTH CARE |  | 9476423 |
| Industrials - 0.3% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Brambles Ltd  | 243028 | 3193792 |
| Cleanaway Waste Management Ltd  | 389142 | 647612 |
|  |  | 3841404 |
| Construction & Engineering - 0.0% |  |  |
| Worley Ltd  | 86688 | 690651 |
| Ground Transportation - 0.0% |  |  |
| Aurizon Holdings Ltd  | 312216 | 611229 |
| Passenger Airlines - 0.0% |  |  |
| Qantas Airways Ltd  | 129609 | 732799 |
| Professional Services - 0.1% |  |  |
| ALS Ltd  | 85576 | 938979 |
| Computershare Ltd  | 97868 | 2557429 |
|  |  | 3496408 |
| Trading Companies & Distributors - 0.0% |  |  |
| Reece Ltd  | 41409 | 417580 |
| SGH Ltd  | 35109 | 1148229 |
|  |  | 1565809 |
| Transportation Infrastructure - 0.1% |  |  |
| Atlas Arteria Ltd unit  | 186671 | 618321 |
| Qube Holdings Ltd  | 312180 | 790349 |
| Transurban Group unit  | 545857 | 4918920 |
|  |  | 6327590 |
| TOTAL INDUSTRIALS |  | 17265890 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.0% |  |  |
| NEXTDC Ltd (b) | 113182 | 859315 |
| Software - 0.1% |  |  |
| Technology One Ltd  | 53027 | 1023536 |
| WiseTech Global Ltd  | 32947 | 1873464 |
|  |  | 2897000 |
| TOTAL INFORMATION TECHNOLOGY |  | 3756315 |
| Materials - 1.1% |  |  |
| Chemicals - 0.0% |  |  |
| Dyno Nobel Ltd  | 299602 | 434903 |
| Orica Ltd  | 85804 | 890633 |
|  |  | 1325536 |
| Metals & Mining - 1.1% |  |  |
| BHP Group Ltd  | 892325 | 21267364 |
| BlueScope Steel Ltd  | 77207 | 1182539 |
| Evolution Mining Ltd  | 350222 | 1756371 |
| Fortescue Ltd  | 297896 | 3076576 |
| Glencore PLC  | 1738334 | 5699538 |
| Lynas Rare Earths Ltd (b) | 153352 | 838338 |
| Mineral Resources Ltd (b) | 31016 | 407891 |
| Northern Star Resources Ltd  | 201359 | 2473429 |
| Pilbara Minerals Ltd (b) | 535333 | 515760 |
| Rio Tinto Ltd  | 65292 | 4884965 |
| Rio Tinto PLC  | 187308 | 11161574 |
| South32 Ltd  | 795195 | 1370356 |
|  |  | 54634701 |
| TOTAL MATERIALS |  | 55960237 |
| Real Estate - 0.3% |  |  |
| Diversified REITs - 0.1% |  |  |
| Charter Hall Group unit  | 83291 | 900538 |
| GPT Group/The unit  | 337264 | 999770 |
| Mirvac Group unit  | 694756 | 1013407 |
| Stockland unit  | 419766 | 1475158 |
|  |  | 4388873 |
| Industrial REITs - 0.1% |  |  |
| Goodman Group unit  | 357195 | 6838085 |
| Office REITs - 0.0% |  |  |
| Dexus unit  | 189463 | 912003 |
| Real Estate Management & Development - 0.0% |  |  |
| Lendlease Group unit  | 114795 | 386804 |
| Retail REITs - 0.1% |  |  |
| Scentre Group unit  | 914406 | 2118445 |
| Vicinity Ltd unit  | 680008 | 1028411 |
|  |  | 3146856 |
| TOTAL REAL ESTATE |  | 15672621 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Origin Energy Ltd  | 303001 | 2065257 |
| Gas Utilities - 0.0% |  |  |
| Apa Group unit  | 227779 | 1198568 |
| Multi-Utilities - 0.0% |  |  |
| AGL Energy Ltd  | 106683 | 727045 |
| TOTAL UTILITIES |  | 3990870 |
| TOTAL AUSTRALIA |  | 236263191 |
| AUSTRIA - 0.2%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| OMV AG  | 24800 | 1279994 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| BAWAG Group AG (c)(d) | 13844 | 1517347 |
| Erste Group Bank AG  | 57050 | 3842200 |
| Raiffeisen Bank International AG  | 22679 | 603246 |
|  |  | 5962793 |
| Insurance - 0.0% |  |  |
| UNIQA Insurance Group AG  | 20726 | 239490 |
| TOTAL FINANCIALS |  | 6202283 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| DO & Co AG (b) | 1324 | 210885 |
| Construction & Engineering - 0.0% |  |  |
| Strabag SE  | 4714 | 412802 |
| Machinery - 0.0% |  |  |
| ANDRITZ AG  | 12511 | 893613 |
| TOTAL INDUSTRIALS |  | 1517300 |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Wienerberger AG  | 19719 | 689818 |
| Metals & Mining - 0.0% |  |  |
| voestalpine AG  | 18255 | 478953 |
| Paper & Forest Products - 0.0% |  |  |
| Mondi PLC  | 77797 | 1174695 |
| TOTAL MATERIALS |  | 2343466 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| CA Immobilien Anlagen AG  | 7433 | 200576 |
| CPI Europe AG (b)(e) | 7756 | 0 |
|  |  | 200576 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Verbund AG Class A  | 14675 | 1125484 |
| TOTAL AUSTRIA |  | 12669103 |
| BELGIUM - 0.6%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| D'ieteren Group  | 3781 | 752577 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.3% |  |  |
| Anheuser-Busch InBev SA/NV  | 158003 | 10413817 |
| Food Products - 0.0% |  |  |
| Lotus Bakeries NV  | 72 | 690042 |
| TOTAL CONSUMER STAPLES |  | 11103859 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| KBC Group NV  | 46245 | 4246625 |
| Financial Services - 0.0% |  |  |
| Groupe Bruxelles Lambert NV  | 14625 | 1201175 |
| Sofina SA  | 2721 | 757058 |
|  |  | 1958233 |
| Insurance - 0.0% |  |  |
| Ageas SA/NV  | 30087 | 1883144 |
| TOTAL FINANCIALS |  | 8088002 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| UCB SA  | 21215 | 3872984 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| Ackermans & van Haaren NV  | 3925 | 956873 |
| Trading Companies & Distributors - 0.0% |  |  |
| Azelis Group NV  | 31022 | 479354 |
| TOTAL INDUSTRIALS |  | 1436227 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Solvay SA Class A  | 13020 | 492345 |
| Syensqo SA  | 12817 | 909226 |
| Umicore SA  | 34421 | 311951 |
|  |  | 1713522 |
| Real Estate - 0.0% |  |  |
| Health Care REITs - 0.0% |  |  |
| Aedifica SA  | 8391 | 671581 |
| Cofinimmo SA  | 6736 | 537977 |
|  |  | 1209558 |
| Industrial REITs - 0.0% |  |  |
| Warehouses De Pauw CVA (b) | 31375 | 799010 |
| TOTAL REAL ESTATE |  | 2008568 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Elia Group SA/NV (f) | 7443 | 806080 |
| TOTAL BELGIUM |  | 29781819 |
| BRAZIL - 1.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telefonica Brasil SA  | 138100 | 676246 |
| Wireless Telecommunication Services - 0.0% |  |  |
| TIM SA/Brazil  | 138400 | 462134 |
| TOTAL COMMUNICATION SERVICES |  | 1138380 |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Lojas Renner SA  | 183724 | 472975 |
| Vibra Energia SA  | 185900 | 615829 |
|  |  | 1088804 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Ambev SA  | 775900 | 1991994 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Raia Drogasil SA  | 196892 | 688324 |
| Sendas Distribuidora S/A  | 234500 | 379735 |
|  |  | 1068059 |
| Food Products - 0.0% |  |  |
| BRF SA  | 91000 | 363990 |
| Personal Care Products - 0.0% |  |  |
| Natura & Co Holding SA (b) | 150088 | 251506 |
| TOTAL CONSUMER STAPLES |  | 3675549 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Brava Energia  | 69195 | 211664 |
| Cosan SA  | 200300 | 274236 |
| Petroleo Brasileiro SA  | 749900 | 3962803 |
| Petroleo Brasileiro SA  | 661200 | 3734079 |
| PRIO SA/Brazil (b) | 148700 | 883268 |
| Ultrapar Participacoes SA  | 128500 | 403717 |
|  |  | 9469767 |
| Financials - 0.6% |  |  |
| Banks - 0.5% |  |  |
| Banco Bradesco SA  | 919479 | 2224513 |
| Banco Bradesco SA  | 273159 | 588660 |
| Banco do Brasil SA  | 503500 | 2566673 |
| Itau Unibanco Holding SA  | 937325 | 5876501 |
| Itausa SA  | 1026969 | 1936261 |
| Itausa SA  | 13138 | 24724 |
| NU Holdings Ltd/Cayman Islands Class A (b) | 574644 | 7142826 |
|  |  | 20360158 |
| Capital Markets - 0.1% |  |  |
| B3 SA - Brasil Bolsa Balcao  | 955000 | 2270064 |
| Banco BTG Pactual SA unit  | 175400 | 1177853 |
| XP Inc depository receipt  | 64935 | 1050260 |
|  |  | 4498177 |
| Financial Services - 0.0% |  |  |
| Pagseguro Digital Ltd Class A (b) | 34257 | 343597 |
| StoneCo Ltd Class A (b) | 49045 | 689573 |
|  |  | 1033170 |
| Insurance - 0.0% |  |  |
| BB Seguridade Participacoes SA  | 116300 | 876479 |
| Caixa Seguridade Participacoes S/A  | 90400 | 260600 |
|  |  | 1137079 |
| TOTAL FINANCIALS |  | 27028584 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Hapvida Participacoes e Investimentos S/A (b)(c)(d) | 823500 | 336647 |
| Rede D'Or Sao Luiz SA (c)(d) | 189805 | 1070907 |
|  |  | 1407554 |
| Pharmaceuticals - 0.0% |  |  |
| Hypera SA  | 69400 | 294957 |
| TOTAL HEALTH CARE |  | 1702511 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Embraer SA (b) | 122500 | 1401320 |
| Electrical Equipment - 0.1% |  |  |
| WEG SA  | 258500 | 2033328 |
| Ground Transportation - 0.0% |  |  |
| Localiza Rent a Car SA  | 152531 | 1154636 |
| Rumo SA  | 215900 | 738035 |
|  |  | 1892671 |
| Transportation Infrastructure - 0.0% |  |  |
| CCR SA  | 171500 | 406452 |
| Santos Brasil Participacoes SA  | 76000 | 181323 |
|  |  | 587775 |
| TOTAL INDUSTRIALS |  | 5915094 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| TOTVS SA  | 87900 | 582680 |
| Materials - 0.3% |  |  |
| Chemicals - 0.0% |  |  |
| Yara International ASA  | 28750 | 926332 |
| Containers & Packaging - 0.0% |  |  |
| Klabin SA unit  | 172650 | 563722 |
| Metals & Mining - 0.3% |  |  |
| Gerdau SA  | 235200 | 621243 |
| Metalurgica Gerdau SA  | 107700 | 159600 |
| Vale SA  | 630743 | 5874924 |
| Wheaton Precious Metals Corp  | 79810 | 6663956 |
|  |  | 13319723 |
| Paper & Forest Products - 0.0% |  |  |
| Suzano SA  | 122353 | 1079696 |
| TOTAL MATERIALS |  | 15889473 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Allos SA  | 65800 | 246497 |
| Multiplan Empreendimentos Imobiliarios SA  | 49600 | 224964 |
|  |  | 471461 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Centrais Eletricas Brasileiras SA  | 161251 | 1248774 |
| Centrais Eletricas Brasileiras SA Series B  | 35329 | 300242 |
| Cia Energetica de Minas Gerais  | 336754 | 649755 |
| Cia Paranaense de Energia - Copel  | 141100 | 259567 |
| Cia Paranaense de Energia - Copel Series B  | 186300 | 378499 |
| Energisa S/A unit  | 51000 | 412842 |
| Equatorial Energia SA  | 185823 | 1205280 |
| Transmissora Alianca de Energia Eletrica S/A unit  | 39000 | 246845 |
|  |  | 4701804 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Eneva SA (b) | 283200 | 674173 |
| Engie Brasil Energia SA  | 44450 | 325592 |
|  |  | 999765 |
| Water Utilities - 0.0% |  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP  | 80500 | 1615490 |
| Cia De Sanena Do Parana unit  | 43100 | 233379 |
|  |  | 1848869 |
| TOTAL UTILITIES |  | 7550438 |
| TOTAL BRAZIL |  | 74512741 |
| CAMEROON - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Golar LNG Ltd (f) | 18431 | 783409 |
| CANADA - 7.4%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| BCE Inc  | 52965 | 1177171 |
| Quebecor Inc Class B  | 27545 | 755659 |
| TELUS Corp  | 87866 | 1352471 |
|  |  | 3285301 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Rogers Communications Inc Class B  | 67284 | 1754089 |
| TOTAL COMMUNICATION SERVICES |  | 5039390 |
| Consumer Discretionary - 0.3% |  |  |
| Automobile Components - 0.0% |  |  |
| Magna International Inc  | 46676 | 1621776 |
| Broadline Retail - 0.2% |  |  |
| Canadian Tire Corp Ltd Class A  | 9190 | 1005794 |
| Dollarama Inc  | 48751 | 6015193 |
|  |  | 7020987 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Restaurant Brands International Inc  | 57068 | 3677173 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Gildan Activewear Inc  | 24937 | 1149171 |
| TOTAL CONSUMER DISCRETIONARY |  | 13469107 |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Alimentation Couche-Tard Inc  | 136708 | 7135868 |
| Empire Co Ltd Class A  | 24104 | 895202 |
| George Weston Ltd  | 9356 | 1822879 |
| Loblaw Cos Ltd  | 24868 | 4037036 |
| Metro Inc/CN  | 35402 | 2728209 |
|  |  | 16619194 |
| Food Products - 0.0% |  |  |
| Saputo Inc  | 43206 | 843059 |
| TOTAL CONSUMER STAPLES |  | 17462253 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| ARC Resources Ltd  | 103931 | 1923168 |
| Cameco Corp  | 76593 | 3457408 |
| Canadian Natural Resources Ltd  | 369757 | 10610466 |
| Cenovus Energy Inc  | 224717 | 2645551 |
| Enbridge Inc  | 383248 | 17922530 |
| Imperial Oil Ltd  | 27767 | 1872953 |
| Keyera Corp  | 40401 | 1253996 |
| MEG Energy Corp  | 45385 | 636694 |
| Parkland Corp  | 24248 | 610861 |
| Pembina Pipeline Corp  | 102151 | 3904945 |
| South Bow Corp  | 36666 | 905612 |
| Suncor Energy Inc  | 218928 | 7732195 |
| TC Energy Corp  | 182786 | 9234763 |
| Tourmaline Oil Corp  | 61814 | 2730649 |
| Veren Inc  | 108046 | 639529 |
| Whitecap Resources Inc  | 102866 | 583499 |
|  |  | 66664819 |
| Financials - 2.8% |  |  |
| Banks - 1.7% |  |  |
| Bank of Montreal  | 128136 | 12277299 |
| Bank of Nova Scotia/The  | 218948 | 10955341 |
| Canadian Imperial Bank of Commerce  | 165683 | 10449831 |
| National Bank of Canada  | 68770 | 6039947 |
| Royal Bank of Canada  | 248698 | 29850616 |
| Toronto Dominion Bank  | 307805 | 19668172 |
|  |  | 89241206 |
| Capital Markets - 0.4% |  |  |
| Brookfield Asset Management Ltd Class A  | 66225 | 3533665 |
| Brookfield Corp Class A  | 252246 | 13550950 |
| Onex Corp Subordinate Voting Shares  | 10365 | 733880 |
| TMX Group Ltd  | 48866 | 1980374 |
|  |  | 19798869 |
| Insurance - 0.7% |  |  |
| Fairfax Financial Holdings Ltd Subordinate Voting Shares  | 3736 | 5832724 |
| Great-West Lifeco Inc  | 47518 | 1847846 |
| iA Financial Corp Inc  | 16430 | 1596043 |
| Intact Financial Corp  | 31362 | 6965112 |
| Manulife Financial Corp  | 303096 | 9288993 |
| Power Corp of Canada Subordinate Voting Shares  | 95204 | 3603471 |
| Sun Life Financial Inc  | 100921 | 6013826 |
|  |  | 35148015 |
| TOTAL FINANCIALS |  | 144188090 |
| Industrials - 0.8% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Bombardier Inc Class B (b) | 15147 | 1001157 |
| CAE Inc (b) | 56244 | 1407120 |
|  |  | 2408277 |
| Commercial Services & Supplies - 0.0% |  |  |
| Element Fleet Management Corp  | 71114 | 1557327 |
| Construction & Engineering - 0.2% |  |  |
| AtkinsRealis Group Inc  | 30776 | 1524066 |
| Stantec Inc  | 20085 | 1762865 |
| WSP Global Inc  | 22966 | 4070776 |
|  |  | 7357707 |
| Ground Transportation - 0.5% |  |  |
| Canadian National Railway Co  | 97194 | 9412716 |
| Canadian Pacific Kansas City Ltd  | 164189 | 11925319 |
| TFI International Inc  | 13929 | 1132325 |
|  |  | 22470360 |
| Passenger Airlines - 0.0% |  |  |
| Air Canada (b) | 54238 | 549618 |
| Professional Services - 0.1% |  |  |
| Thomson Reuters Corp  | 23734 | 4416425 |
| Trading Companies & Distributors - 0.0% |  |  |
| Finning International Inc  | 23662 | 667843 |
| Toromont Industries Ltd  | 14327 | 1212173 |
|  |  | 1880016 |
| TOTAL INDUSTRIALS |  | 40639730 |
| Information Technology - 0.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Celestica Inc (b) | 20421 | 1742436 |
| IT Services - 0.5% |  |  |
| CGI Inc Class A  | 35641 | 3779197 |
| Shopify Inc Class A (b) | 213797 | 20334443 |
|  |  | 24113640 |
| Software - 0.3% |  |  |
| Constellation Software Inc/Canada  | 3466 | 12491151 |
| Constellation Software Inc/Canada warrants 3/31/2040 (b)(e) | 2626 | 0 |
| Descartes Systems Group Inc/The (b) | 15067 | 1586702 |
| Open Text Corp  | 46479 | 1258230 |
|  |  | 15336083 |
| TOTAL INFORMATION TECHNOLOGY |  | 41192159 |
| Materials - 0.7% |  |  |
| Chemicals - 0.1% |  |  |
| Nutrien Ltd  | 86165 | 4918893 |
| Containers & Packaging - 0.0% |  |  |
| CCL Industries Inc Class B  | 25885 | 1352644 |
| Metals & Mining - 0.6% |  |  |
| Agnico Eagle Mines Ltd/CA  | 88465 | 10397493 |
| Alamos Gold Inc Class A  | 74012 | 2115779 |
| B2Gold Corp  | 232408 | 726591 |
| Barrick Gold Corp  | 303864 | 5794708 |
| Franco-Nevada Corp  | 33872 | 5820844 |
| Kinross Gold Corp  | 216296 | 3192821 |
| Pan American Silver Corp  | 63785 | 1605961 |
| Teck Resources Ltd Class B  | 78990 | 2684377 |
|  |  | 32338574 |
| Paper & Forest Products - 0.0% |  |  |
| West Fraser Timber Co Ltd  | 10132 | 750162 |
| TOTAL MATERIALS |  | 39360273 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Colliers International Group Inc Subordinate Voting Shares  | 7469 | 892910 |
| FirstService Corp Subordinate Voting Shares  | 7337 | 1287727 |
|  |  | 2180637 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.3% |  |  |
| Emera Inc  | 52054 | 2342921 |
| Fortis Inc/Canada  | 87781 | 4347025 |
| Hydro One Ltd (c)(d) | 55851 | 2148801 |
|  |  | 8838747 |
| Gas Utilities - 0.0% |  |  |
| AltaGas Ltd  | 52368 | 1549844 |
| Brookfield Infrastructure Corp  | 20990 | 786249 |
|  |  | 2336093 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Brookfield Renewable Corp Class A  | 24023 | 684654 |
| Northland Power Inc  | 45936 | 624098 |
|  |  | 1308752 |
| Multi-Utilities - 0.0% |  |  |
| Algonquin Power & Utilities Corp  | 133720 | 720687 |
| Canadian Utilities Ltd Class A  | 22852 | 639677 |
|  |  | 1360364 |
| TOTAL UTILITIES |  | 13843956 |
| TOTAL CANADA |  | 384040414 |
| CHILE - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Falabella SA  | 137892 | 626134 |
| Specialty Retail - 0.0% |  |  |
| Empresas Copec SA  | 62999 | 432462 |
| TOTAL CONSUMER DISCRETIONARY |  | 1058596 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Embotelladora Andina SA Class B  | 63707 | 272485 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Cencosud SA  | 218340 | 747100 |
| TOTAL CONSUMER STAPLES |  | 1019585 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Banco de Chile  | 7833524 | 1149933 |
| Banco de Credito e Inversiones SA  | 13943 | 552189 |
| Banco Santander Chile  | 10987725 | 664330 |
|  |  | 2366452 |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Latam Airlines Group SA  | 33065290 | 522052 |
| Materials - 0.2% |  |  |
| Chemicals - 0.1% |  |  |
| Sociedad Quimica y Minera de Chile SA Class B  | 25193 | 867357 |
| Metals & Mining - 0.1% |  |  |
| Antofagasta PLC  | 60742 | 1321928 |
| Lundin Mining Corp  | 125388 | 1025951 |
|  |  | 2347879 |
| Paper & Forest Products - 0.0% |  |  |
| Empresas Cmpc SA  | 192547 | 301970 |
| TOTAL MATERIALS |  | 3517206 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Parque Arauco SA  | 114637 | 263926 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Enel Americas SA  | 3337237 | 327700 |
| Enel Chile SA  | 4233824 | 299577 |
|  |  | 627277 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Colbun SA  | 1245871 | 194718 |
| TOTAL UTILITIES |  | 821995 |
| TOTAL CHILE |  | 9569812 |
| CHINA - 7.1%  |  |  |
| Communication Services - 1.6% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| China Tower Corp Ltd H Shares (c)(d) | 821500 | 1190580 |
| Entertainment - 0.2% |  |  |
| China Ruyi Holdings Ltd (b) | 1608000 | 422961 |
| Kingsoft Corp Ltd  | 162600 | 809268 |
| Netease Inc  | 306070 | 6579389 |
| Tencent Music Entertainment Group Class A ADR  | 116664 | 1565631 |
|  |  | 9377249 |
| Interactive Media & Services - 1.4% |  |  |
| Autohome Inc Class A ADR  | 11358 | 309846 |
| Baidu Inc A Shares (b) | 401228 | 4424349 |
| Bilibili Inc Z Shares (b) | 49235 | 864274 |
| Kanzhun Ltd ADR (b) | 59032 | 903190 |
| Kuaishou Technology B Shares (b)(c)(d) | 489200 | 3254773 |
| Tencent Holdings Ltd  | 1081700 | 66255157 |
|  |  | 76011589 |
| TOTAL COMMUNICATION SERVICES |  | 86579418 |
| Consumer Discretionary - 2.7% |  |  |
| Automobile Components - 0.0% |  |  |
| Fuyao Glass Industry Group Co Ltd H Shares (c)(d) | 107200 | 758152 |
| Automobiles - 0.4% |  |  |
| BYD Co Ltd H Shares  | 216207 | 10269022 |
| Geely Automobile Holdings Ltd  | 887000 | 1871076 |
| Great Wall Motor Co Ltd H Shares  | 409000 | 586425 |
| Li Auto Inc A Shares (b) | 223832 | 2727320 |
| NIO Inc A Shares (b) | 310650 | 1244291 |
| XPeng Inc A Shares (b) | 232114 | 2160753 |
| Yadea Group Holdings Ltd (c)(d) | 210478 | 381029 |
| Zhejiang Leapmotor Technology Co Ltd H Shares (b)(c)(d) | 94700 | 679516 |
|  |  | 19919432 |
| Broadline Retail - 1.5% |  |  |
| Alibaba Group Holding Ltd  | 2811640 | 41977873 |
| JD.com Inc A Shares  | 509976 | 8303137 |
| PDD Holdings Inc Class A ADR (b) | 127022 | 13409713 |
| Prosus NV Class N  | 244978 | 11485697 |
| Vipshop Holdings Ltd Class A ADR  | 60643 | 825958 |
|  |  | 76002378 |
| Diversified Consumer Services - 0.0% |  |  |
| New Oriental Education & Technology Group Inc  | 215940 | 1057931 |
| TAL Education Group Class A ADR (b) | 98072 | 858130 |
|  |  | 1916061 |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| H World Group Ltd  | 299740 | 1051536 |
| Haidilao International Holding Ltd (c)(d) | 266000 | 604327 |
| Meituan B Shares (b)(c)(d) | 961590 | 15921467 |
| Tongcheng Travel Holdings Ltd (c) | 205200 | 542395 |
| Trip.com Group Ltd  | 93296 | 5620227 |
| Yum China Holdings Inc (Hong Kong) (f) | 63200 | 2954809 |
|  |  | 26694761 |
| Household Durables - 0.0% |  |  |
| Haier Smart Home Co Ltd H Shares  | 407600 | 1182868 |
| Midea Group Co Ltd H Shares  | 77900 | 738762 |
|  |  | 1921630 |
| Specialty Retail - 0.1% |  |  |
| Chow Tai Fook Jewellery Group Ltd  | 389000 | 520633 |
| Pop Mart International Group Ltd (c)(d) | 108800 | 2718737 |
|  |  | 3239370 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| ANTA Sports Products Ltd  | 207600 | 2461295 |
| Li Ning Co Ltd  | 406500 | 770482 |
| Shenzhou International Group Holdings Ltd  | 140500 | 974638 |
|  |  | 4206415 |
| TOTAL CONSUMER DISCRETIONARY |  | 134658199 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.1% |  |  |
| China Resources Beer Holdings Co Ltd  | 275000 | 971556 |
| Nongfu Spring Co Ltd H Shares (c)(d) | 319000 | 1472510 |
| Tsingtao Brewery Co Ltd H Shares  | 108000 | 764506 |
|  |  | 3208572 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Alibaba Health Information Technology Ltd (b)(f) | 1022000 | 664150 |
| JD Health International Inc (b)(c)(d) | 186000 | 889757 |
|  |  | 1553907 |
| Food Products - 0.1% |  |  |
| China Feihe Ltd (c)(d) | 689000 | 522374 |
| China Mengniu Dairy Co Ltd  | 525000 | 1314598 |
| Tingyi Cayman Islands Holding Corp  | 328000 | 593780 |
| Want Want China Holdings Ltd  | 752000 | 493538 |
| Wilmar International Ltd  | 462500 | 1084784 |
|  |  | 4009074 |
| Personal Care Products - 0.0% |  |  |
| Giant Biogene Holding Co ltd (c)(d) | 78600 | 810769 |
| Hengan International Group Co Ltd  | 112500 | 303893 |
|  |  | 1114662 |
| Tobacco - 0.0% |  |  |
| Smoore International Holdings Ltd (c)(d)(f) | 327000 | 567515 |
| TOTAL CONSUMER STAPLES |  | 10453730 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| China Oilfield Services Ltd H Shares  | 314000 | 245755 |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| China Coal Energy Co Ltd H Shares  | 363000 | 374907 |
| China Petroleum & Chemical Corp H Shares  | 4232000 | 2166311 |
| China Shenhua Energy Co Ltd H Shares  | 594500 | 2238305 |
| PetroChina Co Ltd H Shares  | 3712000 | 2843014 |
| Yankuang Energy Group Co Ltd H Shares  | 553500 | 578793 |
|  |  | 8201330 |
| TOTAL ENERGY |  | 8447085 |
| Financials - 1.2% |  |  |
| Banks - 0.9% |  |  |
| Agricultural Bank of China Ltd H Shares  | 5402000 | 3301547 |
| Bank of China Ltd H Shares  | 14705000 | 8228854 |
| Bank of Communications Co Ltd H Shares  | 3756000 | 3293207 |
| BOC Hong Kong Holdings Ltd  | 632000 | 2623962 |
| China CITIC Bank Corp Ltd H Shares  | 1597000 | 1262263 |
| China Construction Bank Corp H Shares  | 17336000 | 14261139 |
| China Merchants Bank Co Ltd H Shares  | 581000 | 3180083 |
| China Minsheng Banking Corp Ltd H Shares  | 1158500 | 543728 |
| Industrial & Commercial Bank of China Ltd H Shares  | 12971000 | 8897535 |
| Postal Savings Bank of China Co Ltd H Shares (c)(d) | 1360000 | 838207 |
|  |  | 46430525 |
| Capital Markets - 0.0% |  |  |
| China Galaxy Securities Co Ltd H Shares  | 607000 | 550993 |
| China International Capital Corp Ltd H Shares (c)(d) | 257600 | 443084 |
| CITIC Securities Co Ltd H Shares  | 244875 | 608114 |
| Guotai Haitong Securities Co Ltd H Shares (c)(d) | 390600 | 558029 |
| Huatai Securities Co Ltd H Shares (c)(d) | 281000 | 416667 |
|  |  | 2576887 |
| Consumer Finance - 0.0% |  |  |
| Qifu Technology Inc Class A ADR  | 19157 | 786011 |
| Insurance - 0.3% |  |  |
| China Life Insurance Co Ltd H Shares  | 1309000 | 2396694 |
| China Pacific Insurance Group Co Ltd H Shares  | 454800 | 1237336 |
| New China Life Insurance Co Ltd H Shares  | 151600 | 554162 |
| People's Insurance Co Group of China Ltd/The H Shares  | 1539000 | 910827 |
| PICC Property & Casualty Co Ltd H Shares  | 1214000 | 2238408 |
| Ping An Insurance Group Co of China Ltd H Shares  | 1113500 | 6664339 |
|  |  | 14001766 |
| TOTAL FINANCIALS |  | 63795189 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Akeso Inc (b)(c)(d) | 111000 | 1234431 |
| Beigene Ltd H Shares (b) | 143263 | 2895274 |
| Innovent Biologics Inc (b)(c)(d) | 239500 | 1659849 |
| Zai Lab Ltd (b) | 168500 | 536740 |
|  |  | 6326294 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Shandong Weigao Group Medical Polymer Co Ltd H Shares  | 429600 | 316289 |
| Health Care Providers & Services - 0.0% |  |  |
| Sinopharm Group Co Ltd H Shares  | 237200 | 560917 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Genscript Biotech Corp (b) | 194000 | 273155 |
| Wuxi Apptec Co Ltd H Shares (c)(d) | 61784 | 479177 |
| Wuxi Biologics Cayman Inc (b)(c)(d) | 622000 | 1828563 |
|  |  | 2580895 |
| Pharmaceuticals - 0.0% |  |  |
| CSPC Pharmaceutical Group Ltd  | 1426160 | 1127232 |
| Hansoh Pharmaceutical Group Co Ltd (c)(d) | 186000 | 577982 |
|  |  | 1705214 |
| TOTAL HEALTH CARE |  | 11489609 |
| Industrials - 0.2% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| JD Logistics Inc (b)(c)(d) | 335000 | 528702 |
| ZTO Express Cayman Inc A Shares  | 65950 | 1228245 |
|  |  | 1756947 |
| Building Products - 0.0% |  |  |
| Xinyi Glass Holdings Ltd (f) | 418874 | 392647 |
| Commercial Services & Supplies - 0.0% |  |  |
| China Everbright Environment Group Ltd  | 605000 | 280049 |
| Construction & Engineering - 0.0% |  |  |
| China Railway Group Ltd H Shares  | 727000 | 313087 |
| China State Construction International Holdings Ltd  | 306000 | 450581 |
|  |  | 763668 |
| Ground Transportation - 0.0% |  |  |
| Full Truck Alliance Co Ltd ADR  | 130572 | 1483298 |
| Industrial Conglomerates - 0.0% |  |  |
| CITIC Ltd  | 1383000 | 1688717 |
| Machinery - 0.2% |  |  |
| Airtac International Group  | 25650 | 703102 |
| CRRC Corp Ltd H Shares  | 773000 | 476422 |
| Weichai Power Co Ltd H Shares  | 343000 | 672237 |
| Yangzijiang Shipbuildling (Holdings) Ltd (b) | 476000 | 815371 |
| Zhuzhou CRRC Times Electric Co Ltd H Shares  | 83000 | 333365 |
|  |  | 3000497 |
| Marine Transportation - 0.0% |  |  |
| COSCO SHIPPING Holdings Co Ltd H Shares  | 563000 | 849335 |
| SITC International Holdings Co Ltd  | 223000 | 616760 |
|  |  | 1466095 |
| Transportation Infrastructure - 0.0% |  |  |
| China Merchants Port Holdings Co Ltd  | 205272 | 334021 |
| TOTAL INDUSTRIALS |  | 11165939 |
| Information Technology - 0.5% |  |  |
| Communications Equipment - 0.0% |  |  |
| BYD Electronic International Co Ltd  | 131500 | 547663 |
| ZTE Corp H Shares  | 131000 | 386804 |
|  |  | 934467 |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Aac Technologies Holdings Inc  | 122000 | 584391 |
| Kingboard Holdings Ltd  | 107500 | 289001 |
| Sunny Optical Technology Group Co Ltd  | 125300 | 1058222 |
|  |  | 1931614 |
| IT Services - 0.0% |  |  |
| Chinasoft International Ltd  | 410000 | 261681 |
| GDS Holdings Ltd A Shares (b) | 167800 | 532280 |
|  |  | 793961 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| GCL Technology Holdings Ltd (b) | 3802000 | 387279 |
| Hua Hong Semiconductor Ltd (c)(d) | 134000 | 612499 |
| Silergy Corp  | 60000 | 754868 |
| Xinyi Solar Holdings Ltd  | 823097 | 274875 |
|  |  | 2029521 |
| Software - 0.0% |  |  |
| Kingdee International Software Group Co Ltd (b) | 512000 | 870101 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Lenovo Group Ltd  | 1178000 | 1362448 |
| Xiaomi Corp B Shares (b)(c)(d) | 2535200 | 16230869 |
|  |  | 17593317 |
| TOTAL INFORMATION TECHNOLOGY |  | 24152981 |
| Materials - 0.1% |  |  |
| Construction Materials - 0.0% |  |  |
| Anhui Conch Cement Co Ltd H Shares  | 209000 | 590167 |
| China National Building Material Co Ltd H Shares  | 642000 | 312076 |
|  |  | 902243 |
| Metals & Mining - 0.1% |  |  |
| Aluminum Corp of China Ltd H Shares  | 690000 | 370996 |
| China Hongqiao Group Ltd  | 396500 | 713696 |
| CMOC Group Ltd H Shares  | 627000 | 493153 |
| Zhaojin Mining Industry Co Ltd H Shares  | 261000 | 621236 |
| Zijin Mining Group Co Ltd H Shares  | 1054000 | 2307614 |
|  |  | 4506695 |
| TOTAL MATERIALS |  | 5408938 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| China Overseas Land & Investment Ltd  | 656500 | 1169842 |
| China Resources Land Ltd  | 503000 | 1702480 |
| China Resources Mixc Lifestyle Services Ltd (c)(d) | 104955 | 504774 |
| Country Garden Services Holdings Co Ltd  | 365000 | 326145 |
| ESR Group Ltd (c)(d) | 389000 | 619944 |
| KE Holdings Inc ADR  | 124524 | 2527838 |
| Longfor Group Holdings Ltd (c)(d) | 338469 | 455621 |
| Wharf Holdings Ltd/The  | 164000 | 411924 |
|  |  | 7718568 |
| Utilities - 0.1% |  |  |
| Gas Utilities - 0.0% |  |  |
| China Gas Holdings Ltd  | 462000 | 418180 |
| China Resources Gas Group Ltd  | 159000 | 444879 |
| ENN Energy Holdings Ltd  | 131500 | 1038111 |
| Kunlun Energy Co Ltd  | 642000 | 612564 |
|  |  | 2513734 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| CGN Power Co Ltd H Shares (c)(d) | 1974000 | 628679 |
| China Longyuan Power Group Corp Ltd H Shares  | 580000 | 459178 |
| China Power International Development Ltd  | 771000 | 303206 |
| China Resources Power Holdings Co Ltd  | 338000 | 816716 |
| Huaneng Power International Inc H Shares  | 708000 | 439099 |
|  |  | 2646878 |
| TOTAL UTILITIES |  | 5160612 |
| TOTAL CHINA |  | 369030268 |
| COLOMBIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Bancolombia SA  | 48537 | 575474 |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Cementos Argos SA  | 90086 | 228542 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Interconexion Electrica SA ESP  | 78597 | 405487 |
| TOTAL COLOMBIA |  | 1209503 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Ivanhoe Mine Ltd Class A (b) | 126177 | 1120272 |
| CZECH REPUBLIC - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Komercni Banka AS  | 13312 | 643600 |
| Moneta Money Bank AS (c)(d) | 45067 | 277013 |
|  |  | 920613 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| CEZ AS  | 28323 | 1434916 |
| TOTAL CZECH REPUBLIC |  | 2355529 |
| DENMARK - 1.4%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Pandora A/S  | 14435 | 2129869 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Carlsberg AS Series B  | 16455 | 2242054 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Danske Bank A/S  | 119809 | 4176677 |
| Ringkjoebing Landbobank A/S  | 4708 | 898157 |
|  |  | 5074834 |
| Insurance - 0.0% |  |  |
| Tryg A/S  | 59998 | 1431429 |
| TOTAL FINANCIALS |  | 6506263 |
| Health Care - 0.9% |  |  |
| Biotechnology - 0.1% |  |  |
| Ascendis Pharma A/S ADR (b) | 8760 | 1493054 |
| Genmab A/S (b) | 11645 | 2469193 |
| Zealand Pharma A/S (b) | 11259 | 788762 |
|  |  | 4751009 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Coloplast AS Series B  | 21811 | 2468200 |
| Pharmaceuticals - 0.8% |  |  |
| Novo Nordisk A/S Series B  | 554542 | 37077546 |
| TOTAL HEALTH CARE |  | 44296755 |
| Industrials - 0.3% |  |  |
| Air Freight & Logistics - 0.2% |  |  |
| DSV A/S  | 34680 | 7350769 |
| Electrical Equipment - 0.1% |  |  |
| Vestas Wind Systems A/S  | 177682 | 2368894 |
| Marine Transportation - 0.0% |  |  |
| AP Moller - Maersk A/S Series A  | 454 | 768954 |
| AP Moller - Maersk A/S Series B  | 779 | 1341349 |
|  |  | 2110303 |
| TOTAL INDUSTRIALS |  | 11829966 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Novonesis Novozymes B Series B  | 61984 | 4008405 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Orsted AS (b)(c)(d) | 33297 | 1324987 |
| TOTAL DENMARK |  | 72338299 |
| EGYPT - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Commercial International Bank - Egypt (CIB)  | 445540 | 709727 |
| Capital Markets - 0.0% |  |  |
| EFG Holding S.A.E. (b) | 232091 | 130177 |
| TOTAL FINANCIALS |  | 839904 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Talaat Moustafa Group  | 174358 | 178131 |
| TOTAL EGYPT |  | 1018035 |
| FINLAND - 0.7%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Elisa Oyj A Shares  | 26471 | 1410020 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Kesko Oyj B Shares  | 48044 | 1099418 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Neste Oyj  | 75883 | 787159 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| Nordea Bank Abp (Sweden)  | 615780 | 8409598 |
| Insurance - 0.1% |  |  |
| Sampo Oyj A Shares  | 439806 | 4406242 |
| TOTAL FINANCIALS |  | 12815840 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Orion Oyj B Shares  | 19088 | 1192555 |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| Kone Oyj B Shares  | 70042 | 4324416 |
| Konecranes Oyj A Shares  | 12411 | 826716 |
| Metso Oyj  | 123982 | 1342450 |
| Valmet Oyj  | 25431 | 773247 |
| Wartsila OYJ Abp  | 85359 | 1572325 |
|  |  | 8839154 |
| Information Technology - 0.1% |  |  |
| Communications Equipment - 0.1% |  |  |
| Nokia Oyj  | 926680 | 4632633 |
| Materials - 0.1% |  |  |
| Containers & Packaging - 0.0% |  |  |
| Huhtamaki Oyj  | 16926 | 621641 |
| Paper & Forest Products - 0.1% |  |  |
| Stora Enso Oyj R Shares  | 107974 | 1002905 |
| UPM-Kymmene Oyj  | 93882 | 2486568 |
|  |  | 3489473 |
| TOTAL MATERIALS |  | 4111114 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Fortum Oyj  | 77363 | 1292262 |
| TOTAL FINLAND |  | 36180155 |
| FRANCE - 5.4%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Orange SA  | 322670 | 4681313 |
| Media - 0.1% |  |  |
| Publicis Groupe SA  | 41003 | 4171931 |
| TOTAL COMMUNICATION SERVICES |  | 8853244 |
| Consumer Discretionary - 1.0% |  |  |
| Automobile Components - 0.1% |  |  |
| Cie Generale des Etablissements Michelin SCA Series B  | 124131 | 4538940 |
| Automobiles - 0.0% |  |  |
| Renault SA  | 32804 | 1732865 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Accor SA  | 32163 | 1572207 |
| Textiles, Apparel & Luxury Goods - 0.9% |  |  |
| Hermes International SCA  | 5941 | 16092056 |
| Kering SA  | 12380 | 2518743 |
| LVMH Moet Hennessy Louis Vuitton SE  | 44879 | 24859790 |
|  |  | 43470589 |
| TOTAL CONSUMER DISCRETIONARY |  | 51314601 |
| Consumer Staples - 0.6% |  |  |
| Beverages - 0.1% |  |  |
| Pernod Ricard SA  | 34172 | 3686133 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Carrefour SA  | 87089 | 1343235 |
| Food Products - 0.2% |  |  |
| Danone SA  | 111143 | 9563457 |
| Personal Care Products - 0.3% |  |  |
| L'Oreal SA (b) | 40409 | 17855341 |
| TOTAL CONSUMER STAPLES |  | 32448166 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| TotalEnergies SE  | 392154 | 22335201 |
| Financials - 0.8% |  |  |
| Banks - 0.5% |  |  |
| BNP Paribas SA  | 177001 | 14997203 |
| Credit Agricole SA  | 175424 | 3290355 |
| Societe Generale SA Series A  | 125288 | 6532390 |
|  |  | 24819948 |
| Financial Services - 0.0% |  |  |
| Edenred SE  | 42593 | 1321126 |
| Insurance - 0.3% |  |  |
| AXA SA  | 303771 | 14367123 |
| TOTAL FINANCIALS |  | 40508197 |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| EssilorLuxottica SA  | 50691 | 14511373 |
| Industrials - 1.3% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Airbus SE  | 108675 | 18441121 |
| Safran SA  | 58851 | 15661403 |
| Thales SA  | 15574 | 4362626 |
|  |  | 38465150 |
| Building Products - 0.2% |  |  |
| Cie de Saint-Gobain SA  | 88664 | 9639374 |
| Construction & Engineering - 0.3% |  |  |
| Bouygues SA  | 32739 | 1435320 |
| Eiffage SA  | 12602 | 1709572 |
| Vinci SA  | 89118 | 12518162 |
|  |  | 15663054 |
| Electrical Equipment - 0.1% |  |  |
| Legrand SA  | 46148 | 5071657 |
| Professional Services - 0.0% |  |  |
| Bureau Veritas SA  | 51205 | 1617251 |
| TOTAL INDUSTRIALS |  | 70456486 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.1% |  |  |
| Capgemini SE  | 27128 | 4331049 |
| Software - 0.1% |  |  |
| Dassault Systemes SE  | 115385 | 4324182 |
| TOTAL INFORMATION TECHNOLOGY |  | 8655231 |
| Materials - 0.4% |  |  |
| Chemicals - 0.4% |  |  |
| Air Liquide SA  | 101660 | 20888915 |
| Real Estate - 0.0% |  |  |
| Retail REITs - 0.0% |  |  |
| Unibail-Rodamco-Westfield unit  | 18062 | 1524794 |
| Utilities - 0.2% |  |  |
| Multi-Utilities - 0.2% |  |  |
| Engie SA  | 308372 | 6352734 |
| Veolia Environnement SA  | 112049 | 4092486 |
|  |  | 10445220 |
| TOTAL FRANCE |  | 281941428 |
| GERMANY - 5.8%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Deutsche Telekom AG  | 603869 | 21689480 |
| Interactive Media & Services - 0.0% |  |  |
| Scout24 SE (c)(d) | 13185 | 1563865 |
| TOTAL COMMUNICATION SERVICES |  | 23253345 |
| Consumer Discretionary - 0.4% |  |  |
| Automobile Components - 0.0% |  |  |
| Continental AG  | 18994 | 1472648 |
| Automobiles - 0.3% |  |  |
| Bayerische Motoren Werke AG  | 48939 | 4119232 |
| Mercedes-Benz Group AG  | 121910 | 7288851 |
|  |  | 11408083 |
| Specialty Retail - 0.0% |  |  |
| Zalando SE (b)(c)(d) | 38538 | 1395739 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| adidas AG  | 29123 | 6654484 |
| TOTAL CONSUMER DISCRETIONARY |  | 20930954 |
| Consumer Staples - 0.1% |  |  |
| Household Products - 0.0% |  |  |
| Henkel AG & Co KGaA  | 17074 | 1201156 |
| Personal Care Products - 0.1% |  |  |
| Beiersdorf AG  | 17075 | 2398583 |
| TOTAL CONSUMER STAPLES |  | 3599739 |
| Financials - 1.5% |  |  |
| Banks - 0.1% |  |  |
| Commerzbank AG  | 175006 | 4603494 |
| Capital Markets - 0.4% |  |  |
| Deutsche Bank AG  | 342664 | 8920535 |
| Deutsche Boerse AG  | 33107 | 10663563 |
|  |  | 19584098 |
| Insurance - 1.0% |  |  |
| Allianz SE  | 67881 | 28073999 |
| Hannover Rueck SE  | 10595 | 3389519 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (b) | 23521 | 16102697 |
|  |  | 47566215 |
| TOTAL FINANCIALS |  | 71753807 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.0% |  |  |
| BioNTech SE ADR (b) | 15609 | 1625677 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Siemens Healthineers AG (c)(d) | 53530 | 2885661 |
| Health Care Providers & Services - 0.1% |  |  |
| Fresenius Medical Care AG  | 35097 | 1785580 |
| Fresenius SE & Co KGaA (b) | 73303 | 3471127 |
|  |  | 5256707 |
| Pharmaceuticals - 0.1% |  |  |
| Bayer AG  | 172823 | 4508872 |
| Merck KGaA  | 22718 | 3137229 |
|  |  | 7646101 |
| TOTAL HEALTH CARE |  | 17414146 |
| Industrials - 1.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| MTU Aero Engines AG  | 9463 | 3257856 |
| Rheinmetall AG  | 7661 | 13047087 |
|  |  | 16304943 |
| Air Freight & Logistics - 0.1% |  |  |
| Deutsche Post AG  | 160239 | 6846693 |
| Electrical Equipment - 0.1% |  |  |
| Siemens Energy AG (b) | 99829 | 7705170 |
| Industrial Conglomerates - 0.7% |  |  |
| Siemens AG  | 132254 | 30452980 |
| Machinery - 0.1% |  |  |
| Daimler Truck Holding AG  | 87733 | 3494494 |
| Gea Group Ag  | 27331 | 1774118 |
| Knorr-Bremse AG  | 11624 | 1148271 |
|  |  | 6416883 |
| Trading Companies & Distributors - 0.0% |  |  |
| Brenntag SE  | 22605 | 1509649 |
| TOTAL INDUSTRIALS |  | 69236318 |
| Information Technology - 1.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Infineon Technologies AG  | 229690 | 7608029 |
| Software - 1.1% |  |  |
| Nemetschek SE  | 9951 | 1311048 |
| SAP SE  | 179432 | 52499765 |
|  |  | 53810813 |
| TOTAL INFORMATION TECHNOLOGY |  | 61418842 |
| Materials - 0.3% |  |  |
| Chemicals - 0.2% |  |  |
| BASF SE (b) | 156975 | 8016632 |
| Covestro AG  | 33598 | 2260852 |
| Covestro AG (b)(c)(d) | 877 | 58378 |
| Symrise AG  | 23354 | 2693451 |
|  |  | 13029313 |
| Construction Materials - 0.1% |  |  |
| Heidelberg Materials AG  | 23700 | 4678359 |
| TOTAL MATERIALS |  | 17707672 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| LEG Immobilien SE  | 13114 | 1107529 |
| Vonovia SE  | 144749 | 4801337 |
|  |  | 5908866 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| RWE AG  | 119018 | 4621961 |
| Multi-Utilities - 0.1% |  |  |
| E.ON SE  | 394801 | 6904906 |
| TOTAL UTILITIES |  | 11526867 |
| TOTAL GERMANY |  | 302750556 |
| GREECE - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Hellenic Telecommunications Organization SA  | 32095 | 607919 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| OPAP SA  | 32653 | 723913 |
| Specialty Retail - 0.0% |  |  |
| JUMBO SA  | 20157 | 634809 |
| TOTAL CONSUMER DISCRETIONARY |  | 1358722 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Motor Oil Hellas Corinth Refineries SA  | 11050 | 266633 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Alpha Services and Holdings SA  | 375706 | 916058 |
| Eurobank Ergasias Services and Holdings SA  | 433648 | 1230704 |
| National Bank of Greece SA  | 148132 | 1559639 |
| Piraeus Financial Holdings SA  | 178445 | 1002153 |
|  |  | 4708554 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| GEK TERNA SA  | 11192 | 231769 |
| Industrial Conglomerates - 0.0% |  |  |
| Metlen Energy & Metals SA  | 19648 | 925943 |
| Marine Transportation - 0.0% |  |  |
| Star Bulk Carriers Corp (f) | 20850 | 307329 |
| TOTAL INDUSTRIALS |  | 1465041 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Public Power Corp SA  | 32088 | 478741 |
| TOTAL GREECE |  | 8885610 |
| GUATEMALA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Millicom International Cellular SA  | 18214 | 629111 |
| HONG KONG - 1.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| HKT Trust & HKT Ltd unit  | 627000 | 892527 |
| PCCW Ltd  | 781000 | 520626 |
|  |  | 1413153 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| WH Group Ltd (c)(d) | 1379000 | 1233981 |
| Financials - 0.7% |  |  |
| Banks - 0.0% |  |  |
| Hang Seng Bank Ltd  | 125800 | 1756684 |
| Capital Markets - 0.2% |  |  |
| Futu Holdings Ltd Class A ADR  | 10207 | 942208 |
| Hong Kong Exchanges & Clearing Ltd  | 209653 | 9159676 |
|  |  | 10101884 |
| Insurance - 0.5% |  |  |
| AIA Group Ltd  | 1898400 | 14224553 |
| Prudential PLC  | 463941 | 4932982 |
| Prudential PLC rights (b)(g) | 456442 | 76816 |
|  |  | 19234351 |
| TOTAL FINANCIALS |  | 31092919 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Sino Biopharmaceutical Ltd  | 1727500 | 870922 |
| Industrials - 0.1% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| J&T Global Express Ltd B Shares (b) | 919200 | 715866 |
| Ground Transportation - 0.0% |  |  |
| MTR Corp Ltd  | 273498 | 945091 |
| Industrial Conglomerates - 0.0% |  |  |
| Jardine Matheson Holdings Ltd (Singapore)  | 36461 | 1620148 |
| Swire Pacific Ltd A Shares  | 67500 | 583997 |
|  |  | 2204145 |
| Machinery - 0.1% |  |  |
| Techtronic Industries Co Ltd  | 229000 | 2304653 |
| Marine Transportation - 0.0% |  |  |
| Orient Overseas International Ltd  | 23000 | 321767 |
| TOTAL INDUSTRIALS |  | 6491522 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| ASMPT Ltd  | 54200 | 364800 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| CK Asset Holdings Ltd  | 320829 | 1313415 |
| Hang Lung Properties Ltd  | 314047 | 257940 |
| Henderson Land Development Co Ltd  | 231500 | 656520 |
| Hongkong Land Holdings Ltd (Singapore)  | 182739 | 894325 |
| Sino Land Co Ltd  | 653177 | 672076 |
| Sun Hung Kai Properties Ltd  | 265500 | 2518643 |
| Swire Properties Ltd  | 180400 | 398687 |
| Wharf Real Estate Investment Co Ltd  | 274000 | 657125 |
|  |  | 7368731 |
| Retail REITs - 0.0% |  |  |
| Link REIT  | 454180 | 2128713 |
| TOTAL REAL ESTATE |  | 9497444 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| CK Infrastructure Holdings Ltd  | 106500 | 718184 |
| CLP Holdings Ltd  | 293500 | 2502570 |
| Power Assets Holdings Ltd  | 240000 | 1589045 |
|  |  | 4809799 |
| Gas Utilities - 0.0% |  |  |
| Hong Kong & China Gas Co Ltd  | 1903393 | 1715498 |
| TOTAL UTILITIES |  | 6525297 |
| TOTAL HONG KONG |  | 57490038 |
| HUNGARY - 0.1%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| MOL Hungarian Oil & Gas PLC Class A  | 80766 | 681877 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| OTP Bank Nyrt  | 42655 | 3140000 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Richter Gedeon Nyrt  | 24491 | 740909 |
| TOTAL HUNGARY |  | 4562786 |
| INDIA - 3.5%  |  |  |
| Communication Services - 0.2% |  |  |
| Wireless Telecommunication Services - 0.2% |  |  |
| Bharti Airtel Ltd  | 471112 | 10377811 |
| Consumer Discretionary - 0.4% |  |  |
| Automobiles - 0.2% |  |  |
| Bajaj Auto Ltd  | 11795 | 1119088 |
| Mahindra & Mahindra Ltd  | 157504 | 5449674 |
| Maruti Suzuki India Ltd  | 23219 | 3361114 |
| Tata Motors Ltd  | 349720 | 2661496 |
|  |  | 12591372 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Eternal Ltd (b) | 1392071 | 3804912 |
| Specialty Retail - 0.0% |  |  |
| Trent Ltd  | 31895 | 1946912 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Titan Co Ltd  | 73416 | 2929137 |
| TOTAL CONSUMER DISCRETIONARY |  | 21272333 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.0% |  |  |
| Varun Beverages Ltd  | 220173 | 1357478 |
| Food Products - 0.0% |  |  |
| Nestle India Ltd  | 62721 | 1770375 |
| Personal Care Products - 0.1% |  |  |
| Hindustan Unilever Ltd  | 157036 | 4353868 |
| Tobacco - 0.1% |  |  |
| ITC Ltd  | 528055 | 2655150 |
| TOTAL CONSUMER STAPLES |  | 10136871 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Bharat Petroleum Corp Ltd  | 343894 | 1258584 |
| Coal India Ltd  | 401289 | 1825906 |
| Indian Oil Corp Ltd  | 671535 | 1093367 |
| Oil & Natural Gas Corp Ltd  | 686682 | 1984276 |
| Reliance Industries Ltd  | 1213813 | 20127207 |
|  |  | 26289340 |
| Financials - 1.2% |  |  |
| Banks - 1.0% |  |  |
| Axis Bank Ltd  | 402891 | 5643732 |
| HDFC Bank Ltd  | 995593 | 22583182 |
| ICICI Bank Ltd  | 919075 | 15428037 |
| Kotak Mahindra Bank Ltd  | 192298 | 5019050 |
| State Bank of India  | 313666 | 2925543 |
|  |  | 51599544 |
| Consumer Finance - 0.1% |  |  |
| Bajaj Finance Ltd  | 49060 | 4999124 |
| Financial Services - 0.1% |  |  |
| Bajaj Finserv Ltd  | 67428 | 1555326 |
| Jio Financial Services Ltd (b) | 581662 | 1794035 |
| Power Finance Corp Ltd  | 255867 | 1236044 |
| REC Ltd  | 218194 | 1087663 |
|  |  | 5673068 |
| TOTAL FINANCIALS |  | 62271736 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Bharat Electronics Ltd  | 629870 | 2339640 |
| Hindustan Aeronautics Ltd (c) | 32936 | 1744179 |
|  |  | 4083819 |
| Construction & Engineering - 0.2% |  |  |
| Larsen & Toubro Ltd  | 118548 | 4686075 |
| Electrical Equipment - 0.0% |  |  |
| Suzlon Energy Ltd (b) | 1898791 | 1264395 |
| Trading Companies & Distributors - 0.0% |  |  |
| Adani Enterprises Ltd  | 50764 | 1380631 |
| Transportation Infrastructure - 0.0% |  |  |
| Adani Ports & Special Economic Zone Ltd  | 129228 | 1856641 |
| TOTAL INDUSTRIALS |  | 13271561 |
| Information Technology - 0.4% |  |  |
| IT Services - 0.4% |  |  |
| HCL Technologies Ltd  | 186107 | 3447215 |
| Infosys Ltd  | 635353 | 11216495 |
| Tata Consultancy Services Ltd  | 178119 | 7260939 |
| Wipro Ltd  | 497237 | 1418228 |
|  |  | 23342877 |
| Materials - 0.2% |  |  |
| Chemicals - 0.0% |  |  |
| Asian Paints Ltd  | 79286 | 2273971 |
| Construction Materials - 0.1% |  |  |
| UltraTech Cement Ltd  | 20315 | 2795662 |
| Metals & Mining - 0.1% |  |  |
| Hindalco Industries Ltd  | 257040 | 1897195 |
| Tata Steel Ltd  | 1274384 | 2118310 |
| Vedanta Ltd  | 296092 | 1468260 |
|  |  | 5483765 |
| TOTAL MATERIALS |  | 10553398 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.0% |  |  |
| Power Grid Corp of India Ltd  | 801876 | 2908415 |
| Tata Power Co Ltd/The  | 298306 | 1353664 |
|  |  | 4262079 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Adani Power Ltd (b) | 156059 | 979261 |
| NTPC Ltd  | 835914 | 3497307 |
|  |  | 4476568 |
| TOTAL UTILITIES |  | 8738647 |
| TOTAL INDIA |  | 186254574 |
| INDONESIA - 0.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telkom Indonesia Persero Tbk PT  | 8391900 | 1322721 |
| Media - 0.0% |  |  |
| Elang Mahkota Teknologi Tbk PT  | 6165300 | 199156 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Indosat Tbk PT  | 1449600 | 152589 |
| TOTAL COMMUNICATION SERVICES |  | 1674466 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| GoTo Gojek Tokopedia Tbk PT Class A (b) | 178528196 | 910854 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Sumber Alfaria Trijaya Tbk PT  | 2877600 | 372518 |
| Food Products - 0.0% |  |  |
| Indofood CBP Sukses Makmur Tbk PT  | 382500 | 261404 |
| Indofood Sukses Makmur Tbk PT  | 758200 | 365735 |
|  |  | 627139 |
| TOTAL CONSUMER STAPLES |  | 999657 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Alamtri Resources Indonesia Tbk PT  | 2344300 | 268540 |
| Bumi Resources Tbk PT (b) | 29590000 | 190504 |
| United Tractors Tbk PT  | 266400 | 364068 |
|  |  | 823112 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Bank Central Asia Tbk PT  | 9118100 | 4848009 |
| Bank Mandiri Persero Tbk PT  | 7892700 | 2330774 |
| Bank Negara Indonesia Persero Tbk PT  | 2637600 | 664673 |
| Bank Rakyat Indonesia Persero Tbk PT  | 12549353 | 2906553 |
|  |  | 10750009 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Mitra Keluarga Karyasehat Tbk PT (c) | 901600 | 136306 |
| Pharmaceuticals - 0.0% |  |  |
| Kalbe Farma Tbk PT  | 3432900 | 282957 |
| TOTAL HEALTH CARE |  | 419263 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Astra International Tbk PT  | 3584100 | 1035898 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Barito Pacific Tbk PT  | 4773373 | 214131 |
| Metals & Mining - 0.1% |  |  |
| Amman Mineral Internasional PT (b) | 2174500 | 933795 |
| Aneka Tambang Tbk  | 1460100 | 190843 |
| Bumi Resources Minerals Tbk PT (b) | 14017000 | 323180 |
| Merdeka Copper Gold Tbk PT (b) | 2373210 | 238880 |
|  |  | 1686698 |
| Paper & Forest Products - 0.0% |  |  |
| Indah Kiat Pulp & Paper Tbk PT  | 392700 | 121928 |
| TOTAL MATERIALS |  | 2022757 |
| Utilities - 0.0% |  |  |
| Gas Utilities - 0.0% |  |  |
| Perusahaan Gas Negara Tbk PT Class B  | 1800800 | 182739 |
| TOTAL INDONESIA |  | 18818755 |
| IRELAND - 0.2%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Kerry Group PLC Class A  | 25953 | 2741629 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| AIB Group PLC  | 303019 | 2036609 |
| Bank of Ireland Group PLC  | 176519 | 2064686 |
|  |  | 4101295 |
| Industrials - 0.1% |  |  |
| Building Products - 0.0% |  |  |
| Kingspan Group PLC  | 27220 | 2291128 |
| Trading Companies & Distributors - 0.1% |  |  |
| AerCap Holdings NV  | 32510 | 3446060 |
| TOTAL INDUSTRIALS |  | 5737188 |
| TOTAL IRELAND |  | 12580112 |
| ISRAEL - 0.6%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Bezeq The Israeli Telecommunication Corp Ltd  | 388356 | 589089 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Global-e Online Ltd (b) | 17493 | 628174 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Shufersal Ltd  | 34598 | 323728 |
| Food Products - 0.0% |  |  |
| Strauss Group Ltd  | 9681 | 219315 |
| Personal Care Products - 0.0% |  |  |
| Oddity Tech Ltd Class A (b)(f) | 4422 | 271688 |
| TOTAL CONSUMER STAPLES |  | 814731 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Delek Group Ltd  | 1613 | 256552 |
| Paz Retail And Energy Ltd  | 1554 | 218769 |
|  |  | 475321 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Bank Hapoalim BM  | 233406 | 3418623 |
| Bank Leumi Le-Israel BM  | 264579 | 3755241 |
| First International Bank of Israel Ltd  | 9300 | 510611 |
| Israel Discount Bank Ltd Class A  | 217389 | 1621882 |
| Mizrahi Tefahot Bank Ltd  | 27003 | 1367569 |
|  |  | 10673926 |
| Capital Markets - 0.0% |  |  |
| Plus500 Ltd  | 12148 | 496374 |
| Consumer Finance - 0.0% |  |  |
| Isracard Ltd  | 36782 | 173244 |
| Insurance - 0.0% |  |  |
| Clal Insurance Enterprises Holdings Ltd  | 11123 | 304434 |
| Harel Insurance Investments & Financial Services Ltd  | 18625 | 309184 |
| Menora Mivtachim Holdings Ltd  | 3681 | 194517 |
| Phoenix Financial Ltd  | 30131 | 593421 |
|  |  | 1401556 |
| TOTAL FINANCIALS |  | 12745100 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (b) | 199540 | 3094865 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Elbit Systems Ltd  | 4391 | 1685908 |
| Construction & Engineering - 0.0% |  |  |
| Electra Ltd/Israel  | 343 | 182855 |
| Machinery - 0.0% |  |  |
| Kornit Digital Ltd (b) | 8460 | 159725 |
| Marine Transportation - 0.0% |  |  |
| ZIM Integrated Shipping Services Ltd (f) | 16133 | 247642 |
| TOTAL INDUSTRIALS |  | 2276130 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Next Vision Stabilized Systems Ltd  | 9622 | 252776 |
| IT Services - 0.0% |  |  |
| Wix.com Ltd (b) | 9796 | 1661304 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Camtek Ltd/Israel (Israel) (b) | 4792 | 314985 |
| Nova Ltd (Israel) (b) | 5163 | 990306 |
| Tower Semiconductor Ltd (b) | 19590 | 708977 |
|  |  | 2014268 |
| Software - 0.2% |  |  |
| Cellebrite DI Ltd (b) | 14119 | 279415 |
| Check Point Software Technologies Ltd (b) | 15094 | 3314039 |
| Nice Ltd (b) | 11069 | 1729222 |
| Sapiens International Corp NV (Israel)  | 5581 | 152674 |
|  |  | 5475350 |
| TOTAL INFORMATION TECHNOLOGY |  | 9403698 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| ICL Group Ltd  | 127644 | 846739 |
| Israel Corp Ltd Class A1  | 825 | 259399 |
|  |  | 1106138 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Reit 1 Ltd  | 33948 | 176314 |
| Real Estate Management & Development - 0.0% |  |  |
| Airport City Ltd (b) | 9777 | 145242 |
| Alony Hetz Properties & Investments Ltd  | 28396 | 236825 |
| Amot Investments Ltd  | 41117 | 217276 |
| Azrieli Group Ltd  | 6461 | 470144 |
| Big Shopping Centers Ltd (b) | 2821 | 411555 |
| Melisron Ltd  | 4362 | 370507 |
| Mivne Real Estate Kd Ltd  | 101750 | 296942 |
|  |  | 2148491 |
| TOTAL REAL ESTATE |  | 2324805 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Enlight Renewable Energy Ltd (b) | 20677 | 334158 |
| OPC Energy Ltd (b) | 19916 | 187828 |
|  |  | 521986 |
| TOTAL ISRAEL |  | 33980037 |
| ITALY - 2.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Infrastrutture Wireless Italiane SpA (c)(d) | 60731 | 725143 |
| Telecom Italia SpA/Milano (b) | 1505100 | 593358 |
| Telecom Italia SpA/Milano (b) | 225793 | 100193 |
|  |  | 1418694 |
| Consumer Discretionary - 0.3% |  |  |
| Automobiles - 0.2% |  |  |
| Ferrari NV (Italy)  | 21487 | 9775566 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Brunello Cucinelli SpA  | 5997 | 673392 |
| Moncler SpA  | 40125 | 2456421 |
| Prada Spa (b) | 89400 | 559066 |
|  |  | 3688879 |
| TOTAL CONSUMER DISCRETIONARY |  | 13464445 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Davide Campari-Milano NV  | 99770 | 669480 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Eni SpA  | 381193 | 5459269 |
| Financials - 1.1% |  |  |
| Banks - 0.9% |  |  |
| Banca Monte dei Paschi di Siena SpA  | 195014 | 1638355 |
| Banca Popolare di Sondrio SPA  | 79834 | 994839 |
| Banco BPM SpA  | 266518 | 2957053 |
| BPER Banca SPA  | 187616 | 1517116 |
| FinecoBank Banca Fineco SpA  | 107446 | 2138015 |
| Intesa Sanpaolo SpA  | 2754859 | 14706231 |
| Mediobanca Banca di Credito Finanziario SpA  | 104010 | 2119132 |
| UniCredit SpA  | 272858 | 15875113 |
|  |  | 41945854 |
| Capital Markets - 0.0% |  |  |
| Azimut Holding SpA  | 18709 | 516934 |
| Financial Services - 0.0% |  |  |
| Banca Mediolanum SpA  | 44594 | 662800 |
| Nexi SpA (b)(c)(d) | 138908 | 809470 |
|  |  | 1472270 |
| Insurance - 0.2% |  |  |
| Generali  | 190344 | 6930387 |
| Poste Italiane Spa (c)(d) | 80308 | 1623028 |
| Unipol Assicurazioni SpA  | 79557 | 1419487 |
|  |  | 9972902 |
| TOTAL FINANCIALS |  | 53907960 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 19522 | 1146689 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Leonardo SpA  | 71178 | 3700424 |
| Electrical Equipment - 0.1% |  |  |
| Prysmian SpA  | 52061 | 2859826 |
| Machinery - 0.0% |  |  |
| Interpump Group SpA  | 14643 | 498976 |
| Passenger Airlines - 0.0% |  |  |
| Ryanair Holdings PLC  | 94474 | 2248907 |
| TOTAL INDUSTRIALS |  | 9308133 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Reply SpA  | 3920 | 696313 |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Buzzi SpA  | 15262 | 797394 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.3% |  |  |
| Enel SpA  | 1358566 | 11777370 |
| Terna - Rete Elettrica Nazionale  | 247423 | 2457610 |
|  |  | 14234980 |
| Gas Utilities - 0.0% |  |  |
| Italgas SpA  | 85669 | 702643 |
| Snam SpA  | 360266 | 2065124 |
|  |  | 2767767 |
| Multi-Utilities - 0.0% |  |  |
| A2A SpA  | 276043 | 700170 |
| Hera SpA  | 139349 | 657651 |
|  |  | 1357821 |
| TOTAL UTILITIES |  | 18360568 |
| TOTAL ITALY |  | 105228945 |
| JAPAN - 16.4%  |  |  |
| Communication Services - 1.2% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Internet Initiative Japan Inc  | 24100 | 445828 |
| Nippon Telegraph & Telephone Corp (f) | 5249500 | 5487183 |
|  |  | 5933011 |
| Entertainment - 0.5% |  |  |
| Capcom Co Ltd  | 59100 | 1710833 |
| Konami Group Corp  | 18200 | 2599251 |
| Nexon Co Ltd  | 72600 | 1139071 |
| Nintendo Co Ltd  | 205600 | 17068915 |
| Square Enix Holdings Co Ltd  | 15700 | 909080 |
| Toho Co Ltd/Tokyo  | 22000 | 1256013 |
|  |  | 24683163 |
| Interactive Media & Services - 0.0% |  |  |
| Kakaku.com Inc  | 21300 | 376899 |
| LY Corp  | 440200 | 1664846 |
|  |  | 2041745 |
| Media - 0.0% |  |  |
| CyberAgent Inc  | 73300 | 627450 |
| Dentsu Group Inc  | 38400 | 805099 |
| Hakuhodo DY Holdings Inc  | 51000 | 382554 |
| Kadokawa Corp  | 23900 | 641211 |
|  |  | 2456314 |
| Wireless Telecommunication Services - 0.6% |  |  |
| KDDI Corp  | 501100 | 8881308 |
| SoftBank Corp  | 4946700 | 7485571 |
| SoftBank Group Corp  | 183600 | 9284589 |
|  |  | 25651468 |
| TOTAL COMMUNICATION SERVICES |  | 60765701 |
| Consumer Discretionary - 3.1% |  |  |
| Automobile Components - 0.3% |  |  |
| Aisin Corp  | 112500 | 1425330 |
| Bridgestone Corp  | 102900 | 4302782 |
| Denso Corp  | 373700 | 4825192 |
| JTEKT Corp  | 45600 | 352172 |
| Koito Manufacturing Co Ltd  | 42500 | 514530 |
| NHK Spring Co Ltd  | 35500 | 394031 |
| Nifco Inc/Japan  | 15600 | 386672 |
| Niterra Co Ltd  | 28400 | 882311 |
| Stanley Electric Co Ltd  | 24900 | 466200 |
| Sumitomo Electric Industries Ltd  | 139700 | 2245455 |
| Sumitomo Rubber Industries Ltd  | 32500 | 409148 |
| Toyo Tire Corp  | 21600 | 403206 |
| Yokohama Rubber Co Ltd/The  | 24600 | 537875 |
|  |  | 17144904 |
| Automobiles - 1.2% |  |  |
| Honda Motor Co Ltd  | 854400 | 8693300 |
| Isuzu Motors Ltd  | 104400 | 1404017 |
| Mazda Motor Corp  | 105900 | 633157 |
| Mitsubishi Motors Corp  | 117200 | 324458 |
| Nissan Motor Co Ltd (b) | 379100 | 902497 |
| Subaru Corp  | 103200 | 1868737 |
| Suzuki Motor Corp  | 345600 | 4141556 |
| Toyota Motor Corp  | 2166900 | 41386532 |
| Yamaha Motor Co Ltd  | 180700 | 1419170 |
|  |  | 60773424 |
| Broadline Retail - 0.2% |  |  |
| Isetan Mitsukoshi Holdings Ltd  | 64300 | 826543 |
| J Front Retailing Co Ltd  | 47800 | 585079 |
| Pan Pacific International Holdings Corp  | 93800 | 2893118 |
| Rakuten Group Inc (b) | 261600 | 1542481 |
| Ryohin Keikaku Co Ltd  | 49400 | 1669747 |
| Takashimaya Co Ltd  | 56900 | 438707 |
|  |  | 7955675 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Food & Life Cos Ltd  | 20400 | 748342 |
| McDonald's Holdings Co Japan Ltd (f) | 15200 | 641041 |
| Oriental Land Co Ltd/Japan  | 212100 | 4492172 |
| Skylark Holdings Co Ltd  | 40100 | 831420 |
| Zensho Holdings Co Ltd  | 16100 | 998677 |
|  |  | 7711652 |
| Household Durables - 0.8% |  |  |
| Casio Computer Co Ltd  | 36300 | 283886 |
| Haseko Corp  | 37600 | 537027 |
| Iida Group Holdings Co Ltd  | 30200 | 476614 |
| Nikon Corp (f) | 58400 | 561542 |
| Open House Group Co Ltd  | 11500 | 508162 |
| Panasonic Holdings Corp  | 405800 | 4652890 |
| Rinnai Corp  | 19900 | 445795 |
| Sekisui House Ltd  | 116500 | 2678359 |
| Sharp Corp/Japan (b) | 49700 | 294644 |
| Sony Group Corp  | 1081700 | 28538272 |
| Sumitomo Forestry Co Ltd  | 36300 | 1042946 |
|  |  | 40020137 |
| Leisure Products - 0.1% |  |  |
| Bandai Namco Holdings Inc  | 116100 | 4034771 |
| Sankyo Co Ltd  | 36300 | 552700 |
| Sega Sammy Holdings Inc  | 27300 | 571375 |
| Shimano Inc  | 14300 | 2014661 |
| Yamaha Corp  | 85300 | 623453 |
|  |  | 7796960 |
| Specialty Retail - 0.3% |  |  |
| Fast Retailing Co Ltd  | 36400 | 11973594 |
| Nitori Holdings Co Ltd  | 15100 | 1796670 |
| Sanrio Co Ltd  | 36000 | 1431137 |
| Shimamura Co Ltd  | 8600 | 572130 |
| USS Co Ltd  | 76000 | 759575 |
| Yamada Holdings Co Ltd  | 103800 | 335256 |
| ZOZO Inc  | 69800 | 708853 |
|  |  | 17577215 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Asics Corp  | 133600 | 2871605 |
| Goldwin Inc  | 7500 | 428924 |
|  |  | 3300529 |
| TOTAL CONSUMER DISCRETIONARY |  | 162280496 |
| Consumer Staples - 1.0% |  |  |
| Beverages - 0.2% |  |  |
| Asahi Group Holdings Ltd  | 267500 | 3697465 |
| Coca-Cola Bottlers Japan Holdings Inc  | 27300 | 511611 |
| Kirin Holdings Co Ltd  | 143000 | 2163116 |
| Sapporo Holdings Ltd  | 13900 | 771916 |
| Suntory Beverage & Food Ltd  | 22300 | 777958 |
|  |  | 7922066 |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Aeon Co Ltd  | 153300 | 4533261 |
| Cosmos Pharmaceutical Corp  | 8400 | 540789 |
| Kobe Bussan Co Ltd  | 26500 | 812904 |
| MatsukiyoCocokara & Co  | 67300 | 1236281 |
| Seven & i Holdings Co Ltd  | 421400 | 6203270 |
| Sugi Holdings Co Ltd  | 19800 | 416135 |
| Sundrug Co Ltd  | 12000 | 401511 |
| Tsuruha Holdings Inc  | 6500 | 521664 |
| Welcia Holdings Co Ltd  | 17900 | 315171 |
|  |  | 14980986 |
| Food Products - 0.3% |  |  |
| Ajinomoto Co Inc  | 166300 | 3401515 |
| Calbee Inc  | 18600 | 373678 |
| Ezaki Glico Co Ltd  | 9700 | 319602 |
| Kagome Co Ltd  | 14200 | 291785 |
| Kewpie Corp  | 20400 | 463559 |
| Kikkoman Corp  | 170500 | 1669054 |
| MEIJI Holdings Co Ltd  | 45700 | 1123619 |
| NH Foods Ltd  | 18100 | 683335 |
| Nichirei Corp  | 45300 | 621400 |
| Nisshin Seifun Group Inc  | 43600 | 562515 |
| Nissin Foods Holdings Co Ltd  | 42100 | 927213 |
| Toyo Suisan Kaisha Ltd  | 18000 | 1160722 |
| Yakult Honsha Co Ltd  | 53600 | 1099329 |
| Yamazaki Baking Co Ltd  | 28300 | 676326 |
|  |  | 13373652 |
| Household Products - 0.0% |  |  |
| Lion Corp  | 50100 | 613373 |
| Unicharm Corp  | 226200 | 2096993 |
|  |  | 2710366 |
| Personal Care Products - 0.1% |  |  |
| Kao Corp  | 82000 | 3511366 |
| Kobayashi Pharmaceutical Co Ltd  | 9200 | 350485 |
| Kose Corp  | 6200 | 266377 |
| Rohto Pharmaceutical Co Ltd  | 38700 | 645541 |
| Shiseido Co Ltd  | 70500 | 1159108 |
|  |  | 5932877 |
| Tobacco - 0.1% |  |  |
| Japan Tobacco Inc  | 193400 | 5958276 |
| TOTAL CONSUMER STAPLES |  | 50878223 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Cosmo Energy Holdings Co Ltd  | 12300 | 503682 |
| ENEOS Holdings Inc  | 533800 | 2569836 |
| Idemitsu Kosan Co Ltd  | 174285 | 1080047 |
| Inpex Corp  | 170600 | 2134121 |
| Iwatani Corp  | 37100 | 353926 |
|  |  | 6641612 |
| Financials - 2.4% |  |  |
| Banks - 1.5% |  |  |
| Aozora Bank Ltd  | 23000 | 317562 |
| Chiba Bank Ltd/The  | 126300 | 1122994 |
| Concordia Financial Group Ltd  | 205500 | 1329165 |
| Fukuoka Financial Group Inc  | 33700 | 890363 |
| Gunma Bank Ltd/The  | 64800 | 536601 |
| Hachijuni Bank Ltd/The  | 80800 | 605520 |
| Iyogin Holdings Inc  | 55300 | 636039 |
| Japan Post Bank Co Ltd  | 305300 | 3119620 |
| Kyoto Financial Group Inc  | 53100 | 906540 |
| Kyushu Financial Group Inc  | 73200 | 367075 |
| Mebuki Financial Group Inc  | 179200 | 869304 |
| Mitsubishi UFJ Financial Group Inc  | 2122400 | 26740391 |
| Mizuho Financial Group Inc  | 446640 | 11167177 |
| Rakuten Bank Ltd (b) | 15700 | 653782 |
| Resona Holdings Inc  | 405800 | 3255245 |
| Shizuoka Financial Group Inc  | 86800 | 964568 |
| Sumitomo Mitsui Financial Group Inc  | 690200 | 16466249 |
| Sumitomo Mitsui Trust Group Inc  | 126900 | 3139345 |
| Yamaguchi Financial Group Inc  | 37400 | 438923 |
|  |  | 73526463 |
| Capital Markets - 0.1% |  |  |
| Daiwa Securities Group Inc  | 243100 | 1598608 |
| Japan Exchange Group Inc  | 183700 | 2043804 |
| Nomura Holdings Inc  | 517700 | 2885434 |
| SBI Holdings Inc  | 48000 | 1255225 |
|  |  | 7783071 |
| Consumer Finance - 0.0% |  |  |
| Credit Saison Co Ltd  | 28800 | 672565 |
| Marui Group Co Ltd  | 32700 | 650910 |
|  |  | 1323475 |
| Financial Services - 0.1% |  |  |
| GMO Payment Gateway Inc  | 7900 | 494510 |
| Mitsubishi HC Capital Inc  | 170300 | 1198818 |
| ORIX Corp  | 194300 | 3897664 |
| Tokyo Century Corp  | 32400 | 340587 |
| Zenkoku Hosho Co Ltd  | 18200 | 393455 |
|  |  | 6325034 |
| Insurance - 0.7% |  |  |
| Dai-ichi Life Holdings Inc  | 670300 | 4839866 |
| Japan Post Holdings Co Ltd  | 338300 | 3288366 |
| Japan Post Insurance Co Ltd  | 33100 | 661976 |
| Ms&Ad Insurance Group Holdings Inc  | 232000 | 5273317 |
| Sompo Holdings Inc  | 174200 | 5708728 |
| T&D Holdings Inc  | 95700 | 2036363 |
| Tokio Marine Holdings Inc  | 347900 | 13944659 |
|  |  | 35753275 |
| TOTAL FINANCIALS |  | 124711318 |
| Health Care - 1.1% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Asahi Intecc Co Ltd  | 41700 | 639441 |
| Hoya Corp  | 60800 | 7154104 |
| Nihon Kohden Corp  | 29600 | 357113 |
| Olympus Corp  | 200400 | 2625841 |
| Sysmex Corp  | 84200 | 1561451 |
| Terumo Corp  | 260400 | 4984248 |
|  |  | 17322198 |
| Health Care Providers & Services - 0.0% |  |  |
| Alfresa Holdings Corp  | 32300 | 486375 |
| Medipal Holdings Corp  | 36400 | 617996 |
| Suzuken Co Ltd/Aichi Japan  | 11400 | 412689 |
|  |  | 1517060 |
| Health Care Technology - 0.0% |  |  |
| M3 Inc  | 75300 | 943704 |
| Pharmaceuticals - 0.8% |  |  |
| Astellas Pharma Inc  | 318500 | 3189506 |
| Chugai Pharmaceutical Co Ltd  | 112200 | 6463792 |
| Daiichi Sankyo Co Ltd  | 335700 | 8587419 |
| Eisai Co Ltd  | 51400 | 1485664 |
| Hisamitsu Pharmaceutical Co Inc  | 12900 | 390843 |
| Kyowa Kirin Co Ltd  | 43500 | 679236 |
| Nippon Shinyaku Co Ltd  | 10700 | 275171 |
| Ono Pharmaceutical Co Ltd  | 82500 | 949652 |
| Otsuka Holdings Co Ltd  | 92200 | 4494822 |
| Santen Pharmaceutical Co Ltd  | 61200 | 619362 |
| Shionogi & Co Ltd  | 142500 | 2394073 |
| Takeda Pharmaceutical Co Ltd  | 279784 | 8463082 |
| Tsumura & CO  | 11700 | 350885 |
|  |  | 38343507 |
| TOTAL HEALTH CARE |  | 58126469 |
| Industrials - 4.0% |  |  |
| Air Freight & Logistics - 0.1% |  |  |
| NIPPON EXPRESS HOLDINGS INC  | 41400 | 739316 |
| Sankyu Inc  | 9300 | 406460 |
| SG Holdings Co Ltd  | 82300 | 865998 |
| Yamato Holdings Co Ltd  | 55900 | 793655 |
|  |  | 2805429 |
| Building Products - 0.2% |  |  |
| Agc Inc  | 38400 | 1198921 |
| Daikin Industries Ltd  | 51600 | 5878442 |
| Lixil Corp  | 50000 | 587670 |
| Sanwa Holdings Corp  | 40000 | 1310953 |
| TOTO Ltd  | 28100 | 740954 |
|  |  | 9716940 |
| Commercial Services & Supplies - 0.1% |  |  |
| Dai Nippon Printing Co Ltd  | 79900 | 1113705 |
| Kokuyo Co Ltd  | 16600 | 339883 |
| Park24 Co Ltd  | 22900 | 324088 |
| Secom Co Ltd  | 73800 | 2713659 |
| Sohgo Security Services Co Ltd  | 65700 | 517632 |
| TOPPAN Holdings Inc  | 56100 | 1574871 |
|  |  | 6583838 |
| Construction & Engineering - 0.2% |  |  |
| COMSYS Holdings Corp  | 20800 | 461013 |
| EXEO Group Inc  | 33600 | 391037 |
| JGC Holdings Corp  | 41800 | 334312 |
| Kajima Corp  | 79100 | 1888722 |
| Kinden Corp  | 20800 | 538839 |
| Obayashi Corp  | 127100 | 1971979 |
| Shimizu Corp  | 95900 | 1024509 |
| Taisei Corp  | 32300 | 1751371 |
|  |  | 8361782 |
| Electrical Equipment - 0.3% |  |  |
| Fuji Electric Co Ltd  | 26300 | 1169476 |
| Fujikura Ltd  | 48400 | 1800814 |
| Mabuchi Motor Co Ltd  | 19300 | 281846 |
| Mitsubishi Electric Corp  | 371700 | 7190687 |
| NIDEC CORP  | 184700 | 3282366 |
|  |  | 13725189 |
| Ground Transportation - 0.4% |  |  |
| Central Japan Railway Co  | 181100 | 3811043 |
| East Japan Railway Co  | 199500 | 4324536 |
| Hankyu Hanshin Holdings Inc  | 44500 | 1266093 |
| Keikyu Corp  | 48700 | 506483 |
| Keio Corp  | 22600 | 614766 |
| Keisei Electric Railway Co Ltd  | 91000 | 942934 |
| Kintetsu Group Holdings Co Ltd  | 33500 | 719531 |
| Kyushu Railway Co  | 27800 | 714541 |
| Nagoya Railroad Co Ltd  | 34800 | 423865 |
| Nankai Electric Railway Co Ltd  | 20000 | 316058 |
| Odakyu Electric Railway Co Ltd  | 64900 | 716516 |
| Seibu Holdings Inc  | 43800 | 1057167 |
| Seino Holdings Co Ltd  | 25900 | 407212 |
| Tobu Railway Co Ltd  | 35400 | 645977 |
| Tokyo Metro Co Ltd  | 51100 | 647238 |
| Tokyu Corp  | 109900 | 1332874 |
| West Japan Railway Co  | 82800 | 1741780 |
|  |  | 20188614 |
| Industrial Conglomerates - 0.4% |  |  |
| Hikari Tsushin Inc  | 4000 | 1107288 |
| Hitachi Ltd  | 805600 | 19910819 |
| Keihan Holdings Co Ltd  | 19000 | 464568 |
| Sekisui Chemical Co Ltd  | 71900 | 1251637 |
|  |  | 22734312 |
| Machinery - 0.9% |  |  |
| Amada Co Ltd  | 60200 | 602784 |
| Daifuku Co Ltd  | 66800 | 1769280 |
| DMG Mori Co Ltd  | 23600 | 408271 |
| Ebara Corp  | 72400 | 1087578 |
| FANUC Corp  | 164600 | 4177492 |
| Fujitec Co Ltd  | 13000 | 509162 |
| Hitachi Construction Machinery Co Ltd  | 18000 | 537928 |
| Hoshizaki Corp  | 19900 | 845103 |
| IHI Corp  | 27200 | 2130635 |
| Japan Steel Works Ltd/The  | 13100 | 539787 |
| Kawasaki Heavy Industries Ltd  | 29600 | 1765690 |
| Komatsu Ltd  | 167200 | 4835352 |
| Kubota Corp  | 182200 | 2117236 |
| Kurita Water Industries Ltd  | 18600 | 614666 |
| Makita Corp  | 49300 | 1441968 |
| MINEBEA MITSUMI Inc  | 71400 | 1046441 |
| MISUMI Group Inc  | 50300 | 704666 |
| Mitsubishi Heavy Industries Ltd  | 593400 | 11697603 |
| Miura Co Ltd  | 18500 | 393989 |
| Nabtesco Corp  | 21100 | 316766 |
| NGK Insulators Ltd  | 43100 | 531855 |
| NSK Ltd  | 81700 | 356874 |
| SMC Corp  | 10700 | 3462958 |
| Sumitomo Heavy Industries Ltd  | 21700 | 451834 |
| THK Co Ltd  | 21200 | 520881 |
| Toyota Industries Corp  | 33200 | 3891677 |
| Yaskawa Electric Corp  | 47000 | 990257 |
|  |  | 47748733 |
| Marine Transportation - 0.1% |  |  |
| Kawasaki Kisen Kaisha Ltd  | 118700 | 1627889 |
| Mitsui OSK Lines Ltd  | 63700 | 2121453 |
| Nippon Yusen KK  | 81000 | 2646507 |
|  |  | 6395849 |
| Passenger Airlines - 0.0% |  |  |
| ANA Holdings Inc  | 28100 | 539785 |
| Japan Airlines Co Ltd  | 25600 | 463806 |
|  |  | 1003591 |
| Professional Services - 0.3% |  |  |
| BayCurrent Inc  | 23500 | 1266265 |
| Persol Holdings Co Ltd  | 316700 | 571247 |
| Recruit Holdings Co Ltd  | 290200 | 16081517 |
| TechnoPro Holdings Inc  | 18500 | 416244 |
|  |  | 18335273 |
| Trading Companies & Distributors - 1.0% |  |  |
| ITOCHU Corp  | 253700 | 12974964 |
| Marubeni Corp  | 292100 | 5178542 |
| Mitsubishi Corp  | 707400 | 13431111 |
| Mitsui & Co Ltd  | 522200 | 10559470 |
| MonotaRO Co Ltd  | 43200 | 830432 |
| Nagase & Co Ltd  | 20400 | 358263 |
| Sojitz Corp  | 39640 | 937797 |
| Sumitomo Corp  | 213000 | 5200691 |
| Toyota Tsusho Corp  | 125200 | 2488065 |
|  |  | 51959335 |
| Transportation Infrastructure - 0.0% |  |  |
| Japan Airport Terminal Co Ltd  | 16400 | 470161 |
| Kamigumi Co Ltd  | 16800 | 410541 |
| Mitsubishi Logistics Corp  | 59400 | 408048 |
|  |  | 1288750 |
| TOTAL INDUSTRIALS |  | 210847635 |
| Information Technology - 1.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| Alps Alpine Co Ltd  | 32400 | 329127 |
| Azbil Corp  | 84800 | 730687 |
| Dexerials Corp  | 29200 | 341872 |
| Hamamatsu Photonics KK  | 49200 | 454389 |
| Hirose Electric Co Ltd  | 5400 | 612400 |
| Horiba Ltd  | 7000 | 477780 |
| Ibiden Co Ltd  | 24600 | 679950 |
| Jeol Ltd  | 9000 | 288670 |
| Keyence Corp  | 35100 | 14675016 |
| Kyocera Corp  | 247000 | 2927378 |
| Murata Manufacturing Co Ltd  | 321100 | 4574570 |
| Omron Corp  | 34100 | 1012257 |
| Shimadzu Corp  | 48400 | 1241651 |
| Taiyo Yuden Co Ltd  | 22600 | 340859 |
| TDK Corp  | 341900 | 3648567 |
| Topcon Corp  | 18800 | 426675 |
| Yokogawa Electric Corp  | 40700 | 880754 |
|  |  | 33642602 |
| IT Services - 0.4% |  |  |
| BIPROGY Inc  | 13700 | 447756 |
| Fujitsu Ltd  | 302300 | 6715735 |
| NEC Corp  | 240000 | 5842278 |
| Nomura Research Institute Ltd  | 77700 | 2942302 |
| NTT Data Group Corp  | 101100 | 2007886 |
| Obic Co Ltd  | 57800 | 2017623 |
| Otsuka Corp  | 39400 | 873810 |
| SCSK Corp  | 25900 | 678023 |
| TIS Inc  | 35800 | 1034339 |
|  |  | 22559752 |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| Advantest Corp  | 134800 | 5639486 |
| Disco Corp  | 16600 | 3211761 |
| Lasertec Corp  | 14300 | 1329477 |
| Renesas Electronics Corp  | 286300 | 3359806 |
| Rohm Co Ltd  | 60600 | 549927 |
| SCREEN Holdings Co Ltd  | 17900 | 1190297 |
| Socionext Inc  | 31100 | 334498 |
| SUMCO Corp  | 61900 | 426868 |
| Tokyo Electron Ltd  | 83000 | 12358567 |
| Tokyo Seimitsu Co Ltd  | 6900 | 384620 |
| Ulvac Inc  | 8000 | 270526 |
|  |  | 29055833 |
| Software - 0.0% |  |  |
| Oracle Corp Japan  | 5900 | 707892 |
| Trend Micro Inc/Japan  | 22100 | 1585688 |
|  |  | 2293580 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Brother Industries Ltd  | 45300 | 795396 |
| Canon Inc  | 168800 | 5209126 |
| FUJIFILM Holdings Corp  | 218700 | 4479498 |
| Konica Minolta Inc (b) | 87300 | 267951 |
| Ricoh Co Ltd  | 100100 | 1052864 |
| Seiko Epson Corp  | 56800 | 787991 |
|  |  | 12592826 |
| TOTAL INFORMATION TECHNOLOGY |  | 100144593 |
| Materials - 0.8% |  |  |
| Chemicals - 0.6% |  |  |
| ADEKA Corp  | 17900 | 321306 |
| Air Water Inc (Osaka)  | 40800 | 554729 |
| Asahi Kasei Corp  | 245400 | 1710130 |
| Daicel Corp  | 43500 | 369193 |
| DIC Corp  | 14700 | 285816 |
| Kaneka Corp  | 11800 | 287696 |
| Kansai Paint Co Ltd  | 33000 | 496223 |
| Kuraray Co Ltd  | 53300 | 622623 |
| Mitsubishi Chemical Group Corp  | 252100 | 1225599 |
| Mitsubishi Gas Chemical Co Inc  | 35300 | 536363 |
| Mitsui Chemicals Inc  | 33300 | 731758 |
| Nippon Paint Holdings Co Ltd  | 187700 | 1424357 |
| Nippon Sanso Holdings Corp  | 37400 | 1194090 |
| Nissan Chemical Corp  | 24300 | 710742 |
| Nitto Denko Corp  | 124400 | 2186557 |
| NOF Corp  | 42900 | 643590 |
| Resonac Holdings Corp  | 32700 | 594747 |
| Shin-Etsu Chemical Co Ltd  | 349100 | 10623635 |
| Sumitomo Chemical Co Ltd  | 293300 | 708997 |
| Teijin Ltd  | 32000 | 268310 |
| Tokyo Ohka Kogyo Co Ltd  | 21100 | 462937 |
| Toray Industries Inc  | 287200 | 1834208 |
| Tosoh Corp  | 57300 | 807742 |
| Zeon Corp  | 37500 | 366266 |
|  |  | 28967614 |
| Construction Materials - 0.0% |  |  |
| Taiheiyo Cement Corp  | 20900 | 562740 |
| Containers & Packaging - 0.0% |  |  |
| Toyo Seikan Group Holdings Ltd  | 25800 | 449668 |
| Metals & Mining - 0.2% |  |  |
| Dowa Holdings Co Ltd  | 10100 | 324054 |
| JFE Holdings Inc  | 112600 | 1311342 |
| JX Advanced Metals Corp (f) | 82200 | 456935 |
| Kobe Steel Ltd  | 69900 | 819780 |
| Maruichi Steel Tube Ltd  | 12900 | 304139 |
| Mitsubishi Materials Corp  | 22700 | 358037 |
| Nippon Steel Corp  | 189000 | 3978018 |
| Sumitomo Metal Mining Co Ltd  | 48200 | 1069415 |
| Yamato Kogyo Co Ltd  | 8300 | 492787 |
|  |  | 9114507 |
| Paper & Forest Products - 0.0% |  |  |
| Oji Holdings Corp  | 168000 | 793050 |
| TOTAL MATERIALS |  | 39887579 |
| Real Estate - 0.6% |  |  |
| Diversified REITs - 0.1% |  |  |
| Activia Properties Inc  | 125 | 299430 |
| Daiwa House REIT Investment Corp  | 404 | 676159 |
| KDX Realty Investment Corp  | 717 | 745183 |
| Nomura Real Estate Master Fund Inc  | 759 | 754859 |
| Sekisui House Reit Inc  | 776 | 417905 |
| United Urban Investment Corp  | 536 | 563066 |
|  |  | 3456602 |
| Hotel & Resort REITs - 0.0% |  |  |
| Invincible Investment Corp  | 1348 | 556246 |
| Japan Hotel REIT Investment Corp  | 885 | 436991 |
|  |  | 993237 |
| Industrial REITs - 0.0% |  |  |
| GLP J-REIT  | 861 | 741888 |
| Industrial & Infrastructure Fund Investment Corp  | 438 | 357801 |
| Japan Logistics Fund Inc  | 488 | 319122 |
| LaSalle Logiport REIT  | 327 | 311265 |
| Mitsui Fudosan Logistics Park Inc  | 557 | 396967 |
|  |  | 2127043 |
| Office REITs - 0.1% |  |  |
| Japan Prime Realty Investment Corp  | 173 | 427115 |
| Japan Real Estate Investment Corp  | 1251 | 991316 |
| Nippon Building Fund Inc  | 1495 | 1386467 |
| Orix JREIT Inc  | 485 | 609896 |
|  |  | 3414794 |
| Real Estate Management & Development - 0.4% |  |  |
| Daito Trust Construction Co Ltd  | 10800 | 1197986 |
| Daiwa House Industry Co Ltd  | 110200 | 3987358 |
| Hulic Co Ltd  | 115000 | 1198822 |
| Mitsubishi Estate Co Ltd  | 220100 | 3866272 |
| Mitsui Fudosan Co Ltd  | 489400 | 4850270 |
| Nomura Real Estate Holdings Inc  | 95700 | 566851 |
| Sumitomo Realty & Development Co Ltd  | 83800 | 3121240 |
| Tokyo Tatemono Co Ltd  | 36900 | 661555 |
| Tokyu Fudosan Holdings Corp  | 104200 | 729798 |
|  |  | 20180152 |
| Residential REITs - 0.0% |  |  |
| Advance Residence Investment Corp  | 506 | 521289 |
| Nippon Accommodations Fund Inc  | 441 | 359326 |
|  |  | 880615 |
| Retail REITs - 0.0% |  |  |
| Japan Metropolitan Fund Invest  | 1264 | 840721 |
| TOTAL REAL ESTATE |  | 31893164 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.1% |  |  |
| Chubu Electric Power Co Inc  | 133300 | 1730943 |
| Chugoku Electric Power Co Inc/The  | 56800 | 301042 |
| Kansai Electric Power Co Inc/The  | 180400 | 2222608 |
| Kyushu Electric Power Co Inc  | 83500 | 741969 |
| Tohoku Electric Power Co Inc  | 88700 | 634945 |
| Tokyo Electric Power Co Holdings Inc (b) | 135700 | 415127 |
|  |  | 6046634 |
| Gas Utilities - 0.1% |  |  |
| Osaka Gas Co Ltd  | 71000 | 1800423 |
| Toho Gas Co Ltd  | 16500 | 491953 |
| Tokyo Gas Co Ltd  | 60900 | 2023268 |
|  |  | 4315644 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Electric Power Development Co Ltd  | 29800 | 521990 |
| TOTAL UTILITIES |  | 10884268 |
| TOTAL JAPAN |  | 857061058 |
| JORDAN - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Hikma Pharmaceuticals PLC  | 27416 | 725264 |
| KOREA (SOUTH) - 2.8%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| LG Uplus Corp  | 37011 | 311865 |
| Entertainment - 0.1% |  |  |
| HYBE Co Ltd  | 3699 | 694651 |
| JYP Entertainment Corp  | 4831 | 234508 |
| Krafton Inc (b) | 5315 | 1388626 |
| NCSoft Corp  | 2738 | 281258 |
| Netmarble Corp (c)(d) | 3708 | 116400 |
| Pearl Abyss Corp (b) | 5852 | 145492 |
| SM Entertainment Co Ltd  | 1820 | 157927 |
|  |  | 3018862 |
| Interactive Media & Services - 0.1% |  |  |
| Kakao Corp  | 53917 | 1445497 |
| NAVER Corp  | 25938 | 3642141 |
|  |  | 5087638 |
| Media - 0.0% |  |  |
| Cheil Worldwide Inc  | 13028 | 169687 |
| TOTAL COMMUNICATION SERVICES |  | 8588052 |
| Consumer Discretionary - 0.3% |  |  |
| Automobile Components - 0.0% |  |  |
| Hankook Tire & Technology Co Ltd  | 12057 | 349488 |
| HL Mando Co Ltd  | 5826 | 152553 |
| Hyundai Mobis Co Ltd  | 10811 | 2025158 |
|  |  | 2527199 |
| Automobiles - 0.2% |  |  |
| Hyundai Motor Co  | 24169 | 3231997 |
| Kia Corp  | 44120 | 2798224 |
|  |  | 6030221 |
| Broadline Retail - 0.1% |  |  |
| Coupang Inc Class A (b) | 228606 | 5342523 |
| Shinsegae Inc  | 1115 | 123369 |
|  |  | 5465892 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Delivery Hero SE (b)(c)(d) | 36723 | 1037886 |
| Hanjin Kal Corp  | 4868 | 270516 |
| Kangwon Land Inc  | 21852 | 248932 |
|  |  | 1557334 |
| Household Durables - 0.0% |  |  |
| Coway Co Ltd  | 9189 | 564611 |
| LG Electronics Inc  | 19086 | 956069 |
|  |  | 1520680 |
| Specialty Retail - 0.0% |  |  |
| Hotel Shilla Co Ltd (b) | 5549 | 171068 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Misto Holdings Corp  | 6791 | 176232 |
| Youngone Corp  | 3682 | 122526 |
|  |  | 298758 |
| TOTAL CONSUMER DISCRETIONARY |  | 17571152 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| E-MART Inc  | 3235 | 207692 |
| Food Products - 0.0% |  |  |
| CJ CheilJedang Corp  | 1381 | 231788 |
| NongShim Co Ltd  | 640 | 181007 |
| Orion Corp/Republic of Korea  | 3835 | 331732 |
| Samyang Foods Co Ltd  | 747 | 508812 |
|  |  | 1253339 |
| Personal Care Products - 0.0% |  |  |
| Amorepacific Corp  | 5311 | 464829 |
| Cosmax Inc  | 1424 | 172453 |
| LG H&H Co Ltd  | 1623 | 383768 |
|  |  | 1021050 |
| Tobacco - 0.1% |  |  |
| KT&G Corp  | 17467 | 1406946 |
| TOTAL CONSUMER STAPLES |  | 3889027 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| HD Hyundai Co Ltd  | 7921 | 437174 |
| S-Oil Corp  | 7104 | 258947 |
| SK Innovation Co Ltd  | 11462 | 759759 |
|  |  | 1455880 |
| Financials - 0.4% |  |  |
| Banks - 0.3% |  |  |
| BNK Financial Group Inc  | 49448 | 359689 |
| Hana Financial Group Inc  | 50628 | 2291280 |
| iM Financial Group Co Ltd  | 25953 | 187265 |
| Industrial Bank of Korea  | 45540 | 490479 |
| JB Financial Group Co Ltd  | 18656 | 223693 |
| KakaoBank Corp  | 61488 | 961802 |
| KB Financial Group Inc  | 65107 | 4106247 |
| Shinhan Financial Group Co Ltd  | 88643 | 3196991 |
| Woori Financial Group Inc  | 116688 | 1450086 |
|  |  | 13267532 |
| Capital Markets - 0.0% |  |  |
| KIWOOM Securities Co Ltd  | 2244 | 215339 |
| Korea Investment Holdings Co Ltd  | 7145 | 416306 |
| Mirae Asset Securities Co Ltd  | 47059 | 390368 |
| NH Investment & Securities Co Ltd  | 23541 | 253977 |
| Samsung Securities Co Ltd  | 11069 | 404920 |
|  |  | 1680910 |
| Consumer Finance - 0.0% |  |  |
| Samsung Card Co Ltd  | 3845 | 113319 |
| Financial Services - 0.0% |  |  |
| Meritz Financial Group Inc  | 14137 | 1232486 |
| Insurance - 0.1% |  |  |
| DB Insurance Co Ltd  | 7655 | 492165 |
| Hyundai Marine & Fire Insurance Co Ltd (b) | 10218 | 159553 |
| Samsung Fire & Marine Insurance Co Ltd  | 5758 | 1516006 |
| Samsung Life Insurance Co Ltd  | 18684 | 1132123 |
|  |  | 3299847 |
| TOTAL FINANCIALS |  | 19594094 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.1% |  |  |
| Alteogen Inc (b) | 7413 | 1824743 |
| Celltrion Inc  | 26425 | 2990633 |
| Hugel Inc (b) | 972 | 248558 |
| PharmaResearch Co Ltd  | 1095 | 289437 |
| SK Bioscience Co Ltd (b) | 4294 | 119552 |
|  |  | 5472923 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| HLB Inc (b) | 21527 | 856694 |
| Health Care Providers & Services - 0.0% |  |  |
| Hanmi Science Co ltd  | 6042 | 123252 |
| Life Sciences Tools & Services - 0.1% |  |  |
| LigaChem Biosciences Inc (b) | 4446 | 326972 |
| Peptron Inc (b) | 3636 | 415096 |
| Samsung Biologics Co Ltd (b)(c)(d) | 3260 | 2407680 |
|  |  | 3149748 |
| Pharmaceuticals - 0.0% |  |  |
| Celltrion Pharm Inc  | 3552 | 119700 |
| Hanall Biopharma Co Ltd (b) | 5813 | 113373 |
| Hanmi Pharm Co Ltd  | 1087 | 205183 |
| Sam Chun Dang Pharm Co Ltd  | 2401 | 237270 |
| SK Biopharmaceuticals Co Ltd (b) | 4998 | 374019 |
| Yuhan Corp  | 10763 | 860759 |
|  |  | 1910304 |
| TOTAL HEALTH CARE |  | 11512921 |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Hanwha Aerospace Co Ltd  | 5293 | 2968590 |
| Hanwha Systems Co Ltd  | 13061 | 359103 |
| Korea Aerospace Industries Ltd  | 12717 | 742808 |
| LIG Nex1 Co Ltd  | 1968 | 443698 |
|  |  | 4514199 |
| Air Freight & Logistics - 0.0% |  |  |
| Cj Logistics Corp  | 1843 | 107293 |
| Hyundai Glovis Co Ltd  | 7812 | 625097 |
|  |  | 732390 |
| Commercial Services & Supplies - 0.0% |  |  |
| S-1 Corp  | 3174 | 141176 |
| Construction & Engineering - 0.0% |  |  |
| DL E&C Co Ltd  | 4578 | 139638 |
| GS Engineering & Construction Corp  | 11430 | 146630 |
| Hyundai Engineering & Construction Co Ltd  | 12541 | 366769 |
| KEPCO Engineering & Construction Co Inc  | 3093 | 147419 |
| Samsung E&A Co Ltd  | 27167 | 366582 |
|  |  | 1167038 |
| Electrical Equipment - 0.2% |  |  |
| Doosan Enerbility Co Ltd (b) | 79021 | 1602146 |
| Ecopro BM Co Ltd (b) | 9321 | 662575 |
| Ecopro Co Ltd  | 18703 | 667280 |
| Hanwha Vision Co Ltd  | 5728 | 242542 |
| HD Hyundai Electric Co Ltd  | 4005 | 869801 |
| Hyosung Heavy Industries Corp  | 809 | 279237 |
| L&F Co Ltd (b) | 4655 | 211571 |
| LG Energy Solution Ltd (b) | 7419 | 1689185 |
| LS Corp  | 3015 | 278741 |
| LS Electric Co Ltd  | 2601 | 374898 |
| POSCO Future M Co Ltd (b) | 5371 | 470575 |
| Shinsung Delta Tech Co Ltd  | 2687 | 111907 |
| Taihan Electric Wire Co Ltd (b) | 18718 | 153033 |
|  |  | 7613491 |
| Industrial Conglomerates - 0.1% |  |  |
| CJ Corp  | 2327 | 202995 |
| Doosan Co Ltd  | 1290 | 273854 |
| GS Holdings Corp  | 7294 | 197926 |
| Hanwha Corp  | 7223 | 244479 |
| LG Corp  | 16457 | 769084 |
| Samsung C&T Corp  | 13180 | 1131937 |
| SK Inc  | 6239 | 579479 |
| SK Square Co Ltd (b) | 15527 | 957986 |
|  |  | 4357740 |
| Machinery - 0.1% |  |  |
| Doosan Bobcat Inc  | 9383 | 321931 |
| Hanwha Ocean Co Ltd (b) | 19418 | 1070700 |
| HD Hyundai Heavy Industries Co Ltd  | 3909 | 1103314 |
| HD Hyundai Infracore Co Ltd  | 23320 | 135197 |
| HD HYUNDAI MIPO  | 3993 | 468109 |
| HD Korea Shipbuilding & Offshore Engineering Co Ltd  | 8104 | 1547091 |
| Hyundai Elevator Co Ltd  | 3659 | 189574 |
| Hyundai Rotem Co Ltd  | 12687 | 997927 |
| Rainbow Robotics (b) | 1380 | 261235 |
| Samsung Heavy Industries Co Ltd (b) | 127125 | 1299803 |
|  |  | 7394881 |
| Marine Transportation - 0.0% |  |  |
| HMM Co Ltd  | 51285 | 658707 |
| Passenger Airlines - 0.0% |  |  |
| Korean Air Lines Co Ltd  | 31878 | 469009 |
| Trading Companies & Distributors - 0.0% |  |  |
| Posco International Corp  | 7968 | 274131 |
| TOTAL INDUSTRIALS |  | 27322762 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Daejoo Electronic Materials Co Ltd  | 1909 | 110378 |
| IsuPetasys Co Ltd  | 9253 | 208489 |
| LG Display Co Ltd (b) | 63101 | 374108 |
| LG Innotek Co Ltd  | 2419 | 237293 |
| Samsung Electro-Mechanics Co Ltd  | 9767 | 804163 |
| Samsung SDI Co Ltd  | 9170 | 1133199 |
| Samsung SDI Co Ltd rights 5/22/2025 (b) | 1240 | 30110 |
|  |  | 2897740 |
| IT Services - 0.0% |  |  |
| Posco DX Co Ltd  | 9083 | 156343 |
| Samsung SDS Co Ltd  | 6713 | 603713 |
|  |  | 760056 |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| DB HiTek Co Ltd  | 5362 | 144654 |
| Eo Technics Co Ltd  | 1455 | 117597 |
| Hanmi Semiconductor Co Ltd  | 7432 | 396926 |
| HPSP Co Ltd  | 7990 | 126182 |
| LEENO Industrial Inc  | 7555 | 191478 |
| SK Hynix Inc  | 94772 | 11800755 |
|  |  | 12777592 |
| Software - 0.0% |  |  |
| Douzone Bizon Co Ltd  | 3248 | 139045 |
| Technology Hardware, Storage & Peripherals - 0.7% |  |  |
| Samsung Electronics Co Ltd  | 851275 | 33146568 |
| TOTAL INFORMATION TECHNOLOGY |  | 49721001 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Dongjin Semichem Co Ltd  | 5962 | 121824 |
| Enchem Co Ltd (b) | 2827 | 157212 |
| Hansol Chemical Co Ltd  | 1590 | 129297 |
| Hanwha Solutions Corp  | 18467 | 387456 |
| KCC Corp  | 747 | 130909 |
| Kumho Petrochemical Co Ltd  | 2714 | 226619 |
| LG Chem Ltd  | 7781 | 1176874 |
| Lotte Chemical Corp  | 3305 | 139910 |
| OCI Holdings Co Ltd  | 2385 | 108396 |
| SKC Co Ltd (b) | 3218 | 230386 |
|  |  | 2808883 |
| Metals & Mining - 0.1% |  |  |
| Hyundai Steel Co  | 14177 | 243561 |
| Korea Zinc Co Ltd  | 1894 | 1054052 |
| POSCO Holdings Inc  | 13094 | 2388062 |
|  |  | 3685675 |
| TOTAL MATERIALS |  | 6494558 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Korea Electric Power Corp  | 45359 | 816375 |
| TOTAL KOREA (SOUTH) |  | 146965822 |
| KUWAIT - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Mobile Telecommunications Co KSCP  | 436068 | 672953 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Al Ahli Bank of Kuwait KSCP (b) | 224846 | 222278 |
| Boubyan Bank KSCP  | 257435 | 570305 |
| Gulf Bank KSCP  | 425399 | 466343 |
| Kuwait Finance House KSCP  | 2144248 | 5058047 |
| National Bank of Kuwait SAKP  | 1538096 | 4777381 |
|  |  | 11094354 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| Agility Global PLC  | 738379 | 247262 |
| Agility Public Warehousing Co KSC  | 260221 | 223289 |
|  |  | 470551 |
| Industrial Conglomerates - 0.0% |  |  |
| National Industries Group Holding SAK  | 382717 | 310919 |
| TOTAL INDUSTRIALS |  | 781470 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Mabanee Co KPSC  | 123773 | 320235 |
| TOTAL KUWAIT |  | 12869012 |
| LUXEMBOURG - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| SES SA Series A depository receipt  | 61941 | 326851 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Zabka Group SA (b) | 83265 | 473396 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Eurofins Scientific SE  | 22784 | 1431986 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| APERAM SA  | 7492 | 216766 |
| ArcelorMittal SA  | 79540 | 2335571 |
|  |  | 2552337 |
| TOTAL LUXEMBOURG |  | 4784570 |
| MACAU - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Galaxy Entertainment Group Ltd  | 362000 | 1316262 |
| Sands China Ltd (b) | 413600 | 745542 |
| TOTAL MACAU |  | 2061804 |
| MALAYSIA - 0.5%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telekom Malaysia Berhad  | 370830 | 584422 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Axiata Group Berhad  | 523728 | 254896 |
| CELCOMDIGI BHD  | 594600 | 526859 |
| Maxis Bhd  | 406500 | 349517 |
|  |  | 1131272 |
| TOTAL COMMUNICATION SERVICES |  | 1715694 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Genting Bhd  | 376500 | 279511 |
| Genting Malaysia Bhd  | 506900 | 201601 |
|  |  | 481112 |
| Specialty Retail - 0.0% |  |  |
| MR DIY Group M Bhd (c)(d) | 786600 | 306672 |
| TOTAL CONSUMER DISCRETIONARY |  | 787784 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| IOI Corp Bhd  | 561900 | 476335 |
| Kuala Lumpur Kepong Bhd  | 100816 | 458701 |
| Nestle Malaysia Bhd  | 10900 | 219664 |
| PPB Group Bhd  | 125300 | 361033 |
| QL Resources Bhd  | 302350 | 336318 |
| SD Guthrie Bhd  | 651567 | 716555 |
| United Plantations BHD  | 52900 | 280836 |
|  |  | 2849442 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Dialog Group Bhd  | 724800 | 245432 |
| Yinson Holdings BHD  | 401100 | 173847 |
|  |  | 419279 |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Petronas Dagangan Bhd  | 62200 | 284485 |
| TOTAL ENERGY |  | 703764 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| AMMB Holdings Bhd  | 484000 | 579065 |
| CIMB Group Holdings Bhd  | 1343696 | 2219658 |
| Hong Leong Bank Bhd  | 139300 | 645672 |
| Malayan Banking Bhd  | 1339795 | 3104718 |
| Public Bank Bhd  | 2669800 | 2767658 |
| RHB Bank Bhd  | 342206 | 527840 |
|  |  | 9844611 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| IHH Healthcare Bhd  | 545800 | 874772 |
| Kpj Healthcare Bhd  | 447300 | 298182 |
|  |  | 1172954 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| Gamuda Bhd  | 1007653 | 992810 |
| IJM Corp Bhd  | 461100 | 242864 |
|  |  | 1235674 |
| Industrial Conglomerates - 0.0% |  |  |
| Sime Darby Bhd  | 549800 | 264964 |
| Sunway Bhd  | 423800 | 446733 |
|  |  | 711697 |
| Marine Transportation - 0.0% |  |  |
| MISC Bhd  | 231600 | 402722 |
| Transportation Infrastructure - 0.0% |  |  |
| Westports Holdings Bhd  | 200500 | 197533 |
| TOTAL INDUSTRIALS |  | 2547626 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Inari Amertron Bhd  | 512200 | 228708 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Petronas Chemicals Group Bhd  | 498600 | 425442 |
| Metals & Mining - 0.0% |  |  |
| Press Metal Aluminium Holdings Bhd  | 700100 | 795712 |
| TOTAL MATERIALS |  | 1221154 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Tenaga Nasional Bhd  | 502900 | 1617398 |
| Gas Utilities - 0.0% |  |  |
| Petronas Gas Bhd  | 172200 | 701171 |
| Multi-Utilities - 0.0% |  |  |
| YTL Corp Bhd  | 885700 | 393910 |
| YTL Power International Bhd  | 444700 | 352285 |
|  |  | 746195 |
| TOTAL UTILITIES |  | 3064764 |
| TOTAL MALAYSIA |  | 24136501 |
| MEXICO - 0.5%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| America Movil SAB de CV Series B  | 3323100 | 2867181 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.1% |  |  |
| Arca Continental SAB de CV  | 86700 | 912383 |
| Coca-Cola Femsa SAB de CV unit  | 92630 | 872476 |
| Fomento Economico Mexicano SAB de CV unit  | 304300 | 3202284 |
|  |  | 4987143 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Wal-Mart de Mexico SAB de CV Series V  | 859200 | 2722994 |
| Food Products - 0.0% |  |  |
| Alfa SAB de CV Series A  | 637689 | 465979 |
| Gruma SAB de CV Series B  | 30315 | 579325 |
| Grupo Bimbo SAB de CV  | 251800 | 765653 |
|  |  | 1810957 |
| Household Products - 0.0% |  |  |
| Kimberly Clark DE Mexico Sab D Series A  | 244100 | 430307 |
| TOTAL CONSUMER STAPLES |  | 9951401 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Banco del Bajio SA (c)(d) | 140300 | 335967 |
| Grupo Financiero Banorte SAB de CV  | 425600 | 3657333 |
| Grupo Financiero Inbursa SAB de CV Series O (b) | 310500 | 798159 |
|  |  | 4791459 |
| Insurance - 0.0% |  |  |
| Qualitas Controladora SAB de CV  | 34500 | 380176 |
| TOTAL FINANCIALS |  | 5171635 |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Grupo Carso SAB de CV Series A1  | 95300 | 662563 |
| Transportation Infrastructure - 0.1% |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV Series B  | 48000 | 530018 |
| Grupo Aeroportuario del Pacifico SAB de CV Series B  | 71900 | 1459815 |
| Grupo Aeroportuario del Sureste SAB de CV Series B  | 30765 | 974556 |
| Promotora y Operadora de Infraestructura SAB de CV  | 33615 | 375944 |
|  |  | 3340333 |
| TOTAL INDUSTRIALS |  | 4002896 |
| Materials - 0.1% |  |  |
| Construction Materials - 0.0% |  |  |
| Cemex SAB de CV unit  | 2665000 | 1644349 |
| Metals & Mining - 0.1% |  |  |
| Grupo Mexico SAB de CV Series B  | 547900 | 2846996 |
| Industrias Penoles SAB de CV (b) | 32590 | 649938 |
|  |  | 3496934 |
| TOTAL MATERIALS |  | 5141283 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Fibra Uno Administracion SA de CV  | 491700 | 634104 |
| Industrial REITs - 0.0% |  |  |
| Prologis Property Mexico SA de CV  | 178200 | 634725 |
| Real Estate Management & Development - 0.0% |  |  |
| Corp Inmobiliaria Vesta SAB de CV  | 154700 | 421726 |
| TOTAL REAL ESTATE |  | 1690555 |
| TOTAL MEXICO |  | 28824951 |
| NETHERLANDS - 2.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Koninklijke KPN NV  | 581499 | 2705049 |
| Entertainment - 0.1% |  |  |
| Universal Music Group NV  | 138335 | 4067806 |
| TOTAL COMMUNICATION SERVICES |  | 6772855 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.1% |  |  |
| Heineken Holding NV Class A  | 19756 | 1539784 |
| Heineken NV  | 48625 | 4352677 |
|  |  | 5892461 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Koninklijke Ahold Delhaize NV  | 161864 | 6645985 |
| TOTAL CONSUMER STAPLES |  | 12538446 |
| Financials - 0.5% |  |  |
| Banks - 0.2% |  |  |
| ING Groep NV  | 553477 | 10748145 |
| Capital Markets - 0.0% |  |  |
| Euronext NV (c)(d) | 16863 | 2808178 |
| Financial Services - 0.2% |  |  |
| Adyen NV (b)(c)(d) | 5538 | 8961665 |
| EXOR NV  | 15599 | 1464953 |
|  |  | 10426618 |
| Insurance - 0.1% |  |  |
| ASR Nederland NV  | 26029 | 1633577 |
| NN Group NV  | 47329 | 2889938 |
|  |  | 4523515 |
| TOTAL FINANCIALS |  | 28506456 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.1% |  |  |
| Argenx SE (b) | 10687 | 6908602 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Koninklijke Philips NV  | 140541 | 3566906 |
| TOTAL HEALTH CARE |  | 10475508 |
| Industrials - 0.2% |  |  |
| Professional Services - 0.2% |  |  |
| Wolters Kluwer NV  | 41951 | 7387635 |
| Trading Companies & Distributors - 0.0% |  |  |
| IMCD NV  | 10406 | 1377479 |
| TOTAL INDUSTRIALS |  | 8765114 |
| Information Technology - 1.1% |  |  |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| ASM International NV  | 8174 | 3938242 |
| ASML Holding NV  | 69268 | 45708923 |
| BE Semiconductor Industries NV  | 13600 | 1451933 |
|  |  | 51099098 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Akzo Nobel NV  | 30071 | 1892702 |
| TOTAL NETHERLANDS |  | 120050179 |
| NEW ZEALAND - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Spark New Zealand Ltd  | 326934 | 405046 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| a2 Milk Co Ltd/The  | 127425 | 663333 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Infratil Ltd  | 170477 | 1068504 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Fisher & Paykel Healthcare Corp Ltd  | 103112 | 2080081 |
| Industrials - 0.0% |  |  |
| Building Products - 0.0% |  |  |
| Fletcher Building Ltd (b) | 186972 | 340427 |
| Transportation Infrastructure - 0.0% |  |  |
| Auckland International Airport Ltd  | 295898 | 1327028 |
| TOTAL INDUSTRIALS |  | 1667455 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Xero Ltd (b) | 25307 | 2665159 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Contact Energy Ltd  | 140526 | 740289 |
| Mercury NZ Ltd  | 121332 | 402619 |
|  |  | 1142908 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Meridian Energy Ltd  | 224804 | 731776 |
| TOTAL UTILITIES |  | 1874684 |
| TOTAL NEW ZEALAND |  | 10424262 |
| NORWAY - 0.5%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telenor ASA  | 110683 | 1661830 |
| Media - 0.0% |  |  |
| Schibsted ASA A Shares  | 11662 | 353781 |
| Schibsted ASA B Shares  | 18493 | 531500 |
|  |  | 885281 |
| TOTAL COMMUNICATION SERVICES |  | 2547111 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Europris ASA (c)(d) | 29005 | 214957 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Leroy Seafood Group ASA  | 49991 | 217966 |
| Mowi ASA  | 78271 | 1430236 |
| Orkla ASA  | 132412 | 1471330 |
| Salmar ASA  | 12808 | 630957 |
|  |  | 3750489 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Seadrill Ltd (b)(f) | 11475 | 235696 |
| TGS ASA  | 34874 | 257950 |
|  |  | 493646 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Aker BP ASA  | 54617 | 1171782 |
| BLUENORD ASA (b) | 4280 | 245197 |
| Equinor ASA  | 137573 | 3114052 |
| Frontline PLC (Norway) (f) | 24708 | 415030 |
| Var Energi ASA  | 160294 | 440202 |
|  |  | 5386263 |
| TOTAL ENERGY |  | 5879909 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| DNB Bank ASA  | 152156 | 3785106 |
| SpareBank 1 SMN  | 21935 | 396683 |
| SpareBank 1 Sor-Norge ASA  | 32459 | 516054 |
|  |  | 4697843 |
| Insurance - 0.0% |  |  |
| Gjensidige Forsikring ASA  | 33449 | 780007 |
| Protector Forsikring ASA  | 10286 | 361375 |
| Storebrand ASA A Shares  | 78921 | 947502 |
|  |  | 2088884 |
| TOTAL FINANCIALS |  | 6786727 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Kongsberg Gruppen ASA  | 15470 | 2480340 |
| Industrial Conglomerates - 0.0% |  |  |
| Aker ASA A Shares  | 4207 | 242632 |
| Machinery - 0.0% |  |  |
| AutoStore Holdings Ltd (b)(c)(d) | 196216 | 87702 |
| TOMRA Systems ASA (b) | 41239 | 644149 |
|  |  | 731851 |
| Marine Transportation - 0.0% |  |  |
| Golden Ocean Group Ltd (Norway)  | 21607 | 165530 |
| TOTAL INDUSTRIALS |  | 3620353 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Nordic Semiconductor ASA (b) | 30253 | 298069 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Norsk Hydro ASA  | 233390 | 1237998 |
| TOTAL NORWAY |  | 24335613 |
| PERU - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Credicorp Ltd  | 11958 | 2417788 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Cia de Minas Buenaventura SAA ADR  | 42232 | 598005 |
| TOTAL PERU |  | 3015793 |
| PHILIPPINES - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| PLDT Inc  | 15330 | 357539 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Jollibee Foods Corp  | 110960 | 456292 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Bank of the Philippine Islands  | 371426 | 932338 |
| BDO Unibank Inc  | 370830 | 1065506 |
| Metropolitan Bank & Trust Co  | 317854 | 438387 |
|  |  | 2436231 |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.1% |  |  |
| Ayala Corp  | 44020 | 473042 |
| SM Investments Corp  | 85900 | 1338670 |
|  |  | 1811712 |
| Transportation Infrastructure - 0.0% |  |  |
| International Container Terminal Services Inc  | 142600 | 873153 |
| TOTAL INDUSTRIALS |  | 2684865 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Ayala Land Inc  | 1027500 | 461456 |
| SM Prime Holdings Inc  | 2034200 | 888988 |
|  |  | 1350444 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Manila Electric Co  | 51230 | 523429 |
| TOTAL PHILIPPINES |  | 7808800 |
| POLAND - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| CD Projekt SA  | 12365 | 761884 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Allegro.eu SA (b)(c)(d) | 109795 | 957549 |
| Specialty Retail - 0.0% |  |  |
| CCC SA (b) | 8161 | 469600 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| LPP SA  | 226 | 920777 |
| TOTAL CONSUMER DISCRETIONARY |  | 2347926 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Dino Polska SA (b)(c)(d) | 8448 | 1181873 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| ORLEN SA  | 102112 | 1843222 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| Alior Bank SA  | 15726 | 425409 |
| Bank Millennium SA (b) | 105128 | 405788 |
| Bank Polska Kasa Opieki SA (b) | 30941 | 1541791 |
| mBank SA (b) | 2329 | 507101 |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 151676 | 2904431 |
| Santander Bank Polska SA  | 6833 | 1043430 |
|  |  | 6827950 |
| Consumer Finance - 0.0% |  |  |
| KRUK SA  | 3059 | 323069 |
| Insurance - 0.1% |  |  |
| Powszechny Zaklad Ubezpieczen SA  | 100334 | 1561875 |
| TOTAL FINANCIALS |  | 8712894 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| InPost SA (b) | 38729 | 649337 |
| Construction & Engineering - 0.0% |  |  |
| Budimex SA  | 2223 | 372397 |
| TOTAL INDUSTRIALS |  | 1021734 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Asseco Poland SA  | 8916 | 367033 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Grupa Kety SA (f) | 1681 | 384244 |
| KGHM Polska Miedz SA  | 23966 | 758002 |
|  |  | 1142246 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| PGE Polska Grupa Energetyczna SA (b) | 149812 | 326270 |
| TOTAL POLAND |  | 17705082 |
| PORTUGAL - 0.1%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Jeronimo Martins SGPS SA  | 48728 | 1176896 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Galp Energia SGPS SA  | 74717 | 1157649 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Banco Comercial Portugues SA  | 1597026 | 1020022 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| EDP SA  | 530814 | 2092290 |
| Multi-Utilities - 0.0% |  |  |
| Redes Energeticas Naci Sgps SA  | 65677 | 215394 |
| TOTAL UTILITIES |  | 2307684 |
| TOTAL PORTUGAL |  | 5662251 |
| QATAR - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Ooredoo QPSC  | 136247 | 484966 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Qatar Fuel QSC  | 104292 | 429657 |
| Qatar Gas Transport Co Ltd  | 480423 | 604190 |
|  |  | 1033847 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Al Rayan Bank  | 1064645 | 652647 |
| Commercial Bank of Qatar  | 563229 | 665170 |
| Qatar International Islamic Bank QSC  | 192501 | 560426 |
| Qatar Islamic Bank QPSC  | 295057 | 1710699 |
| Qatar National Bank QPSC  | 779280 | 3574286 |
|  |  | 7163228 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Industries Qatar QSC  | 276665 | 954384 |
| Marine Transportation - 0.0% |  |  |
| Qatar Navigation QSC  | 166868 | 508716 |
| TOTAL INDUSTRIALS |  | 1463100 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Mesaieed Petrochemical Holding Co  | 895611 | 346831 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Barwa Real Estate Co  | 370456 | 284887 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Qatar Electricity & Water Co QSC  | 86741 | 364260 |
| TOTAL QATAR |  | 11141119 |
| ROMANIA - 0.0%  |  |  |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| NEPI Rockcastle NV  | 106560 | 816962 |
| RUSSIA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| VK IPJSC GDR (b)(c)(e) | 12713 | 0 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Magnit PJSC (b)(e) | 8984 | 0 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Gazprom PJSC (b)(e) | 1373390 | 0 |
| LUKOIL PJSC (b)(e) | 41065 | 0 |
| Novatek PJSC (b)(e) | 110726 | 0 |
| Surgutneftegas PAO (b)(e) | 1002400 | 0 |
| Tatneft PJSC (b)(e) | 175192 | 0 |
|  |  | 0 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sberbank of Russia PJSC (b)(e) | 1236820 | 0 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Alrosa PJSC (b)(e) | 280800 | 0 |
| GMK Norilskiy Nickel PAO (b)(e) | 681400 | 0 |
| Polyus PJSC (b)(e) | 36530 | 0 |
| Severstal PAO (b)(e) | 21400 | 0 |
|  |  | 0 |
| TOTAL RUSSIA |  | 0 |
| SAUDI ARABIA - 0.9%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Saudi Telecom Co  | 334663 | 4246913 |
| Media - 0.0% |  |  |
| Saudi Research & Media Group (b) | 6799 | 313944 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Etihad Etisalat Co  | 66680 | 1116385 |
| Mobile Telecommunications Co Saudi Arabia  | 76255 | 258998 |
|  |  | 1375383 |
| TOTAL COMMUNICATION SERVICES |  | 5936240 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Leejam Sports Co JSC  | 4367 | 162993 |
| Specialty Retail - 0.0% |  |  |
| Aldrees Petroleum and Transport Services Co  | 8498 | 312194 |
| Jarir Marketing Co  | 101591 | 341801 |
|  |  | 653995 |
| TOTAL CONSUMER DISCRETIONARY |  | 816988 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Abdullah Al Othaim Markets Co  | 76358 | 183620 |
| Nahdi Medical Co  | 9344 | 282989 |
|  |  | 466609 |
| Food Products - 0.0% |  |  |
| Almarai Co JSC  | 72521 | 1020837 |
| Saudia Dairy & Foodstuff Co  | 2639 | 214866 |
| Savola Group/The (b) | 25488 | 212686 |
|  |  | 1448389 |
| TOTAL CONSUMER STAPLES |  | 1914998 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Ades Holding Co  | 59606 | 240588 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Al Rajhi Bank  | 344833 | 8954195 |
| Alinma Bank  | 216116 | 1670874 |
| Bank Al-Jazira  | 109457 | 393945 |
| Bank AlBilad  | 129862 | 1000550 |
| Banque Saudi Fransi  | 216916 | 1062908 |
| Riyad Bank  | 259171 | 2124664 |
| Saudi Awwal Bank  | 65509 | 611262 |
| Saudi Investment Bank/The  | 109152 | 437661 |
| Saudi National Bank/The  | 517554 | 4925867 |
|  |  | 21181926 |
| Capital Markets - 0.0% |  |  |
| Saudi Tadawul Group Holding Co (b) | 8321 | 406406 |
| Insurance - 0.0% |  |  |
| Al Rajhi Co for Co-operative Insurance (b) | 8506 | 297068 |
| Bupa Arabia for Cooperative Insurance Co  | 4376 | 195994 |
| Co for Cooperative Insurance/The  | 12756 | 472023 |
|  |  | 965085 |
| TOTAL FINANCIALS |  | 22553417 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Al Hammadi Holding  | 13560 | 145145 |
| Dallah Healthcare Co  | 5342 | 173749 |
| Dr Sulaiman Al Habib Medical Services Group Co  | 17920 | 1368264 |
| Mouwasat Medical Services Co  | 16398 | 316948 |
|  |  | 2004106 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| SAL Saudi Logistics Services  | 4260 | 207381 |
| Commercial Services & Supplies - 0.0% |  |  |
| Catrion Catering Holding Co  | 6961 | 218613 |
| Electrical Equipment - 0.0% |  |  |
| Riyadh Cables Group Co  | 8067 | 273563 |
| Industrial Conglomerates - 0.0% |  |  |
| Astra Industrial Group Co  | 6489 | 258110 |
| Transportation Infrastructure - 0.0% |  |  |
| Saudi Ground Services Co  | 15311 | 203279 |
| TOTAL INDUSTRIALS |  | 1160946 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Arabian Internet & Communications Services Co  | 4194 | 320229 |
| Elm Co  | 4655 | 1284206 |
|  |  | 1604435 |
| Materials - 0.2% |  |  |
| Chemicals - 0.1% |  |  |
| Advanced Petrochemical Co (b) | 22011 | 176923 |
| SABIC Agri-Nutrients Co  | 41255 | 1085557 |
| Sahara International Petrochemical Co  | 62697 | 317584 |
| Saudi Aramco Base Oil Co  | 8724 | 230953 |
| Saudi Basic Industries Corp  | 158667 | 2580330 |
| Saudi Industrial Investment Group  | 64012 | 258031 |
| Saudi Kayan Petrochemical Co (b) | 126428 | 194481 |
| Yanbu National Petrochemical Co  | 49634 | 422775 |
|  |  | 5266634 |
| Construction Materials - 0.0% |  |  |
| Saudi Cement Co  | 12848 | 157733 |
| Yamama Cement Co  | 17168 | 165687 |
|  |  | 323420 |
| Metals & Mining - 0.1% |  |  |
| Saudi Arabian Mining Co (b) | 221137 | 3012597 |
| TOTAL MATERIALS |  | 8602651 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Arabian Centres Co (c)(d) | 37804 | 199555 |
| Dar Al Arkan Real Estate Development Co (b) | 93631 | 546667 |
| Emaar Economic City (b) | 44484 | 180737 |
| Retal Urban Development Co  | 38281 | 171863 |
|  |  | 1098822 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.0% |  |  |
| Saudi Electricity Co  | 140750 | 562107 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| ACWA Power Co  | 37396 | 3210257 |
| Multi-Utilities - 0.0% |  |  |
| Power & Water Utility Co for Jubail & Yanbu  | 12706 | 148368 |
| TOTAL UTILITIES |  | 3920732 |
| TOTAL SAUDI ARABIA |  | 49853923 |
| SINGAPORE - 1.1%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Singapore Telecommunications Ltd  | 1307400 | 3782565 |
| Entertainment - 0.2% |  |  |
| Sea Ltd Class A ADR (b) | 61393 | 8229732 |
| TOTAL COMMUNICATION SERVICES |  | 12012297 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Genting Singapore Ltd  | 1002300 | 568372 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Hafnia Ltd  | 50042 | 230166 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| DBS Group Holdings Ltd  | 355332 | 11544458 |
| Oversea-Chinese Banking Corp Ltd  | 674822 | 8351438 |
| United Overseas Bank Ltd  | 269800 | 7165576 |
|  |  | 27061472 |
| Capital Markets - 0.0% |  |  |
| Singapore Exchange Ltd  | 143400 | 1577523 |
| TOTAL FINANCIALS |  | 28638995 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Singapore Technologies Engineering Ltd  | 263700 | 1497353 |
| Ground Transportation - 0.1% |  |  |
| ComfortDelGro Corp Ltd  | 384100 | 450618 |
| Grab Holdings Ltd Class A (b) | 433288 | 2114445 |
|  |  | 2565063 |
| Industrial Conglomerates - 0.0% |  |  |
| Keppel Ltd  | 246900 | 1241339 |
| Machinery - 0.0% |  |  |
| Seatrium Ltd (b) | 384998 | 565389 |
| Passenger Airlines - 0.0% |  |  |
| Singapore Airlines Ltd (f) | 240850 | 1236022 |
| Transportation Infrastructure - 0.0% |  |  |
| SATS Ltd  | 157323 | 339269 |
| TOTAL INDUSTRIALS |  | 7444435 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Venture Corp Ltd  | 46000 | 408343 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| STMicroelectronics NV (Italy)  | 115449 | 2591663 |
| TOTAL INFORMATION TECHNOLOGY |  | 3000006 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.0% |  |  |
| Mapletree Pan Asia Commercial Trust  | 408718 | 382773 |
| Suntec Real Estate Investment Trust  | 387800 | 341910 |
|  |  | 724683 |
| Industrial REITs - 0.1% |  |  |
| CapitaLand Ascendas REIT  | 619797 | 1262935 |
| Frasers Logistics & Commercial Trust (c)(f) | 520500 | 357030 |
| Mapletree Industrial Trust  | 366957 | 567639 |
| Mapletree Logistics Trust  | 598410 | 514951 |
|  |  | 2702555 |
| Real Estate Management & Development - 0.0% |  |  |
| CapitaLand Investment Ltd/Singapore  | 404573 | 852675 |
| UOL Group Ltd  | 80300 | 355222 |
|  |  | 1207897 |
| Retail REITs - 0.0% |  |  |
| CapitaLand Integrated Commercial Trust  | 975896 | 1606033 |
| Specialized REITs - 0.0% |  |  |
| Keppel DC REIT  | 316600 | 523797 |
| TOTAL REAL ESTATE |  | 6764965 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Sembcorp Industries Ltd  | 157700 | 797674 |
| TOTAL SINGAPORE |  | 59456910 |
| SOUTH AFRICA - 1.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.0% |  |  |
| MultiChoice Group (b) | 44803 | 261189 |
| Wireless Telecommunication Services - 0.1% |  |  |
| MTN Group Ltd  | 331527 | 2187040 |
| Vodacom Group Ltd  | 106110 | 781225 |
|  |  | 2968265 |
| TOTAL COMMUNICATION SERVICES |  | 3229454 |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Naspers Ltd Class N  | 31396 | 8257420 |
| Woolworths Holdings Ltd/South Africa  | 159310 | 493314 |
|  |  | 8750734 |
| Specialty Retail - 0.0% |  |  |
| Foschini Group Ltd  | 58383 | 405734 |
| Mr Price Group Ltd  | 45926 | 585295 |
| Pepkor Holdings Ltd (c)(d) | 364537 | 525604 |
|  |  | 1516633 |
| TOTAL CONSUMER DISCRETIONARY |  | 10267367 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Bid Corp Ltd  | 58961 | 1481850 |
| Clicks Group Ltd  | 41915 | 891445 |
| Shoprite Holdings Ltd  | 84269 | 1293533 |
|  |  | 3666828 |
| Food Products - 0.0% |  |  |
| Tiger Brands Ltd  | 27226 | 424463 |
| TOTAL CONSUMER STAPLES |  | 4091291 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Exxaro Resources Ltd  | 41836 | 341908 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| Absa Group Ltd  | 146317 | 1343116 |
| Capitec Bank Holdings Ltd  | 15921 | 2946086 |
| Nedbank Group Ltd  | 79854 | 1088045 |
| Standard Bank Group Ltd  | 235327 | 2931395 |
|  |  | 8308642 |
| Financial Services - 0.1% |  |  |
| FirstRand Ltd  | 887885 | 3466815 |
| Remgro Ltd  | 88702 | 762404 |
|  |  | 4229219 |
| Insurance - 0.0% |  |  |
| Discovery Ltd  | 102396 | 1133932 |
| Old Mutual Ltd  | 833045 | 507407 |
| OUTsurance Group Ltd  | 149458 | 613540 |
| Sanlam Ltd  | 294311 | 1336968 |
|  |  | 3591847 |
| TOTAL FINANCIALS |  | 16129708 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Aspen Pharmacare Holdings Ltd  | 68557 | 448723 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Bidvest Group Ltd  | 60012 | 758004 |
| Materials - 0.3% |  |  |
| Chemicals - 0.0% |  |  |
| Sasol Ltd (b) | 101274 | 349807 |
| Metals & Mining - 0.3% |  |  |
| Anglo American Platinum Ltd  | 13094 | 448391 |
| Anglo American PLC  | 235299 | 6423279 |
| Gold Fields Ltd (g) | 157462 | 3531708 |
| Harmony Gold Mining Co Ltd  | 97969 | 1539326 |
| Impala Platinum Holdings Ltd (b) | 159238 | 947009 |
| Northam Platinum Holdings Ltd  | 61140 | 409281 |
| Sibanye Stillwater Ltd (b) | 498845 | 569932 |
|  |  | 13868926 |
| TOTAL MATERIALS |  | 14218733 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Growthpoint Properties Ltd (g) | 595025 | 418089 |
| TOTAL SOUTH AFRICA |  | 49903277 |
| SPAIN - 1.9%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Cellnex Telecom SA (c)(d) | 103147 | 4174291 |
| Telefonica SA (f) | 847719 | 4354937 |
|  |  | 8529228 |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Amadeus IT Group SA Class A  | 79226 | 6208986 |
| Specialty Retail - 0.2% |  |  |
| Industria de Diseno Textil SA  | 197302 | 10558781 |
| TOTAL CONSUMER DISCRETIONARY |  | 16767767 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Repsol SA  | 203739 | 2490438 |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| Banco Bilbao Vizcaya Argentaria SA  | 1013587 | 13910511 |
| Banco de Sabadell SA  | 956995 | 2779714 |
| Banco Santander SA  | 2665026 | 18663921 |
| Bankinter SA  | 112276 | 1302445 |
| CaixaBank SA  | 681336 | 5221899 |
|  |  | 41878490 |
| Industrials - 0.1% |  |  |
| Construction & Engineering - 0.0% |  |  |
| ACS Actividades de Construccion y Servicios SA  | 33003 | 2060048 |
| Transportation Infrastructure - 0.1% |  |  |
| Aena SME SA (c)(d) | 12919 | 3240253 |
| TOTAL INDUSTRIALS |  | 5300301 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Merlin Properties Socimi SA  | 69453 | 783651 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| Endesa SA  | 55860 | 1676947 |
| Iberdrola SA  | 1030625 | 18577902 |
| Redeia Corp SA  | 71478 | 1498016 |
|  |  | 21752865 |
| Gas Utilities - 0.0% |  |  |
| Enagas SA  | 41599 | 648917 |
| Naturgy Energy Group SA  | 27251 | 810063 |
|  |  | 1458980 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| EDP Renovaveis SA  | 52717 | 492992 |
| EDP Renovaveis SA rights 5/5/2025 (b) | 52717 | 5375 |
|  |  | 498367 |
| TOTAL UTILITIES |  | 23710212 |
| TOTAL SPAIN |  | 99460087 |
| SWEDEN - 2.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telia Co AB  | 408101 | 1526341 |
| Interactive Media & Services - 0.0% |  |  |
| Hemnet Group AB (b) | 14408 | 493409 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Tele2 AB B Shares  | 99886 | 1470052 |
| TOTAL COMMUNICATION SERVICES |  | 3489802 |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Evolution AB (b)(c)(d) | 33159 | 2297077 |
| Household Durables - 0.0% |  |  |
| Electrolux AB B Shares (b) | 38931 | 241669 |
| Leisure Products - 0.0% |  |  |
| Thule Group AB (c)(d) | 18717 | 426025 |
| Specialty Retail - 0.0% |  |  |
| H & M Hennes & Mauritz AB B Shares  | 99692 | 1444595 |
| TOTAL CONSUMER DISCRETIONARY |  | 4409366 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Axfood AB B Shares (f) | 19166 | 535985 |
| Food Products - 0.0% |  |  |
| AAK AB  | 31962 | 834640 |
| Household Products - 0.1% |  |  |
| Essity AB B Shares  | 106412 | 3065036 |
| TOTAL CONSUMER STAPLES |  | 4435661 |
| Financials - 0.6% |  |  |
| Banks - 0.2% |  |  |
| Skandinaviska Enskilda Banken AB A Shares  | 290141 | 4576276 |
| Svenska Handelsbanken AB A Shares  | 273542 | 3580615 |
| Swedbank AB A1 Shares  | 161191 | 4000799 |
|  |  | 12157690 |
| Capital Markets - 0.1% |  |  |
| Avanza Bank Holding AB  | 21058 | 702623 |
| EQT AB  | 63309 | 1819590 |
| Nordnet AB  | 27385 | 719651 |
|  |  | 3241864 |
| Financial Services - 0.3% |  |  |
| Industrivarden AB A Shares  | 24835 | 871043 |
| Industrivarden AB C Shares  | 27766 | 972981 |
| Investor AB A Shares  | 99034 | 2938591 |
| Investor AB B Shares  | 319815 | 9440094 |
| L E Lundbergforetagen AB B Shares  | 12822 | 675889 |
|  |  | 14898598 |
| TOTAL FINANCIALS |  | 30298152 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Swedish Orphan Biovitrum AB B Shares (b) | 40743 | 1235083 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Elekta AB B Shares  | 60664 | 307541 |
| Getinge AB B Shares  | 38538 | 742411 |
|  |  | 1049952 |
| Health Care Technology - 0.0% |  |  |
| Sectra AB B Shares  | 23768 | 729356 |
| TOTAL HEALTH CARE |  | 3014391 |
| Industrials - 1.0% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Saab AB B Shares  | 57282 | 2667309 |
| Building Products - 0.2% |  |  |
| Assa Abloy AB B Shares  | 174466 | 5295739 |
| Nibe Industrier AB B Shares  | 270100 | 1139587 |
|  |  | 6435326 |
| Commercial Services & Supplies - 0.0% |  |  |
| Bravida Holding AB (c)(d) | 36209 | 343902 |
| Loomis AB  | 12560 | 524985 |
| Securitas AB B Shares  | 88438 | 1404504 |
|  |  | 2273391 |
| Construction & Engineering - 0.0% |  |  |
| Skanska AB B Shares  | 62776 | 1454198 |
| Sweco AB B Shares  | 36356 | 636808 |
|  |  | 2091006 |
| Industrial Conglomerates - 0.0% |  |  |
| Investment AB Latour B Shares  | 24099 | 650253 |
| Lifco AB B Shares  | 37274 | 1441521 |
|  |  | 2091774 |
| Machinery - 0.7% |  |  |
| Alfa Laval AB  | 50842 | 2104587 |
| Atlas Copco AB A Shares  | 451824 | 7004897 |
| Atlas Copco AB B Shares  | 270765 | 3766422 |
| Epiroc AB A Shares  | 110200 | 2380607 |
| Epiroc AB B Shares  | 68446 | 1339815 |
| Indutrade AB  | 46819 | 1263297 |
| Sandvik AB  | 189701 | 3927285 |
| SKF AB B Shares  | 66068 | 1295659 |
| Trelleborg AB B Shares  | 32988 | 1135833 |
| Volvo AB A Shares  | 34097 | 928491 |
| Volvo AB B Shares  | 278904 | 7581593 |
|  |  | 32728486 |
| Trading Companies & Distributors - 0.0% |  |  |
| AddTech AB B Shares  | 45789 | 1537749 |
| Beijer Ref AB B Shares  | 68634 | 1045256 |
|  |  | 2583005 |
| TOTAL INDUSTRIALS |  | 50870297 |
| Information Technology - 0.2% |  |  |
| Communications Equipment - 0.1% |  |  |
| Telefonaktiebolaget LM Ericsson B Shares  | 542954 | 4586539 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Hexagon AB B Shares  | 360548 | 3509058 |
| Lagercrantz Group AB B Shares  | 35135 | 796813 |
| Mycronic AB  | 13024 | 518238 |
|  |  | 4824109 |
| Software - 0.0% |  |  |
| Fortnox AB  | 84822 | 763314 |
| TOTAL INFORMATION TECHNOLOGY |  | 10173962 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Hexpol AB B Shares  | 45092 | 390482 |
| Containers & Packaging - 0.0% |  |  |
| Billerud Aktiebolag  | 38039 | 400638 |
| Metals & Mining - 0.1% |  |  |
| Boliden AB (b) | 48138 | 1474695 |
| SSAB AB B Shares  | 107539 | 668231 |
|  |  | 2142926 |
| Paper & Forest Products - 0.0% |  |  |
| Holmen AB B Shares (f) | 16310 | 645616 |
| Svenska Cellulosa AB SCA B Shares  | 104447 | 1354013 |
|  |  | 1999629 |
| TOTAL MATERIALS |  | 4933675 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Castellum AB (b) | 74822 | 906101 |
| Fabege AB  | 43012 | 366906 |
| Fastighets AB Balder B Shares (b) | 126682 | 906978 |
| Sagax AB B Shares  | 38753 | 878864 |
| Wallenstam AB B Shares  | 75740 | 373783 |
| Wihlborgs Fastigheter AB  | 47452 | 490942 |
|  |  | 3923574 |
| TOTAL SWEDEN |  | 115548880 |
| SWITZERLAND - 2.7%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Swisscom AG  | 4462 | 2973405 |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Cie Financiere Richemont SA Series A  | 94552 | 16707832 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Chocoladefabriken Lindt & Spruengli AG  | 176 | 2567444 |
| Chocoladefabriken Lindt & Spruengli AG  | 18 | 2547283 |
|  |  | 5114727 |
| Financials - 1.0% |  |  |
| Capital Markets - 0.5% |  |  |
| Julius Baer Group Ltd  | 36244 | 2350354 |
| Partners Group Holding AG  | 3851 | 5018175 |
| UBS Group AG  | 566281 | 17077281 |
|  |  | 24445810 |
| Insurance - 0.5% |  |  |
| Baloise Holding AG  | 8064 | 1790913 |
| Swiss Life Holding AG  | 5051 | 5030499 |
| Zurich Insurance Group AG  | 25730 | 18249539 |
|  |  | 25070951 |
| TOTAL FINANCIALS |  | 49516761 |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Sonova Holding AG  | 8702 | 2671699 |
| Straumann Holding AG  | 20755 | 2530798 |
|  |  | 5202497 |
| Life Sciences Tools & Services - 0.2% |  |  |
| Lonza Group AG  | 12706 | 9129379 |
| Pharmaceuticals - 0.1% |  |  |
| Galderma Group AG  | 21454 | 2492807 |
| Sandoz Group AG  | 77439 | 3357082 |
|  |  | 5849889 |
| TOTAL HEALTH CARE |  | 20181765 |
| Industrials - 0.5% |  |  |
| Building Products - 0.1% |  |  |
| Geberit AG  | 5882 | 4063629 |
| Electrical Equipment - 0.3% |  |  |
| ABB Ltd  | 281510 | 14866753 |
| Machinery - 0.1% |  |  |
| Schindler Holding AG  | 7150 | 2605828 |
| VAT Group AG (c)(d) | 4752 | 1694449 |
|  |  | 4300277 |
| Marine Transportation - 0.0% |  |  |
| Kuehne + Nagel International AG  | 9336 | 2136189 |
| Professional Services - 0.0% |  |  |
| SGS SA  | 27465 | 2686103 |
| TOTAL INDUSTRIALS |  | 28052951 |
| Information Technology - 0.0% |  |  |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Logitech International SA  | 27327 | 2054119 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| DSM-Firmenich AG  | 36453 | 3960005 |
| Givaudan SA  | 1397 | 6739994 |
| Sika AG  | 28226 | 7053892 |
|  |  | 17753891 |
| TOTAL SWITZERLAND |  | 142355451 |
| TAIWAN - 5.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Chunghwa Telecom Co Ltd  | 669000 | 2699302 |
| Entertainment - 0.0% |  |  |
| International Games System Co Ltd  | 45000 | 1164336 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Far EasTone Telecommunications Co Ltd  | 312000 | 834975 |
| Taiwan Mobile Co Ltd  | 308000 | 1091373 |
|  |  | 1926348 |
| TOTAL COMMUNICATION SERVICES |  | 5789986 |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.0% |  |  |
| Cheng Shin Rubber Industry Co Ltd  | 349000 | 537959 |
| Tong Yang Industry Co Ltd  | 83000 | 340839 |
|  |  | 878798 |
| Automobiles - 0.0% |  |  |
| Yulon Motor Co Ltd  | 111368 | 136890 |
| Broadline Retail - 0.0% |  |  |
| momo.com Inc  | 16208 | 163604 |
| Poya International Co Ltd  | 11406 | 170433 |
|  |  | 334037 |
| Household Durables - 0.0% |  |  |
| Nien Made Enterprise Co Ltd  | 33000 | 403306 |
| Leisure Products - 0.0% |  |  |
| Giant Manufacturing Co Ltd  | 55341 | 225464 |
| Merida Industry Co Ltd  | 38000 | 157296 |
|  |  | 382760 |
| Specialty Retail - 0.0% |  |  |
| Hotai Motor Co Ltd  | 63960 | 1242467 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Eclat Textile Co Ltd (b) | 36000 | 468301 |
| Feng TAY Enterprise Co Ltd  | 104417 | 368880 |
| Makalot Industrial Co Ltd  | 39108 | 347276 |
| Pou Chen Corp  | 439000 | 451166 |
| Ruentex Industries Ltd  | 150790 | 258622 |
|  |  | 1894245 |
| TOTAL CONSUMER DISCRETIONARY |  | 5272503 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| President Chain Store Corp  | 99000 | 807962 |
| Food Products - 0.1% |  |  |
| Great Wall Enterprise Co Ltd  | 133977 | 250212 |
| Lien Hwa Industrial Holdings Corp  | 203509 | 278340 |
| Uni-President Enterprises Corp  | 841000 | 2017025 |
|  |  | 2545577 |
| TOTAL CONSUMER STAPLES |  | 3353539 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Formosa Petrochemical Corp  | 297000 | 324490 |
| Financials - 0.6% |  |  |
| Banks - 0.4% |  |  |
| Chang Hwa Commercial Bank Ltd  | 1363355 | 775862 |
| CTBC Financial Holding Co Ltd  | 3454000 | 4247658 |
| E.Sun Financial Holding Co Ltd  | 2816364 | 2493062 |
| Far Eastern International Bank  | 677074 | 272060 |
| First Financial Holding Co Ltd  | 2000336 | 1589702 |
| Hua Nan Financial Holdings Co Ltd  | 1819352 | 1537401 |
| King's Town Bank Co Ltd  | 157000 | 237220 |
| Mega Financial Holding Co Ltd  | 2061569 | 2436600 |
| Shanghai Commercial & Savings Bank Ltd/The  | 856218 | 1260117 |
| SinoPac Financial Holdings Co Ltd  | 2236201 | 1491297 |
| Taichung Commercial Bank Co Ltd  | 662272 | 409921 |
| Taishin Financial Holding Co Ltd  | 2291929 | 1195301 |
| Taiwan Business Bank  | 1215487 | 537250 |
| Taiwan Cooperative Financial Holding Co Ltd  | 1929966 | 1471105 |
|  |  | 19954556 |
| Capital Markets - 0.0% |  |  |
| Capital Securities Corp  | 376000 | 305302 |
| IBF Financial Holdings Co Ltd  | 513129 | 193918 |
|  |  | 499220 |
| Consumer Finance - 0.0% |  |  |
| Yulon Finance Corp  | 54699 | 184432 |
| Financial Services - 0.0% |  |  |
| Chailease Holding Co Ltd  | 296325 | 1064076 |
| Yuanta Financial Holding Co Ltd  | 2284130 | 2233431 |
|  |  | 3297507 |
| Insurance - 0.2% |  |  |
| Cathay Financial Holding Co Ltd  | 1705923 | 3136905 |
| Fubon Financial Holding Co Ltd  | 1563736 | 4136298 |
| KGI Financial Holding Co Ltd  | 2969000 | 1536873 |
| Shin Kong Financial Holding Co Ltd (b) | 3184366 | 1172731 |
|  |  | 9982807 |
| TOTAL FINANCIALS |  | 33918522 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| PharmaEssentia Corp (b) | 54000 | 886037 |
| Pharmaceuticals - 0.0% |  |  |
| Caliway Biopharmaceuticals Co Ltd (b) | 21000 | 437997 |
| TOTAL HEALTH CARE |  | 1324034 |
| Industrials - 0.2% |  |  |
| Construction & Engineering - 0.0% |  |  |
| United Integrated Services Co Ltd  | 30000 | 413097 |
| Electrical Equipment - 0.1% |  |  |
| Bizlink Holding Inc  | 30560 | 516292 |
| Chung-Hsin Electric & Machinery Manufacturing Corp  | 72000 | 286718 |
| Fortune Electric Co Ltd  | 35700 | 469599 |
| Shihlin Electric & Engineering Corp  | 55000 | 246097 |
| Tatung Co Ltd (b) | 317000 | 402309 |
| Teco Electric and Machinery Co Ltd  | 218000 | 333419 |
| Voltronic Power Technology Corp  | 12250 | 573272 |
| Walsin Lihwa Corp  | 543374 | 351298 |
|  |  | 3179004 |
| Industrial Conglomerates - 0.0% |  |  |
| Far Eastern New Century Corp  | 671000 | 689111 |
| Machinery - 0.0% |  |  |
| Hiwin Technologies Corp  | 48192 | 331997 |
| Marine Transportation - 0.1% |  |  |
| Evergreen Marine Corp Taiwan Ltd  | 190657 | 1232797 |
| Wan Hai Lines Ltd  | 248000 | 643308 |
| Wisdom Marine Lines Co Ltd  | 80000 | 151037 |
| Yang Ming Marine Transport Corp  | 308000 | 656721 |
|  |  | 2683863 |
| Passenger Airlines - 0.0% |  |  |
| China Airlines Ltd  | 503000 | 330695 |
| Eva Airways Corp  | 477619 | 572537 |
|  |  | 903232 |
| Transportation Infrastructure - 0.0% |  |  |
| Taiwan High Speed Rail Corp  | 380000 | 321962 |
| TOTAL INDUSTRIALS |  | 8522266 |
| Information Technology - 3.8% |  |  |
| Communications Equipment - 0.0% |  |  |
| Accton Technology Corp  | 89000 | 1654433 |
| Wistron NeWeb Corp  | 65000 | 255832 |
|  |  | 1910265 |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| AUO Corp  | 1234000 | 473833 |
| Chroma ATE Inc  | 71000 | 647732 |
| Compeq Manufacturing Co Ltd  | 186000 | 325822 |
| Delta Electronics Inc  | 338000 | 3534561 |
| E Ink Holdings Inc  | 158000 | 1101519 |
| Elite Material Co Ltd  | 55000 | 955277 |
| Foxconn Technology Co Ltd  | 182000 | 338079 |
| Genius Electronic Optical Co Ltd  | 18000 | 210999 |
| Gold Circuit Electronics Ltd  | 58000 | 348213 |
| Hon Hai Precision Industry Co Ltd  | 2125800 | 9452157 |
| Innolux Corp  | 1387943 | 593212 |
| Largan Precision Co Ltd  | 18000 | 1280688 |
| Lotes Co Ltd  | 16398 | 643477 |
| Primax Electronics Ltd  | 81000 | 188870 |
| Simplo Technology Co Ltd  | 32000 | 349568 |
| Sinbon Electronics Co Ltd  | 38000 | 264227 |
| Synnex Technology International Corp  | 230000 | 509245 |
| Taiwan Union Technology Corp  | 48000 | 204345 |
| Tripod Technology Corp  | 80000 | 460977 |
| Unimicron Technology Corp  | 227000 | 668327 |
| Walsin Technology Corp  | 59000 | 144665 |
| Wpg Holding Co Ltd  | 297040 | 628047 |
| WT Microelectronics Co Ltd  | 114000 | 416756 |
| Yageo Corp  | 84472 | 1208757 |
| Zhen Ding Technology Holding Ltd  | 111000 | 339360 |
|  |  | 25288713 |
| Semiconductors & Semiconductor Equipment - 2.9% |  |  |
| Alchip Technologies Ltd  | 14000 | 933692 |
| AP Memory Technology Corp  | 23000 | 171426 |
| ASE Technology Holding Co Ltd  | 606000 | 2577130 |
| ASMedia Technology Inc  | 7000 | 369379 |
| ASPEED Technology Inc  | 5300 | 497609 |
| Chipbond Technology Corp  | 107000 | 212326 |
| Elan Microelectronics Corp  | 50000 | 205246 |
| eMemory Technology Inc  | 11000 | 883968 |
| Faraday Technology Corp  | 40197 | 227831 |
| Global Unichip Corp  | 15000 | 480916 |
| Globalwafers Co Ltd  | 44000 | 423799 |
| Hon Precision Inc  | 14852 | 380719 |
| Jentech Precision Industrial Co Ltd  | 15000 | 471402 |
| King Yuan Electronics Co Ltd  | 197000 | 534656 |
| Macronix International Co Ltd  | 321340 | 199321 |
| MediaTek Inc  | 282000 | 11959124 |
| MPI Corp  | 14000 | 286120 |
| Nanya Technology Corp (b) | 205000 | 230992 |
| Novatek Microelectronics Corp  | 107000 | 1736692 |
| Parade Technologies Ltd  | 13000 | 219298 |
| Phison Electronics Corp  | 30000 | 418642 |
| Powerchip Semiconductor Manufacturing Corp (b) | 555000 | 244869 |
| Powertech Technology Inc  | 127000 | 430687 |
| Radiant Opto-Electronics Corp  | 81000 | 375515 |
| Realtek Semiconductor Corp  | 90000 | 1476562 |
| Silicon Motion Technology Corp ADR  | 5929 | 293486 |
| Sino-American Silicon Products Inc  | 106000 | 366731 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 4242000 | 119955141 |
| United Microelectronics Corp  | 2056000 | 2879324 |
| Vanguard International Semiconductor Corp  | 176277 | 496638 |
| Win Semiconductors Corp (b) | 69000 | 195253 |
| Winbond Electronics Corp (b) | 555863 | 274991 |
|  |  | 150409485 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Acer Inc  | 539000 | 587803 |
| Advantech Co Ltd  | 86458 | 903940 |
| Asia Vital Components Co Ltd  | 58000 | 849900 |
| Asustek Computer Inc  | 123000 | 2244798 |
| AURAS Technology Co Ltd  | 13000 | 200081 |
| Catcher Technology Co Ltd  | 120000 | 815235 |
| Chicony Electronics Co Ltd  | 118000 | 567431 |
| Compal Electronics Inc  | 733000 | 630345 |
| Getac Holdings Corp (b) | 71000 | 238437 |
| Gigabyte Technology Co Ltd  | 94000 | 677232 |
| HTC Corp (b) | 131000 | 158263 |
| Inventec Corp  | 551000 | 702415 |
| King Slide Works Co Ltd  | 13000 | 709628 |
| Lite-On Technology Corp  | 389000 | 1174075 |
| Micro-Star International Co Ltd  | 126000 | 549970 |
| Pegatron Corp  | 362000 | 917923 |
| Qisda Corp  | 294000 | 245790 |
| Quanta Computer Inc (b) | 489000 | 3666369 |
| Wistron Corp  | 510000 | 1633199 |
| Wiwynn Corp  | 20000 | 1201223 |
|  |  | 18674057 |
| TOTAL INFORMATION TECHNOLOGY |  | 196282520 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| China Petrochemical Development Corp (b) | 609277 | 136685 |
| Formosa Chemicals & Fibre Corp  | 716000 | 558404 |
| Formosa Plastics Corp  | 842000 | 895304 |
| Nan Ya Plastics Corp  | 994000 | 950656 |
| Taiwan Fertilizer Co Ltd  | 128000 | 204905 |
|  |  | 2745954 |
| Construction Materials - 0.0% |  |  |
| Asia Cement Corp  | 445000 | 625551 |
| TCC Group Holdings Co Ltd  | 1227600 | 1138540 |
|  |  | 1764091 |
| Metals & Mining - 0.0% |  |  |
| China Steel Corp  | 2219000 | 1432147 |
| TA Chen Stainless Pipe  | 342350 | 449071 |
| Tung Ho Steel Enterprise Corp  | 81300 | 163857 |
|  |  | 2045075 |
| TOTAL MATERIALS |  | 6555120 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Highwealth Construction Corp  | 302643 | 386041 |
| Ruentex Development Co Ltd  | 318658 | 327353 |
|  |  | 713394 |
| TOTAL TAIWAN |  | 262056374 |
| THAILAND - 0.4%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| True Corp PCL (b) | 617650 | 223644 |
| True Corp PCL depository receipt (b) | 2381249 | 862225 |
|  |  | 1085869 |
| Media - 0.0% |  |  |
| VGI PCL depository receipt  | 1492500 | 102069 |
| VGI PCL warrants (b) | 116340 | 105 |
|  |  | 102174 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Advanced Info Service PCL  | 18600 | 164089 |
| Advanced Info Service PCL depository receipt  | 170400 | 1503269 |
|  |  | 1667358 |
| TOTAL COMMUNICATION SERVICES |  | 2855401 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Central Retail Corp Pcl  | 125208 | 88642 |
| Central Retail Corp Pcl depository receipt  | 329000 | 232917 |
|  |  | 321559 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Asset World Corp PCL depository receipt  | 1443100 | 94789 |
| Central Plaza Hotel PCL depository receipt  | 89600 | 67047 |
| Minor International PCL  | 205756 | 165630 |
| Minor International PCL depository receipt  | 276048 | 222215 |
|  |  | 549681 |
| Specialty Retail - 0.0% |  |  |
| Home Product Center PCL  | 164700 | 41735 |
| Home Product Center PCL depository receipt  | 519100 | 131540 |
| PTT Oil & Retail Business PCL depository receipt  | 517900 | 224493 |
| Siam Global House PCL depository receipt  | 428132 | 90201 |
|  |  | 487969 |
| TOTAL CONSUMER DISCRETIONARY |  | 1359209 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.0% |  |  |
| Carabao Group PCL  | 8100 | 15136 |
| Carabao Group PCL depository receipt  | 71600 | 133797 |
| Osotspa PCL  | 41600 | 19658 |
| Osotspa PCL depository receipt  | 152600 | 72109 |
| Thai Beverage PCL  | 1516400 | 581159 |
|  |  | 821859 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Berli Jucker PCL  | 39000 | 27809 |
| Berli Jucker PCL depository receipt  | 137800 | 98259 |
| CP ALL PCL  | 163000 | 251021 |
| CP ALL PCL depository receipt  | 614600 | 946486 |
|  |  | 1323575 |
| Food Products - 0.0% |  |  |
| Charoen Pokphand Foods PCL  | 224100 | 177532 |
| Charoen Pokphand Foods PCL depository receipt  | 347300 | 275132 |
| Thai Union Group PCL  | 86400 | 27916 |
| Thai Union Group PCL depository receipt  | 268200 | 86659 |
|  |  | 567239 |
| TOTAL CONSUMER STAPLES |  | 2712673 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Banpu PCL depository receipt  | 730300 | 93876 |
| PTT Exploration & Production PCL  | 82500 | 245563 |
| PTT Exploration & Production PCL depository receipt  | 170800 | 508391 |
| PTT PCL  | 317500 | 294488 |
| PTT PCL depository receipt  | 1193700 | 1107180 |
| Thai Oil PCL  | 62275 | 49824 |
| Thai Oil PCL depository receipt  | 95177 | 76149 |
|  |  | 2375471 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Bangkok Bank PCL  | 11400 | 47754 |
| Bangkok Bank PCL depository receipt  | 91200 | 382031 |
| Kasikornbank PCL  | 46900 | 224004 |
| Kasikornbank PCL depository receipt  | 158800 | 758462 |
| Kiatnakin Phatra Bank PCL  | 51800 | 77684 |
| Kiatnakin Phatra Bank PCL depository receipt  | 12500 | 18746 |
| Kiatnakin Phatra Bank PCL warrants 3/17/2026 (b) | 4316 | 93 |
| Krung Thai Bank PCL  | 166000 | 108340 |
| Krung Thai Bank PCL depository receipt  | 439700 | 286973 |
| SCB X PCL  | 49550 | 176587 |
| SCB X PCL depository receipt  | 100600 | 358520 |
| Thanachart Capital PCL  | 28000 | 40190 |
| Thanachart Capital PCL depository receipt  | 61500 | 87907 |
| Tisco Financial Group PCL  | 8600 | 25282 |
| Tisco Financial Group PCL depository receipt  | 58700 | 172569 |
| TMBThanachart Bank PCL  | 1153387 | 63190 |
| TMBThanachart Bank PCL depository receipt  | 7344171 | 402365 |
|  |  | 3230697 |
| Consumer Finance - 0.0% |  |  |
| Krungthai Card PCL  | 54000 | 75324 |
| Krungthai Card PCL depository receipt  | 126100 | 175896 |
| Muangthai Capital PCL  | 29100 | 39112 |
| Muangthai Capital PCL depository receipt  | 89000 | 119621 |
| Ngern Tid Lor PCL depository receipt  | 278510 | 99935 |
| Srisawad Corp PCL  | 29260 | 26826 |
| Srisawad Corp PCL depository receipt  | 99750 | 91104 |
|  |  | 627818 |
| Insurance - 0.0% |  |  |
| Thai Life Insurance PCL  | 318800 | 117087 |
| Thai Life Insurance PCL  | 69300 | 25452 |
| Thai Life Insurance PCL depository receipt  | 161000 | 59131 |
|  |  | 201670 |
| TOTAL FINANCIALS |  | 4060185 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Bangkok Chain Hospital PCL depository receipt  | 211000 | 95260 |
| Bangkok Dusit Medical Services PCL  | 172600 | 123796 |
| Bangkok Dusit Medical Services PCL depository receipt  | 674200 | 483566 |
| Bumrungrad Hospital Pcl  | 19000 | 93625 |
| Bumrungrad Hospital Pcl depository receipt  | 48900 | 240960 |
|  |  | 1037207 |
| Industrials - 0.0% |  |  |
| Ground Transportation - 0.0% |  |  |
| BTS Group Holdings PCL (b) | 383533 | 58221 |
| BTS Group Holdings PCL depository receipt (b) | 984322 | 149050 |
|  |  | 207271 |
| Transportation Infrastructure - 0.0% |  |  |
| Airports of Thailand PCL  | 327600 | 374170 |
| Airports of Thailand PCL depository receipt  | 428900 | 489871 |
| Bangkok Expressway & Metro PCL  | 573400 | 101396 |
| Bangkok Expressway & Metro PCL depository receipt  | 720300 | 127374 |
|  |  | 1092811 |
| TOTAL INDUSTRIALS |  | 1300082 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Delta Electronics Thailand PCL  | 274000 | 803281 |
| Delta Electronics Thailand PCL depository receipt  | 538200 | 1577831 |
|  |  | 2381112 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Indorama Ventures PCL depository receipt  | 341300 | 193937 |
| PTT Global Chemical PCL depository receipt  | 288200 | 149201 |
|  |  | 343138 |
| Construction Materials - 0.0% |  |  |
| Siam Cement PCL/The  | 2600 | 12425 |
| Siam Cement PCL/The depository receipt  | 49200 | 235129 |
|  |  | 247554 |
| Containers & Packaging - 0.0% |  |  |
| SCG Packaging PCL depository receipt  | 215400 | 90492 |
| TOTAL MATERIALS |  | 681184 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Central Pattana PCL  | 62000 | 93748 |
| Central Pattana PCL depository receipt  | 171300 | 259018 |
| Land & Houses PCL  | 97000 | 12298 |
| Land & Houses PCL depository receipt  | 495300 | 62797 |
| WHA Corp PCL  | 369000 | 33376 |
| WHA Corp PCL depository receipt  | 880600 | 79650 |
|  |  | 540887 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Electricity Generating PCL depository receipt  | 40900 | 127120 |
| Energy Absolute PCL warrants 2/13/2028 (b) | 54733 | 526 |
| Energy Absolute PCL warrants 2/13/2028 (b) | 42100 | 405 |
| Global Power Synergy PCL  | 44294 | 41281 |
| Global Power Synergy PCL depository receipt  | 83600 | 77913 |
| Gulf Development PCL  | 351002 | 517003 |
| Gulf Development PCL depository receipt  | 682838 | 1005776 |
|  |  | 1770024 |
| TOTAL THAILAND |  | 21073435 |
| TURKEY - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Turkcell Iletisim Hizmetleri AS  | 209886 | 490164 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| EGE Endustri VE Ticaret AS  | 211 | 48756 |
| Automobiles - 0.0% |  |  |
| Ford Otomotiv Sanayi AS  | 12253 | 281857 |
| Tofas Turk Otomobil Fabrikasi AS  | 20963 | 108914 |
|  |  | 390771 |
| Broadline Retail - 0.0% |  |  |
| D-Market Elektronik Hizmetler Ve Ticaret Anonim Sirketi ADR (b) | 35500 | 90880 |
| Household Durables - 0.0% |  |  |
| Arcelik AS (b) | 35747 | 105584 |
| Specialty Retail - 0.0% |  |  |
| Dogan Sirketler Grubu Holding AS  | 166765 | 67409 |
| Dogus Otomotiv Servis ve Ticaret AS  | 13082 | 66438 |
|  |  | 133847 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Aksa (Akrilik Kimya Sanayi)  | 262523 | 65196 |
| Mavi Giyim Sanayi Ve Ticaret AS Class B (c)(d) | 102156 | 85664 |
|  |  | 150860 |
| TOTAL CONSUMER DISCRETIONARY |  | 920698 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Anadolu Efes Biracilik Ve Malt Sanayii AS  | 34298 | 142200 |
| Coca-Cola Icecek AS  | 146266 | 197961 |
|  |  | 340161 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| BIM Birlesik Magazalar AS  | 78995 | 925496 |
| Migros Ticaret AS  | 15952 | 198288 |
| Sok Marketler Ticaret AS  | 54952 | 53675 |
|  |  | 1177459 |
| Food Products - 0.0% |  |  |
| Ulker Biskuvi Sanayi AS (b) | 31151 | 86182 |
| TOTAL CONSUMER STAPLES |  | 1603802 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Turkiye Petrol Rafinerileri AS  | 165563 | 536325 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Akbank TAS  | 546460 | 688492 |
| Haci Omer Sabanci Holding AS  | 238424 | 453687 |
| Turkiye Is Bankasi AS Class C  | 1494128 | 399782 |
| Yapi ve Kredi Bankasi AS (b) | 577379 | 341375 |
|  |  | 1883336 |
| Capital Markets - 0.0% |  |  |
| Is Yatirim Menkul Degerler AS  | 89618 | 83949 |
| Financial Services - 0.0% |  |  |
| Borusan Yatirim ve Pazarlama AS  | 1245 | 68565 |
| Turkiye Sinai Kalkinma Bankasi AS (b) | 202086 | 54912 |
|  |  | 123477 |
| Insurance - 0.0% |  |  |
| Anadolu Anonim Turk Sigorta Sirketi  | 31927 | 72530 |
| Turkiye Sigorta AS  | 166794 | 75956 |
|  |  | 148486 |
| TOTAL FINANCIALS |  | 2239248 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| MLP Saglik Hizmetleri AS (b)(c)(d) | 9201 | 78040 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Aselsan Elektronik Sanayi Ve Ticaret AS  | 210885 | 739568 |
| Air Freight & Logistics - 0.0% |  |  |
| Reysas Tasimacilik ve Lojistik Ticaret AS  | 198997 | 76250 |
| Construction & Engineering - 0.0% |  |  |
| Enka Insaat ve Sanayi AS  | 324464 | 539442 |
| Kontrolmatik Enerji Ve Muhendislik AS  | 53624 | 37918 |
| Ral Yatirim Holding AS (b) | 21639 | 66219 |
| Tekfen Holding AS (b) | 31554 | 112298 |
|  |  | 755877 |
| Electrical Equipment - 0.0% |  |  |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS  | 43663 | 113993 |
| Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret AS  | 39711 | 25811 |
|  |  | 139804 |
| Ground Transportation - 0.0% |  |  |
| Bin Ulasim Ve Akilli Sehir Teknolojileri AS  | 19459 | 125060 |
| Industrial Conglomerates - 0.1% |  |  |
| AG Anadolu Grubu Holding AS Class A  | 22578 | 160120 |
| Alarko Holding AS  | 32206 | 76677 |
| Bera Holding AS (b) | 110530 | 41749 |
| KOC Holding AS  | 228075 | 815850 |
| Turkiye Sise ve Cam Fabrikalari AS  | 225201 | 200076 |
|  |  | 1294472 |
| Machinery - 0.0% |  |  |
| Otokar Otomotiv Ve Savunma Sanayi A.S. (b) | 6133 | 60104 |
| Turk Traktor ve Ziraat Makineleri AS  | 4398 | 69406 |
|  |  | 129510 |
| Passenger Airlines - 0.1% |  |  |
| Pegasus Hava Tasimaciligi AS  | 37574 | 217568 |
| Turk Hava Yollari AO (b) | 126344 | 932940 |
|  |  | 1150508 |
| Transportation Infrastructure - 0.0% |  |  |
| TAV Havalimanlari Holding AS (b) | 34486 | 204705 |
| TOTAL INDUSTRIALS |  | 4615754 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| MIA Teknoloji AS (b) | 49753 | 44900 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Hektas Ticaret TAS (b) | 669012 | 53702 |
| Petkim Petrokimya Holding AS (b) | 222699 | 93431 |
| Sasa Polyester Sanayi AS  | 1814721 | 199411 |
|  |  | 346544 |
| Construction Materials - 0.0% |  |  |
| Baticim Bati Anadolu Cimento Sanayii AS  | 537875 | 73916 |
| Cimsa Cimento Sanayi VE Ticaret AS  | 59831 | 72708 |
| Nuh Cimento Sanayi AS  | 11412 | 72453 |
| Oyak Cimento Fabrikalari AS  | 206298 | 125618 |
|  |  | 344695 |
| Metals & Mining - 0.0% |  |  |
| Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret AS (b) | 6757 | 63717 |
| Eregli Demir ve Celik Fabrikalari TAS  | 624227 | 364858 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class D (b) | 126722 | 76439 |
| Koza Anadolu Metal Madencilik Isletmeleri AS (b) | 32697 | 73472 |
| Turk Altin Isletmeleri AS (b) | 162477 | 105097 |
|  |  | 683583 |
| TOTAL MATERIALS |  | 1374822 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Ziraat Gayrimenkul Yatirim Ortakligi AS  | 157239 | 98931 |
| Real Estate Management & Development - 0.0% |  |  |
| Kuyumcukent Gayrimenkul Yatirimlari AS  | 57862 | 59223 |
| Residential REITs - 0.0% |  |  |
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS (b) | 350072 | 104763 |
| TOTAL REAL ESTATE |  | 262917 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Enerjisa Enerji AS (c)(d) | 42127 | 59259 |
| Gas Utilities - 0.0% |  |  |
| Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS  | 115041 | 63715 |
| TOTAL UTILITIES |  | 122974 |
| TOTAL TURKEY |  | 12289644 |
| UNITED ARAB EMIRATES - 0.4%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Emirates Telecommunications Group Co PJSC  | 612536 | 2901710 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Abu Dhabi National Hotels  | 1789189 | 253299 |
| Americana Restaurants International PLC - Foreign Co  | 499684 | 306091 |
|  |  | 559390 |
| Specialty Retail - 0.0% |  |  |
| Abu Dhabi National Oil Co for Distribution PJSC  | 510288 | 468186 |
| TOTAL CONSUMER DISCRETIONARY |  | 1027576 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| ADNOC Drilling Co PJSC  | 452642 | 603843 |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| ADNOC Logistics & Services (b) | 244271 | 322542 |
| TOTAL ENERGY |  | 926385 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 515970 | 1635124 |
| Abu Dhabi Islamic Bank PJSC  | 251984 | 1255444 |
| Dubai Islamic Bank PJSC  | 510892 | 1051535 |
| Emirates NBD Bank PJSC  | 433494 | 2425315 |
| First Abu Dhabi Bank PJSC  | 777790 | 3180574 |
|  |  | 9547992 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Pure Health Holding PJSC  | 442971 | 340093 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Modon Holding PSC (b) | 579052 | 480829 |
| Multiply Group PJSC (b) | 581232 | 338639 |
|  |  | 819468 |
| Passenger Airlines - 0.0% |  |  |
| Air Arabia PJSC  | 396016 | 377358 |
| Transportation Infrastructure - 0.0% |  |  |
| Salik Co PJSC  | 332346 | 457840 |
| TOTAL INDUSTRIALS |  | 1654666 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Aldar Properties PJSC  | 665106 | 1495699 |
| Emaar Development PJSC  | 141608 | 514686 |
| Emaar Properties PJSC  | 1088555 | 3882351 |
|  |  | 5892736 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Dubai Electricity & Water Authority PJSC  | 1586988 | 1157928 |
| TOTAL UNITED ARAB EMIRATES |  | 23449086 |
| UNITED KINGDOM - 7.3%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| BT Group PLC  | 998528 | 2312823 |
| Interactive Media & Services - 0.0% |  |  |
| Auto Trader Group PLC (c)(d) | 155241 | 1744110 |
| Rightmove PLC  | 137803 | 1354970 |
|  |  | 3099080 |
| Media - 0.1% |  |  |
| Informa PLC  | 234056 | 2270201 |
| WPP PLC  | 189844 | 1471775 |
|  |  | 3741976 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Vodafone Group PLC  | 3759784 | 3694740 |
| TOTAL COMMUNICATION SERVICES |  | 12848619 |
| Consumer Discretionary - 0.6% |  |  |
| Broadline Retail - 0.1% |  |  |
| B&M European Value Retail SA  | 168075 | 753514 |
| Next PLC  | 20205 | 3320125 |
|  |  | 4073639 |
| Distributors - 0.0% |  |  |
| Inchcape PLC  | 69564 | 622533 |
| Diversified Consumer Services - 0.0% |  |  |
| Pearson PLC  | 117228 | 1879309 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Compass Group PLC  | 298519 | 10064516 |
| Entain PLC  | 112610 | 956880 |
| InterContinental Hotels Group PLC  | 27880 | 2975072 |
| Whitbread PLC  | 31073 | 1073787 |
|  |  | 15070255 |
| Household Durables - 0.1% |  |  |
| Barratt Redrow PLC  | 242618 | 1506104 |
| Bellway PLC  | 20919 | 747708 |
| Berkeley Group Holdings PLC  | 17703 | 986824 |
| Persimmon PLC  | 56329 | 972152 |
| Taylor Wimpey PLC  | 623630 | 979915 |
|  |  | 5192703 |
| Leisure Products - 0.0% |  |  |
| Games Workshop Group PLC  | 5806 | 1192373 |
| Specialty Retail - 0.0% |  |  |
| Kingfisher PLC  | 314832 | 1210055 |
| TOTAL CONSUMER DISCRETIONARY |  | 29240867 |
| Consumer Staples - 1.6% |  |  |
| Beverages - 0.3% |  |  |
| Coca-Cola Europacific Partners PLC  | 36474 | 3309651 |
| Diageo PLC  | 391350 | 10989262 |
|  |  | 14298913 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| J Sainsbury PLC  | 292292 | 1039286 |
| Marks & Spencer Group PLC  | 361022 | 1876067 |
| Tesco PLC  | 1184937 | 5864258 |
|  |  | 8779611 |
| Food Products - 0.0% |  |  |
| Associated British Foods PLC  | 55085 | 1515218 |
| Household Products - 0.1% |  |  |
| Reckitt Benckiser Group PLC  | 120444 | 7774242 |
| Personal Care Products - 0.6% |  |  |
| Unilever PLC  | 444114 | 28276690 |
| Tobacco - 0.4% |  |  |
| British American Tobacco PLC  | 349161 | 15208874 |
| Imperial Brands PLC  | 136174 | 5587632 |
|  |  | 20796506 |
| TOTAL CONSUMER STAPLES |  | 81441180 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Subsea 7 SA  | 39763 | 598160 |
| Financials - 2.2% |  |  |
| Banks - 1.4% |  |  |
| Barclays PLC  | 2536449 | 10104307 |
| HSBC Holdings PLC  | 3136681 | 34965761 |
| Lloyds Banking Group PLC  | 10684789 | 10497574 |
| NatWest Group PLC  | 1147933 | 7383834 |
| Standard Chartered PLC  | 348160 | 5014636 |
|  |  | 67966112 |
| Capital Markets - 0.6% |  |  |
| 3i Group PLC  | 171191 | 9704996 |
| Aberdeen Group PLC  | 324538 | 638387 |
| IG Group Holdings PLC  | 62097 | 881359 |
| Intermediate Capital Group PLC  | 51154 | 1278924 |
| London Stock Exchange Group PLC  | 81316 | 12661838 |
| Schroders PLC  | 159812 | 699431 |
| St James's Place PLC  | 95763 | 1198639 |
|  |  | 27063574 |
| Financial Services - 0.0% |  |  |
| M&G PLC  | 394491 | 1090381 |
| Wise PLC Class A (b) | 117177 | 1528043 |
|  |  | 2618424 |
| Insurance - 0.2% |  |  |
| Admiral Group PLC  | 47428 | 2059294 |
| Aviva PLC  | 470971 | 3514913 |
| Beazley PLC  | 112530 | 1326473 |
| Hiscox Ltd  | 59906 | 877406 |
| Legal & General Group PLC  | 1036770 | 3240094 |
| Phoenix Group Holdings PLC  | 141397 | 1125928 |
|  |  | 12144108 |
| TOTAL FINANCIALS |  | 109792218 |
| Health Care - 0.8% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| ConvaTec Group PLC (c)(d) | 285001 | 986775 |
| Smith & Nephew PLC  | 153815 | 2164573 |
|  |  | 3151348 |
| Pharmaceuticals - 0.7% |  |  |
| Astrazeneca PLC  | 272713 | 39070697 |
| TOTAL HEALTH CARE |  | 42222045 |
| Industrials - 1.3% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| BAE Systems PLC  | 528946 | 12262363 |
| Melrose Industries PLC  | 214606 | 1240119 |
| Rolls-Royce Holdings PLC  | 1495802 | 15141218 |
|  |  | 28643700 |
| Commercial Services & Supplies - 0.0% |  |  |
| Rentokil Initial PLC  | 444150 | 2034780 |
| Industrial Conglomerates - 0.1% |  |  |
| CK Hutchison Holdings Ltd  | 471500 | 2658826 |
| DCC PLC  | 17405 | 1133339 |
| Smiths Group PLC  | 60139 | 1493945 |
|  |  | 5286110 |
| Machinery - 0.1% |  |  |
| IMI PLC  | 45083 | 1062252 |
| Spirax Group PLC  | 12991 | 1017145 |
| Weir Group PLC/The  | 45691 | 1368861 |
|  |  | 3448258 |
| Passenger Airlines - 0.0% |  |  |
| International Consolidated Airlines Group SA  | 423945 | 1472984 |
| Professional Services - 0.4% |  |  |
| Intertek Group PLC  | 28397 | 1734800 |
| RELX PLC  | 326590 | 17823698 |
|  |  | 19558498 |
| Trading Companies & Distributors - 0.2% |  |  |
| Ashtead Group PLC  | 76581 | 4072174 |
| Bunzl PLC  | 58053 | 1824286 |
| Diploma PLC  | 23626 | 1247490 |
| Howden Joinery Group PLC  | 96930 | 993384 |
| RS GROUP PLC  | 83671 | 574825 |
|  |  | 8712159 |
| TOTAL INDUSTRIALS |  | 69156489 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Halma PLC  | 66757 | 2451932 |
| Software - 0.1% |  |  |
| Sage Group PLC/The  | 175495 | 2894292 |
| TOTAL INFORMATION TECHNOLOGY |  | 5346224 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Croda International PLC  | 24613 | 971567 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.0% |  |  |
| British Land Co PLC/The  | 175945 | 922452 |
| Land Securities Group PLC  | 131132 | 1035451 |
|  |  | 1957903 |
| Industrial REITs - 0.1% |  |  |
| Segro PLC  | 237928 | 2158092 |
| Tritax Big Box REIT PLC  | 436665 | 832179 |
|  |  | 2990271 |
| Residential REITs - 0.0% |  |  |
| UNITE Group PLC/The  | 73014 | 837315 |
| TOTAL REAL ESTATE |  | 5785489 |
| Utilities - 0.4% |  |  |
| Electric Utilities - 0.1% |  |  |
| SSE PLC  | 194116 | 4376553 |
| Multi-Utilities - 0.3% |  |  |
| Centrica PLC  | 889542 | 1898566 |
| National Grid PLC  | 860425 | 12419464 |
|  |  | 14318030 |
| Water Utilities - 0.0% |  |  |
| Severn Trent PLC  | 46466 | 1727714 |
| United Utilities Group PLC  | 119963 | 1803567 |
|  |  | 3531281 |
| TOTAL UTILITIES |  | 22225864 |
| TOTAL UNITED KINGDOM |  | 379628722 |
| UNITED STATES - 6.6%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.3% |  |  |
| Spotify Technology SA (b) | 26532 | 16290117 |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Stellantis NV (Italy)  | 371897 | 3429410 |
| Consumer Staples - 1.0% |  |  |
| Food Products - 1.0% |  |  |
| JBS S/A  | 121100 | 940607 |
| Nestle SA  | 460775 | 49043686 |
|  |  | 49984293 |
| Energy - 0.9% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Tenaris SA  | 77726 | 1296077 |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| BP PLC  | 2816300 | 13003963 |
| DHT Holdings Inc (f) | 24360 | 260408 |
| Shell PLC  | 1069709 | 34521374 |
|  |  | 47785745 |
| TOTAL ENERGY |  | 49081822 |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Swiss Re AG  | 51362 | 9194567 |
| Health Care - 2.9% |  |  |
| Biotechnology - 0.3% |  |  |
| CSL Ltd  | 85161 | 13669444 |
| Legend Biotech Corp ADR (b) | 14229 | 497304 |
|  |  | 14166748 |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Alcon AG  | 87884 | 8482267 |
| Inmode Ltd (b)(f) | 10816 | 152506 |
|  |  | 8634773 |
| Life Sciences Tools & Services - 0.0% |  |  |
| ICON PLC (b)(f) | 14533 | 2200878 |
| QIAGEN NV  | 38327 | 1639274 |
|  |  | 3840152 |
| Pharmaceuticals - 2.4% |  |  |
| GSK PLC  | 729214 | 14425813 |
| Haleon PLC  | 1584804 | 7974526 |
| Novartis AG  | 346629 | 39535571 |
| Roche Holding AG  | 123508 | 40385452 |
| Roche Holding AG  | 5116 | 1782712 |
| Sanofi SA  | 193748 | 21194447 |
|  |  | 125298521 |
| TOTAL HEALTH CARE |  | 151940194 |
| Industrials - 0.9% |  |  |
| Building Products - 0.0% |  |  |
| Reliance Worldwide Corp Ltd  | 137734 | 370267 |
| Commercial Services & Supplies - 0.2% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 42284 | 2109906 |
| Waste Connections Inc  | 45366 | 8959670 |
|  |  | 11069576 |
| Construction & Engineering - 0.1% |  |  |
| Ferrovial SE  | 85976 | 4176422 |
| Electrical Equipment - 0.4% |  |  |
| Schneider Electric SE  | 95179 | 22238173 |
| Professional Services - 0.2% |  |  |
| Experian PLC  | 161757 | 8047578 |
| TOTAL INDUSTRIALS |  | 45902016 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| CyberArk Software Ltd (b) | 8675 | 3054988 |
| JFrog Ltd (b) | 16308 | 550721 |
| Monday.com Ltd (b) | 6668 | 1873641 |
|  |  | 5479350 |
| Materials - 0.2% |  |  |
| Construction Materials - 0.2% |  |  |
| Holcim AG  | 92689 | 10357809 |
| James Hardie Industries PLC depository receipt (b) | 75616 | 1774874 |
| Titan Cement International SA (Greece)  | 6273 | 289585 |
|  |  | 12422268 |
| TOTAL UNITED STATES |  | 343724037 |
| ZAMBIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| First Quantum Minerals Ltd (b) | 118929 | 1596820 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $4,226,857,979) |  | <br> **5083394773** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| COLOMBIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Bancolombia SA  | 79585 | 817402 |
| GERMANY - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| Porsche Automobil Holding SE  | 26991 | 1112861 |
| Volkswagen AG  | 32262 | 3510440 |
|  |  | 4623301 |
| Consumer Staples - 0.0% |  |  |
| Household Products - 0.0% |  |  |
| Henkel AG & Co KGaA  | 28759 | 2228447 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Sartorius AG  | 4417 | 1136362 |
| TOTAL GERMANY |  | 7988110 |
| KOREA (SOUTH) - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Hyundai Motor Co  | 3976 | 418184 |
| Hyundai Motor Co Series 2  | 6310 | 675986 |
|  |  | 1094170 |
| Information Technology - 0.1% |  |  |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Samsung Electronics Co Ltd  | 143753 | 4735653 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| LG Chem Ltd  | 1439 | 107851 |
| TOTAL KOREA (SOUTH) |  | 5937674 |
| RUSSIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Surgutneftegas PAO (b)(e) | 841000 | 0 |
| Transneft PJSC (b)(e) | 16800 | 0 |
|  |  | 0 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sberbank of Russia PJSC (b)(e) | 109390 | 0 |
| TOTAL RUSSIA |  | 0 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $19,775,544) |  | <br> **14743186** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** | &nbsp;&nbsp;**Money Market Funds - 2.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 4.33 | 105332621 | 105353688 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 4.33 | 15843958 | 15845543 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $121,199,041) |  |  | **121199231** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (h) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/29/2025 (k)<br>(Cost $2,761,935)<br>| 4.25 | 2771000 | **2761905** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.4%**<br> (Cost $4,370,594,499)<br>| <br>**5222099095** |
| **NET OTHER ASSETS (LIABILITIES) - 0.6%**  | **29362830** |
| **NET ASSETS - 100.0%** | **5251461925** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 777 | Jun 2025 | 96919095 | 3190802 | 3190802 |
| ICE MSCI Emerging Markets Index Contracts (United States) | 787 | Jun 2025 | 43678500 | 976096 | 976096 |
| TME S&P/TSX 60 Index Contracts (Canada) | 57 | Jun 2025 | 12362542 | 278927 | 278927 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **4445825** |
| The notional amount of futures purchased as a percentage of Net Assets is 2.8% | The notional amount of futures purchased as a percentage of Net Assets is 2.8% | The notional amount of futures purchased as a percentage of Net Assets is 2.8% | The notional amount of futures purchased as a percentage of Net Assets is 2.8% | The notional amount of futures purchased as a percentage of Net Assets is 2.8% | The notional amount of futures purchased as a percentage of Net Assets is 2.8% |

---

**Legend**

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

(b) Non-income producing

(c) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $111,410,993 or 2.1% of net assets.

(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 $108,631,083 or 2.1% of net assets.

(e) Level 3 security

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

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

(h) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

(k) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,761,905.

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 114644210 | 418668547 | 427959070 | 2253147 | - | 1 | 105353688 | 105332621 | 0.2% |
| Fidelity Securities Lending Cash Central Fund | 11954524 | 69576615 | 65685596 | 45016 | - | - | 15845543 | 15843958 | 0.1% |
| Total | 126598734 | 488245162 | 493644666 | 2298163 | - | 1 | 121199231 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 312360151 | 83871839 | 228488312 | - |
| Consumer Discretionary | 556824766 | 171774128 | 385050638 | - |
| Consumer Staples | 351140672 | 102250093 | 248890579 | - |
| Energy | 227898718 | 98317961 | 129580757 | - |
| Financials | 1244605409 | 547248494 | 697356915 | - |
| Health Care | 418344785 | 88232357 | 330112428 | - |
| Industrials | 767872846 | 238616425 | 529256421 | - |
| Information Technology | 609088818 | 143093942 | 465994876 | - |
| Materials | 316363146 | 127379186 | 188983960 | - |
| Real Estate | 110491168 | 58151981 | 52339187 | - |
| Utilities | 168404294 | 66920552 | 101483742 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 5717471 | - | 5717471 | - |
| Consumer Staples | 2228447 | 2228447 | - | - |
| Energy | - | - | - | - |
| Financials | 817402 | 817402 | - | - |
| Health Care | 1136362 | 1136362 | - | - |
| Information Technology | 4735653 | - | 4735653 | - |
| Materials | 107851 | - | 107851 | - |
|  **U.S. Treasury Obligations** | 2761905 | - | 2761905 | - |
|  **Money Market Funds** | 121199231 | 121199231 | - | - |
| **Total Investments in Securities:** | 5222099095 | 1851238400 | 3370860695 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 4445825 | 4445825 | - | - |
| Total Assets | 4445825 | 4445825 | - | - |
| **Total Derivative Instruments:** | 4445825 | 4445825 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2025. 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** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 4445825 | 0 |
| **Total Equity Risk**  | 4445825 | 0 |
| **Total Value of Derivatives** | 4445825 | 0 |

---

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

**Fidelity ZERO® International Index Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $15,119,987) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $4,249,395,458) | $5100899864 |  |
| Fidelity Central Funds (cost $121,199,041) | 121199231 |  |
| Total Investment in Securities (cost $4,370,594,499) |  | $5222099095 |
| Segregated cash with brokers for derivative instruments |  | 4346406 |
| Cash |  | 1 |
| Foreign currency held at value (cost $11,159,785) |  | 11222606 |
| Receivable for investments sold |  | 74 |
| Receivable for fund shares sold |  | 6852215 |
| Dividends receivable |  | 17344187 |
| Reclaims receivable |  | 15021355 |
| Distributions receivable from Fidelity Central Funds |  | 544168 |
| Other receivables |  | 2805 |
| **Total assets** |  | 5277432912 |
| **Liabilities** |  |  |
| Payable for investments purchased on a delayed delivery basis | $195609 |  |
| Payable for fund shares redeemed | 2006224 |  |
| Payable for daily variation margin on futures contracts | 109971 |  |
| Deferred taxes | 7813543 |  |
| Collateral on securities loaned | 15845640 |  |
| **Total liabilities** |  | 25970987 |
| **Net Assets**  |  | $5251461925 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4590659509 |
| Total accumulated earnings (loss) |  | 660802416 |
| **Net Assets** |  | $5251461925 |
| **Net Asset Value**, offering price and redemption price per share ($5,251,461,925 ÷ 422,985,929 shares) |  | $12.42 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $73662316 |
| Foreign Tax Reclaims |  | 6344935 |
| Interest  |  | 80071 |
| Income from Fidelity Central Funds (including $45,016 from security lending)  |  | 2298163 |
| Income before foreign taxes withheld |  | $82385485 |
| Less foreign taxes withheld |  | (9446732) |
| **Total income** |  | 72938753 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $10010 |  |
| **Total expenses** |  | 10010 |
| **Net Investment income (loss)** |  | 72928743 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $61,892)  | (33541784) |  |
| Foreign currency transactions | (218985) |  |
| Futures contracts | (4144777) |  |
| Total net realized gain (loss) |  | (37905546) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $631,935)  | 266344985 |  |
| Fidelity Central Funds  | 1 |  |
| Assets and liabilities in foreign currencies | 1650952 |  |
| Futures contracts | 7543637 |  |
| Total change in net unrealized appreciation (depreciation) |  | 275539575 |
| **Net gain (loss)** |  | 237634029 |
| **Net increase (decrease) in net assets resulting from operations** |  | $310562772 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $72928743 | $119678395 |
| &nbsp;&nbsp;Net realized gain (loss) | (37905546)<br>| (38387893)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 275539575 | 712583771<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 310562772<br>| 793874273<br>|
| Distributions to shareholders | (129942722)<br>| (109268182)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 866592163 | 1068814200 |
| Reinvestment of distributions | 114268279<br>| 95152226<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (433931529) | (603219321) |
| **Net increase (decrease) in net assets resulting from share transactions** | 546928913<br>| 560747105<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 727548963<br>| 1245353196<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4523912962 | 3278559766<br>|
| &nbsp;&nbsp;End of period | $5251461925 | $4523912962 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 72912584 | 92912434 |
| Issued in reinvestment of distributions | 9791627<br>| 8818557<br>|
| &nbsp;&nbsp;Redeemed | (36852589) | (52643838) |
| &nbsp;&nbsp;Net increase (decrease) | 45851622 | 49087153 |

---

**Financial Highlights** 

**Fidelity ZERO® International Index Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.00 | $9.99 | $9.08 | $12.40 | $9.67 | $10.14 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .18  | .34  | .33  | .33  | .30  | .23  |
| Net realized and unrealized gain (loss)  | .58  | 2.00  | .85  | (3.34)  | 2.62  | (.45)  |
| Total from investment operations  | .76  | 2.34  | 1.18  | (3.01)  | 2.92  | (.22)  |
| Distributions from net investment income  | (.34)  | (.33)  | (.27)  | (.31)  | (.19)  | (.25)  |
| Total distributions  | (.34)  | (.33)  | (.27)  | (.31)  | (.19)  | (.25)  |
| Net asset value, end of period  | $12.42 | $12.00 | $9.99 | $9.08 | $12.40 | $9.67 |
| **Total Return** C,D | 6.52% <br>| 23.79%  | 13.03%  | (24.79)%  | 30.39%  | (2.34)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions G | -% H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% H<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -% H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 3.08% H | 2.92%  | 3.12%  | 3.11%  | 2.50%  | 2.39%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5251462 | $4523913 | $3278560 | $2621272 | $3139096 | $1651017 |
| Portfolio turnover rate I | 3% H<br>| 5%  | 6%  | 6%  | 8%  | 8%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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), derivatives or securities that mature within one year from acquisition.* 

**Fidelity ZERO® Large Cap Index Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** |
|  | Shares | Value ($)<br>|
| BAILIWICK OF JERSEY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Aptiv PLC  | 56661 | 3233076 |
| CANADA - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| RB Global Inc (United States)  | 45547 | 4586583 |
| IRELAND - 0.4%  |  |  |
| Information Technology - 0.4% |  |  |
| IT Services - 0.4% |  |  |
| Accenture PLC Class A  | 154506 | 46220470 |
| NETHERLANDS - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| NXP Semiconductors NV  | 62772 | 11569507 |
| SWITZERLAND - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| TE Connectivity PLC  | 73670 | 10783815 |
| UNITED KINGDOM - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Flutter Entertainment PLC (b) | 43978 | 10598258 |
| UNITED STATES - 99.0%  |  |  |
| Communication Services - 9.2% |  |  |
| Diversified Telecommunication Services - 0.8% |  |  |
| AT&T Inc  | 1773111 | 49115175 |
| Verizon Communications Inc  | 1039830 | 45814910 |
|  |  | 94930085 |
| Entertainment - 1.7% |  |  |
| Electronic Arts Inc  | 58548 | 8494729 |
| Liberty Media Corp-Liberty Formula One Class A (b) | 6405 | 515923 |
| Liberty Media Corp-Liberty Formula One Class C (b) | 54478 | 4830564 |
| Liberty Media Corp-Liberty Live Class A (b) | 4812 | 336744 |
| Liberty Media Corp-Liberty Live Class C (b)(c) | 11496 | 822079 |
| Live Nation Entertainment Inc (b) | 38729 | 5129656 |
| Netflix Inc (b) | 105661 | 119578667 |
| ROBLOX Corp Class A (b) | 134291 | 9004212 |
| Take-Two Interactive Software Inc (b) | 40566 | 9464859 |
| Walt Disney Co/The  | 446544 | 40613177 |
| Warner Bros Discovery Inc (b) | 551405 | 4780681 |
|  |  | 203571291 |
| Interactive Media & Services - 6.0% |  |  |
| Alphabet Inc Class A  | 1440800 | 228799040 |
| Alphabet Inc Class C  | 1167756 | 187880263 |
| Meta Platforms Inc Class A  | 540933 | 296972217 |
| Pinterest Inc Class A (b) | 146976 | 3721432 |
|  |  | 717372952 |
| Media - 0.5% |  |  |
| Charter Communications Inc Class A (b) | 23834 | 9339591 |
| Comcast Corp Class A  | 931609 | 31861028 |
| Fox Corp Class A  | 54436 | 2710368 |
| Fox Corp Class B  | 31907 | 1475380 |
| Omnicom Group Inc  | 48520 | 3695283 |
| Trade Desk Inc (The) Class A (b) | 111193 | 5963281 |
|  |  | 55044931 |
| Wireless Telecommunication Services - 0.2% |  |  |
| T-Mobile US Inc  | 118452 | 29251721 |
| TOTAL COMMUNICATION SERVICES |  | 1100170980 |
| Consumer Discretionary - 10.1% |  |  |
| Automobiles - 1.8% |  |  |
| Ford Motor Co  | 961749 | 9627107 |
| General Motors Co  | 245758 | 11118092 |
| Tesla Inc (b) | 691231 | 195037739 |
|  |  | 215782938 |
| Broadline Retail - 3.7% |  |  |
| Amazon.com Inc (b) | 2329817 | 429664852 |
| eBay Inc  | 118278 | 8061829 |
|  |  | 437726681 |
| Distributors - 0.1% |  |  |
| Genuine Parts Co  | 34319 | 4034198 |
| LKQ Corp  | 64256 | 2455222 |
| Pool Corp  | 9402 | 2756102 |
|  |  | 9245522 |
| Hotels, Restaurants & Leisure - 2.0% |  |  |
| Airbnb Inc Class A (b) | 106922 | 13035930 |
| Booking Holdings Inc  | 8175 | 41686614 |
| Carnival Corp (b) | 258785 | 4746117 |
| Chipotle Mexican Grill Inc (b) | 334777 | 16912934 |
| Darden Restaurants Inc  | 28957 | 5809932 |
| Domino's Pizza Inc  | 8528 | 4181875 |
| DoorDash Inc Class A (b) | 83800 | 16164182 |
| DraftKings Inc Class A (b) | 121011 | 4028456 |
| Expedia Group Inc Class A  | 30462 | 4780402 |
| Hilton Worldwide Holdings Inc  | 59432 | 13400727 |
| Las Vegas Sands Corp  | 84869 | 3112146 |
| Marriott International Inc/MD Class A1  | 56520 | 13484542 |
| McDonald's Corp  | 177015 | 56582845 |
| Royal Caribbean Cruises Ltd  | 61158 | 13143466 |
| Starbucks Corp  | 280577 | 22460189 |
| Yum! Brands Inc  | 68943 | 10371785 |
|  |  | 243902142 |
| Household Durables - 0.3% |  |  |
| DR Horton Inc  | 70010 | 8845063 |
| Garmin Ltd  | 37944 | 7090595 |
| Lennar Corp Class A  | 57694 | 6266145 |
| Lennar Corp Class B (c) | 2642 | 273104 |
| NVR Inc (b) | 739 | 5265929 |
| PulteGroup Inc  | 50082 | 5137412 |
|  |  | 32878248 |
| Specialty Retail - 2.0% |  |  |
| AutoZone Inc (b) | 4145 | 15595977 |
| Best Buy Co Inc  | 48042 | 3203921 |
| Burlington Stores Inc (b) | 15509 | 3490145 |
| CarMax Inc (b) | 38009 | 2458042 |
| Carvana Co Class A (b) | 29220 | 7139907 |
| Home Depot Inc/The  | 245367 | 88452351 |
| Lowe's Cos Inc  | 139463 | 31178348 |
| O'Reilly Automotive Inc (b) | 14198 | 20093010 |
| Ross Stores Inc  | 81485 | 11326415 |
| TJX Cos Inc/The  | 277671 | 35730704 |
| Tractor Supply Co  | 131988 | 6681233 |
| Ulta Beauty Inc (b) | 11480 | 4541947 |
| Williams-Sonoma Inc  | 30401 | 4696042 |
|  |  | 234588042 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Deckers Outdoor Corp (b) | 37482 | 4154130 |
| Lululemon Athletica Inc (b) | 27675 | 7493560 |
| NIKE Inc Class B  | 291761 | 16455320 |
|  |  | 28103010 |
| TOTAL CONSUMER DISCRETIONARY |  | 1202226583 |
| Consumer Staples - 6.0% |  |  |
| Beverages - 1.2% |  |  |
| Coca-Cola Co/The  | 956385 | 69385732 |
| Constellation Brands Inc Class A  | 38387 | 7199098 |
| Keurig Dr Pepper Inc  | 294886 | 10200107 |
| Monster Beverage Corp (b) | 172958 | 10398235 |
| PepsiCo Inc  | 338766 | 45929894 |
|  |  | 143113066 |
| Consumer Staples Distribution & Retail - 2.2% |  |  |
| Costco Wholesale Corp  | 109649 | 109045932 |
| Dollar General Corp  | 54392 | 5095986 |
| Dollar Tree Inc (b) | 49923 | 4082204 |
| Kroger Co/The  | 164429 | 11873418 |
| Sprouts Farmers Market Inc (b) | 24697 | 4223187 |
| Sysco Corp  | 120766 | 8622692 |
| Target Corp  | 113172 | 10943732 |
| Walmart Inc  | 1071553 | 104208529 |
|  |  | 258095680 |
| Food Products - 0.6% |  |  |
| Archer-Daniels-Midland Co  | 118306 | 5649112 |
| Bunge Global SA  | 32981 | 2596264 |
| Conagra Brands Inc  | 117894 | 2913161 |
| General Mills Inc  | 136115 | 7723165 |
| Hershey Co/The  | 36515 | 6104943 |
| JM Smucker Co  | 26281 | 3055692 |
| Kellanova  | 66485 | 5502963 |
| Kraft Heinz Co/The  | 215554 | 6272621 |
| McCormick & Co Inc/MD  | 62341 | 4779061 |
| Mondelez International Inc  | 319463 | 21765015 |
| Tyson Foods Inc Class A  | 70660 | 4327218 |
|  |  | 70689215 |
| Household Products - 1.1% |  |  |
| Church & Dwight Co Inc  | 60784 | 6038283 |
| Clorox Co/The  | 30500 | 4340150 |
| Colgate-Palmolive Co  | 200411 | 18475890 |
| Kimberly-Clark Corp  | 81904 | 10793309 |
| Procter & Gamble Co/The  | 579195 | 94159731 |
|  |  | 133807363 |
| Personal Care Products - 0.1% |  |  |
| Estee Lauder Cos Inc/The Class A  | 57822 | 3467007 |
| Kenvue Inc  | 473634 | 11177762 |
|  |  | 14644769 |
| Tobacco - 0.8% |  |  |
| Altria Group Inc  | 418606 | 24760545 |
| Philip Morris International Inc  | 384070 | 65814235 |
|  |  | 90574780 |
| TOTAL CONSUMER STAPLES |  | 710924873 |
| Energy - 3.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Baker Hughes Co Class A  | 244641 | 8660291 |
| Halliburton Co  | 214274 | 4246911 |
| Schlumberger NV  | 346003 | 11504600 |
|  |  | 24411802 |
| Oil, Gas & Consumable Fuels - 3.0% |  |  |
| Cheniere Energy Inc  | 55418 | 12807654 |
| Chevron Corp  | 412827 | 56169242 |
| ConocoPhillips  | 315141 | 28085366 |
| Coterra Energy Inc  | 181853 | 4466310 |
| Devon Energy Corp  | 162207 | 4932715 |
| Diamondback Energy Inc  | 46182 | 6096486 |
| EOG Resources Inc  | 138922 | 15327264 |
| EQT Corp  | 147386 | 7286764 |
| Expand Energy Corp  | 51940 | 5396566 |
| Exxon Mobil Corp  | 1075247 | 113578341 |
| Hess Corp  | 68300 | 8814115 |
| Kinder Morgan Inc  | 477492 | 12558040 |
| Marathon Petroleum Corp  | 78048 | 10724576 |
| Occidental Petroleum Corp  | 166927 | 6578593 |
| ONEOK Inc  | 153239 | 12590116 |
| Ovintiv Inc  | 64369 | 2161510 |
| Phillips 66  | 102002 | 10614328 |
| Targa Resources Corp  | 53878 | 9207750 |
| Texas Pacific Land Corp  | 4656 | 6000979 |
| Valero Energy Corp  | 78149 | 9072317 |
| Williams Cos Inc/The  | 301104 | 17635661 |
|  |  | 360104693 |
| TOTAL ENERGY |  | 384516495 |
| Financials - 14.5% |  |  |
| Banks - 3.4% |  |  |
| Bank of America Corp  | 1635568 | 65226452 |
| Citigroup Inc  | 463652 | 31704524 |
| Citizens Financial Group Inc  | 107910 | 3980799 |
| Fifth Third Bancorp  | 165401 | 5944512 |
| First Citizens BancShares Inc/NC Class A  | 2858 | 5084782 |
| Huntington Bancshares Inc/OH  | 358903 | 5214861 |
| JPMorgan Chase & Co  | 690675 | 168952919 |
| KeyCorp  | 245890 | 3649007 |
| M&T Bank Corp  | 41006 | 6961179 |
| PNC Financial Services Group Inc/The  | 97813 | 15717571 |
| Regions Financial Corp  | 224390 | 4579800 |
| Truist Financial Corp  | 325106 | 12464564 |
| US Bancorp  | 385297 | 15542881 |
| Wells Fargo & Co  | 812394 | 57688098 |
|  |  | 402711949 |
| Capital Markets - 3.4% |  |  |
| Ameriprise Financial Inc  | 23760 | 11191435 |
| Ares Management Corp Class A  | 46079 | 7028430 |
| Bank of New York Mellon Corp/The  | 177270 | 14254281 |
| Blackrock Inc  | 35961 | 32877704 |
| Blackstone Inc  | 180792 | 23812114 |
| Cboe Global Markets Inc  | 25858 | 5735304 |
| Charles Schwab Corp/The  | 420932 | 34263865 |
| CME Group Inc Class A  | 89013 | 24663722 |
| Coinbase Global Inc Class A (b) | 51910 | 10532020 |
| FactSet Research Systems Inc  | 9392 | 4059410 |
| Goldman Sachs Group Inc/The  | 77073 | 42201322 |
| Interactive Brokers Group Inc Class A  | 26890 | 4621047 |
| Intercontinental Exchange Inc  | 141927 | 23839478 |
| KKR & Co Inc Class A  | 166741 | 19053494 |
| LPL Financial Holdings Inc  | 19595 | 6266285 |
| Moody's Corp  | 38236 | 17325496 |
| Morgan Stanley  | 305639 | 35276853 |
| MSCI Inc  | 19180 | 10455210 |
| Nasdaq Inc  | 102205 | 7789043 |
| Northern Trust Corp  | 48389 | 4547598 |
| Raymond James Financial Inc  | 45546 | 6241624 |
| Robinhood Markets Inc Class A (b) | 175692 | 8628234 |
| S&P Global Inc  | 77810 | 38908891 |
| State Street Corp  | 71303 | 6281794 |
| T Rowe Price Group Inc  | 55091 | 4878308 |
| Tradeweb Markets Inc Class A  | 28694 | 3968380 |
|  |  | 408701342 |
| Consumer Finance - 0.6% |  |  |
| American Express Co  | 137093 | 36522946 |
| Capital One Financial Corp  | 94155 | 16972380 |
| Discover Financial Services  | 61998 | 11325175 |
| Synchrony Financial  | 95998 | 4987096 |
|  |  | 69807597 |
| Financial Services - 4.9% |  |  |
| Apollo Global Management Inc  | 110408 | 15068484 |
| Berkshire Hathaway Inc Class B (b) | 452767 | 241438003 |
| Block Inc Class A (b) | 138238 | 8082776 |
| Corpay Inc (b) | 17217 | 5601895 |
| Fidelity National Information Services Inc  | 130835 | 10320265 |
| Fiserv Inc (b) | 140532 | 25937991 |
| Global Payments Inc  | 61150 | 4666357 |
| Jack Henry & Associates Inc  | 18005 | 3122606 |
| Mastercard Inc Class A  | 201172 | 110254326 |
| PayPal Holdings Inc (b) | 244346 | 16087741 |
| Visa Inc Class A  | 425698 | 147078659 |
|  |  | 587659103 |
| Insurance - 2.2% |  |  |
| AFLAC Inc  | 122278 | 13289173 |
| Allstate Corp/The  | 65458 | 12986213 |
| American International Group Inc  | 146559 | 11947490 |
| Aon PLC  | 53423 | 18953946 |
| Arch Capital Group Ltd  | 92543 | 8391799 |
| Arthur J Gallagher & Co  | 62832 | 20149594 |
| Brown & Brown Inc  | 58629 | 6484367 |
| Chubb Ltd  | 92057 | 26335667 |
| Cincinnati Financial Corp  | 38633 | 5378100 |
| Everest Group Ltd  | 10614 | 3808622 |
| Fidelity National Financial Inc/US  | 64212 | 4112779 |
| Hartford Insurance Group Inc/The  | 71023 | 8712391 |
| Markel Group Inc (b) | 3162 | 5750413 |
| Marsh & McLennan Cos Inc  | 121322 | 27354471 |
| MetLife Inc  | 142998 | 10777759 |
| Principal Financial Group Inc  | 51965 | 3853205 |
| Progressive Corp/The  | 144706 | 40769469 |
| Prudential Financial Inc  | 87387 | 8975519 |
| The Travelers Companies, Inc.  | 56006 | 14792865 |
| W R Berkley Corp  | 74176 | 5317677 |
| Willis Towers Watson PLC  | 24644 | 7585423 |
|  |  | 265726942 |
| TOTAL FINANCIALS |  | 1734606933 |
| Health Care - 10.7% |  |  |
| Biotechnology - 1.9% |  |  |
| AbbVie Inc  | 436067 | 85076672 |
| Alnylam Pharmaceuticals Inc (b)(c) | 31971 | 8416046 |
| Amgen Inc  | 132697 | 38604211 |
| Biogen Inc (b) | 36154 | 4377526 |
| BioMarin Pharmaceutical Inc (b) | 47075 | 2998207 |
| Gilead Sciences Inc  | 307850 | 32798339 |
| Insmed Inc (b)(c) | 44194 | 3181968 |
| Natera Inc (b) | 32611 | 4921978 |
| Regeneron Pharmaceuticals Inc  | 25988 | 15560575 |
| Vertex Pharmaceuticals Inc (b) | 63432 | 32318604 |
|  |  | 228254126 |
| Health Care Equipment & Supplies - 2.4% |  |  |
| Abbott Laboratories  | 428435 | 56017876 |
| Align Technology Inc (b) | 17329 | 3003116 |
| Baxter International Inc  | 126099 | 3930506 |
| Becton Dickinson & Co  | 70922 | 14687237 |
| Boston Scientific Corp (b) | 364056 | 37450441 |
| Cooper Cos Inc/The (b) | 49291 | 4025596 |
| Dexcom Inc (b) | 96547 | 6891525 |
| Edwards Lifesciences Corp (b) | 145683 | 10997610 |
| GE HealthCare Technologies Inc  | 112969 | 7945110 |
| Hologic Inc (b) | 55412 | 3224978 |
| IDEXX Laboratories Inc (b) | 20215 | 8746020 |
| Insulet Corp (b) | 17368 | 4381773 |
| Intuitive Surgical Inc (b) | 88099 | 45441464 |
| Medtronic PLC  | 316736 | 26846543 |
| ResMed Inc  | 36268 | 8580646 |
| STERIS PLC  | 24268 | 5453990 |
| Stryker Corp  | 84829 | 31719260 |
| Zimmer Biomet Holdings Inc  | 49167 | 5066659 |
|  |  | 284410350 |
| Health Care Providers & Services - 2.1% |  |  |
| Cardinal Health Inc  | 59649 | 8427807 |
| Cencora Inc  | 42631 | 12476815 |
| Centene Corp (b) | 122482 | 7330548 |
| Cigna Group/The  | 67629 | 22996565 |
| CVS Health Corp  | 311429 | 20775429 |
| Elevance Health Inc  | 57287 | 24093766 |
| HCA Healthcare Inc  | 44167 | 15241148 |
| Humana Inc  | 29793 | 7812916 |
| Labcorp Holdings Inc  | 20600 | 4964806 |
| McKesson Corp  | 30957 | 22065840 |
| Molina Healthcare Inc (b) | 13708 | 4482653 |
| Quest Diagnostics Inc  | 27468 | 4895347 |
| UnitedHealth Group Inc  | 227322 | 93529364 |
|  |  | 249093004 |
| Health Care Technology - 0.0% |  |  |
| Veeva Systems Inc Class A (b) | 36881 | 8618721 |
| Life Sciences Tools & Services - 0.9% |  |  |
| Agilent Technologies Inc  | 70507 | 7586553 |
| Avantor Inc (b)(c) | 168177 | 2184619 |
| Danaher Corp  | 158083 | 31510684 |
| Illumina Inc (b) | 39119 | 3035634 |
| IQVIA Holdings Inc (b) | 41355 | 6412920 |
| Mettler-Toledo International Inc (b) | 5165 | 5529494 |
| Revvity Inc  | 30063 | 2808786 |
| Thermo Fisher Scientific Inc  | 94479 | 40531492 |
| Waters Corp (b) | 14663 | 5098765 |
| West Pharmaceutical Services Inc  | 17886 | 3779133 |
|  |  | 108478080 |
| Pharmaceuticals - 3.4% |  |  |
| Bristol-Myers Squibb Co  | 501265 | 25163503 |
| Eli Lilly & Co  | 194629 | 174961740 |
| Johnson & Johnson  | 594718 | 92960371 |
| Merck & Co Inc  | 624846 | 53236879 |
| Pfizer Inc  | 1399787 | 34168801 |
| Royalty Pharma PLC Class A  | 92048 | 3021015 |
| Viatris Inc  | 294709 | 2481449 |
| Zoetis Inc Class A  | 110610 | 17299404 |
|  |  | 403293162 |
| TOTAL HEALTH CARE |  | 1282147443 |
| Industrials - 8.5% |  |  |
| Aerospace & Defense - 2.2% |  |  |
| Axon Enterprise Inc (b) | 17894 | 10974390 |
| Boeing Co (b) | 185276 | 33949974 |
| GE Aerospace  | 265115 | 53431278 |
| General Dynamics Corp  | 62677 | 17055665 |
| HEICO Corp  | 9934 | 2491050 |
| HEICO Corp Class A  | 18415 | 3700126 |
| Howmet Aerospace Inc  | 100045 | 13864236 |
| L3Harris Technologies Inc  | 46523 | 10235990 |
| Lockheed Martin Corp  | 51746 | 24721652 |
| Northrop Grumman Corp  | 33610 | 16351265 |
| RTX Corp  | 329054 | 41503581 |
| Textron Inc  | 45088 | 3172843 |
| TransDigm Group Inc  | 13853 | 19575259 |
|  |  | 251027309 |
| Air Freight & Logistics - 0.3% |  |  |
| Expeditors International of Washington Inc  | 34570 | 3799589 |
| FedEx Corp  | 54730 | 11511361 |
| United Parcel Service Inc Class B  | 180637 | 17214706 |
|  |  | 32525656 |
| Building Products - 0.5% |  |  |
| Builders FirstSource Inc (b) | 28415 | 3399286 |
| Carlisle Cos Inc  | 11013 | 4179213 |
| Carrier Global Corp  | 199452 | 12473728 |
| Johnson Controls International plc  | 163049 | 13679811 |
| Lennox International Inc  | 7908 | 4323699 |
| Masco Corp  | 52347 | 3172752 |
| Trane Technologies PLC  | 55398 | 21234608 |
|  |  | 62463097 |
| Commercial Services & Supplies - 0.6% |  |  |
| Cintas Corp  | 84726 | 17934800 |
| Copart Inc (b) | 216576 | 13217633 |
| Republic Services Inc  | 50141 | 12572856 |
| Veralto Corp  | 61078 | 5857380 |
| Waste Management Inc  | 90217 | 21053039 |
|  |  | 70635708 |
| Construction & Engineering - 0.1% |  |  |
| Quanta Services Inc  | 36465 | 10672941 |
| Electrical Equipment - 0.8% |  |  |
| AMETEK Inc  | 57154 | 9692175 |
| Eaton Corp PLC  | 97609 | 28733162 |
| Emerson Electric Co  | 139276 | 14639300 |
| GE Vernova Inc  | 68149 | 25271012 |
| Hubbell Inc  | 13250 | 4812135 |
| Rockwell Automation Inc  | 27940 | 6920179 |
| Vertiv Holdings Co Class A  | 94057 | 8030587 |
|  |  | 98098550 |
| Ground Transportation - 0.9% |  |  |
| CSX Corp  | 476313 | 13370106 |
| JB Hunt Transport Services Inc  | 19629 | 2563154 |
| Norfolk Southern Corp  | 55931 | 12531341 |
| Old Dominion Freight Line Inc  | 46410 | 7113725 |
| Uber Technologies Inc (b) | 516009 | 41801889 |
| Union Pacific Corp  | 149267 | 32190921 |
|  |  | 109571136 |
| Industrial Conglomerates - 0.4% |  |  |
| 3M Co  | 134095 | 18627136 |
| Honeywell International Inc  | 160612 | 33808826 |
|  |  | 52435962 |
| Machinery - 1.5% |  |  |
| Caterpillar Inc  | 118050 | 36509324 |
| Cummins Inc  | 33965 | 9980276 |
| Deere & Co  | 62563 | 29001704 |
| Dover Corp  | 33930 | 5790155 |
| Fortive Corp  | 84364 | 5879327 |
| IDEX Corp  | 18697 | 3252717 |
| Illinois Tool Works Inc  | 65961 | 15824704 |
| Ingersoll Rand Inc  | 99513 | 7506266 |
| Otis Worldwide Corp  | 97964 | 9430994 |
| PACCAR Inc  | 129516 | 11683638 |
| Parker-Hannifin Corp  | 31803 | 19242723 |
| Snap-on Inc  | 12936 | 4059446 |
| Stanley Black & Decker Inc  | 38110 | 2287361 |
| Westinghouse Air Brake Technologies Corp  | 42199 | 7795843 |
| Xylem Inc/NY  | 60024 | 7237094 |
|  |  | 175481572 |
| Passenger Airlines - 0.1% |  |  |
| Delta Air Lines Inc  | 158655 | 6604808 |
| Southwest Airlines Co (c) | 146335 | 4091526 |
| United Airlines Holdings Inc (b) | 81199 | 5588115 |
|  |  | 16284449 |
| Professional Services - 0.7% |  |  |
| Automatic Data Processing Inc  | 100503 | 30211202 |
| Booz Allen Hamilton Holding Corp Class A  | 31277 | 3753865 |
| Broadridge Financial Solutions Inc  | 28910 | 7007784 |
| Equifax Inc  | 30624 | 7966221 |
| Jacobs Solutions Inc  | 30259 | 3746063 |
| Leidos Holdings Inc  | 32464 | 4778052 |
| Paychex Inc  | 79153 | 11644989 |
| SS&C Technologies Holdings Inc  | 53216 | 4023130 |
| TransUnion  | 48182 | 3997179 |
| Verisk Analytics Inc  | 34892 | 10343036 |
|  |  | 87471521 |
| Trading Companies & Distributors - 0.4% |  |  |
| Fastenal Co  | 141643 | 11468834 |
| Ferguson Enterprises Inc  | 49369 | 8375945 |
| United Rentals Inc  | 16134 | 10187814 |
| Watsco Inc  | 8602 | 3955543 |
| WW Grainger Inc  | 10947 | 11213122 |
|  |  | 45201258 |
| TOTAL INDUSTRIALS |  | 1011869159 |
| Information Technology - 30.0% |  |  |
| Communications Equipment - 0.8% |  |  |
| Arista Networks Inc  | 255157 | 20991766 |
| Cisco Systems Inc  | 983798 | 56794659 |
| F5 Inc (b) | 14240 | 3769897 |
| Motorola Solutions Inc  | 41281 | 18179740 |
|  |  | 99736062 |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Amphenol Corp Class A  | 299147 | 23019362 |
| CDW Corp/DE  | 32911 | 5284190 |
| Corning Inc  | 190355 | 8447955 |
| Jabil Inc  | 27051 | 3964595 |
| Keysight Technologies Inc (b) | 42706 | 6209452 |
| Teledyne Technologies Inc (b) | 11511 | 5364471 |
| Trimble Inc (b) | 60699 | 3771836 |
| Zebra Technologies Corp Class A (b) | 12688 | 3176060 |
|  |  | 59237921 |
| IT Services - 1.0% |  |  |
| Akamai Technologies Inc (b) | 37106 | 2990001 |
| Cloudflare Inc Class A (b) | 76046 | 9184836 |
| Cognizant Technology Solutions Corp Class A  | 122114 | 8983927 |
| Gartner Inc (b) | 18972 | 7988730 |
| GoDaddy Inc Class A (b) | 34880 | 6568950 |
| IBM Corporation  | 228403 | 55232414 |
| MongoDB Inc Class A (b) | 18394 | 3166895 |
| Okta Inc Class A (b) | 40412 | 4532610 |
| Snowflake Inc Class A (b) | 81538 | 13004496 |
| Twilio Inc Class A (b) | 37888 | 3664148 |
| VeriSign Inc (b) | 20099 | 5670330 |
|  |  | 120987337 |
| Semiconductors & Semiconductor Equipment - 9.9% |  |  |
| Advanced Micro Devices Inc (b) | 400269 | 38966187 |
| Analog Devices Inc  | 122538 | 23885107 |
| Applied Materials Inc  | 200738 | 30253224 |
| Broadcom Inc  | 1157833 | 222848118 |
| Entegris Inc  | 37325 | 2953153 |
| First Solar Inc (b) | 26442 | 3326932 |
| Intel Corp  | 1069549 | 21497935 |
| KLA Corp  | 32823 | 23064394 |
| Lam Research Corp  | 317058 | 22723547 |
| Marvell Technology Inc  | 213729 | 12475362 |
| Microchip Technology Inc  | 133003 | 6128778 |
| Micron Technology Inc  | 275205 | 21177025 |
| Monolithic Power Systems Inc  | 11820 | 7010442 |
| NVIDIA Corp  | 6049327 | 658892697 |
| ON Semiconductor Corp (b) | 104068 | 4131500 |
| QUALCOMM Inc  | 273188 | 40557490 |
| Teradyne Inc  | 40217 | 2984504 |
| Texas Instruments Inc  | 224858 | 35988523 |
|  |  | 1178864918 |
| Software - 10.9% |  |  |
| Adobe Inc (b) | 107528 | 40320849 |
| ANSYS Inc (b) | 21607 | 6954861 |
| AppLovin Corp Class A (b) | 55018 | 14816898 |
| Atlassian Corp Class A (b) | 40491 | 9244500 |
| Autodesk Inc (b) | 53111 | 14565692 |
| Cadence Design Systems Inc (b) | 67747 | 20170992 |
| Crowdstrike Holdings Inc Class A (b) | 60842 | 26093309 |
| Datadog Inc Class A (b) | 77369 | 7904017 |
| Docusign Inc (b) | 49903 | 4079569 |
| Fair Isaac Corp (b) | 6032 | 12001750 |
| Fortinet Inc (b) | 157145 | 16305365 |
| Gen Digital Inc  | 133973 | 3465881 |
| HubSpot Inc (b) | 12883 | 7877955 |
| Intuit Inc  | 69144 | 43385786 |
| Microsoft Corp  | 1836290 | 725811985 |
| MicroStrategy Inc Class A (b)(c) | 58870 | 22377076 |
| Oracle Corp  | 400714 | 56388474 |
| Palantir Technologies Inc Class A (b) | 506331 | 59969844 |
| Palo Alto Networks Inc (b) | 163549 | 30572215 |
| PTC Inc (b) | 29722 | 4606018 |
| Roper Technologies Inc  | 26489 | 14835959 |
| Salesforce Inc  | 236393 | 63521163 |
| Servicenow Inc (b) | 50885 | 48595684 |
| Synopsys Inc (b) | 38183 | 17526379 |
| Tyler Technologies Inc (b) | 10573 | 5744311 |
| Workday Inc Class A (b) | 52861 | 12950945 |
| Zoom Communications Inc Class A (b) | 64745 | 5020327 |
| Zscaler Inc (b) | 23499 | 5314769 |
|  |  | 1300422573 |
| Technology Hardware, Storage & Peripherals - 6.9% |  |  |
| Apple Inc  | 3710629 | 788508663 |
| Dell Technologies Inc Class C  | 77083 | 7073136 |
| Hewlett Packard Enterprise Co  | 324928 | 5270332 |
| HP Inc  | 231854 | 5928507 |
| NetApp Inc  | 50168 | 4502578 |
| Seagate Technology Holdings PLC  | 52439 | 4773522 |
| Super Micro Computer Inc (b)(c) | 124381 | 3962779 |
| Western Digital Corp (b) | 85703 | 3758933 |
|  |  | 823778450 |
| TOTAL INFORMATION TECHNOLOGY |  | 3583027261 |
| Materials - 2.1% |  |  |
| Chemicals - 1.2% |  |  |
| Air Products and Chemicals Inc  | 54949 | 14896124 |
| CF Industries Holdings Inc  | 42972 | 3367716 |
| Corteva Inc  | 169331 | 10496829 |
| Dow Inc  | 174114 | 5326147 |
| DuPont de Nemours Inc  | 103306 | 6817163 |
| Eastman Chemical Co  | 28473 | 2192420 |
| Ecolab Inc  | 62245 | 15650260 |
| International Flavors & Fragrances Inc  | 63132 | 4953337 |
| Linde PLC  | 117613 | 53305740 |
| LyondellBasell Industries NV Class A1  | 63975 | 3723985 |
| PPG Industries Inc  | 57352 | 6243339 |
| Sherwin-Williams Co/The  | 57229 | 20197259 |
|  |  | 147170319 |
| Construction Materials - 0.3% |  |  |
| CRH PLC  | 167802 | 16011667 |
| Martin Marietta Materials Inc  | 15095 | 7909478 |
| Vulcan Materials Co  | 32610 | 8554581 |
|  |  | 32475726 |
| Containers & Packaging - 0.2% |  |  |
| Amcor PLC (c) | 356822 | 3282762 |
| Avery Dennison Corp  | 19836 | 3394138 |
| Ball Corp  | 73689 | 3827407 |
| International Paper Co  | 130321 | 5953064 |
| Packaging Corp of America  | 22017 | 4086575 |
| Smurfit WestRock PLC  | 122114 | 5131230 |
|  |  | 25675176 |
| Metals & Mining - 0.4% |  |  |
| Freeport-McMoRan Inc  | 354957 | 12789101 |
| Newmont Corp  | 281207 | 14813985 |
| Nucor Corp  | 58027 | 6926683 |
| Reliance Inc  | 13366 | 3852482 |
| Steel Dynamics Inc  | 34965 | 4535310 |
|  |  | 42917561 |
| TOTAL MATERIALS |  | 248238782 |
| Real Estate - 2.2% |  |  |
| Diversified REITs - 0.0% |  |  |
| WP Carey Inc  | 54041 | 3374320 |
| Health Care REITs - 0.3% |  |  |
| Alexandria Real Estate Equities Inc  | 38051 | 2764786 |
| Healthpeak Properties Inc  | 172736 | 3081610 |
| Ventas Inc  | 107969 | 7566468 |
| Welltower Inc  | 150499 | 22964642 |
|  |  | 36377506 |
| Hotel & Resort REITs - 0.0% |  |  |
| Host Hotels & Resorts Inc  | 172780 | 2439653 |
| Industrial REITs - 0.2% |  |  |
| Prologis Inc  | 228942 | 23397872 |
| Real Estate Management & Development - 0.1% |  |  |
| CBRE Group Inc Class A (b) | 72968 | 8915231 |
| CoStar Group Inc (b) | 104043 | 7716869 |
|  |  | 16632100 |
| Residential REITs - 0.3% |  |  |
| AvalonBay Communities Inc  | 35090 | 7368198 |
| Equity Residential  | 84481 | 5935635 |
| Essex Property Trust Inc  | 15871 | 4430390 |
| Invitation Homes Inc  | 140971 | 4819798 |
| Mid-America Apartment Communities Inc  | 28871 | 4609255 |
| Sun Communities Inc  | 29574 | 3679893 |
| UDR Inc  | 74353 | 3113904 |
|  |  | 33957073 |
| Retail REITs - 0.2% |  |  |
| Realty Income Corp  | 216174 | 12507828 |
| Simon Property Group Inc  | 75750 | 11921535 |
|  |  | 24429363 |
| Specialized REITs - 1.1% |  |  |
| American Tower Corp  | 115424 | 26017724 |
| Crown Castle Inc  | 107341 | 11352384 |
| Digital Realty Trust Inc  | 78161 | 12547967 |
| Equinix Inc  | 24042 | 20694152 |
| Extra Space Storage Inc  | 52355 | 7671055 |
| Gaming and Leisure Properties Inc  | 67754 | 3242705 |
| Iron Mountain Inc  | 72605 | 6510490 |
| Public Storage Operating Co  | 38928 | 11695139 |
| SBA Communications Corp Class A  | 26574 | 6468112 |
| VICI Properties Inc  | 260245 | 8333045 |
| Weyerhaeuser Co  | 179203 | 4643150 |
|  |  | 119175923 |
| TOTAL REAL ESTATE |  | 259783810 |
| Utilities - 2.5% |  |  |
| Electric Utilities - 1.6% |  |  |
| Alliant Energy Corp  | 63356 | 3867249 |
| American Electric Power Co Inc  | 131702 | 14268595 |
| Constellation Energy Corp  | 77273 | 17265879 |
| Duke Energy Corp  | 191680 | 23388794 |
| Edison International  | 95728 | 5122404 |
| Entergy Corp  | 105969 | 8813442 |
| Evergy Inc  | 56775 | 3923152 |
| Eversource Energy  | 90577 | 5387520 |
| Exelon Corp  | 248275 | 11644098 |
| FirstEnergy Corp  | 126651 | 5430795 |
| NextEra Energy Inc  | 507950 | 33971696 |
| NRG Energy Inc  | 50029 | 5482178 |
| PG&E Corp  | 541951 | 8953031 |
| PPL Corp  | 182419 | 6658294 |
| Southern Co/The  | 270648 | 24869845 |
| Xcel Energy Inc  | 141845 | 10028442 |
|  |  | 189075414 |
| Gas Utilities - 0.0% |  |  |
| Atmos Energy Corp  | 39228 | 6301194 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Vistra Corp  | 84049 | 10895272 |
| Multi-Utilities - 0.7% |  |  |
| Ameren Corp  | 66688 | 6618117 |
| CenterPoint Energy Inc  | 160968 | 6242339 |
| CMS Energy Corp  | 73783 | 5434118 |
| Consolidated Edison Inc  | 85599 | 9651287 |
| Dominion Energy Inc  | 207471 | 11282273 |
| DTE Energy Co  | 51198 | 7014126 |
| NiSource Inc  | 116045 | 4538520 |
| Public Service Enterprise Group Inc  | 123066 | 9836665 |
| Sempra  | 156437 | 11618576 |
| WEC Energy Group Inc  | 78432 | 8589873 |
|  |  | 80825894 |
| Water Utilities - 0.1% |  |  |
| American Water Works Co Inc  | 48141 | 7077208 |
| TOTAL UTILITIES |  | 294174982 |
| TOTAL UNITED STATES |  | 11811687301 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $8,662,709,491) |  | <br> **11898679010** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** | &nbsp;&nbsp;**Money Market Funds - 0.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.33 | 29709529 | 29715471 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.33 | 37318318 | 37322050 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $67,037,521) |  |  | **67037521** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (d) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/29/2025 (g)<br>(Cost $1,526,988)<br>| 4.25 | 1532000 | **1526972** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.2%**<br> (Cost $8,731,274,000)<br>| <br>**11967243503** |
| **NET OTHER ASSETS (LIABILITIES) - (0.2)%**  | **(28178165)** |
| **NET ASSETS - 100.0%** | **11939065338** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini S&P 500 Index Contracts (United States) | 147 | Jun 2025 | 41064450 | 2443071 | 2443071 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% |

---

**Legend**

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

(b) Non-income producing

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

(d) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,526,972.

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 32676186 | 561409246 | 564369961 | 602128 | - | - | 29715471 | 29709529 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 25661525 | 181186025 | 169525500 | 8612 | - | - | 37322050 | 37318318 | 0.1% |
| Total | 58337711 | 742595271 | 733895461 | 610740 | - | - | 67037521 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 1100170980 | 1100170980 | - | - |
| Consumer Discretionary | 1216057917 | 1216057917 | - | - |
| Consumer Staples | 710924873 | 710924873 | - | - |
| Energy | 384516495 | 384516495 | - | - |
| Financials | 1734606933 | 1734606933 | - | - |
| Health Care | 1282147443 | 1282147443 | - | - |
| Industrials | 1016455742 | 1016455742 | - | - |
| Information Technology | 3651601053 | 3651601053 | - | - |
| Materials | 248238782 | 248238782 | - | - |
| Real Estate | 259783810 | 259783810 | - | - |
| Utilities | 294174982 | 294174982 | - | - |
|  **U.S. Treasury Obligations** | 1526972 | - | 1526972 | - |
|  **Money Market Funds** | 67037521 | 67037521 | - | - |
| **Total Investments in Securities:** | 11967243503 | 11965716531 | 1526972 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 2443071 | 2443071 | - | - |
| Total Assets | 2443071 | 2443071 | - | - |
| **Total Derivative Instruments:** | 2443071 | 2443071 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2025. 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** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 2443071 | 0 |
| **Total Equity Risk**  | 2443071 | 0 |
| **Total Value of Derivatives** | 2443071 | 0 |

---

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

**Fidelity ZERO® Large Cap Index Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $36,019,063) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $8,664,236,479) | $11900205982 |  |
| Fidelity Central Funds (cost $67,037,521) | 67037521 |  |
| Total Investment in Securities (cost $8,731,274,000) |  | $11967243503 |
| Segregated cash with brokers for derivative instruments |  | 1473692 |
| Cash |  | 6 |
| Receivable for fund shares sold |  | 10518499 |
| Dividends receivable |  | 6545655 |
| Distributions receivable from Fidelity Central Funds |  | 107519 |
| Receivable for daily variation margin on futures contracts |  | 26649 |
| Other receivables |  | 1622 |
| **Total assets** |  | 11985917145 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $9529757 |  |
| Collateral on securities loaned | 37322050 |  |
| **Total liabilities** |  | 46851807 |
| **Net Assets**  |  | $11939065338 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $8862758854 |
| Total accumulated earnings (loss) |  | 3076306484 |
| **Net Assets** |  | $11939065338 |
| **Net Asset Value**, offering price and redemption price per share ($11,939,065,338 ÷ 601,113,492 shares) |  | $19.86 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $77974010 |
| Interest  |  | 41709 |
| Income from Fidelity Central Funds (including $8,612 from security lending)  |  | 610740 |
| **Total income** |  | 78626459 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $25614 |  |
| Total expenses before reductions | 25614 |  |
| Expense reductions | (731) |  |
| Total expenses after reductions |  | 24883 |
| **Net Investment income (loss)** |  | 78601576 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (74465734) |  |
| Futures contracts | (4034736) |  |
| Total net realized gain (loss) |  | (78500470) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (239569171) |  |
| Futures contracts | 2529226 |  |
| Total change in net unrealized appreciation (depreciation) |  | (237039945) |
| **Net gain (loss)** |  | (315540415) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(236938839) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $78601576 | $127440088 |
| &nbsp;&nbsp;Net realized gain (loss) | (78500470)<br>| (22911761)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (237039945) | 2593614733<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (236938839)<br>| 2698143060<br>|
| Distributions to shareholders | (128711220)<br>| (99928756)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2262273730 | 3323184972 |
| Reinvestment of distributions | 114704107<br>| 87829389<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1260636985) | (1253994181) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1116340852<br>| 2157020180<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 750690793<br>| 4755234484<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 11188374545 | 6433140061<br>|
| &nbsp;&nbsp;End of period | $11939065338 | $11188374545 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 108646548 | 179718697 |
| Issued in reinvestment of distributions | 5325167<br>| 5267475<br>|
| &nbsp;&nbsp;Redeemed | (61323148) | (67672907) |
| &nbsp;&nbsp;Net increase (decrease) | 52648567 | 117313265 |

---

**Financial Highlights** 

**Fidelity ZERO® Large Cap Index Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $20.40 | $14.92 | $13.70 | $16.55 | $11.73 | $10.65 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .13  | .26  | .24  | .22  | .20  | .20  |
| Net realized and unrealized gain (loss)  | (.44)  | 5.45  | 1.19  | (2.91)  | 4.78  | 1.01  |
| Total from investment operations  | (.31)  | 5.71  | 1.43  | (2.69)  | 4.98  | 1.21  |
| Distributions from net investment income  | (.23)  | (.23)  | (.21)  | (.16)  | (.16)  | (.13)  |
| Total distributions  | (.23)  | (.23)  | (.21)  | (.16)  | (.16)  | (.13)  |
| Net asset value, end of period  | $19.86 | $20.40 | $14.92 | $13.70 | $16.55 | $11.73 |
| **Total Return** C,D | (1.62)% <br>| 38.58%  | 10.57%  | (16.39)%  | 42.81%  | 11.45%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions G | -% H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% H<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -% H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.30% H | 1.39%  | 1.61%  | 1.48%  | 1.36%  | 1.80%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $11939065 | $11188375 | $6433140 | $5306274 | $5103057 | $2375916 |
| Portfolio turnover rate I | 3% H<br>| 3%  | 2%  | 3%  | 5% J | 5%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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), derivatives or securities that mature within one year from acquisition.* 

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

**Fidelity ZERO® Total Market Index Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** | &nbsp;&nbsp;**Common Stocks - 99.7%** |
|  | Shares | Value ($)<br>|
| BAHAMAS (NASSAU) - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Diversified Consumer Services - 0.0% |  |  |
| OneSpaWorld Holdings Ltd  | 47446 | 792348 |
| BAILIWICK OF JERSEY - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Aptiv PLC  | 104903 | 5985765 |
| BELGIUM - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Global Ltd Class A (b) | 59186 | 648086 |
| Liberty Global Ltd Class C (b) | 88552 | 1004180 |
| TOTAL BELGIUM |  | 1652266 |
| BERMUDA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Teekay Corp Ltd  | 25810 | 186090 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| RenaissanceRe Holdings Ltd  | 22519 | 5448022 |
| TOTAL BERMUDA |  | 5634112 |
| CANADA - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Sunopta Inc (United States) (b) | 43723 | 188883 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Teekay Tankers Ltd Class A  | 11324 | 482063 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| RB Global Inc (United States)  | 84246 | 8483572 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| D-Wave Quantum Inc (b)(c) | 95614 | 660693 |
| Hut 8 Corp (United States) (b)(c) | 37614 | 463028 |
|  |  | 1123721 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| McEwen Mining Inc (b)(c) | 20467 | 159643 |
| TOTAL CANADA |  | 10437882 |
| CHINA - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| indie Semiconductor Inc Class A (b)(c) | 78150 | 155519 |
| GERMANY - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Orion SA  | 26323 | 316929 |
| Paper & Forest Products - 0.0% |  |  |
| Mercer International Inc  | 20138 | 90017 |
| TOTAL GERMANY |  | 406946 |
| GHANA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Kosmos Energy Ltd (b) | 217136 | 334389 |
| HONG KONG - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| GigaCloud Technology Inc Class A (b) | 12188 | 152838 |
| IRELAND - 0.4%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Ardmore Shipping Corp (c) | 18031 | 172016 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Prothena Corp PLC (b) | 17443 | 160476 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Cimpress PLC (b) | 7017 | 294854 |
| Information Technology - 0.4% |  |  |
| IT Services - 0.4% |  |  |
| Accenture PLC Class A  | 285808 | 85499463 |
| TOTAL IRELAND |  | 86126809 |
| ISRAEL - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Mobileye Global Inc Class A (b)(c) | 45395 | 661859 |
| JAPAN - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Allegro MicroSystems Inc (b) | 59832 | 1140996 |
| MONACO - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Scorpio Tankers Inc  | 18165 | 684639 |
| NETHERLANDS - 0.1%  |  |  |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| uniQure NV (b)(c) | 22518 | 332366 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| NXP Semiconductors NV  | 116133 | 21404473 |
| TOTAL NETHERLANDS |  | 21736839 |
| PHILIPPINES - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| TaskUS Inc Class A (b) | 7799 | 108874 |
| PUERTO RICO - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Liberty Latin America Ltd Class A (b) | 25435 | 137858 |
| Liberty Latin America Ltd Class C (b) | 47868 | 263274 |
|  |  | 401132 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| First BanCorp/Puerto Rico  | 74261 | 1458486 |
| Ofg Bancorp  | 21070 | 829104 |
| Popular Inc  | 32142 | 3066990 |
|  |  | 5354580 |
| Financial Services - 0.0% |  |  |
| EVERTEC Inc  | 29002 | 984328 |
| TOTAL FINANCIALS |  | 6338908 |
| TOTAL PUERTO RICO |  | 6740040 |
| SINGAPORE - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Scilex Holding Co (b)(c) | 1899 | 9001 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Kulicke & Soffa Industries Inc  | 24347 | 784704 |
| TOTAL SINGAPORE |  | 793705 |
| SWEDEN - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Autoliv Inc  | 32794 | 3057385 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| SiriusPoint Ltd (b) | 42316 | 710908 |
| TOTAL SWEDEN |  | 3768293 |
| SWITZERLAND - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Garrett Motion Inc (c) | 55707 | 513619 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| CRISPR Therapeutics AG (b)(c) | 39092 | 1511688 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| TE Connectivity PLC  | 136338 | 19957156 |
| TOTAL SWITZERLAND |  | 21982463 |
| THAILAND - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| BKV Corp (b) | 7124 | 129158 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Fabrinet (b) | 16432 | 3369546 |
| TOTAL THAILAND |  | 3498704 |
| UNITED KINGDOM - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Flutter Entertainment PLC (b) | 81351 | 19604778 |
| Soho House & Co Inc Class A (b) | 16027 | 96323 |
|  |  | 19701101 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| TechnipFMC PLC  | 194867 | 5489403 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Luxfer Holdings PLC  | 12311 | 132466 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Anglogold Ashanti Plc  | 195513 | 8242828 |
| TOTAL UNITED KINGDOM |  | 33565798 |
| UNITED STATES - 99.0%  |  |  |
| Communication Services - 8.6% |  |  |
| Diversified Telecommunication Services - 0.8% |  |  |
| Anterix Inc (b) | 8506 | 253904 |
| AST SpaceMobile Inc Class A (b)(c) | 73043 | 1695328 |
| AT&T Inc  | 3280083 | 90858300 |
| Atn International Inc  | 4785 | 84647 |
| Bandwidth Inc Class A (b) | 11751 | 145947 |
| Cogent Communications Holdings Inc  | 19275 | 1047596 |
| Frontier Communications Parent Inc (b) | 101243 | 3670059 |
| GCI Liberty Inc Class A (b)(d) | 19818 | 0 |
| Globalstar Inc (b) | 23060 | 443213 |
| IDT Corp Class B  | 9460 | 475365 |
| Iridium Communications Inc  | 49672 | 1198585 |
| Lumen Technologies Inc (b) | 462737 | 1638089 |
| Shenandoah Telecommunications Co  | 20705 | 230654 |
| Verizon Communications Inc  | 1923683 | 84757473 |
|  |  | 186499160 |
| Entertainment - 1.6% |  |  |
| AMC Entertainment Holdings Inc Class A (b)(c) | 174196 | 465103 |
| Atlanta Braves Holdings Inc Class A (b)(c) | 4437 | 192788 |
| Atlanta Braves Holdings Inc Class C (b) | 17528 | 698666 |
| Cinemark Holdings Inc (c) | 48832 | 1460565 |
| Electronic Arts Inc  | 108379 | 15724709 |
| Eventbrite Inc Class A (b) | 35153 | 74524 |
| Liberty Media Corp-Liberty Formula One Class A (b) | 17543 | 1413089 |
| Liberty Media Corp-Liberty Formula One Class C (b) | 95779 | 8492724 |
| Liberty Media Corp-Liberty Live Class A (b) | 7206 | 504276 |
| Liberty Media Corp-Liberty Live Class C (b) | 22980 | 1643300 |
| Lions Gate Entertainment Corp Class A (b)(c) | 30452 | 270414 |
| Lions Gate Entertainment Corp Class B (b) | 54650 | 436107 |
| Live Nation Entertainment Inc (b) | 71645 | 9489380 |
| Madison Square Garden Entertainment Corp Class A (b) | 18814 | 610326 |
| Madison Square Garden Sports Corp Class A (b) | 7670 | 1477012 |
| Marcus Corp/The  | 11212 | 182868 |
| Netflix Inc (b) | 195464 | 221210519 |
| ROBLOX Corp Class A (b) | 248586 | 16667691 |
| Roku Inc Class A (b) | 58865 | 4013416 |
| Sphere Entertainment Co Class A (b)(c) | 12479 | 340053 |
| Take-Two Interactive Software Inc (b) | 75013 | 17502033 |
| TKO Group Holdings Inc Class A  | 30435 | 4958166 |
| Vivid Seats Inc Class A (b)(c) | 42251 | 118725 |
| Walt Disney Co/The  | 826035 | 75127883 |
| Warner Bros Discovery Inc (b) | 1020318 | 8846157 |
| Warner Music Group Corp Class A  | 66352 | 2020418 |
|  |  | 393940912 |
| Interactive Media & Services - 5.5% |  |  |
| Alphabet Inc Class A  | 2665532 | 423286482 |
| Alphabet Inc Class C  | 2160121 | 347541867 |
| Angi Inc Class A (b) | 20081 | 230128 |
| Bumble Inc Class A (b)(c) | 37202 | 156992 |
| Cargurus Inc Class A (b) | 40180 | 1123433 |
| Cars.com Inc (b) | 27196 | 316561 |
| EverQuote Inc Class A (b) | 12194 | 289486 |
| fuboTV Inc (b)(c) | 154957 | 464871 |
| IAC Inc Class A (b) | 32339 | 1129925 |
| Match Group Inc  | 114833 | 3405947 |
| MediaAlpha Inc Class A (b) | 14844 | 124690 |
| Meta Platforms Inc Class A  | 1000686 | 549376614 |
| Nextdoor Holdings Inc Class A (b) | 92181 | 135506 |
| Outbrain Inc (b) | 15970 | 56534 |
| Pinterest Inc Class A (b) | 272072 | 6888863 |
| QuinStreet Inc (b) | 25792 | 451876 |
| Reddit Inc Class A (b) | 48775 | 5685702 |
| Rumble Inc Class A (b)(c) | 54394 | 419922 |
| Shutterstock Inc  | 11008 | 175688 |
| Snap Inc Class A (b) | 494667 | 3937549 |
| TripAdvisor Inc Class A (b) | 50245 | 625550 |
| Trump Media & Technology Group Corp (b)(c) | 42158 | 1034557 |
| Vimeo Inc Class A (b) | 71547 | 360597 |
| Yelp Inc Class A (b) | 30056 | 1054364 |
| Ziff Davis Inc (b) | 19508 | 576071 |
| ZipRecruiter Inc Class A (b) | 34241 | 176684 |
| ZoomInfo Technologies Inc (b) | 123746 | 1059266 |
|  |  | 1350085725 |
| Media - 0.6% |  |  |
| Altice USA Inc Class A (b)(c) | 113625 | 281790 |
| AMC Networks Inc Class A (b) | 15231 | 97478 |
| Boston Omaha Corp (b) | 10377 | 161155 |
| Cable One Inc (c) | 2106 | 562871 |
| Cardlytics Inc (b)(c) | 23472 | 33799 |
| Charter Communications Inc Class A (b) | 44104 | 17282593 |
| Clear Channel Outdoor Holdings Inc (b) | 149716 | 147350 |
| Comcast Corp Class A  | 1723335 | 58938057 |
| EchoStar Corp Class A (b) | 55185 | 1240559 |
| EW Scripps Co/The Class A (b) | 28004 | 56288 |
| Fox Corp Class A  | 101957 | 5076439 |
| Fox Corp Class B  | 57553 | 2661251 |
| Gannett Co Inc (b) | 54743 | 175178 |
| Gray Media Inc  | 38157 | 127826 |
| Ibotta Inc Class A (b)(c) | 3041 | 148401 |
| iHeartMedia Inc Class A (b) | 52665 | 54244 |
| Integral Ad Science Holding Corp (b)(c) | 34370 | 242996 |
| Interpublic Group of Cos Inc/The  | 170167 | 4274595 |
| John Wiley & Sons Inc Class A  | 18854 | 822789 |
| Liberty Broadband Corp Class A (b) | 7074 | 629939 |
| Liberty Broadband Corp Class C (b) | 51571 | 4661503 |
| Magnite Inc (b) | 57412 | 682629 |
| National CineMedia Inc  | 43617 | 249925 |
| New York Times Co/The Class A  | 74584 | 3882843 |
| News Corp Class A  | 162162 | 4397833 |
| News Corp Class B  | 60092 | 1888091 |
| Nexstar Media Group Inc  | 13315 | 1992723 |
| Omnicom Group Inc  | 89817 | 6840463 |
| Paramount Global Class B (c) | 272095 | 3194395 |
| PubMatic Inc Class A (b) | 17769 | 173603 |
| Scholastic Corp  | 11434 | 206155 |
| Sinclair Inc Class A  | 17673 | 254491 |
| Sirius XM Holdings Inc  | 100559 | 2153974 |
| Stagwell Inc Class A (b) | 47524 | 265184 |
| TechTarget Inc/old  | 12473 | 99410 |
| TEGNA Inc  | 73468 | 1192386 |
| Thryv Holdings Inc (b) | 18586 | 254628 |
| Trade Desk Inc (The) Class A (b) | 205520 | 11022038 |
| WideOpenWest Inc (b) | 22098 | 96789 |
|  |  | 136524661 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Gogo Inc (b)(c) | 27017 | 204519 |
| NII Holdings Inc (b)(c)(d) | 11652 | 0 |
| Spok Holdings Inc  | 9568 | 137205 |
| T-Mobile US Inc  | 219121 | 54111931 |
| Telephone and Data Systems Inc  | 44524 | 1669205 |
| United States Cellular Corp (b) | 6356 | 436403 |
|  |  | 56559263 |
| TOTAL COMMUNICATION SERVICES |  | 2123609721 |
| Consumer Discretionary - 10.3% |  |  |
| Automobile Components - 0.1% |  |  |
| Adient PLC (b) | 38318 | 484723 |
| American Axle & Manufacturing Holdings Inc (b) | 52777 | 201608 |
| BorgWarner Inc  | 100393 | 2849153 |
| Cooper-Standard Holdings Inc (b) | 7889 | 115732 |
| Dana Inc  | 59001 | 810674 |
| Dorman Products Inc (b) | 12413 | 1406393 |
| Fox Factory Holding Corp (b) | 19008 | 386052 |
| Gentex Corp  | 103779 | 2260307 |
| Gentherm Inc (b) | 14160 | 368302 |
| Goodyear Tire & Rubber Co/The (b) | 129988 | 1414269 |
| LCI Industries  | 11605 | 894513 |
| Lear Corp  | 24475 | 2098731 |
| Luminar Technologies Inc Class A (b)(c) | 12222 | 47788 |
| Modine Manufacturing Co (b) | 24001 | 1959442 |
| Patrick Industries Inc  | 15321 | 1179411 |
| Phinia Inc  | 18614 | 747352 |
| QuantumScape Corp Class A (b)(c) | 173470 | 678268 |
| Solid Power Inc (b)(c) | 68923 | 75126 |
| Standard Motor Products Inc  | 9428 | 255499 |
| Stoneridge Inc (b) | 12066 | 46574 |
| Visteon Corp (b) | 12616 | 999061 |
| XPEL Inc (b)(e) | 10221 | 292729 |
|  |  | 19571707 |
| Automobiles - 1.7% |  |  |
| Ford Motor Co  | 1779226 | 17810052 |
| General Motors Co  | 454754 | 20573071 |
| Harley-Davidson Inc  | 52275 | 1172006 |
| Lucid Group Inc Class A (b)(c) | 535770 | 1344783 |
| Rivian Automotive Inc Class A (b)(c) | 333446 | 4554872 |
| Tesla Inc (b) | 1278740 | 360809278 |
| Thor Industries Inc  | 24273 | 1757851 |
| Winnebago Industries Inc  | 12954 | 412196 |
|  |  | 408434109 |
| Broadline Retail - 3.3% |  |  |
| Amazon.com Inc (b) | 4309991 | 794848540 |
| ContextLogic Inc Class A (b) | 11476 | 81939 |
| Dillard's Inc Class A (c) | 1373 | 475964 |
| eBay Inc  | 218902 | 14920360 |
| Etsy Inc (b) | 51297 | 2230394 |
| Groupon Inc (b)(c) | 11086 | 201876 |
| Kohl's Corp (c) | 50827 | 340541 |
| Macy's Inc  | 126697 | 1446880 |
| Nordstrom Inc (c) | 44514 | 1074568 |
| Ollie's Bargain Outlet Holdings Inc (b) | 27979 | 2968852 |
| Savers Value Village Inc (b) | 12386 | 118782 |
|  |  | 818708696 |
| Distributors - 0.1% |  |  |
| A-Mark Precious Metals Inc  | 8128 | 197998 |
| Genuine Parts Co  | 63551 | 7470420 |
| LKQ Corp  | 118875 | 4542214 |
| Pool Corp  | 17400 | 5100636 |
|  |  | 17311268 |
| Diversified Consumer Services - 0.1% |  |  |
| ADT Inc  | 184050 | 1476081 |
| Adtalem Global Education Inc (b) | 17003 | 1805719 |
| American Public Education Inc (b) | 8085 | 189998 |
| Bright Horizons Family Solutions Inc (b) | 26626 | 3339433 |
| Carriage Services Inc  | 5845 | 233566 |
| Coursera Inc (b) | 56489 | 475637 |
| Duolingo Inc Class A (b) | 17324 | 6747352 |
| European Wax Center Inc Class A (b) | 14609 | 45579 |
| Frontdoor Inc (b) | 34723 | 1427463 |
| Graham Holdings Co Class B  | 1541 | 1417797 |
| Grand Canyon Education Inc (b) | 13119 | 2340036 |
| H&R Block Inc (c) | 61098 | 3688486 |
| KinderCare Learning Cos Inc (b) | 11313 | 138697 |
| Laureate Education Inc (b) | 61338 | 1231054 |
| Lincoln Educational Services Corp (b) | 13310 | 224939 |
| Mister Car Wash Inc (b)(c) | 42584 | 292126 |
| Nerdy Inc Class A (b)(c) | 37220 | 59179 |
| Perdoceo Education Corp  | 28201 | 708409 |
| Service Corp International/US  | 65940 | 5268606 |
| Strategic Education Inc  | 11094 | 905049 |
| Stride Inc (b) | 19524 | 2777289 |
| Udemy Inc (b) | 41417 | 284535 |
| Universal Technical Institute Inc (b) | 19994 | 561032 |
|  |  | 35638062 |
| Hotels, Restaurants & Leisure - 2.2% |  |  |
| Accel Entertainment Inc Class A (b) | 25214 | 259704 |
| Airbnb Inc Class A (b) | 197834 | 24119921 |
| Aramark  | 121297 | 4054959 |
| Biglari Holdings Inc Class B (b) | 305 | 71037 |
| BJ's Restaurants Inc (b) | 10398 | 346149 |
| Bloomin' Brands Inc  | 34477 | 276506 |
| Booking Holdings Inc  | 15123 | 77116411 |
| Boyd Gaming Corp  | 30257 | 2091969 |
| Brinker International Inc (b) | 20267 | 2721858 |
| Caesars Entertainment Inc (b) | 96915 | 2622520 |
| Carnival Corp (b) | 478884 | 8782733 |
| Cava Group Inc (b) | 37221 | 3440337 |
| Cheesecake Factory Inc/The (c) | 21542 | 1085071 |
| Chipotle Mexican Grill Inc (b) | 619354 | 31289764 |
| Choice Hotels International Inc (c) | 10183 | 1284178 |
| Churchill Downs Inc  | 33545 | 3032803 |
| Cracker Barrel Old Country Store Inc (c) | 10152 | 433490 |
| Darden Restaurants Inc  | 53527 | 10739657 |
| Dave & Buster's Entertainment Inc (b)(c) | 14043 | 269485 |
| Denny's Corp (b)(c) | 23427 | 86446 |
| Dine Brands Global Inc  | 6958 | 138534 |
| Domino's Pizza Inc  | 15783 | 7739510 |
| DoorDash Inc Class A (b) | 155037 | 29905087 |
| DraftKings Inc Class A (b) | 223982 | 7456361 |
| Dutch Bros Inc Class A (b) | 53145 | 3174882 |
| El Pollo Loco Holdings Inc (b) | 10450 | 97708 |
| Everi Holdings Inc (b) | 39413 | 553753 |
| Expedia Group Inc Class A  | 56366 | 8845516 |
| First Watch Restaurant Group Inc (b) | 18634 | 329076 |
| Global Business Travel Group I Class A (b) | 38597 | 258986 |
| Golden Entertainment Inc  | 9527 | 244844 |
| Hilton Grand Vacations Inc (b)(c) | 28300 | 951729 |
| Hilton Worldwide Holdings Inc  | 109928 | 24786565 |
| Hyatt Hotels Corp Class A  | 19464 | 2193204 |
| Jack in the Box Inc (c) | 8593 | 223762 |
| Krispy Kreme Inc  | 38853 | 159297 |
| Kura Sushi USA Inc Class A (b) | 2605 | 153382 |
| Las Vegas Sands Corp  | 157140 | 5762324 |
| Life Time Group Holdings Inc (b) | 43417 | 1331165 |
| Light & Wonder Inc Class A (b) | 40312 | 3441839 |
| Lindblad Expeditions Holdings Inc (b) | 16884 | 149255 |
| Lucky Strike Entertainment Corp Class A (c) | 11519 | 108279 |
| Marriott International Inc/MD Class A1  | 104563 | 24946641 |
| Marriott Vacations Worldwide Corp  | 14669 | 804008 |
| McDonald's Corp  | 327443 | 104667155 |
| MGM Resorts International (b) | 102359 | 3220214 |
| Monarch Casino & Resort Inc  | 5828 | 455691 |
| Norwegian Cruise Line Holdings Ltd (b) | 201071 | 3223168 |
| Papa John's International Inc  | 14888 | 514083 |
| Penn Entertainment Inc (b) | 68251 | 1038780 |
| Planet Fitness Inc Class A (b) | 38425 | 3634621 |
| Playa Hotels & Resorts NV (b) | 43986 | 590292 |
| PlayAGS Inc (b) | 18090 | 219251 |
| Portillo's Inc Class A (b)(c) | 26336 | 272314 |
| Potbelly Corp (b) | 11473 | 92931 |
| Rci Hospitality Holdings Inc  | 3746 | 148641 |
| Red Rock Resorts Inc Class A  | 22624 | 966045 |
| Royal Caribbean Cruises Ltd  | 113140 | 24314917 |
| Rush Street Interactive Inc Class A (b) | 38320 | 464822 |
| Sabre Corp (b) | 175935 | 416966 |
| Serve Robotics Inc (b)(c) | 12318 | 76002 |
| Shake Shack Inc Class A (b) | 18278 | 1603712 |
| Six Flags Entertainment Corp  | 42535 | 1463629 |
| Starbucks Corp  | 519041 | 41549232 |
| Sweetgreen Inc Class A (b) | 47232 | 920079 |
| Target Hospitality Corp (b) | 14865 | 101082 |
| Texas Roadhouse Inc  | 30517 | 5064601 |
| Travel + Leisure Co  | 31182 | 1369825 |
| United Parks & Resorts Inc (b)(c) | 13041 | 569240 |
| Vail Resorts Inc  | 17079 | 2377397 |
| Viking Holdings Ltd (b) | 41751 | 1713044 |
| Wendy's Co/The (c) | 78109 | 976363 |
| Wingstop Inc  | 13334 | 3518709 |
| Wyndham Hotels & Resorts Inc  | 35483 | 3026700 |
| Wynn Resorts Ltd  | 40982 | 3291264 |
| Xponential Fitness Inc Class A (b)(c) | 10906 | 91283 |
| Yum! Brands Inc  | 127514 | 19183206 |
|  |  | 529015964 |
| Household Durables - 0.4% |  |  |
| Beazer Homes USA Inc (b) | 13326 | 260657 |
| Cavco Industries Inc (b) | 3660 | 1807491 |
| Century Communities Inc  | 12468 | 680005 |
| Champion Homes Inc (b) | 24032 | 2078768 |
| Cricut Inc Class A (c) | 22674 | 112917 |
| DR Horton Inc  | 129644 | 16379223 |
| Dream Finders Homes Inc Class A (b)(c) | 12472 | 282616 |
| Ethan Allen Interiors Inc  | 10301 | 292857 |
| Flexsteel Industries Inc  | 1657 | 55326 |
| Garmin Ltd  | 70205 | 13119208 |
| Green Brick Partners Inc (b) | 14009 | 826391 |
| Helen of Troy Ltd (b) | 10421 | 290329 |
| Hovnanian Enterprises Inc Class A (b) | 2111 | 204345 |
| Installed Building Products Inc  | 10603 | 1758295 |
| KB Home  | 31710 | 1713291 |
| La-Z-Boy Inc  | 18910 | 746945 |
| Landsea Homes Corp Class A (b) | 8200 | 50019 |
| Legacy Housing Corp (b) | 5009 | 121844 |
| Leggett & Platt Inc  | 61191 | 588657 |
| Lennar Corp Class A  | 107209 | 11643970 |
| Lennar Corp Class B  | 4533 | 468576 |
| LGI Homes Inc (b) | 9444 | 515737 |
| Lovesac Co/The (b) | 6690 | 130121 |
| M/I Homes Inc (b) | 12432 | 1326246 |
| Meritage Homes Corp  | 33056 | 2252436 |
| Mohawk Industries Inc (b) | 24012 | 2553676 |
| Newell Brands Inc  | 189754 | 907024 |
| NVR Inc (b) | 1367 | 9740900 |
| PulteGroup Inc  | 92600 | 9498908 |
| SharkNinja Inc (b) | 30153 | 2427317 |
| Smith Douglas Homes Corp Class A (b) | 4050 | 78773 |
| Somnigroup International Inc (c) | 87437 | 5338903 |
| Sonos Inc (b) | 54303 | 500131 |
| Taylor Morrison Home Corp (b) | 47257 | 2710189 |
| Toll Brothers Inc  | 45618 | 4601488 |
| TopBuild Corp (b) | 13387 | 3959339 |
| Tri Pointe Homes Inc (b) | 42754 | 1314686 |
| Whirlpool Corp  | 25251 | 1926146 |
|  |  | 103263750 |
| Leisure Products - 0.1% |  |  |
| Acushnet Holdings Corp (c) | 12491 | 827154 |
| Brunswick Corp/DE  | 30086 | 1385460 |
| Funko Inc Class A (b) | 16605 | 66586 |
| Hasbro Inc  | 60037 | 3716290 |
| JAKKS Pacific Inc  | 4233 | 81655 |
| Johnson Outdoors Inc Class A  | 2607 | 59517 |
| Latham Group Inc (b) | 17976 | 98239 |
| Malibu Boats Inc Class A (b) | 9005 | 257183 |
| MasterCraft Boat Holdings Inc (b) | 5887 | 96782 |
| Mattel Inc (b) | 153667 | 2441769 |
| Peloton Interactive Inc Class A (b) | 170429 | 1174256 |
| Polaris Inc  | 23920 | 812323 |
| Smith & Wesson Brands Inc  | 20160 | 192125 |
| Sturm Ruger & Co Inc  | 7691 | 312716 |
| Topgolf Callaway Brands Corp (b)(c) | 64562 | 426755 |
| YETI Holdings Inc (b) | 38718 | 1105399 |
|  |  | 13054209 |
| Specialty Retail - 2.0% |  |  |
| 1-800-Flowers.com Inc Class A (b)(c) | 11914 | 65884 |
| Abercrombie & Fitch Co Class A (b) | 23004 | 1596938 |
| Academy Sports & Outdoors Inc  | 31672 | 1193401 |
| Advance Auto Parts Inc  | 27082 | 886123 |
| America's Car-Mart Inc/TX (b) | 3546 | 168151 |
| American Eagle Outfitters Inc  | 79810 | 840399 |
| Arhaus Inc Class A (b) | 24401 | 191792 |
| Arko Corp  | 32224 | 129702 |
| Asbury Automotive Group Inc (b) | 8980 | 1958897 |
| AutoNation Inc (b) | 11772 | 2050094 |
| AutoZone Inc (b) | 7668 | 28851617 |
| BARK Inc (b) | 55352 | 62548 |
| Barnes & Noble Education Inc (b) | 7865 | 82818 |
| Bath & Body Works Inc  | 98878 | 3016768 |
| Best Buy Co Inc  | 88958 | 5932609 |
| Beyond Inc (b) | 18568 | 75572 |
| Boot Barn Holdings Inc (b) | 13974 | 1458047 |
| Buckle Inc/The  | 13674 | 475308 |
| Build-A-Bear Workshop Inc  | 5353 | 188854 |
| Burlington Stores Inc (b) | 28722 | 6463599 |
| Caleres Inc  | 15381 | 234406 |
| Camping World Holdings Inc Class A  | 27407 | 330528 |
| CarMax Inc (b) | 70326 | 4547982 |
| Carvana Co Class A (b) | 54031 | 13202475 |
| Chewy Inc Class A (b) | 75644 | 2836650 |
| Children's Place Inc/The (b)(c) | 5864 | 29789 |
| Citi Trends Inc (b) | 3533 | 78892 |
| Designer Brands Inc Class A (c) | 15525 | 43315 |
| Dick's Sporting Goods Inc  | 26496 | 4974359 |
| EVgo Inc Class A (b)(c) | 46360 | 127954 |
| Five Below Inc (b) | 25095 | 1904460 |
| Floor & Decor Holdings Inc Class A (b) | 48969 | 3498345 |
| Foot Locker Inc (b) | 37715 | 462763 |
| GameStop Corp Class A (b)(c) | 185855 | 5177920 |
| Gap Inc/The  | 101582 | 2224646 |
| Genesco Inc (b) | 4717 | 91510 |
| Group 1 Automotive Inc  | 5943 | 2398773 |
| Guess? Inc (c) | 12514 | 140783 |
| Haverty Furniture Cos Inc  | 6176 | 112156 |
| Home Depot Inc/The  | 453903 | 163627493 |
| J Jill Inc  | 3396 | 51687 |
| Lands' End Inc (b) | 5435 | 48263 |
| Leslie's Inc (b) | 84587 | 50769 |
| Lithia Motors Inc Class A  | 12161 | 3560254 |
| Lowe's Cos Inc  | 258015 | 57681834 |
| MarineMax Inc (b) | 9150 | 196359 |
| Monro Inc  | 13715 | 191187 |
| Murphy USA Inc  | 8316 | 4146108 |
| National Vision Holdings Inc (b) | 35978 | 444328 |
| O'Reilly Automotive Inc (b) | 26266 | 37171643 |
| ODP Corp/The (b) | 13815 | 188989 |
| OneWater Marine Inc Class A (b)(c) | 6216 | 93302 |
| Penske Automotive Group Inc  | 8596 | 1338139 |
| Petco Health & Wellness Co Inc Class A (b) | 40210 | 118620 |
| RealReal Inc/The (b) | 41856 | 242765 |
| Restoration Hardware Inc (b) | 6871 | 1264470 |
| Revolve Group Inc Class A (b) | 17375 | 345415 |
| Ross Stores Inc  | 150790 | 20959810 |
| Sally Beauty Holdings Inc (b) | 46561 | 379007 |
| Shoe Carnival Inc (c) | 8090 | 140604 |
| Signet Jewelers Ltd  | 19860 | 1177698 |
| Sleep Number Corp (b)(c) | 10190 | 79380 |
| Sonic Automotive Inc Class A  | 6668 | 404881 |
| Stitch Fix Inc Class A (b) | 47695 | 155963 |
| ThredUp Inc Class A (b) | 38699 | 173759 |
| TJX Cos Inc/The  | 513634 | 66094424 |
| Tractor Supply Co  | 244165 | 12359632 |
| Ulta Beauty Inc (b) | 21203 | 8388755 |
| Upbound Group Inc  | 23289 | 463451 |
| Urban Outfitters Inc (b) | 25683 | 1355549 |
| Valvoline Inc (b) | 58040 | 1988450 |
| Victoria's Secret & Co (b) | 35850 | 673980 |
| Warby Parker Inc Class A (b) | 40795 | 673525 |
| Wayfair Inc Class A (b)(c) | 45426 | 1370048 |
| Williams-Sonoma Inc  | 56279 | 8693417 |
| Winmark Corp  | 1327 | 477733 |
| Zumiez Inc (b) | 6779 | 79314 |
|  |  | 494957832 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Capri Holdings Ltd (b) | 53775 | 808776 |
| Carter's Inc  | 16440 | 543342 |
| Columbia Sportswear Co (c) | 14623 | 909112 |
| Crocs Inc (b) | 25599 | 2468256 |
| Deckers Outdoor Corp (b) | 69385 | 7689940 |
| Figs Inc Class A (b)(c) | 58228 | 234658 |
| G-III Apparel Group Ltd (b) | 17496 | 441249 |
| Hanesbrands Inc (b) | 160968 | 738843 |
| Kontoor Brands Inc  | 22610 | 1359992 |
| Lakeland Industries Inc  | 4060 | 66299 |
| Levi Strauss & Co Class A  | 44852 | 718081 |
| Lululemon Athletica Inc (b) | 51203 | 13864236 |
| Movado Group Inc  | 7438 | 103313 |
| NIKE Inc Class B  | 539802 | 30444833 |
| Oxford Industries Inc  | 6746 | 327856 |
| PVH Corp  | 25377 | 1750505 |
| Ralph Lauren Corp Class A  | 18208 | 4095890 |
| Skechers USA Inc Class A (b) | 60270 | 2894165 |
| Steven Madden Ltd  | 32970 | 692370 |
| Tapestry Inc  | 94606 | 6683914 |
| Under Armour Inc Class A (b)(c) | 63370 | 362476 |
| Under Armour Inc Class C (b) | 82342 | 447941 |
| VF Corp  | 151018 | 1794094 |
| Wolverine World Wide Inc  | 36556 | 477056 |
|  |  | 79917197 |
| TOTAL CONSUMER DISCRETIONARY |  | 2519872794 |
| Consumer Staples - 5.8% |  |  |
| Beverages - 1.2% |  |  |
| Boston Beer Co Inc/The Class A (b) | 3929 | 965748 |
| Brown-Forman Corp Class A  | 24292 | 840746 |
| Brown-Forman Corp Class B (c) | 83809 | 2919906 |
| Celsius Holdings Inc (b) | 71903 | 2513729 |
| Coca-Cola Co/The  | 1769128 | 128350237 |
| Coca-Cola Consolidated Inc  | 2695 | 3653908 |
| Constellation Brands Inc Class A  | 71028 | 13320591 |
| Keurig Dr Pepper Inc  | 545554 | 18870713 |
| MGP Ingredients Inc  | 6439 | 189757 |
| Molson Coors Beverage Co Class B  | 78731 | 4529394 |
| Monster Beverage Corp (b) | 319981 | 19237258 |
| National Beverage Corp  | 10696 | 474902 |
| PepsiCo Inc  | 626691 | 84966766 |
| Primo Brands Corp Class A  | 91103 | 2976335 |
| Vita Coco Co Inc/The (b) | 17865 | 590438 |
|  |  | 284400428 |
| Consumer Staples Distribution & Retail - 2.1% |  |  |
| Albertsons Cos Inc Class A  | 185474 | 4076719 |
| Andersons Inc/The  | 14682 | 553658 |
| BJ's Wholesale Club Holdings Inc (b) | 60371 | 7097215 |
| Blue Apron Holdings Inc warrants 11/4/2028 (b)(d) | 2361 | 0 |
| Blue Apron Holdings Inc warrants 11/4/2028 (b)(d) | 2361 | 0 |
| Blue Apron Holdings Inc warrants 11/4/2028 (b)(d) | 2361 | 0 |
| Casey's General Stores Inc  | 16971 | 7850615 |
| Chefs' Warehouse Inc/The (b) | 16033 | 913400 |
| Costco Wholesale Corp  | 202836 | 201720403 |
| Dollar General Corp  | 100521 | 9417812 |
| Dollar Tree Inc (b) | 92396 | 7555221 |
| Grocery Outlet Holding Corp (b) | 44299 | 743780 |
| Guardian Pharmacy Services Inc Class A (b) | 4208 | 105368 |
| Ingles Markets Inc Class A  | 6662 | 410979 |
| Kroger Co/The  | 304183 | 21965054 |
| Maplebear Inc (b) | 74034 | 2953216 |
| Natural Grocers by Vitamin Cottage Inc  | 4797 | 240618 |
| Performance Food Group Co (b) | 71445 | 5762754 |
| PriceSmart Inc  | 11326 | 1149476 |
| SpartanNash Co  | 15187 | 301310 |
| Sprouts Farmers Market Inc (b) | 45699 | 7814529 |
| Sysco Corp  | 223566 | 15962612 |
| Target Corp  | 209407 | 20249657 |
| United Natural Foods Inc (b) | 27458 | 733403 |
| US Foods Holding Corp (b) | 105335 | 6916296 |
| Walgreens Boots Alliance Inc  | 327906 | 3597129 |
| Walmart Inc  | 1982225 | 192771381 |
| Weis Markets Inc  | 7498 | 644753 |
|  |  | 521507358 |
| Food Products - 0.7% |  |  |
| Alico Inc  | 2578 | 73575 |
| Archer-Daniels-Midland Co  | 218721 | 10443928 |
| B&G Foods Inc (c) | 36163 | 249163 |
| Beyond Meat Inc (b)(c) | 36232 | 89854 |
| BRC Inc Class A (b)(c) | 20964 | 47797 |
| Bunge Global SA  | 61032 | 4804439 |
| Cal-Maine Foods Inc  | 18616 | 1738176 |
| Calavo Growers Inc  | 7704 | 212784 |
| Conagra Brands Inc  | 218243 | 5392785 |
| Darling Ingredients Inc (b) | 72547 | 2335288 |
| Flowers Foods Inc  | 89395 | 1572458 |
| Fresh Del Monte Produce Inc  | 15357 | 522292 |
| Freshpet Inc (b) | 22163 | 1629867 |
| General Mills Inc  | 251925 | 14294225 |
| Hain Celestial Group Inc (b) | 41288 | 125516 |
| Hershey Co/The  | 67521 | 11288836 |
| Hormel Foods Corp  | 133040 | 3977896 |
| Ingredion Inc  | 29490 | 3916862 |
| J & J Snack Foods Corp  | 7152 | 926828 |
| JM Smucker Co  | 48651 | 5656652 |
| John B Sanfilippo & Son Inc  | 4135 | 274026 |
| Kellanova  | 122676 | 10153893 |
| Kraft Heinz Co/The  | 398711 | 11602490 |
| Lamb Weston Holdings Inc  | 65227 | 3444638 |
| Lancaster Colony Corp  | 8837 | 1438487 |
| Limoneira Co  | 7180 | 107915 |
| Mama's Creations Inc (b) | 15469 | 102095 |
| McCormick & Co Inc/MD  | 115425 | 8848481 |
| Mission Produce Inc (b) | 19877 | 208212 |
| Mondelez International Inc  | 591079 | 40270212 |
| Pilgrim's Pride Corp  | 18370 | 1002635 |
| Post Holdings Inc (b) | 20892 | 2364348 |
| Seaboard Corp  | 116 | 299974 |
| Seneca Foods Corp Class A (b) | 2065 | 185210 |
| Simply Good Foods Co/The (b) | 42092 | 1519942 |
| The Campbell's Company  | 89993 | 3281145 |
| Tootsie Roll Industries Inc Class A  | 7927 | 253664 |
| TreeHouse Foods Inc (b) | 20639 | 480682 |
| Tyson Foods Inc Class A  | 130775 | 8008661 |
| Utz Brands Inc Class A  | 32775 | 435580 |
| Vital Farms Inc (b)(c) | 13976 | 478538 |
| Westrock Coffee Co (b)(c) | 16119 | 93490 |
| WK Kellogg Co (c) | 30282 | 542956 |
|  |  | 164696495 |
| Household Products - 1.0% |  |  |
| Central Garden & Pet Co (b) | 7077 | 237504 |
| Central Garden & Pet Co Class A (b) | 19876 | 587733 |
| Church & Dwight Co Inc  | 112441 | 11169889 |
| Clorox Co/The  | 56318 | 8014051 |
| Colgate-Palmolive Co  | 370851 | 34188754 |
| Energizer Holdings Inc  | 29902 | 808550 |
| Kimberly-Clark Corp  | 151565 | 19973236 |
| Oil-Dri Corp of America  | 4712 | 198328 |
| Procter & Gamble Co/The  | 1071405 | 174178311 |
| Reynolds Consumer Products Inc  | 24928 | 573344 |
| Spectrum Brands Holdings Inc  | 12035 | 759409 |
| WD-40 Co  | 6181 | 1411493 |
|  |  | 252100602 |
| Personal Care Products - 0.1% |  |  |
| BellRing Brands Inc (b) | 58641 | 4523567 |
| Coty Inc Class A (b) | 167106 | 843885 |
| Edgewell Personal Care Co  | 21971 | 671214 |
| elf Beauty Inc (b)(c) | 25749 | 1593091 |
| Estee Lauder Cos Inc/The Class A  | 107050 | 6418718 |
| Herbalife Ltd (b) | 45995 | 331164 |
| Honest Co Inc/The (b) | 32712 | 156690 |
| Interparfums Inc  | 8209 | 896423 |
| Kenvue Inc  | 876094 | 20675818 |
| Medifast Inc (b) | 4949 | 65029 |
| Nu Skin Enterprises Inc Class A  | 22773 | 144153 |
| Olaplex Holdings Inc (b) | 54831 | 71829 |
| USANA Health Sciences Inc (b) | 5078 | 142641 |
|  |  | 36534222 |
| Tobacco - 0.7% |  |  |
| Altria Group Inc  | 774404 | 45805997 |
| Philip Morris International Inc  | 710489 | 121749395 |
| Turning Point Brands Inc  | 8078 | 495828 |
| Universal Corp/VA  | 11338 | 660665 |
|  |  | 168711885 |
| TOTAL CONSUMER STAPLES |  | 1427950990 |
| Energy - 3.2% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Archrock Inc  | 79940 | 1880988 |
| Aris Water Solutions Inc Class A  | 12184 | 304113 |
| Atlas Energy Solutions Inc  | 32810 | 443919 |
| Baker Hughes Co Class A  | 452625 | 16022926 |
| Bristow Group Inc (b) | 11252 | 326758 |
| Cactus Inc Class A  | 30566 | 1159674 |
| ChampionX Corp  | 87242 | 2105150 |
| Core Laboratories Inc  | 21444 | 243818 |
| DMC Global Inc (b)(c) | 7515 | 48772 |
| Expro Group Holdings NV (b) | 48914 | 404519 |
| Halliburton Co  | 397221 | 7872921 |
| Helix Energy Solutions Group Inc (b) | 65542 | 399151 |
| Helmerich & Payne Inc  | 45369 | 857020 |
| Innovex International Inc (b) | 17592 | 265639 |
| Kodiak Gas Services Inc  | 17910 | 609119 |
| Liberty Energy Inc Class A  | 73914 | 850011 |
| Nabors Industries Ltd (b)(c) | 4128 | 110796 |
| Natural Gas Services Group Inc (b) | 4417 | 79373 |
| Noble Corp PLC (c) | 60045 | 1305378 |
| NOV Inc  | 173854 | 2018445 |
| NPK International Inc (b) | 39890 | 230564 |
| Oceaneering International Inc (b) | 46051 | 817405 |
| Oil States International Inc (b) | 26404 | 92678 |
| Patterson-UTI Energy Inc  | 160471 | 905056 |
| ProPetro Holding Corp (b) | 35938 | 178971 |
| Ranger Energy Services Inc Class A  | 7501 | 83186 |
| RPC Inc  | 37958 | 179541 |
| Schlumberger NV  | 640361 | 21292004 |
| Select Water Solutions Inc Class A  | 43564 | 371165 |
| Solaris Energy Infrastructure Inc Class A  | 16293 | 344434 |
| TETRA Technologies Inc (b) | 54454 | 155194 |
| Tidewater Inc (b) | 22013 | 796650 |
| Transocean Ltd (b)(c) | 358135 | 762828 |
| Valaris Ltd (b)(c) | 29885 | 965584 |
| Weatherford International PLC  | 33242 | 1376219 |
|  |  | 65859969 |
| Oil, Gas & Consumable Fuels - 2.9% |  |  |
| Amplify Energy Corp (b) | 19243 | 50031 |
| Antero Midstream Corp  | 153889 | 2546863 |
| Antero Resources Corp (b) | 133622 | 4654054 |
| APA Corp  | 169093 | 2627705 |
| Berry Corp  | 36393 | 90255 |
| California Resources Corp  | 32635 | 1126234 |
| Calumet Inc (c) | 31423 | 333084 |
| Centrus Energy Corp Class A (b)(c) | 6694 | 463827 |
| Cheniere Energy Inc  | 102554 | 23701255 |
| Chevron Corp  | 763778 | 103919635 |
| Chord Energy Corp  | 28097 | 2535192 |
| Civitas Resources Inc  | 40572 | 1105587 |
| Clean Energy Fuels Corp (b) | 78062 | 113190 |
| CNX Resources Corp (b) | 68027 | 2002035 |
| Comstock Resources Inc (b)(c) | 41362 | 755684 |
| ConocoPhillips  | 583133 | 51968813 |
| Core Natural Resources Inc  | 23165 | 1672745 |
| Coterra Energy Inc  | 337041 | 8277727 |
| Crescent Energy Co Class A  | 83773 | 693640 |
| CVR Energy Inc (c) | 15609 | 294386 |
| Delek US Holdings Inc  | 28932 | 376695 |
| Devon Energy Corp  | 300498 | 9138144 |
| Diamondback Energy Inc  | 85475 | 11283555 |
| Dorian LPG Ltd  | 16704 | 357800 |
| DT Midstream Inc  | 46405 | 4510566 |
| EOG Resources Inc  | 257134 | 28369594 |
| EQT Corp  | 272775 | 13485996 |
| Excelerate Energy Inc Class A  | 10737 | 274652 |
| Expand Energy Corp  | 96176 | 9992686 |
| Exxon Mobil Corp  | 1989215 | 210120780 |
| FutureFuel Corp  | 13501 | 55489 |
| Gevo Inc (b)(c) | 105526 | 116079 |
| Granite Ridge Resources Inc  | 25515 | 122727 |
| Green Plains Inc (b)(c) | 29974 | 107307 |
| Gulfport Energy Corp (b) | 5701 | 983423 |
| Hallador Energy Co (b) | 14907 | 209667 |
| Hess Corp  | 126421 | 16314630 |
| HF Sinclair Corp  | 73124 | 2198839 |
| HighPeak Energy Inc Class A (c) | 11790 | 94438 |
| International Seaways Inc  | 18492 | 627988 |
| Kinder Morgan Inc  | 883565 | 23237760 |
| Kinetik Holdings Inc Class A  | 17251 | 713156 |
| Magnolia Oil & Gas Corp Class A  | 87657 | 1799598 |
| Marathon Petroleum Corp  | 144486 | 19853821 |
| Matador Resources Co  | 53104 | 2099732 |
| Murphy Oil Corp  | 62707 | 1287375 |
| New Fortress Energy Inc Class A (c) | 58547 | 317910 |
| NextDecade Corp (b) | 62845 | 470081 |
| Northern Oil & Gas Inc  | 45539 | 1106598 |
| Occidental Petroleum Corp  | 309056 | 12179897 |
| ONEOK Inc  | 283655 | 23305095 |
| Ovintiv Inc  | 118963 | 3994778 |
| Par Pacific Holdings Inc (b) | 25460 | 364587 |
| PBF Energy Inc Class A  | 44858 | 770660 |
| Peabody Energy Corp  | 55598 | 686079 |
| Permian Resources Corp Class A  | 292638 | 3453128 |
| Phillips 66  | 188843 | 19651003 |
| Range Resources Corp  | 110302 | 3742547 |
| REX American Resources Corp (b) | 7155 | 284197 |
| Riley Exploration Permian Inc  | 4217 | 104076 |
| Ring Energy Inc (b) | 51365 | 45514 |
| Sable Offshore Corp (b)(c) | 28880 | 538901 |
| SandRidge Energy Inc  | 15772 | 143683 |
| Sitio Royalties Corp Class A  | 36515 | 619294 |
| SM Energy Co  | 52401 | 1194219 |
| Summit Midstream Corp Class A  | 4334 | 120659 |
| Talos Energy Inc (b) | 57055 | 392538 |
| Targa Resources Corp  | 99706 | 17039755 |
| Texas Pacific Land Corp  | 8612 | 11099748 |
| Uranium Energy Corp (b)(c) | 193316 | 1014909 |
| VAALCO Energy Inc  | 48827 | 159664 |
| Valero Energy Corp  | 144752 | 16804260 |
| Viper Energy Inc Class A  | 60067 | 2422502 |
| Vital Energy Inc (b)(c) | 12434 | 176314 |
| Vitesse Energy Inc (c) | 13195 | 269838 |
| W&T Offshore Inc (c) | 46030 | 52934 |
| Williams Cos Inc/The  | 557155 | 32632568 |
| World Kinect Corp  | 26539 | 665864 |
|  |  | 722488239 |
| TOTAL ENERGY |  | 788348208 |
| Financials - 14.8% |  |  |
| Banks - 3.7% |  |  |
| 1st Source Corp  | 7807 | 468030 |
| Amalgamated Financial Corp  | 9534 | 268477 |
| Amerant Bancorp Inc Class A  | 16372 | 275704 |
| Ameris Bancorp  | 29501 | 1728759 |
| Associated Banc-Corp  | 74773 | 1649492 |
| Atlantic Union Bankshares Corp  | 59490 | 1647873 |
| Axos Financial Inc (b) | 24767 | 1572209 |
| Banc of California Inc  | 62903 | 847932 |
| BancFirst Corp  | 9079 | 1069688 |
| Bancorp Inc/The (b) | 21893 | 1057651 |
| Bank First Corp  | 4152 | 453315 |
| Bank of America Corp  | 3025589 | 120660489 |
| Bank of Hawaii Corp  | 18134 | 1198839 |
| Bank of Marin Bancorp  | 6581 | 135041 |
| Bank OZK  | 48135 | 2050551 |
| BankUnited Inc  | 34079 | 1114724 |
| Banner Corp  | 15891 | 971576 |
| Bar Harbor Bankshares  | 6973 | 206680 |
| Berkshire Hills Bancorp Inc  | 20809 | 516687 |
| BOK Financial Corp  | 10230 | 953129 |
| Brookline Bancorp Inc  | 41055 | 428614 |
| Burke & Herbert Financial Services Corp  | 6034 | 337361 |
| Business First Bancshares Inc  | 12719 | 293173 |
| Byline Bancorp Inc  | 11320 | 289113 |
| Cadence Bank  | 84202 | 2463751 |
| California BanCorp (b) | 10555 | 147452 |
| Camden National Corp  | 7708 | 296912 |
| Capital Bancorp Inc  | 5363 | 169417 |
| Capitol Federal Financial Inc  | 55698 | 315808 |
| Cathay General Bancorp  | 32476 | 1353924 |
| Central Pacific Financial Corp  | 12350 | 317272 |
| Citigroup Inc  | 857752 | 58653082 |
| Citizens Financial Group Inc  | 199910 | 7374680 |
| City Holding Co  | 6718 | 778415 |
| CNB Financial Corp/PA  | 9524 | 209052 |
| Coastal Financial Corp/WA Class A (b) | 5509 | 452564 |
| Columbia Banking System Inc  | 95664 | 2144787 |
| Columbia Financial Inc (b) | 12442 | 167594 |
| Comerica Inc  | 60190 | 3235213 |
| Commerce Bancshares Inc/MO  | 55962 | 3399132 |
| Community Financial System Inc  | 24010 | 1310706 |
| Community Trust Bancorp Inc  | 7003 | 342867 |
| Connectone Bancorp Inc  | 16422 | 369988 |
| Cullen/Frost Bankers Inc  | 29317 | 3414551 |
| Customers Bancorp Inc (b) | 13323 | 666150 |
| CVB Financial Corp  | 59867 | 1109934 |
| Dime Community Bancshares Inc  | 17870 | 459080 |
| Eagle Bancorp Inc  | 13810 | 247890 |
| East West Bancorp Inc  | 63290 | 5414460 |
| Eastern Bankshares Inc  | 87684 | 1308245 |
| Enterprise Bancorp Inc/MA  | 4316 | 160555 |
| Enterprise Financial Services Corp  | 16865 | 877317 |
| Equity Bancshares Inc Class A  | 6944 | 267275 |
| Esquire Financial Holdings Inc  | 2978 | 246936 |
| Farmers National Banc Corp  | 17168 | 223871 |
| FB Bancorp Inc  | 9352 | 105209 |
| FB Financial Corp  | 15953 | 678960 |
| Fifth Third Bancorp  | 306286 | 11007919 |
| Financial Institutions Inc  | 8896 | 225869 |
| First Bancorp/Southern Pines NC  | 18872 | 763561 |
| First Busey Corp  | 37689 | 783554 |
| First Business Financial Services Inc  | 3294 | 158572 |
| First Citizens BancShares Inc/NC Class A  | 5282 | 9397417 |
| First Commonwealth Financial Corp  | 46281 | 709025 |
| First Community Bankshares Inc  | 7435 | 280151 |
| First Financial Bancorp  | 43507 | 1007187 |
| First Financial Bankshares Inc  | 58645 | 1965194 |
| First Financial Corp  | 4871 | 240627 |
| First Foundation Inc  | 34538 | 173381 |
| First Hawaiian Inc  | 57745 | 1320051 |
| First Horizon Corp  | 239745 | 4334590 |
| First Interstate BancSystem Inc Class A  | 39116 | 1024644 |
| First Merchants Corp  | 26785 | 954617 |
| First Mid Bancshares Inc  | 9290 | 310565 |
| Firstsun Capital Bancorp (b) | 5084 | 177889 |
| Five Star Bancorp  | 7345 | 203310 |
| Flagstar Financial Inc  | 138428 | 1620992 |
| Flushing Financial Corp  | 15379 | 184087 |
| FNB Corp/PA  | 165146 | 2161761 |
| Fulton Financial Corp  | 83020 | 1384774 |
| German American Bancorp Inc  | 17068 | 647048 |
| Glacier Bancorp Inc  | 51695 | 2107088 |
| Great Southern Bancorp Inc  | 3964 | 218020 |
| Hancock Whitney Corp  | 39500 | 2057555 |
| Hanmi Financial Corp  | 13502 | 308791 |
| Harborone Northeast Bancorp Inc  | 17207 | 194783 |
| Heritage Commerce Corp  | 28052 | 253590 |
| Heritage Financial Corp Wash  | 15988 | 364846 |
| Hilltop Holdings Inc  | 21173 | 625239 |
| Hingham Institution For Savings The  | 821 | 204889 |
| Home BancShares Inc/AR  | 84704 | 2350536 |
| HomeStreet Inc (b) | 8201 | 93162 |
| HomeTrust Bancshares Inc  | 6340 | 216448 |
| Hope Bancorp Inc  | 57875 | 577014 |
| Horizon Bancorp Inc/IN  | 19812 | 290840 |
| Huntington Bancshares Inc/OH  | 664690 | 9657946 |
| Independent Bank Corp  | 19378 | 1145046 |
| Independent Bank Corp/MI  | 9530 | 290284 |
| International Bancshares Corp  | 24393 | 1488949 |
| JPMorgan Chase & Co  | 1277652 | 312539232 |
| Kearny Financial Corp/MD  | 25788 | 161433 |
| KeyCorp  | 455606 | 6761193 |
| Lakeland Financial Corp  | 11732 | 653120 |
| Live Oak Bancshares Inc  | 15599 | 407758 |
| M&T Bank Corp  | 75827 | 12872392 |
| Mercantile Bank Corp  | 7458 | 315548 |
| Metropolitan Bank Holding Corp (b) | 4447 | 275403 |
| Mid Penn Bancorp Inc  | 8356 | 242742 |
| Midland States Bancorp Inc  | 9833 | 160081 |
| MidWestOne Financial Group Inc  | 8742 | 242503 |
| National Bank Holdings Corp Class A  | 17380 | 628461 |
| NB Bancorp Inc (b) | 17605 | 301926 |
| Nbt Bancorp Inc  | 21518 | 911072 |
| Nicolet Bankshares Inc  | 6164 | 720017 |
| Northeast Bank  | 3210 | 265852 |
| Northeast Community Bancorp Inc  | 6071 | 138175 |
| Northfield Bancorp Inc  | 17008 | 179434 |
| Northrim BanCorp Inc  | 2507 | 201287 |
| Northwest Bancshares Inc  | 57945 | 715621 |
| OceanFirst Financial Corp  | 26703 | 442202 |
| Old National Bancorp/IN  | 146036 | 3006881 |
| Old Second Bancorp Inc  | 20745 | 327564 |
| Origin Bancorp Inc  | 13404 | 429464 |
| Orrstown Financial Services Inc  | 8876 | 266014 |
| Pacific Premier Bancorp Inc  | 44000 | 894960 |
| Park National Corp  | 6627 | 994713 |
| Pathward Financial Inc  | 10892 | 864498 |
| Peapack-Gladstone Financial Corp  | 6988 | 193428 |
| Peoples Bancorp Inc/OH  | 15974 | 463406 |
| Peoples Financial Services Corp  | 4330 | 187143 |
| Pinnacle Financial Partners Inc  | 34931 | 3501483 |
| PNC Financial Services Group Inc/The  | 180916 | 29071392 |
| Preferred Bank/Los Angeles CA  | 5642 | 450570 |
| Prosperity Bancshares Inc  | 43700 | 2967230 |
| Provident Financial Services Inc  | 59492 | 973884 |
| QCR Holdings Inc  | 7706 | 500505 |
| Regions Financial Corp  | 415795 | 8486376 |
| Renasant Corp  | 42100 | 1350147 |
| Republic Bancorp Inc/KY Class A  | 4332 | 293926 |
| S&T Bancorp Inc  | 17461 | 636279 |
| Seacoast Banking Corp of Florida  | 38696 | 917482 |
| ServisFirst Bancshares Inc  | 22912 | 1631793 |
| Shore Bancshares Inc  | 13928 | 192624 |
| Simmons First National Corp Class A  | 57359 | 1070319 |
| SmartFinancial Inc  | 6502 | 197791 |
| Southern Missouri Bancorp Inc  | 4278 | 225237 |
| Southside Bancshares Inc  | 12969 | 365596 |
| SouthState Corp  | 44934 | 3899373 |
| Stellar Bancorp Inc  | 21726 | 542281 |
| Stock Yards Bancorp Inc  | 12340 | 898229 |
| Synovus Financial Corp  | 64436 | 2791368 |
| Texas Capital Bancshares Inc (b) | 21009 | 1431763 |
| TFS Financial Corp  | 24215 | 313826 |
| Third Coast Bancshares Inc (b) | 5879 | 175194 |
| Tompkins Financial Corp  | 5767 | 343713 |
| Towne Bank/Portsmouth VA  | 31586 | 1040759 |
| TriCo Bancshares  | 15073 | 581516 |
| Triumph Financial Inc (b) | 10018 | 535162 |
| Truist Financial Corp  | 601368 | 23056449 |
| TrustCo Bank Corp NY  | 8705 | 265067 |
| Trustmark Corp  | 27803 | 932791 |
| UMB Financial Corp  | 31181 | 2948787 |
| United Bankshares Inc/WV  | 65118 | 2232896 |
| United Community Banks Inc/GA  | 54451 | 1503392 |
| Unity Bancorp Inc  | 2785 | 115298 |
| Univest Financial Corp  | 13164 | 388865 |
| US Bancorp  | 712886 | 28757821 |
| Valley National Bancorp  | 216643 | 1863130 |
| Veritex Holdings Inc  | 24899 | 579649 |
| WaFd Inc  | 37387 | 1066651 |
| Washington Trust Bancorp Inc  | 8791 | 242632 |
| Webster Financial Corp  | 78442 | 3710307 |
| Wells Fargo & Co  | 1502816 | 106714964 |
| WesBanco Inc  | 43578 | 1297753 |
| Westamerica BanCorp  | 12215 | 591572 |
| Western Alliance Bancorp  | 49812 | 3472395 |
| Wintrust Financial Corp  | 30472 | 3387572 |
| WSFS Financial Corp  | 26747 | 1378808 |
| Zions Bancorp NA  | 67726 | 3045638 |
|  |  | 902061745 |
| Capital Markets - 3.4% |  |  |
| Acadian Asset Management Inc  | 12643 | 340602 |
| Affiliated Managers Group Inc  | 13361 | 2212982 |
| Ameriprise Financial Inc  | 43961 | 20706510 |
| Ares Management Corp Class A  | 85229 | 12999979 |
| Artisan Partners Asset Management Inc Class A  | 31990 | 1182990 |
| Bank of New York Mellon Corp/The  | 327879 | 26364750 |
| BGC Group Inc Class A  | 170913 | 1548472 |
| Blackrock Inc  | 66523 | 60819318 |
| Blackstone Inc  | 334468 | 44052780 |
| Blue Owl Capital Inc Class A  | 238728 | 4423630 |
| Bridge Investment Group Holdings Inc Class A  | 16624 | 159424 |
| Carlyle Group Inc/The  | 96568 | 3731388 |
| Cboe Global Markets Inc  | 47839 | 10610690 |
| Charles Schwab Corp/The  | 778666 | 63383412 |
| CME Group Inc Class A  | 164657 | 45623162 |
| Cohen & Steers Inc  | 12262 | 935836 |
| Coinbase Global Inc Class A (b) | 96039 | 19485353 |
| Diamond Hill Investment Group Inc  | 1274 | 160499 |
| DigitalBridge Group Inc Class A  | 71513 | 600709 |
| Donnelley Financial Solutions Inc (b) | 12071 | 581822 |
| Evercore Inc Class A  | 16161 | 3317692 |
| FactSet Research Systems Inc  | 17378 | 7511119 |
| Federated Hermes Inc Class B  | 35620 | 1446528 |
| Forge Global Holdings Inc Class A (b)(c) | 288 | 4173 |
| Franklin Resources Inc  | 141406 | 2652777 |
| GCM Grosvenor Inc Class A  | 20369 | 255427 |
| Goldman Sachs Group Inc/The  | 142577 | 78068037 |
| Hamilton Lane Inc Class A  | 19847 | 3066163 |
| Houlihan Lokey Inc Class A  | 24721 | 4006780 |
| Interactive Brokers Group Inc Class A  | 49777 | 8554177 |
| Intercontinental Exchange Inc  | 262512 | 44094141 |
| Invesco Ltd  | 204379 | 2846999 |
| Janus Henderson Group PLC  | 58230 | 1933818 |
| Jefferies Financial Group Inc  | 74478 | 3480357 |
| KKR & Co Inc Class A  | 308484 | 35250467 |
| Lazard Inc  | 51424 | 2000394 |
| LPL Financial Holdings Inc  | 36230 | 11585992 |
| MarketAxess Holdings Inc  | 17237 | 3819547 |
| Moelis & Co Class A  | 32173 | 1723829 |
| Moody's Corp  | 70731 | 32049631 |
| Morgan Stanley  | 565395 | 65257891 |
| Morningstar Inc  | 12381 | 3525118 |
| MSCI Inc  | 35477 | 19338867 |
| Nasdaq Inc  | 189101 | 14411387 |
| Northern Trust Corp  | 89597 | 8420326 |
| Open Lending Corp (b) | 50565 | 62701 |
| Oppenheimer Holdings Inc Class A  | 2686 | 158501 |
| P10 Inc Class A  | 24604 | 272366 |
| Perella Weinberg Partners Class A  | 26799 | 460139 |
| Piper Sandler Cos  | 7341 | 1770062 |
| PJT Partners Inc Class A  | 10854 | 1538120 |
| Raymond James Financial Inc  | 84284 | 11550279 |
| Robinhood Markets Inc Class A (b) | 325091 | 15965219 |
| S&P Global Inc  | 143925 | 71969697 |
| SEI Investments Co  | 44191 | 3459713 |
| State Street Corp  | 131839 | 11615016 |
| StepStone Group Inc Class A  | 30092 | 1504901 |
| Stifel Financial Corp  | 46651 | 3997524 |
| StoneX Group Inc (b) | 19548 | 1731269 |
| T Rowe Price Group Inc  | 101823 | 9016427 |
| TPG Inc Class A (c) | 42564 | 1977098 |
| Tradeweb Markets Inc Class A  | 53089 | 7342209 |
| Victory Capital Holdings Inc Class A  | 20329 | 1164648 |
| Virtu Financial Inc Class A  | 36821 | 1441542 |
| Virtus Invt Partners Inc  | 3027 | 464917 |
| WisdomTree Inc  | 52016 | 452539 |
|  |  | 826460832 |
| Consumer Finance - 0.6% |  |  |
| Ally Financial Inc  | 125586 | 4101639 |
| American Express Co  | 253600 | 67561576 |
| Atlanticus Holdings Corp (b) | 2143 | 117479 |
| Bread Financial Holdings Inc  | 22397 | 1062738 |
| Capital One Financial Corp  | 174209 | 31402914 |
| Credit Acceptance Corp (b)(c) | 2854 | 1391097 |
| Dave Inc Class A (b) | 3385 | 320966 |
| Discover Financial Services  | 114712 | 20954441 |
| Encore Capital Group Inc (b) | 10822 | 372277 |
| Enova International Inc (b) | 11734 | 1077064 |
| EZCORP Inc Class A (b) | 24024 | 393273 |
| FirstCash Holdings Inc  | 17779 | 2381675 |
| Green Dot Corp Class A (b) | 24622 | 206086 |
| LendingClub Corp (b) | 52377 | 511723 |
| Lendingtree Inc (b) | 4999 | 257898 |
| Navient Corp  | 33825 | 418754 |
| Nelnet Inc Class A  | 8015 | 850311 |
| NerdWallet Inc Class A (b) | 16190 | 145062 |
| OneMain Holdings Inc  | 54488 | 2564750 |
| Oportun Financial Corp (b) | 13661 | 69944 |
| PRA Group Inc (b) | 18023 | 329821 |
| PROG Holdings Inc  | 18965 | 499917 |
| SLM Corp  | 96093 | 2778049 |
| SoFi Technologies Inc Class A (b) | 500888 | 6266109 |
| Synchrony Financial  | 177729 | 9233022 |
| Upstart Holdings Inc (b)(c) | 37183 | 1777347 |
| World Acceptance Corp (b) | 1477 | 190710 |
|  |  | 157236642 |
| Financial Services - 4.7% |  |  |
| Affirm Holdings Inc Class A (b) | 115333 | 5738970 |
| Alerus Financial Corp  | 10686 | 212438 |
| Apollo Global Management Inc  | 204289 | 27881363 |
| AvidXchange Holdings Inc (b) | 85405 | 694343 |
| Berkshire Hathaway Inc Class B (b) | 837549 | 446623005 |
| Block Inc Class A (b) | 255832 | 14958497 |
| Cannae Holdings Inc  | 25526 | 452065 |
| Cantaloupe Inc (b) | 27225 | 217800 |
| Cass Information Systems Inc  | 5546 | 225944 |
| Corebridge Financial Inc  | 117131 | 3470592 |
| Corpay Inc (b) | 31878 | 10372145 |
| Enact Holdings Inc  | 13362 | 478226 |
| Equitable Holdings Inc  | 141776 | 7010823 |
| Essent Group Ltd  | 47918 | 2727972 |
| Euronet Worldwide Inc (b) | 18842 | 1867242 |
| Federal Agricultural Mortgage Corp Class C  | 4244 | 744101 |
| Fidelity National Information Services Inc  | 242079 | 19095192 |
| Fiserv Inc (b) | 259964 | 47981555 |
| Flywire Corp (b) | 50339 | 473690 |
| Global Payments Inc  | 113229 | 8640505 |
| HA Sustainable Infrastructure Capital Inc  | 54289 | 1356139 |
| International Money Express Inc (b) | 13359 | 165919 |
| Jack Henry & Associates Inc  | 33335 | 5781289 |
| Jackson Financial Inc  | 33729 | 2627826 |
| loanDepot Inc Class A (b) | 35820 | 39760 |
| Marqeta Inc Class A (b) | 186995 | 781639 |
| Mastercard Inc Class A  | 372106 | 203936414 |
| Merchants Bancorp/IN  | 12518 | 376541 |
| MGIC Investment Corp  | 113534 | 2828132 |
| Mr Cooper Group Inc (b) | 29036 | 3455574 |
| NCR Atleos Corp (b) | 33011 | 921667 |
| NewtekOne Inc  | 11350 | 118040 |
| NMI Holdings Inc (b) | 36156 | 1307763 |
| Onity Group Inc (b) | 2754 | 103303 |
| Paymentus Holdings Inc Class A (b) | 9288 | 301488 |
| Payoneer Global Inc (b) | 117968 | 829315 |
| PayPal Holdings Inc (b) | 452112 | 29767054 |
| PennyMac Financial Services Inc  | 14548 | 1417557 |
| Radian Group Inc  | 66264 | 2116472 |
| Remitly Global Inc (b) | 67763 | 1370168 |
| Repay Holdings Corp Class A (b) | 33732 | 134928 |
| Rocket Cos Inc Class A (c) | 62539 | 807378 |
| Sezzle Inc (b)(c) | 6913 | 359130 |
| Shift4 Payments Inc Class A (b)(c) | 31411 | 2569420 |
| Toast Inc Class A (b) | 189543 | 6743940 |
| UWM Holdings Corp Class A  | 43955 | 206589 |
| Velocity Financial Inc (b) | 4052 | 72409 |
| Visa Inc Class A  | 787449 | 272063630 |
| Voya Financial Inc  | 43904 | 2599117 |
| Walker & Dunlop Inc  | 14641 | 1120622 |
| Western Union Co/The  | 154277 | 1528885 |
| WEX Inc (b) | 15926 | 2076273 |
|  |  | 1149750849 |
| Insurance - 2.4% |  |  |
| Abacus Global Management Inc Class A (b) | 11955 | 98747 |
| AFLAC Inc  | 226140 | 24576895 |
| Allstate Corp/The  | 121098 | 24024632 |
| Ambac Financial Group Inc (b) | 21765 | 173685 |
| American Coastal Insurance Corp  | 11267 | 128781 |
| American Financial Group Inc/OH  | 32972 | 4176234 |
| American International Group Inc  | 271126 | 22102192 |
| Amerisafe Inc  | 8762 | 407345 |
| Aon PLC  | 98802 | 35053962 |
| Arch Capital Group Ltd  | 171313 | 15534663 |
| Arthur J Gallagher & Co  | 116221 | 37270912 |
| Assurant Inc  | 23416 | 4513200 |
| Assured Guaranty Ltd  | 21813 | 1913654 |
| Axis Capital Holdings Ltd  | 34732 | 3345386 |
| Baldwin Insurance Group Inc/The Class A (b) | 30826 | 1282978 |
| Bowhead Specialty Holdings Inc (b) | 3582 | 143961 |
| Brighthouse Financial Inc (b) | 26770 | 1558549 |
| Brown & Brown Inc  | 108396 | 11988598 |
| Chubb Ltd  | 170265 | 48709411 |
| Cincinnati Financial Corp  | 71496 | 9952958 |
| CNO Financial Group Inc  | 46301 | 1756660 |
| Donegal Group Inc Class A  | 7185 | 139030 |
| eHealth Inc (b) | 13257 | 73708 |
| Employers Holdings Inc  | 11239 | 546103 |
| Enstar Group Ltd (b) | 5704 | 1907475 |
| Erie Indemnity Co Class A  | 11388 | 4083965 |
| Everest Group Ltd  | 19651 | 7051368 |
| F&G Annuities & Life Inc  | 9786 | 340651 |
| Fidelity National Financial Inc/US  | 118887 | 7614712 |
| First American Financial Corp  | 46995 | 2857766 |
| Genworth Financial Inc Class A (b) | 194476 | 1334105 |
| Globe Life Inc  | 38308 | 4724909 |
| Goosehead Insurance Inc Class A  | 11132 | 1082142 |
| Hanover Insurance Group Inc/The  | 16509 | 2742145 |
| Hartford Insurance Group Inc/The  | 131406 | 16119574 |
| HCI Group Inc  | 3881 | 567790 |
| Heritage Insurance Holdings Inc (b) | 9974 | 188509 |
| Hippo Holdings Inc (b) | 8173 | 188960 |
| Horace Mann Educators Corp  | 18583 | 771938 |
| Investors Title Co  | 673 | 155591 |
| James River Group Holdings Ltd  | 17389 | 82771 |
| Kemper Corp  | 27406 | 1620243 |
| Kinsale Capital Group Inc  | 10115 | 4402655 |
| Lemonade Inc (b)(c) | 25073 | 732633 |
| Lincoln National Corp  | 77701 | 2476331 |
| Loews Corp  | 80751 | 7011609 |
| Markel Group Inc (b) | 5845 | 10629717 |
| Marsh & McLennan Cos Inc  | 224396 | 50594566 |
| MBIA Inc (b) | 19398 | 90976 |
| Mercury General Corp  | 12149 | 673298 |
| MetLife Inc  | 264558 | 19939736 |
| Old Republic International Corp  | 106495 | 4004212 |
| Oscar Health Inc Class A (b) | 92049 | 1197557 |
| Palomar Hldgs Inc (b) | 12101 | 1754887 |
| Primerica Inc  | 15283 | 4005216 |
| Principal Financial Group Inc  | 96257 | 7137457 |
| ProAssurance Corp (b) | 23317 | 541188 |
| Progressive Corp/The  | 267677 | 75415318 |
| Prudential Financial Inc  | 161793 | 16617759 |
| Reinsurance Group of America Inc  | 30129 | 5643463 |
| RLI Corp  | 38084 | 2818597 |
| Root Inc/OH Class A (b) | 3552 | 496108 |
| Ryan Specialty Holdings Inc Class A  | 48664 | 3187979 |
| Safety Insurance Group Inc  | 6774 | 518211 |
| Selective Insurance Group Inc  | 27847 | 2429094 |
| Selectquote Inc (b) | 65815 | 208634 |
| Skyward Specialty Insurance Group Inc (b) | 14996 | 796138 |
| Stewart Information Services Corp  | 12688 | 830810 |
| The Travelers Companies, Inc.  | 103592 | 27361755 |
| Tiptree Inc Class A  | 9821 | 219107 |
| Trupanion Inc (b)(c) | 15254 | 558296 |
| TWFG Inc Class A  | 5594 | 177218 |
| United Fire Group Inc  | 9877 | 273297 |
| Universal Insurance Holdings Inc  | 11622 | 281717 |
| Unum Group  | 75134 | 5834906 |
| W R Berkley Corp  | 137208 | 9836442 |
| White Mountains Insurance Group Ltd  | 1156 | 2043172 |
| Willis Towers Watson PLC  | 45600 | 14035680 |
|  |  | 587682597 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.0% |  |  |
| AG Mortgage Investment Trust Inc  | 13969 | 91218 |
| AGNC Investment Corp  | 410879 | 3628062 |
| Annaly Capital Management Inc  | 264741 | 5188924 |
| Apollo Commercial Real Estate Finance Inc  | 58687 | 549897 |
| Arbor Realty Trust Inc (c) | 86217 | 994082 |
| Ares Commercial Real Estate Corp  | 25633 | 104326 |
| ARMOUR Residential REIT Inc  | 35121 | 578443 |
| Blackstone Mortgage Trust Inc Class A  | 78481 | 1495063 |
| Brightspire Capital Inc Class A  | 59212 | 296652 |
| Chimera Investment Corp  | 37263 | 459825 |
| Claros Mortgage Trust Inc  | 52325 | 128720 |
| Dynex Capital Inc  | 38870 | 479267 |
| Ellington Financial Inc  | 41648 | 542673 |
| Franklin BSP Realty Trust Inc  | 38452 | 437584 |
| Invesco Mortgage Capital Inc (c) | 28212 | 206794 |
| Kkr Real Estate Finance Trust Inc  | 26614 | 246180 |
| Ladder Capital Corp Class A  | 50486 | 527074 |
| MFA Financial Inc  | 46929 | 460843 |
| New York Mortgage Trust Inc  | 41798 | 245354 |
| Orchid Island Capital Inc  | 42942 | 307035 |
| Pennymac Mortgage Investment Trust  | 40005 | 513664 |
| Ready Capital Corp (c) | 77066 | 342944 |
| Redwood Trust Inc  | 60997 | 378791 |
| Rithm Capital Corp  | 238352 | 2664775 |
| Starwood Property Trust Inc  | 147465 | 2829853 |
| TPG RE Finance Trust Inc  | 30699 | 234540 |
| Two Harbors Investment Corp  | 47663 | 565760 |
|  |  | 24498343 |
| TOTAL FINANCIALS |  | 3647691008 |
| Health Care - 10.9% |  |  |
| Biotechnology - 2.2% |  |  |
| 2seventy bio Inc (b) | 23542 | 117475 |
| 4D Molecular Therapeutics Inc (b) | 15541 | 52373 |
| 89bio Inc (b) | 57633 | 462217 |
| AbbVie Inc  | 806699 | 157386975 |
| Abeona Therapeutics Inc (b)(c) | 18860 | 123722 |
| Absci Corp (b)(c) | 38798 | 119110 |
| ACADIA Pharmaceuticals Inc (b) | 56114 | 819264 |
| ACELYRIN Inc (b)(c) | 33216 | 82044 |
| ADMA Biologics Inc (b) | 107852 | 2566878 |
| Agios Pharmaceuticals Inc (b) | 26088 | 774553 |
| Akebia Therapeutics Inc (b) | 91307 | 220050 |
| Akero Therapeutics Inc (b) | 31983 | 1458745 |
| Alector Inc (b) | 35544 | 42653 |
| Alkermes PLC (b) | 74159 | 2133554 |
| Allogene Therapeutics Inc (b)(c) | 72949 | 122554 |
| Alnylam Pharmaceuticals Inc (b) | 59174 | 15576964 |
| Altimmune Inc (b)(c) | 32438 | 170300 |
| Amgen Inc  | 245494 | 71419114 |
| Amicus Therapeutics Inc (b) | 123016 | 944763 |
| AnaptysBio Inc (b)(c) | 8870 | 197091 |
| Anavex Life Sciences Corp (b)(c) | 38810 | 368695 |
| Anika Therapeutics Inc (b) | 6770 | 98368 |
| Annexon Inc (b) | 40085 | 74558 |
| Apellis Pharmaceuticals Inc (b) | 48788 | 937217 |
| Apogee Therapeutics Inc (b) | 14263 | 559823 |
| Arbutus Biopharma Corp (b)(c) | 67309 | 238947 |
| Arcellx Inc (b) | 17776 | 1154551 |
| Arcturus Therapeutics Holdings Inc (b) | 11420 | 146290 |
| Arcus Biosciences Inc (b) | 30692 | 268555 |
| Arcutis Biotherapeutics Inc (b) | 48374 | 721256 |
| Ardelyx Inc (b) | 108988 | 599979 |
| ArriVent Biopharma Inc (b) | 10300 | 218978 |
| Arrowhead Pharmaceuticals Inc (b) | 57283 | 795661 |
| ARS Pharmaceuticals Inc (b)(c) | 23676 | 330754 |
| Astria Therapeutics Inc (b) | 17322 | 89382 |
| aTyr Pharma Inc (b) | 38258 | 132755 |
| Aura Biosciences Inc (b) | 17727 | 103348 |
| Avidity Biosciences Inc (b) | 54479 | 1778739 |
| Avita Medical Inc (b)(c) | 11962 | 115912 |
| Beam Therapeutics Inc (b) | 41046 | 818047 |
| Bicara Therapeutics Inc  | 8469 | 121700 |
| BioCryst Pharmaceuticals Inc (b) | 94338 | 834891 |
| Biogen Inc (b) | 67002 | 8112602 |
| Biohaven Ltd (b) | 38326 | 847771 |
| BioMarin Pharmaceutical Inc (b) | 87272 | 5558354 |
| Blueprint Medicines Corp (b) | 29158 | 2609641 |
| Bridgebio Pharma Inc (b) | 67283 | 2580976 |
| C4 Therapeutics Inc (b) | 26810 | 43968 |
| Candel Therapeutics Inc (b) | 14298 | 70203 |
| Capricor Therapeutics Inc (b)(c) | 19078 | 242291 |
| Cardiff Oncology Inc (b)(c) | 27985 | 76679 |
| CareDx Inc (b) | 24470 | 413054 |
| Cargo Therapeutics Inc (b)(c) | 16597 | 75848 |
| Carisma Therapeutics Inc rights (b)(d) | 58324 | 0 |
| Cartesian Therapeutics Inc rights (b)(d) | 43098 | 12497 |
| Catalyst Pharmaceuticals Inc (b) | 51273 | 1245421 |
| Celcuity Inc (b) | 12349 | 137568 |
| Celldex Therapeutics Inc (b) | 30273 | 630587 |
| CG oncology Inc (b) | 24675 | 664745 |
| Cogent Biosciences Inc (b) | 46634 | 242963 |
| Coherus Biosciences Inc (b)(c) | 52518 | 54094 |
| Compass Therapeutics Inc (b) | 45098 | 83882 |
| Corvus Pharmaceuticals Inc (b)(c) | 23545 | 84527 |
| Crinetics Pharmaceuticals Inc (b) | 42347 | 1413966 |
| Cullinan Therapeutics Inc (b) | 23944 | 198256 |
| Cytokinetics Inc (b)(c) | 53872 | 2307876 |
| Day One Biopharmaceuticals Inc (b) | 31342 | 243841 |
| Denali Therapeutics Inc (b) | 56452 | 939926 |
| Dianthus Therapeutics Inc (b) | 8253 | 180328 |
| Disc Medicine Inc (b) | 11109 | 549007 |
| Dynavax Technologies Corp (b) | 55784 | 655462 |
| Dyne Therapeutics Inc (b) | 36250 | 427388 |
| Editas Medicine Inc (b) | 35174 | 58037 |
| Emergent BioSolutions Inc (b)(c) | 25057 | 133804 |
| Enanta Pharmaceuticals Inc (b) | 8829 | 53769 |
| Entrada Therapeutics Inc (b) | 10733 | 97992 |
| Erasca Inc (b) | 97598 | 142493 |
| Exact Sciences Corp (b) | 84667 | 3864202 |
| Exelixis Inc (b) | 127983 | 5010534 |
| Geron Corp (b) | 239857 | 338198 |
| Gilead Sciences Inc  | 569510 | 60675595 |
| Gossamer Bio Inc (b) | 86819 | 88555 |
| GRAIL Inc (c) | 13335 | 459991 |
| Halozyme Therapeutics Inc (b) | 58065 | 3566352 |
| Heron Therapeutics Inc (b)(c) | 62097 | 150275 |
| Humacyte Inc Class A (b)(c) | 46418 | 67306 |
| Ideaya Biosciences Inc (b) | 39460 | 794330 |
| ImmunityBio Inc (b)(c) | 77043 | 193378 |
| Immunome Inc (b) | 35579 | 312739 |
| Immunovant Inc (b) | 34888 | 563441 |
| Incyte Corp (b) | 73477 | 4604069 |
| Inmune Bio Inc (b)(c) | 6878 | 54061 |
| Insmed Inc (b)(c) | 81831 | 5891832 |
| Intellia Therapeutics Inc (b)(c) | 46501 | 412464 |
| Ionis Pharmaceuticals Inc (b) | 71980 | 2210506 |
| Iovance Biotherapeutics Inc (b)(c) | 103021 | 369845 |
| Ironwood Pharmaceuticals Inc Class A (b) | 63736 | 59421 |
| iTeos Therapeutics Inc (b) | 12765 | 92546 |
| Janux Therapeutics Inc (b) | 14762 | 490098 |
| KalVista Pharmaceuticals Inc (b) | 16918 | 232961 |
| Keros Therapeutics Inc (b) | 15909 | 229726 |
| Kodiak Sciences Inc (b) | 14060 | 61302 |
| Korro Bio Inc (b) | 2658 | 47180 |
| Krystal Biotech Inc (b) | 11556 | 1963133 |
| Kura Oncology Inc (b) | 35530 | 233077 |
| Kymera Therapeutics Inc (b) | 21311 | 730328 |
| Lexicon Pharmaceuticals Inc (b)(c) | 84134 | 61485 |
| Madrigal Pharmaceuticals Inc (b) | 7783 | 2598822 |
| MannKind Corp (b) | 125736 | 633709 |
| MiMedx Group Inc (b) | 53588 | 368685 |
| Mineralys Therapeutics Inc (b) | 16615 | 236099 |
| Mirum Pharmaceuticals Inc (b) | 18359 | 797699 |
| Moderna Inc (b) | 154892 | 4420618 |
| Monte Rosa Therapeutics Inc (b) | 20262 | 99486 |
| Myriad Genetics Inc (b) | 41552 | 307900 |
| Natera Inc (b) | 60354 | 9109229 |
| Neurocrine Biosciences Inc (b) | 45613 | 4912064 |
| Neurogene Inc (b) | 4759 | 71385 |
| Nkarta Inc (b) | 21781 | 46176 |
| Novavax Inc (b)(c) | 72981 | 486783 |
| Nurix Therapeutics Inc (b) | 32201 | 371278 |
| Nuvalent Inc Class A (b) | 17381 | 1333992 |
| Ocugen Inc (b)(c) | 132703 | 99156 |
| Olema Pharmaceuticals Inc (b) | 22286 | 114996 |
| OmniAb Operations Inc (b)(d) | 2111 | 4539 |
| OmniAb Operations Inc (b)(d) | 2111 | 4031 |
| Organogenesis Holdings Inc Class A (b) | 32146 | 157837 |
| ORIC Pharmaceuticals Inc (b) | 20965 | 119710 |
| PDL BioPharma Inc (b)(d) | 20940 | 0 |
| Perspective Therapeutics Inc (b) | 24254 | 59422 |
| Praxis Precision Medicines Inc (b) | 7988 | 300668 |
| Precigen Inc (b)(c) | 69542 | 108486 |
| Prime Medicine Inc (b)(c) | 29793 | 51542 |
| Protagonist Therapeutics Inc (b) | 27182 | 1245479 |
| PTC Therapeutics Inc (b) | 35175 | 1753122 |
| Puma Biotechnology Inc (b) | 16692 | 53081 |
| RAPT Therapeutics Inc (b) | 38342 | 35535 |
| Recursion Pharmaceuticals Inc Class A (b)(c) | 133772 | 747785 |
| Regeneron Pharmaceuticals Inc  | 48089 | 28793770 |
| REGENXBIO Inc (b) | 20827 | 200147 |
| Relay Therapeutics Inc (b) | 59673 | 198711 |
| Replimune Group Inc (b) | 30526 | 298544 |
| Revolution Medicines Inc (b) | 79306 | 3202376 |
| Rezolute Inc (b) | 22885 | 86048 |
| Rhythm Pharmaceuticals Inc (b) | 23811 | 1552239 |
| Rigel Pharmaceuticals Inc (b) | 8013 | 156734 |
| Rocket Pharmaceuticals Inc (b) | 39304 | 299890 |
| Roivant Sciences Ltd (b) | 192243 | 2233864 |
| Sage Therapeutics Inc (b) | 24692 | 180005 |
| Sana Biotechnology Inc (b)(c) | 59147 | 112379 |
| Sangamo Therapeutics Inc (b)(c) | 93343 | 72070 |
| Sarepta Therapeutics Inc (b) | 43775 | 2731560 |
| Savara Inc (b)(c) | 53500 | 171200 |
| Scholar Rock Holding Corp (b) | 33669 | 1108047 |
| Seres Therapeutics Inc (b)(c) | 3277 | 31787 |
| Soleno Therapeutics Inc (b) | 11991 | 897646 |
| SpringWorks Therapeutics Inc (b) | 34055 | 1576747 |
| Spyre Therapeutics Inc (b) | 22783 | 346985 |
| Stoke Therapeutics Inc (b)(c) | 18171 | 177349 |
| Summit Therapeutics Inc (b)(c) | 63956 | 1542619 |
| Syndax Pharmaceuticals Inc (b) | 38959 | 551270 |
| Tango Therapeutics Inc (b)(c) | 30046 | 42365 |
| Taysha Gene Therapies Inc (b) | 65430 | 126934 |
| Tectonic Therapeutic Inc (b) | 3109 | 64854 |
| TG Therapeutics Inc (b) | 60931 | 2772970 |
| Tourmaline Bio Inc (b) | 8560 | 147318 |
| Travere Therapeutics Inc (b) | 35305 | 734697 |
| Twist Bioscience Corp (b) | 27425 | 1050926 |
| Tyra Biosciences Inc (b) | 9757 | 100497 |
| Ultragenyx Pharmaceutical Inc (b) | 42085 | 1640473 |
| United Therapeutics Corp (b) | 20422 | 6189704 |
| Upstream Bio Inc  | 7125 | 65978 |
| Vanda Pharmaceuticals Inc (b) | 26809 | 120909 |
| Vaxcyte Inc (b) | 52527 | 1882568 |
| Vera Therapeutics Inc Class A (b) | 25277 | 590723 |
| Veracyte Inc (b) | 35262 | 1075491 |
| Verastem Inc (b)(c) | 20277 | 151875 |
| Vericel Corp (b) | 22495 | 855260 |
| Vertex Pharmaceuticals Inc (b) | 117350 | 59789825 |
| Verve Therapeutics Inc (b)(c) | 30933 | 175390 |
| Viking Therapeutics Inc (b)(c) | 50950 | 1470927 |
| Vir Biotechnology Inc (b) | 42120 | 257774 |
| Viridian Therapeutics Inc (b) | 30635 | 415104 |
| Voyager Therapeutics Inc (b) | 19706 | 70153 |
| Xencor Inc (b) | 31579 | 348001 |
| Y-mAbs Therapeutics Inc (b) | 15397 | 65437 |
|  |  | 547695005 |
| Health Care Equipment & Supplies - 2.4% |  |  |
| Abbott Laboratories  | 792523 | 103622383 |
| Accuray Inc Del (b) | 47105 | 73013 |
| Align Technology Inc (b) | 32098 | 5562583 |
| Alphatec Holdings Inc (b)(c) | 46532 | 510921 |
| AngioDynamics Inc (b) | 18493 | 171800 |
| Artivion Inc (b) | 17222 | 407989 |
| AtriCure Inc (b) | 22441 | 671210 |
| Avanos Medical Inc (b) | 21030 | 263927 |
| Axogen Inc (b) | 19974 | 324977 |
| Baxter International Inc  | 233439 | 7276294 |
| Becton Dickinson & Co  | 131188 | 27167723 |
| Bioventus Inc (b) | 18781 | 137289 |
| Boston Scientific Corp (b) | 673387 | 69271322 |
| Butterfly Network Inc Class A (b)(c) | 81671 | 191110 |
| Ceribell Inc  | 5089 | 81882 |
| Cerus Corp (b) | 84678 | 111775 |
| ClearPoint Neuro Inc (b) | 11976 | 172335 |
| CONMED Corp  | 14094 | 692156 |
| Cooper Cos Inc/The (b) | 91258 | 7453041 |
| CVRx Inc (b) | 6770 | 49556 |
| Delcath Systems Inc (b) | 12141 | 146178 |
| DENTSPLY SIRONA Inc  | 90658 | 1260146 |
| Dexcom Inc (b) | 178564 | 12745898 |
| Edwards Lifesciences Corp (b) | 269509 | 20345234 |
| Electromed Inc (b) | 2936 | 67616 |
| Embecta Corp  | 26458 | 322523 |
| Enovis Corp (b) | 25971 | 898337 |
| Envista Holdings Corp (b) | 78549 | 1263068 |
| GE HealthCare Technologies Inc  | 208998 | 14698829 |
| Glaukos Corp (b) | 25173 | 2372555 |
| Globus Medical Inc Class A (b) | 51925 | 3726657 |
| Haemonetics Corp (b) | 22917 | 1444229 |
| Hologic Inc (b) | 102571 | 5969632 |
| ICU Medical Inc (b) | 11170 | 1525710 |
| IDEXX Laboratories Inc (b) | 37421 | 16190196 |
| Inogen Inc (b) | 10918 | 77845 |
| Inspire Medical Systems Inc (b) | 13548 | 2145732 |
| Insulet Corp (b) | 32056 | 8087408 |
| Integer Holdings Corp (b) | 15320 | 1935069 |
| Integra LifeSciences Holdings Corp (b) | 30271 | 496142 |
| Intuitive Surgical Inc (b) | 162975 | 84062506 |
| iRadimed Corp  | 3656 | 191611 |
| iRhythm Technologies Inc (b) | 14270 | 1525320 |
| Lantheus Holdings Inc (b) | 31789 | 3316864 |
| LeMaitre Vascular Inc  | 9339 | 847421 |
| LivaNova PLC (b) | 24767 | 916379 |
| Masimo Corp (b) | 20281 | 3264430 |
| Medtronic PLC  | 585898 | 49660715 |
| Merit Medical Systems Inc (b) | 26692 | 2521059 |
| Myomo Inc (b) | 11159 | 52447 |
| Neogen Corp (b)(c) | 90109 | 455050 |
| NeuroPace Inc (b) | 6640 | 77622 |
| Novocure Ltd (b) | 45129 | 818640 |
| Omnicell Inc (b) | 21139 | 660805 |
| OraSure Technologies Inc (b) | 34297 | 102548 |
| Orthofix Medical Inc (b) | 17835 | 248085 |
| OrthoPediatrics Corp (b) | 7531 | 156795 |
| Penumbra Inc (b) | 17544 | 5137585 |
| PROCEPT BioRobotics Corp (b) | 24686 | 1332550 |
| Pulmonx Corp (b) | 18032 | 87095 |
| Pulse Biosciences Inc (b)(c) | 8415 | 143223 |
| QuidelOrtho Corp (b) | 30072 | 835701 |
| ResMed Inc  | 67118 | 15879448 |
| RxSight Inc (b) | 15815 | 232797 |
| Semler Scientific Inc (b)(c) | 3553 | 114868 |
| Senseonics Holdings Inc (b)(c) | 271537 | 202214 |
| SI-BONE Inc (b) | 17033 | 232500 |
| Solventum Corp (b) | 63214 | 4179710 |
| STAAR Surgical Co (b) | 22490 | 410667 |
| STERIS PLC  | 44888 | 10088129 |
| Stryker Corp  | 156896 | 58666553 |
| Surmodics Inc (b) | 6535 | 183045 |
| Tactile Systems Technology Inc (b) | 11147 | 157396 |
| Tandem Diabetes Care Inc (b) | 29949 | 504641 |
| Teleflex Inc  | 21245 | 2911627 |
| TransMedics Group Inc (b)(c) | 15353 | 1412630 |
| Treace Medical Concepts Inc (b) | 19212 | 136021 |
| UFP Technologies Inc (b) | 3330 | 694438 |
| Utah Medical Products Inc  | 1596 | 82593 |
| Varex Imaging Corp (b) | 18925 | 157456 |
| Zimmer Biomet Holdings Inc  | 90983 | 9375798 |
| Zimvie Inc (b) | 12734 | 115370 |
|  |  | 582084642 |
| Health Care Providers & Services - 2.1% |  |  |
| Acadia Healthcare Co Inc (b) | 42379 | 991669 |
| AdaptHealth Corp (b) | 48107 | 409391 |
| Addus HomeCare Corp (b) | 8184 | 855637 |
| agilon health Inc (b) | 139060 | 592396 |
| Alignment Healthcare Inc (b) | 46477 | 823572 |
| Amedisys Inc (b) | 14950 | 1418755 |
| AMN Healthcare Services Inc (b) | 17384 | 355155 |
| Astrana Health Inc (b) | 18985 | 591762 |
| Aveanna Healthcare Holdings Inc (b) | 26335 | 121404 |
| BrightSpring Health Services Inc (b) | 24609 | 431396 |
| Brookdale Senior Living Inc (b) | 90952 | 596645 |
| Cardinal Health Inc  | 110371 | 15594319 |
| Castle Biosciences Inc (b) | 12788 | 256399 |
| Cencora Inc  | 78849 | 23076737 |
| Centene Corp (b) | 226651 | 13565086 |
| Chemed Corp  | 6841 | 3978110 |
| Cigna Group/The  | 125110 | 42542404 |
| Clover Health Investments Corp Class A (b) | 188896 | 642246 |
| Community Health Systems Inc (b) | 54841 | 149716 |
| Concentra Group Holdings Parent Inc  | 49373 | 1073863 |
| CorVel Corp (b) | 12475 | 1356781 |
| Cross Country Healthcare Inc (b) | 13981 | 189443 |
| CVS Health Corp  | 576119 | 38432898 |
| DaVita Inc (b) | 20083 | 2842749 |
| DocGo Inc Class A (b) | 39078 | 87143 |
| Elevance Health Inc  | 105979 | 44572648 |
| Encompass Health Corp  | 46100 | 5393239 |
| Enhabit Inc (b) | 23052 | 184185 |
| Ensign Group Inc/The  | 26031 | 3357739 |
| Fulgent Genetics Inc (b)(c) | 9269 | 160817 |
| GeneDx Holdings Corp Class A (b) | 9270 | 619700 |
| Guardant Health Inc (b) | 56495 | 2668259 |
| HCA Healthcare Inc  | 81708 | 28195797 |
| HealthEquity Inc (b) | 39632 | 3397255 |
| Henry Schein Inc (b) | 57034 | 3705499 |
| Hims & Hers Health Inc Class A (b)(c) | 87406 | 2893139 |
| Humana Inc  | 55133 | 14458078 |
| Labcorp Holdings Inc  | 38122 | 9187783 |
| LifeStance Health Group Inc (b) | 59458 | 390639 |
| McKesson Corp  | 57265 | 40817919 |
| Molina Healthcare Inc (b) | 25370 | 8296244 |
| National HealthCare Corp  | 5642 | 533113 |
| National Research Corp Class A  | 6664 | 75702 |
| NeoGenomics Inc (b) | 58585 | 374651 |
| OPKO Health Inc (b) | 155884 | 215120 |
| Option Care Health Inc (b) | 77686 | 2510035 |
| Owens & Minor Inc (b) | 33707 | 237971 |
| PACS Group Inc (b) | 17001 | 163720 |
| Pediatrix Medical Group Inc (b) | 38566 | 496730 |
| Pennant Group Inc/The (b) | 15800 | 404796 |
| Premier Inc Class A (c) | 41654 | 847659 |
| Privia Health Group Inc (b) | 47097 | 1105838 |
| Progyny Inc (b) | 33807 | 772152 |
| Quest Diagnostics Inc  | 50730 | 9041101 |
| RadNet Inc (b) | 29733 | 1557415 |
| Select Medical Holdings Corp  | 47687 | 869811 |
| Sonida Senior Living Inc (b) | 4532 | 105232 |
| Surgery Partners Inc (b) | 34021 | 746761 |
| Talkspace Inc Class A (b) | 64535 | 198122 |
| Tenet Healthcare Corp (b) | 43483 | 6215895 |
| UnitedHealth Group Inc  | 420528 | 173022040 |
| Universal Health Services Inc Class B  | 26865 | 4756986 |
| US Physical Therapy Inc  | 6890 | 489948 |
|  |  | 524015414 |
| Health Care Technology - 0.1% |  |  |
| Certara Inc (b) | 49942 | 692196 |
| Claritev Corp Class A (b)(c) | 2871 | 64396 |
| Definitive Healthcare Corp Class A (b)(c) | 24323 | 66159 |
| Doximity Inc Class A (b) | 61053 | 3472695 |
| Evolent Health Inc Class A (b) | 48934 | 482489 |
| GoodRx Holdings Inc Class A (b) | 41765 | 193372 |
| Health Catalyst Inc (b) | 27826 | 109913 |
| HealthStream Inc  | 10971 | 368955 |
| LifeMD Inc (b)(c) | 17182 | 126460 |
| OptimizeRx Corp (b) | 7478 | 68199 |
| Phreesia Inc (b) | 25174 | 628343 |
| Schrodinger Inc/United States (b) | 25276 | 647824 |
| Simulations Plus Inc  | 7426 | 255083 |
| Teladoc Health Inc (b) | 78540 | 564703 |
| TruBridge Inc (b) | 5408 | 140770 |
| Veeva Systems Inc Class A (b) | 68276 | 15955418 |
| Waystar Holding Corp (b) | 30605 | 1137588 |
|  |  | 24974563 |
| Life Sciences Tools & Services - 0.9% |  |  |
| 10X Genomics Inc Class A (b) | 49461 | 409042 |
| Adaptive Biotechnologies Corp (b) | 51184 | 376714 |
| Agilent Technologies Inc  | 130411 | 14032224 |
| Avantor Inc (b) | 311421 | 4045359 |
| Azenta Inc (b) | 20860 | 549452 |
| Bio-Rad Laboratories Inc Class A (b)(c) | 8790 | 2145463 |
| Bio-Techne Corp  | 72420 | 3646347 |
| BioLife Solutions Inc (b) | 16514 | 398153 |
| Bruker Corp  | 50470 | 2021828 |
| Charles River Laboratories International Inc (b) | 23382 | 2773573 |
| Codexis Inc (b) | 38541 | 88644 |
| CryoPort Inc (b) | 22575 | 125969 |
| Cytek Biosciences Inc (b) | 47118 | 174808 |
| Danaher Corp  | 292445 | 58293062 |
| Fortrea Holdings Inc (b) | 40978 | 255293 |
| Illumina Inc (b) | 72440 | 5621344 |
| IQVIA Holdings Inc (b) | 76462 | 11856962 |
| Lifecore Biomedical Inc (b)(c) | 16878 | 114095 |
| Maravai LifeSciences Holdings Inc Class A (b) | 54390 | 109868 |
| MaxCyte Inc (United States) (b) | 48355 | 137328 |
| Medpace Holdings Inc (b) | 11407 | 3517805 |
| Mesa Laboratories Inc  | 2472 | 284898 |
| Mettler-Toledo International Inc (b) | 9562 | 10236790 |
| Niagen Bioscience Inc (b) | 24086 | 189075 |
| OmniAb Inc (b)(c) | 45064 | 76609 |
| Pacific Biosciences of California Inc (b)(c) | 116174 | 128953 |
| Personalis Inc (b) | 20432 | 77233 |
| Quanterix Corp (b) | 16653 | 95921 |
| Quantum-Si Inc Class A (b)(c) | 62828 | 71624 |
| Repligen Corp (b) | 23791 | 3282920 |
| Revvity Inc  | 55683 | 5202463 |
| Sotera Health Co (b)(c) | 69628 | 800722 |
| Standard BioTools Inc (b) | 137768 | 152922 |
| Thermo Fisher Scientific Inc  | 174775 | 74978476 |
| Waters Corp (b) | 27138 | 9436697 |
| West Pharmaceutical Services Inc  | 33105 | 6994755 |
|  |  | 222703391 |
| Pharmaceuticals - 3.2% |  |  |
| Aclaris Therapeutics Inc (b) | 49226 | 67932 |
| Alumis Inc (c) | 6258 | 25907 |
| Amneal Intermediate Inc Class A (b) | 67717 | 518712 |
| Amphastar Pharmaceuticals Inc (b) | 17101 | 417435 |
| Amylyx Pharmaceuticals Inc (b) | 31727 | 162125 |
| ANI Pharmaceuticals Inc (b) | 7580 | 536816 |
| Aquestive Therapeutics Inc (b)(c) | 31837 | 93123 |
| Arvinas Inc (b) | 29251 | 281395 |
| Axsome Therapeutics Inc (b) | 18585 | 2086910 |
| Bristol-Myers Squibb Co  | 927285 | 46549707 |
| Collegium Pharmaceutical Inc (b) | 14729 | 397609 |
| Corcept Therapeutics Inc (b) | 42573 | 3060147 |
| CorMedix Inc (b)(c) | 27794 | 255427 |
| Edgewise Therapeutics Inc (b) | 27163 | 445473 |
| Elanco Animal Health Inc (b) | 225501 | 2137749 |
| Eli Lilly & Co  | 360050 | 323666948 |
| Enliven Therapeutics Inc (b)(c) | 13843 | 262186 |
| Esperion Therapeutics Inc (b) | 82112 | 82063 |
| Evolus Inc (b) | 22247 | 253616 |
| EyePoint Pharmaceuticals Inc (b) | 31118 | 212225 |
| Fulcrum Therapeutics Inc (b) | 20762 | 79934 |
| Harmony Biosciences Holdings Inc (b) | 17358 | 511540 |
| Harrow Inc (b) | 14114 | 349604 |
| Innoviva Inc (b) | 25092 | 468969 |
| Jazz Pharmaceuticals PLC (b) | 27660 | 3235114 |
| Johnson & Johnson  | 1100150 | 171964447 |
| LENZ Therapeutics Inc (b)(c) | 7400 | 211011 |
| Ligand Pharmaceuticals Inc (b) | 8633 | 948421 |
| Liquidia Corp (b) | 21668 | 302702 |
| Merck & Co Inc  | 1155934 | 98485577 |
| Mind Medicine MindMed Inc (b)(c) | 30110 | 192403 |
| Nektar Therapeutics (b) | 75149 | 59781 |
| Nuvation Bio Inc Class A (b) | 117755 | 264949 |
| Ocular Therapeutix Inc (b) | 57817 | 479881 |
| Omeros Corp (b)(c) | 26430 | 194261 |
| Organon & Co  | 117949 | 1525081 |
| Pacira BioSciences Inc (b) | 21151 | 568962 |
| Perrigo Co PLC  | 62470 | 1606728 |
| Pfizer Inc  | 2589541 | 63210696 |
| Phathom Pharmaceuticals Inc (b)(c) | 20247 | 86860 |
| Phibro Animal Health Corp Class A  | 9243 | 172012 |
| Prestige Consumer Healthcare Inc (b) | 22621 | 1837504 |
| Royalty Pharma PLC Class A  | 170314 | 5589705 |
| Septerna Inc  | 7737 | 53850 |
| SIGA Technologies Inc  | 18639 | 102887 |
| Supernus Pharmaceuticals Inc (b) | 25196 | 818366 |
| Tarsus Pharmaceuticals Inc (b) | 15886 | 824642 |
| Terns Pharmaceuticals Inc (b) | 26929 | 88866 |
| Theravance Biopharma Inc (b) | 16315 | 159398 |
| Third Harmonic Bio Inc (b) | 9675 | 50020 |
| Trevi Therapeutics Inc (b) | 29340 | 202739 |
| Veru Inc (b) | 59498 | 32230 |
| Viatris Inc  | 545930 | 4596731 |
| WaVe Life Sciences Ltd (b) | 53695 | 414525 |
| Xeris Biopharma Holdings Inc (b) | 68846 | 314626 |
| Xeris Biopharma Holdings Inc rights (b)(d) | 8992 | 0 |
| Zevra Therapeutics Inc (b) | 22379 | 164038 |
| Zoetis Inc Class A  | 204630 | 32004132 |
|  |  | 773686697 |
| TOTAL HEALTH CARE |  | 2675159712 |
| Industrials - 9.6% |  |  |
| Aerospace & Defense - 2.1% |  |  |
| AAR Corp (b) | 16111 | 861294 |
| AeroVironment Inc (b) | 12817 | 1942032 |
| AerSale Corp (b) | 13698 | 95474 |
| Archer Aviation Inc Class A (b)(c) | 185590 | 1545965 |
| Astronics Corp (b) | 13607 | 308743 |
| Axon Enterprise Inc (b) | 33105 | 20303297 |
| Boeing Co (b) | 342756 | 62806609 |
| BWX Technologies Inc  | 41755 | 4556306 |
| Byrna Technologies Inc (b)(c) | 8168 | 182881 |
| Cadre Holdings Inc  | 11760 | 342804 |
| Curtiss-Wright Corp  | 17221 | 5939351 |
| Ducommun Inc (b) | 6233 | 357276 |
| GE Aerospace  | 490435 | 98842270 |
| General Dynamics Corp  | 115947 | 31551498 |
| HEICO Corp  | 18228 | 4570853 |
| HEICO Corp Class A  | 34253 | 6882456 |
| Hexcel Corp  | 37029 | 1794796 |
| Howmet Aerospace Inc  | 185075 | 25647694 |
| Huntington Ingalls Industries Inc  | 17895 | 4121934 |
| Intuitive Machines Inc Class A (b)(c) | 36818 | 301908 |
| Kratos Defense & Security Solutions Inc (b) | 69921 | 2362281 |
| L3Harris Technologies Inc  | 86045 | 18931621 |
| Leonardo DRS Inc  | 33842 | 1250800 |
| Loar Holdings Inc (b)(c) | 8109 | 766949 |
| Lockheed Martin Corp  | 95726 | 45733097 |
| Mercury Systems Inc (b) | 23226 | 1161300 |
| Moog Inc Class A  | 12944 | 2164884 |
| National Presto Industries Inc  | 2352 | 198390 |
| Northrop Grumman Corp  | 62179 | 30250084 |
| Redwire Corp Class A (b)(c) | 11003 | 118611 |
| Rocket Lab USA Inc Class A (b)(c) | 159969 | 3485725 |
| RTX Corp  | 608691 | 76774196 |
| Spirit AeroSystems Holdings Inc Class A (b) | 53482 | 1925352 |
| Standardaero Inc (c) | 46469 | 1255592 |
| Textron Inc  | 83491 | 5875262 |
| TransDigm Group Inc  | 25624 | 36208506 |
| Triumph Group Inc (b) | 35322 | 897179 |
| V2X Inc (b) | 6498 | 323340 |
| Virgin Galactic Holdings Inc Class A (b)(c) | 12571 | 36329 |
| Woodward Inc  | 27154 | 5093276 |
|  |  | 507768215 |
| Air Freight & Logistics - 0.3% |  |  |
| CH Robinson Worldwide Inc  | 54256 | 4840720 |
| Expeditors International of Washington Inc  | 64001 | 7034350 |
| FedEx Corp  | 101255 | 21296964 |
| Forward Air Corp Class A (b) | 9109 | 134084 |
| GXO Logistics Inc (b) | 54631 | 1979827 |
| Hub Group Inc Class A  | 27728 | 875928 |
| United Parcel Service Inc Class B  | 334200 | 31849261 |
|  |  | 68011134 |
| Building Products - 0.7% |  |  |
| A O Smith Corp  | 54070 | 3669190 |
| AAON Inc  | 30857 | 2816318 |
| Advanced Drainage Systems Inc  | 32296 | 3665273 |
| Allegion plc  | 39742 | 5532086 |
| American Woodmark Corp (b) | 6850 | 404150 |
| Apogee Enterprises Inc  | 10023 | 397612 |
| Armstrong World Industries Inc  | 19890 | 2884448 |
| AZEK Co Inc/The Class A (b) | 65601 | 3251186 |
| AZZ Inc  | 13632 | 1182712 |
| Builders FirstSource Inc (b) | 52637 | 6296964 |
| Carlisle Cos Inc  | 20320 | 7711034 |
| Carrier Global Corp  | 369074 | 23081888 |
| CSW Industrials Inc  | 7660 | 2393597 |
| Fortune Brands Innovations Inc  | 56885 | 3061551 |
| Gibraltar Industries Inc (b) | 14019 | 742306 |
| Griffon Corp  | 17996 | 1225708 |
| Hayward Holdings Inc (b) | 64673 | 862091 |
| Insteel Industries Inc  | 8962 | 303901 |
| Janus International Group Inc (b) | 64182 | 441572 |
| JELD-WEN Holding Inc (b) | 38637 | 213276 |
| Johnson Controls International plc  | 301649 | 25308351 |
| Lennox International Inc  | 14638 | 8003327 |
| Masco Corp  | 96962 | 5876867 |
| Masterbrand Inc (b) | 58185 | 706948 |
| Owens Corning  | 39263 | 5709233 |
| Quanex Building Products Corp  | 21543 | 354167 |
| Resideo Technologies Inc (b) | 67122 | 1126307 |
| Simpson Manufacturing Co Inc  | 19248 | 2958225 |
| Tecnoglass Inc  | 10081 | 718473 |
| Trane Technologies PLC  | 102485 | 39283525 |
| Trex Co Inc (b) | 49072 | 2837343 |
| UFP Industries Inc  | 27727 | 2740814 |
| Zurn Elkay Water Solutions Corp  | 65384 | 2220441 |
|  |  | 167980884 |
| Commercial Services & Supplies - 0.7% |  |  |
| ABM Industries Inc  | 28379 | 1383192 |
| ACCO Brands Corp  | 41159 | 158874 |
| ACV Auctions Inc Class A (b) | 72270 | 1061646 |
| Brady Corp Class A  | 20197 | 1419647 |
| BrightView Holdings Inc (b) | 26872 | 368684 |
| Brink's Co/The  | 19920 | 1777661 |
| Casella Waste Systems Inc Class A (b) | 28454 | 3341922 |
| CECO Environmental Corp (b) | 13086 | 311316 |
| Cintas Corp  | 156732 | 33177030 |
| Clean Harbors Inc (b) | 23169 | 4956776 |
| Copart Inc (b) | 400626 | 24450205 |
| CoreCivic Inc (b) | 50255 | 1137773 |
| Deluxe Corp  | 20219 | 295197 |
| Driven Brands Holdings Inc (b) | 26682 | 440787 |
| Ennis Inc  | 12037 | 216064 |
| Enviri Corp (b) | 36544 | 251057 |
| GEO Group Inc/The (b) | 62119 | 1943082 |
| Healthcare Services Group Inc (b) | 33750 | 479588 |
| HNI Corp  | 21847 | 924128 |
| Interface Inc  | 26450 | 497260 |
| Liquidity Services Inc (b) | 10343 | 328701 |
| Matthews International Corp Class A  | 13977 | 285830 |
| MillerKnoll Inc  | 31131 | 510548 |
| Montrose Environmental Group Inc (b) | 14586 | 213393 |
| MSA Safety Inc  | 17990 | 2831986 |
| OPENLANE Inc (b) | 48739 | 902159 |
| Perma-Fix Environmental Services Inc (b) | 7812 | 64058 |
| Pitney Bowes Inc  | 72249 | 627121 |
| Pursuit Attractions and Hospitality Inc (b) | 10025 | 293632 |
| Quad/Graphics Inc Class A  | 14180 | 67639 |
| Republic Services Inc  | 92703 | 23245277 |
| Rollins Inc  | 128338 | 7331950 |
| Steelcase Inc Class A  | 43379 | 430320 |
| Tetra Tech Inc  | 122394 | 3817469 |
| UniFirst Corp/MA  | 6846 | 1221806 |
| Veralto Corp  | 113026 | 10839193 |
| Vestis Corp  | 52323 | 458349 |
| Virco Mfg. Corp  | 4407 | 40500 |
| VSE Corp  | 8104 | 928070 |
| Waste Management Inc  | 166855 | 38937284 |
|  |  | 171967174 |
| Construction & Engineering - 0.3% |  |  |
| AECOM  | 60694 | 5987463 |
| Ameresco Inc Class A (b) | 14808 | 157409 |
| API Group Corp (b) | 111702 | 4225687 |
| Arcosa Inc  | 22278 | 1783799 |
| Argan Inc  | 5889 | 901783 |
| Bowman Consulting Group Ltd (b) | 6487 | 143492 |
| Comfort Systems USA Inc  | 16220 | 6448261 |
| Construction Partners Inc Class A (b) | 21556 | 1770610 |
| Dycom Industries Inc (b) | 13323 | 2232269 |
| EMCOR Group Inc  | 21031 | 8427122 |
| Everus Construction Group Inc  | 23361 | 940047 |
| Fluor Corp (b) | 78339 | 2733248 |
| Granite Construction Inc  | 19840 | 1612794 |
| Great Lakes Dredge & Dock Corp (b) | 30698 | 279045 |
| IES Holdings Inc (b) | 3833 | 753874 |
| Limbach Holdings Inc (b)(c) | 4697 | 449691 |
| MasTec Inc (b) | 28107 | 3578583 |
| Matrix Service Co (b) | 11257 | 130580 |
| MYR Group Inc (b) | 7414 | 906880 |
| Northwest Pipe Co (b) | 4552 | 192823 |
| Orion Group Holdings Inc (b) | 15790 | 100897 |
| Primoris Services Corp  | 24526 | 1470824 |
| Quanta Services Inc  | 67462 | 19745453 |
| Sterling Infrastructure Inc (b) | 14039 | 2097848 |
| Tutor Perini Corp (b) | 20033 | 429908 |
| Valmont Industries Inc  | 9148 | 2682377 |
| WillScot Holdings Corp  | 84355 | 2118998 |
|  |  | 72301765 |
| Electrical Equipment - 0.9% |  |  |
| Acuity Inc  | 14005 | 3411758 |
| Allient Inc  | 6764 | 144411 |
| American Superconductor Corp (b) | 17813 | 353588 |
| AMETEK Inc  | 105693 | 17923419 |
| Array Technologies Inc (b) | 65881 | 314911 |
| Atkore Inc  | 15719 | 1003973 |
| Blink Charging Co (b)(c) | 47656 | 34889 |
| Bloom Energy Corp Class A (b)(c) | 90891 | 1665123 |
| ChargePoint Holdings Inc Class A (b)(c) | 186206 | 115969 |
| Eaton Corp PLC  | 180596 | 53162045 |
| Emerson Electric Co  | 257691 | 27085901 |
| EnerSys  | 17978 | 1556895 |
| Enovix Corp Class B (b)(c) | 72894 | 488390 |
| Eos Energy Enterprises Inc (b)(c) | 99458 | 519171 |
| Fluence Energy Inc Class A (b)(c) | 28613 | 117027 |
| FuelCell Energy Inc (b)(c) | 9285 | 38069 |
| GE Vernova Inc  | 126077 | 46751873 |
| Generac Holdings Inc (b) | 27313 | 3124061 |
| GrafTech International Ltd (b) | 86663 | 54858 |
| Hubbell Inc  | 24541 | 8912800 |
| Hyliion Holdings Corp Class A (b) | 60063 | 90695 |
| LSI Industries Inc  | 12136 | 183132 |
| Net Power Inc Class A (b)(c) | 15815 | 26885 |
| NEXTracker Inc Class A (b) | 65736 | 2669539 |
| NuScale Power Corp Class A (b)(c) | 49624 | 822270 |
| nVent Electric PLC  | 75244 | 4131648 |
| Plug Power Inc (b)(c) | 396508 | 345993 |
| Powell Industries Inc  | 4288 | 785176 |
| Preformed Line Products Co  | 1320 | 181328 |
| Regal Rexnord Corp  | 30238 | 3200390 |
| Rockwell Automation Inc  | 51677 | 12799359 |
| Sensata Technologies Holding PLC  | 68213 | 1459758 |
| SES AI Corp Class A (b)(c) | 69295 | 62282 |
| Shoals Technologies Group Inc (b) | 76080 | 274649 |
| Sunrun Inc (b)(c) | 102335 | 705088 |
| Thermon Group Holdings Inc (b) | 15324 | 401949 |
| Vertiv Holdings Co Class A  | 173992 | 14855437 |
| Vicor Corp (b) | 10437 | 416488 |
|  |  | 210191197 |
| Ground Transportation - 0.9% |  |  |
| ArcBest Corp  | 10649 | 623179 |
| Avis Budget Group Inc (b) | 7697 | 712973 |
| Covenant Logistics Group Inc Class A  | 7275 | 144773 |
| CSX Corp  | 881068 | 24731579 |
| Ftai Infrastructure Inc  | 51822 | 223871 |
| Heartland Express Inc  | 19952 | 151635 |
| Hertz Global Holdings Inc (b)(c) | 55937 | 381490 |
| JB Hunt Transport Services Inc  | 36361 | 4748019 |
| Knight-Swift Transportation Holdings Inc  | 74188 | 2905944 |
| Landstar System Inc  | 16118 | 2162230 |
| Lyft Inc Class A (b) | 168106 | 2084514 |
| Marten Transport Ltd  | 26619 | 341788 |
| Norfolk Southern Corp  | 103471 | 23182678 |
| Old Dominion Freight Line Inc  | 85881 | 13163840 |
| Proficient Auto Logistics Inc (b) | 7840 | 65150 |
| RXO Inc (b) | 64786 | 912835 |
| Ryder System Inc  | 19211 | 2644778 |
| Saia Inc (b) | 12143 | 2962892 |
| Schneider National Inc Class B (c) | 21549 | 463088 |
| U-Haul Holding Co (b)(c) | 5913 | 362999 |
| U-Haul Holding Co Class N  | 44190 | 2421612 |
| Uber Technologies Inc (b) | 954607 | 77332714 |
| Union Pacific Corp  | 276100 | 59543726 |
| Universal Logistics Holdings Inc  | 3249 | 70633 |
| Werner Enterprises Inc  | 28256 | 696793 |
| XPO Inc (b) | 53604 | 5688456 |
|  |  | 228724189 |
| Industrial Conglomerates - 0.4% |  |  |
| 3M Co  | 248076 | 34460237 |
| Honeywell International Inc  | 297119 | 62543550 |
|  |  | 97003787 |
| Machinery - 1.8% |  |  |
| 3D Systems Corp (b) | 61895 | 113886 |
| AGCO Corp  | 28293 | 2400095 |
| Alamo Group Inc  | 4777 | 797663 |
| Albany International Corp Class A  | 14255 | 937409 |
| Allison Transmission Holdings Inc  | 39040 | 3601050 |
| Astec Industries Inc  | 10371 | 375741 |
| Atmus Filtration Technologies Inc  | 37856 | 1312468 |
| Blue Bird Corp (b) | 14680 | 511892 |
| Caterpillar Inc  | 218373 | 67536218 |
| Chart Industries Inc (b) | 19194 | 2590806 |
| CNH Industrial NV Class A  | 399282 | 4619693 |
| Columbus McKinnon Corp/NY  | 13092 | 194416 |
| Crane Co  | 22248 | 3581483 |
| Cummins Inc  | 62824 | 18460204 |
| Deere & Co  | 115733 | 53649189 |
| Donaldson Co Inc  | 54671 | 3593525 |
| Douglas Dynamics Inc  | 10630 | 254907 |
| Dover Corp  | 62715 | 10702315 |
| Energy Recovery Inc (b) | 26633 | 411480 |
| Enerpac Tool Group Corp Class A  | 24834 | 1002549 |
| Enpro Inc  | 9571 | 1429907 |
| Esab Corp  | 25997 | 3122760 |
| ESCO Technologies Inc  | 11781 | 1843137 |
| Federal Signal Corp  | 27902 | 2272060 |
| Flowserve Corp  | 60144 | 2720313 |
| Fortive Corp  | 155888 | 10863835 |
| Franklin Electric Co Inc  | 17957 | 1525627 |
| Gates Industrial Corp PLC (b) | 103946 | 1966658 |
| Gorman-Rupp Co/The  | 9346 | 335148 |
| Graco Inc  | 77161 | 6297109 |
| Graham Corp (b) | 4663 | 142128 |
| Greenbrier Cos Inc/The  | 14285 | 605970 |
| Helios Technologies Inc  | 15163 | 413343 |
| Hillenbrand Inc  | 32118 | 649747 |
| Hillman Solutions Corp Class A (b) | 89777 | 627541 |
| Hyster-Yale Inc Class A  | 5023 | 193034 |
| IDEX Corp  | 34606 | 6020406 |
| Illinois Tool Works Inc  | 121988 | 29266141 |
| Ingersoll Rand Inc  | 184117 | 13887945 |
| ITT Inc  | 37241 | 5102762 |
| JBT Marel Corp  | 21057 | 2216460 |
| Kadant Inc  | 5383 | 1587985 |
| Kennametal Inc  | 35282 | 687293 |
| Lincoln Electric Holdings Inc  | 25809 | 4547546 |
| Lindsay Corp  | 4987 | 643622 |
| Manitowoc Co Inc/The (b) | 16019 | 126230 |
| Mayville Engineering Co Inc (b) | 5638 | 72053 |
| Middleby Corp/The (b) | 24596 | 3279877 |
| Miller Industries Inc/TN  | 5267 | 214946 |
| Mueller Industries Inc  | 51928 | 3819824 |
| Mueller Water Products Inc Class A1  | 71494 | 1876003 |
| Nordson Corp  | 24810 | 4703232 |
| Oshkosh Corp  | 29765 | 2493116 |
| Otis Worldwide Corp  | 181160 | 17440273 |
| PACCAR Inc  | 239607 | 21614947 |
| Parker-Hannifin Corp  | 58836 | 35599310 |
| Pentair PLC  | 75520 | 6851930 |
| Proto Labs Inc (b) | 11185 | 393265 |
| RBC Bearings Inc (b) | 14291 | 4695594 |
| REV Group Inc  | 23781 | 777639 |
| Shyft Group Inc/The  | 14538 | 122991 |
| Snap-on Inc  | 23944 | 7513867 |
| SPX Technologies Inc (b) | 21215 | 2845992 |
| Standex International Corp  | 5501 | 777951 |
| Stanley Black & Decker Inc  | 70534 | 4233451 |
| Symbotic Inc Class A (b)(c) | 18175 | 392217 |
| Tennant CO  | 8640 | 623462 |
| Terex Corp  | 30340 | 1067968 |
| Timken Co/The  | 29141 | 1872309 |
| Titan International Inc (b) | 21943 | 161281 |
| Toro Co/The  | 46064 | 3145250 |
| Trinity Industries Inc  | 37689 | 945994 |
| Wabash National Corp  | 19604 | 135464 |
| Watts Water Technologies Inc Class A  | 12531 | 2603315 |
| Westinghouse Air Brake Technologies Corp  | 78071 | 14422837 |
| Worthington Enterprises Inc  | 14169 | 717376 |
| Xylem Inc/NY  | 111015 | 13385079 |
|  |  | 434540509 |
| Marine Transportation - 0.0% |  |  |
| Genco Shipping & Trading Ltd  | 19810 | 256738 |
| Kirby Corp (b) | 26189 | 2523834 |
| Matson Inc  | 15156 | 1653368 |
|  |  | 4433940 |
| Passenger Airlines - 0.1% |  |  |
| Alaska Air Group Inc (b) | 56309 | 2492799 |
| Allegiant Travel Co  | 6628 | 311052 |
| American Airlines Group Inc (b)(c) | 300777 | 2992731 |
| Blade Air Mobility Inc (b) | 28187 | 74696 |
| Delta Air Lines Inc  | 293269 | 12208788 |
| Frontier Group Holdings Inc (b)(c) | 37970 | 113151 |
| JetBlue Airways Corp (b)(c) | 138834 | 605316 |
| Joby Aviation Inc Class A (b)(c) | 220315 | 1387985 |
| SkyWest Inc (b) | 18412 | 1641798 |
| Southwest Airlines Co (c) | 270907 | 7574560 |
| Sun Country Airlines Holdings Inc (b) | 17960 | 176008 |
| United Airlines Holdings Inc (b) | 150317 | 10344816 |
|  |  | 39923700 |
| Professional Services - 0.9% |  |  |
| Alight Inc Class A  | 206579 | 1055619 |
| Amentum Holdings Inc  | 65487 | 1428926 |
| Automatic Data Processing Inc  | 185864 | 55870719 |
| Barrett Business Services Inc  | 11934 | 484043 |
| BlackSky Technology Inc Class A (b)(c) | 11102 | 92813 |
| Booz Allen Hamilton Holding Corp Class A  | 57888 | 6947718 |
| Broadridge Financial Solutions Inc  | 53458 | 12958219 |
| CACI International Inc (b) | 10236 | 4686757 |
| Cbiz Inc (b) | 22811 | 1553429 |
| Clarivate PLC (b)(c) | 204100 | 879671 |
| Concentrix Corp  | 21129 | 1078847 |
| Conduent Inc (b) | 67530 | 142488 |
| CRA International Inc  | 3115 | 505253 |
| CSG Systems International Inc  | 12706 | 764012 |
| Dayforce Inc (b) | 72745 | 4209753 |
| Dun & Bradstreet Holdings Inc  | 140950 | 1264322 |
| Equifax Inc  | 56674 | 14742608 |
| ExlService Holdings Inc (b) | 73607 | 3568467 |
| Exponent Inc  | 23163 | 1822465 |
| First Advantage Corp (b) | 27937 | 393912 |
| Franklin Covey Co (b) | 5344 | 108537 |
| FTI Consulting Inc (b) | 16160 | 2687085 |
| Genpact Ltd  | 73344 | 3686269 |
| Heidrick & Struggles International Inc  | 9399 | 366749 |
| Huron Consulting Group Inc (b) | 7451 | 1004320 |
| ICF International Inc  | 8566 | 727767 |
| Innodata Inc (b)(c) | 11532 | 436140 |
| Insperity Inc  | 16133 | 1048806 |
| Jacobs Solutions Inc  | 56026 | 6936019 |
| KBR Inc  | 60829 | 3212379 |
| Kelly Services Inc Class A  | 14834 | 171333 |
| Kforce Inc  | 7791 | 297616 |
| Korn Ferry  | 23578 | 1454763 |
| Legalzoom.com Inc (b) | 49549 | 362699 |
| Leidos Holdings Inc  | 59944 | 8822558 |
| ManpowerGroup Inc  | 21451 | 923895 |
| Maximus Inc  | 25826 | 1729309 |
| Mistras Group Inc (b) | 8535 | 77839 |
| NV5 Global Inc (b) | 23812 | 441713 |
| Parsons Corp (b) | 21338 | 1426659 |
| Paychex Inc  | 146420 | 21541311 |
| Paycom Software Inc  | 21529 | 4873950 |
| Paylocity Holding Corp (b) | 19953 | 3832971 |
| Planet Labs PBC Class A (b) | 99360 | 326894 |
| Resolute Holdings Management Inc  | 1140 | 30746 |
| Resources Connection Inc  | 14841 | 85113 |
| Robert Half Inc  | 45827 | 2030136 |
| Science Applications International Corp  | 22320 | 2701390 |
| Spire Global Inc Class A (b)(c) | 10477 | 98379 |
| SS&C Technologies Holdings Inc  | 98484 | 7445390 |
| TransUnion  | 89214 | 7401193 |
| TriNet Group Inc  | 14016 | 1097873 |
| TrueBlue Inc (b) | 12632 | 54823 |
| TTEC Holdings Inc (b) | 8969 | 35876 |
| UL Solutions Inc Class A  | 28270 | 1616761 |
| Upwork Inc (b) | 57407 | 754902 |
| Verisk Analytics Inc  | 64508 | 19122107 |
| Verra Mobility Corp Class A (b) | 75213 | 1639643 |
| Willdan Group Inc (b) | 6007 | 235474 |
|  |  | 225297428 |
| Trading Companies & Distributors - 0.5% |  |  |
| Air Lease Corp Class A  | 47514 | 2221755 |
| Alta Equipment Group Inc Class A  | 9338 | 39687 |
| Applied Industrial Technologies Inc  | 17511 | 4260076 |
| BlueLinx Holdings Inc (b) | 3764 | 245187 |
| Boise Cascade Co  | 17551 | 1637157 |
| Core & Main Inc Class A (b) | 86821 | 4573730 |
| Custom Truck One Source Inc Class A (b)(c) | 24961 | 100593 |
| Distribution Solutions Group Inc (b) | 4410 | 114836 |
| DNOW Inc (b) | 48383 | 767838 |
| DXP Enterprises Inc/TX (b) | 5769 | 510326 |
| Fastenal Co  | 262058 | 21218836 |
| Ferguson Enterprises Inc  | 91404 | 15507603 |
| FTAI Aviation Ltd  | 46871 | 5020353 |
| GATX Corp  | 16200 | 2364552 |
| Global Industrial Co  | 6148 | 157881 |
| GMS Inc (b) | 17722 | 1298314 |
| H&E Equipment Services Inc  | 14358 | 1289492 |
| Herc Holdings Inc  | 12990 | 1421626 |
| Hudson Technologies Inc (b) | 17528 | 117262 |
| McGrath RentCorp  | 11302 | 1205584 |
| Mrc Global Inc (b) | 38993 | 454268 |
| MSC Industrial Direct Co Inc Class A  | 20382 | 1558815 |
| QXO Inc (c) | 112070 | 1495014 |
| Rush Enterprises Inc Class A  | 28420 | 1449136 |
| SiteOne Landscape Supply Inc (b) | 20498 | 2353375 |
| Titan Machinery Inc (b) | 9139 | 151616 |
| Transcat Inc (b)(c) | 4273 | 338977 |
| United Rentals Inc  | 29853 | 18850677 |
| Watsco Inc  | 15926 | 7323412 |
| Wesco International Inc  | 20269 | 3303036 |
| Willis Lease Finance Corp  | 1292 | 199898 |
| WW Grainger Inc  | 20250 | 20742278 |
| Xometry Inc Class A (b) | 20994 | 538286 |
|  |  | 122831476 |
| TOTAL INDUSTRIALS |  | 2350975398 |
| Information Technology - 28.3% |  |  |
| Communications Equipment - 0.8% |  |  |
| ADTRAN Holdings Inc (b) | 32528 | 249164 |
| Applied Optoelectronics Inc (b)(c) | 20748 | 265367 |
| Arista Networks Inc  | 472075 | 38837610 |
| Aviat Networks Inc (b) | 5218 | 91628 |
| Calix Inc (b) | 26965 | 1103138 |
| Ciena Corp (b) | 64877 | 4357139 |
| Cisco Systems Inc  | 1819677 | 105049954 |
| Clearfield Inc (b) | 5437 | 155879 |
| CommScope Holding Co Inc (b) | 97892 | 366116 |
| Digi International Inc (b) | 16834 | 457885 |
| Extreme Networks Inc (b) | 61260 | 806182 |
| F5 Inc (b) | 26353 | 6976693 |
| Harmonic Inc (b) | 53494 | 480376 |
| Juniper Networks Inc  | 151304 | 5495361 |
| Lumentum Holdings Inc (b) | 31549 | 1862653 |
| Motorola Solutions Inc  | 76360 | 33628180 |
| Netgear Inc (b) | 13185 | 318022 |
| NetScout Systems Inc (b) | 32794 | 689330 |
| Ribbon Communications Inc (b) | 41642 | 133671 |
| Viasat Inc (b)(c) | 38895 | 360557 |
| Viavi Solutions Inc (b) | 101248 | 1071204 |
|  |  | 202756109 |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| 908 Devices Inc (b)(c) | 12103 | 65719 |
| Advanced Energy Industries Inc  | 17200 | 1675452 |
| Aeva Technologies Inc (b) | 14998 | 106636 |
| Amphenol Corp Class A  | 553411 | 42584976 |
| Arlo Technologies Inc (b) | 45900 | 451197 |
| Arrow Electronics Inc (b) | 23833 | 2654043 |
| Avnet Inc  | 39500 | 1856105 |
| Badger Meter Inc  | 13454 | 2970912 |
| Bel Fuse Inc Class B  | 4756 | 312802 |
| Belden Inc  | 18349 | 1891965 |
| Benchmark Electronics Inc  | 16426 | 534338 |
| CDW Corp/DE  | 60910 | 9779710 |
| Climb Global Solutions Inc  | 1759 | 185399 |
| Cognex Corp  | 77484 | 2115313 |
| Coherent Corp (b) | 70748 | 4550511 |
| Corning Inc  | 352272 | 15633831 |
| Crane NXT Co (c) | 22362 | 1049225 |
| CTS Corp  | 14053 | 535138 |
| Daktronics Inc (b) | 18256 | 231669 |
| ePlus Inc (b) | 12084 | 753558 |
| Evolv Technologies Holdings Inc Class A (b)(c) | 50247 | 220584 |
| FARO Technologies Inc (b) | 8644 | 254220 |
| Flex Ltd (b) | 175174 | 6015475 |
| Insight Enterprises Inc (b) | 12505 | 1729191 |
| IPG Photonics Corp (b) | 12051 | 721734 |
| Itron Inc (b) | 20641 | 2297137 |
| Jabil Inc  | 50070 | 7338259 |
| Keysight Technologies Inc (b) | 79030 | 11490962 |
| Kimball Electronics Inc (b) | 11270 | 161612 |
| Knowles Corp (b) | 39994 | 629506 |
| Lightwave Logic Inc (b)(c) | 55398 | 49309 |
| Littelfuse Inc  | 11318 | 2063385 |
| Methode Electronics Inc  | 16333 | 102408 |
| MicroVision Inc (b)(c) | 105172 | 118844 |
| Mirion Technologies Inc Class A (b) | 85831 | 1354413 |
| Napco Security Technologies Inc  | 16529 | 377688 |
| nLight Inc (b) | 22169 | 170923 |
| Novanta Inc (b) | 16465 | 1957030 |
| OSI Systems Inc (b) | 7128 | 1459387 |
| Ouster Inc Class A (b) | 19745 | 146705 |
| PAR Technology Corp (b)(c) | 17657 | 1031169 |
| PC Connection Inc  | 5646 | 350278 |
| Plexus Corp (b) | 12344 | 1511276 |
| Powerfleet Inc NJ (b)(c) | 52591 | 265059 |
| Red Cat Holdings Inc (b)(c) | 27331 | 137202 |
| Rogers Corp (b) | 7770 | 480264 |
| Sanmina Corp (b) | 24871 | 1909844 |
| ScanSource Inc (b) | 9948 | 328185 |
| SmartRent Inc Class A (b) | 75148 | 71624 |
| TD SYNNEX Corp  | 34400 | 3811520 |
| Teledyne Technologies Inc (b) | 21292 | 9922711 |
| Trimble Inc (b) | 112349 | 6981367 |
| TTM Technologies Inc (b) | 46370 | 928327 |
| Vishay Intertechnology Inc  | 51309 | 666504 |
| Vishay Precision Group Inc (b) | 5437 | 135599 |
| Vontier Corp  | 67798 | 2156654 |
| Zebra Technologies Corp Class A (b) | 23496 | 5881519 |
|  |  | 165166373 |
| IT Services - 1.0% |  |  |
| Akamai Technologies Inc (b) | 68688 | 5534879 |
| Amdocs Ltd  | 51649 | 4575068 |
| Applied Digital Corp (b)(c) | 80767 | 366682 |
| ASGN Inc (b) | 20172 | 1016265 |
| Backblaze Inc Class A (b) | 19980 | 87912 |
| BigBear.ai Holdings Inc (b)(c) | 44793 | 152744 |
| BigCommerce Holdings Inc (b) | 30049 | 155654 |
| Cloudflare Inc Class A (b) | 140708 | 16994712 |
| Cognizant Technology Solutions Corp Class A  | 226067 | 16631749 |
| Couchbase Inc (b)(c) | 19127 | 337400 |
| DigitalOcean Holdings Inc (b) | 29020 | 896718 |
| DXC Technology Co (b) | 82630 | 1282418 |
| EPAM Systems Inc (b) | 25946 | 4071187 |
| Fastly Inc Class A (b) | 58969 | 339072 |
| Gartner Inc (b) | 35114 | 14785803 |
| GoDaddy Inc Class A (b) | 64524 | 12151805 |
| Grid Dynamics Holdings Inc (b) | 27928 | 395460 |
| Hackett Group Inc/The  | 11667 | 297975 |
| IBM Corporation  | 422517 | 102173062 |
| Kyndryl Holdings Inc (b) | 106255 | 3444787 |
| MongoDB Inc Class A (b) | 34047 | 5861872 |
| Okta Inc Class A (b) | 74787 | 8388110 |
| Rackspace Technology Inc (b) | 34991 | 47588 |
| Snowflake Inc Class A (b) | 150857 | 24060183 |
| TSS Inc/MD (b)(c) | 5747 | 39309 |
| Twilio Inc Class A (b) | 70111 | 6780435 |
| Unisys Corp (b) | 31676 | 125754 |
| VeriSign Inc (b) | 37160 | 10483579 |
|  |  | 241478182 |
| Semiconductors & Semiconductor Equipment - 9.1% |  |  |
| ACM Research Inc Class A (b) | 22164 | 431533 |
| Advanced Micro Devices Inc (b) | 740512 | 72088843 |
| Aehr Test Systems (b)(c) | 12588 | 107376 |
| Alpha & Omega Semiconductor Ltd (b) | 10811 | 203571 |
| Ambarella Inc (b) | 18028 | 865164 |
| Amkor Technology Inc  | 51848 | 904748 |
| Analog Devices Inc  | 226695 | 44187389 |
| Applied Materials Inc  | 371369 | 55969022 |
| Atomera Inc (b)(c) | 13473 | 59145 |
| Axcelis Technologies Inc (b) | 14878 | 728724 |
| Broadcom Inc  | 2141919 | 412255150 |
| CEVA Inc (b) | 11001 | 288336 |
| Cirrus Logic Inc (b) | 24331 | 2336749 |
| Cohu Inc (b) | 21631 | 346096 |
| Credo Technology Group Holding Ltd (b) | 65600 | 2824080 |
| Diodes Inc (b) | 21314 | 818458 |
| Enphase Energy Inc (b) | 60489 | 2697205 |
| Entegris Inc  | 69119 | 5468695 |
| First Solar Inc (b) | 48936 | 6157128 |
| FormFactor Inc (b) | 35385 | 995734 |
| Ichor Holdings Ltd (b) | 15249 | 301625 |
| Impinj Inc (b) | 10576 | 974367 |
| Intel Corp  | 1978676 | 39771388 |
| KLA Corp  | 60723 | 42669445 |
| Kopin Corp (b) | 65898 | 84348 |
| Lam Research Corp  | 586611 | 42042410 |
| Lattice Semiconductor Corp (b) | 63136 | 3089244 |
| MACOM Technology Solutions Holdings Inc (b) | 27130 | 2814738 |
| Marvell Technology Inc  | 395424 | 23080899 |
| MaxLinear Inc Class A (b) | 35419 | 353836 |
| Microchip Technology Inc  | 245808 | 11326833 |
| Micron Technology Inc  | 509159 | 39179785 |
| MKS Instruments Inc  | 30699 | 2153228 |
| Monolithic Power Systems Inc  | 21857 | 12963387 |
| Navitas Semiconductor Corp Class A (b)(c) | 60545 | 116852 |
| NVE Corp  | 2246 | 130515 |
| NVIDIA Corp  | 11190873 | 1218909887 |
| ON Semiconductor Corp (b) | 192657 | 7648483 |
| Onto Innovation Inc (b) | 22558 | 2751399 |
| PDF Solutions Inc (b) | 14225 | 261029 |
| Penguin Solutions Inc (b) | 24196 | 413026 |
| Photronics Inc (b) | 28973 | 529337 |
| Power Integrations Inc  | 25968 | 1275548 |
| Qorvo Inc (b) | 42610 | 3053859 |
| QUALCOMM Inc  | 505374 | 75027824 |
| Rambus Inc (b) | 48775 | 2379732 |
| Rigetti Computing Inc Class A (b)(c) | 112547 | 998292 |
| Semtech Corp (b) | 39186 | 1224563 |
| Silicon Laboratories Inc (b) | 14867 | 1512866 |
| SiTime Corp (b) | 8721 | 1280766 |
| SkyWater Technology Inc (b) | 9681 | 68637 |
| Skyworks Solutions Inc  | 73395 | 4717831 |
| SolarEdge Technologies Inc (b)(c) | 26259 | 321279 |
| Synaptics Inc (b) | 17884 | 995423 |
| Teradyne Inc  | 74456 | 5525380 |
| Texas Instruments Inc  | 415964 | 66575038 |
| Ultra Clean Holdings Inc (b) | 20598 | 385286 |
| Universal Display Corp  | 20144 | 2530691 |
| Veeco Instruments Inc (b) | 26410 | 493867 |
| Wolfspeed Inc (b)(c) | 71032 | 252164 |
|  |  | 2229918253 |
| Software - 10.4% |  |  |
| 8x8 Inc (b) | 57370 | 101545 |
| A10 Networks Inc  | 33732 | 555903 |
| ACI Worldwide Inc (b) | 47886 | 2555197 |
| Adeia Inc  | 49884 | 614072 |
| Adobe Inc (b) | 198919 | 74590647 |
| Agilysys Inc (b) | 10222 | 760006 |
| Alarm.com Holdings Inc (b) | 22556 | 1209002 |
| Alkami Technology Inc (b) | 30311 | 809001 |
| Amplitude Inc Class A (b) | 38505 | 353861 |
| ANSYS Inc (b) | 39967 | 12864578 |
| Appfolio Inc Class A (b) | 10618 | 2192829 |
| Appian Corp Class A (b)(c) | 19472 | 604606 |
| AppLovin Corp Class A (b) | 101783 | 27411180 |
| Arteris Inc (b) | 11585 | 77155 |
| Asana Inc Class A (b) | 38564 | 622423 |
| Atlassian Corp Class A (b) | 74949 | 17111606 |
| Aurora Innovation Inc Class A (b)(c) | 476712 | 3451395 |
| Autodesk Inc (b) | 98245 | 26943691 |
| AvePoint Inc Class A (b) | 47283 | 773077 |
| Bentley Systems Inc Class B  | 70305 | 3022412 |
| BILL Holdings Inc (b) | 42779 | 1949439 |
| Blackbaud Inc (b) | 17346 | 1050127 |
| BlackLine Inc (b) | 23657 | 1117320 |
| Blend Labs Inc Class A (b) | 88819 | 297544 |
| Box Inc Class A (b) | 65621 | 2048688 |
| Braze Inc Class A (b) | 31201 | 971287 |
| C3.ai Inc Class A (b)(c) | 52153 | 1147888 |
| Cadence Design Systems Inc (b) | 125333 | 37316647 |
| Ccc Intelligent Solutions Holdings Inc Class A (b) | 216320 | 2003123 |
| Cerence Inc (b) | 19726 | 178718 |
| Cipher Mining Inc (b)(c) | 102363 | 291735 |
| Cleanspark Inc (b)(c) | 126822 | 1036136 |
| Clear Secure Inc Class A  | 42886 | 1058426 |
| Clearwater Analytics Holdings Inc Class A (b) | 100407 | 2283255 |
| Commvault Systems Inc (b) | 20139 | 3365831 |
| Confluent Inc Class A (b) | 117714 | 2802770 |
| Consensus Cloud Solutions Inc (b) | 7889 | 156676 |
| Core Scientific Inc (b)(c) | 127324 | 1031324 |
| Crowdstrike Holdings Inc Class A (b) | 112560 | 48273607 |
| Daily Journal Corp (b) | 423 | 160309 |
| Datadog Inc Class A (b) | 143155 | 14624715 |
| Digimarc Corp (b) | 6897 | 90281 |
| Digital Turbine Inc (b) | 43887 | 131661 |
| Docusign Inc (b) | 92347 | 7549367 |
| Dolby Laboratories Inc Class A  | 27935 | 2145129 |
| Domo Inc Class B (b) | 15193 | 112884 |
| DoubleVerify Holdings Inc (b) | 64147 | 850589 |
| Dropbox Inc Class A (b) | 98683 | 2817400 |
| Dynatrace Inc (b) | 136947 | 6432401 |
| E2open Parent Holdings Inc Class A (b) | 96589 | 190280 |
| Elastic NV (b) | 39819 | 3432398 |
| Expensify Inc Class A (b) | 22932 | 67878 |
| Fair Isaac Corp (b) | 11158 | 22200849 |
| Five9 Inc (b)(c) | 34306 | 862453 |
| Fortinet Inc (b) | 290689 | 30161891 |
| Freshworks Inc Class A (b) | 86133 | 1272184 |
| Gen Digital Inc  | 247968 | 6414932 |
| Gitlab Inc Class A (b) | 56038 | 2615293 |
| Guidewire Software Inc (b) | 38176 | 7817300 |
| HubSpot Inc (b) | 23840 | 14578160 |
| I3 Verticals Inc Class A (b) | 9680 | 243162 |
| Informatica Inc Class A (b) | 37889 | 713450 |
| Intapp Inc (b) | 24259 | 1316293 |
| InterDigital Inc  | 11744 | 2360544 |
| Intuit Inc  | 127912 | 80260943 |
| Jamf Holding Corp (b) | 28833 | 333598 |
| Klaviyo Inc Class A (b) | 36027 | 1096662 |
| LiveRamp Holdings Inc (b) | 30078 | 786840 |
| Manhattan Associates Inc (b) | 27954 | 4958760 |
| MARA Holdings Inc (b)(c) | 154796 | 2069623 |
| Meridianlink Inc (b) | 12298 | 207959 |
| Microsoft Corp  | 3396984 | 1342691896 |
| MicroStrategy Inc Class A (b)(c) | 108908 | 41397020 |
| Mitek Systems Inc (b) | 20705 | 171437 |
| N-able Inc/US (b) | 32272 | 227840 |
| nCino Inc (b)(c) | 42210 | 979272 |
| NCR Voyix Corp (b) | 66708 | 571688 |
| NextNav Inc Class A (b) | 30131 | 374227 |
| Nutanix Inc Class A (b) | 113900 | 7824930 |
| Olo Inc Class A (b) | 50705 | 314371 |
| OneSpan Inc  | 16391 | 243734 |
| Onestream Inc Class A (c) | 23494 | 502772 |
| Ooma Inc (b) | 11437 | 139875 |
| Oracle Corp  | 741291 | 104314470 |
| PagerDuty Inc (b) | 41137 | 638035 |
| Palantir Technologies Inc Class A (b) | 936686 | 110941090 |
| Palo Alto Networks Inc (b) | 302563 | 56558102 |
| Pegasystems Inc  | 20372 | 1875854 |
| Porch Group Inc (b) | 42949 | 249104 |
| Procore Technologies Inc (b) | 49002 | 3140538 |
| Progress Software Corp  | 19804 | 1187448 |
| PROS Holdings Inc (b) | 19973 | 341139 |
| PTC Inc (b) | 55017 | 8525984 |
| Q2 Holdings Inc (b) | 27677 | 2193402 |
| Qualys Inc (b) | 16754 | 2106145 |
| Rapid7 Inc (b) | 28835 | 681083 |
| Red Violet Inc  | 5241 | 204713 |
| Rekor Systems Inc (b)(c) | 48173 | 50581 |
| RingCentral Inc Class A (b) | 36513 | 931082 |
| Riot Platforms Inc (b)(c) | 136382 | 987406 |
| Roper Technologies Inc  | 48997 | 27442240 |
| Rubrik Inc Class A (b) | 39729 | 2802086 |
| Salesforce Inc  | 437302 | 117507420 |
| Samsara Inc Class A (b) | 115793 | 4592350 |
| SEMrush Holdings Inc Class A (b) | 15282 | 157099 |
| SentinelOne Inc Class A (b) | 134676 | 2491506 |
| Servicenow Inc (b) | 94135 | 89899866 |
| SoundHound AI Inc Class A (b)(c) | 164561 | 1528772 |
| Sprinklr Inc Class A (b) | 51072 | 392744 |
| Sprout Social Inc Class A (b) | 23269 | 486555 |
| SPS Commerce Inc (b) | 17333 | 2487459 |
| Synopsys Inc (b) | 70643 | 32425843 |
| Telos Corp (b) | 23100 | 63062 |
| Tenable Holdings Inc (b) | 54621 | 1669764 |
| Teradata Corp (b) | 43679 | 939099 |
| Terawulf Inc (b)(c) | 140838 | 391530 |
| Tyler Technologies Inc (b) | 19565 | 10629665 |
| UiPath Inc Class A (b) | 194005 | 2316420 |
| Unity Software Inc (b) | 134514 | 2834210 |
| Varonis Systems Inc (b) | 51391 | 2201590 |
| Verint Systems Inc (b) | 28468 | 502176 |
| Veritone Inc (b)(c) | 17797 | 36305 |
| Vertex Inc Class A (b) | 23799 | 952674 |
| Viant Technology Inc Class A (b) | 7327 | 104849 |
| Weave Communications Inc (b) | 18305 | 194033 |
| Workday Inc Class A (b) | 97806 | 23962470 |
| Workiva Inc Class A (b) | 23534 | 1771404 |
| Xperi Inc (b) | 20699 | 152966 |
| Yext Inc (b) | 49566 | 337049 |
| Zeta Global Holdings Corp Class A (b) | 96954 | 1266219 |
| Zoom Communications Inc Class A (b) | 119796 | 9288982 |
| Zscaler Inc (b) | 43492 | 9836586 |
|  |  | 2545911146 |
| Technology Hardware, Storage & Peripherals - 6.3% |  |  |
| Apple Inc  | 6864415 | 1458688188 |
| CompoSecure Inc Class A  | 17579 | 193193 |
| Corsair Gaming Inc (b) | 20473 | 144949 |
| Dell Technologies Inc Class C  | 142577 | 13082866 |
| Diebold Nixdorf Inc (b) | 17156 | 760525 |
| Eastman Kodak Co (b)(c) | 33557 | 211074 |
| Hewlett Packard Enterprise Co  | 600243 | 9735941 |
| HP Inc  | 428547 | 10957947 |
| Immersion Corp  | 13961 | 100938 |
| IonQ Inc (b)(c) | 90007 | 2471592 |
| NetApp Inc  | 92925 | 8340019 |
| Pure Storage Inc Class A (b) | 141682 | 6426696 |
| Sandisk Corp/DE  | 52607 | 1689211 |
| Seagate Technology Holdings PLC  | 96748 | 8806970 |
| Super Micro Computer Inc (b)(c) | 230152 | 7332643 |
| Turtle Beach Corp (b) | 7300 | 84314 |
| Western Digital Corp (b) | 159006 | 6974003 |
| Xerox Holdings Corp (c) | 52962 | 233562 |
|  |  | 1536234631 |
| TOTAL INFORMATION TECHNOLOGY |  | 6921464694 |
| Materials - 2.3% |  |  |
| Chemicals - 1.3% |  |  |
| AdvanSix Inc  | 12221 | 261774 |
| Air Products and Chemicals Inc  | 101653 | 27557112 |
| Albemarle Corp  | 53817 | 3150985 |
| American Vanguard Corp  | 13340 | 56295 |
| Arq Inc (b) | 14422 | 54659 |
| Ashland Inc  | 21533 | 1171180 |
| ASP Isotopes Inc (b)(c) | 25070 | 132370 |
| Aspen Aerogels Inc (b) | 30771 | 166163 |
| Avient Corp  | 41664 | 1387828 |
| Axalta Coating Systems Ltd (b) | 99899 | 3246718 |
| Balchem Corp  | 14887 | 2330560 |
| Cabot Corp  | 24752 | 1944022 |
| Celanese Corp  | 49863 | 2219402 |
| CF Industries Holdings Inc  | 79532 | 6232923 |
| Chemours Co/The  | 68161 | 843833 |
| Corteva Inc  | 313270 | 19419607 |
| Danimer Scientific Inc warrants 7/15/2025 (b) | 10770 | 4 |
| Dow Inc  | 321852 | 9845453 |
| DuPont de Nemours Inc  | 191091 | 12610095 |
| Eastman Chemical Co  | 52689 | 4057053 |
| Ecolab Inc  | 115128 | 28946633 |
| Ecovyst Inc (b) | 47839 | 286077 |
| Element Solutions Inc  | 101708 | 2075860 |
| FMC Corp  | 56950 | 2387344 |
| Ginkgo Bioworks Holdings Inc Class A (b)(c) | 18364 | 135343 |
| Hawkins Inc  | 8692 | 1058512 |
| HB Fuller Co  | 24932 | 1347325 |
| Huntsman Corp  | 74263 | 988441 |
| Ingevity Corp (b) | 16474 | 543313 |
| Innospec Inc  | 11371 | 1017477 |
| International Flavors & Fragrances Inc  | 116887 | 9170954 |
| Intrepid Potash Inc (b) | 4355 | 143889 |
| Koppers Holdings Inc  | 9258 | 232005 |
| Kronos Worldwide Inc  | 10509 | 81024 |
| Linde PLC  | 217564 | 98606533 |
| LSB Industries Inc (b) | 24883 | 158754 |
| LyondellBasell Industries NV Class A1  | 118539 | 6900155 |
| Mativ Holdings Inc  | 24821 | 126835 |
| Minerals Technologies Inc  | 14516 | 748880 |
| Mosaic Co/The  | 145281 | 4416542 |
| NewMarket Corp  | 3478 | 2140013 |
| Olin Corp  | 52790 | 1141320 |
| Origin Materials Inc Class A (b)(c) | 52342 | 36985 |
| Perimeter Solutions Inc  | 62659 | 634736 |
| PPG Industries Inc  | 106077 | 11547542 |
| PureCycle Technologies Inc (b)(c) | 67733 | 454488 |
| Quaker Chemical Corp  | 6247 | 661807 |
| Rayonier Advanced Materials Inc (b) | 29674 | 126411 |
| RPM International Inc  | 58794 | 6276260 |
| Scotts Miracle-Gro Co/The  | 19616 | 988254 |
| Sensient Technologies Corp  | 19316 | 1814738 |
| Sherwin-Williams Co/The  | 105858 | 37359406 |
| Stepan Co  | 9662 | 488511 |
| Trinseo PLC  | 17088 | 68010 |
| Tronox Holdings PLC  | 53373 | 288748 |
| Westlake Corp  | 15275 | 1411868 |
|  |  | 321499029 |
| Construction Materials - 0.2% |  |  |
| CRH PLC  | 310370 | 29615505 |
| Eagle Materials Inc  | 15200 | 3441128 |
| Knife River Corp (b) | 25849 | 2413780 |
| Martin Marietta Materials Inc  | 27932 | 14635809 |
| United States Lime & Minerals Inc  | 4850 | 453524 |
| Vulcan Materials Co  | 60352 | 15832140 |
|  |  | 66391886 |
| Containers & Packaging - 0.3% |  |  |
| Amcor PLC (c) | 659914 | 6071209 |
| AptarGroup Inc  | 30421 | 4561629 |
| Ardagh Metal Packaging SA  | 65369 | 242519 |
| Avery Dennison Corp  | 36759 | 6289832 |
| Ball Corp  | 136433 | 7086330 |
| Crown Holdings Inc  | 53436 | 5147490 |
| Graphic Packaging Holding CO  | 137327 | 3475746 |
| Greif Inc Class A  | 11871 | 622990 |
| International Paper Co  | 240952 | 11006687 |
| Myers Industries Inc  | 17002 | 178521 |
| O-I Glass Inc (b) | 70325 | 890315 |
| Packaging Corp of America  | 40750 | 7563608 |
| Ranpak Holdings Corp Class A (b) | 19855 | 81604 |
| Sealed Air Corp  | 66449 | 1831334 |
| Silgan Holdings Inc  | 37051 | 1913684 |
| Smurfit WestRock PLC  | 225892 | 9491982 |
| Sonoco Products Co  | 44803 | 1836923 |
| TriMas Corp  | 17591 | 423064 |
|  |  | 68715467 |
| Metals & Mining - 0.5% |  |  |
| Alcoa Corp (c) | 118274 | 2901261 |
| Alpha Metallurgical Resources Inc (b) | 5027 | 610026 |
| ATI Inc (b) | 65132 | 3541878 |
| Carpenter Technology Corp  | 22802 | 4460299 |
| Century Aluminum Co (b) | 23968 | 393315 |
| Cleveland-Cliffs Inc (b)(c) | 220829 | 1819631 |
| Coeur Mining Inc (b) | 291423 | 1617398 |
| Commercial Metals Co  | 51900 | 2311626 |
| Compass Minerals International Inc (b) | 15569 | 209247 |
| Contango ORE Inc (b) | 4485 | 63059 |
| Freeport-McMoRan Inc  | 656790 | 23664144 |
| Hecla Mining Co  | 288646 | 1651055 |
| Idaho Strategic Resources Inc (b)(c) | 5328 | 85195 |
| Ivanhoe Electric Inc / US (b)(c) | 41871 | 263787 |
| Kaiser Aluminum Corp  | 7252 | 467464 |
| Materion Corp  | 9430 | 782784 |
| Mesabi Trust  | 6007 | 167836 |
| Metallus Inc (b) | 17198 | 217555 |
| MP Materials Corp (b)(c) | 55294 | 1352491 |
| Newmont Corp  | 520245 | 27406507 |
| Nucor Corp  | 107313 | 12809953 |
| Olympic Steel Inc  | 4521 | 145802 |
| Piedmont Lithium Inc (b)(c) | 9473 | 70858 |
| Radius Recycling Inc Class A  | 12275 | 360026 |
| Ramaco Resources Inc Class A  | 12280 | 123782 |
| Reliance Inc  | 24733 | 7128793 |
| Royal Gold Inc  | 30065 | 5493176 |
| Ryerson Holding Corp  | 12373 | 289281 |
| Steel Dynamics Inc  | 64711 | 8393664 |
| SunCoke Energy Inc  | 38117 | 345340 |
| United States Steel Corp  | 102904 | 4497934 |
| Warrior Met Coal Inc  | 24009 | 1148110 |
| Worthington Steel Inc  | 16027 | 411253 |
|  |  | 115204530 |
| Paper & Forest Products - 0.0% |  |  |
| Clearwater Paper Corp (b) | 7586 | 203760 |
| Louisiana-Pacific Corp  | 28555 | 2464582 |
| Sylvamo Corp  | 15562 | 927806 |
|  |  | 3596148 |
| TOTAL MATERIALS |  | 575407060 |
| Real Estate - 2.7% |  |  |
| Diversified REITs - 0.1% |  |  |
| Alexander & Baldwin Inc  | 33607 | 577368 |
| Alpine Income Property Trust Inc  | 5957 | 92035 |
| American Assets Trust Inc  | 21742 | 407228 |
| Armada Hoffler Properties Inc Class A  | 36689 | 248385 |
| Broadstone Net Lease Inc Class A  | 86510 | 1399732 |
| CTO Realty Growth Inc  | 12360 | 225817 |
| Empire State Realty Trust Inc Class A  | 62539 | 445278 |
| Essential Properties Realty Trust Inc  | 86286 | 2775821 |
| Gladstone Commercial Corp  | 20456 | 289043 |
| Global Net Lease Inc  | 90766 | 685283 |
| One Liberty Properties Inc  | 7332 | 178900 |
| WP Carey Inc  | 100165 | 6254303 |
|  |  | 13579193 |
| Health Care REITs - 0.4% |  |  |
| Alexandria Real Estate Equities Inc  | 70522 | 5124129 |
| American Healthcare REIT Inc  | 69901 | 2256404 |
| CareTrust REIT Inc  | 86011 | 2517542 |
| Community Healthcare Trust Inc  | 11479 | 196060 |
| Diversified Healthcare Trust  | 99456 | 224771 |
| Global Medical REIT Inc  | 29072 | 225017 |
| Healthcare Realty Trust Inc  | 162008 | 2515984 |
| Healthpeak Properties Inc  | 320230 | 5712903 |
| LTC Properties Inc  | 20875 | 748786 |
| Medical Properties Trust Inc (c) | 273976 | 1512348 |
| National Health Investors Inc  | 20784 | 1572725 |
| Omega Healthcare Investors Inc  | 128971 | 5036318 |
| Sabra Health Care REIT Inc  | 108079 | 1929210 |
| Sila Realty Trust Inc  | 25352 | 653068 |
| Universal Health Realty Income Trust  | 5940 | 226967 |
| Ventas Inc  | 199808 | 14002545 |
| Welltower Inc  | 278403 | 42481514 |
|  |  | 86936291 |
| Hotel & Resort REITs - 0.0% |  |  |
| Apple Hospitality REIT Inc  | 102110 | 1201835 |
| Chatham Lodging Trust  | 22722 | 156100 |
| DiamondRock Hospitality Co  | 95257 | 699186 |
| Host Hotels & Resorts Inc  | 320116 | 4520038 |
| Park Hotels & Resorts Inc  | 94489 | 939221 |
| Pebblebrook Hotel Trust  | 54793 | 495877 |
| RLJ Lodging Trust  | 69618 | 488022 |
| Ryman Hospitality Properties Inc  | 27390 | 2408951 |
| Service Properties Trust  | 76229 | 137211 |
| Summit Hotel Properties Inc  | 49836 | 202833 |
| Sunstone Hotel Investors Inc  | 91987 | 767172 |
| Xenia Hotels & Resorts Inc  | 46658 | 498307 |
|  |  | 12514753 |
| Industrial REITs - 0.3% |  |  |
| Americold Realty Trust Inc  | 119430 | 2309776 |
| EastGroup Properties Inc  | 23813 | 3891520 |
| First Industrial Realty Trust Inc  | 60753 | 2890628 |
| Lineage Inc (c) | 27153 | 1309589 |
| LXP Industrial Trust  | 135744 | 1071020 |
| Plymouth Industrial REIT Inc  | 18364 | 273073 |
| Prologis Inc  | 423575 | 43289366 |
| Rexford Industrial Realty Inc  | 104374 | 3454779 |
| STAG Industrial Inc Class A  | 85702 | 2830737 |
| Terreno Realty Corp  | 45774 | 2578449 |
|  |  | 63898937 |
| Office REITs - 0.1% |  |  |
| Brandywine Realty Trust  | 79161 | 313478 |
| BXP Inc  | 66654 | 4247859 |
| COPT Defense Properties  | 51475 | 1344012 |
| Cousins Properties Inc  | 76717 | 2112786 |
| Douglas Emmett Inc  | 76493 | 1057898 |
| Easterly Government Properties Inc  | 18208 | 367255 |
| Highwoods Properties Inc  | 49274 | 1401353 |
| Hudson Pacific Properties Inc  | 64738 | 132713 |
| JBG SMITH Properties  | 38716 | 541250 |
| Kilroy Realty Corp  | 48579 | 1530724 |
| NET Lease Office Properties (b) | 6906 | 208768 |
| Orion Properties Inc  | 22818 | 41757 |
| Paramount Group Inc  | 84159 | 361042 |
| Peakstone Realty Trust  | 16854 | 193990 |
| Piedmont Office Realty Trust Inc Class A1  | 56992 | 336823 |
| Postal Realty Trust Inc Class A  | 10247 | 135670 |
| SL Green Realty Corp  | 31989 | 1682941 |
| Vornado Realty Trust  | 75842 | 2675706 |
|  |  | 18686025 |
| Real Estate Management & Development - 0.2% |  |  |
| Anywhere Real Estate Inc (b) | 44936 | 155479 |
| CBRE Group Inc Class A (b) | 135107 | 16507373 |
| Compass Inc Class A (b) | 191509 | 1478449 |
| CoStar Group Inc (b) | 192654 | 14289147 |
| Cushman & Wakefield PLC (b) | 104590 | 980008 |
| Douglas Elliman Inc (b) | 30562 | 50733 |
| eXp World Holdings Inc  | 38611 | 353677 |
| Forestar Group Inc (b) | 8651 | 166618 |
| Howard Hughes Holdings Inc (b) | 13838 | 920642 |
| Jones Lang LaSalle Inc (b) | 21668 | 4927520 |
| Kennedy-Wilson Holdings Inc  | 53884 | 344858 |
| Marcus & Millichap Inc  | 11000 | 334400 |
| Newmark Group Inc Class A  | 63279 | 695436 |
| Opendoor Technologies Inc Class A (b) | 290572 | 220341 |
| RE/MAX Holdings Inc Class A (b) | 8806 | 67366 |
| Redfin Corp (b) | 57073 | 542764 |
| RMR Group Inc/The Class A  | 7216 | 105931 |
| Seaport Entertainment Group Inc (c) | 4007 | 76734 |
| St Joe Co/The  | 17349 | 734210 |
| Tejon Ranch Co (b) | 11331 | 191834 |
| Zillow Group Inc Class A (b) | 26887 | 1774004 |
| Zillow Group Inc Class C (b) | 71260 | 4797936 |
|  |  | 49715460 |
| Residential REITs - 0.3% |  |  |
| American Homes 4 Rent Class A  | 145188 | 5428579 |
| Apartment Investment and Management Co Class A  | 59653 | 471855 |
| AvalonBay Communities Inc  | 64956 | 13639461 |
| Camden Property Trust  | 48855 | 5559699 |
| Centerspace  | 7675 | 463263 |
| Elme Communities  | 40409 | 629168 |
| Equity LifeStyle Properties Inc  | 87412 | 5662549 |
| Equity Residential  | 156262 | 10978968 |
| Essex Property Trust Inc  | 29391 | 8204498 |
| Independence Realty Trust Inc  | 105929 | 2058200 |
| Invitation Homes Inc  | 260525 | 8907350 |
| Mid-America Apartment Communities Inc  | 53472 | 8536805 |
| NexPoint Residential Trust Inc  | 10138 | 377945 |
| Sun Communities Inc  | 54770 | 6815031 |
| UDR Inc  | 137829 | 5772279 |
| UMH Properties Inc  | 33689 | 595285 |
| Veris Residential Inc  | 37156 | 576661 |
|  |  | 84677596 |
| Retail REITs - 0.3% |  |  |
| Acadia Realty Trust  | 54844 | 1047520 |
| Agree Realty Corp  | 48995 | 3802502 |
| Alexander's Inc  | 995 | 205368 |
| Brixmor Property Group Inc  | 140270 | 3494126 |
| CBL & Associates Properties Inc  | 6519 | 153000 |
| Curbline Properties Corp  | 43368 | 992694 |
| Federal Realty Investment Trust  | 35391 | 3327462 |
| FrontView REIT Inc  | 6767 | 84180 |
| Getty Realty Corp  | 23429 | 655778 |
| InvenTrust Properties Corp  | 35642 | 992986 |
| Kimco Realty Corp  | 311117 | 6216118 |
| Kite Realty Group Trust  | 101115 | 2189140 |
| Macerich Co/The  | 113488 | 1663734 |
| NETSTREIT Corp  | 37558 | 611069 |
| NNN REIT Inc  | 85947 | 3533281 |
| Phillips Edison & Co Inc  | 57430 | 1992821 |
| Realty Income Corp  | 399972 | 23142380 |
| Regency Centers Corp  | 74749 | 5395383 |
| Saul Centers Inc  | 5701 | 186423 |
| Simon Property Group Inc  | 140169 | 22059797 |
| SITE Centers Corp  | 22063 | 261226 |
| Tanger Inc  | 50627 | 1595257 |
| Urban Edge Properties  | 57481 | 1038682 |
| Whitestone REIT  | 20639 | 269133 |
|  |  | 84910060 |
| Specialized REITs - 1.0% |  |  |
| American Tower Corp  | 213540 | 48134052 |
| Crown Castle Inc  | 198626 | 21006686 |
| CubeSmart  | 103743 | 4219228 |
| Digital Realty Trust Inc  | 144624 | 23217937 |
| EPR Properties  | 34716 | 1718095 |
| Equinix Inc  | 44480 | 38286161 |
| Extra Space Storage Inc  | 96941 | 14203795 |
| Farmland Partners Inc  | 20053 | 201733 |
| Four Corners Property Trust Inc  | 45950 | 1284303 |
| Gaming and Leisure Properties Inc  | 125601 | 6011264 |
| Gladstone Land Corp  | 15740 | 156298 |
| Iron Mountain Inc  | 134279 | 12040798 |
| Lamar Advertising Co Class A  | 40168 | 4571520 |
| Millrose Properties Inc Class A  | 54910 | 1374946 |
| National Storage Affiliates Trust  | 32106 | 1194343 |
| Outfront Media Inc  | 62979 | 952872 |
| PotlatchDeltic Corp  | 32839 | 1260689 |
| Public Storage Operating Co  | 72042 | 21643578 |
| Rayonier Inc  | 64879 | 1586940 |
| Safehold Inc  | 21253 | 334735 |
| SBA Communications Corp Class A  | 49147 | 11962380 |
| Uniti Group Inc  | 111326 | 547724 |
| VICI Properties Inc  | 481864 | 15429285 |
| Weyerhaeuser Co  | 332089 | 8604426 |
|  |  | 239943788 |
| TOTAL REAL ESTATE |  | 654862103 |
| Utilities - 2.5% |  |  |
| Electric Utilities - 1.6% |  |  |
| ALLETE Inc  | 26506 | 1735878 |
| Alliant Energy Corp  | 117274 | 7158405 |
| American Electric Power Co Inc  | 243650 | 26397041 |
| Constellation Energy Corp  | 142962 | 31943429 |
| Duke Energy Corp  | 354563 | 43263777 |
| Edison International  | 176970 | 9469665 |
| Entergy Corp  | 195941 | 16296413 |
| Evergy Inc  | 105080 | 7261028 |
| Eversource Energy  | 167691 | 9974261 |
| Exelon Corp  | 459308 | 21541545 |
| FirstEnergy Corp  | 234457 | 10053516 |
| Hawaiian Electric Industries Inc (b) | 78698 | 826329 |
| IDACORP Inc  | 24388 | 2879979 |
| MGE Energy Inc  | 16512 | 1493015 |
| NextEra Energy Inc  | 939715 | 62848139 |
| NRG Energy Inc  | 92595 | 10146560 |
| OGE Energy Corp  | 91882 | 4169605 |
| Oklo Inc Class A (b)(c) | 32858 | 780049 |
| Otter Tail Corp  | 19109 | 1516872 |
| PG&E Corp  | 1002494 | 16561201 |
| Pinnacle West Capital Corp  | 51983 | 4947742 |
| Portland General Electric Co  | 49892 | 2101451 |
| PPL Corp  | 337338 | 12312837 |
| Southern Co/The  | 500640 | 46003810 |
| TXNM Energy Inc  | 41129 | 2188063 |
| Xcel Energy Inc  | 262369 | 18549488 |
|  |  | 372420098 |
| Gas Utilities - 0.1% |  |  |
| Atmos Energy Corp  | 72543 | 11652583 |
| Chesapeake Utilities Corp  | 10420 | 1372001 |
| MDU Resources Group Inc  | 93255 | 1598391 |
| National Fuel Gas Co  | 41357 | 3175390 |
| New Jersey Resources Corp  | 45849 | 2243850 |
| Northwest Natural Holding Co  | 18281 | 787911 |
| ONE Gas Inc  | 25855 | 2029876 |
| Southwest Gas Holdings Inc  | 27521 | 1987291 |
| Spire Inc  | 26625 | 2037878 |
| UGI Corp  | 98238 | 3221224 |
|  |  | 30106395 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| AES Corp/The  | 325429 | 3254290 |
| Clearway Energy Inc Class A  | 15557 | 425484 |
| Clearway Energy Inc Class C  | 38063 | 1116768 |
| Ormat Technologies Inc  | 26250 | 1905750 |
| Talen Energy Corp (b) | 21016 | 4520121 |
| Vistra Corp  | 155486 | 20155651 |
|  |  | 31378064 |
| Multi-Utilities - 0.6% |  |  |
| Ameren Corp  | 123323 | 12238575 |
| Avista Corp  | 36138 | 1498643 |
| Black Hills Corp  | 32680 | 1990212 |
| CenterPoint Energy Inc  | 297809 | 11549033 |
| CMS Energy Corp  | 136583 | 10059338 |
| Consolidated Edison Inc  | 158341 | 17852948 |
| Dominion Energy Inc  | 383913 | 20877189 |
| DTE Energy Co  | 94717 | 12976229 |
| NiSource Inc  | 214802 | 8400906 |
| Northwestern Energy Group Inc  | 27978 | 1629159 |
| Public Service Enterprise Group Inc  | 227668 | 18197503 |
| Sempra  | 289462 | 21498343 |
| Unitil Corp  | 7458 | 437486 |
| WEC Energy Group Inc  | 145154 | 15897266 |
|  |  | 155102830 |
| Water Utilities - 0.1% |  |  |
| American States Water Co  | 17259 | 1399877 |
| American Water Works Co Inc  | 89073 | 13094622 |
| Cadiz Inc (b) | 21879 | 62136 |
| California Water Service Group  | 27175 | 1376414 |
| Consolidated Water Co Ltd  | 6867 | 159589 |
| Essential Utilities Inc  | 115550 | 4752572 |
| Middlesex Water Co  | 8157 | 514870 |
| SJW Group  | 13868 | 786870 |
| York Water Co/The  | 6624 | 233165 |
|  |  | 22380115 |
| TOTAL UTILITIES |  | 611387502 |
| TOTAL UNITED STATES |  | 24296729190 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $17,598,424,871) |  | <br> **24503090274** |

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---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** | &nbsp;&nbsp;**Money Market Funds - 0.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.33 | 51715875 | 51726218 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.33 | 162204987 | 162221208 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $213,947,426) |  |  | **213947426** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/29/2025 (i)<br>(Cost $3,807,503)<br>| 4.25 | 3820000 | **3807462** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.6%**<br> (Cost $17,816,179,800)<br>| <br>**24720845162** |
| **NET OTHER ASSETS (LIABILITIES) - (0.6)%**  | **(142011200)** |
| **NET ASSETS - 100.0%** | **24578833962** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| CME E-Mini Russell 2000 Index Contracts (United States) | 65 | Jun 2025 | 6401850 | 429696 | 429696 |
| CME E-Mini S&P 500 Index Contracts (United States) | 246 | Jun 2025 | 68720100 | 4928877 | 4928877 |
| CME S&P 400 Midcap Index Contracts (United States) | 12 | Jun 2025 | 3429360 | 224862 | 224862 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **5583435** |
| The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% | The notional amount of futures purchased as a percentage of Net Assets is 0.3% |

---

**Legend**

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

(b) Non-income producing

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

(d) Level 3 security

(e) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $292,729 or 0.0% of net assets.

(f) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

(i) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,807,462.

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 43045242 | 1040522049 | 1031841073 | 1319992 | - | - | 51726218 | 51715875 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 160056780 | 416355529 | 414191101 | 631909 | - | - | 162221208 | 162204987 | 0.5% |
| Total | 203102022 | 1456877578 | 1446032174 | 1951901 | - | - | 213947426 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 2125663119 | 2125663119 | - | - |
| Consumer Discretionary | 2550737709 | 2550737709 | - | - |
| Consumer Staples | 1428139873 | 1428139873 | - | - |
| Energy | 795825966 | 795825966 | - | - |
| Financials | 3660188846 | 3660188846 | - | - |
| Health Care | 2677173243 | 2677152176 | - | 21067 |
| Industrials | 2359995164 | 2359995164 | - | - |
| Information Technology | 7054900272 | 7054900272 | - | - |
| Materials | 584216477 | 584216477 | - | - |
| Real Estate | 654862103 | 654862103 | - | - |
| Utilities | 611387502 | 611387502 | - | - |
|  **U.S. Treasury Obligations** | 3807462 | - | 3807462 | - |
|  **Money Market Funds** | 213947426 | 213947426 | - | - |
| **Total Investments in Securities:** | 24720845162 | 24717016633 | 3807462 | 21067 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 5583435 | 5583435 | - | - |
| Total Assets | 5583435 | 5583435 | - | - |
| **Total Derivative Instruments:** | 5583435 | 5583435 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2025. 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** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 5583435 | 0 |
| **Total Equity Risk**  | 5583435 | 0 |
| **Total Value of Derivatives** | 5583435 | 0 |

---

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

**Fidelity ZERO® Total Market Index Fund**

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $161,615,228) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $17,602,232,374) | $24506897736 |  |
| Fidelity Central Funds (cost $213,947,426) | 213947426 |  |
| Total Investment in Securities (cost $17,816,179,800) |  | $24720845162 |
| Segregated cash with brokers for derivative instruments |  | 2581001 |
| Cash |  | 3506608 |
| Foreign currency held at value (cost $2,945) |  | 2953 |
| Receivable for investments sold |  | 3590495 |
| Receivable for fund shares sold |  | 13444590 |
| Dividends receivable |  | 12888502 |
| Distributions receivable from Fidelity Central Funds |  | 315453 |
| Other receivables |  | 361580 |
| **Total assets** |  | 24757536344 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $16153683 |  |
| Payable for daily variation margin on futures contracts | 29331 |  |
| Other payables and accrued expenses | 299593 |  |
| Collateral on securities loaned | 162219775 |  |
| **Total liabilities** |  | 178702382 |
| **Net Assets**  |  | $24578833962 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $17785234491 |
| Total accumulated earnings (loss) |  | 6793599471 |
| **Net Assets** |  | $24578833962 |
| **Net Asset Value**, offering price and redemption price per share ($24,578,833,962 ÷ 1,276,675,477 shares) |  | $19.25 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $162649230 |
| Interest  |  | 112148 |
| Income from Fidelity Central Funds (including $631,909 from security lending)  |  | 1951901 |
| **Total income** |  | 164713279 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $54140 |  |
| Total expenses before reductions | 54140 |  |
| Expense reductions | (7623) |  |
| Total expenses after reductions |  | 46517 |
| **Net Investment income (loss)** |  | 164666762 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (175279419) |  |
| Redemptions in-kind | 127123048 |  |
| Futures contracts | (11811656) |  |
| Total net realized gain (loss) |  | (59968027) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (720684008) |  |
| Assets and liabilities in foreign currencies | (15) |  |
| Futures contracts | 5290976 |  |
| Total change in net unrealized appreciation (depreciation) |  | (715393047) |
| **Net gain (loss)** |  | (775361074) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(610694312) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $164666762 | $293212584 |
| &nbsp;&nbsp;Net realized gain (loss) | (59968027)<br>| 105317131<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (715393047) | 5626181626<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (610694312)<br>| 6024711341<br>|
| Distributions to shareholders | (288265326)<br>| (235874094)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 3587160743 | 5434419129 |
| Reinvestment of distributions | 256760209<br>| 208297059<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (2262749020) | (2580354001) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1581171932<br>| 3062362187<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 682212294<br>| 8851199434<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 23896621668 | 15045422234<br>|
| &nbsp;&nbsp;End of period | $24578833962 | $23896621668 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 177453009 | 300647044 |
| Issued in reinvestment of distributions | 12220857<br>| 12674298<br>|
| &nbsp;&nbsp;Redeemed | (113199299) | (141915145) |
| &nbsp;&nbsp;Net increase (decrease) | 76474567 | 171406197 |

---

**Financial Highlights** 

**Fidelity ZERO® Total Market Index Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $19.91 | $14.62 | $13.68 | $16.59 | $11.67 | $10.78 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .13  | .26  | .24  | .22  | .20  | .20  |
| Net realized and unrealized gain (loss)  | (.55)  | 5.26  | .91  | (2.92)  | 4.89  | .86  |
| Total from investment operations  | (.42)  | 5.52  | 1.15  | (2.70)  | 5.09  | 1.06  |
| Distributions from net investment income  | (.24)  | (.23)  | (.21)  | (.18)  | (.17)  | (.16)  |
| Distributions from net realized gain  | -  | -  | -  | (.03)  | -  | (.01)  |
| Total distributions  | (.24)  | (.23)  | (.21)  | (.21)  | (.17)  | (.17)  |
| Net asset value, end of period  | $19.25 | $19.91 | $14.62 | $13.68 | $16.59 | $11.67 |
| **Total Return** C,D | (2.23)% <br>| 38.06%  | 8.55%  | (16.46)%  | 44.00%  | 9.92%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions G | -% H | -%  | -%  | -%  | -%  | -%  |
| Expenses net of fee waivers, if any G | -% H<br>| -%  | -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any G | -% H | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 1.30% H | 1.44%  | 1.63%  | 1.50%  | 1.37%  | 1.79%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $24578834 | $23896622 | $15045422 | $12227768 | $12297505 | $6053570 |
| Portfolio turnover rate I | 1% H,J<br>| 2% J | 2%  | 3%  | 4% J | 6%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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), derivatives or securities that mature within one year from acquisition.* 

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

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2025

**1. Organization.**

Fidelity ZERO Extended Market Index Fund, Fidelity ZERO International Index Fund, Fidelity ZERO Large Cap Index Fund and Fidelity ZERO Total Market Index Fund are funds of Fidelity Concord Street Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 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 tax reclaims, 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. Fidelity ZERO International Index Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

**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.

**Deferred Trustee Compensation.** Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.

---

| | |
|:---|:---|
| **Fidelity ZERO Total Market Index Fund** | 299564 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity ZERO International Index Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on Statement of Assets and 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), certain deemed distributions, redemptions in-kind, partnerships, capital loss carryforwards and losses deferred due to wash sales.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)**  | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity ZERO Extended Market Index Fund** | 1689413112 | 386207473 | (349459433) | 36748040 |
| **Fidelity ZERO International Index Fund** | 4436488770 | 1246727146 | (456670996) | 790056150 |
| **Fidelity ZERO Large Cap Index Fund** | 8799821908 | 3770816891 | (600952225) | 3169864666 |
| **Fidelity ZERO Total Market Index Fund** | 17946411357 | 8346847445 | (1566830205) | 6780017240 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity ZERO Extended Market Index Fund** | (5707205) | (15134512) | (20841717) |
| **Fidelity ZERO International Index Fund** | (25947939) | (118878186) | (144826125) |
| **Fidelity ZERO Large Cap Index Fund** | (12002288) | (69750847) | (81753135) |
| **Fidelity ZERO Total Market Index Fund** | - | (30776698) | (30776698) |

---

**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.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

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

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

Derivatives were used to increase or decrease exposure to the following risk(s):

---

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

---

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

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

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

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

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity ZERO Extended Market Index Fund** | 210085524 | 136629858 |
| **Fidelity ZERO International Index Fund** | 540166024 | 59846726 |
| **Fidelity ZERO Large Cap Index Fund** | 1256480113 | 179577858 |
| **Fidelity ZERO Total Market Index Fund** | 1842075984 | 151659080 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity ZERO Total Market Index Fund** | 10322238 | 127123048 | 198440486 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Total net realized gain or loss ($)** | **Total Proceeds ($)** |
| **Fidelity ZERO Extended Market Index Fund** | 6198347 | 45100121 | 74938017 |
| **Fidelity ZERO Total Market Index Fund** | 9563512 | 121153731 | 195669446 |

---

**6. Fees and Other Transactions with Affiliates.**

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

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

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity ZERO Extended Market Index Fund** | 27814648 | 72569460 | 37623025 |
| **Fidelity ZERO Large Cap Index Fund** | 88534269 | 56902271 | (54340073) |

---

**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity ZERO Extended Market Index Fund** | 43520 | 2667 | 211483 |
| **Fidelity ZERO International Index Fund** | 4718 | - | - |
| **Fidelity ZERO Large Cap Index Fund** | 935 | - | - |
| **Fidelity ZERO Total Market Index Fund** | 67649 | 2133 | 127803 |

---

At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity ZERO Extended Market Index Fund** | 3362046 |
| **Fidelity ZERO International Index Fund** | - |
| **Fidelity ZERO Large Cap Index Fund** | 7344 |
| **Fidelity ZERO Total Market Index Fund** | 6666190 |

---

**9. Expense Reductions.** 

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

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Fidelity ZERO Large Cap Index Fund**. | 731 |
| **Fidelity ZERO Total Market Index Fund**  | 7623 |

---

**10. Other.**

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

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img109429_4.jpg)<br>

1.9891447.106 EML-SANN-0625

**Fidelity® SAI Global ex U.S. Low Volatility Index Fund**

**Semi-Annual Report**

**April 30, 2025**

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

![](img109489_1.jpg)

![](img109489_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_GEU-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI Global ex U.S. Low Volatility Index Fund](#Sub_Sec_Fund_7629_GEU-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements7629_GEU-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_GEU-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_GEU-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_GEU-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_GEU-SANN)** |

---

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.© 2025 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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity® SAI Global ex U.S. Low Volatility Index Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 94.2%** | &nbsp;&nbsp;**Common Stocks - 94.2%** | &nbsp;&nbsp;**Common Stocks - 94.2%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 0.4%  |  |  |
| Financials - 0.4% |  |  |
| Insurance - 0.4% |  |  |
| Medibank Pvt Ltd  | 5773019 | 17173140 |
| CANADA - 10.1%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| BCE Inc  | 427952 | 9511424 |
| Consumer Discretionary - 1.7% |  |  |
| Broadline Retail - 1.7% |  |  |
| Dollarama Inc  | 642933 | 79328959 |
| Consumer Staples - 2.4% |  |  |
| Consumer Staples Distribution & Retail - 2.4% |  |  |
| Empire Co Ltd Class A  | 173154 | 6430788 |
| George Weston Ltd  | 75959 | 14799498 |
| Loblaw Cos Ltd  | 329642 | 53513623 |
| Metro Inc/CN  | 473626 | 36499366 |
|  |  | 111243275 |
| Financials - 2.3% |  |  |
| Capital Markets - 0.5% |  |  |
| TMX Group Ltd  | 624540 | 25310496 |
| Insurance - 1.8% |  |  |
| Intact Financial Corp  | 369357 | 82029619 |
| TOTAL FINANCIALS |  | 107340115 |
| Industrials - 1.2% |  |  |
| Professional Services - 1.2% |  |  |
| Thomson Reuters Corp  | 314594 | 58539677 |
| Utilities - 2.3% |  |  |
| Electric Utilities - 2.3% |  |  |
| Emera Inc  | 603444 | 27160670 |
| Fortis Inc/Canada  | 1133840 | 56149179 |
| Hydro One Ltd (a)(b) | 695507 | 26758807 |
|  |  | 110068656 |
| TOTAL CANADA |  | 476032106 |
| CHINA - 11.9%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.2% |  |  |
| Want Want China Holdings Ltd  | 12247000 | 8037706 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| China Shenhua Energy Co Ltd H Shares  | 9395500 | 35374259 |
| Financials - 9.8% |  |  |
| Banks - 9.2% |  |  |
| Agricultural Bank of China Ltd H Shares  | 100533000 | 61442883 |
| Bank of Beijing Co Ltd A Shares (China)  | 2954000 | 2438012 |
| Bank of China Ltd H Shares  | 140287000 | 78503995 |
| Bank of Communications Co Ltd H Shares  | 58168000 | 51000877 |
| Bank of Jiangsu Co Ltd A Shares (China)  | 2977800 | 4163623 |
| Bank of Shanghai Co Ltd A Shares (China)  | 1911000 | 2729553 |
| BOC Hong Kong Holdings Ltd  | 8057500 | 33453440 |
| China CITIC Bank Corp Ltd H Shares  | 25224000 | 19936964 |
| China Construction Bank Corp H Shares  | 95049000 | 78190291 |
| China Minsheng Banking Corp Ltd H Shares  | 23829000 | 11183862 |
| Chongqing Rural Commercial Bank Co Ltd H Shares  | 6412000 | 4919207 |
| Huaxia Bank Co Ltd A Shares (China)  | 2363800 | 2365047 |
| Industrial & Commercial Bank of China Ltd H Shares  | 109768000 | 75296013 |
| Shanghai Pudong Development Bank Co Ltd A Shares (China)  | 4787800 | 7214010 |
|  |  | 432837777 |
| Financial Services - 0.0% |  |  |
| Far East Horizon Ltd  | 2706000 | 2096944 |
| Insurance - 0.6% |  |  |
| PICC Property & Casualty Co Ltd H Shares  | 16026000 | 29549203 |
| TOTAL FINANCIALS |  | 464483924 |
| Industrials - 0.7% |  |  |
| Construction & Engineering - 0.2% |  |  |
| China Energy Engineering Corp Ltd A Shares (China)  | 9845700 | 2977724 |
| China State Construction Engineering Corp Ltd A Shares (China)  | 6949300 | 5266758 |
|  |  | 8244482 |
| Ground Transportation - 0.3% |  |  |
| Beijing-Shanghai High Speed Railway Co Ltd A Shares (China)  | 11077900 | 8841785 |
| Daqin Railway Co Ltd A Shares (China)  | 5019800 | 4474845 |
|  |  | 13316630 |
| Transportation Infrastructure - 0.2% |  |  |
| Jiangsu Expressway Co Ltd H Shares  | 3512000 | 4369849 |
| Qingdao Port International Co Ltd H Shares (a)(b) | 2940000 | 2122853 |
| Shanghai International Port Group Co Ltd A Shares (China)  | 4906400 | 3675729 |
|  |  | 10168431 |
| TOTAL INDUSTRIALS |  | 31729543 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| China Railway Signal & Communication Corp Ltd H Shares (a)(b) | 9230000 | 3713136 |
| Utilities - 0.5% |  |  |
| Independent Power and Renewable Electricity Producers - 0.5% |  |  |
| China Three Gorges Renewables Group Co Ltd A Shares (China)  | 5986000 | 3507325 |
| China Yangtze Power Co Ltd A Shares (China)  | 4622300 | 18747854 |
|  |  | 22255179 |
| TOTAL CHINA |  | 565593747 |
| DENMARK - 2.4%  |  |  |
| Financials - 0.4% |  |  |
| Insurance - 0.4% |  |  |
| Tryg A/S  | 759290 | 18115099 |
| Health Care - 2.0% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Coloplast AS Series B  | 121170 | 13711971 |
| Pharmaceuticals - 1.7% |  |  |
| Novo Nordisk A/S Series B  | 1222717 | 81752771 |
| TOTAL HEALTH CARE |  | 95464742 |
| TOTAL DENMARK |  | 113579841 |
| FINLAND - 0.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Elisa Oyj A Shares  | 324936 | 17308238 |
| FRANCE - 1.3%  |  |  |
| Communication Services - 1.3% |  |  |
| Diversified Telecommunication Services - 1.3% |  |  |
| Orange SA  | 4217888 | 61193329 |
| GERMANY - 0.8%  |  |  |
| Consumer Staples - 0.8% |  |  |
| Personal Care Products - 0.8% |  |  |
| Beiersdorf AG  | 271027 | 38072084 |
| HONG KONG - 3.3%  |  |  |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Hang Seng Bank Ltd  | 1545100 | 21575936 |
| Industrials - 0.8% |  |  |
| Ground Transportation - 0.3% |  |  |
| MTR Corp Ltd  | 4427500 | 15299526 |
| Industrial Conglomerates - 0.5% |  |  |
| Jardine Matheson Holdings Ltd (Singapore)  | 463800 | 20608992 |
| TOTAL INDUSTRIALS |  | 35908518 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Hongkong Land Holdings Ltd (Singapore)  | 2284300 | 11179370 |
| Sino Land Co Ltd  | 10530390 | 10835075 |
|  |  | 22014445 |
| Utilities - 1.7% |  |  |
| Electric Utilities - 1.2% |  |  |
| CLP Holdings Ltd  | 4223000 | 36008009 |
| Power Assets Holdings Ltd  | 2767000 | 18320369 |
|  |  | 54328378 |
| Gas Utilities - 0.5% |  |  |
| Hong Kong & China Gas Co Ltd  | 27204000 | 24518536 |
| TOTAL UTILITIES |  | 78846914 |
| TOTAL HONG KONG |  | 158345813 |
| INDIA - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Dr Reddy's Laboratories Ltd ADR (c) | 985057 | 13711993 |
| INDONESIA - 0.1%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Indofood CBP Sukses Makmur Tbk PT  | 6187200 | 4228385 |
| ISRAEL - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| Elbit Systems Ltd  | 56015 | 21506755 |
| ITALY - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Pharmaceuticals - 0.3% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 231772 | 13613887 |
| JAPAN - 20.4%  |  |  |
| Communication Services - 4.9% |  |  |
| Diversified Telecommunication Services - 1.6% |  |  |
| Nippon Telegraph & Telephone Corp  | 73154200 | 76466417 |
| Wireless Telecommunication Services - 3.3% |  |  |
| KDDI Corp  | 4178000 | 74049299 |
| SoftBank Corp  | 52639700 | 79656789 |
|  |  | 153706088 |
| TOTAL COMMUNICATION SERVICES |  | 230172505 |
| Consumer Discretionary - 3.5% |  |  |
| Automobile Components - 0.8% |  |  |
| Bridgestone Corp  | 887700 | 37119336 |
| Automobiles - 1.3% |  |  |
| Toyota Motor Corp  | 3106400 | 59330437 |
| Broadline Retail - 0.8% |  |  |
| Pan Pacific International Holdings Corp  | 1228300 | 37885040 |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| McDonald's Holdings Co Japan Ltd  | 226500 | 9552350 |
| Skylark Holdings Co Ltd  | 510600 | 10586611 |
| Zensho Holdings Co Ltd  | 208200 | 12914574 |
|  |  | 33053535 |
| TOTAL CONSUMER DISCRETIONARY |  | 167388348 |
| Consumer Staples - 1.8% |  |  |
| Beverages - 0.3% |  |  |
| Suntory Beverage & Food Ltd  | 359000 | 12524073 |
| Food Products - 1.5% |  |  |
| Ajinomoto Co Inc  | 2208200 | 45166722 |
| MEIJI Holdings Co Ltd  | 691600 | 17004262 |
| Nisshin Seifun Group Inc  | 865000 | 11159979 |
|  |  | 73330963 |
| TOTAL CONSUMER STAPLES |  | 85855036 |
| Financials - 2.7% |  |  |
| Banks - 0.9% |  |  |
| Hachijuni Bank Ltd/The  | 758500 | 5684241 |
| Japan Post Bank Co Ltd  | 2978400 | 30433924 |
| Mebuki Financial Group Inc  | 1813400 | 8796854 |
|  |  | 44915019 |
| Insurance - 1.8% |  |  |
| Japan Post Holdings Co Ltd  | 4399500 | 42764305 |
| Tokio Marine Holdings Inc  | 1009000 | 40443117 |
|  |  | 83207422 |
| TOTAL FINANCIALS |  | 128122441 |
| Health Care - 0.2% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Medipal Holdings Corp  | 573300 | 9733430 |
| Industrials - 1.7% |  |  |
| Commercial Services & Supplies - 0.8% |  |  |
| Secom Co Ltd  | 1044000 | 38388328 |
| Ground Transportation - 0.9% |  |  |
| Hankyu Hanshin Holdings Inc  | 571900 | 16271431 |
| Kintetsu Group Holdings Co Ltd  | 422100 | 9066087 |
| Kyushu Railway Co  | 355300 | 9132239 |
| Tobu Railway Co Ltd  | 428500 | 7819245 |
|  |  | 42289002 |
| TOTAL INDUSTRIALS |  | 80677330 |
| Information Technology - 3.5% |  |  |
| Electronic Equipment, Instruments & Components - 1.0% |  |  |
| Hirose Electric Co Ltd  | 70100 | 7949864 |
| Kyocera Corp  | 3181300 | 37703912 |
|  |  | 45653776 |
| IT Services - 0.6% |  |  |
| Otsuka Corp  | 755900 | 16764295 |
| TIS Inc  | 506300 | 14628097 |
|  |  | 31392392 |
| Technology Hardware, Storage & Peripherals - 1.9% |  |  |
| Canon Inc  | 963200 | 29724114 |
| FUJIFILM Holdings Corp  | 2836800 | 58104440 |
|  |  | 87828554 |
| TOTAL INFORMATION TECHNOLOGY |  | 164874722 |
| Materials - 0.2% |  |  |
| Paper & Forest Products - 0.2% |  |  |
| Oji Holdings Corp  | 1991700 | 9401890 |
| Real Estate - 0.4% |  |  |
| Diversified REITs - 0.2% |  |  |
| Daiwa House REIT Investment Corp  | 5594 | 9362458 |
| Residential REITs - 0.2% |  |  |
| Advance Residence Investment Corp  | 7040 | 7252706 |
| TOTAL REAL ESTATE |  | 16615164 |
| Utilities - 1.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| Chubu Electric Power Co Inc  | 1557300 | 20222042 |
| Kansai Electric Power Co Inc/The  | 207400 | 2555258 |
|  |  | 22777300 |
| Gas Utilities - 1.0% |  |  |
| Osaka Gas Co Ltd  | 850900 | 21577179 |
| Tokyo Gas Co Ltd  | 770200 | 25588196 |
|  |  | 47165375 |
| TOTAL UTILITIES |  | 69942675 |
| TOTAL JAPAN |  | 962783541 |
| KOREA (SOUTH) - 0.4%  |  |  |
| Consumer Staples - 0.4% |  |  |
| Tobacco - 0.4% |  |  |
| KT&G Corp  | 230893 | 18598161 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Hyundai Marine & Fire Insurance Co Ltd (d) | 77665 | 1212732 |
| TOTAL KOREA (SOUTH) |  | 19810893 |
| KUWAIT - 0.8%  |  |  |
| Financials - 0.8% |  |  |
| Banks - 0.8% |  |  |
| National Bank of Kuwait SAKP  | 12148399 | 37733363 |
| MALAYSIA - 1.5%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| TIME dotCom Bhd  | 2600400 | 3103641 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Nestle Malaysia Bhd  | 107100 | 2158355 |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| Hong Leong Bank Bhd  | 742900 | 3443427 |
| Malayan Banking Bhd  | 17560700 | 40693558 |
|  |  | 44136985 |
| Health Care - 0.3% |  |  |
| Health Care Providers & Services - 0.3% |  |  |
| IHH Healthcare Bhd  | 8722700 | 13980160 |
| Industrials - 0.1% |  |  |
| Marine Transportation - 0.1% |  |  |
| MISC Bhd  | 2838300 | 4935437 |
| Utilities - 0.1% |  |  |
| Gas Utilities - 0.1% |  |  |
| Petronas Gas Bhd  | 923000 | 3758311 |
| TOTAL MALAYSIA |  | 72072889 |
| NETHERLANDS - 3.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Koninklijke KPN NV  | 637733 | 2966641 |
| Consumer Staples - 1.7% |  |  |
| Consumer Staples Distribution & Retail - 1.7% |  |  |
| Koninklijke Ahold Delhaize NV  | 1936482 | 79510140 |
| Industrials - 1.5% |  |  |
| Professional Services - 1.5% |  |  |
| Wolters Kluwer NV  | 394053 | 69393337 |
| TOTAL NETHERLANDS |  | 151870118 |
| PHILIPPINES - 0.1%  |  |  |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Manila Electric Co  | 632310 | 6460463 |
| POLAND - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Asseco Poland SA  | 136814 | 5632038 |
| SAUDI ARABIA - 3.5%  |  |  |
| Communication Services - 1.2% |  |  |
| Diversified Telecommunication Services - 1.2% |  |  |
| Saudi Telecom Co  | 4510700 | 57241318 |
| Consumer Discretionary - 0.2% |  |  |
| Specialty Retail - 0.2% |  |  |
| Jarir Marketing Co  | 2216602 | 7457715 |
| Consumer Staples - 0.4% |  |  |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Abdullah Al Othaim Markets Co  | 1635805 | 3933660 |
| Nahdi Medical Co  | 198038 | 5997712 |
|  |  | 9931372 |
| Food Products - 0.1% |  |  |
| Almarai Co JSC  | 472348 | 6648975 |
| TOTAL CONSUMER STAPLES |  | 16580347 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Saudi Arabian Oil Co (a)(b) | 9329143 | 63049034 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Alinma Bank  | 966199 | 7470047 |
| Insurance - 0.0% |  |  |
| Bupa Arabia for Cooperative Insurance Co  | 61622 | 2759966 |
| TOTAL FINANCIALS |  | 10230013 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Advanced Petrochemical Co (d) | 176352 | 1417511 |
| Saudi Basic Industries Corp  | 292894 | 4763202 |
|  |  | 6180713 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Saudi Electricity Co  | 807719 | 3225751 |
| TOTAL SAUDI ARABIA |  | 163964891 |
| SINGAPORE - 1.3%  |  |  |
| Financials - 0.4% |  |  |
| Capital Markets - 0.4% |  |  |
| Singapore Exchange Ltd  | 1787300 | 19661838 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Singapore Technologies Engineering Ltd  | 2971700 | 16874035 |
| Real Estate - 0.5% |  |  |
| Industrial REITs - 0.5% |  |  |
| CapitaLand Ascendas REIT  | 7899700 | 16096893 |
| Mapletree Industrial Trust  | 4673564 | 7229445 |
|  |  | 23326338 |
| TOTAL SINGAPORE |  | 59862211 |
| SWITZERLAND - 3.8%  |  |  |
| Communication Services - 0.9% |  |  |
| Diversified Telecommunication Services - 0.9% |  |  |
| Swisscom AG  | 61814 | 41191858 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Banque Cantonale Vaudoise (c)(d) | 49638 | 6098374 |
| Health Care - 0.3% |  |  |
| Health Care Providers & Services - 0.3% |  |  |
| Galenica AG (a)(b) | 156637 | 16397209 |
| Materials - 1.5% |  |  |
| Chemicals - 1.5% |  |  |
| Givaudan SA  | 14069 | 67877578 |
| Real Estate - 1.0% |  |  |
| Real Estate Management & Development - 1.0% |  |  |
| PSP Swiss Property AG  | 116725 | 20775310 |
| Swiss Prime Site AG  | 184785 | 26038039 |
|  |  | 46813349 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| BKW AG (d) | 11675 | 2341083 |
| TOTAL SWITZERLAND |  | 180719451 |
| TAIWAN - 9.2%  |  |  |
| Communication Services - 1.4% |  |  |
| Diversified Telecommunication Services - 0.8% |  |  |
| Chunghwa Telecom Co Ltd  | 9876000 | 39847981 |
| Wireless Telecommunication Services - 0.6% |  |  |
| Far EasTone Telecommunications Co Ltd  | 4112000 | 11004547 |
| Taiwan Mobile Co Ltd  | 4343000 | 15389067 |
|  |  | 26393614 |
| TOTAL COMMUNICATION SERVICES |  | 66241595 |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Far Eastern Department Stores Ltd  | 1763000 | 1291520 |
| Poya International Co Ltd  | 168000 | 2510317 |
|  |  | 3801837 |
| Leisure Products - 0.0% |  |  |
| Fusheng Precision Co Ltd  | 143000 | 1591938 |
| TOTAL CONSUMER DISCRETIONARY |  | 5393775 |
| Consumer Staples - 0.8% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| President Chain Store Corp  | 1470000 | 11997017 |
| Food Products - 0.6% |  |  |
| Uni-President Enterprises Corp  | 11500000 | 27581184 |
| TOTAL CONSUMER STAPLES |  | 39578201 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Formosa Petrochemical Corp  | 1765000 | 1928368 |
| Financials - 4.0% |  |  |
| Banks - 3.9% |  |  |
| Chang Hwa Commercial Bank Ltd  | 19002752 | 10814143 |
| E.Sun Financial Holding Co Ltd  | 30125000 | 26666822 |
| Far Eastern International Bank  | 7289214 | 2928934 |
| First Financial Holding Co Ltd  | 26030630 | 20686996 |
| Hua Nan Financial Holdings Co Ltd  | 23774040 | 20089699 |
| Mega Financial Holding Co Ltd  | 27185480 | 32130942 |
| Shanghai Commercial & Savings Bank Ltd/The  | 9428000 | 13875418 |
| SinoPac Financial Holdings Co Ltd  | 28194925 | 18802870 |
| Taichung Commercial Bank Co Ltd  | 7526000 | 4658307 |
| Taiwan Business Bank  | 14953865 | 6609664 |
| Taiwan Cooperative Financial Holding Co Ltd  | 25993200 | 19813158 |
| Union Bank Of Taiwan  | 7718000 | 4008295 |
|  |  | 181085248 |
| Capital Markets - 0.1% |  |  |
| IBF Financial Holdings Co Ltd  | 6861000 | 2592862 |
| TOTAL FINANCIALS |  | 183678110 |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Taiwan Secom Co Ltd  | 717000 | 2567859 |
| Construction & Engineering - 0.0% |  |  |
| CTCI Corp  | 351000 | 301211 |
| Electrical Equipment - 0.1% |  |  |
| Teco Electric and Machinery Co Ltd  | 2199000 | 3363248 |
| Transportation Infrastructure - 0.1% |  |  |
| Taiwan High Speed Rail Corp  | 5713000 | 4840438 |
| TOTAL INDUSTRIALS |  | 11072756 |
| Information Technology - 2.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Synnex Technology International Corp  | 3273000 | 7246774 |
| Wpg Holding Co Ltd  | 3833000 | 8104315 |
|  |  | 15351089 |
| IT Services - 0.1% |  |  |
| Systex Corp  | 667000 | 2515379 |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| Chipbond Technology Corp  | 1398000 | 2774128 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 1728000 | 48864329 |
| Topco Scientific Co Ltd  | 291000 | 2230897 |
|  |  | 53869354 |
| Technology Hardware, Storage & Peripherals - 0.8% |  |  |
| Catcher Technology Co Ltd  | 1542000 | 10475770 |
| Chicony Electronics Co Ltd  | 1526000 | 7338132 |
| Compal Electronics Inc  | 8793000 | 7561555 |
| Pegatron Corp  | 4716000 | 11958359 |
|  |  | 37333816 |
| TOTAL INFORMATION TECHNOLOGY |  | 109069638 |
| Materials - 0.2% |  |  |
| Construction Materials - 0.2% |  |  |
| Asia Cement Corp  | 5407000 | 7600797 |
| Containers & Packaging - 0.0% |  |  |
| Taiwan Hon Chuan Enterprise Co Ltd  | 484333 | 2339338 |
| TOTAL MATERIALS |  | 9940135 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Delpha Construction Co Ltd  | 1181000 | 1222106 |
| Highwealth Construction Corp  | 3741500 | 4772525 |
| Huaku Development Co Ltd  | 411000 | 1338070 |
|  |  | 7332701 |
| TOTAL TAIWAN |  | 434235279 |
| THAILAND - 0.5%  |  |  |
| Communication Services - 0.5% |  |  |
| Wireless Telecommunication Services - 0.5% |  |  |
| Advanced Info Service PCL depository receipt  | 2538000 | 22390233 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Thai Union Group PCL depository receipt  | 8237800 | 2661733 |
| TOTAL THAILAND |  | 25051966 |
| UNITED ARAB EMIRATES - 1.5%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Americana Restaurants International PLC - Foreign Co  | 7525082 | 4609639 |
| Specialty Retail - 0.2% |  |  |
| Abu Dhabi National Oil Co for Distribution PJSC  | 9901407 | 9084478 |
| TOTAL CONSUMER DISCRETIONARY |  | 13694117 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Adnoc Gas PLC  | 14685925 | 12674584 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Dubai Islamic Bank PJSC  | 6283203 | 12932308 |
| Industrials - 0.1% |  |  |
| Transportation Infrastructure - 0.1% |  |  |
| Salik Co PJSC  | 4184637 | 5764763 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Borouge PLC  | 9053645 | 6359403 |
| Utilities - 0.4% |  |  |
| Multi-Utilities - 0.3% |  |  |
| Dubai Electricity & Water Authority PJSC  | 22457199 | 16385645 |
| Water Utilities - 0.1% |  |  |
| Emirates Central Cooling Systems Corp  | 7760568 | 3401673 |
| TOTAL UTILITIES |  | 19787318 |
| TOTAL UNITED ARAB EMIRATES |  | 71212493 |
| UNITED KINGDOM - 6.2%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Diversified Consumer Services - 0.5% |  |  |
| Pearson PLC  | 1496864 | 23996573 |
| Financials - 0.5% |  |  |
| Insurance - 0.5% |  |  |
| Admiral Group PLC  | 572763 | 24869006 |
| Health Care - 2.2% |  |  |
| Pharmaceuticals - 2.2% |  |  |
| Astrazeneca PLC  | 702952 | 100709629 |
| Industrials - 1.5% |  |  |
| Professional Services - 1.5% |  |  |
| RELX PLC  | 1333649 | 72784094 |
| Utilities - 1.5% |  |  |
| Multi-Utilities - 1.5% |  |  |
| National Grid PLC  | 4981559 | 71904339 |
| TOTAL UNITED KINGDOM |  | 294263641 |
| UNITED STATES - 9.9%  |  |  |
| Consumer Staples - 2.1% |  |  |
| Food Products - 2.1% |  |  |
| Nestle SA  | 917972 | 97706539 |
| Health Care - 6.3% |  |  |
| Life Sciences Tools & Services - 0.4% |  |  |
| QIAGEN NV  | 484276 | 20712849 |
| Pharmaceuticals - 5.9% |  |  |
| Haleon PLC  | 1722260 | 8666187 |
| Novartis AG  | 920786 | 105022375 |
| Roche Holding AG  | 321361 | 105080714 |
| Sanofi SA  | 522678 | 57176699 |
|  |  | 275945975 |
| TOTAL HEALTH CARE |  | 296658824 |
| Industrials - 1.5% |  |  |
| Commercial Services & Supplies - 1.5% |  |  |
| Waste Connections Inc  | 388397 | 76707421 |
| TOTAL UNITED STATES |  | 471072784 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $4,171,883,508) |  | <br> **4457105339** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**International Equity Funds - 3.5%** | &nbsp;&nbsp;**International Equity Funds - 3.5%** | &nbsp;&nbsp;**International Equity Funds - 3.5%** |
|  | Shares | Value ($)<br>|
| iShares MSCI India ETF (c)<br>(Cost $172,275,710)<br>| 3135947 | **167992681** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.3%** | &nbsp;&nbsp;**Money Market Funds - 5.3%** | &nbsp;&nbsp;**Money Market Funds - 5.3%** | &nbsp;&nbsp;**Money Market Funds - 5.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e) | 4.33 | 78999037 | 79014836 |
| Fidelity Securities Lending Cash Central Fund (e)(f) | 4.33 | 172441156 | 172458400 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $251,473,236) |  |  | **251473236** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 103.0%**<br> (Cost $4,595,632,454)<br>| <br>**4876571256** |
| **NET OTHER ASSETS (LIABILITIES) - (3.0)%**  | **(141392231)** |
| **NET ASSETS - 100.0%** | **4735179025** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 531 | Jun 2025 | 66234285 | 1743329 | 1743329 |
| ICE MSCI Emerging Markets Index Contracts (United States) | 597 | Jun 2025 | 33133500 | 365308 | 365308 |
| TME S&P/TSX 60 Index Contracts (Canada) | 51 | Jun 2025 | 11061222 | 218109 | 218109 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **2326746** |
| The notional amount of futures purchased as a percentage of Net Assets is 2.3% | The notional amount of futures purchased as a percentage of Net Assets is 2.3% | The notional amount of futures purchased as a percentage of Net Assets is 2.3% | The notional amount of futures purchased as a percentage of Net Assets is 2.3% | The notional amount of futures purchased as a percentage of Net Assets is 2.3% | The notional amount of futures purchased as a percentage of Net Assets is 2.3% |

---

**Security Type Abbreviations**

ETF - EXCHANGE-TRADED FUND

**Legend**

(a) 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 $112,041,039 or 2.4% of net assets.

(b) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $112,041,039 or 2.4% of net assets.

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

(d) Non-income producing

(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 262402163 | 949763488 | 1133150815 | 1279462 | - | - | 79014836 | 78999037 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 6391875 | 416619042 | 250552517 | 8671 | - | - | 172458400 | 172441156 | 0.6% |
| Total | 268794038 | 1366382530 | 1383703332 | 1288133 | - | - | 251473236 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 511320782 | 125252838 | 386067944 | - |
| Consumer Discretionary | 297259487 | 171419366 | 125840121 | - |
| Consumer Staples | 504229962 | 186457485 | 317772477 | - |
| Energy | 113026245 | 111097877 | 1928368 | - |
| Financials | 1097363384 | 729382912 | 367980472 | - |
| Health Care | 560269874 | 74169368 | 486100506 | - |
| Industrials | 485893666 | 288173938 | 197719728 | - |
| Information Technology | 283289534 | 48687430 | 234602104 | - |
| Materials | 99759719 | 80417694 | 19342025 | - |
| Real Estate | 116101997 | 74263588 | 41838409 | - |
| Utilities | 388590689 | 178261713 | 210328976 | - |
|  **International Equity Funds** | 167992681 | 167992681 | - | - |
|  **Money Market Funds** | 251473236 | 251473236 | - | - |
| **Total Investments in Securities:** | 4876571256 | 2487050126 | 2389521130 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 2326746 | 2326746 | - | - |
| Total Assets | 2326746 | 2326746 | - | - |
| **Total Derivative Instruments:** | 2326746 | 2326746 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2025. 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** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 2326746 | 0 |
| **Total Equity Risk**  | 2326746 | 0 |
| **Total Value of Derivatives** | 2326746 | 0 |

---

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

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $168,662,814) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $4,344,159,218) | $4625098020 |  |
| Fidelity Central Funds (cost $251,473,236) | 251473236 |  |
| Total Investment in Securities (cost $4,595,632,454) |  | $4876571256 |
| Segregated cash with brokers for derivative instruments |  | 5179575 |
| Foreign currency held at value (cost $5,101,731) |  | 5159321 |
| Receivable for fund shares sold |  | 3707377 |
| Dividends receivable |  | 17393486 |
| Reclaims receivable |  | 3543553 |
| Distributions receivable from Fidelity Central Funds |  | 326310 |
| Prepaid expenses |  | 5042 |
| **Total assets** |  | 4911885920 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $3212368 |  |
| Accrued management fee | 565716 |  |
| Payable for daily variation margin on futures contracts | 73264 |  |
| Other payables and accrued expenses | 397147 |  |
| Collateral on securities loaned | 172458400 |  |
| **Total liabilities** |  | 176706895 |
| **Net Assets**  |  | $4735179025 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4406780553 |
| Total accumulated earnings (loss) |  | 328398472 |
| **Net Assets** |  | $4735179025 |
| **Net Asset Value**, offering price and redemption price per share ($4,735,179,025 ÷ 433,029,045 shares) |  | $10.94 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $78141191 |
| Income from Fidelity Central Funds (including $8,671 from security lending)  |  | 1288133 |
| Income before foreign taxes withheld |  | $79429324 |
| Less foreign taxes withheld |  | (7292095) |
| **Total income** |  | 72137229 |
| **Expenses** |  |  |
| Management fee | $3276748 |  |
| Custodian fees and expenses | 698650 |  |
| Independent trustees' fees and expenses | 6816 |  |
| Registration fees | 334433 |  |
| Audit fees | 46219 |  |
| Legal | 2028 |  |
| Interest | 29841 |  |
| Miscellaneous | 796 |  |
| **Total expenses** |  | 4395531 |
| **Net Investment income (loss)** |  | 67741698 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (8809134) |  |
| Foreign currency transactions | (98047) |  |
| Futures contracts | (1384214) |  |
| Total net realized gain (loss) |  | (10291395) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 326070324 |  |
| Assets and liabilities in foreign currencies | 528172 |  |
| Futures contracts | 3455256 |  |
| Total change in net unrealized appreciation (depreciation) |  | 330053752 |
| **Net gain (loss)** |  | 319762357 |
| **Net increase (decrease) in net assets resulting from operations** |  | $387504055 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **For the period July 25, 2024 (commencement of operations) through October 31, 2024**  |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $67741698 | $1156008 |
| &nbsp;&nbsp;Net realized gain (loss) | (10291395)<br>| (965122)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 330053752 | (46044308)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 387504055<br>| (45853422)<br>|
| Distributions to shareholders | (13252161)<br>| -<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2403825354 | 2872906488 |
| Reinvestment of distributions | 12775866<br>| -<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (860147885) | (22579270) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1556453335<br>| 2850327218<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1930705229<br>| 2804473796<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2804473796 | -<br>|
| &nbsp;&nbsp;End of period | $4735179025 | $2804473796 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 238851894 | 279018399 |
| Issued in reinvestment of distributions | 1271231<br>| -<br>|
| &nbsp;&nbsp;Redeemed | (83918912) | (2193567) |
| &nbsp;&nbsp;Net increase (decrease) | 156204213 | 276824832 |

---

**Financial Highlights** 

**Fidelity® SAI Global ex U.S. Low Volatility Index Fund** <br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $10.13 | $10.00 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .16  | .03  |
| Net realized and unrealized gain (loss)  | .68  | .10 D |
| Total from investment operations  | .84  | .13  |
| Distributions from net investment income  | (.03)  | -  |
| Total distributions  | (.03)  | -  |
| Net asset value, end of period  | $10.94 | $10.13 |
| **Total Return** E,F | 8.31% <br>| 1.30%  |
| **Ratios to Average Net Assets** C,G,H |  |  |
| Expenses before reductions  | .20% I | .75% I,J |
| Expenses net of fee waivers, if any  | .20% I<br>| .26% I,J,K |
| Expenses net of all reductions, if any  | .20% I | .26% I,J,K |
| Net investment income (loss)  | 3.10% I | 1.37% I,J |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $4735179 | $2804474 |
| Portfolio turnover rate L | 45% I,M<br>| 204% M,N |

---

A*For the period July 25, 2024 (commencement of operations) through October 31, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

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

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

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

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

I*Annualized.*

J*Audit fees are not annualized.*

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

L*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

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

N*Amount not annualized.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2025

**1. Organization.**

Fidelity SAI Global ex U.S. Low Volatility Index Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. 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 RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

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

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

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

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

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

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

Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 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. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), 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** | $410723097 |
| **Gross unrealized depreciation** | <u>(132022416)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$278700681</u> |
| **Tax cost** | <u>$4600197321</u> |

---

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

---

| | |
|:---|:---|
| Long-term | <u>$(584958)</u> |
| **Total capital loss carryforward** | <u>$(584958)</u> |

---

**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.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

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

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

Derivatives were used to increase or decrease exposure to the following risk(s):

---

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

---

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

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

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

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

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity SAI Global ex U.S. Low Volatility Index Fund** | 1901874804 | 893528843 |

---

**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 rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the 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 Global ex U.S. Low Volatility Index Fund**  | Borrower | 58605000 | 4.58% | 29841 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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 SAI Global ex U.S. Low Volatility Index Fund** | 61871986 | 619203138 |

---

**Prior Fiscal Year 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 SAI Global ex U.S. Low Volatility Index Fund** | 162914102 | 1676879291 |

---

**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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI Global ex U.S. Low Volatility Index Fund** | 791 |

---

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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 Global ex U.S. Low Volatility Index Fund** | 931 | 2 | 19488 |

---

**9. Other.**

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

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img109489_4.jpg)<br>

1.9912328.100 GEU-SANN-0625

**Fidelity® Series International Index Fund**

**Semi-Annual Report**

**April 30, 2025**

![](img109437_1.jpg)

![](img109437_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_IIF-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series International Index Fund](#Sub_Sec_Fund_3226_IIF-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3226_IIF-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IIF-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IIF-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IIF-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IIF-SANN)** |

---

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.© 2025 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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity® Series International Index Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.8%** | &nbsp;&nbsp;**Common Stocks - 97.8%** | &nbsp;&nbsp;**Common Stocks - 97.8%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 6.6%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Telstra Group Ltd  | 136212 | 393121 |
| Interactive Media & Services - 0.1% |  |  |
| CAR Group Ltd  | 12721 | 271521 |
| REA Group Ltd  | 1780 | 282806 |
|  |  | 554327 |
| TOTAL COMMUNICATION SERVICES |  | 947448 |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.3% |  |  |
| Wesfarmers Ltd  | 38220 | 1914679 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Aristocrat Leisure Ltd  | 19016 | 812155 |
| Lottery Corp/The  | 74957 | 249796 |
|  |  | 1061951 |
| TOTAL CONSUMER DISCRETIONARY |  | 2976630 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.0% |  |  |
| Treasury Wine Estates Ltd  | 27327 | 156201 |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Coles Group Ltd  | 45140 | 612992 |
| Woolworths Group Ltd  | 41143 | 830375 |
|  |  | 1443367 |
| TOTAL CONSUMER STAPLES |  | 1599568 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Santos Ltd  | 109387 | 420523 |
| Woodside Energy Group Ltd  | 63952 | 833624 |
|  |  | 1254147 |
| Financials - 2.7% |  |  |
| Banks - 2.1% |  |  |
| ANZ Group Holdings Ltd  | 100359 | 1919091 |
| Commonwealth Bank of Australia  | 56364 | 6007790 |
| National Australia Bank Ltd  | 103580 | 2391735 |
| Westpac Banking Corp  | 115618 | 2426264 |
|  |  | 12744880 |
| Capital Markets - 0.3% |  |  |
| ASX Ltd  | 6530 | 295691 |
| Macquarie Group Ltd  | 12195 | 1506998 |
|  |  | 1802689 |
| Financial Services - 0.0% |  |  |
| Washington H Soul Pattinson & Co Ltd  | 8050 | 191610 |
| Insurance - 0.3% |  |  |
| Insurance Australia Group Ltd  | 79665 | 418438 |
| Medibank Pvt Ltd  | 92758 | 275929 |
| QBE Insurance Group Ltd  | 50704 | 700726 |
| Suncorp Group Ltd  | 36472 | 474285 |
|  |  | 1869378 |
| TOTAL FINANCIALS |  | 16608557 |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Cochlear Ltd  | 2204 | 385988 |
| Health Care Providers & Services - 0.0% |  |  |
| Sonic Healthcare Ltd  | 15371 | 256649 |
| Health Care Technology - 0.0% |  |  |
| Pro Medicus Ltd  | 1936 | 283876 |
| TOTAL HEALTH CARE |  | 926513 |
| Industrials - 0.4% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Brambles Ltd  | 46577 | 612099 |
| Passenger Airlines - 0.0% |  |  |
| Qantas Airways Ltd  | 24964 | 141144 |
| Professional Services - 0.1% |  |  |
| Computershare Ltd  | 17756 | 463989 |
| Trading Companies & Distributors - 0.0% |  |  |
| Reece Ltd  | 7615 | 76792 |
| SGH Ltd  | 6854 | 224158 |
|  |  | 300950 |
| Transportation Infrastructure - 0.2% |  |  |
| Transurban Group unit  | 104547 | 942113 |
| TOTAL INDUSTRIALS |  | 2460295 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| WiseTech Global Ltd  | 6196 | 352323 |
| Materials - 1.7% |  |  |
| Metals & Mining - 1.7% |  |  |
| BHP Group Ltd  | 170894 | 4073028 |
| BlueScope Steel Ltd  | 14773 | 226269 |
| Fortescue Ltd  | 57036 | 589050 |
| Glencore PLC  | 349290 | 1145230 |
| Northern Star Resources Ltd  | 45748 | 561954 |
| Rio Tinto Ltd  | 12503 | 935440 |
| Rio Tinto PLC  | 37980 | 2263206 |
| South32 Ltd  | 152151 | 262201 |
|  |  | 10056378 |
| Real Estate - 0.4% |  |  |
| Diversified REITs - 0.1% |  |  |
| GPT Group/The unit  | 64516 | 191248 |
| Stockland unit  | 80405 | 282562 |
|  |  | 473810 |
| Industrial REITs - 0.2% |  |  |
| Goodman Group unit  | 68406 | 1309554 |
| Retail REITs - 0.1% |  |  |
| Scentre Group unit  | 175207 | 405910 |
| Vicinity Ltd unit  | 130333 | 197109 |
|  |  | 603019 |
| TOTAL REAL ESTATE |  | 2386383 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Origin Energy Ltd  | 58025 | 395499 |
| Gas Utilities - 0.0% |  |  |
| Apa Group unit  | 43616 | 229506 |
| TOTAL UTILITIES |  | 625005 |
| TOTAL AUSTRALIA |  | 40193247 |
| AUSTRIA - 0.2%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| OMV AG  | 4960 | 255999 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Erste Group Bank AG  | 10370 | 698398 |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Mondi PLC  | 14866 | 224469 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Verbund AG Class A  | 2293 | 175859 |
| TOTAL AUSTRIA |  | 1354725 |
| BELGIUM - 0.8%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| D'ieteren Group  | 724 | 144106 |
| Consumer Staples - 0.5% |  |  |
| Beverages - 0.4% |  |  |
| Anheuser-Busch InBev SA/NV  | 30266 | 1994802 |
| Food Products - 0.1% |  |  |
| Lotus Bakeries NV  | 14 | 134175 |
| TOTAL CONSUMER STAPLES |  | 2128977 |
| Financials - 0.2% |  |  |
| Banks - 0.1% |  |  |
| KBC Group NV  | 7735 | 710296 |
| Financial Services - 0.1% |  |  |
| Groupe Bruxelles Lambert NV  | 2796 | 229640 |
| Sofina SA  | 519 | 144400 |
|  |  | 374040 |
| Insurance - 0.0% |  |  |
| Ageas SA/NV  | 5065 | 317018 |
| TOTAL FINANCIALS |  | 1401354 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| UCB SA  | 4258 | 777335 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Syensqo SA  | 2481 | 176000 |
| TOTAL BELGIUM |  | 4627772 |
| BRAZIL - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Yara International ASA  | 5576 | 179660 |
| CHILE - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Antofagasta PLC  | 13282 | 289056 |
| CHINA - 0.5%  |  |  |
| Consumer Discretionary - 0.4% |  |  |
| Broadline Retail - 0.4% |  |  |
| Prosus NV Class N  | 46075 | 2160209 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Wilmar International Ltd  | 64722 | 151804 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| BOC Hong Kong Holdings Ltd  | 124710 | 517776 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Yangzijiang Shipbuildling (Holdings) Ltd (b) | 87000 | 149028 |
| Marine Transportation - 0.0% |  |  |
| SITC International Holdings Co Ltd  | 45000 | 124458 |
| TOTAL INDUSTRIALS |  | 273486 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Wharf Holdings Ltd/The  | 36000 | 90422 |
| TOTAL CHINA |  | 3193697 |
| DENMARK - 2.3%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Pandora A/S  | 2762 | 407530 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Carlsberg AS Series B  | 3217 | 438328 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Danske Bank A/S  | 23231 | 809859 |
| Insurance - 0.0% |  |  |
| Tryg A/S  | 11418 | 272410 |
| TOTAL FINANCIALS |  | 1082269 |
| Health Care - 1.4% |  |  |
| Biotechnology - 0.1% |  |  |
| Genmab A/S (b) | 2118 | 449098 |
| Zealand Pharma A/S (b) | 2153 | 150831 |
|  |  | 599929 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Coloplast AS Series B  | 4248 | 480717 |
| Demant A/S (b) | 2982 | 107893 |
|  |  | 588610 |
| Pharmaceuticals - 1.2% |  |  |
| Novo Nordisk A/S Series B  | 108473 | 7252675 |
| TOTAL HEALTH CARE |  | 8441214 |
| Industrials - 0.4% |  |  |
| Air Freight & Logistics - 0.2% |  |  |
| DSV A/S  | 6884 | 1459133 |
| Building Products - 0.0% |  |  |
| ROCKWOOL A/S Series B  | 3167 | 143714 |
| Electrical Equipment - 0.1% |  |  |
| Vestas Wind Systems A/S  | 34013 | 453468 |
| Marine Transportation - 0.1% |  |  |
| AP Moller - Maersk A/S Series A  | 99 | 167679 |
| AP Moller - Maersk A/S Series B  | 153 | 263449 |
|  |  | 431128 |
| TOTAL INDUSTRIALS |  | 2487443 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Novonesis Novozymes B Series B  | 11868 | 767484 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Orsted AS (b)(c)(d) | 5663 | 225347 |
| TOTAL DENMARK |  | 13849615 |
| FINLAND - 1.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Elisa Oyj A Shares  | 4790 | 255147 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Kesko Oyj B Shares  | 9198 | 210483 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Neste Oyj  | 14248 | 147799 |
| Financials - 0.5% |  |  |
| Banks - 0.3% |  |  |
| Nordea Bank Abp  | 106175 | 1470413 |
| Insurance - 0.2% |  |  |
| Sampo Oyj A Shares  | 81549 | 817008 |
| TOTAL FINANCIALS |  | 2287421 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Orion Oyj B Shares  | 3651 | 228102 |
| Industrials - 0.3% |  |  |
| Machinery - 0.3% |  |  |
| Kone Oyj B Shares  | 11448 | 706803 |
| Metso Oyj  | 20940 | 226734 |
| Wartsila OYJ Abp  | 16940 | 312037 |
|  |  | 1245574 |
| Information Technology - 0.1% |  |  |
| Communications Equipment - 0.1% |  |  |
| Nokia Oyj  | 179370 | 896701 |
| Materials - 0.1% |  |  |
| Paper & Forest Products - 0.1% |  |  |
| Stora Enso Oyj R Shares  | 19610 | 182145 |
| UPM-Kymmene Oyj  | 17975 | 476088 |
|  |  | 658233 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Fortum Oyj  | 15111 | 252412 |
| TOTAL FINLAND |  | 6181872 |
| FRANCE - 9.5%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Orange SA  | 62714 | 909858 |
| Entertainment - 0.0% |  |  |
| Bollore SE  | 24010 | 147967 |
| Media - 0.1% |  |  |
| Publicis Groupe SA  | 7709 | 784367 |
| TOTAL COMMUNICATION SERVICES |  | 1842192 |
| Consumer Discretionary - 1.7% |  |  |
| Automobile Components - 0.1% |  |  |
| Cie Generale des Etablissements Michelin SCA Series B  | 22581 | 825691 |
| Automobiles - 0.1% |  |  |
| Renault SA  | 6474 | 341987 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Accor SA  | 6565 | 320914 |
| FDJ UNITED (c)(d) | 3431 | 122201 |
| Sodexo SA  | 2980 | 189161 |
|  |  | 632276 |
| Textiles, Apparel & Luxury Goods - 1.4% |  |  |
| Hermes International SCA  | 1067 | 2890124 |
| Kering SA  | 2507 | 510055 |
| LVMH Moet Hennessy Louis Vuitton SE  | 9268 | 5133816 |
|  |  | 8533995 |
| TOTAL CONSUMER DISCRETIONARY |  | 10333949 |
| Consumer Staples - 1.1% |  |  |
| Beverages - 0.1% |  |  |
| Pernod Ricard SA  | 6797 | 733192 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Carrefour SA  | 18265 | 281714 |
| Food Products - 0.3% |  |  |
| Danone SA  | 21743 | 1870907 |
| Personal Care Products - 0.7% |  |  |
| L'Oreal SA (b) | 8098 | 3578227 |
| TOTAL CONSUMER STAPLES |  | 6464040 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| TotalEnergies SE  | 72681 | 4139559 |
| Financials - 1.3% |  |  |
| Banks - 0.8% |  |  |
| BNP Paribas SA  | 34278 | 2904357 |
| Credit Agricole SA  | 35848 | 672386 |
| Societe Generale SA Series A  | 24260 | 1264892 |
|  |  | 4841635 |
| Capital Markets - 0.0% |  |  |
| Amundi SA (c)(d) | 2075 | 163018 |
| Financial Services - 0.0% |  |  |
| Edenred SE  | 8149 | 252761 |
| Eurazeo SE  | 1417 | 103057 |
|  |  | 355818 |
| Insurance - 0.5% |  |  |
| AXA SA  | 59677 | 2822478 |
| TOTAL FINANCIALS |  | 8182949 |
| Health Care - 0.6% |  |  |
| Health Care Equipment & Supplies - 0.6% |  |  |
| BioMerieux  | 1395 | 187585 |
| EssilorLuxottica SA  | 10016 | 2867292 |
|  |  | 3054877 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Sartorius Stedim Biotech  | 983 | 229623 |
| Pharmaceuticals - 0.0% |  |  |
| Ipsen SA  | 1270 | 146893 |
| TOTAL HEALTH CARE |  | 3431393 |
| Industrials - 2.4% |  |  |
| Aerospace & Defense - 1.3% |  |  |
| Airbus SE  | 20014 | 3396188 |
| Dassault Aviation SA  | 662 | 237733 |
| Safran SA  | 12128 | 3227498 |
| Thales SA  | 3121 | 874262 |
|  |  | 7735681 |
| Building Products - 0.3% |  |  |
| Cie de Saint-Gobain SA  | 15128 | 1644686 |
| Construction & Engineering - 0.5% |  |  |
| Bouygues SA  | 6381 | 279751 |
| Eiffage SA  | 2310 | 313372 |
| Vinci SA  | 16657 | 2339764 |
|  |  | 2932887 |
| Electrical Equipment - 0.2% |  |  |
| Legrand SA  | 8833 | 970745 |
| Machinery - 0.0% |  |  |
| Alstom SA (b) | 11658 | 281531 |
| Professional Services - 0.1% |  |  |
| Bureau Veritas SA  | 10701 | 337979 |
| Teleperformance SE  | 1815 | 198333 |
|  |  | 536312 |
| Trading Companies & Distributors - 0.0% |  |  |
| Rexel SA  | 7533 | 208138 |
| Transportation Infrastructure - 0.0% |  |  |
| Aeroports de Paris SA  | 1166 | 145035 |
| Getlink SE Series A  | 10187 | 192493 |
|  |  | 337528 |
| TOTAL INDUSTRIALS |  | 14647508 |
| Information Technology - 0.3% |  |  |
| IT Services - 0.1% |  |  |
| Capgemini SE  | 5194 | 829234 |
| Software - 0.2% |  |  |
| Dassault Systemes SE  | 22540 | 844712 |
| TOTAL INFORMATION TECHNOLOGY |  | 1673946 |
| Materials - 0.7% |  |  |
| Chemicals - 0.7% |  |  |
| Air Liquide SA  | 19476 | 4001894 |
| Arkema SA  | 1921 | 145044 |
|  |  | 4146938 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Covivio SA/France  | 1882 | 105108 |
| Office REITs - 0.0% |  |  |
| Gecina SA  | 1551 | 159013 |
| Retail REITs - 0.0% |  |  |
| Klepierre SA  | 7247 | 264683 |
| Unibail-Rodamco-Westfield unit  | 4083 | 344687 |
|  |  | 609370 |
| TOTAL REAL ESTATE |  | 873491 |
| Utilities - 0.4% |  |  |
| Multi-Utilities - 0.4% |  |  |
| Engie SA  | 61517 | 1267304 |
| Veolia Environnement SA  | 23698 | 865548 |
|  |  | 2132852 |
| TOTAL FRANCE |  | 57868817 |
| GERMANY - 9.8%  |  |  |
| Communication Services - 0.8% |  |  |
| Diversified Telecommunication Services - 0.8% |  |  |
| Deutsche Telekom AG  | 117564 | 4222608 |
| Entertainment - 0.0% |  |  |
| CTS Eventim AG & Co KGaA  | 2102 | 247174 |
| Interactive Media & Services - 0.0% |  |  |
| Scout24 SE (c)(d) | 2526 | 299607 |
| TOTAL COMMUNICATION SERVICES |  | 4769389 |
| Consumer Discretionary - 0.7% |  |  |
| Automobile Components - 0.0% |  |  |
| Continental AG  | 3705 | 287257 |
| Automobiles - 0.5% |  |  |
| Bayerische Motoren Werke AG  | 9761 | 821591 |
| Mercedes-Benz Group AG  | 24323 | 1454243 |
|  |  | 2275834 |
| Specialty Retail - 0.0% |  |  |
| Zalando SE (b)(c)(d) | 7556 | 273657 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| adidas AG  | 5759 | 1315908 |
| Puma SE  | 3547 | 91586 |
|  |  | 1407494 |
| TOTAL CONSUMER DISCRETIONARY |  | 4244242 |
| Consumer Staples - 0.0% |  |  |
| Household Products - 0.0% |  |  |
| Henkel AG & Co KGaA  | 3491 | 245591 |
| Personal Care Products - 0.0% |  |  |
| Beiersdorf AG  | 3341 | 469322 |
| TOTAL CONSUMER STAPLES |  | 714913 |
| Financials - 2.3% |  |  |
| Banks - 0.1% |  |  |
| Commerzbank AG  | 31920 | 839648 |
| Capital Markets - 0.6% |  |  |
| Deutsche Bank AG  | 62337 | 1622812 |
| Deutsche Boerse AG  | 6342 | 2042720 |
|  |  | 3665532 |
| Insurance - 1.6% |  |  |
| Allianz SE  | 13007 | 5379393 |
| Hannover Rueck SE  | 2031 | 649751 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (b) | 4505 | 3084165 |
| Talanx AG  | 2174 | 248498 |
|  |  | 9361807 |
| TOTAL FINANCIALS |  | 13866987 |
| Health Care - 0.5% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Siemens Healthineers AG (c)(d) | 9498 | 512011 |
| Health Care Providers & Services - 0.2% |  |  |
| Fresenius Medical Care AG  | 6918 | 351957 |
| Fresenius SE & Co KGaA (b) | 14228 | 673741 |
|  |  | 1025698 |
| Pharmaceuticals - 0.2% |  |  |
| Bayer AG  | 33088 | 863251 |
| Merck KGaA  | 4353 | 601125 |
|  |  | 1464376 |
| TOTAL HEALTH CARE |  | 3002085 |
| Industrials - 2.3% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| MTU Aero Engines AG  | 1813 | 624167 |
| Rheinmetall AG  | 1467 | 2498378 |
|  |  | 3122545 |
| Air Freight & Logistics - 0.2% |  |  |
| Deutsche Post AG  | 32333 | 1381525 |
| Electrical Equipment - 0.3% |  |  |
| Siemens Energy AG (b) | 21537 | 1662305 |
| Industrial Conglomerates - 1.1% |  |  |
| Siemens AG  | 25597 | 5893999 |
| Machinery - 0.2% |  |  |
| Daimler Truck Holding AG  | 16002 | 637376 |
| Gea Group Ag  | 5224 | 339102 |
| Knorr-Bremse AG  | 2443 | 241331 |
| Rational AG  | 172 | 146624 |
|  |  | 1364433 |
| Passenger Airlines - 0.0% |  |  |
| Deutsche Lufthansa AG  | 20200 | 145150 |
| Trading Companies & Distributors - 0.0% |  |  |
| Brenntag SE  | 4133 | 276018 |
| TOTAL INDUSTRIALS |  | 13845975 |
| Information Technology - 2.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Infineon Technologies AG  | 43984 | 1456883 |
| Software - 1.8% |  |  |
| Nemetschek SE  | 1945 | 256255 |
| SAP SE  | 35171 | 10290635 |
|  |  | 10546890 |
| TOTAL INFORMATION TECHNOLOGY |  | 12003773 |
| Materials - 0.6% |  |  |
| Chemicals - 0.5% |  |  |
| BASF SE (b) | 30061 | 1535200 |
| Covestro AG  | 6047 | 406910 |
| Evonik Industries AG  | 8632 | 193131 |
| Symrise AG  | 4472 | 515762 |
|  |  | 2651003 |
| Construction Materials - 0.1% |  |  |
| Heidelberg Materials AG  | 4599 | 907838 |
| TOTAL MATERIALS |  | 3558841 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| LEG Immobilien SE  | 2508 | 211811 |
| Vonovia SE  | 24943 | 827361 |
|  |  | 1039172 |
| Utilities - 0.4% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| RWE AG  | 21295 | 826973 |
| Multi-Utilities - 0.3% |  |  |
| E.ON SE  | 75617 | 1322510 |
| TOTAL UTILITIES |  | 2149483 |
| TOTAL GERMANY |  | 59194860 |
| HONG KONG - 1.7%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| HKT Trust & HKT Ltd unit  | 127292 | 181198 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| WH Group Ltd (c)(d) | 280577 | 251071 |
| Financials - 1.0% |  |  |
| Banks - 0.1% |  |  |
| Hang Seng Bank Ltd  | 25376 | 354353 |
| Capital Markets - 0.3% |  |  |
| Futu Holdings Ltd Class A ADR  | 1889 | 174374 |
| Hong Kong Exchanges & Clearing Ltd  | 40567 | 1772360 |
|  |  | 1946734 |
| Insurance - 0.6% |  |  |
| AIA Group Ltd  | 363445 | 2723263 |
| Prudential PLC  | 89236 | 948827 |
| Prudential PLC rights (b)(e) | 90119 | 15166 |
|  |  | 3687256 |
| TOTAL FINANCIALS |  | 5988343 |
| Industrials - 0.2% |  |  |
| Ground Transportation - 0.0% |  |  |
| MTR Corp Ltd  | 52437 | 181200 |
| Industrial Conglomerates - 0.1% |  |  |
| Jardine Matheson Holdings Ltd (Singapore)  | 5375 | 238839 |
| Swire Pacific Ltd A Shares  | 13856 | 119879 |
|  |  | 358718 |
| Machinery - 0.1% |  |  |
| Techtronic Industries Co Ltd  | 46292 | 465882 |
| TOTAL INDUSTRIALS |  | 1005800 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| CK Asset Holdings Ltd  | 64726 | 264976 |
| Henderson Land Development Co Ltd  | 49140 | 139358 |
| Hongkong Land Holdings Ltd (Singapore)  | 37130 | 181714 |
| Sino Land Co Ltd  | 136600 | 140552 |
| Sun Hung Kai Properties Ltd  | 48680 | 461800 |
| Wharf Real Estate Investment Co Ltd  | 55814 | 133857 |
|  |  | 1322257 |
| Retail REITs - 0.1% |  |  |
| Link REIT  | 87531 | 410252 |
| TOTAL REAL ESTATE |  | 1732509 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| CK Infrastructure Holdings Ltd  | 21081 | 142159 |
| CLP Holdings Ltd  | 55236 | 470978 |
| Power Assets Holdings Ltd  | 46803 | 309884 |
|  |  | 923021 |
| Gas Utilities - 0.0% |  |  |
| Hong Kong & China Gas Co Ltd  | 376697 | 339511 |
| TOTAL UTILITIES |  | 1262532 |
| TOTAL HONG KONG |  | 10421453 |
| IRELAND - 0.4%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Kerry Group PLC Class A  | 5038 | 532206 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| AIB Group PLC  | 70583 | 474393 |
| Bank of Ireland Group PLC  | 33796 | 395300 |
|  |  | 869693 |
| Industrials - 0.2% |  |  |
| Building Products - 0.1% |  |  |
| Kingspan Group PLC  | 5207 | 438277 |
| Trading Companies & Distributors - 0.1% |  |  |
| AerCap Holdings NV  | 6545 | 693770 |
| TOTAL INDUSTRIALS |  | 1132047 |
| TOTAL IRELAND |  | 2533946 |
| ISRAEL - 0.8%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Global-e Online Ltd (b) | 3377 | 121268 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Bank Hapoalim BM  | 42397 | 620975 |
| Bank Leumi Le-Israel BM  | 50607 | 718279 |
| Israel Discount Bank Ltd Class A  | 41520 | 309770 |
| Mizrahi Tefahot Bank Ltd  | 5224 | 264570 |
|  |  | 1913594 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (b) | 37735 | 585270 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Elbit Systems Ltd  | 900 | 345552 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.0% |  |  |
| Wix.com Ltd (b) | 1780 | 301870 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Nova Ltd (Israel) (b) | 986 | 189123 |
| Software - 0.2% |  |  |
| Check Point Software Technologies Ltd (b) | 2963 | 650557 |
| Nice Ltd (b) | 2117 | 330722 |
|  |  | 981279 |
| TOTAL INFORMATION TECHNOLOGY |  | 1472272 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| ICL Group Ltd  | 26075 | 172971 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Azrieli Group Ltd  | 1429 | 103982 |
| TOTAL ISRAEL |  | 4714909 |
| ITALY - 2.9%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Infrastrutture Wireless Italiane SpA (c)(d) | 10984 | 131152 |
| Telecom Italia SpA/Milano (b) | 335569 | 132292 |
|  |  | 263444 |
| Consumer Discretionary - 0.4% |  |  |
| Automobiles - 0.3% |  |  |
| Ferrari NV (Italy)  | 4245 | 1931274 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Moncler SpA  | 7867 | 481611 |
| TOTAL CONSUMER DISCRETIONARY |  | 2412885 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Coca-Cola HBC AG  | 7319 | 380407 |
| Davide Campari-Milano NV  | 20732 | 139117 |
|  |  | 519524 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Eni SpA  | 71906 | 1029804 |
| Financials - 1.4% |  |  |
| Banks - 1.1% |  |  |
| Banco BPM SpA  | 43377 | 481274 |
| BPER Banca SPA  | 33516 | 271019 |
| FinecoBank Banca Fineco SpA  | 20578 | 409472 |
| Intesa Sanpaolo SpA  | 509696 | 2720904 |
| Mediobanca Banca di Credito Finanziario SpA  | 16839 | 343083 |
| UniCredit SpA  | 47028 | 2736129 |
|  |  | 6961881 |
| Financial Services - 0.0% |  |  |
| Nexi SpA (b)(c)(d) | 16609 | 96787 |
| Insurance - 0.3% |  |  |
| Generali  | 31716 | 1154773 |
| Poste Italiane Spa (c)(d) | 15397 | 311174 |
| Unipol Assicurazioni SpA  | 12083 | 215590 |
|  |  | 1681537 |
| TOTAL FINANCIALS |  | 8740205 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| DiaSorin SpA  | 754 | 85844 |
| Health Care Providers & Services - 0.0% |  |  |
| Amplifon SpA  | 4199 | 79939 |
| Pharmaceuticals - 0.1% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 3874 | 227552 |
| TOTAL HEALTH CARE |  | 393335 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Leonardo SpA  | 13631 | 708653 |
| Electrical Equipment - 0.1% |  |  |
| Prysmian SpA  | 9464 | 519878 |
| TOTAL INDUSTRIALS |  | 1228531 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| Enel SpA  | 273941 | 2374787 |
| Terna - Rete Elettrica Nazionale  | 47389 | 470706 |
|  |  | 2845493 |
| Gas Utilities - 0.0% |  |  |
| Snam SpA  | 67918 | 389321 |
| TOTAL UTILITIES |  | 3234814 |
| TOTAL ITALY |  | 17822542 |
| JAPAN - 21.6%  |  |  |
| Communication Services - 1.8% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Nippon Telegraph & Telephone Corp  | 1006425 | 1051993 |
| Entertainment - 0.7% |  |  |
| Capcom Co Ltd  | 11688 | 338345 |
| Konami Group Corp  | 3355 | 479148 |
| Nexon Co Ltd  | 11314 | 177513 |
| Nintendo Co Ltd  | 37170 | 3085854 |
| Toho Co Ltd/Tokyo  | 3790 | 216377 |
|  |  | 4297237 |
| Interactive Media & Services - 0.1% |  |  |
| LY Corp  | 96317 | 364273 |
| Media - 0.0% |  |  |
| Dentsu Group Inc  | 6763 | 141794 |
| Wireless Telecommunication Services - 0.8% |  |  |
| KDDI Corp  | 103400 | 1832623 |
| SoftBank Corp  | 963830 | 1458511 |
| SoftBank Group Corp  | 32224 | 1629557 |
|  |  | 4920691 |
| TOTAL COMMUNICATION SERVICES |  | 10775988 |
| Consumer Discretionary - 4.0% |  |  |
| Automobile Components - 0.4% |  |  |
| Aisin Corp  | 17722 | 224531 |
| Bridgestone Corp  | 19184 | 802182 |
| Denso Corp  | 63688 | 822336 |
| Sumitomo Electric Industries Ltd  | 24044 | 386469 |
|  |  | 2235518 |
| Automobiles - 1.5% |  |  |
| Honda Motor Co Ltd  | 151114 | 1537546 |
| Isuzu Motors Ltd  | 18926 | 254525 |
| Nissan Motor Co Ltd (b) | 75064 | 178699 |
| Subaru Corp  | 19728 | 357233 |
| Suzuki Motor Corp  | 52972 | 634799 |
| Toyota Motor Corp  | 319190 | 6096344 |
| Yamaha Motor Co Ltd  | 31116 | 244377 |
|  |  | 9303523 |
| Broadline Retail - 0.1% |  |  |
| Pan Pacific International Holdings Corp  | 12794 | 394612 |
| Rakuten Group Inc (b) | 50746 | 299215 |
|  |  | 693827 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Oriental Land Co Ltd/Japan (f) | 36370 | 770298 |
| Zensho Holdings Co Ltd  | 3200 | 198495 |
|  |  | 968793 |
| Household Durables - 1.1% |  |  |
| Panasonic Holdings Corp  | 78509 | 900182 |
| Sekisui House Ltd  | 20134 | 462885 |
| Sony Group Corp  | 207165 | 5465592 |
|  |  | 6828659 |
| Leisure Products - 0.2% |  |  |
| Bandai Namco Holdings Inc  | 20011 | 695433 |
| Shimano Inc  | 2524 | 355595 |
|  |  | 1051028 |
| Specialty Retail - 0.4% |  |  |
| Fast Retailing Co Ltd  | 6391 | 2102287 |
| Nitori Holdings Co Ltd  | 2735 | 325423 |
| ZOZO Inc  | 13646 | 138582 |
|  |  | 2566292 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Asics Corp  | 21696 | 466335 |
| TOTAL CONSUMER DISCRETIONARY |  | 24113975 |
| Consumer Staples - 1.2% |  |  |
| Beverages - 0.2% |  |  |
| Asahi Group Holdings Ltd  | 48686 | 672952 |
| Kirin Holdings Co Ltd  | 26174 | 395926 |
| Suntory Beverage & Food Ltd  | 4632 | 161592 |
|  |  | 1230470 |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Aeon Co Ltd  | 21991 | 650300 |
| Kobe Bussan Co Ltd  | 5105 | 156598 |
| MatsukiyoCocokara & Co  | 11200 | 205741 |
| Seven & i Holdings Co Ltd  | 74577 | 1097820 |
|  |  | 2110459 |
| Food Products - 0.2% |  |  |
| Ajinomoto Co Inc  | 30766 | 629291 |
| Kikkoman Corp  | 22810 | 223291 |
| MEIJI Holdings Co Ltd  | 8082 | 198711 |
| Nissin Foods Holdings Co Ltd (f) | 6618 | 145755 |
| Yakult Honsha Co Ltd  | 8628 | 176959 |
|  |  | 1374007 |
| Household Products - 0.1% |  |  |
| Unicharm Corp  | 37622 | 348775 |
| Personal Care Products - 0.1% |  |  |
| Kao Corp  | 15706 | 672555 |
| Shiseido Co Ltd  | 13469 | 221447 |
|  |  | 894002 |
| Tobacco - 0.2% |  |  |
| Japan Tobacco Inc  | 40408 | 1244892 |
| TOTAL CONSUMER STAPLES |  | 7202605 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| ENEOS Holdings Inc  | 91914 | 442495 |
| Idemitsu Kosan Co Ltd  | 30535 | 189226 |
| Inpex Corp  | 29710 | 371657 |
|  |  | 1003378 |
| Financials - 3.4% |  |  |
| Banks - 2.0% |  |  |
| Chiba Bank Ltd/The  | 19205 | 170760 |
| Concordia Financial Group Ltd  | 35426 | 229134 |
| Japan Post Bank Co Ltd  | 60967 | 622974 |
| Mitsubishi UFJ Financial Group Inc  | 386121 | 4864788 |
| Mizuho Financial Group Inc  | 81199 | 2030189 |
| Resona Holdings Inc  | 70477 | 565352 |
| Sumitomo Mitsui Financial Group Inc  | 125561 | 2995536 |
| Sumitomo Mitsui Trust Group Inc  | 21910 | 542026 |
|  |  | 12020759 |
| Capital Markets - 0.2% |  |  |
| Daiwa Securities Group Inc  | 44956 | 295627 |
| Japan Exchange Group Inc  | 33426 | 371890 |
| Nomura Holdings Inc  | 101185 | 563962 |
| SBI Holdings Inc  | 9197 | 240506 |
|  |  | 1471985 |
| Financial Services - 0.2% |  |  |
| Mitsubishi HC Capital Inc  | 29678 | 208917 |
| ORIX Corp  | 38904 | 780415 |
|  |  | 989332 |
| Insurance - 1.0% |  |  |
| Dai-ichi Life Holdings Inc  | 121944 | 880490 |
| Japan Post Holdings Co Ltd  | 64803 | 629902 |
| Japan Post Insurance Co Ltd  | 6467 | 129335 |
| Ms&Ad Insurance Group Holdings Inc  | 43329 | 984860 |
| Sompo Holdings Inc  | 29977 | 982380 |
| T&D Holdings Inc  | 16496 | 351012 |
| Tokio Marine Holdings Inc  | 59968 | 2403661 |
|  |  | 6361640 |
| TOTAL FINANCIALS |  | 20843716 |
| Health Care - 1.6% |  |  |
| Health Care Equipment & Supplies - 0.5% |  |  |
| Hoya Corp  | 11728 | 1379989 |
| Olympus Corp  | 37653 | 493367 |
| Sysmex Corp  | 16940 | 314145 |
| Terumo Corp  | 44860 | 858653 |
|  |  | 3046154 |
| Health Care Technology - 0.0% |  |  |
| M3 Inc  | 14838 | 185959 |
| Pharmaceuticals - 1.1% |  |  |
| Astellas Pharma Inc  | 60913 | 609992 |
| Chugai Pharmaceutical Co Ltd  | 22622 | 1303243 |
| Daiichi Sankyo Co Ltd  | 59046 | 1510434 |
| Eisai Co Ltd  | 8821 | 254962 |
| Kyowa Kirin Co Ltd  | 7947 | 124089 |
| Ono Pharmaceutical Co Ltd  | 12621 | 145279 |
| Otsuka Holdings Co Ltd  | 14854 | 724144 |
| Shionogi & Co Ltd  | 25423 | 427119 |
| Takeda Pharmaceutical Co Ltd  | 53578 | 1620662 |
|  |  | 6719924 |
| TOTAL HEALTH CARE |  | 9952037 |
| Industrials - 5.1% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| SG Holdings Co Ltd  | 10737 | 112980 |
| Building Products - 0.2% |  |  |
| Agc Inc  | 6594 | 205877 |
| Daikin Industries Ltd  | 8917 | 1015854 |
|  |  | 1221731 |
| Commercial Services & Supplies - 0.2% |  |  |
| Dai Nippon Printing Co Ltd  | 13110 | 182737 |
| Secom Co Ltd  | 14098 | 518390 |
| TOPPAN Holdings Inc  | 8038 | 225647 |
|  |  | 926774 |
| Construction & Engineering - 0.2% |  |  |
| Kajima Corp  | 13354 | 318862 |
| Obayashi Corp  | 21893 | 339674 |
| Taisei Corp  | 5516 | 299089 |
|  |  | 957625 |
| Electrical Equipment - 0.4% |  |  |
| Fuji Electric Co Ltd  | 4511 | 200589 |
| Fujikura Ltd  | 8500 | 316259 |
| Mitsubishi Electric Corp  | 64056 | 1239189 |
| NIDEC CORP  | 28098 | 499339 |
|  |  | 2255376 |
| Ground Transportation - 0.3% |  |  |
| Central Japan Railway Co  | 26000 | 547140 |
| East Japan Railway Co  | 30606 | 663443 |
| Hankyu Hanshin Holdings Inc  | 7675 | 218366 |
| Tokyo Metro Co Ltd  | 9800 | 124128 |
| Tokyu Corp  | 17917 | 217298 |
| West Japan Railway Co  | 15040 | 316381 |
|  |  | 2086756 |
| Industrial Conglomerates - 0.7% |  |  |
| Hikari Tsushin Inc  | 590 | 163325 |
| Hitachi Ltd  | 156125 | 3858710 |
| Sekisui Chemical Co Ltd  | 12698 | 221047 |
|  |  | 4243082 |
| Machinery - 1.1% |  |  |
| Daifuku Co Ltd  | 10910 | 288965 |
| FANUC Corp  | 31805 | 807200 |
| Hoshizaki Corp  | 3668 | 155770 |
| Komatsu Ltd  | 30468 | 881121 |
| Kubota Corp  | 32943 | 382811 |
| Makita Corp  | 7973 | 233201 |
| MINEBEA MITSUMI Inc  | 12211 | 178965 |
| Mitsubishi Heavy Industries Ltd  | 107920 | 2127410 |
| SMC Corp  | 1896 | 613623 |
| Toyota Industries Corp  | 5441 | 637790 |
| Yaskawa Electric Corp  | 7598 | 160085 |
|  |  | 6466941 |
| Marine Transportation - 0.2% |  |  |
| Kawasaki Kisen Kaisha Ltd  | 12500 | 171429 |
| Mitsui OSK Lines Ltd  | 11600 | 386324 |
| Nippon Yusen KK  | 14765 | 482416 |
|  |  | 1040169 |
| Passenger Airlines - 0.0% |  |  |
| ANA Holdings Inc (f) | 5363 | 103020 |
| Japan Airlines Co Ltd  | 4837 | 87634 |
|  |  | 190654 |
| Professional Services - 0.4% |  |  |
| Recruit Holdings Co Ltd  | 47273 | 2619647 |
| Trading Companies & Distributors - 1.4% |  |  |
| ITOCHU Corp  | 40050 | 2048275 |
| Marubeni Corp  | 47572 | 843388 |
| Mitsubishi Corp  | 115105 | 2185451 |
| Mitsui & Co Ltd  | 84958 | 1717946 |
| MonotaRO Co Ltd  | 8422 | 161896 |
| Sumitomo Corp  | 36675 | 895471 |
| Toyota Tsusho Corp  | 21471 | 426687 |
|  |  | 8279114 |
| TOTAL INDUSTRIALS |  | 30400849 |
| Information Technology - 2.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Keyence Corp  | 6505 | 2719686 |
| Kyocera Corp  | 43252 | 512611 |
| Murata Manufacturing Co Ltd  | 56183 | 800414 |
| Omron Corp  | 5911 | 175468 |
| Shimadzu Corp  | 7974 | 204565 |
| TDK Corp  | 65455 | 698499 |
| Yokogawa Electric Corp  | 7679 | 166175 |
|  |  | 5277418 |
| IT Services - 0.7% |  |  |
| Fujitsu Ltd  | 59280 | 1316933 |
| NEC Corp  | 41375 | 1007184 |
| Nomura Research Institute Ltd  | 12739 | 482394 |
| NTT Data Group Corp  | 21245 | 421934 |
| Obic Co Ltd  | 10880 | 379788 |
| Otsuka Corp  | 7650 | 169661 |
| SCSK Corp  | 5258 | 137646 |
| TIS Inc  | 7172 | 207215 |
|  |  | 4122755 |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| Advantest Corp  | 25832 | 1080706 |
| Disco Corp  | 3144 | 608300 |
| Lasertec Corp  | 2725 | 253344 |
| Renesas Electronics Corp  | 56703 | 665425 |
| SCREEN Holdings Co Ltd  | 2700 | 179542 |
| Tokyo Electron Ltd  | 15050 | 2240921 |
|  |  | 5028238 |
| Software - 0.1% |  |  |
| Oracle Corp Japan  | 1264 | 151656 |
| Trend Micro Inc/Japan  | 4320 | 309963 |
|  |  | 461619 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Canon Inc  | 31471 | 971188 |
| FUJIFILM Holdings Corp  | 37700 | 772186 |
| Ricoh Co Ltd  | 17825 | 187485 |
| Seiko Epson Corp  | 9744 | 135179 |
|  |  | 2066038 |
| TOTAL INFORMATION TECHNOLOGY |  | 16956068 |
| Materials - 0.8% |  |  |
| Chemicals - 0.6% |  |  |
| Asahi Kasei Corp  | 42293 | 294729 |
| Mitsubishi Chemical Group Corp  | 45647 | 221916 |
| Nippon Paint Holdings Co Ltd  | 31905 | 242110 |
| Nippon Sanso Holdings Corp  | 5850 | 186776 |
| Nitto Denko Corp  | 23815 | 418592 |
| Shin-Etsu Chemical Co Ltd  | 60170 | 1831063 |
| Toray Industries Inc  | 46702 | 298263 |
|  |  | 3493449 |
| Metals & Mining - 0.2% |  |  |
| JFE Holdings Inc  | 19420 | 226166 |
| Nippon Steel Corp  | 32582 | 685777 |
| Sumitomo Metal Mining Co Ltd  | 8286 | 183841 |
|  |  | 1095784 |
| TOTAL MATERIALS |  | 4589233 |
| Real Estate - 0.5% |  |  |
| Office REITs - 0.0% |  |  |
| Nippon Building Fund Inc  | 258 | 239270 |
| Real Estate Management & Development - 0.5% |  |  |
| Daito Trust Construction Co Ltd  | 2009 | 222848 |
| Daiwa House Industry Co Ltd  | 18850 | 682048 |
| Hulic Co Ltd  | 15500 | 161580 |
| Mitsubishi Estate Co Ltd  | 35784 | 628581 |
| Mitsui Fudosan Co Ltd  | 89023 | 882275 |
| Sumitomo Realty & Development Co Ltd  | 10422 | 388181 |
|  |  | 2965513 |
| TOTAL REAL ESTATE |  | 3204783 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.1% |  |  |
| Chubu Electric Power Co Inc  | 21695 | 281716 |
| Kansai Electric Power Co Inc/The  | 31880 | 392776 |
|  |  | 674492 |
| Gas Utilities - 0.1% |  |  |
| Osaka Gas Co Ltd  | 12236 | 310281 |
| Tokyo Gas Co Ltd  | 11815 | 392528 |
|  |  | 702809 |
| TOTAL UTILITIES |  | 1377301 |
| TOTAL JAPAN |  | 130419933 |
| JORDAN - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Hikma Pharmaceuticals PLC  | 5605 | 148275 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Delivery Hero SE (b)(c)(d) | 6345 | 179326 |
| LUXEMBOURG - 0.1%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| CVC Capital Partners PLC (b)(c)(d) | 7160 | 126697 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Eurofins Scientific SE  | 4550 | 285970 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| ArcelorMittal SA  | 15798 | 463884 |
| TOTAL LUXEMBOURG |  | 876551 |
| MACAU - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Galaxy Entertainment Group Ltd  | 73635 | 267743 |
| Sands China Ltd (b) | 81662 | 147201 |
| TOTAL MACAU |  | 414944 |
| NETHERLANDS - 3.9%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Koninklijke KPN NV  | 130983 | 609314 |
| Entertainment - 0.1% |  |  |
| Universal Music Group NV  | 27725 | 815267 |
| TOTAL COMMUNICATION SERVICES |  | 1424581 |
| Consumer Staples - 0.4% |  |  |
| Beverages - 0.2% |  |  |
| Heineken Holding NV Class A  | 4365 | 340208 |
| Heineken NV  | 9700 | 868298 |
|  |  | 1208506 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Koninklijke Ahold Delhaize NV  | 31002 | 1272913 |
| Food Products - 0.0% |  |  |
| JDE Peet's NV  | 5754 | 138842 |
| TOTAL CONSUMER STAPLES |  | 2620261 |
| Financials - 0.9% |  |  |
| Banks - 0.4% |  |  |
| ABN AMRO Bank NV depository receipt (c)(d) | 15431 | 318154 |
| ABN AMRO Bank NV rights (b)(e) | 15431 | 13111 |
| ING Groep NV  | 106007 | 2058584 |
|  |  | 2389849 |
| Capital Markets - 0.1% |  |  |
| Euronext NV (c)(d) | 2633 | 438471 |
| Financial Services - 0.2% |  |  |
| Adyen NV (b)(c)(d) | 742 | 1200714 |
| EXOR NV  | 2977 | 279580 |
|  |  | 1480294 |
| Insurance - 0.2% |  |  |
| Aegon Ltd  | 44533 | 286434 |
| ASR Nederland NV  | 5338 | 335012 |
| NN Group NV  | 9060 | 553209 |
|  |  | 1174655 |
| TOTAL FINANCIALS |  | 5483269 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.2% |  |  |
| Argenx SE (b) | 2033 | 1314231 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Koninklijke Philips NV  | 26909 | 682946 |
| TOTAL HEALTH CARE |  | 1997177 |
| Industrials - 0.3% |  |  |
| Professional Services - 0.3% |  |  |
| Randstad NV (f) | 3655 | 145830 |
| Wolters Kluwer NV  | 8033 | 1414624 |
|  |  | 1560454 |
| Trading Companies & Distributors - 0.0% |  |  |
| IMCD NV  | 1991 | 263556 |
| TOTAL INDUSTRIALS |  | 1824010 |
| Information Technology - 1.7% |  |  |
| Semiconductors & Semiconductor Equipment - 1.7% |  |  |
| ASM International NV  | 1578 | 760282 |
| ASML Holding NV  | 13265 | 8753377 |
| BE Semiconductor Industries NV  | 2733 | 291774 |
|  |  | 9805433 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Akzo Nobel NV  | 5752 | 362037 |
| TOTAL NETHERLANDS |  | 23516768 |
| NEW ZEALAND - 0.3%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Infratil Ltd  | 30975 | 194142 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Fisher & Paykel Healthcare Corp Ltd  | 19742 | 398256 |
| Industrials - 0.0% |  |  |
| Transportation Infrastructure - 0.0% |  |  |
| Auckland International Airport Ltd  | 56643 | 254030 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Xero Ltd (b) | 4897 | 515718 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Contact Energy Ltd  | 26878 | 141593 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Meridian Energy Ltd  | 43890 | 142870 |
| TOTAL UTILITIES |  | 284463 |
| TOTAL NEW ZEALAND |  | 1646609 |
| NORWAY - 0.6%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Telenor ASA  | 20739 | 311382 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Mowi ASA  | 15673 | 286391 |
| Orkla ASA  | 23607 | 262315 |
| Salmar ASA  | 2227 | 109708 |
|  |  | 658414 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Aker BP ASA  | 10643 | 228340 |
| Equinor ASA  | 28219 | 638755 |
|  |  | 867095 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| DNB Bank ASA  | 30162 | 750325 |
| Insurance - 0.0% |  |  |
| Gjensidige Forsikring ASA  | 6736 | 157079 |
| TOTAL FINANCIALS |  | 907404 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Kongsberg Gruppen ASA  | 2963 | 475064 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Norsk Hydro ASA  | 47365 | 251244 |
| TOTAL NORWAY |  | 3470603 |
| POLAND - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| InPost SA (b) | 7588 | 127222 |
| PORTUGAL - 0.1%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Jeronimo Martins SGPS SA  | 9537 | 230341 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Galp Energia SGPS SA  | 14053 | 217734 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| EDP SA  | 105691 | 416598 |
| TOTAL PORTUGAL |  | 864673 |
| SINGAPORE - 1.7%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Singapore Telecommunications Ltd  | 250262 | 724057 |
| Entertainment - 0.3% |  |  |
| Sea Ltd Class A ADR (b) | 12336 | 1653641 |
| TOTAL COMMUNICATION SERVICES |  | 2377698 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Genting Singapore Ltd  | 203894 | 115621 |
| Financials - 0.9% |  |  |
| Banks - 0.8% |  |  |
| DBS Group Holdings Ltd  | 67097 | 2179929 |
| Oversea-Chinese Banking Corp Ltd  | 114028 | 1411184 |
| United Overseas Bank Ltd  | 42566 | 1130503 |
|  |  | 4721616 |
| Capital Markets - 0.1% |  |  |
| Singapore Exchange Ltd  | 28889 | 317804 |
| TOTAL FINANCIALS |  | 5039420 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Singapore Technologies Engineering Ltd  | 52593 | 298636 |
| Ground Transportation - 0.2% |  |  |
| Grab Holdings Ltd Class A (b) | 77641 | 378888 |
| Industrial Conglomerates - 0.0% |  |  |
| Keppel Ltd  | 49016 | 246438 |
| Passenger Airlines - 0.0% |  |  |
| Singapore Airlines Ltd  | 50062 | 256914 |
| TOTAL INDUSTRIALS |  | 1180876 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| STMicroelectronics NV  | 22804 | 512020 |
| Real Estate - 0.1% |  |  |
| Industrial REITs - 0.0% |  |  |
| CapitaLand Ascendas REIT  | 125951 | 256645 |
| Real Estate Management & Development - 0.0% |  |  |
| CapitaLand Investment Ltd/Singapore  | 78853 | 166190 |
| Retail REITs - 0.1% |  |  |
| CapitaLand Integrated Commercial Trust  | 196649 | 323626 |
| TOTAL REAL ESTATE |  | 746461 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Sembcorp Industries Ltd  | 30100 | 152251 |
| TOTAL SINGAPORE |  | 10124347 |
| SOUTH AFRICA - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Anglo American PLC  | 42798 | 1168316 |
| SPAIN - 3.0%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Cellnex Telecom SA (c)(d) | 17846 | 722216 |
| Telefonica SA (f) | 133679 | 686741 |
|  |  | 1408957 |
| Consumer Discretionary - 0.5% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Amadeus IT Group SA Class A  | 15173 | 1189116 |
| Specialty Retail - 0.3% |  |  |
| Industria de Diseno Textil SA  | 36740 | 1966172 |
| TOTAL CONSUMER DISCRETIONARY |  | 3155288 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Repsol SA  | 38981 | 476491 |
| Financials - 1.3% |  |  |
| Banks - 1.3% |  |  |
| Banco Bilbao Vizcaya Argentaria SA  | 194112 | 2664001 |
| Banco de Sabadell SA  | 183230 | 532215 |
| Banco Santander SA  | 510348 | 3574110 |
| CaixaBank SA  | 132911 | 1018657 |
|  |  | 7788983 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Grifols SA Class A (b) | 10060 | 94522 |
| Industrials - 0.2% |  |  |
| Construction & Engineering - 0.1% |  |  |
| ACS Actividades de Construccion y Servicios SA  | 6005 | 374832 |
| Transportation Infrastructure - 0.1% |  |  |
| Aena SME SA (c)(d) | 2526 | 633554 |
| TOTAL INDUSTRIALS |  | 1008386 |
| Utilities - 0.7% |  |  |
| Electric Utilities - 0.7% |  |  |
| Acciona SA  | 832 | 121021 |
| Endesa SA  | 10698 | 321160 |
| Iberdrola SA  | 196247 | 3537521 |
| Redeia Corp SA  | 13668 | 286450 |
|  |  | 4266152 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| EDP Renovaveis SA  | 10508 | 98268 |
| EDP Renovaveis SA rights 5/5/2025 (b) | 10508 | 1071 |
|  |  | 99339 |
| TOTAL UTILITIES |  | 4365491 |
| TOTAL SPAIN |  | 18298118 |
| SWEDEN - 3.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Telia Co AB  | 79466 | 297211 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Tele2 AB B Shares  | 18411 | 270960 |
| TOTAL COMMUNICATION SERVICES |  | 568171 |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Evolution AB (b)(c)(d) | 5351 | 370688 |
| Specialty Retail - 0.0% |  |  |
| H & M Hennes & Mauritz AB B Shares  | 19077 | 276437 |
| TOTAL CONSUMER DISCRETIONARY |  | 647125 |
| Consumer Staples - 0.1% |  |  |
| Household Products - 0.1% |  |  |
| Essity AB B Shares  | 20553 | 591998 |
| Financials - 0.8% |  |  |
| Banks - 0.4% |  |  |
| Skandinaviska Enskilda Banken AB A Shares  | 53448 | 843014 |
| Svenska Handelsbanken AB A Shares  | 49127 | 643063 |
| Swedbank AB A1 Shares  | 28595 | 709735 |
|  |  | 2195812 |
| Capital Markets - 0.0% |  |  |
| EQT AB  | 12540 | 360417 |
| Financial Services - 0.4% |  |  |
| Industrivarden AB A Shares  | 4006 | 140503 |
| Industrivarden AB C Shares  | 5222 | 182990 |
| Investor AB B Shares  | 58296 | 1720744 |
| L E Lundbergforetagen AB B Shares  | 2560 | 134946 |
|  |  | 2179183 |
| TOTAL FINANCIALS |  | 4735412 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Swedish Orphan Biovitrum AB B Shares (b) | 6594 | 199890 |
| Industrials - 1.6% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Saab AB B Shares  | 10788 | 502338 |
| Building Products - 0.2% |  |  |
| Assa Abloy AB B Shares  | 33759 | 1024720 |
| Nibe Industrier AB B Shares  | 51042 | 215353 |
|  |  | 1240073 |
| Commercial Services & Supplies - 0.0% |  |  |
| Securitas AB B Shares  | 16565 | 263073 |
| Construction & Engineering - 0.0% |  |  |
| Skanska AB B Shares  | 11461 | 265493 |
| Industrial Conglomerates - 0.1% |  |  |
| Investment AB Latour B Shares  | 4983 | 134454 |
| Lifco AB B Shares  | 7850 | 303588 |
|  |  | 438042 |
| Machinery - 1.1% |  |  |
| Alfa Laval AB  | 9745 | 403391 |
| Atlas Copco AB A Shares  | 90458 | 1402424 |
| Atlas Copco AB B Shares  | 52585 | 731473 |
| Epiroc AB A Shares  | 22195 | 479470 |
| Epiroc AB B Shares  | 13136 | 257134 |
| Indutrade AB  | 9203 | 248321 |
| Sandvik AB  | 35912 | 743468 |
| SKF AB B Shares  | 11488 | 225290 |
| Trelleborg AB B Shares  | 7175 | 247048 |
| Volvo AB B Shares  | 53501 | 1454346 |
|  |  | 6192365 |
| Trading Companies & Distributors - 0.1% |  |  |
| AddTech AB B Shares  | 8754 | 293989 |
| Beijer Ref AB B Shares  | 12964 | 197434 |
|  |  | 491423 |
| TOTAL INDUSTRIALS |  | 9392807 |
| Information Technology - 0.2% |  |  |
| Communications Equipment - 0.1% |  |  |
| Telefonaktiebolaget LM Ericsson B Shares  | 93560 | 790337 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Hexagon AB B Shares  | 69928 | 680579 |
| TOTAL INFORMATION TECHNOLOGY |  | 1470916 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.0% |  |  |
| Boliden AB (b) | 9212 | 282207 |
| Paper & Forest Products - 0.1% |  |  |
| Holmen AB B Shares  | 2571 | 101771 |
| Svenska Cellulosa AB SCA B Shares  | 20433 | 264886 |
|  |  | 366657 |
| TOTAL MATERIALS |  | 648864 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Fastighets AB Balder B Shares (b) | 24180 | 173116 |
| Sagax AB B Shares  | 7400 | 167822 |
|  |  | 340938 |
| TOTAL SWEDEN |  | 18596121 |
| SWITZERLAND - 4.8%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Swisscom AG  | 872 | 581087 |
| Consumer Discretionary - 0.6% |  |  |
| Specialty Retail - 0.0% |  |  |
| Avolta AG  | 2960 | 134880 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Cie Financiere Richemont SA Series A  | 18106 | 3199425 |
| Swatch Group AG/The  | 974 | 169030 |
|  |  | 3368455 |
| TOTAL CONSUMER DISCRETIONARY |  | 3503335 |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.2% |  |  |
| Barry Callebaut AG  | 121 | 108634 |
| Chocoladefabriken Lindt & Spruengli AG  | 4 | 566063 |
| Chocoladefabriken Lindt & Spruengli AG (f) | 32 | 466808 |
|  |  | 1141505 |
| Financials - 1.6% |  |  |
| Banks - 0.0% |  |  |
| Banque Cantonale Vaudoise (b) | 1014 | 124577 |
| Capital Markets - 0.8% |  |  |
| Julius Baer Group Ltd  | 6938 | 449916 |
| Partners Group Holding AG  | 764 | 995556 |
| UBS Group AG  | 110776 | 3340661 |
|  |  | 4786133 |
| Insurance - 0.8% |  |  |
| Baloise Holding AG  | 1388 | 308258 |
| Helvetia Holding AG  | 1250 | 274580 |
| Swiss Life Holding AG  | 968 | 964071 |
| Zurich Insurance Group AG  | 4929 | 3495997 |
|  |  | 5042906 |
| TOTAL FINANCIALS |  | 9953616 |
| Health Care - 0.6% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Sonova Holding AG  | 1707 | 524085 |
| Straumann Holding AG  | 3759 | 458360 |
|  |  | 982445 |
| Life Sciences Tools & Services - 0.3% |  |  |
| Lonza Group AG  | 2433 | 1748133 |
| Pharmaceuticals - 0.2% |  |  |
| Galderma Group AG  | 3205 | 372399 |
| Sandoz Group AG  | 14078 | 610300 |
|  |  | 982699 |
| TOTAL HEALTH CARE |  | 3713277 |
| Industrials - 0.9% |  |  |
| Building Products - 0.1% |  |  |
| Geberit AG  | 1126 | 777907 |
| Electrical Equipment - 0.5% |  |  |
| ABB Ltd  | 53267 | 2813070 |
| Machinery - 0.2% |  |  |
| Schindler Holding AG  | 1371 | 499663 |
| Schindler Holding AG  | 791 | 279847 |
| VAT Group AG (c)(d) | 909 | 324128 |
|  |  | 1103638 |
| Marine Transportation - 0.0% |  |  |
| Kuehne + Nagel International AG  | 1627 | 372276 |
| Professional Services - 0.1% |  |  |
| SGS SA  | 5326 | 520888 |
| TOTAL INDUSTRIALS |  | 5587779 |
| Information Technology - 0.1% |  |  |
| Software - 0.0% |  |  |
| Temenos AG  | 1899 | 135750 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Logitech International SA  | 5123 | 385086 |
| TOTAL INFORMATION TECHNOLOGY |  | 520836 |
| Materials - 0.6% |  |  |
| Chemicals - 0.6% |  |  |
| DSM-Firmenich AG  | 6264 | 680478 |
| EMS-Chemie Holding AG  | 236 | 173708 |
| Givaudan SA  | 311 | 1500457 |
| Sika AG  | 5135 | 1283276 |
|  |  | 3637919 |
| Containers & Packaging - 0.0% |  |  |
| SIG Group AG  | 10300 | 198549 |
| TOTAL MATERIALS |  | 3836468 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Swiss Prime Site AG  | 2603 | 366789 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| BKW AG (b) | 711 | 142570 |
| TOTAL SWITZERLAND |  | 29347262 |
| UNITED KINGDOM - 11.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| BT Group PLC  | 217981 | 504895 |
| Interactive Media & Services - 0.1% |  |  |
| Auto Trader Group PLC (c)(d) | 29918 | 336124 |
| Media - 0.1% |  |  |
| Informa PLC  | 44803 | 434563 |
| WPP PLC  | 36334 | 281681 |
|  |  | 716244 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Vodafone Group PLC  | 684888 | 673039 |
| TOTAL COMMUNICATION SERVICES |  | 2230302 |
| Consumer Discretionary - 0.7% |  |  |
| Broadline Retail - 0.1% |  |  |
| Next PLC  | 3958 | 650386 |
| Diversified Consumer Services - 0.0% |  |  |
| Pearson PLC  | 20196 | 323767 |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Compass Group PLC  | 57171 | 1927510 |
| Entain PLC  | 20453 | 173795 |
| InterContinental Hotels Group PLC  | 5337 | 569511 |
| Whitbread PLC  | 5941 | 205303 |
|  |  | 2876119 |
| Household Durables - 0.0% |  |  |
| Barratt Redrow PLC  | 46427 | 288205 |
| Specialty Retail - 0.1% |  |  |
| JD Sports Fashion PLC  | 87276 | 91399 |
| Kingfisher PLC  | 61063 | 234695 |
|  |  | 326094 |
| TOTAL CONSUMER DISCRETIONARY |  | 4464571 |
| Consumer Staples - 2.6% |  |  |
| Beverages - 0.5% |  |  |
| Coca-Cola Europacific Partners PLC  | 6978 | 633184 |
| Diageo PLC  | 74945 | 2104485 |
|  |  | 2737669 |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| J Sainsbury PLC  | 59077 | 210057 |
| Marks & Spencer Group PLC  | 69094 | 359050 |
| Tesco PLC  | 227036 | 1123602 |
|  |  | 1692709 |
| Food Products - 0.0% |  |  |
| Associated British Foods PLC  | 11044 | 303787 |
| Household Products - 0.2% |  |  |
| Reckitt Benckiser Group PLC  | 23104 | 1491283 |
| Personal Care Products - 0.9% |  |  |
| Unilever PLC  | 83459 | 5313825 |
| Tobacco - 0.7% |  |  |
| British American Tobacco PLC  | 66940 | 2915795 |
| Imperial Brands PLC  | 26709 | 1095951 |
|  |  | 4011746 |
| TOTAL CONSUMER STAPLES |  | 15551019 |
| Financials - 3.4% |  |  |
| Banks - 2.3% |  |  |
| Barclays PLC  | 485665 | 1934716 |
| HSBC Holdings PLC  | 601984 | 6710541 |
| Lloyds Banking Group PLC  | 2041634 | 2005861 |
| NatWest Group PLC  | 257717 | 1657710 |
| Standard Chartered PLC  | 69271 | 997728 |
|  |  | 13306556 |
| Capital Markets - 0.7% |  |  |
| 3i Group PLC  | 32785 | 1858616 |
| London Stock Exchange Group PLC  | 16110 | 2508513 |
| Schroders PLC  | 27104 | 118622 |
|  |  | 4485751 |
| Financial Services - 0.1% |  |  |
| M&G PLC  | 76893 | 212534 |
| Wise PLC Class A (b) | 22440 | 292628 |
|  |  | 505162 |
| Insurance - 0.3% |  |  |
| Admiral Group PLC  | 8769 | 380744 |
| Aviva PLC  | 90185 | 673062 |
| Legal & General Group PLC  | 198485 | 620302 |
| Phoenix Group Holdings PLC  | 23648 | 188306 |
|  |  | 1862414 |
| TOTAL FINANCIALS |  | 20159883 |
| Health Care - 1.3% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Smith & Nephew PLC  | 27977 | 393708 |
| Pharmaceuticals - 1.2% |  |  |
| Astrazeneca PLC  | 52224 | 7481962 |
| TOTAL HEALTH CARE |  | 7875670 |
| Industrials - 2.0% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| BAE Systems PLC  | 101375 | 2350140 |
| Melrose Industries PLC  | 43303 | 250230 |
| Rolls-Royce Holdings PLC  | 286453 | 2899613 |
|  |  | 5499983 |
| Commercial Services & Supplies - 0.1% |  |  |
| Rentokil Initial PLC  | 85027 | 389533 |
| Industrial Conglomerates - 0.2% |  |  |
| CK Hutchison Holdings Ltd  | 90056 | 507833 |
| DCC PLC  | 3333 | 217031 |
| Smiths Group PLC  | 11545 | 286795 |
|  |  | 1011659 |
| Machinery - 0.0% |  |  |
| Spirax Group PLC  | 2479 | 194096 |
| Professional Services - 0.6% |  |  |
| Intertek Group PLC  | 5436 | 332091 |
| RELX PLC  | 62636 | 3418369 |
|  |  | 3750460 |
| Trading Companies & Distributors - 0.2% |  |  |
| Ashtead Group PLC  | 14692 | 781244 |
| Bunzl PLC  | 11139 | 350037 |
|  |  | 1131281 |
| TOTAL INDUSTRIALS |  | 11977012 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Halma PLC  | 12787 | 469656 |
| Software - 0.1% |  |  |
| Sage Group PLC/The  | 33765 | 556858 |
| TOTAL INFORMATION TECHNOLOGY |  | 1026514 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Croda International PLC  | 4467 | 176328 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.0% |  |  |
| Land Securities Group PLC  | 23834 | 188199 |
| Industrial REITs - 0.1% |  |  |
| Segro PLC  | 43285 | 392611 |
| TOTAL REAL ESTATE |  | 580810 |
| Utilities - 0.7% |  |  |
| Electric Utilities - 0.1% |  |  |
| SSE PLC  | 37167 | 837970 |
| Multi-Utilities - 0.5% |  |  |
| Centrica PLC  | 171018 | 365007 |
| National Grid PLC  | 164773 | 2378351 |
|  |  | 2743358 |
| Water Utilities - 0.1% |  |  |
| Severn Trent PLC  | 9100 | 338359 |
| United Utilities Group PLC  | 22967 | 345294 |
|  |  | 683653 |
| TOTAL UTILITIES |  | 4264981 |
| TOTAL UNITED KINGDOM |  | 68307090 |
| UNITED STATES - 10.4%  |  |  |
| Communication Services - 0.5% |  |  |
| Entertainment - 0.5% |  |  |
| Spotify Technology SA (b) | 5188 | 3185328 |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Stellantis NV (Italy)  | 68279 | 629628 |
| Consumer Staples - 1.6% |  |  |
| Food Products - 1.6% |  |  |
| Nestle SA  | 88243 | 9392354 |
| Energy - 1.5% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Tenaris SA  | 13916 | 232049 |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| BP PLC  | 542989 | 2507193 |
| Shell PLC  | 205297 | 6625292 |
|  |  | 9132485 |
| TOTAL ENERGY |  | 9364534 |
| Financials - 0.3% |  |  |
| Insurance - 0.3% |  |  |
| Swiss Re AG  | 10159 | 1818613 |
| Health Care - 4.8% |  |  |
| Biotechnology - 0.4% |  |  |
| CSL Ltd  | 16308 | 2617645 |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Alcon AG  | 16830 | 1624375 |
| Life Sciences Tools & Services - 0.1% |  |  |
| QIAGEN NV  | 7264 | 310687 |
| Pharmaceuticals - 4.0% |  |  |
| GSK PLC  | 139612 | 2761901 |
| Haleon PLC  | 304927 | 1534353 |
| Novartis AG  | 66383 | 7571466 |
| Roche Holding AG  | 23662 | 7737155 |
| Roche Holding AG  | 1079 | 375986 |
| Sanofi SA  | 38289 | 4188504 |
|  |  | 24169365 |
| TOTAL HEALTH CARE |  | 28722072 |
| Industrials - 1.1% |  |  |
| Construction & Engineering - 0.1% |  |  |
| Ferrovial SE  | 15972 | 775865 |
| Electrical Equipment - 0.7% |  |  |
| Schneider Electric SE  | 18418 | 4303288 |
| Professional Services - 0.3% |  |  |
| Experian PLC  | 30978 | 1541188 |
| TOTAL INDUSTRIALS |  | 6620341 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| CyberArk Software Ltd (b) | 1577 | 555357 |
| Monday.com Ltd (b) | 1259 | 353766 |
|  |  | 909123 |
| Materials - 0.4% |  |  |
| Construction Materials - 0.4% |  |  |
| Holcim AG  | 17555 | 1961736 |
| James Hardie Industries PLC depository receipt (b) | 14476 | 339783 |
|  |  | 2301519 |
| TOTAL UNITED STATES |  | 62943512 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $480,119,476) |  | <br> **592875841** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.3%** |
|  | Shares | Value ($)<br>|
| GERMANY - 0.3%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| Bayerische Motoren Werke AG  | 1888 | 151107 |
| Dr Ing hc F Porsche AG (c)(d) | 3835 | 192792 |
| Porsche Automobil Holding SE  | 5156 | 212586 |
| Volkswagen AG  | 6945 | 755688 |
|  |  | 1312173 |
| Consumer Staples - 0.1% |  |  |
| Household Products - 0.1% |  |  |
| Henkel AG & Co KGaA  | 5709 | 442373 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Sartorius AG  | 883 | 227170 |
| TOTAL GERMANY |  | 1981716 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $2,453,498) |  | <br> **1981716** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (g) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/29/2025 (h)<br>(Cost $275,097)<br>| 4.25 | 276000 | **275094** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** | &nbsp;&nbsp;**Money Market Funds - 1.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 4.33 | 10414712 | 10416795 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 4.33 | 1254311 | 1254436 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $11,671,231) |  |  | **11671231** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $494,519,302)<br>| <br>**606803882** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **(57071)** |
| **NET ASSETS - 100.0%** | **606746811** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| ICE MSCI EAFE Index Contracts (United States) | 96 | Jun 2025 | 11974560 | 1021247 | 1021247 |
| The notional amount of futures purchased as a percentage of Net Assets is 2.0% | The notional amount of futures purchased as a percentage of Net Assets is 2.0% | The notional amount of futures purchased as a percentage of Net Assets is 2.0% | The notional amount of futures purchased as a percentage of Net Assets is 2.0% | The notional amount of futures purchased as a percentage of Net Assets is 2.0% | The notional amount of futures purchased as a percentage of Net Assets is 2.0% |

---

**Legend**

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

(b) Non-income producing

(c) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $7,228,889 or 1.2% of net assets.

(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 $7,228,889 or 1.2% of net assets.

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

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

(g) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(h) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $275,094.

(i) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 7889438 | 104307886 | 101780529 | 236132 | - | - | 10416795 | 10414712 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 2319834 | 10698071 | 11763469 | 11495 | - | - | 1254436 | 1254311 | 0.0% |
| Total | 10209272 | 115005957 | 113543998 | 247627 | - | - | 11671231 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 31122312 | 8971949 | 22150363 | - |
| Consumer Discretionary | 60024632 | 15886014 | 44138618 | - |
| Consumer Staples | 50399411 | 8400203 | 41999208 | - |
| Energy | 18756540 | 484339 | 18272201 | - |
| Financials | 139208701 | 36399859 | 102808842 | - |
| Health Care | 71172393 | 12672910 | 58499483 | - |
| Industrials | 107520587 | 25516039 | 82004548 | - |
| Information Technology | 48115643 | 15752984 | 32362659 | - |
| Materials | 34027923 | 7238948 | 26788975 | - |
| Real Estate | 11465740 | 4141578 | 7324162 | - |
| Utilities | 21061959 | 5021062 | 16040897 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 1312173 | 151107 | 1161066 | - |
| Consumer Staples | 442373 | 442373 | - | - |
| Health Care | 227170 | 227170 | - | - |
|  **U.S. Treasury Obligations** | 275094 | - | 275094 | - |
|  **Money Market Funds** | 11671231 | 11671231 | - | - |
| **Total Investments in Securities:** | 606803882 | 152977766 | 453826116 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 1021247 | 1021247 | - | - |
| Total Assets | 1021247 | 1021247 | - | - |
| **Total Derivative Instruments:** | 1021247 | 1021247 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2025. 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** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 1021247 | 0 |
| **Total Equity Risk**  | 1021247 | 0 |
| **Total Value of Derivatives** | 1021247 | 0 |

---

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

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,195,546) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $482,848,071) | $595132651 |  |
| Fidelity Central Funds (cost $11,671,231) | 11671231 |  |
| Total Investment in Securities (cost $494,519,302) |  | $606803882 |
| Segregated cash with brokers for derivative instruments |  | 483269 |
| Foreign currency held at value (cost $440,195) |  | 438104 |
| Receivable for investments sold |  | 37245 |
| Receivable for fund shares sold |  | 313672 |
| Dividends receivable |  | 2449879 |
| Reclaims receivable |  | 2111201 |
| Distributions receivable from Fidelity Central Funds |  | 41990 |
| Receivable from investment adviser for expense reductions |  | 36591 |
| Other receivables |  | 31 |
| **Total assets** |  | 612715864 |
| **Liabilities** |  |  |
| Payable for investments purchased on a delayed delivery basis | $28277 |  |
| Payable for fund shares redeemed | 4634400 |  |
| Payable for daily variation margin on futures contracts | 28367 |  |
| Other payables and accrued expenses | 23573 |  |
| Collateral on securities loaned | 1254436 |  |
| **Total liabilities** |  | 5969053 |
| **Net Assets**  |  | $606746811 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $516103171 |
| Total accumulated earnings (loss) |  | 90643640 |
| **Net Assets** |  | $606746811 |
| **Net Asset Value**, offering price and redemption price per share ($606,746,811 ÷ 45,568,062 shares) |  | $13.32 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $9156427 |
| Foreign Tax Reclaims |  | 817197 |
| Interest  |  | 8934 |
| Income from Fidelity Central Funds (including $11,495 from security lending)  |  | 247627 |
| Income before foreign taxes withheld |  | $10230185 |
| Less foreign taxes withheld |  | (1180555) |
| **Total income** |  | 9049630 |
| **Expenses** |  |  |
| Custodian fees and expenses | $91478 |  |
| Independent trustees' fees and expenses | 1122 |  |
| Interest | 1426 |  |
| Total expenses before reductions | 94026 |  |
| Expense reductions | (62282) |  |
| Total expenses after reductions |  | 31744 |
| **Net Investment income (loss)** |  | 9017886 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (6689864) |  |
| Foreign currency transactions | 83592 |  |
| Futures contracts | 23966 |  |
| Total net realized gain (loss) |  | (6582306) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 44693940 |  |
| Assets and liabilities in foreign currencies | 207223 |  |
| Futures contracts | 1402160 |  |
| Total change in net unrealized appreciation (depreciation) |  | 46303323 |
| **Net gain (loss)** |  | 39721017 |
| **Net increase (decrease) in net assets resulting from operations** |  | $48738903 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $9017886 | $12844638 |
| &nbsp;&nbsp;Net realized gain (loss) | (6582306)<br>| (2026644)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 46303323 | 61927838<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 48738903<br>| 72745832<br>|
| Distributions to shareholders | (14402624)<br>| (10572093)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 100600574 | 153903769 |
| Reinvestment of distributions | 14402624<br>| 10572093<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (53446049) | (42319350) |
| **Net increase (decrease) in net assets resulting from share transactions** | 61557149<br>| 122156512<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 95893428<br>| 184330251<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 510853383 | 326523132<br>|
| &nbsp;&nbsp;End of period | $606746811 | $510853383 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 8004624 | 12282392 |
| Issued in reinvestment of distributions | 1180543<br>| 938907<br>|
| &nbsp;&nbsp;Redeemed | (4236158) | (3446595) |
| &nbsp;&nbsp;Net increase (decrease) | 4949009 | 9774704 |

---

**Financial Highlights** 

**Fidelity® Series International Index Fund** <br>

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024**  | **2023**  | **2022**  | **2021**  | **2020**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.58 | $10.59 | $9.42 | $12.55 | $9.54 | $10.41 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .21  | .37  | .34  | .34  | .33  | .24  |
| Net realized and unrealized gain (loss)  | .88  | 1.96  | 1.10  | (3.17)  | 2.90  | (.90)  |
| Total from investment operations  | 1.09  | 2.33  | 1.44  | (2.83)  | 3.23  | (.66)  |
| Distributions from net investment income  | (.35)  | (.34)  | (.27)  | (.30)  | (.22)  | (.20)  |
| Distributions from net realized gain  | -  | -  | -  | -  | -  | (.01)  |
| Total distributions  | (.35)  | (.34)  | (.27)  | (.30)  | (.22)  | (.21)  |
| Net asset value, end of period  | $13.32 | $12.58 | $10.59 | $9.42 | $12.55 | $9.54 |
| **Total Return** C,D | 8.95% <br>| 22.34%  | 15.30%  | (23.05)%  | 34.15%  | (6.52)%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .03% G | .03%  | .05%  | .05%  | .06%  | .11%  |
| Expenses net of fee waivers, if any  | .01% G<br>| .01%  | .01%  | .01%  | .01%  | .02%  |
| Expenses net of all reductions, if any  | .01% G | .01%  | .01%  | .01%  | .01%  | .02%  |
| Net investment income (loss)  | 3.33% G | 3.01%  | 3.13%  | 3.14%  | 2.73%  | 2.47%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $606747 | $510853 | $326523 | $283412 | $273653 | $129230 |
| Portfolio turnover rate H | 11% G<br>| 3%  | 18%  | 5%  | 6% I | 3%  |

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A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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), derivatives or securities that mature within one year from acquisition.* 

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

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2025

**1. Organization.**

Fidelity Series International Index Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

**2. Investments in Fidelity Central Funds.**

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

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

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

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*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. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 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 tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

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

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

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| | |
|:---|:---|
| **Gross unrealized appreciation** | $140464828 |
| **Gross unrealized depreciation** | <u>(35195197)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$105269631</u> |
| **Tax cost** | <u>$502555498</u> |

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

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| | |
|:---|:---|
| Short-term | $(4570173) |
| Long-term | <u>(15937189)</u> |
| **Total capital loss carryforward** | <u>$(20507362)</u> |

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**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.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

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

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

Derivatives were used to increase or decrease exposure to the following risk(s):

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| | |
|:---|:---|
| 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.<br>|

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

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

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

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

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

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

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Series International Index Fund** | 89959043 | 27999834 |

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**6. Fees and Other Transactions with Affiliates.**

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

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

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity Series International Index Fund** | Borrower | 11182000 | 4.59% | 1426 |

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**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Series International Index Fund** | 1206 | - | - |

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**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, 2028. 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 $56,260.

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 $6,022.

**10. Other.**

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

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

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img109437_4.jpg)<br>

1.9891250.106 IIF-SANN-0625

**Fidelity® SAI Canada Equity Index Fund**

**Semi-Annual Report**

**April 30, 2025**

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

![](img109488_1.jpg)

![](img109488_2.jpg)

**Contents**

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| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_CAE-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI Canada Equity Index Fund](#Sub_Sec_Fund_7628_CAE-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements7628_CAE-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_CAE-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_CAE-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_CAE-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_CAE-SANN)** |

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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.© 2025 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.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity® SAI Canada Equity Index Fund**

**Schedule of Investments April 30, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** | &nbsp;&nbsp;**Common Stocks - 99.6%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 1.7%  |  |  |
| Materials - 1.7% |  |  |
| Metals & Mining - 1.7% |  |  |
| Wheaton Precious Metals Corp  | 1107789 | 92497890 |
| CANADA - 96.4%  |  |  |
| Communication Services - 1.0% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| BCE Inc  | 178213 | 3960863 |
| Quebecor Inc Class B  | 382877 | 10503705 |
| TELUS Corp  | 1208995 | 18609368 |
|  |  | 33073936 |
| Wireless Telecommunication Services - 0.4% |  |  |
| Rogers Communications Inc Class B  | 878623 | 22905637 |
| TOTAL COMMUNICATION SERVICES |  | 55979573 |
| Consumer Discretionary - 3.4% |  |  |
| Automobile Components - 0.4% |  |  |
| Magna International Inc  | 655233 | 22766329 |
| Broadline Retail - 1.8% |  |  |
| Canadian Tire Corp Ltd Class A  | 127459 | 13949669 |
| Dollarama Inc  | 679160 | 83798866 |
|  |  | 97748535 |
| Hotels, Restaurants & Leisure - 0.9% |  |  |
| Restaurant Brands International Inc  | 750923 | 48385674 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Gildan Activewear Inc  | 334788 | 15428029 |
| TOTAL CONSUMER DISCRETIONARY |  | 184328567 |
| Consumer Staples - 4.6% |  |  |
| Consumer Staples Distribution & Retail - 4.4% |  |  |
| Alimentation Couche-Tard Inc  | 1852025 | 96671782 |
| Empire Co Ltd Class A  | 319555 | 11867994 |
| George Weston Ltd  | 143037 | 27868663 |
| Loblaw Cos Ltd  | 368344 | 59796451 |
| Metro Inc/CN  | 513351 | 39560721 |
|  |  | 235765611 |
| Food Products - 0.2% |  |  |
| Saputo Inc  | 620007 | 12097916 |
| TOTAL CONSUMER STAPLES |  | 247863527 |
| Energy - 16.5% |  |  |
| Oil, Gas & Consumable Fuels - 16.5% |  |  |
| ARC Resources Ltd  | 1445216 | 26742681 |
| Cameco Corp  | 1062666 | 47968740 |
| Canadian Natural Resources Ltd  | 5151958 | 147839445 |
| Cenovus Energy Inc  | 3345252 | 39383026 |
| Enbridge Inc (b) | 5318244 | 248706798 |
| Imperial Oil Ltd  | 435054 | 29345475 |
| Keyera Corp  | 559558 | 17367972 |
| Pembina Pipeline Corp  | 1417570 | 54189713 |
| Suncor Energy Inc  | 3069685 | 108416482 |
| TC Energy Corp  | 2534278 | 128037475 |
| Tourmaline Oil Corp  | 866857 | 38293625 |
|  |  | 886291432 |
| Financials - 37.1% |  |  |
| Banks - 23.0% |  |  |
| Bank of Montreal  | 1782437 | 170783478 |
| Bank of Nova Scotia/The  | 3038726 | 152046511 |
| Canadian Imperial Bank of Commerce  | 2302790 | 145239802 |
| National Bank of Canada  | 960431 | 84352956 |
| Royal Bank of Canada  | 3453812 | 414552642 |
| Toronto Dominion Bank  | 4273902 | 273094463 |
|  |  | 1240069852 |
| Capital Markets - 5.0% |  |  |
| Brookfield Asset Management Ltd Class A  | 865657 | 46190141 |
| Brookfield Corp Class A  | 3343096 | 179595018 |
| IGM Financial Inc  | 203303 | 6460688 |
| Onex Corp Subordinate Voting Shares  | 148852 | 10539274 |
| TMX Group Ltd  | 678384 | 27492611 |
|  |  | 270277732 |
| Insurance - 9.1% |  |  |
| Fairfax Financial Holdings Ltd Subordinate Voting Shares  | 49276 | 76930752 |
| Great-West Lifeco Inc  | 682820 | 26553010 |
| iA Financial Corp Inc  | 228205 | 22168297 |
| Intact Financial Corp  | 435538 | 96727600 |
| Manulife Financial Corp  | 4221312 | 129370689 |
| Power Corp of Canada Subordinate Voting Shares  | 1368538 | 51799153 |
| Sun Life Financial Inc  | 1406153 | 83791868 |
|  |  | 487341369 |
| TOTAL FINANCIALS |  | 1997688953 |
| Industrials - 10.5% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| CAE Inc (c) | 777958 | 19463058 |
| Commercial Services & Supplies - 1.2% |  |  |
| Element Fleet Management Corp  | 988432 | 21645700 |
| RB Global Inc  | 450314 | 45346620 |
|  |  | 66992320 |
| Construction & Engineering - 1.5% |  |  |
| Stantec Inc  | 278535 | 24447073 |
| WSP Global Inc  | 318611 | 56474528 |
|  |  | 80921601 |
| Ground Transportation - 5.7% |  |  |
| Canadian National Railway Co  | 1305120 | 126393857 |
| Canadian Pacific Kansas City Ltd  | 2279089 | 165534007 |
| TFI International Inc  | 196332 | 15960341 |
|  |  | 307888205 |
| Passenger Airlines - 0.1% |  |  |
| Air Canada (c) | 406620 | 4120471 |
| Professional Services - 1.3% |  |  |
| Thomson Reuters Corp  | 384520 | 71551513 |
| Trading Companies & Distributors - 0.3% |  |  |
| Toromont Industries Ltd  | 198524 | 16796634 |
| TOTAL INDUSTRIALS |  | 567733802 |
| Information Technology - 10.6% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Celestica Inc (c) | 284132 | 24243760 |
| IT Services - 6.2% |  |  |
| CGI Inc Class A  | 496296 | 52624800 |
| Shopify Inc Class A (c) | 2961558 | 281676690 |
|  |  | 334301490 |
| Software - 4.0% |  |  |
| Constellation Software Inc/Canada  | 49159 | 177164600 |
| Descartes Systems Group Inc/The (c) | 208875 | 21996571 |
| Open Text Corp  | 643983 | 17433226 |
|  |  | 216594397 |
| TOTAL INFORMATION TECHNOLOGY |  | 575139647 |
| Materials - 9.4% |  |  |
| Chemicals - 1.3% |  |  |
| Nutrien Ltd  | 1199171 | 68456955 |
| Containers & Packaging - 0.4% |  |  |
| CCL Industries Inc Class B  | 362755 | 18956093 |
| Metals & Mining - 7.6% |  |  |
| Agnico Eagle Mines Ltd/CA  | 1224630 | 143933556 |
| Barrick Gold Corp  | 4217322 | 80424630 |
| Franco-Nevada Corp  | 470039 | 80775380 |
| Kinross Gold Corp  | 3001035 | 44299334 |
| Pan American Silver Corp  | 886404 | 22317629 |
| Teck Resources Ltd Class B  | 1156964 | 39317977 |
|  |  | 411068506 |
| Paper & Forest Products - 0.1% |  |  |
| West Fraser Timber Co Ltd  | 133264 | 9866717 |
| TOTAL MATERIALS |  | 508348271 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.3% |  |  |
| FirstService Corp Subordinate Voting Shares  | 99185 | 17408097 |
| Utilities - 3.0% |  |  |
| Electric Utilities - 2.3% |  |  |
| Emera Inc  | 722631 | 32525209 |
| Fortis Inc/Canada  | 1214332 | 60135243 |
| Hydro One Ltd (d)(e) | 805052 | 30973421 |
|  |  | 123633873 |
| Gas Utilities - 0.4% |  |  |
| AltaGas Ltd  | 727488 | 21530183 |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| Brookfield Renewable Corp Class A  | 336182 | 9581163 |
| Multi-Utilities - 0.1% |  |  |
| Canadian Utilities Ltd Class A  | 325321 | 9106439 |
| TOTAL UTILITIES |  | 163851658 |
| TOTAL CANADA |  | 5204633527 |
| CHILE - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Lundin Mining Corp  | 1801136 | 14737280 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.3%  |  |  |
| Materials - 0.3% |  |  |
| Metals & Mining - 0.3% |  |  |
| Ivanhoe Mine Ltd Class A (c) | 1815148 | 16115923 |
| UNITED STATES - 0.5%  |  |  |
| Industrials - 0.5% |  |  |
| Commercial Services & Supplies - 0.5% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 559042 | 27895328 |
| ZAMBIA - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| First Quantum Minerals Ltd (c) | 1731456 | 23247679 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,228,192,516) |  | <br> **5379127627** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 5/29/2025 (g)<br>(Cost $729,605)<br>| 4.25 | 732000 | **729598** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.0%** | &nbsp;&nbsp;**Money Market Funds - 2.0%** | &nbsp;&nbsp;**Money Market Funds - 2.0%** | &nbsp;&nbsp;**Money Market Funds - 2.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.33 | 11932250 | 11934636 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.33 | 97790221 | 97800000 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $109,734,636) |  |  | **109734636** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.6%**<br> (Cost $5,338,656,757)<br>| <br>**5489591861** |
| **NET OTHER ASSETS (LIABILITIES) - (1.6)%**  | **(85030307)** |
| **NET ASSETS - 100.0%** | **5404561554** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  | &nbsp;&nbsp;**Futures Contracts**  |
|  | Number <br> of contracts | Expiration <br> Date | Notional <br> Amount ($)<br>| Value ($)<br>| Unrealized<br> Appreciation/<br> (Depreciation) ($)<br>|
| Purchased |  |  |  |  |  |
| Equity Contracts |  |  |  |  |  |
| TME S&P/TSX 60 Index Contracts (Canada) | 118 | Jun 2025 | 25592630 | 1278726 | 1278726 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% | The notional amount of futures purchased as a percentage of Net Assets is 0.5% |

---

**Legend**

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

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

(c) Non-income producing

(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 $30,973,421 or 0.6% of net assets.

(e) Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $30,973,421 or 0.6% of net assets.

(f) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $729,598.

(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Cash Central Fund | 14668808 | 332400628 | 335134800 | 341970 | - | - | 11934636 | 11932250 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | - | 199216210 | 101416210 | 103275 | - | - | 97800000 | 97790221 | 0.3% |
| Total | 14668808 | 531616838 | 436551010 | 445245 | - | - | 109734636 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of April 30, 2025, 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:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Common Stocks** |  |  |  |  |
| Communication Services | 55979573 | 55979573 | - | - |
| Consumer Discretionary | 184328567 | 184328567 | - | - |
| Consumer Staples | 247863527 | 247863527 | - | - |
| Energy | 886291432 | 886291432 | - | - |
| Financials | 1997688953 | 1997688953 | - | - |
| Industrials | 595629130 | 595629130 | - | - |
| Information Technology | 575139647 | 575139647 | - | - |
| Materials | 654947043 | 654947043 | - | - |
| Real Estate | 17408097 | 17408097 | - | - |
| Utilities | 163851658 | 163851658 | - | - |
|  **U.S. Treasury Obligations** | 729598 | - | 729598 | - |
|  **Money Market Funds** | 109734636 | 109734636 | - | - |
| **Total Investments in Securities:** | 5489591861 | 5488862263 | 729598 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 1278726 | 1278726 | - | - |
| Total Assets | 1278726 | 1278726 | - | - |
| **Total Derivative Instruments:** | 1278726 | 1278726 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2025. 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** <br>| **Value** | **Value** |
|  | **Asset ($)** | **Liability ($)** |
| **Equity Risk** |  |  |
| Futures Contracts (a)  | 1278726 | 0 |
| **Total Equity Risk**  | 1278726 | 0 |
| **Total Value of Derivatives** | 1278726 | 0 |

---

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

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** | <br> **As of April 30, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $93,346,847) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,228,922,121) | $5379857225 |  |
| Fidelity Central Funds (cost $109,734,636) | 109734636 |  |
| Total Investment in Securities (cost $5,338,656,757) |  | $5489591861 |
| Segregated cash with brokers for derivative instruments |  | 900806 |
| Foreign currency held at value (cost $255,648) |  | 255648 |
| Receivable for fund shares sold |  | 8705066 |
| Dividends receivable |  | 6032351 |
| Distributions receivable from Fidelity Central Funds |  | 98928 |
| Prepaid expenses |  | 4838 |
| **Total assets** |  | 5505589498 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $2330259 |  |
| Accrued management fee | 381565 |  |
| Payable for daily variation margin on futures contracts | 17071 |  |
| Other payables and accrued expenses | 499049 |  |
| Collateral on securities loaned | 97800000 |  |
| **Total liabilities** |  | 101027944 |
| **Net Assets**  |  | $5404561554 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5228802551 |
| Total accumulated earnings (loss) |  | 175759003 |
| **Net Assets** |  | $5404561554 |
| **Net Asset Value**, offering price and redemption price per share ($5,404,561,554 ÷ 483,152,199 shares) |  | $11.19 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** | **Six months ended April 30, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Dividends  |  | $49936866 |
| Interest  |  | 28256 |
| Income from Fidelity Central Funds (including $103,275 from security lending)  |  | 445245 |
| Income before foreign taxes withheld |  | $50410367 |
| Less foreign taxes withheld |  | (7477736) |
| **Total income** |  | 42932631 |
| **Expenses** |  |  |
| Management fee | $1722200 |  |
| Custodian fees and expenses | 103683 |  |
| Independent trustees' fees and expenses | 5126 |  |
| Registration fees | 510568 |  |
| Audit fees | 29010 |  |
| Legal | 1307 |  |
| Miscellaneous | 722 |  |
| Total expenses before reductions | 2372616 |  |
| Expense reductions | (1712) |  |
| Total expenses after reductions |  | 2370904 |
| **Net Investment income (loss)** |  | 40561727 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (3304403) |  |
| Foreign currency transactions | 36399 |  |
| Futures contracts | (2044238) |  |
| Total net realized gain (loss) |  | (5312242) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 176448992 |  |
| Assets and liabilities in foreign currencies | 73864 |  |
| Futures contracts | 1375642 |  |
| Total change in net unrealized appreciation (depreciation) |  | 177898498 |
| **Net gain (loss)** |  | 172586256 |
| **Net increase (decrease) in net assets resulting from operations** |  | $213147983 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)** | **For the period July 11, 2024 (commencement of operations) through October 31, 2024**  |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $40561727 | $3074499 |
| &nbsp;&nbsp;Net realized gain (loss) | (5312242)<br>| 96348<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 177898498 | (25619812)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 213147983<br>| (22448965)<br>|
| Distributions to shareholders | (14940014)<br>| -<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 3393178203 | 2158428859 |
| Reinvestment of distributions | 13172491<br>| -<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (320505790) | (15471213) |
| **Net increase (decrease) in net assets resulting from share transactions** | 3085844904<br>| 2142957646<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 3284052873<br>| 2120508681<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2120508681 | -<br>|
| &nbsp;&nbsp;End of period | $5404561554 | $2120508681 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 311386471 | 201762672 |
| Issued in reinvestment of distributions | 1208540<br>| -<br>|
| &nbsp;&nbsp;Redeemed | (29771199) | (1434285) |
| &nbsp;&nbsp;Net increase (decrease) | 282823812 | 200328387 |

---

**Financial Highlights** 

**Fidelity® SAI Canada Equity Index Fund** <br>

---

| | | |
|:---|:---|:---|
|  | **Six months ended**<br> **April 30, 2025**<br> **(Unaudited)**  | **Years ended October 31, 2024** A |
| **Selected Per-Share Data**  |  |  |
| Net asset value, beginning of period  | $10.59 | $10.00 |
| Income from Investment Operations  |  |  |
| Net investment income (loss) B,C | .13  | .08  |
| Net realized and unrealized gain (loss)  | .53  | .51 D |
| Total from investment operations  | .66  | .59  |
| Distributions from net investment income  | (.06)  | -  |
| Distributions from net realized gain  | - E | -  |
| Total distributions  | (.06)  | -  |
| Net asset value, end of period  | $11.19 | $10.59 |
| **Total Return** F,G | 6.23% <br>| 5.90%  |
| **Ratios to Average Net Assets** C,H,I |  |  |
| Expenses before reductions  | .14% J | .43% J,K |
| Expenses net of fee waivers, if any  | .14% J<br>| .16% J,K,L |
| Expenses net of all reductions, if any  | .14% J | .16% J,K,L |
| Net investment income (loss)  | 2.35% J | 2.43% J,K |
| **Supplemental Data** |  |  |
| Net assets, end of period (000 omitted) | $5404562 | $2120509 |
| Portfolio turnover rate M | 2% J<br>| 0% N,O |

---

A*For the period July 11, 2024 (commencement of operations) through October 31, 2024.*

B*Calculated based on average shares outstanding during the period.*

C*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

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

E*Amount represents less than $.005 per share.*

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

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

H*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.*

I*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.*

J*Annualized.*

K*Audit fees are not annualized.*

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

M*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

N*Amount not annualized.*

O*Amount represents less than .005%.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended April 30, 2025

**1. Organization.**

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

**2. Investments in Fidelity Central Funds.**

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

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

---

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

---

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

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

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. 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 but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

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

Level 1 - unadjusted quoted prices in active markets for identical investments

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

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

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

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

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 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. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to 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** | $342769963 |
| **Gross unrealized depreciation** | <u>(191631652)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$151138311</u> |
| **Tax cost** | <u>$5339732276</u> |

---

**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.

**New Accounting Pronouncements.** FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Derivative Instruments.**

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

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

Derivatives were used to increase or decrease exposure to the following risk(s):

---

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

---

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

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

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

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

Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.

Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.

**5. Purchases and Sales of Investments.**

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

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity SAI Canada Equity Index Fund** | 3135016861 | 36351396 |

---

**6. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .10% of the Fund's average net assets.

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

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. 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.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI Canada Equity Index Fund** | 718 |

---

**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, the borrowers provide 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 fair value of the loaned securities during the period of the loan. The fair 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 or gaining access to non-cash collateral. 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, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. 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 Canada Equity Index Fund** | 11302 | - | - |

---

**10. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,712.

**11. Other.**

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

**12. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img109488_4.jpg)<br>

1.9912335.100 CAE-SANN-0625

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Concord Street Trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

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

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

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) Not applicable.

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.htm)

(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.](ex99906cert.htm)

SIGNATURES

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

Fidelity Concord Street Trust

---

| | |
|:---|:---|
| By: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | June 20, 2025 |

---

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: | <u>/s/Stacie M. Smith</u> |
|  | Stacie M. Smith |
|  | President and Treasurer (Principal Executive Officer) |
| Date: | June 20, 2025 |

---

---

| | |
|:---|:---|
| By: | <u>/s/Stephanie Caron</u> |
|  | Stephanie Caron |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | June 20, 2025 |

---

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Stacie M. Smith, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Concord Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

June 20, 2025

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| |
|:---|
| <u>/s/Stacie M. Smith</u> |
| Stacie M. Smith |
| President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Concord Street Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

June 20, 2025

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| |
|:---|
| <u>/s/Stephanie Caron</u> |
| Stephanie Caron |
| Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

Exhibit EX-99.906CERT

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Concord Street Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: June 20, 2025

---

| |
|:---|
| <u>/s/Stacie M. Smith</u> |
| Stacie M. Smith |
| President and Treasurer (Principal Executive Officer) |

---

Dated: June 20, 2025

---

| |
|:---|
| <u>/s/Stephanie Caron</u> |
| Stephanie Caron |
| Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>