# EDGAR Filing Document

**Accession Number:** 0000035315
**File Stem:** 0000035315-25-001296
**Filing Date:** 2025-12
**Character Count:** 2674914
**Document Hash:** 83cbd27e6d346eed9c79cc41cdccfe91
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000035315-25-001296.hdr.sgml**: 20251222

**ACCESSION NUMBER**: 0000035315-25-001296

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 143

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251222

**DATE AS OF CHANGE**: 20251222

**EFFECTIVENESS DATE**: 20251222

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY SALEM STREET TRUST
- **CENTRAL INDEX KEY:** 0000035315

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0430

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02105
- **FILM NUMBER:** 251590077

**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 FIXED INCOME TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY FLEXIBLE BOND FUND
- **DATE OF NAME CHANGE:** 19860904

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY CORPORATE BOND FUND INC
- **DATE OF NAME CHANGE:** 19851225

## Series and Classes Contracts Data

### Fidelity Series Global ex U.S. Index Fund (Series ID: S000026422)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000079292 | Fidelity Series Global ex U.S. Index Fund | FSGEX           |

### Fidelity Emerging Markets Index Fund (Series ID: S000033635)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000103361 | Fidelity Emerging Markets Index Fund | FPADX           |

### Fidelity Global ex U.S. Index Fund (Series ID: S000033636)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000103365 | Fidelity Global ex U.S. Index Fund | FSGGX           |

### Fidelity SAI U.S. Low Volatility Index Fund (Series ID: S000049309)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000155834 | Fidelity SAI U.S. Low Volatility Index Fund | FSUVX           |

### Fidelity SAI International Low Volatility Index Fund (Series ID: S000049310)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000155835 | Fidelity SAI International Low Volatility Index Fund | FSKLX           |

### Fidelity SAI Emerging Markets Index Fund (Series ID: S000051995)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000163541 | Fidelity SAI Emerging Markets Index Fund | FERGX           |

### Fidelity SAI International Index Fund (Series ID: S000051996)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000163542 | Fidelity SAI International Index Fund | FIONX           |

### Fidelity Total International Index Fund (Series ID: S000054097)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000170041 | Fidelity Total International Index Fund | FTIHX           |

### Fidelity Flex International Index Fund (Series ID: S000056355)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000177582 | Fidelity Flex International Index Fund | FITFX           |

### Fidelity International Sustainability Index Fund (Series ID: S000057365)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000183133 | Fidelity International Sustainability Index Fund | FNIDX           |

### Fidelity U.S. Sustainability Index Fund (Series ID: S000057366)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000183136 | Fidelity U.S. Sustainability Index Fund | FITLX           |

### Fidelity SAI International Value Index Fund (Series ID: S000059762)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000195573 | Fidelity SAI International Value Index Fund | FIWCX           |

### Fidelity SAI Emerging Markets Low Volatility Index Fund (Series ID: S000063743)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000206607 | Fidelity SAI Emerging Markets Low Volatility Index Fund | FGKPX           |

### Fidelity SAI Emerging Markets Value Index Fund (Series ID: S000068373)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000218746 | Fidelity SAI Emerging Markets Value Index Fund | FEMVX           |

### Fidelity SAI International Momentum Index Fund (Series ID: S000068374)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000218747 | Fidelity SAI International Momentum Index Fund | FITMX           |

### Fidelity SAI International Quality Index Fund (Series ID: S000068375)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000218748 | Fidelity SAI International Quality Index Fund | FQITX           |

### Fidelity Flex International Focused Index Fund (Series ID: S000093536)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000261867 | Fidelity Flex International Focused Index Fund | FXINX           |

?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>811-02105</u>

<u>Fidelity Salem Street Trust</u>

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (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>

---

| | |
|:---|:---|
| &nbsp;&nbsp; Date of fiscal year end: | &nbsp;&nbsp; October 31 |
| &nbsp;&nbsp; Date of reporting period: | &nbsp;&nbsp; October 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Series Global ex U.S. Index Fund<br> **Fidelity® Series Global ex U.S. Index Fund : FSGEX** <br>|

---

This annual shareholder report contains information about Fidelity® Series Global ex U.S. Index Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Series Global ex U.S. Index Fund  | $1  | 0.01% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, emerging markets gained 28% and contributed most to the fund's performance for the fiscal year, followed by Europe ex U.K. (+22%).

• By sector, financials gained roughly 34% and contributed most. Information technology, which gained 42%, also helped, as did industrials, which advanced 30%, lifted by the capital goods industry (+41%). The communication services sector rose 37%, while consumer discretionary gained roughly 17% and materials advanced about 19%. Other contributors included the utilities (+24%), energy (+15%), consumer staples (+9%), real estate (+10%) and health care (0%) sectors.

• Turning to individual stocks, the top contributor was Taiwan Semiconductor Manufacturing (+53%), from the semiconductors & semiconductor equipment category. Within the same group, ASML Holding (+58%) helped. Tencent Holdings, within the media & entertainment group, gained 57% and lifted the fund. In technology hardware & equipment, Samsung Electronics gained approximately 77% and lifted the fund. Lastly, Alibaba, within the consumer discretionary distribution & retail category, gained about 77% and also contributed.

• Conversely, the biggest detractor was Novo Nordisk (-55%), from the pharmaceuticals, biotechnology & life sciences category. Within the same category, CSL (-37%) hurt. In consumer services, Meituan (-44%) hurt the fund's performance. In commercial & professional services, Recruit Holdings (-20%) hurt the fund's performance. Lastly, Keyence (-18%), from the technology hardware & equipment group, also hurt.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Series Global ex U.S. Index Fund<br>| $10000 | $10071<br>| $12472<br>| $11414<br>| $12711<br>| $12423<br>| $16068<br>| $12119<br>| $13649<br>| $16871<br>| $21159<br>|
| MSCI ACWI (All Country World Index) ex USA Index<br>| $10000 | $10040<br>| $12434<br>| $11430<br>| $12741<br>| $12428<br>| $16138<br>| $12167<br>| $13660<br>| $17012<br>| $21294<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118481_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Series Global ex U.S. Index Fund | 25.42% | 11.24% | 7.78% |
| MSCI ACWI (All Country World Index) ex USA Index | 25.17%<br>| 11.37%<br>| 7.85% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $61788774877<br>|
| Number of Holdings | 2064<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 8%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 24.8 |
| Information Technology | 14.9 |
| Industrials | 14.4 |
| Consumer Discretionary | 10.2 |
| Health Care | 7.4 |
| Materials | 6.4 |
| Communication Services | 5.9 |
| Consumer Staples | 5.7 |
| Energy | 4.3 |
| Utilities | 2.9 |
| Real Estate | 1.2 |

---

Common Stocks 97.7 <br> Preferred Stocks 0.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2215_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.4&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 | 13.7 |
| China | 9.1 |
| United States | 7.9 |
| Canada | 7.7 |
| United Kingdom | 6.9 |
| Taiwan | 6.2 |
| Germany | 5.7 |
| France | 5.5 |
| India | 4.6 |
| Others | 32.7 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2215_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 13.7&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;China - 9.1&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 States - 7.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Canada - 7.7&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 Kingdom - 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 6.2&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;Germany - 5.7&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;France - 5.5&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;India - 4.6&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;Others - 32.7&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**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 3.7<br>|
| Tencent Holdings Ltd | 1.7<br>|
| ASML Holding NV | 1.4<br>|
| Alibaba Group Holding Ltd | 1.2<br>|
| Samsung Electronics Co Ltd | 1.1<br>|
| SAP SE | 0.8<br>|
| Astrazeneca PLC | 0.8<br>|
| Nestle SA | 0.8<br>|
| HSBC Holdings PLC | 0.8<br>|
| Novartis AG | 0.8<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. |
| ![](img2215_20251031_2.jpg)<br>| ![](img118481_3.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> 1.9913961.101 2215-TSRA-1225 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® SAI U.S. Low Volatility Index Fund<br> **Fidelity® SAI U.S. Low Volatility Index Fund : FSUVX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® SAI U.S. Low Volatility Index Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI U.S. Low Volatility Index Fund  | $11  | 0.10% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending October 31, 2025, according to the S&P 500 index, extending a historically fast rebound that began in early April. The advance has been supported by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, information technology gained approximately 26% and contributed most to the fund's performance for the fiscal year. Communication services stocks also helped, gaining roughly 18% and benefiting from the media & entertainment industry (+36%). The consumer discretionary sector rose approximately 10%, boosted by the consumer discretionary distribution & retail industry (+12%). Utilities (+15%) also contributed. Other contributors included the energy (+11%), financials (+1%) and industrials (0%) sectors.

• Conversely, health care returned -7% and detracted most. This group was hampered by the health care equipment & services industry (-35%). Materials (-9%) also hurt. Other detractors were the consumer staples (-4%) sector, held back by the household & personal products industry (-8%), and the real estate (-5%) sector, especially the equity real estate investment trusts industry (-5%).

• Turning to individual stocks, the biggest contributor was Microsoft (+29%), from the software & services industry. Within the same industry, IBM (+53%) contributed. In semiconductors & semiconductor equipment, Nvidia (+53%) contributed. Another notable contributor was Apple (+20%), a stock in the technology hardware & equipment industry. Lastly, in media & entertainment, Alphabet (+65%) also boosted the fund.

• In contrast, the biggest detractor was UnitedHealth Group (-38%), from the health care equipment & services industry. Another notable detractor was Texas Instruments (-18%), a stock in the semiconductors & semiconductor equipment category. Accenture (-26%), from the software & services industry, hurt the fund. Another notable detractor was Procter & Gamble (-7%), a stock in the household & personal products group. Lastly, in insurance, Progressive (-14%) also hurt the fund's performance.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® SAI U.S. Low Volatility Index Fund<br>| $10000 | $10756<br>| $12757<br>| $13879<br>| $16325<br>| $16677<br>| $21888<br>| $20051<br>| $21331<br>| $27562<br>| $29938<br>|
| Fidelity SAI U.S. Low Volatility Index Fund Linked Index℠<br>| $10000 | $10770<br>| $12798<br>| $13937<br>| $16409<br>| $16783<br>| $22033<br>| $20202<br>| $21508<br>| $27830<br>| $30247<br>|
| Fidelity U.S. Low Volatility Focus Index℠<br>| $10000 | $10756<br>| $12757<br>| $13879<br>| $16193<br>| $16562<br>| $21743<br>| $19936<br>| $21225<br>| $27464<br>| $29848<br>|
| S&P 500® Index<br>| $10000 | $10451<br>| $12921<br>| $13870<br>| $15857<br>| $17397<br>| $24862<br>| $21230<br>| $23383<br>| $32272<br>| $39196<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118485_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® SAI U.S. Low Volatility Index Fund | 8.62% | 12.41% | 11.59% |
| Fidelity SAI U.S. Low Volatility Index Fund Linked Index℠ | 8.68%<br>| 12.50%<br>| 11.70% |
| Fidelity U.S. Low Volatility Focus Index℠ A | 8.68%<br>| 12.50%<br>| n/a  |
| S&P 500® Index | 21.45%<br>| 17.64%<br>| 14.64% |

---

**A From November 9, 2018**

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $16983634994<br>|
| Number of Holdings | 195<br>|
| Total Advisory Fee | $14482970<br>|
| Portfolio Turnover | 44%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 32.3 |
| Health Care | 12.2 |
| Financials | 11.1 |
| Consumer Discretionary | 9.3 |
| Industrials | 9.0 |
| Communication Services | 7.4 |
| Consumer Staples | 6.5 |
| Utilities | 4.4 |
| Materials | 3.5 |
| Real Estate | 2.9 |
| Energy | 1.1 |

---

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

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2759_20251031_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 99.9 <br> Puerto Rico 0.1

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2759_20251031_GD.jpg) <br>|

---

United States - 99.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Puerto Rico - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Microsoft Corp | 8.3<br>|
| NVIDIA Corp | 6.0<br>|
| Apple Inc | 5.6<br>|
| Eli Lilly & Co | 3.0<br>|
| Johnson & Johnson | 3.0<br>|
| Visa Inc Class A | 2.9<br>|
| UnitedHealth Group Inc | 2.4<br>|
| Cisco Systems Inc | 2.4<br>|
| Home Depot Inc/The | 2.4<br>|
| IBM Corporation | 2.4<br>|
|  | 38.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expenses

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2759_20251031_2.jpg)<br>| ![](img118485_3.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> 1.9913985.101 2759-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® SAI International Value Index Fund<br> **Fidelity® SAI International Value Index Fund : FIWCX** <br>|

---

This annual shareholder report contains information about Fidelity® SAI International Value Index Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

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| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI International Value Index Fund  | $19  | 0.16% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, Europe ex U.K. gained 32% and contributed most to the fund's performance for the fiscal year, followed by the U.K. (+46%).

• By sector, financials gained 61% and contributed most, driven by the banks industry (+70%). Industrials, which gained roughly 28%, also helped, benefiting from the capital goods industry (+32%), as did consumer staples, which advanced 32%, lifted by the food, beverage & tobacco industry (+32%). The materials sector rose 21%, while health care gained approximately 19% and consumer discretionary advanced 16%. Other contributors included the utilities (+33%), information technology (+14%), energy (+16%), communication services (+13%) and real estate (+13%) sectors.

• Turning to individual stocks, the biggest contributor was Banco Santander (+113%), from the banks industry. From the same group, Banco Bilbao Vizcaya Argentaria (+111%) and Barclays (+79%) helped. In food, beverage & tobacco, British American Tobacco (+58%) lifted the fund. Lastly, Deutsche Bank (+120%), from the financial services industry, also contributed.

• In contrast, the biggest detractor was Stellantis (-21%), from the automobiles & components group. UBS, within the financial services industry, returned 5% and hurt the fund's performance. WPP, within the media & entertainment category, returned -51% and hurt the fund's performance. Merck (-20%), a stock in the pharmaceuticals, biotechnology & life sciences category, hindered the fund. Lastly, in technology hardware & equipment, Canon returned -10% and also hurt the fund's performance.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

December 19, 2017 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® SAI International Value Index Fund<br>| $10000 | $8936<br>| $9394<br>| $7575<br>| $10781<br>| $8956<br>| $10770<br>| $12961<br>| $16996<br>|
| Fidelity International Value Focus Index℠<br>| $10000 | $9030<br>| $9524<br>| $7670<br>| $10972<br>| $9158<br>| $10962<br>| $13288<br>| $17447<br>|
| MSCI ACWI (All Country World Index) ex USA Index<br>| $10000 | $9061<br>| $10101<br>| $9852<br>| $12794<br>| $9645<br>| $10829<br>| $13487<br>| $16882<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118489_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® SAI International Value Index Fund | 31.13% | 17.54% | 6.97% |
| Fidelity International Value Focus Index℠ | 31.29%<br>| 17.86%<br>| 7.33% |
| MSCI ACWI (All Country World Index) ex USA Index | 25.17%<br>| 11.37%<br>| 6.88% |

---

**A** From December 19, 2017

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $10617084542<br>|
| Number of Holdings | 205<br>|
| Total Advisory Fee | $12087246<br>|
| Portfolio Turnover | 58%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 25.6 |
| Industrials | 17.7 |
| Consumer Discretionary | 9.6 |
| Health Care | 8.6 |
| Materials | 8.0 |
| Information Technology | 6.7 |
| Consumer Staples | 5.7 |
| Communication Services | 5.4 |
| Energy | 5.3 |
| Utilities | 3.7 |
| Real Estate | 1.8 |

---

Common Stocks 98.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3057_20251031_AA.jpg) <br>|

---

Common Stocks - 98.1&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) - 1.9 <br>

---

| | |
|:---|:---|
| Japan | 26.3 |
| France | 12.9 |
| United Kingdom | 11.8 |
| United States | 10.7 |
| Germany | 9.2 |
| Spain | 6.2 |
| Australia | 5.4 |
| Sweden | 4.7 |
| Singapore | 2.6 |
| Others | 10.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3057_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 26.3&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;France - 12.9&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;United Kingdom - 11.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 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;Spain - 6.2&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;Australia - 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;Sweden - 4.7&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;Singapore - 2.6&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;Others - 10.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Banco Santander SA | 2.7<br>|
| TotalEnergies SE | 2.7<br>|
| Banco Bilbao Vizcaya Argentaria SA | 2.6<br>|
| Sanofi SA | 2.5<br>|
| Deutsche Telekom AG | 2.4<br>|
| GSK PLC | 2.2<br>|
| Rio Tinto PLC | 1.9<br>|
| BNP Paribas SA | 1.8<br>|
| Barclays PLC | 1.8<br>|
| Vinci SA | 1.6<br>|
|  | 22.2 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img3057_20251031_2.jpg)<br>| ![](img118489_3.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> 1.9913996.101 3057-TSRA-1225 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® SAI International Quality Index Fund<br> **Fidelity® SAI International Quality Index Fund : FQITX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® SAI International Quality Index Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI International Quality Index Fund  | $18  | 0.17% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, Europe ex U.K. gained 10% and contributed most to the fund's performance for the fiscal year, followed by Japan (+13%).

• By sector, information technology gained roughly 35% and contributed most, driven by the semiconductors & semiconductor equipment industry (+56%). Financials stocks also helped (+20%). Communication services rose 29%, boosted by the media & entertainment industry (+29%), industrials gained approximately 7%, lifted by the capital goods industry (+22%), and consumer discretionary advanced 5%. Other contributors included the consumer staples (+5%), materials (+4%), energy (+20%) and utilities (+7%) sectors.

• Conversely, emerging markets, primarily China, returned -3% and was a notable detractor. From a sector standpoint, health care returned approximately -9% and detracted most. This group was hampered by the pharmaceuticals, biotechnology & life sciences industry (-12%). Real estate (-12%) also hurt, hampered by the real estate management & development industry (-12%).

• Turning to individual stocks, the top contributor was ASML Holding (+57%), from the semiconductors & semiconductor equipment category. Within the same group, Advantest (+48%) and Tokyo Electron (+29%) helped. Nintendo (+64%), from the media & entertainment group, contributed. Lastly, in capital goods, ABB (+36%) also lifted the fund.

• In contrast, the biggest detractor was Novo Nordisk (-55%), from the pharmaceuticals, biotechnology & life sciences industry. Within the same industry, Daiichi Sankyo returned -26% and detracted. Another notable detractor was Keyence (-19%), a stock in the technology hardware & equipment group. In commercial & professional services, Recruit Holdings returned -20% and detracted. Lastly, Diageo (-23%), from the food, beverage & tobacco category, also hurt.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

May 12, 2020 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® SAI International Quality Index Fund<br>| $10000 | $11070<br>| $14644<br>| $11138<br>| $12600<br>| $15348<br>|
| Fidelity International Quality Focus Index℠<br>| $10000 | $11074<br>| $14711<br>| $11236<br>| $12665<br>| $15574<br>|
| MSCI ACWI (All Country World Index) ex USA Index<br>| $10000 | $11310<br>| $14687<br>| $11073<br>| $12432<br>| $15483<br>|
|  | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118492_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® SAI International Quality Index Fund | 10.42% | 8.89% | 10.12% |
| Fidelity International Quality Focus Index℠ | 10.35%<br>| 9.19%<br>| 10.40% |
| MSCI ACWI (All Country World Index) ex USA Index | 25.17%<br>| 11.37%<br>| 12.85% |

---

**A** From May 12, 2020

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $1554315481<br>|
| Number of Holdings | 170<br>|
| Total Advisory Fee | $2329123<br>|
| Portfolio Turnover | 57%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Consumer Discretionary | 17.8 |
| Information Technology | 17.0 |
| Financials | 17.0 |
| Industrials | 15.9 |
| Health Care | 14.6 |
| Consumer Staples | 7.5 |
| Materials | 4.8 |
| Communication Services | 2.6 |
| Utilities | 0.6 |
| Energy | 0.4 |
| Real Estate | 0.1 |

---

Common Stocks 98.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6051_20251031_AA.jpg) <br>|

---

Common Stocks - 98.3&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) - 1.7 <br>

---

| | |
|:---|:---|
| Japan | 22.0 |
| Switzerland | 12.3 |
| United Kingdom | 10.4 |
| United States | 10.3 |
| Netherlands | 8.3 |
| France | 8.0 |
| Australia | 7.1 |
| Germany | 4.7 |
| Denmark | 3.3 |
| Others | 13.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6051_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 22.0&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;Switzerland - 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 - 10.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 10.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Netherlands - 8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;France - 8.0&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 - 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;Germany - 4.7&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;Denmark - 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 - 13.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| ASML Holding NV | 4.6<br>|
| LVMH Moet Hennessy Louis Vuitton SE | 3.3<br>|
| Novartis AG | 2.9<br>|
| Roche Holding AG | 2.9<br>|
| Advantest Corp | 2.8<br>|
| BHP Group Ltd | 2.7<br>|
| ABB Ltd | 2.6<br>|
| Allianz SE | 2.6<br>|
| Cie Financiere Richemont SA Series A | 2.5<br>|
| Unilever PLC | 2.5<br>|
|  | 29.4 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expenses

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6051_20251031_2.jpg)<br>| ![](img118492_3.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> 1.9914015.101 6051-TSRA-1225 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® SAI International Momentum Index Fund<br> **Fidelity® SAI International Momentum Index Fund : FITMX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® SAI International Momentum Index Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI International Momentum Index Fund  | $21  | 0.18% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, Europe ex U.K. gained 31% and contributed most to the fund's performance for the fiscal year, followed by Japan (+24%).

• By sector, financials gained 49% and contributed most, driven by the banks industry (+63%). Industrials, which gained roughly 53%, also helped, benefiting from the capital goods industry (+63%), as did consumer discretionary, which advanced 15%. The materials sector rose 27%, while information technology gained approximately 19% and utilities advanced approximately 29%. Other contributors included the consumer staples (+16%), communication services (+10%), health care (+6%), real estate (+16%) and energy (+12%) sectors.

• Turning to individual stocks, the biggest contributor was Rolls-Royce Holdings (+124%), from the capital goods industry. From the same category, Mitsubishi Heavy Industries (+111%) helped. Lastly, Banco Bilbao Vizcaya Argentaria (+108%), UniCredit (+75%) and HSBC Holdings (+62%), within the banks industry, also contributed.

• Conversely, the biggest detractor was Novo Nordisk (-21%), from the pharmaceuticals, biotechnology & life sciences category. Within the same industry, Daiichi Sankyo (-29%) hurt the fund. Adidas, within the consumer durables & apparel category, returned roughly -18% and hurt the fund's performance. Recruit Holdings (-21%), a stock in the commercial & professional services industry, hurt the fund's performance. Lastly, in household & personal products, L'Oreal (-6%) also detracted.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

May 12, 2020 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® SAI International Momentum Index Fund<br>| $10000 | $11330<br>| $14679<br>| $10665<br>| $12428<br>| $15837<br>|
| Fidelity International Momentum Focus Index℠<br>| $10000 | $11342<br>| $14753<br>| $10780<br>| $12499<br>| $16112<br>|
| MSCI ACWI (All Country World Index) ex USA Index<br>| $10000 | $11310<br>| $14687<br>| $11073<br>| $12432<br>| $15483<br>|
|  | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118493_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® SAI International Momentum Index Fund | 31.10% | 12.88% | 14.28% |
| Fidelity International Momentum Focus Index℠ | 31.01%<br>| 13.23%<br>| 14.62% |
| MSCI ACWI (All Country World Index) ex USA Index | 25.17%<br>| 11.37%<br>| 12.85% |

---

**A** From May 12, 2020

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $958189272<br>|
| Number of Holdings | 203<br>|
| Total Advisory Fee | $1275134<br>|
| Portfolio Turnover | 68%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 25.9 |
| Industrials | 22.6 |
| Health Care | 9.1 |
| Consumer Discretionary | 9.0 |
| Consumer Staples | 6.5 |
| Information Technology | 6.4 |
| Communication Services | 6.0 |
| Utilities | 5.0 |
| Materials | 3.8 |
| Real Estate | 2.4 |
| Energy | 1.8 |

---

Common Stocks 98.5 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.5

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6050_20251031_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; <br> Short-Term Investments and Net Other Assets (Liabilities) - 1.5 <br>

---

| | |
|:---|:---|
| Japan | 27.9 |
| United Kingdom | 13.8 |
| Germany | 10.1 |
| France | 8.9 |
| Spain | 7.2 |
| Italy | 5.8 |
| Switzerland | 4.9 |
| Australia | 3.8 |
| United States | 3.2 |
| Others | 14.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6050_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 27.9&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;United Kingdom - 13.8&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 - 8.9&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;Spain - 7.2&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;Italy - 5.8&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 - 4.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Australia - 3.8&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 - 3.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 14.4&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**<br>**(% of Fund's net assets)**  |  |
| SAP SE | 2.7<br>|
| HSBC Holdings PLC | 2.7<br>|
| Sony Group Corp | 2.7<br>|
| Banco Bilbao Vizcaya Argentaria SA | 2.6<br>|
| Safran SA | 2.6<br>|
| ABB Ltd | 2.5<br>|
| Rolls-Royce Holdings PLC | 2.5<br>|
| UniCredit SpA | 2.4<br>|
| EssilorLuxottica SA | 2.3<br>|
| Nintendo Co Ltd | 2.2<br>|
|  | 25.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund modified its investment objective during the reporting period.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6050_20251031_2.jpg)<br>| ![](img118493_3.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> 1.9914014.101 6050-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® SAI International Low Volatility Index Fund<br> **Fidelity® SAI International Low Volatility Index Fund : FSKLX** <br>|

---

This annual shareholder report contains information about Fidelity® SAI International Low Volatility Index Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI International Low Volatility Index Fund  | $17  | 0.16% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, Japan gained about 15% and contributed most to the fund's performance for the fiscal year, followed by Asia Pacific ex Japan (+24%).

• By sector, financials gained approximately 23% and contributed most. Communication services stocks also helped (+20%). Utilities rose 19%, consumer staples gained 12%, and consumer discretionary advanced roughly 18%. Other contributors included the real estate (+21%), industrials (+6%) and information technology (+10%) sectors.

• Conversely, from a sector standpoint, health care returned roughly -3% and detracted most. This group was hampered by the pharmaceuticals, biotechnology & life sciences industry (-3%). Materials (-7%) also hurt.

• Turning to individual stocks, the top contributor was Orange (+55%), from the telecommunication services industry. BOC Hong Kong Holdings (+59%), from the banks group, boosted the fund. GSK (+36%), from the pharmaceuticals, biotechnology & life sciences group, lifted the fund. In household & personal products, Reckitt Benckiser gained roughly 31% and contributed. Lastly, Elbit Systems, within the capital goods industry, gained 110% and also helped.

• In contrast, the biggest detractor was Novo Nordisk (-55%), from the pharmaceuticals, biotechnology & life sciences category. From the same industry, CSL returned -37% and hurt the fund's performance. Another notable detractor was Wolters Kluwer (-26%), a stock in the commercial & professional services industry. Symrise (-31%), a stock in the materials sector, hurt the fund. Lastly, Bunzl (-29%), from the capital goods group, also detracted.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® SAI International Low Volatility Index Fund<br>| $10000 | $10275<br>| $11729<br>| $11557<br>| $13046<br>| $11571<br>| $14196<br>| $11385<br>| $12873<br>| $14977<br>| $16798<br>|
| Fidelity SAI International Low Volatility Index Fund Linked Index℠<br>| $10000 | $10225<br>| $11723<br>| $11578<br>| $13135<br>| $11664<br>| $14333<br>| $11546<br>| $12992<br>| $15207<br>| $17040<br>|
| Fidelity International Low Volatility Focus Index℠<br>| $10000 | $10275<br>| $11729<br>| $11557<br>| $13201<br>| $11722<br>| $14405<br>| $11604<br>| $13057<br>| $15283<br>| $17125<br>|
| MSCI ACWI (All Country World Index) ex USA Index<br>| $10000 | $10040<br>| $12434<br>| $11430<br>| $12741<br>| $12428<br>| $16138<br>| $12167<br>| $13660<br>| $17012<br>| $21294<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118494_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® SAI International Low Volatility Index Fund | 12.16% | 7.74% | 5.32% |
| Fidelity SAI International Low Volatility Index Fund Linked Index℠ | 12.05%<br>| 7.88%<br>| 5.47% |
| Fidelity International Low Volatility Focus Index℠ A | 12.05%<br>| 7.88%<br>| n/a  |
| MSCI ACWI (All Country World Index) ex USA Index | 25.17%<br>| 11.37%<br>| 7.85% |

---

**A From** December 31, 2018

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $6148331822<br>|
| Number of Holdings | 135<br>|
| Total Advisory Fee | $8160882<br>|
| Portfolio Turnover | 23%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 20.5 |
| Health Care | 15.5 |
| Industrials | 14.6 |
| Consumer Staples | 12.1 |
| Communication Services | 9.1 |
| Utilities | 8.7 |
| Consumer Discretionary | 5.6 |
| Real Estate | 4.5 |
| Materials | 4.4 |
| Information Technology | 3.0 |

---

Common Stocks 98.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2760_20251031_AA.jpg) <br>|

---

Common Stocks - 98.0&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) - 2.0 <br>

---

| | |
|:---|:---|
| Japan | 29.8 |
| United Kingdom | 13.9 |
| United States | 13.7 |
| Switzerland | 8.8 |
| Hong Kong | 4.9 |
| Netherlands | 4.6 |
| Germany | 4.2 |
| France | 3.9 |
| Australia | 3.6 |
| Others | 12.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2760_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 29.8&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 - 13.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 13.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Switzerland - 8.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Hong Kong - 4.9&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;Netherlands - 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 - 3.9&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;Australia - 3.6&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;Others - 12.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Astrazeneca PLC | 2.1<br>|
| Unilever PLC | 2.1<br>|
| Novartis AG | 2.0<br>|
| Roche Holding AG | 2.0<br>|
| National Grid PLC | 1.9<br>|
| GSK PLC | 1.9<br>|
| Air Liquide SA | 1.9<br>|
| Reckitt Benckiser Group PLC | 1.7<br>|
| Sanofi SA | 1.7<br>|
| Koninklijke Ahold Delhaize NV | 1.7<br>|
|  | 19.0 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2760_20251031_2.jpg)<br>| ![](img118494_3.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> 1.9913986.101 2760-TSRA-1225 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® SAI International Index Fund<br> **Fidelity® SAI International Index Fund : FIONX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® SAI International Index Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI International Index Fund  | $5  | 0.05% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, Europe ex U.K. gained 22% and contributed most to the fund's performance for the fiscal year, followed by Japan (+25%).

• By sector, financials gained approximately 41% and contributed most. Industrials, which gained 32%, also helped, benefiting from the capital goods industry (+41%), as did information technology, which advanced 28%. The consumer discretionary sector rose 16%, while communication services gained about 32% and utilities advanced roughly 30%. Other contributors included the consumer staples (+10%), energy (+18%), materials (+6%) and real estate (+13%) sectors.

• In contrast, from a sector standpoint, health care returned about -2% and detracted most. This group was hampered by the pharmaceuticals, biotechnology & life sciences industry (-4%).

• Turning to individual stocks, the biggest contributor was ASML Holding (+57%), from the semiconductors & semiconductor equipment category. SoftBank (+182%), a stock in the telecommunication services industry, helped. In banks, HSBC Holdings (+61%) and Banco Santander (+112%) lifted the fund. Lastly, in capital goods, Rolls-Royce Holdings (+124%) boosted the fund.

• Conversely, the biggest detractor was Novo Nordisk (-55%), from the pharmaceuticals, biotechnology & life sciences industry. From the same category, CSL returned -37% and hurt. Another notable detractor was Recruit Holdings (-20%), a stock in the commercial & professional services industry. Keyence (-18%), from the technology hardware & equipment category, hurt the fund's performance. Lastly, in food, beverage & tobacco, Diageo (-23%) hurt the fund's performance.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

January 5, 2016 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® SAI International Index Fund<br>| $10000 | $10190<br>| $12576<br>| $11677<br>| $13004<br>| $12158<br>| $16303<br>| $12554<br>| $14491<br>| $17716<br>|
| MSCI EAFE Index<br>| $10000 | $10280<br>| $12715<br>| $11870<br>| $13211<br>| $12328<br>| $16574<br>| $12788<br>| $14662<br>| $18070<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118495_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® SAI International Index Fund | 23.57% | 12.48% | 8.30% |
| MSCI EAFE Index | 23.38%<br>| 12.58%<br>| 8.50% |

---

**A** From January 5, 2016

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $7782574426<br>|
| Number of Holdings | 701<br>|
| Total Advisory Fee | $2773029<br>|
| Portfolio Turnover | 15%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 24.4 |
| Industrials | 19.4 |
| Health Care | 10.7 |
| Consumer Discretionary | 10.1 |
| Information Technology | 8.8 |
| Consumer Staples | 7.4 |
| Materials | 5.3 |
| Communication Services | 4.6 |
| Utilities | 3.4 |
| Energy | 3.0 |
| Real Estate | 1.7 |

---

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)** |
| ![](img2808_20251031_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 | 22.6 |
| United Kingdom | 11.3 |
| United States | 11.0 |
| Germany | 9.4 |
| France | 9.1 |
| Australia | 6.8 |
| Switzerland | 4.8 |
| Netherlands | 4.4 |
| Spain | 3.4 |
| Others | 17.2 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2808_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 22.6&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 Kingdom - 11.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 11.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 9.4&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;France - 9.1&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;Australia - 6.8&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 - 4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Spain - 3.4&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;Others - 17.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| ASML Holding NV | 2.1<br>|
| SAP SE | 1.4<br>|
| Astrazeneca PLC | 1.3<br>|
| Nestle SA | 1.2<br>|
| HSBC Holdings PLC | 1.2<br>|
| Novartis AG | 1.2<br>|
| Shell PLC | 1.2<br>|
| Siemens AG | 1.2<br>|
| Roche Holding AG | 1.1<br>|
| Toyota Motor Corp | 1.1<br>|
|  | 13.0 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expenses

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2808_20251031_2.jpg)<br>| ![](img118495_3.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> 1.9913987.101 2808-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® SAI Emerging Markets Value Index Fund<br> **Fidelity® SAI Emerging Markets Value Index Fund : FEMVX** <br>|

---

This annual shareholder report contains information about Fidelity® SAI Emerging Markets Value Index Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI Emerging Markets Value Index Fund  | $23  | 0.20% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, the fund's holdings in emerging markets gained roughly 28% and contributed most to performance for the fiscal year, followed by a small allocation to Asia Pacific ex Japan (+41%).

• By sector, information technology gained approximately 44% and contributed most, driven by the semiconductors & semiconductor equipment industry (+59%). Financials, which gained roughly 33%, also helped, benefiting from the banks industry (+33%), as did communication services, which advanced 41%. The consumer discretionary sector rose 20%, while materials gained roughly 30% and industrials advanced 11%. Other contributors included the energy (+15%), real estate (+23%), utilities (+1%) and consumer staples (+0%) sectors.

• In contrast, from a sector standpoint, health care returned about -4% and detracted most. This group was hampered by the pharmaceuticals, biotechnology & life sciences industry (-5%).

• Turning to individual stocks, the biggest contributor was Taiwan Semiconductor Manufacturing (+53%), from the semiconductors & semiconductor equipment industry. From the same industry, SK Hynix (+166%) boosted the fund. In technology hardware & equipment, Samsung Electronics gained approximately 77% and contributed. Another notable contributor was Tencent Holdings (+57%), a stock in the media & entertainment category. Lastly, Alibaba (+77%), from the consumer discretionary distribution & retail industry, also helped.

• Conversely, the biggest detractor was JD.com (-16%), from the consumer discretionary distribution & retail category. Tata Motors Passenger Vehicles (-22%), from the automobiles & components industry, hindered the fund. Another notable detractor was NTPC (-21%), a stock in the utilities sector. Infosys (-18%), from the software & services industry, hurt. Lastly, Almarai (-36%), from the food, beverage & tobacco category, also detracted.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

May 12, 2020 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® SAI Emerging Markets Value Index Fund<br>| $10000 | $11780<br>| $14527<br>| $10868<br>| $12586<br>| $16247<br>|
| Fidelity Emerging Markets Value Focus Index℠<br>| $10000 | $11814<br>| $14782<br>| $11036<br>| $12841<br>| $16930<br>|
| MSCI Emerging Markets Index<br>| $10000 | $12298<br>| $14386<br>| $9924<br>| $11000<br>| $13786<br>|
|  | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118496_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® SAI Emerging Markets Value Index Fund | 29.02% | 12.22% | 14.48% |
| Fidelity Emerging Markets Value Focus Index℠ | 28.61%<br>| 13.01%<br>| 15.28% |
| MSCI Emerging Markets Index | 27.88%<br>| 7.47%<br>| 10.91% |

---

**A** From May 12, 2020

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $9450285219<br>|
| Number of Holdings | 217<br>|
| Total Advisory Fee | $10970918<br>|
| Portfolio Turnover | 31%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 28.1 |
| Financials | 21.3 |
| Consumer Discretionary | 12.6 |
| Communication Services | 9.4 |
| Industrials | 7.2 |
| Materials | 5.7 |
| Consumer Staples | 4.2 |
| Energy | 4.0 |
| Health Care | 3.0 |
| Utilities | 2.5 |
| Real Estate | 1.1 |

---

Common Stocks 99.0 <br> Preferred Stocks 0.1 <br> Short-Term Investments and Net Other Assets (Liabilities) 0.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img6049_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 99.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 0.9 |

---

---

| | |
|:---|:---|
| China | 27.7 |
| Taiwan | 21.2 |
| Korea (South) | 13.9 |
| India | 12.8 |
| Brazil | 4.1 |
| South Africa | 3.0 |
| Saudi Arabia | 2.9 |
| Mexico | 1.8 |
| United Arab Emirates | 1.6 |
| Others | 11.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img6049_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 27.7&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;Taiwan - 21.2&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;Korea (South) - 13.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;India - 12.8&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;Brazil - 4.1&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;South Africa - 3.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Saudi Arabia - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 1.8&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 Arab Emirates - 1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 11.0&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**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 10.8<br>|
| Tencent Holdings Ltd | 3.7<br>|
| SK Hynix Inc | 3.6<br>|
| Samsung Electronics Co Ltd | 3.1<br>|
| Alibaba Group Holding Ltd | 2.4<br>|
| Hon Hai Precision Industry Co Ltd | 2.1<br>|
| PDD Holdings Inc Class A ADR | 1.9<br>|
| China Construction Bank Corp H Shares | 1.8<br>|
| Industrial & Commercial Bank of China Ltd H Shares | 1.5<br>|
| Vale SA | 1.5<br>|
|  | 32.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img6049_20251031_2.jpg)<br>| ![](img118496_3.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> 1.9914013.101 6049-TSRA-1225 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® SAI Emerging Markets Low Volatility Index Fund<br> **Fidelity® SAI Emerging Markets Low Volatility Index Fund : FGKPX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® SAI Emerging Markets Low Volatility Index Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI Emerging Markets Low Volatility Index Fund  | $25  | 0.24% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, the fund's holdings in emerging markets gained approximately 11% and notably contributed to performance for the fiscal year.

• By sector, financials gained roughly 26% and contributed most, driven by the banks industry (+24%). Communication services stocks also gained (+16%). Consumer discretionary rose 14%, boosted by the automobiles & components industry (+24%), information technology gained roughly 3%, lifted by the technology hardware & equipment industry (+15%), and energy advanced 6%. Other contributors included the utilities (+4%), consumer staples (+3%) and real estate (+7%) sectors.

• In contrast, from a sector standpoint, health care returned -7% and detracted most. This group was hampered by the pharmaceuticals, biotechnology & life sciences industry (-10%). Materials (-5%) and industrials (-7%), especially the transportation industry (-7%), also hurt.

• Turning to individual stocks, the top contributor was Lite-On Technology (+87%), from the technology hardware & equipment group. Within the same group, Samsung Electronics gained 79% and lifted the fund. Agricultural Bank of China (+63%) and Industrial & Commercial Bank of China (+37%), from the banks group, boosted the fund. Lastly, PICC Property & Casualty, within the insurance group, gained roughly 59% and also lifted the fund.

• Conversely, the biggest detractor was Tata Consultancy Services (-25%), from the software & services category. From the same group, Infosys (-19%) and Tech Mahindra (-14%) hurt the fund's performance. Another notable detractor was Bank Central Asia (-19%), a stock in the banks group. Lastly, Pegatron (-19%), a stock in the technology hardware & equipment category, also detracted.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

January 30, 2019 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® SAI Emerging Markets Low Volatility Index Fund<br>| $10000 | $10110<br>| $9595<br>| $11877<br>| $9872<br>| $10999<br>| $13087<br>|
| Fidelity Emerging Markets Low Volatility Focus Index℠<br>| $10000 | $10258<br>| $9827<br>| $12283<br>| $10249<br>| $11472<br>| $13860<br>|
| MSCI ACWI (All Country World Index) ex USA Index<br>| $10000 | $10858<br>| $10590<br>| $13752<br>| $10368<br>| $11640<br>| $14497<br>|
|  | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118497_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® SAI Emerging Markets Low Volatility Index Fund | 11.55% | 8.76% | 5.76% |
| Fidelity Emerging Markets Low Volatility Focus Index℠ | 11.48%<br>| 9.47%<br>| 6.65% |
| MSCI ACWI (All Country World Index) ex USA Index | 25.17%<br>| 11.37%<br>| 9.22% |

---

**A** From January 30, 2019

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $2714182438<br>|
| Number of Holdings | 147<br>|
| Total Advisory Fee | $3581411<br>|
| Portfolio Turnover | 39%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 27.9 |
| Information Technology | 20.1 |
| Communication Services | 12.6 |
| Consumer Discretionary | 8.4 |
| Consumer Staples | 7.9 |
| Utilities | 6.9 |
| Energy | 4.8 |
| Health Care | 4.5 |
| Industrials | 3.1 |
| Materials | 2.3 |
| Real Estate | 0.4 |

---

Common Stocks 98.9 <br> Preferred Stocks 0.0 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img3315_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.1 |

---

---

| | |
|:---|:---|
| China | 24.2 |
| Taiwan | 21.7 |
| India | 18.6 |
| Saudi Arabia | 8.3 |
| Korea (South) | 7.1 |
| United Arab Emirates | 4.5 |
| Malaysia | 4.2 |
| Kuwait | 2.4 |
| Qatar | 2.1 |
| Others | 6.9 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img3315_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 24.2&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;Taiwan - 21.7&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;India - 18.6&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;Saudi Arabia - 8.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Korea (South) - 7.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Arab Emirates - 4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Malaysia - 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;Kuwait - 2.4&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;Qatar - 2.1&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 - 6.9&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; |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Samsung Electronics Co Ltd | 1.7<br>|
| Maruti Suzuki India Ltd | 1.7<br>|
| Agricultural Bank of China Ltd H Shares | 1.7<br>|
| Lite-On Technology Corp | 1.7<br>|
| China Shenhua Energy Co Ltd H Shares | 1.7<br>|
| PICC Property & Casualty Co Ltd H Shares | 1.7<br>|
| Saudi Arabian Oil Co | 1.5<br>|
| Hyundai Mobis Co Ltd | 1.5<br>|
| HCL Technologies Ltd | 1.5<br>|
| Asustek Computer Inc | 1.5<br>|
|  | 16.2 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expenses

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img3315_20251031_2.jpg)<br>| ![](img118497_3.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> 1.9914005.101 3315-TSRA-1225 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity® SAI Emerging Markets Index Fund<br> **Fidelity® SAI Emerging Markets Index Fund : FERGX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity® SAI Emerging Markets Index Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® SAI Emerging Markets Index Fund  | $9  | 0.08% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• By sector, information technology gained 49% and contributed most. Financials, which gained 21%, also helped, benefiting from the banks industry (+21%), as did communication services, which advanced 43%, lifted by the media & entertainment industry (+52%). The consumer discretionary sector rose about 18%, boosted by the consumer discretionary distribution & retail industry (+41%), while industrials gained approximately 31% and materials advanced roughly 28%. Other contributors included the energy (+9%), health care (+12%), utilities (+6%), real estate (+5%) and consumer staples (+1%) sectors.

• Turning to individual stocks, the biggest contributor was Taiwan Semiconductor Manufacturing Company (+53%), from the semiconductors & semiconductor equipment category. Within the same industry, SK Hynix gained 190% and boosted the fund. Tencent Holdings (+57%), a stock in the media & entertainment industry, lifted the fund. Another notable contributor was Samsung Electronics (+78%), a stock in the technology hardware & equipment category. Lastly, in consumer discretionary distribution & retail, Alibaba (+78%) also helped.

• Conversely, the biggest detractor was Meituan (-44%), from the consumer services category. Infosys (-19%) and Tata Consultancy Services (-25%), within the software & services group, hurt the fund. ACWA Power (-47%), from the utilities sector, hurt the fund's performance. Lastly, in consumer discretionary distribution & retail, JD.com returned roughly -15% and also detracted.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

January 5, 2016 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® SAI Emerging Markets Index Fund<br>| $10000 | $11940<br>| $15074<br>| $13173<br>| $14680<br>| $15882<br>| $18403<br>| $12718<br>| $14063<br>| $17365<br>|
| MSCI Emerging Markets Index<br>| $10000 | $12019<br>| $15204<br>| $13306<br>| $14888<br>| $16119<br>| $18856<br>| $13008<br>| $14418<br>| $18069<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118498_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® SAI Emerging Markets Index Fund | 28.36% | 7.01% | 8.50% |
| MSCI Emerging Markets Index | 27.88%<br>| 7.47%<br>| 8.90% |

---

**A** From January 5, 2016

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $5945059301<br>|
| Number of Holdings | 1232<br>|
| Total Advisory Fee | $3917945<br>|
| Portfolio Turnover | 20%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 27.1 |
| Financials | 21.7 |
| Consumer Discretionary | 12.0 |
| Communication Services | 9.3 |
| Industrials | 6.8 |
| Materials | 6.2 |
| Consumer Staples | 3.8 |
| Energy | 3.6 |
| Health Care | 3.1 |
| Utilities | 2.1 |
| Real Estate | 1.2 |

---

Common Stocks 96.3 <br> Preferred Stocks 0.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 3.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2809_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 96.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 3.1 |

---

---

| | |
|:---|:---|
| China | 27.7 |
| Taiwan | 19.7 |
| India | 14.8 |
| Korea (South) | 12.5 |
| Brazil | 4.0 |
| United States | 3.4 |
| Saudi Arabia | 3.1 |
| South Africa | 2.8 |
| Mexico | 2.0 |
| Others | 10.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2809_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 27.7&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;Taiwan - 19.7&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;India - 14.8&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;Korea (South) - 12.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 4.0&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;United States - 3.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Saudi Arabia - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 2.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 2.0&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;Others - 10.0&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**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 11.4<br>|
| Tencent Holdings Ltd | 5.1<br>|
| Alibaba Group Holding Ltd | 3.5<br>|
| Samsung Electronics Co Ltd | 3.4<br>|
| SK Hynix Inc | 2.1<br>|
| HDFC Bank Ltd/Gandhinagar | 1.3<br>|
| Hon Hai Precision Industry Co Ltd | 1.1<br>|
| Reliance Industries Ltd | 1.0<br>|
| PDD Holdings Inc Class A ADR | 0.9<br>|
| Xiaomi Corp B Shares | 0.9<br>|
|  | 30.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fees associated with this class changed during the reporting year. The variations in class fees are primarily the result of the following changes: Operating expensesExpense reductions

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2809_20251031_2.jpg)<br>| ![](img118498_3.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> 1.9913988.101 2809-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® International Sustainability Index Fund<br> **Fidelity® International Sustainability Index Fund : FNIDX** <br>|

---

This annual shareholder report contains information about Fidelity® International Sustainability Index Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® International Sustainability Index Fund  | $22  | 0.20% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, emerging markets gained about 32% and contributed most to the fund's performance for the fiscal year, followed by Europe ex U.K. (+15%).

• By sector, financials gained 32% and contributed most. Information technology, which gained roughly 46%, also helped, benefiting from the semiconductors & semiconductor equipment industry (+50%), as did communication services, which advanced 41%. The consumer discretionary sector rose approximately 25%, while industrials gained about 17% and materials advanced about 14%. Other contributors included the consumer staples (+11%), energy (+17%), utilities (+21%) and real estate (+9%) sectors.

• In contrast, from a sector standpoint, health care returned -8% and detracted most. This group was hampered by the pharmaceuticals, biotechnology & life sciences industry (-11%).

• Turning to individual stocks, the biggest contributor was Taiwan Semiconductor Manufacturing (+53%), from the semiconductors & semiconductor equipment category. Within the same industry, ASML Holding (+58%) boosted the fund. Tencent Holdings (+57%), from the media & entertainment industry, boosted the fund. In consumer discretionary distribution & retail, Alibaba gained 77% and helped. Lastly, in software & services, Shopify (+122%) also helped.

• Conversely, the biggest detractor was Novo Nordisk (-55%), from the pharmaceuticals, biotechnology & life sciences group. From the same industry, CSL (-37%) and Daiichi Sankyo (-26%) detracted. Recruit Holdings (-20%), from the commercial & professional services group, hurt the fund. Lastly, in software & services, Infosys (-18%) also hurt.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

May 9, 2017 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® International Sustainability Index Fund<br>| $10000 | $10960<br>| $9999<br>| $11279<br>| $11447<br>| $14568<br>| $10473<br>| $11801<br>| $14587<br>|
| MSCI ACWI (All Country World Index) ex USA ESG Leaders Index<br>| $10000 | $11000<br>| $10114<br>| $11464<br>| $11667<br>| $14934<br>| $10741<br>| $12069<br>| $15078<br>|
| MSCI ACWI (All Country World Index) ex USA Index<br>| $10000 | $11047<br>| $10155<br>| $11320<br>| $11041<br>| $14338<br>| $10809<br>| $12136<br>| $15115<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118517_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® International Sustainability Index Fund | 23.91% | 9.57% | 7.23% |
| MSCI ACWI (All Country World Index) ex USA ESG Leaders Index | 23.80%<br>| 9.85%<br>| 7.63% |
| MSCI ACWI (All Country World Index) ex USA Index | 25.17%<br>| 11.37%<br>| 7.80% |

---

**A** From May 9, 2017

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $626578531<br>|
| Number of Holdings | 844<br>|
| Total Advisory Fee | $1032291<br>|
| Portfolio Turnover | 14%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.4 |
| Information Technology | 14.7 |
| Industrials | 13.1 |
| Consumer Discretionary | 10.6 |
| Communication Services | 8.4 |
| Health Care | 7.3 |
| Materials | 6.1 |
| Consumer Staples | 5.8 |
| Energy | 3.7 |
| Utilities | 3.0 |
| Real Estate | 1.5 |

---

Common Stocks 97.4 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.4

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2986_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 2.4 |

---

---

| | |
|:---|:---|
| Japan | 14.1 |
| China | 11.1 |
| Taiwan | 8.9 |
| United Kingdom | 8.0 |
| Canada | 7.9 |
| France | 6.8 |
| United States | 6.6 |
| India | 3.9 |
| Netherlands | 3.7 |
| Others | 29.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2986_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 14.1&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;China - 11.1&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;Taiwan - 8.9&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;United Kingdom - 8.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Canada - 7.9&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;France - 6.8&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 - 6.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;India - 3.9&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;Netherlands - 3.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Others - 29.0&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**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 6.9<br>|
| Tencent Holdings Ltd | 3.1<br>|
| ASML Holding NV | 2.4<br>|
| Alibaba Group Holding Ltd | 2.2<br>|
| Astrazeneca PLC | 1.5<br>|
| HSBC Holdings PLC | 1.4<br>|
| Novartis AG | 1.4<br>|
| Shopify Inc Class A | 1.2<br>|
| LVMH Moet Hennessy Louis Vuitton SE | 1.1<br>|
| Sony Group Corp | 1.0<br>|
|  | 22.2 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2986_20251031_2.jpg)<br>| ![](img118517_3.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> 1.9913994.101 2988-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Global ex U.S. Index Fund<br> **Fidelity® Global ex U.S. Index Fund : FSGGX** <br>|

---

This annual shareholder report contains information about Fidelity® Global ex U.S. Index Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Global ex U.S. Index Fund  | $6  | 0.05% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, emerging markets gained 28% and contributed most to the fund's performance for the fiscal year, followed by Europe ex U.K. (+22%).

• By sector, financials gained roughly 34% and contributed most. Information technology, which gained 42%, also helped, as did industrials, which advanced 30%, lifted by the capital goods industry (+41%). The communication services sector rose 37%, while consumer discretionary gained approximately 17% and materials advanced about 19%. Other contributors included the utilities (+23%), energy (+15%), consumer staples (+8%) and real estate (+10%) sectors.

• Conversely, from a sector standpoint, health care returned 0% and detracted most. This group was hampered by the pharmaceuticals, biotechnology & life sciences industry (-2%).

• Turning to individual stocks, the biggest contributor was Taiwan Semiconductor Manufacturing (+53%), from the semiconductors & semiconductor equipment group. Within the same category, ASML Holding gained 58% and boosted the fund. Tencent Holdings, within the media & entertainment industry, gained 57% and lifted the fund. Samsung Electronics (+78%), from the technology hardware & equipment group, helped. Lastly, Alibaba (+77%), from the consumer discretionary distribution & retail category, also contributed.

• In contrast, the biggest detractor was Novo Nordisk (-55%), from the pharmaceuticals, biotechnology & life sciences industry. From the same category, CSL returned -37% and detracted. In consumer services, Meituan returned -44% and hurt. In commercial & professional services, Recruit Holdings (-20%) hurt the fund. Lastly, Keyence (-18%), a stock in the technology hardware & equipment industry, also detracted.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Global ex U.S. Index Fund<br>| $10000 | $10068<br>| $12467<br>| $11411<br>| $12698<br>| $12413<br>| $16044<br>| $12104<br>| $13646<br>| $16863<br>| $21141<br>|
| MSCI ACWI (All Country World Index) ex USA Index<br>| $10000 | $10040<br>| $12434<br>| $11430<br>| $12741<br>| $12428<br>| $16138<br>| $12167<br>| $13660<br>| $17012<br>| $21294<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118548_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Global ex U.S. Index Fund | 25.37% | 11.24% | 7.77% |
| MSCI ACWI (All Country World Index) ex USA Index | 25.17%<br>| 11.37%<br>| 7.85% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $15324169498<br>|
| Number of Holdings | 2055<br>|
| Total Advisory Fee | $6756411<br>|
| Portfolio Turnover | 6%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 24.8 |
| Information Technology | 14.9 |
| Industrials | 14.4 |
| Consumer Discretionary | 10.2 |
| Health Care | 7.5 |
| Materials | 6.4 |
| Communication Services | 5.9 |
| Consumer Staples | 5.7 |
| Energy | 4.3 |
| Utilities | 2.9 |
| Real Estate | 1.3 |

---

Common Stocks 97.9 <br> Preferred Stocks 0.4 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2345_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 1.7 |

---

---

| | |
|:---|:---|
| Japan | 13.7 |
| China | 9.1 |
| Canada | 7.7 |
| United States | 7.7 |
| United Kingdom | 6.9 |
| Taiwan | 6.2 |
| Germany | 5.7 |
| France | 5.5 |
| India | 4.7 |
| Others | 32.8 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2345_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 13.7&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;China - 9.1&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;Canada - 7.7&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 - 7.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 6.2&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;Germany - 5.7&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;France - 5.5&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;India - 4.7&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;Others - 32.8&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**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 3.7<br>|
| Tencent Holdings Ltd | 1.7<br>|
| ASML Holding NV | 1.4<br>|
| Alibaba Group Holding Ltd | 1.2<br>|
| Samsung Electronics Co Ltd | 1.1<br>|
| SAP SE | 0.8<br>|
| Astrazeneca PLC | 0.8<br>|
| Nestle SA | 0.8<br>|
| HSBC Holdings PLC | 0.8<br>|
| Novartis AG | 0.8<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. |
| ![](img2345_20251031_2.jpg)<br>| ![](img118548_3.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> 1.9913966.101 2348-TSRA-1225 <br>|

---

---

| | |
|:---|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |
| Fidelity Flex® International Index Fund<br> **Fidelity Flex® International Index Fund : FITFX** <br>| &nbsp;&nbsp;&nbsp;&nbsp;This report describes changes to the Fund that occurred during the reporting period. |

---

This annual shareholder report contains information about Fidelity Flex® International Index Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

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

---

A Amount represents less than $.50

B Amount represents less than 0.005%

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, emerging markets gained 28% and contributed most to the fund's performance for the fiscal year, followed by Europe ex U.K. (+22%).

• By sector, financials gained 34% and contributed most. Information technology, which gained 42%, also helped, as did industrials, which advanced 30%, lifted by the capital goods industry (+41%). The communication services sector rose about 37%, while consumer discretionary gained about 16% and materials advanced approximately 18%. Other contributors included the utilities (+24%), energy (+15%), consumer staples (+9%) and real estate (+13%) sectors.

• Turning to individual stocks, the biggest contributor was Taiwan Semiconductor Manufacturing (+53%), from the semiconductors & semiconductor equipment industry. Within the same category, ASML Holding (+58%) helped. Tencent Holdings (+57%), a stock in the media & entertainment category, lifted the fund. Samsung Electronics, within the technology hardware & equipment category, gained approximately 77% and lifted the fund. Lastly, in consumer discretionary distribution & retail, Alibaba gained 77% and also boosted the fund.

• Conversely, the biggest detractor was Novo Nordisk (-55%), from the pharmaceuticals, biotechnology & life sciences category. From the same industry, CSL returned -37% and hurt. Meituan (-44%), from the consumer services industry, hurt the fund. Recruit Holdings (-20%), a stock in the commercial & professional services category, hurt the fund's performance. Lastly, in technology hardware & equipment, Keyence returned approximately -18% and also hurt.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

March 9, 2017 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity Flex® International Index Fund<br>| $10000 | $11790<br>| $10785<br>| $12014<br>| $11745<br>| $15188<br>| $11452<br>| $12909<br>| $15955<br>|
| Fidelity Flex International Linked Index<br>| $10000 | $11809<br>| $10855<br>| $12101<br>| $11803<br>| $15326<br>| $11555<br>| $12973<br>| $16157<br>|
| Fidelity Global ex U.S. Index℠<br>| $10000 | $11790<br>| $10815<br>| $12122<br>| $11822<br>| $15479<br>| $11651<br>| $13111<br>| $16354<br>|
| MSCI ACWI (All Country World Index) ex USA Index<br>| $10000 | $11809<br>| $10855<br>| $12101<br>| $11803<br>| $15326<br>| $11555<br>| $12973<br>| $16157<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118557_1.jpg)

Effective July 21, 2025, the fund began comparing its performance to the Fidelity Global ex U.S. Index.

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** |
| Fidelity Flex® International Index Fund A | 25.57% | 11.27% | 8.36% |
| Fidelity Flex International Linked Index A | 25.40%<br>| 11.41%<br>| 8.50% |
| Fidelity Global ex U.S. Index℠ B | 25.93%<br>| 11.74%<br>| n/a  |
| MSCI ACWI (All Country World Index) ex USA Index A | 25.17%<br>| 11.37%<br>| 8.48% |

---

**A From March 9, 2017**

**B From March 1, 2018**

Effective July 21, 2025, the fund began comparing its performance to the Fidelity Global ex U.S. Index.

---

| |
|:---|
| Visit **www.401k.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $3544277707<br>|
| Number of Holdings | 2174<br>|
| Total Advisory Fee | $0<br>|
| Portfolio Turnover | 16%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 24.7 |
| Industrials | 15.2 |
| Information Technology | 15.0 |
| Consumer Discretionary | 10.5 |
| Health Care | 6.9 |
| Materials | 6.2 |
| Communication Services | 5.7 |
| Consumer Staples | 5.7 |
| Energy | 3.9 |
| Utilities | 2.7 |
| Real Estate | 1.8 |

---

Common Stocks 98.0 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.7

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2922_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 98.0&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) - 1.7 |

---

---

| | |
|:---|:---|
| Japan | 16.4 |
| China | 7.8 |
| Canada | 7.7 |
| United States | 7.6 |
| United Kingdom | 7.0 |
| Taiwan | 6.6 |
| Germany | 5.3 |
| France | 5.1 |
| Australia | 4.5 |
| Others | 32.0 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2922_20251031_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;China - 7.8&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 - 7.7&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 - 7.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 7.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 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;&nbsp;&nbsp; |
| &nbsp;&nbsp;Germany - 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;France - 5.1&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;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 - 32.0&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**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 3.5<br>|
| Tencent Holdings Ltd | 1.5<br>|
| ASML Holding NV | 1.3<br>|
| Alibaba Group Holding Ltd | 1.3<br>|
| Samsung Electronics Co Ltd | 1.2<br>|
| SAP SE | 0.8<br>|
| Astrazeneca PLC | 0.8<br>|
| HSBC Holdings PLC | 0.8<br>|
| Toyota Motor Corp | 0.8<br>|
| Nestle SA | 0.7<br>|
|  | 12.7 |

---

**How has the Fund changed?**

This is a summary of certain changes to the Fund since November 1, 2024. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 30, 2025 at **fundresearch.fidelity.com/prospectus/sec** or upon request at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.

The fund's contractual proxy and shareholder meeting expense cap expired during the reporting period. The fund modified its principal investment strategies during the reporting period. <br> The fund modified its principal investment risks during the reporting period.

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2922_20251031_2.jpg)<br>| ![](img118557_3.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> 1.9913990.101 2922-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Emerging Markets Index Fund<br> **Fidelity® Emerging Markets Index Fund : FPADX** <br>|

---

This annual shareholder report contains information about Fidelity® Emerging Markets Index Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Emerging Markets Index Fund  | $9  | 0.07% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, Emerging Asia gained 28% and contributed most to the fund's performance for the fiscal year, followed by Latin America (+28%).

• By sector, information technology gained approximately 49% and contributed most. Financials, which gained approximately 21%, also helped, benefiting from the banks industry (+22%), as did communication services, which advanced about 43%, lifted by the media & entertainment industry (+53%). The consumer discretionary sector rose roughly 18%, boosted by the consumer discretionary distribution & retail industry (+41%), while industrials gained 31% and materials advanced 29%. Other contributors included the energy (+10%), health care (+12%), utilities (+6%), real estate (+5%) and consumer staples (+2%) sectors.

• Turning to individual stocks, the biggest contributor was Taiwan Semiconductor Manufacturing (+53%), from the semiconductors & semiconductor equipment group. From the same group, SK Hynix gained 191% and lifted the fund. In media & entertainment, Tencent Holdings gained 57% and lifted the fund. Samsung Electronics, within the technology hardware & equipment group, gained roughly 78% and contributed. Lastly, in consumer discretionary distribution & retail, Alibaba (+78%) also helped.

• Conversely, the biggest detractor was Meituan (-44%), from the consumer services industry. In software & services, Infosys (-18%) and Tata Consultancy Services (-25%) detracted. In utilities, ACWA Power returned -47% and hurt the fund's performance. Lastly, JD.com (-15%), from the consumer discretionary distribution & retail category, also hurt.

**How did the Fund perform over the past 10 years?**

**CUMULATIVE PERFORMANCE**

October 31, 2015 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Emerging Markets Index Fund<br>| $10000 | $10998<br>| $13889<br>| $12132<br>| $13507<br>| $14660<br>| $16998<br>| $11761<br>| $13025<br>| $16102<br>| $20680<br>|
| Fidelity Emerging Markets Index Fund Linked Index℠<br>| $10000 | $11019<br>| $13939<br>| $12199<br>| $13649<br>| $14778<br>| $17287<br>| $11926<br>| $13218<br>| $16566<br>| $21185<br>|
| MSCI Emerging Markets Index<br>| $10000 | $10931<br>| $13827<br>| $12101<br>| $13540<br>| $14660<br>| $17148<br>| $11830<br>| $13112<br>| $16433<br>| $21015<br>|
|  | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118565_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| Fidelity® Emerging Markets Index Fund | 28.43% | 7.12% | 7.54% |
| Fidelity Emerging Markets Index Fund Linked Index℠ | 27.88%<br>| 7.47%<br>| 7.80% |
| MSCI Emerging Markets Index | 27.88%<br>| 7.47%<br>| 7.71% |

---

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $11745376986<br>|
| Number of Holdings | 1262<br>|
| Total Advisory Fee | $6937978<br>|
| Portfolio Turnover | 4%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 27.5 |
| Financials | 21.9 |
| Consumer Discretionary | 12.1 |
| Communication Services | 9.4 |
| Industrials | 7.1 |
| Materials | 6.2 |
| Consumer Staples | 3.8 |
| Energy | 3.7 |
| Health Care | 3.0 |
| Utilities | 2.2 |
| Real Estate | 1.2 |

---

Common Stocks 97.5 <br> Preferred Stocks 0.6 <br> Short-Term Investments and Net Other Assets (Liabilities) 1.9

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2341_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.6&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 |

---

---

| | |
|:---|:---|
| China | 28.1 |
| Taiwan | 19.9 |
| India | 15.0 |
| Korea (South) | 12.7 |
| Brazil | 4.0 |
| Saudi Arabia | 3.1 |
| South Africa | 2.9 |
| United States | 2.2 |
| Mexico | 2.0 |
| Others | 10.1 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2341_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;China - 28.1&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;Taiwan - 19.9&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;India - 15.0&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;Korea (South) - 12.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 4.0&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;Saudi Arabia - 3.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;South Africa - 2.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United States - 2.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Mexico - 2.0&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;Others - 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;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 11.6<br>|
| Tencent Holdings Ltd | 5.2<br>|
| Alibaba Group Holding Ltd | 3.6<br>|
| Samsung Electronics Co Ltd | 3.5<br>|
| SK Hynix Inc | 2.1<br>|
| HDFC Bank Ltd/Gandhinagar | 1.3<br>|
| Hon Hai Precision Industry Co Ltd | 1.1<br>|
| Reliance Industries Ltd | 1.0<br>|
| China Construction Bank Corp H Shares | 1.0<br>|
| PDD Holdings Inc Class A ADR | 0.9<br>|
|  | 31.3 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2341_20251031_2.jpg)<br>| ![](img118565_3.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> 1.9913965.101 2344-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity Flex® International Focused Index Fund<br> **Fidelity Flex® International Focused Index Fund : FXINX** <br>|

---

This annual shareholder report contains information about Fidelity Flex® International Focused Index Fund for the period July 24, 2025 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

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

---

A Expenses for the full reporting period would be higher.

B Amount represents less than $.50

C Amount represents less than 0.005%

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $36068175<br>|
| Number of Holdings | 1039<br>|
| Total Advisory Fee | $0<br>|
| Portfolio TurnoverA | 15%<br>|

---

A Amount not annualized

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 22.3 |
| Industrials | 14.7 |
| Information Technology | 13.9 |
| Consumer Discretionary | 9.9 |
| Health Care | 6.8 |
| Materials | 6.0 |
| Communication Services | 5.3 |
| Consumer Staples | 5.1 |
| Energy | 3.7 |
| Utilities | 2.6 |
| Real Estate | 1.7 |

---

Common Stocks 91.8 <br> Preferred Stocks 0.2 <br> Short-Term Investments and Net Other Assets (Liabilities) 8.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img8966_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 91.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| Preferred Stocks - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Short-Term Investments and Net Other Assets (Liabilities) - 8.0 |

---

---

| | |
|:---|:---|
| Japan | 16.1 |
| United States | 13.3 |
| China | 7.6 |
| Canada | 7.3 |
| United Kingdom | 6.7 |
| Taiwan | 6.2 |
| France | 5.1 |
| Germany | 5.1 |
| Australia | 4.2 |
| Others | 28.4 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img8966_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 16.1&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 States - 13.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;China - 7.6&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;Canada - 7.3&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;United Kingdom - 6.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 6.2&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;France - 5.1&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 - 5.1&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;Australia - 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;Others - 28.4&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**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 3.3<br>|
| Tencent Holdings Ltd | 1.3<br>|
| ASML Holding NV | 1.2<br>|
| Alibaba Group Holding Ltd | 1.1<br>|
| Samsung Electronics Co Ltd | 0.9<br>|
| SK Hynix Inc | 0.8<br>|
| Novartis AG | 0.7<br>|
| SoftBank Group Corp | 0.7<br>|
| SAP SE | 0.7<br>|
| Astrazeneca PLC | 0.7<br>|
|  | 11.4 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img8966_20251031_1.jpg)<br>| ![](img118665_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> 1.9918058.100 8966-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® U.S. Sustainability Index Fund<br> **Fidelity® U.S. Sustainability Index Fund : FITLX** <br>|

---

This annual shareholder report contains information about Fidelity® U.S. Sustainability Index Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® U.S. Sustainability Index Fund  | $12  | 0.11% |

---

**What affected the Fund's performance this period?**

• U.S. stocks achieved a strong gain for the 12 months ending October 31, 2025, according to the S&P 500® index, extending a historically fast rebound that began in early April. The advance has been supported by strong corporate fundamentals, a resilient economy and the Federal Reserve's first interest-rate reductions since December 2024.

• Against this backdrop, information technology gained roughly 33% and contributed most to the fund's performance for the fiscal year. Communication services, which gained approximately 49%, also helped, benefiting from the media & entertainment industry (+52%), as did consumer discretionary, which advanced about 27%, lifted by the automobiles & components industry (+81%). The industrials sector rose about 17%, boosted by the capital goods industry (+28%), while financials gained about 9% and health care advanced 3%. Other contributors included the energy (+11%), utilities (+13%), real estate (+1%) and materials (+1%) sectors.

• Conversely, consumer staples returned -6% and detracted most.

• Turning to individual stocks, the biggest contributor was NVIDIA (+53%), from the semiconductors & semiconductor equipment group. From the same category, Advanced Micro Devices gained 78% and helped. Alphabet (+65%), from the media & entertainment group, contributed. In software & services, Microsoft (+28%) helped. Lastly, Tesla, within the automobiles & components category, gained roughly 83% and also boosted the fund.

• In contrast, the biggest detractor was Fiserv (-66%), from the financial services category. Adobe (-29%) and Accenture (-26%), within the software & services industry, hurt the fund's performance. Comcast (-34%), a stock in the media & entertainment category, hindered the fund. Lastly, in semiconductors & semiconductor equipment, Texas Instruments (-18%) also hindered the fund.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

May 9, 2017 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® U.S. Sustainability Index Fund<br>| $10000 | $10900<br>| $11518<br>| $13483<br>| $14829<br>| $21923<br>| $17848<br>| $20075<br>| $27745<br>|
| MSCI USA ESG Leaders Index<br>| $10000 | $10904<br>| $11542<br>| $13531<br>| $14897<br>| $22049<br>| $17970<br>| $20235<br>| $28023<br>|
| MSCI USA Index<br>| $10000 | $10813<br>| $11530<br>| $13106<br>| $14543<br>| $20758<br>| $17257<br>| $18905<br>| $26055<br>|
|  | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118439_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® U.S. Sustainability Index Fund | 21.72% | 17.89% | 15.42% |
| MSCI USA ESG Leaders Index | 21.81%<br>| 18.04%<br>| 15.57% |
| MSCI USA Index | 21.43%<br>| 16.82%<br>| 14.54% |

---

**A** From May 9, 2017

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $4946163724<br>|
| Number of Holdings | 275<br>|
| Total Advisory Fee | $4857904<br>|
| Portfolio Turnover | 4%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Information Technology | 36.0 |
| Communication Services | 11.0 |
| Financials | 10.7 |
| Consumer Discretionary | 9.3 |
| Health Care | 9.2 |
| Industrials | 7.6 |
| Consumer Staples | 4.0 |
| Materials | 1.9 |
| Real Estate | 1.9 |
| Energy | 1.4 |
| Utilities | 0.9 |

---

Common Stocks 93.9 <br> Short-Term Investments and Net Other Assets (Liabilities) 6.1

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2939_20251031_AA.jpg) <br>|

---

Common Stocks - 93.9&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) - 6.1 <br>

United States 99.5 <br> Brazil 0.3 <br> Netherlands 0.2

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2939_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;United States - 99.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Brazil - 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; |
| &nbsp;&nbsp;Netherlands - 0.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| NVIDIA Corp | 14.6<br>|
| Microsoft Corp | 10.7<br>|
| Alphabet Inc Class A | 4.9<br>|
| Alphabet Inc Class C | 4.3<br>|
| Tesla Inc | 4.1<br>|
| Eli Lilly & Co | 2.2<br>|
| Visa Inc Class A | 1.8<br>|
| Mastercard Inc Class A | 1.5<br>|
| Johnson & Johnson | 1.4<br>|
| Advanced Micro Devices Inc | 1.3<br>|
|  | 46.8 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2939_20251031_2.jpg)<br>| ![](img118439_3.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> 1.9913991.101 2941-TSRA-1225 <br>|

---

---

| |
|:---|
| **ANNUAL SHAREHOLDER REPORT \|** AS OF OCTOBER 31, 2025 |
| Fidelity® Total International Index Fund<br> **Fidelity® Total International Index Fund : FTIHX** <br>|

---

This annual shareholder report contains information about Fidelity® Total International Index Fund for the period November 1, 2024 to October 31, 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 year?**

(based on hypothetical $10,000 investment)

**FUND COST (PREVIOUS YEAR)**

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Total International Index Fund  | $7  | 0.06% |

---

**What affected the Fund's performance this period?**

• International equities achieved a strong gain for the 12 months ending October 31, 2025, according to the MSCI ACWI (All Country World Index) ex USA Index, rising amid increasingly attractive valuations compared to U.S. stocks, a weakening U.S. dollar and resilient economic growth in some regions.

• Against this backdrop, emerging markets gained 26% and contributed most to the fund's performance for the fiscal year, followed by Europe ex U.K. (+22%).

• By sector, financials gained 34% and contributed most. Information technology, which gained roughly 40%, also helped, as did industrials, which advanced about 29%, lifted by the capital goods industry (+39%). The communication services sector rose approximately 36%, while consumer discretionary gained 16% and materials advanced 22%. Other contributors included the utilities (+24%), energy (+15%), consumer staples (+8%), real estate (+12%) and health care (+1%) sectors.

• Conversely, developed markets returned approximately 0% and was a notable detractor.

• Turning to individual stocks, the biggest contributor was Taiwan Semiconductor Manufacturing (+53%), from the semiconductors & semiconductor equipment group. Within the same group, ASML Holding (+58%) boosted the fund. Tencent Holdings (+57%), a stock in the media & entertainment category, helped. Another notable contributor was Samsung Electronics (+78%), a stock in the technology hardware & equipment category. Lastly, in consumer discretionary distribution & retail, Alibaba (+78%) also boosted the fund.

• In contrast, the biggest detractor was Novo Nordisk (-55%), from the pharmaceuticals, biotechnology & life sciences industry. From the same group, CSL returned -37% and detracted. Another notable detractor was Meituan (-44%), a stock in the consumer services group. In commercial & professional services, Recruit Holdings returned -20% and hurt. Lastly, in technology hardware & equipment, Keyence returned roughly -18% and also hurt the fund's performance.

**How did the Fund perform over the life of Fund?**

**CUMULATIVE PERFORMANCE**

June 7, 2016 through October 31, 2025.

Initial investment of $10,000.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fidelity® Total International Index Fund<br>| $10000 | $10090<br>| $12448<br>| $11401<br>| $12641<br>| $12392<br>| $16167<br>| $12124<br>| $13614<br>| $16792<br>|
| MSCI ACWI (All Country World Index) ex USA Investable Market Index<br>| $10000 | $10131<br>| $12561<br>| $11520<br>| $12802<br>| $12530<br>| $16426<br>| $12311<br>| $13764<br>| $17130<br>|
|  | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |

---

![](img118444_1.jpg)

**AVERAGE ANNUAL TOTAL RETURNS:**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Life of Fund** A |
| Fidelity® Total International Index Fund | 25.15% | 11.14% | 8.22% |
| MSCI ACWI (All Country World Index) ex USA Investable Market Index | 24.85%<br>| 11.29%<br>| 8.42% |

---

**A** From June 7, 2016

---

| |
|:---|
| Visit **www.fidelity.com** for more recent performance information. <br>|
| *The Fund's past performance is not a good predictor of the Fund's future performance.* The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.<br>|

---

**Key Fund Statistics**

(as of October 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**<br>|  |
| Fund Size | $18904157846<br>|
| Number of Holdings | 5080<br>|
| Total Advisory Fee | $9242898<br>|
| Portfolio Turnover | 4%<br>|

---

**What did the Fund invest in?** (as of October 31, 2025)

---

| | |
|:---|:---|
| **MARKET SECTORS**<br> **(% of Fund's net assets)** |  |
| Financials | 23.5 |
| Industrials | 15.4 |
| Information Technology | 14.4 |
| Consumer Discretionary | 10.0 |
| Health Care | 7.2 |
| Materials | 7.1 |
| Consumer Staples | 6.0 |
| Communication Services | 5.3 |
| Energy | 4.1 |
| Utilities | 2.8 |
| Real Estate | 2.2 |

---

Common Stocks 97.7 <br> Preferred Stocks 0.3 <br> Short-Term Investments and Net Other Assets (Liabilities) 2.0

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img2831_20251031_AA.jpg) <br>|

---

---

| |
|:---|
| Common Stocks - 97.7&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) - 2.0 |

---

---

| | |
|:---|:---|
| Japan | 14.9 |
| China | 8.4 |
| Canada | 7.5 |
| United States | 7.2 |
| United Kingdom | 6.9 |
| Taiwan | 6.2 |
| Germany | 5.3 |
| India | 5.0 |
| France | 5.0 |
| Others | 33.6 |

---

---

| |
|:---|
| **GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)** |
| ![](img2831_20251031_GD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;Japan - 14.9&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;China - 8.4&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;Canada - 7.5&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;United States - 7.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;United Kingdom - 6.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Taiwan - 6.2&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;Germany - 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;India - 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;France - 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;Others - 33.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |

---

---

| | |
|:---|:---|
| **TOP HOLDINGS**<br>**(% of Fund's net assets)**  |  |
| Taiwan Semiconductor Manufacturing Co Ltd | 3.2<br>|
| Tencent Holdings Ltd | 1.4<br>|
| ASML Holding NV | 1.2<br>|
| Alibaba Group Holding Ltd | 1.0<br>|
| Samsung Electronics Co Ltd | 1.0<br>|
| SAP SE | 0.8<br>|
| Astrazeneca PLC | 0.7<br>|
| Nestle SA | 0.7<br>|
| HSBC Holdings PLC | 0.6<br>|
| Novartis AG | 0.6<br>|
|  | 11.2 |

---

---

| | | |
|:---|:---|:---|
| 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. |
| ![](img2831_20251031_2.jpg)<br>| ![](img118444_3.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> 1.9913989.101 2834-TSRA-1225 <br>|

---

Item 2.

<u>Code of Ethics</u>

As of the end of the period, October 31, 2025, Fidelity Salem Street Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

Item 3.

<u>Audit Committee Financial Expert</u>

The Board of Trustees of the trust has determined that Laura M. Bishop is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bishop is independent for purposes of Item 3 of Form N-CSR.

Item 4.

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

<u>Fees and Services</u>

The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Emerging Markets Index Fund, Fidelity Flex International Index Fund, Fidelity Global ex U.S. Index Fund, Fidelity International Sustainability Index Fund, and Fidelity Series Global ex U.S. Index Fund (the "Fund(s)"):

**<u>Services Billed by Deloitte Entities</u>**

**<u>October 31, 2025 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Audit Fees** | &nbsp;&nbsp; **Audit-Related Fees** | &nbsp;&nbsp; **Tax Fees** | &nbsp;&nbsp; **All Other Fees** |
| &nbsp;&nbsp; Fidelity Emerging Markets Index Fund | &nbsp;&nbsp; $48300  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $7900  | &nbsp;&nbsp; $600  |
| &nbsp;&nbsp; Fidelity Flex International Index Fund | &nbsp;&nbsp; $50700  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $6700  | &nbsp;&nbsp; $600  |
| &nbsp;&nbsp; Fidelity Global ex U.S. Index Fund | &nbsp;&nbsp; $53700  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $6700  | &nbsp;&nbsp; $700  |
| &nbsp;&nbsp; Fidelity International Sustainability Index Fund | &nbsp;&nbsp; $37200  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $6700  | &nbsp;&nbsp; $500  |
| &nbsp;&nbsp; Fidelity Series Global ex U.S. Index Fund | &nbsp;&nbsp; $58900  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $6700  | &nbsp;&nbsp; $700  |

---

**<u>October 31, 2024 Fees</u><sup>A</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Audit Fees** | &nbsp;&nbsp; **Audit-Related Fees** | &nbsp;&nbsp; **Tax Fees** | &nbsp;&nbsp; **All Other Fees** |
| &nbsp;&nbsp; Fidelity Emerging Markets Index Fund | &nbsp;&nbsp; $47000  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $12300  | &nbsp;&nbsp; $1100  |
| &nbsp;&nbsp; Fidelity Flex International Index Fund | &nbsp;&nbsp; $49100  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $10000  | &nbsp;&nbsp; $1100  |
| &nbsp;&nbsp; Fidelity Global ex U.S. Index Fund | &nbsp;&nbsp; $52100  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $10000  | &nbsp;&nbsp; $1200  |
| &nbsp;&nbsp; Fidelity International Sustainability Index Fund | &nbsp;&nbsp; $35900  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $10000  | &nbsp;&nbsp; $900  |
| &nbsp;&nbsp; Fidelity Series Global ex U.S. Index Fund | &nbsp;&nbsp; $57500  | &nbsp;&nbsp; $- | &nbsp;&nbsp; $10000  | &nbsp;&nbsp; $1300  |

---

<sup>A</sup> Amounts may reflect rounding.

The following table presents fees billed by PricewaterhouseCoopers LLP ("PwC") in each of the last two fiscal years for services rendered to Fidelity Flex International Focused Index Fund, Fidelity SAI Emerging Markets Index Fund, Fidelity SAI Emerging Markets Low Volatility Index Fund, Fidelity SAI Emerging Markets Value Index Fund, Fidelity SAI International Index Fund, Fidelity SAI International Low Volatility Index Fund, Fidelity SAI International Momentum Index Fund, Fidelity SAI International Quality Index Fund, Fidelity SAI International Value Index Fund, Fidelity SAI U.S. Low Volatility Index Fund, Fidelity Total International Index Fund, and Fidelity U.S. Sustainability Index Fund (the "Fund(s)"):

**<u>Services Billed by PwC</u>**

**<u>October 31, 2025 Fees</u><sup>A,B</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Audit Fees** | &nbsp;&nbsp; **Audit-Related Fees** | &nbsp;&nbsp; **Tax Fees** | &nbsp;&nbsp; **All Other Fees** |
| &nbsp;&nbsp; Fidelity Flex International Focused Index Fund | &nbsp;&nbsp; $30300  | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $9300  | &nbsp;&nbsp; $-  |
| &nbsp;&nbsp; Fidelity SAI Emerging Markets Index Fund | &nbsp;&nbsp; $42000  | &nbsp;&nbsp; $2200  | &nbsp;&nbsp; $4200  | &nbsp;&nbsp; $900  |
| &nbsp;&nbsp; Fidelity SAI Emerging Markets Low Volatility Index Fund | &nbsp;&nbsp; $35600  | &nbsp;&nbsp; $1900  | &nbsp;&nbsp; $3800  | &nbsp;&nbsp; $800  |
| &nbsp;&nbsp; Fidelity SAI Emerging Markets Value Index Fund | &nbsp;&nbsp; $39200  | &nbsp;&nbsp; $2000  | &nbsp;&nbsp; $3900  | &nbsp;&nbsp; $800  |
| &nbsp;&nbsp; Fidelity SAI International Index Fund | &nbsp;&nbsp; $42100  | &nbsp;&nbsp; $2200  | &nbsp;&nbsp; $9600  | &nbsp;&nbsp; $900  |
| &nbsp;&nbsp; Fidelity SAI International Low Volatility Index Fund | &nbsp;&nbsp; $43400  | &nbsp;&nbsp; $1900  | &nbsp;&nbsp; $11600  | &nbsp;&nbsp; $800  |
| &nbsp;&nbsp; Fidelity SAI International Momentum Index Fund | &nbsp;&nbsp; $39100  | &nbsp;&nbsp; $2000  | &nbsp;&nbsp; $3900  | &nbsp;&nbsp; $800  |
| &nbsp;&nbsp; Fidelity SAI International Quality Index Fund | &nbsp;&nbsp; $39100  | &nbsp;&nbsp; $2000  | &nbsp;&nbsp; $7100  | &nbsp;&nbsp; $800  |
| &nbsp;&nbsp; Fidelity SAI International Value Index Fund | &nbsp;&nbsp; $40500  | &nbsp;&nbsp; $2100  | &nbsp;&nbsp; $3800  | &nbsp;&nbsp; $800  |
| &nbsp;&nbsp; Fidelity SAI U.S. Low Volatility Index Fund | &nbsp;&nbsp; $38200  | &nbsp;&nbsp; $2000  | &nbsp;&nbsp; $3800  | &nbsp;&nbsp; $800  |
| &nbsp;&nbsp; Fidelity Total International Index Fund | &nbsp;&nbsp; $74800  | &nbsp;&nbsp; $3500  | &nbsp;&nbsp; $15200  | &nbsp;&nbsp; $1400  |
| &nbsp;&nbsp; Fidelity U.S. Sustainability Index Fund | &nbsp;&nbsp; $32700  | &nbsp;&nbsp; $1700  | &nbsp;&nbsp; $2900  | &nbsp;&nbsp; $700  |

---

**<u>October 31, 2024 Fees</u><sup>A,B</sup>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Audit Fees** | &nbsp;&nbsp; **Audit-Related Fees** | &nbsp;&nbsp; **Tax Fees** | &nbsp;&nbsp; **All Other Fees** |
| &nbsp;&nbsp; Fidelity Flex International Focused Index Fund | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| &nbsp;&nbsp; Fidelity SAI Emerging Markets Index Fund | &nbsp;&nbsp; $40800  | &nbsp;&nbsp; $3500  | &nbsp;&nbsp; $10400  | &nbsp;&nbsp; $1500  |
| &nbsp;&nbsp; Fidelity SAI Emerging Markets Low Volatility Index Fund | &nbsp;&nbsp; $36000  | &nbsp;&nbsp; $3100  | &nbsp;&nbsp; $9800  | &nbsp;&nbsp; $1300  |
| &nbsp;&nbsp; Fidelity SAI Emerging Markets Value Index Fund | &nbsp;&nbsp; $38100  | &nbsp;&nbsp; $3300  | &nbsp;&nbsp; $10000  | &nbsp;&nbsp; $1400  |
| &nbsp;&nbsp; Fidelity SAI International Index Fund | &nbsp;&nbsp; $40900  | &nbsp;&nbsp; $3500  | &nbsp;&nbsp; $10400  | &nbsp;&nbsp; $1500  |
| &nbsp;&nbsp; Fidelity SAI International Low Volatility Index Fund | &nbsp;&nbsp; $36200  | &nbsp;&nbsp; $3100  | &nbsp;&nbsp; $9800  | &nbsp;&nbsp; $1300  |
| &nbsp;&nbsp; Fidelity SAI International Momentum Index Fund | &nbsp;&nbsp; $37900  | &nbsp;&nbsp; $3300  | &nbsp;&nbsp; $10000  | &nbsp;&nbsp; $1400  |
| &nbsp;&nbsp; Fidelity SAI International Quality Index Fund | &nbsp;&nbsp; $37900  | &nbsp;&nbsp; $3300  | &nbsp;&nbsp; $10000  | &nbsp;&nbsp; $1400  |
| &nbsp;&nbsp; Fidelity SAI International Value Index Fund | &nbsp;&nbsp; $39200  | &nbsp;&nbsp; $3300  | &nbsp;&nbsp; $9800  | &nbsp;&nbsp; $1400  |
| &nbsp;&nbsp; Fidelity SAI U.S. Low Volatility Index Fund | &nbsp;&nbsp; $37300  | &nbsp;&nbsp; $3200  | &nbsp;&nbsp; $9800  | &nbsp;&nbsp; $1400  |
| &nbsp;&nbsp; Fidelity Total International Index Fund | &nbsp;&nbsp; $68100  | &nbsp;&nbsp; $5600  | &nbsp;&nbsp; $19600  | &nbsp;&nbsp; $2400  |
| &nbsp;&nbsp; Fidelity U.S. Sustainability Index Fund | &nbsp;&nbsp; $31400  | &nbsp;&nbsp; $2600  | &nbsp;&nbsp; $6600  | &nbsp;&nbsp; $1100  |

---

<sup>A</sup> Amounts may reflect rounding.

<sup>B</sup> Fidelity Flex International Focused Index Fund commenced operations on July 24, 2025.

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

**<u>Services Billed by Deloitte Entities</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **<u>October 31, 2025</u><sup>A</sup>** | &nbsp;&nbsp; **<u>October 31, 2024</u><sup>A</sup>** |
| &nbsp;&nbsp; Audit-Related Fees | &nbsp;&nbsp; $125000  | &nbsp;&nbsp; $125000  |
| &nbsp;&nbsp; Tax Fees | &nbsp;&nbsp; $- | &nbsp;&nbsp; $- |
| &nbsp;&nbsp; All Other Fees | &nbsp;&nbsp; $1970400  | &nbsp;&nbsp; $2929500  |

---

<sup>A</sup> Amounts may reflect rounding.

**<u>Services Billed by PwC</u>**

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **<u>October 31, 2025</u><sup>A,B</sup>** | &nbsp;&nbsp; **<u>October 31, 2024</u><sup>A,B</sup>** |
| &nbsp;&nbsp; Audit-Related Fees | &nbsp;&nbsp; $8914100  | &nbsp;&nbsp; $9701800  |
| &nbsp;&nbsp; Tax Fees | &nbsp;&nbsp; $1000  | &nbsp;&nbsp; $61000  |
| &nbsp;&nbsp; All Other Fees | &nbsp;&nbsp; $-  | &nbsp;&nbsp; $35000  |

---

<sup>A</sup> Amounts may reflect rounding.

<sup>B</sup> May include amounts billed prior to the Fidelity Flex International Focused Index Fund's commencement of operations.

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

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

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

Assurance services must be performed by an independent public accountant.

\* \* \*

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **<u>Billed By</u>** | &nbsp;&nbsp; **<u>October 31, 2025</u><sup>A,B</sup>** | &nbsp;&nbsp; **<u>October 31, 2024</u><sup>A,B</sup>** |
| &nbsp;&nbsp; Deloitte Entities | &nbsp;&nbsp; $2470000  | &nbsp;&nbsp; $3406900  |
| &nbsp;&nbsp; PwC | &nbsp;&nbsp; $13863700  | &nbsp;&nbsp; $15501200  |

---

<sup>A</sup> Amounts may reflect rounding.

<sup>B</sup> May include amounts billed prior to the Fidelity Flex International Focused Index Fund's commencement of operations.

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

<u>Audit Committee Pre-Approval Policies and Procedures</u>

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

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

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

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

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

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

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

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

Item 5.

<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® U.S. Sustainability Index Fund**

**Annual Report**

**October 31, 2025**

![](img118368_1.jpg)

![](img118368_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_USY-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® U.S. Sustainability Index Fund](#Sub_Sec_Fund_2939_USY-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2939_USY-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_USY-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_USY-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_USY-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_USY-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_USY-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_USY-ANN)** |

---

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 (Annual Report)**

**Fidelity® U.S. Sustainability Index Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 93.9%** | &nbsp;&nbsp;**Common Stocks - 93.9%** | &nbsp;&nbsp;**Common Stocks - 93.9%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 0.3%  |  |  |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| MercadoLibre Inc (b) | 6651 | 15478606 |
| NETHERLANDS - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| NXP Semiconductors NV  | 38770 | 8107582 |
| UNITED STATES - 93.4%  |  |  |
| Communication Services - 11.0% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| Verizon Communications Inc  | 614349 | 24414229 |
| Entertainment - 0.9% |  |  |
| Electronic Arts Inc  | 41884 | 8379313 |
| Take-Two Interactive Software Inc (b) | 26991 | 6919682 |
| Walt Disney Co/The  | 270667 | 30482518 |
|  |  | 45781513 |
| Interactive Media & Services - 9.2% |  |  |
| Alphabet Inc Class A  | 856815 | 240927811 |
| Alphabet Inc Class C  | 753153 | 212253578 |
|  |  | 453181389 |
| Media - 0.4% |  |  |
| Charter Communications Inc Class A (b) | 11358 | 2655955 |
| Comcast Corp Class A  | 538203 | 14980881 |
| Fox Corp Class A  | 25767 | 1665836 |
| Omnicom Group Inc  | 24449 | 1834164 |
|  |  | 21136836 |
| TOTAL COMMUNICATION SERVICES |  | 544513967 |
| Consumer Discretionary - 9.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Aptiv PLC  | 32915 | 2669406 |
| Automobiles - 4.1% |  |  |
| Rivian Automotive Inc Class A (b) | 95199 | 1291850 |
| Tesla Inc (b) | 439068 | 200460887 |
|  |  | 201752737 |
| Broadline Retail - 0.1% |  |  |
| eBay Inc  | 43480 | 3535358 |
| Distributors - 0.1% |  |  |
| Genuine Parts Co  | 21831 | 2779305 |
| Pool Corp  | 5936 | 1585268 |
|  |  | 4364573 |
| Hotels, Restaurants & Leisure - 1.5% |  |  |
| Booking Holdings Inc  | 4857 | 24662583 |
| Darden Restaurants Inc  | 13970 | 2516696 |
| Hilton Worldwide Holdings Inc  | 35575 | 9141352 |
| McDonald's Corp  | 106727 | 31850539 |
| Yum! Brands Inc  | 40463 | 5592391 |
|  |  | 73763561 |
| Household Durables - 0.4% |  |  |
| DR Horton Inc  | 40815 | 6084701 |
| Garmin Ltd  | 20862 | 4463216 |
| NVR Inc (b) | 603 | 4348124 |
| PulteGroup Inc  | 30710 | 3681208 |
|  |  | 18577249 |
| Specialty Retail - 2.7% |  |  |
| AutoZone Inc (b) | 2395 | 8800260 |
| Best Buy Co Inc  | 27382 | 2249157 |
| Burlington Stores Inc (b) | 9912 | 2711824 |
| Dick's Sporting Goods Inc  | 9875 | 2186818 |
| Home Depot Inc/The  | 148052 | 56199059 |
| Lowe's Cos Inc  | 79683 | 18974913 |
| O'Reilly Automotive Inc (b) | 117118 | 11060624 |
| TJX Cos Inc/The  | 157951 | 22135253 |
| Tractor Supply Co  | 75110 | 4064202 |
| Ulta Beauty Inc (b) | 7025 | 3652157 |
| Williams-Sonoma Inc  | 17952 | 3488792 |
|  |  | 135523059 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Deckers Outdoor Corp (b) | 21925 | 1786887 |
| Lululemon Athletica Inc (b) | 15927 | 2716191 |
|  |  | 4503078 |
| TOTAL CONSUMER DISCRETIONARY |  | 444689021 |
| Consumer Staples - 4.0% |  |  |
| Beverages - 1.7% |  |  |
| Coca-Cola Co/The  | 606130 | 41762357 |
| Keurig Dr Pepper Inc  | 187693 | 5097742 |
| Monster Beverage Corp (b) | 114299 | 7638602 |
| PepsiCo Inc  | 194216 | 28373015 |
|  |  | 82871716 |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Albertsons Cos Inc Class A  | 42755 | 756336 |
| Dollar General Corp  | 31153 | 3073555 |
| Kroger Co/The  | 76240 | 4851151 |
| Sysco Corp  | 58203 | 4323319 |
| Target Corp  | 62898 | 5831903 |
|  |  | 18836264 |
| Food Products - 0.3% |  |  |
| Bunge Global SA  | 25425 | 2405205 |
| General Mills Inc  | 82306 | 3836283 |
| Hormel Foods Corp  | 40119 | 866169 |
| JM Smucker Co  | 19147 | 1982672 |
| Kellanova  | 46018 | 3822255 |
| McCormick & Co Inc/MD  | 31336 | 2010518 |
|  |  | 14923102 |
| Household Products - 1.5% |  |  |
| Church & Dwight Co Inc  | 41384 | 3628963 |
| Clorox Co/The  | 23175 | 2606260 |
| Colgate-Palmolive Co  | 125118 | 9640342 |
| Kimberly-Clark Corp  | 54638 | 6540715 |
| Procter & Gamble Co/The  | 344884 | 51860207 |
|  |  | 74276487 |
| Personal Care Products - 0.1% |  |  |
| Estee Lauder Cos Inc/The Class A  | 34858 | 3370420 |
| Kenvue Inc  | 303953 | 4367805 |
|  |  | 7738225 |
| TOTAL CONSUMER STAPLES |  | 198645794 |
| Energy - 1.4% |  |  |
| Energy Equipment & Services - 0.3% |  |  |
| Baker Hughes Co Class A  | 127696 | 6181763 |
| Halliburton Co  | 155128 | 4163636 |
| SLB Ltd  | 221306 | 7980294 |
|  |  | 18325693 |
| Oil, Gas & Consumable Fuels - 1.1% |  |  |
| Cheniere Energy Inc  | 31615 | 6702380 |
| Marathon Petroleum Corp  | 52843 | 10299629 |
| ONEOK Inc  | 77748 | 5209116 |
| Phillips 66  | 61364 | 8354095 |
| Targa Resources Corp  | 24747 | 3812028 |
| Valero Energy Corp  | 48002 | 8139219 |
| Williams Cos Inc/The  | 174622 | 10105375 |
|  |  | 52621842 |
| TOTAL ENERGY |  | 70947535 |
| Financials - 10.7% |  |  |
| Banks - 0.8% |  |  |
| Citizens Financial Group Inc  | 65296 | 3321608 |
| Huntington Bancshares Inc/OH  | 203911 | 3148386 |
| KeyCorp  | 130494 | 2295389 |
| PNC Financial Services Group Inc/The  | 50296 | 9181535 |
| Regions Financial Corp  | 153858 | 3723364 |
| Truist Financial Corp  | 178816 | 7980558 |
| US Bancorp  | 221658 | 10346995 |
|  |  | 39997835 |
| Capital Markets - 3.4% |  |  |
| Ameriprise Financial Inc  | 15846 | 7174593 |
| Bank of New York Mellon Corp/The  | 99661 | 10756412 |
| Blackrock Inc  | 20762 | 22481301 |
| Cboe Global Markets Inc  | 16187 | 3976175 |
| Charles Schwab Corp/The  | 255198 | 24121315 |
| FactSet Research Systems Inc  | 5659 | 1509820 |
| Intercontinental Exchange Inc  | 85871 | 12562069 |
| LPL Financial Holdings Inc  | 12214 | 4608464 |
| Moody's Corp  | 23044 | 11068033 |
| Morgan Stanley  | 172020 | 28211280 |
| Nasdaq Inc  | 60815 | 5199074 |
| Northern Trust Corp  | 28604 | 3680477 |
| Raymond James Financial Inc  | 27395 | 4346765 |
| S&P Global Inc  | 46527 | 22668420 |
| State Street Corp  | 39947 | 4620270 |
| T Rowe Price Group Inc  | 35156 | 3604545 |
|  |  | 170589013 |
| Consumer Finance - 1.1% |  |  |
| American Express Co  | 83136 | 29989650 |
| Capital One Financial Corp  | 83551 | 18380384 |
| Synchrony Financial  | 57377 | 4267701 |
|  |  | 52637735 |
| Financial Services - 3.8% |  |  |
| Equitable Holdings Inc  | 62480 | 3086512 |
| Fidelity National Information Services Inc  | 88391 | 5526205 |
| Fiserv Inc (b) | 84628 | 5643841 |
| Mastercard Inc Class A  | 131255 | 72451447 |
| PayPal Holdings Inc (b) | 140833 | 9755502 |
| Visa Inc Class A  | 262208 | 89344755 |
|  |  | 185808262 |
| Insurance - 1.6% |  |  |
| AFLAC Inc  | 71789 | 7695063 |
| Allstate Corp/The  | 39613 | 7586682 |
| Arch Capital Group Ltd  | 55870 | 4822140 |
| Hartford Insurance Group Inc/The  | 41413 | 5142666 |
| Marsh & McLennan Cos Inc  | 71478 | 12733806 |
| Principal Financial Group Inc  | 41747 | 3508417 |
| Progressive Corp/The  | 89365 | 18409190 |
| Prudential Financial Inc  | 53849 | 5600296 |
| Travelers Companies Inc/The  | 31611 | 8491347 |
| Willis Towers Watson PLC  | 14907 | 4667382 |
|  |  | 78656989 |
| Mortgage Real Estate Investment Trusts (REITs) - 0.0% |  |  |
| Annaly Capital Management Inc  | 93821 | 1986190 |
| TOTAL FINANCIALS |  | 529676024 |
| Health Care - 9.2% |  |  |
| Biotechnology - 1.6% |  |  |
| Alnylam Pharmaceuticals Inc (b) | 18812 | 8579024 |
| Amgen Inc  | 78450 | 23411835 |
| Biogen Inc (b) | 23048 | 3555615 |
| Gilead Sciences Inc  | 179662 | 21521711 |
| Incyte Corp (b) | 19001 | 1776213 |
| Neurocrine Biosciences Inc (b) | 12578 | 1801295 |
| Vertex Pharmaceuticals Inc (b) | 37037 | 15761836 |
|  |  | 76407529 |
| Health Care Equipment & Supplies - 0.6% |  |  |
| Align Technology Inc (b) | 10042 | 1384590 |
| Cooper Cos Inc/The (b) | 23758 | 1660921 |
| Dexcom Inc (b) | 54281 | 3160240 |
| Edwards Lifesciences Corp (b) | 83939 | 6920771 |
| Hologic Inc (b) | 26538 | 1961424 |
| IDEXX Laboratories Inc (b) | 11462 | 7215444 |
| Insulet Corp (b) | 9151 | 2864355 |
| Solventum Corp (b) | 19195 | 1325222 |
| STERIS PLC  | 13058 | 3077771 |
| Zimmer Biomet Holdings Inc  | 23126 | 2325551 |
|  |  | 31896289 |
| Health Care Providers & Services - 1.2% |  |  |
| Cencora Inc  | 30312 | 10239697 |
| Cigna Group/The  | 41177 | 10064071 |
| DaVita Inc (b) | 9298 | 1106647 |
| Elevance Health Inc  | 33521 | 10632861 |
| HCA Healthcare Inc  | 28315 | 13015839 |
| Humana Inc  | 17837 | 4962075 |
| Labcorp Holdings Inc  | 13277 | 3371827 |
| Molina Healthcare Inc (b) | 8402 | 1286010 |
| Quest Diagnostics Inc  | 19587 | 3446333 |
|  |  | 58125360 |
| Health Care Technology - 0.1% |  |  |
| Veeva Systems Inc Class A (b) | 22101 | 6435811 |
| Life Sciences Tools & Services - 0.9% |  |  |
| Agilent Technologies Inc  | 42614 | 6236985 |
| Danaher Corp  | 100914 | 21734857 |
| IQVIA Holdings Inc (b) | 27545 | 5962391 |
| Mettler-Toledo International Inc (b) | 3538 | 5010834 |
| Revvity Inc  | 3937 | 368464 |
| Waters Corp (b) | 9234 | 3228206 |
| West Pharmaceutical Services Inc  | 11274 | 3180057 |
|  |  | 45721794 |
| Pharmaceuticals - 4.8% |  |  |
| Bristol-Myers Squibb Co  | 299214 | 13784789 |
| Eli Lilly & Co  | 123669 | 106709034 |
| Johnson & Johnson  | 369068 | 69705873 |
| Merck & Co Inc  | 382842 | 32916755 |
| Royalty Pharma PLC Class A  | 45926 | 1724062 |
| Zoetis Inc Class A  | 64530 | 9298128 |
|  |  | 234138641 |
| TOTAL HEALTH CARE |  | 452725424 |
| Industrials - 7.6% |  |  |
| Aerospace & Defense - 1.1% |  |  |
| Axon Enterprise Inc (b) | 10576 | 7744064 |
| GE Aerospace  | 158942 | 49105131 |
|  |  | 56849195 |
| Air Freight & Logistics - 0.3% |  |  |
| CH Robinson Worldwide Inc  | 18201 | 2802772 |
| Expeditors International of Washington Inc  | 27481 | 3349934 |
| United Parcel Service Inc Class B  | 110509 | 10655278 |
|  |  | 16807984 |
| Building Products - 0.8% |  |  |
| Allegion plc  | 17845 | 2958166 |
| Carrier Global Corp  | 113970 | 6780075 |
| Johnson Controls International plc  | 94373 | 10795327 |
| Lennox International Inc  | 6382 | 3222910 |
| Owens Corning  | 15401 | 1960701 |
| Trane Technologies PLC  | 35465 | 15911373 |
|  |  | 41628552 |
| Commercial Services & Supplies - 0.3% |  |  |
| Cintas Corp  | 52384 | 9600416 |
| Veralto Corp  | 32437 | 3200883 |
|  |  | 12801299 |
| Construction & Engineering - 0.3% |  |  |
| EMCOR Group Inc  | 6003 | 4056707 |
| Quanta Services Inc  | 20230 | 9085900 |
|  |  | 13142607 |
| Electrical Equipment - 0.6% |  |  |
| Eaton Corp PLC  | 56454 | 21540589 |
| Hubbell Inc  | 6389 | 3002830 |
| Rockwell Automation Inc  | 15526 | 5719157 |
|  |  | 30262576 |
| Ground Transportation - 0.7% |  |  |
| CSX Corp  | 270749 | 9752379 |
| JB Hunt Transport Services Inc  | 14382 | 2428545 |
| Old Dominion Freight Line Inc  | 27558 | 3869694 |
| Union Pacific Corp  | 88218 | 19440601 |
|  |  | 35491219 |
| Industrial Conglomerates - 0.2% |  |  |
| 3M Co  | 70492 | 11736917 |
| Machinery - 2.2% |  |  |
| Caterpillar Inc  | 75836 | 43777089 |
| CNH Industrial NV Class A  | 145995 | 1531487 |
| Cummins Inc  | 19560 | 8561021 |
| Deere & Co  | 36912 | 17039687 |
| Dover Corp  | 18893 | 3428324 |
| Fortive Corp  | 51346 | 2584758 |
| Graco Inc  | 32595 | 2665293 |
| IDEX Corp  | 12616 | 2163139 |
| Illinois Tool Works Inc  | 39664 | 9674843 |
| Ingersoll Rand Inc  | 63145 | 4819858 |
| Pentair PLC  | 24851 | 2642904 |
| Xylem Inc/NY  | 33254 | 5016366 |
|  |  | 103904769 |
| Professional Services - 0.6% |  |  |
| Automatic Data Processing Inc  | 60497 | 15747369 |
| Broadridge Financial Solutions Inc  | 16743 | 3690157 |
| Paychex Inc  | 43532 | 5094550 |
| TransUnion  | 33521 | 2721235 |
|  |  | 27253311 |
| Trading Companies & Distributors - 0.5% |  |  |
| Ferguson Enterprises Inc  | 36165 | 8987003 |
| United Rentals Inc  | 10430 | 9086407 |
| WW Grainger Inc  | 7592 | 7432568 |
|  |  | 25505978 |
| TOTAL INDUSTRIALS |  | 375384407 |
| Information Technology - 35.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Keysight Technologies Inc (b) | 20315 | 3716833 |
| Trimble Inc (b) | 30383 | 2423044 |
|  |  | 6139877 |
| IT Services - 1.5% |  |  |
| Accenture PLC Class A  | 96636 | 24168664 |
| Akamai Technologies Inc (b) | 31395 | 2357764 |
| Gartner Inc (b) | 13042 | 3238850 |
| IBM Corporation  | 141783 | 43585512 |
| Twilio Inc Class A (b) | 21759 | 2934854 |
|  |  | 76285644 |
| Semiconductors & Semiconductor Equipment - 18.9% |  |  |
| Advanced Micro Devices Inc (b) | 243969 | 62485340 |
| Analog Devices Inc  | 77223 | 18080221 |
| Applied Materials Inc  | 125453 | 29243094 |
| First Solar Inc (b) | 15769 | 4209377 |
| Intel Corp (b) | 646118 | 25838259 |
| Lam Research Corp  | 199667 | 31439566 |
| Marvell Technology Inc  | 132103 | 12383335 |
| NVIDIA Corp  | 3567783 | 722440381 |
| Texas Instruments Inc  | 138808 | 22411940 |
|  |  | 928531513 |
| Software - 15.0% |  |  |
| Adobe Inc (b) | 66186 | 22523758 |
| Atlassian Corp Class A (b) | 24812 | 4203649 |
| Autodesk Inc (b) | 36272 | 10930204 |
| Cadence Design Systems Inc (b) | 41465 | 14043781 |
| Docusign Inc (b) | 32551 | 2380780 |
| Fair Isaac Corp (b) | 3951 | 6556803 |
| HubSpot Inc (b) | 8023 | 3946674 |
| Intuit Inc  | 42835 | 28594504 |
| Microsoft Corp  | 1019703 | 528012411 |
| Palo Alto Networks Inc (b) | 100684 | 22174644 |
| PTC Inc (b) | 27808 | 5521000 |
| Salesforce Inc  | 149746 | 38995356 |
| Servicenow Inc (b) | 32129 | 29535547 |
| Synopsys Inc (b) | 27727 | 12583067 |
| Workday Inc Class A (b) | 34188 | 8202385 |
| Zscaler Inc (b) | 15783 | 5226383 |
|  |  | 743430946 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Hewlett Packard Enterprise Co  | 105665 | 2580339 |
| HP Inc  | 49973 | 1382753 |
| NetApp Inc  | 7005 | 825049 |
| Seagate Technology Holdings PLC  | 21749 | 5565134 |
| Western Digital Corp  | 32903 | 4942360 |
|  |  | 15295635 |
| TOTAL INFORMATION TECHNOLOGY |  | 1769683615 |
| Materials - 1.9% |  |  |
| Chemicals - 1.0% |  |  |
| Ecolab Inc  | 37936 | 9726790 |
| International Flavors & Fragrances Inc  | 35920 | 2261882 |
| Linde PLC  | 68885 | 28814596 |
| LyondellBasell Industries NV Class A1  | 29604 | 1374218 |
| PPG Industries Inc  | 42663 | 4170308 |
|  |  | 46347794 |
| Construction Materials - 0.3% |  |  |
| CRH PLC  | 99939 | 11902735 |
| Martin Marietta Materials Inc  | 8600 | 5272660 |
|  |  | 17175395 |
| Containers & Packaging - 0.2% |  |  |
| Avery Dennison Corp  | 12638 | 2210260 |
| Ball Corp  | 43528 | 2045816 |
| International Paper Co  | 69322 | 2678602 |
| Smurfit WestRock PLC  | 73004 | 2695308 |
|  |  | 9629986 |
| Metals & Mining - 0.4% |  |  |
| Newmont Corp  | 161013 | 13037223 |
| Nucor Corp  | 32121 | 4819756 |
| Steel Dynamics Inc  | 21156 | 3317260 |
|  |  | 21174239 |
| TOTAL MATERIALS |  | 94327414 |
| Real Estate - 1.9% |  |  |
| Health Care REITs - 0.4% |  |  |
| Healthpeak Properties Inc  | 70621 | 1267647 |
| Welltower Inc  | 97776 | 17701367 |
|  |  | 18969014 |
| Industrial REITs - 0.3% |  |  |
| Prologis Inc  | 130355 | 16175752 |
| Office REITs - 0.0% |  |  |
| BXP Inc  | 24459 | 1741236 |
| Real Estate Management & Development - 0.1% |  |  |
| CBRE Group Inc Class A (b) | 41743 | 6362885 |
| Specialized REITs - 1.1% |  |  |
| American Tower Corp  | 69033 | 12355527 |
| Crown Castle Inc  | 64829 | 5848872 |
| Digital Realty Trust Inc  | 45561 | 7764050 |
| Equinix Inc  | 14167 | 11985424 |
| Iron Mountain Inc  | 47277 | 4867167 |
| SBA Communications Corp Class A  | 18091 | 3464065 |
| Weyerhaeuser Co  | 105925 | 2436275 |
|  |  | 48721380 |
| TOTAL REAL ESTATE |  | 91970267 |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.3% |  |  |
| Edison International  | 47448 | 2627670 |
| Eversource Energy  | 35563 | 2624905 |
| Exelon Corp  | 123058 | 5675435 |
| NRG Energy Inc  | 25308 | 4349433 |
|  |  | 15277443 |
| Gas Utilities - 0.1% |  |  |
| Atmos Energy Corp  | 23282 | 3997985 |
| Multi-Utilities - 0.3% |  |  |
| CMS Energy Corp  | 40309 | 2964727 |
| Consolidated Edison Inc  | 40891 | 3983192 |
| NiSource Inc  | 51425 | 2165507 |
| Sempra  | 75771 | 6966386 |
|  |  | 16079812 |
| Water Utilities - 0.2% |  |  |
| American Water Works Co Inc  | 36448 | 4681017 |
| Essential Utilities Inc  | 112425 | 4387947 |
|  |  | 9068964 |
| TOTAL UTILITIES |  | 44424204 |
| TOTAL UNITED STATES |  | 4616987672 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,719,088,025) |  | <br> **4640573860** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.2%** |
|  | Yield (%) (c) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 11/13/2025 (d)<br>(Cost $12,046,453)<br>| 4.15 | 12063000 | **12050056** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 5.7%** | &nbsp;&nbsp;**Money Market Funds - 5.7%** | &nbsp;&nbsp;**Money Market Funds - 5.7%** | &nbsp;&nbsp;**Money Market Funds - 5.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (e)<br>(Cost $283,664,053)<br>| 4.18 | 283607331 | **283664053** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.8%**<br> (Cost $3,014,798,531)<br>| <br>**4936287969** |
| **NET OTHER ASSETS (LIABILITIES) - 0.2%**  | **9875755** |
| **NET ASSETS - 100.0%** | **4946163724** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 Nasdaq 100 Index Contracts (United States) | 117 | 12/19/2025 | 60849360 | 3639981 | 3639981 |
| CME E-Mini S&P 500 Index Contracts (United States) | 713 | 12/19/2025 | 245058100 | 7334700 | 7334700 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **10974681** |
| The notional amount of futures purchased as a percentage of Net Assets is 6.2% | The notional amount of futures purchased as a percentage of Net Assets is 6.2% | The notional amount of futures purchased as a percentage of Net Assets is 6.2% | The notional amount of futures purchased as a percentage of Net Assets is 6.2% | The notional amount of futures purchased as a percentage of Net Assets is 6.2% | The notional amount of futures purchased as a percentage of Net Assets is 6.2% |

---

**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 $12,050,056.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 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 | 425050021 | 509822688 | 651209292 | 16337320 | 636 | - | 283664053 | 283607331 | 0.5% |
| Total | 425050021 | 509822688 | 651209292 | 16337320 | 636 | - | 283664053 |  |  |

---

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

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 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 | 544513967 | 544513967 | - | - |
| Consumer Discretionary | 460167627 | 460167627 | - | - |
| Consumer Staples | 198645794 | 198645794 | - | - |
| Energy | 70947535 | 70947535 | - | - |
| Financials | 529676024 | 529676024 | - | - |
| Health Care | 452725424 | 452725424 | - | - |
| Industrials | 375384407 | 375384407 | - | - |
| Information Technology | 1777791197 | 1777791197 | - | - |
| Materials | 94327414 | 94327414 | - | - |
| Real Estate | 91970267 | 91970267 | - | - |
| Utilities | 44424204 | 44424204 | - | - |
|  **U.S. Treasury Obligations** | 12050056 | - | 12050056 | - |
|  **Money Market Funds** | 283664053 | 283664053 | - | - |
| **Total Investments in Securities:** | 4936287969 | 4924237913 | 12050056 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 10974681 | 10974681 | - | - |
| Total Assets | 10974681 | 10974681 | - | - |
| **Total Derivative Instruments:** | 10974681 | 10974681 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 10974681 | - |
| **Total Equity Risk**  | 10974681 | - |
| **Total Value of Derivatives** | 10974681 | - |

---

(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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,731,134,478) | $4652623916 |  |
| Fidelity Central Funds (cost $283,664,053) | 283664053 |  |
| Total Investment in Securities (cost $3,014,798,531) |  | $4936287969 |
| Segregated cash with brokers for derivative instruments |  | 6618407 |
| Receivable for fund shares sold |  | 3425309 |
| Dividends receivable |  | 2536748 |
| Distributions receivable from Fidelity Central Funds |  | 954552 |
| Receivable for daily variation margin on futures contracts |  | 937004 |
| **Total assets** |  | 4950759989 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $4154001 |  |
| Accrued management fee | 442264 |  |
| **Total liabilities** |  | 4596265 |
| **Net Assets**  |  | $4946163724 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3010313695 |
| Total accumulated earnings (loss) |  | 1935850029 |
| **Net Assets** |  | $4946163724 |
| **Net Asset Value**, offering price and redemption price per share ($4,946,163,724 ÷ 161,241,425 shares) |  | $30.68 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $48168484 |
| Interest  |  | 1041022 |
| Income from Fidelity Central Funds  |  | 16337320 |
| **Total income** |  | 65546826 |
| **Expenses** |  |  |
| Management fee | $4857904 |  |
| Independent trustees' fees and expenses | 10672 |  |
| Total expenses before reductions | 4868576 |  |
| Expense reductions | (2630) |  |
| Total expenses after reductions |  | 4865946 |
| **Net Investment income (loss)** |  | 60680880 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (11601140) |  |
| Fidelity Central Funds | 636 |  |
| Foreign currency transactions | (60) |  |
| Futures contracts | 24346659 |  |
| Total net realized gain (loss) |  | 12746095 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 789307827 |  |
| Futures contracts | 6562658 |  |
| Total change in net unrealized appreciation (depreciation) |  | 795870485 |
| **Net gain (loss)** |  | 808616580 |
| **Net increase (decrease) in net assets resulting from operations** |  | $869297460 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $60680880 | $57422027 |
| &nbsp;&nbsp;Net realized gain (loss) | 12746095<br>| 41469621<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 795870485 | 943333770<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 869297460<br>| 1042225418<br>|
| Distributions to shareholders | (56325292)<br>| (32020496)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 978756293 | 1708050544 |
| Reinvestment of distributions | 51816528<br>| 29325296<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1092407395) | (976068420) |
| **Net increase (decrease) in net assets resulting from share transactions** | (61834574)<br>| 761307420<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 751137594<br>| 1771512342<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 4195026130 | 2423513788<br>|
| &nbsp;&nbsp;End of period | $4946163724 | $4195026130 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 36310030 | 74600297 |
| Issued in reinvestment of distributions | 1932011<br>| 1430502<br>|
| &nbsp;&nbsp;Redeemed | (41368328) | (41397978) |
| &nbsp;&nbsp;Net increase (decrease) | (3126287) | 34632821 |

---

**Financial Highlights** 

**Fidelity® U.S. Sustainability Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $25.52 | $18.68 | $16.85 | $20.91 | $14.29 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .37  | .37  | .27  | .25  | .23  |
| Net realized and unrealized gain (loss)  | 5.13  | 6.71  | 1.81  | (4.10)  | 6.56  |
| Total from investment operations  | 5.50  | 7.08  | 2.08  | (3.85)  | 6.79  |
| Distributions from net investment income  | (.34)  | (.24)  | (.25)  | (.17)  | (.17)  |
| Distributions from net realized gain  | -  | -  | -  | (.04)  | -  |
| Total distributions  | (.34)  | (.24)  | (.25)  | (.21)  | (.17)  |
| Net asset value, end of period  | $30.68 | $25.52 | $18.68 | $16.85 | $20.91 |
| **Total Return** C | 21.72% <br>| 38.21%  | 12.47%  | (18.58)%  | 47.84%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .11%  | .11%  | .11%  | .11%  | .11%  |
| Expenses net of fee waivers, if any  | .11% <br>| .11%  | .11%  | .11%  | .11%  |
| Expenses net of all reductions, if any  | .11%  | .11%  | .11%  | .11%  | .11%  |
| Net investment income (loss)  | 1.37%  | 1.56%  | 1.48%  | 1.37%  | 1.28%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $4946164 | $4195026 | $2423514 | $2179401 | $1868457 |
| Portfolio turnover rate F | 4% <br>| 9%  | 21%  | 9%  | 12%  |

---

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

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

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

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

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

Fidelity U.S. Sustainability Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense 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 October 31, 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 and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to futures contracts, 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**  | $2057815752 |
| **Gross unrealized depreciation**  | <u>(147836166)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1909979586</u> |
| **Tax Cost**  | <u>$3026308383</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$44015557</u> |
| **Capital loss carryforward**  | <u>$(18145113)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1909979586</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 fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(15797663) |
| Long-term | <u>(2347450)</u> |
| **Total capital loss carryforward** | <u>$(18145113)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $56325292 | $32020496 |

---

**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 U.S. Sustainability Index Fund** | 260553004 | 144481880 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .11% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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

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

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| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity U.S. Sustainability Index Fund** | 8698013 | 3805972 | 1343117 |

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**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. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $2,630.

**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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

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

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity U.S. Sustainability Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 12, 2025

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund designates $20,964,917 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 69% of the dividend distributed during the fiscal year as qualifying for the dividends-received deduction for corporate shareholders.

The fund designates 73.60% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The fund designates 3.30% of the dividend distributed during the fiscal year as a section 199A dividend.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity U.S. Sustainability Index Fund**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.

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

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

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

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

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

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary (subject to certain limited exceptions) fee rate as well as fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the total peer group for 2024 and above the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. The Board noted that the fund has a unitary fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The total expense ratio for the fund was below the competitive medians.

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

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

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

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

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

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img118368_4.jpg)<br>

1.9883815.108 USY-ANN-1225

**Fidelity® Total International Index Fund**

**Annual Report**

**October 31, 2025**

![](img118369_1.jpg)

![](img118369_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_TI1-I-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Total International Index Fund](#Sub_Sec_Fund_2831_TI1-I-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2831_TI1-I-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_TI1-I-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_TI1-I-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_TI1-I-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_TI1-I-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_TI1-I-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_TI1-I-ANN)** |

---

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 (Annual Report)**

**Fidelity® Total International Index Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.7%** | &nbsp;&nbsp;**Common Stocks - 97.7%** | &nbsp;&nbsp;**Common Stocks - 97.7%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 4.5%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Aussie Broadband Ltd  | 147338 | 573599 |
| Superloop Ltd (b) | 295669 | 603583 |
| Telstra Group Ltd  | 1904392 | 6080694 |
| Tuas Ltd (b) | 136203 | 626497 |
|  |  | 7884373 |
| Entertainment - 0.0% |  |  |
| EVT Ltd  | 52042 | 493400 |
| Interactive Media & Services - 0.1% |  |  |
| CAR Group Ltd  | 186929 | 4366383 |
| REA Group Ltd  | 26093 | 3638011 |
| SEEK Ltd  | 174085 | 3086793 |
|  |  | 11091187 |
| Media - 0.0% |  |  |
| Nine Entertainment Co Holdings Ltd  | 650035 | 493369 |
| TOTAL COMMUNICATION SERVICES |  | 19962329 |
| Consumer Discretionary - 0.3% |  |  |
| Automobile Components - 0.0% |  |  |
| Amotiv Ltd  | 94416 | 551663 |
| ARB Corp Ltd  | 43358 | 1024126 |
| PWR Holdings Ltd (c) | 48100 | 268140 |
|  |  | 1843929 |
| Broadline Retail - 0.2% |  |  |
| Harvey Norman Holdings Ltd  | 286086 | 1353355 |
| Myer Holdings Ltd  | 705456 | 182324 |
| Wesfarmers Ltd  | 555666 | 30540070 |
|  |  | 32075749 |
| Distributors - 0.0% |  |  |
| Bapcor Ltd  | 216639 | 358619 |
| Diversified Consumer Services - 0.0% |  |  |
| G8 Education Ltd  | 477840 | 251684 |
| IDP Education Ltd  | 133962 | 491724 |
|  |  | 743408 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Aristocrat Leisure Ltd  | 273727 | 11345959 |
| Collins Foods Ltd  | 63216 | 442576 |
| Corporate Travel Management Ltd (c)(d) | 63316 | 665742 |
| Domino's Pizza Enterprises Ltd  | 34436 | 412777 |
| Flight Centre Travel Group Ltd (c) | 94452 | 760757 |
| Guzman y Gomez Ltd (c) | 26366 | 460954 |
| Lottery Corp/The  | 1093408 | 3934793 |
| Tabcorp Holdings Ltd  | 1071172 | 746424 |
| WEB Travel Group Ltd (b) | 196682 | 537920 |
|  |  | 19307902 |
| Household Durables - 0.0% |  |  |
| Breville Group Ltd  | 51252 | 995630 |
| Specialty Retail - 0.0% |  |  |
| Accent Group Ltd  | 263851 | 220976 |
| Eagers Automotive Ltd  | 76594 | 1706933 |
| JB Hi-Fi Ltd  | 53997 | 3699783 |
| Lovisa Holdings Ltd  | 32483 | 770231 |
| Nick Scali Ltd  | 38305 | 637100 |
| Premier Investments Ltd  | 57695 | 672325 |
| Super Retail Group Ltd  | 80806 | 845942 |
| Temple & Webster Group Ltd (b) | 45991 | 716488 |
|  |  | 9269778 |
| TOTAL CONSUMER DISCRETIONARY |  | 64595015 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.0% |  |  |
| Treasury Wine Estates Ltd (c) | 413771 | 1621675 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Coles Group Ltd  | 657251 | 9482367 |
| Endeavour Group Ltd/Australia  | 753275 | 1803896 |
| GrainCorp Ltd Class A  | 118494 | 686146 |
| Metcash Ltd  | 522529 | 1302604 |
| Woolworths Group Ltd  | 600710 | 11166396 |
|  |  | 24441409 |
| Food Products - 0.0% |  |  |
| Bega Cheese Ltd  | 155430 | 540016 |
| Elders Ltd  | 132036 | 612513 |
| Inghams Group Ltd  | 220405 | 348990 |
|  |  | 1501519 |
| TOTAL CONSUMER STAPLES |  | 27564603 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Ampol Ltd  | 116051 | 2331118 |
| Beach Energy Ltd  | 791629 | 642274 |
| Deep Yellow Ltd (b) | 452760 | 531751 |
| New Hope Corp Ltd  | 254787 | 691835 |
| Paladin Energy Ltd (b)(c) | 125884 | 794831 |
| Paladin Energy Ltd (Canada) (b)(c) | 68335 | 423394 |
| Santos Ltd  | 1597460 | 6595326 |
| Viva Energy Group Ltd (e)(f) | 546185 | 655772 |
| Whitehaven Coal Ltd  | 405423 | 1909932 |
| Woodside Energy Group Ltd  | 928513 | 15046975 |
| Yancoal Australia Ltd  | 196396 | 715756 |
|  |  | 30338964 |
| Financials - 1.7% |  |  |
| Banks - 1.2% |  |  |
| ANZ Group Holdings Ltd  | 1459581 | 35000891 |
| Bank of Queensland Ltd  | 327211 | 1468686 |
| Bendigo & Adelaide Bank Ltd  | 283266 | 2344563 |
| Commonwealth Bank of Australia  | 820619 | 92158840 |
| Judo Capital Holdings Ltd (b) | 421161 | 465706 |
| National Australia Bank Ltd  | 1500521 | 42779959 |
| Westpac Banking Corp  | 1676587 | 42497426 |
|  |  | 216716071 |
| Capital Markets - 0.3% |  |  |
| ASX Ltd  | 96010 | 3546152 |
| HMC Capital Ltd (c) | 146506 | 297163 |
| HUB24 Ltd  | 41269 | 3082583 |
| Insignia Financial Ltd (b) | 260851 | 774864 |
| MA Financial Group Ltd  | 55209 | 347144 |
| Macquarie Group Ltd  | 176682 | 25266200 |
| Magellan Financial Group Ltd  | 98381 | 619246 |
| Magellan Financial Group Ltd warrants 4/16/2027 (b) | 4999 | 147 |
| Netwealth Group Ltd  | 64279 | 1296640 |
| Perpetual Ltd  | 55688 | 699219 |
| Pinnacle Investment Management Group Ltd  | 85026 | 1099298 |
|  |  | 37028656 |
| Consumer Finance - 0.0% |  |  |
| Credit Corp Group Ltd  | 34003 | 319483 |
| Zip Co Ltd (b) | 568999 | 1440786 |
|  |  | 1760269 |
| Financial Services - 0.0% |  |  |
| AMP Ltd  | 1176880 | 1374508 |
| Challenger Ltd  | 267019 | 1626555 |
| Helia Group Ltd  | 149152 | 526011 |
| Washington H Soul Pattinson & Co Ltd  | 170265 | 4188805 |
|  |  | 7715879 |
| Insurance - 0.2% |  |  |
| AUB Group Ltd  | 58829 | 1421888 |
| Generation Development Group Ltd  | 163779 | 767270 |
| Insurance Australia Group Ltd  | 1166791 | 6000570 |
| Medibank Pvt Ltd  | 1352401 | 4318195 |
| nib holdings Ltd/Australia  | 239350 | 1180815 |
| QBE Insurance Group Ltd  | 740306 | 9610143 |
| Steadfast Group Ltd  | 554592 | 2032069 |
| Suncorp Group Ltd  | 533984 | 6854948 |
|  |  | 32185898 |
| TOTAL FINANCIALS |  | 295406773 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.0% |  |  |
| Mesoblast Ltd (b)(c) | 478995 | 786650 |
| Telix Pharmaceuticals Ltd (b)(c) | 137704 | 1457136 |
|  |  | 2243786 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Ansell Ltd  | 74343 | 1775942 |
| Cochlear Ltd  | 31914 | 5996284 |
| Nanosonics Ltd (b) | 150536 | 451110 |
| PolyNovo Ltd (b) | 333614 | 288134 |
|  |  | 8511470 |
| Health Care Providers & Services - 0.1% |  |  |
| EBOS Group Ltd  | 95347 | 1576851 |
| Ramsay Health Care Ltd  | 95967 | 2015598 |
| Regis Healthcare Ltd  | 87268 | 423107 |
| Sigma Healthcare Ltd  | 2256734 | 4592167 |
| Sonic Healthcare Ltd  | 232675 | 3220363 |
|  |  | 11828086 |
| Health Care Technology - 0.0% |  |  |
| Pro Medicus Ltd  | 28292 | 4879805 |
| Pharmaceuticals - 0.0% |  |  |
| Neuren Pharmaceuticals Ltd (b) | 55676 | 792690 |
| TOTAL HEALTH CARE |  | 28255837 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Austal Ltd (b) | 175563 | 779973 |
| DroneShield Ltd (b)(f) | 411930 | 1032284 |
|  |  | 1812257 |
| Commercial Services & Supplies - 0.1% |  |  |
| Brambles Ltd  | 669634 | 10892199 |
| Cleanaway Waste Management Ltd  | 1138329 | 1899262 |
| Downer EDI Ltd  | 332671 | 1682563 |
|  |  | 14474024 |
| Construction & Engineering - 0.0% |  |  |
| Monadelphous Group Ltd  | 55832 | 848978 |
| NRW Holdings Ltd  | 241592 | 766657 |
| Service Stream Ltd  | 381467 | 566578 |
| Ventia Services Group Pty Ltd  | 401283 | 1504466 |
| Worley Ltd  | 251164 | 2350013 |
|  |  | 6036692 |
| Ground Transportation - 0.0% |  |  |
| Aurizon Holdings Ltd  | 884822 | 1985761 |
| Machinery - 0.0% |  |  |
| Silex Systems Ltd (b)(c) | 111188 | 752238 |
| Passenger Airlines - 0.0% |  |  |
| Qantas Airways Ltd  | 363552 | 2426295 |
| Professional Services - 0.1% |  |  |
| ALS Ltd  | 251539 | 3574720 |
| Computershare Ltd  | 257795 | 6168455 |
| IPH Ltd  | 159187 | 384336 |
| McMillan Shakespeare Ltd  | 40519 | 456529 |
| SmartGroup Corp Ltd  | 78216 | 418626 |
|  |  | 11002666 |
| Trading Companies & Distributors - 0.0% |  |  |
| Reece Ltd (c) | 99865 | 763844 |
| SGH Ltd  | 99354 | 3152855 |
|  |  | 3916699 |
| Transportation Infrastructure - 0.1% |  |  |
| Atlas Arteria Ltd unit  | 493261 | 1568520 |
| Qube Holdings Ltd  | 833311 | 2393583 |
| Transurban Group unit  | 1503167 | 14241401 |
|  |  | 18203504 |
| TOTAL INDUSTRIALS |  | 60610136 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Codan Ltd  | 54119 | 1283615 |
| Dicker Data Ltd  | 54168 | 363281 |
|  |  | 1646896 |
| IT Services - 0.0% |  |  |
| Data#3 Ltd  | 90704 | 523446 |
| Macquarie Technology Group Ltd (b) | 8456 | 366268 |
| Megaport Ltd (b) | 79499 | 856187 |
| NEXTDC Ltd (b)(c) | 312106 | 3218365 |
|  |  | 4964266 |
| Software - 0.1% |  |  |
| Catapult Sports Ltd (b) | 113249 | 497944 |
| Hansen Technologies Ltd  | 120891 | 441372 |
| IRESS Ltd  | 104119 | 603588 |
| SiteMinder Ltd (b) | 138830 | 645847 |
| Technology One Ltd  | 146431 | 3535382 |
| WiseTech Global Ltd  | 99413 | 4495975 |
|  |  | 10220108 |
| TOTAL INFORMATION TECHNOLOGY |  | 16831270 |
| Materials - 1.2% |  |  |
| Chemicals - 0.0% |  |  |
| Alpha HPA Ltd (b) | 583758 | 301743 |
| Dyno Nobel Ltd  | 922831 | 1944263 |
| Nufarm Ltd (b) | 159457 | 217011 |
| Orica Ltd  | 231796 | 3374527 |
|  |  | 5837544 |
| Containers & Packaging - 0.0% |  |  |
| Orora Ltd  | 659213 | 866959 |
| Metals & Mining - 1.2% |  |  |
| AVZ Minerals Ltd (b)(d) | 729530 | 5 |
| Bellevue Gold Ltd (b) | 719244 | 550604 |
| BHP Group Ltd  | 2486810 | 70894535 |
| BlueScope Steel Ltd  | 218400 | 3272390 |
| Capricorn Metals Ltd (b) | 195349 | 1642447 |
| Catalyst Metals Ltd (b) | 119198 | 529561 |
| Deterra Royalties Ltd  | 242317 | 646876 |
| Develop Global Ltd (b) | 132150 | 307818 |
| Emerald Resources NL (b) | 272949 | 846519 |
| Evolution Mining Ltd  | 984945 | 6998722 |
| Firefinch Ltd (d) | 66763 | 0 |
| Fortescue Ltd  | 829197 | 11550753 |
| Genesis Minerals Ltd (b) | 496205 | 1896055 |
| Glencore PLC  | 4973142 | 23824182 |
| Greatland Resources Ltd (United Kingdom)  | 251595 | 1214662 |
| IGO Ltd (b) | 344126 | 1209118 |
| Iluka Resources Ltd  | 213338 | 965942 |
| Imdex Ltd (c) | 250959 | 564857 |
| IperionX Ltd (b) | 138593 | 616634 |
| Leo Lithium Ltd (d) | 399362 | 29527 |
| Liontown Resources Ltd (b)(c) | 885710 | 680936 |
| Lynas Rare Earths Ltd (b) | 415214 | 4143036 |
| Mineral Resources Ltd (b) | 86430 | 2737076 |
| Northern Star Resources Ltd  | 667011 | 10740427 |
| OceanaGold Corp  | 113940 | 2548428 |
| Ora Banda Mining Ltd (b)(c) | 616789 | 488314 |
| Pantoro Gold Ltd (b) | 161739 | 541828 |
| Perenti Ltd  | 468505 | 830731 |
| Perseus Mining Ltd  | 666914 | 2125082 |
| Pilbara Minerals Ltd (b)(c) | 1492635 | 3222883 |
| Ramelius Resources Ltd  | 908590 | 1973708 |
| Regis Resources Ltd  | 377235 | 1589552 |
| Resolute Mining Ltd (b) | 1037761 | 648452 |
| Rio Tinto Ltd  | 180720 | 15711226 |
| Rio Tinto PLC  | 551970 | 39791533 |
| Sandfire Resources Ltd (b) | 231795 | 2463015 |
| South32 Ltd  | 2232867 | 4617765 |
| Stanmore Resources Ltd  | 179236 | 252139 |
| Vault Minerals Ltd (b) | 3166706 | 1512542 |
| West African Resources Ltd (b)(d) | 533366 | 1060903 |
| Westgold Resources Ltd  | 458288 | 1595244 |
|  |  | 226836027 |
| TOTAL MATERIALS |  | 233540530 |
| Real Estate - 0.3% |  |  |
| Diversified REITs - 0.1% |  |  |
| Centuria Capital Group unit  | 367271 | 567120 |
| Charter Hall Group unit  | 236548 | 3473114 |
| Charter Hall Long Wale REIT unit  | 329380 | 915932 |
| GPT Group/The unit  | 940297 | 3297667 |
| Mirvac Group unit  | 1926080 | 2898539 |
| Stockland unit  | 1173204 | 4843729 |
|  |  | 15996101 |
| Industrial REITs - 0.1% |  |  |
| Centuria Industrial REIT  | 316358 | 732755 |
| Dexus Industria REIT  | 143125 | 267830 |
| Goodman Group unit  | 992260 | 21444256 |
|  |  | 22444841 |
| Office REITs - 0.0% |  |  |
| Dexus unit  | 509970 | 2429142 |
| Real Estate Management & Development - 0.0% |  |  |
| Lendlease Group unit  | 337384 | 1225164 |
| PEXA Group Ltd (b) | 63661 | 631049 |
|  |  | 1856213 |
| Residential REITs - 0.0% |  |  |
| Ingenia Communities Group unit  | 214483 | 788689 |
| Retail REITs - 0.1% |  |  |
| BWP Property Group Ltd unit  | 293692 | 737905 |
| Charter Hall Retail REIT  | 293531 | 791276 |
| HomeCo Daily Needs REIT unit (f) | 889279 | 794232 |
| Region Group unit  | 591001 | 943528 |
| Scentre Group unit  | 2486260 | 6620913 |
| Vicinity Ltd unit  | 1877759 | 3096117 |
| Waypoint REIT Ltd unit  | 332682 | 576836 |
|  |  | 13560807 |
| Specialized REITs - 0.0% |  |  |
| Abacus Storage King unit  | 255024 | 234441 |
| Arena REIT unit  | 204761 | 489009 |
| Charter Hall Social Infrastructure REIT  | 185113 | 391216 |
| DigiCo Infrastructure REIT  | 205031 | 350136 |
| National Storage REIT unit  | 607536 | 914275 |
|  |  | 2379077 |
| TOTAL REAL ESTATE |  | 59454870 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Origin Energy Ltd  | 843822 | 6763382 |
| Gas Utilities - 0.0% |  |  |
| Apa Group unit  | 627476 | 3768918 |
| Multi-Utilities - 0.0% |  |  |
| AGL Energy Ltd  | 297550 | 1802801 |
| TOTAL UTILITIES |  | 12335101 |
| TOTAL AUSTRALIA |  | 848895428 |
| AUSTRIA - 0.2%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| OMV AG  | 69562 | 3805373 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| BAWAG Group AG (e)(f) | 37747 | 4868666 |
| Erste Group Bank AG  | 150479 | 15567104 |
| Raiffeisen Bank International AG  | 63248 | 2357677 |
|  |  | 22793447 |
| Insurance - 0.0% |  |  |
| UNIQA Insurance Group AG  | 60956 | 895124 |
| Vienna Insurance Group AG Wiener Versicherung Gruppe  | 18892 | 969026 |
|  |  | 1864150 |
| TOTAL FINANCIALS |  | 24657597 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| Oesterreichische Post AG (c) | 16036 | 554517 |
| Commercial Services & Supplies - 0.0% |  |  |
| DO & Co AG  | 3774 | 900471 |
| Construction & Engineering - 0.0% |  |  |
| Porr Ag  | 9692 | 307774 |
| Machinery - 0.0% |  |  |
| ANDRITZ AG  | 32313 | 2443310 |
| Palfinger AG  | 8054 | 301712 |
|  |  | 2745022 |
| TOTAL INDUSTRIALS |  | 4507784 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| AT&S Austria Technologie & Systemtechnik AG (b) | 12768 | 474624 |
| IT Services - 0.0% |  |  |
| Kontron AG (c) | 19893 | 520045 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| ams-OSRAM AG (b) | 49010 | 675391 |
| TOTAL INFORMATION TECHNOLOGY |  | 1670060 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Lenzing AG (b)(c) | 9270 | 277277 |
| Construction Materials - 0.0% |  |  |
| Wienerberger AG  | 55049 | 1633260 |
| Metals & Mining - 0.0% |  |  |
| voestalpine AG  | 52021 | 1851627 |
| Paper & Forest Products - 0.0% |  |  |
| Mondi PLC  | 215800 | 2410287 |
| TOTAL MATERIALS |  | 6172451 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| CA Immobilien Anlagen AG (c) | 17514 | 486923 |
| CPI Europe AG (b)(c) | 15768 | 307339 |
| CPI Europe AG (b)(d) | 23102 | 0 |
| S IMMO AG rights (b)(d) | 14648 | 0 |
|  |  | 794262 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| EVN AG  | 16251 | 473912 |
| Verbund AG Class A  | 32112 | 2478081 |
|  |  | 2951993 |
| TOTAL AUSTRIA |  | 44559520 |
| BAILIWICK OF JERSEY - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| JTC PLC (e)(f) | 76209 | 1305510 |
| BELGIUM - 0.6%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Proximus SADP  | 71621 | 615440 |
| Entertainment - 0.0% |  |  |
| Kinepolis Group NV  | 6992 | 239765 |
| TOTAL COMMUNICATION SERVICES |  | 855205 |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| D'ieteren Group  | 10617 | 1939673 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.3% |  |  |
| Anheuser-Busch InBev SA/NV  | 483881 | 29505726 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Colruyt Group N.V  | 15033 | 561420 |
| Food Products - 0.0% |  |  |
| Lotus Bakeries NV  | 206 | 1797466 |
| Personal Care Products - 0.0% |  |  |
| Ontex Group NV (b)(c) | 37090 | 271046 |
| TOTAL CONSUMER STAPLES |  | 32135658 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| CMB Tech NV (Norway)  | 141009 | 1322492 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| KBC Ancora  | 18964 | 1490774 |
| KBC Group NV  | 111540 | 13403066 |
|  |  | 14893840 |
| Financial Services - 0.0% |  |  |
| Groupe Bruxelles Lambert NV  | 38114 | 3349823 |
| Sofina SA  | 8044 | 2210425 |
|  |  | 5560248 |
| Insurance - 0.0% |  |  |
| Ageas SA/NV  | 70510 | 4665090 |
| TOTAL FINANCIALS |  | 25119178 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.0% |  |  |
| Galapagos NV (b) | 18268 | 581613 |
| Health Care Providers & Services - 0.0% |  |  |
| Fagron  | 33388 | 792784 |
| Pharmaceuticals - 0.1% |  |  |
| Financiere de Tubize SA  | 9764 | 2380321 |
| UCB SA  | 62046 | 15912605 |
|  |  | 18292926 |
| TOTAL HEALTH CARE |  | 19667323 |
| Industrials - 0.0% |  |  |
| Building Products - 0.0% |  |  |
| Recticel SA (c) | 29254 | 287966 |
| Construction & Engineering - 0.0% |  |  |
| Ackermans & van Haaren NV  | 11300 | 2813388 |
| Deme Group NV  | 3836 | 579225 |
|  |  | 3392613 |
| Trading Companies & Distributors - 0.0% |  |  |
| Azelis Group NV  | 86872 | 1026363 |
| TOTAL INDUSTRIALS |  | 4706942 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Barco NV  | 37469 | 534675 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Melexis NV  | 10656 | 767665 |
| TOTAL INFORMATION TECHNOLOGY |  | 1302340 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Solvay SA Class A  | 36522 | 1122308 |
| Syensqo SA  | 35428 | 2925498 |
| Tessenderlo Group SA  | 12071 | 364537 |
| Umicore SA  | 99281 | 1892775 |
|  |  | 6305118 |
| Metals & Mining - 0.0% |  |  |
| Bekaert SA  | 17511 | 731672 |
| TOTAL MATERIALS |  | 7036790 |
| Real Estate - 0.0% |  |  |
| Health Care REITs - 0.0% |  |  |
| Aedifica SA  | 22390 | 1633636 |
| Cofinimmo SA  | 18101 | 1544988 |
|  |  | 3178624 |
| Industrial REITs - 0.0% |  |  |
| Montea NV  | 9641 | 777889 |
| Warehouses De Pauw CVA  | 94586 | 2400721 |
|  |  | 3178610 |
| Real Estate Management & Development - 0.0% |  |  |
| VGP NV (c) | 7400 | 854667 |
| Residential REITs - 0.0% |  |  |
| Xior Student Housing NV (c)(f) | 19192 | 626043 |
| Xior Student Housing NV rights (b)(c)(g) | 15974 | 9186 |
|  |  | 635229 |
| Retail REITs - 0.0% |  |  |
| Retail Estates NV  | 6614 | 479525 |
| Specialized REITs - 0.0% |  |  |
| Shurgard Self Storage Ltd  | 18762 | 686626 |
| TOTAL REAL ESTATE |  | 9013281 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Elia Group SA/NV  | 21764 | 2621516 |
| TOTAL BELGIUM |  | 105720398 |
| BERMUDA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Conduit Holdings Ltd  | 76404 | 340261 |
| BRAZIL - 1.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telefonica Brasil SA  | 391080 | 2329056 |
| Wireless Telecommunication Services - 0.0% |  |  |
| TIM SA/Brazil  | 417200 | 1883621 |
| TOTAL COMMUNICATION SERVICES |  | 4212677 |
| Consumer Discretionary - 0.1% |  |  |
| Diversified Consumer Services - 0.0% |  |  |
| Cogna Educacao SA  | 961800 | 668618 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Smartfit Escola de Ginastica e Danca SA  | 208133 | 974133 |
| Household Durables - 0.0% |  |  |
| Cury Construtora e Incorporadora SA  | 86191 | 559766 |
| Cyrela Brazil Realty SA Empreendimentos e Participacoes  | 140639 | 796526 |
| Direcional Engenharia SA  | 202396 | 638795 |
|  |  | 1995087 |
| Specialty Retail - 0.1% |  |  |
| Cosan SA (b) | 658402 | 752641 |
| Lojas Renner SA  | 525122 | 1448491 |
| Ultrapar Participacoes SA  | 353976 | 1408680 |
| Vibra Energia SA  | 489991 | 2167639 |
|  |  | 5777451 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Azzas 2154 SA  | 72115 | 384840 |
| Vivara Participacoes SA  | 66827 | 387551 |
|  |  | 772391 |
| TOTAL CONSUMER DISCRETIONARY |  | 10187680 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Ambev SA  | 2313922 | 5466584 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Grupo Mateus SA  | 350862 | 419995 |
| Raia Drogasil SA  | 631858 | 2348936 |
| Sendas Distribuidora S/A  | 688351 | 1100348 |
|  |  | 3869279 |
| Food Products - 0.0% |  |  |
| MBRF Global Foods Company SA  | 328585 | 1091425 |
| Sao Martinho S/A  | 99037 | 258456 |
| SLC Agricola SA  | 131837 | 395760 |
|  |  | 1745641 |
| Personal Care Products - 0.0% |  |  |
| Natura Cosmeticos SA (b) | 446492 | 747757 |
| TOTAL CONSUMER STAPLES |  | 11829261 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Brava Energia (b) | 184886 | 507238 |
| Karoon Energy Ltd  | 352149 | 369810 |
| Petroleo Brasileiro SA - Petrobras  | 2343206 | 12957440 |
| Petroleo Brasileiro SA - Petrobras  | 1760299 | 10309951 |
| PRIO SA/Brazil (b) | 410485 | 2749054 |
|  |  | 26893493 |
| Financials - 0.5% |  |  |
| Banks - 0.4% |  |  |
| Banco Bradesco SA  | 2517005 | 8496140 |
| Banco Bradesco SA  | 913021 | 2625384 |
| Banco do Brasil SA  | 833966 | 3394800 |
| Banco do Estado do Rio Grande do Sul SA Series B  | 115410 | 294749 |
| Banco Pan SA  | 172421 | 331705 |
| Inter & Co Inc Class A (c) | 119729 | 1096718 |
| Itau Unibanco Holding SA  | 2619376 | 19202444 |
| Itausa SA  | 2864155 | 6202178 |
| NU Holdings Ltd/Cayman Islands Class A (b) | 1665044 | 26823859 |
|  |  | 68467977 |
| Capital Markets - 0.1% |  |  |
| B3 SA - Brasil Bolsa Balcao  | 2620130 | 6165642 |
| Banco BTG Pactual SA unit  | 576091 | 5227700 |
| XP Inc Class A  | 177453 | 3233193 |
|  |  | 14626535 |
| Financial Services - 0.0% |  |  |
| Pagseguro Digital Ltd Class A  | 99518 | 954378 |
| Pluxee NV  | 45965 | 887441 |
| StoneCo Ltd Class A (b) | 108005 | 2053175 |
|  |  | 3894994 |
| Insurance - 0.0% |  |  |
| BB Seguridade Participacoes SA  | 343217 | 2095685 |
| Caixa Seguridade Participacoes S/A  | 294051 | 818213 |
| IRB-Brasil Resseguros SA (b) | 47580 | 436360 |
| Porto Seguro SA  | 101500 | 906528 |
|  |  | 4256786 |
| TOTAL FINANCIALS |  | 91246292 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Fleury SA  | 148595 | 401873 |
| Hapvida Participacoes e Investimentos S/A (b)(e)(f) | 160356 | 932339 |
| Odontoprev SA  | 172577 | 408350 |
| Rede D'Or Sao Luiz SA (e)(f) | 389698 | 3139344 |
|  |  | 4881906 |
| Pharmaceuticals - 0.0% |  |  |
| Hypera SA  | 141113 | 677768 |
| TOTAL HEALTH CARE |  | 5559674 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Embraer SA  | 347441 | 5617876 |
| Commercial Services & Supplies - 0.0% |  |  |
| GPS Participacoes e Empreendimentos SA (e) | 233264 | 824670 |
| Electrical Equipment - 0.1% |  |  |
| WEG SA  | 827945 | 6478961 |
| Ground Transportation - 0.0% |  |  |
| Localiza Rent a Car SA  | 472513 | 3463956 |
| Rumo SA  | 641244 | 1897528 |
|  |  | 5361484 |
| Machinery - 0.0% |  |  |
| Marcopolo SA  | 440096 | 645426 |
| Transportation Infrastructure - 0.0% |  |  |
| Motiva Infraestrutura de Mobilidade SA  | 527429 | 1556812 |
| TOTAL INDUSTRIALS |  | 20485229 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| TOTVS SA  | 268394 | 2213522 |
| Materials - 0.3% |  |  |
| Chemicals - 0.0% |  |  |
| Unipar Carbocloro SA Series B  | 31120 | 410695 |
| Yara International ASA  | 82321 | 3000510 |
|  |  | 3411205 |
| Containers & Packaging - 0.0% |  |  |
| Klabin SA unit  | 438318 | 1469764 |
| Metals & Mining - 0.3% |  |  |
| Bradespar SA  | 134082 | 462064 |
| Cia Siderurgica Nacional SA  | 330695 | 580258 |
| ERO Copper Corp (b)(c) | 48308 | 1031567 |
| Gerdau SA  | 667864 | 2351201 |
| Metalurgica Gerdau SA  | 339609 | 700056 |
| Vale SA  | 1777837 | 21565562 |
| Wheaton Precious Metals Corp  | 222675 | 21504637 |
|  |  | 48195345 |
| Paper & Forest Products - 0.0% |  |  |
| Dexco SA  | 284323 | 283268 |
| Suzano SA  | 347150 | 3154707 |
|  |  | 3437975 |
| TOTAL MATERIALS |  | 56514289 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Allos SA  | 225249 | 1044613 |
| Iguatemi SA unit  | 149542 | 680172 |
| Multiplan Empreendimentos Imobiliarios SA  | 188282 | 962067 |
|  |  | 2686852 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Alupar Investimento SA unit  | 112303 | 680087 |
| Centrais Eletricas Brasileiras SA  | 551664 | 5713570 |
| Centrais Eletricas Brasileiras SA Series B  | 162809 | 1797271 |
| Cia Energetica de Minas Gerais  | 856147 | 1804609 |
| Cia Paranaense de Energia - Copel Series B  | 565553 | 1463303 |
| CPFL Energia SA  | 116371 | 899829 |
| Energisa S/A unit  | 147073 | 1416889 |
| Equatorial Energia SA  | 592382 | 4035502 |
| Transmissora Alianca de Energia Eletrica S/A unit  | 110155 | 780101 |
|  |  | 18591161 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Auren Energia SA  | 248695 | 508027 |
| Eneva SA (b) | 381400 | 1298048 |
| Engie Brasil Energia SA  | 106865 | 794543 |
| Serena Energia SA (b) | 141705 | 330559 |
|  |  | 2931177 |
| Water Utilities - 0.0% |  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP  | 236292 | 5790086 |
| Cia de Saneamento de Minas Gerais Copasa MG  | 94522 | 663944 |
| Cia De Sanena Do Parana unit  | 118225 | 757702 |
|  |  | 7211732 |
| TOTAL UTILITIES |  | 28734070 |
| TOTAL BRAZIL |  | 260563039 |
| BURKINA FASO - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| IAMGOLD Corp (b) | 286932 | 3322360 |
| CANADA - 7.5%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| BCE Inc (c) | 35751 | 817209 |
| Cogeco Communications Inc Subordinate Voting Shares  | 8284 | 377182 |
| Quebecor Inc Class B  | 78233 | 2495558 |
| TELUS Corp  | 244668 | 3577869 |
|  |  | 7267818 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Rogers Communications Inc Class B  | 179604 | 7028957 |
| TOTAL COMMUNICATION SERVICES |  | 14296775 |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.0% |  |  |
| Linamar Corp  | 19676 | 1065482 |
| Magna International Inc  | 132662 | 6267288 |
|  |  | 7332770 |
| Broadline Retail - 0.1% |  |  |
| Canadian Tire Corp Ltd Class A (c) | 24791 | 2843130 |
| Dollarama Inc  | 135934 | 17669337 |
|  |  | 20512467 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Mty Food Group Inc  | 10779 | 260070 |
| Restaurant Brands International Inc  | 153184 | 10061182 |
|  |  | 10321252 |
| Leisure Products - 0.0% |  |  |
| Spin Master Corp Subordinate Voting Shares (e)(f) | 19195 | 285074 |
| Specialty Retail - 0.0% |  |  |
| Aritzia Inc Subordinate Voting Shares (b) | 42259 | 2951849 |
| Groupe Dynamite Inc Subordinate Voting Shares  | 8290 | 402575 |
| Pet Valu Holdings Ltd  | 33898 | 841075 |
|  |  | 4195499 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Canada Goose Holdings Inc Subordinate Voting Shares (b) | 25125 | 349856 |
| Gildan Activewear Inc  | 71129 | 4147903 |
|  |  | 4497759 |
| TOTAL CONSUMER DISCRETIONARY |  | 47144821 |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Alimentation Couche-Tard Inc  | 371640 | 18887383 |
| Empire Co Ltd Class A  | 61418 | 2086605 |
| George Weston Ltd  | 83423 | 5072413 |
| Loblaw Cos Ltd  | 290120 | 11529920 |
| Metro Inc/CN  | 101747 | 6782166 |
| North West Co Inc/The  | 23975 | 777771 |
|  |  | 45136258 |
| Food Products - 0.0% |  |  |
| Maple Leaf Foods Inc  | 39636 | 761888 |
| Premium Brands Holdings Corp (c) | 22095 | 1523359 |
| Rogers Sugar Inc  | 72300 | 318573 |
| Saputo Inc  | 121612 | 2938527 |
| Sunopta Inc (b) | 46773 | 244154 |
|  |  | 5786501 |
| Personal Care Products - 0.0% |  |  |
| Jamieson Wellness Inc (e)(f) | 25319 | 628575 |
| TOTAL CONSUMER STAPLES |  | 51551334 |
| Energy - 1.3% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| CES Energy Solutions Corp  | 124945 | 856099 |
| Enerflex Ltd  | 68206 | 858319 |
| Pason Systems Inc  | 53870 | 458983 |
| Precision Drilling Corp (b) | 7175 | 430434 |
| TerraVest Industries Inc (c) | 7797 | 754823 |
| Trican Well Service Ltd  | 98568 | 368957 |
|  |  | 3727615 |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Advantage Energy Ltd (b) | 90700 | 719754 |
| ARC Resources Ltd  | 290777 | 5363375 |
| Athabasca Oil Corp (b) | 267990 | 1316496 |
| Baytex Energy Corp  | 335286 | 810395 |
| Birchcliff Energy Ltd  | 148280 | 691420 |
| Cameco Corp  | 214079 | 21878781 |
| Canadian Natural Resources Ltd  | 1027431 | 32869294 |
| Cardinal Energy Ltd  | 80116 | 455831 |
| Cenovus Energy Inc  | 669719 | 11316773 |
| Denison Mines Corp (b) | 458084 | 1459938 |
| Enbridge Inc  | 1065407 | 49679241 |
| Freehold Royalties Ltd  | 81601 | 825581 |
| Gibson Energy Inc  | 82010 | 1398067 |
| Headwater Exploration Inc  | 118435 | 624875 |
| Imperial Oil Ltd  | 86539 | 7654032 |
| International Petroleum Corp (Canada) (b) | 38417 | 610268 |
| Kelt Exploration Ltd (b) | 89345 | 424891 |
| Keyera Corp  | 114281 | 3374123 |
| MEG Energy Corp  | 126791 | 2683082 |
| Meren Energy Inc  | 204804 | 265761 |
| NexGen Energy Ltd (b) | 275565 | 2693662 |
| NuVista Energy Ltd (b) | 85021 | 1011123 |
| Paramount Resources Ltd Class A  | 44072 | 722724 |
| Parex Resources Inc  | 55911 | 715157 |
| Parkland Corp  | 66892 | 1905817 |
| Pembina Pipeline Corp  | 285276 | 10792303 |
| Peyto Exploration & Development Corp  | 102449 | 1492305 |
| PrairieSky Royalty Ltd  | 113415 | 2036141 |
| Secure Waste Infrastructure Corp  | 94902 | 1184795 |
| South Bow Corp  | 101164 | 2624039 |
| Strathcona Resources Ltd  | 21543 | 568316 |
| Suncor Energy Inc  | 599908 | 23888533 |
| Tamarack Valley Energy Ltd  | 264915 | 1176728 |
| TC Energy Corp  | 508789 | 25531047 |
| Topaz Energy Corp  | 66989 | 1189281 |
| Tourmaline Oil Corp  | 181496 | 7982951 |
| Vermilion Energy Inc  | 83458 | 624202 |
| Whitecap Resources Inc  | 616451 | 4588605 |
|  |  | 235149707 |
| TOTAL ENERGY |  | 238877322 |
| Financials - 2.6% |  |  |
| Banks - 1.7% |  |  |
| Bank of Montreal  | 350392 | 43527003 |
| Bank of Nova Scotia/The  | 607490 | 39843859 |
| Canadian Imperial Bank of Commerce  | 453891 | 37607695 |
| EQB Inc  | 15190 | 968985 |
| Laurentian Bank of Canada  | 24335 | 577773 |
| National Bank of Canada  | 190079 | 21236590 |
| Royal Bank of Canada  | 688669 | 100888254 |
| Toronto Dominion Bank  | 839717 | 68947139 |
|  |  | 313597298 |
| Capital Markets - 0.4% |  |  |
| Brookfield Asset Management Ltd Class A  | 200282 | 10834120 |
| Brookfield Corp Class A  | 1004985 | 46281403 |
| Canaccord Genuity Group Inc  | 44265 | 371150 |
| Defi Technologies Inc (b) | 192556 | 372056 |
| IGM Financial Inc  | 40837 | 1570822 |
| Onex Corp Subordinate Voting Shares  | 28871 | 2511327 |
| Sprott Inc  | 10860 | 891688 |
| TMX Group Ltd  | 135651 | 5003191 |
|  |  | 67835757 |
| Consumer Finance - 0.0% |  |  |
| goeasy Ltd  | 6599 | 793499 |
| Propel Holdings Inc  | 17061 | 310432 |
|  |  | 1103931 |
| Insurance - 0.5% |  |  |
| Brookfield Wealth Solutions Ltd Class A (c) | 15307 | 705788 |
| Definity Financial Corp  | 48754 | 2268153 |
| Fairfax Financial Holdings Ltd Subordinate Voting Shares  | 9609 | 15600555 |
| Great-West Lifeco Inc  | 133049 | 5640507 |
| iA Financial Corp Inc  | 45788 | 5404913 |
| Intact Financial Corp  | 87178 | 16262080 |
| Manulife Financial Corp  | 834476 | 27005715 |
| Power Corp of Canada Subordinate Voting Shares  | 271843 | 12734010 |
| Sun Life Financial Inc  | 275364 | 16748995 |
| Trisura Group Ltd (b) | 26002 | 716536 |
|  |  | 103087252 |
| TOTAL FINANCIALS |  | 485624238 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Andlauer Healthcare Group Inc Subordinate Voting Shares  | 8908 | 345510 |
| dentalcorp Holdings Ltd Subordinate Voting Shares  | 62127 | 482824 |
| Extendicare Inc  | 40973 | 469164 |
| Sienna Senior Living Inc  | 51513 | 702977 |
| Well Health Technologies Corp (b) | 100296 | 375426 |
|  |  | 2375901 |
| Pharmaceuticals - 0.0% |  |  |
| Cronos Group Inc (b) | 106052 | 266190 |
| TOTAL HEALTH CARE |  | 2642091 |
| Industrials - 0.8% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Bombardier Inc Class B (b) | 43261 | 6044603 |
| CAE Inc (b) | 150448 | 4224193 |
|  |  | 10268796 |
| Air Freight & Logistics - 0.0% |  |  |
| Cargojet Inc  | 4077 | 237606 |
| Commercial Services & Supplies - 0.1% |  |  |
| BOYD GROUP INC  | 10552 | 1685476 |
| Element Fleet Management Corp  | 194619 | 5249322 |
| RB Global Inc  | 90818 | 9010897 |
|  |  | 15945695 |
| Construction & Engineering - 0.1% |  |  |
| Aecon Group Inc  | 33540 | 739408 |
| AtkinsRealis Group Inc  | 81979 | 5781286 |
| Badger Infrastructure Solutions Ltd  | 19424 | 1019152 |
| Bird Construction Inc  | 27165 | 583373 |
| Stantec Inc  | 55696 | 6167839 |
| WSP Global Inc  | 63852 | 12207248 |
|  |  | 26498306 |
| Electrical Equipment - 0.0% |  |  |
| Hammond Power Solutions Inc Class A  | 4457 | 680046 |
| Ground Transportation - 0.3% |  |  |
| Canadian National Railway Co  | 261512 | 25076289 |
| Canadian Pacific Kansas City Ltd  | 452495 | 32562348 |
| Mullen Group Ltd  | 48911 | 491708 |
| TFI International Inc  | 39342 | 3535464 |
|  |  | 61665809 |
| Industrial Conglomerates - 0.0% |  |  |
| Brookfield Business Corp Class A (c) | 16556 | 603431 |
| Machinery - 0.0% |  |  |
| ATS Corp (b) | 41061 | 1129467 |
| NFI Group Inc (b) | 51067 | 522121 |
| Savaria Corp  | 44644 | 700591 |
|  |  | 2352179 |
| Passenger Airlines - 0.0% |  |  |
| Air Canada (b) | 73310 | 963842 |
| Exchange Income Corp  | 15225 | 834116 |
|  |  | 1797958 |
| Professional Services - 0.1% |  |  |
| Thomson Reuters Corp  | 77396 | 11855375 |
| Trading Companies & Distributors - 0.1% |  |  |
| ADENTRA Inc  | 13804 | 346146 |
| Finning International Inc  | 66805 | 3612819 |
| Richelieu Hardware Ltd  | 29470 | 807901 |
| Russel Metals Inc  | 31618 | 978601 |
| Toromont Industries Ltd  | 40181 | 4827564 |
|  |  | 10573031 |
| Transportation Infrastructure - 0.0% |  |  |
| Westshore Terminals Investment Corp  | 17060 | 313577 |
| TOTAL INDUSTRIALS |  | 142791809 |
| Information Technology - 0.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Celestica Inc (b) | 56614 | 19491071 |
| IT Services - 0.6% |  |  |
| CGI Inc Class A  | 98249 | 8550335 |
| Shopify Inc Class A (b) | 599040 | 104154501 |
|  |  | 112704836 |
| Software - 0.2% |  |  |
| Bitfarms Ltd/Canada (b)(c) | 270044 | 1078212 |
| BlackBerry Ltd (b) | 279563 | 1365375 |
| Computer Modelling Group Ltd  | 54373 | 206242 |
| Constellation Software Inc/Canada  | 9900 | 26053754 |
| Constellation Software Inc/Canada warrants 3/31/2040 (b)(d) | 7284 | 1 |
| Descartes Systems Group Inc/The (b) | 42949 | 3793157 |
| Docebo Inc (b) | 8382 | 210065 |
| Enghouse Systems Ltd  | 26113 | 387445 |
| Kinaxis Inc (b) | 14383 | 1741691 |
| Lightspeed Commerce Inc Subordinate Voting Shares (b) | 69044 | 829483 |
| Open Text Corp  | 126672 | 4859877 |
|  |  | 40525302 |
| TOTAL INFORMATION TECHNOLOGY |  | 172721209 |
| Materials - 1.1% |  |  |
| Chemicals - 0.1% |  |  |
| Methanex Corp  | 27729 | 1091327 |
| Nutrien Ltd  | 239586 | 13049071 |
|  |  | 14140398 |
| Containers & Packaging - 0.0% |  |  |
| Cascades Inc  | 60830 | 481852 |
| CCL Industries Inc Class B  | 75145 | 4191897 |
| Transcontinental Inc Class A  | 52933 | 743111 |
| Winpak Ltd  | 18462 | 566279 |
|  |  | 5983139 |
| Metals & Mining - 1.0% |  |  |
| Agnico Eagle Mines Ltd/CA  | 246719 | 39681205 |
| Alamos Gold Inc Class A  | 208671 | 6433235 |
| Allied Gold Corp (b) | 39327 | 598366 |
| Altius Minerals Corp  | 20514 | 555211 |
| B2Gold Corp  | 633874 | 2774936 |
| Barrick Mining Corp  | 838303 | 27518072 |
| Capstone Copper Corp (b) | 289100 | 2580679 |
| Centerra Gold Inc  | 106368 | 1246035 |
| Champion Iron Ltd (c) | 198946 | 721144 |
| Collective Mining Ltd (b) | 23544 | 268585 |
| Discovery Silver Corp (b) | 321439 | 1343006 |
| DPM Metals Inc  | 109433 | 2340729 |
| Endeavour Silver Corp (b) | 132097 | 1083195 |
| Equinox Gold Corp (b) | 338755 | 3721945 |
| First Majestic Silver Corp  | 217128 | 2772724 |
| Foran Mining Corp (b) | 162946 | 435669 |
| Fortuna Mining Corp (b) | 151891 | 1256139 |
| Franco-Nevada Corp  | 94586 | 17668238 |
| G Mining Ventures Corp (b) | 78473 | 1544786 |
| Hudbay Minerals Inc  | 192966 | 3092849 |
| K92 Mining Inc (b) | 122673 | 1631208 |
| Kinross Gold Corp  | 604716 | 14064267 |
| Labrador Iron Ore Royalty Corp  | 35335 | 729097 |
| Lithium Americas Corp (b) | 103898 | 571439 |
| Lundin Gold Inc  | 53907 | 3664777 |
| LunR Royalties Corp (d) | 16778 | 17226 |
| Major Drilling Group International Inc (b) | 43229 | 380648 |
| Montage Gold Corp (b) | 125247 | 621524 |
| New Gold Inc (b) | 396443 | 2919865 |
| NGEx Minerals Ltd (b) | 67112 | 1093372 |
| Novagold Resources Inc (b) | 150434 | 1246332 |
| OR Royalties Inc  | 92448 | 2966140 |
| Orla Mining Ltd (b) | 149239 | 1539687 |
| Pan American Silver Corp  | 208617 | 7347816 |
| Seabridge Gold Inc (b) | 43139 | 1028002 |
| Skeena Resources Ltd (b) | 38479 | 622501 |
| Southern Cross Gold Consolidated Ltd depository receipt  | 107177 | 636743 |
| Ssr Mining Inc (b) | 102384 | 2309783 |
| Taseko Mines Ltd (b) | 155994 | 706258 |
| Teck Resources Ltd Class B  | 229516 | 9846335 |
| Torex Gold Resources Inc (b) | 44213 | 1826460 |
| Triple Flag Precious Metals Corp  | 32064 | 890444 |
| Vizsla Silver Corp (b) | 159620 | 653252 |
| Wesdome Gold Mines Ltd (b) | 74963 | 1130952 |
|  |  | 176080876 |
| Paper & Forest Products - 0.0% |  |  |
| Canfor Corp (b) | 36423 | 317602 |
| Interfor Corp (b) | 35665 | 201141 |
| Resolute Forest Products Inc rights (b)(d) | 19734 | 0 |
| Stella-Jones Inc  | 26552 | 1507115 |
| West Fraser Timber Co Ltd (c) | 27032 | 1649810 |
|  |  | 3675668 |
| TOTAL MATERIALS |  | 199880081 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| H&R Real Estate Investment Trust unit  | 63746 | 508586 |
| Industrial REITs - 0.0% |  |  |
| Dream Industrial Real Estate Investment Trust  | 72012 | 620744 |
| Granite Real Estate Investment Trust  | 15087 | 847854 |
|  |  | 1468598 |
| Office REITs - 0.0% |  |  |
| Allied Properties Real Estate Investment Trust  | 39035 | 411349 |
| Real Estate Management & Development - 0.0% |  |  |
| Altus Group Ltd/Canada (c) | 21692 | 891158 |
| Colliers International Group Inc Subordinate Voting Shares  | 20451 | 3262566 |
| FirstService Corp Subordinate Voting Shares  | 19909 | 3169144 |
| StorageVault Canada Inc  | 137527 | 485372 |
|  |  | 7808240 |
| Residential REITs - 0.0% |  |  |
| Boardwalk Real Estate Investment Trust  | 11663 | 537768 |
| Canadian Apartment Properties REIT  | 36880 | 1014197 |
| InterRent Real Estate Investment Trust  | 34340 | 327595 |
| Killam Apartment Real Estate Investment Trust  | 30877 | 381518 |
|  |  | 2261078 |
| Retail REITs - 0.0% |  |  |
| Choice Properties Real Estate Investment Trust  | 74335 | 786518 |
| Crombie Real Estate Investment Trust  | 28201 | 300197 |
| CT Real Estate Investment Trust (c) | 30479 | 354435 |
| First Capital Real Estate Investment Trust unit  | 52718 | 707016 |
| Primaris Real Estate Investment Trust  | 28400 | 311427 |
| RioCan Real Estate Investment Trust  | 63956 | 855908 |
| SmartCentres Real Estate Investment Trust  | 36772 | 697398 |
|  |  | 4012899 |
| TOTAL REAL ESTATE |  | 16470750 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.2% |  |  |
| Emera Inc (c) | 145609 | 6922540 |
| Fortis Inc/Canada  | 240950 | 12111493 |
| Hydro One Ltd (e)(f) | 156652 | 5777768 |
|  |  | 24811801 |
| Gas Utilities - 0.0% |  |  |
| AltaGas Ltd  | 145467 | 4269991 |
| Brookfield Infrastructure Corp  | 59985 | 2717940 |
| Superior Plus Corp  | 119299 | 678768 |
|  |  | 7666699 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Boralex Inc Class A  | 43589 | 875168 |
| Brookfield Renewable Corp Class A  | 69951 | 3028359 |
| Capital Power Corp  | 77846 | 3940727 |
| Northland Power Inc  | 131014 | 2394131 |
| TransAlta Corp  | 143672 | 2539395 |
|  |  | 12777780 |
| Multi-Utilities - 0.0% |  |  |
| Algonquin Power & Utilities Corp  | 356169 | 1988381 |
| Atco Ltd/Canada Class I  | 37775 | 1423413 |
| Canadian Utilities Ltd Class A  | 61379 | 1718988 |
|  |  | 5130782 |
| TOTAL UTILITIES |  | 50387062 |
| TOTAL CANADA |  | 1422387492 |
| CHILE - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Empresa Nacional de Telecomunicaciones SA  | 105138 | 500486 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Falabella SA  | 313316 | 1966224 |
| Specialty Retail - 0.0% |  |  |
| Empresas Copec SA  | 189244 | 1353048 |
| TOTAL CONSUMER DISCRETIONARY |  | 3319272 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Cia Cervecerias Unidas SA  | 71558 | 455517 |
| Embotelladora Andina SA Class B  | 194982 | 877528 |
| Vina Concha y Toro SA  | 472381 | 515707 |
|  |  | 1848752 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Cencosud SA  | 625930 | 1941110 |
| SMU SA  | 2063807 | 335009 |
|  |  | 2276119 |
| TOTAL CONSUMER STAPLES |  | 4124871 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Banco de Chile  | 22291540 | 3911987 |
| Banco de Credito e Inversiones SA  | 44145 | 2269190 |
| Banco Itau Chile SA  | 40756 | 740444 |
| Banco Santander Chile  | 33678135 | 2435774 |
|  |  | 9357395 |
| Industrials - 0.0% |  |  |
| Marine Transportation - 0.0% |  |  |
| Cia Sud Americana DE Vapores SA  | 8255775 | 410796 |
| Passenger Airlines - 0.0% |  |  |
| Latam Airlines Group SA  | 156012308 | 3555402 |
| TOTAL INDUSTRIALS |  | 3966198 |
| Materials - 0.2% |  |  |
| Chemicals - 0.0% |  |  |
| Sociedad Quimica y Minera de Chile SA Class B (b) | 71703 | 3455179 |
| Metals & Mining - 0.2% |  |  |
| Antofagasta PLC  | 193475 | 7091291 |
| Lundin Mining Corp  | 339205 | 5456108 |
|  |  | 12547399 |
| Paper & Forest Products - 0.0% |  |  |
| Empresas Cmpc SA  | 583014 | 841228 |
| TOTAL MATERIALS |  | 16843806 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Parque Arauco SA  | 358426 | 1000117 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Enel Americas SA  | 11005324 | 1039174 |
| Enel Chile SA  | 14059845 | 1074011 |
|  |  | 2113185 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Colbun SA  | 4335401 | 651771 |
| Water Utilities - 0.0% |  |  |
| Aguas Andinas SA Class A  | 1409853 | 536987 |
| TOTAL UTILITIES |  | 3301943 |
| TOTAL CHILE |  | 42414088 |
| CHINA - 8.4%  |  |  |
| Communication Services - 1.8% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| China Tower Corp Ltd H Shares (e)(f) | 2223661 | 3213635 |
| CITIC Telecom International Holdings Ltd  | 995702 | 316501 |
|  |  | 3530136 |
| Entertainment - 0.2% |  |  |
| Beijing Enlight Media Co Ltd A Shares (China)  | 96400 | 228221 |
| China Ruyi Holdings Ltd (b)(c) | 4488452 | 1600017 |
| Giant Network Group Co Ltd A Shares (China)  | 65700 | 323912 |
| iQIYI Inc Class A ADR (b)(c) | 239581 | 553432 |
| Kingsoft Corp Ltd  | 486090 | 2118126 |
| Maoyan Entertainment (c)(e)(f) | 334120 | 285508 |
| NetDragon Websoft Holdings Ltd  | 195026 | 304691 |
| NetEase Cloud Music Inc (b)(e)(f) | 43776 | 1356566 |
| Netease Inc  | 855572 | 24007981 |
| Tencent Music Entertainment Group Class A ADR  | 283220 | 6321470 |
| XD Inc (f) | 146832 | 1274532 |
|  |  | 38374456 |
| Interactive Media & Services - 1.6% |  |  |
| Autohome Inc Class A ADR  | 35641 | 898153 |
| Baidu Inc A Shares (b) | 1096824 | 16601790 |
| Bilibili Inc Z Shares (b)(c) | 117321 | 3543446 |
| Hello Group Inc Class A ADR  | 69862 | 474363 |
| JOYY Inc Class A ADR  | 14732 | 873755 |
| Kuaishou Technology B Shares (e)(f) | 1323194 | 12319988 |
| Meitu Inc (e)(f) | 1675659 | 1858836 |
| Newborn Town Inc (b)(f) | 284000 | 386680 |
| Tencent Holdings Ltd  | 3148110 | 255713933 |
| Weibo Corp Class A ADR (c) | 49001 | 533131 |
|  |  | 293204075 |
| Media - 0.0% |  |  |
| China Literature Ltd (b)(c)(e)(f) | 200288 | 1076891 |
| Focus Media Information Technology Co Ltd A Shares (China)  | 517145 | 563109 |
| Mobvista Inc (b)(e)(f) | 265000 | 608400 |
| Xinhua Winshare Publishing and Media Co Ltd H Shares  | 196880 | 264008 |
|  |  | 2512408 |
| Wireless Telecommunication Services - 0.0% |  |  |
| China United Network Communications Ltd A Shares (China)  | 927058 | 705967 |
| TOTAL COMMUNICATION SERVICES |  | 338327042 |
| Consumer Discretionary - 2.6% |  |  |
| Automobile Components - 0.0% |  |  |
| Fuyao Glass Industry Group Co Ltd H Shares (e)(f) | 363782 | 3246653 |
| Huayu Automotive Systems Co Ltd A Shares (China)  | 118177 | 339053 |
| Huizhou Desay Sv Automotive Co Ltd A Shares (China)  | 19532 | 325140 |
| Minth Group Ltd  | 373899 | 1657165 |
| Nexteer Automotive Group Ltd  | 446137 | 386969 |
| Ningbo Tuopu Group Co Ltd A Shares (China)  | 53947 | 559222 |
| Sailun Group Co Ltd A Shares (China)  | 140221 | 302413 |
| Tianneng Power International Ltd (c) | 348446 | 386537 |
|  |  | 7203152 |
| Automobiles - 0.3% |  |  |
| Anhui Jianghuai Automobile Group Corp Ltd A Shares (China) (b) | 66700 | 477285 |
| BAIC Motor Corp Ltd H Shares (b)(e)(f) | 1035659 | 267892 |
| Brilliance China Automotive Holdings Ltd  | 1615117 | 793991 |
| BYD Co Ltd A Shares (China)  | 142860 | 2023050 |
| BYD Co Ltd H Shares  | 1826638 | 23648234 |
| Chongqing Changan Automobile Co Ltd A Shares (China)  | 260703 | 453833 |
| Geely Automobile Holdings Ltd  | 2995573 | 7093262 |
| Great Wall Motor Co Ltd A Shares (China)  | 159981 | 512261 |
| Great Wall Motor Co Ltd H Shares  | 1016402 | 1979031 |
| Guangzhou Automobile Group Company Ltd A Shares (China)  | 265253 | 291438 |
| Li Auto Inc A Shares (b)(c) | 618562 | 6418862 |
| NIO Inc A Shares (b)(c) | 913347 | 6603982 |
| SAIC Motor Corp Ltd A Shares (China)  | 227457 | 531460 |
| Seres Group Co Ltd A Shares (China)  | 46683 | 1017891 |
| XPeng Inc A Shares (b) | 617495 | 7193918 |
| Yadea Group Holdings Ltd (e)(f) | 638197 | 997882 |
| Zhejiang Leapmotor Technology Co Ltd H Shares (b)(e)(f) | 255562 | 1917402 |
|  |  | 62221674 |
| Broadline Retail - 1.7% |  |  |
| Alibaba Group Holding Ltd  | 8433146 | 179446799 |
| JD.com Inc A Shares  | 1201785 | 19841457 |
| MINISO Group Holding Ltd A Shares  | 256716 | 1372579 |
| PDD Holdings Inc Class A ADR (b) | 348613 | 47017435 |
| Prosus NV Class N  | 640965 | 44276782 |
| Vipshop Holdings Ltd Class A ADR  | 166448 | 2911176 |
|  |  | 294866228 |
| Distributors - 0.0% |  |  |
| China Tobacco International HK Co Ltd (f) | 100940 | 491804 |
| Zhejiang China Commodities City Group Co Ltd A Shares (China)  | 172100 | 445641 |
|  |  | 937445 |
| Diversified Consumer Services - 0.0% |  |  |
| China East Education Holdings Ltd (e)(f) | 318000 | 267641 |
| Fu Shou Yuan International Group Ltd (c) | 1076618 | 407340 |
| New Oriental Education & Technology Group Inc (b) | 613516 | 3668675 |
| TAL Education Group Class A ADR (b) | 211546 | 2593554 |
| Tianli International Holdings Ltd (f) | 735659 | 227215 |
|  |  | 7164425 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Atour Lifestyle Holdings Ltd ADR  | 16649 | 648645 |
| DPC Dash Ltd (b)(c) | 43900 | 498289 |
| H World Group Ltd ADR  | 100332 | 3872815 |
| Haidilao International Holding Ltd (c)(e)(f) | 862995 | 1421564 |
| Meituan B Shares (b)(e)(f) | 2447015 | 32209459 |
| Tongcheng Travel Holdings Ltd (f) | 654701 | 1803039 |
| TravelSky Technology Ltd H Shares  | 533093 | 702508 |
| Trip.com Group Ltd  | 304934 | 21458641 |
| Yum China Holdings Inc (Hong Kong)  | 183333 | 7894322 |
|  |  | 70509282 |
| Household Durables - 0.0% |  |  |
| Gree Electric Appliances Inc of Zhuhai A Shares (China)  | 89149 | 497889 |
| Haier Smart Home Co Ltd A Shares (China)  | 368548 | 1388255 |
| Haier Smart Home Co Ltd H Shares  | 1038927 | 3374603 |
| Midea Group Co Ltd A Shares (China)  | 112429 | 1206842 |
| Midea Group Co Ltd H Shares  | 169700 | 1834465 |
| Sichuan Changhong Electric Co Ltd A Shares (China)  | 174600 | 249729 |
| TCL Electronics Holdings Ltd  | 499864 | 593748 |
|  |  | 9145531 |
| Specialty Retail - 0.1% |  |  |
| China Tourism Group Duty Free Corp Ltd A Shares (China)  | 65850 | 703798 |
| Chow Tai Fook Jewellery Group Ltd (c) | 961867 | 1883987 |
| Pop Mart International Group Ltd (e)(f) | 264977 | 7556596 |
| Topsports International Holdings Ltd (e)(f) | 1274869 | 505317 |
| XXF Group Holdings Ltd (b)(c) | 422500 | 517077 |
| Zhongsheng Group Holdings Ltd  | 396998 | 627386 |
|  |  | 11794161 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| 361 Degrees International Ltd  | 507580 | 384087 |
| ANTA Sports Products Ltd  | 627139 | 6537280 |
| Bosideng International Holdings Ltd  | 2449147 | 1500272 |
| Laopu Gold Co Ltd H Shares (c) | 14100 | 1242055 |
| Li Ning Co Ltd  | 1155084 | 2509194 |
| Shenzhou International Group Holdings Ltd  | 421871 | 3642927 |
| Xtep International Holdings Ltd  | 793451 | 574879 |
|  |  | 16390694 |
| TOTAL CONSUMER DISCRETIONARY |  | 480232592 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.2% |  |  |
| Anhui Gujing Distillery Co Ltd B Shares  | 115437 | 1458830 |
| China Resources Beer Holdings Co Ltd  | 830895 | 2844304 |
| Eastroc Beverage Group Co Ltd A Shares (China)  | 15959 | 627830 |
| Jiangsu King's Luck Brewery JSC Ltd A Shares (China)  | 47432 | 258705 |
| Jiangsu Yanghe Distillery Co Ltd A Shares (China)  | 49592 | 493314 |
| Kweichow Moutai Co Ltd A Shares (China)  | 34562 | 6944110 |
| Luzhou Laojiao Co Ltd A Shares (China)  | 43657 | 825247 |
| Nongfu Spring Co Ltd H Shares (e)(f) | 991520 | 6584146 |
| Shanxi Xinghuacun Fen Wine Factory Co Ltd A Shares (China)  | 35915 | 961279 |
| Tsingtao Brewery Co Ltd H Shares  | 335528 | 2266921 |
| Wuliangye Yibin Co Ltd A Shares (China)  | 107031 | 1789364 |
| Yantai Changyu Pioneer Wine Co Ltd B Shares  | 419113 | 458996 |
|  |  | 25513046 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Alibaba Health Information Technology Ltd (b) | 2851800 | 2128606 |
| East Buy Holding Ltd (b)(c)(e)(f) | 202383 | 569862 |
| JD Health International Inc (b)(e)(f) | 557029 | 4351257 |
| Ping An Healthcare and Technology Co Ltd (c)(e)(f) | 426252 | 753705 |
| Sun Art Retail Group Ltd  | 1417015 | 344655 |
|  |  | 8148085 |
| Food Products - 0.1% |  |  |
| Angel Yeast Co Ltd A Shares (China)  | 49500 | 269985 |
| China Feihe Ltd (e)(f) | 1903704 | 1016707 |
| China Mengniu Dairy Co Ltd  | 1632390 | 2970446 |
| China Youran Dairy Group Ltd (b)(e)(f) | 582000 | 242670 |
| COFCO Joycome Foods Ltd (b)(c)(f) | 1718434 | 367104 |
| Foshan Haitian Flavouring & Food Co Ltd A Shares (China)  | 131081 | 701871 |
| Guangdong Haid Group Co Ltd A Shares (China)  | 58322 | 478464 |
| Henan Shuanghui Investment & Development Co Ltd A Shares (China)  | 105311 | 380856 |
| Inner Mongolia Yili Industrial Group Co Ltd A Shares (China)  | 179701 | 692051 |
| Muyuan Foods Co Ltd A Shares (China)  | 160616 | 1135103 |
| New Hope Liuhe Co Ltd A Shares (China)  | 205473 | 280896 |
| Tingyi Cayman Islands Holding Corp  | 1044143 | 1432404 |
| Want Want China Holdings Ltd  | 2485694 | 1605830 |
| Wens Foodstuff Group Co Ltd A Shares (China)  | 216389 | 551811 |
| Wilmar International Ltd  | 937177 | 2253661 |
| Yihai International Holding Ltd  | 318474 | 488538 |
| Yihai Kerry Arawana Holdings Co Ltd A Shares (China)  | 59600 | 269135 |
|  |  | 15137532 |
| Household Products - 0.0% |  |  |
| Blue Moon Group Holdings Ltd (c)(e)(f) | 616500 | 235634 |
| Personal Care Products - 0.0% |  |  |
| Giant Biogene Holding Co ltd (c)(e)(f) | 181261 | 867752 |
| Hengan International Group Co Ltd  | 324054 | 1135151 |
| Shanghai Chicmax Cosmetic Co Ltd H Shares  | 35000 | 386009 |
|  |  | 2388912 |
| Tobacco - 0.0% |  |  |
| RLX Technology Inc ADR  | 154653 | 377353 |
| Smoore International Holdings Ltd (c)(e)(f) | 932794 | 1571353 |
|  |  | 1948706 |
| TOTAL CONSUMER STAPLES |  | 53371915 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| China Oilfield Services Ltd H Shares  | 900652 | 877407 |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Cgn Mining Co Ltd (c) | 1337041 | 672775 |
| China Coal Energy Co Ltd H Shares  | 942363 | 1327947 |
| China Merchants Energy Shipping Co Ltd A Shares (China)  | 325311 | 423242 |
| China Petroleum & Chemical Corp A Shares (China)  | 1181210 | 907806 |
| China Petroleum & Chemical Corp H Shares  | 10736351 | 5706305 |
| China Shenhua Energy Co Ltd A Shares (China)  | 434183 | 2593239 |
| China Shenhua Energy Co Ltd H Shares  | 1401543 | 7297608 |
| COSCO SHIPPING Energy Transportation Co Ltd A Shares (China)  | 226477 | 429254 |
| Inner Mongolia Yitai Coal Co Ltd B Shares  | 861916 | 1681598 |
| Kinetic Development Group Ltd  | 1438000 | 270183 |
| PetroChina Co Ltd H Shares  | 11011426 | 11364915 |
| Shaanxi Coal Industry Co Ltd A Shares (China)  | 288126 | 918940 |
| Sinopec Kantons Holdings Ltd (c) | 582678 | 301441 |
| Yankuang Energy Group Co Ltd H Shares (c) | 1868664 | 2565925 |
|  |  | 36461178 |
| TOTAL ENERGY |  | 37338585 |
| Financials - 1.4% |  |  |
| Banks - 0.9% |  |  |
| Agricultural Bank of China Ltd A Shares (China)  | 3171669 | 3547150 |
| Agricultural Bank of China Ltd H Shares  | 12487297 | 9513458 |
| Bank of Beijing Co Ltd A Shares (China)  | 664586 | 521965 |
| Bank of Changsha Co Ltd A Shares (China)  | 242300 | 325795 |
| Bank of Chengdu Co Ltd A Shares (China)  | 166656 | 393611 |
| Bank of China Ltd A Shares (China)  | 3986380 | 3142101 |
| Bank of China Ltd H Shares  | 30705565 | 17386734 |
| Bank of Communications Co Ltd A Shares (China)  | 1467829 | 1480739 |
| Bank of Communications Co Ltd H Shares  | 4390020 | 3898197 |
| Bank of Hangzhou Co Ltd A Shares (China)  | 255584 | 563783 |
| Bank of Jiangsu Co Ltd A Shares (China)  | 557309 | 844099 |
| Bank of Nanjing Co Ltd A Shares (China)  | 407042 | 646816 |
| Bank of Ningbo Co Ltd A Shares (China)  | 202871 | 807790 |
| Bank of Shanghai Co Ltd A Shares (China)  | 438237 | 584324 |
| Bank of Suzhou Co Ltd A Shares (China)  | 265000 | 307914 |
| BOC Hong Kong Holdings Ltd  | 1811785 | 8902066 |
| China CITIC Bank Corp Ltd A Shares (China)  | 340400 | 370177 |
| China CITIC Bank Corp Ltd H Shares  | 4053533 | 3865451 |
| China Construction Bank Corp A Shares (China)  | 3243986 | 4161294 |
| China Construction Bank Corp H Shares  | 43854821 | 43418102 |
| China Everbright Bank Co Ltd A Shares (China)  | 988370 | 463815 |
| China Everbright Bank Co Ltd H Shares  | 1945201 | 798552 |
| China Merchants Bank Co Ltd A Shares (China)  | 535906 | 3078820 |
| China Merchants Bank Co Ltd H Shares  | 1963142 | 12288349 |
| China Minsheng Banking Corp Ltd A Shares (China)  | 1439748 | 790937 |
| China Minsheng Banking Corp Ltd H Shares  | 2791458 | 1429758 |
| China Zheshang Bank Co Ltd A Shares (China)  | 915081 | 384423 |
| Chongqing Rural Commercial Bank Co Ltd A Shares (China)  | 1283712 | 1248108 |
| CNPC Capital Co Ltd A Shares (China)  | 280017 | 411917 |
| Huaxia Bank Co Ltd A Shares (China)  | 393671 | 376668 |
| Industrial & Commercial Bank of China Ltd A Shares (China)  | 4516453 | 4936916 |
| Industrial & Commercial Bank of China Ltd H Shares  | 27963776 | 21664095 |
| Industrial Bank Co Ltd A Shares (China)  | 599260 | 1703295 |
| Ping An Bank Co Ltd A Shares (China)  | 564231 | 897392 |
| Postal Savings Bank of China Co Ltd A Shares (China)  | 357900 | 289140 |
| Postal Savings Bank of China Co Ltd H Shares (e)(f) | 4981705 | 3513232 |
| Shanghai Pudong Development Bank Co Ltd A Shares (China)  | 863812 | 1394498 |
| Shanghai Rural Commercial Bank Co Ltd A Shares (China)  | 343973 | 412242 |
|  |  | 160763723 |
| Capital Markets - 0.2% |  |  |
| Beijing Compass Technology Development Co Ltd A Shares (China)  | 18000 | 365038 |
| Caitong Securities Co Ltd A Shares (China)  | 309600 | 374092 |
| China CITIC Financial Asset Management Co Ltd H Shares (b)(e)(f) | 7255000 | 961663 |
| China Everbright Ltd (c) | 468326 | 608720 |
| China Galaxy Securities Co Ltd H Shares  | 2119313 | 3049195 |
| China International Capital Corp Ltd H Shares (e)(f) | 996441 | 2710846 |
| China Merchants Securities Co Ltd A Shares (China)  | 238139 | 579839 |
| CITIC Securities Co Ltd H Shares  | 1198591 | 4562653 |
| CSC Financial Co Ltd A Shares (China)  | 128368 | 472358 |
| Dongxing Securities Co Ltd A Shares (China)  | 195600 | 348195 |
| East Money Information Co Ltd A Shares (China)  | 454468 | 1628254 |
| Everbright Securities Co Ltd A Shares (China)  | 159758 | 417722 |
| Founder Securities Co Ltd A Shares (China)  | 360350 | 416680 |
| GF Securities Co Ltd H Shares  | 240028 | 579795 |
| Guosen Securities Co Ltd A Shares (China)  | 238748 | 470962 |
| Guotai Haitong Securities Co Ltd A Shares (China)  | 204464 | 556735 |
| Guotai Haitong Securities Co Ltd H Shares (e)(f) | 1267601 | 2427358 |
| Guoyuan Securities Co Ltd A Shares (China)  | 307000 | 377851 |
| Hithink RoyalFlush Information Network Co Ltd A Shares (China)  | 16229 | 828301 |
| Huatai Securities Co Ltd H Shares (e)(f) | 918137 | 2308768 |
| Industrial Securities Co Ltd A Shares (China)  | 433085 | 418640 |
| JF SmartInvest Holdings Ltd (c) | 54500 | 387505 |
| Nanjing Securities Co Ltd A Shares (China)  | 348100 | 414253 |
| Noah Holdings Ltd Class A ADR  | 24444 | 275972 |
| Orient Securities Co Ltd/China A Shares (China)  | 289621 | 443136 |
| OSL Group Ltd (b)(c) | 221000 | 500557 |
| SDIC Capital Co Ltd A Shares (China)  | 286406 | 315483 |
| Shenwan Hongyuan Group Co Ltd A Shares (China)  | 741313 | 569728 |
| Up Fintech Holding Ltd ADR (b) | 48886 | 526991 |
| Zheshang Securities Co Ltd A Shares (China)  | 256778 | 419221 |
| Zhongtai Securities Co Ltd A Shares (China)  | 384225 | 376808 |
|  |  | 28693319 |
| Consumer Finance - 0.0% |  |  |
| FinVolution Group Class A ADR  | 54080 | 330429 |
| Lufax Holding Ltd ADR (b) | 129508 | 404065 |
| Qfin Holdings Inc Class A ADR  | 49326 | 1191223 |
| Yixin Group Ltd (c)(e)(f) | 854000 | 248378 |
|  |  | 2174095 |
| Financial Services - 0.0% |  |  |
| Far East Horizon Ltd  | 1145866 | 1029289 |
| SY Holdings Group Ltd (f) | 233000 | 338231 |
|  |  | 1367520 |
| Insurance - 0.3% |  |  |
| China Life Insurance Co Ltd H Shares  | 3783131 | 11937684 |
| China Pacific Insurance Group Co Ltd H Shares  | 1536253 | 6227612 |
| China Taiping Insurance Holdings Co Ltd  | 710294 | 1616102 |
| New China Life Insurance Co Ltd H Shares  | 541093 | 3419020 |
| People's Insurance Co Group of China Ltd/The H Shares  | 4584038 | 4117673 |
| PICC Property & Casualty Co Ltd H Shares  | 3410167 | 8057430 |
| Ping An Insurance Group Co of China Ltd A Shares (China)  | 489366 | 3976176 |
| Ping An Insurance Group Co of China Ltd H Shares  | 3089547 | 22319912 |
| ZhongAn Online P&C Insurance Co Ltd H Shares (b)(e)(f) | 471936 | 1016686 |
|  |  | 62688295 |
| TOTAL FINANCIALS |  | 255686952 |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.2% |  |  |
| 3SBio Inc (e)(f) | 895973 | 3551353 |
| Abbisko Cayman Ltd (b) | 231000 | 432834 |
| Akeso Inc (b)(e)(f) | 311792 | 4550156 |
| Alphamab Oncology (b)(c)(e)(f) | 242000 | 358147 |
| Ascentage Pharma Group International (b)(e)(f) | 132878 | 1137164 |
| Beijing Wantai Biological Pharmacy Enterprise Co Ltd A Shares (China) (b) | 40552 | 321173 |
| CanSino Biologics Inc H Shares (b)(e)(f) | 47000 | 279803 |
| CARsgen Therapeutics Holdings Ltd (b)(e)(f) | 170500 | 361601 |
| CStone Pharmaceuticals (b)(c)(e)(f) | 468000 | 377024 |
| Duality Biotherapeutics Inc (c) | 9100 | 367722 |
| Everest Medicines Ltd (b)(c)(e)(f) | 119019 | 750211 |
| HBM Holdings Ltd (b)(e)(f) | 283000 | 490571 |
| Imeik Technology Development Co Ltd A Shares (China)  | 11810 | 265639 |
| InnoCare Pharma Ltd H Shares (b)(e)(f) | 397000 | 728037 |
| Innovent Biologics Inc (b)(e)(f) | 719497 | 8055574 |
| Keymed Biosciences Inc (b)(e)(f) | 101684 | 788421 |
| Lepu Biopharma Co Ltd H Shares (b)(c)(e)(f) | 389000 | 317886 |
| Remegen Co Ltd H Shares (b)(c)(e)(f) | 91000 | 1053979 |
| Shanghai Henlius Biotech Inc H Shares (b)(e)(f) | 32400 | 291246 |
| Shanghai RAAS Blood Products Co Ltd A Shares (China)  | 289301 | 273961 |
| Sichuan Kelun-Biotech Biopharmaceutical Co Ltd H Shares (b) | 25500 | 1470166 |
| Zai Lab Ltd (b)(c) | 516127 | 1346779 |
|  |  | 27569447 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Jiangsu Yuyue Medical Equipment & Supply Co Ltd A Shares (China)  | 62600 | 316896 |
| Lifetech Scientific Corp (b)(c) | 1623222 | 419877 |
| Microport Scientific Corp (b)(c) | 454193 | 707836 |
| Shandong Weigao Group Medical Polymer Co Ltd H Shares  | 1287623 | 899781 |
| Shanghai Conant Optical Co Ltd H Shares  | 94000 | 544605 |
| Shanghai MicroPort MedBot Group Co Ltd H Shares (b) | 177264 | 625513 |
| Shanghai United Imaging Healthcare Co Ltd A Shares (China)  | 26970 | 530200 |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd A Shares (China)  | 35664 | 1077526 |
| Shenzhen New Industries Biomedical Engineering Co Ltd A Shares (China)  | 34058 | 291896 |
|  |  | 5414130 |
| Health Care Providers & Services - 0.0% |  |  |
| Aier Eye Hospital Group Co Ltd A Shares (China)  | 308172 | 530405 |
| China Resources Medical Holdings Co Ltd (c) | 539132 | 234509 |
| Genertec Universal Medical Group Co Ltd (e)(f) | 600313 | 478208 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd A Shares (China)  | 63149 | 233879 |
| Huadong Medicine Co Ltd A Shares (China)  | 59211 | 345912 |
| Hygeia Healthcare Holdings Co Ltd (b)(c)(e)(f) | 197231 | 331995 |
| Jinxin Fertility Group Ltd (b)(c)(e)(f) | 1148955 | 363736 |
| New Horizon Health Ltd (b)(d)(e)(f) | 117000 | 170322 |
| Shanghai Pharmaceuticals Holding Co Ltd H Shares  | 223777 | 337226 |
| Sinopharm Group Co Ltd H Shares  | 696999 | 1737441 |
|  |  | 4763633 |
| Health Care Technology - 0.0% |  |  |
| Yidu Tech Inc (b)(c)(e)(f) | 398900 | 292095 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Genscript Biotech Corp (b) | 616993 | 1278363 |
| Pharmaron Beijing Co Ltd A Shares (China)  | 76500 | 360176 |
| Wuxi Apptec Co Ltd H Shares (c)(e)(f) | 246909 | 3450762 |
| Wuxi Biologics Cayman Inc (b)(e)(f) | 1712006 | 7975577 |
| WuXi XDC Cayman Inc (b) | 153000 | 1478698 |
| XtalPi Holdings Ltd (b) | 717000 | 1048204 |
|  |  | 15591780 |
| Pharmaceuticals - 0.1% |  |  |
| Beijing Tong Ren Tang Chinese Medicine CO Ltd (c) | 210000 | 233227 |
| Beijing Tong Ren Tang Co Ltd A Shares (China)  | 49138 | 233974 |
| China Medical System Holdings Ltd  | 613043 | 1059535 |
| China Resources Pharmaceutical Group Ltd (c)(e)(f) | 1089989 | 698554 |
| China Resources Sanjiu Medical & Pharmaceutical Co Ltd A Shares (China)  | 58282 | 236079 |
| China Traditional Chinese Medicine Holdings Co Ltd  | 1906104 | 573998 |
| Consun Pharmaceutical Group Ltd  | 250000 | 483557 |
| CSPC Innovation Pharmaceutical Co Ltd A Shares (China)  | 44400 | 220833 |
| CSPC Pharmaceutical Group Ltd  | 4007916 | 3945738 |
| Hansoh Pharmaceutical Group Co Ltd (e)(f) | 580552 | 2662730 |
| HUTCHMED China Ltd (b)(c) | 306188 | 916529 |
| Jiangsu Hengrui Pharmaceuticals Co Ltd A Shares (China)  | 180415 | 1626103 |
| Luye Pharma Group Ltd (b)(e)(f) | 1110369 | 448689 |
| Ocumension Therapeutics H Shares (b)(c)(e)(f) | 159500 | 171394 |
| Shanghai Fosun Pharmaceutical Group Co Ltd H Shares (c) | 128556 | 394078 |
| Sichuan Biokin Pharmaceutical Co Ltd A Shares (China) (b) | 6707 | 351473 |
| Sichuan Kelun Pharmaceutical Co Ltd A Shares (China)  | 54300 | 267022 |
| Sihuan Pharmaceutical Holdings Group Ltd  | 2178000 | 414828 |
| Simcere Pharmaceutical Group Ltd (e)(f) | 322861 | 513549 |
| Sino Biopharmaceutical Ltd  | 5130352 | 4667828 |
| Sunshine Lake Pharma Co Ltd H Shares  | 38940 | 229514 |
| Tong Ren Tang Technologies Co Ltd H Shares  | 462961 | 276446 |
| Yunnan Baiyao Group Co Ltd A Shares (China)  | 62675 | 498941 |
| Zhangzhou Pientzehuang Pharmaceutical Co Ltd A Shares (China)  | 18065 | 452120 |
|  |  | 21576739 |
| TOTAL HEALTH CARE |  | 75207824 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| AECC Aviation Power Co Ltd A Shares (China)  | 86935 | 477340 |
| AviChina Industry & Technology Co Ltd H Shares (c) | 1493743 | 761236 |
| Kuang-Chi Technologies Co Ltd A Shares (China) (b) | 63600 | 407117 |
|  |  | 1645693 |
| Air Freight & Logistics - 0.0% |  |  |
| Hangzhou SF Intra-City Industrial Co Ltd H Shares (b)(c)(e)(f) | 132600 | 213476 |
| JD Logistics Inc (b)(e)(f) | 988887 | 1611123 |
| KLN Logistics Group Ltd  | 219382 | 202709 |
| SF Holding Co Ltd A Shares (China)  | 139224 | 788898 |
| YTO Express Group Co Ltd A Shares (China)  | 147737 | 355363 |
| ZTO Express Cayman Inc A Shares  | 209507 | 3865153 |
|  |  | 7036722 |
| Building Products - 0.0% |  |  |
| Beijing New Building Materials PLC A Shares (China)  | 77554 | 259007 |
| China Lesso Group Holdings Ltd  | 582452 | 333556 |
| Xinyi Glass Holdings Ltd (c) | 897611 | 1050027 |
|  |  | 1642590 |
| Commercial Services & Supplies - 0.0% |  |  |
| China Everbright Environment Group Ltd  | 1944383 | 1203580 |
| CT Environmental Group Ltd (b)(d) | 26000 | 0 |
| Tuhu Car Inc A Shares (b)(c)(e)(f) | 111800 | 254374 |
|  |  | 1457954 |
| Construction & Engineering - 0.0% |  |  |
| China Communications Services Corp Ltd H Shares  | 1294023 | 776026 |
| China Conch Venture Holdings Ltd  | 734673 | 918985 |
| China Energy Engineering Corp Ltd A Shares (China)  | 1179189 | 399281 |
| China National Chemical Engineering Co Ltd A Shares (China)  | 318892 | 346339 |
| China Railway Group Ltd A Shares (China)  | 380666 | 300579 |
| China Railway Group Ltd H Shares  | 2390411 | 1212041 |
| China State Construction Engineering Corp Ltd A Shares (China)  | 1164897 | 888722 |
| China State Construction International Holdings Ltd  | 658118 | 748694 |
| Metallurgical Corp of China Ltd A Shares (China)  | 698607 | 342560 |
| Power Construction Corp of China Ltd A Shares (China)  | 586241 | 464552 |
| Sinopec Engineering Group Co Ltd H Shares  | 823126 | 775400 |
|  |  | 7173179 |
| Electrical Equipment - 0.2% |  |  |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 162030 | 8850480 |
| Contemporary Amperex Technology Co Ltd H Shares (c) | 9600 | 689990 |
| Dongfang Electric Corp Ltd A Shares (China)  | 116822 | 342551 |
| Eve Energy Co Ltd A Shares (China)  | 65738 | 768270 |
| Hangzhou Steam Turbine Power Group Co Ltd B Shares  | 597147 | 934465 |
| Harbin Electric Co Ltd H Shares  | 342000 | 562037 |
| Jiangsu Zhongtian Technology Co Ltd A Shares (China)  | 141166 | 336185 |
| JL Mag Rare-Earth Co Ltd H Shares (c)(f) | 83200 | 245192 |
| NARI Technology Co Ltd A Shares (China)  | 230578 | 784964 |
| Ningbo Deye Technology Co Ltd A Shares (China)  | 33620 | 351816 |
| Shanghai Electric Group Co Ltd A Shares (China) (b) | 385528 | 504295 |
| Sungrow Power Supply Co Ltd A Shares (China)  | 60306 | 1608184 |
| TBEA Co Ltd A Shares (China)  | 175038 | 481530 |
| Zhejiang Chint Electrics Co Ltd A Shares (China)  | 94315 | 380181 |
| Zhejiang Huayou Cobalt Co Ltd A Shares (China)  | 65300 | 594612 |
|  |  | 17434752 |
| Ground Transportation - 0.0% |  |  |
| ANE Cayman Inc (c) | 399559 | 589783 |
| Beijing-Shanghai High Speed Railway Co Ltd A Shares (China)  | 1488866 | 1085680 |
| Daqin Railway Co Ltd A Shares (China)  | 825825 | 664846 |
|  |  | 2340309 |
| Industrial Conglomerates - 0.0% |  |  |
| CITIC Ltd  | 2029668 | 3139625 |
| Fosun International Ltd  | 1268466 | 804774 |
| Shanghai Industrial Holdings Ltd  | 273418 | 479943 |
|  |  | 4424342 |
| Machinery - 0.2% |  |  |
| Airtac International Group  | 70359 | 2082561 |
| China CSSC Holdings Ltd A Shares (China)  | 216797 | 1093519 |
| CIMC Enric Holdings Ltd  | 393722 | 380014 |
| CRRC Corp Ltd A Shares (China)  | 2086585 | 2248589 |
| Haitian International Holdings Ltd  | 339880 | 929027 |
| Jiangsu Hengli Hydraulic Co Ltd A Shares (China)  | 41250 | 556847 |
| Lonking Holdings Ltd  | 1181000 | 471151 |
| Sany Heavy Equipment International Holdings Co Ltd (c) | 588081 | 554740 |
| Sany Heavy Industry Co Ltd A Shares (China)  | 251270 | 781622 |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 39700 | 429553 |
| Sinotruk Hong Kong Ltd  | 344885 | 1152198 |
| UBTech Robotics Corp Ltd H Shares (b) | 66050 | 1170456 |
| Weichai Power Co Ltd H Shares  | 1163686 | 2403583 |
| XCMG Construction Machinery Co Ltd A Shares (China)  | 376897 | 563434 |
| Yangzijiang Shipbuildling (Holdings) Ltd  | 1301909 | 3520836 |
| Yutong Bus Co Ltd A Shares (China)  | 79000 | 358848 |
| Zhejiang Sanhua Intelligent Controls Co Ltd A Shares (China)  | 58900 | 413195 |
| Zhuzhou CRRC Times Electric Co Ltd H Shares  | 251448 | 1282068 |
| Zoomlion Heavy Industry Science and Technology Co Ltd A Shares (China)  | 273894 | 314399 |
|  |  | 20706640 |
| Marine Transportation - 0.0% |  |  |
| COSCO SHIPPING Holdings Co Ltd H Shares (c) | 1746311 | 3031669 |
| SITC International Holdings Co Ltd  | 682408 | 2513402 |
|  |  | 5545071 |
| Passenger Airlines - 0.0% |  |  |
| Air China Ltd A Shares (China) (b) | 425420 | 469807 |
| China Eastern Airlines Corp Ltd A Shares (China) (b) | 611797 | 412598 |
| China Southern Airlines Co Ltd A Shares (China) (b) | 410482 | 384679 |
| Hainan Airlines Holding Co Ltd A Shares (China) (b) | 1720443 | 427851 |
| Spring Airlines Co Ltd A Shares (China)  | 39703 | 298885 |
|  |  | 1993820 |
| Professional Services - 0.0% |  |  |
| Kanzhun Ltd ADR  | 184873 | 4096786 |
| Trading Companies & Distributors - 0.0% |  |  |
| BOC Aviation Ltd (e)(f) | 112386 | 984935 |
| Deep Source Holdings Ltd (b)(c) | 2690000 | 263095 |
|  |  | 1248030 |
| Transportation Infrastructure - 0.0% |  |  |
| Anhui Expressway Co Ltd H Shares (c) | 218849 | 346979 |
| Beijing Capital International Airport Co Ltd H Shares (b) | 1274973 | 457776 |
| China Merchants Expressway Network & Technology Holdings Co Ltd A Shares (China)  | 196100 | 282686 |
| China Merchants Port Holdings Co Ltd  | 628517 | 1216503 |
| COSCO SHIPPING Ports Ltd  | 712036 | 525055 |
| Jiangsu Expressway Co Ltd H Shares  | 651452 | 793089 |
| Shanghai International Airport Co Ltd A Shares (China)  | 56577 | 256677 |
| Shenzhen International Holdings Ltd  | 900774 | 933168 |
| Yuexiu Transport Infrastructure Ltd  | 576773 | 315458 |
| Zhejiang Expressway Co Ltd H Shares  | 911998 | 889634 |
|  |  | 6017025 |
| TOTAL INDUSTRIALS |  | 82762913 |
| Information Technology - 0.7% |  |  |
| Communications Equipment - 0.0% |  |  |
| BYD Electronic International Co Ltd  | 408339 | 1920161 |
| Suzhou TFC Optical Communication Co Ltd A Shares (China)  | 23300 | 517272 |
| Yangtze Optical Fibre & Cable Joint Stock Ltd Co H Shares (c)(e)(f) | 128000 | 590043 |
| Yealink Network Technology Corp Ltd A Shares (China)  | 64500 | 326243 |
| Zhongji Innolight Co Ltd A Shares (China)  | 32404 | 2153513 |
| ZTE Corp H Shares (c) | 579974 | 2455572 |
|  |  | 7962804 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Aac Technologies Holdings Inc  | 398076 | 2049152 |
| Avary Holding Shenzhen Co Ltd A Shares (China)  | 71300 | 526430 |
| BOE Technology Group Co Ltd A Shares (China)  | 1106168 | 630995 |
| Chaozhou Three-Circle Group Co Ltd A Shares (China)  | 70957 | 495385 |
| Eoptolink Technology Inc Ltd A Shares (China)  | 28800 | 1393223 |
| FIH Mobile Ltd (b) | 154000 | 368028 |
| Foxconn Industrial Internet Co Ltd A Shares (China)  | 398647 | 4032735 |
| GoerTek Inc A Shares (China)  | 104401 | 481858 |
| Kingboard Holdings Ltd  | 310852 | 1113707 |
| Lens Technology Co Ltd A Shares (China)  | 147746 | 610920 |
| Lingyi iTech Guangdong Co A Shares (China)  | 216600 | 475659 |
| Luxshare Precision Industry Co Ltd A Shares (China)  | 207719 | 1838634 |
| Q Technology Group Co Ltd (f) | 247000 | 444696 |
| RoboSense Technology Co Ltd H Shares (b) | 138900 | 622771 |
| Shengyi Technology Co Ltd A Shares (China)  | 78517 | 709338 |
| Shennan Circuits Co Ltd A Shares (China)  | 21120 | 636443 |
| Sunny Optical Technology Group Co Ltd  | 358923 | 3473501 |
| Suzhou Dongshan Precision Manufacturing Co Ltd A Shares (China)  | 58300 | 561097 |
| TCL Technology Group Corp A Shares (China)  | 726616 | 440008 |
| Unisplendour Corp Ltd A Shares (China)  | 97840 | 372258 |
| Victory Giant Technology Huizhou Co Ltd A Shares (China)  | 25400 | 1049203 |
| VSTECS Holdings Ltd  | 331433 | 411170 |
| WUS Printed Circuit Kunshan Co Ltd A Shares (China)  | 65095 | 648993 |
| Zhejiang Dahua Technology Co Ltd A Shares (China)  | 118919 | 341683 |
|  |  | 23727887 |
| IT Services - 0.0% |  |  |
| Chinasoft International Ltd (c) | 1288507 | 965068 |
| GDS Holdings Ltd A Shares (b) | 511552 | 2279197 |
| Isoftstone Information Technology Group Co Ltd A Shares (China)  | 35500 | 265400 |
| Kingsoft Cloud Holdings Ltd (b)(c) | 1110991 | 933199 |
| Range Intelligent Computing Technology Group Co Ltd A Shares (China)  | 43700 | 310248 |
| Vnet Group Inc Class A ADR (b) | 70604 | 734282 |
|  |  | 5487394 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Advanced Micro-Fabrication Equipment Inc China A Shares (China)  | 20592 | 808242 |
| Cambricon Technologies Corp Ltd A Shares (China) (b) | 12702 | 2453881 |
| China Resources Microelectronics Ltd A Shares (China)  | 58422 | 416491 |
| Daqo New Energy Corp ADR (b) | 24118 | 787694 |
| GCL Technology Holdings Ltd (b)(c) | 11145364 | 1950659 |
| Gigadevice Semiconductor Inc A Shares (China)  | 19990 | 617894 |
| Hua Hong Semiconductor Ltd (b)(c)(e)(f) | 360232 | 3697100 |
| Hygon Information Technology Co Ltd A Shares (China)  | 71643 | 2308412 |
| JCET Group Co Ltd A Shares (China)  | 61075 | 343415 |
| Jinko Solar Co Ltd A Shares (China) (b) | 377962 | 308534 |
| JinkoSolar Holding Co Ltd ADR  | 17071 | 428653 |
| LONGi Green Energy Technology Co Ltd A Shares (China) (b) | 233777 | 693376 |
| Montage Technology Co Ltd A Shares (China)  | 34721 | 664916 |
| National Silicon Industry Group Co Ltd A Shares (China) (b) | 101559 | 326192 |
| NAURA Technology Group Co Ltd A Shares (China)  | 21034 | 1202952 |
| OmniVision Integrated Circuits Group Inc A Shares (China)  | 35273 | 647783 |
| Rockchip Electronics Co Ltd A Shares (China)  | 12700 | 323772 |
| Sanan Optoelectronics CO Ltd A Shares (China)  | 180185 | 351135 |
| Silergy Corp  | 162962 | 1178083 |
| Tongwei Co Ltd A Shares (China) (b) | 145746 | 507431 |
| Unigroup Guoxin Microelectronics Co Ltd A Shares (China)  | 25400 | 291707 |
| Verisilicon Microelectronics Shanghai Co Ltd A Shares (China) (b) | 15295 | 342759 |
| Xinyi Solar Holdings Ltd (c) | 2286914 | 1053613 |
| Zhejiang Jingsheng Mechanical & Electrical Co Ltd A Shares (China)  | 52200 | 286030 |
|  |  | 21990724 |
| Software - 0.1% |  |  |
| 360 Security Technology Inc A Shares (China)  | 265393 | 446336 |
| AsiaInfo Technologies Ltd (c)(e)(f) | 208400 | 241909 |
| Beijing Fourth Paradigm Technology Co Ltd H Shares (b) | 67700 | 485715 |
| Beijing Kingsoft Office Software Inc A Shares (China)  | 14565 | 734635 |
| Empyrean Technology Co Ltd A Shares (China)  | 16600 | 282466 |
| Horizon Robotics A Shares (b)(c) | 2419800 | 2740377 |
| Hundsun Technologies Inc A Shares (China)  | 78800 | 348308 |
| Iflytek Co Ltd A Shares (China)  | 81938 | 640087 |
| Inspur Digital Enterprise Technology Ltd  | 294000 | 297763 |
| Kingdee International Software Group Co Ltd (b) | 1515041 | 2858293 |
| Shanghai Baosight Software Co Ltd B Shares  | 1123213 | 1260245 |
| Tuya Inc ADR  | 143900 | 328092 |
| Weimob Inc (b)(c)(e)(f) | 1631793 | 476693 |
|  |  | 11140919 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Anker Innovations Technology Co Ltd A Shares (China)  | 16600 | 272647 |
| China Greatwall Technology Group Co Ltd A Shares (China) (b) | 107600 | 255643 |
| Huaqin Technology Co Ltd A Shares (China)  | 26100 | 372648 |
| IEIT Systems Co Ltd A Shares (China)  | 44785 | 410448 |
| Legend Holdings Corp H Shares (b)(e)(f) | 323805 | 418375 |
| Lenovo Group Ltd  | 3394622 | 4962700 |
| Shenzhen Transsion Holdings Co Ltd A Shares (China)  | 36054 | 386506 |
| Xiaomi Corp B Shares (b)(e)(f) | 8421217 | 46720179 |
|  |  | 53799146 |
| TOTAL INFORMATION TECHNOLOGY |  | 124108874 |
| Materials - 0.3% |  |  |
| Chemicals - 0.0% |  |  |
| China BlueChemical Ltd H Shares  | 970073 | 299615 |
| China XLX Fertiliser Ltd  | 380000 | 358456 |
| Dongyue Group Ltd  | 687461 | 885585 |
| Fufeng Group Ltd  | 771722 | 798482 |
| Ganfeng Lithium Group Co Ltd H Shares (c)(e)(f) | 84102 | 555229 |
| Hengli Petrochemical Co Ltd A Shares (China)  | 220420 | 555897 |
| Hoshine Silicon Industry Co Ltd A Shares (China)  | 45570 | 317378 |
| Jiangsu Eastern Shenghong Co Ltd A Shares (China) (b) | 230112 | 299061 |
| Jinan Acetate Chemical Co Ltd  | 291800 | 572640 |
| LB Group Co Ltd A Shares (China)  | 119841 | 309983 |
| Meihua Holdings Group Co Ltd A Shares (China)  | 147500 | 231486 |
| Ningxia Baofeng Energy Group Co Ltd A Shares (China)  | 222454 | 576341 |
| Qinghai Salt Lake Industry Co Ltd A Shares (China) (b) | 186782 | 650827 |
| Rongsheng Petrochemical Co Ltd A Shares (China)  | 379005 | 542622 |
| Satellite Chemical Co Ltd A Shares (China)  | 116628 | 293479 |
| Shandong Hualu Hengsheng Chemical Co Ltd A Shares (China)  | 102858 | 370973 |
| Tianqi Lithium Corp A Shares (China) (b) | 54400 | 408149 |
| Wanhua Chemical Group Co Ltd A Shares (China)  | 93805 | 825443 |
| Zangge Mining Co Ltd A Shares (China)  | 59298 | 490387 |
| Zhejiang Juhua Co Ltd A Shares (China)  | 91394 | 453541 |
| Zhejiang NHU Co Ltd A Shares (China)  | 122605 | 418594 |
|  |  | 10214168 |
| Construction Materials - 0.0% |  |  |
| Anhui Conch Cement Co Ltd H Shares  | 760206 | 2263825 |
| China Jushi Co Ltd A Shares (China)  | 166909 | 384594 |
| China National Building Material Co Ltd H Shares  | 1842146 | 1306243 |
| China Resources Building Materials Technology Holdings Ltd  | 1327374 | 288687 |
| CSG Holding Co Ltd B Shares  | 2234999 | 520600 |
| West China Cement Ltd  | 950000 | 363102 |
|  |  | 5127051 |
| Metals & Mining - 0.3% |  |  |
| Aluminum Corp of China Ltd H Shares  | 2303763 | 2929159 |
| Baoshan Iron & Steel Co Ltd A Shares (China)  | 670690 | 694493 |
| China Gold International Resources Corp Ltd (c) | 119300 | 2017363 |
| China Hongqiao Group Ltd  | 1389587 | 5278985 |
| China Nonferrous Mining Corp Ltd  | 679823 | 1255440 |
| China Northern Rare Earth Group High-Tech Co Ltd A Shares (China)  | 110949 | 792047 |
| CMOC Group Ltd H Shares  | 2435590 | 5272037 |
| Huaibei Mining Holdings Co Ltd A Shares (China)  | 135900 | 253569 |
| Inner Mongolia BaoTou Steel Union Co Ltd A Shares (China)  | 1446398 | 516179 |
| Jiangxi Copper Co Ltd H Shares  | 618099 | 2581991 |
| Lingbao Gold Group Co Ltd H Shares  | 219000 | 460516 |
| MMG Ltd (b) | 2124021 | 1888796 |
| Shandong Gold Mining Co Ltd A Shares (China)  | 445048 | 2253566 |
| Shandong Gold Mining Co Ltd H Shares (e)(f) | 85750 | 360853 |
| Shandong Nanshan Aluminum Co Ltd A Shares (China)  | 594128 | 384822 |
| Shougang Fushan Resources Group Ltd  | 1429564 | 561115 |
| Silvercorp Metals Inc  | 109540 | 710715 |
| Tongling Nonferrous Metals Group Co Ltd A Shares (China)  | 567895 | 422087 |
| Wanguo Gold Group Ltd  | 130000 | 513940 |
| Western Mining Co Ltd A Shares (China)  | 112158 | 377726 |
| Yunnan Aluminium Co Ltd A Shares (China)  | 125436 | 405172 |
| Zhaojin Mining Industry Co Ltd H Shares  | 860201 | 3216946 |
| Zhongjin Gold Corp Ltd A Shares (China)  | 174399 | 543236 |
| Zijin Mining Group Co Ltd H Shares  | 3403717 | 14122018 |
|  |  | 47812771 |
| Paper & Forest Products - 0.0% |  |  |
| Lee & Man Paper Manufacturing Ltd  | 893360 | 316160 |
| TOTAL MATERIALS |  | 63470150 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| C&D International Investment Group Ltd  | 460090 | 943799 |
| China Jinmao Holdings Group Ltd  | 2913159 | 502363 |
| China Merchants Shekou Industrial Zone Holdings Co Ltd A Shares (China)  | 350019 | 464731 |
| China Overseas Grand Oceans Group Ltd  | 1260217 | 351927 |
| China Overseas Land & Investment Ltd  | 1937770 | 3249338 |
| China Overseas Property Holdings Ltd  | 1087121 | 678528 |
| China Resources Land Ltd  | 1589192 | 5738684 |
| China Resources Mixc Lifestyle Services Ltd (c)(e)(f) | 342233 | 1788999 |
| China Vanke Co Ltd H Shares (b)(c) | 1532104 | 867539 |
| Country Garden Services Holdings Co Ltd  | 1221743 | 971665 |
| Evergrande Property Services Group Ltd (b)(e)(f) | 3427500 | 516074 |
| Greentown China Holdings Ltd (c) | 613475 | 655274 |
| Greentown Service Group Co Ltd (f) | 1046741 | 602137 |
| Hainan Airport Infrastructure Co Ltd A Shares (China)  | 517843 | 358693 |
| Hopson Development Holdings Ltd (b) | 793733 | 321760 |
| KE Holdings Inc A Shares  | 1019223 | 5780698 |
| Longfor Group Holdings Ltd (c)(e)(f) | 1050885 | 1299651 |
| Onewo Inc H Shares (c) | 142900 | 410096 |
| Poly Developments and Holdings Group Co Ltd A Shares (China)  | 407181 | 419344 |
| Poly Property Group Co Ltd  | 1792521 | 426761 |
| Poly Property Services Co Ltd H Shares (f) | 91265 | 393927 |
| Seazen Group Ltd (b) | 1379891 | 388899 |
| Shanghai Jinqiao Export Processing Zone Development Co Ltd B Shares  | 558192 | 423668 |
| Sunac China Holdings Ltd (b)(c) | 4436567 | 833582 |
| Wharf Holdings Ltd/The  | 544027 | 1429633 |
| Yuexiu Property Co Ltd (c) | 842788 | 485897 |
| Yuexiu Services Group Ltd (f) | 368500 | 120453 |
|  |  | 30424120 |
| Utilities - 0.1% |  |  |
| Gas Utilities - 0.0% |  |  |
| Beijing Enterprises Holdings Ltd  | 256970 | 1127678 |
| China Gas Holdings Ltd  | 1403289 | 1442920 |
| China Resources Gas Group Ltd  | 505047 | 1388293 |
| ENN Energy Holdings Ltd  | 401559 | 3495952 |
| ENN Natural Gas Co Ltd A Shares (China)  | 93965 | 257706 |
| Kunlun Energy Co Ltd  | 1970575 | 1810670 |
| Towngas Smart Energy Co Ltd  | 710067 | 356379 |
|  |  | 9879598 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| CGN New Energy Holdings Co Ltd (e)(f) | 905501 | 320457 |
| CGN Power Co Ltd H Shares (e)(f) | 5912524 | 2343537 |
| China Datang Corp Renewable Power Co Ltd H Shares  | 1326308 | 406228 |
| China Longyuan Power Group Corp Ltd H Shares  | 1251145 | 1159280 |
| China National Nuclear Power Co Ltd A Shares (China)  | 620558 | 782956 |
| China Power International Development Ltd  | 2216552 | 955589 |
| China Resources Power Holdings Co Ltd  | 1031684 | 2466838 |
| China Three Gorges Renewables Group Co Ltd A Shares (China)  | 818439 | 488713 |
| China Yangtze Power Co Ltd A Shares (China)  | 673081 | 2657373 |
| GD Power Development Co Ltd A Shares (China)  | 645511 | 479775 |
| Huadian Power International Corp Ltd A Shares (China)  | 381052 | 289641 |
| Huaneng Power International Inc H Shares  | 2533185 | 2092908 |
| SDIC Power Holdings Co Ltd A Shares (China)  | 269131 | 542618 |
| Sichuan Chuantou Energy Co Ltd A Shares (China)  | 192902 | 398954 |
| Zhejiang Zheneng Electric Power Co Ltd A Shares (China)  | 402651 | 291915 |
|  |  | 15676782 |
| Water Utilities - 0.0% |  |  |
| Beijing Enterprises Water Group Ltd (c) | 2140921 | 688793 |
| China Water Affairs Group Ltd  | 433697 | 350505 |
| Guangdong Investment Ltd  | 1475205 | 1402959 |
|  |  | 2442257 |
| TOTAL UTILITIES |  | 27998637 |
| TOTAL CHINA |  | 1568929604 |
| COLOMBIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Grupo Cibest SA  | 125816 | 2039993 |
| Financial Services - 0.0% |  |  |
| Grupo de Inversiones Suramericana SA  | 61667 | 749666 |
| TOTAL FINANCIALS |  | 2789659 |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Cementos Argos SA  | 330803 | 885650 |
| Grupo Argos SA/Colombia  | 162170 | 732036 |
|  |  | 1617686 |
| Metals & Mining - 0.0% |  |  |
| Aris Mining Corp (b) | 78551 | 777361 |
| TOTAL MATERIALS |  | 2395047 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Interconexion Electrica SA ESP  | 223087 | 1446862 |
| TOTAL COLOMBIA |  | 6631568 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Ivanhoe Mines Ltd Class A (b)(c) | 369052 | 3691704 |
| COTE D'IVOIRE - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Endeavour Mining PLC (United Kingdom)  | 95790 | 3868301 |
| CZECH REPUBLIC - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Komercni Banka AS  | 37389 | 1914569 |
| Moneta Money Bank AS (e)(f) | 143507 | 1215464 |
|  |  | 3130033 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| CEZ AS  | 64165 | 3930051 |
| TOTAL CZECH REPUBLIC |  | 7060084 |
| DENMARK - 1.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Better Collective A/S (b)(c) | 21705 | 267992 |
| Consumer Discretionary - 0.0% |  |  |
| Household Durables - 0.0% |  |  |
| GN Store Nord AS (b) | 68810 | 1204901 |
| Specialty Retail - 0.0% |  |  |
| Matas A/S  | 19079 | 378697 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Pandora A/S  | 39042 | 5228137 |
| TOTAL CONSUMER DISCRETIONARY |  | 6811735 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Carlsberg AS Series B  | 45537 | 5352870 |
| Royal Unibrew A/S  | 25021 | 1890782 |
|  |  | 7243652 |
| Food Products - 0.0% |  |  |
| Schouw & Co A/S  | 6450 | 592341 |
| Tobacco - 0.0% |  |  |
| Scandinavian Tobacco Group A/S Series A (e)(f) | 28727 | 380872 |
| TOTAL CONSUMER STAPLES |  | 8216865 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Danske Bank A/S  | 325193 | 14520615 |
| Jyske Bank A/S  | 21182 | 2484711 |
| Ringkjoebing Landbobank A/S  | 12526 | 2828473 |
| Sydbank AS  | 26165 | 2233270 |
|  |  | 22067069 |
| Insurance - 0.0% |  |  |
| Alm Brand A/S  | 363612 | 1023666 |
| Tryg A/S  | 159227 | 3924796 |
|  |  | 4948462 |
| TOTAL FINANCIALS |  | 27015531 |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.1% |  |  |
| Bavarian Nordic A/S (b) | 38863 | 1433605 |
| Genmab A/S (b) | 30069 | 8576518 |
| Zealand Pharma A/S (b) | 31835 | 2518714 |
|  |  | 12528837 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Ambu AS Series B  | 97011 | 1507807 |
| Coloplast AS Series B  | 62113 | 5617776 |
| Demant A/S (b) | 41671 | 1385399 |
|  |  | 8510982 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Chemometec A/S  | 9027 | 1102085 |
| Pharmaceuticals - 0.5% |  |  |
| ALK-Abello A/S Series B (b) | 64654 | 2129537 |
| H Lundbeck A/S Series B  | 135105 | 983841 |
| Novo Nordisk A/S Series B  | 1580962 | 77833470 |
|  |  | 80946848 |
| TOTAL HEALTH CARE |  | 103088752 |
| Industrials - 0.3% |  |  |
| Air Freight & Logistics - 0.2% |  |  |
| DSV A/S  | 99832 | 21186921 |
| Building Products - 0.0% |  |  |
| ROCKWOOL A/S Series B  | 47108 | 1613420 |
| Commercial Services & Supplies - 0.0% |  |  |
| ISS A/S  | 72065 | 2271305 |
| Construction & Engineering - 0.0% |  |  |
| Cadeler A/S (b)(c) | 107146 | 497160 |
| Per Aarsleff Holding A/S Series B  | 9190 | 1043972 |
|  |  | 1541132 |
| Electrical Equipment - 0.1% |  |  |
| NKT A/S (b) | 26852 | 3008906 |
| Vestas Wind Systems A/S  | 496849 | 10161610 |
|  |  | 13170516 |
| Machinery - 0.0% |  |  |
| FLSmidth & Co A/S  | 21540 | 1678929 |
| Marine Transportation - 0.0% |  |  |
| D/S Norden A/S  | 12233 | 489022 |
| Dfds A/S (b) | 17558 | 247288 |
|  |  | 736310 |
| TOTAL INDUSTRIALS |  | 42198533 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Netcompany Group A/S (b)(e)(f) | 21208 | 1059263 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Novonesis Novozymes B Series B  | 172779 | 10325752 |
| Construction Materials - 0.0% |  |  |
| Cementir Holding NV  | 28659 | 527880 |
| TOTAL MATERIALS |  | 10853632 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Orsted AS (b)(e)(f) | 260839 | 4662045 |
| TOTAL DENMARK |  | 204174348 |
| EGYPT - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Tobacco - 0.0% |  |  |
| Eastern Co SAE (b) | 844294 | 804081 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Commercial International Bank - Egypt (CIB)  | 1206466 | 2694118 |
| Capital Markets - 0.0% |  |  |
| EFG Holding S.A.E. (b) | 595142 | 354641 |
| TOTAL FINANCIALS |  | 3048759 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Talaat Moustafa Group  | 479393 | 583613 |
| TOTAL EGYPT |  | 4436453 |
| FAROE ISLANDS - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Bakkafrost  | 25216 | 1156586 |
| FINLAND - 0.7%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Elisa Oyj A Shares  | 70888 | 3124554 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Nokian Renkaat Oyj (c) | 64931 | 654500 |
| Broadline Retail - 0.0% |  |  |
| Puuilo Oyj  | 47314 | 774418 |
| Tokmanni Group Corp  | 28217 | 279059 |
|  |  | 1053477 |
| Leisure Products - 0.0% |  |  |
| Harvia Oyj (f) | 8864 | 370369 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Marimekko Oyj  | 21244 | 312942 |
| TOTAL CONSUMER DISCRETIONARY |  | 2391288 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Kesko Oyj B Shares  | 133941 | 2825284 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Neste Oyj  | 209587 | 4337577 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| Nordea Bank Abp  | 1521940 | 26035545 |
| Insurance - 0.1% |  |  |
| Mandatum Holding Oy  | 210168 | 1507280 |
| Sampo Oyj A Shares  | 1102753 | 12288881 |
| Sampo Oyj Series A (Denmark)  | 63315 | 704396 |
|  |  | 14500557 |
| TOTAL FINANCIALS |  | 40536102 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Revenio Group Oyj  | 13501 | 376599 |
| Pharmaceuticals - 0.0% |  |  |
| Orion Oyj B Shares  | 53501 | 3733993 |
| TOTAL HEALTH CARE |  | 4110592 |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| Hiab Oyj B Shares  | 19352 | 1071138 |
| Kalmar Oyj B Shares  | 19805 | 820447 |
| Kone Oyj B Shares  | 164967 | 11013442 |
| Konecranes Oyj A Shares  | 33333 | 3288862 |
| Metso Oyj  | 328284 | 5377015 |
| Valmet Oyj  | 72194 | 2347479 |
| Wartsila OYJ Abp  | 246715 | 8067748 |
|  |  | 31986131 |
| Information Technology - 0.1% |  |  |
| Communications Equipment - 0.1% |  |  |
| Nokia Oyj  | 2551312 | 17403268 |
| IT Services - 0.0% |  |  |
| TietoEVRY Oyj  | 55476 | 1190006 |
| Software - 0.0% |  |  |
| QT Group Oyj (b)(c) | 9742 | 398633 |
| TOTAL INFORMATION TECHNOLOGY |  | 18991907 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Kemira Oyj  | 62281 | 1371155 |
| Containers & Packaging - 0.0% |  |  |
| Huhtamaki Oyj  | 52994 | 1781196 |
| Metsa Board Oyj B Shares (c) | 112387 | 381115 |
|  |  | 2162311 |
| Metals & Mining - 0.0% |  |  |
| Outokumpu Oyj A Shares  | 187352 | 806362 |
| Paper & Forest Products - 0.1% |  |  |
| Stora Enso Oyj R Shares  | 292635 | 3406788 |
| UPM-Kymmene Oyj  | 262782 | 7051411 |
|  |  | 10458199 |
| TOTAL MATERIALS |  | 14798027 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Kojamo Oyj (b) | 69165 | 837889 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Fortum Oyj  | 221924 | 4947186 |
| TOTAL FINLAND |  | 128886537 |
| FRANCE - 5.0%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Orange SA  | 912217 | 14592167 |
| Entertainment - 0.0% |  |  |
| Bollore SE  | 341690 | 1902291 |
| Ubisoft Entertainment SA (b) | 46681 | 416787 |
| Vivendi SE  | 335215 | 1206296 |
|  |  | 3525374 |
| Media - 0.1% |  |  |
| Canal+ SA  | 344379 | 1084428 |
| Eutelsat Communications SACA (b)(c) | 80551 | 311502 |
| IPSOS SA  | 18103 | 693600 |
| JCDecaux SE  | 40545 | 737933 |
| Louis Hachette Group  | 385374 | 662082 |
| Metropole Television SA  | 18814 | 259364 |
| Publicis Groupe SA  | 112582 | 11283994 |
| Television Francaise 1 SA  | 28343 | 259070 |
|  |  | 15291973 |
| TOTAL COMMUNICATION SERVICES |  | 33409514 |
| Consumer Discretionary - 0.9% |  |  |
| Automobile Components - 0.1% |  |  |
| Cie Generale des Etablissements Michelin SCA Series B  | 327173 | 10451681 |
| Forvia SE (b) | 82675 | 1058731 |
| Opmobility  | 29480 | 481159 |
| Valeo SE  | 104095 | 1438021 |
|  |  | 13429592 |
| Automobiles - 0.0% |  |  |
| Renault SA  | 94763 | 3681003 |
| Trigano SA  | 4386 | 730523 |
|  |  | 4411526 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Accor SA  | 96954 | 4933940 |
| FDJ UNITED  | 56278 | 1639884 |
| Sodexo SA  | 43149 | 2389303 |
|  |  | 8963127 |
| Household Durables - 0.0% |  |  |
| SEB SA  | 12610 | 697385 |
| Specialty Retail - 0.0% |  |  |
| Fnac Darty SA  | 6718 | 219915 |
| Textiles, Apparel & Luxury Goods - 0.8% |  |  |
| Hermes International SCA  | 15508 | 38414012 |
| Kering SA  | 36636 | 13010069 |
| LVMH Moet Hennessy Louis Vuitton SE  | 122695 | 86723672 |
|  |  | 138147753 |
| TOTAL CONSUMER DISCRETIONARY |  | 165869298 |
| Consumer Staples - 0.5% |  |  |
| Beverages - 0.1% |  |  |
| Pernod Ricard SA  | 99443 | 9738368 |
| Remy Cointreau SA  | 11795 | 584335 |
|  |  | 10322703 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Carrefour SA  | 292888 | 4411171 |
| Food Products - 0.1% |  |  |
| Danone SA  | 317109 | 28006002 |
| Personal Care Products - 0.3% |  |  |
| Interparfums SA  | 14849 | 488140 |
| L'Oreal SA  | 117799 | 49158867 |
|  |  | 49647007 |
| TOTAL CONSUMER STAPLES |  | 92386883 |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Technip Energies NV  | 64487 | 2617936 |
| Vallourec SACA  | 81408 | 1514965 |
|  |  | 4132901 |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Gaztransport Et Technigaz SA  | 18737 | 3706080 |
| TotalEnergies SE  | 1003923 | 62679969 |
|  |  | 66386049 |
| TOTAL ENERGY |  | 70518950 |
| Financials - 0.6% |  |  |
| Banks - 0.4% |  |  |
| BNP Paribas SA  | 498383 | 38603756 |
| Credit Agricole SA  | 517150 | 9335270 |
| Societe Generale SA Series A  | 353866 | 22442414 |
|  |  | 70381440 |
| Capital Markets - 0.0% |  |  |
| Amundi SA (e)(f) | 30098 | 2230725 |
| Antin Infrastructure Partners SA  | 22363 | 281481 |
|  |  | 2512206 |
| Financial Services - 0.0% |  |  |
| Edenred SE  | 117823 | 3385711 |
| Eurazeo SE  | 20415 | 1391879 |
| Peugeot Invest SA  | 3741 | 317368 |
| Wendel SE  | 12707 | 1192243 |
| Worldline SA/France (b)(c)(e)(f) | 102545 | 277885 |
|  |  | 6565086 |
| Insurance - 0.2% |  |  |
| AXA SA  | 866593 | 37600095 |
| Coface SA  | 57430 | 1011485 |
| SCOR SE  | 79561 | 2410033 |
|  |  | 41021613 |
| TOTAL FINANCIALS |  | 120480345 |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| BioMerieux  | 20326 | 2614650 |
| EssilorLuxottica SA  | 147442 | 53924825 |
|  |  | 56539475 |
| Health Care Providers & Services - 0.0% |  |  |
| Clariane SE (b) | 52729 | 226459 |
| Emeis SA (b) | 36996 | 610228 |
|  |  | 836687 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Sartorius Stedim Biotech  | 14396 | 3438183 |
| Pharmaceuticals - 0.0% |  |  |
| Ipsen SA  | 18380 | 2580419 |
| Virbac SACA  | 2240 | 915296 |
|  |  | 3495715 |
| TOTAL HEALTH CARE |  | 64310060 |
| Industrials - 1.4% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| Airbus SE  | 290913 | 71730758 |
| Dassault Aviation SA  | 9566 | 3074118 |
| Exail Technologies SA (b) | 4651 | 445497 |
| Exosens SAS  | 16149 | 909301 |
| LISI SA  | 8918 | 522190 |
| Safran SA  | 175971 | 62525754 |
| Thales SA  | 45457 | 12962196 |
|  |  | 152169814 |
| Air Freight & Logistics - 0.0% |  |  |
| ID Logistics Group SACA (b) | 1728 | 784761 |
| Building Products - 0.1% |  |  |
| Cie de Saint-Gobain SA  | 220762 | 21427616 |
| Commercial Services & Supplies - 0.0% |  |  |
| Derichebourg SA  | 65378 | 446119 |
| Elis SA (c) | 81649 | 2273763 |
| Elis SA (United Kingdom)  | 1901 | 52939 |
| Societe BIC SA  | 10709 | 596202 |
| SPIE SA  | 71852 | 3654028 |
|  |  | 7023051 |
| Construction & Engineering - 0.3% |  |  |
| Bouygues SA  | 94500 | 4262252 |
| Eiffage SA  | 34049 | 4187610 |
| Vinci SA  | 241732 | 32323511 |
|  |  | 40773373 |
| Electrical Equipment - 0.1% |  |  |
| Legrand SA  | 128682 | 22221800 |
| Mersen SA  | 11597 | 292743 |
| Nexans SA  | 17440 | 2452470 |
|  |  | 24967013 |
| Machinery - 0.0% |  |  |
| Alstom SA (b) | 171643 | 4292378 |
| Passenger Airlines - 0.0% |  |  |
| Air France-KLM (b) | 62149 | 828519 |
| Professional Services - 0.0% |  |  |
| Bureau Veritas SA  | 169031 | 5548860 |
| Teleperformance SE  | 26533 | 1894939 |
|  |  | 7443799 |
| Trading Companies & Distributors - 0.0% |  |  |
| Rexel SA  | 113014 | 3907968 |
| Transportation Infrastructure - 0.0% |  |  |
| Aeroports de Paris SA  | 16871 | 2312172 |
| Getlink SE Series A  | 143774 | 2623365 |
|  |  | 4935537 |
| TOTAL INDUSTRIALS |  | 268553829 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| VusionGroup  | 4236 | 1179642 |
| IT Services - 0.1% |  |  |
| Alten SA  | 15324 | 1262036 |
| Capgemini SE  | 80332 | 12358713 |
| Sopra Steria Group (c) | 7101 | 1104152 |
| Wavestone (c) | 4287 | 254977 |
|  |  | 14979878 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| SOITEC (b) | 13806 | 653249 |
| Software - 0.0% |  |  |
| Dassault Systemes SE  | 330672 | 9410181 |
| Planisware SA  | 14006 | 329338 |
|  |  | 9739519 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Quadient SA  | 15628 | 268762 |
| TOTAL INFORMATION TECHNOLOGY |  | 26821050 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Air Liquide SA  | 281790 | 54537332 |
| Arkema SA  | 28832 | 1711510 |
|  |  | 56248842 |
| Construction Materials - 0.0% |  |  |
| Imerys SA  | 18907 | 465937 |
| Vicat SACA  | 8482 | 635491 |
|  |  | 1101428 |
| Metals & Mining - 0.0% |  |  |
| Eramet SA (c) | 5083 | 348020 |
| TOTAL MATERIALS |  | 57698290 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.0% |  |  |
| Covivio SA/France  | 26721 | 1712478 |
| ICADE (c) | 19538 | 475632 |
|  |  | 2188110 |
| Office REITs - 0.0% |  |  |
| Gecina SA  | 21963 | 2039176 |
| Real Estate Management & Development - 0.0% |  |  |
| Nexity SA (b)(c) | 21731 | 227437 |
| Residential REITs - 0.0% |  |  |
| Altarea SCA  | 3561 | 405944 |
| Retail REITs - 0.1% |  |  |
| Carmila SA  | 32834 | 598725 |
| Klepierre SA  | 102540 | 3916907 |
| Mercialys SA  | 51461 | 627569 |
| Unibail-Rodamco-Westfield unit  | 58454 | 6039675 |
|  |  | 11182876 |
| TOTAL REAL ESTATE |  | 16043543 |
| Utilities - 0.2% |  |  |
| Gas Utilities - 0.0% |  |  |
| Rubis SCA  | 36583 | 1327430 |
| Multi-Utilities - 0.2% |  |  |
| Engie SA  | 885389 | 20729578 |
| Veolia Environnement SA  | 305603 | 10099302 |
|  |  | 30828880 |
| TOTAL UTILITIES |  | 32156310 |
| TOTAL FRANCE |  | 948248072 |
| GEORGIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Lion Finance Group PLC  | 17160 | 1804575 |
| TBC Bank Group PLC  | 22141 | 1266722 |
|  |  | 3071297 |
| Capital Markets - 0.0% |  |  |
| Georgia Capital PLC (b) | 16581 | 564166 |
| TOTAL GEORGIA |  | 3635463 |
| GERMANY - 5.1%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Deutsche Telekom AG  | 1711751 | 53021805 |
| United Internet AG  | 43188 | 1331134 |
|  |  | 54352939 |
| Entertainment - 0.0% |  |  |
| CTS Eventim AG & Co KGaA  | 30653 | 2741777 |
| Interactive Media & Services - 0.0% |  |  |
| Scout24 SE (e)(f) | 37773 | 4362613 |
| Media - 0.0% |  |  |
| Stroeer SE & Co KGaA  | 18271 | 799229 |
| Wireless Telecommunication Services - 0.0% |  |  |
| 1&1 AG  | 13991 | 345112 |
| Freenet AG  | 61571 | 1914766 |
|  |  | 2259878 |
| TOTAL COMMUNICATION SERVICES |  | 64516436 |
| Consumer Discretionary - 0.4% |  |  |
| Automobile Components - 0.0% |  |  |
| Aumovio SE  | 28055 | 1206192 |
| Continental AG  | 54809 | 4136739 |
| SAF-Holland SE  | 29847 | 485084 |
| Schaeffler AG Class Registered  | 99952 | 809348 |
|  |  | 6637363 |
| Automobiles - 0.3% |  |  |
| Bayerische Motoren Werke AG  | 136368 | 12687939 |
| Mercedes-Benz Group AG  | 353091 | 22910159 |
| Volkswagen AG  | 11151 | 1176227 |
|  |  | 36774325 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| TUI AG (b) | 224258 | 1908180 |
| Specialty Retail - 0.0% |  |  |
| Auto1 Group SE (b) | 64600 | 2266599 |
| CECONOMY AG (b) | 74609 | 381400 |
| Fielmann Group AG  | 12554 | 685172 |
| Hornbach Holding AG & Co KGaA  | 5384 | 538049 |
| Zalando SE (b)(e)(f) | 113161 | 3164354 |
|  |  | 7035574 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| adidas AG  | 84207 | 15922059 |
| HUGO BOSS AG  | 23760 | 1053028 |
| Puma SE  | 53882 | 1144013 |
|  |  | 18119100 |
| TOTAL CONSUMER DISCRETIONARY |  | 70474542 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| HelloFresh SE (b) | 78225 | 632966 |
| Food Products - 0.0% |  |  |
| Suedzucker AG (c) | 39912 | 440264 |
| Household Products - 0.0% |  |  |
| Henkel AG & Co KGaA  | 56836 | 4241903 |
| Personal Care Products - 0.1% |  |  |
| Beiersdorf AG  | 48444 | 5135743 |
| TOTAL CONSUMER STAPLES |  | 10450876 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Friedrich Vorwerk Group SE  | 3651 | 391794 |
| Financials - 1.1% |  |  |
| Banks - 0.1% |  |  |
| Commerzbank AG  | 379482 | 13782787 |
| Capital Markets - 0.3% |  |  |
| Deutsche Bank AG  | 907999 | 32371494 |
| Deutsche Boerse AG  | 92222 | 23354315 |
| flatexDEGIRO AG  | 41810 | 1584563 |
|  |  | 57310372 |
| Financial Services - 0.0% |  |  |
| Deutsche Pfandbriefbank AG (c)(e)(f) | 74107 | 389513 |
| GRENKE AG (c) | 13588 | 233993 |
| Hypoport SE (b)(c) | 2289 | 341411 |
|  |  | 964917 |
| Insurance - 0.7% |  |  |
| Allianz SE  | 188788 | 75862922 |
| Hannover Rueck SE  | 29642 | 8452879 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 64057 | 39631676 |
| Talanx AG  | 31902 | 3879429 |
|  |  | 127826906 |
| TOTAL FINANCIALS |  | 199884982 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.0% |  |  |
| CureVac NV (Germany) (b) | 49082 | 262505 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Carl Zeiss Meditec Ag (c) | 18719 | 947206 |
| Eckert & Ziegler SE  | 25491 | 497441 |
| Siemens Healthineers AG (e)(f) | 164801 | 9226254 |
|  |  | 10670901 |
| Health Care Providers & Services - 0.1% |  |  |
| Fresenius Medical Care AG  | 108423 | 5820933 |
| Fresenius SE & Co KGaA  | 206155 | 11885981 |
|  |  | 17706914 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Evotec SE (b)(c) | 71977 | 585230 |
| Gerresheimer AG (c) | 16737 | 532457 |
| Schott Pharma AG & Co KGaA  | 20350 | 455523 |
|  |  | 1573210 |
| Pharmaceuticals - 0.1% |  |  |
| Bayer AG  | 483488 | 15038648 |
| Dermapharm Holding SE  | 8234 | 324115 |
| Merck KGaA  | 63408 | 8306044 |
|  |  | 23668807 |
| TOTAL HEALTH CARE |  | 53882337 |
| Industrials - 1.4% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Hensoldt AG  | 31486 | 3346154 |
| Montana Aerospace Ag (b)(e)(f) | 13618 | 538966 |
| MTU Aero Engines AG  | 26522 | 11558738 |
| Rheinmetall AG  | 22531 | 44188563 |
| Tkms AG& Co KGaA  | 12206 | 1150160 |
|  |  | 60782581 |
| Air Freight & Logistics - 0.1% |  |  |
| Deutsche Post AG  | 466753 | 21445611 |
| Commercial Services & Supplies - 0.0% |  |  |
| Bilfinger SE  | 18147 | 1955753 |
| Cewe Stiftung & Co KGAA  | 4652 | 532995 |
|  |  | 2488748 |
| Electrical Equipment - 0.2% |  |  |
| Nordex SE (b) | 65932 | 1943991 |
| PNE AG (c) | 17590 | 217349 |
| Siemens Energy AG (b) | 333953 | 41605646 |
|  |  | 43766986 |
| Ground Transportation - 0.0% |  |  |
| Sixt SE  | 13234 | 1162367 |
| Industrial Conglomerates - 0.6% |  |  |
| Siemens AG  | 372731 | 105630971 |
| Machinery - 0.2% |  |  |
| Daimler Truck Holding AG  | 234193 | 9369707 |
| Deutz AG  | 64498 | 638612 |
| Duerr AG  | 28178 | 656083 |
| Gea Group Ag  | 73445 | 5248697 |
| JOST Werke SE (e)(f) | 6706 | 390348 |
| KION Group AG  | 36258 | 2570256 |
| Knorr-Bremse AG  | 35653 | 3312292 |
| Krones AG  | 7554 | 1095355 |
| Norma Group SE  | 16869 | 273383 |
| Pfeiffer Vacuum Technology AG  | 2227 | 400444 |
| Rational AG  | 2573 | 1884746 |
| RENK Group AG  | 37146 | 2816887 |
| Stabilus SE (c) | 16008 | 401323 |
| Vossloh AG (c) | 6159 | 561544 |
| Wacker Neuson SE  | 16589 | 361010 |
|  |  | 29980687 |
| Passenger Airlines - 0.0% |  |  |
| Deutsche Lufthansa AG  | 311292 | 2724809 |
| Trading Companies & Distributors - 0.0% |  |  |
| Brenntag SE  | 61264 | 3400158 |
| Transportation Infrastructure - 0.0% |  |  |
| Fraport AG Frankfurt Airport Services Worldwide (b) | 17972 | 1537085 |
| TOTAL INDUSTRIALS |  | 272920003 |
| Information Technology - 0.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Jenoptik AG  | 30249 | 681988 |
| Softwareone Holding AG  | 84081 | 863535 |
|  |  | 1545523 |
| IT Services - 0.0% |  |  |
| Bechtle AG  | 41862 | 1767962 |
| CANCOM SE  | 13804 | 392211 |
| IONOS Group SE (b) | 24758 | 877522 |
| Nagarro SE (c) | 5655 | 314961 |
|  |  | 3352656 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| AIXTRON SE  | 58372 | 933544 |
| Elmos Semiconductor SE  | 4337 | 408922 |
| Infineon Technologies AG  | 643065 | 25525114 |
| Siltronic AG (c) | 7790 | 480384 |
| SUSS MicroTec SE (c) | 10706 | 344047 |
|  |  | 27692011 |
| Software - 0.8% |  |  |
| Atoss Software SE  | 5027 | 673306 |
| Nemetschek SE  | 28434 | 3277445 |
| SAP SE  | 512603 | 133313957 |
| TeamViewer SE (b)(e)(f) | 75889 | 557206 |
|  |  | 137821914 |
| TOTAL INFORMATION TECHNOLOGY |  | 170412104 |
| Materials - 0.3% |  |  |
| Chemicals - 0.2% |  |  |
| AlzChem Group AG  | 2921 | 560924 |
| BASF SE  | 438811 | 21651749 |
| Covestro AG  | 88557 | 6185760 |
| Evonik Industries AG  | 136090 | 2279236 |
| K+S AG  | 88542 | 1154275 |
| LANXESS AG  | 42497 | 1011033 |
| Symrise AG  | 66305 | 5483358 |
| Wacker Chemie AG (c) | 10582 | 834908 |
|  |  | 39161243 |
| Construction Materials - 0.1% |  |  |
| Heidelberg Materials AG  | 65893 | 15458740 |
| Metals & Mining - 0.0% |  |  |
| Aurubis AG  | 15978 | 2079284 |
| Salzgitter AG (c) | 14520 | 470629 |
| thyssenkrupp AG  | 244133 | 2553986 |
|  |  | 5103899 |
| TOTAL MATERIALS |  | 59723882 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Aroundtown SA (b) | 402716 | 1437134 |
| Grand City Properties SA (b) | 46105 | 586698 |
| LEG Immobilien SE  | 38589 | 2937878 |
| Sirius Real Estate Ltd  | 761714 | 999163 |
| TAG Immobilien AG  | 93805 | 1555909 |
| Vonovia SE  | 369597 | 11108521 |
|  |  | 18625303 |
| Retail REITs - 0.0% |  |  |
| Hamborner REIT AG  | 60944 | 364582 |
| TOTAL REAL ESTATE |  | 18989885 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| RWE AG  | 309677 | 15245564 |
| Multi-Utilities - 0.1% |  |  |
| E.ON SE  | 1093469 | 20345503 |
| TOTAL UTILITIES |  | 35591067 |
| TOTAL GERMANY |  | 957237908 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Patria Investments Ltd Class A  | 35914 | 523267 |
| GREECE - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Hellenic Telecommunications Organization SA  | 82775 | 1556147 |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| Autohellas Tourist and Trading SA  | 14061 | 179578 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| OPAP SA  | 91524 | 1893638 |
| Specialty Retail - 0.0% |  |  |
| FF Group (b)(d) | 881 | 0 |
| JUMBO SA  | 57617 | 1828993 |
|  |  | 1828993 |
| TOTAL CONSUMER DISCRETIONARY |  | 3902209 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| HELLENiQ ENERGY Holdings S.A.  | 46723 | 411454 |
| Motor Oil Hellas Corinth Refineries SA  | 35869 | 1075782 |
|  |  | 1487236 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Alpha Bank SA  | 1096274 | 4296309 |
| Eurobank Ergasias Services and Holdings SA  | 1290883 | 4855791 |
| National Bank of Greece SA  | 434128 | 6377568 |
| Optima bank SA  | 92710 | 859171 |
| Piraeus Financial Holdings SA  | 568751 | 4439526 |
|  |  | 20828365 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| GEK TERNA SA  | 34496 | 921679 |
| Passenger Airlines - 0.0% |  |  |
| Aegean Airlines SA  | 25294 | 384265 |
| Transportation Infrastructure - 0.0% |  |  |
| Athens International Airport SA  | 33897 | 391495 |
| TOTAL INDUSTRIALS |  | 1697439 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| LAMDA Development SA (b) | 39821 | 339657 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Holding Co ADMIE IPTO SA  | 81455 | 280259 |
| Public Power Corp SA  | 92831 | 1614655 |
|  |  | 1894914 |
| TOTAL GREECE |  | 31705967 |
| GUATEMALA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Millicom International Cellular SA  | 53772 | 2533199 |
| HONG KONG - 1.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| HKT Trust & HKT Ltd unit  | 1898622 | 2768322 |
| PCCW Ltd  | 2121545 | 1515282 |
|  |  | 4283604 |
| Entertainment - 0.0% |  |  |
| Damai Entertainment Holdings Ltd (b)(c) | 5705050 | 675454 |
| SMI Holdings Group Ltd (b)(d) | 7200 | 0 |
|  |  | 675454 |
| TOTAL COMMUNICATION SERVICES |  | 4959058 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Johnson Electric Holdings Ltd  | 178929 | 841390 |
| Automobiles - 0.0% |  |  |
| Polestar Automotive Holding UK PLC Class A ADR (b)(c) | 223690 | 188996 |
| Diversified Consumer Services - 0.0% |  |  |
| Fenbi Ltd (b) | 659000 | 237461 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Cafe de Coral Holdings Ltd (c) | 307968 | 248893 |
| Melco International Development Ltd (b) | 473000 | 284267 |
| Melco Resorts & Entertainment Ltd ADR (b) | 94224 | 772637 |
| Super Hi International Holding Ltd (b)(c) | 162000 | 282490 |
|  |  | 1588287 |
| Household Durables - 0.0% |  |  |
| Man Wah Holdings Ltd  | 910307 | 555283 |
| Specialty Retail - 0.0% |  |  |
| Luk Fook Holdings International Ltd  | 190685 | 610541 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Stella International Holdings Ltd  | 350743 | 745671 |
| Yue Yuen Industrial Holdings Ltd  | 415119 | 761799 |
|  |  | 1507470 |
| TOTAL CONSUMER DISCRETIONARY |  | 5529428 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| DFI Retail Group Holdings Ltd  | 175600 | 616356 |
| Food Products - 0.0% |  |  |
| Vitasoy International Holdings Ltd  | 392225 | 383616 |
| WH Group Ltd (e)(f) | 4121566 | 3956848 |
|  |  | 4340464 |
| TOTAL CONSUMER STAPLES |  | 4956820 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Brightoil Petroleum Holdings Ltd (b)(d) | 26000 | 0 |
| United Energy Group Ltd  | 5792000 | 368962 |
|  |  | 368962 |
| Financials - 0.7% |  |  |
| Banks - 0.0% |  |  |
| Bank of East Asia Ltd/The  | 452846 | 780915 |
| Dah Sing Financial Holdings Ltd  | 100708 | 465790 |
| Hang Seng Bank Ltd (c) | 368651 | 7192218 |
|  |  | 8438923 |
| Capital Markets - 0.2% |  |  |
| Bright Smart Securities & Commodities Group Ltd (b)(c) | 410000 | 513387 |
| Futu Holdings Ltd Class A ADR  | 30490 | 6068730 |
| Guotai Junan International Holdings Ltd (c) | 1392000 | 682515 |
| Hong Kong Exchanges & Clearing Ltd  | 590520 | 32191321 |
|  |  | 39455953 |
| Insurance - 0.5% |  |  |
| AIA Group Ltd  | 5212016 | 50716756 |
| Prudential PLC  | 1264154 | 17581968 |
|  |  | 68298724 |
| TOTAL FINANCIALS |  | 116193600 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Grand Pharmaceutical Group Ltd (c) | 645539 | 686200 |
| SSY Group Ltd (c) | 802300 | 320071 |
| United Laboratories International Holdings Ltd/The  | 513961 | 831407 |
|  |  | 1837678 |
| Industrials - 0.1% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| J&T Global Express Ltd B Shares (b) | 1193800 | 1531704 |
| Construction & Engineering - 0.0% |  |  |
| Envision Greenwise Holdings Ltd (b)(c)(f) | 682000 | 286121 |
| Electrical Equipment - 0.0% |  |  |
| Time Interconnect Technology Ltd  | 281000 | 565938 |
| Ground Transportation - 0.0% |  |  |
| MTR Corp Ltd (c) | 735608 | 2697985 |
| Industrial Conglomerates - 0.0% |  |  |
| CTF Services Ltd  | 475402 | 513912 |
| Swire Pacific Ltd A Shares (c) | 166658 | 1376922 |
|  |  | 1890834 |
| Machinery - 0.1% |  |  |
| Techtronic Industries Co Ltd  | 721254 | 8427958 |
| Marine Transportation - 0.0% |  |  |
| Orient Overseas International Ltd (c) | 66745 | 1155286 |
| Pacific Basin Shipping Ltd  | 2451102 | 810667 |
|  |  | 1965953 |
| Trading Companies & Distributors - 0.0% |  |  |
| Realord Group Holdings Ltd (b)(c) | 212000 | 335302 |
| Transportation Infrastructure - 0.0% |  |  |
| Hutchison Port Holdings Trust  | 2659346 | 558463 |
| TOTAL INDUSTRIALS |  | 18260258 |
| Information Technology - 0.0% |  |  |
| Communications Equipment - 0.0% |  |  |
| VTech Holdings Ltd  | 103873 | 848169 |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Cowell e Holdings Inc (b) | 133314 | 530473 |
| Kingboard Laminates Holdings Ltd  | 464699 | 778630 |
| MH Development Ltd (b)(d) | 74000 | 0 |
| PAX Global Technology Ltd  | 411225 | 282069 |
| Wasion Holdings Ltd  | 295880 | 475964 |
|  |  | 2067136 |
| IT Services - 0.0% |  |  |
| SUNeVision Holdings Ltd  | 359000 | 279048 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| ASMPT Ltd (c) | 162198 | 1711621 |
| Software - 0.0% |  |  |
| Marketingforce Management Ltd (b)(c) | 39200 | 219444 |
| TOTAL INFORMATION TECHNOLOGY |  | 5125418 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Tongguan Gold Group Ltd  | 962000 | 335500 |
| Paper & Forest Products - 0.0% |  |  |
| Nine Dragons Paper Holdings Ltd (b) | 828508 | 593882 |
| TOTAL MATERIALS |  | 929382 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| CK Asset Holdings Ltd  | 933035 | 4615615 |
| Hang Lung Group Ltd  | 438000 | 834790 |
| Hang Lung Properties Ltd  | 1032854 | 1149750 |
| Henderson Land Development Co Ltd (c) | 697886 | 2450062 |
| Hongkong Land Holdings Ltd (Singapore)  | 531584 | 3247978 |
| Hysan Development Co Ltd  | 323691 | 670664 |
| Kerry Properties Ltd  | 316616 | 796985 |
| New World Development Co Ltd (b) | 672715 | 622455 |
| Sino Land Co Ltd  | 1789554 | 2222390 |
| Sun Hung Kai Properties Ltd  | 708236 | 8608514 |
| Wharf Real Estate Investment Co Ltd  | 823238 | 2341348 |
|  |  | 27560551 |
| Retail REITs - 0.0% |  |  |
| Fortune Real Estate Investment Trust  | 804863 | 519965 |
| Link REIT  | 1270804 | 6620142 |
|  |  | 7140107 |
| TOTAL REAL ESTATE |  | 34700658 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| CK Infrastructure Holdings Ltd  | 307743 | 2001970 |
| CLP Holdings Ltd  | 781343 | 6666586 |
| Power Assets Holdings Ltd  | 675665 | 4291952 |
|  |  | 12960508 |
| Gas Utilities - 0.0% |  |  |
| Hong Kong & China Gas Co Ltd  | 5402943 | 5027093 |
| TOTAL UTILITIES |  | 17987601 |
| TOTAL HONG KONG |  | 210848863 |
| HUNGARY - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Magyar Telekom Telecommunications PLC  | 170238 | 892575 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| MOL Hungarian Oil & Gas PLC Class A  | 197984 | 1741853 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| OTP Bank Nyrt  | 108925 | 10389314 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Richter Gedeon Nyrt  | 69744 | 2149687 |
| TOTAL HUNGARY |  | 15173429 |
| INDIA - 5.0%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| HFCL Ltd  | 528347 | 437546 |
| Indus Towers Ltd (b) | 658119 | 2695793 |
| Railtel Corp of India Ltd  | 65272 | 270677 |
| Tata Communications Ltd  | 56452 | 1192701 |
|  |  | 4596717 |
| Entertainment - 0.0% |  |  |
| PVR Inox Ltd (b) | 46021 | 625572 |
| Saregama India Ltd  | 52067 | 266831 |
|  |  | 892403 |
| Interactive Media & Services - 0.0% |  |  |
| Info Edge India Ltd  | 177123 | 2750280 |
| Media - 0.0% |  |  |
| Affle 3i Ltd (b) | 31767 | 690918 |
| Sun TV Network Ltd  | 52128 | 329922 |
| Zee Entertainment Enterprises Ltd  | 401880 | 455372 |
|  |  | 1476212 |
| Wireless Telecommunication Services - 0.2% |  |  |
| Bharti Airtel Ltd  | 1255553 | 29060257 |
| Vodafone Idea Ltd (b) | 13727323 | 1350076 |
|  |  | 30410333 |
| TOTAL COMMUNICATION SERVICES |  | 40125945 |
| Consumer Discretionary - 0.6% |  |  |
| Automobile Components - 0.1% |  |  |
| Apollo Tyres Ltd  | 150335 | 849355 |
| Asahi India Glass Ltd  | 45058 | 468473 |
| Balkrishna Industries Ltd  | 40279 | 1034508 |
| Bharat Forge Ltd  | 134330 | 2004697 |
| Bosch Ltd  | 3674 | 1541578 |
| Ceat Ltd  | 11638 | 528728 |
| CIE Automotive India Ltd  | 89961 | 438023 |
| Endurance Technologies Ltd (e)(f) | 18215 | 582494 |
| Exide Industries Ltd  | 243417 | 1047270 |
| Gabriel India Ltd  | 33718 | 483900 |
| JK Tyre & Industries Ltd  | 71942 | 350167 |
| Minda Corp Ltd  | 53930 | 342481 |
| Motherson Sumi Wiring India Ltd  | 1465095 | 779216 |
| MRF Ltd  | 1175 | 2085058 |
| Samvardhana Motherson International Ltd  | 2447854 | 2906319 |
| Sansera Engineering Ltd (e)(f) | 29080 | 495898 |
| Sona Blw Precision Forgings Ltd (e)(f) | 237135 | 1262948 |
| Sundram Fasteners Ltd  | 61520 | 657997 |
| Tube Investments of India Ltd  | 55758 | 1898906 |
| TVS Holdings Ltd  | 2605 | 445343 |
| UNO Minda Ltd  | 101597 | 1413762 |
| ZF Commercial Vehicle Control Systems India Ltd  | 4113 | 575676 |
|  |  | 22192797 |
| Automobiles - 0.3% |  |  |
| Bajaj Auto Ltd  | 32757 | 3281604 |
| Eicher Motors Ltd  | 67119 | 5298291 |
| Hero MotoCorp Ltd  | 60576 | 3783398 |
| Hyundai Motor India Ltd  | 81843 | 2248527 |
| Mahindra & Mahindra Ltd  | 458502 | 18012598 |
| Maruti Suzuki India Ltd  | 61564 | 11225989 |
| Ola Electric Mobility Ltd (b) | 560104 | 316382 |
| Tata Motors Passenger Vehicles Limited  | 1012519 | 4676762 |
| TVS Motor Co Ltd  | 115791 | 4576983 |
|  |  | 53420534 |
| Broadline Retail - 0.0% |  |  |
| Vishal Mega Mart Ltd  | 1061233 | 1729846 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Chalet Hotels Ltd (b) | 48759 | 521702 |
| Devyani International Ltd (b) | 266589 | 485936 |
| EIH Ltd  | 125391 | 550638 |
| Eternal Ltd (b) | 1190839 | 4262819 |
| Indian Hotels Co Ltd/The  | 428539 | 3581256 |
| ITC Hotels Ltd  | 335601 | 819976 |
| Jubilant Foodworks Ltd  | 188836 | 1271848 |
| Lemon Tree Hotels Ltd (b)(e)(f) | 290681 | 541214 |
| Restaurant Brands Asia Ltd (b) | 326397 | 247211 |
| Sapphire Foods India Ltd (b) | 131498 | 423759 |
| Swiggy Ltd (b) | 429700 | 1984515 |
| Tbo Tek Ltd (b) | 19687 | 328956 |
| Westlife Foodworld Ltd  | 41685 | 278644 |
|  |  | 15298474 |
| Household Durables - 0.0% |  |  |
| Amber Enterprises India Ltd (b) | 10710 | 969649 |
| Cello World Ltd  | 35784 | 263910 |
| Crompton Greaves Consumer Electricals Ltd  | 358732 | 1142495 |
| Dixon Technologies India Ltd (f) | 18420 | 3215225 |
| TTK Prestige Ltd  | 37866 | 285728 |
| Whirlpool of India Ltd  | 38240 | 602733 |
|  |  | 6479740 |
| Specialty Retail - 0.0% |  |  |
| Aditya Birla Fashion and Retail Ltd (b) | 281546 | 258947 |
| Aditya Birla Lifestyle Brands Ltd  | 286334 | 430961 |
| Cartrade Tech Ltd (b) | 21419 | 728606 |
| FSN E-Commerce Ventures Ltd (b) | 572306 | 1598575 |
| Go Fashion India Ltd (b) | 23477 | 170394 |
| Trent Ltd  | 90291 | 4775002 |
|  |  | 7962485 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Arvind Ltd  | 103919 | 373226 |
| Bata India Ltd  | 32957 | 397496 |
| Gokaldas Exports Ltd (b) | 35664 | 336832 |
| Kalyan Jewellers India Ltd  | 222735 | 1278973 |
| KPR Mill Ltd  | 62075 | 747851 |
| Page Industries Ltd  | 3253 | 1509870 |
| Relaxo Footwears Ltd  | 57233 | 281216 |
| Safari Industries India Ltd  | 15018 | 361183 |
| Titan Co Ltd  | 174851 | 7380322 |
| Trident Ltd/India  | 1092147 | 352258 |
| Vardhman Textiles Ltd  | 77067 | 378585 |
| Vedant Fashions Ltd  | 41783 | 303964 |
|  |  | 13701776 |
| TOTAL CONSUMER DISCRETIONARY |  | 120785652 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.0% |  |  |
| Radico Khaitan Ltd  | 37548 | 1324639 |
| Tilaknagar Industries Ltd  | 54815 | 326117 |
| United Spirits Ltd  | 148754 | 2398766 |
| Varun Beverages Ltd  | 664229 | 3514394 |
|  |  | 7563916 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Avenue Supermarts Ltd (b)(e)(f) | 81051 | 3792546 |
| Medplus Health Services Ltd (b) | 47877 | 411457 |
|  |  | 4204003 |
| Food Products - 0.1% |  |  |
| AWL Agri Business Ltd (b) | 185630 | 574781 |
| Balrampur Chini Mills Ltd  | 90819 | 469570 |
| Bikaji Foods International Ltd  | 45854 | 377412 |
| Britannia Industries Ltd  | 55176 | 3627947 |
| CCL Products India Ltd  | 37006 | 358429 |
| LT Foods Ltd  | 76818 | 363904 |
| Marico Ltd  | 271720 | 2203851 |
| Mrs Bectors Food Specialities Ltd (f) | 18802 | 283729 |
| Nestle India Ltd  | 338548 | 4849858 |
| Tata Consumer Products Ltd  | 300943 | 3949739 |
| Zydus Wellness Ltd  | 72695 | 390316 |
|  |  | 17449536 |
| Household Products - 0.0% |  |  |
| Jyothy Laboratories Ltd  | 92956 | 329349 |
| Personal Care Products - 0.2% |  |  |
| Colgate-Palmolive India Ltd  | 68525 | 1731556 |
| Dabur India Ltd  | 280161 | 1538810 |
| Emami Ltd  | 115059 | 692700 |
| Gillette India Ltd  | 3734 | 379289 |
| Godrej Consumer Products Ltd  | 203572 | 2565376 |
| Hindustan Unilever Ltd  | 403805 | 11215922 |
| Honasa Consumer Ltd (b) | 90351 | 289380 |
|  |  | 18413033 |
| Tobacco - 0.0% |  |  |
| Godfrey Phillips India Ltd  | 18597 | 644804 |
| ITC Ltd  | 1496147 | 7085060 |
|  |  | 7729864 |
| TOTAL CONSUMER STAPLES |  | 55689701 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Aegis Logistics Ltd  | 69942 | 591077 |
| Bharat Petroleum Corp Ltd  | 760377 | 3056413 |
| Coal India Ltd  | 908499 | 3977786 |
| Great Eastern Shipping Co Ltd/The  | 56977 | 705818 |
| Hindustan Petroleum Corp Ltd  | 466898 | 2503728 |
| Indian Oil Corp Ltd  | 1404513 | 2625007 |
| Oil & Natural Gas Corp Ltd  | 1517144 | 4364705 |
| Oil India Ltd  | 266751 | 1302276 |
| Petronet LNG Ltd  | 393402 | 1246486 |
| Reliance Industries Ltd  | 2982970 | 49950843 |
|  |  | 70324139 |
| Financials - 1.4% |  |  |
| Banks - 0.9% |  |  |
| AU Small Finance Bank Ltd (e)(f) | 180756 | 1787604 |
| Axis Bank Ltd  | 1129813 | 15691246 |
| Bandhan Bank Ltd (e)(f) | 456573 | 805284 |
| Bank of Baroda  | 512422 | 1607146 |
| Canara Bank  | 928514 | 1432965 |
| City Union Bank Ltd  | 232587 | 599174 |
| Federal Bank Ltd  | 917327 | 2445206 |
| HDFC Bank Ltd/Gandhinagar  | 5550398 | 61735008 |
| ICICI Bank Ltd  | 2582175 | 39129511 |
| IDFC First Bank Ltd  | 1803905 | 1661751 |
| IndusInd Bank Ltd/Gift City (b) | 287442 | 2573750 |
| Jammu & Kashmir Bank Ltd/The  | 251354 | 300526 |
| Karnataka Bank Ltd/The  | 206751 | 415179 |
| Karur Vysya Bank Ltd/The  | 246254 | 674553 |
| Kotak Mahindra Bank Ltd  | 538416 | 12751176 |
| Punjab National Bank  | 1217976 | 1686217 |
| RBL Bank Ltd (e)(f) | 240488 | 884169 |
| South Indian Bank Ltd/The  | 899937 | 371269 |
| State Bank of India  | 863915 | 9119454 |
| Tamilnad Mercantile Bank Ltd  | 54007 | 303787 |
| Ujjivan Small Finance Bank Ltd (b)(e)(f) | 567726 | 331560 |
| Union Bank of India Ltd  | 765738 | 1282513 |
| Yes Bank Ltd (b) | 7106019 | 1820435 |
|  |  | 159409483 |
| Capital Markets - 0.1% |  |  |
| 360 ONE WAM Ltd  | 104157 | 1268095 |
| Anand Rathi Wealth Ltd  | 19650 | 683682 |
| Angel One Ltd  | 24345 | 683574 |
| BSE Ltd  | 97969 | 2736047 |
| Central Depository Services India Ltd (f) | 50444 | 901985 |
| CRISIL Ltd  | 10042 | 557641 |
| Edelweiss Financial Services Ltd  | 351103 | 449336 |
| HDFC Asset Management Co Ltd (e)(f) | 48694 | 2950770 |
| Indian Energy Exchange Ltd (e)(f) | 265637 | 416149 |
| JM Financial Ltd  | 221070 | 408493 |
| Kfin Technologies Ltd  | 43345 | 536215 |
| Motilal Oswal Financial Services Ltd  | 78141 | 860946 |
| Multi Commodity Exchange of India Ltd  | 13478 | 1404315 |
| Nippon Life India Asset Management Ltd (e)(f) | 85990 | 847452 |
| Nuvama Wealth Management Ltd  | 7484 | 597944 |
| Piramal Finance Ltd (d) | 64994 | 823143 |
| Prudent Corporate Advisory Services Ltd  | 10136 | 291810 |
| Tata Investment Corp Ltd  | 65990 | 593995 |
| UTI Asset Management Co Ltd  | 25459 | 357829 |
|  |  | 17369421 |
| Consumer Finance - 0.2% |  |  |
| Bajaj Finance Ltd  | 1376114 | 16166414 |
| Cholamandalam Financial Holdings Ltd  | 46655 | 1005265 |
| Cholamandalam Investment and Finance Co Ltd  | 205943 | 3936733 |
| CreditAccess Grameen Ltd (b) | 30053 | 481986 |
| Five-Star Business Finance Ltd  | 100852 | 741634 |
| Mahindra & Mahindra Financial Services Ltd  | 315228 | 1120602 |
| Manappuram Finance Ltd  | 261700 | 794549 |
| MAS Financial Services Ltd (e)(f) | 60837 | 209347 |
| Muthoot Finance Ltd  | 60764 | 2175976 |
| Poonawalla Fincorp Ltd (b) | 130589 | 708886 |
| SBI Cards & Payment Services Ltd  | 141234 | 1398020 |
| Shriram Finance Ltd  | 705508 | 5952289 |
| Sundaram Finance Ltd  | 33345 | 1725946 |
|  |  | 36417647 |
| Financial Services - 0.1% |  |  |
| Aadhar Housing Finance Ltd (b) | 73577 | 422613 |
| Aavas Financiers Ltd (b) | 24935 | 463502 |
| Aptus Value Housing Finance India Ltd  | 178395 | 638295 |
| Bajaj Finserv Ltd  | 190217 | 4475076 |
| Bajaj Holdings & Investment Ltd  | 13282 | 1840911 |
| Can Fin Homes Ltd  | 51952 | 507961 |
| Home First Finance Co India Ltd (e)(f) | 40405 | 543998 |
| IFCI Ltd (b) | 364685 | 238084 |
| IIFL Finance Ltd (b) | 125858 | 757998 |
| Jio Financial Services Ltd  | 1432741 | 4952008 |
| JSW Holdings Ltd/India (b) | 1988 | 366895 |
| L&T Finance Ltd  | 466856 | 1422631 |
| LIC Housing Finance Ltd  | 165066 | 1061730 |
| One 97 Communications Ltd (b) | 157889 | 2318041 |
| PNB Housing Finance Ltd (e)(f) | 97772 | 1022935 |
| Power Finance Corp Ltd  | 719712 | 3269575 |
| REC Ltd  | 642519 | 2713324 |
| Sammaan Capital Ltd (b) | 317672 | 674926 |
| SKF India Industrial Ltd (d) | 14676 | 447795 |
|  |  | 28138298 |
| Insurance - 0.1% |  |  |
| Go Digit General Insurance Ltd (b) | 157371 | 635849 |
| HDFC Life Insurance Co Ltd (e)(f) | 485443 | 4002382 |
| ICICI Lombard General Insurance Co Ltd (e)(f) | 121589 | 2730941 |
| ICICI Prudential Life Insurance Co Ltd (e)(f) | 187329 | 1247559 |
| Max Financial Services Ltd (b) | 136785 | 2383124 |
| PB Fintech Ltd (b) | 170973 | 3438914 |
| SBI Life Insurance Co Ltd (e)(f) | 224245 | 4940640 |
| Star Health & Allied Insurance Co Ltd (b) | 131336 | 731510 |
|  |  | 20110919 |
| TOTAL FINANCIALS |  | 261445768 |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.0% |  |  |
| Biocon Ltd  | 273355 | 1145895 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Poly Medicure Ltd  | 18624 | 419562 |
| Health Care Providers & Services - 0.1% |  |  |
| Apollo Hospitals Enterprise Ltd  | 49944 | 4321747 |
| Aster DM Healthcare Ltd (e)(f) | 115850 | 884944 |
| Dr Lal PathLabs Ltd (e)(f) | 19769 | 698312 |
| Fortis Healthcare Ltd  | 240557 | 2772510 |
| Global Health Ltd/India  | 40892 | 604178 |
| Krishna Institute of Medical Sciences Ltd (b)(e)(f) | 122916 | 998463 |
| Max Healthcare Institute Ltd  | 387571 | 5011593 |
| Metropolis Healthcare Ltd (b)(e)(f) | 15089 | 334945 |
| Narayana Hrudayalaya Ltd (f) | 35882 | 710404 |
| Rainbow Children's Medicare Ltd  | 28812 | 444490 |
| Vijaya Diagnostic Centre Ltd  | 31172 | 347189 |
|  |  | 17128775 |
| Health Care Technology - 0.0% |  |  |
| Inventurus Knowledge Solutions Ltd (b) | 24444 | 453246 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Divi's Laboratories Ltd  | 58324 | 4427276 |
| Onesource Specialty Pharma Ltd  | 23237 | 485368 |
| SAI Life Sciences Ltd (b)(e)(f) | 52028 | 538186 |
| Syngene International Ltd (e)(f) | 100555 | 736448 |
|  |  | 6187278 |
| Pharmaceuticals - 0.3% |  |  |
| Aarti Pharmalabs Ltd  | 26695 | 256214 |
| Acutaas Chemicals Ltd  | 28760 | 559778 |
| Ajanta Pharma Ltd  | 23421 | 650479 |
| Alembic Pharmaceuticals Ltd  | 27105 | 274027 |
| Alkem Laboratories Ltd  | 20963 | 1300431 |
| Aurobindo Pharma Ltd  | 133067 | 1707317 |
| Cipla Ltd/India  | 281589 | 4762571 |
| Cohance Lifesciences Ltd (b) | 58999 | 500759 |
| Concord Biotech Ltd  | 14412 | 234417 |
| Dr Reddy's Laboratories Ltd  | 292990 | 3942535 |
| Eris Lifesciences Ltd (e)(f) | 24927 | 446981 |
| Gland Pharma Ltd (e)(f) | 22607 | 491259 |
| GlaxoSmithKline Pharmaceuticals Ltd  | 21202 | 625467 |
| Glenmark Pharmaceuticals Ltd  | 69235 | 1475100 |
| Granules India Ltd  | 73871 | 470697 |
| Ipca Laboratories Ltd  | 72373 | 1036451 |
| JB Chemicals & Pharmaceuticals Ltd  | 45239 | 857383 |
| Jubilant Pharmova Ltd  | 33223 | 412083 |
| Laurus Labs Ltd (e)(f) | 171916 | 1846986 |
| Lupin Ltd  | 112411 | 2486554 |
| Mankind Pharma Ltd  | 60561 | 1626513 |
| Marksans Pharma Ltd  | 126738 | 259972 |
| Natco Pharma Ltd  | 45217 | 417658 |
| Neuland Laboratories Ltd  | 3772 | 700007 |
| Piramal Pharma Ltd  | 347896 | 782408 |
| Procter & Gamble Health Ltd  | 4756 | 330399 |
| Sanofi Consumer Healthcare India Ltd  | 4962 | 270703 |
| Sanofi India Ltd  | 4885 | 263091 |
| Strides Pharma Science Ltd  | 34400 | 362234 |
| Sun Pharmaceutical Industries Ltd  | 470537 | 8962282 |
| Torrent Pharmaceuticals Ltd  | 58514 | 2346822 |
| Wockhardt Ltd (b) | 36966 | 533678 |
| Zydus Lifesciences Ltd  | 125408 | 1376712 |
|  |  | 42569968 |
| TOTAL HEALTH CARE |  | 67904724 |
| Industrials - 0.6% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Bharat Electronics Ltd  | 1799895 | 8640064 |
| Data Patterns India Pvt Ltd  | 12783 | 395162 |
| Garden Reach Shipbuilders & Engineers Ltd  | 14110 | 406315 |
| Hindustan Aeronautics Ltd (f) | 98931 | 5215764 |
| Zen Technologies Ltd  | 23140 | 353806 |
|  |  | 15011111 |
| Air Freight & Logistics - 0.0% |  |  |
| Delhivery Ltd (b) | 261650 | 1373467 |
| Building Products - 0.0% |  |  |
| Astral Ltd  | 64568 | 1054808 |
| Blue Star Ltd  | 69348 | 1513601 |
| Cera Sanitaryware Ltd  | 3717 | 260732 |
| Electrosteel Castings Ltd  | 220134 | 226297 |
| Kajaria Ceramics Ltd  | 44679 | 607834 |
|  |  | 3663272 |
| Commercial Services & Supplies - 0.0% |  |  |
| CMS Info Systems Ltd  | 126701 | 529985 |
| Doms Industries Ltd  | 10358 | 300139 |
| Indian Railway Catering & Tourism Corp Ltd  | 136908 | 1108497 |
| ION Exchange India Ltd  | 76029 | 342822 |
|  |  | 2281443 |
| Construction & Engineering - 0.2% |  |  |
| Afcons Infrastructure Ltd  | 111273 | 561661 |
| Cemindia Projects Ltd  | 35260 | 321855 |
| Engineers India Ltd  | 169425 | 385899 |
| G R Infraprojects Ltd  | 17247 | 226670 |
| Hindustan Construction Co Ltd (b) | 802564 | 258043 |
| IRB Infrastructure Developers Ltd  | 1043117 | 526347 |
| IRCON International Ltd (e)(f) | 189199 | 361538 |
| Kalpataru Projects International Ltd  | 61459 | 869905 |
| KEC International Ltd  | 67830 | 624886 |
| Larsen & Toubro Ltd  | 330129 | 14991461 |
| Man Infraconstruction Ltd  | 111943 | 187843 |
| NBCC India Ltd  | 492273 | 651132 |
| NCC Ltd/India  | 270272 | 646625 |
| PNC Infratech Ltd (f) | 93863 | 296557 |
| Power Mech Projects Ltd  | 10983 | 308858 |
| Praj Industries Ltd  | 84764 | 322383 |
| Rail Vikas Nigam Ltd (f) | 255913 | 947943 |
| Techno Electric & Engineering Co Ltd  | 28372 | 421625 |
| Voltas Ltd  | 124233 | 1936448 |
|  |  | 24847679 |
| Electrical Equipment - 0.2% |  |  |
| ABB India Ltd  | 27786 | 1634010 |
| Amara Raja Energy & Mobility Ltd  | 77529 | 877567 |
| Bharat Heavy Electricals Ltd  | 530249 | 1585938 |
| CG Power & Industrial Solutions Ltd  | 362663 | 3009696 |
| Elecon Engineering Co Ltd  | 48071 | 304055 |
| Finolex Cables Ltd  | 60980 | 539900 |
| GE Vernova T&D India Ltd  | 65022 | 2224952 |
| Havells India Ltd  | 112744 | 1897463 |
| HBL Engineering Ltd  | 57544 | 650996 |
| Hitachi Energy India Ltd  | 6656 | 1333075 |
| Inox Wind Ltd (b) | 399567 | 698303 |
| KEI Industries Ltd  | 33843 | 1537261 |
| Polycab India Ltd  | 27001 | 2343443 |
| RR Kabel Ltd  | 18955 | 301520 |
| Schneider Electric Infrastructure Ltd (b) | 27166 | 256006 |
| Suzlon Energy Ltd (b) | 4743991 | 3169253 |
| TD Power Systems Ltd  | 60305 | 526450 |
| Transformers & Rectifiers India Ltd  | 75782 | 380255 |
| Triveni Turbine Ltd  | 77887 | 469700 |
| V-Guard Industries Ltd  | 124039 | 506203 |
| Voltamp Transformers Ltd  | 3913 | 326366 |
|  |  | 24572412 |
| Ground Transportation - 0.0% |  |  |
| Container Corp Of India Ltd  | 169398 | 1040548 |
| Industrial Conglomerates - 0.0% |  |  |
| 3M India Ltd  | 1668 | 555468 |
| Apar Industries Ltd  | 9138 | 892645 |
| Nava Ltd  | 70474 | 491289 |
| Siemens Ltd  | 44697 | 1559120 |
|  |  | 3498522 |
| Machinery - 0.1% |  |  |
| Action Construction Equipment Ltd  | 24277 | 301093 |
| AIA Engineering Ltd  | 23811 | 871778 |
| Ashok Leyland Ltd  | 1434996 | 2288007 |
| Azad Engineering Ltd (b) | 15249 | 291460 |
| BEML Ltd  | 9537 | 472719 |
| Craftsman Automation Ltd  | 6821 | 513314 |
| Cummins India Ltd  | 69426 | 3397662 |
| Elgi Equipments Ltd  | 113782 | 637584 |
| Force Motors Ltd  | 2387 | 474738 |
| GMM Pfaudler Ltd  | 19606 | 284797 |
| Grindwell Norton Ltd  | 26222 | 498976 |
| Jupiter Wagons Ltd  | 96327 | 350137 |
| Jyoti CNC Automation Ltd (b)(f) | 37267 | 362741 |
| Kirloskar Brothers Ltd  | 13183 | 278393 |
| Kirloskar Oil Engines Ltd  | 45264 | 509880 |
| Kirloskar Pneumatic Co Ltd  | 20137 | 253763 |
| KSB Ltd  | 37843 | 337076 |
| Lloyds Engineering Works Ltd  | 340832 | 226082 |
| LMW Ltd  | 2564 | 454625 |
| Olectra Greentech Ltd  | 23488 | 409747 |
| Shaily Engineering Plastics Ltd  | 10656 | 273060 |
| Shakti Pumps India Ltd  | 30958 | 285794 |
| SKF India Ltd  | 14676 | 353950 |
| Tata Motors Ltd /new (b)(d) | 982989 | 2887561 |
| Thermax Limited  | 22112 | 801826 |
| Timken India Ltd  | 19503 | 690784 |
| Titagarh Rail System Ltd  | 41850 | 417038 |
| Vesuvius India Ltd  | 54147 | 300945 |
|  |  | 19225530 |
| Passenger Airlines - 0.0% |  |  |
| InterGlobe Aviation Ltd (e)(f) | 94393 | 5981644 |
| Professional Services - 0.0% |  |  |
| BLS International Services Ltd  | 73239 | 259573 |
| Computer Age Management Services Ltd  | 25890 | 1149555 |
| eClerx Services Ltd  | 11220 | 597574 |
| Firstsource Solutions Ltd  | 158769 | 633001 |
| International Gemmological Institute India Ltd  | 84045 | 319743 |
| Sagility Ltd (b)(f) | 1010125 | 597893 |
|  |  | 3557339 |
| Trading Companies & Distributors - 0.0% |  |  |
| Adani Enterprises Ltd  | 78897 | 2205187 |
| IndiaMart InterMesh Ltd (e)(f) | 18230 | 504788 |
|  |  | 2709975 |
| Transportation Infrastructure - 0.0% |  |  |
| Adani Ports & Special Economic Zone Ltd  | 267545 | 4374941 |
| GMR Airports Ltd (b) | 1334534 | 1412788 |
| Gujarat Pipavav Port Ltd  | 190569 | 357715 |
|  |  | 6145444 |
| TOTAL INDUSTRIALS |  | 113908386 |
| Information Technology - 0.4% |  |  |
| Communications Equipment - 0.0% |  |  |
| Astra Microwave Products Ltd  | 26668 | 313127 |
| Tejas Networks Ltd (e)(f) | 51759 | 311085 |
|  |  | 624212 |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Kaynes Technology India Ltd (b) | 15845 | 1196787 |
| PG Electroplast Ltd  | 71261 | 458362 |
| Redington Ltd  | 300780 | 859831 |
|  |  | 2514980 |
| IT Services - 0.4% |  |  |
| Coforge Ltd  | 164589 | 3296972 |
| Cyient Ltd  | 53939 | 706406 |
| Happiest Minds Technologies Ltd  | 54683 | 317601 |
| HCL Technologies Ltd  | 468632 | 8138300 |
| Hexaware Technologies Ltd  | 62588 | 484684 |
| Infosys Ltd  | 1635603 | 27254488 |
| LTIMindtree Ltd (e)(f) | 38286 | 2451831 |
| Mastek Ltd  | 10327 | 248923 |
| Mphasis Ltd  | 56900 | 1772031 |
| Persistent Systems Ltd  | 54531 | 3634745 |
| Sonata Software Ltd  | 83874 | 349471 |
| Tata Consultancy Services Ltd  | 442566 | 15246627 |
| Tata Technologies Ltd  | 79962 | 623598 |
| Tech Mahindra Ltd  | 266557 | 4277404 |
| Wipro Ltd  | 1315356 | 3566346 |
| Zensar Technologies Ltd  | 65087 | 584804 |
|  |  | 72954231 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| WAAREE Energies Ltd  | 42446 | 1638928 |
| Software - 0.0% |  |  |
| Birlasoft Ltd  | 111866 | 468309 |
| Intellect Design Arena Ltd  | 46748 | 596957 |
| KPIT Technologies Ltd  | 85145 | 1119120 |
| Newgen Software Technologies Ltd  | 34407 | 378355 |
| Oracle Financial Services Software Ltd  | 11290 | 1083021 |
| Tanla Platforms Ltd  | 38587 | 265411 |
| Tata Elxsi Ltd  | 19866 | 1220741 |
|  |  | 5131914 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Netweb Technologies India Ltd  | 9443 | 429549 |
| TOTAL INFORMATION TECHNOLOGY |  | 83293814 |
| Materials - 0.5% |  |  |
| Chemicals - 0.2% |  |  |
| Aarti Industries Ltd  | 107990 | 462241 |
| Asian Paints Ltd  | 167077 | 4725927 |
| Atul Ltd  | 6855 | 445017 |
| BASF India Ltd  | 6698 | 332919 |
| Bayer CropScience Ltd/India  | 8647 | 475656 |
| Carborundum Universal Ltd  | 69312 | 703154 |
| Castrol India Ltd  | 253080 | 555998 |
| Chambal Fertilisers and Chemicals Ltd  | 83955 | 454794 |
| Chemplast Sanmar Ltd (b) | 62764 | 282018 |
| Coromandel International Ltd  | 59524 | 1424713 |
| Deepak Fertilisers & Petrochemicals Corp Ltd  | 35857 | 602538 |
| Deepak Nitrite Ltd  | 31331 | 610066 |
| Eid Parry (India) Ltd (b) | 49293 | 595525 |
| Fine Organic Industries Ltd  | 5373 | 268585 |
| Finolex Industries Ltd  | 136273 | 288635 |
| GHCL Ltd  | 46896 | 338228 |
| Gujarat Fluorochemicals Ltd  | 15258 | 643495 |
| Gujarat Narmada Valley Fertilizers & Chemicals Ltd  | 69142 | 391764 |
| Gujarat State Fertilizers & Chemicals Ltd  | 152728 | 328237 |
| Himadri Speciality Chemical Ltd  | 99060 | 538182 |
| Jubilant Ingrevia Ltd  | 39473 | 306815 |
| Kansai Nerolac Paints Ltd  | 127745 | 356848 |
| Navin Fluorine International Ltd  | 17000 | 1089233 |
| Paradeep Phosphates Ltd (e)(f) | 182733 | 342554 |
| PCBL CHEMICAL Ltd  | 106853 | 435887 |
| PI Industries Ltd  | 39902 | 1608127 |
| Pidilite Industries Ltd  | 150211 | 2444599 |
| Solar Industries India Ltd  | 13247 | 2071108 |
| SRF Ltd  | 66035 | 2180089 |
| Sudarshan Chemical Industries Ltd  | 25383 | 328794 |
| Sumitomo Chemical India Ltd  | 72680 | 411197 |
| Supreme Industries Ltd  | 31972 | 1373213 |
| Supreme Petrochem Ltd  | 40847 | 345289 |
| Tata Chemicals Ltd  | 83503 | 837852 |
| UPL Ltd  | 228323 | 1852255 |
| Vinati Organics Ltd  | 15985 | 297550 |
|  |  | 30749102 |
| Construction Materials - 0.1% |  |  |
| Ambuja Cements Ltd  | 316707 | 2017306 |
| Birla Corp Ltd  | 15356 | 203928 |
| Grasim Industries Ltd  | 136019 | 4431095 |
| JK Cement Ltd  | 18513 | 1296004 |
| JK Lakshmi Cement Ltd  | 35245 | 345402 |
| Nuvoco Vistas Corp Ltd (b) | 84359 | 394068 |
| Ramco Cements Ltd/The  | 70536 | 829959 |
| Rhi Magnesita India Ltd  | 43985 | 236265 |
| Shree Cement Ltd  | 4636 | 1478569 |
| UltraTech Cement Ltd  | 58211 | 7834696 |
|  |  | 19067292 |
| Containers & Packaging - 0.0% |  |  |
| Time Technoplast Ltd  | 120054 | 291178 |
| Metals & Mining - 0.2% |  |  |
| APL Apollo Tubes Ltd  | 90579 | 1828111 |
| Godawari Power and Ispat Ltd  | 129690 | 414558 |
| Gravita India Ltd  | 19779 | 371470 |
| Hindalco Industries Ltd  | 664438 | 6346463 |
| Hindustan Copper Ltd  | 161638 | 619584 |
| Jindal Saw Ltd  | 133305 | 263186 |
| Jindal Stainless Ltd  | 161788 | 1373735 |
| Jindal Steel Ltd  | 181375 | 2179810 |
| JSW Steel Ltd  | 300112 | 4077453 |
| Maharashtra Seamless Ltd  | 27805 | 177921 |
| National Aluminium Co Ltd  | 430991 | 1136847 |
| NMDC Ltd  | 1563145 | 1334656 |
| PTC Industries Ltd (b) | 2305 | 448795 |
| Ramkrishna Forgings Ltd  | 46588 | 284992 |
| Ratnamani Metals & Tubes Ltd  | 16266 | 444340 |
| Sarda Energy & Minerals Ltd  | 47374 | 282595 |
| Tata Steel Ltd  | 3717814 | 7658031 |
| Usha Martin Ltd  | 79789 | 417844 |
| Vedanta Ltd  | 689071 | 3831364 |
| Welspun Corp Ltd  | 50443 | 548812 |
|  |  | 34040567 |
| Paper & Forest Products - 0.0% |  |  |
| Aditya Birla Real Estate Ltd  | 28049 | 593022 |
| Century Plyboards India Ltd  | 39241 | 333525 |
|  |  | 926547 |
| TOTAL MATERIALS |  | 85074686 |
| Real Estate - 0.0% |  |  |
| Office REITs - 0.0% |  |  |
| Brookfield India Real Estate Trust (e)(f) | 173584 | 670967 |
| Embassy Office Parks REIT  | 448482 | 2167255 |
| Mindspace Business Parks REIT (e)(f) | 124092 | 649769 |
|  |  | 3487991 |
| Real Estate Management & Development - 0.0% |  |  |
| Anant Raj Ltd  | 64336 | 467055 |
| Brigade Enterprises Ltd  | 73130 | 854920 |
| DLF Ltd  | 363708 | 3098678 |
| Embassy Developments Ltd (b) | 330837 | 346137 |
| Godrej Properties Ltd (b) | 74474 | 1919636 |
| Lodha Developers Ltd (e)(f) | 147582 | 1991646 |
| Mahindra Lifespace Developers Ltd  | 72222 | 313899 |
| Oberoi Realty Ltd  | 67599 | 1354265 |
| Phoenix Mills Ltd/The  | 102828 | 1949174 |
| Prestige Estates Projects Ltd  | 88613 | 1741712 |
| Sobha Ltd  | 27823 | 507343 |
|  |  | 14544465 |
| Retail REITs - 0.0% |  |  |
| Nexus Select Trust  | 429785 | 789121 |
| TOTAL REAL ESTATE |  | 18821577 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.1% |  |  |
| CESC Ltd  | 312695 | 633950 |
| Power Grid Corp of India Ltd  | 2312111 | 7505602 |
| SJVN Ltd  | 429686 | 426128 |
| Tata Power Co Ltd/The  | 819132 | 3736456 |
| Torrent Power Ltd  | 89230 | 1323397 |
|  |  | 13625533 |
| Gas Utilities - 0.0% |  |  |
| GAIL India Ltd  | 1184949 | 2439715 |
| Gujarat Gas Ltd  | 86419 | 396633 |
| Gujarat State Petronet Ltd  | 167531 | 584419 |
| Indraprastha Gas Ltd  | 283493 | 676883 |
| Mahanagar Gas Ltd (f) | 29224 | 420392 |
| Swan Corp Ltd  | 63904 | 338076 |
|  |  | 4856118 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Adani Power Ltd (b) | 1425665 | 2535247 |
| Jaiprakash Power Ventures Ltd (b) | 2000622 | 406142 |
| JSW Energy Ltd  | 223607 | 1328694 |
| KPI Green Energy Ltd (e)(f) | 54394 | 328025 |
| NHPC Ltd  | 1585231 | 1515135 |
| NLC India Ltd  | 217054 | 641393 |
| NTPC Ltd  | 2153735 | 8175532 |
| PTC India Ltd  | 239855 | 454175 |
| Reliance Power Ltd (b) | 1335292 | 698296 |
|  |  | 16082639 |
| Water Utilities - 0.0% |  |  |
| VA Tech Wabag Ltd  | 25414 | 404866 |
| TOTAL UTILITIES |  | 34969156 |
| TOTAL INDIA |  | 952343548 |
| INDONESIA - 0.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Dayamitra Telekomunikasi PT  | 9416900 | 317105 |
| Sarana Menara Nusantara Tbk PT  | 8906792 | 291894 |
| Telkom Indonesia Persero Tbk PT  | 24768562 | 4791099 |
|  |  | 5400098 |
| Entertainment - 0.0% |  |  |
| MD Entertainment Tbk PT (b) | 1579700 | 539074 |
| Media - 0.0% |  |  |
| Elang Mahkota Teknologi Tbk PT  | 5969600 | 425374 |
| Wireless Telecommunication Services - 0.0% |  |  |
| XLSMART Telecom Sejahtera Tbk PT  | 3021013 | 474134 |
| TOTAL COMMUNICATION SERVICES |  | 6838680 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Bukalapak.com PT Tbk (b) | 31608112 | 319312 |
| GoTo Gojek Tokopedia Tbk PT Class A (b) | 461475092 | 1664974 |
| Mitra Adiperkasa Tbk PT  | 4621348 | 358481 |
|  |  | 2342767 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Sumber Alfaria Trijaya Tbk PT  | 9513351 | 1149840 |
| Food Products - 0.0% |  |  |
| Charoen Pokphand Indonesia Tbk PT  | 3737082 | 1049440 |
| First Pacific Co Ltd  | 1232620 | 994592 |
| First Resources Ltd  | 314200 | 473135 |
| Golden Agri-Resources Ltd  | 3456498 | 743561 |
| Indofood CBP Sukses Makmur Tbk PT  | 1258881 | 658585 |
| Indofood Sukses Makmur Tbk PT  | 2188286 | 973741 |
| Inti Agri Resources Tbk PT (b)(d) | 1180800 | 3550 |
| Japfa Comfeed Indonesia Tbk PT  | 3104135 | 468513 |
|  |  | 5365117 |
| TOTAL CONSUMER STAPLES |  | 6514957 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Adaro Andalan Indonesia PT  | 1006900 | 517679 |
| AKR Corporindo Tbk PT  | 3955148 | 290155 |
| Alamtri Resources Indonesia Tbk PT  | 5074554 | 575197 |
| Bukit Asam Tbk PT  | 2417631 | 348906 |
| Bumi Resources Tbk PT (b) | 59836905 | 510934 |
| Dian Swastatika Sentosa Tbk PT (b) | 495300 | 2518942 |
| Indo Tambangraya Megah Tbk PT  | 215429 | 304425 |
| Medco Energi Internasional Tbk PT  | 4388331 | 350961 |
| Petrindo Jaya Kreasi Tbk PT  | 11146200 | 1347196 |
| Sugih Energy Tbk PT (b)(d) | 40500 | 121 |
| United Tractors Tbk PT  | 756546 | 1223758 |
|  |  | 7988274 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Bank Aladin Syariah Tbk PT (b) | 5230663 | 295660 |
| Bank Central Asia Tbk PT  | 27459945 | 14059273 |
| Bank Jago Tbk PT (b) | 2279017 | 300123 |
| Bank Mandiri Persero Tbk PT  | 18622822 | 5276100 |
| Bank Negara Indonesia Persero Tbk PT  | 7481486 | 1970470 |
| Bank Rakyat Indonesia Persero Tbk PT  | 33819979 | 8090424 |
|  |  | 29992050 |
| Capital Markets - 0.0% |  |  |
| Pacific Strategic Financial Tbk PT (b) | 4851471 | 328196 |
| Pool Advista Indonesia Tbk PT (b)(d) | 184900 | 556 |
|  |  | 328752 |
| Consumer Finance - 0.0% |  |  |
| BFI Finance Indonesia Tbk PT  | 4520494 | 218821 |
| TOTAL FINANCIALS |  | 30539623 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Medikaloka Hermina Tbk PT (f) | 4659794 | 420306 |
| Mitra Keluarga Karyasehat Tbk PT (f) | 2497698 | 387496 |
|  |  | 807802 |
| Pharmaceuticals - 0.0% |  |  |
| Kalbe Farma Tbk PT  | 9912656 | 759990 |
| TOTAL HEALTH CARE |  | 1567792 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| Wijaya Karya Persero Tbk PT (b)(d) | 10440800 | 128077 |
| Industrial Conglomerates - 0.0% |  |  |
| Astra International Tbk PT  | 10213747 | 3777182 |
| Jardine Matheson Holdings Ltd (Singapore)  | 79015 | 4642132 |
|  |  | 8419314 |
| Transportation Infrastructure - 0.0% |  |  |
| Jasa Marga PT  | 1245842 | 267448 |
| TOTAL INDUSTRIALS |  | 8814839 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Barito Pacific Tbk PT (b) | 11598276 | 2406137 |
| Chandra Asri Pacific Tbk PT  | 4229501 | 1767590 |
|  |  | 4173727 |
| Construction Materials - 0.0% |  |  |
| Semen Indonesia Persero Tbk PT  | 2131169 | 353700 |
| Metals & Mining - 0.1% |  |  |
| Amman Mineral Internasional PT (b) | 7179519 | 3065219 |
| Aneka Tambang Tbk  | 4324741 | 806175 |
| Bumi Resources Minerals Tbk PT (b) | 28549101 | 1579385 |
| Merdeka Copper Gold Tbk PT (b) | 4823802 | 707762 |
| Nickel Industries Ltd  | 1073067 | 519560 |
| Petrosea Tbk PT  | 1517600 | 620546 |
| Vale Indonesia Tbk PT  | 1146000 | 327330 |
|  |  | 7625977 |
| Paper & Forest Products - 0.0% |  |  |
| Indah Kiat Pulp & Paper Tbk PT  | 1331828 | 596640 |
| Pabrik Kertas Tjiwi Kimia Tbk PT  | 810368 | 339886 |
|  |  | 936526 |
| TOTAL MATERIALS |  | 13089930 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Ciputra Development Tbk PT  | 5152167 | 274183 |
| Hanson International Tbk PT (b)(d) | 3268900 | 0 |
| MNC Tourism Indonesia Tbk PT (b) | 35305400 | 309957 |
|  |  | 584140 |
| Utilities - 0.0% |  |  |
| Gas Utilities - 0.0% |  |  |
| Perusahaan Gas Negara Tbk PT Class B  | 5933076 | 620779 |
| TOTAL INDONESIA |  | 78901781 |
| IRELAND - 0.3%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Dalata Hotel Group PLC  | 83997 | 623515 |
| Household Durables - 0.0% |  |  |
| Cairn Homes PLC (Ireland)  | 337131 | 749210 |
| Glenveagh Properties PLC (b)(e)(f) | 337436 | 742108 |
|  |  | 1491318 |
| TOTAL CONSUMER DISCRETIONARY |  | 2114833 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.0% |  |  |
| C&C Group PLC  | 190182 | 341784 |
| Food Products - 0.1% |  |  |
| Glanbia PLC  | 98088 | 1659737 |
| Greencore Group PLC (c) | 228982 | 717441 |
| Kerry Group PLC Class A  | 79223 | 7223127 |
|  |  | 9600305 |
| TOTAL CONSUMER STAPLES |  | 9942089 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| AIB Group PLC  | 1044879 | 9616973 |
| Bank of Ireland Group PLC  | 472856 | 7731356 |
|  |  | 17348329 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Uniphar PLC  | 120762 | 533122 |
| Pharmaceuticals - 0.0% |  |  |
| COSMO Pharmaceuticals NV  | 3962 | 332321 |
| TOTAL HEALTH CARE |  | 865443 |
| Industrials - 0.1% |  |  |
| Building Products - 0.0% |  |  |
| Kingspan Group PLC  | 76297 | 5707549 |
| Trading Companies & Distributors - 0.1% |  |  |
| AerCap Holdings NV  | 86881 | 11315381 |
| TOTAL INDUSTRIALS |  | 17022930 |
| Real Estate - 0.0% |  |  |
| Residential REITs - 0.0% |  |  |
| Irish Residential Properties Reit PLC  | 269004 | 287742 |
| TOTAL IRELAND |  | 47581366 |
| ISRAEL - 0.8%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Bezeq The Israeli Telecommunication Corp Ltd  | 1090270 | 2232102 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Cellcom Israel Ltd (b) | 60766 | 633870 |
| Partner Communications Co Ltd  | 77276 | 769096 |
|  |  | 1402966 |
| TOTAL COMMUNICATION SERVICES |  | 3635068 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Global-e Online Ltd (b) | 54251 | 1976364 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Fattal Holdings 1998 Ltd (b) | 3964 | 719334 |
| Specialty Retail - 0.0% |  |  |
| Fox Wizel Ltd  | 4297 | 495577 |
| Retailors Ltd  | 10613 | 188259 |
|  |  | 683836 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Delta Galil Ltd  | 6597 | 368068 |
| TOTAL CONSUMER DISCRETIONARY |  | 3747602 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Rami Levy Chain Stores Hashikma Marketing 2006 Ltd  | 4790 | 450268 |
| Shufersal Ltd  | 101111 | 1259835 |
|  |  | 1710103 |
| Food Products - 0.0% |  |  |
| Strauss Group Ltd  | 31036 | 875898 |
| Personal Care Products - 0.0% |  |  |
| Oddity Tech Ltd Class A (b) | 20081 | 908665 |
| TOTAL CONSUMER STAPLES |  | 3494666 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Delek Group Ltd  | 4776 | 1255249 |
| Energean PLC  | 74089 | 938268 |
| Equital Ltd (b) | 13597 | 650129 |
| Oil Refineries Ltd  | 1370520 | 400416 |
| Paz Retail And Energy Ltd  | 4812 | 1029313 |
|  |  | 4273375 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| Bank Hapoalim BM  | 614167 | 12496516 |
| Bank Leumi Le-Israel BM  | 733473 | 14930800 |
| FIBI Holdings Ltd  | 9895 | 761002 |
| First International Bank of Israel Ltd  | 27768 | 2002633 |
| Israel Discount Bank Ltd Class A  | 606895 | 6079287 |
| Mizrahi Tefahot Bank Ltd  | 77236 | 5029839 |
|  |  | 41300077 |
| Capital Markets - 0.0% |  |  |
| Etoro Group Ltd Class A (c) | 7106 | 263348 |
| Meitav Investment House Ltd  | 19161 | 600977 |
| Plus500 Ltd  | 36438 | 1515521 |
| Tel Aviv Stock Exchange Ltd  | 43427 | 1012890 |
|  |  | 3392736 |
| Consumer Finance - 0.0% |  |  |
| Isracard Ltd  | 103564 | 441469 |
| Insurance - 0.1% |  |  |
| Clal Insurance Enterprises Holdings Ltd  | 35487 | 1983208 |
| Harel Insurance Investments & Financial Services Ltd  | 56644 | 1981745 |
| Menora Mivtachim Holdings Ltd  | 11136 | 1114130 |
| Migdal Insurance & Financial Holdings Ltd  | 296243 | 1063708 |
| Phoenix Financial Ltd  | 112708 | 4344435 |
|  |  | 10487226 |
| TOTAL FINANCIALS |  | 55621508 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (b) | 564205 | 11554918 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Bet Shemesh Engines Holdings 1997 Ltd (b) | 3822 | 791155 |
| Elbit Systems Ltd  | 13654 | 6536924 |
|  |  | 7328079 |
| Building Products - 0.0% |  |  |
| Inrom Construction Industries Ltd  | 60430 | 449175 |
| Construction & Engineering - 0.0% |  |  |
| Ashtrom Group Ltd  | 29327 | 670521 |
| Electra Ltd/Israel  | 23260 | 738107 |
| Shapir Engineering and Industry Ltd  | 84860 | 757853 |
| Shikun & Binui Ltd (b) | 174429 | 971593 |
|  |  | 3138074 |
| Machinery - 0.0% |  |  |
| Kornit Digital Ltd (b) | 21817 | 294530 |
| Marine Transportation - 0.0% |  |  |
| ZIM Integrated Shipping Services Ltd (c) | 57129 | 878644 |
| Passenger Airlines - 0.0% |  |  |
| El Al Israel Airlines (b) | 144128 | 599345 |
| Professional Services - 0.0% |  |  |
| Danel Adir Yeoshua Ltd  | 2867 | 396819 |
| Hilan Ltd  | 9397 | 740294 |
|  |  | 1137113 |
| TOTAL INDUSTRIALS |  | 13824960 |
| Information Technology - 0.2% |  |  |
| Communications Equipment - 0.0% |  |  |
| Ituran Location and Control Ltd  | 8452 | 325486 |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Nayax Ltd (b) | 7536 | 315460 |
| Next Vision Stabilized Systems Ltd  | 36649 | 1608374 |
|  |  | 1923834 |
| IT Services - 0.0% |  |  |
| Formula Systems 1985 Ltd  | 5650 | 814958 |
| Matrix IT Ltd  | 20499 | 757440 |
| One Software Technologies Ltd  | 27654 | 743194 |
| Wix.com Ltd (b) | 27354 | 3981101 |
|  |  | 6296693 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Camtek Ltd/Israel (Israel) (b) | 15045 | 1863974 |
| Nova Ltd (Israel) (b) | 14553 | 5039252 |
| Tower Semiconductor Ltd (b) | 55445 | 4582344 |
|  |  | 11485570 |
| Software - 0.1% |  |  |
| Cellebrite DI Ltd (b)(c) | 57052 | 973307 |
| Check Point Software Technologies Ltd (b) | 42619 | 8339686 |
| Nice Ltd (b) | 31360 | 4250050 |
| Radware Ltd (b) | 17682 | 453190 |
| Sapiens International Corp NV (Israel)  | 16979 | 726380 |
|  |  | 14742613 |
| TOTAL INFORMATION TECHNOLOGY |  | 34774196 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| ICL Group Ltd  | 378379 | 2483859 |
| Israel Corp Ltd Class A1  | 1893 | 672102 |
| Turpaz Industries Ltd  | 23272 | 380885 |
|  |  | 3536846 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.0% |  |  |
| Reit 1 Ltd  | 104338 | 853673 |
| Sella Capital Real Estate Ltd  | 126598 | 450686 |
|  |  | 1304359 |
| Real Estate Management & Development - 0.1% |  |  |
| Airport City Ltd (b) | 37113 | 734412 |
| Alony Hetz Properties & Investments Ltd  | 82949 | 1018772 |
| Amot Investments Ltd  | 132011 | 1045247 |
| Aura Investments Ltd  | 82266 | 593304 |
| Azrieli Group Ltd  | 21006 | 2215704 |
| Big Shopping Centers Ltd  | 7733 | 1727937 |
| Israel Canada T.R Ltd  | 106734 | 556853 |
| Mega Or Holdings Ltd  | 13438 | 824809 |
| Melisron Ltd  | 12912 | 1680944 |
| Mivne Real Estate Kd Ltd  | 304282 | 1347509 |
| Summit Real Estate Holdings Ltd  | 25227 | 516703 |
| YH Dimri Construction & Development Ltd  | 4833 | 582906 |
|  |  | 12845100 |
| TOTAL REAL ESTATE |  | 14149459 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Energix-Renewable Energies Ltd  | 157105 | 723702 |
| Enlight Renewable Energy Ltd (b) | 59774 | 2083913 |
| OPC Energy Ltd (b) | 72176 | 1306874 |
| OY Nofar Energy Ltd (b) | 14038 | 448051 |
|  |  | 4562540 |
| TOTAL ISRAEL |  | 153175138 |
| ITALY - 1.9%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Infrastrutture Wireless Italiane SpA (e)(f) | 140610 | 1543756 |
| RAI Way SpA (e)(f) | 58729 | 402102 |
| Telecom Italia SpA/Milano (b) | 5639380 | 3322919 |
|  |  | 5268777 |
| Media - 0.0% |  |  |
| MFE-MediaForEurope NV Class A  | 146071 | 516892 |
| MFE-MediaForEurope NV Class A (Germany)  | 93172 | 329701 |
|  |  | 846593 |
| TOTAL COMMUNICATION SERVICES |  | 6115370 |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.0% |  |  |
| Brembo NV  | 85379 | 919661 |
| Pirelli & C SpA (e)(f) | 199813 | 1399391 |
|  |  | 2319052 |
| Automobiles - 0.2% |  |  |
| Ferrari NV (Italy)  | 61891 | 24718846 |
| Piaggio & C SpA (c) | 118273 | 268974 |
|  |  | 24987820 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Lottomatica Group Spa  | 125652 | 3096525 |
| Household Durables - 0.0% |  |  |
| De' Longhi SpA  | 39273 | 1431375 |
| Leisure Products - 0.0% |  |  |
| Ferretti SpA (c) | 91270 | 299406 |
| Sanlorenzo SpA/Ameglia  | 8627 | 337099 |
| Technogym SpA (e)(f) | 56429 | 1021173 |
|  |  | 1657678 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Brunello Cucinelli SpA  | 17172 | 1736665 |
| Moncler SpA  | 116801 | 7000795 |
| OVS SpA (e)(f) | 115106 | 580063 |
|  |  | 9317523 |
| TOTAL CONSUMER DISCRETIONARY |  | 42809973 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Coca-Cola HBC AG  | 106320 | 4824291 |
| Davide Campari-Milano NV  | 312100 | 2170684 |
|  |  | 6994975 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| MARR SpA  | 21197 | 224781 |
| Food Products - 0.0% |  |  |
| NewPrinces SpA (b) | 11553 | 265266 |
| Personal Care Products - 0.0% |  |  |
| Intercos SpA  | 28144 | 382794 |
| TOTAL CONSUMER STAPLES |  | 7867816 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Saipem SpA  | 639190 | 1662136 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Eni SpA  | 988425 | 18226047 |
| TOTAL ENERGY |  | 19888183 |
| Financials - 1.0% |  |  |
| Banks - 0.8% |  |  |
| AMCO - Asset Management Co SpA Class B (b)(d) | 141 | 0 |
| Banca Monte dei Paschi di Siena SpA  | 1022851 | 8941454 |
| Banca Popolare di Sondrio SPA  | 53643 | 897177 |
| Banco BPM SpA  | 561993 | 8165282 |
| BPER Banca SPA  | 724091 | 8642526 |
| Credito Emiliano SpA  | 48739 | 770776 |
| FinecoBank Banca Fineco SpA  | 307924 | 7031136 |
| Intesa Sanpaolo SpA  | 6979116 | 44982813 |
| UniCredit SpA  | 687350 | 50895995 |
|  |  | 130327159 |
| Capital Markets - 0.0% |  |  |
| Azimut Holding SpA  | 59579 | 2328040 |
| Banca Generali SpA  | 30258 | 1708967 |
| Tamburi Investment Partners SpA  | 57752 | 582468 |
|  |  | 4619475 |
| Financial Services - 0.0% |  |  |
| Banca IFIS SpA  | 17608 | 454627 |
| Banca Mediolanum SpA  | 110698 | 2221448 |
| BFF Bank SpA (b)(e)(f) | 89025 | 1073349 |
| Nexi SpA (e)(f) | 279756 | 1472356 |
|  |  | 5221780 |
| Insurance - 0.2% |  |  |
| Generali  | 412845 | 15870124 |
| Poste Italiane Spa (e)(f) | 213801 | 5148084 |
| Unipol Assicurazioni SpA  | 179881 | 3932200 |
|  |  | 24950408 |
| TOTAL FINANCIALS |  | 165118822 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| DiaSorin SpA  | 12177 | 1076547 |
| El.En. SpA  | 33963 | 444324 |
| GVS SpA (b)(e)(f) | 42956 | 212907 |
|  |  | 1733778 |
| Health Care Providers & Services - 0.0% |  |  |
| Amplifon SpA  | 64928 | 1107621 |
| Pharmaceuticals - 0.0% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 56783 | 3370723 |
| TOTAL HEALTH CARE |  | 6212122 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Leonardo SpA  | 199329 | 11727460 |
| Building Products - 0.0% |  |  |
| Carel Industries SpA (e)(f) | 27027 | 702492 |
| Construction & Engineering - 0.0% |  |  |
| Maire SpA  | 73332 | 1110673 |
| Webuild SpA (c) | 260617 | 1050800 |
| Webuild SpA warrants 8/2/2030 (b) | 276 | 1113 |
|  |  | 2162586 |
| Electrical Equipment - 0.1% |  |  |
| Cembre SpA  | 3652 | 266039 |
| Prysmian SpA  | 139123 | 14403547 |
|  |  | 14669586 |
| Machinery - 0.0% |  |  |
| Fincantieri SpA (b) | 47975 | 1229836 |
| Interpump Group SpA  | 38971 | 2007921 |
| Iveco Group NV  | 86085 | 1829725 |
|  |  | 5067482 |
| Passenger Airlines - 0.1% |  |  |
| Ryanair Holdings PLC  | 415844 | 12589932 |
| Transportation Infrastructure - 0.0% |  |  |
| Enav Spa (e)(f) | 143125 | 747658 |
| TOTAL INDUSTRIALS |  | 47667196 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Sesa SpA  | 4518 | 419738 |
| IT Services - 0.0% |  |  |
| Reply SpA  | 11214 | 1571780 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Technoprobe SpA (b) | 72068 | 780850 |
| TOTAL INFORMATION TECHNOLOGY |  | 2772368 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| SOL SpA  | 20504 | 1200603 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.3% |  |  |
| Enel SpA  | 3945894 | 39915719 |
| Terna - Rete Elettrica Nazionale  | 681824 | 6983547 |
|  |  | 46899266 |
| Gas Utilities - 0.0% |  |  |
| Italgas SpA  | 298113 | 3123505 |
| Snam SpA  | 944361 | 5821393 |
|  |  | 8944898 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| ERG SpA  | 29429 | 758481 |
| Multi-Utilities - 0.0% |  |  |
| A2A SpA  | 742571 | 2162066 |
| ACEA SpA  | 26980 | 653690 |
| Hera SpA  | 391244 | 1754263 |
| Iren SpA  | 315383 | 929900 |
|  |  | 5499919 |
| TOTAL UTILITIES |  | 62102564 |
| TOTAL ITALY |  | 361755017 |
| JAPAN - 14.9%  |  |  |
| Communication Services - 1.2% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Internet Initiative Japan Inc  | 56354 | 1017122 |
| NTT Inc  | 14392457 | 14813491 |
| U-Next Holdings Co Ltd  | 36319 | 479587 |
|  |  | 16310200 |
| Entertainment - 0.4% |  |  |
| Anycolor Inc  | 15900 | 623165 |
| Capcom Co Ltd  | 170992 | 4465134 |
| Cover Corp (b)(c) | 20100 | 238679 |
| Daiichikosho Co Ltd  | 36902 | 377497 |
| DeNA Co Ltd  | 38198 | 671458 |
| GungHo Online Entertainment Inc  | 24542 | 415324 |
| Koei Tecmo Holdings Co Ltd  | 42345 | 571662 |
| Konami Group Corp  | 49369 | 8245786 |
| MIXI Inc  | 20797 | 420366 |
| Nexon Co Ltd  | 161583 | 3302748 |
| Nintendo Co Ltd  | 541784 | 46208701 |
| Shochiku Co Ltd  | 4299 | 346185 |
| Square Enix Holdings Co Ltd  | 116775 | 2262606 |
| Toei Animation Co Ltd  | 30733 | 577926 |
| Toei Co Ltd  | 15339 | 545440 |
| Toho Co Ltd/Tokyo  | 52059 | 3059155 |
|  |  | 72331832 |
| Interactive Media & Services - 0.0% |  |  |
| Kakaku.com Inc  | 63365 | 1130299 |
| LY Corp  | 1364946 | 4010918 |
|  |  | 5141217 |
| Media - 0.0% |  |  |
| CyberAgent Inc  | 212279 | 2117142 |
| Dentsu Group Inc  | 101429 | 2003438 |
| Fuji Media Holdings Inc  | 22160 | 493643 |
| Hakuhodo DY Holdings Inc  | 109470 | 792026 |
| Kadokawa Corp  | 40570 | 909014 |
| Nippon Television Holdings Inc  | 27716 | 673162 |
| SKY Perfect JSAT Holdings Inc  | 82890 | 815400 |
| TBS Holdings Inc  | 16685 | 576413 |
|  |  | 8380238 |
| Wireless Telecommunication Services - 0.7% |  |  |
| KDDI Corp  | 1534728 | 24464122 |
| Okinawa Cellular Telephone Co  | 21868 | 365105 |
| SoftBank Corp  | 13957040 | 19832939 |
| SoftBank Group Corp  | 469295 | 82346573 |
|  |  | 127008739 |
| TOTAL COMMUNICATION SERVICES |  | 229172226 |
| Consumer Discretionary - 2.5% |  |  |
| Automobile Components - 0.3% |  |  |
| Aisin Corp  | 243607 | 4385748 |
| Bridgestone Corp  | 274755 | 11994468 |
| Denso Corp  | 850147 | 11923903 |
| Exedy Corp  | 12771 | 430092 |
| FCC Co Ltd  | 22360 | 452684 |
| GS Yuasa Corp  | 40360 | 1130845 |
| JTEKT Corp  | 107321 | 1079060 |
| Koito Manufacturing Co Ltd  | 90522 | 1353043 |
| KYB Corp  | 21668 | 551155 |
| Musashi Seimitsu Industry Co Ltd  | 22909 | 518801 |
| NHK Spring Co Ltd  | 95440 | 1795345 |
| Nifco Inc/Japan  | 39412 | 1145713 |
| Niterra Co Ltd  | 74861 | 3080712 |
| NOK Corp  | 40755 | 725926 |
| Pacific Industrial Co Ltd  | 21500 | 429693 |
| Seiren Co Ltd  | 27387 | 563343 |
| Shoei Co Ltd  | 32063 | 340998 |
| Stanley Electric Co Ltd  | 52812 | 1040065 |
| Sumitomo Electric Industries Ltd  | 351493 | 12886480 |
| Sumitomo Rubber Industries Ltd  | 91578 | 1074976 |
| Tokai Rika Co Ltd  | 31432 | 566596 |
| Topre Corp  | 24764 | 360589 |
| Toyo Tire Corp  | 60710 | 1664394 |
| Toyoda Gosei Co Ltd  | 29764 | 690843 |
| Toyota Boshoku Corp  | 44888 | 684199 |
| TS Tech Co Ltd  | 53082 | 630674 |
| Yokohama Rubber Co Ltd/The  | 62279 | 2233170 |
|  |  | 63733515 |
| Automobiles - 0.8% |  |  |
| Honda Motor Co Ltd  | 1935516 | 19562739 |
| Isuzu Motors Ltd  | 258664 | 3180639 |
| Mazda Motor Corp  | 290557 | 2021135 |
| Mitsubishi Motors Corp (c) | 317847 | 777757 |
| Nissan Motor Co Ltd (b) | 1080651 | 2470081 |
| Nissan Shatai Co Ltd  | 42361 | 282846 |
| Subaru Corp  | 287828 | 6123001 |
| Suzuki Motor Corp  | 768111 | 11503473 |
| Toyota Motor Corp  | 4643085 | 94659208 |
| Yamaha Motor Co Ltd  | 455434 | 3295107 |
|  |  | 143875986 |
| Broadline Retail - 0.1% |  |  |
| Isetan Mitsukoshi Holdings Ltd  | 160337 | 2522465 |
| Izumi Co Ltd  | 20759 | 387404 |
| J Front Retailing Co Ltd  | 120346 | 1813272 |
| Mercari Inc (b) | 56634 | 838430 |
| Pan Pacific International Holdings Corp  | 942715 | 5607843 |
| Rakuten Group Inc (b) | 758410 | 4967977 |
| Ryohin Keikaku Co Ltd  | 251034 | 5162071 |
| Seria Co Ltd  | 25040 | 477045 |
| Takashimaya Co Ltd  | 139146 | 1492043 |
|  |  | 23268550 |
| Distributors - 0.0% |  |  |
| Arata Corp  | 17903 | 349091 |
| Happinet Corp  | 8500 | 346927 |
| PALTAC Corp  | 16201 | 478114 |
|  |  | 1174132 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Atom Corp (b)(c) | 81472 | 286534 |
| Colowide Co Ltd (c) | 50634 | 549184 |
| Create Restaurants Holdings Inc  | 135338 | 645470 |
| Doutor Nichires Holdings Co Ltd  | 16899 | 263612 |
| Food & Life Cos Ltd  | 55443 | 2703615 |
| Fujita Kanko Inc  | 3700 | 268419 |
| GENDA INC (b)(c) | 48000 | 230485 |
| Heiwa Corp  | 27243 | 354260 |
| Hiday Hidaka Corp  | 15431 | 329427 |
| HIS Co Ltd  | 34434 | 292480 |
| Ichibanya Co Ltd (c) | 44582 | 260358 |
| KOMEDA Holdings Co Ltd  | 28378 | 534746 |
| Kura Sushi Inc  | 13773 | 296712 |
| Kyoritsu Maintenance Co Ltd  | 33959 | 661728 |
| McDonald's Holdings Co Japan Ltd (c) | 41486 | 1623260 |
| Metaplanet Inc (b) | 228400 | 727691 |
| Monogatari Corp/The  | 16201 | 405262 |
| MOS Food Services Inc  | 20172 | 505903 |
| Ohsho Food Service Corp  | 17716 | 387405 |
| Oriental Land Co Ltd/Japan  | 529823 | 10726416 |
| Resorttrust Inc  | 91798 | 1082324 |
| Round One Corp  | 89221 | 642627 |
| Royal Holdings Co Ltd  | 23886 | 396938 |
| Saizeriya Co Ltd (c) | 17261 | 564502 |
| Skylark Holdings Co Ltd  | 112265 | 2030983 |
| Tokyotokeiba Co Ltd  | 9006 | 323166 |
| Toridoll Holdings Corp (c) | 24760 | 717206 |
| Yoshinoya Holdings Co Ltd  | 33953 | 670203 |
| Zensho Holdings Co Ltd  | 47604 | 2966948 |
|  |  | 31447864 |
| Household Durables - 0.6% |  |  |
| Casio Computer Co Ltd  | 103372 | 811293 |
| Haseko Corp  | 125538 | 2028354 |
| Iida Group Holdings Co Ltd  | 80003 | 1226702 |
| JVCKenwood Corp  | 79699 | 640498 |
| Nagawa Co Ltd  | 7861 | 305544 |
| Nikon Corp  | 128854 | 1506683 |
| Open House Group Co Ltd  | 37060 | 1784103 |
| Panasonic Holdings Corp  | 1146479 | 13321208 |
| Rinnai Corp  | 58359 | 1325016 |
| Sangetsu Corp  | 27505 | 538106 |
| Sekisui House Ltd  | 295264 | 6343645 |
| Sharp Corp/Japan (b) | 131655 | 732556 |
| Sony Group Corp  | 3018815 | 84072754 |
| Sumitomo Forestry Co Ltd  | 235949 | 2461151 |
| Tamron Co Ltd  | 86184 | 613483 |
|  |  | 117711096 |
| Leisure Products - 0.1% |  |  |
| Bandai Namco Holdings Inc  | 287655 | 8963204 |
| Mizuno Corp  | 28390 | 513234 |
| Noritsu Koki Co Ltd  | 34391 | 374460 |
| Sankyo Co Ltd  | 94217 | 1636310 |
| Sega Sammy Holdings Inc  | 76630 | 1419627 |
| Shimano Inc  | 37059 | 3882519 |
| Tomy Co Ltd  | 47488 | 978664 |
| Yamaha Corp  | 196356 | 1242148 |
| Yonex Co Ltd  | 27529 | 709170 |
|  |  | 19719336 |
| Specialty Retail - 0.3% |  |  |
| ABC-Mart Inc  | 49867 | 855385 |
| and ST HD Co Ltd  | 15696 | 265318 |
| AOKI Holdings Inc  | 21400 | 230926 |
| Aoyama Trading Co Ltd  | 25000 | 369866 |
| ARCLANDS CORP  | 29532 | 335735 |
| Autobacs Seven Co Ltd  | 37616 | 376136 |
| Bic Camera Inc  | 49681 | 501775 |
| DCM Holdings Co Ltd  | 54613 | 506759 |
| EDION Corp  | 46936 | 617651 |
| Fast Retailing Co Ltd  | 93694 | 34396941 |
| JINS Holdings Inc  | 6400 | 323094 |
| Joyful Honda Co Ltd  | 35262 | 466774 |
| K's Holdings Corp  | 70136 | 695626 |
| Kohnan Shoji Co Ltd  | 11049 | 267783 |
| Komeri Co Ltd  | 18654 | 388549 |
| Nextage Co Ltd  | 22331 | 336610 |
| Nishimatsuya Chain Co Ltd  | 21151 | 283413 |
| Nitori Holdings Co Ltd  | 200180 | 3243355 |
| Nojima Corp  | 93465 | 690783 |
| PAL GROUP Holdings Co Ltd  | 46568 | 598908 |
| Sanrio Co Ltd  | 88345 | 4102817 |
| Shimamura Co Ltd  | 21680 | 1399050 |
| USS Co Ltd  | 192839 | 2129725 |
| Workman Co Ltd  | 10078 | 379290 |
| Yamada Holdings Co Ltd  | 265034 | 796942 |
| Yellow Hat Ltd  | 33210 | 334880 |
| ZOZO Inc  | 216829 | 1876202 |
|  |  | 56770293 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Asics Corp  | 343424 | 8786717 |
| Goldwin Inc  | 32079 | 530799 |
| Gunze Ltd  | 14490 | 357290 |
| Seiko Group Corp  | 14029 | 647240 |
| Wacoal Holdings Corp  | 21308 | 744280 |
|  |  | 11066326 |
| TOTAL CONSUMER DISCRETIONARY |  | 468767098 |
| Consumer Staples - 0.8% |  |  |
| Beverages - 0.1% |  |  |
| Asahi Group Holdings Ltd  | 706299 | 7612502 |
| Coca-Cola Bottlers Japan Holdings Inc  | 63987 | 1022854 |
| Ito En Ltd  | 33406 | 688019 |
| Kirin Holdings Co Ltd  | 381982 | 5364999 |
| Lifedrink Co Inc  | 25500 | 332091 |
| Sapporo Holdings Ltd  | 31903 | 1531907 |
| Suntory Beverage & Food Ltd  | 67523 | 2042646 |
| Takara Holdings Inc  | 75879 | 772281 |
|  |  | 19367299 |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Aeon Co Ltd  | 1090504 | 17262246 |
| Ain Holdings Inc  | 14642 | 613860 |
| Arcs Co Ltd  | 18266 | 371578 |
| Axial Retailing Inc  | 38672 | 273271 |
| Belc Co Ltd  | 6179 | 290286 |
| Blue Zones Holdings Co Ltd  | 9804 | 499393 |
| Cosmos Pharmaceutical Corp  | 20382 | 912435 |
| Create SD Holdings Co Ltd  | 14983 | 310627 |
| Fuji Co Ltd/Ehime  | 16800 | 214756 |
| H2o Retailing Corp  | 50197 | 680270 |
| Kato Sangyo Co Ltd  | 11634 | 446910 |
| Kobe Bussan Co Ltd  | 72509 | 1682984 |
| Kusuri no Aoki Holdings Co Ltd  | 21816 | 552938 |
| Life Corp  | 22598 | 354711 |
| MatsukiyoCocokara & Co  | 160070 | 2900496 |
| San-A Co Ltd  | 24034 | 418267 |
| Seven & i Holdings Co Ltd  | 1017482 | 12942173 |
| Sugi Holdings Co Ltd  | 52607 | 1136046 |
| Sundrug Co Ltd  | 37153 | 1002897 |
| Trial Holdings Inc (c) | 18100 | 241827 |
| Tsuruha Holdings Inc  | 86215 | 1497616 |
| Valor Holdings Co Ltd  | 19158 | 351062 |
| Welcia Holdings Co Ltd  | 50084 | 999015 |
|  |  | 45955664 |
| Food Products - 0.2% |  |  |
| Ajinomoto Co Inc  | 443076 | 12572653 |
| Ariake Japan Co Ltd  | 9697 | 340411 |
| Calbee Inc  | 41810 | 777545 |
| Ezaki Glico Co Ltd  | 25431 | 811726 |
| FUJI OIL CO LTD /Osaka  | 23038 | 477025 |
| House Foods Group Inc  | 31148 | 583507 |
| Itoham Yonekyu Holdings Inc  | 12779 | 456896 |
| Kagome Co Ltd (c) | 46371 | 800532 |
| Kewpie Corp  | 48886 | 1355142 |
| Kikkoman Corp  | 335414 | 2668338 |
| Kotobuki Spirits Co Ltd  | 55503 | 665741 |
| Maruha Nichiro Corp  | 23469 | 524478 |
| Megmilk Snow Brand Co Ltd  | 25618 | 469439 |
| MEIJI Holdings Co Ltd  | 117870 | 2266231 |
| Morinaga & Co Ltd/Japan  | 38954 | 671224 |
| Morinaga Milk Industry Co Ltd  | 39387 | 849027 |
| NH Foods Ltd  | 43126 | 1589486 |
| Nichirei Corp  | 104368 | 1233914 |
| Nippn Corp  | 28211 | 400896 |
| Nisshin Oillio Group Ltd/The  | 14829 | 489778 |
| Nisshin Seifun Group Inc  | 97588 | 1102780 |
| Nissin Foods Holdings Co Ltd  | 98098 | 1768959 |
| Nissui Corp  | 149570 | 1040419 |
| Sakata Seed Corp  | 18496 | 474072 |
| Toyo Suisan Kaisha Ltd  | 43807 | 3182269 |
| Yakult Honsha Co Ltd  | 126836 | 1895832 |
| Yamazaki Baking Co Ltd  | 61866 | 1212350 |
|  |  | 40680670 |
| Household Products - 0.0% |  |  |
| Earth Corp  | 10728 | 350848 |
| Lion Corp  | 125520 | 1237607 |
| Pigeon Corp  | 60751 | 687494 |
| Unicharm Corp  | 538579 | 3332263 |
|  |  | 5608212 |
| Personal Care Products - 0.1% |  |  |
| Kao Corp  | 227085 | 9610155 |
| Kobayashi Pharmaceutical Co Ltd  | 24546 | 816289 |
| Kose Corp  | 16685 | 639749 |
| Milbon Co Ltd  | 20370 | 306125 |
| Noevir Holdings Co Ltd  | 8695 | 246840 |
| Pola Orbis Holdings Inc  | 46071 | 397004 |
| Rohto Pharmaceutical Co Ltd  | 91608 | 1420099 |
| Shiseido Co Ltd  | 195925 | 3305464 |
|  |  | 16741725 |
| Tobacco - 0.1% |  |  |
| Japan Tobacco Inc  | 588044 | 20471456 |
| TOTAL CONSUMER STAPLES |  | 148825026 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Modec Inc  | 23135 | 1504202 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Cosmo Energy Holdings Co Ltd  | 52228 | 1192253 |
| ENEOS Holdings Inc  | 1325291 | 8365733 |
| Idemitsu Kosan Co Ltd  | 375795 | 2612837 |
| Inpex Corp  | 432433 | 7971852 |
| Itochu Enex Co Ltd  | 26868 | 317479 |
| Iwatani Corp  | 93964 | 979516 |
| Japan Petroleum Exploration Co Ltd  | 81405 | 679299 |
| San-Ai Obbli Co Ltd  | 27352 | 362422 |
|  |  | 22481391 |
| TOTAL ENERGY |  | 23985593 |
| Financials - 2.1% |  |  |
| Banks - 1.3% |  |  |
| 77 Bank Ltd/The  | 31068 | 1333559 |
| Aichi Financial Group Inc  | 20571 | 530593 |
| Aozora Bank Ltd (c) | 54194 | 775582 |
| Awa Bank Ltd/The  | 17028 | 402193 |
| Bank of Nagoya Ltd/The  | 17223 | 439767 |
| CCI Group Inc  | 126890 | 542603 |
| Chiba Bank Ltd/The  | 285349 | 2787573 |
| Chugin Financial Group Inc  | 81995 | 1143918 |
| Daishi Hokuetsu Financial Group Inc  | 106524 | 1028536 |
| Fukuoka Financial Group Inc  | 87572 | 2548572 |
| Gunma Bank Ltd/The  | 162818 | 1691465 |
| Hachijuni Bank Ltd/The  | 181827 | 1832900 |
| Hirogin Holdings Inc  | 129096 | 1206270 |
| Hokuhoku Financial Group Inc  | 52008 | 1275311 |
| Hyakugo Bank Ltd/The  | 122885 | 761503 |
| Hyakujushi Bank Ltd/The  | 13300 | 466031 |
| Iyogin Holdings Inc  | 122717 | 1916682 |
| Japan Post Bank Co Ltd  | 870377 | 9759338 |
| Juroku Financial Group Inc  | 17870 | 651673 |
| Keiyo Bank Ltd/The  | 52405 | 442064 |
| Kiyo Bank Ltd/The  | 36380 | 708195 |
| Kyoto Financial Group Inc  | 115278 | 2336827 |
| Kyushu Financial Group Inc  | 180977 | 1037761 |
| Mebuki Financial Group Inc  | 425958 | 2658679 |
| Mitsubishi UFJ Financial Group Inc  | 5623418 | 84943308 |
| Mizuho Financial Group Inc  | 1233458 | 41315268 |
| Musashino Bank Ltd/The  | 20463 | 551044 |
| Nanto Bank Ltd/The  | 13896 | 462569 |
| Nishi-Nippon Financial Holdings Inc  | 59051 | 1010814 |
| North Pacific Bank Ltd  | 140511 | 658289 |
| Ogaki Kyoritsu Bank Ltd/The  | 19953 | 477753 |
| Rakuten Bank Ltd (b) | 47886 | 2636511 |
| Resona Holdings Inc  | 1023533 | 9919192 |
| San-In Godo Bank Ltd/The  | 79106 | 695533 |
| Senshu Ikeda Holdings Inc  | 135955 | 586659 |
| Seven Bank Ltd  | 332720 | 611206 |
| Shiga Bank Ltd/The  | 18704 | 756122 |
| Shizuoka Financial Group Inc  | 220011 | 2962318 |
| Sumitomo Mitsui Financial Group Inc  | 1809191 | 48981692 |
| Sumitomo Mitsui Trust Group Inc  | 314744 | 8644937 |
| Suruga Bank Ltd  | 72837 | 728323 |
| Toho Bank Ltd/The  | 157845 | 467052 |
| Tokyo Kiraboshi Financial Group Inc  | 11931 | 568253 |
| TOMONY Holdings Inc  | 114361 | 506836 |
| Yamaguchi Financial Group Inc  | 87498 | 1003522 |
| Yokohama Financial Group Inc  | 517384 | 3763464 |
|  |  | 250528260 |
| Capital Markets - 0.2% |  |  |
| Daiwa Securities Group Inc  | 647263 | 4995908 |
| JAFCO Group Co ltd  | 25445 | 397748 |
| Japan Exchange Group Inc  | 492012 | 5486507 |
| Matsui Securities Co Ltd  | 57022 | 284166 |
| Monex Group Inc  | 96273 | 443539 |
| Nihon M&A Center Holdings Inc  | 155770 | 734427 |
| Nomura Holdings Inc  | 1466821 | 10467388 |
| Okasan Securities Group Inc  | 75930 | 340948 |
| SBI Holdings Inc  | 138779 | 6226189 |
| Tokai Tokyo Financial Holdings Inc  | 113306 | 420550 |
|  |  | 29797370 |
| Consumer Finance - 0.0% |  |  |
| Acom Co Ltd  | 205166 | 585637 |
| AEON Financial Service Co Ltd  | 54056 | 528950 |
| Aiful Corp  | 173192 | 510215 |
| Credit Saison Co Ltd  | 63321 | 1547792 |
| Jaccs Co Ltd  | 13680 | 358177 |
| Marui Group Co Ltd  | 77238 | 1481510 |
|  |  | 5012281 |
| Financial Services - 0.1% |  |  |
| Financial Partners Group Co Ltd (c) | 32477 | 450982 |
| Fuyo General Lease Co Ltd  | 26832 | 702531 |
| GMO Payment Gateway Inc  | 20504 | 1121194 |
| Japan Securities Finance Co Ltd  | 47944 | 551274 |
| Mitsubishi HC Capital Inc  | 407335 | 3187632 |
| Mizuho Leasing Co Ltd  | 74901 | 600724 |
| ORIX Corp  | 565844 | 13841704 |
| Ricoh Leasing Co Ltd  | 8144 | 299105 |
| Sony Financial Group Inc (b) | 2946415 | 2971078 |
| Tokyo Century Corp  | 72113 | 852572 |
| Zenkoku Hosho Co Ltd  | 54232 | 1115185 |
|  |  | 25693981 |
| Insurance - 0.5% |  |  |
| Dai-ichi Life Holdings Inc  | 1723460 | 12133892 |
| Japan Post Holdings Co Ltd  | 869112 | 8157618 |
| Japan Post Insurance Co Ltd  | 92930 | 2407219 |
| LIFENET INSURANCE CO (b) | 35793 | 437106 |
| Ms&Ad Insurance Group Holdings Inc  | 628099 | 12947923 |
| Sompo Holdings Inc  | 434427 | 13239368 |
| T&D Holdings Inc  | 242343 | 5222381 |
| Tokio Marine Holdings Inc  | 899616 | 33549558 |
|  |  | 88095065 |
| TOTAL FINANCIALS |  | 399126957 |
| Health Care - 0.9% |  |  |
| Biotechnology - 0.0% |  |  |
| GNI Group Ltd (b) | 22107 | 349443 |
| Peptidream Inc (b) | 50273 | 508732 |
| SanBio Co Ltd (b)(c) | 26500 | 486633 |
|  |  | 1344808 |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Asahi Intecc Co Ltd  | 109811 | 1743609 |
| Fukuda Denshi Co Ltd  | 8250 | 373662 |
| Hogy Medical Co Ltd  | 10845 | 376489 |
| Hoya Corp  | 168375 | 27406962 |
| Mani Inc  | 49816 | 476793 |
| Menicon Co Ltd  | 32546 | 253846 |
| Nakanishi Inc  | 36744 | 487107 |
| Nihon Kohden Corp  | 83866 | 970301 |
| Nipro Corp  | 78323 | 764629 |
| Olympus Corp  | 561229 | 6917491 |
| Paramount Bed Holdings Co Ltd  | 21586 | 495143 |
| Sysmex Corp  | 249326 | 2779377 |
| Terumo Corp  | 654393 | 10562507 |
|  |  | 53607916 |
| Health Care Providers & Services - 0.0% |  |  |
| Alfresa Holdings Corp  | 81911 | 1156831 |
| As One Corp  | 31225 | 510285 |
| H.U. Group Holdings Inc  | 30100 | 734385 |
| Medipal Holdings Corp  | 90076 | 1467074 |
| Ship Healthcare Holdings Inc  | 37803 | 565046 |
| Suzuken Co Ltd/Aichi Japan  | 29010 | 1102158 |
| Toho Holdings Co Ltd  | 25307 | 812202 |
|  |  | 6347981 |
| Health Care Technology - 0.0% |  |  |
| JMDC Inc  | 13740 | 436870 |
| M3 Inc  | 214671 | 3008584 |
| Medley Inc (b)(c) | 14284 | 195198 |
|  |  | 3640652 |
| Pharmaceuticals - 0.6% |  |  |
| Astellas Pharma Inc  | 885922 | 9273501 |
| Chugai Pharmaceutical Co Ltd  | 329501 | 15080517 |
| Daiichi Sankyo Co Ltd  | 837103 | 19996820 |
| Eisai Co Ltd  | 128164 | 3806549 |
| Hisamitsu Pharmaceutical Co Inc  | 26167 | 679856 |
| Kaken Pharmaceutical Co Ltd  | 13770 | 327474 |
| Kissei Pharmaceutical Co Ltd  | 15185 | 396597 |
| Kyowa Kirin Co Ltd  | 113277 | 1750865 |
| Mochida Pharmaceutical Co Ltd  | 13092 | 250439 |
| Nippon Shinyaku Co Ltd  | 25894 | 541202 |
| Nxera Pharma Co Ltd (b) | 37861 | 220125 |
| Ono Pharmaceutical Co Ltd  | 187090 | 2283136 |
| Otsuka Holdings Co Ltd  | 212961 | 11571834 |
| Santen Pharmaceutical Co Ltd  | 150159 | 1470313 |
| Sawai Group Holdings Co Ltd  | 57563 | 687088 |
| Shionogi & Co Ltd  | 368307 | 6165934 |
| Sumitomo Pharma Co Ltd (b) | 90500 | 989211 |
| Takeda Pharmaceutical Co Ltd  | 773800 | 20882936 |
| Towa Pharmaceutical Co Ltd  | 13523 | 248681 |
| Tsumura & CO  | 29736 | 689807 |
|  |  | 97312885 |
| TOTAL HEALTH CARE |  | 162254242 |
| Industrials - 3.8% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| AZ-COM MARUWA Holdings Inc  | 28970 | 193246 |
| Hamakyorex Co Ltd  | 40208 | 399445 |
| Mitsui-Soko Holdings Co Ltd  | 26959 | 707781 |
| NIPPON EXPRESS HOLDINGS INC  | 102985 | 2189877 |
| Sankyu Inc  | 22227 | 1134931 |
| SBS Holdings Inc  | 10500 | 230971 |
| Senko Group Holdings Co Ltd  | 66202 | 864307 |
| SG Holdings Co Ltd  | 143182 | 1316055 |
| Yamato Holdings Co Ltd  | 113583 | 1659782 |
|  |  | 8696395 |
| Building Products - 0.2% |  |  |
| Agc Inc  | 96190 | 3008474 |
| Bunka Shutter Co Ltd  | 32844 | 433700 |
| Central Glass Co Ltd  | 14589 | 304825 |
| Daikin Industries Ltd  | 129429 | 15037069 |
| Lixil Corp  | 136825 | 1518206 |
| Nichias Corp  | 27147 | 1015348 |
| Nichiha Corp  | 17229 | 306770 |
| Nitto Boseki Co Ltd  | 11582 | 657598 |
| Sanwa Holdings Corp  | 95159 | 2599568 |
| Sinko Industries Ltd  | 37136 | 310611 |
| Takara Standard Co Ltd  | 19909 | 321934 |
| Takasago Thermal Engineering Co Ltd  | 45398 | 1348006 |
| TOTO Ltd  | 65668 | 1671634 |
|  |  | 28533743 |
| Commercial Services & Supplies - 0.1% |  |  |
| ALSOK Co Ltd  | 180764 | 1235707 |
| Dai Nippon Printing Co Ltd  | 191178 | 3199946 |
| Daiei Kankyo Co Ltd  | 23164 | 515557 |
| Daiseki Co Ltd  | 23179 | 488066 |
| Duskin Co Ltd  | 21488 | 518272 |
| Japan Elevator Service Holdings Co Ltd  | 72178 | 851233 |
| Kokuyo Co Ltd  | 167916 | 964283 |
| Okamura Corp  | 30714 | 450018 |
| Park24 Co Ltd  | 63764 | 745589 |
| Pilot Corp  | 17894 | 541081 |
| Prestige International Inc  | 79866 | 343593 |
| Secom Co Ltd  | 202386 | 6846008 |
| TOPPAN Holdings Inc  | 116671 | 2861699 |
|  |  | 19561052 |
| Construction & Engineering - 0.2% |  |  |
| Chudenko Corp  | 17609 | 481045 |
| COMSYS Holdings Corp  | 56545 | 1428393 |
| Dai-Dan Co Ltd  | 14257 | 633706 |
| EXEO Group Inc  | 93211 | 1344546 |
| Hazama Ando Corp  | 71848 | 805149 |
| INFRONEER Holdings Inc  | 95686 | 1026338 |
| JGC Holdings Corp  | 120452 | 1221246 |
| Kajima Corp  | 208062 | 6718037 |
| Kandenko Co Ltd  | 51601 | 1579404 |
| Kinden Corp  | 59654 | 2391424 |
| Kraftia Corp  | 21791 | 1153533 |
| Kumagai Gumi Co Ltd  | 67016 | 609236 |
| MIRAIT ONE corp  | 48324 | 938039 |
| Nippon Densetsu Kogyo Co Ltd  | 23109 | 432010 |
| Nishimatsu Construction Co Ltd  | 15568 | 535298 |
| Obayashi Corp  | 319201 | 5410116 |
| Okumura Corp  | 16503 | 523650 |
| Penta-Ocean Construction Co Ltd  | 137056 | 1257970 |
| Raito Kogyo Co Ltd  | 18767 | 392730 |
| Sanki Engineering Co Ltd  | 20740 | 714616 |
| Shimizu Corp  | 250783 | 3374204 |
| SHO-BOND Holdings Co Ltd  | 19313 | 613565 |
| Sumitomo Densetsu Co Ltd  | 9500 | 598566 |
| Taikisha Ltd  | 26820 | 531666 |
| Taisei Corp  | 76863 | 5603504 |
| Toa Corp/Tokyo  | 33800 | 518920 |
| Toda Corp  | 111046 | 749025 |
| Tokyu Construction Co Ltd  | 52974 | 360585 |
| Totetsu Kogyo Co Ltd  | 13305 | 365626 |
| Toyo Construction Co Ltd  | 32725 | 369486 |
| West Holdings Corp  | 12600 | 120759 |
| Yokogawa Bridge Holdings Corp  | 25204 | 450404 |
|  |  | 43252796 |
| Electrical Equipment - 0.3% |  |  |
| Daihen Corp  | 9622 | 632476 |
| Fuji Electric Co Ltd  | 66613 | 4780610 |
| Fujikura Ltd  | 123864 | 17015125 |
| Furukawa Electric Co Ltd  | 32870 | 2346181 |
| Idec Corp/Japan  | 29208 | 445578 |
| Mabuchi Motor Co Ltd  | 48035 | 849987 |
| Mitsubishi Electric Corp  | 933045 | 26136884 |
| NIDEC CORP  | 411770 | 5031230 |
| Nitto Kogyo Corp  | 17242 | 413401 |
| Sinfonia Technology Co Ltd  | 10882 | 752723 |
| SWCC Corp  | 15807 | 771323 |
| Ushio Inc  | 38685 | 642742 |
|  |  | 59818260 |
| Ground Transportation - 0.3% |  |  |
| Central Japan Railway Co  | 376346 | 9196801 |
| East Japan Railway Co  | 472077 | 11505556 |
| Fukuyama Transporting Co Ltd  | 12869 | 319408 |
| Hankyu Hanshin Holdings Inc  | 119593 | 3209634 |
| Keikyu Corp  | 106985 | 997583 |
| Keio Corp  | 53092 | 1259863 |
| Keisei Electric Railway Co Ltd  | 195164 | 1555132 |
| Kintetsu Group Holdings Co Ltd  | 92539 | 1754284 |
| Kyushu Railway Co  | 74519 | 1889207 |
| Nagoya Railroad Co Ltd  | 100721 | 1100931 |
| Nankai Electric Railway Co Ltd  | 53185 | 960961 |
| Nikkon Holdings Co Ltd (c) | 50404 | 1136878 |
| Nishi-Nippon Railroad Co Ltd  | 38862 | 563601 |
| Odakyu Electric Railway Co Ltd  | 162648 | 1720305 |
| Seibu Holdings Inc  | 103832 | 3652412 |
| Seino Holdings Co Ltd  | 56462 | 797964 |
| Sotetsu Holdings Inc  | 47657 | 799077 |
| Tobu Railway Co Ltd  | 95875 | 1545036 |
| Tokyo Metro Co Ltd (c) | 141700 | 1489087 |
| Tokyu Corp  | 249253 | 2775408 |
| West Japan Railway Co  | 208241 | 4271298 |
|  |  | 52500426 |
| Industrial Conglomerates - 0.5% |  |  |
| Hikari Tsushin Inc  | 8524 | 2256695 |
| Hitachi Ltd  | 2249136 | 77612778 |
| Keihan Holdings Co Ltd  | 47169 | 955256 |
| Nisshinbo Holdings Inc  | 87711 | 693788 |
| Sekisui Chemical Co Ltd  | 185835 | 3225674 |
| TOKAI Holdings Corp  | 50099 | 331913 |
|  |  | 85076104 |
| Machinery - 1.1% |  |  |
| Amada Co Ltd  | 156644 | 1873304 |
| CKD Corp  | 32764 | 704774 |
| Daifuku Co Ltd  | 159442 | 5098502 |
| DMG Mori Co Ltd  | 68886 | 1072782 |
| Ebara Corp  | 227718 | 6104101 |
| FANUC Corp  | 458643 | 15305580 |
| Fuji Corp/Aichi  | 39212 | 762689 |
| Fujitec Co Ltd  | 30323 | 1114657 |
| Galilei Co Ltd  | 13040 | 303767 |
| Glory Ltd  | 23542 | 563535 |
| Harmonic Drive Systems Inc  | 30691 | 567976 |
| Hino Motors Ltd (b) | 157613 | 358978 |
| Hitachi Construction Machinery Co Ltd  | 47118 | 1538191 |
| Hoshizaki Corp  | 52981 | 1866763 |
| IHI Corp  | 506983 | 10576538 |
| Japan Steel Works Ltd/The  | 32097 | 2111891 |
| Kanadevia Corp  | 85397 | 634479 |
| Kawasaki Heavy Industries Ltd  | 75095 | 6042294 |
| Kitz Corp  | 37840 | 425028 |
| Komatsu Ltd  | 465476 | 15570626 |
| Kubota Corp  | 482572 | 6264261 |
| Kurita Water Industries Ltd  | 51723 | 1966085 |
| Kyokuto Kaihatsu Kogyo Co Ltd  | 25372 | 425254 |
| Makino Milling Machine Co Ltd  | 10964 | 796813 |
| Makita Corp  | 111131 | 3371933 |
| Max Co Ltd  | 13690 | 496575 |
| Meidensha Corp  | 18052 | 718050 |
| MINEBEA MITSUMI Inc  | 178340 | 3536481 |
| MISUMI Group Inc  | 143952 | 2253016 |
| Mitsubishi Heavy Industries Ltd  | 1573534 | 47504496 |
| Mitsubishi Logisnext Co Ltd  | 20100 | 200725 |
| Mitsuboshi Belting Ltd  | 14251 | 343537 |
| Mitsui E&S Co Ltd  | 44800 | 1833163 |
| Miura Co Ltd  | 43024 | 835159 |
| Nabtesco Corp  | 55668 | 1398654 |
| Namura Shipbuilding Co Ltd  | 23458 | 799134 |
| NGK Insulators Ltd  | 112151 | 1896473 |
| Nomura Micro Science Co Ltd  | 14100 | 360940 |
| Noritake Co Ltd  | 13171 | 413223 |
| NSK Ltd  | 199683 | 1009882 |
| NTN Corp  | 237241 | 531718 |
| OKUMA Corp  | 21750 | 486203 |
| Organo Corp  | 12451 | 1072930 |
| OSG Corp  | 34985 | 507942 |
| Shibaura Machine Co Ltd  | 12231 | 340478 |
| Shinmaywa Industries Ltd  | 32720 | 426543 |
| SMC Corp  | 28339 | 9701078 |
| Star Micronics Co Ltd  | 21627 | 233516 |
| Sumitomo Heavy Industries Ltd  | 57316 | 1536386 |
| Tadano Ltd  | 51018 | 355547 |
| Takeuchi Manufacturing Co Ltd  | 18259 | 754720 |
| Takuma Co Ltd  | 30122 | 462649 |
| THK Co Ltd  | 53106 | 1419055 |
| Tocalo Co Ltd  | 32437 | 476736 |
| Toyota Industries Corp  | 78957 | 8620151 |
| Tsubakimoto Chain Co  | 43247 | 606710 |
| Tsurumi Manufacturing Co Ltd  | 19600 | 247496 |
| Yaskawa Electric Corp  | 112772 | 3106334 |
|  |  | 179906501 |
| Marine Transportation - 0.1% |  |  |
| Iino Kaiun Kaisha Ltd  | 41132 | 335493 |
| Kawasaki Kisen Kaisha Ltd  | 166279 | 2387745 |
| Mitsui OSK Lines Ltd  | 166108 | 4939803 |
| Nippon Yusen KK  | 211071 | 7301405 |
|  |  | 14964446 |
| Passenger Airlines - 0.0% |  |  |
| ANA Holdings Inc  | 78451 | 1470670 |
| Japan Airlines Co Ltd  | 70761 | 1275544 |
|  |  | 2746214 |
| Professional Services - 0.2% |  |  |
| BayCurrent Inc  | 69572 | 3189450 |
| dip Corp  | 22121 | 303875 |
| Funai Soken Holdings Inc  | 28431 | 448114 |
| Infomart Corp  | 115200 | 245186 |
| MEITEC Group Holdings Inc  | 39413 | 808413 |
| Nomura Co Ltd  | 59054 | 393540 |
| Open Up Group Inc  | 35219 | 393303 |
| Persol Holdings Co Ltd  | 872842 | 1449356 |
| Recruit Holdings Co Ltd  | 652935 | 32377723 |
| SMS Co Ltd  | 39678 | 342687 |
| Timee Inc (b)(c) | 22400 | 217154 |
| TKC Corp  | 18409 | 481995 |
| Transcosmos Inc  | 15014 | 355597 |
| UT Group CO Ltd  | 18696 | 333498 |
| Visional Inc (b) | 11845 | 823947 |
|  |  | 42163838 |
| Trading Companies & Distributors - 0.8% |  |  |
| Hanwa Co Ltd  | 18763 | 784074 |
| Inaba Denki Sangyo Co Ltd  | 29565 | 871545 |
| Inabata & Co Ltd  | 23409 | 524808 |
| ITOCHU Corp  | 580394 | 33635058 |
| Kanamoto Co Ltd  | 16950 | 395401 |
| Kanematsu Corp  | 43892 | 889460 |
| Marubeni Corp  | 689799 | 17008865 |
| Mitsubishi Corp  | 1572903 | 37769579 |
| Mitsui & Co Ltd  | 1207155 | 29781347 |
| MonotaRO Co Ltd  | 122762 | 1712788 |
| Nagase & Co Ltd  | 45346 | 991898 |
| Nishio Holdings Co Ltd  | 15264 | 434813 |
| Sojitz Corp  | 110246 | 2930164 |
| Sumitomo Corp  | 525646 | 15301070 |
| Toyota Tsusho Corp  | 338499 | 10360780 |
| Trusco Nakayama Corp  | 32758 | 517377 |
| Yamazen Corp  | 34414 | 319107 |
| Yuasa Trading Co Ltd  | 10395 | 338608 |
|  |  | 154566742 |
| Transportation Infrastructure - 0.0% |  |  |
| Japan Airport Terminal Co Ltd  | 31997 | 995767 |
| Kamigumi Co Ltd  | 38499 | 1155894 |
| Mitsubishi Logistics Corp  | 121435 | 881745 |
| Sumitomo Warehouse Co Ltd/The  | 26420 | 557167 |
|  |  | 3590573 |
| TOTAL INDUSTRIALS |  | 695377090 |
| Information Technology - 2.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Ai Holdings Corp  | 26799 | 466039 |
| Alps Alpine Co Ltd  | 93104 | 1175656 |
| Amano Corp  | 27358 | 726777 |
| Anritsu Corp  | 62124 | 921722 |
| Azbil Corp  | 229060 | 2262954 |
| Canon Marketing Japan Inc  | 25164 | 1049112 |
| Citizen Watch Co Ltd  | 105104 | 731111 |
| Daiwabo Holdings Co Ltd  | 40383 | 755986 |
| Dexerials Corp  | 84967 | 1377247 |
| Furuno Electric CO Ltd  | 11300 | 657719 |
| Hamamatsu Photonics KK  | 141068 | 1584051 |
| Hirose Electric Co Ltd  | 14483 | 1945351 |
| Horiba Ltd  | 17374 | 1619476 |
| Hosiden Corp  | 27824 | 444325 |
| Ibiden Co Ltd  | 59548 | 5647226 |
| Japan Aviation Electronics Industry Ltd  | 25735 | 385248 |
| Jeol Ltd  | 22284 | 752199 |
| Kaga Electronics Co Ltd  | 19468 | 451613 |
| Keyence Corp  | 95355 | 35497479 |
| Kyocera Corp  | 629700 | 8376387 |
| Macnica Holdings Inc  | 71453 | 1019565 |
| Maruwa Co Ltd/Aichi  | 4216 | 1200155 |
| Maxell Ltd  | 24036 | 349209 |
| Meiko Electronics Co Ltd  | 9697 | 642440 |
| Murata Manufacturing Co Ltd  | 819396 | 17666932 |
| Nippon Electric Glass Co Ltd  | 33349 | 1125266 |
| Oki Electric Industry Co Ltd  | 39405 | 472267 |
| Omron Corp (c) | 88673 | 2479921 |
| Rigaku Holdings Corp  | 56500 | 362588 |
| Riken Keiki Co Ltd  | 18501 | 422578 |
| Ryoyo Ryosan Holdings Inc  | 21125 | 407668 |
| Shimadzu Corp  | 115974 | 3123043 |
| Taiyo Yuden Co Ltd  | 62746 | 1791870 |
| TDK Corp  | 957735 | 16733756 |
| Topcon Corp (b) | 10400 | 221551 |
| Yokogawa Electric Corp  | 112992 | 3389540 |
|  |  | 118236027 |
| IT Services - 0.4% |  |  |
| BIPROGY Inc  | 39976 | 1617613 |
| Dentsu Soken Inc  | 13834 | 685820 |
| Digital Garage Inc  | 15068 | 322655 |
| DTS Corp  | 72160 | 602153 |
| Fujitsu Ltd  | 864079 | 22518293 |
| Future Corp  | 22778 | 321620 |
| GMO internet group Inc  | 32193 | 720901 |
| NEC Corp  | 636840 | 23215672 |
| Nomura Research Institute Ltd  | 185236 | 7152534 |
| NS Solutions Corp  | 34773 | 877730 |
| NSD Co Ltd  | 34647 | 741007 |
| Obic Co Ltd  | 156375 | 4857356 |
| Otsuka Corp  | 113595 | 2248165 |
| Sakura Internet Inc (c) | 13500 | 301343 |
| SCSK Corp  | 78125 | 2874874 |
| SHIFT Inc (b) | 91725 | 634474 |
| Simplex Holdings Inc  | 20391 | 568953 |
| TechMatrix Corp  | 25453 | 360877 |
| TIS Inc  | 103819 | 3580546 |
|  |  | 74202586 |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| Advantest Corp  | 376349 | 56356692 |
| Disco Corp  | 45348 | 15059308 |
| Ferrotec Corp  | 22646 | 745021 |
| Japan Material Co Ltd  | 35244 | 442294 |
| Kokusai Electric Corp  | 89900 | 3308759 |
| Lasertec Corp  | 39158 | 7950342 |
| Micronics Japan Co Ltd  | 15029 | 893295 |
| Mitsui High-Tec Inc  | 50086 | 250901 |
| Renesas Electronics Corp  | 829822 | 10247948 |
| Rohm Co Ltd  | 172670 | 2775314 |
| Rorze Corp  | 51410 | 720727 |
| RS Technologies Co Ltd  | 11200 | 280164 |
| Sanken Electric Co Ltd (b) | 11989 | 579029 |
| SCREEN Holdings Co Ltd  | 40845 | 3892082 |
| Shibaura Mechatronics Corp  | 6375 | 755767 |
| Socionext Inc  | 88427 | 2003106 |
| SUMCO Corp  | 182359 | 1866662 |
| Tokyo Electron Ltd  | 220109 | 48527506 |
| Tokyo Seimitsu Co Ltd  | 20419 | 1412410 |
| Towa Corp (c) | 32924 | 507394 |
| Tri Chemical Laboratories Inc  | 12940 | 251310 |
| Ulvac Inc  | 24137 | 1100112 |
|  |  | 159926143 |
| Software - 0.1% |  |  |
| Appier Group Inc  | 36274 | 305520 |
| Cybozu Inc  | 12500 | 249415 |
| Digital Arts Inc  | 5800 | 284148 |
| Freee KK (b) | 22951 | 513795 |
| Justsystems Corp  | 12961 | 419250 |
| Money Forward Inc (b) | 22277 | 650487 |
| OBIC Business Consultants Co Ltd  | 15909 | 911740 |
| Oracle Corp Japan  | 18948 | 1749595 |
| Rakus Co Ltd  | 86878 | 702984 |
| Sansan Inc (b) | 36553 | 432393 |
| Systena Corp  | 142084 | 489563 |
| Trend Micro Inc/Japan  | 62045 | 3173712 |
|  |  | 9882602 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Brother Industries Ltd  | 115036 | 1962800 |
| Canon Inc  | 422342 | 12148738 |
| Eizo Corp  | 19648 | 279210 |
| Elecom Co Ltd  | 22405 | 262271 |
| FUJIFILM Holdings Corp  | 548021 | 12701315 |
| Konica Minolta Inc  | 246612 | 848764 |
| MCJ Co Ltd  | 39031 | 368757 |
| Ricoh Co Ltd  | 261913 | 2250164 |
| Seiko Epson Corp  | 144426 | 1833557 |
| Sun Corp (c) | 6600 | 370450 |
| Toshiba TEC Corp  | 16568 | 335424 |
| Wacom Co Ltd  | 72162 | 392393 |
|  |  | 33753843 |
| TOTAL INFORMATION TECHNOLOGY |  | 396001201 |
| Materials - 0.7% |  |  |
| Chemicals - 0.5% |  |  |
| ADEKA Corp  | 42207 | 958018 |
| Aica Kogyo Co Ltd  | 28941 | 681694 |
| Air Water Inc (Osaka)  | 93670 | 1309836 |
| Artience Co Ltd  | 21238 | 433415 |
| Asahi Kasei Corp  | 600655 | 4608880 |
| C Uyemura & Co Ltd  | 5601 | 456483 |
| Chugoku Marine Paints Ltd  | 20575 | 552725 |
| Daicel Corp  | 116095 | 1000793 |
| Denka Co Ltd  | 41944 | 609523 |
| DIC Corp  | 39349 | 927361 |
| Fujimi Inc  | 34880 | 547723 |
| Fuso Chemical Co Ltd  | 11382 | 378144 |
| JCU Corp  | 11638 | 343605 |
| Kaneka Corp  | 23758 | 656424 |
| Kansai Paint Co Ltd  | 69060 | 1108653 |
| KH Neochem Co Ltd  | 22453 | 401971 |
| Konishi Co Ltd  | 38273 | 306959 |
| Kuraray Co Ltd  | 146059 | 1585125 |
| Kureha Corp  | 14695 | 351856 |
| Lintec Corp  | 23708 | 603815 |
| Mitsubishi Chemical Group Corp  | 635043 | 3321706 |
| Mitsubishi Gas Chemical Co Inc  | 74502 | 1381171 |
| Mitsui Chemicals Inc  | 91006 | 2153649 |
| Nihon Parkerizing Co Ltd  | 56412 | 490141 |
| Nippon Kayaku Co Ltd  | 68999 | 631069 |
| Nippon Paint Holdings Co Ltd  | 464826 | 2963413 |
| Nippon Sanso Holdings Corp  | 85100 | 2831697 |
| Nippon Shokubai Co Ltd  | 61227 | 710362 |
| Nippon Soda Co Ltd  | 22094 | 490309 |
| Nissan Chemical Corp  | 61019 | 2065642 |
| Nitto Denko Corp  | 348145 | 8706449 |
| NOF Corp  | 101748 | 1813651 |
| Osaka Soda Co Ltd  | 38375 | 410369 |
| PILLAR Corp /Japan  | 12815 | 404964 |
| Resonac Holdings Corp  | 87642 | 3434365 |
| Sakata INX Corp  | 25121 | 371493 |
| Shin-Etsu Chemical Co Ltd  | 826739 | 24850901 |
| Sumitomo Bakelite Co Ltd  | 38148 | 1272838 |
| Sumitomo Chemical Co Ltd  | 731261 | 2152359 |
| T Hasegawa Co Ltd  | 19504 | 341962 |
| Taiyo Holdings Co Ltd  | 20075 | 1075721 |
| Takasago International Corp  | 33500 | 328022 |
| Teijin Ltd  | 96845 | 848046 |
| Toagosei Co Ltd  | 49070 | 487166 |
| Tokai Carbon Co Ltd  | 115964 | 777683 |
| Tokuyama Corp  | 34885 | 868107 |
| Tokyo Ohka Kogyo Co Ltd  | 47691 | 1749382 |
| Toray Industries Inc  | 682105 | 4187525 |
| Tosoh Corp  | 137704 | 1965796 |
| Toyobo Co Ltd  | 51737 | 384393 |
| UBE Corp  | 50616 | 745396 |
| Zeon Corp  | 74921 | 769823 |
|  |  | 92808573 |
| Construction Materials - 0.0% |  |  |
| Sumitomo Osaka Cement Co Ltd  | 19764 | 494389 |
| Taiheiyo Cement Corp  | 57941 | 1575697 |
|  |  | 2070086 |
| Containers & Packaging - 0.0% |  |  |
| FP Corp  | 27585 | 448383 |
| Fuji Seal International Inc  | 23164 | 407936 |
| Rengo Co Ltd  | 103020 | 627907 |
| Toyo Seikan Group Holdings Ltd  | 52802 | 1185827 |
|  |  | 2670053 |
| Metals & Mining - 0.2% |  |  |
| Aichi Steel Corp  | 16700 | 288032 |
| ARE Holdings Inc  | 41068 | 653421 |
| Daido Steel Co Ltd  | 67418 | 639358 |
| Dowa Holdings Co Ltd  | 27285 | 991474 |
| JFE Holdings Inc  | 282896 | 3246393 |
| JX Advanced Metals Corp  | 277500 | 3698559 |
| Kobe Steel Ltd  | 170202 | 2006177 |
| Maruichi Steel Tube Ltd  | 86357 | 730989 |
| Mitsubishi Materials Corp  | 62496 | 1204420 |
| Mitsui Kinzoku Co Ltd  | 27974 | 2860750 |
| Nippon Light Metal Holdings Co Ltd  | 30552 | 446058 |
| Nippon Steel Corp  | 2356985 | 9715565 |
| Nittetsu Mining Co Ltd  | 30000 | 329180 |
| Sumitomo Metal Mining Co Ltd  | 123299 | 4033412 |
| Tokyo Steel Manufacturing Co Ltd  | 29055 | 256594 |
| UACJ Corp  | 73400 | 950185 |
| Yamato Kogyo Co Ltd  | 18930 | 1195424 |
| Yodoko Ltd  | 52400 | 442362 |
|  |  | 33688353 |
| Paper & Forest Products - 0.0% |  |  |
| Daio Paper Corp  | 48148 | 254002 |
| Hokuetsu Corp (c) | 67640 | 359465 |
| Nippon Paper Industries Co Ltd  | 54625 | 409041 |
| Oji Holdings Corp  | 368249 | 1860003 |
|  |  | 2882511 |
| TOTAL MATERIALS |  | 134119576 |
| Real Estate - 0.5% |  |  |
| Diversified REITs - 0.1% |  |  |
| Activia Properties Inc  | 998 | 913101 |
| Daiwa House REIT Investment Corp  | 2134 | 1838915 |
| Hankyu Hanshin REIT Inc  | 383 | 440881 |
| Heiwa Real Estate REIT Inc  | 576 | 577084 |
| Hulic Reit Inc  | 636 | 707767 |
| KDX Realty Investment Corp  | 1914 | 2116317 |
| Mirai Corp  | 1002 | 313714 |
| Mori Trust Reit Inc  | 1246 | 628215 |
| NIPPON REIT Investment Corp  | 897 | 566336 |
| Nomura Real Estate Master Fund Inc  | 1838 | 1960724 |
| NTT UD REIT Investment Corp  | 668 | 591235 |
| Sekisui House Reit Inc  | 2010 | 1034281 |
| Star Asia Investment Corp  | 1331 | 529429 |
| Takara Leben Real Estate Investment Corp  | 471 | 284232 |
| United Urban Investment Corp  | 1391 | 1683353 |
|  |  | 14185584 |
| Hotel & Resort REITs - 0.0% |  |  |
| Hoshino Resorts REIT Inc  | 323 | 539486 |
| Invincible Investment Corp  | 3595 | 1607265 |
| Japan Hotel REIT Investment Corp  | 2374 | 1383331 |
|  |  | 3530082 |
| Industrial REITs - 0.0% |  |  |
| CRE Logistics REIT Inc  | 296 | 301551 |
| GLP J-REIT  | 2163 | 1960749 |
| Industrial & Infrastructure Fund Investment Corp  | 1216 | 1129915 |
| Japan Logistics Fund Inc  | 1219 | 790202 |
| LaSalle Logiport REIT  | 887 | 858164 |
| Mitsubishi Estate Logistics REIT Investment Corp  | 737 | 590136 |
| Mitsui Fudosan Logistics Park Inc  | 1572 | 1139397 |
| Nippon Prologis REIT Inc  | 3204 | 1862815 |
| SOSiLA Logistics REIT Inc  | 384 | 307479 |
|  |  | 8940408 |
| Office REITs - 0.1% |  |  |
| Daiwa Office Investment Corp  | 259 | 633593 |
| Global One Real Estate Investment Corp  | 489 | 449622 |
| Ichigo Office REIT Investment Corp  | 538 | 331297 |
| Japan Excellent Inc  | 622 | 593707 |
| Japan Prime Realty Investment Corp  | 1585 | 1077853 |
| Japan Real Estate Investment Corp  | 3004 | 2477506 |
| Mori Hills REIT Investment Corp  | 672 | 637508 |
| Nippon Building Fund Inc  | 3736 | 3447274 |
| Orix JREIT Inc  | 2529 | 1711600 |
| Tokyu REIT Inc  | 385 | 494147 |
|  |  | 11854107 |
| Real Estate Management & Development - 0.3% |  |  |
| Daito Trust Construction Co Ltd  | 140185 | 2620909 |
| Daiwa House Industry Co Ltd  | 268766 | 9126290 |
| Heiwa Real Estate Co Ltd  | 21652 | 316399 |
| Hulic Co Ltd  | 219530 | 2264958 |
| Ichigo Inc  | 115026 | 279896 |
| Kasumigaseki Capital Co Ltd (c) | 7282 | 397389 |
| Katitas Co Ltd  | 26528 | 431891 |
| Leopalace21 Corp  | 77184 | 315527 |
| Mitsubishi Estate Co Ltd  | 518390 | 10979333 |
| Mitsui Fudosan Co Ltd  | 1294081 | 13447997 |
| Nomura Real Estate Holdings Inc  | 264870 | 1510744 |
| Relo Group Inc  | 46314 | 498271 |
| Starts Corp Inc  | 17770 | 551745 |
| Sumitomo Realty & Development Co Ltd  | 151930 | 6487907 |
| Tokyo Tatemono Co Ltd  | 91743 | 1713000 |
| Tokyu Fudosan Holdings Corp  | 275201 | 2212537 |
|  |  | 53154793 |
| Residential REITs - 0.0% |  |  |
| Advance Residence Investment Corp  | 1357 | 1468741 |
| Comforia Residential REIT Inc  | 312 | 657971 |
| Daiwa Securities Living Investment Corporation  | 1020 | 730699 |
| Mitsui Fudosan Accommodations Fund Inc  | 1153 | 971121 |
|  |  | 3828532 |
| Retail REITs - 0.0% |  |  |
| AEON REIT Investment Corp  | 738 | 624458 |
| Frontier Real Estate Investment Corp  | 1159 | 680615 |
| Fukuoka REIT Corp  | 335 | 410842 |
| Japan Metropolitan Fund Invest  | 3415 | 2639196 |
|  |  | 4355111 |
| TOTAL REAL ESTATE |  | 99848617 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.1% |  |  |
| Chubu Electric Power Co Inc  | 333918 | 4647681 |
| Chugoku Electric Power Co Inc/The  | 156731 | 873101 |
| Hokkaido Electric Power Co Inc  | 88951 | 620481 |
| Hokuriku Electric Power Co  | 91027 | 506788 |
| Kansai Electric Power Co Inc/The  | 468702 | 7322043 |
| Kyushu Electric Power Co Inc  | 216723 | 2130526 |
| Shikoku Electric Power Co Inc  | 83297 | 744814 |
| Tohoku Electric Power Co Inc  | 245591 | 1682851 |
| Tokyo Electric Power Co Holdings Inc (b) | 747316 | 3744096 |
|  |  | 22272381 |
| Gas Utilities - 0.1% |  |  |
| Nippon Gas Co Ltd  | 57481 | 1099752 |
| Osaka Gas Co Ltd  | 173425 | 5455612 |
| Toho Gas Co Ltd  | 35898 | 1071280 |
| Tokyo Gas Co Ltd  | 154625 | 5420052 |
|  |  | 13046696 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Electric Power Development Co Ltd  | 75255 | 1431022 |
| TOTAL UTILITIES |  | 36750099 |
| TOTAL JAPAN |  | 2794227725 |
| KOREA (SOUTH) - 3.8%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| LG Uplus Corp  | 109808 | 1170867 |
| Entertainment - 0.1% |  |  |
| CJ ENM Co Ltd (b) | 5443 | 267340 |
| HYBE Co Ltd  | 11486 | 2740387 |
| JYP Entertainment Corp  | 14718 | 833079 |
| Kakao Games Corp (b) | 24295 | 273843 |
| Krafton Inc (b) | 14058 | 2714697 |
| NCSoft Corp  | 6442 | 993844 |
| Netmarble Corp (e)(f) | 15211 | 575763 |
| Pearl Abyss Corp (b) | 18826 | 455746 |
| SM Entertainment Co Ltd  | 6431 | 537694 |
| YG Entertainment Inc  | 6574 | 420862 |
|  |  | 9813255 |
| Interactive Media & Services - 0.1% |  |  |
| Kakao Corp  | 152977 | 6967803 |
| NAVER Corp  | 70266 | 13150970 |
|  |  | 20118773 |
| Media - 0.0% |  |  |
| Cheil Worldwide Inc  | 40237 | 572900 |
| Wireless Telecommunication Services - 0.0% |  |  |
| SK Telecom Co Ltd  | 26465 | 965876 |
| TOTAL COMMUNICATION SERVICES |  | 32641671 |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.0% |  |  |
| Hankook Tire & Technology Co Ltd  | 37288 | 1209226 |
| HL Mando Co Ltd  | 22988 | 620032 |
| Hyundai Mobis Co Ltd  | 29668 | 6559401 |
| Hyundai Wia Corp  | 13390 | 548993 |
|  |  | 8937652 |
| Automobiles - 0.2% |  |  |
| Hyundai Motor Co  | 63859 | 12957132 |
| Kia Corp  | 117735 | 9876738 |
|  |  | 22833870 |
| Broadline Retail - 0.0% |  |  |
| Hyundai Department Store Co Ltd  | 7468 | 422187 |
| Lotte Shopping Co Ltd  | 6037 | 274973 |
| Shinsegae Inc  | 3527 | 428641 |
|  |  | 1125801 |
| Distributors - 0.0% |  |  |
| Silicon2 Co Ltd (b) | 16490 | 519184 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Delivery Hero SE (b)(e)(f) | 95828 | 2434007 |
| Hana Tour Service Inc  | 10361 | 345787 |
| Hanjin Kal Corp  | 11371 | 832979 |
| Kangwon Land Inc  | 51505 | 608290 |
| Lotte Tour Development Co Ltd (b) | 28223 | 358203 |
| Paradise Co Ltd  | 27156 | 351311 |
|  |  | 4930577 |
| Household Durables - 0.0% |  |  |
| Coway Co Ltd  | 26612 | 1660853 |
| LG Electronics Inc  | 54486 | 3339472 |
|  |  | 5000325 |
| Specialty Retail - 0.0% |  |  |
| Hotel Shilla Co Ltd (b) | 15996 | 545041 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| DI Dong Il Corp  | 9240 | 116885 |
| F&F Co Ltd  | 8722 | 374081 |
| Misto Holdings Corp  | 19730 | 508000 |
| Youngone Corp  | 12366 | 500087 |
|  |  | 1499053 |
| TOTAL CONSUMER DISCRETIONARY |  | 45391503 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.0% |  |  |
| Hite Jinro Co Ltd  | 26583 | 350221 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| BGF retail Co Ltd  | 4815 | 349016 |
| Dongsuh Cos Inc  | 18830 | 355716 |
| E-MART Inc  | 10499 | 530364 |
| GS Retail Co Ltd  | 25693 | 318721 |
|  |  | 1553817 |
| Food Products - 0.0% |  |  |
| Binggrae Co Ltd  | 3842 | 194350 |
| CJ CheilJedang Corp  | 4431 | 711497 |
| NongShim Co Ltd  | 1670 | 509438 |
| Orion Corp/Republic of Korea  | 12861 | 893537 |
| Otoki Corp  | 1475 | 400933 |
| Samyang Foods Co Ltd  | 2046 | 1929677 |
|  |  | 4639432 |
| Personal Care Products - 0.1% |  |  |
| Amorepacific Corp  | 14385 | 1216816 |
| Amorepacific Holdings Corp  | 17726 | 315016 |
| APR Corp/Korea  | 12174 | 2172013 |
| Cosmax Inc  | 4406 | 630415 |
| Kolmar Korea Co Ltd  | 8189 | 441174 |
| LG H&H Co Ltd  | 5404 | 1075688 |
| VT Co Ltd (b) | 12561 | 219712 |
|  |  | 6070834 |
| Tobacco - 0.0% |  |  |
| KT&G Corp  | 48612 | 4564411 |
| TOTAL CONSUMER STAPLES |  | 17178715 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| HD Hyundai Co Ltd  | 21389 | 3067843 |
| S-Oil Corp (b) | 22675 | 1139096 |
| SK Innovation Co Ltd  | 34036 | 3069589 |
|  |  | 7276528 |
| Financials - 0.4% |  |  |
| Banks - 0.2% |  |  |
| BNK Financial Group Inc  | 127004 | 1227156 |
| Hana Financial Group Inc  | 141457 | 8462123 |
| iM Financial Group Co Ltd  | 87591 | 810788 |
| Industrial Bank of Korea  | 140239 | 1896660 |
| JB Financial Group Co Ltd  | 58360 | 916686 |
| KakaoBank Corp  | 85031 | 1377264 |
| KB Financial Group Inc  | 179046 | 14570046 |
| Shinhan Financial Group Co Ltd  | 216636 | 11091863 |
| Woori Financial Group Inc  | 327853 | 5826418 |
|  |  | 46179004 |
| Capital Markets - 0.1% |  |  |
| Daishin Securities Co Ltd  | 23546 | 479400 |
| KIWOOM Securities Co Ltd  | 6961 | 1446495 |
| Korea Investment Holdings Co Ltd  | 21040 | 2683621 |
| Mirae Asset Securities Co Ltd  | 112892 | 2077340 |
| NH Investment & Securities Co Ltd  | 72948 | 1038644 |
| Samsung Securities Co Ltd  | 32727 | 1770005 |
|  |  | 9495505 |
| Financial Services - 0.0% |  |  |
| Meritz Financial Group Inc  | 39562 | 3058646 |
| Insurance - 0.1% |  |  |
| DB Insurance Co Ltd  | 23748 | 2106857 |
| Hanwha Life Insurance Co Ltd (b) | 156936 | 332701 |
| Hyundai Marine & Fire Insurance Co Ltd (b) | 29181 | 557380 |
| Korean Reinsurance Co  | 86474 | 641933 |
| Samsung Fire & Marine Insurance Co Ltd  | 14883 | 4597376 |
| Samsung Life Insurance Co Ltd  | 39864 | 4303636 |
|  |  | 12539883 |
| TOTAL FINANCIALS |  | 71273038 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.1% |  |  |
| ABLBio Inc (b) | 17581 | 1226387 |
| Alteogen Inc (b) | 19947 | 6817591 |
| Celltrion Inc  | 80280 | 9863264 |
| D&D PharmaTech Inc (b) | 2682 | 521666 |
| GI Innovation Inc  | 25165 | 265865 |
| Green Cross Corp/South Korea  | 3284 | 298011 |
| Hugel Inc (b) | 2838 | 520238 |
| Medytox Inc  | 3169 | 266510 |
| Naturecell Co Ltd (b) | 27082 | 468022 |
| OliX Pharmaceuticals Inc (b) | 8022 | 665104 |
| PharmaResearch Co Ltd  | 3630 | 1374019 |
| Seegene Inc  | 16703 | 295668 |
| SK Bioscience Co Ltd (b) | 14400 | 510810 |
| Voronoi Inc (b) | 6063 | 831443 |
|  |  | 23924598 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Classys Inc  | 13759 | 474594 |
| HLB Inc (b) | 60362 | 2052526 |
|  |  | 2527120 |
| Health Care Providers & Services - 0.0% |  |  |
| Chabiotech Co Ltd (b) | 39622 | 340704 |
| Hanmi Science Co ltd  | 11020 | 303785 |
|  |  | 644489 |
| Health Care Technology - 0.0% |  |  |
| Lunit Inc (b) | 14026 | 421489 |
| Life Sciences Tools & Services - 0.1% |  |  |
| LigaChem Biosciences Inc (b) | 13079 | 1339690 |
| Peptron Inc (b) | 10810 | 2045887 |
| Samsung Biologics Co Ltd (b)(d)(e)(f) | 8705 | 7436580 |
|  |  | 10822157 |
| Pharmaceuticals - 0.1% |  |  |
| Caregen Co Ltd  | 8162 | 370621 |
| Celltrion Pharm Inc  | 13224 | 590299 |
| Chong Kun Dang Pharmaceutical Corp  | 5081 | 294353 |
| Daewoong Pharmaceutical Co Ltd  | 3268 | 318738 |
| Hanall Biopharma Co Ltd (b) | 19515 | 565272 |
| Hanmi Pharm Co Ltd  | 3135 | 932213 |
| HK inno N Corp  | 9242 | 319434 |
| Mezzion Pharma Co Ltd (b) | 11779 | 510138 |
| Oscotec Inc (b) | 18137 | 520281 |
| Sam Chun Dang Pharm Co Ltd  | 7557 | 1237240 |
| SK Biopharmaceuticals Co Ltd (b) | 15946 | 1288614 |
| ST Pharm Co Ltd  | 7263 | 514771 |
| Yuhan Corp  | 27762 | 2292037 |
|  |  | 9754011 |
| TOTAL HEALTH CARE |  | 48093864 |
| Industrials - 0.8% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Hanwha Aerospace Co Ltd  | 16235 | 11120485 |
| Hanwha Systems Co Ltd  | 38156 | 1599110 |
| Korea Aerospace Industries Ltd  | 36149 | 2615204 |
| LIG Nex1 Co Ltd  | 6470 | 2349419 |
|  |  | 17684218 |
| Air Freight & Logistics - 0.0% |  |  |
| Cj Logistics Corp  | 7107 | 409734 |
| Hyundai Glovis Co Ltd  | 18236 | 2408909 |
|  |  | 2818643 |
| Commercial Services & Supplies - 0.0% |  |  |
| KEPCO Plant Service & Engineering Co Ltd  | 11557 | 409960 |
| S-1 Corp  | 10419 | 546734 |
|  |  | 956694 |
| Construction & Engineering - 0.0% |  |  |
| Daewoo Engineering & Construction Co Ltd (b) | 107413 | 281823 |
| DL E&C Co Ltd  | 15789 | 471706 |
| GS Engineering & Construction Corp  | 35428 | 463281 |
| HDC Hyundai Development Co-Engineering & Construction  | 20558 | 277317 |
| Hyundai Engineering & Construction Co Ltd  | 37903 | 1864309 |
| KEPCO Engineering & Construction Co Inc  | 7536 | 538866 |
| Samsung E&A Co Ltd  | 77641 | 1409669 |
|  |  | 5306971 |
| Electrical Equipment - 0.4% |  |  |
| CS Wind Corp  | 12803 | 391007 |
| Doosan Enerbility Co Ltd (b) | 220896 | 13708826 |
| Doosan Fuel Cell Co Ltd (b) | 22313 | 666614 |
| Ecopro BM Co Ltd (b)(c) | 24307 | 2721072 |
| Ecopro Co Ltd (c) | 52692 | 3244263 |
| Ecopro Materials Co Ltd (b) | 12036 | 530532 |
| HD Hyundai Electric Co Ltd  | 11631 | 7079868 |
| Hyosung Heavy Industries Corp  | 2745 | 4100426 |
| Iljin Electric Co Ltd  | 12370 | 498518 |
| L&F Co Ltd (b) | 12239 | 1045563 |
| LG Energy Solution Ltd (b)(c) | 23190 | 7674511 |
| LS Corp  | 9455 | 1382600 |
| LS Electric Co Ltd  | 7778 | 2367260 |
| POSCO Future M Co Ltd (b) | 17592 | 2664783 |
| Sanil Electric Co Ltd  | 5261 | 576801 |
| Shinsung Delta Tech Co Ltd  | 8585 | 329162 |
| SK IE Technology Co Ltd (b)(e)(f) | 17851 | 383433 |
| Taihan Cable & Solution Co Ltd (b) | 43011 | 728255 |
|  |  | 50093494 |
| Industrial Conglomerates - 0.1% |  |  |
| CJ Corp  | 6491 | 775236 |
| Doosan Co Ltd  | 3829 | 2542379 |
| GS Holdings Corp  | 26249 | 880623 |
| Hanwha Corp  | 15905 | 1063850 |
| LG Corp  | 43039 | 2418057 |
| Lotte Corp  | 16603 | 339783 |
| Samsung C&T Corp  | 42278 | 6685157 |
| SK Inc  | 17765 | 3088733 |
| SK Square Co Ltd (b) | 45778 | 8327582 |
|  |  | 26121400 |
| Machinery - 0.2% |  |  |
| BHI Co Ltd (b) | 9223 | 327166 |
| Doosan Bobcat Inc  | 27321 | 1152664 |
| Doosan Robotics Inc (b) | 11258 | 614391 |
| Hanwha Engine (b) | 26149 | 903797 |
| Hanwha Ocean Co Ltd (b) | 60622 | 5836298 |
| HD Hyundai Construction Equipment Co Ltd  | 5768 | 403565 |
| HD Hyundai Heavy Industries Co Ltd  | 11012 | 4622812 |
| HD Hyundai Infracore Co Ltd  | 65644 | 699953 |
| HD HYUNDAI MIPO  | 11897 | 2010219 |
| HD Korea Shipbuilding & Offshore Engineering Co Ltd  | 21024 | 6972403 |
| HD-Hyundai Marine Engine (b) | 10194 | 708244 |
| Hyundai Elevator Co Ltd  | 11454 | 606655 |
| Hyundai Rotem Co Ltd  | 37798 | 6095769 |
| People & Technology Inc  | 11414 | 345392 |
| Rainbow Robotics (b) | 4228 | 1291243 |
| Samsung Heavy Industries Co Ltd (b) | 350321 | 7242899 |
| SFA Engineering Corp  | 11739 | 203279 |
|  |  | 40036749 |
| Marine Transportation - 0.0% |  |  |
| HMM Co Ltd  | 125189 | 1799976 |
| Pan Ocean Co Ltd  | 217370 | 582488 |
|  |  | 2382464 |
| Passenger Airlines - 0.0% |  |  |
| Asiana Airlines Inc (b) | 46181 | 284661 |
| Korean Air Lines Co Ltd  | 100610 | 1559207 |
|  |  | 1843868 |
| Trading Companies & Distributors - 0.0% |  |  |
| LX INTERNATIONAL CORP  | 23399 | 493598 |
| Posco International Corp  | 27929 | 1074748 |
|  |  | 1568346 |
| TOTAL INDUSTRIALS |  | 148812847 |
| Information Technology - 1.7% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Daeduck Electronics Co Ltd / New  | 21058 | 559136 |
| Daejoo Electronic Materials Co Ltd  | 6497 | 343655 |
| Hanwha Vision Co Ltd (b) | 17322 | 610826 |
| IsuPetasys Co Ltd  | 26857 | 2140277 |
| LG Display Co Ltd (b) | 151401 | 1542985 |
| LG Innotek Co Ltd  | 7814 | 1317587 |
| Park Systems Corp  | 2663 | 453690 |
| Robotis Co Ltd (b) | 5168 | 797297 |
| Robotis Co Ltd rights 11/10/2025 (b) | 483 | 38423 |
| Samsung Electro-Mechanics Co Ltd  | 28302 | 4851455 |
| Samsung SDI Co Ltd  | 32304 | 7277814 |
| SOLUM Co Ltd (b) | 28032 | 351071 |
|  |  | 20284216 |
| IT Services - 0.0% |  |  |
| Hyundai Autoever Corp  | 3680 | 523963 |
| Posco DX Co Ltd  | 27294 | 502240 |
| Samsung SDS Co Ltd  | 21350 | 2733618 |
|  |  | 3759821 |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| DB HiTek Co Ltd  | 18589 | 764755 |
| Eo Technics Co Ltd  | 4598 | 759224 |
| Eugene Technology Co Ltd  | 9410 | 624805 |
| GemVax & Kael Co Ltd (b) | 15310 | 516846 |
| Hana Micron Inc  | 30118 | 619530 |
| Hanmi Semiconductor Co Ltd (c) | 21133 | 2124744 |
| HPSP Co Ltd  | 25238 | 610970 |
| ISC Co Ltd  | 6264 | 349300 |
| Jusung Engineering Co Ltd  | 15491 | 332741 |
| Koh Young Technology Inc  | 27362 | 319708 |
| LEENO Industrial Inc  | 26621 | 1074704 |
| LX Semicon Co Ltd  | 9724 | 389842 |
| S&S Tech Corp  | 7747 | 304078 |
| SK Hynix Inc  | 268281 | 104927780 |
| TechWing Inc  | 20829 | 973495 |
| WONIK IPS Co Ltd  | 16485 | 740479 |
|  |  | 115433001 |
| Software - 0.0% |  |  |
| Douzone Bizon Co Ltd  | 9928 | 618911 |
| Technology Hardware, Storage & Peripherals - 1.0% |  |  |
| CosmoAM&T Co Ltd (b) | 13070 | 507525 |
| Samsung Electronics Co Ltd  | 2338097 | 175857037 |
|  |  | 176364562 |
| TOTAL INFORMATION TECHNOLOGY |  | 316460511 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Dongjin Semichem Co Ltd  | 19243 | 576243 |
| Enchem Co Ltd (b) | 7125 | 429217 |
| Han Kuk Carbon Co Ltd  | 18114 | 463857 |
| Hansol Chemical Co Ltd  | 4550 | 740156 |
| Hanwha Solutions Corp  | 55082 | 1179288 |
| Hyosung TNC Corp  | 1809 | 263264 |
| ISU Specialty Chemical (b) | 9796 | 379706 |
| KCC Corp  | 2547 | 783207 |
| Kolon Industries Inc  | 9692 | 241408 |
| Kum Yang Co Ltd (b)(d) | 19256 | 133380 |
| Kumho Petrochemical Co Ltd  | 7424 | 602538 |
| LG Chem Ltd  | 18622 | 5179076 |
| Lotte Chemical Corp  | 9540 | 471907 |
| LOTTE Fine Chemical Co Ltd  | 10367 | 330755 |
| OCI Holdings Co Ltd  | 6727 | 537497 |
| SKC Co Ltd (b) | 9542 | 852548 |
| Soulbrain Co Ltd  | 2184 | 432442 |
|  |  | 13596489 |
| Metals & Mining - 0.0% |  |  |
| Hyundai Steel Co  | 43362 | 1001180 |
| Korea Zinc Co Ltd  | 1952 | 1410811 |
| Poongsan Corp  | 8284 | 637560 |
| POSCO Holdings Inc  | 36098 | 7826340 |
|  |  | 10875891 |
| TOTAL MATERIALS |  | 24472380 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| SK REITs Co Ltd  | 104553 | 386973 |
| Industrial REITs - 0.0% |  |  |
| ESR Kendall Square REIT Co Ltd  | 99064 | 302198 |
| Retail REITs - 0.0% |  |  |
| LOTTE Reit Co Ltd  | 98122 | 264655 |
| TOTAL REAL ESTATE |  | 953826 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Korea Electric Power Corp  | 127305 | 3798729 |
| Gas Utilities - 0.0% |  |  |
| Korea Gas Corp  | 14509 | 423314 |
| TOTAL UTILITIES |  | 4222043 |
| TOTAL KOREA (SOUTH) |  | 716776926 |
| KUWAIT - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Kuwait Telecommunications Co  | 186050 | 360273 |
| Mobile Telecommunications Co KSCP  | 951173 | 1646529 |
|  |  | 2006802 |
| Consumer Discretionary - 0.0% |  |  |
| Diversified Consumer Services - 0.0% |  |  |
| Humansoft Holding Co KSC  | 56703 | 457321 |
| Specialty Retail - 0.0% |  |  |
| Ali Alghanim Sons Automotive Co KSCC  | 84663 | 296148 |
| TOTAL CONSUMER DISCRETIONARY |  | 753469 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Al Ahli Bank of Kuwait KSCP  | 733960 | 686704 |
| Boubyan Bank KSCP  | 745471 | 1740040 |
| Burgan Bank SAK  | 635878 | 489217 |
| Gulf Bank KSCP  | 1005450 | 1150490 |
| Kuwait Finance House KSCP  | 5298458 | 13870129 |
| Kuwait International Bank KSCP  | 472137 | 410955 |
| Kuwait Projects Co Holding KSCP (b) | 1271988 | 364906 |
| National Bank of Kuwait SAKP  | 4032100 | 13801809 |
| Warba Bank KSCP  | 1212405 | 1142250 |
|  |  | 33656500 |
| Capital Markets - 0.0% |  |  |
| Boursa Kuwait Securities Co KPSC  | 54955 | 720371 |
| TOTAL FINANCIALS |  | 34376871 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| Agility Global PLC  | 2194343 | 651203 |
| Agility Public Warehousing Co KSC  | 789870 | 388819 |
|  |  | 1040022 |
| Electrical Equipment - 0.0% |  |  |
| Gulf Cables & Electrical Industries Group Co. KSCP  | 55466 | 406841 |
| Industrial Conglomerates - 0.0% |  |  |
| National Industries Group Holding SAK  | 1045505 | 991824 |
| TOTAL INDUSTRIALS |  | 2438687 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Boubyan Petrochemicals Co KSCP  | 201264 | 402200 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Commercial Real Estate Co KSC  | 777483 | 539866 |
| Kuwait Real Estate Co KSC  | 491130 | 680457 |
| Mabanee Co KPSC  | 327212 | 1074173 |
| Salhia Real Estate Co KSCP  | 257785 | 352117 |
|  |  | 2646613 |
| TOTAL KUWAIT |  | 42624642 |
| LUXEMBOURG - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| RTL Group SA (Germany) (c) | 19892 | 766959 |
| SES SA Series A depository receipt  | 187382 | 1435226 |
|  |  | 2202185 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| CVC Capital Partners PLC (e)(f) | 107594 | 1797024 |
| Reinet Investments SCA (South Africa)  | 67182 | 2148623 |
|  |  | 3945647 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Eurofins Scientific SE  | 57537 | 4054806 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| APERAM SA  | 22766 | 794060 |
| ArcelorMittal SA  | 230583 | 8813314 |
|  |  | 9607374 |
| TOTAL LUXEMBOURG |  | 19810012 |
| MACAU - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Galaxy Entertainment Group Ltd  | 1077747 | 5370323 |
| Sands China Ltd  | 1185343 | 3087470 |
| SJM Holdings Ltd (b)(c) | 1598462 | 582153 |
| Wynn Macau Ltd  | 872171 | 741910 |
| TOTAL MACAU |  | 9781856 |
| MALAYSIA - 0.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telekom Malaysia Bhd  | 583324 | 1016778 |
| TIME dotCom Bhd  | 725603 | 826439 |
|  |  | 1843217 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Axiata Group Berhad  | 1479360 | 886627 |
| CELCOMDIGI BHD  | 1855545 | 1595024 |
| Maxis Bhd  | 1229717 | 1115789 |
|  |  | 3597440 |
| TOTAL COMMUNICATION SERVICES |  | 5440657 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Genting Bhd  | 1171157 | 945203 |
| Genting Malaysia Bhd  | 1587309 | 883102 |
|  |  | 1828305 |
| Specialty Retail - 0.0% |  |  |
| MR DIY Group M Bhd (e)(f) | 1734305 | 662581 |
| TOTAL CONSUMER DISCRETIONARY |  | 2490886 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.0% |  |  |
| Carlsberg Brewery Malaysia Bhd  | 110304 | 435105 |
| Fraser & Neave Holdings Bhd  | 73588 | 494804 |
| Heineken Malaysia Bhd  | 103632 | 527068 |
|  |  | 1456977 |
| Food Products - 0.1% |  |  |
| IOI Corp Bhd  | 1338094 | 1284417 |
| Kuala Lumpur Kepong Bhd  | 263880 | 1291676 |
| Nestle Malaysia Bhd  | 37511 | 1012116 |
| PPB Group Bhd  | 352300 | 937111 |
| QL Resources Bhd  | 937850 | 929340 |
| SD Guthrie Bhd  | 1072396 | 1352019 |
| United Plantations BHD  | 142894 | 846173 |
|  |  | 7652852 |
| TOTAL CONSUMER STAPLES |  | 9109829 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Dialog Group Bhd  | 1678358 | 785478 |
| Yinson Holdings BHD  | 613422 | 347137 |
|  |  | 1132615 |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Petronas Dagangan Bhd  | 153835 | 833089 |
| TOTAL ENERGY |  | 1965704 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Alliance Bank Malaysia Bhd  | 506089 | 531708 |
| AMMB Holdings Bhd  | 1295493 | 1763207 |
| Bank Islam Malaysia Bhd  | 542800 | 285138 |
| CIMB Group Holdings Bhd  | 3996367 | 6965969 |
| Hong Leong Bank Bhd  | 331855 | 1629164 |
| Malayan Banking Bhd  | 2922871 | 6888428 |
| MBSB Bhd  | 1568198 | 271476 |
| Public Bank Bhd  | 7190588 | 7245531 |
| RHB Bank Bhd  | 914121 | 1477698 |
|  |  | 27058319 |
| Capital Markets - 0.0% |  |  |
| Bursa Malaysia Bhd  | 277348 | 542378 |
| TOTAL FINANCIALS |  | 27600697 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Hartalega Holdings Bhd  | 907524 | 262202 |
| Top Glove Corp Bhd  | 2906003 | 437149 |
|  |  | 699351 |
| Health Care Providers & Services - 0.0% |  |  |
| IHH Healthcare Bhd  | 1080604 | 2128697 |
| Kpj Healthcare Bhd  | 1014094 | 687686 |
|  |  | 2816383 |
| TOTAL HEALTH CARE |  | 3515734 |
| Industrials - 0.1% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Frontken Corp Bhd  | 683187 | 737346 |
| Construction & Engineering - 0.1% |  |  |
| Gamuda Bhd  | 2275494 | 2738417 |
| IJM Corp Bhd  | 1303694 | 772006 |
| Sunway Construction Group Bhd  | 286900 | 402811 |
|  |  | 3913234 |
| Industrial Conglomerates - 0.0% |  |  |
| Sime Darby Bhd  | 1323329 | 647761 |
| Sunway Bhd  | 1271800 | 1642894 |
|  |  | 2290655 |
| Marine Transportation - 0.0% |  |  |
| MISC Bhd  | 658302 | 1224492 |
| Professional Services - 0.0% |  |  |
| Zetrix Ai Bhd  | 3169994 | 639600 |
| Trading Companies & Distributors - 0.0% |  |  |
| Chin Hin Group Bhd (b) | 581666 | 320833 |
| TOTAL INDUSTRIALS |  | 9126160 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| VS Industry Bhd  | 1514985 | 179063 |
| VS Industry Bhd warrants 9/5/2026 (b) | 141146 | 169 |
|  |  | 179232 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Inari Amertron Bhd  | 1529341 | 956751 |
| Malaysian Pacific Industries Bhd  | 53742 | 384971 |
| ViTrox Corp Bhd  | 367382 | 395629 |
|  |  | 1737351 |
| TOTAL INFORMATION TECHNOLOGY |  | 1916583 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Hextar Global Bhd  | 1162200 | 251143 |
| Petronas Chemicals Group Bhd  | 1165721 | 1085557 |
| Scientex BHD  | 385581 | 312111 |
|  |  | 1648811 |
| Metals & Mining - 0.0% |  |  |
| Press Metal Aluminium Holdings Bhd  | 1834841 | 2773292 |
| TOTAL MATERIALS |  | 4422103 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Axis Real Estate Investment Trust  | 845059 | 433829 |
| Real Estate Management & Development - 0.0% |  |  |
| Eco World Development Group Bhd  | 612700 | 301376 |
| IOI Properties Group Bhd  | 714463 | 358255 |
| Mah Sing Group Bhd  | 925800 | 229902 |
| Sime Darby Property Bhd  | 1516800 | 488940 |
| SP Setia Bhd Group  | 1356562 | 280188 |
|  |  | 1658661 |
| Retail REITs - 0.0% |  |  |
| IGB Real Estate Investment Trust  | 864100 | 555021 |
| Pavilion Real Estate Investment Trust  | 1018200 | 449778 |
| Sunway Real Estate Investment Trust  | 927336 | 464997 |
|  |  | 1469796 |
| TOTAL REAL ESTATE |  | 3562286 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Tenaga Nasional Bhd  | 1313596 | 4165366 |
| Gas Utilities - 0.0% |  |  |
| Petronas Gas Bhd  | 387852 | 1713291 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Mega First Corp BHD  | 354368 | 313922 |
| Multi-Utilities - 0.0% |  |  |
| YTL Corp Bhd  | 1488166 | 923885 |
| YTL Corp Bhd warrants 6/2/2028 (b) | 303613 | 85318 |
| YTL Power International Bhd  | 1477269 | 1407427 |
| YTL Power International Bhd warrants 6/2/2028 (b) | 225613 | 88612 |
|  |  | 2505242 |
| TOTAL UTILITIES |  | 8697821 |
| TOTAL MALAYSIA |  | 77848460 |
| MAURITIUS - 0.0%  |  |  |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Lighthouse Properties PLC  | 755710 | 352192 |
| MEXICO - 0.6%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Operadora De Sites Mexicanos SAB de CV (c) | 638311 | 573427 |
| Media - 0.0% |  |  |
| Grupo Televisa SAB  | 1178663 | 614121 |
| Megacable Holdings SAB de CV unit  | 245675 | 702968 |
|  |  | 1317089 |
| Wireless Telecommunication Services - 0.0% |  |  |
| America Movil SAB de CV Series B  | 8843705 | 10086827 |
| TOTAL COMMUNICATION SERVICES |  | 11977343 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Alsea SAB de CV  | 270352 | 746657 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.1% |  |  |
| Arca Continental SAB de CV  | 251351 | 2434432 |
| Coca-Cola Femsa SAB de CV unit  | 263387 | 2266048 |
| Fomento Economico Mexicano SAB de CV unit  | 852577 | 8042773 |
|  |  | 12743253 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Grupo Comercial Chedraui SA de CV  | 164800 | 1194941 |
| La Comer SAB de CV (c) | 136708 | 296028 |
| Wal-Mart de Mexico SAB de CV Series V  | 2553869 | 8443019 |
|  |  | 9933988 |
| Food Products - 0.0% |  |  |
| Alfa SAB de CV Series A  | 1799525 | 1357017 |
| Gruma SAB de CV Series B  | 80610 | 1368007 |
| Grupo Bimbo SAB de CV (c) | 650385 | 2247476 |
|  |  | 4972500 |
| Household Products - 0.0% |  |  |
| Kimberly Clark DE Mexico Sab D Series A  | 743112 | 1438346 |
| TOTAL CONSUMER STAPLES |  | 29088087 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Banco del Bajio SA (e)(f) | 423399 | 1084107 |
| Grupo Financiero Banorte SAB de CV  | 1244569 | 11713158 |
| Grupo Financiero Inbursa SAB de CV Series O  | 903213 | 2193555 |
| Regional SAB de CV  | 124633 | 927846 |
|  |  | 15918666 |
| Capital Markets - 0.0% |  |  |
| Bolsa Mexicana de Valores SAB de CV  | 266753 | 509140 |
| Consumer Finance - 0.0% |  |  |
| Gentera SAB de CV  | 556990 | 1325132 |
| Insurance - 0.0% |  |  |
| Qualitas Controladora SAB de CV  | 102591 | 930296 |
| TOTAL FINANCIALS |  | 18683234 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Genomma Lab Internacional SAB de CV  | 349648 | 342148 |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Grupo Carso SAB de CV Series A1  | 278838 | 1992847 |
| Passenger Airlines - 0.0% |  |  |
| Controladora Vuela Cia de Aviacion SAB de CV Series A (b)(c) | 489023 | 325340 |
| Transportation Infrastructure - 0.1% |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV Series B  | 145870 | 1797534 |
| Grupo Aeroportuario del Pacifico SAB de CV Series B  | 191734 | 3996707 |
| Grupo Aeroportuario del Sureste SAB de CV Series B  | 90167 | 2727505 |
| Promotora y Operadora de Infraestructura SAB de CV  | 91468 | 1184601 |
|  |  | 9706347 |
| TOTAL INDUSTRIALS |  | 12024534 |
| Materials - 0.2% |  |  |
| Chemicals - 0.0% |  |  |
| Controladora Alpek SAB de CV (c) | 1910725 | 296196 |
| Orbia Advance Corp SAB de CV  | 495511 | 450477 |
|  |  | 746673 |
| Construction Materials - 0.0% |  |  |
| Cemex SAB de CV unit  | 7482345 | 7603772 |
| Metals & Mining - 0.2% |  |  |
| Fresnillo PLC  | 109100 | 3184673 |
| Grupo Mexico SAB de CV Series B  | 1527965 | 13209987 |
| Industrias Penoles SAB de CV (b) | 98218 | 4065909 |
| Southern Copper Corp  | 44312 | 6150506 |
|  |  | 26611075 |
| TOTAL MATERIALS |  | 34961520 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Fibra Uno Administracion SA de CV  | 1429789 | 2074824 |
| Industrial REITs - 0.0% |  |  |
| FIBRA Macquarie Mexico (e)(f) | 395726 | 640923 |
| Prologis Property Mexico SA de CV  | 511701 | 2043389 |
|  |  | 2684312 |
| Real Estate Management & Development - 0.0% |  |  |
| Corp Inmobiliaria Vesta SAB de CV (c) | 444604 | 1349714 |
| TOTAL REAL ESTATE |  | 6108850 |
| TOTAL MEXICO |  | 113932373 |
| MOROCCO - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Aya Gold & Silver Inc (b) | 63063 | 670850 |
| NETHERLANDS - 2.4%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Koninklijke KPN NV  | 1919792 | 8883767 |
| Entertainment - 0.1% |  |  |
| Universal Music Group NV  | 544588 | 14606931 |
| Media - 0.0% |  |  |
| Havas NV  | 414025 | 723713 |
| TOTAL COMMUNICATION SERVICES |  | 24214411 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Basic-Fit NV (b)(c)(e)(f) | 27281 | 810034 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.1% |  |  |
| Heineken Holding NV Class A  | 62839 | 4244479 |
| Heineken NV  | 139851 | 10828984 |
|  |  | 15073463 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Koninklijke Ahold Delhaize NV  | 440722 | 18039017 |
| Redcare Pharmacy NV (b)(c)(e)(f) | 8031 | 657705 |
|  |  | 18696722 |
| Food Products - 0.0% |  |  |
| JDE Peet's NV  | 83877 | 3053180 |
| TOTAL CONSUMER STAPLES |  | 36823365 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| SBM Offshore NV  | 68735 | 1774694 |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Koninklijke Vopak NV  | 31132 | 1409535 |
| TOTAL ENERGY |  | 3184229 |
| Financials - 0.5% |  |  |
| Banks - 0.3% |  |  |
| ABN AMRO Bank NV depository receipt (e)(f) | 287431 | 8584173 |
| ING Groep NV  | 1480665 | 36971727 |
|  |  | 45555900 |
| Capital Markets - 0.0% |  |  |
| Euronext NV (e) | 38492 | 5501608 |
| Flow Traders Ltd (b) | 18515 | 509203 |
| Van Lanschot Kempen NV depository receipt  | 15156 | 885707 |
|  |  | 6896518 |
| Financial Services - 0.1% |  |  |
| Adyen NV (b)(e)(f) | 12387 | 21224932 |
| EXOR NV  | 46008 | 3987940 |
|  |  | 25212872 |
| Insurance - 0.1% |  |  |
| ASR Nederland NV  | 77186 | 5151273 |
| NN Group NV  | 131578 | 9005772 |
|  |  | 14157045 |
| TOTAL FINANCIALS |  | 91822335 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.1% |  |  |
| Argenx SE (b) | 30071 | 24612135 |
| Pharming Group NV (b) | 344118 | 450195 |
|  |  | 25062330 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Koninklijke Philips NV  | 379373 | 10392998 |
| Pharmaceuticals - 0.0% |  |  |
| Pharvaris NV (b) | 11270 | 250419 |
| TOTAL HEALTH CARE |  | 35705747 |
| Industrials - 0.1% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| PostNL NV (c) | 223545 | 247491 |
| Construction & Engineering - 0.0% |  |  |
| Fugro NV  | 52944 | 540689 |
| Koninklijke BAM Groep NV  | 136276 | 1265268 |
| Koninklijke Heijmans N.V depository receipt  | 13038 | 924237 |
|  |  | 2730194 |
| Electrical Equipment - 0.0% |  |  |
| TKH Group NV depository receipt  | 22388 | 990416 |
| Machinery - 0.0% |  |  |
| Aalberts NV  | 50249 | 1597420 |
| Professional Services - 0.1% |  |  |
| Arcadis NV  | 37625 | 1796321 |
| Randstad NV  | 54387 | 2130805 |
| Wolters Kluwer NV  | 117787 | 14425265 |
|  |  | 18352391 |
| Trading Companies & Distributors - 0.0% |  |  |
| IMCD NV  | 28986 | 3006296 |
| TOTAL INDUSTRIALS |  | 26924208 |
| Information Technology - 1.3% |  |  |
| Semiconductors & Semiconductor Equipment - 1.3% |  |  |
| ASM International NV  | 23168 | 15007983 |
| ASML Holding NV  | 193329 | 204590022 |
| BE Semiconductor Industries NV  | 36531 | 6215060 |
|  |  | 225813065 |
| Software - 0.0% |  |  |
| Nebius Group NV Class A (Russia) (b)(d) | 84793 | 0 |
| TOTAL INFORMATION TECHNOLOGY |  | 225813065 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Akzo Nobel NV  | 84991 | 5627103 |
| Corbion NV  | 31440 | 639986 |
| OCI NV  | 59939 | 235178 |
|  |  | 6502267 |
| Metals & Mining - 0.0% |  |  |
| AMG Critical Materials NV  | 15503 | 515000 |
| TOTAL MATERIALS |  | 7017267 |
| Real Estate - 0.0% |  |  |
| Retail REITs - 0.0% |  |  |
| Eurocommercial Properties NV  | 23227 | 693410 |
| Wereldhave NV  | 24201 | 513831 |
|  |  | 1207241 |
| TOTAL NETHERLANDS |  | 453521902 |
| NEW ZEALAND - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Spark New Zealand Ltd  | 1027027 | 1439905 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Infratil Ltd  | 452936 | 3203621 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Fisher & Paykel Healthcare Corp Ltd  | 287675 | 6107477 |
| Health Care Providers & Services - 0.0% |  |  |
| Ryman Healthcare Ltd (b) | 476172 | 782045 |
| TOTAL HEALTH CARE |  | 6889522 |
| Industrials - 0.0% |  |  |
| Building Products - 0.0% |  |  |
| Fletcher Building Ltd (b) | 537830 | 1003341 |
| Passenger Airlines - 0.0% |  |  |
| Air New Zealand Ltd  | 868207 | 295615 |
| Transportation Infrastructure - 0.0% |  |  |
| Auckland International Airport Ltd  | 826128 | 3838744 |
| TOTAL INDUSTRIALS |  | 5137700 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Xero Ltd (b) | 81210 | 7704677 |
| Real Estate - 0.0% |  |  |
| Industrial REITs - 0.0% |  |  |
| Goodman Property Trust  | 592242 | 718490 |
| Retail REITs - 0.0% |  |  |
| Kiwi Property Group Ltd  | 971126 | 600184 |
| TOTAL REAL ESTATE |  | 1318674 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Contact Energy Ltd  | 420334 | 2241797 |
| Mercury NZ Ltd  | 372887 | 1382732 |
|  |  | 3624529 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Meridian Energy Ltd  | 642614 | 2176996 |
| TOTAL UTILITIES |  | 5801525 |
| TOTAL NEW ZEALAND |  | 31495624 |
| NIGERIA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Airtel Africa PLC (e)(f) | 431976 | 1569669 |
| NORWAY - 0.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telenor ASA  | 296135 | 4402886 |
| Interactive Media & Services - 0.0% |  |  |
| Vend Marketplaces ASA B Shares  | 84515 | 2911937 |
| Vend Marketplaces ASA Class A rights 11/13/2025 (b) | 41763 | 92965 |
|  |  | 3004902 |
| TOTAL COMMUNICATION SERVICES |  | 7407788 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Europris ASA (e)(f) | 86468 | 745234 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Austevoll Seafood ASA  | 53387 | 502286 |
| Leroy Seafood Group ASA  | 142438 | 670197 |
| Mowi ASA  | 229314 | 5039396 |
| Orkla ASA  | 341862 | 3466123 |
| Salmar ASA  | 33970 | 1909906 |
|  |  | 11587908 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Aker Solutions ASA  | 155717 | 428907 |
| DOF Group ASA A Shares  | 74169 | 665593 |
| Odfjell Drilling Ltd  | 64897 | 522162 |
| TGS ASA  | 100225 | 866768 |
|  |  | 2483430 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Aker BP ASA  | 154858 | 4019268 |
| BLUENORD ASA (c) | 13510 | 617531 |
| DNO ASA A Shares  | 251020 | 344218 |
| Equinor ASA  | 375452 | 8992566 |
| Frontline PLC (Norway)  | 73357 | 1801833 |
|  |  | 15775416 |
| TOTAL ENERGY |  | 18258846 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| DNB Bank ASA  | 431071 | 10992487 |
| SpareBank 1 Nord Norge  | 53424 | 725207 |
| Sparebank 1 Oestlandet  | 31077 | 544762 |
| SpareBank 1 SMN  | 65427 | 1203093 |
| SpareBank 1 Sor-Norge ASA  | 102576 | 1764073 |
|  |  | 15229622 |
| Insurance - 0.0% |  |  |
| Gjensidige Forsikring ASA  | 98177 | 2642155 |
| Protector Forsikring ASA  | 27056 | 1219346 |
| Storebrand ASA A Shares  | 202773 | 3144916 |
|  |  | 7006417 |
| TOTAL FINANCIALS |  | 22236039 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Kongsberg Gruppen ASA  | 216068 | 5525821 |
| Industrial Conglomerates - 0.0% |  |  |
| Aker ASA A Shares  | 11057 | 859082 |
| Machinery - 0.0% |  |  |
| AutoStore Holdings Ltd (b)(e)(f) | 581202 | 564031 |
| TOMRA Systems ASA  | 109234 | 1337219 |
|  |  | 1901250 |
| Marine Transportation - 0.0% |  |  |
| Hoegh Autoliners ASA  | 55461 | 497434 |
| MPC Container Ships ASA  | 224857 | 393028 |
| Stolt-Nielsen Ltd  | 13621 | 457205 |
| Wallenius Wilhelmsen ASA  | 55594 | 434961 |
|  |  | 1782628 |
| Passenger Airlines - 0.0% |  |  |
| Norwegian Air Shuttle ASA  | 262733 | 408135 |
| TOTAL INDUSTRIALS |  | 10476916 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Kitron ASA  | 97906 | 729758 |
| Norbit ASA  | 19507 | 393828 |
|  |  | 1123586 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Nordic Semiconductor ASA (b)(c) | 89556 | 1299675 |
| TOTAL INFORMATION TECHNOLOGY |  | 2423261 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Elkem ASA (e)(f) | 170490 | 449063 |
| Metals & Mining - 0.0% |  |  |
| Norsk Hydro ASA  | 679211 | 4595910 |
| TOTAL MATERIALS |  | 5044973 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Entra ASA (e)(f) | 26348 | 292892 |
| TOTAL NORWAY |  | 78473857 |
| PERU - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Credicorp Ltd  | 33511 | 8746371 |
| Intercorp Financial Services Inc (United States) (f) | 19609 | 843775 |
|  |  | 9590146 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Cia de Minas Buenaventura SAA ADR  | 85443 | 1945537 |
| Hochschild Mining PLC  | 169056 | 733782 |
|  |  | 2679319 |
| TOTAL PERU |  | 12269465 |
| PHILIPPINES - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Converge Information and Communications Technology Solutions Inc  | 1185135 | 257579 |
| Wireless Telecommunication Services - 0.0% |  |  |
| PLDT Inc  | 44419 | 846220 |
| TOTAL COMMUNICATION SERVICES |  | 1103799 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| DigiPlus Interactive Corp  | 666410 | 237803 |
| Jollibee Foods Corp  | 259574 | 957660 |
|  |  | 1195463 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Puregold Price Club Inc  | 527082 | 342054 |
| Food Products - 0.0% |  |  |
| Century Pacific Food Inc  | 692332 | 412738 |
| Monde Nissin Corp (e)(f) | 2142800 | 246364 |
| Universal Robina Corp  | 449361 | 558740 |
|  |  | 1217842 |
| TOTAL CONSUMER STAPLES |  | 1559896 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Semirara Mining & Power Corp  | 469147 | 264102 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Bank of the Philippine Islands  | 1053733 | 1891746 |
| BDO Unibank Inc  | 1191056 | 2708352 |
| Metropolitan Bank & Trust Co  | 911736 | 1071543 |
|  |  | 5671641 |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Aboitiz Equity Ventures Inc  | 917800 | 445538 |
| Ayala Corp  | 123294 | 982832 |
| DMCI Holdings Inc  | 1754526 | 337101 |
| GT Capital Holdings Inc  | 49389 | 459740 |
| JG Summit Holdings Inc  | 1380211 | 563044 |
| SM Investments Corp  | 106945 | 1327944 |
|  |  | 4116199 |
| Transportation Infrastructure - 0.1% |  |  |
| International Container Terminal Services Inc  | 501206 | 4524638 |
| TOTAL INDUSTRIALS |  | 8640837 |
| Real Estate - 0.0% |  |  |
| Office REITs - 0.0% |  |  |
| AREIT Inc  | 539131 | 393952 |
| RL Commercial REIT Inc  | 3288800 | 410053 |
|  |  | 804005 |
| Real Estate Management & Development - 0.0% |  |  |
| Ayala Land Inc  | 3266397 | 1107168 |
| SM Prime Holdings Inc  | 4967057 | 1895129 |
|  |  | 3002297 |
| TOTAL REAL ESTATE |  | 3806302 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Manila Electric Co  | 139848 | 1393490 |
| Water Utilities - 0.0% |  |  |
| Manila Water Co Inc  | 543600 | 321755 |
| TOTAL UTILITIES |  | 1715245 |
| TOTAL PHILIPPINES |  | 23957285 |
| POLAND - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Cyfrowy Polsat SA (b)(c) | 124771 | 447999 |
| Orange Polska SA  | 305794 | 745068 |
|  |  | 1193067 |
| Entertainment - 0.0% |  |  |
| CD Projekt SA  | 31462 | 2162214 |
| TOTAL COMMUNICATION SERVICES |  | 3355281 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Allegro.eu SA (b)(e)(f) | 337177 | 3149907 |
| Specialty Retail - 0.0% |  |  |
| Auto Partner SA (f) | 50512 | 246473 |
| CCC SA (b)(c) | 26177 | 1070330 |
|  |  | 1316803 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| LPP SA  | 536 | 2602350 |
| TOTAL CONSUMER DISCRETIONARY |  | 7069060 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Dino Polska SA (b)(e)(f) | 235693 | 2812616 |
| Zabka Group SA (b) | 153598 | 892141 |
|  |  | 3704757 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| ORLEN SA  | 280563 | 7601715 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Alior Bank SA  | 44784 | 1247234 |
| Bank Handlowy w Warszawie SA  | 14741 | 415127 |
| Bank Millennium SA (b) | 298189 | 1246693 |
| Bank Polska Kasa Opieki SA  | 89715 | 4602358 |
| mBank SA (b) | 7153 | 1900494 |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 427150 | 8755824 |
| Santander Bank Polska SA  | 20204 | 2665418 |
|  |  | 20833148 |
| Capital Markets - 0.0% |  |  |
| XTB SA (e)(f) | 37886 | 715043 |
| Consumer Finance - 0.0% |  |  |
| KRUK SA (c) | 8324 | 1023313 |
| Insurance - 0.0% |  |  |
| Powszechny Zaklad Ubezpieczen SA  | 285944 | 4572936 |
| TOTAL FINANCIALS |  | 27144440 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Diagnostyka SA  | 8024 | 401526 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| InPost SA (b) | 119146 | 1499683 |
| Construction & Engineering - 0.0% |  |  |
| Budimex SA (c) | 6178 | 981320 |
| Professional Services - 0.0% |  |  |
| Benefit Systems SA (b) | 1422 | 1207141 |
| TOTAL INDUSTRIALS |  | 3688144 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Asseco Poland SA  | 26541 | 1543733 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Grupa Kety SA  | 4665 | 1174145 |
| KGHM Polska Miedz SA (b) | 67620 | 3549455 |
|  |  | 4723600 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Enea SA  | 127322 | 714355 |
| PGE Polska Grupa Energetyczna SA (b) | 426035 | 1292064 |
| Tauron Polska Energia SA (b) | 513716 | 1391053 |
|  |  | 3397472 |
| TOTAL POLAND |  | 62629728 |
| PORTUGAL - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| NOS SGPS SA  | 114794 | 497513 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Jeronimo Martins SGPS SA  | 138650 | 3570265 |
| Sonae SGPS SA  | 419459 | 683654 |
|  |  | 4253919 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Galp Energia SGPS SA  | 202138 | 4052937 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Banco Comercial Portugues SA  | 4140936 | 3652338 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| CTT-Correios de Portugal SA  | 39308 | 342078 |
| Construction & Engineering - 0.0% |  |  |
| Mota-Engil SGPS SA  | 43053 | 297750 |
| TOTAL INDUSTRIALS |  | 639828 |
| Materials - 0.0% |  |  |
| Containers & Packaging - 0.0% |  |  |
| Corticeira Amorim SGPS SA  | 41426 | 347617 |
| Paper & Forest Products - 0.0% |  |  |
| Navigator Co SA/The (c) | 124119 | 429770 |
| TOTAL MATERIALS |  | 777387 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| EDP SA  | 1543311 | 7667049 |
| Multi-Utilities - 0.0% |  |  |
| Redes Energeticas Naci Sgps SA  | 209650 | 788997 |
| TOTAL UTILITIES |  | 8456046 |
| TOTAL PORTUGAL |  | 22329968 |
| QATAR - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Ooredoo QPSC  | 405406 | 1508721 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Vodafone Qatar PQSC  | 928773 | 613485 |
| TOTAL COMMUNICATION SERVICES |  | 2122206 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Gulf International Services QSC  | 542182 | 460281 |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Qatar Fuel QSC  | 294970 | 1215202 |
| Qatar Gas Transport Co Ltd  | 1338722 | 1628086 |
|  |  | 2843288 |
| TOTAL ENERGY |  | 3303569 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Al Rayan Bank  | 2963143 | 1903541 |
| Commercial Bank of Qatar  | 1573822 | 1789515 |
| Doha Bank QPSC  | 1328748 | 916000 |
| Dukhan Bank  | 926192 | 884474 |
| Qatar International Islamic Bank QSC  | 524981 | 1604789 |
| Qatar Islamic Bank QPSC  | 870614 | 5853510 |
| Qatar National Bank QPSC  | 2255940 | 11456285 |
|  |  | 24408114 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| Estithmar Holding QPSC  | 467820 | 526924 |
| Industrial Conglomerates - 0.0% |  |  |
| Industries Qatar QSC  | 717564 | 2502901 |
| Marine Transportation - 0.0% |  |  |
| Qatar Navigation QSC  | 475597 | 1449911 |
| TOTAL INDUSTRIALS |  | 4479736 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Mesaieed Petrochemical Holding Co  | 2635506 | 904802 |
| Metals & Mining - 0.0% |  |  |
| Qatar Aluminum Manufacturing Co  | 1335400 | 569223 |
| TOTAL MATERIALS |  | 1474025 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Barwa Real Estate Co  | 1075006 | 776508 |
| United Development Co QSC  | 1048231 | 271486 |
|  |  | 1047994 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Qatar Electricity & Water Co QSC  | 217870 | 919110 |
| TOTAL QATAR |  | 37754754 |
| ROMANIA - 0.0%  |  |  |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| NEPI Rockcastle NV  | 291077 | 2357157 |
| RUSSIA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Rostelecom PJSC (b)(d) | 298140 | 0 |
| Interactive Media & Services - 0.0% |  |  |
| VK IPJSC (b)(d) | 35535 | 0 |
| VK IPJSC GDR (b)(d)(f) | 4260 | 0 |
|  |  | 0 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Sistema AFK PAO GDR (b)(d)(f) | 40315 | 0 |
| TOTAL COMMUNICATION SERVICES |  | 0 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Ozon Holdings PLC ADR (b)(d) | 17054 | 0 |
| Specialty Retail - 0.0% |  |  |
| Detsky Mir PJSC (b)(d)(e)(f) | 227830 | 0 |
| TOTAL CONSUMER DISCRETIONARY |  | 0 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Gazprom PJSC (b)(d) | 3442771 | 0 |
| LUKOIL PJSC (b)(d) | 120075 | 0 |
| Rosneft Oil Co PJSC (b)(d) | 315946 | 0 |
| Surgutneftegas PAO (b)(d) | 2091286 | 0 |
| Tatneft PJSC (b)(d) | 399435 | 0 |
|  |  | 0 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Credit Bank of Moscow PJSC (b)(d) | 4537000 | 1 |
| Sberbank of Russia PJSC (b)(d) | 3156853 | 0 |
| VTB Bank PJSC (b)(d) | 192769 | 0 |
|  |  | 1 |
| Capital Markets - 0.0% |  |  |
| Moscow Exchange MICEX-RTS PJSC (b)(d) | 449874 | 0 |
| TKS Holding MKPAO JSC (b)(d) | 2047 | 0 |
|  |  | 0 |
| TOTAL FINANCIALS |  | 1 |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Aeroflot PJSC (b)(d) | 402869 | 0 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Phosagro Pjsc GDR (b)(d)(f) | 277 | 0 |
| Metals & Mining - 0.0% |  |  |
| Alrosa PJSC (b)(d) | 739283 | 0 |
| GMK Norilskiy Nickel PAO (b)(d) | 1831800 | 0 |
| Novolipetsk Steel PJSC (b)(d) | 409801 | 1 |
| Polyus PJSC (b)(d) | 100380 | 0 |
| Severstal PAO (b)(d) | 63766 | 0 |
| United Co RUSAL International PJSC (Russia) (b)(d) | 983490 | 0 |
|  |  | 1 |
| Paper & Forest Products - 0.0% |  |  |
| Segezha Group PJSC (b)(d)(e)(f) | 1842700 | 0 |
| TOTAL MATERIALS |  | 1 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Inter RAO UES PJSC (b)(d) | 11220073 | 1 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Unipro PAO (b)(d) | 8778000 | 1 |
| TOTAL UTILITIES |  | 2 |
| TOTAL RUSSIA |  | 4 |
| SAUDI ARABIA - 1.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Etihad Atheeb Telecommunication Co  | 11344 | 325169 |
| Saudi Telecom Co  | 978737 | 11790880 |
|  |  | 12116049 |
| Media - 0.0% |  |  |
| Saudi Research & Media Group (b) | 18551 | 849815 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Etihad Etisalat Co  | 191151 | 3453185 |
| Mobile Telecommunications Co Saudi Arabia  | 239320 | 733218 |
|  |  | 4186403 |
| TOTAL COMMUNICATION SERVICES |  | 17152267 |
| Consumer Discretionary - 0.0% |  |  |
| Diversified Consumer Services - 0.0% |  |  |
| National Co For Learning & Education  | 10643 | 490957 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Jabal Omar Development Company (b) | 303831 | 1433157 |
| Jahez International Co (b) | 62674 | 353119 |
| Leejam Sports Co JSC  | 14702 | 501396 |
| Seera Group Holding (b) | 85132 | 703248 |
|  |  | 2990920 |
| Specialty Retail - 0.0% |  |  |
| Aldrees Petroleum and Transport Services Co  | 25025 | 1022940 |
| Jarir Marketing Co  | 328948 | 1245517 |
| Saudi Automotive Services Co (b) | 25852 | 494251 |
| United Electronics Co  | 26053 | 616191 |
|  |  | 3378899 |
| TOTAL CONSUMER DISCRETIONARY |  | 6860776 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Abdullah Al Othaim Markets Co  | 261884 | 532106 |
| Al-Dawaa Medical Services Co  | 17397 | 304539 |
| Almunajem Foods Co  | 11842 | 182510 |
| BinDawood Holding Co  | 202278 | 308517 |
| Nahdi Medical Co  | 21792 | 674045 |
|  |  | 2001717 |
| Food Products - 0.0% |  |  |
| Almarai Co JSC  | 247401 | 3270710 |
| National Agriculture Development Co/The (b) | 92595 | 514540 |
| Saudia Dairy & Foodstuff Co  | 9251 | 707460 |
| Savola Group/The (b) | 79185 | 520045 |
|  |  | 5012755 |
| TOTAL CONSUMER STAPLES |  | 7014472 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Ades Holding Co  | 168094 | 757483 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Saudi Arabian Oil Co (e)(f) | 2922759 | 20184907 |
| TOTAL ENERGY |  | 20942390 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Al Rajhi Bank  | 961740 | 27106076 |
| Alinma Bank  | 611143 | 4220623 |
| Arab National Bank  | 455726 | 2945577 |
| Bank Al-Jazira  | 322575 | 1086346 |
| Bank AlBilad  | 364833 | 2885355 |
| Banque Saudi Fransi  | 609691 | 2898646 |
| Riyad Bank  | 727919 | 5275535 |
| Saudi Awwal Bank  | 498303 | 4299679 |
| Saudi Investment Bank/The  | 346650 | 1270948 |
| Saudi National Bank/The  | 1444611 | 15361728 |
|  |  | 67350513 |
| Capital Markets - 0.0% |  |  |
| Saudi Tadawul Group Holding Co  | 24476 | 1298756 |
| Insurance - 0.0% |  |  |
| Al Rajhi Co for Co-operative Insurance (b) | 21490 | 675592 |
| Bupa Arabia for Cooperative Insurance Co  | 42664 | 1865690 |
| Co for Cooperative Insurance/The  | 39238 | 1425010 |
| Mediterranean and Gulf Cooperative Insurance and Reinsurance Co/The (b) | 49490 | 202167 |
| Rasan Information Technology Co (b) | 19854 | 582337 |
| Saudi Reinsurance Co  | 43525 | 360242 |
|  |  | 5111038 |
| TOTAL FINANCIALS |  | 73760307 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Al Hammadi Holding  | 48706 | 453514 |
| Dallah Healthcare Co  | 18745 | 769733 |
| Dr Sulaiman Al Habib Medical Services Group Co  | 42980 | 3119525 |
| Middle East Healthcare Co  | 25230 | 344110 |
| Mouwasat Medical Services Co  | 52794 | 1081838 |
| National Medical Care Co  | 11631 | 550180 |
| Saudi Chemical Co Holding  | 228723 | 450091 |
|  |  | 6768991 |
| Pharmaceuticals - 0.0% |  |  |
| Jamjoom Pharmaceuticals Factory Co  | 10577 | 439968 |
| Saudi Pharmaceutical Industries & Medical Appliances Corp (b) | 46094 | 372164 |
|  |  | 812132 |
| TOTAL HEALTH CARE |  | 7581123 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| SAL Saudi Logistics Services  | 18260 | 855960 |
| Commercial Services & Supplies - 0.0% |  |  |
| Catrion Catering Holding Co  | 23644 | 609651 |
| Electrical Equipment - 0.0% |  |  |
| Electrical Industries Co  | 282644 | 868967 |
| Ground Transportation - 0.0% |  |  |
| United International Transportation Co  | 26402 | 520606 |
| Industrial Conglomerates - 0.0% |  |  |
| Astra Industrial Group Co  | 19733 | 783995 |
| Transportation Infrastructure - 0.0% |  |  |
| Saudi Ground Services Co  | 53997 | 634954 |
| TOTAL INDUSTRIALS |  | 4274133 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Al Moammar Information Systems Co  | 9688 | 388781 |
| Arabian Internet & Communications Services Co  | 12046 | 808784 |
| Elm Co  | 11848 | 2990196 |
|  |  | 4187761 |
| Materials - 0.3% |  |  |
| Chemicals - 0.2% |  |  |
| Advanced Petrochemical Co (b) | 80711 | 813502 |
| National Industrialization Co (b) | 219763 | 677402 |
| SABIC Agri-Nutrients Co  | 115972 | 3791208 |
| Sahara International Petrochemical Co  | 190073 | 957891 |
| Saudi Aramco Base Oil Co  | 28510 | 733219 |
| Saudi Basic Industries Corp  | 443740 | 7223509 |
| Saudi Industrial Investment Group  | 178252 | 774740 |
| Saudi Kayan Petrochemical Co (b) | 379578 | 597155 |
| Yanbu National Petrochemical Co  | 143919 | 1323949 |
|  |  | 16892575 |
| Construction Materials - 0.0% |  |  |
| Qassim Cement Co/The  | 33079 | 372219 |
| Riyadh Cement Co  | 50078 | 351186 |
| Saudi Cement Co  | 53940 | 550288 |
| Southern Province Cement Co  | 59145 | 394268 |
| Yamama Cement Co  | 60483 | 441894 |
| Yanbu Cement Co  | 61365 | 265238 |
|  |  | 2375093 |
| Metals & Mining - 0.1% |  |  |
| Al Masane Al Kobra Mining Co  | 25602 | 515412 |
| East Pipes Integrated Co for Industry  | 8238 | 319389 |
| Saudi Arabian Mining Co (b) | 668254 | 11448503 |
| Saudi Steel Pipe Co  | 16542 | 229144 |
|  |  | 12512448 |
| TOTAL MATERIALS |  | 31780116 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Al Rajhi REIT  | 150463 | 336208 |
| Jadwa REIT Saudi Fund  | 132966 | 391066 |
|  |  | 727274 |
| Real Estate Management & Development - 0.0% |  |  |
| Arabian Centres Co (e)(f) | 124292 | 724813 |
| Arriyadh Development Co  | 69815 | 548050 |
| Dar Al Arkan Real Estate Development Co (b) | 265648 | 1219050 |
| Emaar Economic City (b) | 120896 | 410691 |
| Makkah Construction & Development Co  | 49469 | 1174630 |
| Retal Urban Development Co  | 143474 | 450281 |
| Saudi Real Estate Co (b) | 94313 | 361881 |
| Taiba Investments Co  | 69698 | 750820 |
|  |  | 5640216 |
| TOTAL REAL ESTATE |  | 6367490 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Saudi Electricity Co  | 411893 | 1760564 |
| Gas Utilities - 0.0% |  |  |
| National Gas & Industrialization Co  | 23067 | 547105 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| ACWA Power Co (b) | 76339 | 4919910 |
| Multi-Utilities - 0.0% |  |  |
| Power & Water Utility Co for Jubail & Yanbu (b) | 47907 | 538304 |
| Water Utilities - 0.0% |  |  |
| AlKhorayef Water & Power Technologies Co  | 9021 | 362014 |
| TOTAL UTILITIES |  | 8127897 |
| TOTAL SAUDI ARABIA |  | 188048732 |
| SINGAPORE - 1.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| NETLINK NBN TRUST (f) | 1604453 | 1208024 |
| Singapore Telecommunications Ltd  | 3650460 | 11915289 |
|  |  | 13123313 |
| Wireless Telecommunication Services - 0.0% |  |  |
| StarHub Ltd  | 413654 | 368652 |
| TOTAL COMMUNICATION SERVICES |  | 13491965 |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Sea Ltd Class A ADR (b) | 187903 | 29359844 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Genting Singapore Ltd (c) | 3142862 | 1762668 |
| TOTAL CONSUMER DISCRETIONARY |  | 31122512 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Olam Group Ltd (c) | 637083 | 479672 |
| Sheng Siong Group Ltd  | 363143 | 647274 |
|  |  | 1126946 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| BW LPG Ltd (c)(e)(f) | 47310 | 627733 |
| Hafnia Ltd  | 141389 | 883851 |
|  |  | 1511584 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| DBS Group Holdings Ltd  | 1041330 | 43146072 |
| Oversea-Chinese Banking Corp Ltd  | 1632231 | 21355942 |
| United Overseas Bank Ltd  | 607673 | 16186250 |
|  |  | 80688264 |
| Capital Markets - 0.0% |  |  |
| iFAST Corp Ltd  | 77480 | 576814 |
| Singapore Exchange Ltd  | 424870 | 5526313 |
| Yangzijiang Financial Holding Ltd (c) | 971401 | 791092 |
|  |  | 6894219 |
| TOTAL FINANCIALS |  | 87582483 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Raffles Medical Group Ltd  | 459968 | 349853 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Singapore Technologies Engineering Ltd  | 774133 | 5049469 |
| Air Freight & Logistics - 0.0% |  |  |
| Singapore Post Ltd (c) | 725107 | 233977 |
| Ground Transportation - 0.1% |  |  |
| ComfortDelGro Corp Ltd  | 1164534 | 1306254 |
| Grab Holdings Ltd Class A (b) | 1178618 | 7083494 |
|  |  | 8389748 |
| Industrial Conglomerates - 0.0% |  |  |
| Keppel Ltd  | 705196 | 5520857 |
| Machinery - 0.0% |  |  |
| Seatrium Ltd (c) | 1079961 | 1800488 |
| Passenger Airlines - 0.0% |  |  |
| Singapore Airlines Ltd  | 739061 | 3764578 |
| Transportation Infrastructure - 0.0% |  |  |
| SATS Ltd  | 448587 | 1178678 |
| SIA Engineering Co Ltd  | 148043 | 401500 |
|  |  | 1580178 |
| TOTAL INDUSTRIALS |  | 26339295 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Venture Corp Ltd  | 139247 | 1595092 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| STMicroelectronics NV  | 337344 | 8297837 |
| UMS Integration Ltd  | 340673 | 387366 |
|  |  | 8685203 |
| TOTAL INFORMATION TECHNOLOGY |  | 10280295 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Keppel Infrastructure Trust  | 2212027 | 781755 |
| Real Estate - 0.2% |  |  |
| Diversified REITs - 0.0% |  |  |
| CapitaLand Integrated Commercial Trust  | 2819585 | 5134002 |
| Mapletree Pan Asia Commercial Trust (c) | 1130453 | 1250655 |
| Stoneweg Europe Stapled Trust unit  | 187527 | 328552 |
| Suntec Real Estate Investment Trust  | 930557 | 958010 |
|  |  | 7671219 |
| Health Care REITs - 0.0% |  |  |
| Parkway Life Real Estate Investment Trust  | 277073 | 872771 |
| Hotel & Resort REITs - 0.0% |  |  |
| CapitaLand Ascott Trust unit  | 1325739 | 962526 |
| CDL Hospitality Trusts unit  | 529885 | 335860 |
| Far East Hospitality Trust unit  | 642126 | 298468 |
|  |  | 1596854 |
| Industrial REITs - 0.2% |  |  |
| AIMS APAC REIT  | 301267 | 319413 |
| CapitaLand Ascendas REIT  | 1883458 | 4080633 |
| ESR-REIT  | 306028 | 672434 |
| Frasers Logistics & Commercial Trust (c)(f) | 1398005 | 1025734 |
| Mapletree Industrial Trust  | 1021610 | 1671811 |
| Mapletree Logistics Trust  | 1743975 | 1795426 |
|  |  | 9565451 |
| Office REITs - 0.0% |  |  |
| Keppel REIT  | 1392183 | 1123073 |
| Real Estate Management & Development - 0.0% |  |  |
| Capitaland India Trust  | 526382 | 489338 |
| CapitaLand Investment Ltd/Singapore  | 1141624 | 2315525 |
| City Developments Ltd  | 258510 | 1435946 |
| UOL Group Ltd  | 240416 | 1468429 |
|  |  | 5709238 |
| Retail REITs - 0.0% |  |  |
| CapitaLand China Trust  | 871662 | 535748 |
| Frasers Centrepoint Trust  | 688938 | 1238564 |
| Lendlease Global Commercial REIT (c) | 1040929 | 511827 |
| Starhill Global REIT  | 749317 | 333900 |
|  |  | 2620039 |
| Specialized REITs - 0.0% |  |  |
| Digital Core REIT Management Pte Ltd  | 459738 | 236765 |
| Keppel DC REIT  | 1115753 | 2048748 |
|  |  | 2285513 |
| TOTAL REAL ESTATE |  | 31444158 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Kenon Holdings Ltd/Singapore  | 11081 | 578118 |
| Multi-Utilities - 0.0% |  |  |
| Sembcorp Industries Ltd  | 431017 | 2162371 |
| TOTAL UTILITIES |  | 2740489 |
| TOTAL SINGAPORE |  | 206771335 |
| SOUTH AFRICA - 1.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telkom SA SOC Ltd  | 137387 | 384564 |
| Wireless Telecommunication Services - 0.1% |  |  |
| MTN Group Ltd  | 860676 | 8584670 |
| Vodacom Group Ltd  | 308173 | 2489202 |
|  |  | 11073872 |
| TOTAL COMMUNICATION SERVICES |  | 11458436 |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Naspers Ltd Class N  | 382818 | 26887628 |
| Woolworths Holdings Ltd/South Africa  | 486048 | 1467886 |
|  |  | 28355514 |
| Specialty Retail - 0.0% |  |  |
| Foschini Group Ltd  | 162225 | 861769 |
| Motus Holdings Ltd  | 85799 | 516452 |
| Mr Price Group Ltd  | 128847 | 1537395 |
| Pepkor Holdings Ltd (e)(f) | 1695488 | 2581738 |
| Truworths International Ltd  | 193814 | 579625 |
| We Buy Cars Holdings Ltd  | 147948 | 392537 |
|  |  | 6469516 |
| TOTAL CONSUMER DISCRETIONARY |  | 34825030 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Bid Corp Ltd  | 164088 | 4059161 |
| Boxer Retail Ltd (b)(c) | 94429 | 414207 |
| Clicks Group Ltd  | 114967 | 2420623 |
| Dis-Chem Pharmacies Ltd (e)(f) | 280672 | 548960 |
| Pick n Pay Stores Ltd (b)(c) | 337330 | 550624 |
| Shoprite Holdings Ltd  | 248010 | 4149116 |
| SPAR Group Ltd/The (b) | 102379 | 644892 |
|  |  | 12787583 |
| Food Products - 0.0% |  |  |
| AVI Ltd  | 171059 | 952109 |
| Tiger Brands Ltd  | 79938 | 1514154 |
|  |  | 2466263 |
| TOTAL CONSUMER STAPLES |  | 15253846 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Exxaro Resources Ltd  | 122109 | 1245565 |
| Thungela Resources Ltd  | 73280 | 323552 |
|  |  | 1569117 |
| Financials - 0.3% |  |  |
| Banks - 0.1% |  |  |
| Absa Group Ltd  | 417385 | 4666527 |
| Capitec Bank Holdings Ltd  | 42534 | 9402424 |
| Nedbank Group Ltd  | 231951 | 3159484 |
| Standard Bank Group Ltd  | 643117 | 9442645 |
|  |  | 26671080 |
| Capital Markets - 0.0% |  |  |
| Investec Ltd  | 123431 | 928429 |
| Jse Limited  | 63651 | 517358 |
| Ninety One Ltd  | 132446 | 394187 |
|  |  | 1839974 |
| Financial Services - 0.1% |  |  |
| FirstRand Ltd  | 2473418 | 11731171 |
| Remgro Ltd  | 248932 | 2471731 |
|  |  | 14202902 |
| Insurance - 0.1% |  |  |
| Discovery Ltd  | 268775 | 3376295 |
| Momentum Group Ltd  | 609069 | 1173347 |
| Old Mutual Ltd  | 2067239 | 1615636 |
| OUTsurance Group Ltd  | 416994 | 1755764 |
| Sanlam Ltd  | 879800 | 4616318 |
| Santam Ltd  | 21355 | 509428 |
|  |  | 13046788 |
| TOTAL FINANCIALS |  | 55760744 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Life Healthcare Group Holdings Ltd  | 851303 | 582839 |
| Netcare Ltd  | 675408 | 568375 |
|  |  | 1151214 |
| Pharmaceuticals - 0.0% |  |  |
| Aspen Pharmacare Holdings Ltd  | 183538 | 1038716 |
| TOTAL HEALTH CARE |  | 2189930 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| Wilson Bayly Holmes-Ovcon Ltd  | 35481 | 310084 |
| Industrial Conglomerates - 0.0% |  |  |
| Bidvest Group Ltd  | 159011 | 2063406 |
| Reunert Ltd  | 114832 | 369846 |
|  |  | 2433252 |
| TOTAL INDUSTRIALS |  | 2743336 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| DataTec Ltd  | 113687 | 471403 |
| Materials - 0.4% |  |  |
| Chemicals - 0.0% |  |  |
| AECI Ltd  | 72402 | 373713 |
| Omnia Holdings Ltd  | 104753 | 460339 |
| Sasol Ltd (b) | 280604 | 1755622 |
|  |  | 2589674 |
| Metals & Mining - 0.4% |  |  |
| African Rainbow Minerals Ltd (c) | 57041 | 567531 |
| Anglo American PLC  | 549386 | 20784736 |
| DRDGOLD Ltd  | 205699 | 519502 |
| Gold Fields Ltd  | 439611 | 16949692 |
| Harmony Gold Mining Co Ltd  | 281695 | 4687004 |
| Impala Platinum Holdings Ltd  | 446324 | 4783248 |
| MAC Copper Ltd depository receipt (b) | 29487 | 365223 |
| Northam Platinum Holdings Ltd  | 178863 | 2991281 |
| Pan African Resources PLC  | 1006726 | 1105640 |
| Sibanye Stillwater Ltd (b) | 1399269 | 3713242 |
| Valterra Platinum Ltd  | 130630 | 8079367 |
|  |  | 64546466 |
| Paper & Forest Products - 0.0% |  |  |
| Sappi Ltd  | 340395 | 445286 |
| TOTAL MATERIALS |  | 67581426 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Growthpoint Properties Ltd  | 1684327 | 1584507 |
| Redefine Properties Ltd  | 3295680 | 1026484 |
|  |  | 2610991 |
| Industrial REITs - 0.0% |  |  |
| Equites Property Fund Ltd (c) | 494399 | 481923 |
| Real Estate Management & Development - 0.0% |  |  |
| Fortress Real Estate Investments Ltd Class B  | 616115 | 828002 |
| Retail REITs - 0.0% |  |  |
| Hyprop Investments Ltd  | 212818 | 630076 |
| Resilient REIT Ltd  | 149190 | 608033 |
| Vukile Property Fund Ltd  | 598958 | 781452 |
|  |  | 2019561 |
| TOTAL REAL ESTATE |  | 5940477 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Scatec ASA (b)(e)(f) | 67280 | 709381 |
| TOTAL SOUTH AFRICA |  | 198503126 |
| SPAIN - 1.9%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Cellnex Telecom SA (e)(f) | 243052 | 7566632 |
| Telefonica SA (c) | 1784624 | 9050140 |
|  |  | 16616772 |
| Media - 0.0% |  |  |
| Atresmedia Corp de Medios de Comunicacion SA  | 55136 | 333651 |
| TOTAL COMMUNICATION SERVICES |  | 16950423 |
| Consumer Discretionary - 0.3% |  |  |
| Automobile Components - 0.0% |  |  |
| CIE Automotive SA  | 22039 | 739235 |
| Gestamp Automocion SA (e)(f) | 92399 | 357639 |
|  |  | 1096874 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Amadeus IT Group SA Class A  | 218507 | 16703494 |
| eDreams ODIGEO SA (b) | 47279 | 395642 |
| HBX Group International PLC (b) | 39518 | 322041 |
| Melia Hotels International SA  | 67097 | 555297 |
|  |  | 17976474 |
| Household Durables - 0.0% |  |  |
| Neinor Homes SA (e)(f) | 20861 | 415024 |
| Specialty Retail - 0.2% |  |  |
| Industria de Diseno Textil SA  | 533516 | 29456451 |
| TOTAL CONSUMER DISCRETIONARY |  | 48944823 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Viscofan SA  | 20835 | 1294433 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Tecnicas Reunidas SA (b) | 23054 | 824300 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Repsol SA  | 567356 | 10410617 |
| TOTAL ENERGY |  | 11234917 |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| Banco Bilbao Vizcaya Argentaria SA  | 2825735 | 56927503 |
| Banco de Sabadell SA  | 2475816 | 9254709 |
| Banco Santander SA  | 7288480 | 74147814 |
| Bankinter SA  | 330681 | 4981754 |
| CaixaBank SA  | 1895821 | 20038350 |
| Unicaja Banco SA (e)(f) | 515395 | 1390124 |
|  |  | 166740254 |
| Insurance - 0.0% |  |  |
| Linea Directa Aseguradora SA Cia de Seguros y Reaseguros  | 282500 | 374467 |
| TOTAL FINANCIALS |  | 167114721 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Grifols SA Class A  | 146100 | 1891998 |
| Pharma Mar SA  | 7476 | 631642 |
|  |  | 2523640 |
| Pharmaceuticals - 0.0% |  |  |
| Almirall SA  | 46295 | 665957 |
| Laboratorios Farmaceuticos Rovi SA  | 10712 | 754413 |
|  |  | 1420370 |
| TOTAL HEALTH CARE |  | 3944010 |
| Industrials - 0.1% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| Logista Integral SA  | 27382 | 912769 |
| Commercial Services & Supplies - 0.0% |  |  |
| Befesa SA (e)(f) | 18100 | 598767 |
| Construction & Engineering - 0.0% |  |  |
| ACS Actividades de Construccion y Servicios SA  | 86742 | 7118801 |
| Sacyr SA  | 291765 | 1283332 |
|  |  | 8402133 |
| Machinery - 0.0% |  |  |
| Construcciones y Auxiliar de Ferrocarriles SA  | 11746 | 741938 |
| Fluidra SA  | 48873 | 1415097 |
|  |  | 2157035 |
| Transportation Infrastructure - 0.1% |  |  |
| Aena SME SA (e)(f) | 358370 | 9727921 |
| TOTAL INDUSTRIALS |  | 21798625 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Indra Sistemas SA (c) | 39362 | 2175974 |
| Materials - 0.0% |  |  |
| Containers & Packaging - 0.0% |  |  |
| Vidrala SA  | 11580 | 1102519 |
| Vidrala SA rights 11/12/2025 (b) | 11580 | 54726 |
|  |  | 1157245 |
| Metals & Mining - 0.0% |  |  |
| ATALAYA MINING COPPER SA  | 58751 | 527919 |
| Paper & Forest Products - 0.0% |  |  |
| Ence Energia y Celulosa SA (c) | 85944 | 262518 |
| TOTAL MATERIALS |  | 1947682 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Merlin Properties Socimi SA  | 189179 | 2945953 |
| Office REITs - 0.0% |  |  |
| Colonial SFL Socimi SA  | 145130 | 917553 |
| TOTAL REAL ESTATE |  | 3863506 |
| Utilities - 0.4% |  |  |
| Electric Utilities - 0.4% |  |  |
| Acciona SA  | 12035 | 2663451 |
| Endesa SA  | 148971 | 5338508 |
| Iberdrola SA  | 3090588 | 62634618 |
| Redeia Corp SA  | 195325 | 3514457 |
|  |  | 74151034 |
| Gas Utilities - 0.0% |  |  |
| Enagas SA  | 113332 | 1798151 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| EDP Renovaveis SA  | 155135 | 2267391 |
| Grenergy Renovables SA (b) | 6856 | 591112 |
| Solaria Energia y Medio Ambiente SA (b) | 39054 | 675009 |
|  |  | 3533512 |
| TOTAL UTILITIES |  | 79482697 |
| TOTAL SPAIN |  | 358751811 |
| SWEDEN - 2.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telia Co AB  | 1154403 | 4530001 |
| Entertainment - 0.0% |  |  |
| Embracer Group AB B Shares (b) | 66833 | 697859 |
| Modern Times Group MTG AB B Shares (b) | 45810 | 617213 |
| Paradox Interactive AB  | 23366 | 407296 |
|  |  | 1722368 |
| Interactive Media & Services - 0.0% |  |  |
| Hemnet Group AB  | 42038 | 917732 |
| Media - 0.0% |  |  |
| Storytel AB B Shares  | 27374 | 256444 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Tele2 AB B Shares  | 271420 | 4298323 |
| TOTAL COMMUNICATION SERVICES |  | 11724868 |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.0% |  |  |
| Dometic Group AB (e) | 163390 | 803170 |
| Broadline Retail - 0.0% |  |  |
| Boozt AB (b)(e)(f) | 35742 | 386380 |
| Diversified Consumer Services - 0.0% |  |  |
| AcadeMedia AB (e)(f) | 47617 | 526279 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Betsson AB B Shares  | 55125 | 862829 |
| Evolution AB (e) | 70363 | 4704569 |
| Scandic Hotels Group AB (e)(f) | 75061 | 730838 |
| SkiStar AB B Shares  | 22303 | 373506 |
|  |  | 6671742 |
| Household Durables - 0.0% |  |  |
| Electrolux AB B Shares (b) | 110887 | 716661 |
| JM AB  | 42264 | 603692 |
|  |  | 1320353 |
| Leisure Products - 0.0% |  |  |
| Asmodee Group AB B Shares  | 84459 | 1090648 |
| MIPS AB (f) | 14123 | 507522 |
| Thule Group AB (e)(f) | 56606 | 1456226 |
|  |  | 3054396 |
| Specialty Retail - 0.1% |  |  |
| Bilia AB A Shares  | 37373 | 522815 |
| Clas Ohlson AB B Shares  | 18774 | 685727 |
| H & M Hennes & Mauritz AB B Shares  | 277834 | 5247207 |
| Synsam AB  | 66328 | 420997 |
|  |  | 6876746 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| New Wave Group AB B Shares  | 50514 | 596581 |
| TOTAL CONSUMER DISCRETIONARY |  | 20235647 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Apotea Sverige AB (b) | 29692 | 259095 |
| Axfood AB B Shares  | 51877 | 1414294 |
|  |  | 1673389 |
| Food Products - 0.0% |  |  |
| AAK AB  | 90243 | 2521038 |
| Cloetta AB B Shares  | 101123 | 376806 |
|  |  | 2897844 |
| Household Products - 0.1% |  |  |
| Essity AB B Shares  | 282831 | 7767228 |
| TOTAL CONSUMER STAPLES |  | 12338461 |
| Financials - 0.4% |  |  |
| Banks - 0.2% |  |  |
| Skandinaviska Enskilda Banken AB A Shares  | 729001 | 13919716 |
| Svenska Handelsbanken AB A Shares  | 709356 | 9256624 |
| Swedbank AB A1 Shares  | 410682 | 12493050 |
|  |  | 35669390 |
| Capital Markets - 0.0% |  |  |
| Avanza Bank Holding AB  | 61545 | 2380109 |
| Bure Equity AB  | 30966 | 908747 |
| EQT AB  | 182071 | 6316740 |
| Nordnet AB  | 69067 | 1999255 |
| Nordnet AB (b)(d) | 492 | 0 |
| Ratos AB B Shares  | 104875 | 425450 |
|  |  | 12030301 |
| Financial Services - 0.2% |  |  |
| Creades AB A Shares  | 37502 | 298428 |
| Industrivarden AB A Shares  | 68938 | 2872100 |
| Industrivarden AB C Shares  | 60830 | 2530461 |
| Investor AB B Shares  | 833452 | 27507579 |
| Kinnevik AB B Shares (b) | 120503 | 1139294 |
| L E Lundbergforetagen AB B Shares  | 36948 | 1979583 |
| Svolder AB B Shares  | 59484 | 348755 |
|  |  | 36676200 |
| TOTAL FINANCIALS |  | 84375891 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.1% |  |  |
| BioArctic AB B Shares (b)(c)(e)(f) | 19962 | 615234 |
| BioGaia AB B Shares  | 44237 | 467968 |
| BoneSupport Holding AB (b)(e)(f) | 28793 | 671617 |
| Swedish Orphan Biovitrum AB B Shares (b) | 95998 | 3306286 |
| Vitrolife AB  | 37191 | 576641 |
|  |  | 5637746 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Arjo AB B Shares  | 140878 | 447832 |
| Asker Healthcare Group AB (b) | 81964 | 743351 |
| Elekta AB B Shares  | 200594 | 1020680 |
| Getinge AB B Shares  | 114996 | 2702940 |
| Vimian Group AB (b)(c) | 92747 | 293463 |
| Xvivo Perfusion AB (b)(c) | 14286 | 284961 |
|  |  | 5493227 |
| Health Care Providers & Services - 0.0% |  |  |
| Ambea AB (e)(f) | 39198 | 531016 |
| Attendo AB (e)(f) | 61666 | 523823 |
| Medicover Ab B Shares  | 32877 | 896307 |
|  |  | 1951146 |
| Health Care Technology - 0.0% |  |  |
| RaySearch Laboratories AB B Shares  | 15164 | 357542 |
| Sectra AB B Shares  | 67135 | 2132717 |
|  |  | 2490259 |
| Life Sciences Tools & Services - 0.0% |  |  |
| AddLife AB B Shares  | 57577 | 1244843 |
| Medcap AB (b) | 6086 | 389493 |
|  |  | 1634336 |
| Pharmaceuticals - 0.0% |  |  |
| Camurus AB (b) | 18576 | 1221095 |
| TOTAL HEALTH CARE |  | 18427809 |
| Industrials - 0.9% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| INVISIO AB  | 18487 | 588650 |
| Mildef Group AB (c) | 20206 | 335198 |
| Saab AB B Shares  | 157511 | 8667277 |
|  |  | 9591125 |
| Building Products - 0.2% |  |  |
| Assa Abloy AB B Shares  | 485878 | 18310102 |
| Inwido AB  | 33083 | 501106 |
| Lindab International AB  | 43183 | 1034547 |
| Munters Europe AB (e)(f) | 64521 | 1100224 |
| Nibe Industrier AB B Shares  | 744778 | 2909262 |
|  |  | 23855241 |
| Commercial Services & Supplies - 0.0% |  |  |
| Bravida Holding AB (e)(f) | 108719 | 922371 |
| Intrum AB (b)(c) | 47915 | 218537 |
| Loomis AB  | 34290 | 1386001 |
| Sdiptech AB B Shares (b) | 20763 | 413938 |
| Securitas AB B Shares  | 242387 | 3577028 |
|  |  | 6517875 |
| Construction & Engineering - 0.0% |  |  |
| Instalco AB (f) | 130318 | 332508 |
| NCC AB B Shares  | 44902 | 1028465 |
| Peab AB B Shares  | 105310 | 854097 |
| Skanska AB B Shares  | 168379 | 4601057 |
| Sweco AB B Shares  | 106853 | 1930052 |
|  |  | 8746179 |
| Electrical Equipment - 0.0% |  |  |
| AQ Group AB  | 33335 | 688437 |
| Plejd AB (b) | 3877 | 358307 |
|  |  | 1046744 |
| Industrial Conglomerates - 0.0% |  |  |
| Investment AB Latour B Shares  | 70684 | 1807231 |
| Lifco AB B Shares  | 114038 | 4419757 |
| Nolato AB B Shares  | 106031 | 700902 |
| Storskogen Group AB B Shares  | 709547 | 736266 |
|  |  | 7664156 |
| Machinery - 0.6% |  |  |
| Alfa Laval AB  | 139894 | 6685285 |
| Alimak Group AB (e)(f) | 38408 | 568423 |
| Atlas Copco AB A Shares  | 1232285 | 20648248 |
| Atlas Copco AB B Shares  | 856848 | 12874930 |
| Electrolux Professional AB B Shares  | 116817 | 814009 |
| Epiroc AB A Shares  | 328782 | 6963073 |
| Epiroc AB B Shares  | 179830 | 3369358 |
| Husqvarna AB B Shares  | 177699 | 847321 |
| Indutrade AB  | 135319 | 3617908 |
| Sandvik AB  | 515347 | 15649863 |
| SKF AB B Shares  | 165094 | 4257575 |
| Trelleborg AB B Shares  | 98795 | 4133682 |
| Troax Group AB  | 20268 | 308492 |
| VBG Group AB B Shares  | 12240 | 466396 |
| Volvo AB A Shares  | 52302 | 1439093 |
| Volvo AB B Shares  | 722837 | 19802154 |
|  |  | 102445810 |
| Professional Services - 0.0% |  |  |
| AFRY AB B Shares  | 53761 | 925230 |
| Trading Companies & Distributors - 0.0% |  |  |
| AddTech AB B Shares  | 129982 | 4405590 |
| Beijer Ref AB B Shares  | 189029 | 2996528 |
| Bufab AB  | 77147 | 852655 |
|  |  | 8254773 |
| TOTAL INDUSTRIALS |  | 169047133 |
| Information Technology - 0.2% |  |  |
| Communications Equipment - 0.1% |  |  |
| HMS Networks AB (b) | 16790 | 934913 |
| Telefonaktiebolaget LM Ericsson B Shares  | 1374731 | 13947839 |
|  |  | 14882752 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Hexagon AB B Shares  | 1019201 | 12423673 |
| Mycronic AB  | 77123 | 1819649 |
| Ncab Group Ab (b) | 89751 | 551718 |
|  |  | 14795040 |
| IT Services - 0.0% |  |  |
| Addnode Group AB B Shares  | 62994 | 736016 |
| Atea ASA  | 42125 | 642111 |
|  |  | 1378127 |
| Software - 0.0% |  |  |
| Truecaller AB B Shares  | 135969 | 406179 |
| Vitec Software Group AB B Shares  | 16608 | 581440 |
| Yubico AB (b)(c) | 24209 | 245854 |
|  |  | 1233473 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Dynavox Group AB (b) | 53762 | 555149 |
| TOTAL INFORMATION TECHNOLOGY |  | 32844541 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Hexpol AB B Shares  | 137623 | 1253785 |
| Containers & Packaging - 0.0% |  |  |
| Billerud Aktiebolag  | 113323 | 1049104 |
| Metals & Mining - 0.1% |  |  |
| Alleima AB  | 96496 | 835938 |
| Boliden AB (b) | 140380 | 6339099 |
| Granges AB  | 53531 | 784913 |
| SSAB AB A Shares  | 164006 | 1041669 |
| SSAB AB B Shares  | 249404 | 1551515 |
|  |  | 10553134 |
| Paper & Forest Products - 0.0% |  |  |
| Holmen AB B Shares  | 39281 | 1485196 |
| Svenska Cellulosa AB SCA B Shares  | 305444 | 4075159 |
|  |  | 5560355 |
| TOTAL MATERIALS |  | 18416378 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Atrium Ljungberg AB B Shares  | 146646 | 528838 |
| Castellum AB  | 186680 | 2119253 |
| Catena AB  | 23106 | 1120247 |
| Cibus Nordic Real Estate AB publ  | 38195 | 662163 |
| Dios Fastigheter AB  | 68808 | 470055 |
| Fabege AB  | 105818 | 931731 |
| Fastighets AB Balder B Shares (b) | 364349 | 2670033 |
| Hufvudstaden AB A Shares  | 62805 | 834293 |
| Intea Fastigheter AB B Shares  | 41634 | 296031 |
| NP3 Fastigheter AB  | 18190 | 495904 |
| Nyfosa AB  | 99209 | 845343 |
| Pandox AB B Shares  | 55193 | 1100345 |
| Platzer Fastigheter Holding AB B Shares  | 38516 | 296362 |
| Sagax AB B Shares  | 110684 | 2483917 |
| Samhallsbyggnadsbolaget i Norden AB B Shares (b)(c) | 597794 | 329470 |
| Wallenstam AB B Shares  | 194094 | 900164 |
| Wihlborgs Fastigheter AB  | 137275 | 1333700 |
|  |  | 17417849 |
| TOTAL SWEDEN |  | 384828577 |
| SWITZERLAND - 2.9%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Sunrise Communications AG Series A  | 32837 | 1797007 |
| Swisscom AG  | 12564 | 9203453 |
|  |  | 11000460 |
| Media - 0.0% |  |  |
| TX Group AG  | 1738 | 438414 |
| TOTAL COMMUNICATION SERVICES |  | 11438874 |
| Consumer Discretionary - 0.3% |  |  |
| Automobile Components - 0.0% |  |  |
| Autoneum Holding AG  | 1636 | 325269 |
| Specialty Retail - 0.0% |  |  |
| Avolta AG  | 42475 | 2239028 |
| Mobilezone Holding AG  | 28046 | 418904 |
|  |  | 2657932 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Cie Financiere Richemont SA Series A  | 263644 | 52150289 |
| Swatch Group AG/The  | 14349 | 2998750 |
|  |  | 55149039 |
| TOTAL CONSUMER DISCRETIONARY |  | 58132240 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Aryzta AG (b) | 12595 | 806017 |
| Barry Callebaut AG (c) | 1783 | 2317512 |
| Chocoladefabriken Lindt & Spruengli AG  | 53 | 8113825 |
| Chocoladefabriken Lindt & Spruengli AG  | 456 | 7009282 |
| Emmi AG  | 1085 | 963995 |
|  |  | 19210631 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| TORM PLC Series A  | 29852 | 643903 |
| Financials - 0.9% |  |  |
| Banks - 0.0% |  |  |
| Banque Cantonale Vaudoise  | 15634 | 1812554 |
| Valiant Holding AG  | 8453 | 1388613 |
|  |  | 3201167 |
| Capital Markets - 0.5% |  |  |
| EFG International AG  | 48614 | 1011244 |
| Julius Baer Group Ltd  | 101640 | 6861570 |
| Partners Group Holding AG  | 11168 | 13633356 |
| Swissquote Group Holding SA  | 5341 | 3384790 |
| UBS Group AG  | 1555103 | 59382809 |
| Vontobel Holding AG  | 14584 | 1105466 |
|  |  | 85379235 |
| Consumer Finance - 0.0% |  |  |
| Cembra Money Bank AG  | 15516 | 1772844 |
| Insurance - 0.4% |  |  |
| Baloise Holding AG  | 20501 | 5079713 |
| Helvetia Holding AG  | 18381 | 4508741 |
| Swiss Life Holding AG  | 13777 | 14935141 |
| Zurich Insurance Group AG  | 71043 | 49408378 |
|  |  | 73931973 |
| TOTAL FINANCIALS |  | 164285219 |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.0% |  |  |
| Basilea Pharmaceutica Ag Allschwil (b) | 7361 | 425332 |
| Kuros Biosciences AG (b) | 13524 | 504157 |
|  |  | 929489 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Medacta Group SA (e)(f) | 3792 | 701149 |
| Sonova Holding AG  | 24956 | 6778977 |
| Straumann Holding AG  | 55478 | 6973682 |
| Ypsomed Holding AG  | 2071 | 810643 |
|  |  | 15264451 |
| Health Care Providers & Services - 0.0% |  |  |
| Galenica AG (e)(f) | 24959 | 2685864 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Bachem Holding AG Series B (c) | 16614 | 1202567 |
| Lonza Group AG  | 34292 | 23615566 |
| Siegfried Holding AG  | 19053 | 1832497 |
| SKAN Group AG  | 7156 | 465951 |
| Tecan Group AG  | 6480 | 1181256 |
|  |  | 28297837 |
| Pharmaceuticals - 0.2% |  |  |
| Dottikon Es Holding AG (b) | 1687 | 664528 |
| Galderma Group AG  | 75916 | 14008731 |
| Sandoz Group AG  | 205830 | 13683635 |
|  |  | 28356894 |
| TOTAL HEALTH CARE |  | 75534535 |
| Industrials - 0.7% |  |  |
| Building Products - 0.1% |  |  |
| Belimo Holding AG  | 4881 | 5252496 |
| dormakaba Holding AG Series B  | 16480 | 1404819 |
| Forbo Holding AG  | 516 | 473842 |
| Geberit AG  | 16530 | 12057297 |
| Schweiter Technologies AG  | 741 | 255057 |
| Zehnder Group AG  | 5987 | 525978 |
|  |  | 19969489 |
| Construction & Engineering - 0.0% |  |  |
| Burkhalter Holding AG  | 4340 | 770117 |
| Implenia AG  | 8636 | 683583 |
|  |  | 1453700 |
| Electrical Equipment - 0.3% |  |  |
| ABB Ltd  | 767412 | 57055200 |
| Accelleron Industries AG  | 46622 | 3812026 |
| Huber + Suhner AG  | 7204 | 1317712 |
| R&S Group Holding AG Series A  | 15825 | 520125 |
|  |  | 62705063 |
| Machinery - 0.2% |  |  |
| Bucher Industries AG  | 3424 | 1516814 |
| Burckhardt Compression Holding AG  | 1621 | 1119945 |
| Bystronic AG  | 874 | 324729 |
| Daetwyler Holdings Ag  | 3710 | 682299 |
| Georg Fischer AG  | 39091 | 2751793 |
| Interroll Holding AG  | 371 | 1143312 |
| Kardex Holding AG  | 3135 | 1176477 |
| OC Oerlikon Corp AG Pfaffikon  | 106679 | 380452 |
| Schindler Holding AG  | 16811 | 5974460 |
| Schindler Holding AG  | 14496 | 4890542 |
| Sfs Group Ag  | 9103 | 1232963 |
| Stadler Rail AG  | 28542 | 698698 |
| Sulzer AG  | 9464 | 1578215 |
| VAT Group AG (e)(f) | 13395 | 5830716 |
|  |  | 29301415 |
| Marine Transportation - 0.0% |  |  |
| Kuehne + Nagel International AG  | 23980 | 4588903 |
| Professional Services - 0.1% |  |  |
| Adecco Group AG  | 82617 | 2301675 |
| SGS SA  | 81739 | 9204335 |
|  |  | 11506010 |
| Trading Companies & Distributors - 0.0% |  |  |
| Bossard Holding AG Series A  | 3134 | 679958 |
| DKSH Holding AG  | 18141 | 1262375 |
|  |  | 1942333 |
| Transportation Infrastructure - 0.0% |  |  |
| Flughafen Zurich Ag Kloten  | 9536 | 2810735 |
| TOTAL INDUSTRIALS |  | 134277648 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| ALSO Holding AG  | 2992 | 858841 |
| Cicor Technologies Ltd (b) | 1322 | 363047 |
| Comet Holding AG  | 3626 | 883577 |
| Inficon Holding AG  | 8690 | 1040964 |
| Landis+Gyr Group AG  | 13121 | 950549 |
| Sensirion Holding AG (b)(e)(f) | 6048 | 433637 |
|  |  | 4530615 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| u-blox Holding AG  | 3668 | 613498 |
| Software - 0.0% |  |  |
| Temenos AG  | 26262 | 2475269 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Logitech International SA  | 75093 | 9021425 |
| TOTAL INFORMATION TECHNOLOGY |  | 16640807 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Clariant AG  | 109342 | 980308 |
| DSM-Firmenich AG  | 91778 | 7480730 |
| EMS-Chemie Holding AG  | 3425 | 2342917 |
| Givaudan SA  | 4525 | 18544206 |
| Sika AG  | 74802 | 14660284 |
|  |  | 44008445 |
| Containers & Packaging - 0.0% |  |  |
| SIG Group AG  | 152060 | 1695854 |
| Vetropack Holding AG Series A  | 8912 | 237543 |
|  |  | 1933397 |
| TOTAL MATERIALS |  | 45941842 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Allreal Holding AG  | 7626 | 1821332 |
| International Workplace Group PLC  | 377347 | 1122312 |
| Intershop Holding AG  | 3316 | 649396 |
| Mobimo Holding AG  | 3610 | 1529680 |
| PSP Swiss Property AG  | 22616 | 3909146 |
| Swiss Prime Site AG  | 39432 | 5600594 |
|  |  | 14632460 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| BKW AG  | 10665 | 2384136 |
| TOTAL SWITZERLAND |  | 543122295 |
| TAIWAN - 6.2%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Chunghwa Telecom Co Ltd  | 1833283 | 7802148 |
| Entertainment - 0.0% |  |  |
| International Games System Co Ltd  | 111755 | 2614322 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Far EasTone Telecommunications Co Ltd  | 858555 | 2580295 |
| Taiwan Mobile Co Ltd  | 846181 | 3010489 |
|  |  | 5590784 |
| TOTAL COMMUNICATION SERVICES |  | 16007254 |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.0% |  |  |
| Cheng Shin Rubber Industry Co Ltd  | 884181 | 916414 |
| Depo Auto Parts Ind Co Ltd  | 64965 | 288119 |
| Hota Industrial Manufacturing Co Ltd  | 143932 | 278249 |
| Nan Kang Rubber Tire Co Ltd  | 256495 | 301680 |
| Tong Yang Industry Co Ltd  | 195434 | 614025 |
|  |  | 2398487 |
| Automobiles - 0.0% |  |  |
| China Motor Corp  | 121987 | 231069 |
| Sanyang Motor Co Ltd  | 273562 | 536849 |
| Yulon Motor Co Ltd  | 362144 | 387112 |
|  |  | 1155030 |
| Broadline Retail - 0.0% |  |  |
| Far Eastern Department Stores Ltd  | 501823 | 352995 |
| momo.com Inc  | 42000 | 318636 |
| Poya International Co Ltd  | 31972 | 472132 |
|  |  | 1143763 |
| Diversified Consumer Services - 0.0% |  |  |
| Lung Yen Life Service Corp (b) | 89000 | 150367 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Wowprime Corp  | 38716 | 271080 |
| Household Durables - 0.0% |  |  |
| Merry Electronics Co Ltd  | 124370 | 414189 |
| Nien Made Enterprise Co Ltd  | 87261 | 1049015 |
|  |  | 1463204 |
| Leisure Products - 0.0% |  |  |
| Fusheng Precision Co Ltd  | 56987 | 449001 |
| Giant Manufacturing Co Ltd  | 175636 | 579214 |
| Johnson Health Tech Co Ltd  | 54000 | 280720 |
| Merida Industry Co Ltd  | 127777 | 415157 |
|  |  | 1724092 |
| Specialty Retail - 0.0% |  |  |
| Hotai Motor Co Ltd  | 151251 | 2781469 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Eclat Textile Co Ltd  | 98386 | 1312219 |
| Feng TAY Enterprise Co Ltd  | 243255 | 964231 |
| Formosa Taffeta Co Ltd  | 577534 | 279591 |
| Fulgent Sun International Holding Co Ltd  | 87522 | 273275 |
| Lai Yih Footwear Co Ltd  | 26000 | 184158 |
| Makalot Industrial Co Ltd  | 109416 | 956297 |
| Pou Chen Corp  | 1192020 | 1134779 |
| Ruentex Industries Ltd  | 324104 | 565481 |
| Tainan Spinning Co Ltd  | 620738 | 254120 |
| Taiwan Paiho Ltd  | 182786 | 339702 |
| Wiselink Co Ltd/TW  | 70469 | 422429 |
|  |  | 6686282 |
| TOTAL CONSUMER DISCRETIONARY |  | 17773774 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Great Tree Pharmacy Co Ltd  | 50376 | 180861 |
| President Chain Store Corp  | 268783 | 2082811 |
|  |  | 2263672 |
| Food Products - 0.1% |  |  |
| Charoen Pokphand Enterprise  | 89997 | 400597 |
| Great Wall Enterprise Co Ltd  | 326530 | 551678 |
| Lian HWA Food Corp  | 77700 | 280223 |
| Lien Hwa Industrial Holdings Corp  | 514500 | 806570 |
| Uni-President Enterprises Corp  | 2334420 | 5969163 |
|  |  | 8008231 |
| Personal Care Products - 0.0% |  |  |
| Grape King Bio Ltd  | 65283 | 261955 |
| TOTAL CONSUMER STAPLES |  | 10533858 |
| Financials - 0.5% |  |  |
| Banks - 0.4% |  |  |
| Chang Hwa Commercial Bank Ltd  | 3085673 | 1985065 |
| CTBC Financial Holding Co Ltd  | 8147282 | 11078165 |
| E.Sun Financial Holding Co Ltd  | 7117118 | 6879403 |
| Far Eastern International Bank  | 1384082 | 568868 |
| First Financial Holding Co Ltd  | 5620396 | 5213539 |
| Hua Nan Financial Holdings Co Ltd  | 4383328 | 4158593 |
| Mega Financial Holding Co Ltd  | 5763776 | 7565682 |
| Shanghai Commercial & Savings Bank Ltd/The  | 1942411 | 2499171 |
| SinoPac Financial Holdings Co Ltd  | 6093512 | 5078257 |
| Taichung Commercial Bank Co Ltd  | 1872801 | 1302162 |
| Taichung Commercial Bank Co Ltd rights 12/8/2025 (b) | 23719 | 1926 |
| Taiwan Business Bank  | 3589692 | 1790297 |
| Taiwan Cooperative Financial Holding Co Ltd  | 5277688 | 4072555 |
| TS Financial Holding Co Ltd  | 10433941 | 6339421 |
|  |  | 58533104 |
| Capital Markets - 0.0% |  |  |
| Capital Securities Corp  | 912192 | 724644 |
| IBF Financial Holdings Co Ltd  | 1334170 | 661060 |
| President Securities Corp  | 632245 | 486848 |
|  |  | 1872552 |
| Consumer Finance - 0.0% |  |  |
| Hotai Finance Co Ltd  | 148459 | 297130 |
| Yulon Finance Corp  | 146186 | 456920 |
|  |  | 754050 |
| Financial Services - 0.0% |  |  |
| Chailease Holding Co Ltd  | 736762 | 2465608 |
| Yuanta Financial Holding Co Ltd  | 5202259 | 5831371 |
|  |  | 8296979 |
| Insurance - 0.1% |  |  |
| Cathay Financial Holding Co Ltd  | 4665093 | 9700629 |
| Fubon Financial Holding Co Ltd  | 4107796 | 12172038 |
| KGI Financial Holding Co Ltd  | 7886413 | 4074143 |
| Mercuries Life Insurance Co Ltd (b) | 1802134 | 423336 |
| Shinkong Insurance Co Ltd  | 98799 | 361131 |
|  |  | 26731277 |
| TOTAL FINANCIALS |  | 96187962 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| PharmaEssentia Corp  | 153212 | 2479030 |
| TaiMed Biologics Inc (b) | 117396 | 272340 |
|  |  | 2751370 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Pegavision Corp  | 33538 | 371033 |
| Pharmaceuticals - 0.0% |  |  |
| Bora Pharmaceuticals Co Ltd  | 34304 | 692143 |
| Caliway Biopharmaceuticals Co Ltd (b) | 500000 | 2444929 |
| Center Laboratories Inc  | 341162 | 376322 |
| Lotus Pharmaceutical Co Ltd  | 72701 | 698003 |
| Lumosa Therapeutics Co Ltd (b) | 40878 | 278913 |
| Oneness Biotech Co Ltd (b) | 172047 | 362228 |
| TTY Biopharm Co Ltd  | 101138 | 261241 |
|  |  | 5113779 |
| TOTAL HEALTH CARE |  | 8236182 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Evergreen Aviation Technologies Corp  | 58799 | 282743 |
| Building Products - 0.0% |  |  |
| Taiwan Glass Industry Corp (b) | 512043 | 465826 |
| Commercial Services & Supplies - 0.0% |  |  |
| L&K Engineering Co Ltd  | 83132 | 1292438 |
| Taiwan Secom Co Ltd  | 128292 | 450177 |
|  |  | 1742615 |
| Construction & Engineering - 0.0% |  |  |
| Acter Group Corp Ltd  | 48899 | 1223349 |
| BES Engineering Corp (b) | 727426 | 362791 |
| CTCI Corp  | 309045 | 306254 |
| Hwang Chang General Contractor Co Ltd  | 108810 | 245351 |
| Run Long Construction Co Ltd  | 294429 | 363516 |
| United Integrated Services Co Ltd  | 83371 | 2334973 |
| Yankey Engineering Co Ltd  | 33278 | 497364 |
|  |  | 5333598 |
| Electrical Equipment - 0.2% |  |  |
| AcBel Polytech Inc  | 494355 | 700301 |
| Advanced Energy Solution Holding Co Ltd  | 16648 | 638269 |
| Allis Electric Co Ltd  | 103805 | 372683 |
| Bizlink Holding Inc  | 86147 | 3904578 |
| Chicony Power Technology Co Ltd  | 82459 | 241660 |
| Chung-Hsin Electric & Machinery Manufacturing Corp  | 202971 | 1008986 |
| Fortune Electric Co Ltd  | 77267 | 1794980 |
| Shihlin Electric & Engineering Corp  | 136843 | 887003 |
| Ta Ya Electric Wire & Cable  | 425715 | 580935 |
| Tatung Co Ltd  | 701560 | 825150 |
| Teco Electric and Machinery Co Ltd  | 629131 | 2381369 |
| Voltronic Power Technology Corp  | 34457 | 1354635 |
| Walsin Lihwa Corp  | 1566360 | 1521677 |
|  |  | 16212226 |
| Industrial Conglomerates - 0.0% |  |  |
| Far Eastern New Century Corp  | 1406953 | 1211393 |
| Machinery - 0.0% |  |  |
| C Sun Manufacturing Ltd  | 49943 | 287215 |
| Hiwin Technologies Corp  | 139527 | 1013200 |
| Kaori Heat Treatment Co Ltd  | 39318 | 797142 |
| Kenmec Mechanical Engineering Co Ltd  | 106569 | 243414 |
| Kinik Co  | 51031 | 521452 |
| Mega Union Technology Inc  | 20000 | 376893 |
| Shin Zu Shing Co Ltd  | 81908 | 562855 |
| Sunonwealth Electric Machine Industry Co Ltd  | 110732 | 543262 |
|  |  | 4345433 |
| Marine Transportation - 0.0% |  |  |
| Evergreen Marine Corp Taiwan Ltd  | 516637 | 3248075 |
| U-Ming Marine Transport Corp  | 226333 | 409603 |
| Wan Hai Lines Ltd  | 337804 | 901089 |
| Wisdom Marine Lines Co Ltd  | 219641 | 451014 |
| Yang Ming Marine Transport Corp  | 830709 | 1551945 |
|  |  | 6561726 |
| Passenger Airlines - 0.0% |  |  |
| China Airlines Ltd  | 1439085 | 935139 |
| Eva Airways Corp  | 1360722 | 1600433 |
| Starlux Airlines Co Ltd (b) | 747000 | 582494 |
|  |  | 3118066 |
| Professional Services - 0.0% |  |  |
| Sporton International Inc  | 63190 | 367503 |
| Transportation Infrastructure - 0.0% |  |  |
| Evergreen International Storage & Transport Corp  | 117523 | 218794 |
| Taiwan High Speed Rail Corp  | 872401 | 775235 |
|  |  | 994029 |
| TOTAL INDUSTRIALS |  | 40635158 |
| Information Technology - 5.1% |  |  |
| Communications Equipment - 0.1% |  |  |
| Accton Technology Corp  | 249289 | 8747551 |
| Arcadyan Technology Corp  | 81239 | 531862 |
| LuxNet Corp  | 59377 | 393557 |
| Sercomm Corp  | 167072 | 537944 |
| WNC Corp /Taiwan  | 197271 | 804390 |
|  |  | 11015304 |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| All Ring Tech Co Ltd  | 39000 | 466941 |
| Asia Optical Co Inc  | 109984 | 561033 |
| AUO Corp  | 3118846 | 1231203 |
| Channel Well Technology Co Ltd  | 175402 | 440528 |
| Cheng Uei Precision Industry Co Ltd  | 232896 | 373808 |
| Chroma ATE Inc  | 190390 | 5066262 |
| Chunghwa Precision Test Tech Co Ltd  | 11000 | 575411 |
| Compeq Manufacturing Co Ltd  | 500996 | 1421046 |
| Coretronic Corp  | 114402 | 325610 |
| Delta Electronics Inc  | 956992 | 30937912 |
| Dynapack International Technology Corp  | 69000 | 688251 |
| E Ink Holdings Inc  | 430031 | 2962069 |
| Elite Material Co Ltd  | 145424 | 6425909 |
| First Hi-Tec Enterprise Co Ltd  | 37000 | 423760 |
| FLEXium Interconnect Inc (b) | 172595 | 354409 |
| Fositek Corp  | 24753 | 1170174 |
| Foxconn Technology Co Ltd  | 553424 | 1285653 |
| Fulltech Fiber Glass Corp (b) | 203000 | 476204 |
| General Interface Solution GIS Holding Ltd (b) | 139852 | 224923 |
| Genius Electronic Optical Co Ltd  | 42938 | 585239 |
| Global Brands Manufacture Ltd  | 152769 | 580739 |
| Gold Circuit Electronics Ltd  | 169353 | 2561369 |
| Hannstar Board Corp  | 142548 | 437676 |
| HannStar Display Corp (b) | 1586127 | 368471 |
| Hon Hai Precision Industry Co Ltd  | 6139230 | 51363044 |
| I Chiun Precision Industry Co Ltd  | 117000 | 279404 |
| Innolux Corp  | 3766555 | 1627630 |
| Iteq Corp  | 115731 | 439942 |
| Largan Precision Co Ltd  | 50075 | 3603747 |
| Lotes Co Ltd  | 41385 | 1855588 |
| Nan Ya Printed Circuit Board Corp  | 111821 | 1055429 |
| Pan-International Industrial Corp  | 221122 | 403764 |
| Posiflex Technology Inc  | 28000 | 197414 |
| Primax Electronics Ltd  | 251443 | 678074 |
| Promate Electronic Co Ltd  | 140236 | 216428 |
| Scientech Corp  | 26450 | 306799 |
| Simplo Technology Co Ltd  | 81415 | 927154 |
| Sinbon Electronics Co Ltd  | 117799 | 809490 |
| Solomon Technology Corp  | 57000 | 243534 |
| Supreme Electronics Co Ltd  | 299201 | 641603 |
| Synnex Technology International Corp  | 627100 | 1157297 |
| Taiwan Surface Mounting Technology Corp  | 148182 | 529600 |
| Taiwan Union Technology Corp  | 115578 | 1447635 |
| Test Research Co Ltd  | 74415 | 378385 |
| Tong Hsing Electronic Industries Ltd  | 96930 | 395241 |
| Tripod Technology Corp  | 225751 | 2504840 |
| Txc Corp  | 140918 | 407489 |
| Unimicron Technology Corp  | 652254 | 3464927 |
| Unitech Printed Circuit Board Corp  | 420852 | 360304 |
| Universal Microwave Technology Inc  | 31000 | 443174 |
| Wah Lee Industrial Corp  | 116283 | 341542 |
| Walsin Technology Corp  | 185862 | 748810 |
| Wpg Holding Co Ltd  | 778795 | 1525809 |
| WT Microelectronics Co Ltd  | 340681 | 1582864 |
| Yageo Corp  | 829128 | 6707807 |
| Zhen Ding Technology Holding Ltd  | 324726 | 1719746 |
|  |  | 148309114 |
| IT Services - 0.0% |  |  |
| Systex Corp  | 114019 | 479741 |
| Semiconductors & Semiconductor Equipment - 3.8% |  |  |
| ADATA Technology Co Ltd  | 165808 | 1066670 |
| Advanced Echem Materials Co Ltd  | 36000 | 1042173 |
| Advanced Wireless Semiconductor Co  | 83503 | 301151 |
| Airoha Technology Corp  | 17670 | 287056 |
| Alchip Technologies Ltd  | 38274 | 4346209 |
| AP Memory Technology Corp  | 55097 | 725008 |
| Ardentec Corp  | 203465 | 618103 |
| ASE Technology Holding Co Ltd  | 1636234 | 13075381 |
| ASMedia Technology Inc  | 18736 | 879639 |
| ASPEED Technology Inc  | 14714 | 2615036 |
| Chang Wah Technology Co Ltd  | 246289 | 322485 |
| Chipbond Technology Corp  | 351056 | 679802 |
| ChipMOS Technologies Inc  | 339977 | 358998 |
| Elan Microelectronics Corp  | 166693 | 671581 |
| Elite Advanced Laser Corp  | 67000 | 596465 |
| Elite Semiconductor Microelectronics Technology Inc  | 168314 | 493819 |
| eMemory Technology Inc  | 32406 | 2095261 |
| Ennostar Inc  | 353308 | 394312 |
| Everlight Electronics Co Ltd  | 191235 | 364103 |
| Faraday Technology Corp  | 109151 | 647217 |
| Fitipower Integrated Technology Inc  | 68638 | 338975 |
| FocalTech Systems Co Ltd  | 148887 | 286377 |
| Foxsemicon Integrated Technology Inc  | 48141 | 580295 |
| Global Mixed Mode Technology Inc  | 51318 | 389329 |
| Global Unichip Corp  | 43185 | 2146762 |
| Globalwafers Co Ltd  | 130512 | 2154139 |
| Grand Process Technology Corp  | 9802 | 463380 |
| Greatek Electronics Inc  | 167544 | 383776 |
| Gudeng Precision Industrial Co Ltd  | 35511 | 407284 |
| ITE Technology Inc  | 96349 | 408524 |
| Jentech Precision Industrial Co Ltd  | 41913 | 2900601 |
| King Yuan Electronics Co Ltd  | 567719 | 4002697 |
| Kinsus Interconnect Technology Corp  | 145226 | 644075 |
| LandMark Optoelectronics Corp  | 41000 | 566817 |
| Machvision Inc  | 18494 | 338298 |
| Macronix International Co Ltd (b) | 871033 | 882976 |
| Marketech International Corp  | 49009 | 391715 |
| MediaTek Inc  | 746955 | 31792549 |
| MPI Corp  | 41207 | 2811576 |
| Nanya Technology Corp (b) | 603486 | 2598021 |
| Novatek Microelectronics Corp  | 288650 | 3685732 |
| Nuvoton Technology Corp  | 133799 | 267789 |
| Orient Semiconductor Electronics Ltd  | 212817 | 336049 |
| Pan Jit International Inc  | 176456 | 483308 |
| Parade Technologies Ltd  | 38274 | 845614 |
| Phison Electronics Corp  | 81481 | 2819458 |
| Phoenix Silicon International Corp  | 73000 | 411511 |
| Pixart Imaging Inc  | 67547 | 509159 |
| Powerchip Semiconductor Manufacturing Corp (b) | 1645402 | 1684000 |
| Powertech Technology Inc  | 354572 | 1993013 |
| Radiant Opto-Electronics Corp  | 225861 | 968668 |
| Raydium Semiconductor Corp  | 36775 | 290945 |
| Realtek Semiconductor Corp  | 243443 | 4073466 |
| Sigurd Microelectronics Corp  | 266553 | 905023 |
| Silicon Integrated Systems Corp  | 228744 | 411736 |
| Sino-American Silicon Products Inc  | 307355 | 1248274 |
| Sitronix Technology Corp  | 78899 | 513979 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 12091148 | 584021188 |
| Topco Scientific Co Ltd  | 94689 | 1052168 |
| United Microelectronics Corp  | 5568575 | 8399706 |
| UPI Semiconductor Corp  | 42318 | 258489 |
| Vanguard International Semiconductor Corp  | 549672 | 1726989 |
| Via Technologies Inc  | 171173 | 292537 |
| VisEra Technologies Co Ltd  | 64987 | 544761 |
| Visual Photonics Epitaxy Co Ltd  | 96437 | 433963 |
| Win Semiconductors Corp  | 216232 | 755245 |
| Winbond Electronics Corp (b) | 1568530 | 2762178 |
| WinWay Technology Co Ltd  | 12736 | 1088299 |
| XinTec Inc  | 84305 | 419087 |
|  |  | 709270969 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Acer Inc  | 1444834 | 1410659 |
| Advantech Co Ltd  | 229256 | 2335167 |
| Asia Vital Components Co Ltd  | 163113 | 7552018 |
| Asustek Computer Inc  | 346462 | 7845994 |
| AURAS Technology Co Ltd  | 33450 | 1146590 |
| Catcher Technology Co Ltd  | 276276 | 1781818 |
| Chenbro Micom Co Ltd  | 30406 | 915796 |
| Chenming Electronic Technology Corp  | 73000 | 295292 |
| Chicony Electronics Co Ltd  | 300442 | 1269006 |
| Clevo Co  | 204500 | 263117 |
| Compal Electronics Inc  | 2035484 | 2185741 |
| Ennoconn Corp  | 58865 | 559426 |
| Getac Holdings Corp  | 206191 | 924503 |
| Gigabyte Technology Co Ltd  | 260223 | 2371582 |
| HTC Corp (b) | 317197 | 520451 |
| Innodisk Corp  | 39378 | 551430 |
| Inventec Corp  | 1293683 | 1929302 |
| King Slide Works Co Ltd  | 28472 | 3802064 |
| Kinpo Electronics  | 636156 | 470224 |
| Lite-On Technology Corp  | 1028472 | 5998139 |
| Micro-Star International Co Ltd  | 352308 | 1253419 |
| Mitac Holdings Corp  | 461066 | 1498038 |
| Pegatron Corp  | 956530 | 2306015 |
| Qisda Corp  | 619250 | 624723 |
| Quanta Computer Inc  | 1326969 | 12955819 |
| Quanta Storage Inc  | 119063 | 411989 |
| Transcend Information Inc  | 101843 | 438436 |
| Wistron Corp  | 1478639 | 7230332 |
| Wiwynn Corp  | 55097 | 7813971 |
|  |  | 78661061 |
| TOTAL INFORMATION TECHNOLOGY |  | 947736189 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| China Petrochemical Development Corp (b) | 2007605 | 489867 |
| China Steel Chemical Corp  | 89063 | 235548 |
| Daxin Materials Corp  | 26000 | 322276 |
| Eternal Materials Co Ltd  | 420950 | 558705 |
| Formosa Chemicals & Fibre Corp  | 1719758 | 1631585 |
| Formosa Plastics Corp  | 1854094 | 2295178 |
| Nan Pao Resins Chemical Co Ltd  | 28516 | 340491 |
| Nan Ya Plastics Corp  | 2524496 | 3403944 |
| Shinkong Synthetic Fibers Corp  | 635804 | 275780 |
| Shiny Chemical Industrial Co Ltd  | 70603 | 334916 |
| Sinon Corp  | 238606 | 330644 |
| Solar Applied Materials Technology Corp  | 259364 | 499717 |
| Taiwan Fertilizer Co Ltd  | 327506 | 512360 |
| Taiwan Speciality Chemicals Corp  | 42000 | 462603 |
|  |  | 11693614 |
| Construction Materials - 0.0% |  |  |
| Asia Cement Corp  | 1146347 | 1352018 |
| Goldsun Building Materials Co Ltd  | 455975 | 536301 |
| TCC Group Holdings Co Ltd  | 3434813 | 2466352 |
|  |  | 4354671 |
| Containers & Packaging - 0.0% |  |  |
| Cheng Loong Corp  | 428062 | 237827 |
| Taiwan Hon Chuan Enterprise Co Ltd  | 170966 | 702684 |
|  |  | 940511 |
| Metals & Mining - 0.0% |  |  |
| Century Iron & Steel Industrial Co Ltd  | 92349 | 460575 |
| China Steel Corp  | 5768785 | 3486237 |
| Chung Hung Steel Corp (b) | 483983 | 232730 |
| EVERGREEN Steel Corp  | 115349 | 399138 |
| Feng Hsin Steel Co Ltd  | 223663 | 460000 |
| Gloria Material Technology Corp  | 272386 | 300901 |
| TA Chen Stainless Pipe  | 978992 | 1167360 |
| Tung Ho Steel Enterprise Corp  | 244196 | 498262 |
| Yieh Phui Enterprise Co Ltd (b) | 474653 | 227471 |
|  |  | 7232674 |
| Paper & Forest Products - 0.0% |  |  |
| YFY Inc  | 558540 | 460943 |
| TOTAL MATERIALS |  | 24682413 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Chong Hong Construction Co Ltd  | 90865 | 232344 |
| Crowell Development Corp  | 189000 | 189749 |
| Da-Li Development Co Ltd  | 153946 | 246840 |
| Farglory Land Development Co Ltd  | 150446 | 263469 |
| Highwealth Construction Corp  | 706403 | 895111 |
| Huaku Development Co Ltd  | 147628 | 498840 |
| JSL Construction & Development Co Ltd  | 134400 | 222705 |
| Kindom Development Co Ltd  | 195090 | 211076 |
| Ruentex Development Co Ltd  | 761967 | 737755 |
| Sakura Development Co Ltd  | 205530 | 321537 |
| Sinyi Realty Inc  | 184000 | 135407 |
|  |  | 3954833 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| HD Renewable Energy Co Ltd  | 51830 | 218919 |
| Taiwan Cogeneration Corp  | 331583 | 519816 |
|  |  | 738735 |
| TOTAL TAIWAN |  | 1166486358 |
| TANZANIA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Helios Towers PLC (b) | 432350 | 849695 |
| THAILAND - 0.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| True Corp PCL (b) | 1570389 | 552373 |
| True Corp PCL depository receipt (b) | 3656994 | 1275040 |
|  |  | 1827413 |
| Media - 0.0% |  |  |
| Plan B Media Pcl depository receipt  | 1180630 | 152269 |
| VGI PCL depository receipt  | 6896600 | 265990 |
|  |  | 418259 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Advanced Info Service PCL  | 110566 | 1030266 |
| Advanced Info Service PCL depository receipt  | 410436 | 3824489 |
|  |  | 4854755 |
| TOTAL COMMUNICATION SERVICES |  | 7100427 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Sri Trang Agro-Industry PCL depository receipt  | 734823 | 269805 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Minor International PCL  | 324928 | 230588 |
| Minor International PCL depository receipt  | 1435610 | 1018792 |
|  |  | 1249380 |
| Specialty Retail - 0.0% |  |  |
| Com7 Pcl depository receipt  | 738299 | 569499 |
| Home Product Center PCL  | 1240145 | 250631 |
| Home Product Center PCL depository receipt  | 1895941 | 383166 |
|  |  | 1203296 |
| TOTAL CONSUMER DISCRETIONARY |  | 2722481 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Carabao Group PCL depository receipt  | 197815 | 274658 |
| Osotspa PCL depository receipt  | 708223 | 343077 |
|  |  | 617735 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Berli Jucker PCL depository receipt  | 622400 | 351432 |
| CP ALL PCL  | 929458 | 1319194 |
| CP ALL PCL depository receipt  | 1731017 | 2456859 |
| CP AXTRA PCL depository receipt  | 1127857 | 682073 |
|  |  | 4809558 |
| Food Products - 0.0% |  |  |
| Charoen Pokphand Foods PCL  | 661611 | 430731 |
| Charoen Pokphand Foods PCL depository receipt  | 1242387 | 808836 |
| Thai Union Group PCL  | 793405 | 320691 |
| Thai Union Group PCL depository receipt  | 843000 | 340738 |
| Thai Vegetable Oil PCL depository receipt  | 342500 | 255738 |
|  |  | 2156734 |
| TOTAL CONSUMER STAPLES |  | 7584027 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Bangchak Corp PCL depository receipt  | 320403 | 291635 |
| Banpu PCL depository receipt  | 4755614 | 741001 |
| Energy Earth PCL (b)(d) | 7600 | 0 |
| IRPC PCL depository receipt  | 6956295 | 246829 |
| PTT Exploration & Production PCL  | 300882 | 993347 |
| PTT Exploration & Production PCL depository receipt  | 387456 | 1279167 |
| PTT PCL  | 2277116 | 2160485 |
| PTT PCL depository receipt  | 2700311 | 2562004 |
| Star Petroleum Refining PCL depository receipt  | 1224238 | 181313 |
| Thai Oil PCL  | 258127 | 284728 |
| Thai Oil PCL depository receipt  | 425464 | 469310 |
|  |  | 9209819 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Kasikornbank PCL depository receipt  | 313951 | 1806599 |
| Krung Thai Bank PCL depository receipt  | 1732251 | 1456459 |
| SCB X PCL  | 172918 | 698928 |
| SCB X PCL depository receipt  | 241781 | 977270 |
| Thanachart Capital PCL depository receipt  | 170100 | 267666 |
| Tisco Financial Group PCL depository receipt  | 140823 | 467093 |
| TMBThanachart Bank PCL depository receipt  | 12866816 | 734453 |
|  |  | 6408468 |
| Consumer Finance - 0.0% |  |  |
| AEON Thana Sinsap Thailand PCL depository receipt  | 79800 | 259762 |
| Krungthai Card PCL depository receipt  | 526800 | 463246 |
| Srisawad Corp PCL depository receipt  | 428600 | 373587 |
| TIDLOR Holdings PCL depository receipt  | 846118 | 548241 |
|  |  | 1644836 |
| Insurance - 0.0% |  |  |
| Thai Life Insurance PCL  | 1242200 | 394775 |
| TOTAL FINANCIALS |  | 8448079 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Bangkok Chain Hospital PCL depository receipt  | 691262 | 241014 |
| Bangkok Dusit Medical Services PCL  | 1679144 | 979198 |
| Bangkok Dusit Medical Services PCL depository receipt  | 3989653 | 2326581 |
| Bumrungrad Hospital Pcl  | 83433 | 442779 |
| Bumrungrad Hospital Pcl depository receipt  | 211078 | 1120192 |
| Chularat Hospital PCL depository receipt  | 3571279 | 172999 |
|  |  | 5282763 |
| Pharmaceuticals - 0.0% |  |  |
| Mega Lifesciences PCL depository receipt  | 244317 | 222380 |
| TOTAL HEALTH CARE |  | 5505143 |
| Industrials - 0.0% |  |  |
| Electrical Equipment - 0.0% |  |  |
| STARK Corp PCL (b)(d) | 4002200 | 1 |
| Ground Transportation - 0.0% |  |  |
| BTS Group Holdings PCL depository receipt (b) | 4538834 | 411730 |
| Transportation Infrastructure - 0.0% |  |  |
| Airports of Thailand PCL depository receipt  | 2101428 | 2674604 |
| Bangkok Expressway & Metro PCL  | 2692438 | 427833 |
|  |  | 3102437 |
| TOTAL INDUSTRIALS |  | 3514168 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Cal-Comp Electronics Thailand PCL depository receipt  | 1879900 | 353822 |
| Delta Electronics Thailand PCL  | 577529 | 3866825 |
| Delta Electronics Thailand PCL depository receipt  | 959187 | 6422202 |
| KCE Electronics PCL depository receipt  | 470500 | 370187 |
|  |  | 11013036 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| PTT Global Chemical PCL  | 329994 | 257092 |
| PTT Global Chemical PCL depository receipt  | 780206 | 607843 |
| TOA Paint Thailand PCL depository receipt  | 581904 | 231613 |
|  |  | 1096548 |
| Construction Materials - 0.0% |  |  |
| Siam Cement PCL/The  | 111486 | 701732 |
| Siam Cement PCL/The depository receipt  | 266375 | 1676659 |
|  |  | 2378391 |
| Containers & Packaging - 0.0% |  |  |
| SCG Packaging PCL depository receipt  | 846400 | 475300 |
| TOTAL MATERIALS |  | 3950239 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Amata Corp PCL depository receipt  | 444388 | 197445 |
| AP Thailand PCL depository receipt  | 1551605 | 414112 |
| Central Pattana PCL  | 480405 | 796722 |
| Central Pattana PCL depository receipt  | 559885 | 928536 |
| Land & Houses PCL depository receipt  | 5207758 | 626666 |
| MBK PCL depository receipt  | 685830 | 349158 |
| Quality Houses PCL depository receipt  | 8748771 | 356321 |
| Sansiri PCL depository receipt  | 9011607 | 389270 |
| WHA Corp PCL depository receipt  | 4777980 | 480599 |
|  |  | 4538829 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Electricity Generating PCL  | 79217 | 300638 |
| Energy Absolute PCL depository receipt (b) | 3029500 | 286031 |
| Global Power Synergy PCL depository receipt  | 474100 | 607070 |
| Gulf Development PCL  | 293702 | 400997 |
| Gulf Development PCL depository receipt  | 1984810 | 2709900 |
| Ratch Group PCL depository receipt  | 696192 | 596092 |
|  |  | 4900728 |
| TOTAL THAILAND |  | 68486976 |
| TURKEY - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Turkcell Iletisim Hizmetleri AS  | 631239 | 1496517 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| EGE Endustri VE Ticaret AS  | 1664 | 323568 |
| Automobiles - 0.0% |  |  |
| Ford Otomotiv Sanayi AS  | 370490 | 874379 |
| Tofas Turk Otomobil Fabrikasi AS  | 71791 | 451105 |
|  |  | 1325484 |
| Specialty Retail - 0.0% |  |  |
| Dogan Sirketler Grubu Holding AS  | 821575 | 334069 |
| Dogus Otomotiv Servis ve Ticaret AS  | 55470 | 237819 |
|  |  | 571888 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Aksa (Akrilik Kimya Sanayi)  | 1467999 | 432853 |
| Mavi Giyim Sanayi Ve Ticaret AS Class B (e)(f) | 375034 | 359392 |
|  |  | 792245 |
| TOTAL CONSUMER DISCRETIONARY |  | 3013185 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Anadolu Efes Biracilik Ve Malt Sanayii AS  | 1358988 | 469541 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| BIM Birlesik Magazalar AS  | 221849 | 2843407 |
| Migros Ticaret AS  | 50836 | 548203 |
| Sok Marketler Ticaret AS (b) | 274398 | 288792 |
|  |  | 3680402 |
| Food Products - 0.0% |  |  |
| Ulker Biskuvi Sanayi AS  | 113864 | 292688 |
| TOTAL CONSUMER STAPLES |  | 4442631 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Turkiye Petrol Rafinerileri AS  | 481471 | 2262298 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Akbank TAS  | 1515723 | 2191372 |
| Haci Omer Sabanci Holding AS  | 608139 | 1179287 |
| Turkiye Is Bankasi AS Class C  | 4297669 | 1292755 |
| Yapi ve Kredi Bankasi AS (b) | 1695442 | 1354612 |
|  |  | 6018026 |
| Capital Markets - 0.0% |  |  |
| Is Yatirim Menkul Degerler AS  | 305962 | 319829 |
| Tera Yatirim Menkul Degerler AS  | 84084 | 432876 |
|  |  | 752705 |
| Financial Services - 0.0% |  |  |
| Destek Finans Faktoring AS  | 40323 | 616533 |
| Turkiye Sinai Kalkinma Bankasi AS (b) | 1058993 | 324593 |
|  |  | 941126 |
| Insurance - 0.0% |  |  |
| Anadolu Anonim Turk Sigorta Sirketi  | 556502 | 306742 |
| Turkiye Sigorta AS  | 1474121 | 432905 |
|  |  | 739647 |
| TOTAL FINANCIALS |  | 8451504 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| MLP Saglik Hizmetleri AS (b)(e)(f) | 50155 | 400724 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Aselsan Elektronik Sanayi Ve Ticaret AS  | 700491 | 3391353 |
| Air Freight & Logistics - 0.0% |  |  |
| Reysas Tasimacilik ve Lojistik Ticaret AS (b) | 689126 | 244653 |
| Construction & Engineering - 0.0% |  |  |
| Ral Yatirim Holding AS  | 69544 | 327760 |
| Electrical Equipment - 0.0% |  |  |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS  | 157897 | 368704 |
| Ground Transportation - 0.0% |  |  |
| Pasifik Eurasia Lojistik Dis Ticaret AS (b) | 169050 | 534638 |
| Industrial Conglomerates - 0.1% |  |  |
| Alarko Holding AS  | 145969 | 280109 |
| Kiler Holding AS (b) | 162118 | 524279 |
| KOC Holding AS  | 386651 | 1577717 |
| Turkiye Sise ve Cam Fabrikalari AS  | 665082 | 581674 |
|  |  | 2963779 |
| Machinery - 0.0% |  |  |
| Otokar Otomotiv Ve Savunma Sanayi A.S. (b) | 23426 | 255963 |
| Passenger Airlines - 0.0% |  |  |
| Pegasus Hava Tasimaciligi AS (b) | 143529 | 716724 |
| Turk Hava Yollari AO  | 268716 | 1862622 |
|  |  | 2579346 |
| Transportation Infrastructure - 0.0% |  |  |
| TAV Havalimanlari Holding AS (b) | 102753 | 647490 |
| TOTAL INDUSTRIALS |  | 11313686 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Hektas Ticaret TAS (b) | 2875951 | 244142 |
| Petkim Petrokimya Holding AS (b) | 861712 | 351824 |
|  |  | 595966 |
| Construction Materials - 0.0% |  |  |
| Cimsa Cimento Sanayi VE Ticaret AS  | 243379 | 275012 |
| Nuh Cimento Sanayi AS  | 53839 | 312378 |
| Oyak Cimento Fabrikalari AS  | 525576 | 265700 |
|  |  | 853090 |
| Metals & Mining - 0.0% |  |  |
| Eldorado Gold Corp (b) | 100246 | 2569494 |
| Eregli Demir ve Celik Fabrikalari TAS  | 1693447 | 1106575 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class D (b) | 705275 | 459853 |
| Turk Altin Isletmeleri AS (b) | 545540 | 348697 |
|  |  | 4484619 |
| TOTAL MATERIALS |  | 5933675 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Ziraat Gayrimenkul Yatirim Ortakligi AS  | 504733 | 277727 |
| Residential REITs - 0.0% |  |  |
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS  | 1091370 | 524742 |
| TOTAL REAL ESTATE |  | 802469 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Enerjisa Enerji AS (e)(f) | 187282 | 367403 |
| Gas Utilities - 0.0% |  |  |
| Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS (b) | 406234 | 277430 |
| Enerya Enerji AS  | 1217246 | 282791 |
|  |  | 560221 |
| TOTAL UTILITIES |  | 927624 |
| TOTAL TURKEY |  | 39044313 |
| UNITED ARAB EMIRATES - 0.4%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Emirates Telecommunications Group Co PJSC  | 1732785 | 9152324 |
| Space42 PLC (b) | 678316 | 343503 |
|  |  | 9495827 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Abu Dhabi National Hotels  | 4587749 | 557082 |
| Americana Restaurants International PLC - Foreign Co  | 1662624 | 946075 |
|  |  | 1503157 |
| Specialty Retail - 0.0% |  |  |
| Abu Dhabi National Oil Co for Distribution PJSC  | 1637103 | 1600131 |
| TOTAL CONSUMER DISCRETIONARY |  | 3103288 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Agthia Group PJSC  | 302326 | 318544 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| ADNOC Drilling Co PJSC  | 1567784 | 2381801 |
| NMDC Energy  | 649208 | 441884 |
|  |  | 2823685 |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Adnoc Gas PLC  | 3030861 | 2879894 |
| Dana Gas PJSC  | 3093227 | 697312 |
|  |  | 3577206 |
| TOTAL ENERGY |  | 6400891 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 1462733 | 5742689 |
| Abu Dhabi Islamic Bank PJSC  | 734043 | 4220855 |
| Ajman Bank PJSC  | 756467 | 300696 |
| Dubai Islamic Bank PJSC  | 1479569 | 3826871 |
| Emirates NBD Bank PJSC  | 941672 | 7204286 |
| First Abu Dhabi Bank PJSC  | 2199336 | 10442946 |
|  |  | 31738343 |
| Capital Markets - 0.0% |  |  |
| Dubai Financial Market PJSC  | 1144608 | 479913 |
| TOTAL FINANCIALS |  | 32218256 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| Parkin Co PJSC  | 411967 | 621380 |
| Industrial Conglomerates - 0.0% |  |  |
| Dubai Investments PJSC  | 1236776 | 1117929 |
| Multiply Group PJSC (b) | 1681434 | 1364210 |
|  |  | 2482139 |
| Marine Transportation - 0.0% |  |  |
| Gulf Navigation Holding PJSC (b) | 215034 | 532762 |
| Passenger Airlines - 0.0% |  |  |
| Air Arabia PJSC  | 1300135 | 1380505 |
| Transportation Infrastructure - 0.0% |  |  |
| Salik Co PJSC  | 1033035 | 1681904 |
| TOTAL INDUSTRIALS |  | 6698690 |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Apex Investment Co PSC (b) | 419683 | 439913 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Aldar Properties PJSC  | 1931844 | 4733687 |
| Emaar Development PJSC  | 499816 | 2027596 |
| Emaar Properties PJSC  | 3273333 | 12655040 |
| RAK Properties PJSC (b) | 941770 | 361534 |
|  |  | 19777857 |
| Residential REITs - 0.0% |  |  |
| Dubai Residential REIT (f) | 1144627 | 386430 |
| TOTAL REAL ESTATE |  | 20164287 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Dubai Electricity & Water Authority PJSC  | 2985497 | 2259677 |
| Water Utilities - 0.0% |  |  |
| Emirates Central Cooling Systems Corp  | 1141120 | 490878 |
| TOTAL UTILITIES |  | 2750555 |
| TOTAL UNITED ARAB EMIRATES |  | 81590251 |
| UNITED KINGDOM - 6.9%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| BT Group PLC  | 2944584 | 7185368 |
| Gamma Communications PLC  | 50005 | 652317 |
|  |  | 7837685 |
| Interactive Media & Services - 0.0% |  |  |
| Auto Trader Group PLC (e)(f) | 428957 | 4400709 |
| Baltic Classifieds Group PLC  | 236849 | 917888 |
| MONY Group PLC  | 296066 | 755325 |
| Rightmove PLC  | 384318 | 3372589 |
| Trustpilot Group PLC (b)(e)(f) | 186772 | 503974 |
|  |  | 9950485 |
| Media - 0.1% |  |  |
| 4imprint Group PLC  | 13915 | 608729 |
| Future PLC  | 58414 | 470791 |
| Informa PLC  | 637396 | 8103845 |
| ITV PLC  | 1644070 | 1504311 |
| WPP PLC  | 528608 | 1997437 |
| YouGov PLC  | 60180 | 206737 |
|  |  | 12891850 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Vodafone Group PLC  | 9493697 | 11492832 |
| TOTAL COMMUNICATION SERVICES |  | 42172852 |
| Consumer Discretionary - 0.5% |  |  |
| Automobile Components - 0.0% |  |  |
| Dowlais Group PLC  | 698083 | 758418 |
| Broadline Retail - 0.1% |  |  |
| B&M European Value Retail SA  | 499078 | 1177855 |
| Next PLC  | 57273 | 10759254 |
| Pepco Group NV (c)(f) | 84346 | 635393 |
|  |  | 12572502 |
| Distributors - 0.0% |  |  |
| Inchcape PLC  | 166468 | 1670784 |
| Diversified Consumer Services - 0.0% |  |  |
| Auction Technology Group PLC (b) | 48649 | 197802 |
| ME Group International PLC  | 133153 | 329555 |
| Pearson PLC  | 289294 | 4026402 |
|  |  | 4553759 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Compass Group PLC  | 828788 | 27432751 |
| Domino's Pizza Group PLC  | 181577 | 464433 |
| Entain PLC  | 296220 | 3083579 |
| Greggs PLC  | 50387 | 1067700 |
| Hollywood Bowl Group PLC  | 88629 | 313783 |
| InterContinental Hotels Group PLC  | 71911 | 8674428 |
| J D Wetherspoon PLC  | 42734 | 362101 |
| Mitchells & Butlers PLC (b) | 156636 | 501057 |
| Playtech Plc  | 132210 | 457658 |
| SSP Group Plc  | 424047 | 855660 |
| Trainline PLC (b)(e)(f) | 221614 | 732494 |
| Whitbread PLC  | 85777 | 3264492 |
|  |  | 47210136 |
| Household Durables - 0.1% |  |  |
| Barratt Redrow PLC  | 687165 | 3396968 |
| Bellway PLC  | 59922 | 2065601 |
| Berkeley Group Holdings PLC  | 49500 | 2622249 |
| Crest Nicholson Holdings plc (c) | 132198 | 287421 |
| Persimmon PLC  | 166486 | 2644236 |
| Taylor Wimpey PLC  | 1778940 | 2458517 |
| Vistry Group PLC (b) | 163653 | 1384972 |
|  |  | 14859964 |
| Leisure Products - 0.0% |  |  |
| Games Workshop Group PLC  | 16015 | 3351498 |
| Specialty Retail - 0.1% |  |  |
| AO World PLC (b) | 188015 | 262802 |
| Currys PLC  | 501800 | 926197 |
| Dunelm Group PLC  | 64080 | 941154 |
| Frasers Group PLC (b) | 60308 | 577562 |
| JD Sports Fashion PLC  | 1256517 | 1538110 |
| Kingfisher PLC  | 870126 | 3528869 |
| Moonpig Group PLC  | 165506 | 466377 |
| Pets at Home Group Plc  | 224402 | 631455 |
| Watches of Switzerland Group PLC (b)(e) | 118162 | 609431 |
| WH Smith PLC  | 63612 | 564913 |
|  |  | 10046870 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Burberry Group PLC (b) | 176628 | 2871448 |
| Coats Group PLC  | 975456 | 1048231 |
| Dr Martens PLC  | 335471 | 400604 |
|  |  | 4320283 |
| TOTAL CONSUMER DISCRETIONARY |  | 99344214 |
| Consumer Staples - 1.3% |  |  |
| Beverages - 0.2% |  |  |
| AG Barr PLC  | 60297 | 529929 |
| Coca-Cola Europacific Partners PLC  | 112942 | 10032638 |
| Diageo PLC  | 1090200 | 25076514 |
| Fevertree Drinks PLC  | 52551 | 575762 |
|  |  | 36214843 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| J Sainsbury PLC  | 845837 | 3795777 |
| Marks & Spencer Group PLC  | 1017884 | 5319280 |
| Ocado Group PLC (b) | 292370 | 841533 |
| Tesco PLC  | 3201015 | 19317082 |
|  |  | 29273672 |
| Food Products - 0.0% |  |  |
| Associated British Foods PLC  | 158015 | 4764060 |
| Bakkavor Group PLC (e)(f) | 112341 | 327633 |
| Cranswick PLC  | 27685 | 1794849 |
| Hilton Food Group PLC  | 52755 | 446319 |
| Premier Foods PLC  | 359562 | 861578 |
| Tate & Lyle PLC  | 194918 | 988918 |
|  |  | 9183357 |
| Household Products - 0.1% |  |  |
| Reckitt Benckiser Group PLC  | 331227 | 25335249 |
| Personal Care Products - 0.4% |  |  |
| Unilever PLC  | 1198080 | 71890043 |
| Tobacco - 0.4% |  |  |
| British American Tobacco PLC  | 1023646 | 52426592 |
| Imperial Brands PLC  | 379627 | 15084226 |
|  |  | 67510818 |
| TOTAL CONSUMER STAPLES |  | 239407982 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Hunting PLC  | 71377 | 320218 |
| Paratus Energy Services Ltd  | 57422 | 235486 |
| Subsea 7 SA  | 108512 | 1981857 |
|  |  | 2537561 |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Harbour Energy PLC  | 286594 | 846369 |
| Serica Energy PLC  | 136182 | 388218 |
| Yellow Cake PLC (b)(e)(f) | 128583 | 995780 |
|  |  | 2230367 |
| TOTAL ENERGY |  | 4767928 |
| Financials - 2.1% |  |  |
| Banks - 1.3% |  |  |
| Barclays PLC  | 6916881 | 37099544 |
| Close Brothers Group PLC (b) | 72841 | 400755 |
| HSBC Holdings PLC  | 8543217 | 119600354 |
| Lloyds Banking Group PLC  | 29333494 | 34393215 |
| Metro Bank Holdings PLC (b) | 191008 | 293585 |
| NatWest Group PLC  | 3971235 | 30572620 |
| Standard Chartered PLC  | 968090 | 19872226 |
|  |  | 242232299 |
| Capital Markets - 0.5% |  |  |
| 3i Group PLC  | 476437 | 27571705 |
| Aberdeen Group PLC  | 930401 | 2481204 |
| AJ Bell PLC  | 170190 | 1201735 |
| Allfunds Group Plc  | 153909 | 1170861 |
| Alpha Group International PLC (f) | 17211 | 960929 |
| Ashmore Group PLC  | 268233 | 662118 |
| Bridgepoint Group PLC (e)(f) | 128903 | 509713 |
| ICG PLC  | 144343 | 3661628 |
| IG Group Holdings PLC  | 173978 | 2546102 |
| Integrafin Holdings Ltd (f) | 153717 | 732025 |
| Investec PLC  | 282212 | 2124351 |
| IP Group PLC (b) | 600703 | 476642 |
| Jupiter Fund Management PLC  | 248090 | 496043 |
| London Stock Exchange Group PLC  | 233257 | 29069973 |
| Man Group Plc/Jersey  | 600235 | 1657487 |
| Molten Ventures PLC (b) | 92272 | 563420 |
| Ninety One PLC  | 154054 | 468713 |
| Polar Capital Holdings PLC  | 67389 | 508156 |
| Quilter PLC (e)(f) | 710265 | 1696331 |
| Rathbones Group PLC  | 33062 | 774855 |
| Schroders PLC  | 349878 | 1743854 |
| St James's Place PLC  | 263979 | 4499590 |
| TP ICAP Group PLC  | 369294 | 1273497 |
| XPS Pensions Group PLC (f) | 116703 | 517430 |
|  |  | 87368362 |
| Financial Services - 0.1% |  |  |
| M&G PLC  | 1129131 | 3905633 |
| OSB Group PLC  | 185409 | 1312852 |
| Paragon Banking Group PLC  | 105705 | 1151188 |
| Wise PLC Class A (b) | 328210 | 4167253 |
|  |  | 10536926 |
| Insurance - 0.2% |  |  |
| Admiral Group PLC  | 128616 | 5535223 |
| Aviva PLC  | 1490471 | 13091400 |
| Beazley PLC  | 302689 | 3700064 |
| Chesnara PLC (c) | 149017 | 538350 |
| Hiscox Ltd  | 166378 | 3005348 |
| Just Group PLC  | 506223 | 1413178 |
| Lancashire Holdings Ltd  | 125141 | 1098177 |
| Legal & General Group PLC  | 2805821 | 8765325 |
| Phoenix Group Holdings PLC  | 356492 | 3156501 |
|  |  | 40303566 |
| TOTAL FINANCIALS |  | 380441153 |
| Health Care - 0.7% |  |  |
| Biotechnology - 0.0% |  |  |
| Genus PLC  | 33161 | 1071665 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Advanced Medical Solutions Group PLC  | 150234 | 424329 |
| Convatec Group PLC (e)(f) | 818504 | 2625806 |
| Smith & Nephew PLC  | 408175 | 7537371 |
|  |  | 10587506 |
| Health Care Providers & Services - 0.0% |  |  |
| CVS Group PLC  | 38443 | 627242 |
| Spire Healthcare Group PLC (e)(f) | 140463 | 432714 |
|  |  | 1059956 |
| Health Care Technology - 0.0% |  |  |
| Craneware PLC  | 15111 | 446654 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Oxford Nanopore Technologies PLC (b)(c) | 255001 | 458943 |
| Pharmaceuticals - 0.7% |  |  |
| Astrazeneca PLC  | 760567 | 125454504 |
| Hikma Pharmaceuticals PLC (c) | 84527 | 2042083 |
|  |  | 127496587 |
| TOTAL HEALTH CARE |  | 141121311 |
| Industrials - 1.3% |  |  |
| Aerospace & Defense - 0.6% |  |  |
| Avon Technologies PLC  | 18025 | 453225 |
| Babcock International Group PLC  | 125545 | 2000582 |
| BAE Systems PLC  | 1475983 | 36358609 |
| Chemring Group PLC  | 137100 | 1032020 |
| Cohort PLC  | 19903 | 350364 |
| Melrose Industries PLC  | 626362 | 5147761 |
| QinetiQ Group PLC  | 250087 | 1575017 |
| Rolls-Royce Holdings PLC  | 4138761 | 63690606 |
| Senior PLC  | 209628 | 524890 |
|  |  | 111133074 |
| Building Products - 0.0% |  |  |
| Genuit Group PLC  | 138933 | 675310 |
| Volution Group PLC  | 103076 | 889650 |
|  |  | 1564960 |
| Commercial Services & Supplies - 0.1% |  |  |
| Johnson Service Group PLC  | 221650 | 394842 |
| Mitie Group PLC  | 633798 | 1372158 |
| Rentokil Initial PLC  | 1246944 | 6959760 |
| Serco Group PLC  | 533425 | 1778530 |
|  |  | 10505290 |
| Construction & Engineering - 0.0% |  |  |
| Balfour Beatty PLC  | 256651 | 2265732 |
| Keller Group PLC  | 37313 | 778407 |
| Kier Group PLC  | 242332 | 689231 |
| Morgan Sindall Group PLC  | 22860 | 1396450 |
| Renew Holdings PLC  | 50517 | 614532 |
|  |  | 5744352 |
| Electrical Equipment - 0.0% |  |  |
| DiscoverIE Group PLC  | 49611 | 378661 |
| Volex PLC  | 68762 | 338296 |
|  |  | 716957 |
| Ground Transportation - 0.0% |  |  |
| Firstgroup PLC  | 295160 | 814279 |
| Zigup PLC  | 140220 | 639198 |
|  |  | 1453477 |
| Industrial Conglomerates - 0.1% |  |  |
| CK Hutchison Holdings Ltd  | 1304800 | 8652749 |
| DCC PLC  | 48494 | 3191699 |
| Metlen Energy & Metals PLC (Greece)  | 48768 | 2473347 |
| Smiths Group PLC  | 159541 | 5277451 |
|  |  | 19595246 |
| Machinery - 0.1% |  |  |
| Bodycote PLC  | 97235 | 788141 |
| IMI PLC  | 118703 | 3723850 |
| Morgan Advanced Materials PLC  | 142341 | 381466 |
| Rotork PLC  | 425330 | 1912063 |
| Spirax Group PLC  | 35967 | 3352377 |
| Vesuvius PLC  | 123696 | 610348 |
| Weir Group PLC/The  | 127920 | 4974236 |
|  |  | 15742481 |
| Marine Transportation - 0.0% |  |  |
| Clarkson PLC  | 14886 | 708896 |
| Passenger Airlines - 0.0% |  |  |
| easyJet PLC  | 155555 | 990088 |
| International Consolidated Airlines Group SA (Spain)  | 608187 | 3339692 |
| JET2 PLC  | 50587 | 883202 |
|  |  | 5212982 |
| Professional Services - 0.2% |  |  |
| GlobalData PLC (c) | 165773 | 237376 |
| Hays PLC  | 948879 | 736083 |
| Intertek Group PLC  | 77455 | 5153771 |
| Pagegroup PLC  | 158564 | 491601 |
| RELX PLC  | 898912 | 39728671 |
|  |  | 46347502 |
| Trading Companies & Distributors - 0.2% |  |  |
| Ashtead Group PLC  | 209584 | 13970271 |
| Bunzl PLC  | 162163 | 4925335 |
| Diploma PLC  | 66141 | 4874497 |
| Grafton Group PLC unit  | 90504 | 1131881 |
| Howden Joinery Group PLC  | 275490 | 3125103 |
| RS GROUP PLC  | 240285 | 1756661 |
| Travis Perkins PLC  | 109361 | 903669 |
|  |  | 30687417 |
| TOTAL INDUSTRIALS |  | 249412634 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Halma PLC  | 184038 | 8573190 |
| Oxford Instruments PLC  | 30086 | 747793 |
| Renishaw PLC  | 20284 | 941975 |
| Spectris PLC  | 48185 | 2599124 |
|  |  | 12862082 |
| IT Services - 0.0% |  |  |
| Computacenter PLC  | 31984 | 1204218 |
| Kainos Group PLC  | 49960 | 618258 |
| NCC Group PLC  | 205876 | 404066 |
| Softcat PLC  | 64247 | 1348733 |
|  |  | 3575275 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Alphawave IP Group PLC (b) | 203185 | 507690 |
| Software - 0.0% |  |  |
| Bytes Technology Group PLC  | 125648 | 610406 |
| GB Group PLC  | 144796 | 447964 |
| Sage Group PLC/The  | 472225 | 7131061 |
|  |  | 8189431 |
| TOTAL INFORMATION TECHNOLOGY |  | 25134478 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Croda International PLC  | 67521 | 2560837 |
| Elementis PLC  | 304223 | 657037 |
| Johnson Matthey PLC  | 82451 | 2309295 |
| Victrex PLC  | 49066 | 417043 |
|  |  | 5944212 |
| Construction Materials - 0.0% |  |  |
| Breedon Group PLC  | 136948 | 619965 |
| Ibstock PLC (e)(f) | 213513 | 383152 |
| Marshalls PLC  | 134561 | 298392 |
| SigmaRoc PLC (b) | 537151 | 814327 |
|  |  | 2115836 |
| Metals & Mining - 0.1% |  |  |
| Anglogold Ashanti Plc  | 34837 | 2368916 |
| Anglogold Ashanti Plc (South Africa)  | 211734 | 14667808 |
| Hill & Smith PLC  | 40719 | 1152764 |
|  |  | 18189488 |
| TOTAL MATERIALS |  | 26249536 |
| Real Estate - 0.2% |  |  |
| Diversified REITs - 0.0% |  |  |
| British Land Co PLC/The  | 500598 | 2496384 |
| Land Securities Group PLC  | 338288 | 2762002 |
|  |  | 5258386 |
| Health Care REITs - 0.0% |  |  |
| Primary Health Properties PLC  | 1112842 | 1369107 |
| Target Healthcare REIT PLC  | 334030 | 413803 |
|  |  | 1782910 |
| Industrial REITs - 0.2% |  |  |
| LondonMetric Property PLC  | 1134264 | 2834138 |
| Segro PLC  | 632521 | 5794996 |
| Tritax Big Box REIT PLC  | 1106170 | 2181216 |
|  |  | 10810350 |
| Office REITs - 0.0% |  |  |
| Derwent London PLC  | 56880 | 1315130 |
| Great Portland Estates PLC  | 170618 | 746389 |
| Workspace Group PLC  | 83703 | 459635 |
|  |  | 2521154 |
| Real Estate Management & Development - 0.0% |  |  |
| Grainger PLC  | 378051 | 930714 |
| Savills PLC  | 70171 | 929211 |
|  |  | 1859925 |
| Residential REITs - 0.0% |  |  |
| Empiric Student Property PLC  | 333275 | 341064 |
| Home Reit PLC (b)(d) | 386246 | 96535 |
| PRS REIT Plc/The  | 276823 | 405120 |
| UNITE Group PLC/The  | 189786 | 1413655 |
|  |  | 2256374 |
| Retail REITs - 0.0% |  |  |
| Hammerson PLC  | 247393 | 991901 |
| Shaftesbury Capital PLC  | 714274 | 1317432 |
| Supermarket Income Reit PLC  | 755430 | 784994 |
|  |  | 3094327 |
| Specialized REITs - 0.0% |  |  |
| Big Yellow Group PLC (The)  | 96628 | 1411575 |
| Safestore Holdings PLC  | 112533 | 1057017 |
|  |  | 2468592 |
| TOTAL REAL ESTATE |  | 30052018 |
| Utilities - 0.4% |  |  |
| Electric Utilities - 0.1% |  |  |
| SSE PLC  | 542062 | 13656065 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Drax Group PLC  | 173636 | 1645782 |
| Multi-Utilities - 0.2% |  |  |
| Centrica PLC  | 2380465 | 5607100 |
| National Grid PLC  | 2366338 | 35481138 |
| Telecom Plus PLC  | 37672 | 878937 |
|  |  | 41967175 |
| Water Utilities - 0.1% |  |  |
| Pennon Group PLC  | 235373 | 1603251 |
| Severn Trent PLC  | 128649 | 4700062 |
| United Utilities Group PLC  | 331359 | 5225853 |
|  |  | 11529166 |
| TOTAL UTILITIES |  | 68798188 |
| TOTAL UNITED KINGDOM |  | 1306902294 |
| UNITED STATES - 5.2%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.3% |  |  |
| Spotify Technology SA (b) | 75115 | 49224362 |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Stellantis NV (Italy)  | 994970 | 10067068 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Carnival PLC (b) | 71398 | 1854910 |
| Leisure Products - 0.0% |  |  |
| BRP Inc Subordinate Voting Shares  | 16801 | 1053903 |
| TOTAL CONSUMER DISCRETIONARY |  | 12975881 |
| Consumer Staples - 0.7% |  |  |
| Food Products - 0.7% |  |  |
| JBS NV Class A  | 179398 | 2369848 |
| Nestle SA  | 1261836 | 120566487 |
|  |  | 122936335 |
| Energy - 0.8% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Tenaris SA  | 182943 | 3635969 |
| Oil, Gas & Consumable Fuels - 0.8% |  |  |
| BP PLC  | 7776432 | 45560646 |
| Diversified Energy Co PLC (f) | 26980 | 340259 |
| Energy Fuels Inc/Canada (b)(c) | 112057 | 2300982 |
| Shell PLC  | 2884546 | 108139972 |
|  |  | 156341859 |
| TOTAL ENERGY |  | 159977828 |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Aegon Ltd  | 655878 | 4998268 |
| Swiss Re AG  | 146174 | 26628281 |
|  |  | 31626549 |
| Health Care - 2.2% |  |  |
| Biotechnology - 0.2% |  |  |
| BeOne Medicines Ltd H Shares (b) | 422581 | 10104246 |
| CSL Ltd  | 237683 | 27698705 |
| Legend Biotech Corp ADR (b) | 36003 | 1166497 |
|  |  | 38969448 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Alcon AG  | 245797 | 18264878 |
| Inmode Ltd (b)(c) | 29789 | 439984 |
|  |  | 18704862 |
| Life Sciences Tools & Services - 0.0% |  |  |
| QIAGEN NV (Germany)  | 106370 | 4997477 |
| Pharmaceuticals - 1.9% |  |  |
| Bausch Health Cos Inc (b) | 126007 | 884568 |
| GSK PLC  | 2002644 | 46888813 |
| Haleon PLC  | 4398307 | 20453148 |
| Novartis AG  | 931033 | 115226199 |
| Roche Holding AG  | 342194 | 110843628 |
| Roche Holding AG  | 17795 | 6010166 |
| Sanofi SA  | 542012 | 54831477 |
|  |  | 355137999 |
| TOTAL HEALTH CARE |  | 417809786 |
| Industrials - 0.7% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| MDA Space Ltd (b) | 58198 | 1136117 |
| Building Products - 0.0% |  |  |
| Reliance Worldwide Corp Ltd  | 391106 | 1061987 |
| Commercial Services & Supplies - 0.0% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 122070 | 5336945 |
| Construction & Engineering - 0.1% |  |  |
| Ferrovial SE  | 244379 | 14985560 |
| Ferrovial SE rights (b)(g) | 244379 | 134335 |
|  |  | 15119895 |
| Electrical Equipment - 0.5% |  |  |
| Schneider Electric SE  | 269095 | 76673222 |
| Signify NV (e)(f) | 64353 | 1541387 |
|  |  | 78214609 |
| Marine Transportation - 0.0% |  |  |
| AP Moller - Maersk A/S Series A  | 1293 | 2666247 |
| AP Moller - Maersk A/S Series B  | 2070 | 4255772 |
|  |  | 6922019 |
| Professional Services - 0.1% |  |  |
| Experian PLC  | 450431 | 21010444 |
| Fiverr International Ltd (b)(c) | 15900 | 359976 |
|  |  | 21370420 |
| TOTAL INDUSTRIALS |  | 129161992 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Bitdeer Technologies Group Class A (b)(c) | 44826 | 995137 |
| CyberArk Software Ltd (b) | 23628 | 12304990 |
| Monday.com Ltd (b) | 20208 | 4147490 |
| Sinch AB (b)(e)(f) | 307841 | 1120188 |
| Vobile Group Ltd (b)(c)(f) | 885000 | 591097 |
|  |  | 19158902 |
| Materials - 0.3% |  |  |
| Construction Materials - 0.3% |  |  |
| Amrize Ltd  | 251749 | 12976140 |
| Buzzi SpA  | 43543 | 2617400 |
| GCC SAB de CV  | 84622 | 812583 |
| Holcim AG  | 250018 | 22226909 |
| James Hardie Industries PLC depository receipt (b) | 286416 | 6036218 |
| RHI Magnesita NV (c) | 8401 | 231212 |
| Titan SA (Greece)  | 20779 | 931691 |
|  |  | 45832153 |
| Metals & Mining - 0.0% |  |  |
| Acerinox SA  | 90838 | 1170595 |
| Aura Minerals Inc  | 35245 | 1139471 |
| Sims Ltd  | 88679 | 926042 |
|  |  | 3236108 |
| TOTAL MATERIALS |  | 49068261 |
| TOTAL UNITED STATES |  | 991939896 |
| ZAMBIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| First Quantum Minerals Ltd (b) | 350227 | 7271477 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $13,812,758,994) |  | <br> **18466987884** |

---

---

| | | |
|:---|:---|:---|
| &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% |  |  |
| Grupo Cibest SA  | 224299 | 3276035 |
| GERMANY - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| Bayerische Motoren Werke AG  | 28601 | 2474169 |
| Dr Ing hc F Porsche AG (e)(f) | 56865 | 2975230 |
| Porsche Automobil Holding SE  | 78548 | 3120985 |
| Volkswagen AG  | 89370 | 9306706 |
|  |  | 17877090 |
| Consumer Staples - 0.0% |  |  |
| Household Products - 0.0% |  |  |
| Henkel AG & Co KGaA  | 70681 | 5724114 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Draegerwerk AG & Co KGaA  | 5534 | 465650 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Sartorius AG  | 13089 | 3592223 |
| TOTAL HEALTH CARE |  | 4057873 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Jungheinrich AG  | 25504 | 910725 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| FUCHS SE  | 33288 | 1487966 |
| TOTAL GERMANY |  | 30057768 |
| INDIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| TVS Motor Co Ltd 6% (d) | 450968 | 0 |
| ITALY - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Danieli & C Officine Meccaniche SpA  | 27025 | 1035438 |
| KOREA (SOUTH) - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Hyundai Motor Co  | 6104 | 926751 |
| Hyundai Motor Co Series 2  | 23923 | 3682367 |
|  |  | 4609118 |
| Information Technology - 0.1% |  |  |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Samsung Electronics Co Ltd  | 383125 | 22624120 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| LG Chem Ltd  | 13236 | 1826217 |
| TOTAL KOREA (SOUTH) |  | 29059455 |
| RUSSIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Surgutneftegas PAO (b)(d) | 1961555 | 0 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $59,828,765) |  | <br> **63428696** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (h) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 11/13/2025 (i)<br>(Cost $10,622,410)<br>| 4.15 | 10637000 | **10625586** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** | &nbsp;&nbsp;**Money Market Funds - 2.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (j) | 4.18 | 292199588 | 292258028 |
| Fidelity Securities Lending Cash Central Fund (j)(k) | 4.18 | 156153152 | 156168767 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $448,426,795) |  |  | **448426795** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.5%**<br> (Cost $14,331,636,964)<br>| <br>**18989468961** |
| **NET OTHER ASSETS (LIABILITIES) - (0.5)%**  | **(85311115)** |
| **NET ASSETS - 100.0%** | **18904157846** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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) | 1639 | 12/19/2025 | 230041845 | 1351608 | 1351608 |
| ICE MSCI Emerging Markets Index Contracts (United States) | 1649 | 12/19/2025 | 116056620 | 3984494 | 3984494 |
| TME S&P/TSX 60 Index Contracts (Canada) | 121 | 12/18/2025 | 30740237 | 603651 | 603651 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **5939753** |
| The notional amount of futures purchased as a percentage of Net Assets is 1.9% | The notional amount of futures purchased as a percentage of Net Assets is 1.9% | The notional amount of futures purchased as a percentage of Net Assets is 1.9% | The notional amount of futures purchased as a percentage of Net Assets is 1.9% | The notional amount of futures purchased as a percentage of Net Assets is 1.9% | The notional amount of futures purchased as a percentage of Net Assets is 1.9% |

---

**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 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 $468,318,737 or 2.5% of net assets.

(f) Security 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 $487,767,382 or 2.6% of net assets.

(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) 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 $10,625,586.

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

(k) 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 | 244219378 | 3187387779 | 3139371657 | 15265251 | 22528 | - | 292258028 | 292199588 | 0.5% |
| Fidelity Securities Lending Cash Central Fund | 135295177 | 740500609 | 719627019 | 3160001 | - | - | 156168767 | 156153152 | 0.6% |
| Total | 379514555 | 3927888388 | 3858998676 | 18425252 | 22528 | - | 448426795 |  |  |

---

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 October 31, 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 | 1079844275 | 420525236 | 659319039 | - |
| Consumer Discretionary | 1911003491 | 1062498875 | 847838874 | 665742 |
| Consumer Staples | 1088477934 | 603860090 | 484614294 | 3550 |
| Energy | 808310470 | 535617588 | 272692761 | 121 |
| Financials | 4200261653 | 2779069084 | 1419921074 | 1271495 |
| Health Care | 1391174849 | 613239545 | 770328402 | 7606902 |
| Industrials | 2883668700 | 1888521280 | 992131781 | 3015639 |
| Information Technology | 2683603812 | 1560041694 | 1123562117 | 1 |
| Materials | 1358058075 | 968491285 | 388325748 | 1241042 |
| Real Estate | 487863435 | 468256772 | 19510128 | 96535 |
| Utilities | 574721190 | 352641042 | 222080146 | 2 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 22486208 | 7083287 | 15402921 | - |
| Consumer Staples | 5724114 | 5724114 | - | - |
| Energy | - | - | - | - |
| Financials | 3276035 | 3276035 | - | - |
| Health Care | 4057873 | 4057873 | - | - |
| Industrials | 1946163 | 1946163 | - | - |
| Information Technology | 22624120 | 22624120 | - | - |
| Materials | 3314183 | 3314183 | - | - |
|  **U.S. Treasury Obligations** | 10625586 | - | 10625586 | - |
|  **Money Market Funds** | 448426795 | 448426795 | - | - |
| **Total Investments in Securities:** | 18989468961 | 11749215061 | 7226352871 | 13901029 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 5939753 | 5939753 | - | - |
| Total Assets | 5939753 | 5939753 | - | - |
| **Total Derivative Instruments:** | 5939753 | 5939753 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 5939753 | - |
| **Total Equity Risk**  | 5939753 | - |
| **Total Value of Derivatives** | 5939753 | - |

---

(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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $146,061,570) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $13,883,210,169) | $18541042166 |  |
| Fidelity Central Funds (cost $448,426,795) | 448426795 |  |
| Total Investment in Securities (cost $14,331,636,964) |  | $18989468961 |
| Segregated cash with brokers for derivative instruments |  | 1527298 |
| Foreign currency held at value (cost $48,339,180) |  | 48053502 |
| Receivable for fund shares sold |  | 30277502 |
| Dividends receivable |  | 32576508 |
| Reclaims receivable |  | 29326457 |
| Distributions receivable from Fidelity Central Funds |  | 1800549 |
| Other receivables |  | 573136 |
| **Total assets** |  | 19133603913 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $1320703 |  |
| Delayed delivery | 143521 |  |
| Payable for fund shares redeemed | 22166525 |  |
| Accrued management fee | 936374 |  |
| Payable for daily variation margin on futures contracts | 789827 |  |
| Deferred taxes | 47492503 |  |
| Other payables and accrued expenses | 426564 |  |
| Collateral on securities loaned | 156170050 |  |
| **Total liabilities** |  | 229446067 |
| **Net Assets**  |  | $18904157846 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $14477019167 |
| Total accumulated earnings (loss) |  | 4427138679 |
| **Net Assets** |  | $18904157846 |
| **Net Asset Value**, offering price and redemption price per share ($18,904,157,846 ÷ 1,092,432,329 shares) |  | $17.30 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $464912049 |
| Interest  |  | 653075 |
| Income from Fidelity Central Funds (including $3,160,001 from security lending)  |  | 18425252 |
| Income before foreign taxes withheld |  | $483990376 |
| Less foreign taxes withheld |  | (34620267) |
| **Total income** |  | 449370109 |
| **Expenses** |  |  |
| Management fee | $9242898 |  |
| Independent trustees' fees and expenses | 36180 |  |
| Total expenses before reductions | 9279078 |  |
| Expense reductions | (367868) |  |
| Total expenses after reductions |  | 8911210 |
| **Net Investment income (loss)** |  | 440458899 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $707,658)  | (111132058) |  |
| Fidelity Central Funds | 22528 |  |
| Foreign currency transactions | 1348717 |  |
| Futures contracts | 68703760 |  |
| Total net realized gain (loss) |  | (41057053) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $4,125,336)  | 3204556441 |  |
| Assets and liabilities in foreign currencies | 1755790 |  |
| Futures contracts | 8936334 |  |
| Total change in net unrealized appreciation (depreciation) |  | 3215248565 |
| **Net gain (loss)** |  | 3174191512 |
| **Net increase (decrease) in net assets resulting from operations** |  | $3614650411 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $440458899 | $359194743 |
| &nbsp;&nbsp;Net realized gain (loss) | (41057053)<br>| 30245858<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 3215248565 | 1986760437<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 3614650411<br>| 2376201038<br>|
| Distributions to shareholders | (366077708)<br>| (310344728)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 6508879594 | 4454246562 |
| Reinvestment of distributions | 342962007<br>| 290726537<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (4629266264) | (3222230026) |
| **Net increase (decrease) in net assets resulting from share transactions** | 2222575337<br>| 1522743073<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 5471148040<br>| 3588599383<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 13433009806 | 9844410423<br>|
| &nbsp;&nbsp;End of period | $18904157846 | $13433009806 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 431636819 | 326930323 |
| Issued in reinvestment of distributions | 24816354<br>| 22695308<br>|
| &nbsp;&nbsp;Redeemed | (309073500) | (235596371) |
| &nbsp;&nbsp;Net increase (decrease) | 147379673 | 114029260 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.21 | $11.85 | $10.82 | $14.81 | $11.54 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .43  | .40  | .38  | .38  | .35  |
| Net realized and unrealized gain (loss)  | 3.05  | 2.33  | .94  | (4.00)  | 3.14  |
| Total from investment operations  | 3.48  | 2.73  | 1.32  | (3.62)  | 3.49  |
| Distributions from net investment income  | (.39)  | (.37)  | (.29)  | (.37)  | (.22)  |
| Total distributions  | (.39)  | (.37)  | (.29)  | (.37)  | (.22)  |
| Net asset value, end of period  | $17.30 | $14.21 | $11.85 | $10.82 | $14.81 |
| **Total Return** C | 25.15% <br>| 23.34%  | 12.29%  | (25.01)%  | 30.47%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .06%  | .06%  | .06%  | .06%  | .06%  |
| Expenses net of fee waivers, if any  | .06% <br>| .06%  | .06%  | .06%  | .06%  |
| Expenses net of all reductions, if any  | .06%  | .06%  | .06%  | .06%  | .06%  |
| Net investment income (loss)  | 2.85%  | 2.90%  | 3.02%  | 3.04%  | 2.47%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $18904158 | $13433010 | $9844410 | $8018849 | $8557656 |
| Portfolio turnover rate F | 4% <br>| 5% G | 4% G | 3% G | 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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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

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

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

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

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Total International Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense 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 October 31, 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 and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. 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. The Fund did not recognize dividend income during the period on certain Russian securities due to restrictions imposed by the Russian government on these dividend payments. There is uncertainty regarding the timeline for these restrictions to be lifted and the collectability of these and future dividend payments on Russian securities.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $5659676013 |
| **Gross unrealized depreciation**  | <u>(1298003604)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$4361672409</u> |
| **Tax Cost**  | <u>$14627796552</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$480367829</u> |
| **Capital loss carryforward**  | <u>$(368254424)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$4362517778</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 fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(44638678) |
| Long-term | <u>(323615746)</u> |
| **Total capital loss carryforward** | <u>$(368254424)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $366077708 | $310344728 |

---

**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 Total International Index Fund** | 2826053389 | 533902987 |

---

**Prior Fiscal Year Unaffiliated Redemptions In-Kind.** Unaffiliated shareholders redeemed shares 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 on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity Total International Index Fund** | 32466426 | 159091289 | 455539618 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .06% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.

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

**Interfund 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:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Total International Index Fund** | 327346 | 443 | - |

---

**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $367,868.

**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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity Total International Index Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Total International Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 10, 2025

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund designates $16,207,691 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 75.54% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.4052 and $0.0358 for the dividend paid December 16, 2024.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Total International Index Fund**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.

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

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

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

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

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

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary (subject to certain limited exceptions) fee rate as well as fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

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

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

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

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

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

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img118369_4.jpg)<br>

1.9879613.109 TI1-I-ANN-1225

**Fidelity® Series Global ex U.S. Index Fund**

**Annual Report**

**October 31, 2025**

![](img118376_1.jpg)

![](img118376_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SGX-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Series Global ex U.S. Index Fund](#Sub_Sec_Fund_2215_SGX-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2215_SGX-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SGX-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SGX-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SGX-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SGX-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SGX-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SGX-ANN)** |

---

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 (Annual Report)**

**Fidelity® Series Global ex U.S. Index Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.7%** | &nbsp;&nbsp;**Common Stocks - 97.7%** | &nbsp;&nbsp;**Common Stocks - 97.7%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 4.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telstra Group Ltd  | 7494142 | 23928675 |
| Interactive Media & Services - 0.1% |  |  |
| CAR Group Ltd  | 699412 | 16337223 |
| REA Group Ltd  | 98772 | 13771265 |
|  |  | 30108488 |
| TOTAL COMMUNICATION SERVICES |  | 54037163 |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.2% |  |  |
| Wesfarmers Ltd  | 2115518 | 116271408 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Aristocrat Leisure Ltd  | 1047591 | 43422547 |
| Lottery Corp/The  | 4165661 | 14990756 |
|  |  | 58413303 |
| TOTAL CONSUMER DISCRETIONARY |  | 174684711 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Coles Group Ltd  | 2502961 | 36111007 |
| Woolworths Group Ltd  | 2280522 | 42391855 |
|  |  | 78502862 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Santos Ltd  | 6063191 | 25032690 |
| Woodside Energy Group Ltd  | 3541030 | 57384001 |
|  |  | 82416691 |
| Financials - 1.7% |  |  |
| Banks - 1.3% |  |  |
| ANZ Group Holdings Ltd  | 5536537 | 132766683 |
| Commonwealth Bank of Australia  | 3118228 | 350189639 |
| National Australia Bank Ltd  | 5706645 | 162696851 |
| Westpac Banking Corp  | 6377683 | 161658843 |
|  |  | 807312016 |
| Capital Markets - 0.2% |  |  |
| ASX Ltd  | 363937 | 13442099 |
| Macquarie Group Ltd  | 675024 | 96531002 |
|  |  | 109973101 |
| Financial Services - 0.0% |  |  |
| Washington H Soul Pattinson & Co Ltd  | 639207 | 15725566 |
| Insurance - 0.2% |  |  |
| Insurance Australia Group Ltd  | 4417473 | 22718171 |
| Medibank Pvt Ltd  | 5156267 | 16463878 |
| QBE Insurance Group Ltd  | 2815649 | 36550819 |
| Suncorp Group Ltd  | 2022547 | 25964176 |
|  |  | 101697044 |
| TOTAL FINANCIALS |  | 1034707727 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Cochlear Ltd  | 122214 | 22962640 |
| Health Care Providers & Services - 0.1% |  |  |
| Sigma Healthcare Ltd  | 8618312 | 17537171 |
| Sonic Healthcare Ltd  | 864568 | 11966145 |
|  |  | 29503316 |
| Health Care Technology - 0.0% |  |  |
| Pro Medicus Ltd  | 107208 | 18491238 |
| TOTAL HEALTH CARE |  | 70957194 |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Brambles Ltd  | 2551226 | 41497982 |
| Passenger Airlines - 0.0% |  |  |
| Qantas Airways Ltd  | 1370056 | 9143562 |
| Professional Services - 0.0% |  |  |
| Computershare Ltd  | 975067 | 23331160 |
| Trading Companies & Distributors - 0.0% |  |  |
| SGH Ltd  | 375775 | 11924675 |
| Transportation Infrastructure - 0.1% |  |  |
| Transurban Group unit  | 5803510 | 54983986 |
| TOTAL INDUSTRIALS |  | 140881365 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| WiseTech Global Ltd  | 374667 | 16944395 |
| Materials - 1.2% |  |  |
| Metals & Mining - 1.2% |  |  |
| BHP Group Ltd  | 9459451 | 269672144 |
| BlueScope Steel Ltd  | 821566 | 12309909 |
| Evolution Mining Ltd  | 3792222 | 26946384 |
| Fortescue Ltd  | 3157981 | 43990824 |
| Glencore PLC  | 18889542 | 90491664 |
| Northern Star Resources Ltd  | 2530883 | 40753096 |
| Rio Tinto Ltd  | 691772 | 60140472 |
| Rio Tinto PLC  | 2102867 | 151595741 |
| South32 Ltd  | 8420698 | 17414743 |
|  |  | 713314977 |
| Real Estate - 0.2% |  |  |
| Diversified REITs - 0.0% |  |  |
| Stockland unit  | 4621169 | 19079111 |
| Industrial REITs - 0.1% |  |  |
| Goodman Group unit  | 3785577 | 81812107 |
| Retail REITs - 0.1% |  |  |
| Scentre Group unit  | 9706329 | 25847964 |
| Vicinity Ltd unit  | 7409502 | 12217053 |
|  |  | 38065017 |
| TOTAL REAL ESTATE |  | 138956235 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Origin Energy Ltd  | 3221092 | 25817616 |
| Gas Utilities - 0.0% |  |  |
| Apa Group unit  | 2524798 | 15165134 |
| TOTAL UTILITIES |  | 40982750 |
| TOTAL AUSTRALIA |  | 2546386070 |
| AUSTRIA - 0.2%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| OMV AG  | 274667 | 15025595 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Erste Group Bank AG  | 573243 | 59302182 |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Mondi PLC  | 664484 | 7421673 |
| Mondi PLC (South Africa)  | 160753 | 1785135 |
|  |  | 9206808 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Verbund AG Class A (b) | 127550 | 9843023 |
| TOTAL AUSTRIA |  | 93377608 |
| BELGIUM - 0.5%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| D'ieteren Group  | 39167 | 7155616 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.3% |  |  |
| Anheuser-Busch InBev SA/NV  | 1841419 | 112284637 |
| Food Products - 0.0% |  |  |
| Lotus Bakeries NV  | 760 | 6631426 |
| TOTAL CONSUMER STAPLES |  | 118916063 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| KBC Group NV  | 427531 | 51373734 |
| Financial Services - 0.0% |  |  |
| Groupe Bruxelles Lambert NV  | 153894 | 13525676 |
| Sofina SA  | 28190 | 7746380 |
|  |  | 21272056 |
| Insurance - 0.0% |  |  |
| Ageas SA/NV  | 278902 | 18452745 |
| TOTAL FINANCIALS |  | 91098535 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| UCB SA  | 235647 | 60435120 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Syensqo SA  | 136799 | 11296293 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Elia Group SA/NV  | 81861 | 9860315 |
| TOTAL BELGIUM |  | 298761942 |
| BRAZIL - 1.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telefonica Brasil SA  | 1495740 | 8907798 |
| Wireless Telecommunication Services - 0.0% |  |  |
| TIM SA/Brazil  | 1561500 | 7050035 |
| TOTAL COMMUNICATION SERVICES |  | 15957833 |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Ultrapar Participacoes SA  | 1317200 | 5241917 |
| Vibra Energia SA  | 1890550 | 8363477 |
|  |  | 13605394 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Ambev SA  | 8812830 | 20820095 |
| Ambev SA ADR (b) | 42444 | 98045 |
|  |  | 20918140 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Raia Drogasil SA  | 2389244 | 8882031 |
| Food Products - 0.0% |  |  |
| MBRF Global Foods Company SA  | 1010199 | 3355469 |
| TOTAL CONSUMER STAPLES |  | 33155640 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Petroleo Brasileiro SA - Petrobras  | 7914140 | 43763541 |
| Petroleo Brasileiro SA - Petrobras  | 6679511 | 39121440 |
| Petroleo Brasileiro SA - Petrobras ADR  | 482155 | 5327813 |
| PRIO SA/Brazil (c) | 1581900 | 10594124 |
|  |  | 98806918 |
| Financials - 0.5% |  |  |
| Banks - 0.4% |  |  |
| Banco Bradesco SA  | 10145634 | 34246548 |
| Banco Bradesco SA  | 2152338 | 6189029 |
| Banco Bradesco SA ADR  | 414584 | 1401294 |
| Banco do Brasil SA  | 3179100 | 12941066 |
| Itau Unibanco Holding SA  | 9418257 | 69044518 |
| Itau Unibanco Holding SA ADR  | 491692 | 3618853 |
| Itausa SA  | 10670307 | 23105991 |
| NU Holdings Ltd/Cayman Islands Class A (c) | 6314862 | 101732428 |
|  |  | 252279727 |
| Capital Markets - 0.1% |  |  |
| B3 SA - Brasil Bolsa Balcao  | 9846275 | 23170075 |
| Banco BTG Pactual SA unit  | 2211600 | 20069018 |
| XP Inc Class A  | 677643 | 12346655 |
|  |  | 55585748 |
| Insurance - 0.0% |  |  |
| BB Seguridade Participacoes SA  | 1329900 | 8120376 |
| Caixa Seguridade Participacoes S/A  | 1105100 | 3075000 |
| Porto Seguro SA  | 342000 | 3054507 |
|  |  | 14249883 |
| TOTAL FINANCIALS |  | 322115358 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Rede D'Or Sao Luiz SA (d)(e) | 1481211 | 11932394 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Embraer SA  | 1312500 | 21222200 |
| Electrical Equipment - 0.1% |  |  |
| WEG SA  | 3136932 | 24547596 |
| Ground Transportation - 0.0% |  |  |
| Localiza Rent a Car SA  | 1729638 | 12679843 |
| Rumo SA  | 2431000 | 7193658 |
|  |  | 19873501 |
| Transportation Infrastructure - 0.0% |  |  |
| Motiva Infraestrutura de Mobilidade SA  | 1876200 | 5537980 |
| TOTAL INDUSTRIALS |  | 71181277 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| TOTVS SA  | 985900 | 8131002 |
| Materials - 0.3% |  |  |
| Chemicals - 0.0% |  |  |
| Yara International ASA  | 310150 | 11304626 |
| Containers & Packaging - 0.0% |  |  |
| Klabin SA unit  | 1571470 | 5269439 |
| Metals & Mining - 0.3% |  |  |
| Gerdau SA  | 2438538 | 8584821 |
| Vale SA  | 6740647 | 81765560 |
| Vale SA ADR  | 34124 | 412559 |
| Wheaton Precious Metals Corp  | 846100 | 81711344 |
|  |  | 172474284 |
| Paper & Forest Products - 0.0% |  |  |
| Suzano SA  | 1309095 | 11896329 |
| TOTAL MATERIALS |  | 200944678 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Centrais Eletricas Brasileiras SA  | 2214330 | 22933758 |
| Centrais Eletricas Brasileiras SA Series B  | 502342 | 5545422 |
| Cia Energetica de Minas Gerais  | 3169480 | 6680713 |
| Cia Paranaense de Energia - Copel Series B  | 1933100 | 5001673 |
| CPFL Energia SA  | 408200 | 3156371 |
| Energisa S/A unit  | 554000 | 5337191 |
| Equatorial Energia SA  | 2293085 | 15621254 |
|  |  | 64276382 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Eneva SA (c) | 1368800 | 4658543 |
| Engie Brasil Energia SA  | 400050 | 2974377 |
|  |  | 7632920 |
| Water Utilities - 0.0% |  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP  | 897100 | 21982489 |
| TOTAL UTILITIES |  | 93891791 |
| TOTAL BRAZIL |  | 869722285 |
| CANADA - 7.7%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| BCE Inc (b) | 134485 | 3074107 |
| TELUS Corp  | 935388 | 13678520 |
|  |  | 16752627 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Rogers Communications Inc Class B (b) | 678697 | 26561391 |
| TOTAL COMMUNICATION SERVICES |  | 43314018 |
| Consumer Discretionary - 0.3% |  |  |
| Automobile Components - 0.0% |  |  |
| Magna International Inc  | 494522 | 23362467 |
| Broadline Retail - 0.2% |  |  |
| Canadian Tire Corp Ltd Class A (b) | 94213 | 10804721 |
| Dollarama Inc (b) | 516463 | 67132273 |
|  |  | 77936994 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Restaurant Brands International Inc (b) | 517153 | 33966799 |
| Restaurant Brands International Inc (United States)  | 64101 | 4210795 |
|  |  | 38177594 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Gildan Activewear Inc  | 266037 | 15514003 |
| TOTAL CONSUMER DISCRETIONARY |  | 154991058 |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Alimentation Couche-Tard Inc (b) | 1413990 | 71861400 |
| Empire Co Ltd Class A  | 234184 | 7956128 |
| George Weston Ltd  | 325426 | 19787052 |
| Loblaw Cos Ltd  | 1113668 | 44259281 |
| Metro Inc/CN (b) | 387459 | 25826917 |
|  |  | 169690778 |
| Food Products - 0.0% |  |  |
| Saputo Inc  | 464642 | 11227205 |
| TOTAL CONSUMER STAPLES |  | 180917983 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| ARC Resources Ltd (b) | 1094691 | 20191548 |
| Cameco Corp  | 811543 | 82939342 |
| Canadian Natural Resources Ltd  | 3902390 | 124844205 |
| Cenovus Energy Inc  | 2531212 | 42771897 |
| Enbridge Inc (b) | 4061822 | 189400135 |
| Imperial Oil Ltd (b) | 332732 | 29428829 |
| Keyera Corp  | 429516 | 12681371 |
| Pembina Pipeline Corp (b) | 1084299 | 41020217 |
| Suncor Energy Inc  | 2289486 | 91168082 |
| TC Energy Corp  | 1937609 | 97229276 |
| Tourmaline Oil Corp (b) | 675942 | 29730749 |
| Whitecap Resources Inc (b) | 2303420 | 17145702 |
|  |  | 778551353 |
| Financials - 2.9% |  |  |
| Banks - 1.9% |  |  |
| Bank of Montreal (b) | 1341850 | 166689619 |
| Bank of Nova Scotia/The  | 2318165 | 152043063 |
| Canadian Imperial Bank of Commerce (b) | 1742760 | 144398517 |
| National Bank of Canada  | 728712 | 81415401 |
| Royal Bank of Canada (b) | 2628484 | 385066207 |
| Toronto Dominion Bank  | 3210387 | 263597139 |
|  |  | 1193209946 |
| Capital Markets - 0.4% |  |  |
| Brookfield Asset Management Ltd Class A (b) | 762574 | 41250928 |
| Brookfield Corp Class A  | 3814276 | 175654406 |
| IGM Financial Inc  | 156487 | 6019374 |
| TMX Group Ltd  | 519272 | 19152216 |
|  |  | 242076924 |
| Insurance - 0.6% |  |  |
| Fairfax Financial Holdings Ltd Subordinate Voting Shares  | 36814 | 59768843 |
| Great-West Lifeco Inc (b) | 520868 | 22081788 |
| iA Financial Corp Inc  | 174396 | 20586077 |
| Intact Financial Corp  | 332569 | 62037024 |
| Manulife Financial Corp  | 3185659 | 103095834 |
| Power Corp of Canada Subordinate Voting Shares (b) | 1041446 | 48784715 |
| Sun Life Financial Inc  | 1051887 | 63980949 |
|  |  | 380335230 |
| TOTAL FINANCIALS |  | 1815622100 |
| Industrials - 0.8% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Bombardier Inc Class B (c) | 163341 | 22822670 |
| CAE Inc (c) | 566824 | 15914961 |
|  |  | 38737631 |
| Commercial Services & Supplies - 0.1% |  |  |
| Element Fleet Management Corp  | 755480 | 20377033 |
| RB Global Inc  | 345244 | 34254861 |
|  |  | 54631894 |
| Construction & Engineering - 0.1% |  |  |
| AtkinsRealis Group Inc  | 306646 | 21625151 |
| Stantec Inc  | 212934 | 23580556 |
| WSP Global Inc  | 243425 | 46538077 |
|  |  | 91743784 |
| Ground Transportation - 0.4% |  |  |
| Canadian National Railway Co  | 995340 | 95442784 |
| Canadian Pacific Kansas City Ltd  | 1718566 | 123671076 |
| TFI International Inc  | 147816 | 13283468 |
|  |  | 232397328 |
| Professional Services - 0.1% |  |  |
| Thomson Reuters Corp (b) | 293724 | 44992096 |
| Trading Companies & Distributors - 0.0% |  |  |
| Toromont Industries Ltd (b) | 151524 | 18204919 |
| TOTAL INDUSTRIALS |  | 480707652 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Celestica Inc (c) | 214500 | 73848073 |
| IT Services - 0.7% |  |  |
| CGI Inc Class A  | 372234 | 32394483 |
| Shopify Inc Class A (c) | 2273393 | 395272623 |
|  |  | 427667106 |
| Software - 0.2% |  |  |
| Constellation Software Inc/Canada (b) | 37521 | 98743726 |
| Constellation Software Inc/Canada warrants 3/31/2040 (c)(f) | 30824 | 2 |
| Descartes Systems Group Inc/The (c) | 157962 | 13950841 |
| Open Text Corp (b) | 480269 | 18425921 |
|  |  | 131120490 |
| TOTAL INFORMATION TECHNOLOGY |  | 632635669 |
| Materials - 0.9% |  |  |
| Chemicals - 0.1% |  |  |
| Nutrien Ltd  | 909741 | 49549118 |
| Containers & Packaging - 0.0% |  |  |
| CCL Industries Inc Class B  | 273487 | 15256228 |
| Metals & Mining - 0.8% |  |  |
| Agnico Eagle Mines Ltd/CA  | 938096 | 150879253 |
| Alamos Gold Inc Class A  | 776005 | 23923892 |
| Barrick Mining Corp  | 3179814 | 104380333 |
| Franco-Nevada Corp  | 359140 | 67085729 |
| Kinross Gold Corp  | 2289553 | 53249595 |
| Lundin Gold Inc  | 200919 | 13659139 |
| Pan American Silver Corp  | 786338 | 27696052 |
| Teck Resources Ltd Class B  | 868731 | 37268935 |
|  |  | 478142928 |
| TOTAL MATERIALS |  | 542948274 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| FirstService Corp Subordinate Voting Shares  | 75624 | 12037941 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Emera Inc (b) | 558522 | 26553240 |
| Fortis Inc/Canada (b) | 938481 | 47173299 |
| Hydro One Ltd (d)(e) | 618053 | 22795538 |
|  |  | 96522077 |
| Gas Utilities - 0.0% |  |  |
| AltaGas Ltd (b) | 557964 | 16378295 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Brookfield Renewable Corp Class A  | 257568 | 11150782 |
| Multi-Utilities - 0.0% |  |  |
| Canadian Utilities Ltd Class A  | 245466 | 6874553 |
| TOTAL UTILITIES |  | 130925707 |
| TOTAL CANADA |  | 4772651755 |
| CHILE - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Falabella SA  | 1227390 | 7702522 |
| Specialty Retail - 0.0% |  |  |
| Empresas Copec SA  | 710900 | 5082759 |
| TOTAL CONSUMER DISCRETIONARY |  | 12785281 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Cencosud SA  | 2334220 | 7238794 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Banco de Chile  | 85309151 | 14971075 |
| Banco de Credito e Inversiones SA  | 161188 | 8285564 |
| Banco Santander Chile  | 121172387 | 8763802 |
|  |  | 32020441 |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Latam Airlines Group SA  | 588527308 | 13412091 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Sociedad Quimica y Minera de Chile SA Class B (c) | 265683 | 12802564 |
| Metals & Mining - 0.1% |  |  |
| Antofagasta PLC  | 735183 | 26946097 |
| Lundin Mining Corp  | 1277790 | 20553237 |
|  |  | 47499334 |
| Paper & Forest Products - 0.0% |  |  |
| Empresas Cmpc SA  | 2017312 | 2910768 |
| TOTAL MATERIALS |  | 63212666 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Enel Americas SA  | 36790872 | 3473967 |
| Enel Chile SA  | 49830986 | 3806515 |
|  |  | 7280482 |
| TOTAL CHILE |  | 135949755 |
| CHINA - 9.1%  |  |  |
| Communication Services - 2.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| China Tower Corp Ltd H Shares (d)(e) | 8341100 | 12054559 |
| Entertainment - 0.2% |  |  |
| 37 Interactive Entertainment Network Technology Group Co Ltd A Shares (China)  | 234000 | 682859 |
| Beijing Enlight Media Co Ltd A Shares (China)  | 320700 | 759237 |
| China Ruyi Holdings Ltd (b)(c) | 16108000 | 5742085 |
| Giant Network Group Co Ltd A Shares (China)  | 216100 | 1065410 |
| Kingsoft Corp Ltd  | 1819000 | 7926252 |
| Mango Excellent Media Co Ltd A Shares (China)  | 198494 | 819366 |
| NetEase Cloud Music Inc (c)(d)(e) | 160600 | 4976801 |
| Netease Inc  | 3248435 | 91153477 |
| Tencent Music Entertainment Group Class A ADR  | 1069801 | 23877958 |
|  |  | 137003445 |
| Interactive Media & Services - 1.9% |  |  |
| Autohome Inc Class A ADR  | 116340 | 2931768 |
| Baidu Inc A Shares (c) | 4155098 | 62892555 |
| Bilibili Inc Z Shares (b)(c) | 436324 | 13178293 |
| Kuaishou Technology B Shares (d)(e) | 4998100 | 46536286 |
| Kunlun Tech Co Ltd A Shares (China) (c) | 133900 | 866717 |
| Meitu Inc (d)(e) | 6374500 | 7071339 |
| Tencent Holdings Ltd  | 11957900 | 971313463 |
|  |  | 1104790421 |
| Media - 0.0% |  |  |
| China Literature Ltd (b)(c)(d)(e) | 754800 | 4058341 |
| Focus Media Information Technology Co Ltd A Shares (China)  | 1657140 | 1804428 |
| Jiangsu Phoenix Publishing & Media Corp Ltd A Shares (China)  | 230800 | 326546 |
|  |  | 6189315 |
| Wireless Telecommunication Services - 0.0% |  |  |
| China United Network Communications Ltd A Shares (China)  | 3474900 | 2646185 |
| TOTAL COMMUNICATION SERVICES |  | 1262683925 |
| Consumer Discretionary - 3.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Bethel Automotive Safety Systems Co Ltd A Shares (China)  | 69760 | 491341 |
| Changzhou Xingyu Automotive Lighting Systems Co Ltd A Shares (China)  | 27800 | 506207 |
| Fuyao Glass Industry Group Co Ltd A Shares (China)  | 245500 | 2328273 |
| Fuyao Glass Industry Group Co Ltd H Shares (d)(e) | 1124400 | 10034958 |
| Huayu Automotive Systems Co Ltd A Shares (China)  | 314300 | 901735 |
| Huizhou Desay Sv Automotive Co Ltd A Shares (China)  | 59200 | 985474 |
| Ningbo Tuopu Group Co Ltd A Shares (China)  | 191325 | 1983303 |
| Sailun Group Co Ltd A Shares (China)  | 337300 | 727450 |
| Zhejiang Wanfeng Auto Wheel Co Ltd A Shares (China)  | 244900 | 585291 |
|  |  | 18544032 |
| Automobiles - 0.4% |  |  |
| Anhui Jianghuai Automobile Group Corp Ltd A Shares (China) (c) | 241500 | 1728102 |
| BAIC BluePark New Energy Technology Co Ltd A Shares (China) (c) | 573300 | 672584 |
| BYD Co Ltd A Shares (China)  | 612660 | 8675921 |
| BYD Co Ltd H Shares  | 6863500 | 88857044 |
| Chongqing Changan Automobile Co Ltd A Shares (China)  | 860764 | 1498422 |
| Geely Automobile Holdings Ltd  | 11294000 | 26743229 |
| Great Wall Motor Co Ltd A Shares (China)  | 160400 | 513603 |
| Great Wall Motor Co Ltd H Shares  | 4418500 | 8603240 |
| Guangzhou Automobile Group Company Ltd A Shares (China)  | 390800 | 429378 |
| Guangzhou Automobile Group Company Ltd H Shares  | 847526 | 355565 |
| Li Auto Inc A Shares (b)(c) | 2332118 | 24200555 |
| NIO Inc A Shares (c) | 3438869 | 24864844 |
| SAIC Motor Corp Ltd A Shares (China)  | 828300 | 1935346 |
| Seres Group Co Ltd A Shares (China)  | 176600 | 3850641 |
| XPeng Inc A Shares (c) | 2318164 | 27006990 |
| Yadea Group Holdings Ltd (d)(e) | 2246826 | 3513128 |
| Zhejiang Leapmotor Technology Co Ltd H Shares (c)(d)(e) | 932600 | 6997005 |
|  |  | 230445597 |
| Broadline Retail - 1.9% |  |  |
| Alibaba Group Holding Ltd  | 32010524 | 681143910 |
| CCOOP Group Co Ltd A Shares (China) (c) | 2011000 | 757226 |
| JD.com Inc A Shares  | 4549699 | 75115480 |
| MINISO Group Holding Ltd A Shares  | 922184 | 4930625 |
| PDD Holdings Inc Class A ADR (c) | 1321976 | 178294903 |
| Prosus NV Class N  | 2437457 | 168375422 |
| Vipshop Holdings Ltd Class A ADR  | 615238 | 10760513 |
|  |  | 1119378079 |
| Distributors - 0.0% |  |  |
| Zhejiang China Commodities City Group Co Ltd A Shares (China)  | 608700 | 1576185 |
| Diversified Consumer Services - 0.0% |  |  |
| New Oriental Education & Technology Group Inc (c) | 2298830 | 13746441 |
| TAL Education Group Class A ADR (c) | 774010 | 9489362 |
|  |  | 23235803 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| H World Group Ltd ADR  | 374085 | 14439681 |
| Haidilao International Holding Ltd (b)(d)(e) | 3183000 | 5243181 |
| Meituan B Shares (c)(d)(e) | 9279200 | 122139837 |
| Tongcheng Travel Holdings Ltd (e) | 2380800 | 6556694 |
| TravelSky Technology Ltd H Shares  | 1734000 | 2285058 |
| Trip.com Group Ltd  | 1157793 | 81475546 |
| Yum China Holdings Inc (Hong Kong)  | 701049 | 30187181 |
|  |  | 262327178 |
| Household Durables - 0.1% |  |  |
| Beijing Roborock Technology Co Ltd A Shares (China)  | 28235 | 648214 |
| Ecovacs Robotics Co Ltd A Shares (China)  | 63600 | 798865 |
| Gree Electric Appliances Inc of Zhuhai A Shares (China)  | 315900 | 1764271 |
| Haier Smart Home Co Ltd A Shares (China)  | 822300 | 3097460 |
| Haier Smart Home Co Ltd H Shares  | 4486800 | 14573850 |
| Midea Group Co Ltd A Shares (China)  | 442200 | 4746688 |
| Midea Group Co Ltd H Shares  | 597800 | 6462246 |
| Oppein Home Group Inc A Shares (China)  | 58900 | 442739 |
| Sichuan Changhong Electric Co Ltd A Shares (China)  | 519800 | 743469 |
|  |  | 33277802 |
| Specialty Retail - 0.1% |  |  |
| China Tourism Group Duty Free Corp Ltd A Shares (China)  | 219400 | 2344923 |
| Chow Tai Fook Jewellery Group Ltd (b) | 3715000 | 7276486 |
| HLA Group Corp Ltd A Shares (China)  | 496000 | 431371 |
| Pop Mart International Group Ltd (d)(e) | 1001800 | 28569263 |
|  |  | 38622043 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| ANTA Sports Products Ltd  | 2359800 | 24598491 |
| Bosideng International Holdings Ltd  | 8468000 | 5187236 |
| Laopu Gold Co Ltd H Shares (b) | 51900 | 4571819 |
| Li Ning Co Ltd  | 4344500 | 9437576 |
| Shenzhou International Group Holdings Ltd  | 1539800 | 13296431 |
|  |  | 57091553 |
| TOTAL CONSUMER DISCRETIONARY |  | 1784498272 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.2% |  |  |
| Anhui Gujing Distillery Co Ltd A Shares (China)  | 74200 | 1678450 |
| Anhui Gujing Distillery Co Ltd B Shares  | 173900 | 2197654 |
| Beijing Yanjing Brewery Co Ltd A Shares (China)  | 274500 | 453167 |
| China Resources Beer Holdings Co Ltd  | 3048489 | 10435530 |
| Eastroc Beverage Group Co Ltd A Shares (China)  | 57640 | 2267570 |
| Jiangsu King's Luck Brewery JSC Ltd A Shares (China)  | 128700 | 701961 |
| Jiangsu Yanghe Distillery Co Ltd A Shares (China)  | 179000 | 1780594 |
| Kweichow Moutai Co Ltd A Shares (China)  | 141200 | 28369547 |
| Luzhou Laojiao Co Ltd A Shares (China)  | 166700 | 3151125 |
| Nongfu Spring Co Ltd H Shares (d)(e) | 3767200 | 25015928 |
| Shanxi Xinghuacun Fen Wine Factory Co Ltd A Shares (China)  | 135760 | 3633670 |
| Tsingtao Brewery Co Ltd A Shares (China)  | 143900 | 1328528 |
| Tsingtao Brewery Co Ltd H Shares  | 1090000 | 7364344 |
| Wuliangye Yibin Co Ltd A Shares (China)  | 429400 | 7178788 |
|  |  | 95556856 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Alibaba Health Information Technology Ltd (b)(c) | 10416000 | 7774585 |
| JD Health International Inc (c)(d)(e) | 2094650 | 16362452 |
| Yifeng Pharmacy Chain Co Ltd A Shares (China)  | 127428 | 437209 |
| Yonghui Superstores Co Ltd A Shares (China) (c) | 1003300 | 658304 |
|  |  | 25232550 |
| Food Products - 0.1% |  |  |
| Angel Yeast Co Ltd A Shares (China)  | 78600 | 428703 |
| China Feihe Ltd (d)(e) | 6677000 | 3565970 |
| China Mengniu Dairy Co Ltd  | 5908000 | 10750736 |
| Foshan Haitian Flavouring & Food Co Ltd A Shares (China)  | 526903 | 2821293 |
| Guangdong Haid Group Co Ltd A Shares (China)  | 189000 | 1550525 |
| Henan Shuanghui Investment & Development Co Ltd A Shares (China)  | 376800 | 1362693 |
| Inner Mongolia Yili Industrial Group Co Ltd A Shares (China)  | 715700 | 2756250 |
| Muyuan Foods Co Ltd A Shares (China)  | 609170 | 4305119 |
| New Hope Liuhe Co Ltd A Shares (China)  | 453400 | 619831 |
| Tingyi Cayman Islands Holding Corp  | 3744000 | 5136192 |
| Want Want China Holdings Ltd  | 8700000 | 5620452 |
| Wens Foodstuff Group Co Ltd A Shares (China)  | 771520 | 1967444 |
| Wilmar International Ltd  | 3626680 | 8721196 |
| Yihai Kerry Arawana Holdings Co Ltd A Shares (China)  | 166300 | 750960 |
|  |  | 50357364 |
| Personal Care Products - 0.0% |  |  |
| Giant Biogene Holding Co ltd (b)(d)(e) | 692800 | 3316645 |
| Hengan International Group Co Ltd  | 1170500 | 4100226 |
|  |  | 7416871 |
| Tobacco - 0.0% |  |  |
| Smoore International Holdings Ltd (b)(d)(e) | 3472000 | 5848811 |
| TOTAL CONSUMER STAPLES |  | 184412452 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| China Oilfield Services Ltd H Shares  | 3380000 | 3292766 |
| Yantai Jereh Oilfield Services Group Co Ltd A Shares (China)  | 107200 | 753084 |
|  |  | 4045850 |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| China Coal Energy Co Ltd H Shares  | 3529000 | 4972949 |
| China Merchants Energy Shipping Co Ltd A Shares (China)  | 824100 | 1072185 |
| China Petroleum & Chemical Corp A Shares (China)  | 3030800 | 2329288 |
| China Petroleum & Chemical Corp H Shares  | 43847800 | 23304839 |
| China Shenhua Energy Co Ltd A Shares (China)  | 494700 | 2954688 |
| China Shenhua Energy Co Ltd H Shares  | 6592500 | 34326084 |
| COSCO SHIPPING Energy Transportation Co Ltd A Shares (China)  | 394666 | 748032 |
| COSCO SHIPPING Energy Transportation Co Ltd H Shares (b) | 70000 | 99092 |
| Guanghui Energy Co Ltd A Shares (China)  | 667700 | 494390 |
| Inner Mongolia Dian Tou Energy Corp Ltd A Shares (China)  | 224600 | 797432 |
| Inner Mongolia Yitai Coal Co Ltd B Shares  | 1720130 | 3355974 |
| PetroChina Co Ltd A Shares (China)  | 2562200 | 3293917 |
| PetroChina Co Ltd H Shares  | 39330000 | 40592571 |
| Shaanxi Coal Industry Co Ltd A Shares (China)  | 1060400 | 3382005 |
| Shanxi Coking Coal Energy Group Co Ltd A Shares (China)  | 574180 | 590524 |
| Shanxi Lu'an Environmental Energy Development Co Ltd A Shares (China)  | 322800 | 671234 |
| Yankuang Energy Group Co Ltd A Shares (China)  | 287300 | 594186 |
| Yankuang Energy Group Co Ltd H Shares (b) | 6788100 | 9320965 |
|  |  | 132900355 |
| TOTAL ENERGY |  | 136946205 |
| Financials - 1.5% |  |  |
| Banks - 1.0% |  |  |
| Agricultural Bank of China Ltd A Shares (China)  | 9609000 | 10746570 |
| Agricultural Bank of China Ltd H Shares  | 51934000 | 39565962 |
| Bank of Beijing Co Ltd A Shares (China)  | 2303700 | 1809324 |
| Bank of Changsha Co Ltd A Shares (China)  | 484900 | 651993 |
| Bank of Chengdu Co Ltd A Shares (China)  | 503300 | 1188703 |
| Bank of China Ltd A Shares (China)  | 8486100 | 6688822 |
| Bank of China Ltd H Shares  | 126998024 | 71911423 |
| Bank of Communications Co Ltd A Shares (China)  | 5811200 | 5862312 |
| Bank of Communications Co Ltd H Shares  | 16747200 | 14870978 |
| Bank of Hangzhou Co Ltd A Shares (China)  | 782731 | 1726596 |
| Bank of Jiangsu Co Ltd A Shares (China)  | 2064860 | 3127433 |
| Bank of Nanjing Co Ltd A Shares (China)  | 1272100 | 2021448 |
| Bank of Ningbo Co Ltd A Shares (China)  | 746210 | 2971252 |
| Bank of Shanghai Co Ltd A Shares (China)  | 1601400 | 2135230 |
| Bank of Suzhou Co Ltd A Shares (China)  | 496700 | 577136 |
| BOC Hong Kong Holdings Ltd  | 6897951 | 33892552 |
| China CITIC Bank Corp Ltd A Shares (China)  | 1828000 | 1987905 |
| China CITIC Bank Corp Ltd H Shares  | 14481293 | 13809368 |
| China Construction Bank Corp A Shares (China)  | 10203200 | 13088377 |
| China Construction Bank Corp H Shares  | 168653649 | 166974147 |
| China Everbright Bank Co Ltd A Shares (China)  | 5662900 | 2657443 |
| China Everbright Bank Co Ltd H Shares  | 4940000 | 2027990 |
| China Merchants Bank Co Ltd A Shares (China)  | 1977800 | 11362610 |
| China Merchants Bank Co Ltd H Shares  | 7673691 | 48033708 |
| China Minsheng Banking Corp Ltd A Shares (China)  | 4215400 | 2315763 |
| China Minsheng Banking Corp Ltd H Shares  | 12588832 | 6447877 |
| China Zheshang Bank Co Ltd A Shares (China)  | 2191220 | 920525 |
| Chongqing Rural Commercial Bank Co Ltd A Shares (China)  | 1880600 | 1828442 |
| Chongqing Rural Commercial Bank Co Ltd H Shares  | 3290000 | 2705484 |
| CNPC Capital Co Ltd A Shares (China)  | 939800 | 1382486 |
| Huaxia Bank Co Ltd A Shares (China)  | 1423964 | 1362463 |
| Industrial & Commercial Bank of China Ltd A Shares (China)  | 8581500 | 9380402 |
| Industrial & Commercial Bank of China Ltd H Shares  | 118930008 | 92137448 |
| Industrial Bank Co Ltd A Shares (China)  | 2308700 | 6562087 |
| Ping An Bank Co Ltd A Shares (China)  | 2220200 | 3531158 |
| Postal Savings Bank of China Co Ltd A Shares (China)  | 4296900 | 3471376 |
| Postal Savings Bank of China Co Ltd H Shares (d)(e) | 16061000 | 11326648 |
| Shanghai Pudong Development Bank Co Ltd A Shares (China)  | 3314300 | 5350452 |
| Shanghai Rural Commercial Bank Co Ltd A Shares (China)  | 1089200 | 1305375 |
|  |  | 609717268 |
| Capital Markets - 0.1% |  |  |
| Beijing Compass Technology Development Co Ltd A Shares (China)  | 66900 | 1356724 |
| BOC International China Co Ltd A Shares (China)  | 306800 | 605634 |
| Caitong Securities Co Ltd A Shares (China)  | 451460 | 545502 |
| Capital Securities Co Ltd A Shares (China)  | 193500 | 565487 |
| Changjiang Securities Co Ltd A Shares (China)  | 566100 | 701521 |
| China CITIC Financial Asset Management Co Ltd H Shares (c)(d)(e) | 26128000 | 3463312 |
| China Galaxy Securities Co Ltd A Shares (China)  | 505100 | 1247598 |
| China Galaxy Securities Co Ltd H Shares  | 7031000 | 10115961 |
| China Great Wall Securities Co Ltd A Shares (China)  | 442600 | 687151 |
| China International Capital Corp Ltd A Shares (China)  | 368000 | 1905303 |
| China International Capital Corp Ltd H Shares (d)(e) | 3010800 | 8190966 |
| China Merchants Securities Co Ltd A Shares (China)  | 817700 | 1991000 |
| CITIC Securities Co Ltd A Shares (China)  | 478205 | 1973988 |
| CITIC Securities Co Ltd H Shares  | 3991775 | 15195412 |
| CSC Financial Co Ltd A Shares (China)  | 459000 | 1688989 |
| Dongxing Securities Co Ltd A Shares (China)  | 327900 | 583709 |
| East Money Information Co Ltd A Shares (China)  | 1756320 | 6292489 |
| Everbright Securities Co Ltd A Shares (China)  | 393500 | 1028892 |
| Founder Securities Co Ltd A Shares (China)  | 857200 | 991198 |
| GF Securities Co Ltd A Shares (China)  | 296100 | 938963 |
| GF Securities Co Ltd H Shares (b) | 580200 | 1401491 |
| Guolian Minsheng Securities Co Ltd A Shares (China)  | 343100 | 530746 |
| Guosen Securities Co Ltd A Shares (China)  | 662300 | 1306473 |
| Guotai Haitong Securities Co Ltd A Shares (China)  | 1240250 | 3377082 |
| Guotai Haitong Securities Co Ltd H Shares (d)(e) | 4175239 | 7995259 |
| Guoyuan Securities Co Ltd A Shares (China)  | 410900 | 505729 |
| Hithink RoyalFlush Information Network Co Ltd A Shares (China)  | 60000 | 3062298 |
| Huatai Securities Co Ltd A Shares (China)  | 413900 | 1263088 |
| Huatai Securities Co Ltd H Shares (d)(e) | 2973600 | 7477482 |
| Industrial Securities Co Ltd A Shares (China)  | 1214770 | 1174252 |
| Nanjing Securities Co Ltd A Shares (China)  | 474500 | 564675 |
| Orient Securities Co Ltd/China A Shares (China)  | 900472 | 1377770 |
| SDIC Capital Co Ltd A Shares (China)  | 648300 | 714119 |
| Shenwan Hongyuan Group Co Ltd A Shares (China)  | 2733815 | 2101044 |
| Sinolink Securities Co Ltd A Shares (China)  | 377000 | 523332 |
| SooChow Securities Co Ltd A Shares (China)  | 702025 | 946896 |
| Southwest Securities Co Ltd A Shares (China)  | 582900 | 388195 |
| Tianfeng Securities Co Ltd A Shares (China) (c) | 1122100 | 826117 |
| Western Securities Co Ltd A Shares (China)  | 499740 | 603137 |
| Zheshang Securities Co Ltd A Shares (China)  | 398900 | 651252 |
| Zhongtai Securities Co Ltd A Shares (China)  | 938800 | 920677 |
|  |  | 97780913 |
| Consumer Finance - 0.0% |  |  |
| Qfin Holdings Inc Class A ADR  | 190274 | 4595117 |
| Financial Services - 0.0% |  |  |
| Far East Horizon Ltd  | 3898000 | 3501430 |
| Insurance - 0.4% |  |  |
| China Life Insurance Co Ltd A Shares (China)  | 567000 | 3502822 |
| China Life Insurance Co Ltd H Shares  | 13463000 | 42482548 |
| China Pacific Insurance Group Co Ltd A Shares (China)  | 746600 | 3723874 |
| China Pacific Insurance Group Co Ltd H Shares  | 4975400 | 20169113 |
| China Taiping Insurance Holdings Co Ltd  | 2644665 | 6017293 |
| New China Life Insurance Co Ltd A Shares (China)  | 120100 | 1144235 |
| New China Life Insurance Co Ltd H Shares  | 1885500 | 11913964 |
| People's Insurance Co Group of China Ltd/The A Shares (China)  | 3782500 | 4485388 |
| People's Insurance Co Group of China Ltd/The H Shares  | 12369000 | 11110619 |
| PICC Property & Casualty Co Ltd H Shares  | 12910001 | 30503326 |
| Ping An Insurance Group Co of China Ltd A Shares (China)  | 1654677 | 13444512 |
| Ping An Insurance Group Co of China Ltd H Shares  | 11932500 | 86204336 |
|  |  | 234702030 |
| TOTAL FINANCIALS |  | 950296758 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.1% |  |  |
| 3SBio Inc (d)(e) | 3355500 | 13300140 |
| Akeso Inc (c)(d)(e) | 1172000 | 17103654 |
| Beijing Tiantan Biological Products Corp Ltd A Shares (China)  | 219080 | 567292 |
| Beijing Wantai Biological Pharmacy Enterprise Co Ltd A Shares (China) (c) | 116399 | 921883 |
| Chongqing Zhifei Biological Products Co Ltd A Shares (China)  | 270200 | 781664 |
| Hualan Biological Engineering Inc A Shares (China)  | 202350 | 458297 |
| Imeik Technology Development Co Ltd A Shares (China)  | 33920 | 762955 |
| Innovent Biologics Inc (c)(d)(e) | 2707500 | 30313492 |
| Shanghai RAAS Blood Products Co Ltd A Shares (China)  | 696600 | 659663 |
| Sichuan Kelun-Biotech Biopharmaceutical Co Ltd H Shares (b)(c) | 91000 | 5246475 |
|  |  | 70115515 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| APT Medical Inc A Shares (China)  | 13808 | 535449 |
| Jiangsu Yuyue Medical Equipment & Supply Co Ltd A Shares (China)  | 139000 | 703652 |
| Shandong Weigao Group Medical Polymer Co Ltd H Shares  | 4568000 | 3192083 |
| Shanghai United Imaging Healthcare Co Ltd A Shares (China)  | 88188 | 1733676 |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd A Shares (China)  | 135400 | 4090878 |
| Shenzhen New Industries Biomedical Engineering Co Ltd A Shares (China)  | 81400 | 697642 |
|  |  | 10953380 |
| Health Care Providers & Services - 0.0% |  |  |
| Aier Eye Hospital Group Co Ltd A Shares (China)  | 1047501 | 1802890 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd A Shares (China)  | 128200 | 474801 |
| Huadong Medicine Co Ltd A Shares (China)  | 201760 | 1178686 |
| Shanghai Pharmaceuticals Holding Co Ltd A Shares (China)  | 167200 | 421441 |
| Shanghai Pharmaceuticals Holding Co Ltd H Shares  | 376300 | 567074 |
| Sinopharm Group Co Ltd H Shares  | 2466800 | 6149104 |
|  |  | 10593996 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Genscript Biotech Corp (b)(c) | 2222000 | 4603818 |
| Hangzhou Tigermed Consulting Co Ltd A Shares (China)  | 37207 | 313029 |
| Pharmaron Beijing Co Ltd A Shares (China)  | 40325 | 189857 |
| Pharmaron Beijing Co Ltd H Shares (b)(d)(e) | 243600 | 815705 |
| Wuxi Apptec Co Ltd A Shares (China)  | 256296 | 3579372 |
| Wuxi Apptec Co Ltd H Shares (d)(e) | 662574 | 9260031 |
| Wuxi Biologics Cayman Inc (c)(d)(e) | 6464000 | 30113287 |
| WuXi XDC Cayman Inc (c) | 557500 | 5388068 |
|  |  | 54263167 |
| Pharmaceuticals - 0.1% |  |  |
| Beijing Tong Ren Tang Co Ltd A Shares (China)  | 173700 | 827085 |
| Changchun High-Tech Industry Group Co Ltd A Shares (China)  | 44800 | 706613 |
| China Resources Pharmaceutical Group Ltd (b)(d)(e) | 3330500 | 2134455 |
| China Resources Sanjiu Medical & Pharmaceutical Co Ltd A Shares (China)  | 174239 | 705779 |
| CSPC Innovation Pharmaceutical Co Ltd A Shares (China)  | 156540 | 778587 |
| CSPC Pharmaceutical Group Ltd  | 15070800 | 14836996 |
| Dong-E-E-Jiao Co Ltd A Shares (China)  | 75800 | 505766 |
| Haisco Pharmaceutical Group Co Ltd A Shares (China)  | 103300 | 822203 |
| Hansoh Pharmaceutical Group Co Ltd (d)(e) | 2222000 | 10191310 |
| Humanwell Healthcare Group Co Ltd A Shares (China)  | 170600 | 506714 |
| Jiangsu Hengrui Pharmaceuticals Co Ltd A Shares (China)  | 707466 | 6376478 |
| Kangmei Pharmaceutical Co Ltd rights (c)(f) | 9551 | 0 |
| Shanghai Allist Pharmaceuticals Co Ltd A Shares (China)  | 49857 | 753382 |
| Shanghai Fosun Pharmaceutical Group Co Ltd H Shares (b) | 434500 | 1331925 |
| Shenzhen Salubris Pharmaceuticals Co Ltd A Shares (China)  | 123500 | 1034343 |
| Sichuan Biokin Pharmaceutical Co Ltd A Shares (China) (c) | 22192 | 1162949 |
| Sichuan Kelun Pharmaceutical Co Ltd A Shares (China)  | 175400 | 862534 |
| Sino Biopharmaceutical Ltd  | 19210000 | 17478132 |
| Yunnan Baiyao Group Co Ltd A Shares (China)  | 183520 | 1460961 |
| Zhangzhou Pientzehuang Pharmaceutical Co Ltd A Shares (China)  | 66200 | 1656814 |
|  |  | 64133026 |
| TOTAL HEALTH CARE |  | 210059084 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| AECC Aviation Power Co Ltd A Shares (China)  | 298852 | 1640927 |
| AviChina Industry & Technology Co Ltd H Shares (b) | 5139000 | 2618919 |
| AVICOPTER PLC A Shares (China)  | 76700 | 388382 |
| Kuang-Chi Technologies Co Ltd A Shares (China) (c) | 240700 | 1540772 |
|  |  | 6189000 |
| Air Freight & Logistics - 0.0% |  |  |
| JD Logistics Inc (c)(d)(e) | 3764900 | 6133882 |
| SF Holding Co Ltd A Shares (China)  | 539600 | 3057587 |
| YTO Express Group Co Ltd A Shares (China)  | 393100 | 945551 |
| ZTO Express Cayman Inc A Shares  | 785131 | 14484726 |
|  |  | 24621746 |
| Building Products - 0.0% |  |  |
| Beijing New Building Materials PLC A Shares (China)  | 196200 | 655250 |
| Commercial Services & Supplies - 0.0% |  |  |
| Zhejiang Weiming Environment Protection Co Ltd A Shares (China)  | 208520 | 633991 |
| Construction & Engineering - 0.0% |  |  |
| China Communications Services Corp Ltd H Shares  | 4322000 | 2591904 |
| China Energy Engineering Corp Ltd A Shares (China)  | 3958600 | 1340409 |
| China National Chemical Engineering Co Ltd A Shares (China)  | 620300 | 673689 |
| China Railway Group Ltd A Shares (China)  | 3962100 | 3128530 |
| China Railway Group Ltd H Shares  | 5837000 | 2959608 |
| China State Construction Engineering Corp Ltd A Shares (China)  | 4698240 | 3584377 |
| China State Construction International Holdings Ltd  | 2519750 | 2866540 |
| Metallurgical Corp of China Ltd A Shares (China)  | 1777700 | 871691 |
| Power Construction Corp of China Ltd A Shares (China)  | 2027139 | 1606354 |
| Sichuan Road and Bridge Group Co Ltd A Shares (China)  | 755500 | 1006286 |
|  |  | 20629388 |
| Electrical Equipment - 0.2% |  |  |
| China XD Electric Co Ltd A Shares (China)  | 533500 | 597408 |
| CNGR Advanced Material Co Ltd A Shares (China)  | 100020 | 646995 |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 517660 | 28275870 |
| Contemporary Amperex Technology Co Ltd H Shares (b) | 115700 | 8315814 |
| Dongfang Electric Corp Ltd A Shares (China)  | 334424 | 980615 |
| Eve Energy Co Ltd A Shares (China)  | 221729 | 2591314 |
| GEM Co Ltd A Shares (China)  | 584000 | 699087 |
| Goldwind Science & Technology Co Ltd A Shares (China)  | 98100 | 216395 |
| Goldwind Science & Technology Co Ltd H Shares  | 508964 | 864588 |
| Goneo Group Co Ltd A Shares (China)  | 82691 | 507364 |
| Gotion High-Tech Co Ltd A Shares (China)  | 204900 | 1310169 |
| Jiangsu Zhongtian Technology Co Ltd A Shares (China)  | 429600 | 1023087 |
| NARI Technology Co Ltd A Shares (China)  | 911340 | 3102505 |
| Ningbo Deye Technology Co Ltd A Shares (China)  | 97350 | 1018719 |
| Ningbo Orient Wires & Cables Co Ltd A Shares (China)  | 72400 | 637902 |
| Ningbo Sanxing Medical Electric Co Ltd A Shares (China)  | 169000 | 532117 |
| Shanghai Electric Group Co Ltd A Shares (China) (c) | 1402100 | 1834034 |
| Sungrow Power Supply Co Ltd A Shares (China)  | 229300 | 6114753 |
| Sunwoda Electronic Co Ltd A Shares (China)  | 200200 | 1008398 |
| TBEA Co Ltd A Shares (China)  | 527750 | 1451843 |
| Zhejiang Chint Electrics Co Ltd A Shares (China)  | 219800 | 886006 |
| Zhejiang Huayou Cobalt Co Ltd A Shares (China)  | 186800 | 1700973 |
|  |  | 64315956 |
| Ground Transportation - 0.0% |  |  |
| Beijing-Shanghai High Speed Railway Co Ltd A Shares (China)  | 5445900 | 3971144 |
| Daqin Railway Co Ltd A Shares (China)  | 2296000 | 1848439 |
|  |  | 5819583 |
| Industrial Conglomerates - 0.0% |  |  |
| CITIC Ltd  | 7469000 | 11553543 |
| Fosun International Ltd  | 4452500 | 2824874 |
|  |  | 14378417 |
| Machinery - 0.2% |  |  |
| Airtac International Group  | 258456 | 7650056 |
| China CSSC Holdings Ltd A Shares (China)  | 841400 | 4244002 |
| CRRC Corp Ltd A Shares (China)  | 5254900 | 5662895 |
| CRRC Corp Ltd H Shares  | 4296000 | 3256325 |
| Haitian International Holdings Ltd  | 1184000 | 3236342 |
| Jiangsu Hengli Hydraulic Co Ltd A Shares (China)  | 146532 | 1978081 |
| Sany Heavy Industry Co Ltd A Shares (China)  | 954100 | 2967906 |
| Shandong Himile Mechanical Science & Technology Co Ltd A Shares (China)  | 79800 | 750528 |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 142800 | 1545091 |
| Sinotruk Hong Kong Ltd  | 1266500 | 4231147 |
| Weichai Power Co Ltd A Shares (China)  | 338600 | 711700 |
| Weichai Power Co Ltd H Shares  | 4095800 | 8459838 |
| XCMG Construction Machinery Co Ltd A Shares (China)  | 1245800 | 1862381 |
| Yangzijiang Shipbuildling (Holdings) Ltd  | 4844600 | 13101561 |
| Yutong Bus Co Ltd A Shares (China)  | 227500 | 1033394 |
| Zhejiang Sanhua Intelligent Controls Co Ltd A Shares (China)  | 201100 | 1410757 |
| Zhuzhou CRRC Times Electric Co Ltd A Shares (China)  | 32026 | 234883 |
| Zhuzhou CRRC Times Electric Co Ltd H Shares  | 922400 | 4703076 |
| Zoomlion Heavy Industry Science and Technology Co Ltd A Shares (China)  | 845900 | 971001 |
|  |  | 68010964 |
| Marine Transportation - 0.0% |  |  |
| COSCO SHIPPING Holdings Co Ltd A Shares (China)  | 706470 | 1489886 |
| COSCO SHIPPING Holdings Co Ltd H Shares  | 5826100 | 10114353 |
| SITC International Holdings Co Ltd  | 2525000 | 9299921 |
|  |  | 20904160 |
| Passenger Airlines - 0.0% |  |  |
| Air China Ltd A Shares (China) (c) | 1364700 | 1507087 |
| China Eastern Airlines Corp Ltd A Shares (China) (c) | 1776900 | 1198348 |
| China Southern Airlines Co Ltd A Shares (China) (c) | 950300 | 890564 |
| China Southern Airlines Co Ltd H Shares (b)(c) | 484000 | 291501 |
| Hainan Airlines Holding Co Ltd A Shares (China) (c) | 4748400 | 1180862 |
| Spring Airlines Co Ltd A Shares (China)  | 109700 | 825825 |
|  |  | 5894187 |
| Professional Services - 0.0% |  |  |
| Kanzhun Ltd ADR  | 686376 | 15210092 |
| Trading Companies & Distributors - 0.0% |  |  |
| BOC Aviation Ltd (d)(e) | 380800 | 3337278 |
| Xiamen C & D Inc A Shares (China)  | 266800 | 381978 |
|  |  | 3719256 |
| Transportation Infrastructure - 0.0% |  |  |
| China Merchants Expressway Network & Technology Holdings Co Ltd A Shares (China)  | 581600 | 838398 |
| China Merchants Port Holdings Co Ltd  | 2375836 | 4598462 |
| Jiangsu Expressway Co Ltd H Shares  | 2286000 | 2783016 |
| Shanghai International Airport Co Ltd A Shares (China)  | 109172 | 495288 |
| Zhejiang Expressway Co Ltd H Shares  | 2808920 | 2740039 |
|  |  | 11455203 |
| TOTAL INDUSTRIALS |  | 262437193 |
| Information Technology - 0.7% |  |  |
| Communications Equipment - 0.0% |  |  |
| BYD Electronic International Co Ltd  | 1463000 | 6879567 |
| Guangzhou Haige Communications Group Inc Co A Shares (China)  | 273300 | 449650 |
| Hengtong Optic-electric Co Ltd A Shares (China)  | 259500 | 815244 |
| Suzhou TFC Optical Communication Co Ltd A Shares (China)  | 86940 | 1930113 |
| Yealink Network Technology Corp Ltd A Shares (China)  | 130950 | 662349 |
| Zhongji Innolight Co Ltd A Shares (China)  | 124180 | 8252786 |
| ZTE Corp A Shares (China)  | 313300 | 1913061 |
| ZTE Corp H Shares (b) | 1655536 | 7009431 |
|  |  | 27912201 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Aac Technologies Holdings Inc  | 1463500 | 7533573 |
| Accelink Technologies Co Ltd A Shares (China)  | 88300 | 781343 |
| Avary Holding Shenzhen Co Ltd A Shares (China)  | 257500 | 1901203 |
| BOE Technology Group Co Ltd A Shares (China)  | 4390600 | 2504543 |
| Chaozhou Three-Circle Group Co Ltd A Shares (China)  | 206900 | 1444469 |
| China Railway Signal & Communication Corp Ltd A Shares (China)  | 841482 | 627795 |
| Eoptolink Technology Inc Ltd A Shares (China)  | 111080 | 5373585 |
| Everdisplay Optronics Shanghai Co Ltd A Shares (China) (c) | 1189034 | 454404 |
| Foxconn Industrial Internet Co Ltd A Shares (China)  | 1476994 | 14941351 |
| GoerTek Inc A Shares (China)  | 371500 | 1714639 |
| Huagong Tech Co Ltd A Shares (China)  | 107300 | 1203345 |
| Lens Technology Co Ltd A Shares (China)  | 550900 | 2277937 |
| Lingyi iTech Guangdong Co A Shares (China)  | 760000 | 1668980 |
| Luxshare Precision Industry Co Ltd A Shares (China)  | 801882 | 7097897 |
| Maxscend Microelectronics Co Ltd A Shares (China)  | 57816 | 606721 |
| Ofilm Group Co Ltd A Shares (China) (c) | 360700 | 624867 |
| Shanghai BOCHU Electronic Technology Corp Ltd A Shares (China)  | 28868 | 555263 |
| Shengyi Technology Co Ltd A Shares (China)  | 270200 | 2441040 |
| Shennan Circuits Co Ltd A Shares (China)  | 78052 | 2352066 |
| Shenzhen Kinwong Electronic Co Ltd A Shares (China)  | 104900 | 1070017 |
| Sunny Optical Technology Group Co Ltd  | 1335200 | 12921485 |
| SUPCON Technology Co Ltd A Shares (China)  | 89360 | 656885 |
| Suzhou Dongshan Precision Manufacturing Co Ltd A Shares (China)  | 204900 | 1972019 |
| TCL Technology Group Corp A Shares (China)  | 2130320 | 1290033 |
| Unisplendour Corp Ltd A Shares (China)  | 298680 | 1136406 |
| Victory Giant Technology Huizhou Co Ltd A Shares (China)  | 96400 | 3982016 |
| Wingtech Technology Co Ltd A Shares (China) (c) | 134600 | 851013 |
| Wuhan Guide Infrared Co Ltd A Shares (China) (c) | 466143 | 909049 |
| WUS Printed Circuit Kunshan Co Ltd A Shares (China)  | 213240 | 2125988 |
| Zhejiang Dahua Technology Co Ltd A Shares (China)  | 391100 | 1123724 |
|  |  | 84143656 |
| IT Services - 0.0% |  |  |
| GDS Holdings Ltd A Shares (c) | 1942900 | 8656503 |
| Isoftstone Information Technology Group Co Ltd A Shares (China)  | 103350 | 772649 |
| Range Intelligent Computing Technology Group Co Ltd A Shares (China)  | 154300 | 1095453 |
|  |  | 10524605 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| ACM Research Shanghai Inc A Shares (China)  | 28987 | 722863 |
| Advanced Micro-Fabrication Equipment Inc China A Shares (China)  | 68312 | 2681266 |
| Amlogic Shanghai Co Ltd A Shares (China) (c) | 45658 | 551689 |
| Bestechnic Shanghai Co Ltd A Shares (China)  | 18727 | 647265 |
| Cambricon Technologies Corp Ltd A Shares (China) (c) | 46735 | 9028667 |
| China Resources Microelectronics Ltd A Shares (China)  | 141853 | 1011271 |
| CSI Solar Co Ltd A Shares (China)  | 437372 | 952492 |
| Flat Glass Group Co Ltd A Shares (China)  | 22800 | 59295 |
| Flat Glass Group Co Ltd H Shares (b) | 374000 | 588154 |
| GalaxyCore Inc A Shares (China)  | 250699 | 562165 |
| GCL Technology Holdings Ltd (b)(c) | 42879000 | 7504673 |
| Gigadevice Semiconductor Inc A Shares (China)  | 73384 | 2268311 |
| Hangzhou First Applied Material Co Ltd A Shares (China)  | 279800 | 617200 |
| Hangzhou Silan Microelectronics Co Ltd A Shares (China)  | 191800 | 858834 |
| Hua Hong Semiconductor Ltd (b)(c)(d)(e) | 1349000 | 13844935 |
| Hwatsing Technology Co Ltd A Shares (China)  | 36917 | 712364 |
| Hygon Information Technology Co Ltd A Shares (China)  | 258028 | 8313929 |
| Ingenic Semiconductor Co Ltd A Shares (China)  | 54900 | 669608 |
| JA Solar Technology Co Ltd A Shares (China) (c) | 357436 | 707098 |
| JCET Group Co Ltd A Shares (China)  | 192200 | 1080710 |
| Jinko Solar Co Ltd A Shares (China) (c) | 1140268 | 930811 |
| LONGi Green Energy Technology Co Ltd A Shares (China) (c) | 815766 | 2419538 |
| Loongson Technology Corp Ltd (China) (c) | 43390 | 840866 |
| Montage Technology Co Ltd A Shares (China)  | 126178 | 2416340 |
| National Silicon Industry Group Co Ltd A Shares (China) (c) | 309729 | 994802 |
| NAURA Technology Group Co Ltd A Shares (China)  | 79280 | 4534089 |
| Nexchip Semiconductor Corp A Shares (China)  | 236073 | 1112138 |
| OmniVision Integrated Circuits Group Inc A Shares (China)  | 132515 | 2433618 |
| Piotech Inc A Shares (China)  | 30164 | 1292610 |
| Rockchip Electronics Co Ltd A Shares (China)  | 47100 | 1200761 |
| Sanan Optoelectronics CO Ltd A Shares (China)  | 530600 | 1034004 |
| SG Micro Corp A Shares (China)  | 66994 | 693717 |
| Shenzhen Goodix Technology Co Ltd A Shares (China)  | 46300 | 534466 |
| Silergy Corp  | 619000 | 4474868 |
| TCL Zhonghuan Renewable Energy Technology Co Ltd A Shares (China) (c) | 434400 | 577377 |
| Tianshui Huatian Technology Co Ltd A Shares (China)  | 345200 | 584920 |
| TongFu Microelectronics Co Ltd A Shares (China)  | 164600 | 981717 |
| Tongwei Co Ltd A Shares (China) (c) | 505500 | 1759953 |
| Trina Solar Co Ltd A Shares (China) (c) | 234290 | 670538 |
| Unigroup Guoxin Microelectronics Co Ltd A Shares (China)  | 92259 | 1059551 |
| Verisilicon Microelectronics Shanghai Co Ltd A Shares (China) (c) | 58924 | 1320479 |
| Xinjiang Daqo New Energy Co Ltd A Shares (China) (c) | 195959 | 824595 |
| Xinyi Solar Holdings Ltd (b) | 8491406 | 3912108 |
| Zhejiang Jingsheng Mechanical & Electrical Co Ltd A Shares (China)  | 141100 | 773162 |
|  |  | 90759817 |
| Software - 0.1% |  |  |
| 360 Security Technology Inc A Shares (China)  | 780500 | 1312640 |
| Beijing Kingsoft Office Software Inc A Shares (China)  | 50501 | 2547188 |
| China National Software & Service Co Ltd A Shares (China) (c) | 99590 | 731665 |
| Empyrean Technology Co Ltd A Shares (China)  | 51100 | 869520 |
| Horizon Robotics A Shares (b)(c) | 9338400 | 10575560 |
| Hundsun Technologies Inc A Shares (China)  | 208668 | 922345 |
| Iflytek Co Ltd A Shares (China)  | 252900 | 1975615 |
| Jiangsu Hoperun Software Co Ltd A Shares (China) (c) | 89600 | 775097 |
| Kingdee International Software Group Co Ltd (c) | 5639000 | 10638596 |
| Shanghai Baosight Software Co Ltd A Shares (China)  | 37900 | 122421 |
| Shanghai Baosight Software Co Ltd B Shares  | 800211 | 897837 |
| Yonyou Network Technology CO Ltd A Shares (China) (c) | 376520 | 825261 |
|  |  | 32193745 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Anker Innovations Technology Co Ltd A Shares (China)  | 58410 | 959357 |
| China Greatwall Technology Group Co Ltd A Shares (China) (c) | 351800 | 835830 |
| GRG Banking Equipment Co Ltd A Shares (China)  | 252200 | 455331 |
| Huaqin Technology Co Ltd A Shares (China)  | 93500 | 1334964 |
| IEIT Systems Co Ltd A Shares (China)  | 160734 | 1473105 |
| Lenovo Group Ltd  | 12778000 | 18680541 |
| Ninestar Corp A Shares (China) (c) | 151200 | 460776 |
| Shenzhen Transsion Holdings Co Ltd A Shares (China)  | 122557 | 1313836 |
| Xiaomi Corp B Shares (c)(d)(e) | 31949000 | 177250268 |
|  |  | 202764008 |
| TOTAL INFORMATION TECHNOLOGY |  | 448298032 |
| Materials - 0.3% |  |  |
| Chemicals - 0.0% |  |  |
| Ganfeng Lithium Group Co Ltd A Shares (China)  | 155660 | 1509491 |
| Ganfeng Lithium Group Co Ltd H Shares (b)(d)(e) | 59920 | 395583 |
| Guangzhou Tinci Materials Technology Co Ltd A Shares (China)  | 207940 | 1164831 |
| Hengli Petrochemical Co Ltd A Shares (China)  | 737560 | 1860118 |
| Hoshine Silicon Industry Co Ltd A Shares (China)  | 96200 | 669997 |
| Huafon Chemical Co Ltd A Shares (China)  | 456400 | 575197 |
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd A Shares (China)  | 909600 | 660723 |
| Jiangsu Eastern Shenghong Co Ltd A Shares (China) (c) | 698000 | 907143 |
| LB Group Co Ltd A Shares (China)  | 214100 | 553795 |
| Meihua Holdings Group Co Ltd A Shares (China)  | 253500 | 397841 |
| Ningxia Baofeng Energy Group Co Ltd A Shares (China)  | 816100 | 2114379 |
| Qinghai Salt Lake Industry Co Ltd A Shares (China) (c) | 558100 | 1944654 |
| Rongsheng Petrochemical Co Ltd A Shares (China)  | 1034950 | 1481741 |
| Satellite Chemical Co Ltd A Shares (China)  | 364101 | 916212 |
| Shandong Hualu Hengsheng Chemical Co Ltd A Shares (China)  | 219800 | 792743 |
| Shanghai Putailai New Energy Technology Co Ltd A Shares (China)  | 231351 | 950121 |
| Tianqi Lithium Corp A Shares (China) (c) | 160200 | 1201939 |
| Wanhua Chemical Group Co Ltd A Shares (China)  | 355000 | 3123845 |
| Yunnan Yuntianhua Co Ltd A Shares (China)  | 176500 | 713201 |
| Zangge Mining Co Ltd A Shares (China)  | 165000 | 1364529 |
| Zhejiang Juhua Co Ltd A Shares (China)  | 310200 | 1539363 |
| Zhejiang Longsheng Group Co Ltd A Shares (China)  | 453500 | 670941 |
| Zhejiang NHU Co Ltd A Shares (China)  | 315508 | 1077197 |
|  |  | 26585584 |
| Construction Materials - 0.0% |  |  |
| Anhui Conch Cement Co Ltd A Shares (China)  | 318000 | 1036111 |
| Anhui Conch Cement Co Ltd H Shares  | 2443000 | 7275035 |
| China Jushi Co Ltd A Shares (China)  | 497840 | 1147129 |
| China National Building Material Co Ltd H Shares  | 6906000 | 4896958 |
|  |  | 14355233 |
| Metals & Mining - 0.3% |  |  |
| Aluminum Corp of China Ltd A Shares (China)  | 1126300 | 1580877 |
| Aluminum Corp of China Ltd H Shares  | 7562000 | 9614836 |
| Baoshan Iron & Steel Co Ltd A Shares (China)  | 2439800 | 2526390 |
| Chifeng Jilong Gold Mining Co A Shares (China)  | 172100 | 720328 |
| China Hongqiao Group Ltd  | 5230000 | 19868555 |
| China Northern Rare Earth Group High-Tech Co Ltd A Shares (China)  | 401100 | 2863390 |
| China Rare Earth Resources And Technology Co Ltd A Shares (China) (c) | 115300 | 853726 |
| Citic Pacific Special Steel Group Co Ltd A Shares (China)  | 340500 | 697993 |
| CMOC Group Ltd A Shares (China)  | 770800 | 1845397 |
| CMOC Group Ltd H Shares  | 8283000 | 17929241 |
| Henan Shenhuo Coal Industry & Electricity Power Co Ltd A Shares (China)  | 231600 | 804714 |
| Huaibei Mining Holdings Co Ltd A Shares (China)  | 274900 | 512921 |
| Hunan Valin Steel Co Ltd A Shares (China)  | 806500 | 653821 |
| Inner Mongolia BaoTou Steel Union Co Ltd A Shares (China)  | 4981400 | 1777722 |
| Jiangxi Copper Co Ltd A Shares (China)  | 16300 | 94102 |
| Jiangxi Copper Co Ltd H Shares  | 2311000 | 9653765 |
| Jinduicheng Molybdenum Co Ltd A Shares (China)  | 302100 | 637528 |
| MMG Ltd (c) | 7836000 | 6968202 |
| Shandong Gold Mining Co Ltd A Shares (China)  | 702923 | 3559354 |
| Shandong Gold Mining Co Ltd H Shares (d)(e) | 1390250 | 5850445 |
| Shandong Nanshan Aluminum Co Ltd A Shares (China)  | 1444900 | 935874 |
| Shanjin International Gold Co Ltd A Shares (China)  | 318980 | 972079 |
| Tianshan Aluminum Group Co Ltd A Shares (China)  | 483800 | 908816 |
| Tongling Nonferrous Metals Group Co Ltd A Shares (China)  | 1451800 | 1079049 |
| Western Mining Co Ltd A Shares (China)  | 268800 | 905265 |
| Western Superconducting Technologies Co Ltd A Shares (China)  | 78064 | 857702 |
| Xiamen Tungsten Co Ltd A Shares (China)  | 156200 | 783480 |
| Yunnan Aluminium Co Ltd A Shares (China)  | 394400 | 1273956 |
| Zhaojin Mining Industry Co Ltd H Shares  | 3195500 | 11950406 |
| Zhongjin Gold Corp Ltd A Shares (China)  | 560800 | 1746837 |
| Zijin Mining Group Co Ltd A Shares (China)  | 1311800 | 5621421 |
| Zijin Mining Group Co Ltd H Shares  | 11581000 | 48049551 |
|  |  | 164097743 |
| Paper & Forest Products - 0.0% |  |  |
| Shandong Sun Paper Industry JSC Ltd A Shares (China)  | 281600 | 562614 |
| TOTAL MATERIALS |  | 205601174 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| C&D International Investment Group Ltd  | 1589551 | 3260701 |
| China Merchants Shekou Industrial Zone Holdings Co Ltd A Shares (China)  | 963400 | 1279137 |
| China Overseas Land & Investment Ltd  | 7135000 | 11964282 |
| China Resources Land Ltd  | 5947465 | 21476712 |
| China Resources Mixc Lifestyle Services Ltd (d)(e) | 1254600 | 6558333 |
| China Vanke Co Ltd A Shares (China) (c) | 827400 | 728889 |
| China Vanke Co Ltd H Shares (b)(c) | 4447200 | 2518185 |
| Hainan Airport Infrastructure Co Ltd A Shares (China)  | 1155500 | 800379 |
| KE Holdings Inc A Shares  | 3846948 | 21818626 |
| Longfor Group Holdings Ltd (d)(e) | 3987178 | 4931026 |
| Poly Developments and Holdings Group Co Ltd A Shares (China)  | 1279800 | 1318028 |
| Shanghai Zhangjiang High-Tech Park Development Co Ltd A Shares (China)  | 168000 | 1050384 |
| Wharf Holdings Ltd/The  | 1951000 | 5126976 |
| Youngor Fashion Co Ltd A Shares (China)  | 599977 | 632228 |
|  |  | 83463886 |
| Utilities - 0.2% |  |  |
| Gas Utilities - 0.1% |  |  |
| Beijing Enterprises Holdings Ltd  | 932500 | 4092149 |
| China Gas Holdings Ltd  | 5043000 | 5185421 |
| China Resources Gas Group Ltd  | 1669600 | 4589464 |
| ENN Energy Holdings Ltd  | 1467600 | 12776848 |
| ENN Natural Gas Co Ltd A Shares (China)  | 303600 | 832646 |
| Kunlun Energy Co Ltd  | 7286000 | 6694769 |
|  |  | 34171297 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| CGN Power Co Ltd A Shares (China)  | 2107500 | 1166655 |
| CGN Power Co Ltd H Shares (d)(e) | 19818000 | 7855228 |
| China Longyuan Power Group Corp Ltd H Shares  | 4813000 | 4459607 |
| China National Nuclear Power Co Ltd A Shares (China)  | 2282100 | 2879318 |
| China Power International Development Ltd  | 7575699 | 3265997 |
| China Resources Power Holdings Co Ltd (b) | 3877780 | 9272079 |
| China Three Gorges Renewables Group Co Ltd A Shares (China)  | 3008900 | 1796699 |
| China Yangtze Power Co Ltd A Shares (China)  | 2692400 | 10629786 |
| Datang International Power Generation Co Ltd A Shares (China)  | 1260600 | 644699 |
| GD Power Development Co Ltd A Shares (China)  | 1798400 | 1336659 |
| Hanergy Mobile Energy Holding Group Co Ltd (c)(f) | 1902000 | 1 |
| Huadian Power International Corp Ltd A Shares (China)  | 878800 | 667984 |
| Huaneng Power International Inc A Shares (China)  | 1432400 | 1636189 |
| Huaneng Power International Inc H Shares  | 7450000 | 6155163 |
| SDIC Power Holdings Co Ltd A Shares (China)  | 930700 | 1876464 |
| Shenergy Co Ltd A Shares (China)  | 496700 | 574345 |
| Sichuan Chuantou Energy Co Ltd A Shares (China)  | 588500 | 1217119 |
| Wintime Energy Group Co Ltd A Shares (China)  | 2404200 | 543845 |
| Zhejiang Zheneng Electric Power Co Ltd A Shares (China)  | 1138500 | 825394 |
|  |  | 56803231 |
| Water Utilities - 0.0% |  |  |
| Beijing Enterprises Water Group Ltd  | 7354000 | 2365984 |
| Guangdong Investment Ltd  | 5364000 | 5101307 |
|  |  | 7467291 |
| TOTAL UTILITIES |  | 98441819 |
| TOTAL CHINA |  | 5627138800 |
| COLOMBIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Grupo Cibest SA  | 468842 | 7601850 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Interconexion Electrica SA ESP  | 813041 | 5273091 |
| TOTAL COLOMBIA |  | 12874941 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Ivanhoe Mines Ltd Class A (b)(c) | 1388442 | 13888875 |
| CZECH REPUBLIC - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Komercni Banka AS  | 139014 | 7118455 |
| Moneta Money Bank AS (d)(e) | 474337 | 4017501 |
|  |  | 11135956 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| CEZ AS  | 256260 | 15695705 |
| TOTAL CZECH REPUBLIC |  | 26831661 |
| DENMARK - 1.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Pandora A/S  | 147221 | 19714451 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Carlsberg AS Series B  | 175227 | 20597918 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Danske Bank A/S  | 1249693 | 55801663 |
| Insurance - 0.0% |  |  |
| Tryg A/S  | 628737 | 15497773 |
| TOTAL FINANCIALS |  | 71299436 |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.1% |  |  |
| Genmab A/S (c) | 113997 | 32515127 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Coloplast AS Series B  | 235233 | 21275516 |
| Demant A/S (c) | 155845 | 5181243 |
|  |  | 26456759 |
| Pharmaceuticals - 0.5% |  |  |
| Novo Nordisk A/S Series B  | 6002488 | 295512777 |
| TOTAL HEALTH CARE |  | 354484663 |
| Industrials - 0.2% |  |  |
| Air Freight & Logistics - 0.1% |  |  |
| DSV A/S  | 380657 | 80785216 |
| Building Products - 0.0% |  |  |
| ROCKWOOL A/S Series B  | 176397 | 6041487 |
| Electrical Equipment - 0.1% |  |  |
| Vestas Wind Systems A/S  | 1882661 | 38504387 |
| TOTAL INDUSTRIALS |  | 125331090 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Novonesis Novozymes B Series B  | 656962 | 39261869 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Orsted AS (c)(d)(e) | 986231 | 17627170 |
| TOTAL DENMARK |  | 648316597 |
| EGYPT - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Tobacco - 0.0% |  |  |
| Eastern Co SAE (c) | 2481188 | 2363011 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Commercial International Bank - Egypt (CIB)  | 4215597 | 9413703 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Talaat Moustafa Group  | 1358732 | 1654121 |
| TOTAL EGYPT |  | 13430835 |
| FINLAND - 0.7%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Elisa Oyj A Shares  | 266165 | 11731844 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Kesko Oyj B Shares  | 504313 | 10637723 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Neste Oyj  | 790337 | 16356681 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| Nordea Bank Abp  | 5836275 | 99840070 |
| Insurance - 0.1% |  |  |
| Sampo Oyj A Shares  | 4513587 | 50298602 |
| TOTAL FINANCIALS |  | 150138672 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Orion Oyj B Shares  | 201881 | 14089872 |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| Kone Oyj B Shares  | 633725 | 42308425 |
| Metso Oyj  | 1211598 | 19844953 |
| Wartsila OYJ Abp  | 938539 | 30690864 |
|  |  | 92844242 |
| Information Technology - 0.1% |  |  |
| Communications Equipment - 0.1% |  |  |
| Nokia Oyj  | 9684796 | 66062913 |
| Materials - 0.1% |  |  |
| Paper & Forest Products - 0.1% |  |  |
| Stora Enso Oyj R Shares  | 1088951 | 12677311 |
| UPM-Kymmene Oyj  | 987676 | 26502994 |
|  |  | 39180305 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Fortum Oyj  | 839058 | 18704492 |
| TOTAL FINLAND |  | 419746744 |
| FRANCE - 5.5%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Orange SA  | 3473337 | 55560808 |
| Entertainment - 0.0% |  |  |
| Bollore SE  | 1322140 | 7360749 |
| Media - 0.1% |  |  |
| Publicis Groupe SA  | 427315 | 42829402 |
| TOTAL COMMUNICATION SERVICES |  | 105750959 |
| Consumer Discretionary - 1.0% |  |  |
| Automobile Components - 0.1% |  |  |
| Cie Generale des Etablissements Michelin SCA Series B  | 1250453 | 39946253 |
| Automobiles - 0.0% |  |  |
| Renault SA  | 355483 | 13808490 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Accor SA  | 362881 | 18466832 |
| FDJ UNITED  | 206109 | 6005809 |
| Sodexo SA  | 157921 | 8744608 |
| Sodexo SA  | 8142 | 450849 |
|  |  | 33668098 |
| Textiles, Apparel & Luxury Goods - 0.8% |  |  |
| Hermes International SCA  | 59027 | 146212527 |
| Kering SA  | 138958 | 49346359 |
| LVMH Moet Hennessy Louis Vuitton SE  | 466188 | 329512490 |
|  |  | 525071376 |
| TOTAL CONSUMER DISCRETIONARY |  | 612494217 |
| Consumer Staples - 0.6% |  |  |
| Beverages - 0.1% |  |  |
| Pernod Ricard SA  | 376787 | 36898429 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Carrefour SA  | 1082053 | 16296743 |
| Food Products - 0.2% |  |  |
| Danone SA  | 1203579 | 106296056 |
| Personal Care Products - 0.3% |  |  |
| L'Oreal SA  | 424400 | 177106963 |
| L'Oreal SA  | 23733 | 9904052 |
|  |  | 187011015 |
| TOTAL CONSUMER STAPLES |  | 346502243 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| TotalEnergies SE  | 3817088 | 238320029 |
| Financials - 0.7% |  |  |
| Banks - 0.5% |  |  |
| BNP Paribas SA  | 1895499 | 146821585 |
| Credit Agricole SA  | 1966995 | 35506969 |
| Societe Generale SA Series A  | 1341510 | 85079443 |
|  |  | 267407997 |
| Capital Markets - 0.0% |  |  |
| Amundi SA (d)(e) | 112321 | 8324715 |
| Financial Services - 0.0% |  |  |
| Edenred SE  | 450949 | 12958274 |
| Eurazeo SE  | 19800 | 1349949 |
|  |  | 14308223 |
| Insurance - 0.2% |  |  |
| AXA SA  | 3299522 | 143161019 |
| TOTAL FINANCIALS |  | 433201954 |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |
| BioMerieux  | 77455 | 9963481 |
| EssilorLuxottica SA  | 560225 | 204894365 |
|  |  | 214857846 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Sartorius Stedim Biotech  | 54460 | 13006632 |
| Pharmaceuticals - 0.0% |  |  |
| Ipsen SA  | 69432 | 9747750 |
| TOTAL HEALTH CARE |  | 237612228 |
| Industrials - 1.6% |  |  |
| Aerospace & Defense - 1.0% |  |  |
| Airbus SE  | 1107295 | 273027019 |
| Dassault Aviation SA  | 36621 | 11768481 |
| Safran SA  | 670941 | 238397759 |
| Thales SA  | 172772 | 49266440 |
|  |  | 572459699 |
| Building Products - 0.1% |  |  |
| Cie de Saint-Gobain SA  | 837410 | 81280745 |
| Construction & Engineering - 0.4% |  |  |
| Bouygues SA  | 352062 | 15879121 |
| Eiffage SA  | 126881 | 15604809 |
| Vinci SA  | 921982 | 123284031 |
|  |  | 154767961 |
| Electrical Equipment - 0.1% |  |  |
| Legrand SA  | 489177 | 84474852 |
| Machinery - 0.0% |  |  |
| Alstom SA (c) | 646543 | 16168482 |
| Professional Services - 0.0% |  |  |
| Bureau Veritas SA (b) | 634435 | 20826897 |
| Teleperformance SE (b) | 101029 | 7215309 |
|  |  | 28042206 |
| Trading Companies & Distributors - 0.0% |  |  |
| Rexel SA  | 419348 | 14500844 |
| Transportation Infrastructure - 0.0% |  |  |
| Aeroports de Paris SA  | 65190 | 8934295 |
| Getlink SE Series A  | 571014 | 10418978 |
|  |  | 19353273 |
| TOTAL INDUSTRIALS |  | 971048062 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Capgemini SE  | 303725 | 46726708 |
| Software - 0.0% |  |  |
| Dassault Systemes SE  | 1249893 | 35569141 |
| TOTAL INFORMATION TECHNOLOGY |  | 82295849 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Air Liquide SA  | 769776 | 148981614 |
| Air Liquide SA  | 257070 | 49753049 |
| Arkema SA  | 108066 | 6414957 |
|  |  | 205149620 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Covivio SA/France  | 100944 | 6469232 |
| Office REITs - 0.0% |  |  |
| Gecina SA  | 86308 | 8013349 |
| Retail REITs - 0.0% |  |  |
| Klepierre SA  | 397530 | 15185177 |
| Unibail-Rodamco-Westfield unit  | 226048 | 23356082 |
|  |  | 38541259 |
| TOTAL REAL ESTATE |  | 53023840 |
| Utilities - 0.2% |  |  |
| Multi-Utilities - 0.2% |  |  |
| Engie SA  | 2539587 | 59459251 |
| Engie SA  | 863500 | 20217091 |
| Veolia Environnement SA  | 1176435 | 38877801 |
|  |  | 118554143 |
| TOTAL FRANCE |  | 3403953144 |
| GERMANY - 5.5%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Deutsche Telekom AG  | 6504240 | 201470041 |
| Entertainment - 0.0% |  |  |
| CTS Eventim AG & Co KGaA  | 115163 | 10300828 |
| Interactive Media & Services - 0.0% |  |  |
| Scout24 SE (d)(e) | 139861 | 16153320 |
| TOTAL COMMUNICATION SERVICES |  | 227924189 |
| Consumer Discretionary - 0.4% |  |  |
| Automobile Components - 0.0% |  |  |
| Continental AG  | 205083 | 15478747 |
| Automobiles - 0.3% |  |  |
| Bayerische Motoren Werke AG  | 525850 | 48926088 |
| Mercedes-Benz Group AG  | 1345622 | 87310107 |
| Volkswagen AG  | 3237 | 341444 |
|  |  | 136577639 |
| Specialty Retail - 0.0% |  |  |
| Zalando SE (c)(d)(e) | 420739 | 11765245 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| adidas AG  | 318953 | 60308389 |
| TOTAL CONSUMER DISCRETIONARY |  | 224130020 |
| Consumer Staples - 0.0% |  |  |
| Household Products - 0.0% |  |  |
| Henkel AG & Co KGaA  | 180421 | 13465556 |
| Personal Care Products - 0.0% |  |  |
| Beiersdorf AG  | 182270 | 19323176 |
| TOTAL CONSUMER STAPLES |  | 32788732 |
| Financials - 1.2% |  |  |
| Banks - 0.1% |  |  |
| Commerzbank AG  | 1437684 | 52216685 |
| Capital Markets - 0.3% |  |  |
| Deutsche Bank AG  | 3447903 | 122922792 |
| Deutsche Boerse AG  | 350800 | 88836654 |
|  |  | 211759446 |
| Insurance - 0.8% |  |  |
| Allianz SE  | 719035 | 288938362 |
| Hannover Rueck SE  | 112330 | 32032653 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 243725 | 150791175 |
| Talanx AG  | 120119 | 14607020 |
|  |  | 486369210 |
| TOTAL FINANCIALS |  | 750345341 |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Siemens Healthineers AG (d)(e) | 629959 | 35267757 |
| Health Care Providers & Services - 0.1% |  |  |
| Fresenius Medical Care AG  | 382414 | 20530759 |
| Fresenius Medical Care AG ADR  | 57905 | 1554170 |
| Fresenius SE & Co KGaA  | 789127 | 45497554 |
|  |  | 67582483 |
| Pharmaceuticals - 0.1% |  |  |
| Bayer AG  | 1830953 | 56950860 |
| Merck KGaA  | 241020 | 31572084 |
|  |  | 88522944 |
| TOTAL HEALTH CARE |  | 191373184 |
| Industrials - 1.6% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Hensoldt AG  | 118304 | 12572678 |
| MTU Aero Engines AG  | 100312 | 43717672 |
| Rheinmetall AG  | 85513 | 167711002 |
|  |  | 224001352 |
| Air Freight & Logistics - 0.1% |  |  |
| Deutsche Post AG  | 1788392 | 82170138 |
| Electrical Equipment - 0.3% |  |  |
| Siemens Energy AG (c) | 1266103 | 157737865 |
| Industrial Conglomerates - 0.7% |  |  |
| Siemens AG  | 1416274 | 401368271 |
| Machinery - 0.1% |  |  |
| Daimler Truck Holding AG  | 885563 | 35430032 |
| Gea Group Ag  | 274422 | 19611376 |
| Knorr-Bremse AG  | 136032 | 12637861 |
| Rational AG  | 9561 | 7003519 |
|  |  | 74682788 |
| Passenger Airlines - 0.0% |  |  |
| Deutsche Lufthansa AG  | 1128343 | 9876639 |
| Trading Companies & Distributors - 0.0% |  |  |
| Brenntag SE  | 228213 | 12665844 |
| TOTAL INDUSTRIALS |  | 962502897 |
| Information Technology - 1.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Infineon Technologies AG  | 2435771 | 96682811 |
| Software - 0.8% |  |  |
| Nemetschek SE  | 108038 | 12453000 |
| SAP SE  | 1945926 | 506081889 |
|  |  | 518534889 |
| TOTAL INFORMATION TECHNOLOGY |  | 615217700 |
| Materials - 0.3% |  |  |
| Chemicals - 0.2% |  |  |
| BASF SE  | 1664760 | 82142346 |
| Covestro AG  | 336041 | 23472662 |
| Evonik Industries AG  | 479912 | 8037568 |
| Symrise AG  | 248313 | 20535241 |
|  |  | 134187817 |
| Construction Materials - 0.1% |  |  |
| Heidelberg Materials AG  | 249356 | 58499836 |
| TOTAL MATERIALS |  | 192687653 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| LEG Immobilien SE  | 139383 | 10611581 |
| Vonovia SE  | 1397658 | 42007678 |
|  |  | 52619259 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| RWE AG  | 1179489 | 58066874 |
| Multi-Utilities - 0.1% |  |  |
| E.ON SE  | 4185975 | 77885854 |
| TOTAL UTILITIES |  | 135952728 |
| TOTAL GERMANY |  | 3385541703 |
| GREECE - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Hellenic Telecommunications Organization SA  | 311693 | 5859741 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| OPAP SA  | 350902 | 7260186 |
| Specialty Retail - 0.0% |  |  |
| FF Group (c)(f) | 7962 | 0 |
| JUMBO SA  | 212403 | 6742517 |
|  |  | 6742517 |
| TOTAL CONSUMER DISCRETIONARY |  | 14002703 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Alpha Bank SA  | 4094317 | 16045669 |
| Eurobank Ergasias Services and Holdings SA  | 4767634 | 17933951 |
| National Bank of Greece SA  | 1614734 | 23721290 |
| Piraeus Financial Holdings SA  | 2090517 | 16318044 |
|  |  | 74018954 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Public Power Corp SA  | 337994 | 5878895 |
| TOTAL GREECE |  | 99760293 |
| HONG KONG - 1.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| HKT Trust & HKT Ltd unit  | 7159479 | 10439016 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| WH Group Ltd (d)(e) | 15622243 | 14997900 |
| Financials - 0.7% |  |  |
| Banks - 0.0% |  |  |
| Hang Seng Bank Ltd  | 1394353 | 27203211 |
| Capital Markets - 0.2% |  |  |
| Futu Holdings Ltd Class A ADR  | 114700 | 22829888 |
| Hong Kong Exchanges & Clearing Ltd  | 2245184 | 122392873 |
|  |  | 145222761 |
| Insurance - 0.5% |  |  |
| AIA Group Ltd  | 19820209 | 192865235 |
| Prudential PLC  | 4819650 | 67032129 |
|  |  | 259897364 |
| TOTAL FINANCIALS |  | 432323336 |
| Industrials - 0.1% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| J&T Global Express Ltd B Shares (c) | 4386200 | 5627712 |
| Ground Transportation - 0.0% |  |  |
| MTR Corp Ltd  | 2934120 | 10761454 |
| Industrial Conglomerates - 0.0% |  |  |
| Swire Pacific Ltd A Shares  | 648060 | 5354248 |
| Machinery - 0.1% |  |  |
| Techtronic Industries Co Ltd  | 2736370 | 31974879 |
| Marine Transportation - 0.0% |  |  |
| Orient Overseas International Ltd  | 240500 | 4162801 |
| TOTAL INDUSTRIALS |  | 57881094 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| CK Asset Holdings Ltd  | 3616139 | 17888616 |
| Henderson Land Development Co Ltd  | 2727869 | 9576705 |
| Hongkong Land Holdings Ltd (Singapore)  | 2052445 | 12540439 |
| Sino Land Co Ltd  | 6618629 | 8219466 |
| Sun Hung Kai Properties Ltd  | 2709922 | 32938741 |
| Wharf Real Estate Investment Co Ltd  | 3152349 | 8965506 |
|  |  | 90129473 |
| Retail REITs - 0.0% |  |  |
| Link REIT  | 4851965 | 25275886 |
| TOTAL REAL ESTATE |  | 115405359 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| CK Infrastructure Holdings Ltd  | 1190131 | 7742196 |
| CLP Holdings Ltd  | 3073976 | 26227823 |
| Power Assets Holdings Ltd  | 2600426 | 16518397 |
|  |  | 50488416 |
| Gas Utilities - 0.0% |  |  |
| Hong Kong & China Gas Co Ltd  | 21048350 | 19584144 |
| TOTAL UTILITIES |  | 70072560 |
| TOTAL HONG KONG |  | 701119265 |
| HUNGARY - 0.1%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| MOL Hungarian Oil & Gas PLC Class A  | 761530 | 6699900 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| OTP Bank Nyrt  | 418069 | 39875605 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Richter Gedeon Nyrt  | 252907 | 7795235 |
| TOTAL HUNGARY |  | 54370740 |
| INDIA - 4.6%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Indus Towers Ltd (c) | 2457567 | 10066708 |
| Tata Communications Ltd  | 209684 | 4430140 |
|  |  | 14496848 |
| Interactive Media & Services - 0.0% |  |  |
| Info Edge India Ltd  | 669319 | 10392862 |
| Wireless Telecommunication Services - 0.2% |  |  |
| Bharti Airtel Ltd  | 4783742 | 110721545 |
| Vodafone Idea Ltd (c) | 49895326 | 4907184 |
|  |  | 115628729 |
| TOTAL COMMUNICATION SERVICES |  | 140518439 |
| Consumer Discretionary - 0.6% |  |  |
| Automobile Components - 0.1% |  |  |
| Balkrishna Industries Ltd  | 137982 | 3543867 |
| Bharat Forge Ltd  | 481963 | 7192659 |
| Bosch Ltd  | 13912 | 5837351 |
| MRF Ltd  | 4449 | 7894826 |
| Samvardhana Motherson International Ltd  | 8964738 | 10643765 |
| Tube Investments of India Ltd  | 195536 | 6659216 |
|  |  | 41771684 |
| Automobiles - 0.3% |  |  |
| Bajaj Auto Ltd  | 125952 | 12617903 |
| Eicher Motors Ltd  | 257380 | 20317261 |
| Hero MotoCorp Ltd  | 225330 | 14073447 |
| Hyundai Motor India Ltd  | 304854 | 8375457 |
| Mahindra & Mahindra Ltd  | 1739390 | 68333249 |
| Maruti Suzuki India Ltd  | 234851 | 42824292 |
| Tata Motors Passenger Vehicles Limited  | 3784465 | 17480208 |
| TVS Motor Co Ltd  | 446068 | 17632161 |
|  |  | 201653978 |
| Broadline Retail - 0.0% |  |  |
| Vishal Mega Mart Ltd  | 3835504 | 6252003 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Eternal Ltd (c) | 4507006 | 16133624 |
| Indian Hotels Co Ltd/The  | 1601769 | 13385819 |
| Jubilant Foodworks Ltd  | 657170 | 4426171 |
| Swiggy Ltd (c) | 1608818 | 7430124 |
|  |  | 41375738 |
| Household Durables - 0.0% |  |  |
| Dixon Technologies India Ltd (e) | 67635 | 11805742 |
| Specialty Retail - 0.0% |  |  |
| FSN E-Commerce Ventures Ltd (c) | 2180387 | 6090296 |
| Trent Ltd  | 338659 | 17909840 |
|  |  | 24000136 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Kalyan Jewellers India Ltd  | 748566 | 4298362 |
| Page Industries Ltd  | 11684 | 5423092 |
| Titan Co Ltd  | 663296 | 27997197 |
|  |  | 37718651 |
| TOTAL CONSUMER DISCRETIONARY |  | 364577932 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.0% |  |  |
| United Spirits Ltd  | 548160 | 8839477 |
| Varun Beverages Ltd  | 2529621 | 13384065 |
|  |  | 22223542 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Avenue Supermarts Ltd (c)(d)(e) | 304217 | 14234950 |
| Food Products - 0.1% |  |  |
| Britannia Industries Ltd  | 201692 | 13261706 |
| Marico Ltd  | 986974 | 8005091 |
| Nestle India Ltd  | 1268004 | 18164749 |
| Tata Consumer Products Ltd  | 1117661 | 14668789 |
|  |  | 54100335 |
| Personal Care Products - 0.2% |  |  |
| Colgate-Palmolive India Ltd  | 258834 | 6540468 |
| Dabur India Ltd  | 976392 | 5362924 |
| Godrej Consumer Products Ltd  | 764584 | 9635145 |
| Hindustan Unilever Ltd  | 1536716 | 42683189 |
|  |  | 64221726 |
| Tobacco - 0.0% |  |  |
| ITC Ltd  | 5559105 | 26325351 |
| TOTAL CONSUMER STAPLES |  | 181105904 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Bharat Petroleum Corp Ltd  | 2848936 | 11451590 |
| Coal India Ltd  | 3433551 | 15033511 |
| Hindustan Petroleum Corp Ltd  | 1794863 | 9624906 |
| Indian Oil Corp Ltd  | 5301132 | 9907709 |
| Oil & Natural Gas Corp Ltd  | 5855123 | 16844733 |
| Oil India Ltd  | 877126 | 4282122 |
| Petronet LNG Ltd  | 1343405 | 4256550 |
| Reliance Industries Ltd  | 11350765 | 190072406 |
|  |  | 261473527 |
| Financials - 1.4% |  |  |
| Banks - 1.0% |  |  |
| AU Small Finance Bank Ltd (d)(e) | 672397 | 6649735 |
| Axis Bank Ltd  | 4275224 | 59375837 |
| Bank of Baroda  | 1859605 | 5832412 |
| Canara Bank  | 3365423 | 5193818 |
| HDFC Bank Ltd/Gandhinagar  | 21103378 | 234725005 |
| ICICI Bank Ltd  | 9821470 | 148831633 |
| IDFC First Bank Ltd  | 6601333 | 6081124 |
| IndusInd Bank Ltd/Gift City (c) | 1077878 | 9651298 |
| Kotak Mahindra Bank Ltd  | 2038857 | 48285757 |
| Punjab National Bank  | 4118930 | 5702420 |
| State Bank of India  | 3323342 | 35081073 |
| Union Bank of India Ltd  | 2797104 | 4684791 |
| Yes Bank Ltd (c) | 25908396 | 6637266 |
|  |  | 576732169 |
| Capital Markets - 0.0% |  |  |
| BSE Ltd  | 371174 | 10366026 |
| HDFC Asset Management Co Ltd (d)(e) | 181983 | 11027844 |
|  |  | 21393870 |
| Consumer Finance - 0.2% |  |  |
| Bajaj Finance Ltd  | 5202902 | 61123035 |
| Cholamandalam Investment and Finance Co Ltd  | 788218 | 15067293 |
| Muthoot Finance Ltd  | 222539 | 7969185 |
| SBI Cards & Payment Services Ltd  | 523542 | 5182337 |
| Shriram Finance Ltd  | 2612867 | 22044456 |
| Sundaram Finance Ltd  | 123084 | 6370861 |
|  |  | 117757167 |
| Financial Services - 0.1% |  |  |
| Bajaj Finserv Ltd  | 715486 | 16832641 |
| Bajaj Holdings & Investment Ltd  | 48964 | 6786505 |
| Jio Financial Services Ltd  | 5304460 | 18333897 |
| Power Finance Corp Ltd  | 2783852 | 12646745 |
| REC Ltd  | 2471436 | 10436746 |
|  |  | 65036534 |
| Insurance - 0.1% |  |  |
| HDFC Life Insurance Co Ltd (d)(e) | 1820638 | 15010803 |
| ICICI Lombard General Insurance Co Ltd (d)(e) | 452867 | 10171587 |
| ICICI Prudential Life Insurance Co Ltd (d)(e) | 652940 | 4348397 |
| PB Fintech Ltd (c) | 644364 | 12960598 |
| SBI Life Insurance Co Ltd (d)(e) | 844135 | 18598263 |
|  |  | 61089648 |
| TOTAL FINANCIALS |  | 842009388 |
| Health Care - 0.3% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Apollo Hospitals Enterprise Ltd  | 186802 | 16164323 |
| Max Healthcare Institute Ltd  | 1453218 | 18791231 |
|  |  | 34955554 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Divi's Laboratories Ltd  | 222629 | 16899388 |
| Pharmaceuticals - 0.2% |  |  |
| Alkem Laboratories Ltd  | 76078 | 4719467 |
| Aurobindo Pharma Ltd  | 474149 | 6083572 |
| Cipla Ltd/India  | 1054260 | 17830908 |
| Dr Reddy's Laboratories Ltd  | 1088623 | 14648741 |
| Lupin Ltd  | 429257 | 9495253 |
| Mankind Pharma Ltd  | 227992 | 6123280 |
| Sun Pharmaceutical Industries Ltd  | 1790400 | 34101609 |
| Torrent Pharmaceuticals Ltd  | 215939 | 8660671 |
| Zydus Lifesciences Ltd  | 450694 | 4947657 |
|  |  | 106611158 |
| TOTAL HEALTH CARE |  | 158466100 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Bharat Electronics Ltd  | 6818697 | 32731896 |
| Hindustan Aeronautics Ltd (e) | 374862 | 19763186 |
|  |  | 52495082 |
| Building Products - 0.0% |  |  |
| Astral Ltd  | 223396 | 3649485 |
| Commercial Services & Supplies - 0.0% |  |  |
| Indian Railway Catering & Tourism Corp Ltd  | 475602 | 3850788 |
| Construction & Engineering - 0.1% |  |  |
| Larsen & Toubro Ltd  | 1256915 | 57077663 |
| Rail Vikas Nigam Ltd (e) | 943358 | 3494351 |
| Voltas Ltd  | 424950 | 6623791 |
|  |  | 67195805 |
| Electrical Equipment - 0.1% |  |  |
| ABB India Ltd  | 100921 | 5934857 |
| Bharat Heavy Electricals Ltd  | 1992195 | 5958518 |
| CG Power & Industrial Solutions Ltd  | 1293612 | 10735530 |
| Havells India Ltd  | 417995 | 7034785 |
| Hitachi Energy India Ltd  | 24736 | 4954167 |
| Polycab India Ltd  | 99018 | 8593868 |
| Suzlon Energy Ltd (c) | 17949596 | 11991337 |
|  |  | 55203062 |
| Ground Transportation - 0.0% |  |  |
| Container Corp Of India Ltd  | 541496 | 3326206 |
| Industrial Conglomerates - 0.0% |  |  |
| Siemens Ltd  | 164336 | 5732367 |
| Machinery - 0.1% |  |  |
| Ashok Leyland Ltd  | 5555042 | 8857152 |
| Cummins India Ltd  | 260905 | 12768517 |
| Tata Motors Ltd /new (c)(f) | 3784465 | 11116986 |
|  |  | 32742655 |
| Passenger Airlines - 0.0% |  |  |
| InterGlobe Aviation Ltd (d)(e) | 354856 | 22487073 |
| Trading Companies & Distributors - 0.0% |  |  |
| Adani Enterprises Ltd  | 305177 | 8529760 |
| Transportation Infrastructure - 0.0% |  |  |
| Adani Ports & Special Economic Zone Ltd  | 1004040 | 16418229 |
| GMR Airports Ltd (c) | 4855911 | 5140651 |
|  |  | 21558880 |
| TOTAL INDUSTRIALS |  | 276771163 |
| Information Technology - 0.4% |  |  |
| IT Services - 0.4% |  |  |
| HCL Technologies Ltd  | 1773660 | 30801520 |
| Infosys Ltd  | 6182420 | 103019311 |
| Infosys Ltd ADR (b) | 12736 | 211035 |
| LTIMindtree Ltd (d)(e) | 139917 | 8960268 |
| Mphasis Ltd  | 198277 | 6174922 |
| Persistent Systems Ltd  | 204394 | 13623811 |
| Tata Consultancy Services Ltd  | 1687743 | 58143616 |
| Tech Mahindra Ltd  | 1009837 | 16204718 |
| Wipro Ltd  | 4906811 | 13303917 |
|  |  | 250443118 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| WAAREE Energies Ltd  | 159841 | 6171791 |
| Software - 0.0% |  |  |
| Oracle Financial Services Software Ltd  | 38926 | 3734072 |
| Tata Elxsi Ltd  | 63197 | 3883378 |
|  |  | 7617450 |
| TOTAL INFORMATION TECHNOLOGY |  | 264232359 |
| Materials - 0.4% |  |  |
| Chemicals - 0.1% |  |  |
| Asian Paints Ltd  | 629992 | 17819906 |
| Coromandel International Ltd  | 221801 | 5308831 |
| PI Industries Ltd  | 139987 | 5641745 |
| Pidilite Industries Ltd  | 575200 | 9361054 |
| Solar Industries India Ltd  | 50910 | 7959545 |
| SRF Ltd  | 252026 | 8320421 |
| Supreme Industries Ltd  | 115710 | 4969800 |
| UPL Ltd  | 862018 | 6993062 |
|  |  | 66374364 |
| Construction Materials - 0.1% |  |  |
| Ambuja Cements Ltd  | 1179803 | 7514906 |
| Grasim Industries Ltd  | 506804 | 16510169 |
| Shree Cement Ltd  | 17134 | 5464580 |
| UltraTech Cement Ltd  | 220341 | 29655990 |
|  |  | 59145645 |
| Metals & Mining - 0.2% |  |  |
| APL Apollo Tubes Ltd  | 341139 | 6885039 |
| Hindalco Industries Ltd  | 2498767 | 23867286 |
| Jindal Stainless Ltd  | 602844 | 5118724 |
| Jindal Steel Ltd  | 673319 | 8092116 |
| JSW Steel Ltd  | 1144592 | 15550926 |
| NMDC Ltd  | 5668000 | 4839494 |
| Tata Steel Ltd  | 13863635 | 28556606 |
| Vedanta Ltd  | 2565984 | 14267351 |
|  |  | 107177542 |
| TOTAL MATERIALS |  | 232697551 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| DLF Ltd  | 1380228 | 11759110 |
| Godrej Properties Ltd (c) | 275110 | 7091215 |
| Lodha Developers Ltd (d)(e) | 562028 | 7584671 |
| Oberoi Realty Ltd  | 234350 | 4694920 |
| Phoenix Mills Ltd/The  | 360400 | 6831623 |
| Prestige Estates Projects Ltd  | 315207 | 6195479 |
|  |  | 44157018 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.1% |  |  |
| Power Grid Corp of India Ltd  | 8696065 | 28229270 |
| Tata Power Co Ltd/The  | 3018896 | 13770641 |
| Torrent Power Ltd  | 319845 | 4743716 |
|  |  | 46743627 |
| Gas Utilities - 0.0% |  |  |
| GAIL India Ltd  | 4332975 | 8921247 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Adani Power Ltd (c) | 5256830 | 9348173 |
| JSW Energy Ltd  | 798920 | 4747258 |
| NHPC Ltd  | 5798978 | 5542559 |
| NTPC Ltd  | 8170384 | 31014600 |
|  |  | 50652590 |
| TOTAL UTILITIES |  | 106317464 |
| TOTAL INDIA |  | 2872326845 |
| INDONESIA - 0.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telkom Indonesia Persero Tbk PT  | 92787600 | 17948338 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| GoTo Gojek Tokopedia Tbk PT Class A (c) | 1650824868 | 5956073 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Sumber Alfaria Trijaya Tbk PT  | 34449000 | 4163710 |
| Food Products - 0.0% |  |  |
| Charoen Pokphand Indonesia Tbk PT  | 13276300 | 3728221 |
| Indofood CBP Sukses Makmur Tbk PT  | 4273100 | 2235476 |
| Indofood Sukses Makmur Tbk PT  | 8023700 | 3570378 |
|  |  | 9534075 |
| TOTAL CONSUMER STAPLES |  | 13697785 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Dian Swastatika Sentosa Tbk PT (c) | 1860400 | 9461415 |
| Petrindo Jaya Kreasi Tbk PT  | 41731100 | 5043867 |
| United Tractors Tbk PT  | 2693012 | 4356105 |
|  |  | 18861387 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Bank Central Asia Tbk PT  | 103775600 | 53132280 |
| Bank Mandiri Persero Tbk PT  | 69187100 | 19601651 |
| Bank Negara Indonesia Persero Tbk PT  | 28257978 | 7442570 |
| Bank Rakyat Indonesia Persero Tbk PT  | 127558600 | 30514601 |
|  |  | 110691102 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Kalbe Farma Tbk PT  | 35914800 | 2753539 |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.1% |  |  |
| Astra International Tbk PT  | 38061100 | 14075512 |
| Jardine Matheson Holdings Ltd (Singapore)  | 300364 | 17646385 |
|  |  | 31721897 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Barito Pacific Tbk PT (c) | 43546117 | 9033921 |
| Chandra Asri Pacific Tbk PT  | 16167900 | 6756879 |
|  |  | 15790800 |
| Metals & Mining - 0.0% |  |  |
| Amman Mineral Internasional PT (c) | 26931100 | 11497944 |
| TOTAL MATERIALS |  | 27288744 |
| TOTAL INDONESIA |  | 228918865 |
| IRELAND - 0.3%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Kerry Group PLC Class A  | 306015 | 27900800 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| AIB Group PLC  | 3951212 | 36366601 |
| Bank of Ireland Group PLC  | 1807381 | 29551294 |
|  |  | 65917895 |
| Industrials - 0.1% |  |  |
| Building Products - 0.0% |  |  |
| Kingspan Group PLC  | 289258 | 21638519 |
| Trading Companies & Distributors - 0.1% |  |  |
| AerCap Holdings NV  | 329937 | 42970995 |
| TOTAL INDUSTRIALS |  | 64609514 |
| TOTAL IRELAND |  | 158428209 |
| ISRAEL - 0.5%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Bank Hapoalim BM  | 2341410 | 47640898 |
| Bank Leumi Le-Israel BM  | 2795605 | 56908187 |
| Israel Discount Bank Ltd Class A  | 2299852 | 23037693 |
| Mizrahi Tefahot Bank Ltd  | 286957 | 18687497 |
|  |  | 146274275 |
| Insurance - 0.0% |  |  |
| Phoenix Financial Ltd  | 418084 | 16115438 |
| TOTAL FINANCIALS |  | 162389713 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (c) | 2139657 | 43820175 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Elbit Systems Ltd  | 51640 | 24722920 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.0% |  |  |
| Wix.com Ltd (c) | 103188 | 15017982 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Nova Ltd (Israel) (c) | 54326 | 18811406 |
| Software - 0.1% |  |  |
| Check Point Software Technologies Ltd (c) | 161680 | 31637542 |
| Nice Ltd (c) | 104872 | 14212732 |
| Nice Ltd ADR (b)(c) | 13164 | 1798992 |
|  |  | 47649266 |
| TOTAL INFORMATION TECHNOLOGY |  | 81478654 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| ICL Group Ltd  | 1452111 | 9532340 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Azrieli Group Ltd  | 77985 | 8225827 |
| TOTAL ISRAEL |  | 330169629 |
| ITALY - 1.9%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Infrastrutture Wireless Italiane SpA (b)(d)(e) | 510859 | 5608716 |
| Telecom Italia SpA/Milano (c) | 13573972 | 7998255 |
| Telecom Italia SpA/Milano (c) | 6943092 | 4611303 |
|  |  | 18218274 |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| Ferrari NV (Italy)  | 234747 | 93756362 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Moncler SpA  | 435290 | 26090325 |
| TOTAL CONSUMER DISCRETIONARY |  | 119846687 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Coca-Cola HBC AG  | 406736 | 18455727 |
| Davide Campari-Milano NV  | 1129564 | 7856219 |
|  |  | 26311946 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Eni SpA  | 3833803 | 70693348 |
| Financials - 1.1% |  |  |
| Banks - 0.9% |  |  |
| Banca Monte dei Paschi di Siena SpA  | 3685937 | 32221347 |
| Banco BPM SpA  | 2111571 | 30679339 |
| BPER Banca SPA  | 2719724 | 32461785 |
| FinecoBank Banca Fineco SpA  | 1133729 | 25887563 |
| Intesa Sanpaolo SpA  | 26626050 | 171614089 |
| UniCredit SpA  | 2610644 | 193309555 |
|  |  | 486173678 |
| Financial Services - 0.0% |  |  |
| Banca Mediolanum SpA  | 415226 | 8332605 |
| Nexi SpA (d)(e) | 1011211 | 5322003 |
|  |  | 13654608 |
| Insurance - 0.2% |  |  |
| Generali  | 1598315 | 61440631 |
| Poste Italiane Spa (d)(e) | 831674 | 20025761 |
| Unipol Assicurazioni SpA  | 656850 | 14358746 |
|  |  | 95825138 |
| TOTAL FINANCIALS |  | 595653424 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 213047 | 12646783 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Leonardo SpA  | 753888 | 44354767 |
| Electrical Equipment - 0.1% |  |  |
| Prysmian SpA  | 523665 | 54215573 |
| Passenger Airlines - 0.1% |  |  |
| Ryanair Holdings PLC  | 1587108 | 48050668 |
| TOTAL INDUSTRIALS |  | 146621008 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.3% |  |  |
| Enel SpA  | 15117120 | 152921168 |
| Terna - Rete Elettrica Nazionale  | 2584237 | 26468913 |
|  |  | 179390081 |
| Gas Utilities - 0.0% |  |  |
| Snam SpA  | 3696856 | 22788796 |
| TOTAL UTILITIES |  | 202178877 |
| TOTAL ITALY |  | 1192170347 |
| JAPAN - 13.7%  |  |  |
| Communication Services - 1.3% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| NTT Inc  | 55655075 | 57283199 |
| Entertainment - 0.4% |  |  |
| Capcom Co Ltd  | 646300 | 16876908 |
| Konami Group Corp  | 187236 | 31272822 |
| Nexon Co Ltd  | 614759 | 12565640 |
| Nintendo Co Ltd  | 2057190 | 175457522 |
| Toho Co Ltd/Tokyo  | 197805 | 11623659 |
|  |  | 247796551 |
| Interactive Media & Services - 0.0% |  |  |
| LY Corp  | 5187349 | 15243116 |
| Wireless Telecommunication Services - 0.8% |  |  |
| KDDI Corp  | 5826314 | 92873561 |
| SoftBank Corp  | 53367770 | 75835546 |
| SoftBank Group Corp  | 1780844 | 312482341 |
|  |  | 481191448 |
| TOTAL COMMUNICATION SERVICES |  | 801514314 |
| Consumer Discretionary - 2.3% |  |  |
| Automobile Components - 0.3% |  |  |
| Aisin Corp  | 925403 | 16660377 |
| Bridgestone Corp (b) | 1063195 | 46413926 |
| Denso Corp  | 3262400 | 45757430 |
| Sumitomo Electric Industries Ltd  | 1331603 | 48819395 |
|  |  | 157651128 |
| Automobiles - 0.9% |  |  |
| Honda Motor Co Ltd  | 7383458 | 74626435 |
| Isuzu Motors Ltd (b) | 1002792 | 12330743 |
| Nissan Motor Co Ltd (b)(c) | 4159825 | 9508253 |
| Subaru Corp  | 1093778 | 23268078 |
| Suzuki Motor Corp  | 2930928 | 43894503 |
| Toyota Motor Corp  | 17660230 | 360041522 |
| Yamaha Motor Co Ltd (b) | 1717517 | 12426393 |
|  |  | 536095927 |
| Broadline Retail - 0.1% |  |  |
| Pan Pacific International Holdings Corp  | 3554455 | 21144061 |
| Rakuten Group Inc (c) | 2824660 | 18502980 |
| Ryohin Keikaku Co Ltd  | 938200 | 19292426 |
|  |  | 58939467 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Oriental Land Co Ltd/Japan  | 2013740 | 40768729 |
| Zensho Holdings Co Ltd  | 180100 | 11224842 |
|  |  | 51993571 |
| Household Durables - 0.6% |  |  |
| Panasonic Holdings Corp  | 4343893 | 50472710 |
| Sekisui House Ltd  | 1112903 | 23910336 |
| Sony Group Corp  | 11460900 | 319181341 |
|  |  | 393564387 |
| Leisure Products - 0.0% |  |  |
| Bandai Namco Holdings Inc  | 1093094 | 34060330 |
| Shimano Inc  | 139290 | 14592840 |
|  |  | 48653170 |
| Specialty Retail - 0.3% |  |  |
| Fast Retailing Co Ltd  | 355889 | 130653969 |
| Nitori Holdings Co Ltd (b) | 748710 | 12130744 |
| Sanrio Co Ltd  | 332500 | 15441584 |
| ZOZO Inc (b) | 807889 | 6990591 |
|  |  | 165216888 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Asics Corp  | 1297149 | 33188362 |
| TOTAL CONSUMER DISCRETIONARY |  | 1445302900 |
| Consumer Staples - 0.7% |  |  |
| Beverages - 0.1% |  |  |
| Asahi Group Holdings Ltd  | 2694751 | 29044069 |
| Kirin Holdings Co Ltd  | 1450520 | 20372789 |
| Suntory Beverage & Food Ltd  | 253503 | 7668749 |
|  |  | 57085607 |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Aeon Co Ltd (b) | 4150734 | 65704468 |
| Kobe Bussan Co Ltd (b) | 281872 | 6542444 |
| MatsukiyoCocokara & Co  | 615200 | 11147531 |
| Seven & i Holdings Co Ltd  | 3885116 | 49417921 |
|  |  | 132812364 |
| Food Products - 0.1% |  |  |
| Ajinomoto Co Inc  | 1687130 | 47873723 |
| Kikkoman Corp (b) | 1271140 | 10112372 |
| MEIJI Holdings Co Ltd (b) | 445412 | 8563726 |
| Nissin Foods Holdings Co Ltd  | 365015 | 6582160 |
| Yakult Honsha Co Ltd  | 467836 | 6992799 |
|  |  | 80124780 |
| Household Products - 0.0% |  |  |
| Unicharm Corp  | 2089691 | 12929209 |
| Personal Care Products - 0.1% |  |  |
| Kao Corp  | 869726 | 36806491 |
| Shiseido Co Ltd (b) | 749175 | 12639381 |
|  |  | 49445872 |
| Tobacco - 0.1% |  |  |
| Japan Tobacco Inc  | 2239926 | 77978087 |
| TOTAL CONSUMER STAPLES |  | 410375919 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| ENEOS Holdings Inc  | 5063164 | 31960586 |
| Idemitsu Kosan Co Ltd  | 1455135 | 10117300 |
| Inpex Corp  | 1643412 | 30296110 |
|  |  | 72373996 |
| Financials - 2.1% |  |  |
| Banks - 1.3% |  |  |
| Chiba Bank Ltd/The (b) | 1052694 | 10283764 |
| Japan Post Bank Co Ltd  | 3351053 | 37574587 |
| Mitsubishi UFJ Financial Group Inc  | 21358618 | 322627920 |
| Mizuho Financial Group Inc  | 4678732 | 156716372 |
| Resona Holdings Inc  | 3868789 | 37492936 |
| Sumitomo Mitsui Financial Group Inc  | 6874616 | 186122040 |
| Sumitomo Mitsui Trust Group Inc  | 1194714 | 32814692 |
| Yokohama Financial Group Inc  | 1921188 | 13974770 |
|  |  | 797607081 |
| Capital Markets - 0.2% |  |  |
| Daiwa Securities Group Inc  | 2487851 | 19202509 |
| Japan Exchange Group Inc  | 1856488 | 20702003 |
| Nomura Holdings Inc  | 5591565 | 39901989 |
| SBI Holdings Inc  | 522465 | 23439900 |
|  |  | 103246401 |
| Financial Services - 0.1% |  |  |
| Mitsubishi HC Capital Inc  | 1640216 | 12835640 |
| ORIX Corp  | 2166754 | 53003242 |
| Sony Financial Group Inc (c) | 11460900 | 11556835 |
|  |  | 77395717 |
| Insurance - 0.5% |  |  |
| Dai-ichi Life Holdings Inc  | 6551664 | 46126503 |
| Japan Post Holdings Co Ltd  | 3323846 | 31198126 |
| Japan Post Insurance Co Ltd  | 351142 | 9095833 |
| Ms&Ad Insurance Group Holdings Inc  | 2396845 | 49409670 |
| Sompo Holdings Inc  | 1656862 | 50493653 |
| T&D Holdings Inc  | 912953 | 19673720 |
| Tokio Marine Holdings Inc  | 3423324 | 127666701 |
|  |  | 333664206 |
| TOTAL FINANCIALS |  | 1311913405 |
| Health Care - 0.9% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Hoya Corp  | 639782 | 104139455 |
| Olympus Corp (b) | 2126063 | 26205027 |
| Sysmex Corp (b) | 940887 | 10488598 |
| Terumo Corp  | 2484348 | 40099671 |
|  |  | 180932751 |
| Health Care Technology - 0.0% |  |  |
| M3 Inc (b) | 824802 | 11559483 |
| Pharmaceuticals - 0.6% |  |  |
| Astellas Pharma Inc  | 3376465 | 35343576 |
| Chugai Pharmaceutical Co Ltd  | 1251624 | 57284005 |
| Daiichi Sankyo Co Ltd  | 3179196 | 75945025 |
| Eisai Co Ltd  | 486897 | 14461137 |
| Kyowa Kirin Co Ltd  | 443821 | 6859916 |
| Otsuka Holdings Co Ltd  | 811403 | 44089863 |
| Shionogi & Co Ltd  | 1409482 | 23596545 |
| Takeda Pharmaceutical Co Ltd  | 2963420 | 79975326 |
|  |  | 337555393 |
| TOTAL HEALTH CARE |  | 530047627 |
| Industrials - 3.5% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| SG Holdings Co Ltd (b) | 543649 | 4996943 |
| Building Products - 0.1% |  |  |
| Agc Inc  | 364996 | 11415747 |
| Daikin Industries Ltd  | 491882 | 57146875 |
|  |  | 68562622 |
| Commercial Services & Supplies - 0.1% |  |  |
| Dai Nippon Printing Co Ltd  | 728542 | 12194368 |
| Secom Co Ltd  | 783518 | 26503662 |
| TOPPAN Holdings Inc  | 441877 | 10838330 |
|  |  | 49536360 |
| Construction & Engineering - 0.1% |  |  |
| Kajima Corp  | 787578 | 25429811 |
| Obayashi Corp  | 1211285 | 20529988 |
| Taisei Corp  | 290202 | 21156443 |
|  |  | 67116242 |
| Electrical Equipment - 0.3% |  |  |
| Fuji Electric Co Ltd  | 249204 | 17884603 |
| Fujikura Ltd  | 468600 | 64371306 |
| Mitsubishi Electric Corp  | 3544897 | 99301281 |
| NIDEC CORP (b) | 1557912 | 19035418 |
|  |  | 200592608 |
| Ground Transportation - 0.2% |  |  |
| Central Japan Railway Co  | 1439390 | 35174504 |
| East Japan Railway Co  | 1780343 | 43390879 |
| Hankyu Hanshin Holdings Inc  | 435680 | 11692768 |
| Tokyo Metro Co Ltd (b) | 528700 | 5555963 |
| Tokyu Corp  | 940275 | 10469872 |
| West Japan Railway Co  | 803260 | 16475925 |
|  |  | 122759911 |
| Industrial Conglomerates - 0.5% |  |  |
| Hikari Tsushin Inc  | 32970 | 8728674 |
| Hitachi Ltd  | 8536445 | 294574100 |
| Sekisui Chemical Co Ltd  | 709739 | 12319459 |
|  |  | 315622233 |
| Machinery - 0.9% |  |  |
| Daifuku Co Ltd (b) | 602427 | 19263904 |
| FANUC Corp  | 1741125 | 58103860 |
| IHI Corp  | 1915900 | 39968973 |
| Kawasaki Heavy Industries Ltd  | 280600 | 22577639 |
| Komatsu Ltd  | 1763564 | 58992935 |
| Kubota Corp  | 1826667 | 23711942 |
| Makita Corp  | 419568 | 12730517 |
| MINEBEA MITSUMI Inc  | 681300 | 13510173 |
| Mitsubishi Heavy Industries Ltd  | 5972680 | 180313329 |
| SMC Corp  | 106855 | 36578874 |
| Toyota Industries Corp (b) | 303543 | 33139387 |
|  |  | 498891533 |
| Marine Transportation - 0.1% |  |  |
| Kawasaki Kisen Kaisha Ltd  | 656500 | 9427256 |
| Mitsui OSK Lines Ltd  | 642200 | 19098064 |
| Nippon Yusen KK (b) | 811833 | 28083069 |
|  |  | 56608389 |
| Passenger Airlines - 0.0% |  |  |
| ANA Holdings Inc  | 300351 | 5630485 |
| Japan Airlines Co Ltd  | 271426 | 4892748 |
|  |  | 10523233 |
| Professional Services - 0.2% |  |  |
| Recruit Holdings Co Ltd  | 2477883 | 122873196 |
| Trading Companies & Distributors - 1.0% |  |  |
| ITOCHU Corp  | 2214871 | 128356453 |
| Marubeni Corp  | 2630045 | 64850892 |
| Mitsubishi Corp  | 6000903 | 144097621 |
| Mitsui & Co Ltd  | 4601192 | 113514580 |
| MonotaRO Co Ltd  | 469508 | 6550625 |
| Sumitomo Corp  | 2029769 | 59084704 |
| Toyota Tsusho Corp  | 1270885 | 38899257 |
|  |  | 555354132 |
| TOTAL INDUSTRIALS |  | 2073437402 |
| Information Technology - 2.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Keyence Corp  | 362729 | 135031878 |
| Kyocera Corp  | 2398424 | 31904284 |
| Murata Manufacturing Co Ltd  | 3115283 | 67168367 |
| Shimadzu Corp (b) | 445477 | 11996168 |
| TDK Corp  | 3628435 | 63396810 |
| Yokogawa Electric Corp  | 422200 | 12665178 |
|  |  | 322162685 |
| IT Services - 0.4% |  |  |
| Fujitsu Ltd  | 3280680 | 85496015 |
| NEC Corp  | 2408515 | 87801163 |
| Nomura Research Institute Ltd  | 704580 | 27206008 |
| Obic Co Ltd  | 604160 | 18766556 |
| Otsuka Corp  | 427164 | 8454028 |
| SCSK Corp (b) | 290733 | 10698507 |
| TIS Inc  | 391367 | 13497603 |
|  |  | 251919880 |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| Advantest Corp  | 1428228 | 213871181 |
| Disco Corp  | 171887 | 57080780 |
| Lasertec Corp  | 148795 | 30210205 |
| Renesas Electronics Corp  | 3140283 | 38781156 |
| SCREEN Holdings Co Ltd (b) | 152400 | 14522056 |
| Tokyo Electron Ltd  | 835258 | 184149613 |
|  |  | 538614991 |
| Software - 0.0% |  |  |
| Oracle Corp Japan  | 72003 | 6648514 |
| Trend Micro Inc/Japan (b) | 233245 | 11930896 |
|  |  | 18579410 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Canon Inc  | 1616828 | 46508329 |
| Canon Inc ADR  | 1310 | 37583 |
| FUJIFILM Holdings Corp  | 2087044 | 48370775 |
|  |  | 94916687 |
| TOTAL INFORMATION TECHNOLOGY |  | 1226193653 |
| Materials - 0.4% |  |  |
| Chemicals - 0.3% |  |  |
| Asahi Kasei Corp  | 2305625 | 17691270 |
| Mitsubishi Chemical Group Corp  | 2404784 | 12578654 |
| Nippon Paint Holdings Co Ltd (b) | 1771630 | 11294702 |
| Nippon Sanso Holdings Corp  | 324286 | 10790595 |
| Nitto Denko Corp (b) | 1319650 | 33001954 |
| Shin-Etsu Chemical Co Ltd  | 3145385 | 94546948 |
| Toray Industries Inc  | 2558219 | 15705217 |
|  |  | 195609340 |
| Metals & Mining - 0.1% |  |  |
| JFE Holdings Inc  | 1077890 | 12369401 |
| Nippon Steel Corp (b) | 9020995 | 37184819 |
| Sumitomo Metal Mining Co Ltd  | 462032 | 15114196 |
|  |  | 64668416 |
| TOTAL MATERIALS |  | 260277756 |
| Real Estate - 0.3% |  |  |
| Office REITs - 0.0% |  |  |
| Nippon Building Fund Inc  | 14245 | 13144111 |
| Real Estate Management & Development - 0.3% |  |  |
| Daito Trust Construction Co Ltd  | 540605 | 10107190 |
| Daiwa House Industry Co Ltd  | 1045308 | 35494755 |
| Hulic Co Ltd  | 855372 | 8825135 |
| Mitsubishi Estate Co Ltd  | 1982612 | 41991081 |
| Mitsui Fudosan Co Ltd  | 4928730 | 51219007 |
| Sumitomo Realty & Development Co Ltd  | 577079 | 24643157 |
|  |  | 172280325 |
| TOTAL REAL ESTATE |  | 185424436 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Chubu Electric Power Co Inc  | 1243195 | 17303570 |
| Kansai Electric Power Co Inc/The  | 1751699 | 27364969 |
|  |  | 44668539 |
| Gas Utilities - 0.0% |  |  |
| Osaka Gas Co Ltd  | 673518 | 21187563 |
| Tokyo Gas Co Ltd  | 590539 | 20700095 |
|  |  | 41887658 |
| TOTAL UTILITIES |  | 86556197 |
| TOTAL JAPAN |  | 8403417605 |
| KOREA (SOUTH) - 3.8%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| LG Uplus Corp  | 383731 | 4091670 |
| Entertainment - 0.0% |  |  |
| HYBE Co Ltd  | 42581 | 10159188 |
| Krafton Inc (c) | 53320 | 10296461 |
|  |  | 20455649 |
| Interactive Media & Services - 0.2% |  |  |
| Kakao Corp  | 577224 | 26291425 |
| NAVER Corp  | 265976 | 49780012 |
|  |  | 76071437 |
| Wireless Telecommunication Services - 0.0% |  |  |
| SK Telecom Co Ltd  | 98642 | 3600074 |
| TOTAL COMMUNICATION SERVICES |  | 104218830 |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.0% |  |  |
| Hankook Tire & Technology Co Ltd  | 136650 | 4431473 |
| Hyundai Mobis Co Ltd  | 111702 | 24696579 |
|  |  | 29128052 |
| Automobiles - 0.2% |  |  |
| Hyundai Motor Co  | 244845 | 49679590 |
| Kia Corp  | 445511 | 37373724 |
|  |  | 87053314 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Delivery Hero SE (c)(d)(e) | 356693 | 9059913 |
| Hanjin Kal Corp  | 43228 | 3166654 |
|  |  | 12226567 |
| Household Durables - 0.0% |  |  |
| Coway Co Ltd  | 99751 | 6225452 |
| LG Electronics Inc  | 199290 | 12214575 |
|  |  | 18440027 |
| TOTAL CONSUMER DISCRETIONARY |  | 146847960 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.0% |  |  |
| Orion Corp/Republic of Korea  | 43073 | 2992561 |
| Samyang Foods Co Ltd  | 7775 | 7332956 |
|  |  | 10325517 |
| Personal Care Products - 0.0% |  |  |
| Amorepacific Corp  | 50205 | 4246802 |
| LG H&H Co Ltd  | 16549 | 3294146 |
|  |  | 7540948 |
| Tobacco - 0.1% |  |  |
| KT&G Corp  | 181137 | 17007812 |
| TOTAL CONSUMER STAPLES |  | 34874277 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| HD Hyundai Co Ltd  | 80438 | 11537292 |
| S-Oil Corp (c) | 83037 | 4171429 |
| SK Innovation Co Ltd  | 127162 | 11468300 |
|  |  | 27177021 |
| Financials - 0.4% |  |  |
| Banks - 0.3% |  |  |
| Hana Financial Group Inc  | 533241 | 31899098 |
| Industrial Bank of Korea  | 512167 | 6926793 |
| KakaoBank Corp  | 309529 | 5013501 |
| KB Financial Group Inc  | 677053 | 55095860 |
| Shinhan Financial Group Co Ltd  | 811507 | 41549532 |
| Woori Financial Group Inc  | 1237967 | 22000449 |
|  |  | 162485233 |
| Capital Markets - 0.0% |  |  |
| Korea Investment Holdings Co Ltd  | 77362 | 9867409 |
| Mirae Asset Securities Co Ltd  | 422988 | 7783457 |
| NH Investment & Securities Co Ltd  | 265082 | 3774274 |
|  |  | 21425140 |
| Financial Services - 0.0% |  |  |
| Meritz Financial Group Inc  | 151867 | 11741253 |
| Insurance - 0.1% |  |  |
| DB Insurance Co Ltd  | 87135 | 7730377 |
| Samsung Fire & Marine Insurance Co Ltd  | 55968 | 17288577 |
| Samsung Life Insurance Co Ltd  | 148198 | 15999154 |
|  |  | 41018108 |
| TOTAL FINANCIALS |  | 236669734 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Alteogen Inc (c) | 74695 | 25529650 |
| Celltrion Inc  | 302990 | 37225588 |
|  |  | 62755238 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| HLB Inc (c) | 218772 | 7439038 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Samsung Biologics Co Ltd (c)(d)(e)(f) | 33243 | 28399104 |
| Pharmaceuticals - 0.0% |  |  |
| SK Biopharmaceuticals Co Ltd (c) | 57519 | 4648171 |
| Yuhan Corp  | 105335 | 8696479 |
|  |  | 13344650 |
| TOTAL HEALTH CARE |  | 111938030 |
| Industrials - 0.7% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Hanwha Aerospace Co Ltd  | 61530 | 42146195 |
| Hanwha Systems Co Ltd  | 140581 | 5891721 |
| Korea Aerospace Industries Ltd  | 137070 | 9916347 |
| LIG Nex1 Co Ltd  | 24577 | 8924522 |
|  |  | 66878785 |
| Air Freight & Logistics - 0.0% |  |  |
| Hyundai Glovis Co Ltd  | 70468 | 9308564 |
| Electrical Equipment - 0.3% |  |  |
| Doosan Enerbility Co Ltd (c) | 836496 | 51913015 |
| Ecopro BM Co Ltd (b)(c) | 91487 | 10241608 |
| Ecopro Co Ltd (b) | 188560 | 11609700 |
| HD Hyundai Electric Co Ltd  | 43833 | 26681437 |
| Hyosung Heavy Industries Corp  | 10402 | 15538300 |
| LG Energy Solution Ltd (b)(c) | 87381 | 28917911 |
| LS Electric Co Ltd  | 27783 | 8455847 |
| POSCO Future M Co Ltd (b)(c) | 64859 | 9824646 |
|  |  | 163182464 |
| Industrial Conglomerates - 0.1% |  |  |
| Doosan Co Ltd  | 13814 | 9172219 |
| LG Corp  | 158353 | 8896734 |
| Samsung C&T Corp  | 157355 | 24881568 |
| SK Inc  | 67667 | 11765004 |
| SK Square Co Ltd (c) | 173425 | 31548144 |
|  |  | 86263669 |
| Machinery - 0.2% |  |  |
| Doosan Bobcat Inc  | 96468 | 4069952 |
| Hanwha Ocean Co Ltd (c) | 228193 | 21968961 |
| HD Hyundai Heavy Industries Co Ltd  | 41491 | 17417825 |
| HD Korea Shipbuilding & Offshore Engineering Co Ltd  | 79364 | 26320289 |
| Hyundai Rotem Co Ltd  | 142560 | 22990974 |
| Samsung Heavy Industries Co Ltd (c) | 1306738 | 27016853 |
|  |  | 119784854 |
| Marine Transportation - 0.0% |  |  |
| Hanjin Shipping Co Ltd (c)(f) | 12 | 0 |
| HMM Co Ltd  | 481280 | 6919877 |
|  |  | 6919877 |
| Passenger Airlines - 0.0% |  |  |
| Korean Air Lines Co Ltd  | 338788 | 5250377 |
| Trading Companies & Distributors - 0.0% |  |  |
| Posco International Corp  | 96502 | 3713537 |
| TOTAL INDUSTRIALS |  | 461302127 |
| Information Technology - 1.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| LG Display Co Ltd (c) | 550831 | 5613729 |
| Samsung Electro-Mechanics Co Ltd  | 105292 | 18048878 |
| Samsung SDI Co Ltd  | 119640 | 26953864 |
|  |  | 50616471 |
| IT Services - 0.0% |  |  |
| Samsung SDS Co Ltd  | 78797 | 10089033 |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Hanmi Semiconductor Co Ltd (b) | 79131 | 7955952 |
| SK Hynix Inc  | 1018050 | 398171047 |
|  |  | 406126999 |
| Technology Hardware, Storage & Peripherals - 1.1% |  |  |
| Samsung Electronics Co Ltd  | 8785930 | 660822716 |
| TOTAL INFORMATION TECHNOLOGY |  | 1127655219 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| LG Chem Ltd  | 92288 | 25666765 |
| Metals & Mining - 0.1% |  |  |
| Korea Zinc Co Ltd  | 7498 | 5419191 |
| POSCO Holdings Inc  | 135893 | 29462707 |
|  |  | 34881898 |
| TOTAL MATERIALS |  | 60548663 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Korea Electric Power Corp  | 479888 | 14319662 |
| TOTAL KOREA (SOUTH) |  | 2325551523 |
| KUWAIT - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Mobile Telecommunications Co KSCP  | 3581766 | 6200221 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Boubyan Bank KSCP  | 2841927 | 6633479 |
| Gulf Bank KSCP  | 3792368 | 4339433 |
| Kuwait Finance House KSCP  | 20744349 | 54303871 |
| National Bank of Kuwait SAKP  | 15447014 | 52874865 |
| Warba Bank KSCP  | 4144395 | 3904581 |
|  |  | 122056229 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Mabanee Co KPSC  | 1235817 | 4056944 |
| TOTAL KUWAIT |  | 132313394 |
| LUXEMBOURG - 0.1%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| CVC Capital Partners PLC (d)(e) | 386072 | 6448135 |
| Reinet Investments SCA (South Africa)  | 252694 | 8081690 |
|  |  | 14529825 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Eurofins Scientific SE  | 220712 | 15554241 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| ArcelorMittal SA  | 874848 | 33438331 |
| TOTAL LUXEMBOURG |  | 63522397 |
| MACAU - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Galaxy Entertainment Group Ltd  | 4049239 | 20177019 |
| Sands China Ltd  | 4554865 | 11864085 |
| TOTAL MACAU |  | 32041104 |
| MALAYSIA - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telekom Malaysia Bhd  | 2268099 | 3953468 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Axiata Group Berhad  | 5065015 | 3035623 |
| CELCOMDIGI BHD  | 6443800 | 5539083 |
| Maxis Bhd  | 4342500 | 3940186 |
|  |  | 12514892 |
| TOTAL COMMUNICATION SERVICES |  | 16468360 |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| MR DIY Group M Bhd (d)(e) | 6086150 | 2325176 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| IOI Corp Bhd  | 4606700 | 4421904 |
| Kuala Lumpur Kepong Bhd  | 901585 | 4413203 |
| Nestle Malaysia Bhd  | 128300 | 3461772 |
| QL Resources Bhd  | 3060150 | 3032383 |
| SD Guthrie Bhd  | 3843724 | 4845956 |
|  |  | 20175218 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Petronas Dagangan Bhd  | 541700 | 2933562 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| AMMB Holdings Bhd  | 4570200 | 6220186 |
| CIMB Group Holdings Bhd  | 15158888 | 26423086 |
| Hong Leong Bank Bhd  | 1195800 | 5870499 |
| Malayan Banking Bhd  | 11099268 | 26158017 |
| Public Bank Bhd  | 27487200 | 27697226 |
| RHB Bank Bhd  | 3298576 | 5332225 |
|  |  | 97701239 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| IHH Healthcare Bhd  | 4047400 | 7973030 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| Gamuda Bhd  | 8640577 | 10398402 |
| Industrial Conglomerates - 0.0% |  |  |
| Sunway Bhd  | 4566200 | 5898553 |
| Marine Transportation - 0.0% |  |  |
| MISC Bhd  | 2445200 | 4548259 |
| TOTAL INDUSTRIALS |  | 20845214 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Petronas Chemicals Group Bhd  | 4500300 | 4190824 |
| Metals & Mining - 0.0% |  |  |
| Press Metal Aluminium Holdings Bhd  | 6931000 | 10475938 |
| TOTAL MATERIALS |  | 14666762 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Tenaga Nasional Bhd  | 4952425 | 15703965 |
| Gas Utilities - 0.0% |  |  |
| Petronas Gas Bhd  | 1456000 | 6431709 |
| Multi-Utilities - 0.0% |  |  |
| YTL Corp Bhd  | 5455000 | 3386581 |
| YTL Corp Bhd warrants 6/2/2028 (c) | 1212600 | 340750 |
| YTL Power International Bhd  | 5486600 | 5227205 |
| YTL Power International Bhd warrants 6/2/2028 (c) | 952180 | 373979 |
|  |  | 9328515 |
| TOTAL UTILITIES |  | 31464189 |
| TOTAL MALAYSIA |  | 214552750 |
| MEXICO - 0.6%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| America Movil SAB de CV Series B  | 34115646 | 38911136 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.1% |  |  |
| Arca Continental SAB de CV  | 961062 | 9308259 |
| Coca-Cola Femsa SAB de CV unit  | 989975 | 8517243 |
| Fomento Economico Mexicano SAB de CV unit (b) | 3244600 | 30607886 |
|  |  | 48433388 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Grupo Comercial Chedraui SA de CV  | 583000 | 4227248 |
| Wal-Mart de Mexico SAB de CV Series V  | 9776500 | 32320835 |
|  |  | 36548083 |
| Food Products - 0.0% |  |  |
| Alfa SAB de CV Series A  | 6610258 | 4984779 |
| Gruma SAB de CV Series B  | 292565 | 4965030 |
| Grupo Bimbo SAB de CV (b) | 2448100 | 8459673 |
|  |  | 18409482 |
| Household Products - 0.0% |  |  |
| Kimberly Clark DE Mexico Sab D Series A  | 2741100 | 5305592 |
| TOTAL CONSUMER STAPLES |  | 108696545 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Grupo Financiero Banorte SAB de CV  | 4725500 | 44473648 |
| Grupo Financiero Inbursa SAB de CV Series O  | 3407200 | 8274773 |
|  |  | 52748421 |
| Insurance - 0.0% |  |  |
| Qualitas Controladora SAB de CV (b) | 363200 | 3293501 |
| TOTAL FINANCIALS |  | 56041922 |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Grupo Carso SAB de CV Series A1 (b) | 1033400 | 7385680 |
| Transportation Infrastructure - 0.1% |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV Series B  | 522500 | 6438687 |
| Grupo Aeroportuario del Pacifico SAB de CV Series B  | 726145 | 15136538 |
| Grupo Aeroportuario del Sureste SAB de CV Series B  | 340240 | 10292084 |
| Promotora y Operadora de Infraestructura SAB de CV  | 347735 | 4503513 |
|  |  | 36370822 |
| TOTAL INDUSTRIALS |  | 43756502 |
| Materials - 0.2% |  |  |
| Construction Materials - 0.0% |  |  |
| Cemex SAB de CV unit  | 28088640 | 28544475 |
| Metals & Mining - 0.2% |  |  |
| Fresnillo PLC  | 407112 | 11883767 |
| Grupo Mexico SAB de CV Series B  | 5812523 | 50252036 |
| Industrias Penoles SAB de CV (c) | 371340 | 15372279 |
| Southern Copper Corp  | 166821 | 23154755 |
|  |  | 100662837 |
| TOTAL MATERIALS |  | 129207312 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Fibra Uno Administracion SA de CV  | 5406800 | 7846022 |
| Industrial REITs - 0.0% |  |  |
| Prologis Property Mexico SA de CV (b) | 1952630 | 7797487 |
| TOTAL REAL ESTATE |  | 15643509 |
| TOTAL MEXICO |  | 392256926 |
| NETHERLANDS - 2.7%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Koninklijke KPN NV  | 7266354 | 33624787 |
| Entertainment - 0.1% |  |  |
| Universal Music Group NV  | 2068374 | 55477893 |
| TOTAL COMMUNICATION SERVICES |  | 89102680 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.1% |  |  |
| Heineken Holding NV Class A  | 242089 | 16351972 |
| Heineken NV  | 536954 | 41577583 |
|  |  | 57929555 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Koninklijke Ahold Delhaize NV  | 1698023 | 69501103 |
| Food Products - 0.0% |  |  |
| JDE Peet's NV  | 315736 | 11493007 |
| TOTAL CONSUMER STAPLES |  | 138923665 |
| Financials - 0.6% |  |  |
| Banks - 0.3% |  |  |
| ABN AMRO Bank NV depository receipt (d)(e) | 1079983 | 32253867 |
| ING Groep NV  | 5642391 | 140888681 |
|  |  | 173142548 |
| Capital Markets - 0.0% |  |  |
| Euronext NV (d) | 145704 | 20825268 |
| Financial Services - 0.2% |  |  |
| Adyen NV (c)(d)(e) | 46956 | 80458376 |
| EXOR NV  | 171239 | 14842873 |
|  |  | 95301249 |
| Insurance - 0.1% |  |  |
| ASR Nederland NV (b) | 292317 | 19508779 |
| NN Group NV  | 500801 | 34277003 |
|  |  | 53785782 |
| TOTAL FINANCIALS |  | 343054847 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Argenx SE (c) | 113971 | 93281554 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Koninklijke Philips NV  | 1439457 | 39434207 |
| TOTAL HEALTH CARE |  | 132715761 |
| Industrials - 0.1% |  |  |
| Professional Services - 0.1% |  |  |
| Randstad NV (b) | 203750 | 7982634 |
| Wolters Kluwer NV  | 444783 | 54472158 |
|  |  | 62454792 |
| Trading Companies & Distributors - 0.0% |  |  |
| IMCD NV  | 110652 | 11476321 |
| TOTAL INDUSTRIALS |  | 73931113 |
| Information Technology - 1.5% |  |  |
| Semiconductors & Semiconductor Equipment - 1.5% |  |  |
| ASM International NV  | 87523 | 56696463 |
| ASML Holding NV  | 734026 | 776781524 |
| BE Semiconductor Industries NV  | 136778 | 23270197 |
|  |  | 856748184 |
| Software - 0.0% |  |  |
| Nebius Group NV Class A (Russia) (c)(f) | 371380 | 0 |
| TOTAL INFORMATION TECHNOLOGY |  | 856748184 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Akzo Nobel NV  | 315493 | 20888229 |
| TOTAL NETHERLANDS |  | 1655364479 |
| NEW ZEALAND - 0.2%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Infratil Ltd  | 1734919 | 12271099 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Fisher & Paykel Healthcare Corp Ltd  | 1095756 | 23263420 |
| Industrials - 0.0% |  |  |
| Transportation Infrastructure - 0.0% |  |  |
| Auckland International Airport Ltd  | 3172863 | 14743247 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Xero Ltd (b)(c) | 305604 | 28993722 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Contact Energy Ltd  | 1548183 | 8257032 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Meridian Energy Ltd  | 2453303 | 8311104 |
| TOTAL UTILITIES |  | 16568136 |
| TOTAL NEW ZEALAND |  | 95839624 |
| NORWAY - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telenor ASA  | 1149008 | 17083259 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Mowi ASA  | 869239 | 19102362 |
| Orkla ASA  | 1296637 | 13146543 |
| Salmar ASA  | 125087 | 7032806 |
|  |  | 39281711 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Aker BP ASA  | 590413 | 15323896 |
| Equinor ASA  | 1429847 | 34246704 |
| Equinor ASA ADR  | 37 | 887 |
|  |  | 49571487 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| DNB Bank ASA  | 1657871 | 42276387 |
| Insurance - 0.0% |  |  |
| Gjensidige Forsikring ASA  | 373163 | 10042622 |
| TOTAL FINANCIALS |  | 52319009 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Kongsberg Gruppen ASA  | 819688 | 20963070 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Norsk Hydro ASA  | 2580253 | 17459391 |
| TOTAL NORWAY |  | 196677927 |
| PERU - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Credicorp Ltd  | 126164 | 32928804 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Cia de Minas Buenaventura SAA ADR  | 311841 | 7100620 |
| TOTAL PERU |  | 40029424 |
| PHILIPPINES - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| PLDT Inc  | 138715 | 2642641 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Jollibee Foods Corp  | 913900 | 3371699 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Bank of the Philippine Islands  | 3968760 | 7125036 |
| BDO Unibank Inc  | 4465757 | 10154720 |
| Metropolitan Bank & Trust Co  | 3292301 | 3869370 |
|  |  | 21149126 |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Ayala Corp  | 453055 | 3611506 |
| SM Investments Corp  | 416615 | 5173138 |
|  |  | 8784644 |
| Transportation Infrastructure - 0.1% |  |  |
| International Container Terminal Services Inc  | 1893460 | 17093210 |
| TOTAL INDUSTRIALS |  | 25877854 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Ayala Land Inc  | 12055070 | 4086151 |
| SM Prime Holdings Inc  | 18526275 | 7068508 |
|  |  | 11154659 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Manila Electric Co  | 515270 | 5134313 |
| TOTAL PHILIPPINES |  | 69330292 |
| POLAND - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| CD Projekt SA  | 121894 | 8377118 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Allegro.eu SA (c)(d)(e) | 1286011 | 12013913 |
| Specialty Retail - 0.0% |  |  |
| CCC SA (b)(c) | 99325 | 4061217 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| LPP SA  | 2036 | 9885047 |
| TOTAL CONSUMER DISCRETIONARY |  | 25960177 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Dino Polska SA (c)(d)(e) | 922632 | 11010125 |
| Zabka Group SA (b)(c) | 545906 | 3170778 |
|  |  | 14180903 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| ORLEN SA  | 1076018 | 29154173 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Bank Millennium SA (c) | 1116973 | 4669933 |
| Bank Polska Kasa Opieki SA  | 340407 | 17462796 |
| mBank SA (c) | 27288 | 7250199 |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 1634422 | 33502775 |
| Santander Bank Polska SA  | 76861 | 10139908 |
|  |  | 73025611 |
| Insurance - 0.0% |  |  |
| Powszechny Zaklad Ubezpieczen SA  | 1137072 | 18184531 |
| TOTAL FINANCIALS |  | 91210142 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| InPost SA (c) | 458014 | 5764994 |
| Construction & Engineering - 0.0% |  |  |
| Budimex SA (b) | 23307 | 3702108 |
| TOTAL INDUSTRIALS |  | 9467102 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| KGHM Polska Miedz SA (c) | 263811 | 13847756 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| PGE Polska Grupa Energetyczna SA (c) | 1646805 | 4994372 |
| TOTAL POLAND |  | 197191743 |
| PORTUGAL - 0.1%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Jeronimo Martins SGPS SA  | 530551 | 13661795 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Galp Energia SGPS SA  | 782773 | 15694870 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Banco Comercial Portugues SA  | 15403960 | 13586413 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| EDP SA  | 5816769 | 28897252 |
| TOTAL PORTUGAL |  | 71840330 |
| QATAR - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Ooredoo QPSC  | 1453661 | 5409807 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Qatar Fuel QSC  | 1094518 | 4509138 |
| Qatar Gas Transport Co Ltd  | 5087862 | 6187600 |
|  |  | 10696738 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Al Rayan Bank  | 11365794 | 7301453 |
| Commercial Bank of Qatar  | 6007181 | 6830467 |
| Dukhan Bank  | 3325325 | 3175544 |
| Qatar International Islamic Bank QSC  | 1806304 | 5521605 |
| Qatar Islamic Bank QPSC  | 3290965 | 22126565 |
| Qatar National Bank QPSC  | 8610743 | 43727723 |
|  |  | 88683357 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Industries Qatar QSC  | 2850542 | 9942841 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Mesaieed Petrochemical Holding Co  | 10400561 | 3570640 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Barwa Real Estate Co  | 3862441 | 2789952 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Qatar Electricity & Water Co QSC  | 799788 | 3374003 |
| TOTAL QATAR |  | 124467338 |
| ROMANIA - 0.0%  |  |  |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| NEPI Rockcastle NV  | 1115001 | 9029337 |
| RUSSIA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| VK IPJSC (c)(f) | 51978 | 0 |
| VK IPJSC GDR (c)(e)(f) | 68289 | 0 |
|  |  | 0 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Ozon Holdings PLC ADR (c)(f) | 62559 | 0 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Gazprom PJSC (c)(f) | 12146244 | 2 |
| Gazprom PJSC ADR (c)(f) | 1078053 | 11 |
| LUKOIL PJSC (c)(f) | 451803 | 0 |
| Rosneft Oil Co PJSC (c)(f) | 1187356 | 0 |
| Rosneft Oil Co PJSC GDR (c)(e)(f) | 214392 | 2 |
| Surgutneftegas PAO (c)(f) | 6111900 | 0 |
| Surgutneftegas PAO ADR (c)(f) | 214357 | 2 |
| Tatneft PJSC (c)(f) | 1520327 | 0 |
|  |  | 17 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sberbank of Russia PJSC (c)(f) | 13066303 | 2 |
| VTB Bank PJSC (c)(f) | 826735 | 0 |
|  |  | 2 |
| Capital Markets - 0.0% |  |  |
| Moscow Exchange MICEX-RTS PJSC (c)(f) | 1699470 | 0 |
| TKS Holding MKPAO JSC (c)(f) | 5907 | 0 |
|  |  | 0 |
| TOTAL FINANCIALS |  | 2 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Phosagro Pjsc GDR (c)(e)(f) | 1019 | 0 |
| Metals & Mining - 0.0% |  |  |
| Alrosa PJSC (c)(f) | 3102770 | 0 |
| GMK Norilskiy Nickel PAO (c)(f) | 6655600 | 0 |
| GMK Norilskiy Nickel PAO ADR (United Kingdom) (c)(f) | 85403 | 2 |
| Novolipetsk Steel PJSC (c)(f) | 1805640 | 0 |
| Polyus PJSC (c)(f) | 413530 | 0 |
| Severstal PAO (c)(f) | 245384 | 0 |
| Severstal PAO GDR (c)(e)(f) | 10278 | 0 |
| United Co RUSAL International PJSC (Russia) (c)(f) | 3455150 | 0 |
|  |  | 2 |
| TOTAL MATERIALS |  | 2 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Inter RAO UES PJSC (c)(f) | 42112900 | 5 |
| TOTAL RUSSIA |  | 26 |
| SAUDI ARABIA - 1.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Saudi Telecom Co  | 3757565 | 45267522 |
| Media - 0.0% |  |  |
| Saudi Research & Media Group (c) | 66943 | 3066637 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Etihad Etisalat Co  | 703009 | 12700013 |
| TOTAL COMMUNICATION SERVICES |  | 61034172 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Jabal Omar Development Company (c) | 1054580 | 4974407 |
| Specialty Retail - 0.0% |  |  |
| Jarir Marketing Co  | 1093206 | 4139276 |
| TOTAL CONSUMER DISCRETIONARY |  | 9113683 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Nahdi Medical Co  | 71373 | 2207628 |
| Food Products - 0.0% |  |  |
| Almarai Co JSC  | 913728 | 12079736 |
| TOTAL CONSUMER STAPLES |  | 14287364 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Ades Holding Co  | 631327 | 2844953 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Saudi Arabian Oil Co (d)(e) | 11304886 | 78072833 |
| TOTAL ENERGY |  | 80917786 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Al Rajhi Bank  | 3670075 | 103438907 |
| Alinma Bank  | 2268145 | 15664068 |
| Arab National Bank  | 1670051 | 10794346 |
| Bank Al-Jazira  | 1131169 | 3809472 |
| Bank AlBilad  | 1367571 | 10815710 |
| Banque Saudi Fransi  | 2278745 | 10833806 |
| Riyad Bank  | 2723170 | 19735957 |
| Saudi Awwal Bank  | 1859168 | 16042097 |
| Saudi Investment Bank/The  | 1119246 | 4103574 |
| Saudi National Bank/The  | 5513087 | 58625153 |
|  |  | 253863090 |
| Capital Markets - 0.0% |  |  |
| Saudi Tadawul Group Holding Co  | 90232 | 4787928 |
| Insurance - 0.0% |  |  |
| Al Rajhi Co for Co-operative Insurance (c) | 74809 | 2351807 |
| Bupa Arabia for Cooperative Insurance Co  | 151542 | 6626907 |
| Co for Cooperative Insurance/The  | 134396 | 4880872 |
|  |  | 13859586 |
| TOTAL FINANCIALS |  | 272510604 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Dallah Healthcare Co  | 64163 | 2634749 |
| Dr Sulaiman Al Habib Medical Services Group Co  | 164082 | 11909213 |
| Mouwasat Medical Services Co  | 178360 | 3654899 |
|  |  | 18198861 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| SAL Saudi Logistics Services  | 65512 | 3070957 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Arabian Internet & Communications Services Co  | 44533 | 2990003 |
| Elm Co  | 45428 | 11465110 |
|  |  | 14455113 |
| Materials - 0.3% |  |  |
| Chemicals - 0.2% |  |  |
| SABIC Agri-Nutrients Co  | 432492 | 14138474 |
| Sahara International Petrochemical Co  | 669046 | 3371722 |
| Saudi Aramco Base Oil Co  | 89950 | 2313329 |
| Saudi Basic Industries Corp  | 1687486 | 27470075 |
| Yanbu National Petrochemical Co  | 505115 | 4646686 |
|  |  | 51940286 |
| Metals & Mining - 0.1% |  |  |
| Saudi Arabian Mining Co (c) | 2524027 | 43241536 |
| TOTAL MATERIALS |  | 95181822 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Dar Al Arkan Real Estate Development Co (c) | 977994 | 4487981 |
| Makkah Construction & Development Co  | 179385 | 4259455 |
|  |  | 8747436 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Saudi Electricity Co  | 1498125 | 6403473 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| ACWA Power Co (c) | 287152 | 18506423 |
| TOTAL UTILITIES |  | 24909896 |
| TOTAL SAUDI ARABIA |  | 602427694 |
| SINGAPORE - 1.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Singapore Telecommunications Ltd  | 13860718 | 45242094 |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Sea Ltd Class A ADR (c) | 713056 | 111415000 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Genting Singapore Ltd  | 11524523 | 6463508 |
| TOTAL CONSUMER DISCRETIONARY |  | 117878508 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| DBS Group Holdings Ltd  | 3966501 | 164346496 |
| Oversea-Chinese Banking Corp Ltd  | 6304691 | 82489926 |
| United Overseas Bank Ltd  | 2351515 | 62636006 |
|  |  | 309472428 |
| Capital Markets - 0.0% |  |  |
| Singapore Exchange Ltd  | 1580190 | 20553639 |
| TOTAL FINANCIALS |  | 330026067 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Singapore Technologies Engineering Ltd  | 2906597 | 18958980 |
| Ground Transportation - 0.1% |  |  |
| Grab Holdings Ltd Class A (c) | 4425383 | 26596552 |
| Industrial Conglomerates - 0.0% |  |  |
| Keppel Ltd  | 2735157 | 21413068 |
| Passenger Airlines - 0.0% |  |  |
| Singapore Airlines Ltd  | 2786439 | 14193370 |
| TOTAL INDUSTRIALS |  | 81161970 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| STMicroelectronics NV  | 1272214 | 31293349 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.1% |  |  |
| CapitaLand Integrated Commercial Trust  | 10826787 | 19713802 |
| Industrial REITs - 0.0% |  |  |
| CapitaLand Ascendas REIT  | 7073815 | 15325875 |
| Real Estate Management & Development - 0.0% |  |  |
| CapitaLand Investment Ltd/Singapore  | 4435399 | 8996200 |
| TOTAL REAL ESTATE |  | 44035877 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Sembcorp Industries Ltd  | 1672800 | 8392274 |
| TOTAL SINGAPORE |  | 658030139 |
| SOUTH AFRICA - 1.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| MTN Group Ltd  | 3237177 | 32288682 |
| Vodacom Group Ltd  | 1171554 | 9462980 |
|  |  | 41751662 |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Naspers Ltd Class N  | 1456675 | 102311112 |
| Specialty Retail - 0.0% |  |  |
| Pepkor Holdings Ltd (d)(e) | 6437840 | 9802969 |
| TOTAL CONSUMER DISCRETIONARY |  | 112114081 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Bid Corp Ltd (b) | 624062 | 15437863 |
| Clicks Group Ltd  | 450447 | 9484134 |
| Shoprite Holdings Ltd  | 946668 | 15837408 |
|  |  | 40759405 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| Absa Group Ltd  | 1589351 | 17769563 |
| Capitec Bank Holdings Ltd (b) | 162349 | 35888329 |
| Nedbank Group Ltd  | 869417 | 11842625 |
| Standard Bank Group Ltd  | 2461318 | 36138608 |
|  |  | 101639125 |
| Financial Services - 0.1% |  |  |
| FirstRand Ltd  | 9429983 | 44725451 |
| Remgro Ltd  | 916398 | 9099231 |
|  |  | 53824682 |
| Insurance - 0.0% |  |  |
| Discovery Ltd  | 1016685 | 12771381 |
| Old Mutual Ltd  | 7705015 | 6021800 |
| OUTsurance Group Ltd (b) | 1546758 | 6512665 |
| Sanlam Ltd  | 3380921 | 17739720 |
|  |  | 43045566 |
| TOTAL FINANCIALS |  | 198509373 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Bidvest Group Ltd  | 588346 | 7634669 |
| Materials - 0.4% |  |  |
| Chemicals - 0.0% |  |  |
| Sasol Ltd (b)(c) | 1072925 | 6712840 |
| Metals & Mining - 0.4% |  |  |
| Anglo American PLC  | 2086067 | 78921470 |
| Gold Fields Ltd  | 1668213 | 64319811 |
| Harmony Gold Mining Co Ltd  | 1065601 | 17730085 |
| Impala Platinum Holdings Ltd  | 1680711 | 18012157 |
| Sibanye Stillwater Ltd (b)(c) | 5263016 | 13966472 |
| Valterra Platinum Ltd  | 494475 | 30582907 |
|  |  | 223532902 |
| TOTAL MATERIALS |  | 230245742 |
| TOTAL SOUTH AFRICA |  | 631014932 |
| SPAIN - 2.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Cellnex Telecom SA (d)(e) | 922692 | 28725011 |
| Telefonica SA (b) | 6873068 | 34854528 |
|  |  | 63579539 |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Amadeus IT Group SA Class A  | 839660 | 64186757 |
| Specialty Retail - 0.2% |  |  |
| Industria de Diseno Textil SA (b) | 2032992 | 112245423 |
| TOTAL CONSUMER DISCRETIONARY |  | 176432180 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Repsol SA  | 2157425 | 39587356 |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Banco Bilbao Vizcaya Argentaria SA  | 10731955 | 216206900 |
| Banco de Sabadell SA  | 9449832 | 35323887 |
| Banco Santander SA (b) | 27779241 | 282606245 |
| Banco Santander SA ADR  | 2284 | 23183 |
| Bankinter SA  | 1245077 | 18757254 |
| CaixaBank SA (b) | 7296667 | 77123932 |
|  |  | 630041401 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Grifols SA Class A (b) | 554733 | 7183805 |
| Industrials - 0.1% |  |  |
| Construction & Engineering - 0.0% |  |  |
| ACS Actividades de Construccion y Servicios SA  | 338460 | 27776965 |
| Transportation Infrastructure - 0.1% |  |  |
| Aena SME SA (d)(e) | 1395847 | 37890138 |
| TOTAL INDUSTRIALS |  | 65667103 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| Acciona SA  | 45207 | 10004707 |
| Endesa SA  | 592245 | 21223626 |
| Iberdrola SA  | 11823299 | 239613886 |
| Redeia Corp SA (b) | 761166 | 13695558 |
|  |  | 284537777 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| EDP Renovaveis SA  | 575006 | 8404059 |
| TOTAL UTILITIES |  | 292941836 |
| TOTAL SPAIN |  | 1275433220 |
| SWEDEN - 1.9%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Telia Co AB  | 4418566 | 17338927 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Tele2 AB B Shares  | 1007722 | 15958714 |
| TOTAL COMMUNICATION SERVICES |  | 33297641 |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Evolution AB (d) | 266781 | 17837351 |
| Specialty Retail - 0.1% |  |  |
| H & M Hennes & Mauritz AB B Shares (b) | 1056216 | 19947822 |
| TOTAL CONSUMER DISCRETIONARY |  | 37785173 |
| Consumer Staples - 0.0% |  |  |
| Household Products - 0.0% |  |  |
| Essity AB B Shares  | 1124059 | 30869397 |
| Financials - 0.5% |  |  |
| Banks - 0.3% |  |  |
| Skandinaviska Enskilda Banken AB A Shares  | 2838427 | 54197590 |
| Svenska Handelsbanken AB A Shares  | 2714131 | 35417606 |
| Swedbank AB A1 Shares  | 1578561 | 48020224 |
|  |  | 137635420 |
| Capital Markets - 0.0% |  |  |
| EQT AB  | 691403 | 23987414 |
| Financial Services - 0.2% |  |  |
| Industrivarden AB A Shares  | 209406 | 8724286 |
| Industrivarden AB C Shares  | 303467 | 12623895 |
| Investor AB A Shares  | 467256 | 15414124 |
| Investor AB B Shares  | 2726091 | 89972983 |
| L E Lundbergforetagen AB B Shares  | 143020 | 7662659 |
|  |  | 134397947 |
| TOTAL FINANCIALS |  | 296020781 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Swedish Orphan Biovitrum AB B Shares (c) | 363717 | 12526850 |
| Industrials - 0.9% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Saab AB B Shares  | 597025 | 32852190 |
| Building Products - 0.1% |  |  |
| Assa Abloy AB B Shares  | 1869289 | 70443346 |
| Nibe Industrier AB B Shares  | 2832165 | 11063039 |
|  |  | 81506385 |
| Commercial Services & Supplies - 0.0% |  |  |
| Securitas AB B Shares  | 905013 | 13355735 |
| Construction & Engineering - 0.0% |  |  |
| Skanska AB B Shares  | 636282 | 17386785 |
| Industrial Conglomerates - 0.0% |  |  |
| Investment AB Latour B Shares  | 270008 | 6903497 |
| Lifco AB B Shares  | 435730 | 16887533 |
|  |  | 23791030 |
| Machinery - 0.7% |  |  |
| Alfa Laval AB  | 541136 | 25859924 |
| Atlas Copco AB A Shares  | 5004376 | 83853652 |
| Atlas Copco AB B Shares  | 2912267 | 43759492 |
| Epiroc AB A Shares  | 1233904 | 26132100 |
| Epiroc AB B Shares  | 722009 | 13527813 |
| Indutrade AB  | 508076 | 13583990 |
| Sandvik AB  | 1988224 | 60377635 |
| SKF AB B Shares  | 635906 | 16399249 |
| Trelleborg AB B Shares  | 380693 | 15928577 |
| Volvo AB B Shares (b) | 2959537 | 81076656 |
|  |  | 380499088 |
| Trading Companies & Distributors - 0.0% |  |  |
| AddTech AB B Shares  | 487464 | 16522029 |
| Beijer Ref AB B Shares  | 720870 | 11427386 |
|  |  | 27949415 |
| TOTAL INDUSTRIALS |  | 577340628 |
| Information Technology - 0.2% |  |  |
| Communications Equipment - 0.1% |  |  |
| Telefonaktiebolaget LM Ericsson B Shares  | 5190264 | 52659732 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Hexagon AB B Shares (b) | 3874251 | 47225649 |
| TOTAL INFORMATION TECHNOLOGY |  | 99885381 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Boliden AB (c) | 524827 | 23699459 |
| Paper & Forest Products - 0.0% |  |  |
| Holmen AB B Shares  | 143262 | 5416669 |
| Svenska Cellulosa AB SCA B Shares  | 1135908 | 15155005 |
|  |  | 20571674 |
| TOTAL MATERIALS |  | 44271133 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Fastighets AB Balder B Shares (c) | 1348358 | 9881075 |
| Sagax AB B Shares  | 409183 | 9182686 |
|  |  | 19063761 |
| TOTAL SWEDEN |  | 1151060745 |
| SWITZERLAND - 2.9%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Swisscom AG  | 48250 | 35344362 |
| Consumer Discretionary - 0.4% |  |  |
| Specialty Retail - 0.0% |  |  |
| Avolta AG  | 162976 | 8591120 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Cie Financiere Richemont SA Series A  | 1001855 | 198172641 |
| Swatch Group AG/The (b) | 53354 | 11150278 |
| Swatch Group AG/The (b) | 1488 | 62940 |
|  |  | 209385859 |
| TOTAL CONSUMER DISCRETIONARY |  | 217976979 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Barry Callebaut AG (b) | 6664 | 8661751 |
| Chocoladefabriken Lindt & Spruengli AG  | 202 | 30924386 |
| Chocoladefabriken Lindt & Spruengli AG  | 1731 | 26607605 |
|  |  | 66193742 |
| Financials - 1.0% |  |  |
| Banks - 0.0% |  |  |
| Banque Cantonale Vaudoise  | 55540 | 6439120 |
| Capital Markets - 0.5% |  |  |
| Julius Baer Group Ltd  | 383702 | 25903171 |
| Partners Group Holding AG  | 42277 | 51609723 |
| UBS Group AG  | 5919623 | 226045374 |
|  |  | 303558268 |
| Insurance - 0.5% |  |  |
| Baloise Holding AG  | 75813 | 18784855 |
| Helvetia Holding AG  | 69016 | 16929181 |
| Swiss Life Holding AG  | 53412 | 57901993 |
| Zurich Insurance Group AG  | 272129 | 189257947 |
|  |  | 282873976 |
| TOTAL FINANCIALS |  | 592871364 |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Sonova Holding AG  | 94561 | 25686281 |
| Straumann Holding AG  | 208129 | 26162181 |
|  |  | 51848462 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Lonza Group AG  | 131112 | 90291731 |
| Pharmaceuticals - 0.2% |  |  |
| Galderma Group AG  | 288205 | 53182283 |
| Sandoz Group AG  | 778571 | 51759613 |
|  |  | 104941896 |
| TOTAL HEALTH CARE |  | 247082089 |
| Industrials - 0.6% |  |  |
| Building Products - 0.1% |  |  |
| Belimo Holding AG  | 18240 | 19628257 |
| Geberit AG  | 62769 | 45784906 |
|  |  | 65413163 |
| Electrical Equipment - 0.4% |  |  |
| ABB Ltd  | 2923477 | 217353344 |
| Machinery - 0.1% |  |  |
| Schindler Holding AG  | 75440 | 26810612 |
| Schindler Holding AG  | 44109 | 14881135 |
| VAT Group AG (d)(e) | 49962 | 21747982 |
|  |  | 63439729 |
| Marine Transportation - 0.0% |  |  |
| Kuehne + Nagel International AG  | 88964 | 17024487 |
| Professional Services - 0.0% |  |  |
| SGS SA  | 303533 | 34179758 |
| TOTAL INDUSTRIALS |  | 397410481 |
| Information Technology - 0.0% |  |  |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Logitech International SA  | 283603 | 34071125 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| DSM-Firmenich AG  | 347711 | 28341566 |
| EMS-Chemie Holding AG  | 13075 | 8944128 |
| Givaudan SA  | 17220 | 70570438 |
| Sika AG  | 284384 | 55735811 |
|  |  | 163591943 |
| Containers & Packaging - 0.0% |  |  |
| SIG Group AG  | 574443 | 6406494 |
| TOTAL MATERIALS |  | 169998437 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Swiss Prime Site AG  | 147597 | 20963451 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| BKW AG  | 39023 | 8723501 |
| TOTAL SWITZERLAND |  | 1790635531 |
| TAIWAN - 6.2%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Chunghwa Telecom Co Ltd  | 7092400 | 30184078 |
| Entertainment - 0.0% |  |  |
| International Games System Co Ltd  | 422000 | 9871986 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Far EasTone Telecommunications Co Ltd  | 3318000 | 9971896 |
| Taiwan Mobile Co Ltd  | 3285400 | 11688586 |
|  |  | 21660482 |
| TOTAL COMMUNICATION SERVICES |  | 61716546 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Cheng Shin Rubber Industry Co Ltd  | 3249513 | 3367973 |
| Household Durables - 0.0% |  |  |
| Nien Made Enterprise Co Ltd  | 322000 | 3870947 |
| Specialty Retail - 0.0% |  |  |
| Hotai Motor Co Ltd  | 567180 | 10430303 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Eclat Textile Co Ltd  | 349420 | 4660371 |
| Feng TAY Enterprise Co Ltd  | 906710 | 3594081 |
|  |  | 8254452 |
| TOTAL CONSUMER DISCRETIONARY |  | 25923675 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| President Chain Store Corp  | 1069000 | 8283725 |
| Food Products - 0.1% |  |  |
| Uni-President Enterprises Corp  | 8941620 | 22863913 |
| TOTAL CONSUMER STAPLES |  | 31147638 |
| Financials - 0.6% |  |  |
| Banks - 0.3% |  |  |
| Chang Hwa Commercial Bank Ltd  | 12101697 | 7785223 |
| CTBC Financial Holding Co Ltd  | 31129255 | 42327616 |
| E.Sun Financial Holding Co Ltd  | 27104660 | 26199351 |
| First Financial Holding Co Ltd  | 21345513 | 19800325 |
| Hua Nan Financial Holdings Co Ltd  | 16892522 | 16026436 |
| Mega Financial Holding Co Ltd  | 22125131 | 29042020 |
| Shanghai Commercial & Savings Bank Ltd/The  | 7227811 | 9299542 |
| SinoPac Financial Holdings Co Ltd  | 22959455 | 19134122 |
| Taiwan Business Bank  | 13699971 | 6832626 |
| Taiwan Cooperative Financial Holding Co Ltd  | 20367430 | 15716631 |
| TS Financial Holding Co Ltd  | 39455046 | 23971972 |
|  |  | 216135864 |
| Financial Services - 0.1% |  |  |
| Chailease Holding Co Ltd  | 2877726 | 9630443 |
| Yuanta Financial Holding Co Ltd  | 19970606 | 22385662 |
|  |  | 32016105 |
| Insurance - 0.2% |  |  |
| Cathay Financial Holding Co Ltd  | 17782184 | 36976404 |
| Fubon Financial Holding Co Ltd  | 15667664 | 46425725 |
| KGI Financial Holding Co Ltd  | 30200477 | 15601650 |
|  |  | 99003779 |
| TOTAL FINANCIALS |  | 347155748 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| PharmaEssentia Corp  | 559304 | 9049756 |
| Pharmaceuticals - 0.0% |  |  |
| Caliway Biopharmaceuticals Co Ltd (c) | 1877000 | 9178260 |
| TOTAL HEALTH CARE |  | 18228016 |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Fortune Electric Co Ltd  | 291460 | 6770872 |
| Voltronic Power Technology Corp  | 128000 | 5032166 |
|  |  | 11803038 |
| Industrial Conglomerates - 0.0% |  |  |
| Far Eastern New Century Corp  | 5365032 | 4619317 |
| Marine Transportation - 0.1% |  |  |
| Evergreen Marine Corp Taiwan Ltd  | 2021221 | 12707332 |
| Wan Hai Lines Ltd  | 1277050 | 3406518 |
| Yang Ming Marine Transport Corp  | 3155000 | 5894226 |
|  |  | 22008076 |
| Passenger Airlines - 0.0% |  |  |
| China Airlines Ltd  | 5210000 | 3385535 |
| Eva Airways Corp  | 5133000 | 6037254 |
|  |  | 9422789 |
| Transportation Infrastructure - 0.0% |  |  |
| Taiwan High Speed Rail Corp  | 3619000 | 3215922 |
| TOTAL INDUSTRIALS |  | 51069142 |
| Information Technology - 5.2% |  |  |
| Communications Equipment - 0.0% |  |  |
| Accton Technology Corp  | 939000 | 32949509 |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| AUO Corp  | 11429600 | 4511977 |
| Chunghwa Picture Tubes Ltd (c)(f) | 551 | 0 |
| Delta Electronics Inc  | 3632383 | 117428719 |
| E Ink Holdings Inc  | 1610000 | 11089739 |
| Elite Material Co Ltd  | 548000 | 24214699 |
| Hon Hai Precision Industry Co Ltd  | 23304593 | 194974746 |
| Innolux Corp  | 14327805 | 6191429 |
| Largan Precision Co Ltd  | 187000 | 13457827 |
| Lotes Co Ltd  | 155000 | 6949769 |
| Synnex Technology International Corp  | 2252920 | 4157705 |
| Unimicron Technology Corp  | 2433000 | 12924670 |
| Wpg Holding Co Ltd  | 2915378 | 5711784 |
| Yageo Corp  | 3132728 | 25344378 |
| Zhen Ding Technology Holding Ltd  | 1257230 | 6658278 |
|  |  | 433615720 |
| Semiconductors & Semiconductor Equipment - 4.1% |  |  |
| Alchip Technologies Ltd  | 143000 | 16238385 |
| ASE Technology Holding Co Ltd  | 6190943 | 49472709 |
| eMemory Technology Inc  | 119000 | 7694132 |
| Global Unichip Corp  | 164000 | 8152577 |
| Globalwafers Co Ltd  | 495000 | 8170122 |
| Jentech Precision Industrial Co Ltd  | 159000 | 11003639 |
| MediaTek Inc  | 2836989 | 120750393 |
| Novatek Microelectronics Corp  | 1075000 | 13726525 |
| Realtek Semiconductor Corp  | 913744 | 15289433 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 45912000 | 2217620755 |
| United Microelectronics Corp  | 21089000 | 31810898 |
| Vanguard International Semiconductor Corp  | 2029334 | 6375872 |
|  |  | 2506305440 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Acer Inc  | 5298060 | 5172744 |
| Advantech Co Ltd  | 893303 | 9099048 |
| Asia Vital Components Co Ltd  | 613000 | 28381474 |
| Asustek Computer Inc  | 1316422 | 29811753 |
| Catcher Technology Co Ltd  | 1038000 | 6694490 |
| Compal Electronics Inc  | 7881394 | 8463190 |
| Gigabyte Technology Co Ltd  | 1009000 | 9195675 |
| Inventec Corp  | 5081209 | 7577734 |
| King Slide Works Co Ltd  | 106000 | 14154916 |
| Lite-On Technology Corp  | 3943053 | 22996232 |
| Micro-Star International Co Ltd  | 1300000 | 4625056 |
| Pegatron Corp  | 3749652 | 9039709 |
| Quanta Computer Inc  | 5042000 | 49227403 |
| Wistron Corp  | 5577000 | 27270729 |
| Wiwynn Corp  | 208000 | 29498993 |
|  |  | 261209146 |
| TOTAL INFORMATION TECHNOLOGY |  | 3234079815 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Formosa Chemicals & Fibre Corp  | 6583620 | 6246075 |
| Formosa Plastics Corp  | 7140640 | 8839378 |
| Nan Ya Plastics Corp  | 9623980 | 12976646 |
|  |  | 28062099 |
| Construction Materials - 0.0% |  |  |
| Asia Cement Corp  | 4345785 | 5125479 |
| TCC Group Holdings Co Ltd  | 12755302 | 9158885 |
|  |  | 14284364 |
| Metals & Mining - 0.0% |  |  |
| China Steel Corp  | 22006421 | 13299091 |
| TOTAL MATERIALS |  | 55645554 |
| TOTAL TAIWAN |  | 3824966134 |
| THAILAND - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| True Corp PCL (c) | 8968153 | 3154487 |
| True Corp PCL depository receipt (c) | 9881005 | 3445090 |
|  |  | 6599577 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Advanced Info Service PCL  | 834600 | 7776896 |
| Advanced Info Service PCL depository receipt  | 1117500 | 10412990 |
|  |  | 18189886 |
| TOTAL COMMUNICATION SERVICES |  | 24789463 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Minor International PCL  | 2307541 | 1637564 |
| Minor International PCL depository receipt  | 3827082 | 2715917 |
|  |  | 4353481 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| CP ALL PCL  | 4316600 | 6126615 |
| CP ALL PCL depository receipt  | 5831300 | 8276452 |
| CP AXTRA PCL  | 437900 | 264821 |
| CP AXTRA PCL depository receipt  | 3176417 | 1920943 |
|  |  | 16588831 |
| Food Products - 0.0% |  |  |
| Charoen Pokphand Foods PCL  | 3352740 | 2182746 |
| Charoen Pokphand Foods PCL depository receipt  | 3557900 | 2316313 |
|  |  | 4499059 |
| TOTAL CONSUMER STAPLES |  | 21087890 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| PTT Exploration & Production PCL  | 1179651 | 3894558 |
| PTT Exploration & Production PCL depository receipt  | 1431900 | 4727347 |
| PTT PCL  | 7492700 | 7108934 |
| PTT PCL depository receipt  | 11202000 | 10628248 |
|  |  | 26359087 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Kasikornbank PCL depository receipt  | 1098700 | 6322356 |
| Krung Thai Bank PCL  | 1971475 | 1657596 |
| Krung Thai Bank PCL depository receipt  | 4548600 | 3824417 |
| SCB X PCL  | 400400 | 1618402 |
| SCB X PCL depository receipt  | 1184800 | 4788917 |
| TMBThanachart Bank PCL depository receipt  | 42268100 | 2412711 |
|  |  | 20624399 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Bangkok Dusit Medical Services PCL  | 7967500 | 4646274 |
| Bangkok Dusit Medical Services PCL depository receipt  | 13005900 | 7584434 |
| Bumrungrad Hospital Pcl  | 333600 | 1770417 |
| Bumrungrad Hospital Pcl depository receipt  | 765300 | 4061450 |
|  |  | 18062575 |
| Industrials - 0.0% |  |  |
| Transportation Infrastructure - 0.0% |  |  |
| Airports of Thailand PCL  | 2800600 | 3564479 |
| Airports of Thailand PCL depository receipt  | 5218300 | 6641619 |
|  |  | 10206098 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Delta Electronics Thailand PCL  | 2208300 | 14785594 |
| Delta Electronics Thailand PCL depository receipt  | 3607200 | 24151880 |
|  |  | 38937474 |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Siam Cement PCL/The  | 548850 | 3454656 |
| Siam Cement PCL/The depository receipt  | 919100 | 5785140 |
|  |  | 9239796 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Central Pattana PCL  | 1561300 | 2589320 |
| Central Pattana PCL depository receipt  | 2091300 | 3468293 |
|  |  | 6057613 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Gulf Development PCL  | 2437575 | 3328068 |
| Gulf Development PCL depository receipt  | 5877167 | 8024210 |
|  |  | 11352278 |
| TOTAL THAILAND |  | 191070154 |
| TURKEY - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Turkcell Iletisim Hizmetleri AS  | 2236389 | 5301945 |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Ford Otomotiv Sanayi AS  | 1297311 | 3061733 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| BIM Birlesik Magazalar AS  | 849901 | 10893057 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Turkiye Petrol Rafinerileri AS  | 1775520 | 8342673 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Akbank TAS  | 5797490 | 8381780 |
| Haci Omer Sabanci Holding AS  | 2136886 | 4143793 |
| Turkiye Is Bankasi AS Class C  | 16155948 | 4859769 |
| Yapi ve Kredi Bankasi AS (c) | 6265574 | 5006023 |
|  |  | 22391365 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Aselsan Elektronik Sanayi Ve Ticaret AS  | 2571574 | 12450004 |
| Industrial Conglomerates - 0.0% |  |  |
| KOC Holding AS  | 1399459 | 5710448 |
| Passenger Airlines - 0.0% |  |  |
| Turk Hava Yollari AO  | 1024608 | 7102136 |
| TOTAL INDUSTRIALS |  | 25262588 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Eregli Demir ve Celik Fabrikalari TAS  | 6697342 | 4376348 |
| TOTAL TURKEY |  | 79629709 |
| UNITED ARAB EMIRATES - 0.4%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Emirates Telecommunications Group Co PJSC  | 6535248 | 34518251 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Americana Restaurants International PLC - Foreign Co  | 5409392 | 3078079 |
| Specialty Retail - 0.0% |  |  |
| Abu Dhabi National Oil Co for Distribution PJSC  | 6003432 | 5867850 |
| TOTAL CONSUMER DISCRETIONARY |  | 8945929 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| ADNOC Drilling Co PJSC  | 6011277 | 9132421 |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Adnoc Gas PLC  | 11436904 | 10867231 |
| TOTAL ENERGY |  | 19999652 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 5428225 | 21311209 |
| Abu Dhabi Islamic Bank PJSC  | 2686466 | 15447573 |
| Dubai Islamic Bank PJSC  | 5378612 | 13911655 |
| Emirates NBD Bank PJSC  | 3547286 | 27138604 |
| First Abu Dhabi Bank PJSC  | 8274646 | 39289897 |
|  |  | 117098938 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Multiply Group PJSC (c) | 6194257 | 5025630 |
| Transportation Infrastructure - 0.0% |  |  |
| Salik Co PJSC  | 3405963 | 5545313 |
| TOTAL INDUSTRIALS |  | 10570943 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Aldar Properties PJSC  | 7247267 | 17758315 |
| Emaar Development PJSC  | 1920662 | 7791520 |
| Emaar Properties PJSC  | 12424249 | 48033416 |
|  |  | 73583251 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Dubai Electricity & Water Authority PJSC  | 11170939 | 8455114 |
| TOTAL UNITED ARAB EMIRATES |  | 273172078 |
| UNITED KINGDOM - 6.9%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| BT Group PLC  | 11140479 | 27184972 |
| Interactive Media & Services - 0.0% |  |  |
| Auto Trader Group PLC (d)(e) | 1628151 | 16703347 |
| Media - 0.1% |  |  |
| Informa PLC  | 2436427 | 30976705 |
| WPP PLC  | 2014849 | 7613457 |
|  |  | 38590162 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Vodafone Group PLC  | 35561908 | 43050357 |
| Vodafone Group PLC ADR  | 85822 | 1034155 |
|  |  | 44084512 |
| TOTAL COMMUNICATION SERVICES |  | 126562993 |
| Consumer Discretionary - 0.4% |  |  |
| Broadline Retail - 0.1% |  |  |
| Next PLC  | 217728 | 40902187 |
| Diversified Consumer Services - 0.0% |  |  |
| Pearson PLC  | 910075 | 12666450 |
| Pearson PLC ADR (b) | 187110 | 2602700 |
|  |  | 15269150 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Compass Group PLC  | 3163218 | 104702012 |
| Entain PLC  | 1133949 | 11804136 |
| InterContinental Hotels Group PLC  | 274193 | 33075156 |
| Whitbread PLC  | 328290 | 12494024 |
|  |  | 162075328 |
| Household Durables - 0.0% |  |  |
| Barratt Redrow PLC  | 2566075 | 12685271 |
| Specialty Retail - 0.0% |  |  |
| JD Sports Fashion PLC  | 4683487 | 5733082 |
| Kingfisher PLC  | 3287903 | 13334367 |
|  |  | 19067449 |
| TOTAL CONSUMER DISCRETIONARY |  | 249999385 |
| Consumer Staples - 1.4% |  |  |
| Beverages - 0.2% |  |  |
| Coca-Cola Europacific Partners PLC  | 428779 | 38088439 |
| Diageo PLC  | 4145943 | 95363966 |
|  |  | 133452405 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| J Sainsbury PLC  | 3229867 | 14494349 |
| Marks & Spencer Group PLC  | 3790799 | 19810038 |
| Tesco PLC  | 12240782 | 73869125 |
|  |  | 108173512 |
| Food Products - 0.0% |  |  |
| Associated British Foods PLC  | 602922 | 18177745 |
| Household Products - 0.2% |  |  |
| Reckitt Benckiser Group PLC  | 1266275 | 96856212 |
| Personal Care Products - 0.4% |  |  |
| Unilever PLC  | 4569099 | 274165933 |
| Tobacco - 0.4% |  |  |
| British American Tobacco PLC  | 3878367 | 198632695 |
| Imperial Brands PLC  | 1446380 | 57470947 |
|  |  | 256103642 |
| TOTAL CONSUMER STAPLES |  | 886929449 |
| Financials - 2.2% |  |  |
| Banks - 1.6% |  |  |
| Barclays PLC  | 26387532 | 141532779 |
| HSBC Holdings PLC  | 32516562 | 455214038 |
| Lloyds Banking Group PLC  | 111778775 | 131059445 |
| NatWest Group PLC  | 15047783 | 115845614 |
| Standard Chartered PLC  | 3687632 | 75696948 |
|  |  | 919348824 |
| Capital Markets - 0.4% |  |  |
| 3i Group PLC  | 1813942 | 104973948 |
| London Stock Exchange Group PLC  | 885732 | 110385562 |
| Schroders PLC  | 1320793 | 6583067 |
|  |  | 221942577 |
| Financial Services - 0.0% |  |  |
| M&G PLC  | 4286525 | 14826970 |
| Wise PLC Class A (c) | 1242624 | 15777486 |
|  |  | 30604456 |
| Insurance - 0.2% |  |  |
| Admiral Group PLC  | 486057 | 20918344 |
| Aviva PLC  | 5694934 | 50020873 |
| Legal & General Group PLC  | 10747458 | 33574829 |
| Phoenix Group Holdings PLC  | 1319760 | 11685601 |
|  |  | 116199647 |
| TOTAL FINANCIALS |  | 1288095504 |
| Health Care - 0.8% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Smith & Nephew PLC  | 1552286 | 28664555 |
| Pharmaceuticals - 0.8% |  |  |
| Astrazeneca PLC  | 2889627 | 476640087 |
| Hikma Pharmaceuticals PLC  | 312074 | 7539378 |
|  |  | 484179465 |
| TOTAL HEALTH CARE |  | 512844020 |
| Industrials - 1.2% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| BAE Systems PLC  | 5614077 | 138294296 |
| Melrose Industries PLC  | 2374960 | 19518625 |
| Rolls-Royce Holdings PLC  | 15750529 | 242381895 |
|  |  | 400194816 |
| Commercial Services & Supplies - 0.0% |  |  |
| Rentokil Initial PLC  | 4715693 | 26320419 |
| Industrial Conglomerates - 0.1% |  |  |
| CK Hutchison Holdings Ltd  | 4999223 | 33152224 |
| DCC PLC (b) | 185641 | 12218217 |
| Metlen Energy & Metals PLC (Greece)  | 188651 | 9567737 |
| Smiths Group PLC  | 626679 | 20729893 |
|  |  | 75668071 |
| Machinery - 0.0% |  |  |
| Spirax Group PLC  | 137637 | 12828734 |
| Passenger Airlines - 0.0% |  |  |
| International Consolidated Airlines Group SA (Spain)  | 2291467 | 12582959 |
| Professional Services - 0.3% |  |  |
| Intertek Group PLC  | 295057 | 19632770 |
| RELX PLC  | 3421706 | 151227074 |
|  |  | 170859844 |
| Trading Companies & Distributors - 0.1% |  |  |
| Ashtead Group PLC  | 796056 | 53062815 |
| Bunzl PLC  | 611862 | 18583928 |
|  |  | 71646743 |
| TOTAL INDUSTRIALS |  | 770101586 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Halma PLC  | 711035 | 33122714 |
| Software - 0.0% |  |  |
| Sage Group PLC/The  | 1812197 | 27365953 |
| TOTAL INFORMATION TECHNOLOGY |  | 60488667 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Anglogold Ashanti Plc (South Africa)  | 938610 | 65021920 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.0% |  |  |
| Land Securities Group PLC  | 1323344 | 10804635 |
| Industrial REITs - 0.1% |  |  |
| Segro PLC  | 2402893 | 22014690 |
| TOTAL REAL ESTATE |  | 32819325 |
| Utilities - 0.4% |  |  |
| Electric Utilities - 0.1% |  |  |
| SSE PLC  | 2064867 | 52019803 |
| Multi-Utilities - 0.3% |  |  |
| Centrica PLC  | 9113217 | 21465855 |
| National Grid PLC  | 9127977 | 136865915 |
|  |  | 158331770 |
| Water Utilities - 0.0% |  |  |
| Severn Trent PLC  | 503538 | 18396255 |
| United Utilities Group PLC  | 1269478 | 20020898 |
|  |  | 38417153 |
| TOTAL UTILITIES |  | 248768726 |
| TOTAL UNITED KINGDOM |  | 4241631575 |
| UNITED STATES - 6.0%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.3% |  |  |
| Spotify Technology SA (c) | 285005 | 186769477 |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Stellantis NV (Italy)  | 3759956 | 38043091 |
| Consumer Staples - 0.8% |  |  |
| Food Products - 0.8% |  |  |
| JBS NV Class A  | 687091 | 9076472 |
| Nestle SA  | 4802674 | 458888108 |
|  |  | 467964580 |
| Energy - 1.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Tenaris SA  | 708259 | 14076561 |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| BP PLC  | 29544657 | 173096565 |
| BP PLC ADR  | 2587 | 90881 |
| Shell PLC  | 10981061 | 411673667 |
|  |  | 584861113 |
| TOTAL ENERGY |  | 598937674 |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Aegon Ltd  | 2527042 | 19257902 |
| Swiss Re AG  | 558358 | 101715170 |
|  |  | 120973072 |
| Health Care - 2.6% |  |  |
| Biotechnology - 0.2% |  |  |
| BeOne Medicines Ltd H Shares (c) | 1592618 | 38080757 |
| CSL Ltd  | 902654 | 105191985 |
| Legend Biotech Corp ADR (c) | 136949 | 4437147 |
|  |  | 147709889 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Alcon AG  | 931032 | 69183863 |
| Life Sciences Tools & Services - 0.0% |  |  |
| QIAGEN NV (Germany)  | 399439 | 18766448 |
| Pharmaceuticals - 2.3% |  |  |
| GSK PLC  | 7616366 | 178325435 |
| Haleon PLC  | 16771087 | 77989445 |
| Novartis AG  | 3541177 | 438261979 |
| Roche Holding AG  | 1308560 | 423869319 |
| Roche Holding AG  | 59580 | 20122826 |
| Sanofi SA  | 2062559 | 208654339 |
|  |  | 1347223343 |
| TOTAL HEALTH CARE |  | 1582883543 |
| Industrials - 0.8% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 452468 | 19782067 |
| Construction & Engineering - 0.1% |  |  |
| Ferrovial SE (b) | 948677 | 58173804 |
| Ferrovial SE rights (b)(c)(g) | 948677 | 521486 |
|  |  | 58695290 |
| Electrical Equipment - 0.6% |  |  |
| Schneider Electric SE  | 1020896 | 290883835 |
| Marine Transportation - 0.0% |  |  |
| AP Moller - Maersk A/S Series A  | 5103 | 10522705 |
| AP Moller - Maersk A/S Series B  | 7721 | 15873823 |
|  |  | 26396528 |
| Professional Services - 0.1% |  |  |
| Experian PLC  | 1711792 | 79846879 |
| TOTAL INDUSTRIALS |  | 475604599 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| CyberArk Software Ltd (c) | 88885 | 46289530 |
| Monday.com Ltd (c) | 75816 | 15560476 |
|  |  | 61850006 |
| Materials - 0.3% |  |  |
| Construction Materials - 0.3% |  |  |
| Amrize Ltd  | 952653 | 49103506 |
| Holcim AG  | 951831 | 84618952 |
| James Hardie Industries PLC depository receipt (b)(c) | 1079640 | 22753416 |
|  |  | 156475874 |
| TOTAL UNITED STATES |  | 3689501916 |
| ZAMBIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| First Quantum Minerals Ltd (c) | 1323182 | 27472147 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $41,025,534,260) |  | <br> **60365309101** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.4%** |
|  | Shares | Value ($)<br>|
| COLOMBIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Grupo Cibest SA  | 845601 | 12350561 |
| FRANCE - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Air Liquide SA  | 51490 | 9965319 |
| GERMANY - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| Bayerische Motoren Werke AG  | 102465 | 8863877 |
| Dr Ing hc F Porsche AG (d)(e) | 213154 | 11152418 |
| Porsche Automobil Holding SE  | 287704 | 11431481 |
| Volkswagen AG  | 380428 | 39616550 |
|  |  | 71064326 |
| Consumer Staples - 0.0% |  |  |
| Household Products - 0.0% |  |  |
| Henkel AG & Co KGaA  | 312773 | 25329981 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Sartorius AG  | 48892 | 13418212 |
| TOTAL GERMANY |  | 109812519 |
| INDIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| TVS Motor Co Ltd 6% (f) | 1784272 | 0 |
| KOREA (SOUTH) - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Hyundai Motor Co  | 43457 | 6597938 |
| Hyundai Motor Co Series 2  | 68080 | 10479269 |
|  |  | 17077207 |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| Amorepacific Corp  | 7985 | 229338 |
| LG H&H Co Ltd  | 1539 | 125768 |
|  |  | 355106 |
| Information Technology - 0.2% |  |  |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Samsung Electronics Co Ltd  | 1570375 | 92733058 |
| TOTAL KOREA (SOUTH) |  | 110165371 |
| RUSSIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Surgutneftegas PAO (c)(f) | 8898217 | 1 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $230,278,412) |  | <br> **242293771** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 11/13/2025 (i)<br>(Cost $37,251,833)<br>| 4.15 | 37303000 | **37262972** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.9%** | &nbsp;&nbsp;**Money Market Funds - 3.9%** | &nbsp;&nbsp;**Money Market Funds - 3.9%** | &nbsp;&nbsp;**Money Market Funds - 3.9%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (j) | 4.18 | 983482155 | 983678851 |
| Fidelity Securities Lending Cash Central Fund (j)(k) | 4.18 | 1414244525 | 1414385949 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $2,398,064,672) |  |  | **2398064800** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 102.0%**<br> (Cost $43,691,129,177)<br>| <br>**63042930644** |
| **NET OTHER ASSETS (LIABILITIES) - (2.0)%**  | **(1254155767)** |
| **NET ASSETS - 100.0%** | **61788774877** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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) | 5179 | 12/19/2025 | 726898545 | 4702376 | 4702376 |
| ICE MSCI Emerging Markets Index Contracts (United States) | 5217 | 12/19/2025 | 367172460 | 14266505 | 14266505 |
| TME S&P/TSX 60 Index Contracts (Canada) | 381 | 12/18/2025 | 96793640 | 2147056 | 2147056 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **21115937** |
| The notional amount of futures purchased as a percentage of Net Assets is 1.9% | The notional amount of futures purchased as a percentage of Net Assets is 1.9% | The notional amount of futures purchased as a percentage of Net Assets is 1.9% | The notional amount of futures purchased as a percentage of Net Assets is 1.9% | The notional amount of futures purchased as a percentage of Net Assets is 1.9% | The notional amount of futures purchased as a percentage of Net Assets is 1.9% |

---

**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 $1,400,784,760 or 2.3% of net assets.

(e) Security 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 $1,403,742,116 or 2.3% 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) 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 $37,262,972.

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

(k) 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 | 559242898 | 11802581036 | 11378150766 | 44134778 | 5683 | - | 983678851 | 983482155 | 1.8% |
| Fidelity Securities Lending Cash Central Fund | 1104997173 | 10377902332 | 10068513556 | 9140143 | - | - | 1414385949 | 1414244525 | 5.5% |
| Total | 1664240071 | 22180483368 | 21446664322 | 53274921 | 5683 | - | 2398064800 |  |  |

---

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 October 31, 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 | 3724220250 | 1220103413 | 2504116837 | - |
| Consumer Discretionary | 6165919329 | 2969485309 | 3196434020 | - |
| Consumer Staples | 3630350311 | 1786279665 | 1844070646 | - |
| Energy | 2705897726 | 1666819478 | 1039078231 | 17 |
| Financials | 14791613199 | 9386600939 | 5405012258 | 2 |
| Health Care | 4614927439 | 1679924419 | 2906603916 | 28399104 |
| Industrials | 8952040701 | 5160136617 | 3780787098 | 11116986 |
| Information Technology | 9029948281 | 4769764353 | 4260183926 | 2 |
| Materials | 3925146062 | 2460808941 | 1464337119 | 2 |
| Real Estate | 942913037 | 868979543 | 73933494 | - |
| Utilities | 1882332766 | 1031370726 | 850962034 | 6 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 88141533 | 25941084 | 62200449 | - |
| Consumer Staples | 25685087 | 25685087 | - | - |
| Energy | 1 | - | - | 1 |
| Financials | 12350561 | 12350561 | - | - |
| Health Care | 13418212 | 13418212 | - | - |
| Information Technology | 92733058 | 92733058 | - | - |
| Materials | 9965319 | - | 9965319 | - |
|  **U.S. Treasury Obligations** | 37262972 | - | 37262972 | - |
|  **Money Market Funds** | 2398064800 | 2398064800 | - | - |
| **Total Investments in Securities:** | 63042930644 | 35568466205 | 27434948319 | 39516120 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 21115937 | 21115937 | - | - |
| Total Assets | 21115937 | 21115937 | - | - |
| **Total Derivative Instruments:** | 21115937 | 21115937 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 21115937 | - |
| **Total Equity Risk**  | 21115937 | - |
| **Total Value of Derivatives** | 21115937 | - |

---

(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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $1,339,700,244) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $41,293,064,505) | $60644865844 |  |
| Fidelity Central Funds (cost $2,398,064,672) | 2398064800 |  |
| Total Investment in Securities (cost $43,691,129,177) |  | $63042930644 |
| Segregated cash with brokers for derivative instruments |  | 2092021 |
| Cash |  | 5950 |
| Foreign currency held at value (cost $102,604,933) |  | 102619391 |
| Receivable for fund shares sold |  | 124099014 |
| Dividends receivable |  | 101570871 |
| Reclaims receivable |  | 104591578 |
| Distributions receivable from Fidelity Central Funds |  | 4429704 |
| Other receivables |  | 465844 |
| **Total assets** |  | 63482805017 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $4941401 |  |
| Delayed delivery | 521487 |  |
| Payable for fund shares redeemed | 117743124 |  |
| Payable for daily variation margin on futures contracts | 2556571 |  |
| Deferred taxes | 152426381 |  |
| Other payables and accrued expenses | 1435346 |  |
| Collateral on securities loaned | 1414405830 |  |
| **Total liabilities** |  | 1694030140 |
| **Net Assets**  |  | $61788774877 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $44529702512 |
| Total accumulated earnings (loss) |  | 17259072365 |
| **Net Assets** |  | $61788774877 |
| **Net Asset Value**, offering price and redemption price per share ($61,788,774,877 ÷ 3,372,473,903 shares) |  | $18.32 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $1626161533 |
| Interest  |  | 2316095 |
| Income from Fidelity Central Funds (including $9,140,143 from security lending)  |  | 53274921 |
| Income before foreign taxes withheld |  | $1681752549 |
| Less foreign taxes withheld |  | (132427150) |
| **Total income** |  | 1549325399 |
| **Expenses** |  |  |
| Custodian fees and expenses | $5656079 |  |
| Independent trustees' fees and expenses | 129147 |  |
| Interest | 183295 |  |
| Total expenses before reductions | 5968521 |  |
| Expense reductions | (21194) |  |
| Total expenses after reductions |  | 5947327 |
| **Net Investment income (loss)** |  | 1543378072 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $9,797,143)  | (933581072) |  |
| Fidelity Central Funds | 5683 |  |
| Foreign currency transactions | 5725487 |  |
| Futures contracts | 135035521 |  |
| Total net realized gain (loss) |  | (792814381) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $8,284,399)  | 11747884015 |  |
| Affiliated issuers  | (466605) |  |
| Assets and liabilities in foreign currencies | 8276512 |  |
| Futures contracts | 27242733 |  |
| Total change in net unrealized appreciation (depreciation) |  | 11782936655 |
| **Net gain (loss)** |  | 10990122274 |
| **Net increase (decrease) in net assets resulting from operations** |  | $12533500346 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $1543378072 | $1324761851 |
| &nbsp;&nbsp;Net realized gain (loss) | (792814381)<br>| (472099121)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 11782936655 | 7962789569<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 12533500346<br>| 8815452299<br>|
| Distributions to shareholders | (1457359215)<br>| (1183731202)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 9710408073 | 8712520722 |
| Reinvestment of distributions | 1457359215<br>| 1183731202<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (9892877101) | (4582120737) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1274890187<br>| 5314131187<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 12351031318<br>| 12945852284<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 49437743559 | 36491891275<br>|
| &nbsp;&nbsp;End of period | $61788774877 | $49437743559 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 616980758 | 604012356 |
| Issued in reinvestment of distributions | 99750802<br>| 89540938<br>|
| &nbsp;&nbsp;Redeemed | (633889326) | (315465868) |
| &nbsp;&nbsp;Net increase (decrease) | 82842234 | 378087426 |

---

**Financial Highlights** 

**Fidelity® Series Global ex U.S. Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.03 | $12.53 | $11.43 | $15.55 | $12.23 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .45  | .42  | .41  | .42  | .38  |
| Net realized and unrealized gain (loss)  | 3.26  | 2.48  | 1.03  | (4.15)  | 3.18  |
| Total from investment operations  | 3.71  | 2.90  | 1.44  | (3.73)  | 3.56  |
| Distributions from net investment income  | (.42)  | (.40)  | (.34)  | (.39)  | (.24)  |
| Total distributions  | (.42)  | (.40)  | (.34)  | (.39)  | (.24)  |
| Net asset value, end of period  | $18.32 | $15.03 | $12.53 | $11.43 | $15.55 |
| **Total Return** C | 25.42% <br>| 23.60%  | 12.62%  | (24.57)%  | 29.34%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .01%  | .01%  | .02%  | .02%  | .02%  |
| Expenses net of fee waivers, if any  | .01% <br>| .01%  | .01%  | .01%  | .01%  |
| Expenses net of all reductions, if any  | .01%  | .01%  | .01%  | .01%  | .01%  |
| Net investment income (loss)  | 2.84%  | 2.94%  | 3.11%  | 3.11%  | 2.52%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $61788775 | $49437744 | $36491891 | $29886480 | $30864862 |
| Portfolio turnover rate F | 8% <br>| 3%  | 6%  | 4%  | 5% G |

---

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

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

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

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

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

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Series Global ex U.S. Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, 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. 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.

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 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 and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. 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. The Fund did not recognize dividend income during the period on certain Russian securities due to restrictions imposed by the Russian government on these dividend payments. There is uncertainty regarding the timeline for these restrictions to be lifted and the collectability of these and future dividend payments on Russian securities.

**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.

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| | |
|:---|:---|
| **Fidelity Series Global ex U.S. Index Fund** | $453839 |

---

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $21529777277 |
| **Gross unrealized depreciation**  | <u>(3031172674)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$18498604603</u> |
| **Tax Cost**  | <u>$44544326041</u> |

---

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

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| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$1686982197</u> |
| **Capital loss carryforward**  | <u>$(2779034280)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$18503550828</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 fiscal period end and is subject to adjustment.

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| | |
|:---|:---|
| Short-term | $(404379304) |
| Long-term | <u>(2374654976)</u> |
| **Total capital loss carryforward** | <u>$(2779034280)</u> |

---

The tax character of distributions paid was as follows:

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| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $1457359215 | $1183731202 |

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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>|

---

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 Global ex U.S. Index Fund** | 6247876559 | 3982853870 |

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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 Global ex U.S. Index Fund**  | Borrower | 239595833 | 4.59% | 183295 |

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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 Global ex U.S. Index Fund** | 969689 | 2 | - |

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**9. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $21,194.

**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 the investment adviser 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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Series Global ex U.S. Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 10, 2025

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund designates $62,590,064 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 60.72% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.4310 and $0.0276 for the dividend paid December 16, 2024.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Series Global ex U.S. Index Fund**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable in light of all of the surrounding circumstances. The Board's decision to renew the fund's Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

**Nature, Extent, and Quality of Services Provided.** The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.

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

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

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

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

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is designed to offer an investment option for other investment companies, collective investment trusts, and 529 plans managed by Fidelity and ultimately to enhance the performance of those investment companies, collective investment trusts, and 529 plans.

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

**Competitiveness of Management Fee and Total Expense Ratio**. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR receives fees for providing services to funds, collective investment trusts, and 529 plans that invest in the fund. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except transfer agent fees, 12b-1 fees, Independent Trustee fees and expenses, custodian fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.013% through February 28, 2028.

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

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

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

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

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the lineup of the Fidelity funds; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img118376_4.jpg)<br>

1.899279.116 SGX-ANN-1225

**Fidelity® SAI Emerging Markets Low Volatility Index Fund**

**Fidelity® SAI International Low Volatility Index Fund**

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

**Annual Report**

**October 31, 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.

![](img118378_1.jpg)

![](img118378_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SV1-SV2-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI Emerging Markets Low Volatility Index Fund](#Sub_Sec_Fund_3315_SV1-SV2-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI International Low Volatility Index Fund](#Sub_Sec_Fund_2760_SV1-SV2-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI U.S. Low Volatility Index Fund](#Sub_Sec_Fund_2759_SV1-SV2-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3315_SV1-SV2-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SV1-SV2-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SV1-SV2-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SV1-SV2-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SV1-SV2-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SV1-SV2-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SV1-SV2-ANN)** |

---

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.

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 (Annual Report)**

**Fidelity® SAI Emerging Markets Low Volatility Index Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.9%** | &nbsp;&nbsp;**Common Stocks - 98.9%** | &nbsp;&nbsp;**Common Stocks - 98.9%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 1.3%  |  |  |
| Communication Services - 0.7% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| Telefonica Brasil SA  | 3300160 | 19653924 |
| Industrials - 0.6% |  |  |
| Ground Transportation - 0.6% |  |  |
| Rumo SA  | 5120400 | 15151956 |
| TOTAL BRAZIL |  | 34805880 |
| CHILE - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Banco de Chile  | 33439088 | 5868293 |
| CHINA - 24.2%  |  |  |
| Communication Services - 1.0% |  |  |
| Diversified Telecommunication Services - 1.0% |  |  |
| China Tower Corp Ltd H Shares (b)(c) | 19673200 | 28431712 |
| Consumer Discretionary - 0.9% |  |  |
| Automobiles - 0.2% |  |  |
| SAIC Motor Corp Ltd A Shares (China)  | 2293700 | 5359293 |
| Household Durables - 0.7% |  |  |
| Gree Electric Appliances Inc of Zhuhai A Shares (China)  | 1888700 | 10548209 |
| Haier Smart Home Co Ltd H Shares  | 2253400 | 7319407 |
|  |  | 17867616 |
| TOTAL CONSUMER DISCRETIONARY |  | 23226909 |
| Consumer Staples - 0.8% |  |  |
| Food Products - 0.4% |  |  |
| Want Want China Holdings Ltd  | 17914000 | 11572962 |
| Personal Care Products - 0.4% |  |  |
| Hengan International Group Co Ltd  | 2743500 | 9610397 |
| TOTAL CONSUMER STAPLES |  | 21183359 |
| Energy - 2.9% |  |  |
| Oil, Gas & Consumable Fuels - 2.9% |  |  |
| China Petroleum & Chemical Corp H Shares  | 64716000 | 34396160 |
| China Shenhua Energy Co Ltd H Shares  | 8638000 | 44976672 |
|  |  | 79372832 |
| Financials - 13.7% |  |  |
| Banks - 12.0% |  |  |
| Agricultural Bank of China Ltd A Shares (China)  | 1079700 | 1207521 |
| Agricultural Bank of China Ltd H Shares  | 59620000 | 45421547 |
| Bank of China Ltd A Shares (China)  | 26653400 | 21008454 |
| Bank of China Ltd H Shares  | 66234000 | 37504373 |
| Bank of Communications Co Ltd A Shares (China)  | 13240900 | 13357358 |
| Bank of Communications Co Ltd H Shares  | 42266000 | 37530857 |
| China CITIC Bank Corp Ltd H Shares  | 38270000 | 36494289 |
| China Construction Bank Corp H Shares  | 38139000 | 37759201 |
| China Minsheng Banking Corp Ltd H Shares  | 27705000 | 14190231 |
| Chongqing Rural Commercial Bank Co Ltd A Shares (China)  | 3054200 | 2969492 |
| Industrial & Commercial Bank of China Ltd A Shares (China)  | 34094600 | 37268664 |
| Industrial & Commercial Bank of China Ltd H Shares  | 51004000 | 39513816 |
|  |  | 324225803 |
| Insurance - 1.7% |  |  |
| PICC Property & Casualty Co Ltd H Shares  | 18814000 | 44453100 |
| TOTAL FINANCIALS |  | 368678903 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd A Shares (China)  | 526504 | 1949960 |
| Industrials - 1.2% |  |  |
| Construction & Engineering - 0.3% |  |  |
| China Railway Group Ltd H Shares  | 17731000 | 8990373 |
| Ground Transportation - 0.7% |  |  |
| Beijing-Shanghai High Speed Railway Co Ltd A Shares (China)  | 16559600 | 12075242 |
| Daqin Railway Co Ltd A Shares (China)  | 6792875 | 5468734 |
|  |  | 17543976 |
| Transportation Infrastructure - 0.2% |  |  |
| Jiangsu Expressway Co Ltd A Shares (China)  | 540800 | 1043244 |
| Shanghai International Port Group Co Ltd A Shares (China)  | 4956400 | 3885789 |
|  |  | 4929033 |
| TOTAL INDUSTRIALS |  | 31463382 |
| Information Technology - 1.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| China Railway Signal & Communication Corp Ltd A Shares (China)  | 2134952 | 1592800 |
| China Railway Signal & Communication Corp Ltd H Shares (b)(c) | 7377000 | 3237296 |
|  |  | 4830096 |
| Semiconductors & Semiconductor Equipment - 1.2% |  |  |
| Advanced Micro-Fabrication Equipment Inc China A Shares (China)  | 210759 | 8272351 |
| Hygon Information Technology Co Ltd A Shares (China)  | 340573 | 10973615 |
| NAURA Technology Group Co Ltd A Shares (China)  | 243215 | 13909668 |
|  |  | 33155634 |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Lenovo Group Ltd  | 436000 | 637401 |
| TOTAL INFORMATION TECHNOLOGY |  | 38623131 |
| Utilities - 2.2% |  |  |
| Independent Power and Renewable Electricity Producers - 2.2% |  |  |
| CGN Power Co Ltd A Shares (China)  | 6717500 | 3718626 |
| CGN Power Co Ltd H Shares (b)(c) | 47054000 | 18650716 |
| China Three Gorges Renewables Group Co Ltd A Shares (China)  | 9663800 | 5770527 |
| China Yangtze Power Co Ltd A Shares (China)  | 8253772 | 32586477 |
|  |  | 60726346 |
| TOTAL CHINA |  | 653656534 |
| INDIA - 18.6%  |  |  |
| Communication Services - 1.4% |  |  |
| Wireless Telecommunication Services - 1.4% |  |  |
| Bharti Airtel Ltd  | 1680104 | 38886652 |
| Consumer Discretionary - 4.4% |  |  |
| Automobiles - 3.2% |  |  |
| Maruti Suzuki India Ltd  | 250764 | 45725975 |
| TVS Motor Co Ltd  | 1001364 | 39581883 |
|  |  | 85307858 |
| Textiles, Apparel & Luxury Goods - 1.2% |  |  |
| Titan Co Ltd  | 782731 | 33038452 |
| TOTAL CONSUMER DISCRETIONARY |  | 118346310 |
| Consumer Staples - 2.5% |  |  |
| Food Products - 1.3% |  |  |
| Nestle India Ltd  | 2496695 | 35766320 |
| Personal Care Products - 1.2% |  |  |
| Hindustan Unilever Ltd  | 1141726 | 31712110 |
| TOTAL CONSUMER STAPLES |  | 67478430 |
| Health Care - 2.8% |  |  |
| Pharmaceuticals - 2.8% |  |  |
| Cipla Ltd/India  | 1643988 | 27805094 |
| Dr Reddy's Laboratories Ltd  | 2248865 | 30261203 |
| Sun Pharmaceutical Industries Ltd  | 908785 | 17309557 |
|  |  | 75375854 |
| Information Technology - 6.5% |  |  |
| IT Services - 6.5% |  |  |
| HCL Technologies Ltd  | 2334780 | 40545974 |
| Infosys Ltd  | 2270902 | 37840645 |
| Tata Consultancy Services Ltd  | 1127917 | 38857322 |
| Tech Mahindra Ltd  | 2340035 | 37550226 |
| Wipro Ltd  | 8437360 | 22876353 |
|  |  | 177670520 |
| Utilities - 1.0% |  |  |
| Electric Utilities - 1.0% |  |  |
| Power Grid Corp of India Ltd  | 8586614 | 27873968 |
| TOTAL INDIA |  | 505631734 |
| INDONESIA - 1.7%  |  |  |
| Communication Services - 0.7% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| Telkom Indonesia Persero Tbk PT  | 95943400 | 18558779 |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Bank Central Asia Tbk PT  | 53265400 | 27271460 |
| TOTAL INDONESIA |  | 45830239 |
| KOREA (SOUTH) - 7.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Cheil Worldwide Inc  | 305638 | 4351716 |
| Consumer Discretionary - 2.0% |  |  |
| Automobile Components - 1.5% |  |  |
| Hyundai Mobis Co Ltd  | 184166 | 40717894 |
| Household Durables - 0.5% |  |  |
| Coway Co Ltd  | 223309 | 13936696 |
| TOTAL CONSUMER DISCRETIONARY |  | 54654590 |
| Consumer Staples - 1.6% |  |  |
| Food Products - 0.2% |  |  |
| NongShim Co Ltd  | 15643 | 4771944 |
| Tobacco - 1.4% |  |  |
| KT&G Corp  | 406534 | 38171405 |
| TOTAL CONSUMER STAPLES |  | 42943349 |
| Financials - 0.9% |  |  |
| Banks - 0.6% |  |  |
| Industrial Bank of Korea  | 1109368 | 15003627 |
| Insurance - 0.3% |  |  |
| DB Insurance Co Ltd  | 109213 | 9689075 |
| TOTAL FINANCIALS |  | 24692702 |
| Information Technology - 2.5% |  |  |
| IT Services - 0.8% |  |  |
| Samsung SDS Co Ltd  | 159837 | 20465255 |
| Technology Hardware, Storage & Peripherals - 1.7% |  |  |
| Samsung Electronics Co Ltd  | 615951 | 46327983 |
| TOTAL INFORMATION TECHNOLOGY |  | 66793238 |
| TOTAL KOREA (SOUTH) |  | 193435595 |
| KUWAIT - 2.4%  |  |  |
| Communication Services - 0.7% |  |  |
| Wireless Telecommunication Services - 0.7% |  |  |
| Mobile Telecommunications Co KSCP  | 10402025 | 18006439 |
| Financials - 1.7% |  |  |
| Banks - 1.7% |  |  |
| Boubyan Bank KSCP  | 3509100 | 8190760 |
| National Bank of Kuwait SAKP  | 11409925 | 39055978 |
|  |  | 47246738 |
| TOTAL KUWAIT |  | 65253177 |
| MALAYSIA - 4.2%  |  |  |
| Communication Services - 0.4% |  |  |
| Wireless Telecommunication Services - 0.4% |  |  |
| CELCOMDIGI BHD  | 13107200 | 11266934 |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.2% |  |  |
| PPB Group Bhd  | 2304800 | 6130723 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Malayan Banking Bhd  | 5629716 | 13267741 |
| Public Bank Bhd  | 1744600 | 1757930 |
|  |  | 15025671 |
| Health Care - 0.9% |  |  |
| Health Care Providers & Services - 0.9% |  |  |
| IHH Healthcare Bhd  | 13020800 | 25649857 |
| Industrials - 0.4% |  |  |
| Marine Transportation - 0.4% |  |  |
| MISC Bhd  | 5647900 | 10505526 |
| Utilities - 1.7% |  |  |
| Electric Utilities - 1.4% |  |  |
| Tenaga Nasional Bhd  | 11541600 | 36598006 |
| Gas Utilities - 0.3% |  |  |
| Petronas Gas Bhd  | 2030200 | 8968171 |
| TOTAL UTILITIES |  | 45566177 |
| TOTAL MALAYSIA |  | 114144888 |
| MEXICO - 0.3%  |  |  |
| Consumer Staples - 0.3% |  |  |
| Household Products - 0.3% |  |  |
| Kimberly Clark DE Mexico Sab D Series A  | 4878900 | 9443456 |
| PHILIPPINES - 0.5%  |  |  |
| Communication Services - 0.3% |  |  |
| Wireless Telecommunication Services - 0.3% |  |  |
| PLDT Inc  | 364485 | 6943755 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Manila Electric Co  | 622300 | 6200794 |
| TOTAL PHILIPPINES |  | 13144549 |
| QATAR - 2.1%  |  |  |
| Financials - 1.9% |  |  |
| Banks - 1.9% |  |  |
| Al Rayan Bank  | 4510604 | 2897638 |
| Qatar Islamic Bank QPSC  | 2801409 | 18835071 |
| Qatar National Bank QPSC  | 5590314 | 28389153 |
|  |  | 50121862 |
| Utilities - 0.2% |  |  |
| Multi-Utilities - 0.2% |  |  |
| Qatar Electricity & Water Co QSC  | 1379852 | 5821073 |
| TOTAL QATAR |  | 55942935 |
| RUSSIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Phosagro Pjsc (d)(e) | 1400 | 0 |
| Phosagro Pjsc GDR (b)(d)(e) | 3774 | 0 |
| TOTAL RUSSIA |  | 0 |
| SAUDI ARABIA - 8.3%  |  |  |
| Communication Services - 1.6% |  |  |
| Diversified Telecommunication Services - 1.3% |  |  |
| Saudi Telecom Co  | 2957215 | 35625676 |
| Wireless Telecommunication Services - 0.3% |  |  |
| Etihad Etisalat Co  | 445634 | 8050477 |
| TOTAL COMMUNICATION SERVICES |  | 43676153 |
| Consumer Discretionary - 0.4% |  |  |
| Specialty Retail - 0.4% |  |  |
| Aldrees Petroleum and Transport Services Co  | 29538 | 1207417 |
| Jarir Marketing Co  | 2478112 | 9383033 |
|  |  | 10590450 |
| Consumer Staples - 0.6% |  |  |
| Food Products - 0.6% |  |  |
| Almarai Co JSC  | 1130009 | 14939031 |
| Energy - 1.5% |  |  |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| Saudi Arabian Oil Co (b)(c) | 6037375 | 41694801 |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Alinma Bank  | 3791844 | 26186908 |
| Health Care - 0.3% |  |  |
| Health Care Providers & Services - 0.3% |  |  |
| Mouwasat Medical Services Co  | 396327 | 8121411 |
| Information Technology - 0.9% |  |  |
| IT Services - 0.9% |  |  |
| Arabian Internet & Communications Services Co  | 100732 | 6763277 |
| Elm Co  | 70289 | 17739524 |
|  |  | 24502801 |
| Materials - 1.5% |  |  |
| Chemicals - 1.5% |  |  |
| SABIC Agri-Nutrients Co  | 547048 | 17883392 |
| Saudi Basic Industries Corp  | 1371174 | 22320927 |
| Yanbu National Petrochemical Co  | 139205 | 1280584 |
|  |  | 41484903 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| Saudi Electricity Co  | 3338430 | 14269534 |
| TOTAL SAUDI ARABIA |  | 225465992 |
| TAIWAN - 21.7%  |  |  |
| Communication Services - 3.2% |  |  |
| Diversified Telecommunication Services - 1.4% |  |  |
| Chunghwa Telecom Co Ltd  | 9052000 | 38523810 |
| Wireless Telecommunication Services - 1.8% |  |  |
| Far EasTone Telecommunications Co Ltd  | 7452000 | 22396192 |
| Taiwan Mobile Co Ltd  | 7381000 | 26259650 |
|  |  | 48655842 |
| TOTAL COMMUNICATION SERVICES |  | 87179652 |
| Consumer Staples - 1.9% |  |  |
| Consumer Staples Distribution & Retail - 0.6% |  |  |
| President Chain Store Corp  | 2368000 | 18349730 |
| Food Products - 1.3% |  |  |
| Uni-President Enterprises Corp  | 13358000 | 34156690 |
| TOTAL CONSUMER STAPLES |  | 52506420 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Formosa Petrochemical Corp  | 7229000 | 10498938 |
| Financials - 5.7% |  |  |
| Banks - 5.7% |  |  |
| Chang Hwa Commercial Bank Ltd  | 34236888 | 22025160 |
| Mega Financial Holding Co Ltd  | 27408797 | 35977497 |
| Shanghai Commercial & Savings Bank Ltd/The  | 13047080 | 16786808 |
| SinoPac Financial Holdings Co Ltd  | 39211447 | 32678329 |
| Taichung Commercial Bank Co Ltd  | 17264038 | 12003718 |
| Taichung Commercial Bank Co Ltd rights 12/8/2025 (e) | 213210 | 17318 |
| Taiwan Cooperative Financial Holding Co Ltd  | 47182192 | 36408378 |
|  |  | 155897208 |
| Industrials - 0.5% |  |  |
| Industrial Conglomerates - 0.2% |  |  |
| Far Eastern New Century Corp  | 5863000 | 5048070 |
| Transportation Infrastructure - 0.3% |  |  |
| Taiwan High Speed Rail Corp  | 9262000 | 8230415 |
| TOTAL INDUSTRIALS |  | 13278485 |
| Information Technology - 8.8% |  |  |
| Electronic Equipment, Instruments & Components - 1.8% |  |  |
| Lotes Co Ltd  | 384000 | 17217493 |
| Synnex Technology International Corp  | 5555000 | 10251608 |
| Wpg Holding Co Ltd  | 7079000 | 13869118 |
| Zhen Ding Technology Holding Ltd  | 1661000 | 8796640 |
|  |  | 50134859 |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| Chipbond Technology Corp  | 2606000 | 5046384 |
| Radiant Opto-Electronics Corp  | 1961000 | 8410293 |
|  |  | 13456677 |
| Technology Hardware, Storage & Peripherals - 6.5% |  |  |
| Asustek Computer Inc  | 1763000 | 39924979 |
| Catcher Technology Co Ltd  | 2737000 | 17652040 |
| Chicony Electronics Co Ltd  | 2820000 | 11911105 |
| Compal Electronics Inc  | 17464000 | 18753174 |
| Inventec Corp  | 13158000 | 19622854 |
| Lite-On Technology Corp  | 7750000 | 45198682 |
| Pegatron Corp  | 8645000 | 20841478 |
|  |  | 173904312 |
| TOTAL INFORMATION TECHNOLOGY |  | 237495848 |
| Materials - 0.8% |  |  |
| Chemicals - 0.3% |  |  |
| Formosa Plastics Corp  | 7533000 | 9325079 |
| Construction Materials - 0.5% |  |  |
| Asia Cement Corp  | 10694000 | 12612652 |
| TOTAL MATERIALS |  | 21937731 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Highwealth Construction Corp  | 7609869 | 9642760 |
| TOTAL TAIWAN |  | 588437042 |
| THAILAND - 1.8%  |  |  |
| Communication Services - 1.4% |  |  |
| Wireless Telecommunication Services - 1.4% |  |  |
| Advanced Info Service PCL  | 4013600 | 37399173 |
| Advanced Info Service PCL  | 93800 | 874039 |
| Advanced Info Service PCL depository receipt  | 89300 | 832107 |
|  |  | 39105319 |
| Health Care - 0.4% |  |  |
| Health Care Providers & Services - 0.4% |  |  |
| Bangkok Dusit Medical Services PCL  | 16838300 | 9819311 |
| Bangkok Dusit Medical Services PCL  | 391900 | 228538 |
| Bangkok Dusit Medical Services PCL depository receipt  | 384700 | 224339 |
|  |  | 10272188 |
| TOTAL THAILAND |  | 49377507 |
| UNITED ARAB EMIRATES - 4.5%  |  |  |
| Communication Services - 1.1% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| Emirates Telecommunications Group Co PJSC  | 5713670 | 30178793 |
| Consumer Discretionary - 0.7% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Americana Restaurants International PLC - Foreign Co  | 12080255 | 6873966 |
| Specialty Retail - 0.4% |  |  |
| Abu Dhabi National Oil Co for Distribution PJSC  | 12134358 | 11860315 |
| TOTAL CONSUMER DISCRETIONARY |  | 18734281 |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| Dubai Islamic Bank PJSC  | 12217362 | 31599924 |
| Industrials - 0.4% |  |  |
| Transportation Infrastructure - 0.4% |  |  |
| Salik Co PJSC  | 7910863 | 12879827 |
| Utilities - 1.1% |  |  |
| Multi-Utilities - 1.1% |  |  |
| Dubai Electricity & Water Authority PJSC  | 37782397 | 28596922 |
| TOTAL UNITED ARAB EMIRATES |  | 121989747 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,131,342,320) |  | <br> **2682427568** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.0%** |
|  | Shares | Value ($)<br>|
| INDIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| TVS Motor Co Ltd 6% (d)<br>(Cost $0)<br>| 3862416 | **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%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.0%** |
|  | Yield (%) (f) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 11/13/2025 (g)<br>(Cost $828,862)<br>| 4.15 | 830000 | **829109** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** | &nbsp;&nbsp;**Money Market Funds - 2.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h)<br>(Cost $73,661,297)<br>| 4.18 | 73646568 | **73661297** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.6%**<br> (Cost $2,205,832,479)<br>| <br>**2756917974** |
| **NET OTHER ASSETS (LIABILITIES) - (1.6)%**  | **(42735536)** |
| **NET ASSETS - 100.0%** | **2714182438** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 Emerging Markets Index Contracts (United States) | 445 | 12/19/2025 | 31319100 | 1321419 | 1321419 |
| 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) Security 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 $92,014,525 or 3.4% of net assets.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $92,014,525 or 3.4% of net assets.

(d) Level 3 security.

(e) Non-income producing.

(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 $829,109.

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

**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 | 335 | 561106761 | 487445679 | 1702397 | (120) | - | 73661297 | 73646568 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | - | 1666859 | 1666859 | 369 | - | - | - | - | 0.0% |
| Total | 335 | 562773620 | 489112538 | 1702766 | (120) | - | 73661297 |  |  |

---

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 October 31, 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 | 346239828 | 282213484 | 64026344 | - |
| Consumer Discretionary | 225552540 | 225552540 | - | - |
| Consumer Staples | 214624768 | 214624768 | - | - |
| Energy | 131566571 | 131566571 | - | - |
| Financials | 752589669 | 687541690 | 65047979 | - |
| Health Care | 121369270 | 91108067 | 30261203 | - |
| Industrials | 83279176 | 83279176 | - | - |
| Information Technology | 545085538 | 507244893 | 37840645 | - |
| Materials | 63422634 | 63422634 | - | - |
| Real Estate | 9642760 | 9642760 | - | - |
| Utilities | 189054814 | 189054814 | - | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | - | - | - | - |
|  **U.S. Treasury Obligations** | 829109 | - | 829109 | - |
|  **Money Market Funds** | 73661297 | 73661297 | - | - |
| **Total Investments in Securities:** | 2756917974 | 2558912694 | 198005280 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 1321419 | 1321419 | - | - |
| Total Assets | 1321419 | 1321419 | - | - |
| **Total Derivative Instruments:** | 1321419 | 1321419 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 1321419 | - |
| **Total Equity Risk**  | 1321419 | - |
| **Total Value of Derivatives** | 1321419 | - |

---

(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® SAI Emerging Markets Low Volatility Index Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,132,171,182) | $2683256677 |  |
| Fidelity Central Funds (cost $73,661,297) | 73661297 |  |
| Total Investment in Securities (cost $2,205,832,479) |  | $2756917974 |
| Segregated cash with brokers for derivative instruments |  | 116495 |
| Foreign currency held at value (cost $15,982,051) |  | 15984818 |
| Receivable for fund shares sold |  | 21540 |
| Dividends receivable |  | 2522892 |
| Distributions receivable from Fidelity Central Funds |  | 186681 |
| Prepaid expenses |  | 2488 |
| Other receivables |  | 257123 |
| **Total assets** |  | 2776010011 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $45561739 |  |
| Payable for fund shares redeemed | 147389 |  |
| Accrued management fee | 327657 |  |
| Payable for daily variation margin on futures contracts | 73619 |  |
| Deferred taxes | 15385014 |  |
| Other payables and accrued expenses | 332155 |  |
| **Total liabilities** |  | 61827573 |
| **Net Assets**  |  | $2714182438 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2011777089 |
| Total accumulated earnings (loss) |  | 702405349 |
| **Net Assets** |  | $2714182438 |
| **Net Asset Value**, offering price and redemption price per share ($2,714,182,438 ÷ 217,844,938 shares) |  | $12.46 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $98258245 |
| Interest  |  | 63842 |
| Income from Fidelity Central Funds (including $369 from security lending)  |  | 1702766 |
| Income before foreign taxes withheld |  | $100024853 |
| Less foreign taxes withheld |  | (12683708) |
| **Total income** |  | 87341145 |
| **Expenses** |  |  |
| Management fee | $3581411 |  |
| Custodian fees and expenses | 1732117 |  |
| Independent trustees' fees and expenses | 6086 |  |
| Registration fees | 33525 |  |
| Audit fees | 80739 |  |
| Legal | 2313 |  |
| Interest | 233859 |  |
| Miscellaneous | 10666 |  |
| Total expenses before reductions | 5680716 |  |
| Expense reductions | (20683) |  |
| Total expenses after reductions |  | 5660033 |
| **Net Investment income (loss)** |  | 81681112 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $5,550,520)  | 94406028 |  |
| Fidelity Central Funds | (120) |  |
| Foreign currency transactions | (849928) |  |
| Futures contracts | 8812846 |  |
| Total net realized gain (loss) |  | 102368826 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $3,430,831)  | 86149595 |  |
| Assets and liabilities in foreign currencies | 265632 |  |
| Futures contracts | 356734 |  |
| Total change in net unrealized appreciation (depreciation) |  | 86771961 |
| **Net gain (loss)** |  | 189140787 |
| **Net increase (decrease) in net assets resulting from operations** |  | $270821899 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $81681112 | $114380848 |
| &nbsp;&nbsp;Net realized gain (loss) | 102368826<br>| 33570240<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 86771961 | 465589873<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 270821899<br>| 613540961<br>|
| Distributions to shareholders | (100050273)<br>| (98766194)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 467988976 | 1047524981 |
| Reinvestment of distributions | 92728923<br>| 93428323<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (645310758) | (2199673325) |
| **Net increase (decrease) in net assets resulting from share transactions** | (84592859)<br>| (1058720021)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 86178767<br>| (543945254)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2628003671 | 3171948925<br>|
| &nbsp;&nbsp;End of period | $2714182438 | $2628003671 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 41037268 | 92869813 |
| Issued in reinvestment of distributions | 8301605<br>| 8983495<br>|
| &nbsp;&nbsp;Redeemed | (55508973) | (190143275) |
| &nbsp;&nbsp;Net increase (decrease) | (6170100) | (88289967) |

---

**Financial Highlights** 

**Fidelity® SAI Emerging Markets Low Volatility Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.73 | $10.16 | $9.29 | $11.44 | $9.41 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .40  | .36  | .35  | .33  | .27  |
| Net realized and unrealized gain (loss)  | .89  | 1.53  | .70  | (2.22)  | 1.95  |
| Total from investment operations  | 1.29  | 1.89  | 1.05  | (1.89)  | 2.22  |
| Distributions from net investment income  | (.52)  | (.32)  | (.18)  | (.26)  | (.19)  |
| Distributions from net realized gain  | (.05)  | -  | -  | -  | -  |
| Total distributions  | (.56) C | (.32)  | (.18)  | (.26)  | (.19)  |
| Net asset value, end of period  | $12.46 | $11.73 | $10.16 | $9.29 | $11.44 |
| **Total Return** D | 11.55% <br>| 18.98%  | 11.41%  | (16.88)%  | 23.79%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .24%  | .26%  | .26%  | .26%  | .23%  |
| Expenses net of fee waivers, if any  | .24% <br>| .26%  | .26%  | .25%  | .23%  |
| Expenses net of all reductions, if any  | .24%  | .26%  | .26%  | .25%  | .23%  |
| Net investment income (loss)  | 3.41%  | 3.24%  | 3.37%  | 3.09%  | 2.44%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2714182 | $2628004 | $3171949 | $2071953 | $1792423 |
| Portfolio turnover rate G | 39% <br>| 34%  | 22%  | 21%  | 28%  |

---

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

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

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

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

**Fidelity® SAI International Low Volatility Index Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.0%** | &nbsp;&nbsp;**Common Stocks - 98.0%** | &nbsp;&nbsp;**Common Stocks - 98.0%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 3.6%  |  |  |
| Consumer Discretionary - 0.6% |  |  |
| Hotels, Restaurants & Leisure - 0.6% |  |  |
| Lottery Corp/The  | 10008991 | 36018855 |
| Financials - 2.1% |  |  |
| Capital Markets - 0.5% |  |  |
| ASX Ltd  | 873736 | 32271644 |
| Insurance - 1.6% |  |  |
| Insurance Australia Group Ltd  | 10636355 | 54700626 |
| Medibank Pvt Ltd  | 12384371 | 39543098 |
|  |  | 94243724 |
| TOTAL FINANCIALS |  | 126515368 |
| Industrials - 0.9% |  |  |
| Professional Services - 0.9% |  |  |
| Computershare Ltd  | 2380427 | 56958265 |
| TOTAL AUSTRALIA |  | 219492488 |
| CHINA - 1.3%  |  |  |
| Financials - 1.3% |  |  |
| Banks - 1.3% |  |  |
| BOC Hong Kong Holdings Ltd  | 16165000 | 79425485 |
| DENMARK - 2.0%  |  |  |
| Financials - 1.0% |  |  |
| Banks - 0.4% |  |  |
| Ringkjoebing Landbobank A/S  | 114693 | 25898619 |
| Insurance - 0.6% |  |  |
| Tryg A/S  | 1512095 | 37271714 |
| TOTAL FINANCIALS |  | 63170333 |
| Health Care - 1.0% |  |  |
| Pharmaceuticals - 1.0% |  |  |
| Novo Nordisk A/S Series B  | 1275404 | 62790326 |
| TOTAL DENMARK |  | 125960659 |
| FINLAND - 2.5%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Elisa Oyj A Shares  | 350197 | 15435751 |
| Financials - 1.6% |  |  |
| Insurance - 1.6% |  |  |
| Mandatum Holding Oy  | 2260559 | 16212251 |
| Sampo Oyj A Shares  | 7359382 | 82011630 |
|  |  | 98223881 |
| Industrials - 0.3% |  |  |
| Machinery - 0.3% |  |  |
| Kone Oyj B Shares  | 248864 | 16614531 |
| Materials - 0.4% |  |  |
| Paper & Forest Products - 0.4% |  |  |
| UPM-Kymmene Oyj  | 965010 | 25894781 |
| TOTAL FINLAND |  | 156168944 |
| FRANCE - 3.9%  |  |  |
| Communication Services - 1.7% |  |  |
| Diversified Telecommunication Services - 1.7% |  |  |
| Orange SA  | 6386191 | 102155918 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Danone SA  | 79140 | 6989379 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Ipsen SA  | 106811 | 14995492 |
| Materials - 1.9% |  |  |
| Chemicals - 1.9% |  |  |
| Air Liquide SA  | 583255 | 112882542 |
| TOTAL FRANCE |  | 237023331 |
| GERMANY - 4.2%  |  |  |
| Consumer Staples - 0.7% |  |  |
| Personal Care Products - 0.7% |  |  |
| Beiersdorf AG  | 434937 | 46109421 |
| Financials - 2.7% |  |  |
| Capital Markets - 1.4% |  |  |
| Deutsche Boerse AG  | 338061 | 85610627 |
| Insurance - 1.3% |  |  |
| Hannover Rueck SE  | 271154 | 77323796 |
| TOTAL FINANCIALS |  | 162934423 |
| Materials - 0.8% |  |  |
| Chemicals - 0.8% |  |  |
| Symrise AG  | 597109 | 49380328 |
| TOTAL GERMANY |  | 258424172 |
| HONG KONG - 4.9%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| PCCW Ltd  | 19842000 | 14171854 |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Hang Seng Bank Ltd  | 3216400 | 62750544 |
| Industrials - 0.4% |  |  |
| Ground Transportation - 0.4% |  |  |
| MTR Corp Ltd (b) | 6998083 | 25666827 |
| Real Estate - 0.8% |  |  |
| Real Estate Management & Development - 0.8% |  |  |
| Hongkong Land Holdings Ltd (Singapore)  | 4650200 | 28412722 |
| Sino Land Co Ltd (b) | 16869584 | 20949802 |
|  |  | 49362524 |
| Utilities - 2.5% |  |  |
| Electric Utilities - 1.8% |  |  |
| CLP Holdings Ltd  | 7498500 | 63978812 |
| Power Assets Holdings Ltd  | 6133500 | 38961149 |
|  |  | 102939961 |
| Gas Utilities - 0.7% |  |  |
| Hong Kong & China Gas Co Ltd  | 48668015 | 45282477 |
| TOTAL UTILITIES |  | 148222438 |
| TOTAL HONG KONG |  | 300174187 |
| INDONESIA - 0.9%  |  |  |
| Industrials - 0.9% |  |  |
| Industrial Conglomerates - 0.9% |  |  |
| Jardine Matheson Holdings Ltd (Singapore)  | 942076 | 55346965 |
| ISRAEL - 1.2%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Bezeq The Israeli Telecommunication Corp Ltd  | 9844490 | 20154550 |
| Industrials - 0.9% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| Elbit Systems Ltd  | 112631 | 53922681 |
| TOTAL ISRAEL |  | 74077231 |
| ITALY - 0.4%  |  |  |
| Health Care - 0.4% |  |  |
| Pharmaceuticals - 0.4% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 460686 | 27347001 |
| JAPAN - 29.8%  |  |  |
| Communication Services - 4.2% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| NTT Inc  | 69752400 | 71792924 |
| Wireless Telecommunication Services - 3.1% |  |  |
| KDDI Corp  | 5641100 | 89921183 |
| SoftBank Corp  | 68689800 | 97608134 |
|  |  | 187529317 |
| TOTAL COMMUNICATION SERVICES |  | 259322241 |
| Consumer Discretionary - 4.3% |  |  |
| Automobile Components - 1.3% |  |  |
| Bridgestone Corp  | 1826500 | 79736112 |
| Automobiles - 1.6% |  |  |
| Toyota Motor Corp  | 4594900 | 93676854 |
| Broadline Retail - 0.4% |  |  |
| Pan Pacific International Holdings Corp  | 4333600 | 25778889 |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| McDonald's Holdings Co Japan Ltd (b) | 388700 | 15209013 |
| Skylark Holdings Co Ltd  | 1023100 | 18508876 |
|  |  | 33717889 |
| Household Durables - 0.3% |  |  |
| Haseko Corp  | 960400 | 15517462 |
| Specialty Retail - 0.2% |  |  |
| Shimamura Co Ltd  | 219100 | 14138923 |
| TOTAL CONSUMER DISCRETIONARY |  | 262566129 |
| Consumer Staples - 0.4% |  |  |
| Beverages - 0.2% |  |  |
| Suntory Beverage & Food Ltd  | 394400 | 11931041 |
| Food Products - 0.2% |  |  |
| Nisshin Seifun Group Inc  | 1111000 | 12554711 |
| TOTAL CONSUMER STAPLES |  | 24485752 |
| Financials - 5.9% |  |  |
| Banks - 3.0% |  |  |
| Gunma Bank Ltd/The  | 1606200 | 16686303 |
| Hachijuni Bank Ltd/The  | 2087200 | 21039940 |
| Japan Post Bank Co Ltd  | 7780000 | 87235352 |
| Kyoto Financial Group Inc  | 1355200 | 27471578 |
| Mebuki Financial Group Inc  | 4438700 | 27704793 |
|  |  | 180137966 |
| Insurance - 2.9% |  |  |
| Japan Post Holdings Co Ltd  | 8021300 | 75289147 |
| Tokio Marine Holdings Inc  | 2770400 | 103317077 |
|  |  | 178606224 |
| TOTAL FINANCIALS |  | 358744190 |
| Health Care - 1.1% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Medipal Holdings Corp  | 926700 | 15093225 |
| Pharmaceuticals - 0.9% |  |  |
| Astellas Pharma Inc  | 5066400 | 53033186 |
| TOTAL HEALTH CARE |  | 68126411 |
| Industrials - 4.9% |  |  |
| Air Freight & Logistics - 0.3% |  |  |
| Yamato Holdings Co Ltd  | 1426600 | 20846819 |
| Building Products - 0.5% |  |  |
| Agc Inc  | 977800 | 30582026 |
| Commercial Services & Supplies - 1.1% |  |  |
| Secom Co Ltd  | 1888440 | 63879292 |
| Construction & Engineering - 0.3% |  |  |
| Kinden Corp  | 521500 | 20906022 |
| Ground Transportation - 1.9% |  |  |
| Hankyu Hanshin Holdings Inc  | 1137740 | 30534635 |
| Kintetsu Group Holdings Co Ltd (b) | 857400 | 16253936 |
| Kyushu Railway Co  | 707400 | 17934020 |
| Tobu Railway Co Ltd  | 904900 | 14582565 |
| Tokyu Corp  | 2810000 | 31289080 |
|  |  | 110594236 |
| Industrial Conglomerates - 0.3% |  |  |
| Sekisui Chemical Co Ltd  | 1150400 | 19968334 |
| Machinery - 0.5% |  |  |
| Fujitec Co Ltd  | 330000 | 12130621 |
| NGK Insulators Ltd  | 1098700 | 18579016 |
|  |  | 30709637 |
| TOTAL INDUSTRIALS |  | 297486366 |
| Information Technology - 3.0% |  |  |
| Electronic Equipment, Instruments & Components - 1.7% |  |  |
| Hirose Electric Co Ltd  | 138100 | 18549543 |
| Kyocera Corp  | 6316900 | 84028583 |
|  |  | 102578126 |
| IT Services - 0.3% |  |  |
| Otsuka Corp  | 1008200 | 19953345 |
| Technology Hardware, Storage & Peripherals - 1.0% |  |  |
| Canon Inc  | 362700 | 10433126 |
| FUJIFILM Holdings Corp  | 2166330 | 50208362 |
|  |  | 60641488 |
| TOTAL INFORMATION TECHNOLOGY |  | 183172959 |
| Materials - 0.8% |  |  |
| Chemicals - 0.2% |  |  |
| Kuraray Co Ltd  | 1358600 | 14744394 |
| Containers & Packaging - 0.2% |  |  |
| Toyo Seikan Group Holdings Ltd  | 609000 | 13676912 |
| Paper & Forest Products - 0.4% |  |  |
| Oji Holdings Corp  | 4287900 | 21657916 |
| TOTAL MATERIALS |  | 50079222 |
| Real Estate - 1.6% |  |  |
| Diversified REITs - 0.6% |  |  |
| Daiwa House REIT Investment Corp  | 20641 | 17786807 |
| United Urban Investment Corp  | 13774 | 16668944 |
|  |  | 34455751 |
| Office REITs - 0.9% |  |  |
| Japan Real Estate Investment Corp  | 31680 | 26127623 |
| Nippon Building Fund Inc  | 28551 | 26344509 |
|  |  | 52472132 |
| Residential REITs - 0.1% |  |  |
| Advance Residence Investment Corp  | 12888 | 13949246 |
| TOTAL REAL ESTATE |  | 100877129 |
| Utilities - 3.6% |  |  |
| Electric Utilities - 1.7% |  |  |
| Chubu Electric Power Co Inc  | 3408600 | 47443041 |
| Kansai Electric Power Co Inc/The  | 3783500 | 59105679 |
|  |  | 106548720 |
| Gas Utilities - 1.8% |  |  |
| Osaka Gas Co Ltd  | 1789260 | 56286630 |
| Tokyo Gas Co Ltd  | 1556500 | 54559814 |
|  |  | 110846444 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Electric Power Development Co Ltd  | 325300 | 6185787 |
| TOTAL UTILITIES |  | 223580951 |
| TOTAL JAPAN |  | 1828441350 |
| NETHERLANDS - 4.6%  |  |  |
| Communication Services - 1.1% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| Koninklijke KPN NV  | 14864784 | 68786244 |
| Consumer Staples - 1.7% |  |  |
| Consumer Staples Distribution & Retail - 1.7% |  |  |
| Koninklijke Ahold Delhaize NV  | 2524576 | 103332415 |
| Financials - 0.5% |  |  |
| Financial Services - 0.5% |  |  |
| EXOR NV  | 397494 | 34454493 |
| Industrials - 1.3% |  |  |
| Professional Services - 1.3% |  |  |
| Wolters Kluwer NV  | 641240 | 78532062 |
| TOTAL NETHERLANDS |  | 285105214 |
| NORWAY - 0.6%  |  |  |
| Consumer Staples - 0.6% |  |  |
| Food Products - 0.6% |  |  |
| Orkla ASA  | 3388164 | 34352439 |
| SINGAPORE - 3.0%  |  |  |
| Financials - 2.1% |  |  |
| Banks - 1.3% |  |  |
| Oversea-Chinese Banking Corp Ltd  | 6075200 | 79487290 |
| Capital Markets - 0.8% |  |  |
| Singapore Exchange Ltd  | 3662500 | 47638387 |
| TOTAL FINANCIALS |  | 127125677 |
| Industrials - 0.7% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Singapore Technologies Engineering Ltd  | 6739900 | 43962624 |
| Real Estate - 0.2% |  |  |
| Industrial REITs - 0.2% |  |  |
| CapitaLand Ascendas REIT  | 44399 | 96192 |
| Mapletree Industrial Trust  | 9361443 | 15319510 |
|  |  | 15415702 |
| TOTAL SINGAPORE |  | 186504003 |
| SPAIN - 0.5%  |  |  |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| Redeia Corp SA  | 1824872 | 32834678 |
| SWEDEN - 0.2%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Household Products - 0.2% |  |  |
| Essity AB B Shares  | 516402 | 14181656 |
| SWITZERLAND - 8.8%  |  |  |
| Communication Services - 1.4% |  |  |
| Diversified Telecommunication Services - 1.4% |  |  |
| Swisscom AG  | 114144 | 83613405 |
| Consumer Staples - 1.6% |  |  |
| Food Products - 1.6% |  |  |
| Chocoladefabriken Lindt & Spruengli AG  | 641 | 98131345 |
| Financials - 1.5% |  |  |
| Banks - 0.2% |  |  |
| Banque Cantonale Vaudoise (b) | 127713 | 14806614 |
| Insurance - 1.3% |  |  |
| Zurich Insurance Group AG  | 115726 | 80484128 |
| TOTAL FINANCIALS |  | 95290742 |
| Health Care - 0.4% |  |  |
| Health Care Providers & Services - 0.4% |  |  |
| Galenica AG (c)(d) | 224843 | 24195593 |
| Industrials - 1.3% |  |  |
| Professional Services - 1.3% |  |  |
| SGS SA  | 687070 | 77368479 |
| Materials - 0.5% |  |  |
| Chemicals - 0.5% |  |  |
| Givaudan SA  | 7216 | 29572374 |
| Real Estate - 1.9% |  |  |
| Real Estate Management & Development - 1.9% |  |  |
| Allreal Holding AG  | 67155 | 16038759 |
| Mobimo Holding AG  | 32656 | 13837460 |
| PSP Swiss Property AG  | 206262 | 35652121 |
| Swiss Prime Site AG  | 354799 | 50392700 |
|  |  | 115921040 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| BKW AG  | 87851 | 19638888 |
| TOTAL SWITZERLAND |  | 543731866 |
| UNITED KINGDOM - 13.9%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Diversified Consumer Services - 0.7% |  |  |
| Pearson PLC  | 2969696 | 41332315 |
| Consumer Staples - 5.4% |  |  |
| Beverages - 0.8% |  |  |
| Diageo PLC  | 2095413 | 48198177 |
| Household Products - 1.7% |  |  |
| Reckitt Benckiser Group PLC  | 1391805 | 106457886 |
| Personal Care Products - 2.1% |  |  |
| Unilever PLC  | 2037450 | 122255916 |
| Tobacco - 0.8% |  |  |
| British American Tobacco PLC  | 994036 | 50910099 |
| TOTAL CONSUMER STAPLES |  | 327822078 |
| Financials - 0.8% |  |  |
| Insurance - 0.8% |  |  |
| Admiral Group PLC  | 1212122 | 52165867 |
| Health Care - 2.1% |  |  |
| Pharmaceuticals - 2.1% |  |  |
| Astrazeneca PLC  | 793101 | 130820943 |
| Industrials - 3.0% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| BAE Systems PLC  | 444016 | 10937663 |
| Commercial Services & Supplies - 0.2% |  |  |
| Serco Group PLC  | 4604134 | 15350968 |
| Industrial Conglomerates - 0.1% |  |  |
| CK Hutchison Holdings Ltd  | 718500 | 4764715 |
| Professional Services - 1.7% |  |  |
| RELX PLC  | 2263928 | 100057459 |
| Trading Companies & Distributors - 0.8% |  |  |
| Bunzl PLC  | 1473132 | 44743061 |
| TOTAL INDUSTRIALS |  | 175853866 |
| Utilities - 1.9% |  |  |
| Multi-Utilities - 1.9% |  |  |
| National Grid PLC  | 7799022 | 116939413 |
| Water Utilities - 0.0% |  |  |
| Severn Trent PLC  | 70869 | 2589128 |
| TOTAL UTILITIES |  | 119528541 |
| TOTAL UNITED KINGDOM |  | 847523610 |
| UNITED STATES - 11.7%  |  |  |
| Consumer Staples - 1.4% |  |  |
| Food Products - 1.4% |  |  |
| Nestle SA  | 883569 | 84423658 |
| Health Care - 10.3% |  |  |
| Biotechnology - 0.5% |  |  |
| CSL Ltd  | 285521 | 33273569 |
| Life Sciences Tools & Services - 0.7% |  |  |
| QIAGEN NV (Germany)  | 978900 | 45990694 |
| Pharmaceuticals - 9.1% |  |  |
| GSK PLC  | 4948950 | 115872013 |
| Haleon PLC  | 20085665 | 93403001 |
| Novartis AG  | 988635 | 122355119 |
| Roche Holding AG  | 375391 | 121596814 |
| Sanofi SA  | 1022390 | 103427883 |
|  |  | 556654830 |
| TOTAL HEALTH CARE |  | 635919093 |
| TOTAL UNITED STATES |  | 720342751 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $5,280,175,246) |  | <br> **6026458030** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (e) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 11/13/2025 (f)<br>(Cost $3,624,022)<br>| 4.15 | 3629000 | **3625106** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** | &nbsp;&nbsp;**Money Market Funds - 1.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (g) | 4.18 | 57464934 | 57476428 |
| Fidelity Securities Lending Cash Central Fund (g)(h) | 4.18 | 30915871 | 30918962 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $88,395,390) |  |  | **88395390** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.5%**<br> (Cost $5,372,194,658)<br>| <br>**6118478526** |
| **NET OTHER ASSETS (LIABILITIES) - 0.5%**  | **29853296** |
| **NET ASSETS - 100.0%** | **6148331822** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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) | 868 | 12/19/2025 | 121828140 | 428158 | 428158 |
| 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) Security or a portion of the security is on loan at period end.

(c) Security 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 $24,195,593 or 0.4% 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 $24,195,593 or 0.4% of net assets.

(e) 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.

(f) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,615,117.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<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 | 2547913 | 967736210 | 912806961 | 1836669 | (734) | - | 57476428 | 57464934 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 13483500 | 621295847 | 603860385 | 188915 | - | - | 30918962 | 30915871 | 0.1% |
| Total | 16031413 | 1589032057 | 1516667346 | 2025584 | (734) | - | 88395390 |  |  |

---

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 October 31, 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 | 563639963 | 133375560 | 430264403 | - |
| Consumer Discretionary | 339917299 | 99393129 | 240524170 | - |
| Consumer Staples | 739828143 | 274483607 | 465344536 | - |
| Financials | 1260801003 | 991389171 | 269411832 | - |
| Health Care | 964194859 | 127622005 | 836572854 | - |
| Industrials | 881712666 | 765952829 | 115759837 | - |
| Information Technology | 183172959 | 132964597 | 50208362 | - |
| Materials | 267809247 | 105546377 | 162262870 | - |
| Real Estate | 281576395 | 281576395 | - | - |
| Utilities | 543805496 | 426866083 | 116939413 | - |
|  **U.S. Treasury Obligations** | 3625106 | - | 3625106 | - |
|  **Money Market Funds** | 88395390 | 88395390 | - | - |
| **Total Investments in Securities:** | 6118478526 | 3427565143 | 2690913383 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 428158 | 428158 | - | - |
| Total Assets | 428158 | 428158 | - | - |
| **Total Derivative Instruments:** | 428158 | 428158 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 428158 | - |
| **Total Equity Risk**  | 428158 | - |
| **Total Value of Derivatives** | 428158 | - |

---

(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® SAI International Low Volatility Index Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $29,246,788) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $5,283,799,268) | $6030083136 |  |
| Fidelity Central Funds (cost $88,395,390) | 88395390 |  |
| Total Investment in Securities (cost $5,372,194,658) |  | $6118478526 |
| Foreign currency held at value (cost $2,582,934) |  | 2562399 |
| Receivable for fund shares sold |  | 4520231 |
| Dividends receivable |  | 22916443 |
| Reclaims receivable |  | 32854787 |
| Distributions receivable from Fidelity Central Funds |  | 133556 |
| Prepaid expenses |  | 5544 |
| **Total assets** |  | 6181471486 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $1016593 |  |
| Accrued management fee | 759440 |  |
| Payable for daily variation margin on futures contracts | 324746 |  |
| Other payables and accrued expenses | 119923 |  |
| Collateral on securities loaned | 30918962 |  |
| **Total liabilities** |  | 33139664 |
| **Net Assets**  |  | $6148331822 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5525487224 |
| Total accumulated earnings (loss) |  | 622844598 |
| **Net Assets** |  | $6148331822 |
| **Net Asset Value**, offering price and redemption price per share ($6,148,331,822 ÷ 486,277,132 shares) |  | $12.64 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $182156690 |
| Interest  |  | 147629 |
| Income from Fidelity Central Funds (including $188,915 from security lending)  |  | 2025584 |
| Income before foreign taxes withheld |  | $184329903 |
| Less foreign taxes withheld |  | (13732481) |
| **Total income** |  | 170597422 |
| **Expenses** |  |  |
| Management fee | $8160882 |  |
| Custodian fees and expenses | 429714 |  |
| Independent trustees' fees and expenses | 13657 |  |
| Registration fees | 101899 |  |
| Audit fees | 79514 |  |
| Legal | 5225 |  |
| Interest | 67950 |  |
| Miscellaneous | 23641 |  |
| Total expenses before reductions | 8882482 |  |
| Expense reductions | (109311) |  |
| Total expenses after reductions |  | 8773171 |
| **Net Investment income (loss)** |  | 161824251 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 37255609 |  |
| Redemptions in-kind | 91071990 |  |
| Fidelity Central Funds | (734) |  |
| Foreign currency transactions | 135382 |  |
| Futures contracts | 16049350 |  |
| Total net realized gain (loss) |  | 144511597 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 288649177 |  |
| Assets and liabilities in foreign currencies | 2376301 |  |
| Futures contracts | 916390 |  |
| Total change in net unrealized appreciation (depreciation) |  | 291941868 |
| **Net gain (loss)** |  | 436453465 |
| **Net increase (decrease) in net assets resulting from operations** |  | $598277716 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $161824251 | $202869509 |
| &nbsp;&nbsp;Net realized gain (loss) | 144511597<br>| 334152833<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 291941868 | 498457425<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 598277716<br>| 1035479767<br>|
| Distributions to shareholders | (98106960)<br>| (154634991)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2036613486 | 2220528701 |
| Reinvestment of distributions | 78263051<br>| 145342059<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (1908285475) | (3850839394) |
| **Net increase (decrease) in net assets resulting from share transactions** | 206591062<br>| (1484968634)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 706761818<br>| (604123858)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 5441570004 | 6045693862<br>|
| &nbsp;&nbsp;End of period | $6148331822 | $5441570004 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 172267482 | 198925755 |
| Issued in reinvestment of distributions | 7050725<br>| 13685693<br>|
| &nbsp;&nbsp;Redeemed | (166254989) | (336992592) |
| &nbsp;&nbsp;Net increase (decrease) | 13063218 | (124381144) |

---

**Financial Highlights** 

**Fidelity® SAI International Low Volatility Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.50 | $10.12 | $9.13 | $11.67 | $9.64 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .36  | .33  | .27  | .26  | .27  |
| Net realized and unrealized gain (loss)  | 1.01  | 1.30  | .92  | (2.52)  | 1.90  |
| Total from investment operations  | 1.37  | 1.63  | 1.19  | (2.26)  | 2.17  |
| Distributions from net investment income  | (.23)  | (.25)  | (.20)  | (.28)  | (.14)  |
| Total distributions  | (.23)  | (.25)  | (.20)  | (.28)  | (.14)  |
| Net asset value, end of period  | $12.64 | $11.50 | $10.12 | $9.13 | $11.67 |
| **Total Return** C | 12.16% <br>| 16.34%  | 13.07%  | (19.80)%  | 22.69%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .16%  | .16%  | .17%  | .17%  | .17%  |
| Expenses net of fee waivers, if any  | .16% <br>| .16%  | .17%  | .17%  | .17%  |
| Expenses net of all reductions, if any  | .16%  | .16%  | .17%  | .17%  | .17%  |
| Net investment income (loss)  | 2.96%  | 2.92%  | 2.63%  | 2.46%  | 2.37%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $6148332 | $5441570 | $6045694 | $5494820 | $5938738 |
| Portfolio turnover rate F | 23% G<br>| 31% G | 37%  | 26%  | 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 returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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

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

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

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

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

**Schedule of Investments October 31, 2025**

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>|
| PUERTO RICO - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Popular Inc  | 96065 | 10708365 |
| UNITED STATES - 99.6%  |  |  |
| Communication Services - 7.4% |  |  |
| Diversified Telecommunication Services - 2.9% |  |  |
| AT&T Inc  | 10089572 | 249716907 |
| Verizon Communications Inc  | 5911616 | 234927620 |
|  |  | 484644527 |
| Entertainment - 0.3% |  |  |
| Electronic Arts Inc  | 319975 | 64014198 |
| Interactive Media & Services - 2.8% |  |  |
| Alphabet Inc Class A  | 1263265 | 355217485 |
| Meta Platforms Inc Class A  | 184010 | 119302884 |
|  |  | 474520369 |
| Media - 0.6% |  |  |
| Comcast Corp Class A  | 1438221 | 40032882 |
| Fox Corp Class A  | 469777 | 30371083 |
| Omnicom Group Inc (b) | 273579 | 20523897 |
| TEGNA Inc  | 225365 | 4432929 |
|  |  | 95360791 |
| Wireless Telecommunication Services - 0.8% |  |  |
| T-Mobile US Inc  | 668684 | 140457074 |
| TOTAL COMMUNICATION SERVICES |  | 1258996959 |
| Consumer Discretionary - 9.3% |  |  |
| Automobile Components - 0.0% |  |  |
| Gentex Corp  | 315216 | 7391815 |
| Broadline Retail - 1.8% |  |  |
| Amazon.com Inc (c) | 1246093 | 304320832 |
| Distributors - 0.1% |  |  |
| Genuine Parts Co  | 159175 | 20264569 |
| Diversified Consumer Services - 0.2% |  |  |
| H&R Block Inc (b) | 187725 | 9337442 |
| Service Corp International/US  | 199612 | 16669598 |
|  |  | 26007040 |
| Hotels, Restaurants & Leisure - 2.3% |  |  |
| Darden Restaurants Inc  | 164092 | 29561174 |
| McDonald's Corp  | 1002609 | 299208604 |
| Yum! Brands Inc  | 389759 | 53868591 |
|  |  | 382638369 |
| Household Durables - 0.3% |  |  |
| Garmin Ltd  | 215983 | 46207403 |
| Specialty Retail - 4.6% |  |  |
| AutoZone Inc (c) | 23457 | 86191105 |
| Home Depot Inc/The  | 1072858 | 407246168 |
| Murphy USA Inc  | 25216 | 9032371 |
| O'Reilly Automotive Inc (c) | 1198638 | 113199373 |
| TJX Cos Inc/The  | 933977 | 130887537 |
| Tractor Supply Co  | 743443 | 40227701 |
|  |  | 786784255 |
| TOTAL CONSUMER DISCRETIONARY |  | 1573614283 |
| Consumer Staples - 6.5% |  |  |
| Beverages - 0.8% |  |  |
| PepsiCo Inc  | 968168 | 141439663 |
| Food Products - 0.7% |  |  |
| Campbell's Company/The  | 275950 | 8314374 |
| Flowers Foods Inc (b) | 275331 | 3284699 |
| General Mills Inc  | 767838 | 35788929 |
| Hershey Co/The  | 207510 | 35199921 |
| Hormel Foods Corp  | 408672 | 8823228 |
| Kellanova  | 376998 | 31313454 |
|  |  | 122724605 |
| Household Products - 3.2% |  |  |
| Colgate-Palmolive Co  | 1136359 | 87556461 |
| Kimberly-Clark Corp  | 465268 | 55697232 |
| Procter & Gamble Co/The  | 2604606 | 391654604 |
|  |  | 534908297 |
| Tobacco - 1.8% |  |  |
| Philip Morris International Inc  | 2155705 | 311132903 |
| TOTAL CONSUMER STAPLES |  | 1110205468 |
| Energy - 1.1% |  |  |
| Oil, Gas & Consumable Fuels - 1.1% |  |  |
| Coterra Energy Inc  | 1065292 | 25204809 |
| DT Midstream Inc (b) | 142449 | 15596740 |
| Kinder Morgan Inc  | 2710682 | 70992762 |
| Williams Cos Inc/The  | 1712077 | 99077896 |
|  |  | 210872207 |
| Financials - 11.0% |  |  |
| Banks - 0.5% |  |  |
| Commerce Bancshares Inc/MO  | 170253 | 8960415 |
| Cullen/Frost Bankers Inc  | 90144 | 11100332 |
| First Financial Bankshares Inc (b) | 180524 | 5576386 |
| Glacier Bancorp Inc (b) | 163997 | 6699277 |
| M&T Bank Corp  | 225073 | 41384173 |
| Old National Bancorp/IN (b) | 456464 | 9325560 |
| Prosperity Bancshares Inc (b) | 133604 | 8793815 |
|  |  | 91839958 |
| Capital Markets - 1.5% |  |  |
| Cboe Global Markets Inc  | 146827 | 36066584 |
| CME Group Inc Class A  | 505286 | 134148381 |
| FactSet Research Systems Inc  | 53209 | 14196161 |
| Houlihan Lokey Inc Class A  | 75424 | 13506930 |
| Nasdaq Inc  | 579619 | 49551628 |
| SEI Investments Co  | 132661 | 10693803 |
|  |  | 258163487 |
| Financial Services - 3.0% |  |  |
| Jack Henry & Associates Inc  | 102102 | 15207072 |
| Visa Inc Class A  | 1430128 | 487301815 |
| Western Union Co/The (b) | 463458 | 4324063 |
|  |  | 506832950 |
| Insurance - 6.0% |  |  |
| American Financial Group Inc/OH  | 100713 | 13261888 |
| Aon PLC  | 302788 | 103153816 |
| Arch Capital Group Ltd  | 523332 | 45168785 |
| Arthur J Gallagher & Co  | 359100 | 89591859 |
| Assurant Inc  | 71094 | 15052022 |
| Brown & Brown Inc  | 392991 | 31337102 |
| Chubb Ltd  | 522560 | 144717766 |
| Erie Indemnity Co Class A  | 34973 | 10234499 |
| Everest Group Ltd  | 59642 | 18758602 |
| Globe Life Inc  | 115741 | 15221099 |
| Hanover Insurance Group Inc/The  | 50361 | 8605688 |
| Hartford Insurance Group Inc/The  | 398365 | 49468966 |
| Loews Corp  | 179856 | 17906463 |
| Marsh & McLennan Cos Inc  | 690896 | 123083122 |
| Progressive Corp/The  | 821995 | 169330970 |
| Reinsurance Group of America Inc  | 92665 | 16907656 |
| RLI Corp  | 117101 | 6904275 |
| Selective Insurance Group Inc  | 85216 | 6420173 |
| Travelers Companies Inc/The  | 317692 | 85338425 |
| Unum Group  | 224929 | 16514287 |
| W R Berkley Corp  | 420223 | 29978709 |
|  |  | 1016956172 |
| TOTAL FINANCIALS |  | 1873792567 |
| Health Care - 12.2% |  |  |
| Biotechnology - 2.1% |  |  |
| Amgen Inc  | 753964 | 225005477 |
| Biogen Inc (c) | 205458 | 31696005 |
| Regeneron Pharmaceuticals Inc  | 145614 | 94911205 |
|  |  | 351612687 |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Becton Dickinson & Co  | 401876 | 71819260 |
| Health Care Providers & Services - 2.7% |  |  |
| Chemed Corp  | 20513 | 8847257 |
| Molina Healthcare Inc (c) | 63048 | 9650127 |
| Quest Diagnostics Inc  | 156533 | 27541981 |
| UnitedHealth Group Inc  | 1202546 | 410741612 |
|  |  | 456780977 |
| Pharmaceuticals - 7.0% |  |  |
| Eli Lilly & Co  | 598804 | 516684020 |
| Johnson & Johnson  | 2669438 | 504176756 |
| Merck & Co Inc  | 1928750 | 165833925 |
|  |  | 1186694701 |
| TOTAL HEALTH CARE |  | 2066907625 |
| Industrials - 9.0% |  |  |
| Aerospace & Defense - 2.9% |  |  |
| BWX Technologies Inc  | 128105 | 27364509 |
| General Dynamics Corp  | 353228 | 121828338 |
| Huntington Ingalls Industries Inc  | 55020 | 17717540 |
| L3Harris Technologies Inc  | 262133 | 75782650 |
| Lockheed Martin Corp  | 292389 | 143820302 |
| Northrop Grumman Corp  | 189705 | 110683382 |
|  |  | 497196721 |
| Commercial Services & Supplies - 1.1% |  |  |
| Republic Services Inc  | 284816 | 59310084 |
| Rollins Inc  | 394147 | 22706809 |
| Waste Management Inc  | 513469 | 102575702 |
|  |  | 184592595 |
| Ground Transportation - 0.3% |  |  |
| Landstar System Inc  | 49001 | 6293198 |
| Union Pacific Corp  | 168125 | 37049706 |
|  |  | 43342904 |
| Industrial Conglomerates - 1.1% |  |  |
| Honeywell International Inc  | 901161 | 181430744 |
| Machinery - 0.9% |  |  |
| Donaldson Co Inc  | 167586 | 14119121 |
| Graco Inc (b) | 234352 | 19162963 |
| IDEX Corp  | 105928 | 18162415 |
| Nordson Corp  | 75811 | 17584361 |
| Otis Worldwide Corp  | 553411 | 51334405 |
| Snap-on Inc  | 73322 | 24603197 |
| Toro Co/The  | 139966 | 10459659 |
|  |  | 155426121 |
| Professional Services - 2.3% |  |  |
| Automatic Data Processing Inc  | 569180 | 148157554 |
| Booz Allen Hamilton Holding Corp Class A  | 177581 | 15477960 |
| Broadridge Financial Solutions Inc  | 164705 | 36300982 |
| CACI International Inc (b)(c) | 30834 | 17336417 |
| Exponent Inc  | 71162 | 5038981 |
| FTI Consulting Inc (c) | 47220 | 7791772 |
| Jacobs Solutions Inc  | 168481 | 26251025 |
| Leidos Holdings Inc  | 180488 | 34377549 |
| Maximus Inc  | 79012 | 6567477 |
| Paychex Inc  | 449499 | 52604868 |
| Science Applications International Corp  | 66137 | 6197698 |
| Verisk Analytics Inc  | 196143 | 42908243 |
|  |  | 399010526 |
| Trading Companies & Distributors - 0.4% |  |  |
| Fastenal Co  | 1608645 | 66195741 |
| TOTAL INDUSTRIALS |  | 1527195352 |
| Information Technology - 32.3% |  |  |
| Communications Equipment - 3.0% |  |  |
| Cisco Systems Inc  | 5578305 | 407829879 |
| Motorola Solutions Inc  | 234047 | 95189255 |
|  |  | 503019134 |
| Electronic Equipment, Instruments & Components - 2.0% |  |  |
| Amphenol Corp Class A  | 1696083 | 236332206 |
| CDW Corp/DE  | 184647 | 29427192 |
| Keysight Technologies Inc (c) | 242313 | 44333586 |
| Teledyne Technologies Inc (c) | 65705 | 34614708 |
|  |  | 344707692 |
| IT Services - 3.5% |  |  |
| Accenture PLC Class A  | 335899 | 84008340 |
| Akamai Technologies Inc (c) | 205008 | 15396101 |
| Amdocs Ltd (b) | 157273 | 13251823 |
| ASGN Inc (c) | 61416 | 2748980 |
| Cognizant Technology Solutions Corp Class A  | 691196 | 50374364 |
| IBM Corporation  | 1303187 | 400612716 |
| VeriSign Inc  | 113232 | 27153034 |
|  |  | 593545358 |
| Semiconductors & Semiconductor Equipment - 8.4% |  |  |
| Analog Devices Inc  | 558104 | 130668890 |
| Broadcom Inc  | 199757 | 73836179 |
| NVIDIA Corp  | 4991736 | 1010776623 |
| Texas Instruments Inc  | 1273847 | 205675337 |
|  |  | 1420957029 |
| Software - 9.8% |  |  |
| Cadence Design Systems Inc (c) | 382855 | 129669160 |
| Dolby Laboratories Inc Class A  | 86103 | 5710351 |
| Dropbox Inc Class A (c) | 275130 | 7978770 |
| Microsoft Corp  | 2700303 | 1398243897 |
| Oracle Corp  | 71596 | 18801826 |
| Qualys Inc (b)(c) | 50936 | 6278371 |
| Roper Technologies Inc  | 150756 | 67259789 |
| SPS Commerce Inc (b)(c) | 53251 | 4379362 |
| Tyler Technologies Inc (c) | 60468 | 28798490 |
|  |  | 1667120016 |
| Technology Hardware, Storage & Peripherals - 5.6% |  |  |
| Apple Inc  | 3510093 | 949023844 |
| TOTAL INFORMATION TECHNOLOGY |  | 5478373073 |
| Materials - 3.5% |  |  |
| Chemicals - 2.6% |  |  |
| Air Products and Chemicals Inc  | 312048 | 75699724 |
| Balchem Corp  | 45735 | 7015292 |
| Corteva Inc  | 956529 | 58769142 |
| Linde PLC  | 660043 | 276095987 |
| Solstice Advanced Materials Inc  | 225290 | 10153820 |
|  |  | 427733965 |
| Construction Materials - 0.3% |  |  |
| Vulcan Materials Co  | 185234 | 53625243 |
| Containers & Packaging - 0.5% |  |  |
| Amcor PLC  | 3212994 | 25382653 |
| AptarGroup Inc  | 92602 | 10742758 |
| Avery Dennison Corp  | 109617 | 19170917 |
| Graphic Packaging Holding CO  | 423115 | 6765609 |
| Packaging Corp of America  | 125277 | 24524226 |
| Silgan Holdings Inc (b) | 114018 | 4403374 |
|  |  | 90989537 |
| Metals & Mining - 0.1% |  |  |
| Royal Gold Inc (b) | 92286 | 16130670 |
| TOTAL MATERIALS |  | 588479415 |
| Real Estate - 2.9% |  |  |
| Diversified REITs - 0.1% |  |  |
| WP Carey Inc  | 307045 | 20264970 |
| Industrial REITs - 0.1% |  |  |
| EastGroup Properties Inc  | 71479 | 12475230 |
| Lineage Inc  | 83337 | 3283478 |
|  |  | 15758708 |
| Real Estate Management & Development - 0.2% |  |  |
| CoStar Group Inc (c) | 591564 | 40705519 |
| Residential REITs - 0.7% |  |  |
| American Homes 4 Rent Class A  | 445604 | 14081085 |
| Equity LifeStyle Properties Inc  | 268084 | 16366528 |
| Equity Residential  | 479477 | 28500113 |
| Essex Property Trust Inc  | 90280 | 22729796 |
| Invitation Homes Inc  | 799306 | 22500464 |
| Mid-America Apartment Communities Inc  | 164137 | 21047288 |
|  |  | 125225274 |
| Retail REITs - 0.5% |  |  |
| Agree Realty Corp  | 153970 | 11241350 |
| Realty Income Corp  | 1266286 | 73419262 |
|  |  | 84660612 |
| Specialized REITs - 1.3% |  |  |
| American Tower Corp  | 161071 | 28828488 |
| Equinix Inc  | 137160 | 116038732 |
| Gaming and Leisure Properties Inc  | 385367 | 17210489 |
| VICI Properties Inc  | 1481700 | 44436183 |
|  |  | 206513892 |
| TOTAL REAL ESTATE |  | 493128975 |
| Utilities - 4.4% |  |  |
| Electric Utilities - 3.3% |  |  |
| Alliant Energy Corp  | 197784 | 13215927 |
| American Electric Power Co Inc  | 749040 | 90079550 |
| Duke Energy Corp  | 1089858 | 135469349 |
| Evergy Inc  | 285218 | 21907595 |
| Exelon Corp  | 1415557 | 65285489 |
| IDACORP Inc  | 75747 | 9772878 |
| Southern Co/The  | 1541080 | 144923164 |
| Xcel Energy Inc  | 808726 | 65644289 |
|  |  | 546298241 |
| Multi-Utilities - 1.1% |  |  |
| Ameren Corp  | 378981 | 38663642 |
| CMS Energy Corp  | 419427 | 30848856 |
| Consolidated Edison Inc  | 505202 | 49211727 |
| DTE Energy Co  | 176068 | 23864256 |
| WEC Energy Group Inc  | 447485 | 49997499 |
|  |  | 192585980 |
| TOTAL UTILITIES |  | 738884221 |
| TOTAL UNITED STATES |  | 16920450145 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $12,359,651,244) |  | <br> **16931158510** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 11/13/2025 (e)<br>(Cost $1,657,723)<br>| 4.15 | 1660000 | **1658219** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** | &nbsp;&nbsp;**Money Market Funds - 0.3%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f) | 4.18 | 14598454 | 14601374 |
| Fidelity Securities Lending Cash Central Fund (f)(g) | 4.18 | 33973436 | 33976833 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $48,578,207) |  |  | **48578207** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $12,409,887,174)<br>| <br>**16981394936** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **2240058** |
| **NET ASSETS - 100.0%** | **16983634994** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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) | 110 | 12/19/2025 | 37807000 | 598725 | 598725 |
| CME E-Mini S&P MidCap 400 Index Contracts (United States) | 40 | 12/19/2025 | 13030800 | 7904 | 7904 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **606629** |
| 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) Security or a portion of the security is on loan at period end.

(c) Non-income producing.

(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) 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 $1,658,219.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<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 | 15085748 | 695833317 | 696317787 | 766938 | 96 | - | 14601374 | 14598454 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 16252874 | 399682477 | 381958518 | 15565 | - | - | 33976833 | 33973436 | 0.1% |
| Total | 31338622 | 1095515794 | 1078276305 | 782503 | 96 | - | 48578207 |  |  |

---

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 October 31, 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 | 1258996959 | 1258996959 | - | - |
| Consumer Discretionary | 1573614283 | 1573614283 | - | - |
| Consumer Staples | 1110205468 | 1110205468 | - | - |
| Energy | 210872207 | 210872207 | - | - |
| Financials | 1884500932 | 1884500932 | - | - |
| Health Care | 2066907625 | 2066907625 | - | - |
| Industrials | 1527195352 | 1527195352 | - | - |
| Information Technology | 5478373073 | 5478373073 | - | - |
| Materials | 588479415 | 588479415 | - | - |
| Real Estate | 493128975 | 493128975 | - | - |
| Utilities | 738884221 | 738884221 | - | - |
|  **U.S. Treasury Obligations** | 1658219 | - | 1658219 | - |
|  **Money Market Funds** | 48578207 | 48578207 | - | - |
| **Total Investments in Securities:** | 16981394936 | 16979736717 | 1658219 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 606629 | 606629 | - | - |
| Total Assets | 606629 | 606629 | - | - |
| **Total Derivative Instruments:** | 606629 | 606629 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 606629 | - |
| **Total Equity Risk**  | 606629 | - |
| **Total Value of Derivatives** | 606629 | - |

---

(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® SAI U.S. Low Volatility Index Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $47,098,026) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $12,361,308,967) | $16932816729 |  |
| Fidelity Central Funds (cost $48,578,207) | 48578207 |  |
| Total Investment in Securities (cost $12,409,887,174) |  | $16981394936 |
| Segregated cash with brokers for derivative instruments |  | 164208 |
| Cash |  | 16133 |
| Receivable for fund shares sold |  | 29186952 |
| Dividends receivable |  | 16061094 |
| Distributions receivable from Fidelity Central Funds |  | 104847 |
| Receivable for daily variation margin on futures contracts |  | 108094 |
| Prepaid expenses |  | 13419 |
| **Total assets** |  | 17027049683 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $16134 |  |
| Payable for fund shares redeemed | 7929624 |  |
| Accrued management fee | 1403360 |  |
| Other payables and accrued expenses | 92666 |  |
| Collateral on securities loaned | 33972905 |  |
| **Total liabilities** |  | 43414689 |
| **Net Assets**  |  | $16983634994 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $11777716004 |
| Total accumulated earnings (loss) |  | 5205918990 |
| **Net Assets** |  | $16983634994 |
| **Net Asset Value**, offering price and redemption price per share ($16,983,634,994 ÷ 723,677,555 shares) |  | $23.47 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $270551052 |
| Interest  |  | 88830 |
| Income from Fidelity Central Funds (including $15,565 from security lending)  |  | 782503 |
| **Total income** |  | 271422385 |
| **Expenses** |  |  |
| Management fee | $14482970 |  |
| Custodian fees and expenses | 151482 |  |
| Independent trustees' fees and expenses | 35838 |  |
| Registration fees | 104407 |  |
| Audit fees | 47250 |  |
| Legal | 13833 |  |
| Miscellaneous | 52290 |  |
| **Total expenses** |  | 14888070 |
| **Net Investment income (loss)** |  | 256534315 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 575974434 |  |
| Fidelity Central Funds | 96 |  |
| Futures contracts | 3039962 |  |
| Total net realized gain (loss) |  | 579014492 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 350512949 |  |
| Futures contracts | 843228 |  |
| Total change in net unrealized appreciation (depreciation) |  | 351356177 |
| **Net gain (loss)** |  | 930370669 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1186904984 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $256534315 | $243033013 |
| &nbsp;&nbsp;Net realized gain (loss) | 579014492<br>| 101428980<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 351356177 | 2776731897<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1186904984<br>| 3121193890<br>|
| Distributions to shareholders | (309964696)<br>| (162945805)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 5451558886 | 7794755990 |
| Reinvestment of distributions | 299837094<br>| 159625369<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (6523874399) | (3608216779) |
| **Net increase (decrease) in net assets resulting from share transactions** | (772478419)<br>| 4346164580<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 104461869<br>| 7304412665<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 16879173125 | 9574760460<br>|
| &nbsp;&nbsp;End of period | $16983634994 | $16879173125 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 239686328 | 383651675 |
| Issued in reinvestment of distributions | 13591890<br>| 8689459<br>|
| &nbsp;&nbsp;Redeemed | (293928991) | (178627819) |
| &nbsp;&nbsp;Net increase (decrease) | (40650773) | 213713315 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $22.08 | $17.39 | $17.01 | $19.26 | $14.87 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .40  | .37  | .35  | .33  | .31  |
| Net realized and unrealized gain (loss)  | 1.47  | 4.64  | .71  | (1.90)  | 4.30  |
| Total from investment operations  | 1.87  | 5.01  | 1.06  | (1.57)  | 4.61  |
| Distributions from net investment income  | (.40)  | (.32)  | (.35)  | (.34)  | (.22)  |
| Distributions from net realized gain  | (.08)  | -  | (.34)  | (.35)  | -  |
| Total distributions  | (.48)  | (.32)  | (.68) C | (.68) C | (.22)  |
| Net asset value, end of period  | $23.47 | $22.08 | $17.39 | $17.01 | $19.26 |
| **Total Return** D | 8.62% <br>| 29.21%  | 6.39%  | (8.39)%  | 31.25%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .10%  | .11%  | .11%  | .11%  | .11%  |
| Expenses net of fee waivers, if any  | .10% <br>| .11%  | .11%  | .11%  | .11%  |
| Expenses net of all reductions, if any  | .10%  | .11%  | .11%  | .11%  | .11%  |
| Net investment income (loss)  | 1.77%  | 1.83%  | 2.01%  | 1.85%  | 1.76%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $16983635 | $16879173 | $9574760 | $7712276 | $7816045 |
| Portfolio turnover rate G | 44% <br>| 32%  | 50%  | 41%  | 44%  |

---

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

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

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

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

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense 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 yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 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 taxes withheld, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable. Fidelity SAI International Low Volatility 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 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, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2025, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Other payables and accrued expenses or Deferred taxes on each applicable Fund's 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. In addition, certain Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)** | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity SAI Emerging Markets Low Volatility Index Fund**  | 2220616933 | 616656202 | (80355161) | 536301041 |
| **Fidelity SAI International Low Volatility Index Fund**  | 5420551944 | 986786300 | (288859718) | 697926582 |
| **Fidelity SAI U.S. Low Volatility Index Fund**  | 12467748488 | 4948979042 | (435332594) | 4513646448 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Undistributed long-term capital gain ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Fidelity SAI Emerging Markets Low Volatility Index Fund**  | 77667288 | 103826664 | - | 536301041 |
| **Fidelity SAI International Low Volatility Index Fund**  | 152393144 | - | (229554785) | 700005589 |
| **Fidelity SAI U.S. Low Volatility Index Fund**  | 209154021 | 483118521 | - | 4513646448 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity SAI International Low Volatility Index Fund**  | (80300243) | (149254543) | (229554785) |

---

The tax character of distributions paid was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **October 31, 2025** |  |  |  |
|  | **Ordinary Income ($)** | **Long-term Capital Gains ($)** | **Total ($)** |
| **Fidelity SAI Emerging Markets Low Volatility Index Fund**  | 92010519 | 8039754 | 100050273 |
| **Fidelity SAI International Low Volatility Index Fund**  | 98106960 | - | 98106960 |
| **Fidelity SAI U.S. Low Volatility Index Fund**  | 275310259 | 34654437 | 309964696 |

---

---

| | | |
|:---|:---|:---|
| **October 31, 2024** |  |  |
|  | **Ordinary Income ($)** | **Total ($)** |
| **Fidelity SAI Emerging Markets Low Volatility Index Fund**  | 98766194 | 98766194 |
| **Fidelity SAI International Low Volatility Index Fund**  | 154634991 | 154634991 |
| **Fidelity SAI U.S. Low Volatility Index Fund**  | 162945805 | 162945805 |

---

**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 SAI Emerging Markets Low Volatility Index Fund** | 923821137 | 1017407827 |
| **Fidelity SAI International Low Volatility Index Fund** | 2022574987 | 1209327359 |
| **Fidelity SAI U.S. Low Volatility Index Fund** | 6520711709 | 7348642229 |

---

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

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

---

| | |
|:---|:---|
| **Fidelity SAI Emerging Markets Low Volatility Index Fund** | .15% |
| **Fidelity SAI International Low Volatility Index Fund** | .15% |
| **Fidelity SAI U.S. Low Volatility Index Fund** | .10% |

---

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

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds at 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 Emerging Markets Low Volatility Index Fund**  | Borrower | 66290654 | 4.85% | 232009 |
| **Fidelity SAI International Low Volatility Index Fund**  | Borrower | 6811197 | 4.72% | 58972 |

---

**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 SAI U.S. Low Volatility Index Fund** | 34953420 | 13206002 | (600716) |

---

**Affiliated Redemptions In-Kind.** Affiliated shareholders redeemed shares in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The total 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** | **Net realized gain or loss on Affiliated Issuers ($)** | **Net realized gain or loss on Unaffiliated Issuers ($)** | **Total net realized gain or loss on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity SAI International Low Volatility Index Fund** | 54855891 | - | 91071990 | 91071990 | 619203138 |

---

**Prior Fiscal Year Affiliated Redemptions In-Kind.** Affiliated shareholders redeemed 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 on Investments ($)** | **Total Proceeds ($)** |
| **Fidelity SAI International Low Volatility Index Fund** | 143189250 | 366914013 | 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 Emerging Markets Low Volatility Index Fund** | 3353 |
| **Fidelity SAI International Low Volatility Index Fund** | 7514 |
| **Fidelity SAI U.S. Low Volatility Index Fund** | 19729 |

---

**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 Emerging Markets Low Volatility Index Fund** | 39 | - | - |
| **Fidelity SAI International Low Volatility Index Fund** | 19826 | - | - |
| **Fidelity SAI U.S. Low Volatility Index Fund** | 1675 | 10 | - |

---

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 SAI U.S. Low Volatility Index Fund** | 14389435 |

---

**9. Bank Borrowings.**

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

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| | | | |
|:---|:---|:---|:---|
|  | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)** |
| **Fidelity SAI Emerging Markets Low Volatility Index Fund** | 6552500 | 5.08% | 1850 |
| **Fidelity SAI International Low Volatility Index Fund** | 6864889 | 5.23% | 8978 |

---

**10. Expense Reductions.** 

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

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| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Fidelity SAI Emerging Markets Low Volatility Index Fund**  | 20683 |
| **Fidelity SAI International Low Volatility Index Fund**  | 109311 |

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**11. Other.**

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Strategic Advisers Emerging Markets Fund** | **Strategic Advisers Fidelity Emerging Markets Fund** | **Strategic Advisers Fidelity International Fund** | **Strategic Advisers International Fund** | **Strategic Advisers Fidelity U.S. Total Stock Fund** |
| Fidelity SAI Emerging Markets Low Volatility Index Fund | 32% | 63% | - | - | - |
| Fidelity SAI International Low Volatility Index Fund | - | - | 55% | 21% | - |
| Fidelity SAI U.S. Low Volatility Index Fund | - | - | - | - | 62% |

---

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

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| Fidelity SAI Emerging Markets Low Volatility Index Fund | 95% |
| Fidelity SAI International Low Volatility Index Fund | 76% |
| Fidelity SAI U.S. Low Volatility Index Fund | 64% |

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**12 Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

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

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Fidelity SAI Emerging Markets Low Volatility Index Fund, Fidelity SAI International Low Volatility Index Fund, and Fidelity SAI U.S. Low Volatility Index Fund (three of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 11, 2025

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended October 31, 2025, or, if subsequently determined to be different, the net capital gain of such year.

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| | |
|:---|:---|
| **Fidelity SAI Emerging Markets Low Volatility Index Fund** | $104065999 |
| **Fidelity SAI U.S. Low Volatility Index Fund** | $483350953 |

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

---

| | |
|:---|:---|
| **Fidelity SAI Emerging Markets Low Volatility Index Fund** |  |
| December 2024 | 0% |
| **Fidelity SAI International Low Volatility Index Fund** |  |
| December 2024 | 0% |
| **Fidelity SAI U.S. Low Volatility Index Fund** |  |
| December 2024 | 86% |

---

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

---

| | |
|:---|:---|
| **Fidelity SAI Emerging Markets Low Volatility Index Fund** |  |
| December 2024 | 46.12% |
| **Fidelity SAI International Low Volatility Index Fund** |  |
| December 2024 | 95.57% |
| **Fidelity SAI U.S. Low Volatility Index Fund** |  |
| December 2024 | 90.77% |

---

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

---

| | |
|:---|:---|
| **Fidelity SAI Emerging Markets Low Volatility Index Fund** |  |
| December 2024 | 0.00% |
| **Fidelity SAI International Low Volatility Index Fund** |  |
| December 2024 | 0.00% |
| **Fidelity SAI U.S. Low Volatility Index Fund** |  |
| December 2024 | 5.89% |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends

---

| | |
|:---|:---|
| **Fidelity SAI Emerging Markets Low Volatility Index Fund** | $2772157 |
| **Fidelity SAI International Low Volatility Index Fund** | $3167569 |
| **Fidelity SAI U.S. Low Volatility Index Fund** | $1843415 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date** | **Income** | **Taxes** |
| **Fidelity SAI Emerging Markets Low Volatility Index Fund** | 12/16/2024 | $0.7254 | $0.2226 |
| **Fidelity SAI International Low Volatility Index Fund** | 12/16/2024 | $0.2499 | $0.0269 |

---

The funds will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity SAI Emerging Markets Low Volatility Index Fund**

**Fidelity SAI International Low Volatility Index Fund** 

**Fidelity SAI U.S. Low Volatility Index Fund** 

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of each fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided**. The Board considered the Investment Advisers' staffing as it relates to the funds, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund.

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

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

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

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

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

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against the securities market index each fund seeks to track (benchmark index). The Board also periodically considers each fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of each fund compared to its benchmark index, over appropriate time periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of each fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of each fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to each fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of each fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of each fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that the management fee rate of each fund ranked equal to or below the competitive median of the total peer group for 2024. The information provided to the Board indicated that the management fee rate of Fidelity SAI Emerging Markets Low Volatility Index Fund and Fidelity SAI International Low Volatility Index Fund ranked below the competitive median of the asset-sized peer group for 2024 and the management fee rate of Fidelity SAI U.S. Low Volatility Index Fund ranked above the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of Fidelity SAI Emerging Markets Low Volatility Index Fund ranked above the competitive median of the total peer group for 2024 and above the competitive median of the asset-sized peer group for 2024. The information provided to the Board indicated that the total expense ratio of Fidelity SAI International Low Volatility Index Fund ranked above the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. The information provided to the Board indicated that the total expense ratio of Fidelity U.S. Low Volatility Index Fund ranked below the competitive median of the total peer group for 2024 and above the competitive median of the asset-sized peer group for 2024.

For Fidelity SAI U.S. Low Volatility Index Fund, the Board noted that the fund has a unitary fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The total expense ratio for the fund was below the total peer group competitive median. The Board noted that, although total expenses ranked above the asset-sized peer group median, Fidelity believes the fees charged are reasonable for the overall value of services shareholders receive.

For Fidelity SAI Emerging Markets Low Volatility Index Fund, the Board noted that the fund's total peer group contains emerging markets funds in addition to developed markets funds that may not be directly comparable. The Board also noted that, although total expenses ranked above median, Fidelity believes the fees charged are reasonable for the overall value of services shareholders receive.

For Fidelity SAI International Low Volatility Index Fund, the Board noted that the fund has a flat fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The total expense ratio for the fund was below the competitive medians.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse each fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.25% for Fidelity SAI Emerging Markets Low Volatility Index Fund, 0.20% for Fidelity SAI International Low Volatility Index Fund, and 0.15% for Fidelity SAI U.S. Low Volatility Index Fund through February 28, 2026.

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

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

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

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

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

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img118378_4.jpg)<br>

1.9867660.110 SV1-SV2-ANN-1225

**Fidelity® SAI International Value Index Fund**

**Annual Report**

**October 31, 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.

![](img118379_1.jpg)

![](img118379_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_IIV-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI International Value Index Fund](#Sub_Sec_Fund_3057_IIV-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements3057_IIV-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_IIV-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_IIV-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IIV-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IIV-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IIV-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IIV-ANN)** |

---

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 (Annual Report)**

**Fidelity® SAI International Value Index Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.1%** | &nbsp;&nbsp;**Common Stocks - 98.1%** | &nbsp;&nbsp;**Common Stocks - 98.1%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 5.4%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Treasury Wine Estates Ltd  | 1999532 | 7836680 |
| Financials - 0.4% |  |  |
| Insurance - 0.4% |  |  |
| QBE Insurance Group Ltd  | 3551943 | 46108880 |
| Health Care - 0.2% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Sonic Healthcare Ltd  | 1217911 | 16856626 |
| Materials - 4.7% |  |  |
| Metals & Mining - 4.7% |  |  |
| BHP Group Ltd  | 5322440 | 151733309 |
| Fortescue Ltd  | 4097113 | 57072977 |
| Rio Tinto Ltd  | 914758 | 79526171 |
| Rio Tinto PLC  | 2626938 | 189376034 |
| South32 Ltd  | 11097948 | 22951531 |
|  |  | 500660022 |
| TOTAL AUSTRALIA |  | 571462208 |
| AUSTRIA - 0.5%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| OMV AG  | 354848 | 19411879 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Raiffeisen Bank International AG  | 316126 | 11784134 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| voestalpine AG  | 259591 | 9239838 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Verbund AG Class A  | 205552 | 15862431 |
| TOTAL AUSTRIA |  | 56298282 |
| BELGIUM - 1.6%  |  |  |
| Consumer Staples - 1.4% |  |  |
| Beverages - 1.4% |  |  |
| Anheuser-Busch InBev SA/NV  | 2435783 | 148527310 |
| Financials - 0.1% |  |  |
| Financial Services - 0.1% |  |  |
| Sofina SA  | 37929 | 10422577 |
| Industrials - 0.1% |  |  |
| Construction & Engineering - 0.1% |  |  |
| Ackermans & van Haaren NV  | 53010 | 13198027 |
| TOTAL BELGIUM |  | 172147914 |
| CHINA - 0.7%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Wilmar International Ltd  | 6469500 | 15557418 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| BOC Hong Kong Holdings Ltd  | 8858000 | 43523102 |
| Utilities - 0.1% |  |  |
| Gas Utilities - 0.1% |  |  |
| ENN Energy Holdings Ltd  | 1812000 | 15775177 |
| TOTAL CHINA |  | 74855697 |
| FINLAND - 0.8%  |  |  |
| Information Technology - 0.8% |  |  |
| Communications Equipment - 0.8% |  |  |
| Nokia Oyj  | 12637744 | 86205861 |
| FRANCE - 12.9%  |  |  |
| Communication Services - 0.7% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| Orange SA  | 4522925 | 72350413 |
| Consumer Discretionary - 0.6% |  |  |
| Automobile Components - 0.5% |  |  |
| Cie Generale des Etablissements Michelin SCA Series B  | 1739120 | 55556928 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Sodexo SA  | 203482 | 11267471 |
| TOTAL CONSUMER DISCRETIONARY |  | 66824399 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Carrefour SA  | 1378976 | 20768686 |
| Energy - 2.7% |  |  |
| Oil, Gas & Consumable Fuels - 2.7% |  |  |
| TotalEnergies SE  | 4511796 | 281694149 |
| Financials - 3.3% |  |  |
| Banks - 3.3% |  |  |
| BNP Paribas SA  | 2507910 | 194257724 |
| Credit Agricole SA  | 2758901 | 49801963 |
| Societe Generale SA Series A  | 1722022 | 109211763 |
|  |  | 353271450 |
| Industrials - 3.7% |  |  |
| Building Products - 1.0% |  |  |
| Cie de Saint-Gobain SA  | 1131419 | 109817866 |
| Commercial Services & Supplies - 0.1% |  |  |
| Elis SA  | 513209 | 14291857 |
| Construction & Engineering - 2.0% |  |  |
| Bouygues SA  | 462738 | 20870962 |
| Eiffage SA  | 176290 | 21681511 |
| Vinci SA  | 1235229 | 165170264 |
|  |  | 207722737 |
| Ground Transportation - 0.1% |  |  |
| Ayvens SA (b)(c) | 624082 | 8322858 |
| Machinery - 0.2% |  |  |
| Alstom SA (d) | 819751 | 20499997 |
| Professional Services - 0.1% |  |  |
| Teleperformance SE (e) | 131313 | 9378137 |
| Trading Companies & Distributors - 0.2% |  |  |
| Rexel SA  | 552670 | 19111052 |
| TOTAL INDUSTRIALS |  | 389144504 |
| Information Technology - 0.6% |  |  |
| IT Services - 0.6% |  |  |
| Capgemini SE  | 380013 | 58463269 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Arkema SA  | 153693 | 9123443 |
| Real Estate - 0.2% |  |  |
| Retail REITs - 0.2% |  |  |
| Klepierre SA  | 544304 | 20791771 |
| Utilities - 1.0% |  |  |
| Multi-Utilities - 1.0% |  |  |
| Engie SA  | 4320777 | 101162182 |
| TOTAL FRANCE |  | 1373594266 |
| GERMANY - 9.2%  |  |  |
| Communication Services - 2.4% |  |  |
| Diversified Telecommunication Services - 2.4% |  |  |
| Deutsche Telekom AG  | 7808225 | 241861218 |
| Consumer Discretionary - 2.0% |  |  |
| Automobile Components - 0.2% |  |  |
| Continental AG  | 266144 | 20087357 |
| Automobiles - 1.8% |  |  |
| Bayerische Motoren Werke AG  | 773746 | 71990804 |
| Mercedes-Benz Group AG  | 1779605 | 115468909 |
|  |  | 187459713 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| TUI AG (d) | 1112875 | 9469300 |
| TOTAL CONSUMER DISCRETIONARY |  | 217016370 |
| Health Care - 1.9% |  |  |
| Health Care Providers & Services - 0.8% |  |  |
| Fresenius Medical Care AG  | 513354 | 27560568 |
| Fresenius SE & Co KGaA  | 1013195 | 58416319 |
|  |  | 85976887 |
| Pharmaceuticals - 1.1% |  |  |
| Bayer AG  | 2420908 | 75301109 |
| Merck KGaA  | 318481 | 41718981 |
|  |  | 117020090 |
| TOTAL HEALTH CARE |  | 202996977 |
| Industrials - 1.9% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Tkms AG& Co KGaA  | 60595 | 5709814 |
| Air Freight & Logistics - 1.0% |  |  |
| Deutsche Post AG  | 2365651 | 108693100 |
| Machinery - 0.6% |  |  |
| Daimler Truck Holding AG  | 1229342 | 49184107 |
| KION Group AG  | 171351 | 12146725 |
|  |  | 61330832 |
| Passenger Airlines - 0.1% |  |  |
| Deutsche Lufthansa AG  | 1476458 | 12923768 |
| Trading Companies & Distributors - 0.2% |  |  |
| Brenntag SE  | 302427 | 16784728 |
| TOTAL INDUSTRIALS |  | 205442242 |
| Materials - 0.2% |  |  |
| Chemicals - 0.1% |  |  |
| Evonik Industries AG  | 620096 | 10385370 |
| Metals & Mining - 0.1% |  |  |
| thyssenkrupp AG  | 1211904 | 12678275 |
| TOTAL MATERIALS |  | 23063645 |
| Utilities - 0.8% |  |  |
| Independent Power and Renewable Electricity Producers - 0.8% |  |  |
| RWE AG  | 1649688 | 81215022 |
| TOTAL GERMANY |  | 971595474 |
| HONG KONG - 0.9%  |  |  |
| Industrials - 0.2% |  |  |
| Ground Transportation - 0.1% |  |  |
| MTR Corp Ltd  | 3988000 | 14626764 |
| Industrial Conglomerates - 0.1% |  |  |
| Swire Pacific Ltd A Shares  | 1139400 | 9413681 |
| TOTAL INDUSTRIALS |  | 24040445 |
| Real Estate - 0.7% |  |  |
| Real Estate Management & Development - 0.7% |  |  |
| CK Asset Holdings Ltd  | 4829500 | 23890970 |
| Sun Hung Kai Properties Ltd  | 3784500 | 46000094 |
|  |  | 69891064 |
| TOTAL HONG KONG |  | 93931509 |
| INDONESIA - 0.3%  |  |  |
| Industrials - 0.3% |  |  |
| Industrial Conglomerates - 0.3% |  |  |
| Jardine Matheson Holdings Ltd (Singapore)  | 508933 | 29899814 |
| IRELAND - 0.5%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| AIB Group PLC  | 5265463 | 48462849 |
| ISRAEL - 0.2%  |  |  |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Nice Ltd (d) | 155862 | 21123129 |
| ITALY - 1.4%  |  |  |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| Banca Monte dei Paschi di Siena SpA  | 5818817 | 50866339 |
| BPER Banca SPA  | 3411450 | 40718012 |
|  |  | 91584351 |
| Industrials - 0.5% |  |  |
| Machinery - 0.1% |  |  |
| Iveco Group NV  | 467833 | 9943728 |
| Passenger Airlines - 0.4% |  |  |
| Ryanair Holdings PLC  | 1306741 | 39562385 |
| TOTAL INDUSTRIALS |  | 49506113 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| A2A SpA  | 3860083 | 11238994 |
| TOTAL ITALY |  | 152329458 |
| JAPAN - 26.3%  |  |  |
| Communication Services - 0.7% |  |  |
| Diversified Telecommunication Services - 0.7% |  |  |
| NTT Inc  | 72121600 | 74231433 |
| Consumer Discretionary - 5.7% |  |  |
| Automobile Components - 1.5% |  |  |
| Aisin Corp  | 1384100 | 24918470 |
| Bridgestone Corp  | 1442100 | 62955077 |
| Denso Corp  | 4806100 | 67408897 |
| Toyo Tire Corp  | 300000 | 8224645 |
|  |  | 163507089 |
| Automobiles - 3.3% |  |  |
| Honda Motor Co Ltd  | 10018500 | 101259456 |
| Isuzu Motors Ltd  | 1371500 | 16864529 |
| Mazda Motor Corp  | 1479100 | 10288723 |
| Subaru Corp  | 1427100 | 30358879 |
| Suzuki Motor Corp  | 4841200 | 72503339 |
| Toyota Motor Corp  | 4904400 | 99986673 |
| Yamaha Motor Co Ltd  | 2508900 | 18152122 |
|  |  | 349413721 |
| Broadline Retail - 0.2% |  |  |
| Rakuten Group Inc (d) | 3733500 | 24456350 |
| Household Durables - 0.7% |  |  |
| Panasonic Holdings Corp  | 6048500 | 70278939 |
| TOTAL CONSUMER DISCRETIONARY |  | 607656099 |
| Consumer Staples - 0.4% |  |  |
| Beverages - 0.4% |  |  |
| Asahi Group Holdings Ltd  | 3748100 | 40397080 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Inpex Corp  | 2265000 | 41755012 |
| Financials - 3.3% |  |  |
| Banks - 0.5% |  |  |
| Sumitomo Mitsui Trust Group Inc  | 1757700 | 48277985 |
| Capital Markets - 0.5% |  |  |
| Nomura Holdings Inc  | 7250005 | 51736789 |
| Consumer Finance - 0.0% |  |  |
| Credit Saison Co Ltd  | 365600 | 8936573 |
| Financial Services - 0.7% |  |  |
| ORIX Corp  | 2843900 | 69567620 |
| Insurance - 1.6% |  |  |
| Dai-ichi Life Holdings Inc  | 9119500 | 64205162 |
| Japan Post Holdings Co Ltd  | 4249100 | 39882701 |
| Ms&Ad Insurance Group Holdings Inc  | 3210400 | 66180669 |
|  |  | 170268532 |
| TOTAL FINANCIALS |  | 348787499 |
| Health Care - 1.2% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Medipal Holdings Corp  | 507800 | 8270573 |
| Pharmaceuticals - 1.1% |  |  |
| Ono Pharmaceutical Co Ltd  | 1155200 | 14097380 |
| Shionogi & Co Ltd  | 1973000 | 33030563 |
| Takeda Pharmaceutical Co Ltd  | 2715000 | 73271089 |
|  |  | 120399032 |
| TOTAL HEALTH CARE |  | 128669605 |
| Industrials - 7.9% |  |  |
| Air Freight & Logistics - 0.1% |  |  |
| NIPPON EXPRESS HOLDINGS INC  | 578800 | 12307622 |
| Commercial Services & Supplies - 0.3% |  |  |
| Dai Nippon Printing Co Ltd  | 1072700 | 17954900 |
| TOPPAN Holdings Inc  | 660900 | 16210512 |
|  |  | 34165412 |
| Ground Transportation - 0.5% |  |  |
| Central Japan Railway Co  | 2385900 | 58304454 |
| Machinery - 1.1% |  |  |
| Komatsu Ltd  | 2287000 | 76502379 |
| Kubota Corp  | 2495750 | 32397300 |
|  |  | 108899679 |
| Marine Transportation - 0.8% |  |  |
| Kawasaki Kisen Kaisha Ltd  | 1575100 | 22618236 |
| Mitsui OSK Lines Ltd  | 894100 | 26589191 |
| Nippon Yusen KK  | 1069700 | 37003249 |
|  |  | 86210676 |
| Passenger Airlines - 0.1% |  |  |
| ANA Holdings Inc  | 393800 | 7382313 |
| Trading Companies & Distributors - 5.0% |  |  |
| Marubeni Corp  | 3356600 | 82766076 |
| Mitsubishi Corp  | 6087700 | 146181846 |
| Mitsui & Co Ltd  | 6216900 | 153375212 |
| Sumitomo Corp  | 2984400 | 86873132 |
| Toyota Tsusho Corp  | 1746200 | 53447702 |
|  |  | 522643968 |
| TOTAL INDUSTRIALS |  | 829914124 |
| Information Technology - 3.5% |  |  |
| Electronic Equipment, Instruments & Components - 1.2% |  |  |
| Kyocera Corp  | 3461600 | 46046850 |
| TDK Corp  | 4710300 | 82299391 |
|  |  | 128346241 |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Renesas Electronics Corp  | 4609600 | 56926595 |
| SCREEN Holdings Co Ltd  | 232800 | 22183298 |
|  |  | 79109893 |
| Technology Hardware, Storage & Peripherals - 1.6% |  |  |
| Brother Industries Ltd  | 635200 | 10838092 |
| Canon Inc  | 2234900 | 64287273 |
| FUJIFILM Holdings Corp  | 2850300 | 66060524 |
| Ricoh Co Ltd  | 1403900 | 12061278 |
| Seiko Epson Corp  | 773300 | 9817413 |
|  |  | 163064580 |
| TOTAL INFORMATION TECHNOLOGY |  | 370520714 |
| Materials - 1.3% |  |  |
| Chemicals - 0.5% |  |  |
| Asahi Kasei Corp  | 3365500 | 25823787 |
| Kuraray Co Ltd  | 800500 | 8687536 |
| Mitsubishi Chemical Group Corp  | 3526200 | 18444422 |
|  |  | 52955745 |
| Metals & Mining - 0.8% |  |  |
| JFE Holdings Inc  | 1575700 | 18082055 |
| Kobe Steel Ltd  | 976700 | 11512397 |
| Nippon Steel Corp (e) | 13241800 | 54583107 |
|  |  | 84177559 |
| TOTAL MATERIALS |  | 137133304 |
| Real Estate - 0.5% |  |  |
| Real Estate Management & Development - 0.5% |  |  |
| Daiwa House Industry Co Ltd  | 1495100 | 50768011 |
| Utilities - 1.4% |  |  |
| Electric Utilities - 0.8% |  |  |
| Chubu Electric Power Co Inc  | 1867900 | 25998608 |
| Kansai Electric Power Co Inc/The  | 2527600 | 39486063 |
| Kyushu Electric Power Co Inc  | 1168500 | 11487103 |
| Tohoku Electric Power Co Inc  | 1239200 | 8491306 |
|  |  | 85463080 |
| Gas Utilities - 0.6% |  |  |
| Osaka Gas Co Ltd  | 980500 | 30844618 |
| Tokyo Gas Co Ltd  | 786400 | 27565588 |
|  |  | 58410206 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Electric Power Development Co Ltd  | 415000 | 7891489 |
| TOTAL UTILITIES |  | 151764775 |
| TOTAL JAPAN |  | 2781597656 |
| LUXEMBOURG - 0.4%  |  |  |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| ArcelorMittal SA  | 1050756 | 40161864 |
| MEXICO - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Fresnillo PLC  | 453967 | 13251484 |
| NETHERLANDS - 2.1%  |  |  |
| Consumer Staples - 1.0% |  |  |
| Beverages - 0.1% |  |  |
| Heineken Holding NV Class A  | 276810 | 18697212 |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| Koninklijke Ahold Delhaize NV  | 2249670 | 92080347 |
| TOTAL CONSUMER STAPLES |  | 110777559 |
| Financials - 1.0% |  |  |
| Banks - 0.4% |  |  |
| ABN AMRO Bank NV depository receipt (b)(c) | 1416443 | 42302299 |
| Financial Services - 0.2% |  |  |
| EXOR NV  | 230407 | 19971513 |
| Insurance - 0.4% |  |  |
| NN Group NV  | 662875 | 45370053 |
| TOTAL FINANCIALS |  | 107643865 |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| Aalberts NV  | 250694 | 7969584 |
| TOTAL NETHERLANDS |  | 226391008 |
| NORWAY - 0.5%  |  |  |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Equinor ASA  | 2079177 | 49799006 |
| SINGAPORE - 2.6%  |  |  |
| Financials - 2.1% |  |  |
| Banks - 2.1% |  |  |
| Oversea-Chinese Banking Corp Ltd  | 9457086 | 123735537 |
| United Overseas Bank Ltd  | 3550600 | 94575370 |
|  |  | 218310907 |
| Industrials - 0.1% |  |  |
| Passenger Airlines - 0.1% |  |  |
| Singapore Airlines Ltd  | 3441400 | 17529565 |
| Information Technology - 0.4% |  |  |
| Semiconductors & Semiconductor Equipment - 0.4% |  |  |
| STMicroelectronics NV (Italy)  | 1594375 | 39208532 |
| TOTAL SINGAPORE |  | 275049004 |
| SPAIN - 6.2%  |  |  |
| Communication Services - 0.5% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| Telefonica SA  | 9780767 | 49599977 |
| Financials - 5.7% |  |  |
| Banks - 5.7% |  |  |
| Banco Bilbao Vizcaya Argentaria SA  | 13696547 | 275931828 |
| Banco de Sabadell SA  | 13031358 | 48711789 |
| Banco Santander SA  | 27802648 | 282844372 |
|  |  | 607487989 |
| TOTAL SPAIN |  | 657087966 |
| SWEDEN - 4.7%  |  |  |
| Financials - 2.0% |  |  |
| Banks - 0.6% |  |  |
| Swedbank AB A1 Shares  | 2231610 | 67886139 |
| Financial Services - 1.4% |  |  |
| Investor AB B Shares  | 4489654 | 148178313 |
| TOTAL FINANCIALS |  | 216064452 |
| Industrials - 1.4% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Loomis AB  | 168799 | 6822854 |
| Construction & Engineering - 0.2% |  |  |
| Skanska AB B Shares  | 878047 | 23993158 |
| Machinery - 1.1% |  |  |
| Volvo AB B Shares  | 4160191 | 113968628 |
| TOTAL INDUSTRIALS |  | 144784640 |
| Information Technology - 1.2% |  |  |
| Communications Equipment - 0.7% |  |  |
| Telefonaktiebolaget LM Ericsson B Shares  | 7202962 | 73080299 |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Hexagon AB B Shares  | 4538953 | 55328114 |
| TOTAL INFORMATION TECHNOLOGY |  | 128408413 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| SSAB AB B Shares  | 2038049 | 12678476 |
| TOTAL SWEDEN |  | 501935981 |
| SWITZERLAND - 0.2%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Specialty Retail - 0.1% |  |  |
| Avolta AG  | 245502 | 12941397 |
| Industrials - 0.1% |  |  |
| Professional Services - 0.1% |  |  |
| Adecco Group AG  | 415041 | 11562869 |
| TOTAL SWITZERLAND |  | 24504266 |
| UNITED KINGDOM - 11.8%  |  |  |
| Communication Services - 1.1% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| BT Group PLC  | 13999514 | 34161583 |
| Media - 0.2% |  |  |
| ITV PLC  | 8334903 | 7626370 |
| WPP PLC  | 2658405 | 10045245 |
|  |  | 17671615 |
| Wireless Telecommunication Services - 0.6% |  |  |
| Vodafone Group PLC  | 50000867 | 60529799 |
| TOTAL COMMUNICATION SERVICES |  | 112362997 |
| Consumer Discretionary - 0.7% |  |  |
| Broadline Retail - 0.1% |  |  |
| B&M European Value Retail SA  | 2471154 | 5832076 |
| Distributors - 0.1% |  |  |
| Inchcape PLC  | 912915 | 9162625 |
| Household Durables - 0.3% |  |  |
| Barratt Redrow PLC  | 3540532 | 17502454 |
| Berkeley Group Holdings PLC  | 237519 | 12582504 |
|  |  | 30084958 |
| Specialty Retail - 0.2% |  |  |
| JD Sports Fashion PLC  | 5862035 | 7175750 |
| Kingfisher PLC  | 4313617 | 17494236 |
|  |  | 24669986 |
| TOTAL CONSUMER DISCRETIONARY |  | 69749645 |
| Consumer Staples - 2.6% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| J Sainsbury PLC  | 4180527 | 18760530 |
| Food Products - 0.2% |  |  |
| Associated British Foods PLC  | 706269 | 21293597 |
| Tobacco - 2.2% |  |  |
| British American Tobacco PLC  | 3129923 | 160300725 |
| Imperial Brands PLC  | 1874088 | 74465639 |
|  |  | 234766364 |
| TOTAL CONSUMER STAPLES |  | 274820491 |
| Financials - 5.7% |  |  |
| Banks - 4.1% |  |  |
| Barclays PLC  | 34708964 | 186165805 |
| HSBC Holdings PLC  | 6978158 | 97690386 |
| NatWest Group PLC  | 19911126 | 153286144 |
|  |  | 437142335 |
| Capital Markets - 1.4% |  |  |
| 3i Group PLC  | 2398703 | 138814430 |
| Investec PLC  | 1560924 | 11749857 |
|  |  | 150564287 |
| Insurance - 0.2% |  |  |
| Beazley PLC  | 1522393 | 18609699 |
| TOTAL FINANCIALS |  | 606316321 |
| Industrials - 1.0% |  |  |
| Industrial Conglomerates - 0.6% |  |  |
| CK Hutchison Holdings Ltd  | 6701000 | 44437516 |
| DCC PLC  | 240370 | 15820280 |
|  |  | 60257796 |
| Passenger Airlines - 0.4% |  |  |
| easyJet PLC  | 1587718 | 10105629 |
| International Consolidated Airlines Group SA  | 5712850 | 31363274 |
|  |  | 41468903 |
| TOTAL INDUSTRIALS |  | 101726699 |
| Real Estate - 0.4% |  |  |
| Diversified REITs - 0.3% |  |  |
| British Land Co PLC/The  | 2463601 | 12285498 |
| Land Securities Group PLC  | 1835713 | 14987946 |
|  |  | 27273444 |
| Industrial REITs - 0.1% |  |  |
| Tritax Big Box REIT PLC  | 6112933 | 12053871 |
| Residential REITs - 0.0% |  |  |
| UNITE Group PLC/The  | 1025055 | 7635305 |
| TOTAL REAL ESTATE |  | 46962620 |
| Utilities - 0.3% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Drax Group PLC  | 857516 | 8127833 |
| Multi-Utilities - 0.3% |  |  |
| Centrica PLC  | 11853783 | 27921160 |
| TOTAL UTILITIES |  | 36048993 |
| TOTAL UNITED KINGDOM |  | 1247987766 |
| UNITED STATES - 8.8%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Automobiles - 0.5% |  |  |
| Stellantis NV (Italy)  | 4995594 | 50545229 |
| Energy - 1.5% |  |  |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| Shell PLC  | 4383463 | 164333509 |
| Health Care - 5.3% |  |  |
| Pharmaceuticals - 5.3% |  |  |
| GSK PLC  | 10038122 | 235027108 |
| Novartis AG  | 473901 | 58650779 |
| Sanofi SA  | 2616668 | 264709583 |
|  |  | 558387470 |
| Industrials - 0.4% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Signify NV (b)(c) | 316268 | 7575272 |
| Marine Transportation - 0.3% |  |  |
| AP Moller - Maersk A/S Series B  | 17233 | 35429814 |
| TOTAL INDUSTRIALS |  | 43005086 |
| Materials - 1.1% |  |  |
| Construction Materials - 1.1% |  |  |
| Buzzi SpA  | 213603 | 12839825 |
| Holcim AG  | 1216010 | 108104791 |
|  |  | 120944616 |
| TOTAL UNITED STATES |  | 937215910 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $8,714,111,627) |  | <br> **10406888372** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 11/13/2025 (g)<br>(Cost $2,653,355)<br>| 4.15 | 2657000 | **2654149** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (h) | 4.18 | 151438893 | 151469181 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.18 | 52829703 | 52834985 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $204,304,166) |  |  | **204304166** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.0%**<br> (Cost $8,921,069,148)<br>| <br>**10613846687** |
| **NET OTHER ASSETS (LIABILITIES) - 0.0%**  | **3237855** |
| **NET ASSETS - 100.0%** | **10617084542** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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) | 1499 | 12/19/2025 | 210392145 | 1124328 | 1124328 |
| 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) 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 $58,200,429 or 0.5% of net assets.

(c) Security 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 $58,200,429 or 0.5% of net assets.

(d) Non-income producing.

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

(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 $2,654,149.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<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 | 72765742 | 2196571495 | 2117866793 | 2787237 | (1263) | - | 151469181 | 151438893 | 0.3% |
| Fidelity Securities Lending Cash Central Fund | 53965648 | 712757707 | 713888370 | 905435 | - | - | 52834985 | 52829703 | 0.2% |
| Total | 126731390 | 2909329202 | 2831755163 | 3692672 | (1263) | - | 204304166 |  |  |

---

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 October 31, 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 550406038 | 41787953 | 508618085 | - |
| Consumer Discretionary | 1024733139 | 445850141 | 578882998 | - |
| Consumer Staples | 618685224 | 214622864 | 404062360 | - |
| Energy | 556993555 | 61166891 | 495826664 | - |
| Financials | 2709768376 | 1268845270 | 1440923106 | - |
| Health Care | 906910678 | 99717455 | 807193223 | - |
| Industrials | 1867723712 | 1007459917 | 860263795 | - |
| Information Technology | 703929918 | 225565865 | 478364053 | - |
| Materials | 866256692 | 339507920 | 526748772 | - |
| Real Estate | 188413466 | 188413466 | - | - |
| Utilities | 413067574 | 230690370 | 182377204 | - |
|  **U.S. Treasury Obligations** | 2654149 | - | 2654149 | - |
|  **Money Market Funds** | 204304166 | 204304166 | - | - |
| **Total Investments in Securities:** | 10613846687 | 4327932278 | 6285914409 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 1124328 | 1124328 | - | - |
| Total Assets | 1124328 | 1124328 | - | - |
| **Total Derivative Instruments:** | 1124328 | 1124328 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 1124328 | - |
| **Total Equity Risk**  | 1124328 | - |
| **Total Value of Derivatives** | 1124328 | - |

---

(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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $50,135,538) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $8,716,764,982) | $10409542521 |  |
| Fidelity Central Funds (cost $204,304,166) | 204304166 |  |
| Total Investment in Securities (cost $8,921,069,148) |  | $10613846687 |
| Segregated cash with brokers for derivative instruments |  | 3773762 |
| Foreign currency held at value (cost $2,063,740) |  | 2048866 |
| Receivable for fund shares sold |  | 133884 |
| Dividends receivable |  | 37545918 |
| Reclaims receivable |  | 14214095 |
| Distributions receivable from Fidelity Central Funds |  | 779295 |
| Prepaid expenses |  | 8304 |
| Other receivables |  | 36972 |
| **Total assets** |  | 10672387783 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $293820 |  |
| Accrued management fee | 1248693 |  |
| Payable for daily variation margin on futures contracts | 577377 |  |
| Other payables and accrued expenses | 348365 |  |
| Collateral on securities loaned | 52834986 |  |
| **Total liabilities** |  | 55303241 |
| **Net Assets**  |  | $10617084542 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $8331657523 |
| Total accumulated earnings (loss) |  | 2285427019 |
| **Net Assets** |  | $10617084542 |
| **Net Asset Value**, offering price and redemption price per share ($10,617,084,542 ÷ 845,752,017 shares) |  | $12.55 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends: |  |  |
| Unaffiliated issuers |  | $353136981 |
| Interest  |  | 181749 |
| Income from Fidelity Central Funds (including $905,435 from security lending)  |  | 3692672 |
| Income before foreign taxes withheld |  | $357011402 |
| Less foreign taxes withheld |  | (16590715) |
| **Total income** |  | 340420687 |
| **Expenses** |  |  |
| Management fee | $12087246 |  |
| Custodian fees and expenses | 575688 |  |
| Independent trustees' fees and expenses | 18647 |  |
| Registration fees | 249506 |  |
| Audit fees | 67482 |  |
| Legal | 6223 |  |
| Interest | 34521 |  |
| Miscellaneous | 24849 |  |
| **Total expenses** |  | 13064162 |
| **Net Investment income (loss)** |  | 327356525 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 610217854 |  |
| Fidelity Central Funds | (1263) |  |
| Foreign currency transactions | 2355970 |  |
| Futures contracts | 14684035 |  |
| Total net realized gain (loss) |  | 627256596 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1259059482 |  |
| Assets and liabilities in foreign currencies | 1119414 |  |
| Futures contracts | 3432001 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1263610897 |
| **Net gain (loss)** |  | 1890867493 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2218224018 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $327356525 | $229007069 |
| &nbsp;&nbsp;Net realized gain (loss) | 627256596<br>| 281401824<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1263610897 | 291384697<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2218224018<br>| 801793590<br>|
| Distributions to shareholders | (272726527)<br>| (235417408)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2279389433 | 1838610166 |
| Reinvestment of distributions | 268756776<br>| 230467224<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (153949989) | (117491924) |
| **Net increase (decrease) in net assets resulting from share transactions** | 2394196220<br>| 1951585466<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 4339693711<br>| 2517961648<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 6277390831 | 3759429183<br>|
| &nbsp;&nbsp;End of period | $10617084542 | $6277390831 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 202708491 | 188556279 |
| Issued in reinvestment of distributions | 28053943<br>| 25607469<br>|
| &nbsp;&nbsp;Redeemed | (14689276) | (11985624) |
| &nbsp;&nbsp;Net increase (decrease) | 216073158 | 202178124 |

---

**Financial Highlights** 

**Fidelity® SAI International Value Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $9.97 | $8.79 | $7.65 | $10.03 | $7.16 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .45  | .43  | .39  | .42  | .38  |
| Net realized and unrealized gain (loss)  | 2.53  | 1.30  | 1.14  | (1.99)  | 2.63  |
| Total from investment operations  | 2.98  | 1.73  | 1.53  | (1.57)  | 3.01  |
| Distributions from net investment income  | (.40)  | (.55)  | (.39)  | (.46)  | (.14)  |
| Distributions from net realized gain  | -  | -  | -  | (.35)  | -  |
| Total distributions  | (.40)  | (.55)  | (.39)  | (.81)  | (.14)  |
| Net asset value, end of period  | $12.55 | $9.97 | $8.79 | $7.65 | $10.03 |
| **Total Return** C | 31.13% <br>| 20.34%  | 20.25%  | (16.93)%  | 42.33%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .16%  | .16%  | .17%  | .16%  | .17%  |
| Expenses net of fee waivers, if any  | .16% <br>| .16%  | .17%  | .16%  | .17%  |
| Expenses net of all reductions, if any  | .16%  | .16%  | .17%  | .16%  | .17%  |
| Net investment income (loss)  | 4.04%  | 4.36%  | 4.33%  | 4.82%  | 3.84%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $10617085 | $6277391 | $3759429 | $4148718 | $5985049 |
| Portfolio turnover rate F | 58% <br>| 59%  | 62%  | 79%  | 60%  |

---

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

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

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

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

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense 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 October 31, 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 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. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), certain corporate actions, 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**  | $1861062737 |
| **Gross unrealized depreciation**  | <u>(291771951)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1569290786</u> |
| **Tax Cost**  | <u>$9044555901</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$391911417</u> |
| **Undistributed long-term capital gain**  | <u>$324726647</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1568788955</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $272726527 | $235417408 |

---

**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 Value Index Fund** | 6995159960 | 4665503092 |

---

**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 International Value Index Fund**  | Borrower | 9065900 | 4.57% | 34521 |

---

**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 Value Index Fund** | 10532 |

---

**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 Value Index Fund** | 95667 | - | - |

---

**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 International Value Index Fund | 82% | 15% |

---

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

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| Fidelity SAI International Value Index Fund | 97% |

---

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI International Value Index Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI International Value Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 10, 2025

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2025, $324,726,647, or, if subsequently determined to be different, the net capital gain of such year.

The fund designates $3,317,817 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 77.98% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.3999 and $0.0054 for the dividend paid December 16, 2024.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity SAI International Value Index Fund**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.

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

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

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

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

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

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the total peer group for 2024 and above the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. The Board noted that the fund has a flat fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The total expense ratio for the fund was below the competitive medians.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.20% through February 28, 2026.

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

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

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

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

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

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img118379_4.jpg)<br>

1.9885501.107 IIV-ANN-1225

**Fidelity® SAI International Index Fund**

**Annual Report**

**October 31, 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.

![](img118381_1.jpg)

![](img118381_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SV7-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI International Index Fund](#Sub_Sec_Fund_2808_SV7-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2808_SV7-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SV7-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SV7-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SV7-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SV7-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SV7-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SV7-ANN)** |

---

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 (Annual Report)**

**Fidelity® SAI International Index Fund**

**Schedule of Investments October 31, 2025**

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 - 6.8%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telstra Group Ltd  | 1548719 | 4945035 |
| Interactive Media & Services - 0.1% |  |  |
| CAR Group Ltd  | 146861 | 3430454 |
| REA Group Ltd  | 20539 | 2863646 |
|  |  | 6294100 |
| TOTAL COMMUNICATION SERVICES |  | 11239135 |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.3% |  |  |
| Wesfarmers Ltd  | 441044 | 24240307 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Aristocrat Leisure Ltd  | 218191 | 9043996 |
| Lottery Corp/The  | 865069 | 3113081 |
|  |  | 12157077 |
| TOTAL CONSUMER DISCRETIONARY |  | 36397384 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Coles Group Ltd  | 521312 | 7521132 |
| Woolworths Group Ltd  | 474786 | 8825637 |
|  |  | 16346769 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Santos Ltd  | 1262281 | 5211495 |
| Woodside Energy Group Ltd  | 737969 | 11959123 |
|  |  | 17170618 |
| Financials - 2.8% |  |  |
| Banks - 2.2% |  |  |
| ANZ Group Holdings Ltd  | 1159576 | 27806743 |
| Commonwealth Bank of Australia  | 650409 | 73043566 |
| National Australia Bank Ltd  | 1190480 | 33940669 |
| Westpac Banking Corp  | 1330013 | 33712614 |
|  |  | 168503592 |
| Capital Markets - 0.3% |  |  |
| ASX Ltd  | 75516 | 2789201 |
| Macquarie Group Ltd  | 140727 | 20124497 |
|  |  | 22913698 |
| Financial Services - 0.0% |  |  |
| Washington H Soul Pattinson & Co Ltd (b) | 133310 | 3279650 |
| Insurance - 0.3% |  |  |
| Insurance Australia Group Ltd  | 919292 | 4727733 |
| Medibank Pvt Ltd  | 1070372 | 3417681 |
| QBE Insurance Group Ltd  | 586883 | 7618511 |
| Suncorp Group Ltd  | 420868 | 5402837 |
|  |  | 21166762 |
| TOTAL FINANCIALS |  | 215863702 |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Cochlear Ltd  | 25417 | 4775569 |
| Health Care Providers & Services - 0.1% |  |  |
| Sigma Healthcare Ltd  | 1794632 | 3651848 |
| Sonic Healthcare Ltd  | 182486 | 2525717 |
|  |  | 6177565 |
| Health Care Technology - 0.0% |  |  |
| Pro Medicus Ltd  | 22330 | 3851479 |
| TOTAL HEALTH CARE |  | 14804613 |
| Industrials - 0.4% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Brambles Ltd  | 531296 | 8642007 |
| Passenger Airlines - 0.0% |  |  |
| Qantas Airways Ltd  | 288179 | 1923265 |
| Professional Services - 0.1% |  |  |
| Computershare Ltd  | 202317 | 4840991 |
| Trading Companies & Distributors - 0.0% |  |  |
| SGH Ltd  | 79092 | 2509870 |
| Transportation Infrastructure - 0.2% |  |  |
| Transurban Group unit  | 1208105 | 11445906 |
| TOTAL INDUSTRIALS |  | 29362039 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| WiseTech Global Ltd  | 78033 | 3529059 |
| Materials - 1.9% |  |  |
| Metals & Mining - 1.9% |  |  |
| BHP Group Ltd  | 1972838 | 56242107 |
| BlueScope Steel Ltd  | 170470 | 2554231 |
| Evolution Mining Ltd  | 789834 | 5612322 |
| Fortescue Ltd  | 658170 | 9168339 |
| Glencore PLC  | 3939986 | 18874777 |
| Northern Star Resources Ltd  | 527459 | 8493315 |
| Rio Tinto Ltd  | 144277 | 12542987 |
| Rio Tinto PLC  | 438652 | 31622435 |
| South32 Ltd  | 1750385 | 3619950 |
|  |  | 148730463 |
| Real Estate - 0.4% |  |  |
| Diversified REITs - 0.1% |  |  |
| Stockland unit  | 961360 | 3969102 |
| Industrial REITs - 0.2% |  |  |
| Goodman Group unit  | 789428 | 17060746 |
| Retail REITs - 0.1% |  |  |
| Scentre Group unit  | 2024402 | 5390985 |
| Vicinity Ltd unit  | 1543068 | 2544266 |
|  |  | 7935251 |
| TOTAL REAL ESTATE |  | 28965099 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Origin Energy Ltd  | 669564 | 5366673 |
| Gas Utilities - 0.0% |  |  |
| Apa Group unit  | 525082 | 3153891 |
| TOTAL UTILITIES |  | 8520564 |
| TOTAL AUSTRALIA |  | 530929445 |
| AUSTRIA - 0.3%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| OMV AG  | 57239 | 3131246 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Erste Group Bank AG  | 119663 | 12379178 |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Mondi PLC  | 171560 | 1916167 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Verbund AG Class A  | 26465 | 2042302 |
| TOTAL AUSTRIA |  | 19468893 |
| BELGIUM - 0.8%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| D'ieteren Group  | 8347 | 1524955 |
| Consumer Staples - 0.4% |  |  |
| Beverages - 0.4% |  |  |
| Anheuser-Busch InBev SA/NV  | 384175 | 23425929 |
| Food Products - 0.0% |  |  |
| Lotus Bakeries NV  | 159 | 1387364 |
| TOTAL CONSUMER STAPLES |  | 24813293 |
| Financials - 0.2% |  |  |
| Banks - 0.1% |  |  |
| KBC Group NV  | 89256 | 10725337 |
| Financial Services - 0.1% |  |  |
| Groupe Bruxelles Lambert NV  | 31062 | 2730026 |
| Sofina SA  | 5990 | 1646002 |
|  |  | 4376028 |
| Insurance - 0.0% |  |  |
| Ageas SA/NV  | 57990 | 3836741 |
| TOTAL FINANCIALS |  | 18938106 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| UCB SA  | 49138 | 12602159 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Syensqo SA  | 28273 | 2334667 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Elia Group SA/NV  | 16957 | 2042503 |
| TOTAL BELGIUM |  | 62255683 |
| BRAZIL - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Yara International ASA  | 64351 | 2345523 |
| CHILE - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Antofagasta PLC  | 153265 | 5617504 |
| CHINA - 0.6%  |  |  |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.5% |  |  |
| Prosus NV Class N  | 508532 | 35128535 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Wilmar International Ltd  | 746600 | 1795373 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| BOC Hong Kong Holdings Ltd  | 1438000 | 7065502 |
| Industrials - 0.0% |  |  |
| Machinery - 0.0% |  |  |
| Yangzijiang Shipbuildling (Holdings) Ltd  | 1004000 | 2715181 |
| Marine Transportation - 0.0% |  |  |
| SITC International Holdings Co Ltd  | 525000 | 1933647 |
| TOTAL INDUSTRIALS |  | 4648828 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Wharf Holdings Ltd/The  | 416000 | 1093194 |
| TOTAL CHINA |  | 49731432 |
| DENMARK - 1.7%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Pandora A/S  | 30704 | 4111591 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Carlsberg AS Series B  | 36538 | 4295039 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Danske Bank A/S  | 259624 | 11592808 |
| Insurance - 0.0% |  |  |
| Tryg A/S  | 130689 | 3221360 |
| TOTAL FINANCIALS |  | 14814168 |
| Health Care - 0.9% |  |  |
| Biotechnology - 0.1% |  |  |
| Genmab A/S (c) | 23687 | 6756194 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Coloplast AS Series B  | 49018 | 4433405 |
| Demant A/S (c) | 33237 | 1105001 |
|  |  | 5538406 |
| Pharmaceuticals - 0.8% |  |  |
| Novo Nordisk A/S Series B  | 1251728 | 61624716 |
| TOTAL HEALTH CARE |  | 73919316 |
| Industrials - 0.3% |  |  |
| Air Freight & Logistics - 0.2% |  |  |
| DSV A/S  | 79434 | 16857940 |
| Building Products - 0.0% |  |  |
| ROCKWOOL A/S Series B  | 37472 | 1283393 |
| Electrical Equipment - 0.1% |  |  |
| Vestas Wind Systems A/S  | 392495 | 8027350 |
| TOTAL INDUSTRIALS |  | 26168683 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Novonesis Novozymes B Series B  | 136953 | 8184691 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Orsted AS (c)(d)(e) | 205398 | 3671133 |
| TOTAL DENMARK |  | 135164621 |
| FINLAND - 1.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Elisa Oyj A Shares  | 55281 | 2436639 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Kesko Oyj B Shares  | 106155 | 2239179 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Neste Oyj  | 164429 | 3402995 |
| Financials - 0.5% |  |  |
| Banks - 0.4% |  |  |
| Nordea Bank Abp  | 1213743 | 20763276 |
| Insurance - 0.1% |  |  |
| Sampo Oyj A Shares  | 941031 | 10486680 |
| TOTAL FINANCIALS |  | 31249956 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Orion Oyj B Shares  | 42296 | 2951963 |
| Industrials - 0.3% |  |  |
| Machinery - 0.3% |  |  |
| Kone Oyj B Shares  | 132102 | 8819326 |
| Metso Oyj  | 257751 | 4221744 |
| Wartsila OYJ Abp  | 195483 | 6392427 |
|  |  | 19433497 |
| Information Technology - 0.2% |  |  |
| Communications Equipment - 0.2% |  |  |
| Nokia Oyj  | 2014450 | 13741171 |
| Materials - 0.1% |  |  |
| Paper & Forest Products - 0.1% |  |  |
| Stora Enso Oyj R Shares  | 226361 | 2635241 |
| UPM-Kymmene Oyj  | 205110 | 5503859 |
|  |  | 8139100 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Fortum Oyj  | 174366 | 3887011 |
| TOTAL FINLAND |  | 87481511 |
| FRANCE - 9.1%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Orange SA  | 723701 | 11576594 |
| Entertainment - 0.0% |  |  |
| Bollore SE  | 273258 | 1521309 |
| Media - 0.1% |  |  |
| Publicis Groupe SA  | 88957 | 8916081 |
| TOTAL COMMUNICATION SERVICES |  | 22013984 |
| Consumer Discretionary - 1.6% |  |  |
| Automobile Components - 0.1% |  |  |
| Cie Generale des Etablissements Michelin SCA Series B  | 260582 | 8324403 |
| Automobiles - 0.0% |  |  |
| Renault SA  | 74708 | 2901980 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Accor SA  | 76167 | 3876100 |
| FDJ UNITED  | 43204 | 1258921 |
| Sodexo SA  | 34386 | 1904067 |
|  |  | 7039088 |
| Textiles, Apparel & Luxury Goods - 1.4% |  |  |
| Hermes International SCA  | 12309 | 30489945 |
| Kering SA  | 28933 | 10274602 |
| LVMH Moet Hennessy Louis Vuitton SE  | 97193 | 68698267 |
|  |  | 109462814 |
| TOTAL CONSUMER DISCRETIONARY |  | 127728285 |
| Consumer Staples - 0.9% |  |  |
| Beverages - 0.1% |  |  |
| Pernod Ricard SA  | 78438 | 7681366 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Carrefour SA  | 228941 | 3448069 |
| Food Products - 0.3% |  |  |
| Danone SA  | 251590 | 22219584 |
| Personal Care Products - 0.5% |  |  |
| L'Oreal SA  | 70150 | 29274396 |
| L'Oreal SA  | 23300 | 9723355 |
|  |  | 38997751 |
| TOTAL CONSUMER STAPLES |  | 72346770 |
| Energy - 0.6% |  |  |
| Oil, Gas & Consumable Fuels - 0.6% |  |  |
| TotalEnergies SE  | 797953 | 49820225 |
| Financials - 1.2% |  |  |
| Banks - 0.8% |  |  |
| BNP Paribas SA  | 395551 | 30638594 |
| Credit Agricole SA  | 411617 | 7430254 |
| Societe Generale SA Series A  | 279946 | 17754359 |
|  |  | 55823207 |
| Capital Markets - 0.0% |  |  |
| Amundi SA (d)(e) | 23951 | 1775138 |
| Financial Services - 0.0% |  |  |
| Edenred SE  | 93236 | 2679189 |
| Insurance - 0.4% |  |  |
| AXA SA  | 688867 | 29888845 |
| TOTAL FINANCIALS |  | 90166379 |
| Health Care - 0.6% |  |  |
| Health Care Equipment & Supplies - 0.6% |  |  |
| BioMerieux  | 16101 | 2071164 |
| EssilorLuxottica SA  | 117004 | 42792557 |
|  |  | 44863721 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Sartorius Stedim Biotech  | 11349 | 2710471 |
| Pharmaceuticals - 0.0% |  |  |
| Ipsen SA  | 14659 | 2058018 |
| TOTAL HEALTH CARE |  | 49632210 |
| Industrials - 2.7% |  |  |
| Aerospace & Defense - 1.6% |  |  |
| Airbus SE  | 230947 | 56944871 |
| Dassault Aviation SA  | 7617 | 2447790 |
| Safran SA  | 139952 | 49727537 |
| Thales SA  | 36019 | 10270923 |
|  |  | 119391121 |
| Building Products - 0.2% |  |  |
| Cie de Saint-Gobain SA  | 174570 | 16944125 |
| Construction & Engineering - 0.5% |  |  |
| Bouygues SA  | 74400 | 3355678 |
| Eiffage SA  | 26662 | 3279099 |
| Vinci SA  | 192210 | 25701612 |
|  |  | 32336389 |
| Electrical Equipment - 0.2% |  |  |
| Legrand SA  | 101925 | 17601194 |
| Machinery - 0.0% |  |  |
| Alstom SA (c) | 134680 | 3368022 |
| Professional Services - 0.1% |  |  |
| Bureau Veritas SA  | 132311 | 4343436 |
| Teleperformance SE (b) | 20944 | 1495782 |
|  |  | 5839218 |
| Trading Companies & Distributors - 0.0% |  |  |
| Rexel SA  | 87168 | 3014226 |
| Transportation Infrastructure - 0.1% |  |  |
| Aeroports de Paris SA  | 13462 | 1844968 |
| Getlink SE Series A  | 117570 | 2145235 |
|  |  | 3990203 |
| TOTAL INDUSTRIALS |  | 202484498 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.1% |  |  |
| Capgemini SE  | 63266 | 9733186 |
| Software - 0.1% |  |  |
| Dassault Systemes SE  | 261254 | 7434701 |
| TOTAL INFORMATION TECHNOLOGY |  | 17167887 |
| Materials - 0.6% |  |  |
| Chemicals - 0.6% |  |  |
| Air Liquide SA  | 168951 | 32698594 |
| Air Liquide SA  | 55880 | 10814955 |
| Arkema SA  | 22171 | 1316103 |
|  |  | 44829652 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.0% |  |  |
| Covivio SA/France  | 21692 | 1390183 |
| Office REITs - 0.0% |  |  |
| Gecina SA  | 17895 | 1661478 |
| Retail REITs - 0.1% |  |  |
| Klepierre SA  | 83619 | 3194147 |
| Unibail-Rodamco-Westfield unit  | 47323 | 4889580 |
|  |  | 8083727 |
| TOTAL REAL ESTATE |  | 11135388 |
| Utilities - 0.3% |  |  |
| Multi-Utilities - 0.3% |  |  |
| Engie SA  | 532774 | 12473817 |
| Engie SA  | 177100 | 4146435 |
| Veolia Environnement SA  | 244730 | 8087624 |
|  |  | 24707876 |
| TOTAL FRANCE |  | 712033154 |
| GERMANY - 9.1%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.6% |  |  |
| Deutsche Telekom AG  | 1356628 | 42021804 |
| Entertainment - 0.0% |  |  |
| CTS Eventim AG & Co KGaA  | 24252 | 2169235 |
| Interactive Media & Services - 0.0% |  |  |
| Scout24 SE (d)(e) | 29150 | 3366695 |
| TOTAL COMMUNICATION SERVICES |  | 47557734 |
| Consumer Discretionary - 0.6% |  |  |
| Automobile Components - 0.0% |  |  |
| Continental AG  | 42754 | 3226880 |
| Automobiles - 0.4% |  |  |
| Bayerische Motoren Werke AG  | 109045 | 10145755 |
| Mercedes-Benz Group AG  | 280682 | 18211932 |
|  |  | 28357687 |
| Specialty Retail - 0.0% |  |  |
| Zalando SE (c)(d)(e) | 87270 | 2440356 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| adidas AG  | 66461 | 12566603 |
| TOTAL CONSUMER DISCRETIONARY |  | 46591526 |
| Consumer Staples - 0.1% |  |  |
| Household Products - 0.0% |  |  |
| Henkel AG & Co KGaA  | 40389 | 3014396 |
| Personal Care Products - 0.1% |  |  |
| Beiersdorf AG  | 37839 | 4011465 |
| TOTAL CONSUMER STAPLES |  | 7025861 |
| Financials - 2.0% |  |  |
| Banks - 0.1% |  |  |
| Commerzbank AG  | 299282 | 10869923 |
| Capital Markets - 0.6% |  |  |
| Deutsche Bank AG  | 719348 | 25645810 |
| Deutsche Boerse AG  | 73185 | 18533382 |
|  |  | 44179192 |
| Insurance - 1.3% |  |  |
| Allianz SE  | 150088 | 60311642 |
| Hannover Rueck SE  | 23436 | 6683141 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 50777 | 31415421 |
| Talanx AG  | 25091 | 3051180 |
|  |  | 101461384 |
| TOTAL FINANCIALS |  | 156510499 |
| Health Care - 0.5% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Siemens Healthineers AG (d)(e) | 131523 | 7363211 |
| Health Care Providers & Services - 0.2% |  |  |
| Fresenius Medical Care AG  | 85529 | 4591817 |
| Fresenius SE & Co KGaA  | 164181 | 9465947 |
|  |  | 14057764 |
| Pharmaceuticals - 0.2% |  |  |
| Bayer AG  | 381829 | 11876596 |
| Merck KGaA  | 50231 | 6579941 |
|  |  | 18456537 |
| TOTAL HEALTH CARE |  | 39877512 |
| Industrials - 2.7% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| Hensoldt AG  | 24690 | 2623913 |
| MTU Aero Engines AG  | 20919 | 9116855 |
| Rheinmetall AG  | 17837 | 34982531 |
|  |  | 46723299 |
| Air Freight & Logistics - 0.2% |  |  |
| Deutsche Post AG  | 373114 | 17143238 |
| Electrical Equipment - 0.4% |  |  |
| Siemens Energy AG (c) | 264061 | 32898128 |
| Industrial Conglomerates - 1.2% |  |  |
| Siemens AG  | 295382 | 83710471 |
| Machinery - 0.2% |  |  |
| Daimler Truck Holding AG  | 184661 | 7388006 |
| Gea Group Ag  | 56947 | 4069678 |
| Knorr-Bremse AG  | 28193 | 2619231 |
| Rational AG  | 1989 | 1456960 |
|  |  | 15533875 |
| Passenger Airlines - 0.0% |  |  |
| Deutsche Lufthansa AG  | 233199 | 2041243 |
| Trading Companies & Distributors - 0.0% |  |  |
| Brenntag SE  | 47699 | 2647299 |
| TOTAL INDUSTRIALS |  | 200697553 |
| Information Technology - 1.6% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Infineon Technologies AG  | 507560 | 20146528 |
| Software - 1.4% |  |  |
| Nemetschek SE  | 22445 | 2587123 |
| SAP SE  | 405850 | 105550434 |
|  |  | 108137557 |
| TOTAL INFORMATION TECHNOLOGY |  | 128284085 |
| Materials - 0.5% |  |  |
| Chemicals - 0.4% |  |  |
| BASF SE  | 346888 | 17116097 |
| Covestro AG  | 69784 | 4874454 |
| Evonik Industries AG  | 99614 | 1668335 |
| Symrise AG  | 51608 | 4267931 |
|  |  | 27926817 |
| Construction Materials - 0.1% |  |  |
| Heidelberg Materials AG  | 52012 | 12202207 |
| TOTAL MATERIALS |  | 40129024 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| LEG Immobilien SE  | 29371 | 2236089 |
| Vonovia SE  | 292296 | 8785179 |
|  |  | 11021268 |
| Utilities - 0.4% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| RWE AG  | 245736 | 12097714 |
| Multi-Utilities - 0.2% |  |  |
| E.ON SE  | 872590 | 16235744 |
| TOTAL UTILITIES |  | 28333458 |
| TOTAL GERMANY |  | 706028520 |
| HONG KONG - 1.8%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| HKT Trust & HKT Ltd unit  | 1473000 | 2147736 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| WH Group Ltd (d)(e) | 3241500 | 3111953 |
| Financials - 1.2% |  |  |
| Banks - 0.1% |  |  |
| Hang Seng Bank Ltd  | 292600 | 5708497 |
| Capital Markets - 0.4% |  |  |
| Futu Holdings Ltd Class A ADR  | 23945 | 4766012 |
| Hong Kong Exchanges & Clearing Ltd  | 468160 | 25521048 |
|  |  | 30287060 |
| Insurance - 0.7% |  |  |
| AIA Group Ltd  | 4131400 | 40201566 |
| Prudential PLC  | 1003461 | 13956226 |
|  |  | 54157792 |
| TOTAL FINANCIALS |  | 90153349 |
| Industrials - 0.1% |  |  |
| Ground Transportation - 0.0% |  |  |
| MTR Corp Ltd (b) | 604690 | 2217818 |
| Industrial Conglomerates - 0.0% |  |  |
| Swire Pacific Ltd A Shares  | 136000 | 1123627 |
| Machinery - 0.1% |  |  |
| Techtronic Industries Co Ltd  | 569500 | 6654690 |
| TOTAL INDUSTRIALS |  | 9996135 |
| Real Estate - 0.3% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| CK Asset Holdings Ltd  | 747925 | 3699897 |
| Henderson Land Development Co Ltd  | 564021 | 1980103 |
| Hongkong Land Holdings Ltd (Singapore)  | 424520 | 2593817 |
| Sino Land Co Ltd  | 1421608 | 1765450 |
| Sun Hung Kai Properties Ltd  | 563000 | 6843191 |
| Wharf Real Estate Investment Co Ltd  | 649000 | 1845802 |
|  |  | 18728260 |
| Retail REITs - 0.1% |  |  |
| Link REIT  | 1010373 | 5263450 |
| TOTAL REAL ESTATE |  | 23991710 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.1% |  |  |
| CK Infrastructure Holdings Ltd  | 245000 | 1593806 |
| CLP Holdings Ltd  | 638000 | 5443553 |
| Power Assets Holdings Ltd  | 538500 | 3420654 |
|  |  | 10458013 |
| Gas Utilities - 0.1% |  |  |
| Hong Kong & China Gas Co Ltd  | 4351074 | 4048396 |
| TOTAL UTILITIES |  | 14506409 |
| TOTAL HONG KONG |  | 143907292 |
| INDONESIA - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Jardine Matheson Holdings Ltd (Singapore)  | 63061 | 3704834 |
| IRELAND - 0.4%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Kerry Group PLC Class A  | 63632 | 5801623 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| AIB Group PLC  | 830477 | 7643636 |
| Bank of Ireland Group PLC  | 374430 | 6122058 |
|  |  | 13765694 |
| Industrials - 0.2% |  |  |
| Building Products - 0.1% |  |  |
| Kingspan Group PLC  | 60146 | 4499341 |
| Trading Companies & Distributors - 0.1% |  |  |
| AerCap Holdings NV  | 68575 | 8931208 |
| TOTAL INDUSTRIALS |  | 13430549 |
| TOTAL IRELAND |  | 32997866 |
| ISRAEL - 0.9%  |  |  |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Bank Hapoalim BM  | 485836 | 9885352 |
| Bank Leumi Le-Israel BM  | 580544 | 11817731 |
| Israel Discount Bank Ltd Class A  | 476417 | 4772285 |
| Mizrahi Tefahot Bank Ltd  | 60614 | 3947365 |
|  |  | 30422733 |
| Insurance - 0.0% |  |  |
| Phoenix Financial Ltd  | 87820 | 3385104 |
| TOTAL FINANCIALS |  | 33807837 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (c) | 445778 | 9129533 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Elbit Systems Ltd  | 10806 | 5173429 |
| Information Technology - 0.2% |  |  |
| IT Services - 0.0% |  |  |
| Wix.com Ltd (c) | 21636 | 3148903 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Nova Ltd (Israel) (c) | 11388 | 3943311 |
| Software - 0.1% |  |  |
| Check Point Software Technologies Ltd (c) | 33695 | 6593438 |
| Nice Ltd (c) | 24583 | 3331600 |
|  |  | 9925038 |
| TOTAL INFORMATION TECHNOLOGY |  | 17017252 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| ICL Group Ltd  | 300974 | 1975735 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Azrieli Group Ltd  | 16495 | 1739886 |
| TOTAL ISRAEL |  | 68843672 |
| ITALY - 3.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Infrastrutture Wireless Italiane SpA (d)(e) | 108657 | 1192944 |
| Telecom Italia SpA/Milano (c) | 4468468 | 2632977 |
|  |  | 3825921 |
| Consumer Discretionary - 0.3% |  |  |
| Automobiles - 0.3% |  |  |
| Ferrari NV (Italy)  | 48991 | 19566674 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Moncler SpA  | 90785 | 5441453 |
| TOTAL CONSUMER DISCRETIONARY |  | 25008127 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Coca-Cola HBC AG  | 84769 | 3846410 |
| Davide Campari-Milano NV  | 239273 | 1664165 |
|  |  | 5510575 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Eni SpA  | 794965 | 14658744 |
| Financials - 1.7% |  |  |
| Banks - 1.4% |  |  |
| Banca Monte dei Paschi di Siena SpA  | 768888 | 6721386 |
| Banco BPM SpA  | 441669 | 6417077 |
| BPER Banca SPA  | 568372 | 6783912 |
| FinecoBank Banca Fineco SpA  | 237695 | 5427527 |
| Intesa Sanpaolo SpA  | 5535666 | 35679279 |
| UniCredit SpA  | 544866 | 40345526 |
|  |  | 101374707 |
| Financial Services - 0.0% |  |  |
| Banca Mediolanum SpA  | 86909 | 1744059 |
| Nexi SpA (d)(e) | 215157 | 1132371 |
|  |  | 2876430 |
| Insurance - 0.3% |  |  |
| Generali  | 331287 | 12734963 |
| Poste Italiane Spa (d)(e) | 177672 | 4278139 |
| Unipol Assicurazioni SpA  | 139427 | 3047875 |
|  |  | 20060977 |
| TOTAL FINANCIALS |  | 124312114 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 44703 | 2653636 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Leonardo SpA  | 157293 | 9254285 |
| Electrical Equipment - 0.2% |  |  |
| Prysmian SpA  | 109423 | 11328675 |
| Passenger Airlines - 0.1% |  |  |
| Ryanair Holdings PLC  | 329891 | 9987652 |
| TOTAL INDUSTRIALS |  | 30570612 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| Enel SpA  | 3161109 | 31977022 |
| Terna - Rete Elettrica Nazionale  | 546843 | 5601011 |
|  |  | 37578033 |
| Gas Utilities - 0.0% |  |  |
| Snam SpA  | 783740 | 4831265 |
| TOTAL UTILITIES |  | 42409298 |
| TOTAL ITALY |  | 248949027 |
| JAPAN - 22.6%  |  |  |
| Communication Services - 2.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| NTT Inc  | 11613800 | 11953548 |
| Entertainment - 0.7% |  |  |
| Capcom Co Ltd  | 134700 | 3517437 |
| Konami Group Corp  | 39000 | 6513919 |
| Nexon Co Ltd  | 128010 | 2616517 |
| Nintendo Co Ltd  | 429000 | 36589366 |
| Toho Co Ltd/Tokyo  | 41070 | 2413405 |
|  |  | 51650644 |
| Interactive Media & Services - 0.0% |  |  |
| LY Corp  | 1079400 | 3171836 |
| Wireless Telecommunication Services - 1.3% |  |  |
| KDDI Corp  | 1220700 | 19458401 |
| SoftBank Corp  | 11147500 | 15840586 |
| SoftBank Group Corp  | 371400 | 65169067 |
|  |  | 100468054 |
| TOTAL COMMUNICATION SERVICES |  | 167244082 |
| Consumer Discretionary - 3.9% |  |  |
| Automobile Components - 0.4% |  |  |
| Aisin Corp  | 191770 | 3452507 |
| Bridgestone Corp  | 221900 | 9687075 |
| Denso Corp  | 678800 | 9520642 |
| Sumitomo Electric Industries Ltd  | 277700 | 10181073 |
|  |  | 32841297 |
| Automobiles - 1.5% |  |  |
| Honda Motor Co Ltd  | 1539100 | 15556064 |
| Isuzu Motors Ltd  | 208000 | 2557654 |
| Nissan Motor Co Ltd (b)(c) | 866100 | 1979673 |
| Subaru Corp  | 227900 | 4848146 |
| Suzuki Motor Corp  | 610800 | 9147534 |
| Toyota Motor Corp  | 3683350 | 75092960 |
| Yamaha Motor Co Ltd (b) | 356100 | 2576416 |
|  |  | 111758447 |
| Broadline Retail - 0.2% |  |  |
| Pan Pacific International Holdings Corp  | 740500 | 4404944 |
| Rakuten Group Inc (c) | 588600 | 3855634 |
| Ryohin Keikaku Co Ltd  | 196400 | 4038619 |
|  |  | 12299197 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Oriental Land Co Ltd/Japan  | 419900 | 8500993 |
| Zensho Holdings Co Ltd  | 37500 | 2337210 |
|  |  | 10838203 |
| Household Durables - 1.1% |  |  |
| Panasonic Holdings Corp  | 906300 | 10530512 |
| Sekisui House Ltd  | 232000 | 4984439 |
| Sony Group Corp  | 2390200 | 66566085 |
|  |  | 82081036 |
| Leisure Products - 0.1% |  |  |
| Bandai Namco Holdings Inc  | 227400 | 7085684 |
| Shimano Inc  | 29000 | 3038211 |
|  |  | 10123895 |
| Specialty Retail - 0.4% |  |  |
| Fast Retailing Co Ltd  | 74200 | 27240305 |
| Nitori Holdings Co Ltd (b) | 155500 | 2519441 |
| Sanrio Co Ltd (b) | 69500 | 3227639 |
| ZOZO Inc  | 173300 | 1499549 |
|  |  | 34486934 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Asics Corp  | 271227 | 6939511 |
| TOTAL CONSUMER DISCRETIONARY |  | 301368520 |
| Consumer Staples - 1.1% |  |  |
| Beverages - 0.2% |  |  |
| Asahi Group Holdings Ltd  | 561600 | 6052934 |
| Kirin Holdings Co Ltd  | 301900 | 4240235 |
| Suntory Beverage & Food Ltd  | 54000 | 1633560 |
|  |  | 11926729 |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Aeon Co Ltd  | 865500 | 13700521 |
| Kobe Bussan Co Ltd  | 58500 | 1357825 |
| MatsukiyoCocokara & Co  | 127600 | 2312134 |
| Seven & i Holdings Co Ltd  | 809800 | 10300499 |
|  |  | 27670979 |
| Food Products - 0.2% |  |  |
| Ajinomoto Co Inc  | 351800 | 9982619 |
| Kikkoman Corp  | 263700 | 2097828 |
| MEIJI Holdings Co Ltd  | 93200 | 1791912 |
| Nissin Foods Holdings Co Ltd  | 75200 | 1356049 |
| Yakult Honsha Co Ltd  | 96800 | 1446881 |
|  |  | 16675289 |
| Household Products - 0.0% |  |  |
| Unicharm Corp  | 434300 | 2687074 |
| Personal Care Products - 0.1% |  |  |
| Kao Corp  | 181100 | 7664087 |
| Shiseido Co Ltd  | 155500 | 2623451 |
|  |  | 10287538 |
| Tobacco - 0.2% |  |  |
| Japan Tobacco Inc  | 466400 | 16236688 |
| TOTAL CONSUMER STAPLES |  | 85484297 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| ENEOS Holdings Inc  | 1052000 | 6640619 |
| Idemitsu Kosan Co Ltd  | 300515 | 2089428 |
| Inpex Corp  | 342600 | 6315791 |
|  |  | 15045838 |
| Financials - 3.5% |  |  |
| Banks - 2.1% |  |  |
| Chiba Bank Ltd/The  | 219200 | 2141363 |
| Japan Post Bank Co Ltd  | 694884 | 7791575 |
| Mitsubishi UFJ Financial Group Inc  | 4455700 | 67304599 |
| Mizuho Financial Group Inc  | 977020 | 32725753 |
| Resona Holdings Inc  | 807020 | 7820936 |
| Sumitomo Mitsui Financial Group Inc  | 1434200 | 38829257 |
| Sumitomo Mitsui Trust Group Inc  | 249500 | 6852908 |
| Yokohama Financial Group Inc  | 400400 | 2912520 |
|  |  | 166378911 |
| Capital Markets - 0.3% |  |  |
| Daiwa Securities Group Inc  | 518500 | 4002049 |
| Japan Exchange Group Inc  | 385700 | 4301004 |
| Nomura Holdings Inc  | 1168100 | 8335683 |
| SBI Holdings Inc  | 109000 | 4890182 |
|  |  | 21528918 |
| Financial Services - 0.2% |  |  |
| Mitsubishi HC Capital Inc  | 342100 | 2677131 |
| ORIX Corp  | 452000 | 11056846 |
| Sony Financial Group Inc (c) | 2390200 | 2410207 |
|  |  | 16144184 |
| Insurance - 0.9% |  |  |
| Dai-ichi Life Holdings Inc  | 1366400 | 9620038 |
| Japan Post Holdings Co Ltd  | 693300 | 6507420 |
| Japan Post Insurance Co Ltd  | 72300 | 1872828 |
| Ms&Ad Insurance Group Holdings Inc  | 500100 | 10309292 |
| Sompo Holdings Inc  | 344900 | 10510991 |
| T&D Holdings Inc  | 190300 | 4100878 |
| Tokio Marine Holdings Inc  | 714100 | 26631073 |
|  |  | 69552520 |
| TOTAL FINANCIALS |  | 273604533 |
| Health Care - 1.4% |  |  |
| Health Care Equipment & Supplies - 0.5% |  |  |
| Hoya Corp  | 133400 | 21713965 |
| Olympus Corp  | 442700 | 5456548 |
| Sysmex Corp  | 195700 | 2181578 |
| Terumo Corp  | 517900 | 8359384 |
|  |  | 37711475 |
| Health Care Technology - 0.0% |  |  |
| M3 Inc  | 171600 | 2404950 |
| Pharmaceuticals - 0.9% |  |  |
| Astellas Pharma Inc  | 703300 | 7361882 |
| Chugai Pharmaceutical Co Ltd  | 261000 | 11945381 |
| Daiichi Sankyo Co Ltd  | 662600 | 15828270 |
| Eisai Co Ltd  | 102000 | 3029462 |
| Kyowa Kirin Co Ltd  | 91900 | 1420452 |
| Otsuka Holdings Co Ltd  | 168800 | 9172222 |
| Shionogi & Co Ltd  | 293900 | 4920265 |
| Takeda Pharmaceutical Co Ltd  | 618303 | 16686458 |
|  |  | 70364392 |
| TOTAL HEALTH CARE |  | 110480817 |
| Industrials - 5.7% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| SG Holdings Co Ltd (b) | 112000 | 1029446 |
| Building Products - 0.2% |  |  |
| Agc Inc  | 76030 | 2377942 |
| Daikin Industries Ltd  | 102500 | 11908455 |
|  |  | 14286397 |
| Commercial Services & Supplies - 0.1% |  |  |
| Dai Nippon Printing Co Ltd  | 152840 | 2558243 |
| Secom Co Ltd  | 163200 | 5520483 |
| TOPPAN Holdings Inc  | 91600 | 2246758 |
|  |  | 10325484 |
| Construction & Engineering - 0.2% |  |  |
| Kajima Corp  | 164400 | 5308250 |
| Obayashi Corp  | 252400 | 4277910 |
| Taisei Corp  | 60500 | 4410600 |
|  |  | 13996760 |
| Electrical Equipment - 0.5% |  |  |
| Fuji Electric Co Ltd  | 52200 | 3746233 |
| Fujikura Ltd  | 97700 | 13420992 |
| Mitsubishi Electric Corp  | 739200 | 20706809 |
| NIDEC CORP (b) | 324500 | 3964918 |
|  |  | 41838952 |
| Ground Transportation - 0.3% |  |  |
| Central Japan Railway Co  | 300200 | 7336015 |
| East Japan Railway Co  | 374800 | 9134701 |
| Hankyu Hanshin Holdings Inc  | 93400 | 2506667 |
| Tokyo Metro Co Ltd (b) | 112900 | 1186435 |
| Tokyu Corp  | 194300 | 2163512 |
| West Japan Railway Co  | 164800 | 3380266 |
|  |  | 25707596 |
| Industrial Conglomerates - 0.9% |  |  |
| Hikari Tsushin Inc  | 6900 | 1826747 |
| Hitachi Ltd  | 1780700 | 61448074 |
| Sekisui Chemical Co Ltd  | 145500 | 2525550 |
|  |  | 65800371 |
| Machinery - 1.4% |  |  |
| Daifuku Co Ltd  | 125500 | 4013133 |
| FANUC Corp  | 362700 | 12103824 |
| IHI Corp  | 399700 | 8338430 |
| Kawasaki Heavy Industries Ltd  | 58700 | 4723120 |
| Komatsu Ltd  | 369600 | 12363480 |
| Kubota Corp  | 380200 | 4935371 |
| Makita Corp  | 87020 | 2640358 |
| MINEBEA MITSUMI Inc  | 141110 | 2798210 |
| Mitsubishi Heavy Industries Ltd  | 1245600 | 37604273 |
| SMC Corp  | 22300 | 7633792 |
| Toyota Industries Corp  | 63270 | 6907519 |
|  |  | 104061510 |
| Marine Transportation - 0.2% |  |  |
| Kawasaki Kisen Kaisha Ltd  | 136600 | 1961558 |
| Mitsui OSK Lines Ltd  | 134000 | 3984959 |
| Nippon Yusen KK  | 168700 | 5835700 |
|  |  | 11782217 |
| Passenger Airlines - 0.0% |  |  |
| ANA Holdings Inc  | 62100 | 1164148 |
| Japan Airlines Co Ltd  | 56100 | 1011263 |
|  |  | 2175411 |
| Professional Services - 0.3% |  |  |
| Recruit Holdings Co Ltd  | 516700 | 25622106 |
| Trading Companies & Distributors - 1.6% |  |  |
| ITOCHU Corp  | 462000 | 26773876 |
| Marubeni Corp  | 548600 | 13527221 |
| Mitsubishi Corp  | 1250700 | 30032629 |
| Mitsui & Co Ltd  | 959900 | 23681395 |
| MonotaRO Co Ltd  | 97400 | 1358935 |
| Sumitomo Corp  | 423600 | 12330605 |
| Toyota Tsusho Corp  | 268320 | 8212741 |
|  |  | 115917402 |
| TOTAL INDUSTRIALS |  | 432543652 |
| Information Technology - 3.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.9% |  |  |
| Keyence Corp  | 75600 | 28143353 |
| Kyocera Corp  | 499000 | 6637791 |
| Murata Manufacturing Co Ltd  | 648500 | 13982256 |
| Shimadzu Corp  | 92100 | 2480144 |
| TDK Corp  | 755500 | 13200261 |
| Yokogawa Electric Corp  | 88700 | 2660827 |
|  |  | 67104632 |
| IT Services - 0.7% |  |  |
| Fujitsu Ltd  | 684200 | 17830564 |
| NEC Corp  | 503700 | 18362122 |
| Nomura Research Institute Ltd  | 146820 | 5669173 |
| Obic Co Ltd  | 125800 | 3907628 |
| Otsuka Corp  | 88600 | 1753488 |
| SCSK Corp  | 60800 | 2237342 |
| TIS Inc  | 82600 | 2848738 |
|  |  | 52609055 |
| Semiconductors & Semiconductor Equipment - 1.4% |  |  |
| Advantest Corp  | 297800 | 44594307 |
| Disco Corp  | 35800 | 11888578 |
| Lasertec Corp  | 31100 | 6314307 |
| Renesas Electronics Corp  | 654300 | 8080326 |
| SCREEN Holdings Co Ltd  | 31600 | 3011135 |
| Tokyo Electron Ltd  | 174100 | 38383886 |
|  |  | 112272539 |
| Software - 0.0% |  |  |
| Oracle Corp Japan  | 15000 | 1385050 |
| Trend Micro Inc/Japan  | 49300 | 2521782 |
|  |  | 3906832 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Canon Inc  | 336900 | 9690985 |
| FUJIFILM Holdings Corp  | 435100 | 10084178 |
|  |  | 19775163 |
| TOTAL INFORMATION TECHNOLOGY |  | 255668221 |
| Materials - 0.7% |  |  |
| Chemicals - 0.5% |  |  |
| Asahi Kasei Corp  | 477700 | 3665435 |
| Mitsubishi Chemical Group Corp  | 497600 | 2602786 |
| Nippon Paint Holdings Co Ltd  | 368500 | 2349304 |
| Nippon Sanso Holdings Corp  | 67300 | 2239403 |
| Nitto Denko Corp  | 274700 | 6869728 |
| Shin-Etsu Chemical Co Ltd  | 655800 | 19712656 |
| Toray Industries Inc  | 539000 | 3308986 |
|  |  | 40748298 |
| Metals & Mining - 0.2% |  |  |
| JFE Holdings Inc  | 223700 | 2567085 |
| Nippon Steel Corp (b) | 1879500 | 7747357 |
| Sumitomo Metal Mining Co Ltd  | 96030 | 3141376 |
|  |  | 13455818 |
| TOTAL MATERIALS |  | 54204116 |
| Real Estate - 0.5% |  |  |
| Office REITs - 0.0% |  |  |
| Nippon Building Fund Inc  | 3026 | 2792143 |
| Real Estate Management & Development - 0.5% |  |  |
| Daito Trust Construction Co Ltd  | 114000 | 2131352 |
| Daiwa House Industry Co Ltd  | 217900 | 7399070 |
| Hulic Co Ltd  | 179100 | 1847829 |
| Mitsubishi Estate Co Ltd  | 413200 | 8751443 |
| Mitsui Fudosan Co Ltd  | 1027300 | 10675628 |
| Sumitomo Realty & Development Co Ltd  | 120300 | 5137203 |
|  |  | 35942525 |
| TOTAL REAL ESTATE |  | 38734668 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.1% |  |  |
| Chubu Electric Power Co Inc  | 265160 | 3690664 |
| Kansai Electric Power Co Inc/The  | 368300 | 5753567 |
|  |  | 9444231 |
| Gas Utilities - 0.1% |  |  |
| Osaka Gas Co Ltd  | 139130 | 4376758 |
| Tokyo Gas Co Ltd  | 122600 | 4297484 |
|  |  | 8674242 |
| TOTAL UTILITIES |  | 18118473 |
| TOTAL JAPAN |  | 1752497217 |
| KOREA (SOUTH) - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Delivery Hero SE (c)(d)(e) | 74682 | 1896903 |
| LUXEMBOURG - 0.1%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| CVC Capital Partners PLC (d)(e) | 82628 | 1380044 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Eurofins Scientific SE  | 46020 | 3243168 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| ArcelorMittal SA  | 182299 | 6967810 |
| TOTAL LUXEMBOURG |  | 11591022 |
| MACAU - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Galaxy Entertainment Group Ltd  | 850000 | 4235479 |
| Sands China Ltd  | 943600 | 2457801 |
| TOTAL MACAU |  | 6693280 |
| MEXICO - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Fresnillo PLC  | 85920 | 2508040 |
| NETHERLANDS - 4.4%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Koninklijke KPN NV  | 1511474 | 6994291 |
| Entertainment - 0.1% |  |  |
| Universal Music Group NV  | 427705 | 11471896 |
| TOTAL COMMUNICATION SERVICES |  | 18466187 |
| Consumer Staples - 0.4% |  |  |
| Beverages - 0.2% |  |  |
| Heineken Holding NV Class A  | 50376 | 3402662 |
| Heineken NV  | 111935 | 8667384 |
|  |  | 12070046 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Koninklijke Ahold Delhaize NV  | 352838 | 14441872 |
| Food Products - 0.0% |  |  |
| JDE Peet's NV  | 66407 | 2417260 |
| TOTAL CONSUMER STAPLES |  | 28929178 |
| Financials - 0.9% |  |  |
| Banks - 0.5% |  |  |
| ABN AMRO Bank NV depository receipt (d)(e) | 226641 | 6768670 |
| ING Groep NV  | 1174354 | 29323240 |
|  |  | 36091910 |
| Capital Markets - 0.0% |  |  |
| Euronext NV (e) | 30384 | 4342743 |
| Financial Services - 0.3% |  |  |
| Adyen NV (c)(d)(e) | 9797 | 16787007 |
| EXOR NV  | 36340 | 3149925 |
|  |  | 19936932 |
| Insurance - 0.1% |  |  |
| ASR Nederland NV  | 60965 | 4068708 |
| NN Group NV  | 104550 | 7155858 |
|  |  | 11224566 |
| TOTAL FINANCIALS |  | 71596151 |
| Health Care - 0.4% |  |  |
| Biotechnology - 0.3% |  |  |
| Argenx SE (c) | 23786 | 19468067 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Koninklijke Philips NV  | 299399 | 8202094 |
| TOTAL HEALTH CARE |  | 27670161 |
| Industrials - 0.2% |  |  |
| Professional Services - 0.2% |  |  |
| Randstad NV  | 42178 | 1652474 |
| Wolters Kluwer NV  | 92702 | 11353127 |
|  |  | 13005601 |
| Trading Companies & Distributors - 0.0% |  |  |
| IMCD NV  | 22973 | 2382655 |
| TOTAL INDUSTRIALS |  | 15388256 |
| Information Technology - 2.3% |  |  |
| Semiconductors & Semiconductor Equipment - 2.3% |  |  |
| ASM International NV  | 18213 | 11798187 |
| ASML Holding NV  | 153066 | 161981784 |
| BE Semiconductor Industries NV  | 28385 | 4829172 |
|  |  | 178609143 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Akzo Nobel NV  | 66377 | 4394703 |
| TOTAL NETHERLANDS |  | 345053779 |
| NEW ZEALAND - 0.3%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Infratil Ltd  | 361691 | 2558244 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Fisher & Paykel Healthcare Corp Ltd  | 227860 | 4837576 |
| Industrials - 0.0% |  |  |
| Transportation Infrastructure - 0.0% |  |  |
| Auckland International Airport Ltd  | 663201 | 3081676 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Xero Ltd (c) | 63981 | 6070102 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Contact Energy Ltd  | 334707 | 1785116 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Meridian Energy Ltd  | 521605 | 1767052 |
| TOTAL UTILITIES |  | 3552168 |
| TOTAL NEW ZEALAND |  | 20099766 |
| NORWAY - 0.5%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telenor ASA  | 239321 | 3558185 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Mowi ASA  | 180883 | 3975078 |
| Orkla ASA  | 272452 | 2762378 |
| Salmar ASA  | 25993 | 1461413 |
|  |  | 8198869 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Aker BP ASA  | 122821 | 3187762 |
| Equinor ASA  | 298119 | 7140340 |
|  |  | 10328102 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| DNB Bank ASA  | 344572 | 8786726 |
| Insurance - 0.0% |  |  |
| Gjensidige Forsikring ASA  | 77732 | 2091936 |
| TOTAL FINANCIALS |  | 10878662 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Kongsberg Gruppen ASA  | 170935 | 4371569 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Norsk Hydro ASA  | 538272 | 3642240 |
| TOTAL NORWAY |  | 40977627 |
| POLAND - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| InPost SA (c) | 97165 | 1223009 |
| PORTUGAL - 0.2%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Jeronimo Martins SGPS SA  | 110062 | 2834118 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Galp Energia SGPS SA  | 162168 | 3251525 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Banco Comercial Portugues SA  | 3230816 | 2849605 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| EDP SA  | 1219623 | 6058991 |
| TOTAL PORTUGAL |  | 14994239 |
| SINGAPORE - 1.8%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Singapore Telecommunications Ltd  | 2888400 | 9427886 |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| Sea Ltd Class A ADR (c) | 148680 | 23231250 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Genting Singapore Ltd (b) | 2350200 | 1318105 |
| TOTAL CONSUMER DISCRETIONARY |  | 24549355 |
| Financials - 1.0% |  |  |
| Banks - 0.9% |  |  |
| DBS Group Holdings Ltd  | 827205 | 34274098 |
| Oversea-Chinese Banking Corp Ltd  | 1316064 | 17219245 |
| United Overseas Bank Ltd  | 490172 | 13056441 |
|  |  | 64549784 |
| Capital Markets - 0.1% |  |  |
| Singapore Exchange Ltd  | 333200 | 4333955 |
| TOTAL FINANCIALS |  | 68883739 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Singapore Technologies Engineering Ltd  | 606800 | 3957999 |
| Ground Transportation - 0.1% |  |  |
| Grab Holdings Ltd Class A (c) | 922207 | 5542465 |
| Industrial Conglomerates - 0.1% |  |  |
| Keppel Ltd  | 566100 | 4431898 |
| Passenger Airlines - 0.0% |  |  |
| Singapore Airlines Ltd  | 588490 | 2997610 |
| TOTAL INDUSTRIALS |  | 16929972 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| STMicroelectronics NV  | 265634 | 6533946 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.1% |  |  |
| CapitaLand Integrated Commercial Trust  | 2275095 | 4142575 |
| Industrial REITs - 0.0% |  |  |
| CapitaLand Ascendas REIT  | 1521689 | 3296837 |
| Real Estate Management & Development - 0.0% |  |  |
| CapitaLand Investment Ltd/Singapore  | 910065 | 1845860 |
| TOTAL REAL ESTATE |  | 9285272 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Sembcorp Industries Ltd (b) | 347400 | 1742871 |
| TOTAL SINGAPORE |  | 137353041 |
| SOUTH AFRICA - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Anglo American PLC  | 434968 | 16455998 |
| SPAIN - 3.4%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Cellnex Telecom SA (d)(e) | 192205 | 5983677 |
| Telefonica SA  | 1432449 | 7264199 |
|  |  | 13247876 |
| Consumer Discretionary - 0.5% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Amadeus IT Group SA Class A  | 175091 | 13384612 |
| Specialty Retail - 0.3% |  |  |
| Industria de Diseno Textil SA  | 423962 | 23407763 |
| TOTAL CONSUMER DISCRETIONARY |  | 36792375 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Repsol SA  | 449834 | 8254164 |
| Financials - 1.7% |  |  |
| Banks - 1.7% |  |  |
| Banco Bilbao Vizcaya Argentaria SA  | 2239961 | 45126449 |
| Banco de Sabadell SA  | 1952559 | 7298751 |
| Banco Santander SA  | 5785338 | 58855916 |
| Bankinter SA  | 262015 | 3947291 |
| CaixaBank SA  | 1514634 | 16009300 |
|  |  | 131237707 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Grifols SA Class A  | 115934 | 1501347 |
| Industrials - 0.2% |  |  |
| Construction & Engineering - 0.1% |  |  |
| ACS Actividades de Construccion y Servicios SA  | 69686 | 5719038 |
| Transportation Infrastructure - 0.1% |  |  |
| Aena SME SA (d)(e) | 291495 | 7912605 |
| TOTAL INDUSTRIALS |  | 13631643 |
| Utilities - 0.8% |  |  |
| Electric Utilities - 0.8% |  |  |
| Acciona SA (b) | 9594 | 2123237 |
| Endesa SA  | 123449 | 4423905 |
| Iberdrola SA  | 2466893 | 49994660 |
| Redeia Corp SA  | 157722 | 2837871 |
|  |  | 59379673 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| EDP Renovaveis SA  | 122548 | 1791112 |
| TOTAL UTILITIES |  | 61170785 |
| TOTAL SPAIN |  | 265835897 |
| SWEDEN - 3.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Telia Co AB  | 916953 | 3598222 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Tele2 AB B Shares  | 212769 | 3369500 |
| TOTAL COMMUNICATION SERVICES |  | 6967722 |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Evolution AB (e) | 55626 | 3719232 |
| Specialty Retail - 0.1% |  |  |
| H & M Hennes & Mauritz AB B Shares  | 219219 | 4140196 |
| TOTAL CONSUMER DISCRETIONARY |  | 7859428 |
| Consumer Staples - 0.1% |  |  |
| Household Products - 0.1% |  |  |
| Essity AB B Shares  | 234120 | 6429505 |
| Financials - 0.8% |  |  |
| Banks - 0.4% |  |  |
| Skandinaviska Enskilda Banken AB A Shares  | 588396 | 11234972 |
| Svenska Handelsbanken AB A Shares  | 566894 | 7397590 |
| Swedbank AB A1 Shares  | 329974 | 10037892 |
|  |  | 28670454 |
| Capital Markets - 0.0% |  |  |
| EQT AB  | 143953 | 4994279 |
| Financial Services - 0.4% |  |  |
| Industrivarden AB A Shares  | 46066 | 1919204 |
| Industrivarden AB C Shares  | 60585 | 2520270 |
| Investor AB B Shares  | 672709 | 22202354 |
| L E Lundbergforetagen AB B Shares  | 29538 | 1582573 |
|  |  | 28224401 |
| TOTAL FINANCIALS |  | 61889134 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Swedish Orphan Biovitrum AB B Shares (c) | 76100 | 2620975 |
| Industrials - 1.5% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Saab AB B Shares  | 124491 | 6850303 |
| Building Products - 0.2% |  |  |
| Assa Abloy AB B Shares  | 389554 | 14680174 |
| Nibe Industrier AB B Shares  | 589013 | 2300810 |
|  |  | 16980984 |
| Commercial Services & Supplies - 0.0% |  |  |
| Securitas AB B Shares  | 191147 | 2820853 |
| Construction & Engineering - 0.0% |  |  |
| Skanska AB B Shares  | 132262 | 3614138 |
| Industrial Conglomerates - 0.1% |  |  |
| Investment AB Latour B Shares  | 57546 | 1471321 |
| Lifco AB B Shares  | 90601 | 3511412 |
|  |  | 4982733 |
| Machinery - 1.0% |  |  |
| Alfa Laval AB  | 112451 | 5373833 |
| Atlas Copco AB A Shares  | 1043966 | 17492763 |
| Atlas Copco AB B Shares  | 606651 | 9115490 |
| Epiroc AB A Shares  | 256132 | 5424464 |
| Epiroc AB B Shares  | 151567 | 2839812 |
| Indutrade AB  | 106198 | 2839324 |
| Sandvik AB  | 414401 | 12584373 |
| SKF AB B Shares  | 132586 | 3419233 |
| Trelleborg AB B Shares  | 78831 | 3298368 |
| Volvo AB B Shares  | 617454 | 16915182 |
|  |  | 79302842 |
| Trading Companies & Distributors - 0.1% |  |  |
| AddTech AB B Shares  | 101024 | 3424092 |
| Beijer Ref AB B Shares  | 149599 | 2371475 |
|  |  | 5795567 |
| TOTAL INDUSTRIALS |  | 120347420 |
| Information Technology - 0.3% |  |  |
| Communications Equipment - 0.2% |  |  |
| Telefonaktiebolaget LM Ericsson B Shares  | 1087719 | 11035853 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Hexagon AB B Shares  | 806930 | 9836170 |
| TOTAL INFORMATION TECHNOLOGY |  | 20872023 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Boliden AB (c) | 110467 | 4988326 |
| Paper & Forest Products - 0.0% |  |  |
| Holmen AB B Shares  | 29625 | 1120107 |
| Svenska Cellulosa AB SCA B Shares  | 236112 | 3150149 |
|  |  | 4270256 |
| TOTAL MATERIALS |  | 9258582 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Fastighets AB Balder B Shares (c) | 279060 | 2045016 |
| Sagax AB B Shares  | 85418 | 1916909 |
|  |  | 3961925 |
| TOTAL SWEDEN |  | 240206714 |
| SWITZERLAND - 4.8%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Swisscom AG  | 10067 | 7374336 |
| Consumer Discretionary - 0.6% |  |  |
| Specialty Retail - 0.0% |  |  |
| Avolta AG  | 34166 | 1801027 |
| Textiles, Apparel & Luxury Goods - 0.6% |  |  |
| Cie Financiere Richemont SA Series A  | 208937 | 41328932 |
| Swatch Group AG/The  | 11246 | 2350265 |
|  |  | 43679197 |
| TOTAL CONSUMER DISCRETIONARY |  | 45480224 |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.2% |  |  |
| Barry Callebaut AG (b) | 1387 | 1802798 |
| Chocoladefabriken Lindt & Spruengli AG  | 42 | 6429823 |
| Chocoladefabriken Lindt & Spruengli AG  | 364 | 5595129 |
|  |  | 13827750 |
| Financials - 1.6% |  |  |
| Banks - 0.0% |  |  |
| Banque Cantonale Vaudoise  | 11707 | 1357270 |
| Capital Markets - 0.8% |  |  |
| Julius Baer Group Ltd  | 80065 | 5405073 |
| Partners Group Holding AG  | 8821 | 10768252 |
| UBS Group AG  | 1233804 | 47113758 |
|  |  | 63287083 |
| Insurance - 0.8% |  |  |
| Baloise Holding AG  | 16021 | 3969664 |
| Helvetia Holding AG  | 14426 | 3538605 |
| Swiss Life Holding AG  | 11090 | 12022263 |
| Zurich Insurance Group AG  | 56883 | 39560502 |
|  |  | 59091034 |
| TOTAL FINANCIALS |  | 123735387 |
| Health Care - 0.7% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Sonova Holding AG  | 19698 | 5350708 |
| Straumann Holding AG  | 43382 | 5453194 |
|  |  | 10803902 |
| Life Sciences Tools & Services - 0.2% |  |  |
| Lonza Group AG  | 27295 | 18797004 |
| Pharmaceuticals - 0.4% |  |  |
| Galderma Group AG  | 60103 | 11090769 |
| Sandoz Group AG  | 162460 | 10800385 |
|  |  | 21891154 |
| TOTAL HEALTH CARE |  | 51492060 |
| Industrials - 1.1% |  |  |
| Building Products - 0.2% |  |  |
| Belimo Holding AG  | 3824 | 4115047 |
| Geberit AG  | 13184 | 9616661 |
|  |  | 13731708 |
| Electrical Equipment - 0.6% |  |  |
| ABB Ltd  | 609153 | 45289031 |
| Machinery - 0.2% |  |  |
| Schindler Holding AG  | 15825 | 5624045 |
| Schindler Holding AG  | 9125 | 3078518 |
| VAT Group AG (d)(e) | 10494 | 4567938 |
|  |  | 13270501 |
| Marine Transportation - 0.0% |  |  |
| Kuehne + Nagel International AG  | 18773 | 3592472 |
| Professional Services - 0.1% |  |  |
| SGS SA  | 64347 | 7245884 |
| TOTAL INDUSTRIALS |  | 83129596 |
| Information Technology - 0.0% |  |  |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Logitech International SA  | 59113 | 7101640 |
| Materials - 0.5% |  |  |
| Chemicals - 0.5% |  |  |
| DSM-Firmenich AG  | 72281 | 5891550 |
| EMS-Chemie Holding AG  | 2727 | 1865440 |
| Givaudan SA  | 3589 | 14708322 |
| Sika AG  | 59253 | 11612869 |
|  |  | 34078181 |
| Containers & Packaging - 0.0% |  |  |
| SIG Group AG  | 118859 | 1325579 |
| TOTAL MATERIALS |  | 35403760 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Swiss Prime Site AG  | 31184 | 4429116 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| BKW AG  | 8208 | 1834879 |
| TOTAL SWITZERLAND |  | 373808748 |
| UNITED KINGDOM - 11.3%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| BT Group PLC  | 2324232 | 5671586 |
| Interactive Media & Services - 0.0% |  |  |
| Auto Trader Group PLC (d)(e) | 339057 | 3478416 |
| Media - 0.1% |  |  |
| Informa PLC  | 507213 | 6448701 |
| WPP PLC  | 419288 | 1584352 |
|  |  | 8033053 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Vodafone Group PLC  | 7568222 | 9161900 |
| TOTAL COMMUNICATION SERVICES |  | 26344955 |
| Consumer Discretionary - 0.7% |  |  |
| Broadline Retail - 0.1% |  |  |
| Next PLC  | 45363 | 8521853 |
| Diversified Consumer Services - 0.0% |  |  |
| Pearson PLC  | 227930 | 3172336 |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| Compass Group PLC  | 659724 | 21836760 |
| Entain PLC  | 236136 | 2458119 |
| InterContinental Hotels Group PLC  | 57096 | 6887335 |
| Whitbread PLC  | 67978 | 2587099 |
|  |  | 33769313 |
| Household Durables - 0.0% |  |  |
| Barratt Redrow PLC  | 531623 | 2628053 |
| Specialty Retail - 0.1% |  |  |
| JD Sports Fashion PLC  | 985929 | 1206881 |
| Kingfisher PLC  | 682197 | 2766707 |
|  |  | 3973588 |
| TOTAL CONSUMER DISCRETIONARY |  | 52065143 |
| Consumer Staples - 2.4% |  |  |
| Beverages - 0.4% |  |  |
| Coca-Cola Europacific Partners PLC  | 89544 | 7954194 |
| Diageo PLC  | 864896 | 19894126 |
|  |  | 27848320 |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| J Sainsbury PLC  | 670207 | 3007620 |
| Marks & Spencer Group PLC  | 799239 | 4176680 |
| Tesco PLC  | 2551592 | 15398026 |
|  |  | 22582326 |
| Food Products - 0.0% |  |  |
| Associated British Foods PLC  | 125575 | 3786012 |
| Household Products - 0.3% |  |  |
| Reckitt Benckiser Group PLC  | 263984 | 20191894 |
| Personal Care Products - 0.7% |  |  |
| Unilever PLC  | 952909 | 57178710 |
| Tobacco - 0.7% |  |  |
| British American Tobacco PLC  | 810203 | 41494991 |
| Imperial Brands PLC  | 300051 | 11922327 |
|  |  | 53417318 |
| TOTAL CONSUMER STAPLES |  | 185004580 |
| Financials - 3.5% |  |  |
| Banks - 2.5% |  |  |
| Barclays PLC  | 5496687 | 29482158 |
| HSBC Holdings PLC  | 6779354 | 94907239 |
| Lloyds Banking Group PLC  | 23281014 | 27296746 |
| NatWest Group PLC  | 3147898 | 24234147 |
| Standard Chartered PLC  | 767967 | 15764250 |
|  |  | 191684540 |
| Capital Markets - 0.6% |  |  |
| 3i Group PLC  | 378324 | 21893844 |
| London Stock Exchange Group PLC  | 184678 | 23015748 |
| Schroders PLC  | 281709 | 1404088 |
|  |  | 46313680 |
| Financial Services - 0.1% |  |  |
| M&G PLC  | 887937 | 3071349 |
| Wise PLC Class A (c) | 258945 | 3287802 |
|  |  | 6359151 |
| Insurance - 0.3% |  |  |
| Admiral Group PLC  | 101191 | 4354938 |
| Aviva PLC  | 1188135 | 10435863 |
| Legal & General Group PLC  | 2228999 | 6963345 |
| Phoenix Group Holdings PLC  | 273044 | 2417624 |
|  |  | 24171770 |
| TOTAL FINANCIALS |  | 268529141 |
| Health Care - 1.4% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Smith & Nephew PLC  | 323427 | 5972412 |
| Pharmaceuticals - 1.3% |  |  |
| Astrazeneca PLC  | 602684 | 99411915 |
| Hikma Pharmaceuticals PLC  | 64679 | 1562576 |
|  |  | 100974491 |
| TOTAL HEALTH CARE |  | 106946903 |
| Industrials - 2.0% |  |  |
| Aerospace & Defense - 1.1% |  |  |
| BAE Systems PLC  | 1170812 | 28841183 |
| Melrose Industries PLC  | 494248 | 4061980 |
| Rolls-Royce Holdings PLC  | 3283775 | 50533389 |
|  |  | 83436552 |
| Commercial Services & Supplies - 0.0% |  |  |
| Rentokil Initial PLC  | 981772 | 5479714 |
| Industrial Conglomerates - 0.2% |  |  |
| CK Hutchison Holdings Ltd  | 1042000 | 6909997 |
| DCC PLC  | 38154 | 2511158 |
| Smiths Group PLC  | 128543 | 4252070 |
|  |  | 13673225 |
| Machinery - 0.0% |  |  |
| Spirax Group PLC  | 28610 | 2666653 |
| Passenger Airlines - 0.0% |  |  |
| International Consolidated Airlines Group SA (Spain)  | 483054 | 2652558 |
| Professional Services - 0.5% |  |  |
| Intertek Group PLC  | 61185 | 4071183 |
| RELX PLC  | 713283 | 31524538 |
|  |  | 35595721 |
| Trading Companies & Distributors - 0.2% |  |  |
| Ashtead Group PLC  | 165846 | 11054820 |
| Bunzl PLC  | 127350 | 3867969 |
|  |  | 14922789 |
| TOTAL INDUSTRIALS |  | 158427212 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Halma PLC  | 147553 | 6873580 |
| Software - 0.1% |  |  |
| Sage Group PLC/The  | 376173 | 5680581 |
| TOTAL INFORMATION TECHNOLOGY |  | 12554161 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.0% |  |  |
| Land Securities Group PLC  | 275053 | 2245710 |
| Industrial REITs - 0.1% |  |  |
| Segro PLC  | 499746 | 4578545 |
| TOTAL REAL ESTATE |  | 6824255 |
| Utilities - 0.7% |  |  |
| Electric Utilities - 0.1% |  |  |
| SSE PLC  | 430064 | 10834521 |
| Multi-Utilities - 0.5% |  |  |
| Centrica PLC  | 1887318 | 4445510 |
| National Grid PLC  | 1905143 | 28565928 |
|  |  | 33011438 |
| Water Utilities - 0.1% |  |  |
| Severn Trent PLC  | 105205 | 3843559 |
| United Utilities Group PLC  | 265023 | 4179670 |
|  |  | 8023229 |
| TOTAL UTILITIES |  | 51869188 |
| TOTAL UNITED KINGDOM |  | 868565538 |
| UNITED STATES - 9.8%  |  |  |
| Communication Services - 0.5% |  |  |
| Entertainment - 0.5% |  |  |
| Spotify Technology SA (c) | 59420 | 38939114 |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Stellantis NV (Italy)  | 783673 | 7929173 |
| Consumer Staples - 1.2% |  |  |
| Food Products - 1.2% |  |  |
| Nestle SA  | 1001391 | 95681369 |
| Energy - 1.7% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Tenaris SA  | 145825 | 2898254 |
| Oil, Gas & Consumable Fuels - 1.7% |  |  |
| BP PLC  | 6164478 | 36116512 |
| Shell PLC  | 2290249 | 85860120 |
|  |  | 121976632 |
| TOTAL ENERGY |  | 124874886 |
| Financials - 0.3% |  |  |
| Insurance - 0.3% |  |  |
| Aegon Ltd  | 513902 | 3916308 |
| Swiss Re AG  | 116117 | 21152845 |
|  |  | 25069153 |
| Health Care - 4.2% |  |  |
| Biotechnology - 0.3% |  |  |
| CSL Ltd  | 188194 | 21931438 |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Alcon AG  | 194214 | 14431808 |
| Life Sciences Tools & Services - 0.1% |  |  |
| QIAGEN NV (Germany)  | 84167 | 3954335 |
| Pharmaceuticals - 3.6% |  |  |
| GSK PLC  | 1587305 | 37164293 |
| Haleon PLC  | 3491980 | 16238517 |
| Novartis AG  | 738913 | 91449107 |
| Roche Holding AG  | 273058 | 88449066 |
| Roche Holding AG  | 12440 | 4201543 |
| Sanofi SA  | 429462 | 43445598 |
|  |  | 280948124 |
| TOTAL HEALTH CARE |  | 321265705 |
| Industrials - 1.2% |  |  |
| Construction & Engineering - 0.2% |  |  |
| Ferrovial SE  | 199627 | 12241323 |
| Ferrovial SE rights (c)(f) | 199627 | 109735 |
|  |  | 12351058 |
| Electrical Equipment - 0.8% |  |  |
| Schneider Electric SE  | 213089 | 60715436 |
| Marine Transportation - 0.0% |  |  |
| AP Moller - Maersk A/S Series A  | 1138 | 2346627 |
| AP Moller - Maersk A/S Series B  | 1534 | 3153794 |
|  |  | 5500421 |
| Professional Services - 0.2% |  |  |
| Experian PLC  | 357130 | 16658400 |
| TOTAL INDUSTRIALS |  | 95225315 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| CyberArk Software Ltd (c) | 18570 | 9670885 |
| Monday.com Ltd (c) | 15787 | 3240123 |
|  |  | 12911008 |
| Materials - 0.4% |  |  |
| Construction Materials - 0.4% |  |  |
| Amrize Ltd  | 198290 | 10220651 |
| Holcim AG  | 198290 | 17628226 |
| James Hardie Industries PLC depository receipt (c) | 224897 | 4739705 |
|  |  | 32588582 |
| TOTAL UNITED STATES |  | 754484305 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $4,668,846,018) |  | <br> **7663704100** |

---

---

| | | |
|:---|:---|:---|
| &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  | 21755 | 1881946 |
| Dr Ing hc F Porsche AG (d)(e) | 44259 | 2315673 |
| Porsche Automobil Holding SE  | 59514 | 2364698 |
| Volkswagen AG  | 80144 | 8345939 |
|  |  | 14908256 |
| Consumer Staples - 0.1% |  |  |
| Household Products - 0.1% |  |  |
| Henkel AG & Co KGaA  | 62320 | 5046997 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Sartorius AG  | 10186 | 2795507 |
| TOTAL GERMANY |  | 22750760 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $25,171,033) |  | <br> **22750760** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 11/13/2025 (h)<br>(Cost $3,064,790)<br>| 4.15 | 3069000 | **3065706** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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 (i) | 4.18 | 40359720 | 40367792 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 4.18 | 28360263 | 28363099 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $68,730,891) |  |  | **68730891** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.7%**<br> (Cost $4,765,812,732)<br>| <br>**7758251457** |
| **NET OTHER ASSETS (LIABILITIES) - 0.3%**  | **24322969** |
| **NET ASSETS - 100.0%** | **7782574426** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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) | 686 | 12/19/2025 | 96283530 | 670169 | 670169 |
| 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) Security or a portion of the security is on loan at period end.

(c) Non-income producing.

(d) Security 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 $79,422,873 or 1.0% of net assets.

(e) 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 $87,484,848 or 1.1% of net assets.

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

(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 $3,045,727.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(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 | 42594444 | 1674651073 | 1676877774 | 3487719 | 49 | - | 40367792 | 40359720 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 34483532 | 263358071 | 269478504 | 255325 | - | - | 28363099 | 28360263 | 0.1% |
| Total | 77077976 | 1938009144 | 1946356278 | 3743044 | 49 | - | 68730891 |  |  |

---

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 October 31, 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 | 380791492 | 107210155 | 273581337 | - |
| Consumer Discretionary | 761124804 | 335405120 | 425719684 | - |
| Consumer Staples | 569676101 | 185003210 | 384672891 | - |
| Energy | 249938343 | 33230861 | 216707482 | - |
| Financials | 1851237984 | 853401938 | 997836046 | - |
| Health Care | 835629654 | 232258202 | 603371452 | - |
| Industrials | 1489969977 | 704719171 | 785250806 | - |
| Information Technology | 680059698 | 332553819 | 347505879 | - |
| Materials | 429626357 | 159977272 | 269649085 | - |
| Real Estate | 141181781 | 130265250 | 10916531 | - |
| Utilities | 274467909 | 100054444 | 174413465 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 14908256 | 1881946 | 13026310 | - |
| Consumer Staples | 5046997 | 5046997 | - | - |
| Health Care | 2795507 | 2795507 | - | - |
|  **U.S. Treasury Obligations** | 3065706 | - | 3065706 | - |
|  **Money Market Funds** | 68730891 | 68730891 | - | - |
| **Total Investments in Securities:** | 7758251457 | 3252534783 | 4505716674 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 670169 | 670169 | - | - |
| Total Assets | 670169 | 670169 | - | - |
| **Total Derivative Instruments:** | 670169 | 670169 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 670169 | - |
| **Total Equity Risk**  | 670169 | - |
| **Total Value of Derivatives** | 670169 | - |

---

(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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $26,595,098) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $4,697,081,841) | $7689520566 |  |
| Fidelity Central Funds (cost $68,730,891) | 68730891 |  |
| Total Investment in Securities (cost $4,765,812,732) |  | $7758251457 |
| Foreign currency held at value (cost $4,516,136) |  | 4470536 |
| Receivable for fund shares sold |  | 1495882 |
| Dividends receivable |  | 17746706 |
| Reclaims receivable |  | 32527207 |
| Distributions receivable from Fidelity Central Funds |  | 181192 |
| Prepaid expenses |  | 7235 |
| Receivable from investment adviser for expense reductions |  | 47440 |
| **Total assets** |  | 7814727655 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $1043578 |  |
| Delayed delivery | 109735 |  |
| Payable for fund shares redeemed | 1942038 |  |
| Accrued management fee | 226982 |  |
| Payable for daily variation margin on futures contracts | 265509 |  |
| Other payables and accrued expenses | 202288 |  |
| Collateral on securities loaned | 28363099 |  |
| **Total liabilities** |  | 32153229 |
| **Net Assets**  |  | $7782574426 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $5687239009 |
| Total accumulated earnings (loss) |  | 2095335417 |
| **Net Assets** |  | $7782574426 |
| **Net Asset Value**, offering price and redemption price per share ($7,782,574,426 ÷ 446,520,175 shares) |  | $17.43 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $243573849 |
| Foreign Tax Reclaims |  | 13919282 |
| Interest  |  | 320446 |
| Income from Fidelity Central Funds (including $255,325 from security lending)  |  | 3743044 |
| Income before foreign taxes withheld |  | $261556621 |
| Less foreign taxes withheld |  | (24917984) |
| **Total income** |  | 236638637 |
| **Expenses** |  |  |
| Management fee | $2773029 |  |
| Custodian fees and expenses | 594188 |  |
| Independent trustees' fees and expenses | 19790 |  |
| Registration fees | 54342 |  |
| Audit fees | 93642 |  |
| Legal | 177106 |  |
| Interest | 633764 |  |
| Miscellaneous | 29089 |  |
| Total expenses before reductions | 4374950 |  |
| Expense reductions | (786557) |  |
| Total expenses after reductions |  | 3588393 |
| **Net Investment income (loss)** |  | 233050244 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 14029004 |  |
| Fidelity Central Funds | 49 |  |
| Foreign currency transactions | 871372 |  |
| Futures contracts | 20621409 |  |
| Total net realized gain (loss) |  | 35521834 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1390261809 |  |
| Assets and liabilities in foreign currencies | 2095843 |  |
| Futures contracts | 3450612 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1395808264 |
| **Net gain (loss)** |  | 1431330098 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1664380342 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $233050244 | $223081325 |
| &nbsp;&nbsp;Net realized gain (loss) | 35521834<br>| 1465240<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1395808264 | 1004365987<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1664380342<br>| 1228912552<br>|
| Distributions to shareholders | (251491324)<br>| (133160875)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1420609936 | 3474808836 |
| Reinvestment of distributions | 244620461<br>| 131710052<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (3822471972) | (856115640) |
| **Net increase (decrease) in net assets resulting from share transactions** | (2157241575)<br>| 2750403248<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (744352557)<br>| 3846154925<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 8526926983 | 4680772058<br>|
| &nbsp;&nbsp;End of period | $7782574426 | $8526926983 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 94729982 | 251766102 |
| Issued in reinvestment of distributions | 17366987<br>| 9932885<br>|
| &nbsp;&nbsp;Redeemed | (252274066) | (60378118) |
| &nbsp;&nbsp;Net increase (decrease) | (140177097) | 201320869 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.53 | $12.15 | $10.88 | $14.52 | $11.04 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .46  | .43  | .39  | .42  | .37  |
| Net realized and unrealized gain (loss)  | 2.86  | 2.25  | 1.27  | (3.68)  | 3.36  |
| Total from investment operations  | 3.32  | 2.68  | 1.66  | (3.26)  | 3.73  |
| Distributions from net investment income  | (.42)  | (.30)  | (.39)  | (.38)  | (.25)  |
| Total distributions  | (.42)  | (.30)  | (.39)  | (.38)  | (.25)  |
| Net asset value, end of period  | $17.43 | $14.53 | $12.15 | $10.88 | $14.52 |
| **Total Return** C | 23.57% <br>| 22.26%  | 15.43%  | (23.00)%  | 34.09%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .06%  | .05%  | .06%  | .05%  | .05%  |
| Expenses net of fee waivers, if any  | .05% <br>| .04%  | .04%  | .04%  | .04%  |
| Expenses net of all reductions, if any  | .05%  | .04%  | .04%  | .04%  | .04%  |
| Net investment income (loss)  | 2.95%  | 3.00%  | 3.12%  | 3.28%  | 2.66%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $7782574 | $8526927 | $4680772 | $3168926 | $6252147 |
| Portfolio turnover rate F | 15% <br>| 4%  | 18%  | 20%  | 10%  |

---

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

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

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

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

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense 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 October 31, 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 and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign 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. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to partnerships, 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**  | $3012945583 |
| **Gross unrealized depreciation**  | <u>(144242430)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$2868703153</u> |
| **Tax Cost**  | <u>$4889548304</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$246366393</u> |
| **Capital loss carryforward**  | <u>$(1020834498)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$2869803521</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 fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(518529189) |
| Long-term | <u>(502305309)</u> |
| **Total capital loss carryforward** | <u>$(1020834498)</u> |

---

Due to large subscriptions in a prior period, approximately $594,902,796 of the Funds's realized capital losses are subject to limitation. Due to this limitation, the Fund will only be permitted to use approximately $249,916,389 of those capital losses per year to offset capital gains.

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $251491324 | $133160875 |

---

**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 Index Fund** | 1209061410 | 3292549662 |

---

**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 .035% 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity SAI International Index Fund**. | Borrower | 87553579 | 4.57% | 633764 |

---

**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 Index Fund** | 11017 |

---

**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 Index Fund** | 26805 | - | - |

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**9. Expense Reductions.** 

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .035% of average net assets. This reimbursement will remain in place through February 28, 2027. 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 $786,557.

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

---

| | |
|:---|:---|
|  | **Strategic Advisers Fidelity International Fund** |
| Fidelity SAI International Index Fund | 47% |

---

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

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| Fidelity SAI International Index Fund | 49% |

---

**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI International Index Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI International Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 10, 2025

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund designates $6,071,845 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 84.47%, and 76.24% of the dividends distributed in December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.4307 and $0.0232 for the dividend paid December 16, 2024.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity SAI International Index Fund**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.

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

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

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

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

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

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that the fund's management fee rate ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.035% through February 28, 2026.

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

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

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

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

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

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img118381_4.jpg)<br>

1.9879602.109 SV7-ANN-1225

**Fidelity® SAI Emerging Markets Index Fund**

**Annual Report**

**October 31, 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.

![](img118382_1.jpg)

![](img118382_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_SV6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI Emerging Markets Index Fund](#Sub_Sec_Fund_2809_SV6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2809_SV6-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_SV6-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_SV6-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SV6-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SV6-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SV6-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SV6-ANN)** |

---

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 (Annual Report)**

**Fidelity® SAI Emerging Markets Index Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 96.3%** | &nbsp;&nbsp;**Common Stocks - 96.3%** | &nbsp;&nbsp;**Common Stocks - 96.3%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 4.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Telefonica Brasil SA  | 465060 | 2769640 |
| Wireless Telecommunication Services - 0.0% |  |  |
| TIM SA/Brazil  | 482900 | 2180251 |
| TOTAL COMMUNICATION SERVICES |  | 4949891 |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Ultrapar Participacoes SA  | 415938 | 1655263 |
| Vibra Energia SA  | 576349 | 2549672 |
|  |  | 4204935 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Ambev SA  | 2693198 | 6362615 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Raia Drogasil SA  | 734860 | 2731847 |
| Food Products - 0.0% |  |  |
| MBRF Global Foods Company SA  | 309200 | 1027036 |
| TOTAL CONSUMER STAPLES |  | 10121498 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Petroleo Brasileiro SA - Petrobras  | 2674100 | 14787215 |
| Petroleo Brasileiro SA - Petrobras  | 2090308 | 12242791 |
| PRIO SA/Brazil (b) | 485300 | 3250097 |
|  |  | 30280103 |
| Financials - 1.7% |  |  |
| Banks - 1.3% |  |  |
| Banco Bradesco SA  | 3027488 | 10219274 |
| Banco Bradesco SA  | 915312 | 2631972 |
| Banco do Brasil SA  | 980010 | 3989297 |
| Itau Unibanco Holding SA  | 3040238 | 22287751 |
| Itausa SA  | 3291850 | 7128329 |
| NU Holdings Ltd/Cayman Islands Class A (b) | 1934318 | 31161864 |
|  |  | 77418487 |
| Capital Markets - 0.3% |  |  |
| B3 SA - Brasil Bolsa Balcao  | 3002540 | 7065522 |
| Banco BTG Pactual SA unit  | 672400 | 6101649 |
| XP Inc Class A  | 204477 | 3725571 |
|  |  | 16892742 |
| Insurance - 0.1% |  |  |
| BB Seguridade Participacoes SA  | 400858 | 2447641 |
| Caixa Seguridade Participacoes S/A  | 343000 | 954415 |
| Porto Seguro SA  | 110500 | 986910 |
|  |  | 4388966 |
| TOTAL FINANCIALS |  | 98700195 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Rede D'Or Sao Luiz SA (c)(d) | 457117 | 3682459 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Embraer SA  | 401300 | 6488738 |
| Electrical Equipment - 0.2% |  |  |
| WEG SA  | 957480 | 7492618 |
| Ground Transportation - 0.1% |  |  |
| Localiza Rent a Car SA  | 524258 | 3843295 |
| Rumo SA  | 743500 | 2200117 |
|  |  | 6043412 |
| Transportation Infrastructure - 0.0% |  |  |
| Motiva Infraestrutura de Mobilidade SA  | 579212 | 1709660 |
| TOTAL INDUSTRIALS |  | 21734428 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| TOTVS SA  | 307600 | 2536865 |
| Materials - 0.6% |  |  |
| Containers & Packaging - 0.0% |  |  |
| Klabin SA unit  | 462500 | 1550851 |
| Metals & Mining - 0.5% |  |  |
| Gerdau SA  | 746792 | 2629065 |
| Vale SA  | 2071373 | 25126219 |
|  |  | 27755284 |
| Paper & Forest Products - 0.1% |  |  |
| Suzano SA  | 396312 | 3601464 |
| TOTAL MATERIALS |  | 32907599 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.4% |  |  |
| Centrais Eletricas Brasileiras SA  | 699597 | 7245708 |
| Centrais Eletricas Brasileiras SA Series B  | 127905 | 1411960 |
| Cia Energetica de Minas Gerais  | 982518 | 2070977 |
| Cia Paranaense de Energia - Copel Series B  | 621300 | 1607542 |
| CPFL Energia SA  | 131600 | 1017585 |
| Energisa S/A unit  | 158100 | 1523123 |
| Equatorial Energia SA  | 678516 | 4622276 |
|  |  | 19499171 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Eneva SA (b) | 444800 | 1513822 |
| Engie Brasil Energia SA  | 115720 | 860380 |
|  |  | 2374202 |
| Water Utilities - 0.1% |  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP  | 272700 | 6682226 |
| TOTAL UTILITIES |  | 28555599 |
| TOTAL BRAZIL |  | 237673572 |
| CHILE - 0.5%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Falabella SA  | 357059 | 2240734 |
| Specialty Retail - 0.0% |  |  |
| Empresas Copec SA  | 222490 | 1590749 |
| TOTAL CONSUMER DISCRETIONARY |  | 3831483 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Cencosud SA  | 727850 | 2257181 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Banco de Chile  | 25896437 | 4544618 |
| Banco de Credito e Inversiones SA  | 50135 | 2577095 |
| Banco Santander Chile  | 37525639 | 2714045 |
|  |  | 9835758 |
| Industrials - 0.1% |  |  |
| Passenger Airlines - 0.1% |  |  |
| Latam Airlines Group SA  | 180149278 | 4105465 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Sociedad Quimica y Minera de Chile SA Class B (b) | 81452 | 3924957 |
| Paper & Forest Products - 0.0% |  |  |
| Empresas Cmpc SA  | 641018 | 924921 |
| TOTAL MATERIALS |  | 4849878 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Enel Americas SA  | 11374580 | 1074041 |
| Enel Chile SA  | 15910494 | 1215379 |
|  |  | 2289420 |
| TOTAL CHILE |  | 27169185 |
| CHINA - 27.7%  |  |  |
| Communication Services - 6.5% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| China Tower Corp Ltd H Shares (c)(d) | 2529000 | 3654911 |
| Entertainment - 0.7% |  |  |
| 37 Interactive Entertainment Network Technology Group Co Ltd A Shares (China)  | 72200 | 210694 |
| Beijing Enlight Media Co Ltd A Shares (China)  | 96600 | 228694 |
| China Ruyi Holdings Ltd (b)(e) | 4972000 | 1772389 |
| Giant Network Group Co Ltd A Shares (China)  | 66800 | 329335 |
| Kingsoft Corp Ltd  | 559200 | 2436702 |
| Mango Excellent Media Co Ltd A Shares (China)  | 61970 | 255807 |
| NetEase Cloud Music Inc (b)(c)(d) | 49600 | 1537044 |
| Netease Inc  | 993220 | 27870485 |
| Tencent Music Entertainment Group Class A ADR  | 326973 | 7298037 |
|  |  | 41939187 |
| Interactive Media & Services - 5.7% |  |  |
| Autohome Inc Class A ADR  | 37258 | 938902 |
| Baidu Inc A Shares (b) | 1269724 | 19218845 |
| Bilibili Inc Z Shares (b) | 132541 | 4003136 |
| Kuaishou Technology B Shares (c)(d) | 1531300 | 14257621 |
| Kunlun Tech Co Ltd A Shares (China) (b) | 41000 | 265388 |
| Meitu Inc (c)(d) | 1954500 | 2168159 |
| Tencent Holdings Ltd  | 3659700 | 297269243 |
|  |  | 338121294 |
| Media - 0.0% |  |  |
| China Literature Ltd (b)(c)(d)(e) | 233100 | 1253311 |
| Focus Media Information Technology Co Ltd A Shares (China)  | 498640 | 542960 |
| Jiangsu Phoenix Publishing & Media Corp Ltd A Shares (China)  | 83200 | 117715 |
|  |  | 1913986 |
| Wireless Telecommunication Services - 0.0% |  |  |
| China United Network Communications Ltd A Shares (China)  | 1084800 | 826090 |
| TOTAL COMMUNICATION SERVICES |  | 386455468 |
| Consumer Discretionary - 8.3% |  |  |
| Automobile Components - 0.1% |  |  |
| Bethel Automotive Safety Systems Co Ltd A Shares (China)  | 19820 | 139598 |
| Changzhou Xingyu Automotive Lighting Systems Co Ltd A Shares (China)  | 9400 | 171164 |
| Fuyao Glass Industry Group Co Ltd A Shares (China)  | 66100 | 626879 |
| Fuyao Glass Industry Group Co Ltd H Shares (c)(d) | 349600 | 3120083 |
| Huayu Automotive Systems Co Ltd A Shares (China)  | 104100 | 298666 |
| Huizhou Desay Sv Automotive Co Ltd A Shares (China)  | 18400 | 306296 |
| Ningbo Tuopu Group Co Ltd A Shares (China)  | 59815 | 620051 |
| Sailun Group Co Ltd A Shares (China)  | 108300 | 233569 |
| Zhejiang Wanfeng Auto Wheel Co Ltd A Shares (China)  | 69300 | 165621 |
|  |  | 5681927 |
| Automobiles - 1.2% |  |  |
| Anhui Jianghuai Automobile Group Corp Ltd A Shares (China) (b) | 75000 | 536678 |
| BAIC BluePark New Energy Technology Co Ltd A Shares (China) (b) | 185300 | 217390 |
| BYD Co Ltd A Shares (China)  | 188900 | 2675026 |
| BYD Co Ltd H Shares  | 2097900 | 27160078 |
| Chongqing Changan Automobile Co Ltd A Shares (China)  | 290774 | 506181 |
| Geely Automobile Holdings Ltd  | 3452517 | 8175266 |
| Great Wall Motor Co Ltd A Shares (China)  | 84400 | 270250 |
| Great Wall Motor Co Ltd H Shares  | 1337500 | 2604240 |
| Guangzhou Automobile Group Company Ltd A Shares (China)  | 27900 | 30654 |
| Guangzhou Automobile Group Company Ltd H Shares  | 480200 | 201460 |
| Li Auto Inc A Shares (b)(e) | 712736 | 7396112 |
| NIO Inc A Shares (b) | 1052579 | 7610703 |
| SAIC Motor Corp Ltd A Shares (China)  | 265600 | 620582 |
| Seres Group Co Ltd A Shares (China)  | 56200 | 1225402 |
| XPeng Inc A Shares (b) | 711050 | 8283849 |
| Yadea Group Holdings Ltd (c)(d) | 711430 | 1112389 |
| Zhejiang Leapmotor Technology Co Ltd H Shares (b)(c)(d) | 286800 | 2151770 |
|  |  | 70778030 |
| Broadline Retail - 4.9% |  |  |
| Alibaba Group Holding Ltd  | 9796116 | 208449095 |
| CCOOP Group Co Ltd A Shares (China) (b) | 602200 | 226754 |
| JD.com Inc A Shares  | 1391100 | 22967046 |
| MINISO Group Holding Ltd A Shares  | 285484 | 1526392 |
| PDD Holdings Inc Class A ADR (b) | 404875 | 54605491 |
| Vipshop Holdings Ltd Class A ADR  | 187020 | 3270980 |
|  |  | 291045758 |
| Distributors - 0.0% |  |  |
| Zhejiang China Commodities City Group Co Ltd A Shares (China)  | 188200 | 487330 |
| Diversified Consumer Services - 0.1% |  |  |
| New Oriental Education & Technology Group Inc (b) | 699610 | 4183497 |
| TAL Education Group Class A ADR (b) | 236609 | 2900826 |
|  |  | 7084323 |
| Hotels, Restaurants & Leisure - 1.3% |  |  |
| H World Group Ltd ADR  | 113808 | 4392989 |
| Haidilao International Holding Ltd (c)(d)(e) | 953000 | 1569825 |
| Meituan B Shares (b)(c)(d) | 2838920 | 37368009 |
| Tongcheng Travel Holdings Ltd (c) | 736000 | 2026935 |
| TravelSky Technology Ltd H Shares  | 539000 | 710292 |
| Trip.com Group Ltd  | 353943 | 24907474 |
| Yum China Holdings Inc (Hong Kong)  | 215099 | 9262166 |
|  |  | 80237690 |
| Household Durables - 0.2% |  |  |
| Beijing Roborock Technology Co Ltd A Shares (China)  | 8914 | 204646 |
| Ecovacs Robotics Co Ltd A Shares (China)  | 18800 | 236142 |
| Gree Electric Appliances Inc of Zhuhai A Shares (China)  | 96000 | 536151 |
| Haier Smart Home Co Ltd A Shares (China)  | 211300 | 795930 |
| Haier Smart Home Co Ltd H Shares  | 1388600 | 4510397 |
| Midea Group Co Ltd A Shares (China)  | 118400 | 1270936 |
| Midea Group Co Ltd H Shares  | 205900 | 2225788 |
| Oppein Home Group Inc A Shares (China)  | 16180 | 121622 |
| Sichuan Changhong Electric Co Ltd A Shares (China)  | 153800 | 219980 |
|  |  | 10121592 |
| Specialty Retail - 0.2% |  |  |
| China Tourism Group Duty Free Corp Ltd A Shares (China)  | 66900 | 715020 |
| Chow Tai Fook Jewellery Group Ltd  | 1125400 | 2204295 |
| HLA Group Corp Ltd A Shares (China)  | 160000 | 139152 |
| Pop Mart International Group Ltd (c)(d) | 306400 | 8737894 |
|  |  | 11796361 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| ANTA Sports Products Ltd  | 720400 | 7509430 |
| Bosideng International Holdings Ltd  | 2656000 | 1626984 |
| Laopu Gold Co Ltd H Shares (e) | 15900 | 1400615 |
| Li Ning Co Ltd  | 1326500 | 2881562 |
| Shenzhou International Group Holdings Ltd  | 471100 | 4068027 |
|  |  | 17486618 |
| TOTAL CONSUMER DISCRETIONARY |  | 494719629 |
| Consumer Staples - 0.9% |  |  |
| Beverages - 0.6% |  |  |
| Anhui Gujing Distillery Co Ltd A Shares (China)  | 14800 | 334785 |
| Anhui Gujing Distillery Co Ltd B Shares  | 67157 | 848694 |
| Beijing Yanjing Brewery Co Ltd A Shares (China)  | 93000 | 153532 |
| China Resources Beer Holdings Co Ltd  | 925144 | 3166935 |
| Eastroc Beverage Group Co Ltd A Shares (China)  | 18010 | 708517 |
| Jiangsu King's Luck Brewery JSC Ltd A Shares (China)  | 41500 | 226351 |
| Jiangsu Yanghe Distillery Co Ltd A Shares (China)  | 51700 | 514283 |
| Kweichow Moutai Co Ltd A Shares (China)  | 43000 | 8639451 |
| Luzhou Laojiao Co Ltd A Shares (China)  | 50500 | 954600 |
| Nongfu Spring Co Ltd H Shares (c)(d) | 1148800 | 7628557 |
| Shanxi Xinghuacun Fen Wine Factory Co Ltd A Shares (China)  | 41760 | 1117723 |
| Tsingtao Brewery Co Ltd A Shares (China)  | 32000 | 295434 |
| Tsingtao Brewery Co Ltd H Shares  | 344000 | 2324160 |
| Wuliangye Yibin Co Ltd A Shares (China)  | 133000 | 2223518 |
|  |  | 29136540 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Alibaba Health Information Technology Ltd (b) | 3221000 | 2404180 |
| JD Health International Inc (b)(c)(d) | 639150 | 4992749 |
| Yifeng Pharmacy Chain Co Ltd A Shares (China)  | 39764 | 136431 |
| Yonghui Superstores Co Ltd A Shares (China) (b) | 303000 | 198810 |
|  |  | 7732170 |
| Food Products - 0.2% |  |  |
| Angel Yeast Co Ltd A Shares (China)  | 28100 | 153264 |
| China Feihe Ltd (c)(d) | 2084000 | 1112997 |
| China Mengniu Dairy Co Ltd  | 1785000 | 3248149 |
| Foshan Haitian Flavouring & Food Co Ltd A Shares (China)  | 159576 | 854447 |
| Guangdong Haid Group Co Ltd A Shares (China)  | 57400 | 470900 |
| Henan Shuanghui Investment & Development Co Ltd A Shares (China)  | 121400 | 439042 |
| Inner Mongolia Yili Industrial Group Co Ltd A Shares (China)  | 218400 | 841086 |
| Muyuan Foods Co Ltd A Shares (China)  | 187254 | 1323359 |
| New Hope Liuhe Co Ltd A Shares (China)  | 150500 | 205744 |
| Tingyi Cayman Islands Holding Corp  | 1125000 | 1543327 |
| Want Want China Holdings Ltd  | 2694418 | 1740673 |
| Wens Foodstuff Group Co Ltd A Shares (China)  | 228400 | 582440 |
| Yihai Kerry Arawana Holdings Co Ltd A Shares (China)  | 63300 | 285843 |
|  |  | 12801271 |
| Personal Care Products - 0.0% |  |  |
| Giant Biogene Holding Co ltd (c)(d)(e) | 213600 | 1022569 |
| Hengan International Group Co Ltd  | 357400 | 1251961 |
|  |  | 2274530 |
| Tobacco - 0.0% |  |  |
| Smoore International Holdings Ltd (c)(d) | 1059000 | 1783955 |
| TOTAL CONSUMER STAPLES |  | 53728466 |
| Energy - 0.7% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| China Oilfield Services Ltd H Shares  | 1036000 | 1009262 |
| Yantai Jereh Oilfield Services Group Co Ltd A Shares (China)  | 33500 | 235338 |
|  |  | 1244600 |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| China Coal Energy Co Ltd H Shares  | 1054000 | 1485262 |
| China Merchants Energy Shipping Co Ltd A Shares (China)  | 269200 | 350239 |
| China Petroleum & Chemical Corp A Shares (China)  | 1110000 | 853078 |
| China Petroleum & Chemical Corp H Shares  | 13020704 | 6920425 |
| China Shenhua Energy Co Ltd A Shares (China)  | 223285 | 1333611 |
| China Shenhua Energy Co Ltd H Shares  | 1930202 | 10050251 |
| COSCO SHIPPING Energy Transportation Co Ltd A Shares (China)  | 113400 | 214933 |
| Guanghui Energy Co Ltd A Shares (China)  | 214300 | 158676 |
| Inner Mongolia Dian Tou Energy Corp Ltd A Shares (China)  | 73900 | 262379 |
| Inner Mongolia Yitai Coal Co Ltd B Shares  | 532090 | 1038108 |
| PetroChina Co Ltd A Shares (China)  | 809200 | 1040292 |
| PetroChina Co Ltd H Shares  | 11947790 | 12331338 |
| Shaanxi Coal Industry Co Ltd A Shares (China)  | 332400 | 1060146 |
| Shanxi Coking Coal Energy Group Co Ltd A Shares (China)  | 185790 | 191079 |
| Shanxi Lu'an Environmental Energy Development Co Ltd A Shares (China)  | 97800 | 203366 |
| Yankuang Energy Group Co Ltd A Shares (China)  | 189300 | 391504 |
| Yankuang Energy Group Co Ltd H Shares (e) | 1885200 | 2588631 |
|  |  | 40473318 |
| TOTAL ENERGY |  | 41717918 |
| Financials - 4.7% |  |  |
| Banks - 3.0% |  |  |
| Agricultural Bank of China Ltd A Shares (China)  | 3051200 | 3412419 |
| Agricultural Bank of China Ltd H Shares  | 15587297 | 11875195 |
| Bank of Beijing Co Ltd A Shares (China)  | 728125 | 571869 |
| Bank of Changsha Co Ltd A Shares (China)  | 131800 | 177217 |
| Bank of Chengdu Co Ltd A Shares (China)  | 148000 | 349549 |
| Bank of China Ltd A Shares (China)  | 1619600 | 1276584 |
| Bank of China Ltd H Shares  | 40167464 | 22744444 |
| Bank of Communications Co Ltd A Shares (China)  | 1834200 | 1850332 |
| Bank of Communications Co Ltd H Shares  | 4988176 | 4429341 |
| Bank of Hangzhou Co Ltd A Shares (China)  | 251400 | 554554 |
| Bank of Jiangsu Co Ltd A Shares (China)  | 632043 | 957291 |
| Bank of Nanjing Co Ltd A Shares (China)  | 419500 | 666612 |
| Bank of Ningbo Co Ltd A Shares (China)  | 227220 | 904743 |
| Bank of Shanghai Co Ltd A Shares (China)  | 488480 | 651316 |
| Bank of Suzhou Co Ltd A Shares (China)  | 146100 | 169760 |
| China CITIC Bank Corp Ltd A Shares (China)  | 397200 | 431945 |
| China CITIC Bank Corp Ltd H Shares  | 4700051 | 4481971 |
| China Construction Bank Corp A Shares (China)  | 759400 | 974137 |
| China Construction Bank Corp H Shares  | 54807000 | 54261217 |
| China Everbright Bank Co Ltd A Shares (China)  | 1628400 | 764163 |
| China Everbright Bank Co Ltd H Shares  | 1768000 | 725807 |
| China Merchants Bank Co Ltd A Shares (China)  | 712100 | 4091068 |
| China Merchants Bank Co Ltd H Shares  | 2220921 | 13901924 |
| China Minsheng Banking Corp Ltd A Shares (China)  | 1076900 | 591603 |
| China Minsheng Banking Corp Ltd H Shares  | 3961061 | 2028817 |
| China Zheshang Bank Co Ltd A Shares (China)  | 750950 | 315472 |
| Chongqing Rural Commercial Bank Co Ltd A Shares (China)  | 354600 | 344765 |
| Chongqing Rural Commercial Bank Co Ltd H Shares  | 1233000 | 1013940 |
| CNPC Capital Co Ltd A Shares (China)  | 289700 | 426161 |
| Huaxia Bank Co Ltd A Shares (China)  | 456058 | 436361 |
| Industrial & Commercial Bank of China Ltd A Shares (China)  | 2158800 | 2359775 |
| Industrial & Commercial Bank of China Ltd H Shares  | 37130000 | 28765351 |
| Industrial Bank Co Ltd A Shares (China)  | 725800 | 2062963 |
| Ping An Bank Co Ltd A Shares (China)  | 668400 | 1063069 |
| Postal Savings Bank of China Co Ltd A Shares (China)  | 1136500 | 918155 |
| Postal Savings Bank of China Co Ltd H Shares (c)(d) | 4978000 | 3510619 |
| Shanghai Pudong Development Bank Co Ltd A Shares (China)  | 1039009 | 1677328 |
| Shanghai Rural Commercial Bank Co Ltd A Shares (China)  | 338100 | 405203 |
|  |  | 176143040 |
| Capital Markets - 0.5% |  |  |
| Beijing Compass Technology Development Co Ltd A Shares (China)  | 20500 | 415737 |
| BOC International China Co Ltd A Shares (China)  | 95700 | 188915 |
| Caitong Securities Co Ltd A Shares (China)  | 151400 | 182938 |
| Capital Securities Co Ltd A Shares (China)  | 60300 | 176222 |
| Changjiang Securities Co Ltd A Shares (China)  | 180100 | 223183 |
| China CITIC Financial Asset Management Co Ltd H Shares (b)(c)(d) | 8061000 | 1068500 |
| China Galaxy Securities Co Ltd A Shares (China)  | 242300 | 598481 |
| China Galaxy Securities Co Ltd H Shares  | 2011000 | 2893358 |
| China Great Wall Securities Co Ltd A Shares (China)  | 131700 | 204469 |
| China International Capital Corp Ltd A Shares (China)  | 101800 | 527065 |
| China International Capital Corp Ltd H Shares (c)(d) | 921000 | 2505606 |
| China Merchants Securities Co Ltd A Shares (China)  | 256750 | 625155 |
| CITIC Securities Co Ltd A Shares (China)  | 418900 | 1729182 |
| CITIC Securities Co Ltd H Shares  | 900590 | 3428259 |
| CSC Financial Co Ltd A Shares (China)  | 149600 | 550485 |
| Dongxing Securities Co Ltd A Shares (China)  | 106600 | 189763 |
| East Money Information Co Ltd A Shares (China)  | 542608 | 1944039 |
| Everbright Securities Co Ltd A Shares (China)  | 129758 | 339281 |
| Founder Securities Co Ltd A Shares (China)  | 291500 | 337068 |
| GF Securities Co Ltd A Shares (China)  | 204800 | 649442 |
| Guolian Minsheng Securities Co Ltd A Shares (China)  | 121900 | 188569 |
| Guosen Securities Co Ltd A Shares (China)  | 220500 | 434965 |
| Guotai Haitong Securities Co Ltd A Shares (China)  | 487020 | 1326109 |
| Guotai Haitong Securities Co Ltd H Shares (c)(d) | 1097528 | 2101681 |
| Guoyuan Securities Co Ltd A Shares (China)  | 140970 | 173504 |
| Hithink RoyalFlush Information Network Co Ltd A Shares (China)  | 18400 | 939105 |
| Huatai Securities Co Ltd A Shares (China)  | 241000 | 735454 |
| Huatai Securities Co Ltd H Shares (c)(d) | 750200 | 1886470 |
| Industrial Securities Co Ltd A Shares (China)  | 303870 | 293734 |
| Nanjing Securities Co Ltd A Shares (China)  | 118800 | 141376 |
| Orient Securities Co Ltd/China A Shares (China)  | 260639 | 398792 |
| SDIC Capital Co Ltd A Shares (China)  | 210800 | 232202 |
| Shenwan Hongyuan Group Co Ltd A Shares (China)  | 781800 | 600844 |
| Sinolink Securities Co Ltd A Shares (China)  | 120400 | 167133 |
| SooChow Securities Co Ltd A Shares (China)  | 173660 | 234234 |
| Southwest Securities Co Ltd A Shares (China)  | 216700 | 144315 |
| Tianfeng Securities Co Ltd A Shares (China) (b) | 351200 | 258562 |
| Western Securities Co Ltd A Shares (China)  | 147400 | 177897 |
| Zheshang Securities Co Ltd A Shares (China)  | 169300 | 276402 |
| Zhongtai Securities Co Ltd A Shares (China)  | 229400 | 224971 |
|  |  | 29713467 |
| Consumer Finance - 0.0% |  |  |
| Qfin Holdings Inc Class A ADR  | 57538 | 1389543 |
| Financial Services - 0.0% |  |  |
| Far East Horizon Ltd  | 1221000 | 1096779 |
| Insurance - 1.2% |  |  |
| China Life Insurance Co Ltd A Shares (China)  | 93300 | 576390 |
| China Life Insurance Co Ltd H Shares  | 4247747 | 13403782 |
| China Pacific Insurance Group Co Ltd A Shares (China)  | 236800 | 1181105 |
| China Pacific Insurance Group Co Ltd H Shares  | 1501428 | 6086440 |
| China Taiping Insurance Holdings Co Ltd  | 820255 | 1866291 |
| New China Life Insurance Co Ltd A Shares (China)  | 76700 | 730748 |
| New China Life Insurance Co Ltd H Shares  | 524600 | 3314805 |
| People's Insurance Co Group of China Ltd/The A Shares (China)  | 318400 | 377567 |
| People's Insurance Co Group of China Ltd/The H Shares  | 4987552 | 4480135 |
| PICC Property & Casualty Co Ltd H Shares  | 3935568 | 9298831 |
| Ping An Insurance Group Co of China Ltd A Shares (China)  | 359196 | 2918524 |
| Ping An Insurance Group Co of China Ltd H Shares  | 3835641 | 27709943 |
|  |  | 71944561 |
| TOTAL FINANCIALS |  | 280287390 |
| Health Care - 1.1% |  |  |
| Biotechnology - 0.4% |  |  |
| 3SBio Inc (c)(d) | 1027000 | 4070703 |
| Akeso Inc (b)(c)(d)(e) | 358000 | 5224495 |
| Beijing Tiantan Biological Products Corp Ltd A Shares (China)  | 65560 | 169763 |
| Beijing Wantai Biological Pharmacy Enterprise Co Ltd A Shares (China) (b) | 34912 | 276504 |
| Chongqing Zhifei Biological Products Co Ltd A Shares (China)  | 79350 | 229552 |
| Hualan Biological Engineering Inc A Shares (China)  | 59770 | 135371 |
| Imeik Technology Development Co Ltd A Shares (China)  | 10040 | 225827 |
| Innovent Biologics Inc (b)(c)(d) | 829000 | 9281583 |
| Shanghai RAAS Blood Products Co Ltd A Shares (China)  | 217100 | 205588 |
| Sichuan Kelun-Biotech Biopharmaceutical Co Ltd H Shares (b)(e) | 27900 | 1608535 |
|  |  | 21427921 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| APT Medical Inc A Shares (China)  | 4595 | 178186 |
| Jiangsu Yuyue Medical Equipment & Supply Co Ltd A Shares (China)  | 32700 | 165535 |
| Shandong Weigao Group Medical Polymer Co Ltd H Shares  | 1419200 | 991726 |
| Shanghai United Imaging Healthcare Co Ltd A Shares (China)  | 28409 | 558489 |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd A Shares (China)  | 41700 | 1259894 |
| Shenzhen New Industries Biomedical Engineering Co Ltd A Shares (China)  | 26000 | 222834 |
|  |  | 3376664 |
| Health Care Providers & Services - 0.0% |  |  |
| Aier Eye Hospital Group Co Ltd A Shares (China)  | 324399 | 558334 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd A Shares (China)  | 45800 | 169625 |
| Huadong Medicine Co Ltd A Shares (China)  | 58400 | 341174 |
| Shanghai Pharmaceuticals Holding Co Ltd A Shares (China)  | 91500 | 230633 |
| Sinopharm Group Co Ltd H Shares  | 767000 | 1911936 |
|  |  | 3211702 |
| Life Sciences Tools & Services - 0.3% |  |  |
| Genscript Biotech Corp (b) | 686000 | 1421341 |
| Hangzhou Tigermed Consulting Co Ltd A Shares (China)  | 12000 | 100958 |
| Pharmaron Beijing Co Ltd A Shares (China)  | 48100 | 226463 |
| Wuxi Apptec Co Ltd A Shares (China)  | 84584 | 1181281 |
| Wuxi Apptec Co Ltd H Shares (c)(d) | 197968 | 2766770 |
| Wuxi Biologics Cayman Inc (b)(c)(d) | 1973500 | 9193777 |
| WuXi XDC Cayman Inc (b) | 172000 | 1662328 |
|  |  | 16552918 |
| Pharmaceuticals - 0.3% |  |  |
| Beijing Tong Ren Tang Co Ltd A Shares (China)  | 45058 | 214547 |
| Changchun High-Tech Industry Group Co Ltd A Shares (China)  | 13400 | 211353 |
| China Resources Pharmaceutical Group Ltd (c)(d) | 1077500 | 690550 |
| China Resources Sanjiu Medical & Pharmaceutical Co Ltd A Shares (China)  | 55211 | 223640 |
| CSPC Innovation Pharmaceutical Co Ltd A Shares (China)  | 46920 | 233367 |
| CSPC Pharmaceutical Group Ltd  | 4599608 | 4528251 |
| Dong-E-E-Jiao Co Ltd A Shares (China)  | 21300 | 142122 |
| Haisco Pharmaceutical Group Co Ltd A Shares (China)  | 30600 | 243557 |
| Hansoh Pharmaceutical Group Co Ltd (c)(d) | 678000 | 3109680 |
| Humanwell Healthcare Group Co Ltd A Shares (China)  | 54000 | 160390 |
| Jiangsu Hengrui Pharmaceuticals Co Ltd A Shares (China)  | 218858 | 1972594 |
| Kangmei Pharmaceutical Co Ltd rights (b)(f) | 16265 | 0 |
| Shanghai Allist Pharmaceuticals Co Ltd A Shares (China)  | 15664 | 236696 |
| Shanghai Fosun Pharmaceutical Group Co Ltd A Shares (China)  | 75400 | 309338 |
| Shanghai Fosun Pharmaceutical Group Co Ltd H Shares (e) | 1000 | 3065 |
| Shenzhen Salubris Pharmaceuticals Co Ltd A Shares (China)  | 38400 | 321610 |
| Sichuan Biokin Pharmaceutical Co Ltd A Shares (China) (b) | 6885 | 360801 |
| Sichuan Kelun Pharmaceutical Co Ltd A Shares (China)  | 53400 | 262596 |
| Sino Biopharmaceutical Ltd  | 5887750 | 5356943 |
| Yunnan Baiyao Group Co Ltd A Shares (China)  | 63160 | 502802 |
| Zhangzhou Pientzehuang Pharmaceutical Co Ltd A Shares (China)  | 21100 | 528078 |
|  |  | 19611980 |
| TOTAL HEALTH CARE |  | 64181185 |
| Industrials - 1.2% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| AECC Aviation Power Co Ltd A Shares (China)  | 92000 | 505151 |
| AviChina Industry & Technology Co Ltd H Shares (e) | 1597000 | 813857 |
| AVICOPTER PLC A Shares (China)  | 26500 | 134187 |
| Kuang-Chi Technologies Co Ltd A Shares (China) (b) | 74500 | 476890 |
|  |  | 1930085 |
| Air Freight & Logistics - 0.1% |  |  |
| JD Logistics Inc (b)(c)(d) | 1136700 | 1851944 |
| SF Holding Co Ltd A Shares (China)  | 165400 | 937222 |
| YTO Express Group Co Ltd A Shares (China)  | 113000 | 271806 |
| ZTO Express Cayman Inc A Shares  | 238844 | 4406386 |
|  |  | 7467358 |
| Building Products - 0.0% |  |  |
| Beijing New Building Materials PLC A Shares (China)  | 56000 | 187023 |
| Commercial Services & Supplies - 0.0% |  |  |
| Zhejiang Weiming Environment Protection Co Ltd A Shares (China)  | 55830 | 169748 |
| Construction & Engineering - 0.1% |  |  |
| China Communications Services Corp Ltd H Shares  | 1380000 | 827586 |
| China Energy Engineering Corp Ltd A Shares (China)  | 1115900 | 377851 |
| China National Chemical Engineering Co Ltd A Shares (China)  | 199408 | 216571 |
| China Railway Group Ltd A Shares (China)  | 707000 | 558257 |
| China Railway Group Ltd H Shares  | 2399000 | 1216396 |
| China State Construction Engineering Corp Ltd A Shares (China)  | 1421740 | 1084673 |
| China State Construction International Holdings Ltd  | 753500 | 857203 |
| Metallurgical Corp of China Ltd A Shares (China)  | 589700 | 289158 |
| Power Construction Corp of China Ltd A Shares (China)  | 590700 | 468085 |
| Sichuan Road and Bridge Group Co Ltd A Shares (China)  | 250360 | 333466 |
|  |  | 6229246 |
| Electrical Equipment - 0.3% |  |  |
| China XD Electric Co Ltd A Shares (China)  | 166100 | 185997 |
| CNGR Advanced Material Co Ltd A Shares (China)  | 30420 | 196776 |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 148420 | 8107069 |
| Contemporary Amperex Technology Co Ltd H Shares (e) | 41500 | 2982768 |
| Dongfang Electric Corp Ltd A Shares (China)  | 105200 | 308473 |
| Eve Energy Co Ltd A Shares (China)  | 70774 | 827125 |
| GEM Co Ltd A Shares (China)  | 165700 | 198354 |
| Goldwind Science & Technology Co Ltd A Shares (China)  | 112200 | 247498 |
| Goneo Group Co Ltd A Shares (China)  | 32797 | 201231 |
| Gotion High-Tech Co Ltd A Shares (China)  | 62300 | 398358 |
| Jiangsu Zhongtian Technology Co Ltd A Shares (China)  | 112000 | 266727 |
| NARI Technology Co Ltd A Shares (China)  | 276875 | 942575 |
| Ningbo Deye Technology Co Ltd A Shares (China)  | 29993 | 313862 |
| Ningbo Orient Wires & Cables Co Ltd A Shares (China)  | 22400 | 197362 |
| Ningbo Sanxing Medical Electric Co Ltd A Shares (China)  | 46700 | 147041 |
| Shanghai Electric Group Co Ltd A Shares (China) (b) | 441500 | 577509 |
| Sungrow Power Supply Co Ltd A Shares (China)  | 71120 | 1896560 |
| Sunwoda Electronic Co Ltd A Shares (China)  | 60200 | 303224 |
| TBEA Co Ltd A Shares (China)  | 176100 | 484452 |
| Zhejiang Chint Electrics Co Ltd A Shares (China)  | 76300 | 307563 |
| Zhejiang Huayou Cobalt Co Ltd A Shares (China)  | 59015 | 537382 |
|  |  | 19627906 |
| Ground Transportation - 0.0% |  |  |
| Beijing-Shanghai High Speed Railway Co Ltd A Shares (China)  | 1676700 | 1222648 |
| Daqin Railway Co Ltd A Shares (China)  | 693000 | 557913 |
|  |  | 1780561 |
| Industrial Conglomerates - 0.1% |  |  |
| CITIC Ltd  | 2319941 | 3588638 |
| Fosun International Ltd  | 1394954 | 885024 |
|  |  | 4473662 |
| Machinery - 0.3% |  |  |
| Airtac International Group  | 79926 | 2365735 |
| China CSSC Holdings Ltd A Shares (China)  | 258700 | 1304877 |
| CRRC Corp Ltd A Shares (China)  | 831300 | 895843 |
| CRRC Corp Ltd H Shares  | 2504000 | 1898007 |
| Haitian International Holdings Ltd  | 364000 | 994957 |
| Jiangsu Hengli Hydraulic Co Ltd A Shares (China)  | 46076 | 621994 |
| Sany Heavy Industry Co Ltd A Shares (China)  | 291500 | 906765 |
| Shandong Himile Mechanical Science & Technology Co Ltd A Shares (China)  | 26500 | 249235 |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 46700 | 505292 |
| Sinotruk Hong Kong Ltd  | 394000 | 1316283 |
| Weichai Power Co Ltd A Shares (China)  | 263800 | 554479 |
| Weichai Power Co Ltd H Shares  | 1080000 | 2230730 |
| XCMG Construction Machinery Co Ltd A Shares (China)  | 405000 | 605446 |
| Yutong Bus Co Ltd A Shares (China)  | 73400 | 333411 |
| Zhejiang Sanhua Intelligent Controls Co Ltd A Shares (China)  | 62100 | 435644 |
| Zhuzhou CRRC Times Electric Co Ltd A Shares (China)  | 30764 | 225627 |
| Zhuzhou CRRC Times Electric Co Ltd H Shares  | 250927 | 1279412 |
| Zoomlion Heavy Industry Science and Technology Co Ltd A Shares (China)  | 234500 | 269180 |
|  |  | 16992917 |
| Marine Transportation - 0.1% |  |  |
| COSCO SHIPPING Holdings Co Ltd A Shares (China)  | 419420 | 884522 |
| COSCO SHIPPING Holdings Co Ltd H Shares  | 1494300 | 2594167 |
|  |  | 3478689 |
| Passenger Airlines - 0.0% |  |  |
| Air China Ltd A Shares (China) (b) | 446700 | 493307 |
| China Eastern Airlines Corp Ltd A Shares (China) (b) | 570400 | 384680 |
| China Southern Airlines Co Ltd A Shares (China) (b) | 373800 | 350303 |
| Hainan Airlines Holding Co Ltd A Shares (China) (b) | 1428700 | 355298 |
| Spring Airlines Co Ltd A Shares (China)  | 32600 | 245413 |
|  |  | 1829001 |
| Professional Services - 0.1% |  |  |
| Kanzhun Ltd ADR  | 210663 | 4668292 |
| Trading Companies & Distributors - 0.0% |  |  |
| BOC Aviation Ltd (c)(d) | 119300 | 1045528 |
| Xiamen C & D Inc A Shares (China)  | 96325 | 137909 |
|  |  | 1183437 |
| Transportation Infrastructure - 0.1% |  |  |
| China Merchants Expressway Network & Technology Holdings Co Ltd A Shares (China)  | 189100 | 272595 |
| China Merchants Port Holdings Co Ltd  | 718242 | 1390167 |
| Jiangsu Expressway Co Ltd H Shares  | 698000 | 849757 |
| Shanghai International Airport Co Ltd A Shares (China)  | 45000 | 204154 |
| Zhejiang Expressway Co Ltd H Shares  | 901359 | 879256 |
|  |  | 3595929 |
| TOTAL INDUSTRIALS |  | 73613854 |
| Information Technology - 2.3% |  |  |
| Communications Equipment - 0.1% |  |  |
| BYD Electronic International Co Ltd  | 450500 | 2118418 |
| Guangzhou Haige Communications Group Inc Co A Shares (China)  | 80900 | 133102 |
| Hengtong Optic-electric Co Ltd A Shares (China)  | 81000 | 254469 |
| Suzhou TFC Optical Communication Co Ltd A Shares (China)  | 26716 | 593109 |
| Yealink Network Technology Corp Ltd A Shares (China)  | 41470 | 209756 |
| Zhongji Innolight Co Ltd A Shares (China)  | 38060 | 2529401 |
| ZTE Corp A Shares (China)  | 141000 | 860969 |
| ZTE Corp H Shares (e) | 427400 | 1809584 |
|  |  | 8508808 |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Aac Technologies Holdings Inc  | 444633 | 2288811 |
| Accelink Technologies Co Ltd A Shares (China)  | 28100 | 248650 |
| Avary Holding Shenzhen Co Ltd A Shares (China)  | 79500 | 586973 |
| BOE Technology Group Co Ltd A Shares (China)  | 1290100 | 735916 |
| Chaozhou Three-Circle Group Co Ltd A Shares (China)  | 66500 | 464269 |
| China Railway Signal & Communication Corp Ltd A Shares (China)  | 237269 | 177016 |
| Eoptolink Technology Inc Ltd A Shares (China)  | 34040 | 1646713 |
| Everdisplay Optronics Shanghai Co Ltd A Shares (China) (b) | 495334 | 189298 |
| Foxconn Industrial Internet Co Ltd A Shares (China)  | 453397 | 4586588 |
| GoerTek Inc A Shares (China)  | 115700 | 534008 |
| Huagong Tech Co Ltd A Shares (China)  | 33300 | 373452 |
| Lens Technology Co Ltd A Shares (China)  | 171400 | 708728 |
| Lingyi iTech Guangdong Co A Shares (China)  | 232900 | 511455 |
| Luxshare Precision Industry Co Ltd A Shares (China)  | 248724 | 2201592 |
| Maxscend Microelectronics Co Ltd A Shares (China)  | 17828 | 187087 |
| Ofilm Group Co Ltd A Shares (China) (b) | 118400 | 205113 |
| Shanghai BOCHU Electronic Technology Corp Ltd A Shares (China)  | 9549 | 183670 |
| Shengyi Technology Co Ltd A Shares (China)  | 83700 | 756162 |
| Shennan Circuits Co Ltd A Shares (China)  | 22952 | 691649 |
| Shenzhen Kinwong Electronic Co Ltd A Shares (China)  | 32200 | 328451 |
| Sunny Optical Technology Group Co Ltd  | 406100 | 3930059 |
| SUPCON Technology Co Ltd A Shares (China)  | 26151 | 192236 |
| Suzhou Dongshan Precision Manufacturing Co Ltd A Shares (China)  | 62900 | 605369 |
| TCL Technology Group Corp A Shares (China)  | 726370 | 439859 |
| Unisplendour Corp Ltd A Shares (China)  | 95210 | 362251 |
| Victory Giant Technology Huizhou Co Ltd A Shares (China)  | 29600 | 1222694 |
| Wingtech Technology Co Ltd A Shares (China) (b) | 41400 | 261753 |
| Wuhan Guide Infrared Co Ltd A Shares (China) (b) | 148968 | 290510 |
| WUS Printed Circuit Kunshan Co Ltd A Shares (China)  | 66060 | 658614 |
| Zhejiang Dahua Technology Co Ltd A Shares (China)  | 108900 | 312896 |
|  |  | 25881842 |
| IT Services - 0.1% |  |  |
| GDS Holdings Ltd A Shares (b) | 595900 | 2655006 |
| Isoftstone Information Technology Group Co Ltd A Shares (China)  | 31750 | 237364 |
| Range Intelligent Computing Technology Group Co Ltd A Shares (China)  | 47900 | 340066 |
|  |  | 3232436 |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| ACM Research Shanghai Inc A Shares (China)  | 9502 | 236956 |
| Advanced Micro-Fabrication Equipment Inc China A Shares (China)  | 21775 | 854675 |
| Amlogic Shanghai Co Ltd A Shares (China) (b) | 13668 | 165151 |
| Bestechnic Shanghai Co Ltd A Shares (China)  | 5573 | 192621 |
| Cambricon Technologies Corp Ltd A Shares (China) (b) | 14344 | 2771097 |
| China Resources Microelectronics Ltd A Shares (China)  | 47538 | 338899 |
| CSI Solar Co Ltd A Shares (China)  | 120010 | 261353 |
| Flat Glass Group Co Ltd A Shares (China)  | 61300 | 159421 |
| Flat Glass Group Co Ltd H Shares  | 1000 | 1573 |
| GalaxyCore Inc A Shares (China)  | 70838 | 158847 |
| GCL Technology Holdings Ltd (b)(e) | 13010000 | 2277007 |
| Gigadevice Semiconductor Inc A Shares (China)  | 23060 | 712788 |
| Hangzhou First Applied Material Co Ltd A Shares (China)  | 84860 | 187189 |
| Hangzhou Silan Microelectronics Co Ltd A Shares (China)  | 54100 | 242247 |
| Hua Hong Semiconductor Ltd (b)(c)(d)(e) | 414000 | 4248928 |
| Hwatsing Technology Co Ltd A Shares (China)  | 11538 | 222642 |
| Hygon Information Technology Co Ltd A Shares (China)  | 79922 | 2575170 |
| Ingenic Semiconductor Co Ltd A Shares (China)  | 15700 | 191491 |
| JA Solar Technology Co Ltd A Shares (China) (b) | 107404 | 212472 |
| JCET Group Co Ltd A Shares (China)  | 64800 | 364360 |
| Jinko Solar Co Ltd A Shares (China) (b) | 329352 | 268853 |
| LONGi Green Energy Technology Co Ltd A Shares (China) (b) | 263999 | 783013 |
| Loongson Technology Corp Ltd (China) (b) | 14012 | 271542 |
| Montage Technology Co Ltd A Shares (China)  | 39803 | 762237 |
| National Silicon Industry Group Co Ltd A Shares (China) (b) | 90679 | 291247 |
| NAURA Technology Group Co Ltd A Shares (China)  | 24845 | 1420906 |
| Nexchip Semiconductor Corp A Shares (China)  | 66139 | 311580 |
| OmniVision Integrated Circuits Group Inc A Shares (China)  | 42330 | 777384 |
| Piotech Inc A Shares (China)  | 9177 | 393259 |
| Rockchip Electronics Co Ltd A Shares (China)  | 14600 | 372210 |
| Sanan Optoelectronics CO Ltd A Shares (China)  | 177800 | 346487 |
| SG Micro Corp A Shares (China)  | 20399 | 211230 |
| Shenzhen Goodix Technology Co Ltd A Shares (China)  | 15000 | 173153 |
| Silergy Corp  | 188000 | 1359088 |
| TCL Zhonghuan Renewable Energy Technology Co Ltd A Shares (China) (b) | 131075 | 174217 |
| Tianshui Huatian Technology Co Ltd A Shares (China)  | 103700 | 175713 |
| TongFu Microelectronics Co Ltd A Shares (China)  | 50000 | 298213 |
| Tongwei Co Ltd A Shares (China) (b) | 155700 | 542086 |
| Trina Solar Co Ltd A Shares (China) (b) | 70733 | 202438 |
| Unigroup Guoxin Microelectronics Co Ltd A Shares (China)  | 29939 | 343835 |
| Verisilicon Microelectronics Shanghai Co Ltd A Shares (China) (b) | 18087 | 405327 |
| Xinjiang Daqo New Energy Co Ltd A Shares (China) (b) | 58342 | 245503 |
| Xinyi Solar Holdings Ltd  | 2633143 | 1213125 |
| Zhejiang Jingsheng Mechanical & Electrical Co Ltd A Shares (China)  | 42600 | 233428 |
|  |  | 27950961 |
| Software - 0.2% |  |  |
| 360 Security Technology Inc A Shares (China)  | 233400 | 392531 |
| Beijing Kingsoft Office Software Inc A Shares (China)  | 16033 | 808678 |
| China National Software & Service Co Ltd A Shares (China) (b) | 32910 | 241783 |
| Empyrean Technology Co Ltd A Shares (China)  | 15100 | 256942 |
| Horizon Robotics A Shares (b)(e) | 2857800 | 3236404 |
| Hundsun Technologies Inc A Shares (China)  | 62819 | 277670 |
| Iflytek Co Ltd A Shares (China)  | 80800 | 631197 |
| Jiangsu Hoperun Software Co Ltd A Shares (China) (b) | 26500 | 229241 |
| Kingdee International Software Group Co Ltd (b) | 1721000 | 3246856 |
| Shanghai Baosight Software Co Ltd A Shares (China)  | 71521 | 231021 |
| Shanghai Baosight Software Co Ltd B Shares  | 42900 | 48134 |
| Yonyou Network Technology CO Ltd A Shares (China) (b) | 113820 | 249472 |
|  |  | 9849929 |
| Technology Hardware, Storage & Peripherals - 1.0% |  |  |
| Anker Innovations Technology Co Ltd A Shares (China)  | 18330 | 301062 |
| China Greatwall Technology Group Co Ltd A Shares (China) (b) | 107500 | 255406 |
| GRG Banking Equipment Co Ltd A Shares (China)  | 81100 | 146421 |
| Huaqin Technology Co Ltd A Shares (China)  | 29200 | 416908 |
| IEIT Systems Co Ltd A Shares (China)  | 51172 | 468984 |
| Lenovo Group Ltd  | 3895000 | 5694217 |
| Ninestar Corp A Shares (China) (b) | 46400 | 141402 |
| Shenzhen Transsion Holdings Co Ltd A Shares (China)  | 39261 | 420886 |
| Xiaomi Corp B Shares (b)(c)(d) | 9782200 | 54270794 |
|  |  | 62116080 |
| TOTAL INFORMATION TECHNOLOGY |  | 137540056 |
| Materials - 1.1% |  |  |
| Chemicals - 0.1% |  |  |
| Ganfeng Lithium Group Co Ltd A Shares (China)  | 53440 | 518227 |
| Ganfeng Lithium Group Co Ltd H Shares (c)(d) | 120 | 792 |
| Guangzhou Tinci Materials Technology Co Ltd A Shares (China)  | 62400 | 349550 |
| Hengli Petrochemical Co Ltd A Shares (China)  | 242320 | 611128 |
| Hoshine Silicon Industry Co Ltd A Shares (China)  | 33900 | 236101 |
| Huafon Chemical Co Ltd A Shares (China)  | 160500 | 202277 |
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd A Shares (China)  | 280600 | 203825 |
| Jiangsu Eastern Shenghong Co Ltd A Shares (China) (b) | 219600 | 285399 |
| LB Group Co Ltd A Shares (China)  | 77700 | 200980 |
| Meihua Holdings Group Co Ltd A Shares (China)  | 94000 | 147523 |
| Ningxia Baofeng Energy Group Co Ltd A Shares (China)  | 251900 | 652631 |
| Qinghai Salt Lake Industry Co Ltd A Shares (China) (b) | 184400 | 642527 |
| Rongsheng Petrochemical Co Ltd A Shares (China)  | 349200 | 499951 |
| Satellite Chemical Co Ltd A Shares (China)  | 111830 | 281405 |
| Shandong Hualu Hengsheng Chemical Co Ltd A Shares (China)  | 69700 | 251384 |
| Shanghai Putailai New Energy Technology Co Ltd A Shares (China)  | 69674 | 286140 |
| Tianqi Lithium Corp A Shares (China) (b) | 48800 | 366134 |
| Wanhua Chemical Group Co Ltd A Shares (China)  | 107800 | 948593 |
| Yunnan Yuntianhua Co Ltd A Shares (China)  | 60300 | 243660 |
| Zangge Mining Co Ltd A Shares (China)  | 52200 | 431687 |
| Zhejiang Juhua Co Ltd A Shares (China)  | 93900 | 465977 |
| Zhejiang Longsheng Group Co Ltd A Shares (China)  | 117100 | 173246 |
| Zhejiang NHU Co Ltd A Shares (China)  | 109136 | 372609 |
|  |  | 8371746 |
| Construction Materials - 0.1% |  |  |
| Anhui Conch Cement Co Ltd A Shares (China)  | 139000 | 452892 |
| Anhui Conch Cement Co Ltd H Shares  | 702400 | 2091684 |
| China Jushi Co Ltd A Shares (China)  | 132514 | 305340 |
| China National Building Material Co Ltd H Shares  | 2120000 | 1503266 |
|  |  | 4353182 |
| Metals & Mining - 0.9% |  |  |
| Aluminum Corp of China Ltd A Shares (China)  | 444700 | 624182 |
| Aluminum Corp of China Ltd H Shares  | 2156000 | 2741283 |
| Baoshan Iron & Steel Co Ltd A Shares (China)  | 755300 | 782106 |
| Chifeng Jilong Gold Mining Co A Shares (China)  | 55500 | 232296 |
| China Hongqiao Group Ltd  | 1591200 | 6044903 |
| China Northern Rare Earth Group High-Tech Co Ltd A Shares (China)  | 124200 | 886644 |
| China Rare Earth Resources And Technology Co Ltd A Shares (China) (b) | 34700 | 256932 |
| Citic Pacific Special Steel Group Co Ltd A Shares (China)  | 110900 | 227335 |
| CMOC Group Ltd A Shares (China)  | 582300 | 1394103 |
| CMOC Group Ltd H Shares  | 2152000 | 4658183 |
| Henan Shenhuo Coal Industry & Electricity Power Co Ltd A Shares (China)  | 74200 | 257814 |
| Huaibei Mining Holdings Co Ltd A Shares (China)  | 87500 | 163262 |
| Hunan Valin Steel Co Ltd A Shares (China)  | 226700 | 183783 |
| Inner Mongolia BaoTou Steel Union Co Ltd A Shares (China)  | 1557700 | 555899 |
| Jiangxi Copper Co Ltd A Shares (China)  | 75600 | 436452 |
| Jiangxi Copper Co Ltd H Shares  | 592000 | 2472968 |
| Jinduicheng Molybdenum Co Ltd A Shares (China)  | 114800 | 242265 |
| MMG Ltd (b) | 2432000 | 2162668 |
| Shandong Gold Mining Co Ltd A Shares (China)  | 155444 | 787114 |
| Shandong Gold Mining Co Ltd H Shares (c)(d)(e) | 499500 | 2101994 |
| Shandong Nanshan Aluminum Co Ltd A Shares (China)  | 418000 | 270742 |
| Shanjin International Gold Co Ltd A Shares (China)  | 92280 | 281220 |
| Tianshan Aluminum Group Co Ltd A Shares (China)  | 152700 | 286846 |
| Tongling Nonferrous Metals Group Co Ltd A Shares (China)  | 453400 | 336989 |
| Western Mining Co Ltd A Shares (China)  | 77200 | 259994 |
| Western Superconducting Technologies Co Ltd A Shares (China)  | 21173 | 232631 |
| Xiamen Tungsten Co Ltd A Shares (China)  | 51700 | 259321 |
| Yunnan Aluminium Co Ltd A Shares (China)  | 114500 | 369848 |
| Zhaojin Mining Industry Co Ltd H Shares  | 986500 | 3689274 |
| Zhongjin Gold Corp Ltd A Shares (China)  | 160700 | 500565 |
| Zijin Mining Group Co Ltd A Shares (China)  | 683100 | 2927270 |
| Zijin Mining Group Co Ltd H Shares  | 3270000 | 13567226 |
|  |  | 50194112 |
| Paper & Forest Products - 0.0% |  |  |
| Shandong Sun Paper Industry JSC Ltd A Shares (China)  | 91100 | 182010 |
| TOTAL MATERIALS |  | 63101050 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| C&D International Investment Group Ltd  | 496289 | 1018055 |
| China Merchants Shekou Industrial Zone Holdings Co Ltd A Shares (China)  | 301700 | 400577 |
| China Overseas Land & Investment Ltd  | 2184202 | 3662566 |
| China Resources Land Ltd  | 1830312 | 6609385 |
| China Resources Mixc Lifestyle Services Ltd (c)(d) | 390800 | 2042879 |
| China Vanke Co Ltd A Shares (China) (b) | 344700 | 303660 |
| China Vanke Co Ltd H Shares (b)(e) | 1267400 | 717653 |
| Hainan Airport Infrastructure Co Ltd A Shares (China)  | 378800 | 262383 |
| KE Holdings Inc A Shares  | 1173854 | 6657714 |
| Longfor Group Holdings Ltd (c)(d) | 1194603 | 1477390 |
| Poly Developments and Holdings Group Co Ltd A Shares (China)  | 414100 | 426469 |
| Shanghai Zhangjiang High-Tech Park Development Co Ltd A Shares (China)  | 51500 | 321993 |
| Youngor Fashion Co Ltd A Shares (China)  | 151287 | 159420 |
|  |  | 24060144 |
| Utilities - 0.5% |  |  |
| Gas Utilities - 0.2% |  |  |
| Beijing Enterprises Holdings Ltd  | 287427 | 1261334 |
| China Gas Holdings Ltd  | 1554700 | 1598607 |
| China Resources Gas Group Ltd  | 532400 | 1463483 |
| ENN Energy Holdings Ltd  | 451843 | 3933721 |
| ENN Natural Gas Co Ltd A Shares (China)  | 85000 | 233119 |
| Kunlun Energy Co Ltd  | 2223000 | 2042612 |
|  |  | 10532876 |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| CGN Power Co Ltd A Shares (China)  | 512500 | 283706 |
| CGN Power Co Ltd H Shares (c)(d) | 6087447 | 2412871 |
| China Longyuan Power Group Corp Ltd H Shares  | 1421000 | 1316664 |
| China National Nuclear Power Co Ltd A Shares (China)  | 708700 | 894164 |
| China Power International Development Ltd  | 2116619 | 912506 |
| China Resources Power Holdings Co Ltd  | 1180940 | 2823721 |
| China Three Gorges Renewables Group Co Ltd A Shares (China)  | 995700 | 594561 |
| China Yangtze Power Co Ltd A Shares (China)  | 838600 | 3310853 |
| Datang International Power Generation Co Ltd A Shares (China)  | 405700 | 207484 |
| GD Power Development Co Ltd A Shares (China)  | 615400 | 457395 |
| Huadian Power International Corp Ltd A Shares (China)  | 318800 | 242323 |
| Huaneng Power International Inc A Shares (China)  | 373900 | 427095 |
| Huaneng Power International Inc H Shares  | 2330186 | 1925191 |
| SDIC Power Holdings Co Ltd A Shares (China)  | 275300 | 555056 |
| Shenergy Co Ltd A Shares (China)  | 160400 | 185474 |
| Sichuan Chuantou Energy Co Ltd A Shares (China)  | 169100 | 349728 |
| Wintime Energy Group Co Ltd A Shares (China)  | 724800 | 163954 |
| Zhejiang Zheneng Electric Power Co Ltd A Shares (China)  | 368200 | 266939 |
|  |  | 17329685 |
| Water Utilities - 0.0% |  |  |
| Beijing Enterprises Water Group Ltd  | 2314000 | 744478 |
| Guangdong Investment Ltd  | 1677126 | 1594991 |
|  |  | 2339469 |
| TOTAL UTILITIES |  | 30202030 |
| TOTAL CHINA |  | 1649607190 |
| COLOMBIA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Grupo Cibest SA  | 145610 | 2360935 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Interconexion Electrica SA ESP  | 254468 | 1650388 |
| TOTAL COLOMBIA |  | 4011323 |
| CZECH REPUBLIC - 0.1%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Komercni Banka AS  | 43219 | 2213104 |
| Moneta Money Bank AS (c)(d) | 145248 | 1230210 |
|  |  | 3443314 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| CEZ AS  | 76543 | 4688193 |
| TOTAL CZECH REPUBLIC |  | 8131507 |
| EGYPT - 0.1%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Tobacco - 0.0% |  |  |
| Eastern Co SAE (b) | 783285 | 745978 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Commercial International Bank - Egypt (CIB)  | 1309620 | 2924467 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Talaat Moustafa Group  | 415197 | 505461 |
| TOTAL EGYPT |  | 4175906 |
| GREECE - 0.5%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Hellenic Telecommunications Organization SA  | 94699 | 1780315 |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| OPAP SA  | 106014 | 2193437 |
| Specialty Retail - 0.0% |  |  |
| FF Group (b)(f) | 1944 | 0 |
| JUMBO SA  | 66240 | 2102721 |
|  |  | 2102721 |
| TOTAL CONSUMER DISCRETIONARY |  | 4296158 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Alpha Bank SA  | 1254022 | 4914525 |
| Eurobank Ergasias Services and Holdings SA  | 1466034 | 5514639 |
| National Bank of Greece SA  | 495213 | 7274939 |
| Piraeus Financial Holdings SA  | 640994 | 5003436 |
|  |  | 22707539 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Public Power Corp SA  | 105861 | 1841292 |
| TOTAL GREECE |  | 30625304 |
| HONG KONG - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| J&T Global Express Ltd B Shares (b) | 1357000 | 1741098 |
| Marine Transportation - 0.0% |  |  |
| Orient Overseas International Ltd (e) | 75500 | 1306825 |
| TOTAL HONG KONG |  | 3047923 |
| HUNGARY - 0.3%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| MOL Hungarian Oil & Gas PLC Class A  | 233904 | 2057875 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| OTP Bank Nyrt  | 127724 | 12182371 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Richter Gedeon Nyrt  | 79569 | 2452518 |
| TOTAL HUNGARY |  | 16692764 |
| INDIA - 14.8%  |  |  |
| Communication Services - 0.7% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Indus Towers Ltd (b) | 750851 | 3075643 |
| Tata Communications Ltd  | 65290 | 1379427 |
|  |  | 4455070 |
| Interactive Media & Services - 0.0% |  |  |
| Info Edge India Ltd  | 203067 | 3153126 |
| Wireless Telecommunication Services - 0.6% |  |  |
| Bharti Airtel Ltd  | 1463212 | 33866604 |
| Vodafone Idea Ltd (b) | 15531984 | 1527564 |
|  |  | 35394168 |
| TOTAL COMMUNICATION SERVICES |  | 43002364 |
| Consumer Discretionary - 2.0% |  |  |
| Automobile Components - 0.3% |  |  |
| Balkrishna Industries Ltd  | 44472 | 1142198 |
| Bharat Forge Ltd  | 149559 | 2231970 |
| Bosch Ltd  | 4202 | 1763122 |
| MRF Ltd  | 1328 | 2356559 |
| Samvardhana Motherson International Ltd  | 2703803 | 3210204 |
| Tube Investments of India Ltd  | 61015 | 2077940 |
|  |  | 12781993 |
| Automobiles - 1.1% |  |  |
| Bajaj Auto Ltd  | 38179 | 3824782 |
| Eicher Motors Ltd  | 78218 | 6174433 |
| Hero MotoCorp Ltd  | 68441 | 4274623 |
| Hyundai Motor India Ltd  | 93088 | 2557468 |
| Mahindra & Mahindra Ltd  | 531904 | 20896250 |
| Maruti Suzuki India Ltd  | 71728 | 13079360 |
| Tata Motors Passenger Vehicles Limited  | 1154232 | 5331326 |
| TVS Motor Co Ltd  | 135470 | 5354854 |
|  |  | 61493096 |
| Broadline Retail - 0.0% |  |  |
| Vishal Mega Mart Ltd  | 1195053 | 1947977 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Eternal Ltd (b) | 1375565 | 4924078 |
| Indian Hotels Co Ltd/The  | 486490 | 4065547 |
| Jubilant Foodworks Ltd  | 208039 | 1401184 |
| Swiggy Ltd (b) | 497230 | 2296394 |
|  |  | 12687203 |
| Household Durables - 0.1% |  |  |
| Dixon Technologies India Ltd (c) | 20728 | 3618089 |
| Specialty Retail - 0.1% |  |  |
| FSN E-Commerce Ventures Ltd (b) | 656923 | 1834929 |
| Trent Ltd  | 103342 | 5465199 |
|  |  | 7300128 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Kalyan Jewellers India Ltd  | 236536 | 1358220 |
| Page Industries Ltd  | 3520 | 1633797 |
| Titan Co Ltd  | 202320 | 8539766 |
|  |  | 11531783 |
| TOTAL CONSUMER DISCRETIONARY |  | 111360269 |
| Consumer Staples - 0.9% |  |  |
| Beverages - 0.1% |  |  |
| United Spirits Ltd  | 166655 | 2687433 |
| Varun Beverages Ltd  | 770745 | 4077963 |
|  |  | 6765396 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Avenue Supermarts Ltd (b)(c)(d) | 92744 | 4339686 |
| Food Products - 0.3% |  |  |
| Britannia Industries Ltd  | 61707 | 4057375 |
| Marico Ltd  | 295100 | 2393480 |
| Nestle India Ltd  | 384288 | 5505105 |
| Tata Consumer Products Ltd  | 338128 | 4437775 |
|  |  | 16393735 |
| Personal Care Products - 0.3% |  |  |
| Colgate-Palmolive India Ltd  | 77319 | 1953771 |
| Dabur India Ltd  | 304630 | 1673209 |
| Godrej Consumer Products Ltd  | 232941 | 2935479 |
| Hindustan Unilever Ltd  | 468791 | 13020945 |
|  |  | 19583404 |
| Tobacco - 0.1% |  |  |
| ITC Ltd  | 1712515 | 8109679 |
| TOTAL CONSUMER STAPLES |  | 55191900 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Bharat Petroleum Corp Ltd  | 864911 | 3476598 |
| Coal India Ltd  | 1053334 | 4611933 |
| Hindustan Petroleum Corp Ltd  | 545477 | 2925106 |
| Indian Oil Corp Ltd  | 1617612 | 3023284 |
| Oil & Natural Gas Corp Ltd  | 1790585 | 5151374 |
| Oil India Ltd  | 279617 | 1365088 |
| Petronet LNG Ltd  | 430443 | 1363849 |
| Reliance Industries Ltd  | 3473184 | 58159644 |
|  |  | 80076876 |
| Financials - 4.4% |  |  |
| Banks - 3.1% |  |  |
| AU Small Finance Bank Ltd (c)(d) | 209182 | 2068726 |
| Axis Bank Ltd  | 1308640 | 18174859 |
| Bank of Baroda  | 590754 | 1852824 |
| Canara Bank  | 1034657 | 1596774 |
| HDFC Bank Ltd/Gandhinagar  | 6489814 | 72183782 |
| ICICI Bank Ltd  | 3011921 | 45641755 |
| IDFC First Bank Ltd  | 2056192 | 1894157 |
| IndusInd Bank Ltd/Gift City (b) | 328622 | 2942475 |
| Kotak Mahindra Bank Ltd  | 623576 | 14767999 |
| Punjab National Bank  | 1310409 | 1814185 |
| State Bank of India  | 1017369 | 10739309 |
| Union Bank of India Ltd  | 873085 | 1462305 |
| Yes Bank Ltd (b) | 8096334 | 2074135 |
|  |  | 177213285 |
| Capital Markets - 0.1% |  |  |
| BSE Ltd  | 113490 | 3169511 |
| HDFC Asset Management Co Ltd (c)(d) | 54815 | 3321691 |
|  |  | 6491202 |
| Consumer Finance - 0.6% |  |  |
| Bajaj Finance Ltd  | 1594344 | 18730152 |
| Cholamandalam Investment and Finance Co Ltd  | 239600 | 4580108 |
| Muthoot Finance Ltd  | 69004 | 2471053 |
| SBI Cards & Payment Services Ltd  | 163324 | 1616680 |
| Shriram Finance Ltd  | 803813 | 6781677 |
| Sundaram Finance Ltd  | 37875 | 1960420 |
|  |  | 36140090 |
| Financial Services - 0.3% |  |  |
| Bajaj Finserv Ltd  | 218448 | 5139244 |
| Bajaj Holdings & Investment Ltd  | 15214 | 2108690 |
| Jio Financial Services Ltd  | 1629271 | 5631277 |
| Power Finance Corp Ltd  | 844730 | 3837519 |
| REC Ltd  | 748972 | 3162870 |
|  |  | 19879600 |
| Insurance - 0.3% |  |  |
| HDFC Life Insurance Co Ltd (c)(d) | 552451 | 4554850 |
| ICICI Lombard General Insurance Co Ltd (c)(d) | 139175 | 3125930 |
| ICICI Prudential Life Insurance Co Ltd (c)(d) | 206877 | 1377743 |
| PB Fintech Ltd (b) | 196355 | 3949442 |
| SBI Life Insurance Co Ltd (c)(d) | 257066 | 5663764 |
|  |  | 18671729 |
| TOTAL FINANCIALS |  | 258395906 |
| Health Care - 0.8% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Apollo Hospitals Enterprise Ltd  | 57397 | 4966668 |
| Max Healthcare Institute Ltd  | 443485 | 5734604 |
|  |  | 10701272 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Divi's Laboratories Ltd  | 68147 | 5172923 |
| Pharmaceuticals - 0.6% |  |  |
| Alkem Laboratories Ltd  | 24017 | 1489884 |
| Aurobindo Pharma Ltd  | 149929 | 1923665 |
| Cipla Ltd/India  | 322497 | 5454456 |
| Dr Reddy's Laboratories Ltd  | 333017 | 4481147 |
| Lupin Ltd  | 130144 | 2878812 |
| Mankind Pharma Ltd  | 70970 | 1906072 |
| Sun Pharmaceutical Industries Ltd  | 547286 | 10424114 |
| Torrent Pharmaceuticals Ltd  | 67509 | 2707585 |
| Zydus Lifesciences Ltd  | 144099 | 1581899 |
|  |  | 32847634 |
| TOTAL HEALTH CARE |  | 48721829 |
| Industrials - 1.4% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Bharat Electronics Ltd  | 2084448 | 10006008 |
| Hindustan Aeronautics Ltd (c) | 114398 | 6031203 |
|  |  | 16037211 |
| Building Products - 0.0% |  |  |
| Astral Ltd  | 69406 | 1133844 |
| Commercial Services & Supplies - 0.0% |  |  |
| Indian Railway Catering & Tourism Corp Ltd  | 137701 | 1114918 |
| Construction & Engineering - 0.4% |  |  |
| Larsen & Toubro Ltd  | 384267 | 17449917 |
| Rail Vikas Nigam Ltd (c) | 298977 | 1107459 |
| Voltas Ltd  | 131868 | 2055456 |
|  |  | 20612832 |
| Electrical Equipment - 0.3% |  |  |
| ABB India Ltd  | 30138 | 1772324 |
| Bharat Heavy Electricals Ltd  | 594107 | 1776933 |
| CG Power & Industrial Solutions Ltd  | 403811 | 3351179 |
| Havells India Ltd  | 125026 | 2104167 |
| Hitachi Energy India Ltd  | 7624 | 1526947 |
| Polycab India Ltd  | 30031 | 2606419 |
| Suzlon Energy Ltd (b) | 5485332 | 3664510 |
|  |  | 16802479 |
| Ground Transportation - 0.0% |  |  |
| Container Corp Of India Ltd  | 174105 | 1069461 |
| Industrial Conglomerates - 0.0% |  |  |
| Siemens Ltd  | 51009 | 1779296 |
| Machinery - 0.2% |  |  |
| Ashok Leyland Ltd  | 1672183 | 2666187 |
| Cummins India Ltd  | 79018 | 3867088 |
| Tata Motors Ltd /new (b)(f) | 1154232 | 3390593 |
|  |  | 9923868 |
| Passenger Airlines - 0.1% |  |  |
| InterGlobe Aviation Ltd (c)(d) | 107988 | 6843153 |
| Trading Companies & Distributors - 0.0% |  |  |
| Adani Enterprises Ltd  | 92494 | 2585226 |
| Transportation Infrastructure - 0.1% |  |  |
| Adani Ports & Special Economic Zone Ltd  | 307304 | 5025086 |
| GMR Airports Ltd (b) | 1509767 | 1598297 |
|  |  | 6623383 |
| TOTAL INDUSTRIALS |  | 84525671 |
| Information Technology - 1.4% |  |  |
| IT Services - 1.4% |  |  |
| HCL Technologies Ltd  | 541378 | 9401613 |
| Infosys Ltd  | 1895379 | 31583206 |
| LTIMindtree Ltd (c)(d) | 42433 | 2717404 |
| Mphasis Ltd  | 60000 | 1868574 |
| Persistent Systems Ltd  | 62569 | 4170515 |
| Tata Consultancy Services Ltd  | 515627 | 17763616 |
| Tech Mahindra Ltd  | 306838 | 4923788 |
| Wipro Ltd  | 1491979 | 4045227 |
|  |  | 76473943 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| WAAREE Energies Ltd  | 49190 | 1899327 |
| Software - 0.0% |  |  |
| Oracle Financial Services Software Ltd  | 12457 | 1194968 |
| Tata Elxsi Ltd  | 19674 | 1208943 |
|  |  | 2403911 |
| TOTAL INFORMATION TECHNOLOGY |  | 80777181 |
| Materials - 1.2% |  |  |
| Chemicals - 0.3% |  |  |
| Asian Paints Ltd  | 191401 | 5413954 |
| Coromandel International Ltd  | 67201 | 1608463 |
| PI Industries Ltd  | 43165 | 1739632 |
| Pidilite Industries Ltd  | 173954 | 2831003 |
| Solar Industries India Ltd  | 15473 | 2419132 |
| SRF Ltd  | 75952 | 2507490 |
| Supreme Industries Ltd  | 36192 | 1554464 |
| UPL Ltd  | 256865 | 2083800 |
|  |  | 20157938 |
| Construction Materials - 0.3% |  |  |
| Ambuja Cements Ltd  | 352396 | 2244631 |
| Grasim Industries Ltd  | 155043 | 5050840 |
| Shree Cement Ltd  | 5175 | 1650473 |
| UltraTech Cement Ltd  | 67187 | 9042789 |
|  |  | 17988733 |
| Metals & Mining - 0.6% |  |  |
| APL Apollo Tubes Ltd  | 102840 | 2075569 |
| Hindalco Industries Ltd  | 769023 | 7345419 |
| Jindal Stainless Ltd  | 188974 | 1604571 |
| Jindal Steel Ltd  | 203593 | 2446832 |
| JSW Steel Ltd  | 348761 | 4738419 |
| NMDC Ltd  | 1766713 | 1508468 |
| Tata Steel Ltd  | 4271795 | 8799133 |
| Vedanta Ltd  | 780179 | 4337941 |
|  |  | 32856352 |
| TOTAL MATERIALS |  | 71003023 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| DLF Ltd  | 422709 | 3601348 |
| Godrej Properties Ltd (b) | 86338 | 2225442 |
| Lodha Developers Ltd (c)(d) | 171522 | 2314721 |
| Oberoi Realty Ltd  | 72994 | 1462347 |
| Phoenix Mills Ltd/The  | 112752 | 2137290 |
| Prestige Estates Projects Ltd  | 98750 | 1940958 |
|  |  | 13682106 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.2% |  |  |
| Power Grid Corp of India Ltd  | 2649457 | 8600699 |
| Tata Power Co Ltd/The  | 908688 | 4144964 |
| Torrent Power Ltd  | 101047 | 1498658 |
|  |  | 14244321 |
| Gas Utilities - 0.0% |  |  |
| GAIL India Ltd  | 1316119 | 2709783 |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| Adani Power Ltd (b) | 1655975 | 2944805 |
| JSW Energy Ltd  | 250239 | 1486944 |
| NHPC Ltd  | 1724428 | 1648177 |
| NTPC Ltd  | 2486165 | 9437429 |
|  |  | 15517355 |
| TOTAL UTILITIES |  | 32471459 |
| TOTAL INDIA |  | 879208584 |
| INDONESIA - 1.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Telkom Indonesia Persero Tbk PT  | 28226565 | 5459996 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| GoTo Gojek Tokopedia Tbk PT Class A (b) | 508818104 | 1835784 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Sumber Alfaria Trijaya Tbk PT  | 10707300 | 1294147 |
| Food Products - 0.1% |  |  |
| Charoen Pokphand Indonesia Tbk PT  | 4226800 | 1186961 |
| Indofood CBP Sukses Makmur Tbk PT  | 1335300 | 698563 |
| Indofood Sukses Makmur Tbk PT  | 2514700 | 1118989 |
|  |  | 3004513 |
| TOTAL CONSUMER STAPLES |  | 4298660 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Dian Swastatika Sentosa Tbk PT (b) | 571200 | 2904945 |
| Petrindo Jaya Kreasi Tbk PT  | 12815500 | 1548957 |
| United Tractors Tbk PT  | 854800 | 1382689 |
|  |  | 5836591 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Bank Central Asia Tbk PT  | 31621050 | 16189726 |
| Bank Mandiri Persero Tbk PT  | 21276296 | 6027866 |
| Bank Negara Indonesia Persero Tbk PT  | 8544600 | 2250472 |
| Bank Rakyat Indonesia Persero Tbk PT  | 38878527 | 9300531 |
|  |  | 33768595 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Kalbe Farma Tbk PT  | 10640500 | 815793 |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.1% |  |  |
| Astra International Tbk PT  | 11525559 | 4262308 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Barito Pacific Tbk PT (b) | 13436400 | 2787467 |
| Chandra Asri Pacific Tbk PT  | 4930500 | 2060552 |
|  |  | 4848019 |
| Metals & Mining - 0.0% |  |  |
| Amman Mineral Internasional PT (b) | 8269800 | 3530702 |
| TOTAL MATERIALS |  | 8378721 |
| TOTAL INDONESIA |  | 64656448 |
| KOREA (SOUTH) - 12.0%  |  |  |
| Communication Services - 0.5% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| LG Uplus Corp  | 122805 | 1309453 |
| Entertainment - 0.1% |  |  |
| HYBE Co Ltd  | 13057 | 3115204 |
| Krafton Inc (b) | 16198 | 3127946 |
|  |  | 6243150 |
| Interactive Media & Services - 0.4% |  |  |
| Kakao Corp  | 176467 | 8037727 |
| NAVER Corp  | 81318 | 15219460 |
|  |  | 23257187 |
| Wireless Telecommunication Services - 0.0% |  |  |
| SK Telecom Co Ltd  | 30805 | 1124270 |
| TOTAL COMMUNICATION SERVICES |  | 31934060 |
| Consumer Discretionary - 0.7% |  |  |
| Automobile Components - 0.1% |  |  |
| Hankook Tire & Technology Co Ltd  | 42527 | 1379124 |
| Hyundai Mobis Co Ltd  | 34006 | 7518503 |
|  |  | 8897627 |
| Automobiles - 0.5% |  |  |
| Hyundai Motor Co  | 77623 | 15749878 |
| Kia Corp  | 136004 | 11409316 |
|  |  | 27159194 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Hanjin Kal Corp  | 13389 | 980807 |
| Household Durables - 0.1% |  |  |
| Coway Co Ltd  | 30701 | 1916047 |
| LG Electronics Inc  | 60843 | 3729095 |
|  |  | 5645142 |
| TOTAL CONSUMER DISCRETIONARY |  | 42682770 |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.1% |  |  |
| Orion Corp/Republic of Korea  | 13612 | 945714 |
| Samyang Foods Co Ltd  | 2362 | 2227710 |
|  |  | 3173424 |
| Personal Care Products - 0.0% |  |  |
| Amorepacific Corp  | 16763 | 1417969 |
| LG H&H Co Ltd  | 5371 | 1069119 |
|  |  | 2487088 |
| Tobacco - 0.1% |  |  |
| KT&G Corp  | 55644 | 5224679 |
| TOTAL CONSUMER STAPLES |  | 10885191 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| HD Hyundai Co Ltd  | 24756 | 3550775 |
| S-Oil Corp (b) | 25773 | 1294727 |
| SK Innovation Co Ltd  | 38724 | 3492383 |
|  |  | 8337885 |
| Financials - 1.2% |  |  |
| Banks - 0.8% |  |  |
| Hana Financial Group Inc  | 162289 | 9708317 |
| Industrial Bank of Korea  | 158705 | 2146403 |
| KakaoBank Corp  | 95668 | 1549553 |
| KB Financial Group Inc  | 206622 | 16814070 |
| Shinhan Financial Group Co Ltd  | 249080 | 12753011 |
| Woori Financial Group Inc  | 380819 | 6767700 |
|  |  | 49739054 |
| Capital Markets - 0.1% |  |  |
| Korea Investment Holdings Co Ltd  | 23929 | 3052109 |
| Mirae Asset Securities Co Ltd  | 130767 | 2406261 |
| NH Investment & Securities Co Ltd  | 80625 | 1147949 |
|  |  | 6606319 |
| Financial Services - 0.1% |  |  |
| Meritz Financial Group Inc  | 46160 | 3568756 |
| Insurance - 0.2% |  |  |
| DB Insurance Co Ltd  | 26323 | 2335303 |
| Samsung Fire & Marine Insurance Co Ltd  | 17042 | 5264293 |
| Samsung Life Insurance Co Ltd  | 45590 | 4921804 |
|  |  | 12521400 |
| TOTAL FINANCIALS |  | 72435529 |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.4% |  |  |
| Alteogen Inc (b) | 22869 | 7816287 |
| Celltrion Inc  | 92191 | 11326659 |
|  |  | 19142946 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| HLB Inc (b) | 67813 | 2305887 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Samsung Biologics Co Ltd (b)(c)(d)(f) | 10145 | 8666754 |
| Pharmaceuticals - 0.1% |  |  |
| SK Biopharmaceuticals Co Ltd (b) | 17987 | 1453548 |
| Yuhan Corp  | 31890 | 2632845 |
|  |  | 4086393 |
| TOTAL HEALTH CARE |  | 34201980 |
| Industrials - 2.4% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Hanwha Aerospace Co Ltd  | 18803 | 12879488 |
| Hanwha Systems Co Ltd  | 43406 | 1819136 |
| Korea Aerospace Industries Ltd  | 41685 | 3015707 |
| LIG Nex1 Co Ltd  | 7527 | 2733242 |
|  |  | 20447573 |
| Air Freight & Logistics - 0.0% |  |  |
| Hyundai Glovis Co Ltd  | 21480 | 2837429 |
| Electrical Equipment - 0.9% |  |  |
| Doosan Enerbility Co Ltd (b) | 255743 | 15871433 |
| Ecopro BM Co Ltd (b)(e) | 27878 | 3120832 |
| Ecopro Co Ltd (e) | 58037 | 3573357 |
| HD Hyundai Electric Co Ltd  | 13359 | 8131712 |
| Hyosung Heavy Industries Corp  | 3191 | 4766652 |
| LG Energy Solution Ltd (b)(e) | 26683 | 8830485 |
| LS Electric Co Ltd  | 8610 | 2620482 |
| POSCO Future M Co Ltd (b) | 19751 | 2991822 |
|  |  | 49906775 |
| Industrial Conglomerates - 0.5% |  |  |
| Doosan Co Ltd  | 4237 | 2813283 |
| LG Corp  | 49501 | 2781110 |
| Samsung C&T Corp  | 48411 | 7654931 |
| SK Inc  | 20747 | 3607202 |
| SK Square Co Ltd (b) | 52884 | 9620251 |
|  |  | 26476777 |
| Machinery - 0.7% |  |  |
| Doosan Bobcat Inc  | 30223 | 1275097 |
| Hanwha Ocean Co Ltd (b) | 69916 | 6731065 |
| HD Hyundai Heavy Industries Co Ltd  | 12656 | 5312959 |
| HD Korea Shipbuilding & Offshore Engineering Co Ltd  | 24214 | 8030335 |
| Hyundai Rotem Co Ltd  | 43570 | 7026633 |
| Samsung Heavy Industries Co Ltd (b) | 401416 | 8299290 |
|  |  | 36675379 |
| Marine Transportation - 0.0% |  |  |
| HMM Co Ltd  | 134552 | 1934598 |
| Passenger Airlines - 0.0% |  |  |
| Korean Air Lines Co Ltd  | 105521 | 1635315 |
| Trading Companies & Distributors - 0.0% |  |  |
| Posco International Corp  | 30242 | 1163756 |
| TOTAL INDUSTRIALS |  | 141077602 |
| Information Technology - 5.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| LG Display Co Ltd (b) | 170970 | 1742420 |
| Samsung Electro-Mechanics Co Ltd  | 31938 | 5474728 |
| Samsung SDI Co Ltd  | 36762 | 8282163 |
|  |  | 15499311 |
| IT Services - 0.1% |  |  |
| Samsung SDS Co Ltd  | 24374 | 3120805 |
| Semiconductors & Semiconductor Equipment - 2.1% |  |  |
| Hanmi Semiconductor Co Ltd (e) | 24466 | 2459849 |
| SK Hynix Inc  | 311430 | 121803850 |
|  |  | 124263699 |
| Technology Hardware, Storage & Peripherals - 3.4% |  |  |
| Samsung Electronics Co Ltd  | 2701976 | 203225740 |
| TOTAL INFORMATION TECHNOLOGY |  | 346109555 |
| Materials - 0.3% |  |  |
| Chemicals - 0.1% |  |  |
| LG Chem Ltd  | 28171 | 7834804 |
| Metals & Mining - 0.2% |  |  |
| Korea Zinc Co Ltd  | 2282 | 1649319 |
| POSCO Holdings Inc  | 41532 | 9004476 |
|  |  | 10653795 |
| TOTAL MATERIALS |  | 18488599 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Korea Electric Power Corp  | 146407 | 4368724 |
| TOTAL KOREA (SOUTH) |  | 710521895 |
| KUWAIT - 0.7%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Mobile Telecommunications Co KSCP  | 1115099 | 1930294 |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Boubyan Bank KSCP  | 885187 | 2066158 |
| Gulf Bank KSCP  | 1145712 | 1310986 |
| Kuwait Finance House KSCP  | 6318175 | 16539509 |
| National Bank of Kuwait SAKP  | 4734634 | 16206571 |
| Warba Bank KSCP  | 1280647 | 1206543 |
|  |  | 37329767 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Mabanee Co KPSC  | 382049 | 1254191 |
| TOTAL KUWAIT |  | 40514252 |
| LUXEMBOURG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Reinet Investments SCA (South Africa)  | 78317 | 2504744 |
| MALAYSIA - 1.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telekom Malaysia Bhd  | 662647 | 1155044 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Axiata Group Berhad  | 1580198 | 947062 |
| CELCOMDIGI BHD  | 2018400 | 1735015 |
| Maxis Bhd  | 1349600 | 1224565 |
|  |  | 3906642 |
| TOTAL COMMUNICATION SERVICES |  | 5061686 |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| MR DIY Group M Bhd (c)(d) | 1901250 | 726360 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| IOI Corp Bhd  | 1439100 | 1381371 |
| Kuala Lumpur Kepong Bhd  | 287349 | 1406556 |
| Nestle Malaysia Bhd  | 40300 | 1087369 |
| QL Resources Bhd  | 943950 | 935385 |
| SD Guthrie Bhd  | 1186996 | 1496499 |
|  |  | 6307180 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Petronas Dagangan Bhd  | 171226 | 927270 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| AMMB Holdings Bhd  | 1409100 | 1917830 |
| CIMB Group Holdings Bhd  | 4596431 | 8011926 |
| Hong Leong Bank Bhd  | 372200 | 1827228 |
| Malayan Banking Bhd  | 3438297 | 8103150 |
| Public Bank Bhd  | 8288285 | 8351615 |
| RHB Bank Bhd  | 1001374 | 1618744 |
|  |  | 29830493 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| IHH Healthcare Bhd  | 1262387 | 2486794 |
| Industrials - 0.1% |  |  |
| Construction & Engineering - 0.1% |  |  |
| Gamuda Bhd  | 2658713 | 3199598 |
| Industrial Conglomerates - 0.0% |  |  |
| Sunway Bhd  | 1429900 | 1847125 |
| Marine Transportation - 0.0% |  |  |
| MISC Bhd  | 764400 | 1421842 |
| TOTAL INDUSTRIALS |  | 6468565 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Petronas Chemicals Group Bhd  | 1367500 | 1273460 |
| Metals & Mining - 0.1% |  |  |
| Press Metal Aluminium Holdings Bhd  | 2110000 | 3189183 |
| TOTAL MATERIALS |  | 4462643 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Tenaga Nasional Bhd  | 1498172 | 4750650 |
| Gas Utilities - 0.0% |  |  |
| Petronas Gas Bhd  | 452900 | 2000633 |
| Multi-Utilities - 0.0% |  |  |
| YTL Corp Bhd  | 1619400 | 1005358 |
| YTL Corp Bhd warrants 6/2/2028 (b) | 358360 | 100702 |
| YTL Power International Bhd  | 1695000 | 1614864 |
| YTL Power International Bhd warrants 6/2/2028 (b) | 274340 | 107750 |
|  |  | 2828674 |
| TOTAL UTILITIES |  | 9579957 |
| TOTAL MALAYSIA |  | 65850948 |
| MEXICO - 2.0%  |  |  |
| Communication Services - 0.2% |  |  |
| Wireless Telecommunication Services - 0.2% |  |  |
| America Movil SAB de CV Series B  | 10336447 | 11789397 |
| Consumer Staples - 0.6% |  |  |
| Beverages - 0.3% |  |  |
| Arca Continental SAB de CV (e) | 293800 | 2845567 |
| Coca-Cola Femsa SAB de CV unit  | 300359 | 2584137 |
| Fomento Economico Mexicano SAB de CV unit  | 989091 | 9330575 |
|  |  | 14760279 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Grupo Comercial Chedraui SA de CV (e) | 191200 | 1386363 |
| Wal-Mart de Mexico SAB de CV Series V  | 2983456 | 9863222 |
|  |  | 11249585 |
| Food Products - 0.1% |  |  |
| Alfa SAB de CV Series A  | 2072015 | 1562501 |
| Gruma SAB de CV Series B  | 90880 | 1542296 |
| Grupo Bimbo SAB de CV (e) | 742670 | 2566377 |
|  |  | 5671174 |
| Household Products - 0.0% |  |  |
| Kimberly Clark DE Mexico Sab D Series A  | 872727 | 1689225 |
| TOTAL CONSUMER STAPLES |  | 33370263 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Grupo Financiero Banorte SAB de CV  | 1443781 | 13588024 |
| Grupo Financiero Inbursa SAB de CV Series O  | 1041800 | 2530130 |
|  |  | 16118154 |
| Insurance - 0.0% |  |  |
| Qualitas Controladora SAB de CV  | 114800 | 1041007 |
| TOTAL FINANCIALS |  | 17159161 |
| Industrials - 0.2% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Grupo Carso SAB de CV Series A1  | 323400 | 2311330 |
| Transportation Infrastructure - 0.2% |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV Series B  | 162800 | 2006159 |
| Grupo Aeroportuario del Pacifico SAB de CV Series B  | 220337 | 4592939 |
| Grupo Aeroportuario del Sureste SAB de CV Series B  | 102595 | 3103446 |
| Promotora y Operadora de Infraestructura SAB de CV  | 109160 | 1413730 |
|  |  | 11116274 |
| TOTAL INDUSTRIALS |  | 13427604 |
| Materials - 0.6% |  |  |
| Construction Materials - 0.1% |  |  |
| Cemex SAB de CV unit  | 8642986 | 8783248 |
| Metals & Mining - 0.5% |  |  |
| Grupo Mexico SAB de CV Series B  | 1776254 | 15356564 |
| Industrias Penoles SAB de CV (b)(e) | 113420 | 4695222 |
| Southern Copper Corp  | 50917 | 7067280 |
|  |  | 27119066 |
| TOTAL MATERIALS |  | 35902314 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.0% |  |  |
| Fibra Uno Administracion SA de CV  | 1622383 | 2354304 |
| Industrial REITs - 0.1% |  |  |
| Prologis Property Mexico SA de CV  | 597328 | 2385326 |
| TOTAL REAL ESTATE |  | 4739630 |
| TOTAL MEXICO |  | 116388369 |
| NETHERLANDS - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Nebius Group NV Class A (Russia) (b)(f) | 148436 | 0 |
| PERU - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Credicorp Ltd  | 38512 | 10051632 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Cia de Minas Buenaventura SAA ADR  | 94098 | 2142611 |
| TOTAL PERU |  | 12194243 |
| PHILIPPINES - 0.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| PLDT Inc  | 43390 | 826617 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Jollibee Foods Corp  | 288763 | 1065348 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Bank of the Philippine Islands  | 1208778 | 2170095 |
| BDO Unibank Inc  | 1371124 | 3117810 |
| Metropolitan Bank & Trust Co  | 1031192 | 1211938 |
|  |  | 6499843 |
| Industrials - 0.2% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Ayala Corp  | 142966 | 1139646 |
| SM Investments Corp  | 126690 | 1573119 |
|  |  | 2712765 |
| Transportation Infrastructure - 0.2% |  |  |
| International Container Terminal Services Inc  | 575050 | 5191264 |
| TOTAL INDUSTRIALS |  | 7904029 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Ayala Land Inc  | 3717313 | 1260009 |
| SM Prime Holdings Inc  | 5731000 | 2186604 |
|  |  | 3446613 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Manila Electric Co  | 161900 | 1613223 |
| TOTAL PHILIPPINES |  | 21355673 |
| POLAND - 1.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| CD Projekt SA  | 37001 | 2542879 |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Allegro.eu SA (b)(c)(d) | 391331 | 3655814 |
| Specialty Retail - 0.0% |  |  |
| CCC SA (b)(e) | 30959 | 1265856 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| LPP SA  | 637 | 3092719 |
| TOTAL CONSUMER DISCRETIONARY |  | 8014389 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Dino Polska SA (b)(c)(d) | 279052 | 3330036 |
| Zabka Group SA (b) | 172197 | 1000169 |
|  |  | 4330205 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| ORLEN SA  | 330803 | 8962943 |
| Financials - 0.5% |  |  |
| Banks - 0.4% |  |  |
| Bank Millennium SA (b) | 348349 | 1456406 |
| Bank Polska Kasa Opieki SA  | 104703 | 5371239 |
| mBank SA (b) | 8518 | 2263163 |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 498753 | 10223560 |
| Santander Bank Polska SA  | 23387 | 3085336 |
|  |  | 22399704 |
| Insurance - 0.1% |  |  |
| Powszechny Zaklad Ubezpieczen SA  | 343949 | 5500576 |
| TOTAL FINANCIALS |  | 27900280 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| Budimex SA  | 7340 | 1165893 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| KGHM Polska Miedz SA (b) | 79660 | 4181449 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| PGE Polska Grupa Energetyczna SA (b) | 512792 | 1555177 |
| TOTAL POLAND |  | 58653215 |
| QATAR - 0.6%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Ooredoo QPSC  | 459523 | 1710117 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Qatar Fuel QSC  | 339341 | 1397999 |
| Qatar Gas Transport Co Ltd  | 1577054 | 1917933 |
|  |  | 3315932 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Al Rayan Bank  | 3464094 | 2225355 |
| Commercial Bank of Qatar  | 1851974 | 2105788 |
| Dukhan Bank  | 1049743 | 1002460 |
| Qatar International Islamic Bank QSC  | 559253 | 1709554 |
| Qatar Islamic Bank QPSC  | 1010024 | 6790823 |
| Qatar National Bank QPSC  | 2632980 | 13370997 |
|  |  | 27204977 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Industries Qatar QSC  | 859501 | 2997985 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Mesaieed Petrochemical Holding Co  | 3208225 | 1101423 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Barwa Real Estate Co  | 1227113 | 886379 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Qatar Electricity & Water Co QSC  | 252305 | 1064379 |
| TOTAL QATAR |  | 38281192 |
| ROMANIA - 0.0%  |  |  |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| NEPI Rockcastle NV  | 345130 | 2794881 |
| RUSSIA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| VK IPJSC (b)(f) | 9348 | 0 |
| VK IPJSC GDR (b)(c)(f) | 32306 | 0 |
|  |  | 0 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Ozon Holdings PLC ADR (b)(f) | 28218 | 0 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Gazprom PJSC (b)(f) | 6384126 | 1 |
| LUKOIL PJSC (b)(f) | 224329 | 0 |
| Rosneft Oil Co PJSC (b)(f) | 635841 | 0 |
| Surgutneftegas PAO (b)(f) | 4033562 | 1 |
| Tatneft PJSC (b)(f) | 770244 | 0 |
|  |  | 2 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sberbank of Russia PJSC (b)(f) | 5823145 | 1 |
| VTB Bank PJSC (b)(f) | 360207 | 0 |
|  |  | 1 |
| Capital Markets - 0.0% |  |  |
| Moscow Exchange MICEX-RTS PJSC (b)(f) | 808717 | 0 |
| TKS Holding MKPAO JSC (b)(f) | 7325 | 0 |
|  |  | 0 |
| TOTAL FINANCIALS |  | 1 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Phosagro Pjsc GDR (b)(c)(f) | 472 | 0 |
| Metals & Mining - 0.0% |  |  |
| Alrosa PJSC (b)(f) | 1399461 | 0 |
| GMK Norilskiy Nickel PAO (b)(f) | 3422100 | 0 |
| Novolipetsk Steel PJSC (b)(f) | 812466 | 0 |
| Polyus PJSC (b)(f) | 184620 | 0 |
| Severstal PAO (b)(f) | 113908 | 0 |
| United Co RUSAL International PJSC (Russia) (b)(f) | 1646280 | 0 |
|  |  | 0 |
| TOTAL MATERIALS |  | 0 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Inter RAO UES PJSC (b)(f) | 20040158 | 2 |
| TOTAL RUSSIA |  | 5 |
| SAUDI ARABIA - 3.1%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Saudi Telecom Co  | 1140223 | 13736308 |
| Media - 0.0% |  |  |
| Saudi Research & Media Group (b) | 20669 | 946839 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Etihad Etisalat Co  | 214924 | 3882650 |
| TOTAL COMMUNICATION SERVICES |  | 18565797 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Jabal Omar Development Company (b) | 328128 | 1547765 |
| Specialty Retail - 0.0% |  |  |
| Jarir Marketing Co  | 337134 | 1276512 |
| TOTAL CONSUMER DISCRETIONARY |  | 2824277 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Nahdi Medical Co  | 22503 | 696037 |
| Food Products - 0.1% |  |  |
| Almarai Co JSC  | 278561 | 3682653 |
| TOTAL CONSUMER STAPLES |  | 4378690 |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Ades Holding Co  | 194504 | 876495 |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Saudi Arabian Oil Co (c)(d) | 3449909 | 23825465 |
| TOTAL ENERGY |  | 24701960 |
| Financials - 1.5% |  |  |
| Banks - 1.4% |  |  |
| Al Rajhi Bank  | 1117665 | 31500731 |
| Alinma Bank  | 697540 | 4817291 |
| Arab National Bank  | 512680 | 3313698 |
| Bank Al-Jazira  | 359943 | 1212191 |
| Bank AlBilad  | 418349 | 3308597 |
| Banque Saudi Fransi  | 700979 | 3332655 |
| Riyad Bank  | 837608 | 6070497 |
| Saudi Awwal Bank  | 573234 | 4946232 |
| Saudi Investment Bank/The  | 350731 | 1285911 |
| Saudi National Bank/The  | 1676105 | 17823392 |
|  |  | 77611195 |
| Capital Markets - 0.0% |  |  |
| Saudi Tadawul Group Holding Co  | 27539 | 1461286 |
| Insurance - 0.1% |  |  |
| Al Rajhi Co for Co-operative Insurance (b) | 22954 | 721616 |
| Bupa Arabia for Cooperative Insurance Co  | 47273 | 2067240 |
| Co for Cooperative Insurance/The  | 42154 | 1530911 |
|  |  | 4319767 |
| TOTAL FINANCIALS |  | 83392248 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Dallah Healthcare Co  | 20367 | 836338 |
| Dr Sulaiman Al Habib Medical Services Group Co  | 49802 | 3614672 |
| Mouwasat Medical Services Co  | 56181 | 1151244 |
|  |  | 5602254 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| SAL Saudi Logistics Services  | 20628 | 966963 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Arabian Internet & Communications Services Co  | 13783 | 925408 |
| Elm Co  | 13660 | 3447509 |
|  |  | 4372917 |
| Materials - 0.5% |  |  |
| Chemicals - 0.3% |  |  |
| SABIC Agri-Nutrients Co  | 132977 | 4347114 |
| Sahara International Petrochemical Co  | 206868 | 1042531 |
| Saudi Aramco Base Oil Co  | 29355 | 754950 |
| Saudi Basic Industries Corp  | 513209 | 8354374 |
| Yanbu National Petrochemical Co  | 156972 | 1444027 |
|  |  | 15942996 |
| Metals & Mining - 0.2% |  |  |
| Saudi Arabian Mining Co (b) | 776200 | 13297830 |
| TOTAL MATERIALS |  | 29240826 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Dar Al Arkan Real Estate Development Co (b) | 301174 | 1382078 |
| Makkah Construction & Development Co  | 56383 | 1338801 |
|  |  | 2720879 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.0% |  |  |
| Saudi Electricity Co  | 470866 | 2012634 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| ACWA Power Co (b) | 87348 | 5629420 |
| TOTAL UTILITIES |  | 7642054 |
| TOTAL SAUDI ARABIA |  | 184408865 |
| SOUTH AFRICA - 2.8%  |  |  |
| Communication Services - 0.2% |  |  |
| Wireless Telecommunication Services - 0.2% |  |  |
| MTN Group Ltd  | 993537 | 9909869 |
| Vodacom Group Ltd  | 355107 | 2868302 |
|  |  | 12778171 |
| Consumer Discretionary - 0.6% |  |  |
| Broadline Retail - 0.5% |  |  |
| Naspers Ltd Class N  | 445465 | 31287706 |
| Specialty Retail - 0.1% |  |  |
| Pepkor Holdings Ltd (c)(d) | 1996842 | 3040613 |
| TOTAL CONSUMER DISCRETIONARY |  | 34328319 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Bid Corp Ltd  | 192045 | 4750753 |
| Clicks Group Ltd  | 134938 | 2841111 |
| Shoprite Holdings Ltd  | 286223 | 4788406 |
|  |  | 12380270 |
| Financials - 1.0% |  |  |
| Banks - 0.5% |  |  |
| Absa Group Ltd  | 484598 | 5417994 |
| Capitec Bank Holdings Ltd (e) | 49668 | 10979443 |
| Nedbank Group Ltd  | 263102 | 3583802 |
| Standard Bank Group Ltd  | 751136 | 11028648 |
|  |  | 31009887 |
| Financial Services - 0.3% |  |  |
| FirstRand Ltd  | 2878222 | 13651114 |
| Remgro Ltd  | 286403 | 2843794 |
|  |  | 16494908 |
| Insurance - 0.2% |  |  |
| Discovery Ltd  | 309989 | 3894016 |
| Old Mutual Ltd  | 2430680 | 1899681 |
| OUTsurance Group Ltd  | 485191 | 2042909 |
| Sanlam Ltd  | 1025144 | 5378939 |
|  |  | 13215545 |
| TOTAL FINANCIALS |  | 60720340 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Bidvest Group Ltd  | 185144 | 2402520 |
| Materials - 0.8% |  |  |
| Chemicals - 0.0% |  |  |
| Sasol Ltd (b) | 331551 | 2074375 |
| Metals & Mining - 0.8% |  |  |
| Gold Fields Ltd  | 510561 | 19685249 |
| Harmony Gold Mining Co Ltd  | 325904 | 5422579 |
| Impala Platinum Holdings Ltd  | 515856 | 5528422 |
| Sibanye Stillwater Ltd (b) | 1614732 | 4285016 |
| Valterra Platinum Ltd  | 151339 | 9360203 |
|  |  | 44281469 |
| TOTAL MATERIALS |  | 46355844 |
| TOTAL SOUTH AFRICA |  | 168965464 |
| TAIWAN - 19.7%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Chunghwa Telecom Co Ltd  | 2167129 | 9222941 |
| Entertainment - 0.0% |  |  |
| International Games System Co Ltd  | 128000 | 2994347 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Far EasTone Telecommunications Co Ltd  | 1011348 | 3039499 |
| Taiwan Mobile Co Ltd  | 996000 | 3543505 |
|  |  | 6583004 |
| TOTAL COMMUNICATION SERVICES |  | 18800292 |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.0% |  |  |
| Cheng Shin Rubber Industry Co Ltd  | 1021000 | 1058220 |
| Household Durables - 0.0% |  |  |
| Nien Made Enterprise Co Ltd  | 101000 | 1214179 |
| Specialty Retail - 0.1% |  |  |
| Hotai Motor Co Ltd  | 174960 | 3217472 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Eclat Textile Co Ltd  | 110129 | 1468840 |
| Feng TAY Enterprise Co Ltd  | 281596 | 1116210 |
|  |  | 2585050 |
| TOTAL CONSUMER DISCRETIONARY |  | 8074921 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| President Chain Store Corp  | 327000 | 2533937 |
| Food Products - 0.2% |  |  |
| Uni-President Enterprises Corp  | 2752332 | 7037771 |
| TOTAL CONSUMER STAPLES |  | 9571708 |
| Financials - 1.8% |  |  |
| Banks - 1.1% |  |  |
| Chang Hwa Commercial Bank Ltd  | 3698788 | 2379492 |
| CTBC Financial Holding Co Ltd  | 9523778 | 12949838 |
| E.Sun Financial Holding Co Ltd  | 8290899 | 8013979 |
| First Financial Holding Co Ltd  | 6558904 | 6084109 |
| Hua Nan Financial Holdings Co Ltd  | 5155474 | 4891151 |
| Mega Financial Holding Co Ltd  | 6766628 | 8882051 |
| Shanghai Commercial & Savings Bank Ltd/The  | 2216439 | 2851744 |
| SinoPac Financial Holdings Co Ltd  | 7026039 | 5855413 |
| Taiwan Business Bank  | 4161779 | 2075616 |
| Taiwan Cooperative Financial Holding Co Ltd  | 6255641 | 4827197 |
| TS Financial Holding Co Ltd  | 12051252 | 7322062 |
|  |  | 66132652 |
| Financial Services - 0.2% |  |  |
| Chailease Holding Co Ltd  | 876324 | 2932658 |
| Yuanta Financial Holding Co Ltd  | 6073770 | 6808274 |
|  |  | 9740932 |
| Insurance - 0.5% |  |  |
| Cathay Financial Holding Co Ltd  | 5435834 | 11303313 |
| Fubon Financial Holding Co Ltd  | 4790988 | 14196443 |
| KGI Financial Holding Co Ltd  | 9181532 | 4743205 |
|  |  | 30242961 |
| TOTAL FINANCIALS |  | 106116545 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.0% |  |  |
| PharmaEssentia Corp  | 173118 | 2801117 |
| Pharmaceuticals - 0.1% |  |  |
| Caliway Biopharmaceuticals Co Ltd (b) | 575000 | 2811667 |
| TOTAL HEALTH CARE |  | 5612784 |
| Industrials - 0.3% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Fortune Electric Co Ltd  | 90410 | 2100304 |
| Voltronic Power Technology Corp  | 40000 | 1572552 |
|  |  | 3672856 |
| Industrial Conglomerates - 0.0% |  |  |
| Far Eastern New Century Corp  | 1684000 | 1449932 |
| Marine Transportation - 0.2% |  |  |
| Evergreen Marine Corp Taiwan Ltd  | 615494 | 3869585 |
| Wan Hai Lines Ltd  | 402415 | 1073438 |
| Yang Ming Marine Transport Corp  | 1000000 | 1868218 |
|  |  | 6811241 |
| Passenger Airlines - 0.0% |  |  |
| China Airlines Ltd  | 1661000 | 1079342 |
| Eva Airways Corp  | 1547000 | 1819527 |
|  |  | 2898869 |
| Transportation Infrastructure - 0.0% |  |  |
| Taiwan High Speed Rail Corp  | 1121000 | 996144 |
| TOTAL INDUSTRIALS |  | 15829042 |
| Information Technology - 16.6% |  |  |
| Communications Equipment - 0.2% |  |  |
| Accton Technology Corp  | 288000 | 10105920 |
| Electronic Equipment, Instruments & Components - 2.2% |  |  |
| AUO Corp  | 3437800 | 1357115 |
| Delta Electronics Inc  | 1110717 | 35907577 |
| E Ink Holdings Inc  | 492000 | 3388914 |
| Elite Material Co Ltd  | 168000 | 7423484 |
| Hon Hai Precision Industry Co Ltd  | 7131465 | 59664444 |
| Innolux Corp  | 4327885 | 1870195 |
| Largan Precision Co Ltd  | 57451 | 4134576 |
| Lotes Co Ltd  | 48000 | 2152187 |
| Synnex Technology International Corp  | 718700 | 1326342 |
| Unimicron Technology Corp  | 742000 | 3941679 |
| Wpg Holding Co Ltd  | 907880 | 1778711 |
| Yageo Corp  | 953512 | 7714097 |
| Zhen Ding Technology Holding Ltd  | 382000 | 2023068 |
|  |  | 132682389 |
| Semiconductors & Semiconductor Equipment - 12.9% |  |  |
| Alchip Technologies Ltd  | 44000 | 4996426 |
| ASE Technology Holding Co Ltd  | 1890592 | 15107991 |
| eMemory Technology Inc  | 36000 | 2327637 |
| Global Unichip Corp  | 50000 | 2485542 |
| Globalwafers Co Ltd  | 150000 | 2475794 |
| Jentech Precision Industrial Co Ltd  | 49000 | 3391059 |
| MediaTek Inc  | 867615 | 36928184 |
| Novatek Microelectronics Corp  | 330000 | 4213724 |
| Realtek Semiconductor Corp  | 278000 | 4651699 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 14051740 | 678720820 |
| United Microelectronics Corp  | 6447000 | 9724731 |
| Vanguard International Semiconductor Corp  | 639704 | 2009857 |
|  |  | 767033464 |
| Technology Hardware, Storage & Peripherals - 1.3% |  |  |
| Acer Inc  | 1662000 | 1622688 |
| Advantech Co Ltd  | 270946 | 2759815 |
| Asia Vital Components Co Ltd  | 188000 | 8704269 |
| Asustek Computer Inc  | 402502 | 9115079 |
| Catcher Technology Co Ltd  | 314095 | 2025728 |
| Compal Electronics Inc  | 2385000 | 2561058 |
| Gigabyte Technology Co Ltd  | 306000 | 2788778 |
| Inventec Corp  | 1532000 | 2284710 |
| King Slide Works Co Ltd  | 33000 | 4406719 |
| Lite-On Technology Corp  | 1202044 | 7010426 |
| Micro-Star International Co Ltd  | 409000 | 1455114 |
| Pegatron Corp  | 1137000 | 2741094 |
| Quanta Computer Inc  | 1542000 | 15055267 |
| Wistron Corp  | 1704000 | 8332315 |
| Wiwynn Corp  | 63629 | 9023997 |
|  |  | 79887057 |
| TOTAL INFORMATION TECHNOLOGY |  | 989708830 |
| Materials - 0.3% |  |  |
| Chemicals - 0.1% |  |  |
| Formosa Chemicals & Fibre Corp  | 2012149 | 1908985 |
| Formosa Plastics Corp  | 2176085 | 2693770 |
| Nan Ya Plastics Corp  | 2940358 | 3964678 |
|  |  | 8567433 |
| Construction Materials - 0.1% |  |  |
| Asia Cement Corp  | 1319000 | 1555647 |
| TCC Group Holdings Co Ltd  | 3864354 | 2774781 |
|  |  | 4330428 |
| Metals & Mining - 0.1% |  |  |
| China Steel Corp  | 6728289 | 4066092 |
| TOTAL MATERIALS |  | 16963953 |
| TOTAL TAIWAN |  | 1170678075 |
| THAILAND - 1.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| True Corp PCL (b) | 2134832 | 750913 |
| True Corp PCL depository receipt (b) | 3699998 | 1290033 |
|  |  | 2040946 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Advanced Info Service PCL depository receipt  | 590800 | 5505140 |
| TOTAL COMMUNICATION SERVICES |  | 7546086 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Robinson Pcl (f) | 55100 | 0 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Minor International PCL depository receipt  | 1946700 | 1381490 |
| TOTAL CONSUMER DISCRETIONARY |  | 1381490 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| CP ALL PCL depository receipt  | 3088400 | 4383413 |
| CP AXTRA PCL  | 218800 | 132319 |
| CP AXTRA PCL depository receipt  | 890394 | 538467 |
|  |  | 5054199 |
| Food Products - 0.0% |  |  |
| Charoen Pokphand Foods PCL depository receipt  | 2167600 | 1411181 |
| TOTAL CONSUMER STAPLES |  | 6465380 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| PTT Exploration & Production PCL depository receipt  | 795000 | 2624653 |
| PTT PCL depository receipt  | 5726500 | 5433196 |
|  |  | 8057849 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Kasikornbank PCL depository receipt  | 340100 | 1957071 |
| Krung Thai Bank PCL  | 302100 | 254003 |
| Krung Thai Bank PCL depository receipt  | 1700800 | 1430015 |
| SCB X PCL  | 231900 | 937331 |
| SCB X PCL depository receipt  | 241900 | 977751 |
| TMBThanachart Bank PCL depository receipt  | 13958100 | 796744 |
|  |  | 6352915 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Bangkok Dusit Medical Services PCL depository receipt  | 6355600 | 3706289 |
| Bumrungrad Hospital Pcl depository receipt  | 338900 | 1798544 |
|  |  | 5504833 |
| Industrials - 0.1% |  |  |
| Transportation Infrastructure - 0.1% |  |  |
| Airports of Thailand PCL depository receipt  | 2454700 | 3124232 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Delta Electronics Thailand PCL depository receipt  | 1778000 | 11904536 |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Siam Cement PCL/The depository receipt  | 447000 | 2813576 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Central Pattana PCL  | 262200 | 434843 |
| Central Pattana PCL depository receipt  | 875400 | 1451797 |
|  |  | 1886640 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Gulf Development PCL depository receipt  | 2568071 | 3506237 |
| TOTAL THAILAND |  | 58543774 |
| TURKEY - 0.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Turkcell Iletisim Hizmetleri AS  | 693479 | 1644073 |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Ford Otomotiv Sanayi AS  | 400567 | 945362 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| BIM Birlesik Magazalar AS  | 255726 | 3277603 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Turkiye Petrol Rafinerileri AS  | 551782 | 2592670 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Akbank TAS  | 1775730 | 2567280 |
| Haci Omer Sabanci Holding AS  | 661120 | 1282026 |
| Turkiye Is Bankasi AS Class C  | 5001824 | 1504567 |
| Yapi ve Kredi Bankasi AS (b) | 1938057 | 1548455 |
|  |  | 6902328 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Aselsan Elektronik Sanayi Ve Ticaret AS  | 779645 | 3774569 |
| Industrial Conglomerates - 0.0% |  |  |
| KOC Holding AS  | 435840 | 1778431 |
| Passenger Airlines - 0.0% |  |  |
| Turk Hava Yollari AO  | 313402 | 2172366 |
| TOTAL INDUSTRIALS |  | 7725366 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Eregli Demir ve Celik Fabrikalari TAS  | 1990958 | 1300983 |
| TOTAL TURKEY |  | 24388385 |
| UNITED ARAB EMIRATES - 1.4%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Emirates Telecommunications Group Co PJSC  | 1982881 | 10473296 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Americana Restaurants International PLC - Foreign Co  | 1689673 | 961466 |
| Specialty Retail - 0.0% |  |  |
| Abu Dhabi National Oil Co for Distribution PJSC  | 1791846 | 1751379 |
| TOTAL CONSUMER DISCRETIONARY |  | 2712845 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| ADNOC Drilling Co PJSC  | 1824106 | 2771209 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Adnoc Gas PLC  | 3503103 | 3328613 |
| TOTAL ENERGY |  | 6099822 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 1669845 | 6555811 |
| Abu Dhabi Islamic Bank PJSC  | 828412 | 4763490 |
| Dubai Islamic Bank PJSC  | 1651593 | 4271806 |
| Emirates NBD Bank PJSC  | 1080520 | 8266547 |
| First Abu Dhabi Bank PJSC  | 2519630 | 11963775 |
|  |  | 35821429 |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Multiply Group PJSC (b) | 1927625 | 1563953 |
| Transportation Infrastructure - 0.1% |  |  |
| Salik Co PJSC  | 1068940 | 1740362 |
| TOTAL INDUSTRIALS |  | 3304315 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Aldar Properties PJSC  | 2195442 | 5379594 |
| Emaar Development PJSC  | 569358 | 2309705 |
| Emaar Properties PJSC  | 3779950 | 14613673 |
|  |  | 22302972 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Dubai Electricity & Water Authority PJSC  | 3414723 | 2584552 |
| TOTAL UNITED ARAB EMIRATES |  | 83299231 |
| UNITED KINGDOM - 0.4%  |  |  |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Metlen Energy & Metals PLC (Greece)  | 57601 | 2921327 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Anglogold Ashanti Plc (South Africa)  | 287221 | 19897147 |
| TOTAL UNITED KINGDOM |  | 22818474 |
| UNITED STATES - 0.3%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| JBS NV Class A  | 208733 | 2757363 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| BeOne Medicines Ltd H Shares (b) | 487732 | 11662058 |
| Legend Biotech Corp ADR (b) | 41988 | 1360411 |
|  |  | 13022469 |
| TOTAL UNITED STATES |  | 15779832 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $3,060,954,388) |  | <br> **5722941223** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.6%** |
|  | Shares | Value ($)<br>|
| COLOMBIA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Grupo Cibest SA  | 257449 | 3760213 |
| INDIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| TVS Motor Co Ltd 6% (f) | 544592 | 0 |
| KOREA (SOUTH) - 0.5%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Hyundai Motor Co  | 13236 | 2009579 |
| Hyundai Motor Co Series 2  | 16907 | 2602424 |
|  |  | 4612003 |
| Information Technology - 0.5% |  |  |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| Samsung Electronics Co Ltd  | 464372 | 27421881 |
| TOTAL KOREA (SOUTH) |  | 32033884 |
| RUSSIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Surgutneftegas PAO (b)(f) | 3570022 | 0 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $16,761,051) |  | <br> **35794097** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (g) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 11/13/2025 (h)<br>(Cost $3,876,675)<br>| 4.15 | 3882000 | **3877834** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 4.4%** | &nbsp;&nbsp;**Money Market Funds - 4.4%** | &nbsp;&nbsp;**Money Market Funds - 4.4%** | &nbsp;&nbsp;**Money Market Funds - 4.4%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 4.18 | 199793794 | 199833753 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 4.18 | 63753717 | 63760092 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $263,593,845) |  |  | **263593845** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.4%**<br> (Cost $3,345,185,959)<br>| <br>**6026206999** |
| **NET OTHER ASSETS (LIABILITIES) - (1.4)%**  | **(81147698)** |
| **NET ASSETS - 100.0%** | **5945059301** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 Emerging Markets Index Contracts (United States) | 2633 | 12/19/2025 | 185310540 | 1895383 | 1895383 |
| The notional amount of futures purchased as a percentage of Net Assets is 3.1% | The notional amount of futures purchased as a percentage of Net Assets is 3.1% | The notional amount of futures purchased as a percentage of Net Assets is 3.1% | The notional amount of futures purchased as a percentage of Net Assets is 3.1% | The notional amount of futures purchased as a percentage of Net Assets is 3.1% | The notional amount of futures purchased as a percentage of Net Assets is 3.1% |

---

**Legend**

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

(b) Non-income producing.

(c) Security 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 $305,604,462 or 5.1% 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 $292,820,776 or 4.9% of net assets.

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

(f) Level 3 security.

(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 $3,877,834.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(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 | 767 | 1396721439 | 1196888217 | 4594314 | (235) | (1) | 199833753 | 199793794 | 0.4% |
| Fidelity Securities Lending Cash Central Fund | 43542081 | 335295052 | 315077041 | 720269 | - | - | 63760092 | 63753717 | 0.2% |
| Total | 43542848 | 1732016491 | 1511965258 | 5314583 | (235) | (1) | 263593845 |  |  |

---

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 October 31, 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 | 567250799 | 202255266 | 364995533 | - |
| Consumer Discretionary | 723004339 | 369024456 | 353979883 | - |
| Consumer Staples | 220067536 | 220067536 | - | - |
| Energy | 222965696 | 222965694 | - | 2 |
| Financials | 1254828702 | 1060615943 | 194212758 | 1 |
| Health Care | 186284898 | 173136997 | 4481147 | 8666754 |
| Industrials | 400605092 | 392808113 | 4406386 | 3390593 |
| Information Technology | 1572949940 | 779144972 | 793804968 | - |
| Materials | 363091639 | 307731319 | 55360320 | - |
| Real Estate | 78279896 | 71622182 | 6657714 | - |
| Utilities | 133612686 | 129035508 | 4577176 | 2 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 4612003 | 4612003 | - | - |
| Energy | - | - | - | - |
| Financials | 3760213 | 3760213 | - | - |
| Information Technology | 27421881 | 27421881 | - | - |
|  **U.S. Treasury Obligations** | 3877834 | - | 3877834 | - |
|  **Money Market Funds** | 263593845 | 263593845 | - | - |
| **Total Investments in Securities:** | 6026206999 | 4227795928 | 1786353719 | 12057352 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 1895383 | 1895383 | - | - |
| Total Assets | 1895383 | 1895383 | - | - |
| **Total Derivative Instruments:** | 1895383 | 1895383 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 1895383 | - |
| **Total Equity Risk**  | 1895383 | - |
| **Total Value of Derivatives** | 1895383 | - |

---

(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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $60,014,791) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $3,081,592,114) | $5762613154 |  |
| Fidelity Central Funds (cost $263,593,845) | 263593845 |  |
| Total Investment in Securities (cost $3,345,185,959) |  | $6026206999 |
| Segregated cash with brokers for derivative instruments |  | 2286777 |
| Foreign currency held at value (cost $6,479,247) |  | 6472924 |
| Receivable for fund shares sold |  | 752819 |
| Dividends receivable |  | 3412386 |
| Distributions receivable from Fidelity Central Funds |  | 458259 |
| Prepaid expenses |  | 5007 |
| Receivable from investment adviser for expense reductions |  | 183169 |
| Other receivables |  | 16978 |
| **Total assets** |  | 6039795318 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $1281491 |  |
| Accrued management fee | 359108 |  |
| Payable for daily variation margin on futures contracts | 433634 |  |
| Deferred taxes | 28486617 |  |
| Other payables and accrued expenses | 403822 |  |
| Collateral on securities loaned | 63771345 |  |
| **Total liabilities** |  | 94736017 |
| **Net Assets**  |  | $5945059301 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $4171408485 |
| Total accumulated earnings (loss) |  | 1773650816 |
| **Net Assets** |  | $5945059301 |
| **Net Asset Value**, offering price and redemption price per share ($5,945,059,301 ÷ 330,230,944 shares) |  | $18.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $142054222 |
| Interest  |  | 213087 |
| Income from Fidelity Central Funds (including $720,269 from security lending)  |  | 5314583 |
| Income before foreign taxes withheld |  | $147581892 |
| Less foreign taxes withheld |  | (16470623) |
| **Total income** |  | 131111269 |
| **Expenses** |  |  |
| Management fee | $3917945 |  |
| Custodian fees and expenses | 2509404 |  |
| Independent trustees' fees and expenses | 12965 |  |
| Registration fees | 42798 |  |
| Audit fees | 99581 |  |
| Legal | 6157 |  |
| Interest | 31656 |  |
| Miscellaneous | 19670 |  |
| Total expenses before reductions | 6640176 |  |
| Expense reductions | (2753064) |  |
| Total expenses after reductions |  | 3887112 |
| **Net Investment income (loss)** |  | 127224157 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $6,643,233)  | (67914346) |  |
| Fidelity Central Funds | (235) |  |
| Foreign currency transactions | (2495148) |  |
| Futures contracts | 32018683 |  |
| Total net realized gain (loss) |  | (38391046) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $5,752,600)  | 1187955184 |  |
| Fidelity Central Funds  | (1) |  |
| Assets and liabilities in foreign currencies | 535750 |  |
| Futures contracts | 2241559 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1190732492 |
| **Net gain (loss)** |  | 1152341446 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1279565603 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $127224157 | $144011584 |
| &nbsp;&nbsp;Net realized gain (loss) | (38391046)<br>| (78393993)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1190732492 | 988148059<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1279565603<br>| 1053765650<br>|
| Distributions to shareholders | (127414368)<br>| (104651089)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 2370660959 | 2800927863 |
| Reinvestment of distributions | 124225271<br>| 103468129<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (2825654196) | (2238500861) |
| **Net increase (decrease) in net assets resulting from share transactions** | (330767966)<br>| 665895131<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 821383269<br>| 1615009692<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 5123676032 | 3508666340<br>|
| &nbsp;&nbsp;End of period | $5945059301 | $5123676032 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 164920004 | 210593568 |
| Issued in reinvestment of distributions | 8911426<br>| 8172838<br>|
| &nbsp;&nbsp;Redeemed | (200573597) | (155539671) |
| &nbsp;&nbsp;Net increase (decrease) | (26742167) | 63226735 |

---

**Financial Highlights** 

**Fidelity® SAI Emerging Markets Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.35 | $11.94 | $11.07 | $16.49 | $14.45 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .37  | .37  | .37  | .41  | .36  |
| Net realized and unrealized gain (loss)  | 3.61  | 2.39  | .81  | (5.38)  | 1.93  |
| Total from investment operations  | 3.98  | 2.76  | 1.18  | (4.97)  | 2.29  |
| Distributions from net investment income  | (.33)  | (.35)  | (.31)  | (.45)  | (.25)  |
| Total distributions  | (.33)  | (.35)  | (.31)  | (.45)  | (.25)  |
| Net asset value, end of period  | $18.00 | $14.35 | $11.94 | $11.07 | $16.49 |
| **Total Return** C | 28.36% <br>| 23.48%  | 10.58%  | (30.89)%  | 15.87%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .13%  | .14%  | .15%  | .15%  | .13%  |
| Expenses net of fee waivers, if any  | .08% <br>| .08%  | .08%  | .08%  | .08%  |
| Expenses net of all reductions, if any  | .07%  | .08%  | .08%  | .08%  | .08%  |
| Net investment income (loss)  | 2.43%  | 2.76%  | 2.93%  | 2.95%  | 2.10%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $5945059 | $5123676 | $3508666 | $2956092 | $3806157 |
| Portfolio turnover rate F | 20% <br>| 29%  | 32%  | 30%  | 16%  |

---

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

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

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

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

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

Fidelity SAI Emerging Markets Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense 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 October 31, 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 and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $2761329582 |
| **Gross unrealized depreciation**  | <u>(194497956)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$2566831626</u> |
| **Tax Cost**  | <u>$3459375373</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$131477416</u> |
| **Capital loss carryforward**  | <u>$(896206469)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$2566866486</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 fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(464560380) |
| Long-term | <u>(431646089)</u> |
| **Total capital loss carryforward** | <u>$(896206469)</u> |

---

The tax character of distributions paid was as follows:

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| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $127414368 | $104651089 |

---

**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>|

---

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 SAI Emerging Markets Index Fund** | 1043417572 | 1449068145 |

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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 pays a monthly management fee that is based on an annual rate of .075% 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity SAI Emerging Markets Index Fund**  | Borrower | 35577714 | 4.58% | 31656 |

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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 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.

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| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity SAI Emerging Markets Index Fund** | 7130 |

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**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 SAI Emerging Markets Index Fund** | 74751 | - | - |

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**9. Expense Reductions.**

The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .075% of average net assets. This reimbursement will remain in place through February 28, 2027. During the period this reimbursement reduced the Fund's expenses by $2,676,719.

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 $76,345.

**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 Emerging Markets Fund** |
| Fidelity SAI Emerging Markets Index Fund | 56% |

---

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

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| Fidelity SAI Emerging Markets Index Fund | 65% |

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**11. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI Emerging Markets Index Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI Emerging Markets Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 10, 2025

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund designates $8,249,287 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 45.29% of the dividends distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.3914 and $0.0859 for the dividend paid December 16, 2024.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity SAI Emerging Markets Index Fund**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.

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

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

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted tthat Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

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

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

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. The Board noted that the fund has a flat fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The Board also noted that Fidelity believes the fees charged are reasonable for the overall value of the nature and quality of services shareholders receive.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.075% through February 28, 2026.

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

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

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

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

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

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img118382_4.jpg)<br>

1.9879600.109 SV6-ANN-1225

**Fidelity® International Sustainability Index Fund**

**Annual Report**

**October 31, 2025**

![](img118384_1.jpg)

![](img118384_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_ISY-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® International Sustainability Index Fund](#Sub_Sec_Fund_2986_ISY-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2986_ISY-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_ISY-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_ISY-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ISY-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ISY-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ISY-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ISY-ANN)** |

---

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 (Annual Report)**

**Fidelity® International Sustainability Index Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.4%** | &nbsp;&nbsp;**Common Stocks - 97.4%** | &nbsp;&nbsp;**Common Stocks - 97.4%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 2.7%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| CAR Group Ltd  | 13604 | 317769 |
| REA Group Ltd  | 1902 | 265186 |
|  |  | 582955 |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Aristocrat Leisure Ltd  | 20181 | 836501 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Coles Group Ltd  | 48210 | 695541 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Woodside Energy Group Ltd  | 68289 | 1106654 |
| Financials - 0.9% |  |  |
| Banks - 0.4% |  |  |
| ANZ Group Holdings Ltd  | 107113 | 2568580 |
| Capital Markets - 0.3% |  |  |
| ASX Ltd  | 6799 | 251122 |
| Macquarie Group Ltd  | 13000 | 1859050 |
|  |  | 2110172 |
| Insurance - 0.2% |  |  |
| QBE Insurance Group Ltd  | 54314 | 705067 |
| Suncorp Group Ltd  | 39083 | 501723 |
|  |  | 1206790 |
| TOTAL FINANCIALS |  | 5885542 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Cochlear Ltd  | 2359 | 443230 |
| Industrials - 0.4% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Brambles Ltd  | 49120 | 798981 |
| Professional Services - 0.1% |  |  |
| Computershare Ltd  | 18772 | 449172 |
| Transportation Infrastructure - 0.2% |  |  |
| Transurban Group unit  | 112028 | 1061383 |
| TOTAL INDUSTRIALS |  | 2309536 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| WiseTech Global Ltd  | 7227 | 326843 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| BlueScope Steel Ltd  | 15987 | 239541 |
| Evolution Mining Ltd  | 71943 | 511205 |
| Fortescue Ltd  | 60965 | 849245 |
| Northern Star Resources Ltd  | 48774 | 785375 |
| South32 Ltd  | 158595 | 327988 |
|  |  | 2713354 |
| Real Estate - 0.3% |  |  |
| Industrial REITs - 0.3% |  |  |
| Goodman Group unit  | 72992 | 1577469 |
| Utilities - 0.0% |  |  |
| Gas Utilities - 0.0% |  |  |
| Apa Group unit  | 45638 | 274122 |
| TOTAL AUSTRALIA |  | 16751747 |
| AUSTRIA - 0.1%  |  |  |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| OMV AG  | 5331 | 291631 |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Mondi PLC  | 16078 | 179576 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Verbund AG Class A  | 2469 | 190533 |
| TOTAL AUSTRIA |  | 661740 |
| BELGIUM - 0.3%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Lotus Bakeries NV  | 14 | 122158 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| KBC Group NV  | 8220 | 987747 |
| Insurance - 0.1% |  |  |
| Ageas SA/NV  | 5351 | 354033 |
| TOTAL FINANCIALS |  | 1341780 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Syensqo SA  | 2663 | 219899 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Elia Group SA/NV  | 1579 | 190194 |
| TOTAL BELGIUM |  | 1874031 |
| BRAZIL - 1.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| TIM SA/Brazil  | 29400 | 132738 |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Ultrapar Participacoes SA  | 24400 | 97102 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Raia Drogasil SA  | 44280 | 164611 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| PRIO SA/Brazil (b) | 31200 | 208949 |
| Financials - 0.5% |  |  |
| Banks - 0.4% |  |  |
| Banco Bradesco SA  | 191555 | 646593 |
| Itau Unibanco Holding SA  | 192240 | 1409297 |
|  |  | 2055890 |
| Capital Markets - 0.1% |  |  |
| B3 SA - Brasil Bolsa Balcao  | 191000 | 449458 |
| TOTAL FINANCIALS |  | 2505348 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Rede D'Or Sao Luiz SA (c)(d) | 29102 | 234441 |
| Industrials - 0.1% |  |  |
| Ground Transportation - 0.1% |  |  |
| Localiza Rent a Car SA  | 32671 | 239509 |
| Rumo SA  | 44000 | 130202 |
|  |  | 369711 |
| Transportation Infrastructure - 0.0% |  |  |
| Motiva Infraestrutura de Mobilidade SA  | 35500 | 104785 |
| TOTAL INDUSTRIALS |  | 474496 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| TOTVS SA  | 19400 | 159997 |
| Materials - 0.4% |  |  |
| Chemicals - 0.0% |  |  |
| Yara International ASA  | 6024 | 219568 |
| Containers & Packaging - 0.0% |  |  |
| Klabin SA unit  | 28330 | 94996 |
| Metals & Mining - 0.4% |  |  |
| Gerdau SA  | 45270 | 159372 |
| Wheaton Precious Metals Corp  | 16305 | 1574641 |
|  |  | 1734013 |
| TOTAL MATERIALS |  | 2048577 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Cia Energetica de Minas Gerais  | 67158 | 141557 |
| Cia Paranaense de Energia - Copel Series B  | 38000 | 98321 |
| CPFL Energia SA  | 8000 | 61859 |
| Energisa S/A unit  | 9700 | 93449 |
| Equatorial Energia SA  | 45268 | 308381 |
|  |  | 703567 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Engie Brasil Energia SA  | 7000 | 52045 |
| TOTAL UTILITIES |  | 755612 |
| TOTAL BRAZIL |  | 6781871 |
| CANADA - 7.9%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| TELUS Corp  | 18228 | 266555 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Rogers Communications Inc Class B  | 13145 | 514441 |
| TOTAL COMMUNICATION SERVICES |  | 780996 |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Canadian Tire Corp Ltd Class A  | 1827 | 209528 |
| Dollarama Inc  | 9960 | 1294647 |
|  |  | 1504175 |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| George Weston Ltd  | 6285 | 382150 |
| Loblaw Cos Ltd  | 21455 | 852663 |
| Metro Inc/CN  | 7498 | 499795 |
|  |  | 1734608 |
| Energy - 1.1% |  |  |
| Oil, Gas & Consumable Fuels - 1.1% |  |  |
| Cameco Corp  | 15640 | 1598401 |
| Enbridge Inc  | 78256 | 3649027 |
| Imperial Oil Ltd  | 6418 | 567647 |
| Keyera Corp  | 8086 | 238737 |
| Pembina Pipeline Corp  | 20924 | 791578 |
|  |  | 6845390 |
| Financials - 3.0% |  |  |
| Banks - 2.1% |  |  |
| Bank of Montreal  | 25754 | 3199258 |
| Bank of Nova Scotia/The  | 44666 | 2929539 |
| National Bank of Canada  | 14049 | 1569626 |
| Toronto Dominion Bank  | 61681 | 5064478 |
|  |  | 12762901 |
| Capital Markets - 0.5% |  |  |
| Brookfield Corp Class A  | 73602 | 3389507 |
| Insurance - 0.4% |  |  |
| Intact Financial Corp  | 6412 | 1196087 |
| Sun Life Financial Inc  | 20244 | 1231340 |
|  |  | 2427427 |
| TOTAL FINANCIALS |  | 18579835 |
| Industrials - 0.8% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| CAE Inc (b) | 10964 | 307841 |
| Commercial Services & Supplies - 0.2% |  |  |
| Element Fleet Management Corp  | 14469 | 390262 |
| RB Global Inc  | 6661 | 660900 |
|  |  | 1051162 |
| Construction & Engineering - 0.1% |  |  |
| WSP Global Inc  | 4704 | 899312 |
| Ground Transportation - 0.4% |  |  |
| Canadian National Railway Co  | 19177 | 1838876 |
| Professional Services - 0.1% |  |  |
| Thomson Reuters Corp  | 5670 | 868520 |
| TOTAL INDUSTRIALS |  | 4965711 |
| Information Technology - 1.4% |  |  |
| IT Services - 1.3% |  |  |
| CGI Inc Class A  | 7181 | 624942 |
| Shopify Inc Class A (b) | 43796 | 7614768 |
|  |  | 8239710 |
| Software - 0.1% |  |  |
| Open Text Corp  | 9222 | 353810 |
| TOTAL INFORMATION TECHNOLOGY |  | 8593520 |
| Materials - 0.8% |  |  |
| Chemicals - 0.2% |  |  |
| Nutrien Ltd  | 17535 | 955045 |
| Metals & Mining - 0.6% |  |  |
| Agnico Eagle Mines Ltd/CA  | 18066 | 2905656 |
| Kinross Gold Corp  | 44081 | 1025220 |
|  |  | 3930876 |
| TOTAL MATERIALS |  | 4885921 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| FirstService Corp Subordinate Voting Shares  | 1479 | 235429 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Fortis Inc/Canada  | 18036 | 906590 |
| Hydro One Ltd (c)(d) | 11902 | 438979 |
|  |  | 1345569 |
| TOTAL CANADA |  | 49471154 |
| CHILE - 0.3%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Falabella SA  | 22247 | 139612 |
| Specialty Retail - 0.0% |  |  |
| Empresas Copec SA  | 13149 | 94012 |
| TOTAL CONSUMER DISCRETIONARY |  | 233624 |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Latam Airlines Group SA  | 10999101 | 250661 |
| Materials - 0.3% |  |  |
| Chemicals - 0.1% |  |  |
| Sociedad Quimica y Minera de Chile SA Class B (b) | 5222 | 251634 |
| Metals & Mining - 0.2% |  |  |
| Antofagasta PLC  | 14168 | 519289 |
| Lundin Mining Corp  | 24662 | 396688 |
|  |  | 915977 |
| Paper & Forest Products - 0.0% |  |  |
| Empresas Cmpc SA  | 39637 | 57192 |
| TOTAL MATERIALS |  | 1224803 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Enel Americas SA  | 714589 | 67475 |
| Enel Chile SA  | 927330 | 70837 |
|  |  | 138312 |
| TOTAL CHILE |  | 1847400 |
| CHINA - 11.1%  |  |  |
| Communication Services - 3.8% |  |  |
| Entertainment - 0.3% |  |  |
| 37 Interactive Entertainment Network Technology Group Co Ltd A Shares (China)  | 4100 | 11965 |
| China Ruyi Holdings Ltd (b) | 296000 | 105516 |
| Kingsoft Corp Ltd  | 35600 | 155126 |
| Netease Inc  | 62600 | 1756602 |
|  |  | 2029209 |
| Interactive Media & Services - 3.5% |  |  |
| Baidu Inc A Shares (b) | 80012 | 1211081 |
| Bilibili Inc Z Shares (b) | 8420 | 254308 |
| Kuaishou Technology B Shares (c)(d) | 96500 | 898492 |
| Tencent Holdings Ltd  | 230300 | 18706754 |
|  |  | 21070635 |
| Media - 0.0% |  |  |
| China Literature Ltd (b)(c)(d) | 13800 | 74199 |
| TOTAL COMMUNICATION SERVICES |  | 23174043 |
| Consumer Discretionary - 4.3% |  |  |
| Automobiles - 0.7% |  |  |
| BYD Co Ltd A Shares (China)  | 11100 | 157188 |
| BYD Co Ltd H Shares  | 133300 | 1725744 |
| Geely Automobile Holdings Ltd  | 219000 | 518573 |
| Great Wall Motor Co Ltd A Shares (China)  | 5300 | 16971 |
| Great Wall Motor Co Ltd H Shares  | 80500 | 156741 |
| Li Auto Inc A Shares (b) | 45130 | 468317 |
| NIO Inc A Shares (b) | 66439 | 480389 |
| Seres Group Co Ltd A Shares (China)  | 3300 | 71954 |
| XPeng Inc A Shares (b) | 44916 | 523279 |
| Yadea Group Holdings Ltd (c)(d) | 41884 | 65490 |
| Zhejiang Leapmotor Technology Co Ltd H Shares (b)(c)(d) | 18300 | 137299 |
|  |  | 4321945 |
| Broadline Retail - 2.9% |  |  |
| Alibaba Group Holding Ltd  | 616600 | 13120477 |
| JD.com Inc A Shares  | 87800 | 1449577 |
| MINISO Group Holding Ltd A Shares  | 17032 | 91065 |
| Prosus NV Class N  | 46930 | 3241845 |
| Vipshop Holdings Ltd Class A ADR  | 11994 | 209775 |
|  |  | 18112739 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| H World Group Ltd ADR  | 7274 | 280776 |
| Tongcheng Travel Holdings Ltd (c) | 43600 | 120074 |
| Trip.com Group Ltd  | 22300 | 1569283 |
| Yum China Holdings Inc (Hong Kong)  | 13433 | 578425 |
|  |  | 2548558 |
| Household Durables - 0.1% |  |  |
| Haier Smart Home Co Ltd A Shares (China)  | 14900 | 56125 |
| Haier Smart Home Co Ltd H Shares  | 88800 | 288437 |
|  |  | 344562 |
| Specialty Retail - 0.1% |  |  |
| China Tourism Group Duty Free Corp Ltd A Shares (China)  | 2700 | 28857 |
| China Tourism Group Duty Free Corp Ltd H Shares (c)(d) | 1700 | 14614 |
| Chow Tai Fook Jewellery Group Ltd  | 67000 | 131231 |
| Pop Mart International Group Ltd (c)(d) | 19400 | 553249 |
|  |  | 727951 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Bosideng International Holdings Ltd  | 156000 | 95561 |
| Shenzhou International Group Holdings Ltd  | 30600 | 264236 |
|  |  | 359797 |
| TOTAL CONSUMER DISCRETIONARY |  | 26415552 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.1% |  |  |
| Nongfu Spring Co Ltd H Shares (c)(d) | 73000 | 484753 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Alibaba Health Information Technology Ltd (b) | 206000 | 153760 |
| JD Health International Inc (b)(c)(d) | 40500 | 316368 |
| Yifeng Pharmacy Chain Co Ltd A Shares (China)  | 2600 | 8920 |
|  |  | 479048 |
| Food Products - 0.1% |  |  |
| China Feihe Ltd (c)(d) | 124000 | 66224 |
| China Mengniu Dairy Co Ltd  | 118000 | 214725 |
| Henan Shuanghui Investment & Development Co Ltd A Shares (China)  | 7200 | 26039 |
| Inner Mongolia Yili Industrial Group Co Ltd A Shares (China)  | 13700 | 52760 |
| Want Want China Holdings Ltd  | 172000 | 111117 |
| Yihai Kerry Arawana Holdings Co Ltd A Shares (China)  | 3700 | 16708 |
|  |  | 487573 |
| TOTAL CONSUMER STAPLES |  | 1451374 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Yantai Jereh Oilfield Services Group Co Ltd A Shares (China)  | 2200 | 15455 |
| Financials - 1.4% |  |  |
| Banks - 1.3% |  |  |
| Agricultural Bank of China Ltd A Shares (China)  | 177600 | 198625 |
| Agricultural Bank of China Ltd H Shares  | 1011000 | 770232 |
| China Construction Bank Corp A Shares (China)  | 113900 | 146108 |
| China Construction Bank Corp H Shares  | 3376000 | 3342381 |
| China Merchants Bank Co Ltd A Shares (China)  | 45200 | 259677 |
| China Merchants Bank Co Ltd H Shares  | 140500 | 879465 |
| China Minsheng Banking Corp Ltd A Shares (China)  | 152000 | 83502 |
| China Minsheng Banking Corp Ltd H Shares  | 151500 | 77597 |
| Industrial & Commercial Bank of China Ltd A Shares (China)  | 118400 | 129423 |
| Industrial & Commercial Bank of China Ltd H Shares  | 2370000 | 1836086 |
| Industrial Bank Co Ltd A Shares (China)  | 43100 | 122503 |
| Postal Savings Bank of China Co Ltd H Shares (c)(d) | 332000 | 234135 |
|  |  | 8079734 |
| Capital Markets - 0.1% |  |  |
| Guotai Haitong Securities Co Ltd A Shares (China)  | 31900 | 86861 |
| Guotai Haitong Securities Co Ltd H Shares (c)(d) | 72000 | 137874 |
| Huatai Securities Co Ltd A Shares (China)  | 13500 | 41198 |
| Huatai Securities Co Ltd H Shares (c)(d) | 46400 | 116678 |
| Orient Securities Co Ltd/China A Shares (China)  | 15000 | 22951 |
|  |  | 405562 |
| TOTAL FINANCIALS |  | 8485296 |
| Health Care - 0.5% |  |  |
| Biotechnology - 0.1% |  |  |
| Chongqing Zhifei Biological Products Co Ltd A Shares (China)  | 5400 | 15622 |
| Imeik Technology Development Co Ltd A Shares (China)  | 660 | 14845 |
| Innovent Biologics Inc (b)(c)(d) | 52500 | 587796 |
|  |  | 618263 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Shandong Weigao Group Medical Polymer Co Ltd H Shares  | 83600 | 58419 |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd A Shares (China)  | 2500 | 75533 |
| Shenzhen New Industries Biomedical Engineering Co Ltd A Shares (China)  | 1600 | 13713 |
|  |  | 147665 |
| Health Care Providers & Services - 0.0% |  |  |
| Aier Eye Hospital Group Co Ltd A Shares (China)  | 19000 | 32702 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd A Shares (China)  | 2600 | 9629 |
| Huadong Medicine Co Ltd A Shares (China)  | 3700 | 21615 |
| Shanghai Pharmaceuticals Holding Co Ltd A Shares (China)  | 3900 | 9831 |
| Shanghai Pharmaceuticals Holding Co Ltd H Shares  | 4500 | 6781 |
| Sinopharm Group Co Ltd H Shares  | 50000 | 124637 |
|  |  | 205195 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Genscript Biotech Corp (b) | 40000 | 82877 |
| Hangzhou Tigermed Consulting Co Ltd A Shares (China)  | 700 | 5888 |
| Pharmaron Beijing Co Ltd A Shares (China)  | 3250 | 15302 |
| Wuxi Apptec Co Ltd A Shares (China)  | 5676 | 79270 |
| Wuxi Apptec Co Ltd H Shares (c)(d) | 12180 | 170226 |
| Wuxi Biologics Cayman Inc (b)(c)(d) | 124500 | 579998 |
|  |  | 933561 |
| Pharmaceuticals - 0.3% |  |  |
| Beijing Tong Ren Tang Co Ltd A Shares (China)  | 2900 | 13809 |
| China Resources Pharmaceutical Group Ltd (c)(d) | 60500 | 38773 |
| China Resources Sanjiu Medical & Pharmaceutical Co Ltd A Shares (China)  | 3432 | 13902 |
| CSPC Innovation Pharmaceutical Co Ltd A Shares (China)  | 2760 | 13727 |
| CSPC Pharmaceutical Group Ltd  | 291280 | 286761 |
| Hansoh Pharmaceutical Group Co Ltd (c)(d) | 42000 | 192635 |
| Jiangsu Hengrui Pharmaceuticals Co Ltd A Shares (China)  | 13100 | 118072 |
| Shanghai Fosun Pharmaceutical Group Co Ltd A Shares (China)  | 4400 | 18052 |
| Sichuan Kelun Pharmaceutical Co Ltd A Shares (China)  | 3400 | 16720 |
| Sino Biopharmaceutical Ltd  | 372750 | 339145 |
| Yunnan Baiyao Group Co Ltd A Shares (China)  | 3620 | 28818 |
| Zhangzhou Pientzehuang Pharmaceutical Co Ltd A Shares (China)  | 1200 | 30033 |
|  |  | 1110447 |
| TOTAL HEALTH CARE |  | 3015131 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Kuang-Chi Technologies Co Ltd A Shares (China) (b) | 4400 | 28164 |
| Air Freight & Logistics - 0.1% |  |  |
| JD Logistics Inc (b)(c)(d) | 67700 | 110299 |
| SF Holding Co Ltd A Shares (China)  | 9800 | 55530 |
| ZTO Express Cayman Inc A Shares  | 14806 | 273153 |
|  |  | 438982 |
| Electrical Equipment - 0.2% |  |  |
| CNGR Advanced Material Co Ltd A Shares (China)  | 1680 | 10867 |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 9540 | 521098 |
| Eve Energy Co Ltd A Shares (China)  | 4100 | 47916 |
| GEM Co Ltd A Shares (China)  | 9500 | 11372 |
| Goldwind Science & Technology Co Ltd A Shares (China)  | 6400 | 14118 |
| Goldwind Science & Technology Co Ltd H Shares  | 18 | 30 |
| Shanghai Electric Group Co Ltd A Shares (China) (b) | 27500 | 35972 |
| Sungrow Power Supply Co Ltd A Shares (China)  | 4380 | 116802 |
| Sunwoda Electronic Co Ltd A Shares (China)  | 3400 | 17126 |
|  |  | 775301 |
| Industrial Conglomerates - 0.0% |  |  |
| CITIC Ltd  | 152000 | 235124 |
| Fosun International Ltd  | 85000 | 53928 |
|  |  | 289052 |
| Machinery - 0.1% |  |  |
| Airtac International Group  | 5000 | 147995 |
| Haitian International Holdings Ltd  | 22000 | 60135 |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 2700 | 29214 |
| Sinotruk Hong Kong Ltd  | 23000 | 76839 |
| Weichai Power Co Ltd A Shares (China)  | 13200 | 27745 |
| Weichai Power Co Ltd H Shares  | 68000 | 140453 |
| Zoomlion Heavy Industry Science and Technology Co Ltd A Shares (China)  | 14900 | 17104 |
|  |  | 499485 |
| Passenger Airlines - 0.0% |  |  |
| Air China Ltd A Shares (China) (b) | 26000 | 28713 |
| China Southern Airlines Co Ltd A Shares (China) (b) | 22700 | 21273 |
|  |  | 49986 |
| Professional Services - 0.0% |  |  |
| Kanzhun Ltd ADR  | 12941 | 286773 |
| Trading Companies & Distributors - 0.0% |  |  |
| BOC Aviation Ltd (c)(d) | 7400 | 64853 |
| Transportation Infrastructure - 0.0% |  |  |
| China Merchants Port Holdings Co Ltd  | 42000 | 81292 |
| Jiangsu Expressway Co Ltd H Shares  | 40000 | 48696 |
| Zhejiang Expressway Co Ltd H Shares  | 54440 | 53105 |
|  |  | 183093 |
| TOTAL INDUSTRIALS |  | 2615689 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Sunny Optical Technology Group Co Ltd  | 25000 | 241939 |
| Software - 0.0% |  |  |
| Kingdee International Software Group Co Ltd (b) | 109000 | 205641 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Lenovo Group Ltd  | 240000 | 350863 |
| TOTAL INFORMATION TECHNOLOGY |  | 798443 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Ganfeng Lithium Group Co Ltd H Shares (c)(d) | 4640 | 30633 |
| Guangzhou Tinci Materials Technology Co Ltd A Shares (China)  | 4100 | 22967 |
| Jiangsu Eastern Shenghong Co Ltd A Shares (China) (b) | 13800 | 17935 |
| Rongsheng Petrochemical Co Ltd A Shares (China)  | 21200 | 30352 |
| Shanghai Putailai New Energy Technology Co Ltd A Shares (China)  | 4585 | 18830 |
| Tianqi Lithium Corp A Shares (China) (b) | 3000 | 22508 |
| Wanhua Chemical Group Co Ltd A Shares (China)  | 6400 | 56317 |
| Zangge Mining Co Ltd A Shares (China)  | 3200 | 26464 |
| Zhejiang NHU Co Ltd A Shares (China)  | 6500 | 22192 |
|  |  | 248198 |
| Construction Materials - 0.0% |  |  |
| Anhui Conch Cement Co Ltd A Shares (China)  | 8000 | 26066 |
| Anhui Conch Cement Co Ltd H Shares  | 42500 | 126561 |
| China Jushi Co Ltd A Shares (China)  | 8657 | 19947 |
| China National Building Material Co Ltd H Shares  | 126000 | 89345 |
|  |  | 261919 |
| Metals & Mining - 0.1% |  |  |
| CMOC Group Ltd A Shares (China)  | 33600 | 80443 |
| CMOC Group Ltd H Shares  | 132000 | 285726 |
| Shandong Nanshan Aluminum Co Ltd A Shares (China)  | 25100 | 16257 |
| Western Mining Co Ltd A Shares (China)  | 4400 | 14818 |
| Xiamen Tungsten Co Ltd A Shares (China)  | 3200 | 16051 |
|  |  | 413295 |
| TOTAL MATERIALS |  | 923412 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| China Merchants Shekou Industrial Zone Holdings Co Ltd A Shares (China)  | 18300 | 24297 |
| China Overseas Land & Investment Ltd  | 143000 | 239789 |
| China Resources Land Ltd  | 116500 | 420690 |
| China Vanke Co Ltd A Shares (China) (b) | 18900 | 16650 |
| China Vanke Co Ltd H Shares (b) | 78900 | 44676 |
| KE Holdings Inc A Shares  | 74447 | 422239 |
| Longfor Group Holdings Ltd (c)(d) | 72156 | 89237 |
|  |  | 1257578 |
| Utilities - 0.1% |  |  |
| Gas Utilities - 0.1% |  |  |
| China Resources Gas Group Ltd  | 32200 | 88513 |
| ENN Energy Holdings Ltd  | 29800 | 259437 |
| ENN Natural Gas Co Ltd A Shares (China)  | 5600 | 15358 |
| Kunlun Energy Co Ltd  | 140000 | 128640 |
|  |  | 491948 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| China Three Gorges Renewables Group Co Ltd A Shares (China)  | 61800 | 36902 |
| China Yangtze Power Co Ltd A Shares (China)  | 55700 | 219908 |
|  |  | 256810 |
| Water Utilities - 0.0% |  |  |
| Beijing Enterprises Water Group Ltd  | 132000 | 42468 |
| TOTAL UTILITIES |  | 791226 |
| TOTAL CHINA |  | 68943199 |
| COLOMBIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Grupo Cibest SA  | 9273 | 150354 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Interconexion Electrica SA ESP  | 15057 | 97654 |
| TOTAL COLOMBIA |  | 248008 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Ivanhoe Mines Ltd Class A (b) | 26062 | 260704 |
| CZECH REPUBLIC - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Komercni Banka AS  | 2639 | 135135 |
| Moneta Money Bank AS (c)(d) | 9149 | 77489 |
| TOTAL CZECH REPUBLIC |  | 212624 |
| DENMARK - 1.7%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Pandora A/S  | 2841 | 380440 |
| Financials - 0.0% |  |  |
| Insurance - 0.0% |  |  |
| Tryg A/S  | 12075 | 297637 |
| Health Care - 1.1% |  |  |
| Biotechnology - 0.1% |  |  |
| Genmab A/S (b) | 2191 | 624934 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Coloplast AS Series B  | 4548 | 411341 |
| Pharmaceuticals - 0.9% |  |  |
| Novo Nordisk A/S Series B  | 115625 | 5692418 |
| TOTAL HEALTH CARE |  | 6728693 |
| Industrials - 0.4% |  |  |
| Air Freight & Logistics - 0.3% |  |  |
| DSV A/S  | 7347 | 1559223 |
| Building Products - 0.0% |  |  |
| ROCKWOOL A/S Series B  | 3249 | 111276 |
| Electrical Equipment - 0.1% |  |  |
| Vestas Wind Systems A/S  | 36302 | 742452 |
| TOTAL INDUSTRIALS |  | 2412951 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Novonesis Novozymes B Series B  | 12692 | 758509 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Orsted AS (b)(c)(d) | 19007 | 339717 |
| TOTAL DENMARK |  | 10917947 |
| EGYPT - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Commercial International Bank - Egypt (CIB)  | 79322 | 177131 |
| FINLAND - 0.8%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Elisa Oyj A Shares  | 5218 | 229996 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Kesko Oyj B Shares  | 9974 | 210386 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Neste Oyj  | 14789 | 306071 |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Sampo Oyj A Shares  | 86810 | 967395 |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| Kone Oyj B Shares  | 12236 | 816894 |
| Metso Oyj  | 24060 | 394082 |
|  |  | 1210976 |
| Information Technology - 0.3% |  |  |
| Communications Equipment - 0.3% |  |  |
| Nokia Oyj  | 186303 | 1270829 |
| Materials - 0.1% |  |  |
| Paper & Forest Products - 0.1% |  |  |
| Stora Enso Oyj R Shares  | 21236 | 247224 |
| UPM-Kymmene Oyj  | 18655 | 500583 |
|  |  | 747807 |
| TOTAL FINLAND |  | 4943460 |
| FRANCE - 6.8%  |  |  |
| Communication Services - 0.1% |  |  |
| Media - 0.1% |  |  |
| Publicis Groupe SA  | 8238 | 825687 |
| Consumer Discretionary - 1.8% |  |  |
| Automobile Components - 0.1% |  |  |
| Cie Generale des Etablissements Michelin SCA Series B  | 24131 | 770875 |
| Textiles, Apparel & Luxury Goods - 1.7% |  |  |
| Hermes International SCA  | 1136 | 2813923 |
| Kering SA  | 2672 | 948873 |
| LVMH Moet Hennessy Louis Vuitton SE  | 8975 | 6343739 |
|  |  | 10106535 |
| TOTAL CONSUMER DISCRETIONARY |  | 10877410 |
| Consumer Staples - 1.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Carrefour SA  | 20745 | 312439 |
| Food Products - 0.3% |  |  |
| Danone SA  | 23243 | 2052744 |
| Personal Care Products - 0.7% |  |  |
| L'Oreal SA  | 8632 | 3602232 |
| TOTAL CONSUMER STAPLES |  | 5967415 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| TotalEnergies SE  | 73721 | 4602773 |
| Financials - 1.4% |  |  |
| Banks - 0.9% |  |  |
| BNP Paribas SA  | 36518 | 2828612 |
| Credit Agricole SA  | 37991 | 685790 |
| Societe Generale SA Series A  | 25833 | 1638346 |
|  |  | 5152748 |
| Insurance - 0.5% |  |  |
| AXA SA  | 63597 | 2759373 |
| TOTAL FINANCIALS |  | 7912121 |
| Health Care - 0.6% |  |  |
| Health Care Equipment & Supplies - 0.6% |  |  |
| EssilorLuxottica SA  | 10799 | 3949581 |
| Industrials - 0.5% |  |  |
| Construction & Engineering - 0.1% |  |  |
| Bouygues SA  | 6709 | 302597 |
| Eiffage SA  | 2484 | 305502 |
|  |  | 608099 |
| Electrical Equipment - 0.3% |  |  |
| Legrand SA  | 9432 | 1628790 |
| Professional Services - 0.1% |  |  |
| Bureau Veritas SA  | 12356 | 405616 |
| Trading Companies & Distributors - 0.0% |  |  |
| Rexel SA  | 8198 | 283483 |
| Transportation Infrastructure - 0.0% |  |  |
| Aeroports de Paris SA  | 1193 | 163501 |
| Getlink SE Series A  | 10437 | 190438 |
|  |  | 353939 |
| TOTAL INDUSTRIALS |  | 3279927 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Dassault Systemes SE  | 24094 | 685661 |
| Materials - 0.6% |  |  |
| Chemicals - 0.6% |  |  |
| Air Liquide SA  | 20779 | 4021545 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Covivio SA/France  | 2034 | 130354 |
| Office REITs - 0.0% |  |  |
| Gecina SA  | 1576 | 146325 |
| TOTAL REAL ESTATE |  | 276679 |
| TOTAL FRANCE |  | 42398799 |
| GERMANY - 2.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Scout24 SE (c)(d) | 2690 | 310683 |
| Consumer Discretionary - 0.2% |  |  |
| Specialty Retail - 0.0% |  |  |
| Zalando SE (b)(c)(d) | 8121 | 227090 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| adidas AG  | 6141 | 1161155 |
| TOTAL CONSUMER DISCRETIONARY |  | 1388245 |
| Consumer Staples - 0.1% |  |  |
| Household Products - 0.0% |  |  |
| Henkel AG & Co KGaA  | 3837 | 286371 |
| Personal Care Products - 0.1% |  |  |
| Beiersdorf AG  | 3526 | 373805 |
| TOTAL CONSUMER STAPLES |  | 660176 |
| Financials - 0.9% |  |  |
| Banks - 0.1% |  |  |
| Commerzbank AG  | 27640 | 1003885 |
| Capital Markets - 0.3% |  |  |
| Deutsche Boerse AG  | 6757 | 1711144 |
| Insurance - 0.5% |  |  |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 4688 | 2900437 |
| TOTAL FINANCIALS |  | 5615466 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Merck KGaA  | 4661 | 610561 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| MTU Aero Engines AG  | 1932 | 841998 |
| Machinery - 0.1% |  |  |
| Gea Group Ag  | 5302 | 378904 |
| Knorr-Bremse AG  | 2634 | 244708 |
|  |  | 623612 |
| Passenger Airlines - 0.0% |  |  |
| Deutsche Lufthansa AG  | 22054 | 193044 |
| TOTAL INDUSTRIALS |  | 1658654 |
| Information Technology - 0.3% |  |  |
| Semiconductors & Semiconductor Equipment - 0.3% |  |  |
| Infineon Technologies AG  | 46911 | 1862034 |
| Materials - 0.3% |  |  |
| Chemicals - 0.1% |  |  |
| Covestro AG  | 6468 | 451794 |
| Evonik Industries AG  | 8852 | 148253 |
| Symrise AG  | 4809 | 397700 |
|  |  | 997747 |
| Construction Materials - 0.2% |  |  |
| Heidelberg Materials AG  | 4801 | 1126332 |
| TOTAL MATERIALS |  | 2124079 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| LEG Immobilien SE  | 2668 | 203121 |
| Vonovia SE  | 27001 | 811536 |
|  |  | 1014657 |
| TOTAL GERMANY |  | 15244555 |
| GREECE - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Hellenic Telecommunications Organization SA  | 6205 | 116652 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Alpha Bank SA  | 78938 | 309359 |
| Eurobank Ergasias Services and Holdings SA  | 92485 | 347892 |
| National Bank of Greece SA  | 31247 | 459035 |
| Piraeus Financial Holdings SA  | 40457 | 315797 |
|  |  | 1432083 |
| TOTAL GREECE |  | 1548735 |
| HONG KONG - 1.5%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| HKT Trust & HKT Ltd unit  | 142000 | 207046 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| WH Group Ltd (c)(d) | 305000 | 292811 |
| Financials - 1.3% |  |  |
| Banks - 0.1% |  |  |
| Hang Seng Bank Ltd  | 27500 | 536513 |
| Capital Markets - 0.4% |  |  |
| Hong Kong Exchanges & Clearing Ltd  | 43300 | 2360435 |
| Insurance - 0.8% |  |  |
| AIA Group Ltd  | 382000 | 3717141 |
| Prudential PLC  | 92618 | 1288140 |
|  |  | 5005281 |
| TOTAL FINANCIALS |  | 7902229 |
| Industrials - 0.1% |  |  |
| Ground Transportation - 0.1% |  |  |
| MTR Corp Ltd  | 53656 | 196794 |
| Industrial Conglomerates - 0.0% |  |  |
| Swire Pacific Ltd A Shares  | 12000 | 99144 |
| Marine Transportation - 0.0% |  |  |
| Orient Overseas International Ltd  | 4500 | 77890 |
| TOTAL INDUSTRIALS |  | 373828 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Sino Land Co Ltd  | 131102 | 162811 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.0% |  |  |
| CK Infrastructure Holdings Ltd  | 22500 | 146370 |
| Gas Utilities - 0.1% |  |  |
| Hong Kong & China Gas Co Ltd  | 394356 | 366923 |
| TOTAL UTILITIES |  | 513293 |
| TOTAL HONG KONG |  | 9452018 |
| HUNGARY - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| MOL Hungarian Oil & Gas PLC Class A  | 14411 | 126787 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Richter Gedeon Nyrt  | 4967 | 153096 |
| TOTAL HUNGARY |  | 279883 |
| INDIA - 3.9%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Info Edge India Ltd  | 13124 | 203783 |
| Consumer Discretionary - 0.5% |  |  |
| Automobile Components - 0.0% |  |  |
| Balkrishna Industries Ltd  | 2673 | 68652 |
| Automobiles - 0.4% |  |  |
| Eicher Motors Ltd  | 4827 | 381038 |
| Hero MotoCorp Ltd  | 4265 | 266379 |
| Mahindra & Mahindra Ltd  | 33599 | 1319963 |
| TVS Motor Co Ltd  | 8706 | 344130 |
|  |  | 2311510 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Eternal Ltd (b) | 87325 | 312595 |
| Indian Hotels Co Ltd/The  | 30152 | 251977 |
|  |  | 564572 |
| Specialty Retail - 0.0% |  |  |
| Trent Ltd  | 6611 | 349620 |
| TOTAL CONSUMER DISCRETIONARY |  | 3294354 |
| Consumer Staples - 0.3% |  |  |
| Food Products - 0.1% |  |  |
| Britannia Industries Ltd  | 3829 | 251765 |
| Marico Ltd  | 18747 | 152052 |
| Nestle India Ltd  | 23871 | 341964 |
| Tata Consumer Products Ltd  | 21089 | 276783 |
|  |  | 1022564 |
| Personal Care Products - 0.2% |  |  |
| Colgate-Palmolive India Ltd  | 4581 | 115757 |
| Dabur India Ltd  | 17903 | 98334 |
| Hindustan Unilever Ltd  | 29922 | 831101 |
|  |  | 1045192 |
| TOTAL CONSUMER STAPLES |  | 2067756 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Reliance Industries Ltd  | 218996 | 3667162 |
| Financials - 1.2% |  |  |
| Banks - 1.2% |  |  |
| AU Small Finance Bank Ltd (c)(d) | 12595 | 124559 |
| Axis Bank Ltd  | 82902 | 1151373 |
| HDFC Bank Ltd/Gandhinagar  | 408066 | 4538766 |
| Kotak Mahindra Bank Ltd  | 39471 | 934782 |
| Union Bank of India Ltd  | 50337 | 84308 |
|  |  | 6833788 |
| Insurance - 0.0% |  |  |
| ICICI Prudential Life Insurance Co Ltd (c)(d) | 12481 | 83120 |
| TOTAL FINANCIALS |  | 6916908 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Max Healthcare Institute Ltd  | 28257 | 365385 |
| Pharmaceuticals - 0.1% |  |  |
| Cipla Ltd/India  | 19872 | 336099 |
| Torrent Pharmaceuticals Ltd  | 4118 | 165161 |
|  |  | 501260 |
| TOTAL HEALTH CARE |  | 866645 |
| Industrials - 0.2% |  |  |
| Building Products - 0.0% |  |  |
| Astral Ltd  | 4133 | 67517 |
| Construction & Engineering - 0.0% |  |  |
| Voltas Ltd  | 7848 | 122329 |
| Electrical Equipment - 0.1% |  |  |
| ABB India Ltd  | 1788 | 105147 |
| Havells India Ltd  | 7662 | 128950 |
| Suzlon Energy Ltd (b) | 331268 | 221306 |
|  |  | 455403 |
| Industrial Conglomerates - 0.0% |  |  |
| Siemens Ltd  | 3052 | 106460 |
| Machinery - 0.0% |  |  |
| Ashok Leyland Ltd  | 102036 | 162690 |
| Passenger Airlines - 0.1% |  |  |
| InterGlobe Aviation Ltd (c)(d) | 6944 | 440038 |
| Transportation Infrastructure - 0.0% |  |  |
| GMR Airports Ltd (b) | 91171 | 96517 |
| TOTAL INDUSTRIALS |  | 1450954 |
| Information Technology - 0.4% |  |  |
| IT Services - 0.4% |  |  |
| HCL Technologies Ltd  | 34501 | 599147 |
| Infosys Ltd  | 119555 | 1992177 |
|  |  | 2591324 |
| Materials - 0.4% |  |  |
| Chemicals - 0.2% |  |  |
| Asian Paints Ltd  | 12494 | 353405 |
| Coromandel International Ltd  | 4000 | 95740 |
| PI Industries Ltd  | 2551 | 102810 |
| Pidilite Industries Ltd  | 10976 | 178628 |
| Supreme Industries Ltd  | 2197 | 94362 |
| UPL Ltd  | 15171 | 123074 |
|  |  | 948019 |
| Construction Materials - 0.0% |  |  |
| Grasim Industries Ltd  | 10168 | 331243 |
| Metals & Mining - 0.2% |  |  |
| APL Apollo Tubes Ltd  | 6098 | 123073 |
| Hindalco Industries Ltd  | 49526 | 473055 |
| Jindal Stainless Ltd  | 11181 | 94937 |
| Vedanta Ltd  | 51039 | 283786 |
|  |  | 974851 |
| TOTAL MATERIALS |  | 2254113 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Lodha Developers Ltd (c)(d) | 11153 | 150512 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Power Grid Corp of India Ltd  | 170086 | 552135 |
| Torrent Power Ltd  | 5950 | 88246 |
|  |  | 640381 |
| Gas Utilities - 0.0% |  |  |
| GAIL India Ltd  | 87988 | 181160 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| NHPC Ltd  | 104064 | 99463 |
| TOTAL UTILITIES |  | 921004 |
| TOTAL INDIA |  | 24384515 |
| INDONESIA - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telkom Indonesia Persero Tbk PT  | 1746100 | 337756 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Kalbe Farma Tbk PT  | 646500 | 49566 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Barito Pacific Tbk PT (b) | 844327 | 175161 |
| Chandra Asri Pacific Tbk PT  | 297000 | 124122 |
|  |  | 299283 |
| Metals & Mining - 0.0% |  |  |
| Amman Mineral Internasional PT (b) | 525200 | 224229 |
| TOTAL MATERIALS |  | 523512 |
| TOTAL INDONESIA |  | 910834 |
| IRELAND - 0.3%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Kerry Group PLC Class A  | 5893 | 537292 |
| Industrials - 0.2% |  |  |
| Building Products - 0.1% |  |  |
| Kingspan Group PLC  | 5583 | 417647 |
| Trading Companies & Distributors - 0.1% |  |  |
| AerCap Holdings NV  | 6338 | 825462 |
| TOTAL INDUSTRIALS |  | 1243109 |
| TOTAL IRELAND |  | 1780401 |
| ISRAEL - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Nice Ltd (b) | 2277 | 308589 |
| ITALY - 1.7%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Infrastrutture Wireless Italiane SpA (c)(d) | 10118 | 111085 |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Moncler SpA  | 8408 | 503957 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Coca-Cola HBC AG  | 7867 | 356967 |
| Financials - 0.9% |  |  |
| Banks - 0.7% |  |  |
| FinecoBank Banca Fineco SpA  | 22032 | 503079 |
| Intesa Sanpaolo SpA  | 510637 | 3291232 |
|  |  | 3794311 |
| Financial Services - 0.0% |  |  |
| Nexi SpA (c)(d) | 20165 | 106128 |
| Insurance - 0.2% |  |  |
| Generali  | 30509 | 1172793 |
| Poste Italiane Spa (c)(d) | 16112 | 387958 |
|  |  | 1560751 |
| TOTAL FINANCIALS |  | 5461190 |
| Industrials - 0.2% |  |  |
| Electrical Equipment - 0.2% |  |  |
| Prysmian SpA  | 10138 | 1049598 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| Enel SpA  | 291295 | 2946670 |
| TOTAL ITALY |  | 10429467 |
| JAPAN - 14.1%  |  |  |
| Communication Services - 1.7% |  |  |
| Entertainment - 0.2% |  |  |
| Capcom Co Ltd  | 12400 | 323803 |
| Konami Group Corp  | 3600 | 601285 |
| Nexon Co Ltd  | 11800 | 241191 |
| Toho Co Ltd/Tokyo  | 3700 | 217424 |
|  |  | 1383703 |
| Interactive Media & Services - 0.0% |  |  |
| LY Corp  | 99600 | 292676 |
| Wireless Telecommunication Services - 1.5% |  |  |
| KDDI Corp  | 112900 | 1799667 |
| SoftBank Corp  | 1029800 | 1463344 |
| SoftBank Group Corp  | 34300 | 6018576 |
|  |  | 9281587 |
| TOTAL COMMUNICATION SERVICES |  | 10957966 |
| Consumer Discretionary - 2.4% |  |  |
| Automobile Components - 0.1% |  |  |
| Bridgestone Corp  | 20500 | 894930 |
| Automobiles - 0.1% |  |  |
| Isuzu Motors Ltd  | 19400 | 238550 |
| Subaru Corp  | 21100 | 448863 |
| Yamaha Motor Co Ltd  | 33300 | 240929 |
|  |  | 928342 |
| Broadline Retail - 0.1% |  |  |
| Pan Pacific International Holdings Corp  | 68800 | 409265 |
| Rakuten Group Inc (b) | 53200 | 348487 |
|  |  | 757752 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Oriental Land Co Ltd/Japan  | 38800 | 785517 |
| Household Durables - 1.3% |  |  |
| Panasonic Holdings Corp  | 83700 | 972530 |
| Sekisui House Ltd  | 21500 | 461920 |
| Sony Group Corp  | 220700 | 6146404 |
|  |  | 7580854 |
| Leisure Products - 0.1% |  |  |
| Bandai Namco Holdings Inc  | 21100 | 657467 |
| Specialty Retail - 0.5% |  |  |
| Fast Retailing Co Ltd  | 6900 | 2533128 |
| ZOZO Inc  | 15800 | 136716 |
|  |  | 2669844 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Asics Corp  | 25083 | 641764 |
| TOTAL CONSUMER DISCRETIONARY |  | 14916470 |
| Consumer Staples - 0.7% |  |  |
| Beverages - 0.0% |  |  |
| Suntory Beverage & Food Ltd  | 4800 | 145205 |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Aeon Co Ltd  | 80000 | 1266369 |
| Kobe Bussan Co Ltd  | 5100 | 118375 |
| MatsukiyoCocokara & Co  | 11900 | 215630 |
|  |  | 1600374 |
| Food Products - 0.2% |  |  |
| Ajinomoto Co Inc  | 32500 | 922215 |
| Kikkoman Corp  | 24800 | 197293 |
| MEIJI Holdings Co Ltd  | 8300 | 159580 |
| Nissin Foods Holdings Co Ltd  | 6900 | 124424 |
|  |  | 1403512 |
| Household Products - 0.0% |  |  |
| Unicharm Corp  | 39200 | 242536 |
| Personal Care Products - 0.2% |  |  |
| Kao Corp  | 16800 | 710970 |
| Shiseido Co Ltd  | 14500 | 244630 |
|  |  | 955600 |
| TOTAL CONSUMER STAPLES |  | 4347227 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| ENEOS Holdings Inc  | 97500 | 615456 |
| Financials - 2.4% |  |  |
| Banks - 1.2% |  |  |
| Mizuho Financial Group Inc  | 90200 | 3021292 |
| Sumitomo Mitsui Financial Group Inc  | 132400 | 3584573 |
| Sumitomo Mitsui Trust Group Inc  | 23100 | 634478 |
| Yokohama Financial Group Inc  | 36000 | 261865 |
|  |  | 7502208 |
| Capital Markets - 0.2% |  |  |
| Daiwa Securities Group Inc  | 48100 | 371260 |
| Nomura Holdings Inc  | 107700 | 768559 |
|  |  | 1139819 |
| Financial Services - 0.1% |  |  |
| ORIX Corp  | 41700 | 1020067 |
| Insurance - 0.9% |  |  |
| Dai-ichi Life Holdings Inc  | 126400 | 889910 |
| Ms&Ad Insurance Group Holdings Inc  | 46300 | 954450 |
| Sompo Holdings Inc  | 31900 | 972168 |
| T&D Holdings Inc  | 17600 | 379271 |
| Tokio Marine Holdings Inc  | 66000 | 2461351 |
|  |  | 5657150 |
| TOTAL FINANCIALS |  | 15319244 |
| Health Care - 0.7% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Hoya Corp  | 12300 | 2002112 |
| Sysmex Corp  | 18200 | 202886 |
|  |  | 2204998 |
| Pharmaceuticals - 0.4% |  |  |
| Astellas Pharma Inc  | 65400 | 684583 |
| Daiichi Sankyo Co Ltd  | 61300 | 1464342 |
| Eisai Co Ltd  | 9200 | 273245 |
|  |  | 2422170 |
| TOTAL HEALTH CARE |  | 4627168 |
| Industrials - 3.1% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| SG Holdings Co Ltd  | 9900 | 90996 |
| Building Products - 0.2% |  |  |
| Daikin Industries Ltd  | 9500 | 1103710 |
| Commercial Services & Supplies - 0.1% |  |  |
| Dai Nippon Printing Co Ltd  | 13800 | 230985 |
| Secom Co Ltd  | 15100 | 510780 |
|  |  | 741765 |
| Construction & Engineering - 0.1% |  |  |
| Obayashi Corp  | 23500 | 398300 |
| Electrical Equipment - 0.1% |  |  |
| Fuji Electric Co Ltd  | 4900 | 351658 |
| Ground Transportation - 0.1% |  |  |
| Hankyu Hanshin Holdings Inc  | 8500 | 228123 |
| Tokyu Corp  | 18400 | 204882 |
| West Japan Railway Co  | 15400 | 315874 |
|  |  | 748879 |
| Industrial Conglomerates - 1.0% |  |  |
| Hitachi Ltd  | 164500 | 5676537 |
| Sekisui Chemical Co Ltd  | 13600 | 236065 |
|  |  | 5912602 |
| Machinery - 0.5% |  |  |
| Daifuku Co Ltd  | 11600 | 370935 |
| FANUC Corp  | 33600 | 1121281 |
| Komatsu Ltd  | 34200 | 1144023 |
| Kubota Corp  | 35300 | 458229 |
|  |  | 3094468 |
| Passenger Airlines - 0.0% |  |  |
| ANA Holdings Inc  | 5600 | 104980 |
| Professional Services - 0.4% |  |  |
| Recruit Holdings Co Ltd  | 47700 | 2365346 |
| Trading Companies & Distributors - 0.6% |  |  |
| ITOCHU Corp  | 42700 | 2474556 |
| Marubeni Corp  | 50700 | 1250146 |
|  |  | 3724702 |
| TOTAL INDUSTRIALS |  | 18637406 |
| Information Technology - 1.8% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Shimadzu Corp  | 8700 | 234281 |
| TDK Corp  | 69900 | 1221308 |
| Yokogawa Electric Corp  | 8000 | 239984 |
|  |  | 1695573 |
| IT Services - 0.7% |  |  |
| Fujitsu Ltd  | 63200 | 1647021 |
| NEC Corp  | 46500 | 1695133 |
| Nomura Research Institute Ltd  | 13600 | 525138 |
| TIS Inc  | 7400 | 255214 |
|  |  | 4122506 |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Renesas Electronics Corp  | 60500 | 747149 |
| Tokyo Electron Ltd  | 16100 | 3549573 |
|  |  | 4296722 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| FUJIFILM Holdings Corp  | 40200 | 931703 |
| TOTAL INFORMATION TECHNOLOGY |  | 11046504 |
| Materials - 0.7% |  |  |
| Chemicals - 0.6% |  |  |
| Asahi Kasei Corp  | 43200 | 331478 |
| Mitsubishi Chemical Group Corp  | 46600 | 243750 |
| Nippon Paint Holdings Co Ltd  | 34300 | 218672 |
| Nitto Denko Corp  | 25400 | 635206 |
| Shin-Etsu Chemical Co Ltd  | 60600 | 1821572 |
| Toray Industries Inc  | 50100 | 307570 |
|  |  | 3558248 |
| Metals & Mining - 0.1% |  |  |
| JFE Holdings Inc  | 20900 | 239839 |
| Sumitomo Metal Mining Co Ltd  | 8700 | 284599 |
|  |  | 524438 |
| TOTAL MATERIALS |  | 4082686 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Daiwa House Industry Co Ltd  | 20100 | 682520 |
| Mitsubishi Estate Co Ltd  | 38100 | 806946 |
| Mitsui Fudosan Co Ltd  | 94800 | 985155 |
|  |  | 2474621 |
| Utilities - 0.1% |  |  |
| Gas Utilities - 0.1% |  |  |
| Osaka Gas Co Ltd  | 12900 | 405809 |
| Tokyo Gas Co Ltd  | 11300 | 396097 |
|  |  | 801906 |
| TOTAL JAPAN |  | 87826654 |
| KOREA (SOUTH) - 1.8%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| LG Uplus Corp  | 7386 | 78756 |
| Entertainment - 0.1% |  |  |
| HYBE Co Ltd  | 847 | 202082 |
| Krafton Inc (b) | 1049 | 202569 |
|  |  | 404651 |
| Interactive Media & Services - 0.2% |  |  |
| Kakao Corp  | 11143 | 507542 |
| NAVER Corp  | 5128 | 959755 |
|  |  | 1467297 |
| Wireless Telecommunication Services - 0.0% |  |  |
| SK Telecom Co Ltd  | 1853 | 67628 |
| TOTAL COMMUNICATION SERVICES |  | 2018332 |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Hanjin Kal Corp  | 799 | 58531 |
| Household Durables - 0.1% |  |  |
| Coway Co Ltd  | 1849 | 115396 |
| LG Electronics Inc  | 4046 | 247981 |
|  |  | 363377 |
| TOTAL CONSUMER DISCRETIONARY |  | 421908 |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| Amorepacific Corp  | 966 | 81713 |
| LG H&H Co Ltd  | 327 | 65091 |
|  |  | 146804 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| HD Hyundai Co Ltd  | 1578 | 226334 |
| SK Innovation Co Ltd  | 2340 | 211036 |
|  |  | 437370 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Hana Financial Group Inc  | 10316 | 617115 |
| KakaoBank Corp  | 5766 | 93393 |
| KB Financial Group Inc  | 13074 | 1063910 |
| Shinhan Financial Group Co Ltd  | 15812 | 809582 |
| Woori Financial Group Inc  | 24377 | 433214 |
|  |  | 3017214 |
| Capital Markets - 0.0% |  |  |
| Mirae Asset Securities Co Ltd  | 7846 | 144375 |
| TOTAL FINANCIALS |  | 3161589 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| SK Biopharmaceuticals Co Ltd (b) | 1085 | 87680 |
| Yuhan Corp  | 1919 | 158433 |
|  |  | 246113 |
| Industrials - 0.7% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Hanwha Systems Co Ltd  | 2576 | 107960 |
| Air Freight & Logistics - 0.0% |  |  |
| Hyundai Glovis Co Ltd  | 1386 | 183086 |
| Electrical Equipment - 0.5% |  |  |
| Doosan Enerbility Co Ltd (b) | 16137 | 1001464 |
| HD Hyundai Electric Co Ltd  | 848 | 516183 |
| LG Energy Solution Ltd (b) | 1694 | 560613 |
| LS Electric Co Ltd  | 509 | 154916 |
| POSCO Future M Co Ltd (b) | 1189 | 180106 |
|  |  | 2413282 |
| Industrial Conglomerates - 0.2% |  |  |
| LG Corp  | 2981 | 167481 |
| Samsung C&T Corp  | 3086 | 487970 |
| SK Inc  | 1321 | 229677 |
| SK Square Co Ltd (b) | 3339 | 607406 |
|  |  | 1492534 |
| Machinery - 0.0% |  |  |
| Doosan Bobcat Inc  | 1832 | 77290 |
| Marine Transportation - 0.0% |  |  |
| HMM Co Ltd  | 8213 | 118087 |
| Passenger Airlines - 0.0% |  |  |
| Korean Air Lines Co Ltd  | 6789 | 105213 |
| TOTAL INDUSTRIALS |  | 4497452 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| LG Chem Ltd  | 1736 | 482809 |
| Metals & Mining - 0.0% |  |  |
| Korea Zinc Co Ltd  | 138 | 99740 |
| TOTAL MATERIALS |  | 582549 |
| TOTAL KOREA (SOUTH) |  | 11512117 |
| KUWAIT - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Kuwait Finance House KSCP  | 398106 | 1042149 |
| LUXEMBOURG - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Eurofins Scientific SE  | 4267 | 300708 |
| MALAYSIA - 0.5%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telekom Malaysia Bhd  | 40795 | 71109 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Axiata Group Berhad  | 95704 | 57358 |
| CELCOMDIGI BHD  | 122600 | 105387 |
| Maxis Bhd  | 83500 | 75764 |
|  |  | 238509 |
| TOTAL COMMUNICATION SERVICES |  | 309618 |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| MR DIY Group M Bhd (c)(d) | 118400 | 45234 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Nestle Malaysia Bhd  | 2400 | 64756 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Petronas Dagangan Bhd  | 10000 | 54155 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| AMMB Holdings Bhd  | 85500 | 116368 |
| CIMB Group Holdings Bhd  | 294105 | 512647 |
| Malayan Banking Bhd  | 223340 | 526353 |
| Public Bank Bhd  | 534200 | 538282 |
|  |  | 1693650 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| IHH Healthcare Bhd  | 75700 | 149122 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| Gamuda Bhd  | 161047 | 193810 |
| Industrial Conglomerates - 0.0% |  |  |
| Sunway Bhd  | 89500 | 115615 |
| TOTAL INDUSTRIALS |  | 309425 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Petronas Chemicals Group Bhd  | 82400 | 76734 |
| Metals & Mining - 0.0% |  |  |
| Press Metal Aluminium Holdings Bhd  | 131700 | 199059 |
| TOTAL MATERIALS |  | 275793 |
| Utilities - 0.0% |  |  |
| Gas Utilities - 0.0% |  |  |
| Petronas Gas Bhd  | 27300 | 120595 |
| Multi-Utilities - 0.0% |  |  |
| YTL Corp Bhd  | 98700 | 61275 |
| YTL Corp Bhd warrants 6/2/2028 (b) | 23440 | 6587 |
| YTL Power International Bhd  | 100400 | 95653 |
| YTL Power International Bhd warrants 6/2/2028 (b) | 14800 | 5813 |
|  |  | 169328 |
| TOTAL UTILITIES |  | 289923 |
| TOTAL MALAYSIA |  | 3191676 |
| MEXICO - 0.7%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| America Movil SAB de CV Series B  | 652400 | 744105 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.1% |  |  |
| Fomento Economico Mexicano SAB de CV unit  | 62500 | 589593 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Wal-Mart de Mexico SAB de CV Series V  | 188500 | 623176 |
| Food Products - 0.0% |  |  |
| Grupo Bimbo SAB de CV  | 45700 | 157921 |
| TOTAL CONSUMER STAPLES |  | 1370690 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Grupo Financiero Banorte SAB de CV  | 91000 | 856439 |
| Industrials - 0.1% |  |  |
| Transportation Infrastructure - 0.1% |  |  |
| Grupo Aeroportuario del Pacifico SAB de CV Series B  | 13550 | 282451 |
| Grupo Aeroportuario del Sureste SAB de CV Series B  | 6615 | 200100 |
|  |  | 482551 |
| Materials - 0.1% |  |  |
| Construction Materials - 0.1% |  |  |
| Cemex SAB de CV unit  | 546400 | 555267 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Fibra Uno Administracion SA de CV  | 103500 | 150193 |
| TOTAL MEXICO |  | 4159245 |
| NETHERLANDS - 3.7%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Koninklijke KPN NV  | 140147 | 648525 |
| Entertainment - 0.2% |  |  |
| Universal Music Group NV  | 39862 | 1069178 |
| TOTAL COMMUNICATION SERVICES |  | 1717703 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Koninklijke Ahold Delhaize NV  | 32559 | 1332659 |
| Financials - 0.6% |  |  |
| Banks - 0.4% |  |  |
| ING Groep NV  | 108378 | 2706164 |
| Insurance - 0.2% |  |  |
| ASR Nederland NV  | 5646 | 376805 |
| NN Group NV  | 9650 | 660488 |
|  |  | 1037293 |
| TOTAL FINANCIALS |  | 3743457 |
| Industrials - 0.2% |  |  |
| Professional Services - 0.2% |  |  |
| Randstad NV  | 3744 | 146684 |
| Wolters Kluwer NV  | 8580 | 1050785 |
|  |  | 1197469 |
| Information Technology - 2.4% |  |  |
| Semiconductors & Semiconductor Equipment - 2.4% |  |  |
| ASML Holding NV  | 14137 | 14960452 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Akzo Nobel NV  | 6196 | 410226 |
| TOTAL NETHERLANDS |  | 23361966 |
| NEW ZEALAND - 0.1%  |  |  |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Xero Ltd (b) | 5911 | 560797 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Contact Energy Ltd  | 29671 | 158246 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Meridian Energy Ltd  | 47819 | 161998 |
| TOTAL UTILITIES |  | 320244 |
| TOTAL NEW ZEALAND |  | 881041 |
| NORWAY - 0.5%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telenor ASA  | 22183 | 329813 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Mowi ASA  | 16836 | 369987 |
| Orkla ASA  | 25467 | 258209 |
|  |  | 628196 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Aker BP ASA  | 11419 | 296375 |
| Equinor ASA  | 27583 | 660649 |
|  |  | 957024 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| DNB Bank ASA  | 31749 | 809613 |
| Insurance - 0.0% |  |  |
| Gjensidige Forsikring ASA  | 7181 | 193256 |
| TOTAL FINANCIALS |  | 1002869 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Norsk Hydro ASA  | 48633 | 329077 |
| TOTAL NORWAY |  | 3246979 |
| PERU - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Credicorp Ltd  | 2438 | 636318 |
| PHILIPPINES - 0.0%  |  |  |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Ayala Corp  | 8430 | 67199 |
| SM Investments Corp  | 7455 | 92570 |
|  |  | 159769 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Manila Electric Co  | 9440 | 94063 |
| TOTAL PHILIPPINES |  | 253832 |
| POLAND - 0.4%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Allegro.eu SA (b)(c)(d) | 25113 | 234606 |
| Specialty Retail - 0.0% |  |  |
| CCC SA (b) | 1831 | 74866 |
| TOTAL CONSUMER DISCRETIONARY |  | 309472 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Zabka Group SA (b) | 9949 | 57787 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| ORLEN SA  | 20934 | 567196 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| mBank SA (b) | 515 | 136831 |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 31538 | 646473 |
| Santander Bank Polska SA  | 1411 | 186147 |
|  |  | 969451 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| InPost SA (b) | 8431 | 106121 |
| Construction & Engineering - 0.0% |  |  |
| Budimex SA  | 427 | 67825 |
| TOTAL INDUSTRIALS |  | 173946 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| KGHM Polska Miedz SA (b) | 5094 | 267390 |
| TOTAL POLAND |  | 2345242 |
| PORTUGAL - 0.2%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Jeronimo Martins SGPS SA  | 10201 | 262678 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Galp Energia SGPS SA  | 15116 | 303081 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| EDP SA  | 112952 | 561137 |
| TOTAL PORTUGAL |  | 1126896 |
| QATAR - 0.2%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Qatar Fuel QSC  | 20831 | 85818 |
| Qatar Gas Transport Co Ltd  | 102765 | 124978 |
|  |  | 210796 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Qatar National Bank QPSC  | 166629 | 846188 |
| TOTAL QATAR |  | 1056984 |
| ROMANIA - 0.0%  |  |  |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| NEPI Rockcastle NV  | 21760 | 176214 |
| RUSSIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Gazprom PJSC (b)(e) | 372050 | 0 |
| LUKOIL PJSC (b)(e) | 13192 | 0 |
|  |  | 0 |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Moscow Exchange MICEX-RTS PJSC (b)(e) | 49350 | 0 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Phosagro Pjsc GDR (b)(c)(e) | 26 | 0 |
| Metals & Mining - 0.0% |  |  |
| Novolipetsk Steel PJSC (b)(e) | 47040 | 0 |
| Polyus PJSC (b)(e) | 10310 | 0 |
|  |  | 0 |
| TOTAL MATERIALS |  | 0 |
| TOTAL RUSSIA |  | 0 |
| SAUDI ARABIA - 0.6%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Etihad Etisalat Co  | 13686 | 247241 |
| Energy - 0.3% |  |  |
| Oil, Gas & Consumable Fuels - 0.3% |  |  |
| Saudi Arabian Oil Co (c)(d) | 216976 | 1498461 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Alinma Bank  | 44393 | 306583 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Dr Sulaiman Al Habib Medical Services Group Co  | 3163 | 229573 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Arabian Internet & Communications Services Co  | 790 | 53041 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| SABIC Agri-Nutrients Co  | 8465 | 276727 |
| Saudi Basic Industries Corp  | 32537 | 529660 |
|  |  | 806387 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.0% |  |  |
| Saudi Electricity Co  | 31228 | 133479 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| ACWA Power Co (b) | 5407 | 348471 |
| TOTAL UTILITIES |  | 481950 |
| TOTAL SAUDI ARABIA |  | 3623236 |
| SINGAPORE - 0.6%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| United Overseas Bank Ltd  | 45600 | 1214623 |
| Capital Markets - 0.1% |  |  |
| Singapore Exchange Ltd  | 31100 | 404520 |
| TOTAL FINANCIALS |  | 1619143 |
| Industrials - 0.1% |  |  |
| Ground Transportation - 0.1% |  |  |
| Grab Holdings Ltd Class A (b) | 85512 | 513927 |
| Industrial Conglomerates - 0.0% |  |  |
| Keppel Ltd  | 53500 | 418842 |
| TOTAL INDUSTRIALS |  | 932769 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| STMicroelectronics NV  | 24569 | 604337 |
| Real Estate - 0.1% |  |  |
| Industrial REITs - 0.1% |  |  |
| CapitaLand Ascendas REIT  | 138400 | 299852 |
| Real Estate Management & Development - 0.0% |  |  |
| CapitaLand Investment Ltd/Singapore  | 81701 | 165712 |
| TOTAL REAL ESTATE |  | 465564 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Sembcorp Industries Ltd  | 30700 | 154019 |
| TOTAL SINGAPORE |  | 3775832 |
| SOUTH AFRICA - 1.8%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| MTN Group Ltd  | 62702 | 625411 |
| Vodacom Group Ltd  | 21726 | 175487 |
|  |  | 800898 |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.3% |  |  |
| Naspers Ltd Class N  | 28059 | 1970754 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Bid Corp Ltd  | 11792 | 291707 |
| Clicks Group Ltd  | 8922 | 187852 |
| Shoprite Holdings Ltd  | 18386 | 307591 |
|  |  | 787150 |
| Financials - 0.6% |  |  |
| Banks - 0.4% |  |  |
| Absa Group Ltd  | 30943 | 345955 |
| Capitec Bank Holdings Ltd  | 3142 | 694560 |
| Nedbank Group Ltd  | 16036 | 218431 |
| Standard Bank Group Ltd  | 47563 | 698350 |
|  |  | 1957296 |
| Financial Services - 0.1% |  |  |
| FirstRand Ltd  | 181890 | 862686 |
| Insurance - 0.1% |  |  |
| Discovery Ltd  | 18956 | 238121 |
| Old Mutual Ltd  | 144158 | 112666 |
| Sanlam Ltd  | 65727 | 344870 |
|  |  | 695657 |
| TOTAL FINANCIALS |  | 3515639 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Bidvest Group Ltd  | 11487 | 149061 |
| Materials - 0.7% |  |  |
| Chemicals - 0.0% |  |  |
| Sasol Ltd (b) | 20016 | 125231 |
| Metals & Mining - 0.7% |  |  |
| Anglo American PLC  | 40195 | 1520685 |
| Gold Fields Ltd  | 32136 | 1239039 |
| Impala Platinum Holdings Ltd  | 32535 | 348677 |
| Valterra Platinum Ltd  | 9537 | 589856 |
|  |  | 3698257 |
| TOTAL MATERIALS |  | 3823488 |
| TOTAL SOUTH AFRICA |  | 11046990 |
| SPAIN - 1.6%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Cellnex Telecom SA (c)(d) | 17831 | 555110 |
| Consumer Discretionary - 0.2% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Amadeus IT Group SA Class A  | 16161 | 1235407 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Repsol SA  | 41669 | 764599 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Banco de Sabadell SA  | 180020 | 672923 |
| Industrials - 0.2% |  |  |
| Construction & Engineering - 0.1% |  |  |
| ACS Actividades de Construccion y Servicios SA  | 6448 | 529179 |
| Transportation Infrastructure - 0.1% |  |  |
| Aena SME SA (c)(d) | 26974 | 732207 |
| TOTAL INDUSTRIALS |  | 1261386 |
| Utilities - 0.9% |  |  |
| Electric Utilities - 0.9% |  |  |
| Endesa SA  | 11335 | 406200 |
| Iberdrola SA  | 227587 | 4612334 |
| Redeia Corp SA  | 14703 | 264549 |
|  |  | 5283083 |
| TOTAL SPAIN |  | 9772508 |
| SWEDEN - 2.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Telia Co AB  | 84623 | 332070 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Tele2 AB B Shares  | 19652 | 311217 |
| TOTAL COMMUNICATION SERVICES |  | 643287 |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Evolution AB (d) | 5143 | 343868 |
| Specialty Retail - 0.1% |  |  |
| H & M Hennes & Mauritz AB B Shares  | 20263 | 382690 |
| TOTAL CONSUMER DISCRETIONARY |  | 726558 |
| Consumer Staples - 0.1% |  |  |
| Household Products - 0.1% |  |  |
| Essity AB B Shares  | 21747 | 597225 |
| Financials - 0.2% |  |  |
| Banks - 0.1% |  |  |
| Svenska Handelsbanken AB A Shares  | 52124 | 680184 |
| Capital Markets - 0.1% |  |  |
| EQT AB  | 13272 | 460456 |
| TOTAL FINANCIALS |  | 1140640 |
| Industrials - 1.5% |  |  |
| Building Products - 0.2% |  |  |
| Assa Abloy AB B Shares  | 36016 | 1357247 |
| Nibe Industrier AB B Shares  | 53439 | 208744 |
|  |  | 1565991 |
| Construction & Engineering - 0.1% |  |  |
| Skanska AB B Shares  | 12262 | 335066 |
| Machinery - 1.1% |  |  |
| Alfa Laval AB  | 10435 | 498670 |
| Atlas Copco AB A Shares  | 96656 | 1619575 |
| Atlas Copco AB B Shares  | 55772 | 838026 |
| Epiroc AB A Shares  | 23570 | 499175 |
| Epiroc AB B Shares  | 14131 | 264763 |
| Indutrade AB  | 9895 | 264554 |
| Sandvik AB  | 38217 | 1160559 |
| SKF AB B Shares  | 12306 | 317357 |
| Volvo AB B Shares  | 57014 | 1561902 |
|  |  | 7024581 |
| Trading Companies & Distributors - 0.1% |  |  |
| AddTech AB B Shares  | 9389 | 318229 |
| TOTAL INDUSTRIALS |  | 9243867 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Boliden AB (b) | 10229 | 461908 |
| Paper & Forest Products - 0.0% |  |  |
| Holmen AB B Shares  | 2627 | 99325 |
| Svenska Cellulosa AB SCA B Shares  | 21585 | 287982 |
|  |  | 387307 |
| TOTAL MATERIALS |  | 849215 |
| TOTAL SWEDEN |  | 13200792 |
| SWITZERLAND - 3.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Swisscom AG  | 930 | 681249 |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.2% |  |  |
| Chocoladefabriken Lindt & Spruengli AG  | 4 | 612365 |
| Chocoladefabriken Lindt & Spruengli AG  | 32 | 491879 |
|  |  | 1104244 |
| Financials - 0.9% |  |  |
| Banks - 0.0% |  |  |
| Banque Cantonale Vaudoise  | 1032 | 119646 |
| Capital Markets - 0.1% |  |  |
| Julius Baer Group Ltd  | 7417 | 500711 |
| Insurance - 0.8% |  |  |
| Baloise Holding AG  | 1487 | 368447 |
| Swiss Life Holding AG  | 1022 | 1107913 |
| Zurich Insurance Group AG  | 5245 | 3647748 |
|  |  | 5124108 |
| TOTAL FINANCIALS |  | 5744465 |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Sonova Holding AG  | 1828 | 496553 |
| Life Sciences Tools & Services - 0.3% |  |  |
| Lonza Group AG  | 2522 | 1736803 |
| TOTAL HEALTH CARE |  | 2233356 |
| Industrials - 1.0% |  |  |
| Building Products - 0.1% |  |  |
| Geberit AG  | 1223 | 892080 |
| Electrical Equipment - 0.7% |  |  |
| ABB Ltd  | 56292 | 4185172 |
| Machinery - 0.1% |  |  |
| VAT Group AG (c)(d) | 972 | 423102 |
| Marine Transportation - 0.0% |  |  |
| Kuehne + Nagel International AG  | 1695 | 324361 |
| Professional Services - 0.1% |  |  |
| SGS SA  | 5971 | 672373 |
| TOTAL INDUSTRIALS |  | 6497088 |
| Information Technology - 0.1% |  |  |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Logitech International SA  | 5476 | 657869 |
| Materials - 0.5% |  |  |
| Chemicals - 0.5% |  |  |
| DSM-Firmenich AG  | 6747 | 549941 |
| Givaudan SA  | 332 | 1360592 |
| Sika AG  | 5494 | 1076757 |
|  |  | 2987290 |
| Containers & Packaging - 0.0% |  |  |
| SIG Group AG  | 10538 | 117525 |
| TOTAL MATERIALS |  | 3104815 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Swiss Prime Site AG  | 2881 | 409193 |
| TOTAL SWITZERLAND |  | 20432279 |
| TAIWAN - 8.9%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Chunghwa Telecom Co Ltd  | 137000 | 583049 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Far EasTone Telecommunications Co Ltd  | 61000 | 183329 |
| Taiwan Mobile Co Ltd  | 64000 | 227695 |
|  |  | 411024 |
| TOTAL COMMUNICATION SERVICES |  | 994073 |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Hotai Motor Co Ltd  | 11180 | 205598 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| President Chain Store Corp  | 20000 | 154981 |
| Food Products - 0.1% |  |  |
| Uni-President Enterprises Corp  | 175000 | 447479 |
| TOTAL CONSUMER STAPLES |  | 602460 |
| Financials - 0.9% |  |  |
| Banks - 0.6% |  |  |
| CTBC Financial Holding Co Ltd  | 601000 | 817202 |
| E.Sun Financial Holding Co Ltd  | 525495 | 507943 |
| First Financial Holding Co Ltd  | 416254 | 386122 |
| Hua Nan Financial Holdings Co Ltd  | 317241 | 300976 |
| Mega Financial Holding Co Ltd  | 428242 | 562122 |
| Shanghai Commercial & Savings Bank Ltd/The  | 134000 | 172408 |
| SinoPac Financial Holdings Co Ltd  | 446666 | 372246 |
| Taiwan Cooperative Financial Holding Co Ltd  | 385495 | 297469 |
| TS Financial Holding Co Ltd  | 762349 | 463186 |
|  |  | 3879674 |
| Financial Services - 0.0% |  |  |
| Chailease Holding Co Ltd  | 55557 | 185924 |
| Insurance - 0.3% |  |  |
| Cathay Financial Holding Co Ltd  | 342751 | 712719 |
| Fubon Financial Holding Co Ltd  | 302661 | 896832 |
|  |  | 1609551 |
| TOTAL FINANCIALS |  | 5675149 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| PharmaEssentia Corp  | 10987 | 177773 |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Fortune Electric Co Ltd  | 5500 | 127770 |
| Voltronic Power Technology Corp  | 3000 | 117941 |
|  |  | 245711 |
| Industrial Conglomerates - 0.0% |  |  |
| Far Eastern New Century Corp  | 99000 | 85239 |
| Marine Transportation - 0.1% |  |  |
| Evergreen Marine Corp Taiwan Ltd  | 40157 | 252466 |
| Wan Hai Lines Ltd  | 23460 | 62579 |
|  |  | 315045 |
| Passenger Airlines - 0.0% |  |  |
| China Airlines Ltd  | 101000 | 65631 |
| Eva Airways Corp  | 93000 | 109384 |
|  |  | 175015 |
| Transportation Infrastructure - 0.0% |  |  |
| Taiwan High Speed Rail Corp  | 68000 | 60426 |
| TOTAL INDUSTRIALS |  | 881436 |
| Information Technology - 7.5% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Delta Electronics Inc  | 70000 | 2262980 |
| Semiconductors & Semiconductor Equipment - 7.0% |  |  |
| Taiwan Semiconductor Manufacturing Co Ltd  | 884000 | 42698571 |
| United Microelectronics Corp  | 408000 | 615432 |
|  |  | 43314003 |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Acer Inc  | 103000 | 100563 |
| Lite-On Technology Corp  | 76000 | 443239 |
|  |  | 543802 |
| TOTAL INFORMATION TECHNOLOGY |  | 46120785 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Nan Ya Plastics Corp  | 186000 | 250796 |
| Metals & Mining - 0.1% |  |  |
| China Steel Corp  | 430000 | 259861 |
| TOTAL MATERIALS |  | 510657 |
| TOTAL TAIWAN |  | 55167931 |
| THAILAND - 0.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Advanced Info Service PCL  | 11100 | 103431 |
| Advanced Info Service PCL depository receipt  | 26200 | 244135 |
|  |  | 347566 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Minor International PCL  | 45699 | 32431 |
| Minor International PCL depository receipt  | 72468 | 51427 |
|  |  | 83858 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| CP ALL PCL  | 19400 | 27534 |
| CP ALL PCL depository receipt  | 181700 | 257890 |
|  |  | 285424 |
| Food Products - 0.0% |  |  |
| Charoen Pokphand Foods PCL  | 38500 | 25065 |
| Charoen Pokphand Foods PCL depository receipt  | 88400 | 57551 |
|  |  | 82616 |
| TOTAL CONSUMER STAPLES |  | 368040 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| PTT Exploration & Production PCL  | 11900 | 39287 |
| PTT Exploration & Production PCL depository receipt  | 35800 | 118192 |
|  |  | 157479 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Kasikornbank PCL depository receipt  | 20400 | 117390 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Bangkok Dusit Medical Services PCL  | 88900 | 51842 |
| Bangkok Dusit Medical Services PCL depository receipt  | 325400 | 189758 |
| Bumrungrad Hospital Pcl  | 2900 | 15390 |
| Bumrungrad Hospital Pcl depository receipt  | 17500 | 92873 |
|  |  | 349863 |
| Industrials - 0.0% |  |  |
| Transportation Infrastructure - 0.0% |  |  |
| Airports of Thailand PCL  | 31300 | 39837 |
| Airports of Thailand PCL depository receipt  | 125400 | 159604 |
|  |  | 199441 |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Siam Cement PCL/The  | 1500 | 9441 |
| Siam Cement PCL/The depository receipt  | 25400 | 159877 |
|  |  | 169318 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Gulf Development PCL  | 7281 | 9941 |
| Gulf Development PCL depository receipt  | 158093 | 215847 |
|  |  | 225788 |
| TOTAL THAILAND |  | 2018743 |
| TURKEY - 0.1%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Turkiye Petrol Rafinerileri AS  | 36152 | 169868 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Akbank TAS  | 116317 | 168167 |
| Haci Omer Sabanci Holding AS  | 39904 | 77381 |
| Yapi ve Kredi Bankasi AS (b) | 116780 | 93304 |
|  |  | 338852 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| KOC Holding AS  | 26197 | 106896 |
| Passenger Airlines - 0.0% |  |  |
| Turk Hava Yollari AO  | 19034 | 131935 |
| TOTAL INDUSTRIALS |  | 238831 |
| TOTAL TURKEY |  | 747551 |
| UNITED ARAB EMIRATES - 0.5%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Emirates Telecommunications Group Co PJSC  | 126186 | 666497 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 105534 | 414326 |
| Abu Dhabi Islamic Bank PJSC  | 52590 | 302400 |
| First Abu Dhabi Bank PJSC  | 159623 | 757927 |
|  |  | 1474653 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Emaar Properties PJSC  | 238685 | 922781 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Dubai Electricity & Water Authority PJSC  | 212047 | 160494 |
| TOTAL UNITED ARAB EMIRATES |  | 3224425 |
| UNITED KINGDOM - 8.0%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| BT Group PLC  | 215097 | 524879 |
| Interactive Media & Services - 0.1% |  |  |
| Auto Trader Group PLC (c)(d) | 31318 | 321294 |
| Media - 0.1% |  |  |
| Informa PLC  | 46921 | 596553 |
| WPP PLC  | 39157 | 147962 |
|  |  | 744515 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Vodafone Group PLC  | 698944 | 846124 |
| TOTAL COMMUNICATION SERVICES |  | 2436812 |
| Consumer Discretionary - 0.2% |  |  |
| Diversified Consumer Services - 0.1% |  |  |
| Pearson PLC  | 20531 | 285752 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Whitbread PLC  | 6326 | 240754 |
| Household Durables - 0.0% |  |  |
| Barratt Redrow PLC  | 49461 | 244508 |
| Specialty Retail - 0.1% |  |  |
| Kingfisher PLC  | 63348 | 256913 |
| TOTAL CONSUMER DISCRETIONARY |  | 1027927 |
| Consumer Staples - 1.6% |  |  |
| Beverages - 0.1% |  |  |
| Coca-Cola Europacific Partners PLC  | 8282 | 735690 |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| J Sainsbury PLC  | 62243 | 279321 |
| Tesco PLC  | 235641 | 1422017 |
|  |  | 1701338 |
| Food Products - 0.1% |  |  |
| Associated British Foods PLC  | 11633 | 350728 |
| Household Products - 0.3% |  |  |
| Reckitt Benckiser Group PLC  | 24398 | 1866181 |
| Personal Care Products - 0.8% |  |  |
| Unilever PLC  | 88002 | 5280505 |
| TOTAL CONSUMER STAPLES |  | 9934442 |
| Financials - 2.5% |  |  |
| Banks - 1.8% |  |  |
| HSBC Holdings PLC  | 625592 | 8757945 |
| Lloyds Banking Group PLC  | 2149163 | 2519871 |
|  |  | 11277816 |
| Capital Markets - 0.3% |  |  |
| 3i Group PLC  | 34931 | 2021479 |
| Schroders PLC  | 25840 | 128791 |
|  |  | 2150270 |
| Financial Services - 0.0% |  |  |
| M&G PLC  | 80024 | 276801 |
| Insurance - 0.4% |  |  |
| Admiral Group PLC  | 9371 | 403298 |
| Aviva PLC  | 109642 | 963030 |
| Legal & General Group PLC  | 206617 | 645467 |
| Phoenix Group Holdings PLC  | 24787 | 219472 |
|  |  | 2231267 |
| TOTAL FINANCIALS |  | 15936154 |
| Health Care - 1.5% |  |  |
| Pharmaceuticals - 1.5% |  |  |
| Astrazeneca PLC  | 55667 | 9182197 |
| Industrials - 1.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Melrose Industries PLC  | 45726 | 375799 |
| Commercial Services & Supplies - 0.1% |  |  |
| Rentokil Initial PLC  | 90877 | 507226 |
| Industrial Conglomerates - 0.1% |  |  |
| DCC PLC  | 3561 | 234372 |
| Metlen Energy & Metals PLC (Greece)  | 3617 | 183442 |
| Smiths Group PLC  | 11957 | 395525 |
|  |  | 813339 |
| Machinery - 0.0% |  |  |
| Spirax Group PLC  | 2662 | 248117 |
| Professional Services - 0.6% |  |  |
| Intertek Group PLC  | 5688 | 378473 |
| RELX PLC  | 65895 | 2912323 |
|  |  | 3290796 |
| Trading Companies & Distributors - 0.2% |  |  |
| Ashtead Group PLC  | 15352 | 1023320 |
| Bunzl PLC  | 11815 | 358854 |
|  |  | 1382174 |
| TOTAL INDUSTRIALS |  | 6617451 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Sage Group PLC/The  | 34644 | 523157 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.0% |  |  |
| Land Securities Group PLC  | 25667 | 209562 |
| Industrial REITs - 0.1% |  |  |
| Segro PLC  | 46394 | 425050 |
| TOTAL REAL ESTATE |  | 634612 |
| Utilities - 0.6% |  |  |
| Electric Utilities - 0.2% |  |  |
| SSE PLC  | 39797 | 1002598 |
| Multi-Utilities - 0.4% |  |  |
| National Grid PLC  | 175945 | 2638139 |
| TOTAL UTILITIES |  | 3640737 |
| TOTAL UNITED KINGDOM |  | 49933489 |
| UNITED STATES - 4.2%  |  |  |
| Communication Services - 0.6% |  |  |
| Entertainment - 0.6% |  |  |
| Spotify Technology SA (b) | 5487 | 3595741 |
| Financials - 0.3% |  |  |
| Insurance - 0.3% |  |  |
| Swiss Re AG  | 10716 | 1952116 |
| Health Care - 2.1% |  |  |
| Biotechnology - 0.4% |  |  |
| BeOne Medicines Ltd H Shares (b) | 30800 | 736452 |
| CSL Ltd  | 17391 | 2026684 |
|  |  | 2763136 |
| Health Care Equipment & Supplies - 0.2% |  |  |
| Alcon AG  | 17950 | 1333843 |
| Life Sciences Tools & Services - 0.1% |  |  |
| QIAGEN NV (Germany)  | 7804 | 366647 |
| Pharmaceuticals - 1.4% |  |  |
| Novartis AG  | 68255 | 8447353 |
| TOTAL HEALTH CARE |  | 12910979 |
| Industrials - 1.2% |  |  |
| Construction & Engineering - 0.2% |  |  |
| Ferrovial SE  | 18399 | 1128245 |
| Ferrovial SE rights (b)(f) | 18399 | 10114 |
|  |  | 1138359 |
| Electrical Equipment - 0.9% |  |  |
| Schneider Electric SE  | 19689 | 5609986 |
| Marine Transportation - 0.1% |  |  |
| AP Moller - Maersk A/S Series A  | 99 | 204144 |
| AP Moller - Maersk A/S Series B  | 149 | 306333 |
|  |  | 510477 |
| TOTAL INDUSTRIALS |  | 7258822 |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| James Hardie Industries PLC depository receipt (b) | 20846 | 439329 |
| TOTAL UNITED STATES |  | 26156987 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $460,095,447) |  | <br> **610047596** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| COLOMBIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Grupo Cibest SA  | 15506 | 226475 |
| GERMANY - 0.2%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Household Products - 0.2% |  |  |
| Henkel AG & Co KGaA  | 5712 | 462588 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Sartorius AG  | 945 | 259351 |
| TOTAL GERMANY |  | 721939 |
| INDIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| TVS Motor Co Ltd 6% (e) | 33036 | 0 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $876,483) |  | <br> **948414** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 11/13/2025 (h)<br>(Cost $301,586)<br>| 4.15 | 302000 | **301676** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.8%** | &nbsp;&nbsp;**Money Market Funds - 1.8%** | &nbsp;&nbsp;**Money Market Funds - 1.8%** | &nbsp;&nbsp;**Money Market Funds - 1.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i)<br>(Cost $11,566,917)<br>| 4.18 | 11564604 | **11566917** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.4%**<br> (Cost $472,840,433)<br>| <br>**622864603** |
| **NET OTHER ASSETS (LIABILITIES) - 0.6%**  | **3713928** |
| **NET ASSETS - 100.0%** | **626578531** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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) | 66 | 12/19/2025 | 9263430 | 90335 | 90335 |
| ICE MSCI Emerging Markets Index Contracts (United States) | 66 | 12/19/2025 | 4645080 | 187726 | 187726 |
| TME S&P/TSX 60 Index Contracts (Canada) | 5 | 12/18/2025 | 1270258 | 32079 | 32079 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **310140** |
| The notional amount of futures purchased as a percentage of Net Assets is 2.4% | The notional amount of futures purchased as a percentage of Net Assets is 2.4% | The notional amount of futures purchased as a percentage of Net Assets is 2.4% | The notional amount of futures purchased as a percentage of Net Assets is 2.4% | The notional amount of futures purchased as a percentage of Net Assets is 2.4% | The notional amount of futures purchased as a percentage of Net Assets is 2.4% |

---

**Legend**

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

(b) Non-income producing.

(c) Security 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 $12,218,523 or 2.0% 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 $12,442,317 or 2.0% of net assets.

(e) Level 3 security.

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

(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 $301,676.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<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 | 2000680 | 142056897 | 132490894 | 370956 | 234 | - | 11566917 | 11564604 | 0.0% |
| Total | 2000680 | 142056897 | 132490894 | 370956 | 234 | - | 11566917 |  |  |

---

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

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 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 | 54059431 | 16830307 | 37229124 | - |
| Consumer Discretionary | 66474546 | 25246288 | 41228258 | - |
| Consumer Staples | 35865453 | 20244560 | 15620893 | - |
| Energy | 22906357 | 15771682 | 7134675 | - |
| Financials | 141608000 | 80972980 | 60635020 | - |
| Health Care | 46457796 | 16837252 | 29620544 | - |
| Industrials | 82034260 | 55595741 | 26438519 | - |
| Information Technology | 91124182 | 33377586 | 57746596 | - |
| Materials | 39092008 | 25662086 | 13429922 | - |
| Real Estate | 9908313 | 8674538 | 1233775 | - |
| Utilities | 20517250 | 9305109 | 11212141 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | - | - | - | - |
| Consumer Staples | 462588 | 462588 | - | - |
| Financials | 226475 | 226475 | - | - |
| Health Care | 259351 | 259351 | - | - |
|  **U.S. Treasury Obligations** | 301676 | - | 301676 | - |
|  **Money Market Funds** | 11566917 | 11566917 | - | - |
| **Total Investments in Securities:** | 622864603 | 321033460 | 301831143 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 310140 | 310140 | - | - |
| Total Assets | 310140 | 310140 | - | - |
| **Total Derivative Instruments:** | 310140 | 310140 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 310140 | - |
| **Total Equity Risk**  | 310140 | - |
| **Total Value of Derivatives** | 310140 | - |

---

(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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $461,273,516) | $611297686 |  |
| Fidelity Central Funds (cost $11,566,917) | 11566917 |  |
| Total Investment in Securities (cost $472,840,433) |  | $622864603 |
| Segregated cash with brokers for derivative instruments |  | 275587 |
| Foreign currency held at value (cost $1,557,005) |  | 1553065 |
| Receivable for fund shares sold |  | 1219273 |
| Dividends receivable |  | 921991 |
| Reclaims receivable |  | 1300665 |
| Distributions receivable from Fidelity Central Funds |  | 53704 |
| Other receivables |  | 159 |
| **Total assets** |  | 628189047 |
| **Liabilities** |  |  |
| Payable for investments purchased on a delayed delivery basis | $10114 |  |
| Payable for fund shares redeemed | 545323 |  |
| Accrued management fee | 103850 |  |
| Payable for daily variation margin on futures contracts | 32376 |  |
| Deferred taxes | 918853 |  |
| **Total liabilities** |  | 1610516 |
| **Net Assets**  |  | $626578531 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $511363407 |
| Total accumulated earnings (loss) |  | 115215124 |
| **Net Assets** |  | $626578531 |
| **Net Asset Value**, offering price and redemption price per share ($626,578,531 ÷ 40,697,911 shares) |  | $15.40 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $14235464 |
| Non-Cash dividends |  | 883577 |
| Interest  |  | 20211 |
| Income from Fidelity Central Funds  |  | 370956 |
| Income before foreign taxes withheld |  | $15510208 |
| Less foreign taxes withheld |  | (1024504) |
| **Total income** |  | 14485704 |
| **Expenses** |  |  |
| Management fee | $1032291 |  |
| Independent trustees' fees and expenses | 1219 |  |
| Interest | 3070 |  |
| Total expenses before reductions | 1036580 |  |
| Expense reductions | (170) |  |
| Total expenses after reductions |  | 1036410 |
| **Net Investment income (loss)** |  | 13449294 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $250,713)  | (5436561) |  |
| Fidelity Central Funds | 234 |  |
| Foreign currency transactions | (80776) |  |
| Futures contracts | 1831851 |  |
| Total net realized gain (loss) |  | (3685252) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $150,299)  | 103371546 |  |
| Assets and liabilities in foreign currencies | 95798 |  |
| Futures contracts | 351027 |  |
| Total change in net unrealized appreciation (depreciation) |  | 103818371 |
| **Net gain (loss)** |  | 100133119 |
| **Net increase (decrease) in net assets resulting from operations** |  | $113582413 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $13449294 | $11012487 |
| &nbsp;&nbsp;Net realized gain (loss) | (3685252)<br>| (6917970)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 103818371 | 82269213<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 113582413<br>| 86363730<br>|
| Distributions to shareholders | (10921841)<br>| (10671765)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 207381737 | 87294885 |
| Reinvestment of distributions | 9771506<br>| 9588850<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (135186892) | (94321102) |
| **Net increase (decrease) in net assets resulting from share transactions** | 81966351<br>| 2562633<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 184626923<br>| 78254598<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 441951608 | 363697010<br>|
| &nbsp;&nbsp;End of period | $626578531 | $441951608 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 15365166 | 7162741 |
| Issued in reinvestment of distributions | 782694<br>| 839654<br>|
| &nbsp;&nbsp;Redeemed | (10224161) | (7673988) |
| &nbsp;&nbsp;Net increase (decrease) | 5923699 | 328407 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.71 | $10.56 | $9.59 | $13.60 | $10.81 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .35  | .31  | .31  | .29  | .30  |
| Net realized and unrealized gain (loss)  | 2.62  | 2.15  | .90  | (4.04)  | 2.63  |
| Total from investment operations  | 2.97  | 2.46  | 1.21  | (3.75)  | 2.93  |
| Distributions from net investment income  | (.28)  | (.31)  | (.24)  | (.26)  | (.14)  |
| Total distributions  | (.28)  | (.31)  | (.24)  | (.26)  | (.14)  |
| Net asset value, end of period  | $15.40 | $12.71 | $10.56 | $9.59 | $13.60 |
| **Total Return** C | 23.91% <br>| 23.62%  | 12.68%  | (28.11)%  | 27.27%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .20%  | .20%  | .20%  | .20%  | .20%  |
| Expenses net of fee waivers, if any  | .20% <br>| .20%  | .20%  | .20%  | .20%  |
| Expenses net of all reductions, if any  | .20%  | .20%  | .20%  | .20%  | .20%  |
| Net investment income (loss)  | 2.60%  | 2.57%  | 2.77%  | 2.52%  | 2.28%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $626579 | $441952 | $363697 | $334086 | $404608 |
| Portfolio turnover rate F | 14% <br>| 14%  | 22%  | 23%  | 19%  |

---

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

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

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

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

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

Fidelity International Sustainability Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense 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 October 31, 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 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. The Fund did not recognize dividend income during the period on certain Russian securities due to restrictions imposed by the Russian government on these dividend payments. There is uncertainty regarding the timeline for these restrictions to be lifted and the collectability of these and future dividend payments on Russian securities.

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

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $172698224 |
| **Gross unrealized depreciation**  | <u>(31262993)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$141435231</u> |
| **Tax Cost**  | <u>$481429372</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$16444908</u> |
| **Capital loss carryforward**  | <u>$(41810406)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$141499476</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 fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(11994554) |
| Long-term | <u>(29815852)</u> |
| **Total capital loss carryforward** | <u>$(41810406)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $10921841 | $10671765 |

---

**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 International Sustainability Index Fund** | 144644833 | 68883335 |

---

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

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The management fee is based on an annual rate of .20% of the Fund's average net assets. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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

**Interfund 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 International Sustainability Index Fund**  | Borrower | 3443143 | 4.59% | 3070 |

---

**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. 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 $170.

**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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity International Sustainability Index Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity International Sustainability Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 10, 2025

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund designates $259,583 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 84.88%, and 61.66% of the dividends distributed in December, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.2976 and $0.0286 for the dividend paid December 16, 2024.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity International Sustainability Index Fund**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.

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

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

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

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

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

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's unitary (subject to certain limited exceptions) fee rate as well as fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the total peer group for 2024 and above the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. The Board noted that the fund has a unitary fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The total expense ratio for the fund was below the competitive medians.

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

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

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

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

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

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img118384_4.jpg)<br>

1.9883818.108 ISY-ANN-1225

**Fidelity® Emerging Markets Index Fund**

**Fidelity® Global ex U.S. Index Fund**

**Annual Report**

**October 31, 2025**

![](img118387_1.jpg)

![](img118387_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_EMX-I-GUX-I-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Emerging Markets Index Fund](#Sub_Sec_Fund_2341_EMX-I-GUX-I-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Global ex U.S. Index Fund](#Sub_Sec_Fund_2345_EMX-I-GUX-I-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2341_EMX-I-GUX-I-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_EMX-I-GUX-I-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_EMX-I-GUX-I-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EMX-I-GUX-I-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EMX-I-GUX-I-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EMX-I-GUX-I-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EMX-I-GUX-I-ANN)** |

---

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 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 (Annual Report)**

**Fidelity® Emerging Markets Index Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.5%** | &nbsp;&nbsp;**Common Stocks - 97.5%** | &nbsp;&nbsp;**Common Stocks - 97.5%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 4.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Telefonica Brasil SA  | 930700 | 5542734 |
| Wireless Telecommunication Services - 0.0% |  |  |
| TIM SA/Brazil  | 967300 | 4367274 |
| TOTAL COMMUNICATION SERVICES |  | 9910008 |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Ultrapar Participacoes SA  | 827400 | 3292714 |
| Vibra Energia SA  | 1149291 | 5084271 |
|  |  | 8376985 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Ambev SA  | 5396800 | 12749808 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Raia Drogasil SA  | 1470436 | 5466356 |
| Food Products - 0.0% |  |  |
| MBRF Global Foods Company SA  | 618499 | 2054401 |
| TOTAL CONSUMER STAPLES |  | 20270565 |
| Energy - 0.5% |  |  |
| Oil, Gas & Consumable Fuels - 0.5% |  |  |
| Petroleo Brasileiro SA - Petrobras  | 5284600 | 29222735 |
| Petroleo Brasileiro SA - Petrobras  | 4245797 | 24867343 |
| PRIO SA/Brazil (b) | 972000 | 6509569 |
|  |  | 60599647 |
| Financials - 1.7% |  |  |
| Banks - 1.3% |  |  |
| Banco Bradesco SA  | 6060704 | 20457882 |
| Banco Bradesco SA  | 1826680 | 5252603 |
| Banco do Brasil SA  | 1961900 | 7986247 |
| Itau Unibanco Holding SA  | 6083354 | 44596601 |
| Itausa SA  | 6588118 | 14266225 |
| NU Holdings Ltd/Cayman Islands Class A (b) | 3870219 | 62349228 |
|  |  | 154908786 |
| Capital Markets - 0.3% |  |  |
| B3 SA - Brasil Bolsa Balcao  | 6010242 | 14143192 |
| Banco BTG Pactual SA unit  | 1345800 | 12212373 |
| XP Inc Class A  | 409334 | 7458065 |
|  |  | 33813630 |
| Insurance - 0.1% |  |  |
| BB Seguridade Participacoes SA  | 798900 | 4878087 |
| Caixa Seguridade Participacoes S/A  | 684800 | 1905493 |
| Porto Seguro SA  | 221500 | 1978285 |
|  |  | 8761865 |
| TOTAL FINANCIALS |  | 197484281 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Rede D'Or Sao Luiz SA (c)(d) | 914320 | 7365613 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Embraer SA  | 802800 | 12980710 |
| Electrical Equipment - 0.2% |  |  |
| WEG SA  | 1916064 | 14993875 |
| Ground Transportation - 0.1% |  |  |
| Localiza Rent a Car SA  | 1050179 | 7698782 |
| Rumo SA  | 1481900 | 4385142 |
|  |  | 12083924 |
| Transportation Infrastructure - 0.0% |  |  |
| Motiva Infraestrutura de Mobilidade SA  | 1152300 | 3401244 |
| TOTAL INDUSTRIALS |  | 43459753 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| TOTVS SA  | 615100 | 5072906 |
| Materials - 0.6% |  |  |
| Containers & Packaging - 0.0% |  |  |
| Klabin SA unit  | 929990 | 3118434 |
| Metals & Mining - 0.5% |  |  |
| Gerdau SA  | 1494570 | 5261602 |
| Vale SA  | 4144007 | 50267735 |
|  |  | 55529337 |
| Paper & Forest Products - 0.1% |  |  |
| Suzano SA  | 793417 | 7210133 |
| TOTAL MATERIALS |  | 65857904 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.4% |  |  |
| Centrais Eletricas Brasileiras SA  | 1385065 | 14345082 |
| Centrais Eletricas Brasileiras SA Series B  | 270406 | 2985049 |
| Cia Energetica de Minas Gerais  | 1956974 | 4124961 |
| Cia Paranaense de Energia - Copel Series B  | 1246200 | 3224399 |
| CPFL Energia SA  | 263100 | 2034398 |
| Energisa S/A unit  | 318000 | 3063586 |
| Equatorial Energia SA  | 1360303 | 9266834 |
|  |  | 39044309 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Eneva SA (b) | 881900 | 3001439 |
| Engie Brasil Energia SA  | 232750 | 1730499 |
|  |  | 4731938 |
| Water Utilities - 0.1% |  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP  | 546000 | 13379154 |
| TOTAL UTILITIES |  | 57155401 |
| TOTAL BRAZIL |  | 475553063 |
| CHILE - 0.5%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Falabella SA  | 715712 | 4491472 |
| Specialty Retail - 0.0% |  |  |
| Empresas Copec SA  | 445002 | 3181654 |
| TOTAL CONSUMER DISCRETIONARY |  | 7673126 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Cencosud SA  | 1458082 | 4521747 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Banco de Chile  | 51880824 | 9104671 |
| Banco de Credito e Inversiones SA  | 99793 | 5129670 |
| Banco Santander Chile  | 75283713 | 5444900 |
|  |  | 19679241 |
| Industrials - 0.1% |  |  |
| Passenger Airlines - 0.1% |  |  |
| Latam Airlines Group SA  | 360399950 | 8213242 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Sociedad Quimica y Minera de Chile SA Class B (b) | 162976 | 7853384 |
| Paper & Forest Products - 0.0% |  |  |
| Empresas Cmpc SA  | 1283211 | 1851538 |
| TOTAL MATERIALS |  | 9704922 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Enel Americas SA  | 22735923 | 2146833 |
| Enel Chile SA  | 31576287 | 2412066 |
|  |  | 4558899 |
| TOTAL CHILE |  | 54351177 |
| CHINA - 28.1%  |  |  |
| Communication Services - 6.6% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| China Tower Corp Ltd H Shares (c)(d) | 5059300 | 7311701 |
| Entertainment - 0.7% |  |  |
| 37 Interactive Entertainment Network Technology Group Co Ltd A Shares (China)  | 151000 | 440648 |
| Beijing Enlight Media Co Ltd A Shares (China)  | 201000 | 475855 |
| China Ruyi Holdings Ltd (b)(e) | 9948000 | 3546205 |
| Giant Network Group Co Ltd A Shares (China)  | 132300 | 652262 |
| Kingsoft Corp Ltd  | 1118400 | 4873403 |
| Mango Excellent Media Co Ltd A Shares (China)  | 128107 | 528814 |
| NetEase Cloud Music Inc (b)(c)(d) | 99300 | 3077188 |
| Netease Inc  | 1987150 | 55760891 |
| Tencent Music Entertainment Group Class A ADR  | 654089 | 14599266 |
|  |  | 83954532 |
| Interactive Media & Services - 5.8% |  |  |
| Autohome Inc Class A ADR  | 74339 | 1873343 |
| Baidu Inc A Shares (b) | 2540152 | 38448347 |
| Bilibili Inc Z Shares (b) | 264952 | 8002345 |
| Kuaishou Technology B Shares (c)(d) | 3063700 | 28525483 |
| Kunlun Tech Co Ltd A Shares (China) (b) | 85900 | 556019 |
| Meitu Inc (c)(d) | 3908500 | 4335764 |
| Tencent Holdings Ltd  | 7322200 | 594765924 |
|  |  | 676507225 |
| Media - 0.0% |  |  |
| China Literature Ltd (b)(c)(d)(e) | 466000 | 2505547 |
| Focus Media Information Technology Co Ltd A Shares (China)  | 988820 | 1076707 |
| Jiangsu Phoenix Publishing & Media Corp Ltd A Shares (China)  | 175500 | 248305 |
|  |  | 3830559 |
| Wireless Telecommunication Services - 0.0% |  |  |
| China United Network Communications Ltd A Shares (China)  | 2143000 | 1631925 |
| TOTAL COMMUNICATION SERVICES |  | 773235942 |
| Consumer Discretionary - 8.4% |  |  |
| Automobile Components - 0.0% |  |  |
| Bethel Automotive Safety Systems Co Ltd A Shares (China)  | 41460 | 292015 |
| Changzhou Xingyu Automotive Lighting Systems Co Ltd A Shares (China)  | 19500 | 355073 |
| Fuyao Glass Industry Group Co Ltd A Shares (China)  | 138800 | 1316352 |
| Fuyao Glass Industry Group Co Ltd H Shares (c)(d) | 690400 | 6161629 |
| Huayu Automotive Systems Co Ltd A Shares (China)  | 216900 | 622292 |
| Huizhou Desay Sv Automotive Co Ltd A Shares (China)  | 37900 | 630903 |
| Ningbo Tuopu Group Co Ltd A Shares (China)  | 118850 | 1232016 |
| Sailun Group Co Ltd A Shares (China)  | 225000 | 485254 |
| Zhejiang Wanfeng Auto Wheel Co Ltd A Shares (China)  | 145100 | 346777 |
|  |  | 11442311 |
| Automobiles - 1.2% |  |  |
| Anhui Jianghuai Automobile Group Corp Ltd A Shares (China) (b) | 149600 | 1070493 |
| BAIC BluePark New Energy Technology Co Ltd A Shares (China) (b) | 381600 | 447686 |
| BYD Co Ltd A Shares (China)  | 373800 | 5293408 |
| BYD Co Ltd H Shares  | 4202000 | 54400423 |
| Chongqing Changan Automobile Co Ltd A Shares (China)  | 566576 | 986298 |
| Geely Automobile Holdings Ltd  | 6905000 | 16350451 |
| Great Wall Motor Co Ltd A Shares (China)  | 177800 | 569317 |
| Great Wall Motor Co Ltd H Shares  | 2656000 | 5171485 |
| Guangzhou Automobile Group Company Ltd A Shares (China)  | 348200 | 382573 |
| Guangzhou Automobile Group Company Ltd H Shares  | 184000 | 77194 |
| Li Auto Inc A Shares (b)(e) | 1426048 | 14798202 |
| NIO Inc A Shares (b) | 2105739 | 15225608 |
| SAIC Motor Corp Ltd A Shares (China)  | 528400 | 1234621 |
| Seres Group Co Ltd A Shares (China)  | 111800 | 2437722 |
| XPeng Inc A Shares (b) | 1422252 | 16569469 |
| Yadea Group Holdings Ltd (c)(d) | 1421185 | 2222159 |
| Zhejiang Leapmotor Technology Co Ltd H Shares (b)(c)(d) | 573400 | 4302040 |
|  |  | 141539149 |
| Broadline Retail - 5.0% |  |  |
| Alibaba Group Holding Ltd  | 19600240 | 417068591 |
| CCOOP Group Co Ltd A Shares (China) (b) | 1235300 | 465142 |
| JD.com Inc A Shares  | 2783407 | 45954019 |
| MINISO Group Holding Ltd A Shares  | 571164 | 3053832 |
| PDD Holdings Inc Class A ADR (b) | 810076 | 109254950 |
| Vipshop Holdings Ltd Class A ADR  | 374083 | 6542712 |
|  |  | 582339246 |
| Distributors - 0.0% |  |  |
| Zhejiang China Commodities City Group Co Ltd A Shares (China)  | 375500 | 972330 |
| Diversified Consumer Services - 0.1% |  |  |
| New Oriental Education & Technology Group Inc (b) | 1399610 | 8369325 |
| TAL Education Group Class A ADR (b) | 475043 | 5824027 |
|  |  | 14193352 |
| Hotels, Restaurants & Leisure - 1.4% |  |  |
| H World Group Ltd ADR  | 227695 | 8789027 |
| Haidilao International Holding Ltd (c)(d)(e) | 1909000 | 3144591 |
| Meituan B Shares (b)(c)(d) | 5680420 | 74769977 |
| Tongcheng Travel Holdings Ltd (c) | 1469200 | 4046159 |
| TravelSky Technology Ltd H Shares  | 1066000 | 1404770 |
| Trip.com Group Ltd  | 708262 | 49841408 |
| Yum China Holdings Inc (Hong Kong)  | 426887 | 18381761 |
|  |  | 160377693 |
| Household Durables - 0.2% |  |  |
| Beijing Roborock Technology Co Ltd A Shares (China)  | 17620 | 404517 |
| Ecovacs Robotics Co Ltd A Shares (China)  | 39400 | 494894 |
| Gree Electric Appliances Inc of Zhuhai A Shares (China)  | 191800 | 1071185 |
| Haier Smart Home Co Ltd A Shares (China)  | 428100 | 1612578 |
| Haier Smart Home Co Ltd H Shares  | 2771600 | 9002604 |
| Midea Group Co Ltd A Shares (China)  | 240000 | 2576221 |
| Midea Group Co Ltd H Shares  | 408600 | 4416985 |
| Oppein Home Group Inc A Shares (China)  | 34760 | 261284 |
| Sichuan Changhong Electric Co Ltd A Shares (China)  | 316700 | 452975 |
|  |  | 20293243 |
| Specialty Retail - 0.2% |  |  |
| China Tourism Group Duty Free Corp Ltd A Shares (China)  | 126900 | 1356294 |
| China Tourism Group Duty Free Corp Ltd H Shares (c)(d)(e) | 8900 | 76509 |
| Chow Tai Fook Jewellery Group Ltd (e) | 2252000 | 4410941 |
| HLA Group Corp Ltd A Shares (China)  | 329200 | 286305 |
| Pop Mart International Group Ltd (c)(d) | 613000 | 17481491 |
|  |  | 23611540 |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| ANTA Sports Products Ltd  | 1441600 | 15027199 |
| Bosideng International Holdings Ltd  | 5280000 | 3234366 |
| Laopu Gold Co Ltd H Shares (e) | 31800 | 2801230 |
| Li Ning Co Ltd  | 2655000 | 5767468 |
| Shenzhou International Group Holdings Ltd  | 943500 | 8147280 |
|  |  | 34977543 |
| TOTAL CONSUMER DISCRETIONARY |  | 989746407 |
| Consumer Staples - 0.9% |  |  |
| Beverages - 0.6% |  |  |
| Anhui Gujing Distillery Co Ltd A Shares (China)  | 28400 | 642425 |
| Anhui Gujing Distillery Co Ltd B Shares  | 136200 | 1721222 |
| Beijing Yanjing Brewery Co Ltd A Shares (China)  | 193100 | 318786 |
| China Resources Beer Holdings Co Ltd  | 1850878 | 6335891 |
| Eastroc Beverage Group Co Ltd A Shares (China)  | 35600 | 1400511 |
| Jiangsu King's Luck Brewery JSC Ltd A Shares (China)  | 85300 | 465247 |
| Jiangsu Yanghe Distillery Co Ltd A Shares (China)  | 103100 | 1025582 |
| Kweichow Moutai Co Ltd A Shares (China)  | 86000 | 17278903 |
| Luzhou Laojiao Co Ltd A Shares (China)  | 100800 | 1905419 |
| Nongfu Spring Co Ltd H Shares (c)(d) | 2298400 | 15262426 |
| Shanxi Xinghuacun Fen Wine Factory Co Ltd A Shares (China)  | 83540 | 2235981 |
| Tsingtao Brewery Co Ltd A Shares (China)  | 50700 | 468078 |
| Tsingtao Brewery Co Ltd H Shares  | 708000 | 4783445 |
| Wuliangye Yibin Co Ltd A Shares (China)  | 265800 | 4443693 |
|  |  | 58287609 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Alibaba Health Information Technology Ltd (b) | 6440000 | 4806867 |
| JD Health International Inc (b)(c)(d) | 1278250 | 9985107 |
| Yifeng Pharmacy Chain Co Ltd A Shares (China)  | 83230 | 285564 |
| Yonghui Superstores Co Ltd A Shares (China) (b) | 621600 | 407856 |
|  |  | 15485394 |
| Food Products - 0.2% |  |  |
| Angel Yeast Co Ltd A Shares (China)  | 60000 | 327254 |
| China Feihe Ltd (c)(d) | 4139000 | 2210506 |
| China Mengniu Dairy Co Ltd  | 3571000 | 6498118 |
| Foshan Haitian Flavouring & Food Co Ltd A Shares (China)  | 317056 | 1697671 |
| Guangdong Haid Group Co Ltd A Shares (China)  | 113900 | 934417 |
| Henan Shuanghui Investment & Development Co Ltd A Shares (China)  | 236923 | 856829 |
| Inner Mongolia Yili Industrial Group Co Ltd A Shares (China)  | 432900 | 1667152 |
| Muyuan Foods Co Ltd A Shares (China)  | 373940 | 2642704 |
| New Hope Liuhe Co Ltd A Shares (China)  | 309400 | 422972 |
| Tingyi Cayman Islands Holding Corp  | 2252000 | 3089398 |
| Want Want China Holdings Ltd  | 5388000 | 3480804 |
| Wens Foodstuff Group Co Ltd A Shares (China)  | 455380 | 1161259 |
| Yihai Kerry Arawana Holdings Co Ltd A Shares (China)  | 123400 | 557237 |
|  |  | 25546321 |
| Personal Care Products - 0.0% |  |  |
| Giant Biogene Holding Co ltd (c)(d)(e) | 427800 | 2048009 |
| Hengan International Group Co Ltd  | 714500 | 2502872 |
|  |  | 4550881 |
| Tobacco - 0.0% |  |  |
| Smoore International Holdings Ltd (c)(d)(e) | 2119000 | 3569594 |
| TOTAL CONSUMER STAPLES |  | 107439799 |
| Energy - 0.7% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| China Oilfield Services Ltd H Shares  | 2066000 | 2012679 |
| Yantai Jereh Oilfield Services Group Co Ltd A Shares (China)  | 70100 | 492455 |
|  |  | 2505134 |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| China Coal Energy Co Ltd H Shares  | 2109000 | 2971932 |
| China Merchants Energy Shipping Co Ltd A Shares (China)  | 556900 | 724547 |
| China Petroleum & Chemical Corp A Shares (China)  | 2202400 | 1692630 |
| China Petroleum & Chemical Corp H Shares  | 26061000 | 13851263 |
| China Shenhua Energy Co Ltd A Shares (China)  | 448100 | 2676361 |
| China Shenhua Energy Co Ltd H Shares  | 3859000 | 20093191 |
| COSCO SHIPPING Energy Transportation Co Ltd A Shares (China)  | 237700 | 450526 |
| Guanghui Energy Co Ltd A Shares (China)  | 449700 | 332975 |
| Inner Mongolia Dian Tou Energy Corp Ltd A Shares (China)  | 153600 | 545350 |
| Inner Mongolia Yitai Coal Co Ltd B Shares  | 1061204 | 2070409 |
| PetroChina Co Ltd A Shares (China)  | 1477600 | 1899576 |
| PetroChina Co Ltd H Shares  | 24080000 | 24853016 |
| Shaanxi Coal Industry Co Ltd A Shares (China)  | 663900 | 2117421 |
| Shanxi Coking Coal Energy Group Co Ltd A Shares (China)  | 388860 | 399929 |
| Shanxi Lu'an Environmental Energy Development Co Ltd A Shares (China)  | 204900 | 426071 |
| Yankuang Energy Group Co Ltd A Shares (China)  | 419875 | 868373 |
| Yankuang Energy Group Co Ltd H Shares (e) | 3704600 | 5086909 |
|  |  | 81060479 |
| TOTAL ENERGY |  | 83565613 |
| Financials - 4.8% |  |  |
| Banks - 3.1% |  |  |
| Agricultural Bank of China Ltd A Shares (China)  | 5811100 | 6499052 |
| Agricultural Bank of China Ltd H Shares  | 31600000 | 24074487 |
| Bank of Beijing Co Ltd A Shares (China)  | 1448080 | 1137321 |
| Bank of Changsha Co Ltd A Shares (China)  | 275800 | 370839 |
| Bank of Chengdu Co Ltd A Shares (China)  | 290300 | 685636 |
| Bank of China Ltd A Shares (China)  | 2766100 | 2180265 |
| Bank of China Ltd H Shares  | 81054000 | 45896057 |
| Bank of Communications Co Ltd A Shares (China)  | 3619300 | 3651133 |
| Bank of Communications Co Ltd H Shares  | 10033000 | 8908983 |
| Bank of Hangzhou Co Ltd A Shares (China)  | 496420 | 1095034 |
| Bank of Jiangsu Co Ltd A Shares (China)  | 1256900 | 1903698 |
| Bank of Nanjing Co Ltd A Shares (China)  | 834600 | 1326232 |
| Bank of Ningbo Co Ltd A Shares (China)  | 452180 | 1800486 |
| Bank of Shanghai Co Ltd A Shares (China)  | 973277 | 1297721 |
| Bank of Suzhou Co Ltd A Shares (China)  | 306300 | 355902 |
| China CITIC Bank Corp Ltd A Shares (China)  | 811500 | 882486 |
| China CITIC Bank Corp Ltd H Shares  | 9376000 | 8940958 |
| China Construction Bank Corp A Shares (China)  | 1416900 | 1817559 |
| China Construction Bank Corp H Shares  | 109796000 | 108702619 |
| China Everbright Bank Co Ltd A Shares (China)  | 3171300 | 1488204 |
| China Everbright Bank Co Ltd H Shares  | 3626000 | 1488561 |
| China Merchants Bank Co Ltd A Shares (China)  | 1405200 | 8072980 |
| China Merchants Bank Co Ltd H Shares  | 4460846 | 27922805 |
| China Minsheng Banking Corp Ltd A Shares (China)  | 2419800 | 1329336 |
| China Minsheng Banking Corp Ltd H Shares  | 7607040 | 3896252 |
| China Zheshang Bank Co Ltd A Shares (China)  | 1475880 | 620013 |
| Chongqing Rural Commercial Bank Co Ltd A Shares (China)  | 612300 | 595318 |
| Chongqing Rural Commercial Bank Co Ltd H Shares  | 2574000 | 2116692 |
| CNPC Capital Co Ltd A Shares (China)  | 576900 | 848645 |
| Huaxia Bank Co Ltd A Shares (China)  | 908500 | 869262 |
| Industrial & Commercial Bank of China Ltd A Shares (China)  | 4256100 | 4652325 |
| Industrial & Commercial Bank of China Ltd H Shares  | 74370000 | 57615922 |
| Industrial Bank Co Ltd A Shares (China)  | 1449200 | 4119105 |
| Ping An Bank Co Ltd A Shares (China)  | 1328800 | 2113414 |
| Postal Savings Bank of China Co Ltd A Shares (China)  | 2073200 | 1674895 |
| Postal Savings Bank of China Co Ltd H Shares (c)(d) | 10180000 | 7179209 |
| Shanghai Pudong Development Bank Co Ltd A Shares (China)  | 2072700 | 3346071 |
| Shanghai Rural Commercial Bank Co Ltd A Shares (China)  | 660500 | 791590 |
|  |  | 352267067 |
| Capital Markets - 0.5% |  |  |
| Beijing Compass Technology Development Co Ltd A Shares (China)  | 41000 | 831475 |
| BOC International China Co Ltd A Shares (China)  | 190100 | 375264 |
| Caitong Securities Co Ltd A Shares (China)  | 319290 | 385800 |
| Capital Securities Co Ltd A Shares (China)  | 124000 | 362380 |
| Changjiang Securities Co Ltd A Shares (China)  | 379300 | 470035 |
| China CITIC Financial Asset Management Co Ltd H Shares (b)(c)(d) | 16144000 | 2139915 |
| China Galaxy Securities Co Ltd A Shares (China)  | 495100 | 1222898 |
| China Galaxy Securities Co Ltd H Shares  | 4003000 | 5759379 |
| China Great Wall Securities Co Ltd A Shares (China)  | 277000 | 430052 |
| China International Capital Corp Ltd A Shares (China)  | 200800 | 1039632 |
| China International Capital Corp Ltd H Shares (c)(d) | 1844800 | 5018831 |
| China Merchants Securities Co Ltd A Shares (China)  | 507500 | 1235701 |
| CITIC Securities Co Ltd A Shares (China)  | 837695 | 3457931 |
| CITIC Securities Co Ltd H Shares  | 1794425 | 6830803 |
| CSC Financial Co Ltd A Shares (China)  | 295900 | 1088828 |
| Dongxing Securities Co Ltd A Shares (China)  | 220300 | 392166 |
| East Money Information Co Ltd A Shares (China)  | 1082017 | 3876617 |
| Everbright Securities Co Ltd A Shares (China)  | 267000 | 698130 |
| Founder Securities Co Ltd A Shares (China)  | 561600 | 649390 |
| GF Securities Co Ltd A Shares (China)  | 375400 | 1190432 |
| GF Securities Co Ltd H Shares  | 38600 | 93239 |
| Guolian Minsheng Securities Co Ltd A Shares (China)  | 238100 | 368320 |
| Guosen Securities Co Ltd A Shares (China)  | 438500 | 864998 |
| Guotai Haitong Securities Co Ltd A Shares (China)  | 1011450 | 2754081 |
| Guotai Haitong Securities Co Ltd H Shares (c)(d) | 2134688 | 4087762 |
| Guoyuan Securities Co Ltd A Shares (China)  | 301710 | 371341 |
| Hithink RoyalFlush Information Network Co Ltd A Shares (China)  | 36800 | 1878209 |
| Huatai Securities Co Ltd A Shares (China)  | 497700 | 1518819 |
| Huatai Securities Co Ltd H Shares (c)(d) | 1474200 | 3707057 |
| Industrial Securities Co Ltd A Shares (China)  | 589710 | 570040 |
| Nanjing Securities Co Ltd A Shares (China)  | 251700 | 299533 |
| Orient Securities Co Ltd/China A Shares (China)  | 510808 | 781563 |
| SDIC Capital Co Ltd A Shares (China)  | 437900 | 482358 |
| Shenwan Hongyuan Group Co Ltd A Shares (China)  | 1540900 | 1184242 |
| Sinolink Securities Co Ltd A Shares (China)  | 254100 | 352728 |
| SooChow Securities Co Ltd A Shares (China)  | 339845 | 458385 |
| Southwest Securities Co Ltd A Shares (China)  | 451700 | 300820 |
| Tianfeng Securities Co Ltd A Shares (China) (b) | 693600 | 510645 |
| Western Securities Co Ltd A Shares (China)  | 305400 | 368588 |
| Zheshang Securities Co Ltd A Shares (China)  | 310800 | 507418 |
| Zhongtai Securities Co Ltd A Shares (China)  | 475500 | 466321 |
|  |  | 59382126 |
| Consumer Finance - 0.0% |  |  |
| Qfin Holdings Inc Class A ADR  | 115091 | 2779448 |
| Financial Services - 0.0% |  |  |
| Far East Horizon Ltd  | 2445000 | 2196253 |
| Insurance - 1.2% |  |  |
| China Life Insurance Co Ltd A Shares (China)  | 201100 | 1242359 |
| China Life Insurance Co Ltd H Shares  | 8472000 | 26733428 |
| China Pacific Insurance Group Co Ltd A Shares (China)  | 465300 | 2320812 |
| China Pacific Insurance Group Co Ltd H Shares  | 3013000 | 12214001 |
| China Taiping Insurance Holdings Co Ltd  | 1640577 | 3732735 |
| New China Life Insurance Co Ltd A Shares (China)  | 153000 | 1457685 |
| New China Life Insurance Co Ltd H Shares  | 1048300 | 6623924 |
| People's Insurance Co Group of China Ltd/The A Shares (China)  | 666600 | 790472 |
| People's Insurance Co Group of China Ltd/The H Shares  | 9934000 | 8923348 |
| PICC Property & Casualty Co Ltd H Shares  | 7873840 | 18604050 |
| Ping An Insurance Group Co of China Ltd A Shares (China)  | 732494 | 5951629 |
| Ping An Insurance Group Co of China Ltd H Shares  | 7654500 | 55298646 |
|  |  | 143893089 |
| TOTAL FINANCIALS |  | 560517983 |
| Health Care - 1.1% |  |  |
| Biotechnology - 0.4% |  |  |
| 3SBio Inc (c)(d) | 2054000 | 8141406 |
| Akeso Inc (b)(c)(d) | 717000 | 10463584 |
| Beijing Tiantan Biological Products Corp Ltd A Shares (China)  | 135160 | 349987 |
| Beijing Wantai Biological Pharmacy Enterprise Co Ltd A Shares (China) (b) | 72107 | 571089 |
| Chongqing Zhifei Biological Products Co Ltd A Shares (China)  | 163750 | 473714 |
| Hualan Biological Engineering Inc A Shares (China)  | 125560 | 284377 |
| Imeik Technology Development Co Ltd A Shares (China)  | 20700 | 465600 |
| Innovent Biologics Inc (b)(c)(d) | 1658000 | 18563165 |
| Shanghai RAAS Blood Products Co Ltd A Shares (China)  | 457600 | 433336 |
| Sichuan Kelun-Biotech Biopharmaceutical Co Ltd H Shares (b)(e) | 55700 | 3211304 |
|  |  | 42957562 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| APT Medical Inc A Shares (China)  | 9463 | 366958 |
| Jiangsu Yuyue Medical Equipment & Supply Co Ltd A Shares (China)  | 69000 | 349295 |
| Shandong Weigao Group Medical Polymer Co Ltd H Shares  | 2839200 | 1984011 |
| Shanghai United Imaging Healthcare Co Ltd A Shares (China)  | 56334 | 1107462 |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd A Shares (China)  | 83000 | 2507703 |
| Shenzhen New Industries Biomedical Engineering Co Ltd A Shares (China)  | 53700 | 460238 |
|  |  | 6775667 |
| Health Care Providers & Services - 0.0% |  |  |
| Aier Eye Hospital Group Co Ltd A Shares (China)  | 638471 | 1098894 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd A Shares (China)  | 97900 | 362582 |
| Huadong Medicine Co Ltd A Shares (China)  | 120180 | 702094 |
| Shanghai Pharmaceuticals Holding Co Ltd A Shares (China)  | 179800 | 453201 |
| Shanghai Pharmaceuticals Holding Co Ltd H Shares  | 25100 | 37825 |
| Sinopharm Group Co Ltd H Shares  | 1531600 | 3817889 |
|  |  | 6472485 |
| Life Sciences Tools & Services - 0.3% |  |  |
| Genscript Biotech Corp (b)(e) | 1368000 | 2834394 |
| Hangzhou Tigermed Consulting Co Ltd A Shares (China)  | 22400 | 188455 |
| Hangzhou Tigermed Consulting Co Ltd H Shares (c)(d) | 3800 | 22759 |
| Pharmaron Beijing Co Ltd A Shares (China)  | 92325 | 434683 |
| Pharmaron Beijing Co Ltd H Shares (c)(d) | 13075 | 43782 |
| Wuxi Apptec Co Ltd A Shares (China)  | 172344 | 2406917 |
| Wuxi Apptec Co Ltd H Shares (c)(d)(e) | 392222 | 5481634 |
| Wuxi Biologics Cayman Inc (b)(c)(d) | 3947000 | 18387553 |
| WuXi XDC Cayman Inc (b) | 343500 | 3319823 |
|  |  | 33120000 |
| Pharmaceuticals - 0.3% |  |  |
| Beijing Tong Ren Tang Co Ltd A Shares (China)  | 94300 | 449016 |
| Changchun High-Tech Industry Group Co Ltd A Shares (China)  | 27900 | 440056 |
| China Resources Pharmaceutical Group Ltd (c)(d) | 2150000 | 1377895 |
| China Resources Sanjiu Medical & Pharmaceutical Co Ltd A Shares (China)  | 114394 | 463369 |
| CSPC Innovation Pharmaceutical Co Ltd A Shares (China)  | 96160 | 478274 |
| CSPC Pharmaceutical Group Ltd  | 9201840 | 9059085 |
| Dong-E-E-Jiao Co Ltd A Shares (China)  | 44100 | 294251 |
| Haisco Pharmaceutical Group Co Ltd A Shares (China)  | 63900 | 508604 |
| Hansoh Pharmaceutical Group Co Ltd (c)(d) | 1358000 | 6228532 |
| Humanwell Healthcare Group Co Ltd A Shares (China)  | 111600 | 331473 |
| Jiangsu Hengrui Pharmaceuticals Co Ltd A Shares (China)  | 436675 | 3935805 |
| Kangmei Pharmaceutical Co Ltd rights (b)(f) | 9213 | 0 |
| Shanghai Allist Pharmaceuticals Co Ltd A Shares (China)  | 30803 | 465460 |
| Shanghai Fosun Pharmaceutical Group Co Ltd A Shares (China)  | 128600 | 527597 |
| Shanghai Fosun Pharmaceutical Group Co Ltd H Shares (e) | 26000 | 79701 |
| Shenzhen Salubris Pharmaceuticals Co Ltd A Shares (China)  | 76300 | 639032 |
| Sichuan Biokin Pharmaceutical Co Ltd A Shares (China) (b) | 13674 | 716572 |
| Sichuan Kelun Pharmaceutical Co Ltd A Shares (China)  | 109400 | 537977 |
| Sino Biopharmaceutical Ltd  | 11776000 | 10714341 |
| Yunnan Baiyao Group Co Ltd A Shares (China)  | 122600 | 975991 |
| Zhangzhou Pientzehuang Pharmaceutical Co Ltd A Shares (China)  | 41400 | 1036134 |
|  |  | 39259165 |
| TOTAL HEALTH CARE |  | 128584879 |
| Industrials - 1.3% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| AECC Aviation Power Co Ltd A Shares (China)  | 182400 | 1001516 |
| AviChina Industry & Technology Co Ltd H Shares (e) | 3189000 | 1625167 |
| AVICOPTER PLC A Shares (China)  | 56700 | 287109 |
| Kuang-Chi Technologies Co Ltd A Shares (China) (b) | 147500 | 944179 |
|  |  | 3857971 |
| Air Freight & Logistics - 0.1% |  |  |
| JD Logistics Inc (b)(c)(d) | 2275800 | 3707798 |
| SF Holding Co Ltd A Shares (China)  | 330200 | 1871044 |
| YTO Express Group Co Ltd A Shares (China)  | 235200 | 565743 |
| ZTO Express Cayman Inc A Shares  | 477999 | 8818509 |
|  |  | 14963094 |
| Building Products - 0.0% |  |  |
| Beijing New Building Materials PLC A Shares (China)  | 115200 | 384734 |
| Commercial Services & Supplies - 0.0% |  |  |
| Zhejiang Weiming Environment Protection Co Ltd A Shares (China)  | 117690 | 357828 |
| Construction & Engineering - 0.1% |  |  |
| China Communications Services Corp Ltd H Shares  | 2728000 | 1635982 |
| China Energy Engineering Corp Ltd A Shares (China)  | 2219900 | 751673 |
| China National Chemical Engineering Co Ltd A Shares (China)  | 418000 | 453978 |
| China Railway Group Ltd A Shares (China)  | 1384700 | 1093379 |
| China Railway Group Ltd H Shares  | 4837000 | 2452565 |
| China State Construction Engineering Corp Ltd A Shares (China)  | 2828280 | 2157749 |
| China State Construction International Holdings Ltd  | 1507000 | 1714406 |
| Metallurgical Corp of China Ltd A Shares (China)  | 1222100 | 599254 |
| Power Construction Corp of China Ltd A Shares (China)  | 1179400 | 934585 |
| Sichuan Road and Bridge Group Co Ltd A Shares (China)  | 496700 | 661578 |
|  |  | 12455149 |
| Electrical Equipment - 0.4% |  |  |
| China XD Electric Co Ltd A Shares (China)  | 350600 | 392598 |
| CNGR Advanced Material Co Ltd A Shares (China)  | 63920 | 413476 |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 300080 | 16391112 |
| Contemporary Amperex Technology Co Ltd H Shares (e) | 81100 | 5828976 |
| Dongfang Electric Corp Ltd A Shares (China)  | 208800 | 612254 |
| Eve Energy Co Ltd A Shares (China)  | 139955 | 1635633 |
| GEM Co Ltd A Shares (China)  | 348800 | 417537 |
| Goldwind Science & Technology Co Ltd A Shares (China)  | 235700 | 519922 |
| Goneo Group Co Ltd A Shares (China)  | 61935 | 380012 |
| Gotion High-Tech Co Ltd A Shares (China)  | 123400 | 789043 |
| Jiangsu Zhongtian Technology Co Ltd A Shares (China)  | 233100 | 555125 |
| NARI Technology Co Ltd A Shares (China)  | 549894 | 1872022 |
| Ningbo Deye Technology Co Ltd A Shares (China)  | 61791 | 646612 |
| Ningbo Orient Wires & Cables Co Ltd A Shares (China)  | 47000 | 414108 |
| Ningbo Sanxing Medical Electric Co Ltd A Shares (China)  | 96500 | 303841 |
| Shanghai Electric Group Co Ltd A Shares (China) (b) | 866400 | 1133305 |
| Sungrow Power Supply Co Ltd A Shares (China)  | 141940 | 3785120 |
| Sunwoda Electronic Co Ltd A Shares (China)  | 126100 | 635160 |
| TBEA Co Ltd A Shares (China)  | 345570 | 950665 |
| Zhejiang Chint Electrics Co Ltd A Shares (China)  | 146800 | 591746 |
| Zhejiang Huayou Cobalt Co Ltd A Shares (China)  | 116450 | 1060377 |
|  |  | 39328644 |
| Ground Transportation - 0.0% |  |  |
| Beijing-Shanghai High Speed Railway Co Ltd A Shares (China)  | 3350000 | 2442816 |
| Daqin Railway Co Ltd A Shares (China)  | 1379600 | 1110674 |
|  |  | 3553490 |
| Industrial Conglomerates - 0.1% |  |  |
| CITIC Ltd  | 4646000 | 7186740 |
| Fosun International Ltd  | 2794500 | 1772961 |
|  |  | 8959701 |
| Machinery - 0.3% |  |  |
| Airtac International Group  | 159551 | 4722560 |
| China CSSC Holdings Ltd A Shares (China)  | 515100 | 2598152 |
| CRRC Corp Ltd A Shares (China)  | 1659700 | 1788560 |
| CRRC Corp Ltd H Shares  | 4995000 | 3786161 |
| Haitian International Holdings Ltd  | 728000 | 1989913 |
| Jiangsu Hengli Hydraulic Co Ltd A Shares (China)  | 91776 | 1238913 |
| Sany Heavy Industry Co Ltd A Shares (China)  | 579900 | 1803887 |
| Shandong Himile Mechanical Science & Technology Co Ltd A Shares (China)  | 54700 | 514460 |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 92150 | 997060 |
| Sinotruk Hong Kong Ltd  | 787500 | 2630895 |
| Weichai Power Co Ltd A Shares (China)  | 475200 | 998819 |
| Weichai Power Co Ltd H Shares  | 2205200 | 4554820 |
| XCMG Construction Machinery Co Ltd A Shares (China)  | 805700 | 1204463 |
| Yutong Bus Co Ltd A Shares (China)  | 151400 | 687718 |
| Zhejiang Sanhua Intelligent Controls Co Ltd A Shares (China)  | 127600 | 895140 |
| Zhuzhou CRRC Times Electric Co Ltd A Shares (China)  | 61035 | 447639 |
| Zhuzhou CRRC Times Electric Co Ltd H Shares  | 499800 | 2548350 |
| Zoomlion Heavy Industry Science and Technology Co Ltd A Shares (China)  | 296800 | 340694 |
| Zoomlion Heavy Industry Science and Technology Co Ltd H Shares  | 237400 | 229134 |
|  |  | 33977338 |
| Marine Transportation - 0.1% |  |  |
| COSCO SHIPPING Holdings Co Ltd A Shares (China)  | 852910 | 1798716 |
| COSCO SHIPPING Holdings Co Ltd H Shares (e) | 2971050 | 5157867 |
|  |  | 6956583 |
| Passenger Airlines - 0.0% |  |  |
| Air China Ltd A Shares (China) (b) | 762100 | 841614 |
| Air China Ltd H Shares (b) | 208000 | 152844 |
| China Eastern Airlines Corp Ltd A Shares (China) (b) | 1169200 | 788513 |
| China Southern Airlines Co Ltd A Shares (China) (b) | 622200 | 583088 |
| China Southern Airlines Co Ltd H Shares (b)(e) | 270000 | 162614 |
| Hainan Airlines Holding Co Ltd A Shares (China) (b) | 2929300 | 728477 |
| Spring Airlines Co Ltd A Shares (China)  | 66800 | 502872 |
|  |  | 3760022 |
| Professional Services - 0.1% |  |  |
| Kanzhun Ltd ADR  | 421348 | 9337072 |
| Trading Companies & Distributors - 0.0% |  |  |
| BOC Aviation Ltd (c)(d) | 237500 | 2081417 |
| Xiamen C & D Inc A Shares (China)  | 203500 | 291351 |
|  |  | 2372768 |
| Transportation Infrastructure - 0.1% |  |  |
| China Merchants Expressway Network & Technology Holdings Co Ltd A Shares (China)  | 389000 | 560758 |
| China Merchants Port Holdings Co Ltd  | 1437283 | 2781881 |
| Jiangsu Expressway Co Ltd H Shares  | 1394000 | 1697079 |
| Shanghai International Airport Co Ltd A Shares (China)  | 86900 | 394245 |
| Zhejiang Expressway Co Ltd H Shares  | 1807920 | 1763586 |
|  |  | 7197549 |
| TOTAL INDUSTRIALS |  | 147461943 |
| Information Technology - 2.3% |  |  |
| Communications Equipment - 0.1% |  |  |
| BYD Electronic International Co Ltd  | 900000 | 4232133 |
| Guangzhou Haige Communications Group Inc Co A Shares (China)  | 169800 | 279366 |
| Hengtong Optic-electric Co Ltd A Shares (China)  | 168900 | 530616 |
| Suzhou TFC Optical Communication Co Ltd A Shares (China)  | 53212 | 1181334 |
| Yealink Network Technology Corp Ltd A Shares (China)  | 86330 | 436659 |
| Zhongji Innolight Co Ltd A Shares (China)  | 76080 | 5056144 |
| ZTE Corp A Shares (China)  | 274600 | 1676752 |
| ZTE Corp H Shares (e) | 863880 | 3657612 |
|  |  | 17050616 |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Aac Technologies Holdings Inc  | 889000 | 4576253 |
| Accelink Technologies Co Ltd A Shares (China)  | 55200 | 488450 |
| Avary Holding Shenzhen Co Ltd A Shares (China)  | 158700 | 1171732 |
| BOE Technology Group Co Ltd A Shares (China)  | 2529900 | 1443139 |
| Chaozhou Three-Circle Group Co Ltd A Shares (China)  | 131100 | 915272 |
| China Railway Signal & Communication Corp Ltd A Shares (China)  | 493575 | 368236 |
| Eoptolink Technology Inc Ltd A Shares (China)  | 68000 | 3289555 |
| Everdisplay Optronics Shanghai Co Ltd A Shares (China) (b) | 945402 | 361296 |
| Foxconn Industrial Internet Co Ltd A Shares (China)  | 906496 | 9170162 |
| GoerTek Inc A Shares (China)  | 238900 | 1102631 |
| Huagong Tech Co Ltd A Shares (China)  | 68800 | 771576 |
| Lens Technology Co Ltd A Shares (China)  | 341000 | 1410013 |
| Lingyi iTech Guangdong Co A Shares (China)  | 479600 | 1053214 |
| Luxshare Precision Industry Co Ltd A Shares (China)  | 496428 | 4394156 |
| Maxscend Microelectronics Co Ltd A Shares (China)  | 36576 | 383829 |
| Ofilm Group Co Ltd A Shares (China) (b) | 229600 | 397753 |
| Shanghai BOCHU Electronic Technology Corp Ltd A Shares (China)  | 19666 | 378267 |
| Shengyi Technology Co Ltd A Shares (China)  | 166300 | 1502387 |
| Shennan Circuits Co Ltd A Shares (China)  | 45632 | 1375102 |
| Shenzhen Kinwong Electronic Co Ltd A Shares (China)  | 64200 | 654863 |
| Sunny Optical Technology Group Co Ltd  | 812100 | 7859150 |
| SUPCON Technology Co Ltd A Shares (China)  | 54358 | 399586 |
| Suzhou Dongshan Precision Manufacturing Co Ltd A Shares (China)  | 125400 | 1206887 |
| TCL Technology Group Corp A Shares (China)  | 1422890 | 861643 |
| Unisplendour Corp Ltd A Shares (China)  | 195603 | 744223 |
| Victory Giant Technology Huizhou Co Ltd A Shares (China)  | 59100 | 2441257 |
| Wingtech Technology Co Ltd A Shares (China) (b) | 85000 | 537415 |
| Wuhan Guide Infrared Co Ltd A Shares (China) (b) | 292369 | 570164 |
| WUS Printed Circuit Kunshan Co Ltd A Shares (China)  | 131690 | 1312940 |
| Zhejiang Dahua Technology Co Ltd A Shares (China)  | 226400 | 650502 |
|  |  | 51791653 |
| IT Services - 0.0% |  |  |
| GDS Holdings Ltd A Shares (b) | 1192300 | 5312239 |
| Isoftstone Information Technology Group Co Ltd A Shares (China)  | 65200 | 487438 |
| Range Intelligent Computing Technology Group Co Ltd A Shares (China)  | 93200 | 661674 |
|  |  | 6461351 |
| Semiconductors & Semiconductor Equipment - 0.5% |  |  |
| ACM Research Shanghai Inc A Shares (China)  | 20254 | 505084 |
| Advanced Micro-Fabrication Equipment Inc China A Shares (China)  | 42865 | 1682464 |
| Amlogic Shanghai Co Ltd A Shares (China) (b) | 28766 | 347581 |
| Bestechnic Shanghai Co Ltd A Shares (China)  | 11492 | 397200 |
| Cambricon Technologies Corp Ltd A Shares (China) (b) | 28520 | 5509737 |
| China Resources Microelectronics Ltd A Shares (China)  | 91035 | 648989 |
| CSI Solar Co Ltd A Shares (China)  | 251970 | 548731 |
| Flat Glass Group Co Ltd A Shares (China)  | 130000 | 338086 |
| GalaxyCore Inc A Shares (China)  | 148343 | 332642 |
| GCL Technology Holdings Ltd (b)(e) | 26000000 | 4550514 |
| Gigadevice Semiconductor Inc A Shares (China)  | 45484 | 1405918 |
| Hangzhou First Applied Material Co Ltd A Shares (China)  | 178457 | 393651 |
| Hangzhou Silan Microelectronics Co Ltd A Shares (China)  | 114200 | 511360 |
| Hua Hong Semiconductor Ltd (b)(c)(d)(e) | 828000 | 8497854 |
| Hwatsing Technology Co Ltd A Shares (China)  | 24102 | 465081 |
| Hygon Information Technology Co Ltd A Shares (China)  | 159146 | 5127849 |
| Ingenic Semiconductor Co Ltd A Shares (China)  | 33000 | 402497 |
| JA Solar Technology Co Ltd A Shares (China) (b) | 226272 | 447623 |
| JCET Group Co Ltd A Shares (China)  | 122500 | 688798 |
| Jinko Solar Co Ltd A Shares (China) (b) | 684199 | 558518 |
| LONGi Green Energy Technology Co Ltd A Shares (China) (b) | 518548 | 1537998 |
| Loongson Technology Corp Ltd (China) (b) | 27451 | 531980 |
| Montage Technology Co Ltd A Shares (China)  | 78251 | 1498526 |
| National Silicon Industry Group Co Ltd A Shares (China) (b) | 187878 | 603435 |
| NAURA Technology Group Co Ltd A Shares (China)  | 49405 | 2825513 |
| Nexchip Semiconductor Corp A Shares (China)  | 137595 | 648209 |
| OmniVision Integrated Circuits Group Inc A Shares (China)  | 83335 | 1530435 |
| Piotech Inc A Shares (China)  | 19104 | 818659 |
| Rockchip Electronics Co Ltd A Shares (China)  | 28800 | 734223 |
| Sanan Optoelectronics CO Ltd A Shares (China)  | 341500 | 665497 |
| SG Micro Corp A Shares (China)  | 42277 | 437774 |
| Shenzhen Goodix Technology Co Ltd A Shares (China)  | 31800 | 367085 |
| Silergy Corp  | 376000 | 2718175 |
| TCL Zhonghuan Renewable Energy Technology Co Ltd A Shares (China) (b) | 276275 | 367207 |
| Tianshui Huatian Technology Co Ltd A Shares (China)  | 219100 | 371252 |
| TongFu Microelectronics Co Ltd A Shares (China)  | 103800 | 619090 |
| Tongwei Co Ltd A Shares (China) (b) | 308100 | 1072684 |
| Trina Solar Co Ltd A Shares (China) (b) | 148984 | 426392 |
| Unigroup Guoxin Microelectronics Co Ltd A Shares (China)  | 58219 | 668618 |
| Verisilicon Microelectronics Shanghai Co Ltd A Shares (China) (b) | 36292 | 813299 |
| Xinjiang Daqo New Energy Co Ltd A Shares (China) (b) | 122323 | 514735 |
| Xinyi Solar Holdings Ltd (e) | 5248756 | 2418175 |
| Zhejiang Jingsheng Mechanical & Electrical Co Ltd A Shares (China)  | 89600 | 490966 |
|  |  | 56040104 |
| Software - 0.2% |  |  |
| 360 Security Technology Inc A Shares (China)  | 478500 | 804738 |
| Beijing Kingsoft Office Software Inc A Shares (China)  | 31602 | 1593953 |
| China National Software & Service Co Ltd A Shares (China) (b) | 64310 | 472472 |
| Empyrean Technology Co Ltd A Shares (China)  | 30900 | 525796 |
| Horizon Robotics A Shares (b)(e) | 5717400 | 6474847 |
| Hundsun Technologies Inc A Shares (China)  | 129252 | 571314 |
| Iflytek Co Ltd A Shares (China)  | 158200 | 1235833 |
| Jiangsu Hoperun Software Co Ltd A Shares (China) (b) | 54600 | 472324 |
| Kingdee International Software Group Co Ltd (b) | 3443000 | 6495599 |
| Shanghai Baosight Software Co Ltd A Shares (China)  | 149445 | 482724 |
| Shanghai Baosight Software Co Ltd B Shares  | 81900 | 91892 |
| Yonyou Network Technology CO Ltd A Shares (China) (b) | 233338 | 511433 |
|  |  | 19732925 |
| Technology Hardware, Storage & Peripherals - 1.1% |  |  |
| Anker Innovations Technology Co Ltd A Shares (China)  | 36410 | 598017 |
| China Greatwall Technology Group Co Ltd A Shares (China) (b) | 220800 | 524592 |
| GRG Banking Equipment Co Ltd A Shares (China)  | 169900 | 306743 |
| Huaqin Technology Co Ltd A Shares (China)  | 57900 | 826678 |
| IEIT Systems Co Ltd A Shares (China)  | 100696 | 922865 |
| Lenovo Group Ltd  | 7786000 | 11382587 |
| Ninestar Corp A Shares (China) (b) | 97300 | 296518 |
| Shenzhen Transsion Holdings Co Ltd A Shares (China)  | 78060 | 836819 |
| Xiaomi Corp B Shares (b)(c)(d) | 19571600 | 108581531 |
|  |  | 124276350 |
| TOTAL INFORMATION TECHNOLOGY |  | 275352999 |
| Materials - 1.1% |  |  |
| Chemicals - 0.1% |  |  |
| Ganfeng Lithium Group Co Ltd A Shares (China)  | 110300 | 1069619 |
| Guangzhou Tinci Materials Technology Co Ltd A Shares (China)  | 130600 | 731590 |
| Hengli Petrochemical Co Ltd A Shares (China)  | 481440 | 1214186 |
| Hoshine Silicon Industry Co Ltd A Shares (China)  | 67300 | 468719 |
| Huafon Chemical Co Ltd A Shares (China)  | 338900 | 427113 |
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd A Shares (China)  | 576700 | 418908 |
| Jiangsu Eastern Shenghong Co Ltd A Shares (China) (b) | 451400 | 586654 |
| LB Group Co Ltd A Shares (China)  | 163373 | 422584 |
| Meihua Holdings Group Co Ltd A Shares (China)  | 196100 | 307758 |
| Ningxia Baofeng Energy Group Co Ltd A Shares (China)  | 501700 | 1299821 |
| Qinghai Salt Lake Industry Co Ltd A Shares (China) (b) | 361700 | 1260314 |
| Rongsheng Petrochemical Co Ltd A Shares (China)  | 692200 | 991025 |
| Satellite Chemical Co Ltd A Shares (China)  | 230456 | 579912 |
| Shandong Hualu Hengsheng Chemical Co Ltd A Shares (China)  | 145020 | 523037 |
| Shanghai Putailai New Energy Technology Co Ltd A Shares (China)  | 146064 | 599861 |
| Tianhe Chemicals Group Ltd (b)(f) | 376000 | 0 |
| Tianqi Lithium Corp A Shares (China) (b) | 101000 | 757777 |
| Wanhua Chemical Group Co Ltd A Shares (China)  | 214300 | 1885747 |
| Yunnan Yuntianhua Co Ltd A Shares (China)  | 125700 | 507929 |
| Zangge Mining Co Ltd A Shares (China)  | 107500 | 889011 |
| Zhejiang Juhua Co Ltd A Shares (China)  | 184600 | 916075 |
| Zhejiang Longsheng Group Co Ltd A Shares (China)  | 224000 | 331402 |
| Zhejiang NHU Co Ltd A Shares (China)  | 211028 | 720485 |
|  |  | 16909527 |
| Construction Materials - 0.1% |  |  |
| Anhui Conch Cement Co Ltd A Shares (China)  | 275200 | 896660 |
| Anhui Conch Cement Co Ltd H Shares  | 1406000 | 4186942 |
| China Jushi Co Ltd A Shares (China)  | 273804 | 630902 |
| China National Building Material Co Ltd H Shares  | 4238000 | 3005113 |
|  |  | 8719617 |
| Metals & Mining - 0.9% |  |  |
| Aluminum Corp of China Ltd A Shares (China)  | 906100 | 1271804 |
| Aluminum Corp of China Ltd H Shares  | 4272000 | 5431708 |
| Baoshan Iron & Steel Co Ltd A Shares (China)  | 1499300 | 1552511 |
| Chifeng Jilong Gold Mining Co A Shares (China)  | 113800 | 476312 |
| China Hongqiao Group Ltd  | 3180000 | 12080689 |
| China Northern Rare Earth Group High-Tech Co Ltd A Shares (China)  | 247500 | 1766864 |
| China Rare Earth Resources And Technology Co Ltd A Shares (China) (b) | 72600 | 537559 |
| Citic Pacific Special Steel Group Co Ltd A Shares (China)  | 230300 | 472093 |
| CMOC Group Ltd A Shares (China)  | 1205000 | 2884930 |
| CMOC Group Ltd H Shares  | 4254000 | 9208136 |
| Henan Shenhuo Coal Industry & Electricity Power Co Ltd A Shares (China)  | 153500 | 533349 |
| Huaibei Mining Holdings Co Ltd A Shares (China)  | 183800 | 342943 |
| Hunan Valin Steel Co Ltd A Shares (China)  | 472300 | 382889 |
| Inner Mongolia BaoTou Steel Union Co Ltd A Shares (China)  | 3099700 | 1106196 |
| Jiangxi Copper Co Ltd A Shares (China)  | 154000 | 889069 |
| Jiangxi Copper Co Ltd H Shares  | 1171000 | 4891631 |
| Jinduicheng Molybdenum Co Ltd A Shares (China)  | 221200 | 466803 |
| MMG Ltd (b) | 4848000 | 4311108 |
| Shandong Gold Mining Co Ltd A Shares (China)  | 329484 | 1668390 |
| Shandong Gold Mining Co Ltd H Shares (c)(d) | 976500 | 4109304 |
| Shandong Nanshan Aluminum Co Ltd A Shares (China)  | 797300 | 516418 |
| Shanjin International Gold Co Ltd A Shares (China)  | 189680 | 578042 |
| Tianshan Aluminum Group Co Ltd A Shares (China)  | 317800 | 596986 |
| Tongling Nonferrous Metals Group Co Ltd A Shares (China)  | 874200 | 649748 |
| Western Mining Co Ltd A Shares (China)  | 162400 | 546931 |
| Western Superconducting Technologies Co Ltd A Shares (China)  | 44439 | 488258 |
| Xiamen Tungsten Co Ltd A Shares (China)  | 108500 | 544223 |
| Yunnan Aluminium Co Ltd A Shares (China)  | 236900 | 765214 |
| Zhaojin Mining Industry Co Ltd H Shares  | 1973000 | 7378548 |
| Zhongjin Gold Corp Ltd A Shares (China)  | 331400 | 1032278 |
| Zijin Mining Group Co Ltd A Shares (China)  | 1421900 | 6093229 |
| Zijin Mining Group Co Ltd H Shares  | 6480000 | 26885510 |
|  |  | 100459673 |
| Paper & Forest Products - 0.0% |  |  |
| Shandong Sun Paper Industry JSC Ltd A Shares (China)  | 191900 | 383401 |
| TOTAL MATERIALS |  | 126472218 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| C&D International Investment Group Ltd  | 992928 | 2036828 |
| China Merchants Shekou Industrial Zone Holdings Co Ltd A Shares (China)  | 620000 | 823194 |
| China Overseas Land & Investment Ltd  | 4371500 | 7330323 |
| China Resources Land Ltd  | 3662244 | 13224619 |
| China Resources Mixc Lifestyle Services Ltd (c)(d) | 781600 | 4085759 |
| China Vanke Co Ltd A Shares (China) (b) | 669100 | 589437 |
| China Vanke Co Ltd H Shares (b)(e) | 2510900 | 1421773 |
| Hainan Airport Infrastructure Co Ltd A Shares (China)  | 782600 | 542083 |
| KE Holdings Inc A Shares  | 2348754 | 13321362 |
| Longfor Group Holdings Ltd (c)(d) | 2391856 | 2958058 |
| Poly Developments and Holdings Group Co Ltd A Shares (China)  | 819200 | 843670 |
| Shanghai Zhangjiang High-Tech Park Development Co Ltd A Shares (China)  | 106000 | 662742 |
| Youngor Fashion Co Ltd A Shares (China)  | 319989 | 337189 |
|  |  | 48177037 |
| Utilities - 0.5% |  |  |
| Gas Utilities - 0.2% |  |  |
| Beijing Enterprises Holdings Ltd  | 574500 | 2521115 |
| China Gas Holdings Ltd  | 3109600 | 3197419 |
| China Resources Gas Group Ltd  | 1056300 | 2903600 |
| ENN Energy Holdings Ltd  | 903800 | 7868435 |
| ENN Natural Gas Co Ltd A Shares (China)  | 177000 | 485436 |
| Kunlun Energy Co Ltd  | 4448000 | 4087062 |
|  |  | 21063067 |
| Independent Power and Renewable Electricity Producers - 0.3% |  |  |
| CGN Power Co Ltd A Shares (China)  | 1175800 | 650891 |
| CGN Power Co Ltd H Shares (c)(d) | 11957000 | 4739376 |
| China Longyuan Power Group Corp Ltd H Shares  | 2839000 | 2630547 |
| China National Nuclear Power Co Ltd A Shares (China)  | 1407200 | 1775460 |
| China Power International Development Ltd  | 4231563 | 1824290 |
| China Resources Power Holdings Co Ltd  | 2363691 | 5651772 |
| China Three Gorges Renewables Group Co Ltd A Shares (China)  | 1955100 | 1167445 |
| China Yangtze Power Co Ltd A Shares (China)  | 1675100 | 6613414 |
| Datang International Power Generation Co Ltd A Shares (China)  | 847500 | 433431 |
| GD Power Development Co Ltd A Shares (China)  | 1218700 | 905797 |
| Hanergy Mobile Energy Holding Group Co Ltd (b)(f) | 1618000 | 2 |
| Huadian Power International Corp Ltd A Shares (China)  | 675900 | 513758 |
| Huaneng Power International Inc A Shares (China)  | 803100 | 917358 |
| Huaneng Power International Inc H Shares  | 4578000 | 3782327 |
| SDIC Power Holdings Co Ltd A Shares (China)  | 547800 | 1104467 |
| Shenergy Co Ltd A Shares (China)  | 334700 | 387021 |
| Sichuan Chuantou Energy Co Ltd A Shares (China)  | 333400 | 689528 |
| Wintime Energy Group Co Ltd A Shares (China)  | 1505100 | 340463 |
| Zhejiang Zheneng Electric Power Co Ltd A Shares (China)  | 764300 | 554105 |
|  |  | 34681452 |
| Water Utilities - 0.0% |  |  |
| Beijing Enterprises Water Group Ltd  | 4586000 | 1475442 |
| Guangdong Investment Ltd  | 3358000 | 3193547 |
|  |  | 4668989 |
| TOTAL UTILITIES |  | 60413508 |
| TOTAL CHINA |  | 3300968328 |
| COLOMBIA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Grupo Cibest SA  | 293424 | 4757606 |
| Grupo Cibest SA ADR  | 5585 | 324153 |
|  |  | 5081759 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Interconexion Electrica SA ESP  | 505498 | 3278478 |
| TOTAL COLOMBIA |  | 8360237 |
| CZECH REPUBLIC - 0.1%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Komercni Banka AS  | 86740 | 4441673 |
| Moneta Money Bank AS (c)(d) | 291893 | 2472252 |
|  |  | 6913925 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| CEZ AS  | 153484 | 9400763 |
| TOTAL CZECH REPUBLIC |  | 16314688 |
| EGYPT - 0.1%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Tobacco - 0.0% |  |  |
| Eastern Co SAE (b) | 1540116 | 1466762 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Commercial International Bank - Egypt (CIB)  | 2627882 | 5868232 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Talaat Moustafa Group  | 822094 | 1000817 |
| TOTAL EGYPT |  | 8335811 |
| GREECE - 0.5%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Hellenic Telecommunications Organization SA  | 187927 | 3532975 |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| OPAP SA  | 210973 | 4365046 |
| Specialty Retail - 0.0% |  |  |
| FF Group (b)(f) | 1035 | 0 |
| JUMBO SA  | 131839 | 4185095 |
|  |  | 4185095 |
| TOTAL CONSUMER DISCRETIONARY |  | 8550141 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Alpha Bank SA  | 2509327 | 9834077 |
| Eurobank Ergasias Services and Holdings SA  | 2935059 | 11040530 |
| National Bank of Greece SA  | 991313 | 14562908 |
| Piraeus Financial Holdings SA  | 1283434 | 10018160 |
|  |  | 45455675 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Public Power Corp SA  | 210117 | 3654668 |
| TOTAL GREECE |  | 61193459 |
| HONG KONG - 0.1%  |  |  |
| Industrials - 0.1% |  |  |
| Air Freight & Logistics - 0.1% |  |  |
| J&T Global Express Ltd B Shares (b) | 2713200 | 3481170 |
| Marine Transportation - 0.0% |  |  |
| Orient Overseas International Ltd (e) | 150500 | 2604996 |
| TOTAL HONG KONG |  | 6086166 |
| HUNGARY - 0.3%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| MOL Hungarian Oil & Gas PLC Class A  | 467785 | 4115547 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| OTP Bank Nyrt  | 255638 | 24382865 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Richter Gedeon Nyrt  | 159450 | 4914653 |
| TOTAL HUNGARY |  | 33413065 |
| INDIA - 15.0%  |  |  |
| Communication Services - 0.7% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Indus Towers Ltd (b) | 1505553 | 6167060 |
| Tata Communications Ltd  | 130161 | 2750002 |
|  |  | 8917062 |
| Interactive Media & Services - 0.0% |  |  |
| Info Edge India Ltd  | 406705 | 6315118 |
| Wireless Telecommunication Services - 0.6% |  |  |
| Bharti Airtel Ltd  | 2928508 | 67781442 |
| Vodafone Idea Ltd (b) | 30912272 | 3040209 |
|  |  | 70821651 |
| TOTAL COMMUNICATION SERVICES |  | 86053831 |
| Consumer Discretionary - 1.9% |  |  |
| Automobile Components - 0.2% |  |  |
| Balkrishna Industries Ltd  | 88258 | 2266778 |
| Bharat Forge Ltd  | 300072 | 4478177 |
| Bosch Ltd  | 8415 | 3530859 |
| MRF Ltd  | 2662 | 4723764 |
| Samvardhana Motherson International Ltd  | 5420013 | 6435140 |
| Tube Investments of India Ltd  | 121440 | 4135787 |
|  |  | 25570505 |
| Automobiles - 1.1% |  |  |
| Bajaj Auto Ltd  | 76488 | 7662587 |
| Eicher Motors Ltd  | 156503 | 12354154 |
| Hero MotoCorp Ltd  | 136947 | 8553306 |
| Hyundai Motor India Ltd  | 185461 | 5095293 |
| Mahindra & Mahindra Ltd  | 1064400 | 41815757 |
| Maruti Suzuki India Ltd  | 143523 | 26170938 |
| Tata Motors Passenger Vehicles Limited  | 2310978 | 10674263 |
| TVS Motor Co Ltd  | 271090 | 10715637 |
|  |  | 123041935 |
| Broadline Retail - 0.0% |  |  |
| Vishal Mega Mart Ltd  | 2393923 | 3902176 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Eternal Ltd (b) | 2753560 | 9856855 |
| Indian Hotels Co Ltd/The  | 975004 | 8148008 |
| Jubilant Foodworks Ltd  | 414478 | 2791592 |
| Swiggy Ltd (b) | 996150 | 4600594 |
|  |  | 25397049 |
| Household Durables - 0.1% |  |  |
| Dixon Technologies India Ltd (c) | 41415 | 7229021 |
| Specialty Retail - 0.1% |  |  |
| FSN E-Commerce Ventures Ltd (b) | 1305801 | 3647387 |
| Trent Ltd  | 206911 | 10942402 |
|  |  | 14589789 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Kalyan Jewellers India Ltd  | 471203 | 2705707 |
| Page Industries Ltd  | 7004 | 3250885 |
| Titan Co Ltd  | 405296 | 17107222 |
|  |  | 23063814 |
| TOTAL CONSUMER DISCRETIONARY |  | 222794289 |
| Consumer Staples - 0.9% |  |  |
| Beverages - 0.1% |  |  |
| United Spirits Ltd  | 332083 | 5355079 |
| Varun Beverages Ltd  | 1543919 | 8168778 |
|  |  | 13523857 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Avenue Supermarts Ltd (b)(c)(d) | 185671 | 8687934 |
| Food Products - 0.3% |  |  |
| Britannia Industries Ltd  | 123706 | 8133950 |
| Marico Ltd  | 591679 | 4798955 |
| Nestle India Ltd  | 770250 | 11034190 |
| Tata Consumer Products Ltd  | 677613 | 8893361 |
|  |  | 32860456 |
| Personal Care Products - 0.3% |  |  |
| Colgate-Palmolive India Ltd  | 155191 | 3921517 |
| Dabur India Ltd  | 607265 | 3335459 |
| Godrej Consumer Products Ltd  | 467013 | 5885211 |
| Hindustan Unilever Ltd  | 938511 | 26067695 |
|  |  | 39209882 |
| Tobacco - 0.1% |  |  |
| ITC Ltd  | 3428730 | 16236880 |
| TOTAL CONSUMER STAPLES |  | 110519009 |
| Energy - 1.4% |  |  |
| Oil, Gas & Consumable Fuels - 1.4% |  |  |
| Bharat Petroleum Corp Ltd  | 1733249 | 6966972 |
| Coal India Ltd  | 2110391 | 9240167 |
| Hindustan Petroleum Corp Ltd  | 1092927 | 5860793 |
| Indian Oil Corp Ltd  | 3223698 | 6025027 |
| Oil & Natural Gas Corp Ltd  | 3590323 | 10329080 |
| Oil India Ltd  | 557237 | 2720426 |
| Petronet LNG Ltd  | 856401 | 2713488 |
| Reliance Industries Ltd  | 6949831 | 116377275 |
|  |  | 160233228 |
| Financials - 4.5% |  |  |
| Banks - 3.1% |  |  |
| AU Small Finance Bank Ltd (c)(d) | 416780 | 4121786 |
| Axis Bank Ltd  | 2619329 | 36378176 |
| Bank of Baroda  | 1180618 | 3702856 |
| Canara Bank  | 2070987 | 3196130 |
| HDFC Bank Ltd/Gandhinagar  | 12951668 | 144056575 |
| ICICI Bank Ltd  | 6026927 | 91330258 |
| IDFC First Bank Ltd  | 4102324 | 3779046 |
| IndusInd Bank Ltd/Gift City (b) | 657943 | 5891208 |
| Kotak Mahindra Bank Ltd  | 1248070 | 29557740 |
| Punjab National Bank  | 2623927 | 3632675 |
| State Bank of India  | 2037255 | 21505187 |
| Union Bank of India Ltd  | 1742692 | 2918786 |
| Yes Bank Ltd (b) | 16110236 | 4127153 |
|  |  | 354197576 |
| Capital Markets - 0.1% |  |  |
| BSE Ltd  | 227124 | 6343045 |
| HDFC Asset Management Co Ltd (c)(d) | 109866 | 6657683 |
|  |  | 13000728 |
| Consumer Finance - 0.7% |  |  |
| Bajaj Finance Ltd  | 3191482 | 37493127 |
| Cholamandalam Investment and Finance Co Ltd  | 479994 | 9175394 |
| Muthoot Finance Ltd  | 137458 | 4922410 |
| SBI Cards & Payment Services Ltd  | 325824 | 3225204 |
| Shriram Finance Ltd  | 1609849 | 13582109 |
| Sundaram Finance Ltd  | 76080 | 3937921 |
|  |  | 72336165 |
| Financial Services - 0.3% |  |  |
| Bajaj Finserv Ltd  | 437664 | 10296555 |
| Bajaj Holdings & Investment Ltd  | 30488 | 4225695 |
| Jio Financial Services Ltd  | 3262889 | 11277580 |
| Power Finance Corp Ltd  | 1694796 | 7699279 |
| REC Ltd  | 1502618 | 6345478 |
|  |  | 39844587 |
| Insurance - 0.3% |  |  |
| HDFC Life Insurance Co Ltd (c)(d) | 1106585 | 9123576 |
| ICICI Lombard General Insurance Co Ltd (c)(d) | 277772 | 6238878 |
| ICICI Prudential Life Insurance Co Ltd (c)(d) | 412643 | 2748087 |
| PB Fintech Ltd (b) | 393097 | 7906668 |
| SBI Life Insurance Co Ltd (c)(d) | 514784 | 11341892 |
|  |  | 37359101 |
| TOTAL FINANCIALS |  | 516738157 |
| Health Care - 0.8% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Apollo Hospitals Enterprise Ltd  | 114868 | 9939741 |
| Max Healthcare Institute Ltd  | 887617 | 11477573 |
|  |  | 21417314 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Divi's Laboratories Ltd  | 136346 | 10349793 |
| Pharmaceuticals - 0.6% |  |  |
| Alkem Laboratories Ltd  | 47751 | 2962213 |
| Aurobindo Pharma Ltd  | 298244 | 3826622 |
| Cipla Ltd/India  | 645273 | 10913630 |
| Dr Reddy's Laboratories Ltd  | 666671 | 8970866 |
| Lupin Ltd  | 260598 | 5764481 |
| Mankind Pharma Ltd  | 141304 | 3795063 |
| Sun Pharmaceutical Industries Ltd  | 1095304 | 20862169 |
| Torrent Pharmaceuticals Ltd  | 135187 | 5421948 |
| Zydus Lifesciences Ltd  | 287049 | 3151185 |
|  |  | 65668177 |
| TOTAL HEALTH CARE |  | 97435284 |
| Industrials - 1.4% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Bharat Electronics Ltd  | 4171207 | 20023109 |
| Hindustan Aeronautics Ltd (c) | 228971 | 12071633 |
|  |  | 32094742 |
| Building Products - 0.0% |  |  |
| Astral Ltd  | 137895 | 2252707 |
| Commercial Services & Supplies - 0.0% |  |  |
| Indian Railway Catering & Tourism Corp Ltd  | 274045 | 2218849 |
| Construction & Engineering - 0.4% |  |  |
| Larsen & Toubro Ltd  | 769124 | 34926627 |
| Rail Vikas Nigam Ltd (c) | 594883 | 2203543 |
| Voltas Ltd  | 264219 | 4118441 |
|  |  | 41248611 |
| Electrical Equipment - 0.3% |  |  |
| ABB India Ltd  | 60470 | 3556057 |
| Bharat Heavy Electricals Ltd  | 1192416 | 3566434 |
| CG Power & Industrial Solutions Ltd  | 808626 | 6710689 |
| Havells India Ltd  | 250528 | 4216344 |
| Hitachi Energy India Ltd  | 15262 | 3056698 |
| Polycab India Ltd  | 60120 | 5217873 |
| Suzlon Energy Ltd (b) | 10944233 | 7311362 |
|  |  | 33635457 |
| Ground Transportation - 0.0% |  |  |
| Container Corp Of India Ltd  | 347776 | 2136257 |
| Industrial Conglomerates - 0.0% |  |  |
| Siemens Ltd  | 101594 | 3543801 |
| Machinery - 0.2% |  |  |
| Ashok Leyland Ltd  | 3350766 | 5342578 |
| Cummins India Ltd  | 158175 | 7740979 |
| Tata Motors Ltd /new (b)(f) | 2310978 | 6788571 |
|  |  | 19872128 |
| Passenger Airlines - 0.1% |  |  |
| InterGlobe Aviation Ltd (c)(d) | 216146 | 13697079 |
| Trading Companies & Distributors - 0.0% |  |  |
| Adani Enterprises Ltd  | 184407 | 5154214 |
| Transportation Infrastructure - 0.1% |  |  |
| Adani Ports & Special Economic Zone Ltd  | 616363 | 10078870 |
| GMR Airports Ltd (b) | 3013131 | 3189815 |
|  |  | 13268685 |
| TOTAL INDUSTRIALS |  | 169122530 |
| Information Technology - 1.4% |  |  |
| IT Services - 1.4% |  |  |
| HCL Technologies Ltd  | 1083871 | 18822589 |
| Infosys Ltd  | 3792785 | 63200187 |
| LTIMindtree Ltd (c)(d) | 84527 | 5413099 |
| Mphasis Ltd  | 119384 | 3717965 |
| Persistent Systems Ltd  | 124931 | 8327232 |
| Tata Consultancy Services Ltd  | 1032221 | 35560545 |
| Tech Mahindra Ltd  | 614551 | 9861617 |
| Wipro Ltd  | 2990175 | 8107311 |
|  |  | 153010545 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| WAAREE Energies Ltd  | 98361 | 3797921 |
| Software - 0.0% |  |  |
| Oracle Financial Services Software Ltd  | 24745 | 2373725 |
| Tata Elxsi Ltd  | 39031 | 2398407 |
|  |  | 4772132 |
| TOTAL INFORMATION TECHNOLOGY |  | 161580598 |
| Materials - 1.2% |  |  |
| Chemicals - 0.3% |  |  |
| Asian Paints Ltd  | 383112 | 10836677 |
| Coromandel International Ltd  | 134607 | 3221833 |
| PI Industries Ltd  | 86584 | 3489502 |
| Pidilite Industries Ltd  | 348240 | 5667408 |
| Solar Industries India Ltd  | 30982 | 4843893 |
| SRF Ltd  | 152244 | 5026205 |
| Supreme Industries Ltd  | 72475 | 3112836 |
| UPL Ltd  | 512993 | 4161621 |
|  |  | 40359975 |
| Construction Materials - 0.3% |  |  |
| Ambuja Cements Ltd  | 700814 | 4463924 |
| Grasim Industries Ltd  | 310331 | 10109662 |
| Shree Cement Ltd  | 10272 | 3276070 |
| UltraTech Cement Ltd  | 134443 | 18094863 |
|  |  | 35944519 |
| Metals & Mining - 0.6% |  |  |
| APL Apollo Tubes Ltd  | 205851 | 4154589 |
| Hindalco Industries Ltd  | 1538659 | 14696694 |
| Jindal Stainless Ltd  | 376002 | 3192618 |
| Jindal Steel Ltd  | 407389 | 4896103 |
| JSW Steel Ltd  | 697664 | 9478767 |
| NMDC Ltd  | 3510692 | 2997525 |
| Tata Steel Ltd  | 8547595 | 17606515 |
| Vedanta Ltd  | 1561718 | 8683444 |
|  |  | 65706255 |
| TOTAL MATERIALS |  | 142010749 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| DLF Ltd  | 847591 | 7221210 |
| Godrej Properties Ltd (b) | 171893 | 4430701 |
| Lodha Developers Ltd (c)(d) | 341744 | 4611898 |
| Oberoi Realty Ltd  | 145264 | 2910189 |
| Phoenix Mills Ltd/The  | 224410 | 4253842 |
| Prestige Estates Projects Ltd  | 196658 | 3865366 |
|  |  | 27293206 |
| Utilities - 0.6% |  |  |
| Electric Utilities - 0.2% |  |  |
| Power Grid Corp of India Ltd  | 5307511 | 17229305 |
| Tata Power Co Ltd/The  | 1823668 | 8318630 |
| Torrent Power Ltd  | 201310 | 2985688 |
|  |  | 28533623 |
| Gas Utilities - 0.0% |  |  |
| GAIL India Ltd  | 2626739 | 5408244 |
| Independent Power and Renewable Electricity Producers - 0.4% |  |  |
| Adani Power Ltd (b) | 3300990 | 5870122 |
| JSW Energy Ltd  | 498596 | 2962704 |
| NHPC Ltd  | 3439442 | 3287357 |
| NTPC Ltd  | 4979798 | 18903205 |
|  |  | 31023388 |
| TOTAL UTILITIES |  | 64965255 |
| TOTAL INDIA |  | 1758746136 |
| INDONESIA - 1.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Telkom Indonesia Persero Tbk PT  | 56526200 | 10934126 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| GoTo Gojek Tokopedia Tbk PT Class A (b) | 1019519508 | 3678363 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Sumber Alfaria Trijaya Tbk PT  | 21325700 | 2577550 |
| Food Products - 0.1% |  |  |
| Charoen Pokphand Indonesia Tbk PT  | 8420200 | 2364542 |
| Indofood CBP Sukses Makmur Tbk PT  | 2660900 | 1392052 |
| Indofood Sukses Makmur Tbk PT  | 5010400 | 2229523 |
|  |  | 5986117 |
| TOTAL CONSUMER STAPLES |  | 8563667 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Dian Swastatika Sentosa Tbk PT (b) | 1143200 | 5813959 |
| Petrindo Jaya Kreasi Tbk PT  | 25660200 | 3101443 |
| United Tractors Tbk PT  | 1702800 | 2754379 |
|  |  | 11669781 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Bank Central Asia Tbk PT  | 63308000 | 32413191 |
| Bank Mandiri Persero Tbk PT  | 42604900 | 12070551 |
| Bank Negara Indonesia Persero Tbk PT  | 17023200 | 4483561 |
| Bank Rakyat Indonesia Persero Tbk PT  | 77830885 | 18618724 |
|  |  | 67586027 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Kalbe Farma Tbk PT  | 21366400 | 1638133 |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.1% |  |  |
| Astra International Tbk PT  | 23095300 | 8540956 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Barito Pacific Tbk PT (b) | 26747330 | 5548905 |
| Chandra Asri Pacific Tbk PT  | 9872800 | 4126035 |
|  |  | 9674940 |
| Metals & Mining - 0.0% |  |  |
| Amman Mineral Internasional PT (b) | 16551300 | 7066400 |
| TOTAL MATERIALS |  | 16741340 |
| TOTAL INDONESIA |  | 129352393 |
| KOREA (SOUTH) - 12.1%  |  |  |
| Communication Services - 0.5% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| LG Uplus Corp  | 244275 | 2604670 |
| Entertainment - 0.1% |  |  |
| HYBE Co Ltd  | 26143 | 6237328 |
| Krafton Inc (b) | 32438 | 6264002 |
|  |  | 12501330 |
| Interactive Media & Services - 0.4% |  |  |
| Kakao Corp  | 353111 | 16083516 |
| NAVER Corp  | 162734 | 30457262 |
|  |  | 46540778 |
| Wireless Telecommunication Services - 0.0% |  |  |
| SK Telecom Co Ltd  | 61317 | 2237847 |
| TOTAL COMMUNICATION SERVICES |  | 63884625 |
| Consumer Discretionary - 0.7% |  |  |
| Automobile Components - 0.2% |  |  |
| Hankook Tire & Technology Co Ltd  | 84821 | 2750692 |
| Hyundai Mobis Co Ltd  | 68092 | 15054694 |
|  |  | 17805386 |
| Automobiles - 0.5% |  |  |
| Hyundai Motor Co  | 151882 | 30817192 |
| Kia Corp  | 272307 | 22843716 |
|  |  | 53660908 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Hanjin Kal Corp  | 26670 | 1953702 |
| Household Durables - 0.0% |  |  |
| Coway Co Ltd  | 61553 | 3841518 |
| LG Electronics Inc  | 121392 | 7440171 |
|  |  | 11281689 |
| TOTAL CONSUMER DISCRETIONARY |  | 84701685 |
| Consumer Staples - 0.2% |  |  |
| Food Products - 0.1% |  |  |
| Orion Corp/Republic of Korea  | 27076 | 1881146 |
| Samyang Foods Co Ltd  | 4729 | 4460135 |
|  |  | 6341281 |
| Personal Care Products - 0.0% |  |  |
| Amorepacific Corp  | 33378 | 2823419 |
| LG H&H Co Ltd  | 10453 | 2080712 |
|  |  | 4904131 |
| Tobacco - 0.1% |  |  |
| KT&G Corp  | 111443 | 10463912 |
| TOTAL CONSUMER STAPLES |  | 21709324 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| HD Hyundai Co Ltd  | 49586 | 7112163 |
| S-Oil Corp (b) | 51408 | 2582520 |
| SK Innovation Co Ltd  | 77567 | 6995499 |
|  |  | 16690182 |
| Financials - 1.2% |  |  |
| Banks - 0.8% |  |  |
| Hana Financial Group Inc  | 324943 | 19438469 |
| Industrial Bank of Korea  | 318551 | 4308237 |
| KakaoBank Corp  | 190532 | 3086084 |
| KB Financial Group Inc  | 413574 | 33654995 |
| Shinhan Financial Group Co Ltd  | 498665 | 25531877 |
| Woori Financial Group Inc  | 762757 | 13555286 |
|  |  | 99574948 |
| Capital Markets - 0.1% |  |  |
| Korea Investment Holdings Co Ltd  | 47700 | 6084064 |
| Mirae Asset Securities Co Ltd  | 260350 | 4790734 |
| NH Investment & Securities Co Ltd  | 162669 | 2316104 |
|  |  | 13190902 |
| Financial Services - 0.1% |  |  |
| Meritz Financial Group Inc  | 92444 | 7147099 |
| Insurance - 0.2% |  |  |
| DB Insurance Co Ltd  | 52514 | 4658897 |
| Samsung Fire & Marine Insurance Co Ltd  | 34131 | 10543104 |
| Samsung Life Insurance Co Ltd  | 91294 | 9855914 |
|  |  | 25057915 |
| TOTAL FINANCIALS |  | 144970864 |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.4% |  |  |
| Alteogen Inc (b) | 45762 | 15640777 |
| Celltrion Inc  | 184456 | 22662409 |
|  |  | 38303186 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| HLB Inc (b) | 134998 | 4590419 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Samsung Biologics Co Ltd (b)(c)(d)(f) | 20307 | 17348031 |
| Pharmaceuticals - 0.1% |  |  |
| SK Biopharmaceuticals Co Ltd (b) | 35746 | 2888672 |
| Yuhan Corp  | 63880 | 5273946 |
|  |  | 8162618 |
| TOTAL HEALTH CARE |  | 68404254 |
| Industrials - 2.4% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Hanwha Aerospace Co Ltd  | 37623 | 25770620 |
| Hanwha Systems Co Ltd  | 86244 | 3614468 |
| Korea Aerospace Industries Ltd  | 83431 | 6035827 |
| LIG Nex1 Co Ltd  | 15065 | 5470478 |
|  |  | 40891393 |
| Air Freight & Logistics - 0.0% |  |  |
| Hyundai Glovis Co Ltd  | 42790 | 5652402 |
| Electrical Equipment - 1.0% |  |  |
| Doosan Enerbility Co Ltd (b) | 511730 | 31758009 |
| Ecopro BM Co Ltd (b)(e) | 55804 | 6247037 |
| Ecopro Co Ltd (e) | 116207 | 7154903 |
| HD Hyundai Electric Co Ltd  | 26740 | 16276815 |
| Hyosung Heavy Industries Corp  | 6385 | 9537785 |
| LG Energy Solution Ltd (b)(e) | 53410 | 17675531 |
| LS Electric Co Ltd  | 17120 | 5210529 |
| POSCO Future M Co Ltd (b)(e) | 39553 | 5991369 |
|  |  | 99851978 |
| Industrial Conglomerates - 0.5% |  |  |
| Doosan Co Ltd  | 8486 | 5634534 |
| LG Corp  | 98678 | 5544018 |
| Samsung C&T Corp  | 96985 | 15335635 |
| SK Inc  | 41367 | 7192323 |
| SK Square Co Ltd (b) | 105881 | 19261058 |
|  |  | 52967568 |
| Machinery - 0.6% |  |  |
| Doosan Bobcat Inc  | 60168 | 2538468 |
| Hanwha Ocean Co Ltd (b) | 139877 | 13466462 |
| HD Hyundai Heavy Industries Co Ltd  | 25328 | 10632635 |
| HD Korea Shipbuilding & Offshore Engineering Co Ltd  | 48461 | 16071613 |
| Hyundai Rotem Co Ltd  | 87192 | 14061651 |
| Samsung Heavy Industries Co Ltd (b) | 803419 | 16610716 |
|  |  | 73381545 |
| Marine Transportation - 0.0% |  |  |
| HMM Co Ltd  | 269179 | 3870274 |
| Passenger Airlines - 0.0% |  |  |
| Korean Air Lines Co Ltd  | 210070 | 3255566 |
| Trading Companies & Distributors - 0.0% |  |  |
| Posco International Corp  | 60221 | 2317392 |
| TOTAL INDUSTRIALS |  | 282188118 |
| Information Technology - 6.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| LG Display Co Ltd (b) | 342343 | 3488948 |
| Samsung Electro-Mechanics Co Ltd  | 63929 | 10958541 |
| Samsung SDI Co Ltd  | 73572 | 16575140 |
|  |  | 31022629 |
| IT Services - 0.1% |  |  |
| Samsung SDS Co Ltd  | 48566 | 6218307 |
| Semiconductors & Semiconductor Equipment - 2.1% |  |  |
| Hanmi Semiconductor Co Ltd (e) | 48949 | 4921408 |
| SK Hynix Inc  | 623121 | 243709779 |
|  |  | 248631187 |
| Technology Hardware, Storage & Peripherals - 3.5% |  |  |
| Samsung Electronics Co Ltd  | 5404557 | 406496983 |
| TOTAL INFORMATION TECHNOLOGY |  | 692369106 |
| Materials - 0.3% |  |  |
| Chemicals - 0.1% |  |  |
| LG Chem Ltd  | 56393 | 15683793 |
| Metals & Mining - 0.2% |  |  |
| Korea Zinc Co Ltd  | 4570 | 3302975 |
| POSCO Holdings Inc  | 83125 | 18022175 |
|  |  | 21325150 |
| TOTAL MATERIALS |  | 37008943 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Korea Electric Power Corp  | 293055 | 8744641 |
| TOTAL KOREA (SOUTH) |  | 1420671742 |
| KUWAIT - 0.7%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Mobile Telecommunications Co KSCP  | 2223023 | 3848167 |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Boubyan Bank KSCP  | 1762030 | 4112839 |
| Gulf Bank KSCP  | 2277986 | 2606595 |
| Kuwait Finance House KSCP  | 12652078 | 33120192 |
| National Bank of Kuwait SAKP  | 9478682 | 32445367 |
| Warba Bank KSCP  | 2566414 | 2417909 |
|  |  | 74702902 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Mabanee Co KPSC  | 759253 | 2492478 |
| TOTAL KUWAIT |  | 81043547 |
| LUXEMBOURG - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Reinet Investments SCA (South Africa)  | 156524 | 5005969 |
| MALAYSIA - 1.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telekom Malaysia Bhd  | 1314393 | 2291086 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Axiata Group Berhad  | 3145541 | 1885222 |
| CELCOMDIGI BHD  | 4017700 | 3453611 |
| Maxis Bhd  | 2683100 | 2434522 |
|  |  | 7773355 |
| TOTAL COMMUNICATION SERVICES |  | 10064441 |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| MR DIY Group M Bhd (c)(d) | 3783950 | 1445635 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| IOI Corp Bhd  | 2868600 | 2753527 |
| Kuala Lumpur Kepong Bhd  | 573116 | 2805367 |
| Nestle Malaysia Bhd  | 80300 | 2166643 |
| QL Resources Bhd  | 1874625 | 1857616 |
| SD Guthrie Bhd  | 2367156 | 2984380 |
|  |  | 12567533 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Petronas Dagangan Bhd  | 340200 | 1842344 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| AMMB Holdings Bhd  | 2836500 | 3860566 |
| CIMB Group Holdings Bhd  | 9204820 | 16044696 |
| Hong Leong Bank Bhd  | 742000 | 3642674 |
| Malayan Banking Bhd  | 6893581 | 16246333 |
| Public Bank Bhd  | 16614100 | 16741046 |
| RHB Bank Bhd  | 1990803 | 3218180 |
|  |  | 59753495 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| IHH Healthcare Bhd  | 2521200 | 4966547 |
| Industrials - 0.1% |  |  |
| Construction & Engineering - 0.1% |  |  |
| Gamuda Bhd  | 5326949 | 6410655 |
| Industrial Conglomerates - 0.0% |  |  |
| Sunway Bhd  | 2860800 | 3695542 |
| Marine Transportation - 0.0% |  |  |
| MISC Bhd  | 1528400 | 2842940 |
| TOTAL INDUSTRIALS |  | 12949137 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Petronas Chemicals Group Bhd  | 2738600 | 2550272 |
| Metals & Mining - 0.1% |  |  |
| Press Metal Aluminium Holdings Bhd  | 4230200 | 6393784 |
| TOTAL MATERIALS |  | 8944056 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Tenaga Nasional Bhd  | 2993600 | 9492601 |
| Gas Utilities - 0.0% |  |  |
| Petronas Gas Bhd  | 903430 | 3990796 |
| Multi-Utilities - 0.0% |  |  |
| YTL Corp Bhd  | 3255500 | 2021084 |
| YTL Corp Bhd warrants 6/2/2028 (b) | 708000 | 198953 |
| YTL Power International Bhd  | 3405400 | 3244400 |
| YTL Power International Bhd warrants 6/2/2028 (b) | 527400 | 207142 |
|  |  | 5671579 |
| TOTAL UTILITIES |  | 19154976 |
| TOTAL MALAYSIA |  | 131688164 |
| MEXICO - 2.0%  |  |  |
| Communication Services - 0.2% |  |  |
| Wireless Telecommunication Services - 0.2% |  |  |
| America Movil SAB de CV Series B  | 20697800 | 23607201 |
| Consumer Staples - 0.6% |  |  |
| Beverages - 0.3% |  |  |
| Arca Continental SAB de CV  | 589200 | 5706631 |
| Coca-Cola Femsa SAB de CV unit  | 599415 | 5157063 |
| Fomento Economico Mexicano SAB de CV unit  | 1981100 | 18688678 |
|  |  | 29552372 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Grupo Comercial Chedraui SA de CV  | 383900 | 2783603 |
| Wal-Mart de Mexico SAB de CV Series V  | 5973200 | 19747232 |
|  |  | 22530835 |
| Food Products - 0.1% |  |  |
| Alfa SAB de CV Series A  | 4122979 | 3109128 |
| Gruma SAB de CV Series B  | 182605 | 3098933 |
| Grupo Bimbo SAB de CV (e) | 1485900 | 5134687 |
|  |  | 11342748 |
| Household Products - 0.0% |  |  |
| Kimberly Clark DE Mexico Sab D Series A  | 1735600 | 3359376 |
| TOTAL CONSUMER STAPLES |  | 66785331 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Grupo Financiero Banorte SAB de CV  | 2889400 | 27193347 |
| Grupo Financiero Inbursa SAB de CV Series O  | 2088200 | 5071431 |
|  |  | 32264778 |
| Insurance - 0.0% |  |  |
| Qualitas Controladora SAB de CV  | 228200 | 2069319 |
| TOTAL FINANCIALS |  | 34334097 |
| Industrials - 0.2% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Grupo Carso SAB de CV Series A1  | 643800 | 4601219 |
| Transportation Infrastructure - 0.2% |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV Series B  | 326400 | 4022177 |
| Grupo Aeroportuario del Pacifico SAB de CV Series B  | 441120 | 9195174 |
| Grupo Aeroportuario del Sureste SAB de CV Series B  | 205505 | 6216420 |
| Promotora y Operadora de Infraestructura SAB de CV  | 216910 | 2809200 |
|  |  | 22242971 |
| TOTAL INDUSTRIALS |  | 26844190 |
| Materials - 0.6% |  |  |
| Construction Materials - 0.1% |  |  |
| Cemex SAB de CV unit  | 17290118 | 17570710 |
| Metals & Mining - 0.5% |  |  |
| Grupo Mexico SAB de CV Series B  | 3553607 | 30722629 |
| Industrias Penoles SAB de CV (b)(e) | 226820 | 9389616 |
| Southern Copper Corp  | 101947 | 14150244 |
|  |  | 54262489 |
| TOTAL MATERIALS |  | 71833199 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.0% |  |  |
| Fibra Uno Administracion SA de CV (e) | 3257400 | 4726943 |
| Industrial REITs - 0.1% |  |  |
| Prologis Property Mexico SA de CV (e) | 1191085 | 4756390 |
| TOTAL REAL ESTATE |  | 9483333 |
| TOTAL MEXICO |  | 232887351 |
| NETHERLANDS - 0.0%  |  |  |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Nebius Group NV Class A (Russia) (b)(f) | 261431 | 0 |
| PERU - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Credicorp Ltd  | 77062 | 20113182 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Cia de Minas Buenaventura SAA ADR  | 188186 | 4284995 |
| TOTAL PERU |  | 24398177 |
| PHILIPPINES - 0.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| PLDT Inc  | 86335 | 1644757 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Jollibee Foods Corp  | 575450 | 2123038 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Bank of the Philippine Islands  | 2411959 | 4330142 |
| BDO Unibank Inc  | 2735897 | 6221178 |
| Metropolitan Bank & Trust Co  | 2052637 | 2412420 |
|  |  | 12963740 |
| Industrials - 0.2% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Ayala Corp  | 284505 | 2267917 |
| SM Investments Corp  | 252220 | 3131834 |
|  |  | 5399751 |
| Transportation Infrastructure - 0.2% |  |  |
| International Container Terminal Services Inc  | 1152000 | 10399680 |
| TOTAL INDUSTRIALS |  | 15799431 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Ayala Land Inc  | 7476540 | 2534226 |
| SM Prime Holdings Inc  | 11530400 | 4399304 |
|  |  | 6933530 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Manila Electric Co  | 321570 | 3204225 |
| TOTAL PHILIPPINES |  | 42668721 |
| POLAND - 1.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| CD Projekt SA  | 74080 | 5091119 |
| Consumer Discretionary - 0.1% |  |  |
| Broadline Retail - 0.1% |  |  |
| Allegro.eu SA (b)(c)(d) | 783983 | 7323968 |
| Specialty Retail - 0.0% |  |  |
| CCC SA (b)(e) | 61533 | 2515971 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| LPP SA  | 1271 | 6170872 |
| TOTAL CONSUMER DISCRETIONARY |  | 16010811 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Dino Polska SA (b)(c)(d) | 559492 | 6676635 |
| Zabka Group SA (b) | 342379 | 1988635 |
|  |  | 8665270 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| ORLEN SA  | 662486 | 17949729 |
| Financials - 0.5% |  |  |
| Banks - 0.4% |  |  |
| Bank Millennium SA (b) | 692212 | 2894057 |
| Bank Polska Kasa Opieki SA  | 209680 | 10756533 |
| mBank SA (b) | 16986 | 4513042 |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 998586 | 20469256 |
| Santander Bank Polska SA  | 46648 | 6154050 |
|  |  | 44786938 |
| Insurance - 0.1% |  |  |
| Powszechny Zaklad Ubezpieczen SA  | 689794 | 11031474 |
| TOTAL FINANCIALS |  | 55818412 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| Budimex SA (e) | 14563 | 2313202 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| KGHM Polska Miedz SA (b) | 159701 | 8382897 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| PGE Polska Grupa Energetyczna SA (b) | 1024253 | 3106318 |
| TOTAL POLAND |  | 117337758 |
| QATAR - 0.7%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Ooredoo QPSC  | 914146 | 3401999 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Qatar Fuel QSC  | 681204 | 2806388 |
| Qatar Gas Transport Co Ltd  | 3161663 | 3845055 |
|  |  | 6651443 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Al Rayan Bank  | 6897629 | 4431078 |
| Commercial Bank of Qatar  | 3694904 | 4201292 |
| Dukhan Bank  | 2090413 | 1996255 |
| Qatar International Islamic Bank QSC  | 1122680 | 3431867 |
| Qatar Islamic Bank QPSC  | 2022475 | 13597964 |
| Qatar National Bank QPSC  | 5270439 | 26764740 |
|  |  | 54423196 |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.1% |  |  |
| Industries Qatar QSC  | 1725272 | 6017840 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Mesaieed Petrochemical Holding Co  | 6447382 | 2213465 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Barwa Real Estate Co  | 2442495 | 1764285 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Qatar Electricity & Water Co QSC  | 502230 | 2118718 |
| TOTAL QATAR |  | 76590946 |
| ROMANIA - 0.0%  |  |  |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| NEPI Rockcastle NV  | 691222 | 5597553 |
| RUSSIA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| VK IPJSC GDR (b)(c)(f) | 100000 | 1 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Ozon Holdings PLC ADR (b)(f) | 40002 | 0 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Gazprom PJSC (b)(f) | 8473436 | 1 |
| Gazprom PJSC ADR (b)(f) | 863533 | 9 |
| LUKOIL PJSC (b)(f) | 334533 | 0 |
| LUKOIL PJSC ADR (b)(f) | 15032 | 0 |
| Rosneft Oil Co PJSC (b)(f) | 857494 | 0 |
| Rosneft Oil Co PJSC GDR (b)(c)(f) | 150200 | 2 |
| Surgutneftegas PAO (b)(f) | 5613549 | 0 |
| Surgutneftegas PAO ADR (b)(f) | 73333 | 0 |
| Tatneft PJSC (b)(f) | 1103564 | 0 |
|  |  | 12 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sberbank of Russia PJSC (b)(f) | 9313306 | 1 |
| VTB Bank PJSC (b)(f) | 476163 | 0 |
| VTB Bank PJSC GDR (b)(c)(f) | 221738 | 3 |
|  |  | 4 |
| Capital Markets - 0.0% |  |  |
| Moscow Exchange MICEX-RTS PJSC (b)(f) | 1311841 | 0 |
| TOTAL FINANCIALS |  | 4 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Phosagro Pjsc GDR (b)(c)(f) | 749 | 0 |
| Metals & Mining - 0.0% |  |  |
| Alrosa PJSC (b)(f) | 2234923 | 0 |
| GMK Norilskiy Nickel PAO (b)(f) | 4844200 | 0 |
| GMK Norilskiy Nickel PAO ADR (United Kingdom) (b)(f) | 59247 | 0 |
| Novolipetsk Steel PJSC (b)(f) | 1258902 | 0 |
| Novolipetsk Steel PJSC GDR (b)(c)(f) | 3783 | 0 |
| Polyus PJSC (b)(f) | 267420 | 0 |
| Polyus PJSC GDR (b)(c)(f) | 5226 | 0 |
| Severstal PAO (b)(f) | 155372 | 0 |
| Severstal PAO GDR (b)(c)(f) | 26165 | 0 |
| United Co RUSAL International PJSC (Russia) (b)(f) | 2596470 | 0 |
|  |  | 0 |
| TOTAL MATERIALS |  | 0 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Inter RAO UES PJSC (b)(f) | 31187844 | 4 |
| TOTAL RUSSIA |  | 21 |
| SAUDI ARABIA - 3.1%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Saudi Telecom Co  | 2282626 | 27498878 |
| Media - 0.0% |  |  |
| Saudi Research & Media Group (b) | 41082 | 1881953 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Etihad Etisalat Co  | 430650 | 7779788 |
| TOTAL COMMUNICATION SERVICES |  | 37160619 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Jabal Omar Development Company (b) | 660111 | 3113715 |
| Specialty Retail - 0.0% |  |  |
| Jarir Marketing Co  | 671327 | 2541888 |
| TOTAL CONSUMER DISCRETIONARY |  | 5655603 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Nahdi Medical Co  | 44521 | 1377073 |
| Food Products - 0.1% |  |  |
| Almarai Co JSC  | 559162 | 7392276 |
| TOTAL CONSUMER STAPLES |  | 8769349 |
| Energy - 0.4% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Ades Holding Co  | 386500 | 1741687 |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Saudi Arabian Oil Co (c)(d) | 6904829 | 47685538 |
| TOTAL ENERGY |  | 49427225 |
| Financials - 1.5% |  |  |
| Banks - 1.4% |  |  |
| Al Rajhi Bank  | 2236861 | 63044612 |
| Alinma Bank  | 1398087 | 9655348 |
| Arab National Bank  | 1027090 | 6638579 |
| Bank Al-Jazira  | 716598 | 2413309 |
| Bank AlBilad  | 838790 | 6633739 |
| Banque Saudi Fransi  | 1398140 | 6647158 |
| Riyad Bank  | 1677699 | 12158990 |
| Saudi Awwal Bank  | 1149089 | 9915079 |
| Saudi Investment Bank/The  | 699125 | 2563253 |
| Saudi National Bank/The  | 3355277 | 35679398 |
|  |  | 155349465 |
| Capital Markets - 0.0% |  |  |
| Saudi Tadawul Group Holding Co  | 54767 | 2906070 |
| Insurance - 0.1% |  |  |
| Al Rajhi Co for Co-operative Insurance (b) | 45637 | 1434712 |
| Bupa Arabia for Cooperative Insurance Co  | 94148 | 4117077 |
| Co for Cooperative Insurance/The  | 83881 | 3046314 |
|  |  | 8598103 |
| TOTAL FINANCIALS |  | 166853638 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Dallah Healthcare Co  | 40578 | 1666270 |
| Dr Sulaiman Al Habib Medical Services Group Co  | 99863 | 7248142 |
| Mouwasat Medical Services Co  | 111839 | 2291771 |
|  |  | 11206183 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| SAL Saudi Logistics Services  | 41055 | 1924503 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Arabian Internet & Communications Services Co  | 27372 | 1837792 |
| Elm Co  | 27386 | 6911673 |
|  |  | 8749465 |
| Materials - 0.5% |  |  |
| Chemicals - 0.3% |  |  |
| SABIC Agri-Nutrients Co  | 266188 | 8701877 |
| Sahara International Petrochemical Co  | 409888 | 2065670 |
| Saudi Aramco Base Oil Co  | 57759 | 1485443 |
| Saudi Basic Industries Corp  | 1027022 | 16718581 |
| Yanbu National Petrochemical Co  | 314416 | 2892396 |
|  |  | 31863967 |
| Metals & Mining - 0.2% |  |  |
| Saudi Arabian Mining Co (b) | 1553251 | 26610238 |
| TOTAL MATERIALS |  | 58474205 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Dar Al Arkan Real Estate Development Co (b) | 604008 | 2771772 |
| Makkah Construction & Development Co  | 111863 | 2656160 |
|  |  | 5427932 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.0% |  |  |
| Saudi Electricity Co  | 951145 | 4065503 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| ACWA Power Co (b) | 174940 | 11274564 |
| TOTAL UTILITIES |  | 15340067 |
| TOTAL SAUDI ARABIA |  | 368988789 |
| SOUTH AFRICA - 2.9%  |  |  |
| Communication Services - 0.2% |  |  |
| Wireless Telecommunication Services - 0.2% |  |  |
| MTN Group Ltd  | 1988137 | 19830341 |
| Vodacom Group Ltd  | 711575 | 5747597 |
|  |  | 25577938 |
| Consumer Discretionary - 0.6% |  |  |
| Broadline Retail - 0.5% |  |  |
| Naspers Ltd Class N  | 891375 | 62606667 |
| Specialty Retail - 0.1% |  |  |
| Pepkor Holdings Ltd (c)(d) | 4005168 | 6098713 |
| TOTAL CONSUMER DISCRETIONARY |  | 68705380 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Bid Corp Ltd  | 384548 | 9512836 |
| Clicks Group Ltd  | 270492 | 5695192 |
| Shoprite Holdings Ltd  | 573641 | 9596803 |
|  |  | 24804831 |
| Financials - 1.1% |  |  |
| Banks - 0.6% |  |  |
| Absa Group Ltd  | 969619 | 10840718 |
| Capitec Bank Holdings Ltd (e) | 99376 | 21967728 |
| Nedbank Group Ltd  | 527020 | 7178719 |
| Standard Bank Group Ltd  | 1502949 | 22067236 |
|  |  | 62054401 |
| Financial Services - 0.3% |  |  |
| FirstRand Ltd  | 5761549 | 27326441 |
| Remgro Ltd  | 573735 | 5696812 |
|  |  | 33023253 |
| Insurance - 0.2% |  |  |
| Discovery Ltd  | 620600 | 7795846 |
| Old Mutual Ltd  | 4839960 | 3782636 |
| OUTsurance Group Ltd  | 971348 | 4089886 |
| Sanlam Ltd  | 2053636 | 10775445 |
|  |  | 26443813 |
| TOTAL FINANCIALS |  | 121521467 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Bidvest Group Ltd  | 368793 | 4785641 |
| Materials - 0.8% |  |  |
| Chemicals - 0.0% |  |  |
| Sasol Ltd (b) | 660400 | 4131845 |
| Metals & Mining - 0.8% |  |  |
| Gold Fields Ltd  | 1021436 | 39382603 |
| Harmony Gold Mining Co Ltd  | 651983 | 10848070 |
| Impala Platinum Holdings Ltd  | 1032087 | 11060863 |
| Sibanye Stillwater Ltd (b) | 3230357 | 8572401 |
| Valterra Platinum Ltd  | 302759 | 18725417 |
|  |  | 88589354 |
| TOTAL MATERIALS |  | 92721199 |
| TOTAL SOUTH AFRICA |  | 338116456 |
| TAIWAN - 19.9%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Chunghwa Telecom Co Ltd  | 4338000 | 18461808 |
| Entertainment - 0.0% |  |  |
| International Games System Co Ltd  | 257000 | 6012087 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Far EasTone Telecommunications Co Ltd  | 2017000 | 6061879 |
| Taiwan Mobile Co Ltd  | 1996900 | 7104443 |
|  |  | 13166322 |
| TOTAL COMMUNICATION SERVICES |  | 37640217 |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.0% |  |  |
| Cheng Shin Rubber Industry Co Ltd  | 2034937 | 2109120 |
| Household Durables - 0.0% |  |  |
| Nien Made Enterprise Co Ltd  | 201000 | 2416336 |
| Specialty Retail - 0.1% |  |  |
| Hotai Motor Co Ltd  | 349760 | 6432003 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Eclat Textile Co Ltd  | 219613 | 2929077 |
| Feng TAY Enterprise Co Ltd  | 563408 | 2233276 |
|  |  | 5162353 |
| TOTAL CONSUMER DISCRETIONARY |  | 16119812 |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| President Chain Store Corp  | 653000 | 5060124 |
| Food Products - 0.2% |  |  |
| Uni-President Enterprises Corp  | 5511983 | 14094258 |
| TOTAL CONSUMER STAPLES |  | 19154382 |
| Financials - 1.8% |  |  |
| Banks - 1.1% |  |  |
| Chang Hwa Commercial Bank Ltd  | 7385810 | 4751415 |
| CTBC Financial Holding Co Ltd  | 19062826 | 25920439 |
| E.Sun Financial Holding Co Ltd  | 16594379 | 16040119 |
| First Financial Holding Co Ltd  | 13128686 | 12178309 |
| Hua Nan Financial Holdings Co Ltd  | 10323769 | 9794465 |
| Mega Financial Holding Co Ltd  | 13542952 | 17776830 |
| Shanghai Commercial & Savings Bank Ltd/The  | 4438609 | 5710862 |
| SinoPac Financial Holdings Co Ltd  | 14057093 | 11715005 |
| Taiwan Business Bank  | 8319454 | 4149184 |
| Taiwan Cooperative Financial Holding Co Ltd  | 12527506 | 9666914 |
| TS Financial Holding Co Ltd  | 24120076 | 14654800 |
|  |  | 132358342 |
| Financial Services - 0.2% |  |  |
| Chailease Holding Co Ltd  | 1747398 | 5847747 |
| Yuanta Financial Holding Co Ltd  | 12171223 | 13643096 |
|  |  | 19490843 |
| Insurance - 0.5% |  |  |
| Cathay Financial Holding Co Ltd  | 10881410 | 22626884 |
| Fubon Financial Holding Co Ltd  | 9591153 | 28420078 |
| KGI Financial Holding Co Ltd  | 18404458 | 9507794 |
|  |  | 60554756 |
| TOTAL FINANCIALS |  | 212403941 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| PharmaEssentia Corp  | 346236 | 5602232 |
| Pharmaceuticals - 0.0% |  |  |
| Caliway Biopharmaceuticals Co Ltd (b) | 1151000 | 5628225 |
| TOTAL HEALTH CARE |  | 11230457 |
| Industrials - 0.3% |  |  |
| Electrical Equipment - 0.1% |  |  |
| Fortune Electric Co Ltd  | 180660 | 4196891 |
| Voltronic Power Technology Corp  | 80000 | 3145103 |
|  |  | 7341994 |
| Industrial Conglomerates - 0.0% |  |  |
| Far Eastern New Century Corp  | 3358705 | 2891861 |
| Marine Transportation - 0.2% |  |  |
| Evergreen Marine Corp Taiwan Ltd  | 1235363 | 7766676 |
| Wan Hai Lines Ltd  | 800950 | 2136525 |
| Yang Ming Marine Transport Corp  | 1993000 | 3723358 |
|  |  | 13626559 |
| Passenger Airlines - 0.0% |  |  |
| China Airlines Ltd  | 3332000 | 2165183 |
| Eva Airways Corp  | 3081000 | 3623764 |
|  |  | 5788947 |
| Transportation Infrastructure - 0.0% |  |  |
| Taiwan High Speed Rail Corp  | 2248000 | 1997621 |
| TOTAL INDUSTRIALS |  | 31646982 |
| Information Technology - 16.9% |  |  |
| Communications Equipment - 0.1% |  |  |
| Accton Technology Corp  | 576000 | 20211840 |
| Electronic Equipment, Instruments & Components - 2.3% |  |  |
| AUO Corp  | 6889400 | 2719677 |
| Delta Electronics Inc  | 2223381 | 71878098 |
| E Ink Holdings Inc  | 984000 | 6777828 |
| Elite Material Co Ltd  | 336000 | 14846969 |
| Hon Hai Precision Industry Co Ltd  | 14268869 | 119378575 |
| Innolux Corp  | 8660157 | 3742286 |
| Largan Precision Co Ltd  | 114000 | 8204237 |
| Lotes Co Ltd  | 96000 | 4304373 |
| Synnex Technology International Corp  | 1427500 | 2634414 |
| Unimicron Technology Corp  | 1484000 | 7883358 |
| Wpg Holding Co Ltd  | 1820200 | 3566121 |
| Yageo Corp  | 1892340 | 15309398 |
| Zhen Ding Technology Holding Ltd  | 764000 | 4046137 |
|  |  | 265291471 |
| Semiconductors & Semiconductor Equipment - 13.1% |  |  |
| Alchip Technologies Ltd  | 88000 | 9992852 |
| ASE Technology Holding Co Ltd  | 3781927 | 30221919 |
| eMemory Technology Inc  | 72000 | 4655273 |
| Global Unichip Corp  | 99000 | 4921372 |
| Globalwafers Co Ltd  | 300000 | 4951589 |
| Jentech Precision Industrial Co Ltd  | 97000 | 6712912 |
| MediaTek Inc  | 1736292 | 73901570 |
| Novatek Microelectronics Corp  | 660000 | 8427448 |
| Realtek Semiconductor Corp  | 556401 | 9310108 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 28116000 | 1358046375 |
| United Microelectronics Corp  | 12897000 | 19453988 |
| Vanguard International Semiconductor Corp  | 1279002 | 4018438 |
|  |  | 1534613844 |
| Technology Hardware, Storage & Peripherals - 1.4% |  |  |
| Acer Inc  | 3296994 | 3219009 |
| Advantech Co Ltd  | 542100 | 5521748 |
| Asia Vital Components Co Ltd  | 377000 | 17454838 |
| Asustek Computer Inc  | 805000 | 18230067 |
| Catcher Technology Co Ltd  | 630000 | 4063130 |
| Compal Electronics Inc  | 4779000 | 5131781 |
| Gigabyte Technology Co Ltd  | 612000 | 5577555 |
| Inventec Corp  | 3070865 | 4579658 |
| King Slide Works Co Ltd  | 65000 | 8679901 |
| Lite-On Technology Corp  | 2404279 | 14021966 |
| Micro-Star International Co Ltd  | 820000 | 2917344 |
| Pegatron Corp  | 2280000 | 5496653 |
| Quanta Computer Inc  | 3086000 | 30130060 |
| Wistron Corp  | 3409000 | 16669520 |
| Wiwynn Corp  | 127756 | 18118622 |
|  |  | 159811852 |
| TOTAL INFORMATION TECHNOLOGY |  | 1979929007 |
| Materials - 0.3% |  |  |
| Chemicals - 0.1% |  |  |
| Formosa Chemicals & Fibre Corp  | 4012760 | 3807024 |
| Formosa Plastics Corp  | 4358520 | 5395400 |
| Nan Ya Plastics Corp  | 5882860 | 7932247 |
|  |  | 17134671 |
| Construction Materials - 0.1% |  |  |
| Asia Cement Corp  | 2627153 | 3098500 |
| TCC Group Holdings Co Ltd  | 7748730 | 5563940 |
|  |  | 8662440 |
| Metals & Mining - 0.1% |  |  |
| China Steel Corp  | 13466204 | 8138001 |
| TOTAL MATERIALS |  | 33935112 |
| TOTAL TAIWAN |  | 2342059910 |
| THAILAND - 1.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| True Corp PCL (b) | 11039079 | 3882922 |
| True Corp PCL depository receipt (b) | 388600 | 135488 |
|  |  | 4018410 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Advanced Info Service PCL  | 1094100 | 10194946 |
| Advanced Info Service PCL depository receipt  | 92100 | 858198 |
|  |  | 11053144 |
| TOTAL COMMUNICATION SERVICES |  | 15071554 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Minor International PCL  | 3595032 | 2551241 |
| Minor International PCL depository receipt  | 276000 | 195865 |
|  |  | 2747106 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| CP ALL PCL  | 5666300 | 8042265 |
| CP ALL PCL depository receipt  | 472700 | 670910 |
| CP AXTRA PCL  | 1829789 | 1106568 |
| CP AXTRA PCL depository receipt  | 12615 | 7629 |
|  |  | 9827372 |
| Food Products - 0.0% |  |  |
| Charoen Pokphand Foods PCL  | 4001020 | 2604799 |
| Charoen Pokphand Foods PCL depository receipt  | 306900 | 199802 |
|  |  | 2804601 |
| TOTAL CONSUMER STAPLES |  | 12631973 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| PTT Exploration & Production PCL  | 1456739 | 4809351 |
| PTT Exploration & Production PCL depository receipt  | 126300 | 416973 |
| PTT PCL  | 10501000 | 9963153 |
| PTT PCL depository receipt  | 894900 | 849064 |
|  |  | 16038541 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Kasikornbank PCL  | 618100 | 3556793 |
| Kasikornbank PCL depository receipt  | 54700 | 314765 |
| Krung Thai Bank PCL  | 3692170 | 3104339 |
| Krung Thai Bank PCL depository receipt  | 289500 | 243409 |
| SCB X PCL  | 879300 | 3554098 |
| SCB X PCL depository receipt  | 75900 | 306784 |
| TMBThanachart Bank PCL  | 25637500 | 1463418 |
| TMBThanachart Bank PCL depository receipt  | 2161500 | 123381 |
|  |  | 12666987 |
| Health Care - 0.1% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Bangkok Dusit Medical Services PCL  | 11690700 | 6817471 |
| Bangkok Dusit Medical Services PCL depository receipt  | 982000 | 572657 |
| Bumrungrad Hospital Pcl  | 601400 | 3191632 |
| Bumrungrad Hospital Pcl depository receipt  | 77800 | 412885 |
|  |  | 10994645 |
| Industrials - 0.1% |  |  |
| Transportation Infrastructure - 0.1% |  |  |
| Airports of Thailand PCL  | 4494300 | 5720144 |
| Airports of Thailand PCL depository receipt  | 391500 | 498284 |
|  |  | 6218428 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.3% |  |  |
| Delta Electronics Thailand PCL  | 3275600 | 21931663 |
| Delta Electronics Thailand PCL depository receipt  | 282700 | 1892808 |
|  |  | 23824471 |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Siam Cement PCL/The  | 679550 | 4277328 |
| Siam Cement PCL/The depository receipt  | 209600 | 1319297 |
|  |  | 5596625 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Central Pattana PCL  | 2134200 | 3539440 |
| Central Pattana PCL depository receipt  | 161900 | 268501 |
|  |  | 3807941 |
| Utilities - 0.1% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Gulf Development PCL  | 4520560 | 6172008 |
| Gulf Development PCL depository receipt  | 387900 | 529607 |
|  |  | 6701615 |
| TOTAL THAILAND |  | 116299886 |
| TURKEY - 0.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Turkcell Iletisim Hizmetleri AS  | 1381036 | 3274107 |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Ford Otomotiv Sanayi AS  | 800963 | 1890321 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| BIM Birlesik Magazalar AS  | 513577 | 6582442 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Turkiye Petrol Rafinerileri AS  | 1099531 | 5166389 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Akbank TAS  | 3560563 | 5147720 |
| Haci Omer Sabanci Holding AS  | 1318229 | 2556275 |
| Turkiye Is Bankasi AS Class C  | 9985926 | 3003804 |
| Yapi ve Kredi Bankasi AS (b) | 3855913 | 3080769 |
|  |  | 13788568 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Aselsan Elektronik Sanayi Ve Ticaret AS  | 1561285 | 7558796 |
| Industrial Conglomerates - 0.0% |  |  |
| KOC Holding AS  | 867894 | 3541414 |
| Passenger Airlines - 0.0% |  |  |
| Turk Hava Yollari AO  | 629694 | 4364764 |
| TOTAL INDUSTRIALS |  | 15464974 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Eregli Demir ve Celik Fabrikalari TAS  | 3992727 | 2609030 |
| TOTAL TURKEY |  | 48775831 |
| UNITED ARAB EMIRATES - 1.4%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Emirates Telecommunications Group Co PJSC  | 3970046 | 20969219 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Americana Restaurants International PLC - Foreign Co  | 3365134 | 1914845 |
| Specialty Retail - 0.0% |  |  |
| Abu Dhabi National Oil Co for Distribution PJSC  | 3566049 | 3485513 |
| TOTAL CONSUMER DISCRETIONARY |  | 5400358 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| ADNOC Drilling Co PJSC  | 3651929 | 5548065 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Adnoc Gas PLC  | 7007230 | 6658199 |
| TOTAL ENERGY |  | 12206264 |
| Financials - 0.6% |  |  |
| Banks - 0.6% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 3341555 | 13118943 |
| Abu Dhabi Islamic Bank PJSC  | 1658120 | 9534433 |
| Dubai Islamic Bank PJSC  | 3305462 | 8549501 |
| Emirates NBD Bank PJSC  | 2162595 | 16544990 |
| First Abu Dhabi Bank PJSC  | 5043155 | 23946044 |
|  |  | 71693911 |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Multiply Group PJSC (b) | 3833523 | 3110279 |
| Transportation Infrastructure - 0.1% |  |  |
| Salik Co PJSC  | 2139435 | 3483255 |
| TOTAL INDUSTRIALS |  | 6593534 |
| Real Estate - 0.4% |  |  |
| Real Estate Management & Development - 0.4% |  |  |
| Aldar Properties PJSC  | 4396647 | 10773308 |
| Emaar Development PJSC  | 1141467 | 4630572 |
| Emaar Properties PJSC  | 7565713 | 29249820 |
|  |  | 44653700 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Dubai Electricity & Water Authority PJSC  | 6847331 | 5182640 |
| TOTAL UNITED ARAB EMIRATES |  | 166699626 |
| UNITED KINGDOM - 0.4%  |  |  |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Metlen Energy & Metals PLC (Greece)  | 113873 | 5775251 |
| Materials - 0.4% |  |  |
| Metals & Mining - 0.4% |  |  |
| Anglogold Ashanti Plc (South Africa)  | 574645 | 39808357 |
| TOTAL UNITED KINGDOM |  | 45583608 |
| UNITED STATES - 0.3%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| JBS NV Class A  | 418116 | 5523312 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.3% |  |  |
| BeOne Medicines Ltd H Shares (b) | 975630 | 23328086 |
| Legend Biotech Corp ADR (b) | 84127 | 2725715 |
|  |  | 26053801 |
| TOTAL UNITED STATES |  | 31577113 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $8,135,653,653) |  | <br> **11448665691** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.6%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.6%** |
|  | Shares | Value ($)<br>|
| COLOMBIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Grupo Cibest SA  | 491008 | 7171496 |
| INDIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| TVS Motor Co Ltd 6% (f) | 1081752 | 0 |
| KOREA (SOUTH) - 0.6%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Hyundai Motor Co  | 25460 | 3865511 |
| Hyundai Motor Co Series 2  | 39763 | 6120552 |
|  |  | 9986063 |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| LG H&H Co Ltd  | 674 | 55080 |
| Information Technology - 0.5% |  |  |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| Samsung Electronics Co Ltd  | 931260 | 54992334 |
| TOTAL KOREA (SOUTH) |  | 65033477 |
| RUSSIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Surgutneftegas PAO (b)(f) | 5794540 | 0 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $49,303,403) |  | <br> **72204973** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (h) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 11/13/2025 (i)<br>(Cost $7,577,592)<br>| 4.15 | 7588000 | **7579858** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.7%** | &nbsp;&nbsp;**Money Market Funds - 3.7%** | &nbsp;&nbsp;**Money Market Funds - 3.7%** | &nbsp;&nbsp;**Money Market Funds - 3.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (j) | 4.18 | 301437754 | 301498042 |
| Fidelity Securities Lending Cash Central Fund (j)(g) | 4.18 | 138111759 | 138125570 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $439,623,612) |  |  | **439623612** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.9%**<br> (Cost $8,632,158,260)<br>| <br>**11968074134** |
| **NET OTHER ASSETS (LIABILITIES) - (1.9)%**  | **(222697148)** |
| **NET ASSETS - 100.0%** | **11745376986** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 Emerging Markets Index Contracts (United States) | 3210 | 12/19/2025 | 225919800 | 8084248 | 8084248 |
| The notional amount of futures purchased as a percentage of Net Assets is 1.9% | The notional amount of futures purchased as a percentage of Net Assets is 1.9% | The notional amount of futures purchased as a percentage of Net Assets is 1.9% | The notional amount of futures purchased as a percentage of Net Assets is 1.9% | The notional amount of futures purchased as a percentage of Net Assets is 1.9% | The notional amount of futures purchased as a percentage of Net Assets is 1.9% |

---

**Legend**

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

(b) Non-income producing.

(c) Security 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 $611,202,561 or 5.2% 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 $585,652,199 or 5.0% of net assets.

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

(f) Level 3 security.

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

(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) 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 $7,257,205.

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<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 | 286114064 | 1660620085 | 1645236502 | 11019616 | 395 | - | 301498042 | 301437754 | 0.5% |
| Fidelity Securities Lending Cash Central Fund | 41979310 | 543549224 | 447402964 | 1350995 | - | - | 138125570 | 138111759 | 0.5% |
| Total | 328093374 | 2204169309 | 2092639466 | 12370611 | 395 | - | 439623612 |  |  |

---

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 October 31, 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 | 1134902846 | 404646800 | 730256045 | 1 |
| Consumer Discretionary | 1445619060 | 737361962 | 708257098 | - |
| Consumer Staples | 439975296 | 439975296 | - | - |
| Energy | 446155945 | 446155933 | - | 12 |
| Financials | 2510722518 | 2122061123 | 388661391 | 4 |
| Health Care | 372794449 | 346475552 | 8970866 | 17348031 |
| Industrials | 801405821 | 785798741 | 8818509 | 6788571 |
| Information Technology | 3146878552 | 1558573365 | 1588305187 | - |
| Materials | 726599216 | 615855842 | 110743374 | - |
| Real Estate | 156631812 | 143310450 | 13321362 | - |
| Utilities | 266980176 | 257829434 | 9150736 | 6 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 9986063 | 9986063 | - | - |
| Consumer Staples | 55080 | 55080 | - | - |
| Energy | - | - | - | - |
| Financials | 7171496 | 7171496 | - | - |
| Information Technology | 54992334 | 54992334 | - | - |
|  **U.S. Treasury Obligations** | 7579858 | - | 7579858 | - |
|  **Money Market Funds** | 439623612 | 439623612 | - | - |
| **Total Investments in Securities:** | 11968074134 | 8369873083 | 3574064426 | 24136625 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 8084248 | 8084248 | - | - |
| Total Assets | 8084248 | 8084248 | - | - |
| **Total Derivative Instruments:** | 8084248 | 8084248 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 8084248 | - |
| **Total Equity Risk**  | 8084248 | - |
| **Total Value of Derivatives** | 8084248 | - |

---

(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® Emerging Markets Index Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $129,726,089) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $8,192,534,648) | $11528450522 |  |
| Fidelity Central Funds (cost $439,623,612) | 439623612 |  |
| Total Investment in Securities (cost $8,632,158,260) |  | $11968074134 |
| Foreign currency held at value (cost $19,867,129) |  | 19774914 |
| Receivable for fund shares sold |  | 12714833 |
| Dividends receivable |  | 7370870 |
| Distributions receivable from Fidelity Central Funds |  | 1162501 |
| Other receivables |  | 290788 |
| **Total assets** |  | 12009388040 |
| **Liabilities** |  |  |
| Payable for fund shares redeemed | $31555730 |  |
| Accrued management fee | 720691 |  |
| Payable for daily variation margin on futures contracts | 568313 |  |
| Deferred taxes | 93044231 |  |
| Collateral on securities loaned | 138122089 |  |
| **Total liabilities** |  | 264011054 |
| **Net Assets**  |  | $11745376986 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $9480034052 |
| Total accumulated earnings (loss) |  | 2265342934 |
| **Net Assets** |  | $11745376986 |
| **Net Asset Value**, offering price and redemption price per share ($11,745,376,986 ÷ 843,133,157 shares) |  | $13.93 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $255491404 |
| Interest  |  | 312871 |
| Income from Fidelity Central Funds (including $1,350,995 from security lending)  |  | 12370611 |
| Income before foreign taxes withheld |  | $268174886 |
| Less foreign taxes withheld |  | (29796257) |
| **Total income** |  | 238378629 |
| **Expenses** |  |  |
| Management fee | $6937978 |  |
| Independent trustees' fees and expenses | 20107 |  |
| Total expenses before reductions | 6958085 |  |
| Expense reductions | (149288) |  |
| Total expenses after reductions |  | 6808797 |
| **Net Investment income (loss)** |  | 231569832 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $3,157,695)  | (150570162) |  |
| Fidelity Central Funds | 395 |  |
| Foreign currency transactions | (1258547) |  |
| Futures contracts | 36748336 |  |
| Total net realized gain (loss) |  | (115079978) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $9,149,863)  | 2401940167 |  |
| Assets and liabilities in foreign currencies | 869413 |  |
| Futures contracts | 6522437 |  |
| Total change in net unrealized appreciation (depreciation) |  | 2409332017 |
| **Net gain (loss)** |  | 2294252039 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2525821871 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $231569832 | $199733141 |
| &nbsp;&nbsp;Net realized gain (loss) | (115079978)<br>| (223188396)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2409332017 | 1536316475<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2525821871<br>| 1512861220<br>|
| Distributions to shareholders | (211222350)<br>| (186938129)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 3581923987 | 2618882038 |
| Reinvestment of distributions | 164309387<br>| 145618506<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (2534354538) | (2182911933) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1211878836<br>| 581588611<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 3526478357<br>| 1907511702<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 8218898629 | 6311386927<br>|
| &nbsp;&nbsp;End of period | $11745376986 | $8218898629 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 310604909 | 250081513 |
| Issued in reinvestment of distributions | 15227932<br>| 14859031<br>|
| &nbsp;&nbsp;Redeemed | (220938229) | (208876486) |
| &nbsp;&nbsp;Net increase (decrease) | 104894612 | 56064058 |

---

**Financial Highlights** 

**Fidelity® Emerging Markets Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.13 | $9.25 | $8.56 | $12.64 | $11.07 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .29  | .28  | .29  | .32  | .28  |
| Net realized and unrealized gain (loss)  | 2.79  | 1.87  | .63  | (4.14)  | 1.48  |
| Total from investment operations  | 3.08  | 2.15  | .92  | (3.82)  | 1.76  |
| Distributions from net investment income  | (.28)  | (.27)  | (.23)  | (.26)  | (.19)  |
| Total distributions  | (.28)  | (.27)  | (.23)  | (.26)  | (.19)  |
| Net asset value, end of period  | $13.93 | $11.13 | $9.25 | $8.56 | $12.64 |
| **Total Return** C | 28.43% <br>| 23.63%  | 10.74%  | (30.81)%  | 15.95%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .07% F | .07% F | .08%  | .08%  | .07% F |
| Expenses net of fee waivers, if any  | .07% F<br>| .07% F | .08%  | .08%  | .07% F |
| Expenses net of all reductions, if any  | .07% F | .07% F | .07%  | .07%  | .07% F |
| Net investment income (loss)  | 2.49%  | 2.68%  | 2.93%  | 2.97%  | 2.17%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $11745377 | $8218899 | $6311387 | $5234644 | $6441516 |
| Portfolio turnover rate G | 4% <br>| 5%  | 7%  | 8%  | 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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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

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

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

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

**Fidelity® Global ex U.S. Index Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 97.9%** | &nbsp;&nbsp;**Common Stocks - 97.9%** | &nbsp;&nbsp;**Common Stocks - 97.9%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 4.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telstra Group Ltd  | 1849182 | 5904408 |
| Interactive Media & Services - 0.1% |  |  |
| CAR Group Ltd  | 173699 | 4057350 |
| REA Group Ltd  | 24282 | 3385513 |
|  |  | 7442863 |
| TOTAL COMMUNICATION SERVICES |  | 13347271 |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.2% |  |  |
| Wesfarmers Ltd  | 525947 | 28906679 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Aristocrat Leisure Ltd  | 260386 | 10792975 |
| Lottery Corp/The  | 1024347 | 3686266 |
|  |  | 14479241 |
| TOTAL CONSUMER DISCRETIONARY |  | 43385920 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Coles Group Ltd  | 621825 | 8971265 |
| Woolworths Group Ltd  | 566479 | 10530087 |
|  |  | 19501352 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Santos Ltd  | 1508667 | 6228732 |
| Woodside Energy Group Ltd  | 880433 | 14267817 |
|  |  | 20496549 |
| Financials - 1.7% |  |  |
| Banks - 1.3% |  |  |
| ANZ Group Holdings Ltd  | 1382402 | 33150131 |
| Commonwealth Bank of Australia  | 775358 | 87075846 |
| National Australia Bank Ltd  | 1419420 | 40467765 |
| Westpac Banking Corp  | 1585955 | 40200124 |
|  |  | 200893866 |
| Capital Markets - 0.2% |  |  |
| ASX Ltd  | 89277 | 3297467 |
| Macquarie Group Ltd  | 167758 | 23990033 |
|  |  | 27287500 |
| Financial Services - 0.0% |  |  |
| Washington H Soul Pattinson & Co Ltd (b) | 157729 | 3880398 |
| Insurance - 0.2% |  |  |
| Insurance Australia Group Ltd  | 1100084 | 5657510 |
| Medibank Pvt Ltd  | 1269005 | 4051913 |
| QBE Insurance Group Ltd  | 701021 | 9100172 |
| Suncorp Group Ltd  | 503912 | 6468903 |
|  |  | 25278498 |
| TOTAL FINANCIALS |  | 257340262 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Cochlear Ltd  | 30367 | 5705619 |
| Health Care Providers & Services - 0.1% |  |  |
| Sigma Healthcare Ltd (b) | 2141715 | 4358118 |
| Sonic Healthcare Ltd  | 215610 | 2984173 |
|  |  | 7342291 |
| Health Care Technology - 0.0% |  |  |
| Pro Medicus Ltd  | 26425 | 4557785 |
| TOTAL HEALTH CARE |  | 17605695 |
| Industrials - 0.2% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Brambles Ltd  | 633876 | 10310562 |
| Passenger Airlines - 0.0% |  |  |
| Qantas Airways Ltd  | 342224 | 2283955 |
| Professional Services - 0.0% |  |  |
| Computershare Ltd  | 242070 | 5792191 |
| Trading Companies & Distributors - 0.0% |  |  |
| SGH Ltd  | 94768 | 3007325 |
| Transportation Infrastructure - 0.1% |  |  |
| Transurban Group unit  | 1440122 | 13644096 |
| TOTAL INDUSTRIALS |  | 35038129 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| WiseTech Global Ltd  | 92264 | 4172659 |
| Materials - 1.2% |  |  |
| Metals & Mining - 1.2% |  |  |
| BHP Group Ltd  | 2351958 | 67050144 |
| BlueScope Steel Ltd  | 204782 | 3068345 |
| Evolution Mining Ltd  | 930723 | 6613437 |
| Fortescue Ltd  | 785521 | 10942344 |
| Glencore PLC  | 4698986 | 22510819 |
| Northern Star Resources Ltd  | 629942 | 10143530 |
| Rio Tinto Ltd  | 172035 | 14956179 |
| Rio Tinto PLC  | 522912 | 37696741 |
| South32 Ltd  | 2096936 | 4336648 |
|  |  | 177318187 |
| Real Estate - 0.2% |  |  |
| Diversified REITs - 0.0% |  |  |
| Stockland unit  | 1114808 | 4602632 |
| Industrial REITs - 0.1% |  |  |
| Goodman Group unit  | 941641 | 20350302 |
| Retail REITs - 0.1% |  |  |
| Scentre Group unit  | 2411848 | 6422754 |
| Vicinity Ltd unit  | 1780399 | 2935586 |
|  |  | 9358340 |
| TOTAL REAL ESTATE |  | 34311274 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Origin Energy Ltd  | 799247 | 6406105 |
| Gas Utilities - 0.0% |  |  |
| Apa Group unit  | 603604 | 3625531 |
| TOTAL UTILITIES |  | 10031636 |
| TOTAL AUSTRALIA |  | 632548934 |
| AUSTRIA - 0.2%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| OMV AG  | 67517 | 3693502 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Erste Group Bank AG  | 142794 | 14772088 |
| Materials - 0.0% |  |  |
| Paper & Forest Products - 0.0% |  |  |
| Mondi PLC  | 198279 | 2214594 |
| Mondi PLC (South Africa)  | 7637 | 84807 |
|  |  | 2299401 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Verbund AG Class A  | 31486 | 2429772 |
| TOTAL AUSTRIA |  | 23194763 |
| BELGIUM - 0.5%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| D'ieteren Group  | 10034 | 1833161 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.3% |  |  |
| Anheuser-Busch InBev SA/NV  | 457669 | 27907390 |
| Food Products - 0.0% |  |  |
| Lotus Bakeries NV  | 189 | 1649131 |
| TOTAL CONSUMER STAPLES |  | 29556521 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| KBC Group NV  | 106512 | 12798883 |
| Financial Services - 0.0% |  |  |
| Groupe Bruxelles Lambert NV  | 37235 | 3272568 |
| Sofina SA  | 7649 | 2101882 |
|  |  | 5374450 |
| Insurance - 0.0% |  |  |
| Ageas SA/NV  | 69265 | 4582718 |
| TOTAL FINANCIALS |  | 22756051 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| UCB SA  | 58593 | 15027032 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Syensqo SA  | 33701 | 2782889 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Elia Group SA/NV  | 19896 | 2396512 |
| TOTAL BELGIUM |  | 74352166 |
| BRAZIL - 1.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telefonica Brasil SA  | 378800 | 2255923 |
| Wireless Telecommunication Services - 0.0% |  |  |
| TIM SA/Brazil  | 395100 | 1783841 |
| TOTAL COMMUNICATION SERVICES |  | 4039764 |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Ultrapar Participacoes SA  | 340800 | 1356244 |
| Vibra Energia SA  | 461851 | 2043152 |
|  |  | 3399396 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Ambev SA  | 2171500 | 5130116 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Raia Drogasil SA  | 598864 | 2226281 |
| Food Products - 0.0% |  |  |
| MBRF Global Foods Company SA  | 244800 | 813125 |
| TOTAL CONSUMER STAPLES |  | 8169522 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Petroleo Brasileiro SA - Petrobras  | 2147600 | 11875780 |
| Petroleo Brasileiro SA - Petrobras  | 1724109 | 10097988 |
| PRIO SA/Brazil (c) | 392900 | 2631286 |
|  |  | 24605054 |
| Financials - 0.5% |  |  |
| Banks - 0.4% |  |  |
| Banco Bradesco SA  | 2446144 | 8256950 |
| Banco Bradesco SA  | 764715 | 2198931 |
| Banco do Brasil SA  | 791100 | 3220307 |
| Itau Unibanco Holding SA  | 2471193 | 18116126 |
| Itausa SA  | 2688292 | 5821356 |
| NU Holdings Ltd/Cayman Islands Class A (c) | 1571721 | 25320425 |
|  |  | 62934095 |
| Capital Markets - 0.1% |  |  |
| B3 SA - Brasil Bolsa Balcao  | 2425698 | 5708108 |
| Banco BTG Pactual SA unit  | 542000 | 4918343 |
| XP Inc Class A  | 167835 | 3057954 |
|  |  | 13684405 |
| Insurance - 0.0% |  |  |
| BB Seguridade Participacoes SA  | 325400 | 1986895 |
| Caixa Seguridade Participacoes S/A  | 279300 | 777167 |
| Porto Seguro SA  | 91900 | 820787 |
|  |  | 3584849 |
| TOTAL FINANCIALS |  | 80203349 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Rede D'Or Sao Luiz SA (d)(e) | 368592 | 2969317 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Embraer SA  | 326400 | 5277658 |
| Electrical Equipment - 0.1% |  |  |
| WEG SA  | 778400 | 6091254 |
| Ground Transportation - 0.0% |  |  |
| Localiza Rent a Car SA  | 425842 | 3121815 |
| Rumo SA  | 594200 | 1758318 |
|  |  | 4880133 |
| Transportation Infrastructure - 0.0% |  |  |
| Motiva Infraestrutura de Mobilidade SA  | 481000 | 1419768 |
| TOTAL INDUSTRIALS |  | 17668813 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| TOTVS SA  | 256300 | 2113780 |
| Materials - 0.3% |  |  |
| Chemicals - 0.0% |  |  |
| Yara International ASA  | 76410 | 2785060 |
| Containers & Packaging - 0.0% |  |  |
| Klabin SA unit  | 368630 | 1236087 |
| Metals & Mining - 0.3% |  |  |
| Gerdau SA  | 608248 | 2141324 |
| Vale SA  | 1682886 | 20413785 |
| Wheaton Precious Metals Corp  | 210526 | 20331358 |
|  |  | 42886467 |
| Paper & Forest Products - 0.0% |  |  |
| Suzano SA  | 321138 | 2918324 |
| TOTAL MATERIALS |  | 49825938 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Centrais Eletricas Brasileiras SA  | 561280 | 5813163 |
| Centrais Eletricas Brasileiras SA Series B  | 112007 | 1236461 |
| Cia Energetica de Minas Gerais  | 810526 | 1708448 |
| Cia Paranaense de Energia - Copel Series B  | 495800 | 1282825 |
| CPFL Energia SA  | 100800 | 779427 |
| Energisa S/A unit  | 135800 | 1308286 |
| Equatorial Energia SA  | 557362 | 3796934 |
|  |  | 15925544 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Eneva SA (c) | 350600 | 1193225 |
| Engie Brasil Energia SA  | 93150 | 692571 |
|  |  | 1885796 |
| Water Utilities - 0.0% |  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP  | 220300 | 5398219 |
| TOTAL UTILITIES |  | 23209559 |
| TOTAL BRAZIL |  | 216204492 |
| CANADA - 7.7%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| BCE Inc  | 33701 | 770350 |
| TELUS Corp  | 233501 | 3414570 |
|  |  | 4184920 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Rogers Communications Inc Class B  | 169218 | 6622492 |
| TOTAL COMMUNICATION SERVICES |  | 10807412 |
| Consumer Discretionary - 0.3% |  |  |
| Automobile Components - 0.0% |  |  |
| Magna International Inc  | 124481 | 5880796 |
| Broadline Retail - 0.2% |  |  |
| Canadian Tire Corp Ltd Class A (b) | 23460 | 2690486 |
| Dollarama Inc  | 128523 | 16706020 |
|  |  | 19396506 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Restaurant Brands International Inc  | 142966 | 9390060 |
| Restaurant Brands International Inc (United States)  | 1619 | 106352 |
|  |  | 9496412 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Gildan Activewear Inc  | 65547 | 3822387 |
| TOTAL CONSUMER DISCRETIONARY |  | 38596101 |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Alimentation Couche-Tard Inc  | 351367 | 17857074 |
| Empire Co Ltd Class A  | 57836 | 1964911 |
| George Weston Ltd  | 79813 | 4852913 |
| Loblaw Cos Ltd  | 276399 | 10984621 |
| Metro Inc/CN  | 96143 | 6408619 |
|  |  | 42068138 |
| Food Products - 0.0% |  |  |
| Saputo Inc  | 115466 | 2790020 |
| TOTAL CONSUMER STAPLES |  | 44858158 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| ARC Resources Ltd  | 269237 | 4966070 |
| Cameco Corp  | 201825 | 20626427 |
| Canadian Natural Resources Ltd  | 970720 | 31055012 |
| Cenovus Energy Inc  | 630129 | 10647790 |
| Enbridge Inc  | 1010132 | 47101802 |
| Imperial Oil Ltd  | 82818 | 7324925 |
| Keyera Corp  | 105563 | 3116725 |
| Pembina Pipeline Corp  | 269815 | 10207396 |
| Suncor Energy Inc  | 569320 | 22670509 |
| TC Energy Corp  | 481794 | 24176437 |
| Tourmaline Oil Corp  | 170873 | 7515707 |
| Whitecap Resources Inc  | 568042 | 4228269 |
|  |  | 193637069 |
| Financials - 2.9% |  |  |
| Banks - 1.9% |  |  |
| Bank of Montreal  | 332770 | 41337932 |
| Bank of Nova Scotia/The  | 576914 | 37838451 |
| Canadian Imperial Bank of Commerce  | 432231 | 35813029 |
| National Bank of Canada  | 181523 | 20280670 |
| Royal Bank of Canada  | 652814 | 95635588 |
| Toronto Dominion Bank  | 797066 | 65445169 |
|  |  | 296350839 |
| Capital Markets - 0.4% |  |  |
| Brookfield Asset Management Ltd Class A  | 189789 | 10266508 |
| Brookfield Corp Class A  | 950222 | 43759466 |
| IGM Financial Inc  | 38702 | 1488698 |
| TMX Group Ltd  | 127836 | 4714952 |
|  |  | 60229624 |
| Insurance - 0.6% |  |  |
| Fairfax Financial Holdings Ltd Subordinate Voting Shares  | 9174 | 14894317 |
| Great-West Lifeco Inc  | 129049 | 5470930 |
| iA Financial Corp Inc  | 42737 | 5044766 |
| Intact Financial Corp  | 82669 | 15420976 |
| Manulife Financial Corp  | 791579 | 25617462 |
| Power Corp of Canada Subordinate Voting Shares  | 258783 | 12122237 |
| Sun Life Financial Inc  | 261240 | 15889904 |
|  |  | 94460592 |
| TOTAL FINANCIALS |  | 451041055 |
| Industrials - 0.8% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Bombardier Inc Class B (c) | 40771 | 5696690 |
| CAE Inc (c) | 139933 | 3928959 |
|  |  | 9625649 |
| Commercial Services & Supplies - 0.1% |  |  |
| Element Fleet Management Corp  | 186292 | 5024724 |
| RB Global Inc  | 85974 | 8530278 |
|  |  | 13555002 |
| Construction & Engineering - 0.1% |  |  |
| AtkinsRealis Group Inc  | 77110 | 5437917 |
| Stantec Inc  | 52488 | 5812581 |
| WSP Global Inc  | 60547 | 11575397 |
|  |  | 22825895 |
| Ground Transportation - 0.4% |  |  |
| Canadian National Railway Co  | 247058 | 23690300 |
| Canadian Pacific Kansas City Ltd  | 426958 | 30724660 |
| TFI International Inc  | 36796 | 3306668 |
|  |  | 57721628 |
| Professional Services - 0.1% |  |  |
| Thomson Reuters Corp  | 73103 | 11197782 |
| Trading Companies & Distributors - 0.0% |  |  |
| Toromont Industries Ltd  | 37388 | 4491998 |
| TOTAL INDUSTRIALS |  | 119417954 |
| Information Technology - 1.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Celestica Inc (c) | 53319 | 18356669 |
| IT Services - 0.7% |  |  |
| CGI Inc Class A  | 92734 | 8070380 |
| Shopify Inc Class A (c) | 565335 | 98294245 |
|  |  | 106364625 |
| Software - 0.2% |  |  |
| Constellation Software Inc/Canada  | 9334 | 24564216 |
| Constellation Software Inc/Canada warrants 3/31/2040 (c)(f) | 7326 | 0 |
| Descartes Systems Group Inc/The (c) | 39498 | 3488373 |
| Open Text Corp  | 118113 | 4531504 |
|  |  | 32584093 |
| TOTAL INFORMATION TECHNOLOGY |  | 157305387 |
| Materials - 0.9% |  |  |
| Chemicals - 0.1% |  |  |
| Nutrien Ltd  | 226337 | 12327463 |
| Containers & Packaging - 0.0% |  |  |
| CCL Industries Inc Class B  | 67779 | 3780991 |
| Metals & Mining - 0.8% |  |  |
| Agnico Eagle Mines Ltd/CA  | 233325 | 37526971 |
| Alamos Gold Inc Class A  | 195794 | 6036243 |
| Barrick Mining Corp  | 791115 | 25969081 |
| Franco-Nevada Corp  | 89407 | 16700823 |
| Kinross Gold Corp  | 569810 | 13252435 |
| Lundin Gold Inc  | 49944 | 3395359 |
| Pan American Silver Corp  | 196189 | 6910083 |
| Teck Resources Ltd Class B  | 216091 | 9270397 |
|  |  | 119061392 |
| TOTAL MATERIALS |  | 135169846 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| FirstService Corp Subordinate Voting Shares  | 18847 | 3000093 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Emera Inc  | 138386 | 6579144 |
| Fortis Inc/Canada  | 232108 | 11667045 |
| Hydro One Ltd (d)(e) | 152611 | 5628724 |
|  |  | 23874913 |
| Gas Utilities - 0.0% |  |  |
| AltaGas Ltd  | 137687 | 4041620 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Brookfield Renewable Corp Class A  | 63684 | 2757044 |
| Multi-Utilities - 0.0% |  |  |
| Canadian Utilities Ltd Class A  | 62262 | 1743718 |
| TOTAL UTILITIES |  | 32417295 |
| TOTAL CANADA |  | 1186250370 |
| CHILE - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Falabella SA  | 295003 | 1851300 |
| Specialty Retail - 0.0% |  |  |
| Empresas Copec SA  | 174960 | 1250921 |
| TOTAL CONSUMER DISCRETIONARY |  | 3102221 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Cencosud SA  | 591190 | 1833375 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Banco de Chile  | 21230903 | 3725854 |
| Banco de Credito e Inversiones SA  | 40533 | 2083522 |
| Banco Santander Chile  | 30498821 | 2205830 |
|  |  | 8015206 |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Latam Airlines Group SA  | 145932851 | 3325699 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Sociedad Quimica y Minera de Chile SA Class B (c) | 65804 | 3170921 |
| Metals & Mining - 0.1% |  |  |
| Antofagasta PLC  | 183112 | 6711463 |
| Lundin Mining Corp  | 318437 | 5122055 |
|  |  | 11833518 |
| Paper & Forest Products - 0.0% |  |  |
| Empresas Cmpc SA  | 530602 | 765603 |
| TOTAL MATERIALS |  | 15770042 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Enel Americas SA  | 10026924 | 946789 |
| Enel Chile SA  | 12974047 | 991069 |
|  |  | 1937858 |
| TOTAL CHILE |  | 33984401 |
| CHINA - 9.1%  |  |  |
| Communication Services - 2.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| China Tower Corp Ltd H Shares (d)(e) | 2048700 | 2960782 |
| Entertainment - 0.2% |  |  |
| 37 Interactive Entertainment Network Technology Group Co Ltd A Shares (China)  | 65500 | 191142 |
| Beijing Enlight Media Co Ltd A Shares (China)  | 75200 | 178030 |
| China Ruyi Holdings Ltd (b)(c) | 3952000 | 1408786 |
| Giant Network Group Co Ltd A Shares (China)  | 50900 | 250946 |
| Kingsoft Corp Ltd  | 458800 | 1999211 |
| Mango Excellent Media Co Ltd A Shares (China)  | 48400 | 199791 |
| NetEase Cloud Music Inc (c)(d)(e) | 39500 | 1224058 |
| Netease Inc  | 807495 | 22658904 |
| Tencent Music Entertainment Group Class A ADR  | 266279 | 5943347 |
|  |  | 34054215 |
| Interactive Media & Services - 1.9% |  |  |
| Autohome Inc Class A ADR  | 30650 | 772380 |
| Baidu Inc A Shares (c) | 1032644 | 15630346 |
| Bilibili Inc Z Shares (c) | 108351 | 3272525 |
| Kuaishou Technology B Shares (d)(e) | 1245800 | 11599389 |
| Kunlun Tech Co Ltd A Shares (China) (c) | 36700 | 237554 |
| Meitu Inc (d)(e) | 1554000 | 1723878 |
| Tencent Holdings Ltd  | 2972900 | 241482016 |
|  |  | 274718088 |
| Media - 0.0% |  |  |
| China Literature Ltd (b)(c)(d)(e) | 189800 | 1020500 |
| Focus Media Information Technology Co Ltd A Shares (China)  | 435540 | 474251 |
| Jiangsu Phoenix Publishing & Media Corp Ltd A Shares (China)  | 77300 | 109367 |
|  |  | 1604118 |
| Wireless Telecommunication Services - 0.0% |  |  |
| China United Network Communications Ltd A Shares (China)  | 815700 | 621167 |
| TOTAL COMMUNICATION SERVICES |  | 313958370 |
| Consumer Discretionary - 3.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Bethel Automotive Safety Systems Co Ltd A Shares (China)  | 16740 | 117905 |
| Changzhou Xingyu Automotive Lighting Systems Co Ltd A Shares (China)  | 7000 | 127462 |
| Fuyao Glass Industry Group Co Ltd A Shares (China)  | 89300 | 846903 |
| Fuyao Glass Industry Group Co Ltd H Shares (d)(e) | 244800 | 2184772 |
| Huayu Automotive Systems Co Ltd A Shares (China)  | 101331 | 290721 |
| Huizhou Desay Sv Automotive Co Ltd A Shares (China)  | 14500 | 241375 |
| Ningbo Tuopu Group Co Ltd A Shares (China)  | 45705 | 473785 |
| Sailun Group Co Ltd A Shares (China)  | 89500 | 193023 |
| Zhejiang Wanfeng Auto Wheel Co Ltd A Shares (China)  | 74200 | 177332 |
|  |  | 4653278 |
| Automobiles - 0.4% |  |  |
| Anhui Jianghuai Automobile Group Corp Ltd A Shares (China) (c) | 57400 | 410737 |
| BAIC BluePark New Energy Technology Co Ltd A Shares (China) (c) | 146800 | 172223 |
| BYD Co Ltd A Shares (China)  | 142200 | 2013704 |
| BYD Co Ltd H Shares  | 1719100 | 22256013 |
| Chongqing Changan Automobile Co Ltd A Shares (China)  | 253790 | 441799 |
| Geely Automobile Holdings Ltd  | 2814000 | 6663312 |
| Great Wall Motor Co Ltd A Shares (China)  | 69400 | 222219 |
| Great Wall Motor Co Ltd H Shares  | 1073500 | 2090207 |
| Guangzhou Automobile Group Company Ltd A Shares (China)  | 73500 | 80756 |
| Guangzhou Automobile Group Company Ltd H Shares  | 276000 | 115791 |
| Li Auto Inc A Shares (b)(c) | 580964 | 6028705 |
| NIO Inc A Shares (c) | 856716 | 6194510 |
| SAIC Motor Corp Ltd A Shares (China)  | 200300 | 468006 |
| Seres Group Co Ltd A Shares (China)  | 48500 | 1057509 |
| XPeng Inc A Shares (c) | 579326 | 6749243 |
| Yadea Group Holdings Ltd (d)(e) | 572516 | 895184 |
| Zhejiang Leapmotor Technology Co Ltd H Shares (b)(c)(d)(e) | 228600 | 1715114 |
|  |  | 57575032 |
| Broadline Retail - 1.9% |  |  |
| Alibaba Group Holding Ltd  | 7957612 | 169328030 |
| CCOOP Group Co Ltd A Shares (China) (c) | 452000 | 170197 |
| JD.com Inc A Shares  | 1131417 | 18679682 |
| MINISO Group Holding Ltd A Shares  | 231420 | 1237329 |
| PDD Holdings Inc Class A ADR (c) | 328961 | 44366971 |
| Prosus NV Class N  | 606247 | 41878521 |
| Vipshop Holdings Ltd Class A ADR  | 151349 | 2647094 |
|  |  | 278307824 |
| Distributors - 0.0% |  |  |
| Zhejiang China Commodities City Group Co Ltd A Shares (China)  | 144700 | 374690 |
| Diversified Consumer Services - 0.0% |  |  |
| New Oriental Education & Technology Group Inc (c) | 565010 | 3378621 |
| TAL Education Group Class A ADR (c) | 194396 | 2383295 |
|  |  | 5761916 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| H World Group Ltd ADR  | 93131 | 3594857 |
| Haidilao International Holding Ltd (b)(d)(e) | 798000 | 1314502 |
| Meituan B Shares (c)(d)(e) | 2307510 | 30373189 |
| Tongcheng Travel Holdings Ltd (e) | 585200 | 1611634 |
| TravelSky Technology Ltd H Shares  | 400000 | 527118 |
| Trip.com Group Ltd  | 287705 | 20246212 |
| Yum China Holdings Inc (Hong Kong)  | 172180 | 7414073 |
|  |  | 65081585 |
| Household Durables - 0.1% |  |  |
| Beijing Roborock Technology Co Ltd A Shares (China)  | 6704 | 153909 |
| Ecovacs Robotics Co Ltd A Shares (China)  | 16900 | 212277 |
| Gree Electric Appliances Inc of Zhuhai A Shares (China)  | 73000 | 407698 |
| Haier Smart Home Co Ltd A Shares (China)  | 218529 | 823160 |
| Haier Smart Home Co Ltd H Shares  | 1090000 | 3540496 |
| Midea Group Co Ltd A Shares (China)  | 90400 | 970377 |
| Midea Group Co Ltd H Shares  | 168400 | 1820412 |
| Oppein Home Group Inc A Shares (China)  | 13260 | 99672 |
| Sichuan Changhong Electric Co Ltd A Shares (China)  | 122800 | 175641 |
|  |  | 8203642 |
| Specialty Retail - 0.1% |  |  |
| China Tourism Group Duty Free Corp Ltd A Shares (China)  | 50200 | 536532 |
| Chow Tai Fook Jewellery Group Ltd (b) | 896400 | 1755758 |
| HLA Group Corp Ltd A Shares (China)  | 176600 | 153589 |
| Pop Mart International Group Ltd (d)(e) | 249400 | 7112372 |
|  |  | 9558251 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| ANTA Sports Products Ltd  | 581000 | 6056328 |
| Bosideng International Holdings Ltd  | 2178000 | 1334176 |
| Laopu Gold Co Ltd H Shares (b) | 12900 | 1136348 |
| Li Ning Co Ltd  | 1065500 | 2314590 |
| Shenzhou International Group Holdings Ltd  | 386400 | 3336629 |
|  |  | 14178071 |
| TOTAL CONSUMER DISCRETIONARY |  | 443694289 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.2% |  |  |
| Anhui Gujing Distillery Co Ltd A Shares (China)  | 13200 | 298592 |
| Anhui Gujing Distillery Co Ltd B Shares  | 62402 | 788603 |
| Beijing Yanjing Brewery Co Ltd A Shares (China)  | 68400 | 112920 |
| China Resources Beer Holdings Co Ltd  | 735162 | 2516593 |
| Eastroc Beverage Group Co Ltd A Shares (China)  | 13610 | 535420 |
| Jiangsu King's Luck Brewery JSC Ltd A Shares (China)  | 30900 | 168536 |
| Jiangsu Yanghe Distillery Co Ltd A Shares (China)  | 37300 | 371040 |
| Kweichow Moutai Co Ltd A Shares (China)  | 36300 | 7293305 |
| Luzhou Laojiao Co Ltd A Shares (China)  | 42100 | 795815 |
| Nongfu Spring Co Ltd H Shares (d)(e) | 935400 | 6211483 |
| Shanxi Xinghuacun Fen Wine Factory Co Ltd A Shares (China)  | 34420 | 921265 |
| Tsingtao Brewery Co Ltd A Shares (China)  | 37900 | 349904 |
| Tsingtao Brewery Co Ltd H Shares  | 258000 | 1743120 |
| Wuliangye Yibin Co Ltd A Shares (China)  | 108200 | 1808907 |
|  |  | 23915503 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Alibaba Health Information Technology Ltd (c) | 2568000 | 1916776 |
| JD Health International Inc (c)(d)(e) | 515300 | 4025289 |
| Yifeng Pharmacy Chain Co Ltd A Shares (China)  | 45662 | 156667 |
| Yonghui Superstores Co Ltd A Shares (China) (c) | 305900 | 200713 |
|  |  | 6299445 |
| Food Products - 0.1% |  |  |
| Angel Yeast Co Ltd A Shares (China)  | 20300 | 110721 |
| China Feihe Ltd (d)(e) | 1708000 | 912188 |
| China Mengniu Dairy Co Ltd  | 1472000 | 2678585 |
| Foshan Haitian Flavouring & Food Co Ltd A Shares (China)  | 136777 | 732370 |
| Guangdong Haid Group Co Ltd A Shares (China)  | 43000 | 352765 |
| Henan Shuanghui Investment & Development Co Ltd A Shares (China)  | 93600 | 338503 |
| Inner Mongolia Yili Industrial Group Co Ltd A Shares (China)  | 163100 | 628119 |
| Muyuan Foods Co Ltd A Shares (China)  | 150640 | 1064601 |
| New Hope Liuhe Co Ltd A Shares (China)  | 162900 | 222696 |
| Tingyi Cayman Islands Holding Corp  | 902000 | 1237405 |
| Want Want China Holdings Ltd  | 2233000 | 1442583 |
| Wens Foodstuff Group Co Ltd A Shares (China)  | 172000 | 438615 |
| Wilmar International Ltd  | 883293 | 2124084 |
| Yihai Kerry Arawana Holdings Co Ltd A Shares (China)  | 42900 | 193723 |
|  |  | 12476958 |
| Personal Care Products - 0.0% |  |  |
| Giant Biogene Holding Co ltd (b)(d)(e) | 173200 | 829161 |
| Hengan International Group Co Ltd  | 295500 | 1035128 |
|  |  | 1864289 |
| Tobacco - 0.0% |  |  |
| Smoore International Holdings Ltd (d)(e) | 843000 | 1420089 |
| TOTAL CONSUMER STAPLES |  | 45976284 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| China Oilfield Services Ltd H Shares  | 856000 | 833908 |
| Yantai Jereh Oilfield Services Group Co Ltd A Shares (China)  | 25600 | 179840 |
|  |  | 1013748 |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| China Coal Energy Co Ltd H Shares  | 825000 | 1162563 |
| China Merchants Energy Shipping Co Ltd A Shares (China)  | 237900 | 309517 |
| China Petroleum & Chemical Corp A Shares (China)  | 924000 | 710130 |
| China Petroleum & Chemical Corp H Shares  | 10444000 | 5550922 |
| China Shenhua Energy Co Ltd A Shares (China)  | 165600 | 989077 |
| China Shenhua Energy Co Ltd H Shares  | 1584000 | 8247632 |
| COSCO SHIPPING Energy Transportation Co Ltd H Shares (b) | 184000 | 260471 |
| Guanghui Energy Co Ltd A Shares (China)  | 151500 | 112177 |
| Inner Mongolia Dian Tou Energy Corp Ltd A Shares (China)  | 63900 | 226874 |
| Inner Mongolia Yitai Coal Co Ltd B Shares  | 431300 | 841466 |
| PetroChina Co Ltd A Shares (China)  | 525000 | 674930 |
| PetroChina Co Ltd H Shares  | 9876000 | 10193040 |
| Shaanxi Coal Industry Co Ltd A Shares (China)  | 265500 | 846777 |
| Shanxi Coking Coal Energy Group Co Ltd A Shares (China)  | 182970 | 188178 |
| Shanxi Lu'an Environmental Energy Development Co Ltd A Shares (China)  | 92900 | 193177 |
| Yankuang Energy Group Co Ltd A Shares (China)  | 173485 | 358797 |
| Yankuang Energy Group Co Ltd H Shares (b) | 1484500 | 2038416 |
|  |  | 32904144 |
| TOTAL ENERGY |  | 33917892 |
| Financials - 1.5% |  |  |
| Banks - 1.0% |  |  |
| Agricultural Bank of China Ltd A Shares (China)  | 2501000 | 2797083 |
| Agricultural Bank of China Ltd H Shares  | 12615000 | 9610748 |
| Bank of Beijing Co Ltd A Shares (China)  | 652616 | 512564 |
| Bank of Changsha Co Ltd A Shares (China)  | 104200 | 140107 |
| Bank of Chengdu Co Ltd A Shares (China)  | 145000 | 342464 |
| Bank of China Ltd A Shares (China)  | 1525300 | 1202255 |
| Bank of China Ltd H Shares  | 32347000 | 18316181 |
| Bank of Communications Co Ltd A Shares (China)  | 1588500 | 1602471 |
| Bank of Communications Co Ltd H Shares  | 3921000 | 3481723 |
| Bank of Hangzhou Co Ltd A Shares (China)  | 186580 | 411570 |
| Bank of Jiangsu Co Ltd A Shares (China)  | 478930 | 725386 |
| Bank of Nanjing Co Ltd A Shares (China)  | 315700 | 501667 |
| Bank of Ningbo Co Ltd A Shares (China)  | 189940 | 756301 |
| Bank of Shanghai Co Ltd A Shares (China)  | 371020 | 494700 |
| Bank of Suzhou Co Ltd A Shares (China)  | 113400 | 131764 |
| BOC Hong Kong Holdings Ltd  | 1717149 | 8437080 |
| China CITIC Bank Corp Ltd A Shares (China)  | 539500 | 586693 |
| China CITIC Bank Corp Ltd H Shares  | 3583000 | 3416751 |
| China Construction Bank Corp A Shares (China)  | 966042 | 1239212 |
| China Construction Bank Corp H Shares  | 44108000 | 43668760 |
| China Everbright Bank Co Ltd A Shares (China)  | 449200 | 210797 |
| China Everbright Bank Co Ltd H Shares  | 2378000 | 976227 |
| China Merchants Bank Co Ltd A Shares (China)  | 595100 | 3418894 |
| China Merchants Bank Co Ltd H Shares  | 1790751 | 11209262 |
| China Minsheng Banking Corp Ltd A Shares (China)  | 1105100 | 607095 |
| China Minsheng Banking Corp Ltd H Shares  | 2952300 | 1512140 |
| China Zheshang Bank Co Ltd A Shares (China)  | 672650 | 282578 |
| Chongqing Rural Commercial Bank Co Ltd A Shares (China)  | 284600 | 276706 |
| Chongqing Rural Commercial Bank Co Ltd H Shares  | 1027000 | 844539 |
| CNPC Capital Co Ltd A Shares (China)  | 223000 | 328043 |
| Huaxia Bank Co Ltd A Shares (China)  | 342600 | 327803 |
| Industrial & Commercial Bank of China Ltd A Shares (China)  | 1790200 | 1956860 |
| Industrial & Commercial Bank of China Ltd H Shares  | 30100000 | 23319070 |
| Industrial Bank Co Ltd A Shares (China)  | 567400 | 1612738 |
| Ping An Bank Co Ltd A Shares (China)  | 559000 | 889072 |
| Postal Savings Bank of China Co Ltd A Shares (China)  | 731500 | 590964 |
| Postal Savings Bank of China Co Ltd H Shares (d)(e) | 4380000 | 3088893 |
| Shanghai Pudong Development Bank Co Ltd A Shares (China)  | 834700 | 1347501 |
| Shanghai Rural Commercial Bank Co Ltd A Shares (China)  | 252300 | 302374 |
|  |  | 151477036 |
| Capital Markets - 0.1% |  |  |
| Beijing Compass Technology Development Co Ltd A Shares (China)  | 15800 | 320422 |
| BOC International China Co Ltd A Shares (China)  | 79000 | 155949 |
| Caitong Securities Co Ltd A Shares (China)  | 146470 | 176981 |
| Capital Securities Co Ltd A Shares (China)  | 43900 | 128294 |
| Changjiang Securities Co Ltd A Shares (China)  | 163600 | 202736 |
| China CITIC Financial Asset Management Co Ltd H Shares (c)(d)(e) | 6653000 | 881867 |
| China Galaxy Securities Co Ltd A Shares (China)  | 192600 | 475722 |
| China Galaxy Securities Co Ltd H Shares  | 1614000 | 2322168 |
| China Great Wall Securities Co Ltd A Shares (China)  | 113500 | 176213 |
| China International Capital Corp Ltd A Shares (China)  | 67200 | 347925 |
| China International Capital Corp Ltd H Shares (d)(e) | 779600 | 2120924 |
| China Merchants Securities Co Ltd A Shares (China)  | 187830 | 457343 |
| CITIC Securities Co Ltd A Shares (China)  | 306230 | 1264090 |
| CITIC Securities Co Ltd H Shares  | 807675 | 3074561 |
| CSC Financial Co Ltd A Shares (China)  | 134300 | 494186 |
| Dongxing Securities Co Ltd A Shares (China)  | 92500 | 164663 |
| East Money Information Co Ltd A Shares (China)  | 426589 | 1528370 |
| Everbright Securities Co Ltd A Shares (China)  | 125300 | 327624 |
| Founder Securities Co Ltd A Shares (China)  | 204700 | 236699 |
| GF Securities Co Ltd A Shares (China)  | 139500 | 442369 |
| GF Securities Co Ltd H Shares  | 16400 | 39614 |
| Guolian Minsheng Securities Co Ltd A Shares (China)  | 87900 | 135974 |
| Guosen Securities Co Ltd A Shares (China)  | 192500 | 379731 |
| Guotai Haitong Securities Co Ltd A Shares (China)  | 299566 | 815690 |
| Guotai Haitong Securities Co Ltd H Shares (d)(e) | 1077720 | 2063750 |
| Guoyuan Securities Co Ltd A Shares (China)  | 132300 | 162833 |
| Hithink RoyalFlush Information Network Co Ltd A Shares (China)  | 14200 | 724744 |
| Huatai Securities Co Ltd A Shares (China)  | 66400 | 202631 |
| Huatai Securities Co Ltd H Shares (d)(e) | 727200 | 1828634 |
| Industrial Securities Co Ltd A Shares (China)  | 218840 | 211541 |
| Nanjing Securities Co Ltd A Shares (China)  | 88600 | 105437 |
| Orient Securities Co Ltd/China A Shares (China)  | 247008 | 377935 |
| SDIC Capital Co Ltd A Shares (China)  | 212000 | 233523 |
| Shenwan Hongyuan Group Co Ltd A Shares (China)  | 719400 | 552887 |
| Sinolink Securities Co Ltd A Shares (China)  | 92300 | 128126 |
| SooChow Securities Co Ltd A Shares (China)  | 129549 | 174737 |
| Southwest Securities Co Ltd A Shares (China)  | 161400 | 107487 |
| Tianfeng Securities Co Ltd A Shares (China) (c) | 266800 | 196425 |
| Western Securities Co Ltd A Shares (China)  | 112200 | 135414 |
| Zheshang Securities Co Ltd A Shares (China)  | 190000 | 310198 |
| Zhongtai Securities Co Ltd A Shares (China)  | 227700 | 223304 |
|  |  | 24409721 |
| Consumer Finance - 0.0% |  |  |
| Qfin Holdings Inc Class A ADR  | 46725 | 1128409 |
| Financial Services - 0.0% |  |  |
| Far East Horizon Ltd  | 997000 | 895568 |
| Insurance - 0.4% |  |  |
| China Life Insurance Co Ltd A Shares (China)  | 62300 | 384878 |
| China Life Insurance Co Ltd H Shares  | 3475000 | 10965376 |
| China Pacific Insurance Group Co Ltd A Shares (China)  | 196200 | 978601 |
| China Pacific Insurance Group Co Ltd H Shares  | 1205600 | 4887222 |
| China Taiping Insurance Holdings Co Ltd  | 651977 | 1483415 |
| New China Life Insurance Co Ltd A Shares (China)  | 49500 | 471604 |
| New China Life Insurance Co Ltd H Shares  | 440400 | 2782768 |
| People's Insurance Co Group of China Ltd/The A Shares (China)  | 140700 | 166846 |
| People's Insurance Co Group of China Ltd/The H Shares  | 4208000 | 3779892 |
| PICC Property & Casualty Co Ltd H Shares  | 3204933 | 7572510 |
| Ping An Insurance Group Co of China Ltd A Shares (China)  | 354392 | 2879491 |
| Ping An Insurance Group Co of China Ltd H Shares (b) | 3046000 | 22005315 |
|  |  | 58357918 |
| TOTAL FINANCIALS |  | 236268652 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.1% |  |  |
| 3SBio Inc (d)(e) | 827500 | 3279948 |
| Akeso Inc (b)(c)(d)(e) | 289000 | 4217539 |
| Beijing Tiantan Biological Products Corp Ltd A Shares (China)  | 52960 | 137136 |
| Beijing Wantai Biological Pharmacy Enterprise Co Ltd A Shares (China) (c) | 32346 | 256181 |
| Chongqing Zhifei Biological Products Co Ltd A Shares (China)  | 63700 | 184278 |
| Hualan Biological Engineering Inc A Shares (China)  | 48350 | 109507 |
| Imeik Technology Development Co Ltd A Shares (China)  | 8020 | 180392 |
| Innovent Biologics Inc (c)(d)(e) | 675000 | 7557381 |
| Shanghai RAAS Blood Products Co Ltd A Shares (China)  | 173800 | 164584 |
| Sichuan Kelun-Biotech Biopharmaceutical Co Ltd H Shares (b)(c) | 22200 | 1279909 |
|  |  | 17366855 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| APT Medical Inc A Shares (China)  | 4390 | 170236 |
| Jiangsu Yuyue Medical Equipment & Supply Co Ltd A Shares (China)  | 33000 | 167054 |
| Shandong Weigao Group Medical Polymer Co Ltd H Shares  | 1165600 | 814512 |
| Shanghai United Imaging Healthcare Co Ltd A Shares (China)  | 23861 | 469080 |
| Shenzhen Mindray Bio-Medical Electronics Co Ltd A Shares (China)  | 33800 | 1021209 |
| Shenzhen New Industries Biomedical Engineering Co Ltd A Shares (China)  | 19300 | 165412 |
|  |  | 2807503 |
| Health Care Providers & Services - 0.0% |  |  |
| Aier Eye Hospital Group Co Ltd A Shares (China)  | 241269 | 415256 |
| Guangzhou Baiyunshan Pharmaceutical Holdings Co Ltd A Shares (China)  | 42300 | 156662 |
| Huadong Medicine Co Ltd A Shares (China)  | 45560 | 266162 |
| Shanghai Pharmaceuticals Holding Co Ltd H Shares  | 158800 | 239307 |
| Sinopharm Group Co Ltd H Shares  | 598400 | 1491660 |
|  |  | 2569047 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Genscript Biotech Corp (c) | 554000 | 1147847 |
| Hangzhou Tigermed Consulting Co Ltd A Shares (China)  | 4600 | 38700 |
| Hangzhou Tigermed Consulting Co Ltd H Shares (d)(e) | 7900 | 47315 |
| Pharmaron Beijing Co Ltd A Shares (China)  | 12300 | 57911 |
| Pharmaron Beijing Co Ltd H Shares (d)(e) | 47100 | 157716 |
| Wuxi Apptec Co Ltd A Shares (China)  | 67248 | 939170 |
| Wuxi Apptec Co Ltd H Shares (b)(d)(e) | 160200 | 2238931 |
| Wuxi Biologics Cayman Inc (c)(d)(e) | 1606500 | 7484065 |
| WuXi XDC Cayman Inc (c) | 138500 | 1338560 |
|  |  | 13450215 |
| Pharmaceuticals - 0.1% |  |  |
| Beijing Tong Ren Tang Co Ltd A Shares (China)  | 32200 | 153323 |
| Changchun High-Tech Industry Group Co Ltd A Shares (China)  | 10800 | 170344 |
| China Resources Pharmaceutical Group Ltd (d)(e) | 808500 | 518153 |
| China Resources Sanjiu Medical & Pharmaceutical Co Ltd A Shares (China)  | 40211 | 162880 |
| CSPC Innovation Pharmaceutical Co Ltd A Shares (China)  | 40420 | 201038 |
| CSPC Pharmaceutical Group Ltd (b) | 3706640 | 3649136 |
| Dong-E-E-Jiao Co Ltd A Shares (China)  | 23500 | 156801 |
| Haisco Pharmaceutical Group Co Ltd A Shares (China)  | 27700 | 220474 |
| Hansoh Pharmaceutical Group Co Ltd (d)(e) | 548000 | 2513428 |
| Humanwell Healthcare Group Co Ltd A Shares (China)  | 39200 | 116431 |
| Jiangsu Hengrui Pharmaceuticals Co Ltd A Shares (China)  | 171348 | 1544381 |
| Kangmei Pharmaceutical Co Ltd rights (c)(f) | 2749 | 0 |
| Shanghai Allist Pharmaceuticals Co Ltd A Shares (China)  | 13469 | 203528 |
| Shanghai Fosun Pharmaceutical Group Co Ltd H Shares (b) | 94500 | 289682 |
| Shenzhen Salubris Pharmaceuticals Co Ltd A Shares (China)  | 32000 | 268008 |
| Sichuan Biokin Pharmaceutical Co Ltd A Shares (China) (c) | 5703 | 298860 |
| Sichuan Kelun Pharmaceutical Co Ltd A Shares (China)  | 47600 | 234074 |
| Sino Biopharmaceutical Ltd  | 4743250 | 4315626 |
| Yunnan Baiyao Group Co Ltd A Shares (China)  | 57780 | 459973 |
| Zhangzhou Pientzehuang Pharmaceutical Co Ltd A Shares (China)  | 18798 | 470465 |
|  |  | 15946605 |
| TOTAL HEALTH CARE |  | 52140225 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| AECC Aviation Power Co Ltd A Shares (China)  | 70000 | 384354 |
| AviChina Industry & Technology Co Ltd H Shares (b) | 1316000 | 670656 |
| AVICOPTER PLC A Shares (China)  | 20700 | 104817 |
| Kuang-Chi Technologies Co Ltd A Shares (China) (c) | 56800 | 363589 |
|  |  | 1523416 |
| Air Freight & Logistics - 0.0% |  |  |
| JD Logistics Inc (c)(d)(e) | 941700 | 1534244 |
| SF Holding Co Ltd A Shares (China)  | 137000 | 776296 |
| YTO Express Group Co Ltd A Shares (China)  | 88800 | 213597 |
| ZTO Express Cayman Inc A Shares  | 193141 | 3563220 |
|  |  | 6087357 |
| Building Products - 0.0% |  |  |
| Beijing New Building Materials PLC A Shares (China)  | 44600 | 148951 |
| Commercial Services & Supplies - 0.0% |  |  |
| Zhejiang Weiming Environment Protection Co Ltd A Shares (China)  | 44000 | 133778 |
| Construction & Engineering - 0.0% |  |  |
| China Communications Services Corp Ltd H Shares  | 1026000 | 615292 |
| China Energy Engineering Corp Ltd A Shares (China)  | 925100 | 313245 |
| China National Chemical Engineering Co Ltd A Shares (China)  | 155100 | 168449 |
| China Railway Group Ltd A Shares (China)  | 1068900 | 844019 |
| China Railway Group Ltd H Shares  | 1276000 | 646986 |
| China State Construction Engineering Corp Ltd A Shares (China)  | 1263760 | 964147 |
| China State Construction International Holdings Ltd  | 589250 | 670348 |
| Metallurgical Corp of China Ltd A Shares (China)  | 143300 | 70267 |
| Metallurgical Corp of China Ltd H Shares  | 665000 | 202823 |
| Power Construction Corp of China Ltd A Shares (China)  | 474600 | 376085 |
| Sichuan Road and Bridge Group Co Ltd A Shares (China)  | 191040 | 254455 |
|  |  | 5126116 |
| Electrical Equipment - 0.2% |  |  |
| China XD Electric Co Ltd A Shares (China)  | 134900 | 151060 |
| CNGR Advanced Material Co Ltd A Shares (China)  | 24840 | 160681 |
| Contemporary Amperex Technology Co Ltd A Shares (China)  | 120980 | 6608228 |
| Contemporary Amperex Technology Co Ltd H Shares (b) | 34400 | 2472463 |
| Dongfang Electric Corp Ltd A Shares (China)  | 80300 | 235460 |
| Eve Energy Co Ltd A Shares (China)  | 53624 | 626696 |
| GEM Co Ltd A Shares (China)  | 186500 | 223253 |
| Goldwind Science & Technology Co Ltd A Shares (China)  | 103982 | 229370 |
| Goneo Group Co Ltd A Shares (China)  | 21112 | 129536 |
| Gotion High-Tech Co Ltd A Shares (China)  | 48800 | 312036 |
| Jiangsu Zhongtian Technology Co Ltd A Shares (China)  | 111800 | 266250 |
| NARI Technology Co Ltd A Shares (China)  | 271605 | 924634 |
| Ningbo Deye Technology Co Ltd A Shares (China)  | 24096 | 252152 |
| Ningbo Orient Wires & Cables Co Ltd A Shares (China)  | 19200 | 169167 |
| Ningbo Sanxing Medical Electric Co Ltd A Shares (China)  | 46100 | 145151 |
| Shanghai Electric Group Co Ltd A Shares (China) (c) | 330000 | 431660 |
| Sungrow Power Supply Co Ltd A Shares (China)  | 58660 | 1564289 |
| Sunwoda Electronic Co Ltd A Shares (China)  | 54700 | 275521 |
| TBEA Co Ltd A Shares (China)  | 131100 | 360657 |
| Zhejiang Chint Electrics Co Ltd A Shares (China)  | 61000 | 245889 |
| Zhejiang Huayou Cobalt Co Ltd A Shares (China)  | 45710 | 416229 |
|  |  | 16200382 |
| Ground Transportation - 0.0% |  |  |
| Beijing-Shanghai High Speed Railway Co Ltd A Shares (China)  | 1389900 | 1013514 |
| Daqin Railway Co Ltd A Shares (China)  | 621000 | 499948 |
|  |  | 1513462 |
| Industrial Conglomerates - 0.0% |  |  |
| CITIC Ltd  | 1903000 | 2943686 |
| Fosun International Ltd  | 1143500 | 725490 |
|  |  | 3669176 |
| Machinery - 0.2% |  |  |
| Airtac International Group  | 65043 | 1925212 |
| China CSSC Holdings Ltd A Shares (China)  | 205100 | 1034520 |
| CRRC Corp Ltd A Shares (China)  | 1080600 | 1164499 |
| CRRC Corp Ltd H Shares  | 1567000 | 1187770 |
| Haitian International Holdings Ltd  | 306000 | 836420 |
| Jiangsu Hengli Hydraulic Co Ltd A Shares (China)  | 35272 | 476148 |
| Sany Heavy Industry Co Ltd A Shares (China)  | 221600 | 689328 |
| Shandong Himile Mechanical Science & Technology Co Ltd A Shares (China)  | 22300 | 209734 |
| Shenzhen Inovance Technology Co Ltd A Shares (China)  | 35350 | 382486 |
| Sinotruk Hong Kong Ltd  | 322000 | 1075744 |
| Weichai Power Co Ltd A Shares (China)  | 169500 | 356270 |
| Weichai Power Co Ltd H Shares  | 914600 | 1889098 |
| XCMG Construction Machinery Co Ltd A Shares (China)  | 307300 | 459391 |
| Yangzijiang Shipbuildling (Holdings) Ltd  | 1190000 | 3218193 |
| Yutong Bus Co Ltd A Shares (China)  | 58800 | 267092 |
| Zhejiang Sanhua Intelligent Controls Co Ltd A Shares (China)  | 49700 | 348656 |
| Zhuzhou CRRC Times Electric Co Ltd A Shares (China)  | 29654 | 217486 |
| Zhuzhou CRRC Times Electric Co Ltd H Shares  | 200000 | 1019748 |
| Zoomlion Heavy Industry Science and Technology Co Ltd A Shares (China)  | 186700 | 214311 |
|  |  | 16972106 |
| Marine Transportation - 0.0% |  |  |
| COSCO SHIPPING Holdings Co Ltd A Shares (China)  | 458320 | 966558 |
| COSCO SHIPPING Holdings Co Ltd H Shares (b) | 1052150 | 1826577 |
| SITC International Holdings Co Ltd  | 630000 | 2320376 |
|  |  | 5113511 |
| Passenger Airlines - 0.0% |  |  |
| Air China Ltd A Shares (China) (c) | 236900 | 261617 |
| Air China Ltd H Shares (c) | 146000 | 107285 |
| China Eastern Airlines Corp Ltd A Shares (China) (c) | 441300 | 297614 |
| China Southern Airlines Co Ltd A Shares (China) (c) | 165000 | 154628 |
| China Southern Airlines Co Ltd H Shares (b)(c) | 230000 | 138523 |
| Hainan Airlines Holding Co Ltd A Shares (China) (c) | 1355600 | 337119 |
| Spring Airlines Co Ltd A Shares (China)  | 27400 | 206268 |
|  |  | 1503054 |
| Professional Services - 0.0% |  |  |
| Kanzhun Ltd ADR  | 170049 | 3768286 |
| Trading Companies & Distributors - 0.0% |  |  |
| BOC Aviation Ltd (d)(e) | 96900 | 849218 |
| Xiamen C & D Inc A Shares (China)  | 75100 | 107521 |
|  |  | 956739 |
| Transportation Infrastructure - 0.0% |  |  |
| China Merchants Expressway Network & Technology Holdings Co Ltd A Shares (China)  | 146300 | 210897 |
| China Merchants Port Holdings Co Ltd  | 582655 | 1127736 |
| Jiangsu Expressway Co Ltd H Shares  | 524000 | 637927 |
| Shanghai International Airport Co Ltd A Shares (China)  | 52700 | 239088 |
| Zhejiang Expressway Co Ltd H Shares  | 744880 | 726614 |
|  |  | 2942262 |
| TOTAL INDUSTRIALS |  | 65658596 |
| Information Technology - 0.7% |  |  |
| Communications Equipment - 0.0% |  |  |
| BYD Electronic International Co Ltd  | 360000 | 1692853 |
| Guangzhou Haige Communications Group Inc Co A Shares (China)  | 67200 | 110562 |
| Hengtong Optic-electric Co Ltd A Shares (China)  | 62700 | 196978 |
| Suzhou TFC Optical Communication Co Ltd A Shares (China)  | 20560 | 456443 |
| Yealink Network Technology Corp Ltd A Shares (China)  | 34760 | 175817 |
| Zhongji Innolight Co Ltd A Shares (China)  | 30600 | 2033623 |
| ZTE Corp A Shares (China)  | 57100 | 348662 |
| ZTE Corp H Shares (b) | 426480 | 1805688 |
|  |  | 6820626 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Aac Technologies Holdings Inc  | 356500 | 1835134 |
| Accelink Technologies Co Ltd A Shares (China)  | 21200 | 187593 |
| Avary Holding Shenzhen Co Ltd A Shares (China)  | 61100 | 451120 |
| BOE Technology Group Co Ltd A Shares (China)  | 936100 | 533982 |
| Chaozhou Three-Circle Group Co Ltd A Shares (China)  | 49900 | 348376 |
| China Railway Signal & Communication Corp Ltd A Shares (China)  | 318269 | 237447 |
| Eoptolink Technology Inc Ltd A Shares (China)  | 27440 | 1327432 |
| Everdisplay Optronics Shanghai Co Ltd A Shares (China) (c) | 347751 | 132896 |
| Foxconn Industrial Internet Co Ltd A Shares (China)  | 370196 | 3744923 |
| GoerTek Inc A Shares (China)  | 88900 | 410313 |
| Huagong Tech Co Ltd A Shares (China)  | 27900 | 312892 |
| Lens Technology Co Ltd A Shares (China)  | 131000 | 541677 |
| Lingyi iTech Guangdong Co A Shares (China)  | 178300 | 391552 |
| Luxshare Precision Industry Co Ltd A Shares (China)  | 206247 | 1825605 |
| Maxscend Microelectronics Co Ltd A Shares (China)  | 18452 | 193635 |
| Ofilm Group Co Ltd A Shares (China) (c) | 89200 | 154528 |
| Shanghai BOCHU Electronic Technology Corp Ltd A Shares (China)  | 7171 | 137931 |
| Shengyi Technology Co Ltd A Shares (China)  | 64000 | 578189 |
| Shennan Circuits Co Ltd A Shares (China)  | 17520 | 527958 |
| Shenzhen Kinwong Electronic Co Ltd A Shares (China)  | 24800 | 252969 |
| Sunny Optical Technology Group Co Ltd  | 328600 | 3180048 |
| SUPCON Technology Co Ltd A Shares (China)  | 19412 | 142698 |
| Suzhou Dongshan Precision Manufacturing Co Ltd A Shares (China)  | 48400 | 465816 |
| TCL Technology Group Corp A Shares (China)  | 536260 | 324737 |
| Unisplendour Corp Ltd A Shares (China)  | 72420 | 275541 |
| Victory Giant Technology Huizhou Co Ltd A Shares (China)  | 24400 | 1007896 |
| Wingtech Technology Co Ltd A Shares (China) (c) | 32200 | 203586 |
| Wuhan Guide Infrared Co Ltd A Shares (China) (c) | 132244 | 257896 |
| WUS Printed Circuit Kunshan Co Ltd A Shares (China)  | 50630 | 504778 |
| Zhejiang Dahua Technology Co Ltd A Shares (China)  | 88500 | 254282 |
|  |  | 20743430 |
| IT Services - 0.0% |  |  |
| GDS Holdings Ltd A Shares (c) | 486600 | 2168024 |
| Isoftstone Information Technology Group Co Ltd A Shares (China)  | 25250 | 188769 |
| Range Intelligent Computing Technology Group Co Ltd A Shares (China)  | 36600 | 259842 |
|  |  | 2616635 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| ACM Research Shanghai Inc A Shares (China)  | 8415 | 209849 |
| Advanced Micro-Fabrication Equipment Inc China A Shares (China)  | 16391 | 643351 |
| Amlogic Shanghai Co Ltd A Shares (China) (c) | 10582 | 127862 |
| Bestechnic Shanghai Co Ltd A Shares (China)  | 4352 | 150419 |
| Cambricon Technologies Corp Ltd A Shares (China) (c) | 11468 | 2215486 |
| China Resources Microelectronics Ltd A Shares (China)  | 33258 | 237097 |
| CSI Solar Co Ltd A Shares (China)  | 97383 | 212077 |
| Flat Glass Group Co Ltd A Shares (China)  | 66200 | 172164 |
| GalaxyCore Inc A Shares (China)  | 58451 | 131070 |
| GCL Technology Holdings Ltd (b)(c) | 10416000 | 1823006 |
| Gigadevice Semiconductor Inc A Shares (China)  | 17484 | 540433 |
| Hangzhou First Applied Material Co Ltd A Shares (China)  | 89648 | 197751 |
| Hangzhou Silan Microelectronics Co Ltd A Shares (China)  | 42700 | 191200 |
| Hua Hong Semiconductor Ltd (b)(c)(d)(e) | 338000 | 3468931 |
| Hwatsing Technology Co Ltd A Shares (China)  | 8854 | 170850 |
| Hygon Information Technology Co Ltd A Shares (China)  | 64096 | 2065240 |
| Ingenic Semiconductor Co Ltd A Shares (China)  | 12200 | 148802 |
| JA Solar Technology Co Ltd A Shares (China) (c) | 88996 | 176056 |
| JCET Group Co Ltd A Shares (China)  | 45200 | 254152 |
| Jinko Solar Co Ltd A Shares (China) (c) | 328851 | 268444 |
| LONGi Green Energy Technology Co Ltd A Shares (China) (c) | 197668 | 586278 |
| Loongson Technology Corp Ltd (China) (c) | 10468 | 202862 |
| Montage Technology Co Ltd A Shares (China)  | 30033 | 575140 |
| National Silicon Industry Group Co Ltd A Shares (China) (c) | 85634 | 275043 |
| NAURA Technology Group Co Ltd A Shares (China)  | 21480 | 1228459 |
| Nexchip Semiconductor Corp A Shares (China)  | 52137 | 245617 |
| OmniVision Integrated Circuits Group Inc A Shares (China)  | 31850 | 584921 |
| Piotech Inc A Shares (China)  | 7519 | 322210 |
| Rockchip Electronics Co Ltd A Shares (China)  | 11100 | 282982 |
| Sanan Optoelectronics CO Ltd A Shares (China)  | 129100 | 251583 |
| SG Micro Corp A Shares (China)  | 15681 | 162375 |
| Shenzhen Goodix Technology Co Ltd A Shares (China)  | 11200 | 129288 |
| Silergy Corp  | 154000 | 1113295 |
| TCL Zhonghuan Renewable Energy Technology Co Ltd A Shares (China) (c) | 108500 | 144211 |
| Tianshui Huatian Technology Co Ltd A Shares (China)  | 80100 | 135725 |
| TongFu Microelectronics Co Ltd A Shares (China)  | 38100 | 227238 |
| Tongwei Co Ltd A Shares (China) (c) | 119100 | 414660 |
| Trina Solar Co Ltd A Shares (China) (c) | 58777 | 168220 |
| Unigroup Guoxin Microelectronics Co Ltd A Shares (China)  | 22379 | 257012 |
| Verisilicon Microelectronics Shanghai Co Ltd A Shares (China) (c) | 13877 | 310982 |
| Xinjiang Daqo New Energy Co Ltd A Shares (China) (c) | 47948 | 201765 |
| Xinyi Solar Holdings Ltd (b) | 2141631 | 986679 |
| Zhejiang Jingsheng Mechanical & Electrical Co Ltd A Shares (China)  | 32500 | 178085 |
|  |  | 22388870 |
| Software - 0.1% |  |  |
| 360 Security Technology Inc A Shares (China)  | 182400 | 306759 |
| Beijing Kingsoft Office Software Inc A Shares (China)  | 12141 | 612372 |
| China National Software & Service Co Ltd A Shares (China) (c) | 24130 | 177278 |
| Empyrean Technology Co Ltd A Shares (China)  | 12000 | 204193 |
| Horizon Robotics A Shares (b)(c) | 2298000 | 2602441 |
| Hundsun Technologies Inc A Shares (China)  | 48677 | 215160 |
| Iflytek Co Ltd A Shares (China)  | 59300 | 463242 |
| Jiangsu Hoperun Software Co Ltd A Shares (China) (c) | 21100 | 182528 |
| Kingdee International Software Group Co Ltd (c) | 1410000 | 2660121 |
| Shanghai Baosight Software Co Ltd A Shares (China)  | 14342 | 46326 |
| Shanghai Baosight Software Co Ltd B Shares  | 177511 | 199168 |
| Yonyou Network Technology CO Ltd A Shares (China) (c) | 88130 | 193164 |
|  |  | 7862752 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Anker Innovations Technology Co Ltd A Shares (China)  | 14170 | 232736 |
| China Greatwall Technology Group Co Ltd A Shares (China) (c) | 85700 | 203612 |
| GRG Banking Equipment Co Ltd A Shares (China)  | 89900 | 162309 |
| Huaqin Technology Co Ltd A Shares (China)  | 22200 | 316965 |
| IEIT Systems Co Ltd A Shares (China)  | 38412 | 352041 |
| Lenovo Group Ltd  | 3150000 | 4605079 |
| Ninestar Corp A Shares (China) (c) | 40000 | 121897 |
| Shenzhen Transsion Holdings Co Ltd A Shares (China)  | 29798 | 319441 |
| Xiaomi Corp B Shares (c)(d)(e) | 7948800 | 44099250 |
|  |  | 50413330 |
| TOTAL INFORMATION TECHNOLOGY |  | 110845643 |
| Materials - 0.3% |  |  |
| Chemicals - 0.0% |  |  |
| Ganfeng Lithium Group Co Ltd A Shares (China)  | 41320 | 400695 |
| Guangzhou Tinci Materials Technology Co Ltd A Shares (China)  | 50020 | 280200 |
| Hengli Petrochemical Co Ltd A Shares (China)  | 182700 | 460767 |
| Hoshine Silicon Industry Co Ltd A Shares (China)  | 31500 | 219386 |
| Huafon Chemical Co Ltd A Shares (China)  | 123500 | 155646 |
| Inner Mongolia Junzheng Energy & Chemical Industry Group Co Ltd A Shares (China)  | 208300 | 151307 |
| Jiangsu Eastern Shenghong Co Ltd A Shares (China) (c) | 169000 | 219638 |
| LB Group Co Ltd A Shares (China)  | 86800 | 224519 |
| Meihua Holdings Group Co Ltd A Shares (China)  | 86700 | 136066 |
| Ningxia Baofeng Energy Group Co Ltd A Shares (China)  | 191100 | 495108 |
| Qinghai Salt Lake Industry Co Ltd A Shares (China) (c) | 134000 | 466912 |
| Rongsheng Petrochemical Co Ltd A Shares (China)  | 260250 | 372601 |
| Satellite Chemical Co Ltd A Shares (China)  | 103199 | 259687 |
| Shandong Hualu Hengsheng Chemical Co Ltd A Shares (China)  | 54120 | 195192 |
| Shanghai Putailai New Energy Technology Co Ltd A Shares (China)  | 52980 | 217580 |
| Tianqi Lithium Corp A Shares (China) (c) | 38500 | 288855 |
| Wanhua Chemical Group Co Ltd A Shares (China)  | 81100 | 713644 |
| Yunnan Yuntianhua Co Ltd A Shares (China)  | 64400 | 260228 |
| Zangge Mining Co Ltd A Shares (China)  | 40700 | 336584 |
| Zhejiang Juhua Co Ltd A Shares (China)  | 70100 | 347870 |
| Zhejiang Longsheng Group Co Ltd A Shares (China)  | 133400 | 197362 |
| Zhejiang NHU Co Ltd A Shares (China)  | 105780 | 361151 |
|  |  | 6760998 |
| Construction Materials - 0.0% |  |  |
| Anhui Conch Cement Co Ltd A Shares (China)  | 105200 | 342764 |
| Anhui Conch Cement Co Ltd H Shares  | 570000 | 1697409 |
| China Jushi Co Ltd A Shares (China)  | 110322 | 254205 |
| China National Building Material Co Ltd H Shares  | 1749000 | 1240194 |
|  |  | 3534572 |
| Metals & Mining - 0.3% |  |  |
| Aluminum Corp of China Ltd A Shares (China)  | 638400 | 896060 |
| Aluminum Corp of China Ltd H Shares  | 1518000 | 1930087 |
| Baoshan Iron & Steel Co Ltd A Shares (China)  | 566100 | 586191 |
| Chifeng Jilong Gold Mining Co A Shares (China)  | 44200 | 185000 |
| China Hongqiao Group Ltd  | 1283000 | 4874064 |
| China Northern Rare Earth Group High-Tech Co Ltd A Shares (China)  | 95100 | 678904 |
| China Oriental Group Co Ltd  | 107 | 17 |
| China Rare Earth Resources And Technology Co Ltd A Shares (China) (c) | 28100 | 208063 |
| Citic Pacific Special Steel Group Co Ltd A Shares (China)  | 80400 | 164812 |
| CMOC Group Ltd A Shares (China)  | 463700 | 1110159 |
| CMOC Group Ltd H Shares  | 1740000 | 3766375 |
| Henan Shenhuo Coal Industry & Electricity Power Co Ltd A Shares (China)  | 55800 | 193882 |
| Huaibei Mining Holdings Co Ltd A Shares (China)  | 62600 | 116801 |
| Hunan Valin Steel Co Ltd A Shares (China)  | 171800 | 139276 |
| Inner Mongolia BaoTou Steel Union Co Ltd A Shares (China)  | 1186500 | 423429 |
| Jiangxi Copper Co Ltd A Shares (China)  | 62700 | 361978 |
| Jiangxi Copper Co Ltd H Shares  | 476000 | 1988400 |
| Jinduicheng Molybdenum Co Ltd A Shares (China)  | 90700 | 191406 |
| MMG Ltd (c) | 1956000 | 1739383 |
| Shandong Gold Mining Co Ltd A Shares (China)  | 125532 | 635650 |
| Shandong Gold Mining Co Ltd H Shares (d)(e) | 403250 | 1696955 |
| Shandong Nanshan Aluminum Co Ltd A Shares (China)  | 279500 | 181035 |
| Shanjin International Gold Co Ltd A Shares (China)  | 69440 | 211616 |
| Tianshan Aluminum Group Co Ltd A Shares (China)  | 115800 | 217530 |
| Tongling Nonferrous Metals Group Co Ltd A Shares (China)  | 331100 | 246090 |
| Western Mining Co Ltd A Shares (China)  | 57700 | 194322 |
| Western Superconducting Technologies Co Ltd A Shares (China)  | 18859 | 207207 |
| Xiamen Tungsten Co Ltd A Shares (China)  | 49200 | 246781 |
| Yunnan Aluminium Co Ltd A Shares (China)  | 87300 | 281989 |
| Zhaojin Mining Industry Co Ltd H Shares  | 796500 | 2978720 |
| Zhongjin Gold Corp Ltd A Shares (China)  | 120500 | 375346 |
| Zijin Mining Group Co Ltd A Shares (China)  | 512300 | 2195345 |
| Zijin Mining Group Co Ltd H Shares  | 2706000 | 11227190 |
|  |  | 40450063 |
| Paper & Forest Products - 0.0% |  |  |
| Shandong Sun Paper Industry JSC Ltd A Shares (China)  | 110200 | 220171 |
| TOTAL MATERIALS |  | 50965804 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| C&D International Investment Group Ltd  | 403232 | 827164 |
| China Merchants Shekou Industrial Zone Holdings Co Ltd A Shares (China)  | 232600 | 308830 |
| China Overseas Land & Investment Ltd  | 1795000 | 3009935 |
| China Resources Land Ltd  | 1477134 | 5334034 |
| China Resources Mixc Lifestyle Services Ltd (d)(e) | 318000 | 1662322 |
| China Vanke Co Ltd A Shares (China) (c) | 310100 | 273179 |
| China Vanke Co Ltd H Shares (c) | 1021300 | 578302 |
| Hainan Airport Infrastructure Co Ltd A Shares (China)  | 330400 | 228858 |
| KE Holdings Inc A Shares  | 946534 | 5368430 |
| Longfor Group Holdings Ltd (b)(d)(e) | 984687 | 1217783 |
| Poly Developments and Holdings Group Co Ltd A Shares (China)  | 389000 | 400620 |
| Shanghai Zhangjiang High-Tech Park Development Co Ltd A Shares (China)  | 40500 | 253217 |
| Wharf Holdings Ltd/The  | 500000 | 1313935 |
| Youngor Fashion Co Ltd A Shares (China)  | 112893 | 118962 |
|  |  | 20895571 |
| Utilities - 0.2% |  |  |
| Gas Utilities - 0.1% |  |  |
| Beijing Enterprises Holdings Ltd  | 235500 | 1033460 |
| China Gas Holdings Ltd  | 1226600 | 1261241 |
| China Resources Gas Group Ltd  | 423300 | 1163584 |
| ENN Energy Holdings Ltd  | 371400 | 3233389 |
| ENN Natural Gas Co Ltd A Shares (China)  | 62200 | 170587 |
| Kunlun Energy Co Ltd  | 1834000 | 1685178 |
|  |  | 8547439 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| CGN Power Co Ltd A Shares (China)  | 592800 | 328158 |
| CGN Power Co Ltd H Shares (d)(e) | 4811000 | 1906928 |
| China Longyuan Power Group Corp Ltd H Shares  | 1119000 | 1036838 |
| China National Nuclear Power Co Ltd A Shares (China)  | 606600 | 765345 |
| China Power International Development Ltd  | 1718248 | 740762 |
| China Resources Power Holdings Co Ltd (b) | 952523 | 2277558 |
| China Three Gorges Renewables Group Co Ltd A Shares (China)  | 889400 | 531086 |
| China Yangtze Power Co Ltd A Shares (China)  | 682530 | 2694677 |
| Datang International Power Generation Co Ltd A Shares (China)  | 324200 | 165803 |
| GD Power Development Co Ltd A Shares (China)  | 550000 | 408787 |
| Hanergy Mobile Energy Holding Group Co Ltd (c)(f) | 576000 | 1 |
| Huadian Power International Corp Ltd A Shares (China)  | 21700 | 16494 |
| Huadian Power International Corp Ltd H Shares  | 296000 | 174464 |
| Huaneng Power International Inc A Shares (China)  | 309900 | 353990 |
| Huaneng Power International Inc H Shares  | 1894000 | 1564816 |
| SDIC Power Holdings Co Ltd A Shares (China)  | 202600 | 408479 |
| Shenergy Co Ltd A Shares (China)  | 114200 | 132052 |
| Sichuan Chuantou Energy Co Ltd A Shares (China)  | 134836 | 278864 |
| Wintime Energy Group Co Ltd A Shares (China)  | 564400 | 127671 |
| Zhejiang Zheneng Electric Power Co Ltd A Shares (China)  | 354600 | 257079 |
|  |  | 14169852 |
| Water Utilities - 0.0% |  |  |
| Beijing Enterprises Water Group Ltd  | 1724000 | 554658 |
| Guangdong Investment Ltd  | 1344000 | 1278180 |
|  |  | 1832838 |
| TOTAL UTILITIES |  | 24550129 |
| TOTAL CHINA |  | 1398871455 |
| COLOMBIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Grupo Cibest SA  | 116972 | 1896596 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Interconexion Electrica SA ESP  | 207945 | 1348655 |
| TOTAL COLOMBIA |  | 3245251 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Ivanhoe Mines Ltd Class A (b)(c) | 342252 | 3423618 |
| CZECH REPUBLIC - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Komercni Banka AS  | 34764 | 1780151 |
| Moneta Money Bank AS (d)(e) | 119673 | 1013597 |
|  |  | 2793748 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| CEZ AS  | 61632 | 3774907 |
| TOTAL CZECH REPUBLIC |  | 6568655 |
| DENMARK - 1.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Pandora A/S  | 36644 | 4907020 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Carlsberg AS Series B  | 43411 | 5102959 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Danske Bank A/S  | 309313 | 13811536 |
| Insurance - 0.0% |  |  |
| Tryg A/S  | 155348 | 3829181 |
| TOTAL FINANCIALS |  | 17640717 |
| Health Care - 0.7% |  |  |
| Biotechnology - 0.1% |  |  |
| Genmab A/S (c) | 28272 | 8063964 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Coloplast AS Series B  | 58407 | 5282588 |
| Demant A/S (c) | 38772 | 1289018 |
|  |  | 6571606 |
| Pharmaceuticals - 0.6% |  |  |
| Novo Nordisk A/S Series B  | 1492092 | 73458248 |
| TOTAL HEALTH CARE |  | 88093818 |
| Industrials - 0.2% |  |  |
| Air Freight & Logistics - 0.1% |  |  |
| DSV A/S  | 94639 | 20084832 |
| Building Products - 0.0% |  |  |
| ROCKWOOL A/S Series B  | 44903 | 1537900 |
| Electrical Equipment - 0.1% |  |  |
| Vestas Wind Systems A/S  | 468113 | 9573898 |
| TOTAL INDUSTRIALS |  | 31196630 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Novonesis Novozymes B Series B  | 163547 | 9774022 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Orsted AS (b)(c)(d)(e) | 245164 | 4381882 |
| TOTAL DENMARK |  | 161097048 |
| EGYPT - 0.0%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Tobacco - 0.0% |  |  |
| Eastern Co SAE (c) | 579410 | 551813 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Commercial International Bank - Egypt (CIB)  | 1077236 | 2405539 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Talaat Moustafa Group  | 309945 | 377327 |
| TOTAL EGYPT |  | 3334679 |
| FINLAND - 0.7%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Elisa Oyj A Shares  | 65745 | 2897864 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Kesko Oyj B Shares  | 126349 | 2665142 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Neste Oyj  | 194429 | 4023870 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| Nordea Bank Abp  | 1446616 | 24746991 |
| Insurance - 0.1% |  |  |
| Sampo Oyj A Shares  | 1121579 | 12498675 |
| TOTAL FINANCIALS |  | 37245666 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Orion Oyj B Shares  | 49975 | 3487903 |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| Kone Oyj B Shares  | 157499 | 10514868 |
| Metso Oyj  | 305302 | 5000589 |
| Wartsila OYJ Abp  | 233378 | 7631619 |
|  |  | 23147076 |
| Information Technology - 0.1% |  |  |
| Communications Equipment - 0.1% |  |  |
| Nokia Oyj  | 2403208 | 16393006 |
| Materials - 0.1% |  |  |
| Paper & Forest Products - 0.1% |  |  |
| Stora Enso Oyj R Shares  | 268297 | 3123450 |
| UPM-Kymmene Oyj  | 246046 | 6602323 |
|  |  | 9725773 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Fortum Oyj  | 208689 | 4652148 |
| TOTAL FINLAND |  | 104238448 |
| FRANCE - 5.5%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Orange SA  | 863185 | 13807833 |
| Entertainment - 0.0% |  |  |
| Bollore SE  | 323254 | 1799651 |
| Media - 0.1% |  |  |
| Publicis Groupe SA  | 106149 | 10639220 |
| TOTAL COMMUNICATION SERVICES |  | 26246704 |
| Consumer Discretionary - 1.0% |  |  |
| Automobile Components - 0.1% |  |  |
| Cie Generale des Etablissements Michelin SCA Series B  | 310887 | 9931417 |
| Automobiles - 0.0% |  |  |
| Renault SA  | 88323 | 3430846 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Accor SA  | 90233 | 4591913 |
| FDJ UNITED  | 51884 | 1511847 |
| Sodexo SA  | 38714 | 2143722 |
| Sodexo SA  | 2224 | 123150 |
|  |  | 8370632 |
| Textiles, Apparel & Luxury Goods - 0.9% |  |  |
| Hermes International SCA  | 14671 | 36340725 |
| Kering SA  | 34513 | 12256156 |
| LVMH Moet Hennessy Louis Vuitton SE  | 115857 | 81890414 |
|  |  | 130487295 |
| TOTAL CONSUMER DISCRETIONARY |  | 152220190 |
| Consumer Staples - 0.6% |  |  |
| Beverages - 0.1% |  |  |
| Pernod Ricard SA  | 93499 | 9156277 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Carrefour SA  | 271341 | 4086653 |
| Food Products - 0.2% |  |  |
| Danone SA  | 299809 | 26478124 |
| Personal Care Products - 0.3% |  |  |
| L'Oreal SA  | 81688 | 34089335 |
| L'Oreal SA  | 25300 | 10557979 |
| L'Oreal SA  | 4395 | 1834083 |
|  |  | 46481397 |
| TOTAL CONSUMER STAPLES |  | 86202451 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| TotalEnergies SE  | 951121 | 59383275 |
| Financials - 0.7% |  |  |
| Banks - 0.5% |  |  |
| BNP Paribas SA  | 471592 | 36528579 |
| Credit Agricole SA  | 491015 | 8863497 |
| Societe Generale SA Series A  | 333953 | 21179518 |
|  |  | 66571594 |
| Capital Markets - 0.0% |  |  |
| Amundi SA (d)(e) | 28302 | 2097613 |
| Financial Services - 0.0% |  |  |
| Edenred SE  | 111415 | 3201573 |
| Insurance - 0.2% |  |  |
| AXA SA  | 820878 | 35616593 |
| TOTAL FINANCIALS |  | 107487373 |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |
| BioMerieux  | 19305 | 2483313 |
| EssilorLuxottica SA  | 139463 | 51006619 |
|  |  | 53489932 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Sartorius Stedim Biotech  | 13384 | 3196488 |
| Pharmaceuticals - 0.0% |  |  |
| Ipsen SA  | 17527 | 2460664 |
| TOTAL HEALTH CARE |  | 59147084 |
| Industrials - 1.6% |  |  |
| Aerospace & Defense - 1.0% |  |  |
| Airbus SE  | 275252 | 67869207 |
| Dassault Aviation SA  | 9116 | 2929507 |
| Safran SA  | 166785 | 59261799 |
| Thales SA  | 42992 | 12259294 |
|  |  | 142319807 |
| Building Products - 0.1% |  |  |
| Cie de Saint-Gobain SA  | 208204 | 20208710 |
| Construction & Engineering - 0.4% |  |  |
| Bouygues SA  | 88095 | 3973366 |
| Eiffage SA  | 31565 | 3882108 |
| Vinci SA  | 229099 | 30634273 |
|  |  | 38489747 |
| Electrical Equipment - 0.1% |  |  |
| Legrand SA  | 121525 | 20985873 |
| Machinery - 0.0% |  |  |
| Alstom SA (c) | 159329 | 3984434 |
| Professional Services - 0.0% |  |  |
| Bureau Veritas SA  | 156757 | 5145936 |
| Teleperformance SE  | 24453 | 1746389 |
|  |  | 6892325 |
| Trading Companies & Distributors - 0.0% |  |  |
| Rexel SA  | 103843 | 3590839 |
| Transportation Infrastructure - 0.0% |  |  |
| Aeroports de Paris SA  | 16163 | 2215141 |
| Getlink SE Series A  | 139482 | 2545051 |
|  |  | 4760192 |
| TOTAL INDUSTRIALS |  | 241231927 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Capgemini SE  | 75550 | 11623024 |
| Software - 0.0% |  |  |
| Dassault Systemes SE  | 311851 | 8874577 |
| TOTAL INFORMATION TECHNOLOGY |  | 20497601 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Air Liquide SA  | 197623 | 38247742 |
| Air Liquide SA  | 60830 | 11772972 |
| Arkema SA  | 26422 | 1568449 |
|  |  | 51589163 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Covivio SA/France  | 25849 | 1656593 |
| Office REITs - 0.0% |  |  |
| Gecina SA  | 21552 | 2001016 |
| Retail REITs - 0.0% |  |  |
| Klepierre SA  | 99718 | 3809110 |
| Unibail-Rodamco-Westfield unit  | 56357 | 5823005 |
|  |  | 9632115 |
| TOTAL REAL ESTATE |  | 13289724 |
| Utilities - 0.2% |  |  |
| Multi-Utilities - 0.2% |  |  |
| Engie SA  | 643628 | 15069237 |
| Engie SA  | 202100 | 4731759 |
| Veolia Environnement SA  | 291887 | 9646028 |
|  |  | 29447024 |
| TOTAL FRANCE |  | 846742516 |
| GERMANY - 5.5%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Deutsche Telekom AG  | 1616932 | 50084769 |
| Entertainment - 0.0% |  |  |
| CTS Eventim AG & Co KGaA  | 29102 | 2603046 |
| Interactive Media & Services - 0.0% |  |  |
| Scout24 SE (d)(e) | 34534 | 3988523 |
| TOTAL COMMUNICATION SERVICES |  | 56676338 |
| Consumer Discretionary - 0.4% |  |  |
| Automobile Components - 0.0% |  |  |
| Continental AG  | 50699 | 3826534 |
| Automobiles - 0.3% |  |  |
| Bayerische Motoren Werke AG  | 129175 | 12018688 |
| Mercedes-Benz Group AG  | 334633 | 21712519 |
|  |  | 33731207 |
| Specialty Retail - 0.0% |  |  |
| Zalando SE (c)(d)(e) | 103578 | 2896381 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| adidas AG  | 79292 | 14992719 |
| TOTAL CONSUMER DISCRETIONARY |  | 55446841 |
| Consumer Staples - 0.0% |  |  |
| Household Products - 0.0% |  |  |
| Henkel AG & Co KGaA  | 46604 | 3478247 |
| Personal Care Products - 0.0% |  |  |
| Beiersdorf AG  | 44744 | 4743491 |
| TOTAL CONSUMER STAPLES |  | 8221738 |
| Financials - 1.2% |  |  |
| Banks - 0.1% |  |  |
| Commerzbank AG  | 357195 | 12973323 |
| Capital Markets - 0.3% |  |  |
| Deutsche Bank AG  | 857842 | 30583324 |
| Deutsche Boerse AG  | 87284 | 22103815 |
|  |  | 52687139 |
| Insurance - 0.8% |  |  |
| Allianz SE  | 178887 | 71884286 |
| Hannover Rueck SE  | 28002 | 7985207 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 60543 | 37457586 |
| Talanx AG  | 29648 | 3605332 |
|  |  | 120932411 |
| TOTAL FINANCIALS |  | 186592873 |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Siemens Healthineers AG (d)(e) | 156591 | 8766624 |
| Health Care Providers & Services - 0.1% |  |  |
| Fresenius Medical Care AG  | 102136 | 5483401 |
| Fresenius SE & Co KGaA  | 195735 | 11285210 |
|  |  | 16768611 |
| Pharmaceuticals - 0.1% |  |  |
| Bayer AG  | 455348 | 14163368 |
| Merck KGaA  | 59886 | 7844684 |
|  |  | 22008052 |
| TOTAL HEALTH CARE |  | 47543287 |
| Industrials - 1.6% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Hensoldt AG (b) | 29194 | 3102573 |
| MTU Aero Engines AG  | 24981 | 10887144 |
| Rheinmetall AG  | 21272 | 41719369 |
|  |  | 55709086 |
| Air Freight & Logistics - 0.1% |  |  |
| Deutsche Post AG  | 444347 | 20416136 |
| Electrical Equipment - 0.3% |  |  |
| Siemens Energy AG (c) | 314947 | 39237777 |
| Industrial Conglomerates - 0.7% |  |  |
| Siemens AG  | 352139 | 99795253 |
| Machinery - 0.1% |  |  |
| Daimler Truck Holding AG  | 220413 | 8818390 |
| Gea Group Ag  | 67515 | 4824912 |
| Knorr-Bremse AG  | 33850 | 3144787 |
| Rational AG  | 2354 | 1724326 |
|  |  | 18512415 |
| Passenger Airlines - 0.0% |  |  |
| Deutsche Lufthansa AG  | 282592 | 2473590 |
| Trading Companies & Distributors - 0.0% |  |  |
| Brenntag SE  | 56844 | 3154848 |
| TOTAL INDUSTRIALS |  | 239299105 |
| Information Technology - 1.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Infineon Technologies AG (b) | 606082 | 24057151 |
| Software - 0.8% |  |  |
| Nemetschek SE  | 26580 | 3063744 |
| SAP SE  | 483852 | 125836612 |
|  |  | 128900356 |
| TOTAL INFORMATION TECHNOLOGY |  | 152957507 |
| Materials - 0.3% |  |  |
| Chemicals - 0.2% |  |  |
| BASF SE  | 414171 | 20435965 |
| Covestro AG  | 83512 | 5833363 |
| Evonik Industries AG  | 116679 | 1954140 |
| Symrise AG  | 61147 | 5056797 |
|  |  | 33280265 |
| Construction Materials - 0.1% |  |  |
| Heidelberg Materials AG  | 62105 | 14570062 |
| TOTAL MATERIALS |  | 47850327 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| LEG Immobilien SE  | 34929 | 2659233 |
| Vonovia SE  | 348577 | 10476748 |
|  |  | 13135981 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| RWE AG  | 293118 | 14430356 |
| Multi-Utilities - 0.1% |  |  |
| E.ON SE  | 1040021 | 19351029 |
| TOTAL UTILITIES |  | 33781385 |
| TOTAL GERMANY |  | 841505382 |
| GREECE - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Hellenic Telecommunications Organization SA  | 79522 | 1494991 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| OPAP SA  | 87920 | 1819071 |
| Specialty Retail - 0.0% |  |  |
| FF Group (c)(f) | 5453 | 0 |
| JUMBO SA  | 52645 | 1671162 |
|  |  | 1671162 |
| TOTAL CONSUMER DISCRETIONARY |  | 3490233 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Alpha Bank SA  | 1012574 | 3968288 |
| Eurobank Ergasias Services and Holdings SA  | 1188611 | 4471084 |
| National Bank of Greece SA  | 400237 | 5879691 |
| Piraeus Financial Holdings SA  | 519930 | 4058441 |
|  |  | 18377504 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Public Power Corp SA  | 83755 | 1456792 |
| TOTAL GREECE |  | 24819520 |
| HONG KONG - 1.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| HKT Trust & HKT Ltd unit  | 1755557 | 2559723 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| WH Group Ltd (d)(e) | 3839946 | 3686483 |
| Financials - 0.7% |  |  |
| Banks - 0.0% |  |  |
| Hang Seng Bank Ltd  | 349050 | 6809811 |
| Capital Markets - 0.2% |  |  |
| Futu Holdings Ltd Class A ADR  | 28610 | 5694534 |
| Hong Kong Exchanges & Clearing Ltd  | 558602 | 30451359 |
|  |  | 36145893 |
| Insurance - 0.5% |  |  |
| AIA Group Ltd  | 4926295 | 47936480 |
| Prudential PLC  | 1197374 | 16653186 |
|  |  | 64589666 |
| TOTAL FINANCIALS |  | 107545370 |
| Industrials - 0.1% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| J&T Global Express Ltd B Shares (c) | 1101600 | 1413407 |
| Ground Transportation - 0.0% |  |  |
| MTR Corp Ltd  | 716318 | 2627235 |
| Industrial Conglomerates - 0.0% |  |  |
| Swire Pacific Ltd A Shares  | 163004 | 1346733 |
| Machinery - 0.1% |  |  |
| Techtronic Industries Co Ltd  | 680347 | 7949954 |
| Marine Transportation - 0.0% |  |  |
| Orient Overseas International Ltd  | 61000 | 1055845 |
| TOTAL INDUSTRIALS |  | 14393174 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| CK Asset Holdings Ltd  | 890471 | 4405056 |
| Henderson Land Development Co Ltd  | 671059 | 2355881 |
| Hongkong Land Holdings Ltd (Singapore)  | 507067 | 3098179 |
| Jinmao Property Services Co Ltd (e) | 316 | 113 |
| Sino Land Co Ltd  | 1706587 | 2119356 |
| Sun Hung Kai Properties Ltd  | 672062 | 8168825 |
| Wharf Real Estate Investment Co Ltd  | 780654 | 2220236 |
|  |  | 22367646 |
| Retail REITs - 0.0% |  |  |
| Link REIT  | 1206085 | 6282994 |
| TOTAL REAL ESTATE |  | 28650640 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| CK Infrastructure Holdings Ltd (b) | 293636 | 1910199 |
| CLP Holdings Ltd  | 758108 | 6468340 |
| Power Assets Holdings Ltd  | 637354 | 4048593 |
|  |  | 12427132 |
| Gas Utilities - 0.0% |  |  |
| Hong Kong & China Gas Co Ltd  | 5165468 | 4806138 |
| TOTAL UTILITIES |  | 17233270 |
| TOTAL HONG KONG |  | 174068660 |
| HUNGARY - 0.1%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| MOL Hungarian Oil & Gas PLC Class A  | 191637 | 1686012 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| OTP Bank Nyrt  | 103849 | 9905163 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Richter Gedeon Nyrt  | 63021 | 1942467 |
| TOTAL HUNGARY |  | 13533642 |
| INDIA - 4.7%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Indus Towers Ltd (c) | 610540 | 2500900 |
| Tata Communications Ltd  | 53971 | 1140282 |
|  |  | 3641182 |
| Interactive Media & Services - 0.0% |  |  |
| Info Edge India Ltd  | 164970 | 2561574 |
| Wireless Telecommunication Services - 0.2% |  |  |
| Bharti Airtel Ltd  | 1188330 | 27504355 |
| Vodafone Idea Ltd (c) | 12582646 | 1237498 |
|  |  | 28741853 |
| TOTAL COMMUNICATION SERVICES |  | 34944609 |
| Consumer Discretionary - 0.6% |  |  |
| Automobile Components - 0.1% |  |  |
| Balkrishna Industries Ltd  | 34646 | 889832 |
| Bharat Forge Ltd  | 123944 | 1849700 |
| Bosch Ltd  | 3418 | 1434162 |
| MRF Ltd  | 1079 | 1914704 |
| Samvardhana Motherson International Ltd  | 2197129 | 2608635 |
| Tube Investments of India Ltd  | 48767 | 1660819 |
|  |  | 10357852 |
| Automobiles - 0.3% |  |  |
| Bajaj Auto Ltd  | 31002 | 3105788 |
| Eicher Motors Ltd  | 63178 | 4987194 |
| Hero MotoCorp Ltd  | 55482 | 3465242 |
| Hyundai Motor India Ltd  | 75012 | 2060854 |
| Mahindra & Mahindra Ltd  | 432524 | 16992032 |
| Maruti Suzuki India Ltd  | 58351 | 10640109 |
| Tata Motors Passenger Vehicles Limited  | 931192 | 4301118 |
| TVS Motor Co Ltd  | 109442 | 4326020 |
|  |  | 49878357 |
| Broadline Retail - 0.0% |  |  |
| Vishal Mega Mart Ltd  | 985519 | 1606430 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Eternal Ltd (c) | 1110138 | 3973935 |
| Indian Hotels Co Ltd/The  | 398641 | 3331402 |
| Jubilant Foodworks Ltd  | 172765 | 1163607 |
| Swiggy Ltd (c) | 408085 | 1884689 |
|  |  | 10353633 |
| Household Durables - 0.0% |  |  |
| Dixon Technologies India Ltd (e) | 16767 | 2926693 |
| Specialty Retail - 0.0% |  |  |
| FSN E-Commerce Ventures Ltd (c) | 534131 | 1491944 |
| Trent Ltd  | 83548 | 4418401 |
|  |  | 5910345 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Kalyan Jewellers India Ltd  | 195595 | 1123131 |
| Page Industries Ltd  | 2872 | 1333030 |
| Titan Co Ltd  | 164651 | 6949788 |
|  |  | 9405949 |
| TOTAL CONSUMER DISCRETIONARY |  | 90439259 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.0% |  |  |
| United Spirits Ltd  | 135443 | 2184117 |
| Varun Beverages Ltd  | 623132 | 3296952 |
|  |  | 5481069 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Avenue Supermarts Ltd (c)(d)(e) | 74958 | 3507442 |
| Food Products - 0.1% |  |  |
| Britannia Industries Ltd  | 50136 | 3296556 |
| Marico Ltd  | 235490 | 1909999 |
| Nestle India Ltd  | 311782 | 4466422 |
| Tata Consumer Products Ltd  | 274778 | 3606335 |
|  |  | 13279312 |
| Personal Care Products - 0.2% |  |  |
| Colgate-Palmolive India Ltd  | 62913 | 1589747 |
| Dabur India Ltd  | 253581 | 1392817 |
| Godrej Consumer Products Ltd  | 191407 | 2412075 |
| Hindustan Unilever Ltd  | 381235 | 10589026 |
|  |  | 15983665 |
| Tobacco - 0.0% |  |  |
| ITC Ltd  | 1383364 | 6550972 |
| TOTAL CONSUMER STAPLES |  | 44802460 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Bharat Petroleum Corp Ltd  | 701189 | 2818501 |
| Coal India Ltd  | 852166 | 3731136 |
| Hindustan Petroleum Corp Ltd  | 442760 | 2374289 |
| Indian Oil Corp Ltd  | 1303971 | 2437096 |
| Oil & Natural Gas Corp Ltd  | 1459870 | 4199932 |
| Oil India Ltd  | 218288 | 1065680 |
| Petronet LNG Ltd  | 336574 | 1066428 |
| Reliance Industries Ltd  | 2821329 | 47244110 |
|  |  | 64937172 |
| Financials - 1.4% |  |  |
| Banks - 1.0% |  |  |
| AU Small Finance Bank Ltd (d)(e) | 169888 | 1680124 |
| Axis Bank Ltd  | 1064442 | 14783350 |
| Bank of Baroda  | 481330 | 1509630 |
| Canara Bank  | 848757 | 1309877 |
| HDFC Bank Ltd/Gandhinagar  | 5255598 | 58456057 |
| ICICI Bank Ltd  | 2446321 | 37070820 |
| IDFC First Bank Ltd  | 1693408 | 1559961 |
| IndusInd Bank Ltd/Gift City (c) | 266582 | 2386970 |
| Kotak Mahindra Bank Ltd  | 507035 | 12007987 |
| Punjab National Bank  | 1072400 | 1484676 |
| State Bank of India  | 825985 | 8719067 |
| Union Bank of India Ltd  | 720705 | 1207088 |
| Yes Bank Ltd (c) | 6562203 | 1681119 |
|  |  | 143856726 |
| Capital Markets - 0.0% |  |  |
| BSE Ltd  | 92678 | 2588280 |
| HDFC Asset Management Co Ltd (d)(e) | 44545 | 2699347 |
|  |  | 5287627 |
| Consumer Finance - 0.2% |  |  |
| Bajaj Finance Ltd  | 1296669 | 15233104 |
| Cholamandalam Investment and Finance Co Ltd  | 193984 | 3708129 |
| Muthoot Finance Ltd  | 56205 | 2012717 |
| SBI Cards & Payment Services Ltd  | 131436 | 1301033 |
| Shriram Finance Ltd  | 649659 | 5481098 |
| Sundaram Finance Ltd  | 30491 | 1578222 |
|  |  | 29314303 |
| Financial Services - 0.1% |  |  |
| Bajaj Finserv Ltd  | 178424 | 4197632 |
| Bajaj Holdings & Investment Ltd  | 12142 | 1682905 |
| Jio Financial Services Ltd  | 1320008 | 4562367 |
| Power Finance Corp Ltd  | 687109 | 3121463 |
| REC Ltd  | 610859 | 2579626 |
|  |  | 16143993 |
| Insurance - 0.1% |  |  |
| HDFC Life Insurance Co Ltd (d)(e) | 447825 | 3692229 |
| ICICI Lombard General Insurance Co Ltd (d)(e) | 112769 | 2532840 |
| ICICI Prudential Life Insurance Co Ltd (d)(e) | 168584 | 1122722 |
| PB Fintech Ltd (c) | 159153 | 3201169 |
| SBI Life Insurance Co Ltd (d)(e) | 209834 | 4623133 |
|  |  | 15172093 |
| TOTAL FINANCIALS |  | 209774742 |
| Health Care - 0.3% |  |  |
| Health Care Providers & Services - 0.1% |  |  |
| Apollo Hospitals Enterprise Ltd  | 46326 | 4008675 |
| Max Healthcare Institute Ltd  | 357918 | 4628156 |
|  |  | 8636831 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Divi's Laboratories Ltd  | 54827 | 4161824 |
| Pharmaceuticals - 0.2% |  |  |
| Alkem Laboratories Ltd  | 18786 | 1165382 |
| Aurobindo Pharma Ltd  | 121938 | 1564526 |
| Cipla Ltd/India  | 260698 | 4409237 |
| Dr Reddy's Laboratories Ltd  | 269498 | 3626422 |
| Lupin Ltd  | 106405 | 2353700 |
| Mankind Pharma Ltd  | 56804 | 1525610 |
| Sun Pharmaceutical Industries Ltd  | 444162 | 8459919 |
| Torrent Pharmaceuticals Ltd  | 54912 | 2202357 |
| Zydus Lifesciences Ltd  | 112674 | 1236920 |
|  |  | 26544073 |
| TOTAL HEALTH CARE |  | 39342728 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Bharat Electronics Ltd  | 1696236 | 8142468 |
| Hindustan Aeronautics Ltd (e) | 92301 | 4866222 |
|  |  | 13008690 |
| Building Products - 0.0% |  |  |
| Astral Ltd  | 57402 | 937742 |
| Commercial Services & Supplies - 0.0% |  |  |
| Indian Railway Catering & Tourism Corp Ltd  | 110546 | 895053 |
| Construction & Engineering - 0.1% |  |  |
| Larsen & Toubro Ltd  | 312159 | 14175426 |
| Rail Vikas Nigam Ltd (e) | 241627 | 895026 |
| Voltas Ltd  | 106264 | 1656361 |
|  |  | 16726813 |
| Electrical Equipment - 0.1% |  |  |
| ABB India Ltd  | 24725 | 1454002 |
| Bharat Heavy Electricals Ltd  | 489797 | 1464949 |
| CG Power & Industrial Solutions Ltd  | 328254 | 2724140 |
| Havells India Ltd  | 102823 | 1730494 |
| Hitachi Energy India Ltd  | 6134 | 1228528 |
| Polycab India Ltd  | 24421 | 2119522 |
| Suzlon Energy Ltd (c) | 4427294 | 2957681 |
|  |  | 13679316 |
| Ground Transportation - 0.0% |  |  |
| Container Corp Of India Ltd  | 143758 | 883051 |
| Industrial Conglomerates - 0.0% |  |  |
| Siemens Ltd  | 40463 | 1411430 |
| Machinery - 0.1% |  |  |
| Ashok Leyland Ltd  | 1377736 | 2196710 |
| Cummins India Ltd  | 64000 | 3132118 |
| Tata Motors Ltd /new (c)(f) | 931192 | 2735406 |
|  |  | 8064234 |
| Passenger Airlines - 0.0% |  |  |
| InterGlobe Aviation Ltd (d)(e) | 88157 | 5586471 |
| Trading Companies & Distributors - 0.0% |  |  |
| Adani Enterprises Ltd  | 74848 | 2092017 |
| Transportation Infrastructure - 0.0% |  |  |
| Adani Ports & Special Economic Zone Ltd  | 251032 | 4104917 |
| GMR Airports Ltd (c) | 1243217 | 1316117 |
|  |  | 5421034 |
| TOTAL INDUSTRIALS |  | 68705851 |
| Information Technology - 0.4% |  |  |
| IT Services - 0.4% |  |  |
| HCL Technologies Ltd  | 440912 | 7656913 |
| Infosys Ltd  | 1541023 | 25678478 |
| LTIMindtree Ltd (d)(e) | 34760 | 2226026 |
| Mphasis Ltd  | 48313 | 1504607 |
| Persistent Systems Ltd  | 50588 | 3371925 |
| Tata Consultancy Services Ltd  | 419325 | 14445962 |
| Tech Mahindra Ltd  | 249126 | 3997691 |
| Wipro Ltd  | 1223003 | 3315948 |
|  |  | 62197550 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| WAAREE Energies Ltd  | 39279 | 1516643 |
| Software - 0.0% |  |  |
| Oracle Financial Services Software Ltd  | 9767 | 936923 |
| Tata Elxsi Ltd  | 15443 | 948954 |
|  |  | 1885877 |
| TOTAL INFORMATION TECHNOLOGY |  | 65600070 |
| Materials - 0.4% |  |  |
| Chemicals - 0.1% |  |  |
| Asian Paints Ltd  | 156516 | 4427200 |
| Coromandel International Ltd  | 54845 | 1312721 |
| PI Industries Ltd  | 35416 | 1427333 |
| Pidilite Industries Ltd  | 140694 | 2289715 |
| Solar Industries India Ltd  | 12732 | 1990590 |
| SRF Ltd  | 62782 | 2072694 |
| Supreme Industries Ltd  | 30145 | 1294742 |
| UPL Ltd  | 208210 | 1689089 |
|  |  | 16504084 |
| Construction Materials - 0.1% |  |  |
| Ambuja Cements Ltd  | 286717 | 1826281 |
| Grasim Industries Ltd  | 125718 | 4095519 |
| Shree Cement Ltd  | 4180 | 1333135 |
| UltraTech Cement Ltd  | 54808 | 7376682 |
|  |  | 14631617 |
| Metals & Mining - 0.2% |  |  |
| APL Apollo Tubes Ltd  | 84619 | 1707823 |
| Hindalco Industries Ltd  | 626627 | 5985306 |
| Jindal Stainless Ltd  | 154527 | 1312082 |
| Jindal Steel Ltd  | 167340 | 2011134 |
| JSW Steel Ltd  | 284439 | 3864512 |
| NMDC Ltd  | 1460606 | 1247106 |
| Tata Steel Ltd  | 3481668 | 7171613 |
| Vedanta Ltd  | 634220 | 3526382 |
|  |  | 26825958 |
| TOTAL MATERIALS |  | 57961659 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| DLF Ltd  | 343996 | 2930738 |
| Godrej Properties Ltd (c) | 69505 | 1791556 |
| Lodha Developers Ltd (d)(e) | 139907 | 1888071 |
| Oberoi Realty Ltd  | 57255 | 1147034 |
| Phoenix Mills Ltd/The  | 91584 | 1736036 |
| Prestige Estates Projects Ltd  | 80918 | 1590465 |
|  |  | 11083900 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.1% |  |  |
| Power Grid Corp of India Ltd  | 2158862 | 7008124 |
| Tata Power Co Ltd/The  | 739833 | 3374735 |
| Torrent Power Ltd  | 83312 | 1235625 |
|  |  | 11618484 |
| Gas Utilities - 0.0% |  |  |
| GAIL India Ltd  | 1078857 | 2221280 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Adani Power Ltd (c) | 1332105 | 2368870 |
| JSW Energy Ltd  | 207913 | 1235439 |
| NHPC Ltd  | 1426169 | 1363107 |
| NTPC Ltd  | 2023678 | 7681837 |
|  |  | 12649253 |
| TOTAL UTILITIES |  | 26489017 |
| TOTAL INDIA |  | 714081467 |
| INDONESIA - 0.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telkom Indonesia Persero Tbk PT  | 22845200 | 4419054 |
| Media - 0.0% |  |  |
| Surya Citra Media Tbk PT  | 20 | 0 |
| TOTAL COMMUNICATION SERVICES |  | 4419054 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| GoTo Gojek Tokopedia Tbk PT Class A (c) | 414425012 | 1495220 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Sumber Alfaria Trijaya Tbk PT  | 8735100 | 1055775 |
| Food Products - 0.0% |  |  |
| Charoen Pokphand Indonesia Tbk PT  | 3517100 | 987664 |
| Indofood CBP Sukses Makmur Tbk PT  | 1093500 | 572066 |
| Indofood Sukses Makmur Tbk PT  | 1959000 | 871714 |
|  |  | 2431444 |
| TOTAL CONSUMER STAPLES |  | 3487219 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Dian Swastatika Sentosa Tbk PT (c) | 460400 | 2341451 |
| Petrindo Jaya Kreasi Tbk PT  | 10352000 | 1251204 |
| United Tractors Tbk PT  | 699300 | 1131159 |
|  |  | 4723814 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Bank Central Asia Tbk PT  | 25719500 | 13168179 |
| Bank Mandiri Persero Tbk PT  | 17320800 | 4907219 |
| Bank Negara Indonesia Persero Tbk PT  | 6941200 | 1828169 |
| Bank Rakyat Indonesia Persero Tbk PT  | 31636254 | 7568033 |
|  |  | 27471600 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Kalbe Farma Tbk PT  | 8357100 | 640727 |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.1% |  |  |
| Astra International Tbk PT  | 9366800 | 3463970 |
| Jardine Matheson Holdings Ltd (Singapore)  | 74619 | 4383866 |
|  |  | 7847836 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Barito Pacific Tbk PT (c) | 10884247 | 2258007 |
| Chandra Asri Pacific Tbk PT  | 4027300 | 1683087 |
|  |  | 3941094 |
| Metals & Mining - 0.0% |  |  |
| Amman Mineral Internasional PT (c) | 6670000 | 2847685 |
| TOTAL MATERIALS |  | 6788779 |
| TOTAL INDONESIA |  | 56874249 |
| IRELAND - 0.3%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Kerry Group PLC Class A  | 75763 | 6907662 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| AIB Group PLC  | 990630 | 9117670 |
| Bank of Ireland Group PLC  | 447121 | 7310581 |
|  |  | 16428251 |
| Industrials - 0.1% |  |  |
| Building Products - 0.0% |  |  |
| Kingspan Group PLC  | 71829 | 5373311 |
| Trading Companies & Distributors - 0.1% |  |  |
| AerCap Holdings NV  | 81850 | 10660144 |
| TOTAL INDUSTRIALS |  | 16033455 |
| TOTAL IRELAND |  | 39369368 |
| ISRAEL - 0.5%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Bank Hapoalim BM  | 580155 | 11804470 |
| Bank Leumi Le-Israel BM  | 693086 | 14108671 |
| Israel Discount Bank Ltd Class A  | 570502 | 5714737 |
| Mizrahi Tefahot Bank Ltd  | 72609 | 4728515 |
|  |  | 36356393 |
| Insurance - 0.0% |  |  |
| Phoenix Financial Ltd  | 103978 | 4007929 |
| TOTAL FINANCIALS |  | 40364322 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (c) | 531677 | 10888745 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Elbit Systems Ltd  | 12903 | 6177379 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.0% |  |  |
| Wix.com Ltd (c) | 25610 | 3727279 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Nova Ltd (Israel) (c) | 13507 | 4677054 |
| Software - 0.1% |  |  |
| Check Point Software Technologies Ltd (c) | 40211 | 7868489 |
| Nice Ltd (c) | 28800 | 3903107 |
| Nice Ltd ADR (b)(c) | 275 | 37582 |
|  |  | 11809178 |
| TOTAL INFORMATION TECHNOLOGY |  | 20213511 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| ICL Group Ltd  | 356460 | 2339971 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Azrieli Group Ltd  | 19919 | 2101048 |
| TOTAL ISRAEL |  | 82084976 |
| ITALY - 1.9%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Infrastrutture Wireless Italiane SpA (d)(e) | 130108 | 1428454 |
| Telecom Italia SpA/Milano (c) | 3480939 | 2051090 |
| Telecom Italia SpA/Milano (c) | 1667908 | 1107753 |
|  |  | 4587297 |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| Ferrari NV (Italy)  | 58419 | 23332153 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Moncler SpA  | 108571 | 6507507 |
| TOTAL CONSUMER DISCRETIONARY |  | 29839660 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Coca-Cola HBC AG  | 101100 | 4587433 |
| Davide Campari-Milano NV  | 286468 | 1992410 |
|  |  | 6579843 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Eni SpA  | 948401 | 17488025 |
| Financials - 1.1% |  |  |
| Banks - 0.9% |  |  |
| Banca Monte dei Paschi di Siena SpA  | 917752 | 8022710 |
| Banco BPM SpA  | 528122 | 7673166 |
| BPER Banca SPA  | 679573 | 8111173 |
| FinecoBank Banca Fineco SpA  | 284725 | 6501410 |
| Intesa Sanpaolo SpA  | 6598994 | 42532796 |
| UniCredit SpA  | 649633 | 48103176 |
|  |  | 120944431 |
| Financial Services - 0.0% |  |  |
| Banca Mediolanum SpA  | 105284 | 2112801 |
| Nexi SpA (d)(e) | 250313 | 1317397 |
|  |  | 3430198 |
| Insurance - 0.2% |  |  |
| Generali  | 394769 | 15175267 |
| Poste Italiane Spa (d)(e) | 211326 | 5088489 |
| Unipol Assicurazioni SpA  | 165296 | 3613371 |
|  |  | 23877127 |
| TOTAL FINANCIALS |  | 148251756 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 52845 | 3136956 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Leonardo SpA  | 187872 | 11053391 |
| Electrical Equipment - 0.1% |  |  |
| Prysmian SpA  | 130657 | 13527053 |
| Passenger Airlines - 0.1% |  |  |
| Ryanair Holdings PLC  | 393536 | 11914544 |
| TOTAL INDUSTRIALS |  | 36494988 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.3% |  |  |
| Enel SpA  | 3762610 | 38061662 |
| Terna - Rete Elettrica Nazionale  | 651004 | 6667875 |
|  |  | 44729537 |
| Gas Utilities - 0.0% |  |  |
| Snam SpA  | 931794 | 5743925 |
| TOTAL UTILITIES |  | 50473462 |
| TOTAL ITALY |  | 296851987 |
| JAPAN - 13.7%  |  |  |
| Communication Services - 1.3% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| NTT Inc (b) | 13812325 | 14216388 |
| Entertainment - 0.4% |  |  |
| Capcom Co Ltd  | 159248 | 4158462 |
| Konami Group Corp  | 46592 | 7781961 |
| Nexon Co Ltd  | 151279 | 3092135 |
| Nintendo Co Ltd  | 511510 | 43626635 |
| Toho Co Ltd/Tokyo  | 49213 | 2891914 |
|  |  | 61551107 |
| Interactive Media & Services - 0.0% |  |  |
| LY Corp  | 1275496 | 3748067 |
| Wireless Telecommunication Services - 0.8% |  |  |
| KDDI Corp  | 1454174 | 23180062 |
| SoftBank Corp  | 13275790 | 18864884 |
| SoftBank Group Corp  | 442742 | 77687353 |
|  |  | 119732299 |
| TOTAL COMMUNICATION SERVICES |  | 199247861 |
| Consumer Discretionary - 2.3% |  |  |
| Automobile Components - 0.3% |  |  |
| Aisin Corp  | 226786 | 4082913 |
| Bridgestone Corp  | 264520 | 11547658 |
| Denso Corp  | 809400 | 11352398 |
| Sumitomo Electric Industries Ltd  | 331532 | 12154667 |
|  |  | 39137636 |
| Automobiles - 0.9% |  |  |
| Honda Motor Co Ltd  | 1834927 | 18546061 |
| Isuzu Motors Ltd  | 249345 | 3066049 |
| Nissan Motor Co Ltd (c) | 1025171 | 2343267 |
| Subaru Corp  | 272105 | 5788524 |
| Suzuki Motor Corp  | 728856 | 10915578 |
| Toyota Motor Corp  | 4390065 | 89500855 |
| Yamaha Motor Co Ltd  | 427334 | 3091801 |
|  |  | 133252135 |
| Broadline Retail - 0.1% |  |  |
| Pan Pacific International Holdings Corp  | 885440 | 5267136 |
| Rakuten Group Inc (c) | 698150 | 4573243 |
| Ryohin Keikaku Co Ltd  | 232600 | 4783008 |
|  |  | 14623387 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Oriental Land Co Ltd/Japan  | 500785 | 10138532 |
| Zensho Holdings Co Ltd  | 44300 | 2761025 |
|  |  | 12899557 |
| Household Durables - 0.6% |  |  |
| Panasonic Holdings Corp  | 1080780 | 12557836 |
| Sekisui House Ltd  | 275308 | 5914897 |
| Sony Group Corp  | 2849410 | 79354894 |
|  |  | 97827627 |
| Leisure Products - 0.0% |  |  |
| Bandai Namco Holdings Inc  | 271594 | 8462750 |
| Shimano Inc  | 34274 | 3590746 |
|  |  | 12053496 |
| Specialty Retail - 0.3% |  |  |
| Fast Retailing Co Ltd  | 88474 | 32480575 |
| Nitori Holdings Co Ltd  | 184800 | 2994165 |
| Sanrio Co Ltd  | 83000 | 3854591 |
| ZOZO Inc  | 208721 | 1806044 |
|  |  | 41135375 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Asics Corp  | 323639 | 8280504 |
| TOTAL CONSUMER DISCRETIONARY |  | 359209717 |
| Consumer Staples - 0.7% |  |  |
| Beverages - 0.1% |  |  |
| Asahi Group Holdings Ltd  | 669347 | 7214233 |
| Kirin Holdings Co Ltd  | 360008 | 5056371 |
| Suntory Beverage & Food Ltd  | 64237 | 1943241 |
|  |  | 14213845 |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Aeon Co Ltd  | 1031926 | 16334978 |
| Kobe Bussan Co Ltd  | 70321 | 1632199 |
| MatsukiyoCocokara & Co  | 152800 | 2768763 |
| Seven & i Holdings Co Ltd  | 964620 | 12269779 |
|  |  | 33005719 |
| Food Products - 0.1% |  |  |
| Ajinomoto Co Inc  | 419422 | 11901450 |
| Kikkoman Corp  | 312465 | 2485770 |
| MEIJI Holdings Co Ltd  | 111526 | 2144258 |
| Nissin Foods Holdings Co Ltd  | 90289 | 1628142 |
| Yakult Honsha Co Ltd  | 115354 | 1724210 |
|  |  | 19883830 |
| Household Products - 0.0% |  |  |
| Unicharm Corp  | 514291 | 3181990 |
| Personal Care Products - 0.1% |  |  |
| Kao Corp  | 215705 | 9128558 |
| Shiseido Co Ltd  | 184394 | 3110923 |
|  |  | 12239481 |
| Tobacco - 0.1% |  |  |
| Japan Tobacco Inc  | 556781 | 19383103 |
| TOTAL CONSUMER STAPLES |  | 101907968 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| ENEOS Holdings Inc  | 1257705 | 7939105 |
| Idemitsu Kosan Co Ltd  | 360525 | 2506667 |
| Inpex Corp  | 409906 | 7556570 |
|  |  | 18002342 |
| Financials - 2.1% |  |  |
| Banks - 1.3% |  |  |
| Chiba Bank Ltd/The  | 260332 | 2543182 |
| Japan Post Bank Co Ltd  | 828666 | 9291641 |
| Mitsubishi UFJ Financial Group Inc  | 5311757 | 80235581 |
| Mizuho Financial Group Inc  | 1164914 | 39019353 |
| Resona Holdings Inc  | 963443 | 9336851 |
| Sumitomo Mitsui Financial Group Inc  | 1709855 | 46292288 |
| Sumitomo Mitsui Trust Group Inc  | 298054 | 8186520 |
| Yokohama Financial Group Inc  | 474715 | 3453089 |
|  |  | 198358505 |
| Capital Markets - 0.2% |  |  |
| Daiwa Securities Group Inc  | 613044 | 4731788 |
| Japan Exchange Group Inc  | 456316 | 5088455 |
| Nomura Holdings Inc  | 1393906 | 9947058 |
| SBI Holdings Inc  | 130364 | 5848658 |
|  |  | 25615959 |
| Financial Services - 0.1% |  |  |
| Mitsubishi HC Capital Inc  | 405999 | 3177177 |
| ORIX Corp  | 539296 | 13192285 |
| Sony Financial Group Inc (c) | 2803410 | 2826876 |
|  |  | 19196338 |
| Insurance - 0.5% |  |  |
| Dai-ichi Life Holdings Inc  | 1630460 | 11479132 |
| Japan Post Holdings Co Ltd  | 826330 | 7756060 |
| Japan Post Insurance Co Ltd  | 86816 | 2248844 |
| Ms&Ad Insurance Group Holdings Inc  | 596411 | 12294692 |
| Sompo Holdings Inc  | 411537 | 12541785 |
| T&D Holdings Inc  | 227927 | 4911723 |
| Tokio Marine Holdings Inc  | 851363 | 31750049 |
|  |  | 82982285 |
| TOTAL FINANCIALS |  | 326153087 |
| Health Care - 0.9% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Hoya Corp  | 158970 | 25876078 |
| Olympus Corp  | 528248 | 6510980 |
| Sysmex Corp  | 231395 | 2579491 |
| Terumo Corp  | 617770 | 9971378 |
|  |  | 44937927 |
| Health Care Technology - 0.0% |  |  |
| M3 Inc  | 203334 | 2849697 |
| Pharmaceuticals - 0.6% |  |  |
| Astellas Pharma Inc  | 837930 | 8771139 |
| Chugai Pharmaceutical Co Ltd  | 311160 | 14241091 |
| Daiichi Sankyo Co Ltd  | 789973 | 18870972 |
| Eisai Co Ltd  | 120848 | 3589259 |
| Kyowa Kirin Co Ltd  | 109563 | 1693460 |
| Otsuka Holdings Co Ltd  | 201185 | 10931952 |
| Shionogi & Co Ltd  | 347080 | 5810566 |
| Takeda Pharmaceutical Co Ltd  | 736046 | 19864049 |
|  |  | 83772488 |
| TOTAL HEALTH CARE |  | 131560112 |
| Industrials - 3.5% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| SG Holdings Co Ltd  | 133716 | 1229048 |
| Building Products - 0.1% |  |  |
| Agc Inc  | 90873 | 2842177 |
| Daikin Industries Ltd  | 122246 | 14202546 |
|  |  | 17044723 |
| Commercial Services & Supplies - 0.1% |  |  |
| Dai Nippon Printing Co Ltd  | 182676 | 3057639 |
| Secom Co Ltd  | 194312 | 6572893 |
| TOPPAN Holdings Inc  | 109558 | 2687231 |
|  |  | 12317763 |
| Construction & Engineering - 0.1% |  |  |
| Kajima Corp  | 196444 | 6342907 |
| Obayashi Corp  | 298543 | 5059985 |
| Taisei Corp  | 72387 | 5277191 |
|  |  | 16680083 |
| Electrical Equipment - 0.3% |  |  |
| Fuji Electric Co Ltd  | 61825 | 4436990 |
| Fujikura Ltd  | 116600 | 16017273 |
| Mitsubishi Electric Corp  | 881396 | 24690070 |
| NIDEC CORP  | 387382 | 4733244 |
|  |  | 49877577 |
| Ground Transportation - 0.2% |  |  |
| Central Japan Railway Co  | 357510 | 8736504 |
| East Japan Railway Co  | 446385 | 10879386 |
| Hankyu Hanshin Holdings Inc  | 110721 | 2971527 |
| Tokyo Metro Co Ltd (b) | 134300 | 1411322 |
| Tokyu Corp  | 231581 | 2578632 |
| West Japan Railway Co  | 195218 | 4004179 |
|  |  | 30581550 |
| Industrial Conglomerates - 0.5% |  |  |
| Hikari Tsushin Inc  | 8222 | 2176741 |
| Hitachi Ltd  | 2122880 | 73255959 |
| Sekisui Chemical Co Ltd  | 174652 | 3031563 |
|  |  | 78464263 |
| Machinery - 0.9% |  |  |
| Daifuku Co Ltd  | 150103 | 4799868 |
| FANUC Corp  | 432650 | 14438156 |
| IHI Corp  | 477300 | 9957300 |
| Kawasaki Heavy Industries Ltd  | 70200 | 5648433 |
| Komatsu Ltd  | 440663 | 14740607 |
| Kubota Corp  | 454025 | 5893693 |
| Makita Corp  | 104420 | 3168308 |
| MINEBEA MITSUMI Inc  | 167360 | 3318747 |
| Mitsubishi Heavy Industries Ltd  | 1485210 | 44838022 |
| SMC Corp  | 26657 | 9125292 |
| Toyota Industries Corp  | 75242 | 8214565 |
|  |  | 124142991 |
| Marine Transportation - 0.1% |  |  |
| Kawasaki Kisen Kaisha Ltd  | 162000 | 2326299 |
| Mitsui OSK Lines Ltd  | 158500 | 4713552 |
| Nippon Yusen KK  | 200553 | 6937565 |
|  |  | 13977416 |
| Passenger Airlines - 0.0% |  |  |
| ANA Holdings Inc  | 74956 | 1405152 |
| Japan Airlines Co Ltd  | 64840 | 1168811 |
|  |  | 2573963 |
| Professional Services - 0.2% |  |  |
| Recruit Holdings Co Ltd  | 616136 | 30552936 |
| Trading Companies & Distributors - 1.0% |  |  |
| ITOCHU Corp  | 550522 | 31903913 |
| Marubeni Corp  | 654429 | 16136722 |
| Mitsubishi Corp  | 1490742 | 35796675 |
| Mitsui & Co Ltd  | 1144208 | 28228401 |
| MonotaRO Co Ltd  | 117450 | 1638674 |
| Sumitomo Corp  | 504561 | 14687305 |
| Toyota Tsusho Corp  | 320333 | 9804755 |
|  |  | 138196445 |
| TOTAL INDUSTRIALS |  | 515638758 |
| Information Technology - 2.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Keyence Corp  | 90220 | 33585889 |
| Kyocera Corp  | 597268 | 7944970 |
| Murata Manufacturing Co Ltd  | 774998 | 16709670 |
| Shimadzu Corp  | 109821 | 2957350 |
| TDK Corp  | 902120 | 15762038 |
| Yokogawa Electric Corp  | 105623 | 3168484 |
|  |  | 80128401 |
| IT Services - 0.4% |  |  |
| Fujitsu Ltd  | 816240 | 21271586 |
| NEC Corp  | 600980 | 21908414 |
| Nomura Research Institute Ltd  | 175324 | 6769801 |
| Obic Co Ltd  | 150345 | 4670051 |
| Otsuka Corp  | 105108 | 2080198 |
| SCSK Corp  | 72056 | 2651544 |
| TIS Inc  | 99120 | 3418486 |
|  |  | 62770080 |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| Advantest Corp  | 355148 | 53181931 |
| Disco Corp  | 42787 | 14208843 |
| Lasertec Corp  | 36674 | 7446010 |
| Renesas Electronics Corp  | 781567 | 9652019 |
| SCREEN Holdings Co Ltd  | 37600 | 3582869 |
| Tokyo Electron Ltd  | 207644 | 45779343 |
|  |  | 133851015 |
| Software - 0.0% |  |  |
| Oracle Corp Japan  | 18038 | 1665568 |
| Trend Micro Inc/Japan  | 58530 | 2993914 |
|  |  | 4659482 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Canon Inc  | 401983 | 11563108 |
| FUJIFILM Holdings Corp  | 519159 | 12032388 |
|  |  | 23595496 |
| TOTAL INFORMATION TECHNOLOGY |  | 305004474 |
| Materials - 0.4% |  |  |
| Chemicals - 0.3% |  |  |
| Asahi Kasei Corp  | 565830 | 4341665 |
| Mitsubishi Chemical Group Corp  | 597962 | 3127748 |
| Nippon Paint Holdings Co Ltd  | 436210 | 2780977 |
| Nippon Sanso Holdings Corp  | 80847 | 2690178 |
| Nitto Denko Corp  | 328475 | 8214539 |
| Shin-Etsu Chemical Co Ltd  | 781945 | 23504440 |
| Toray Industries Inc  | 638253 | 3918313 |
|  |  | 48577860 |
| Metals & Mining - 0.1% |  |  |
| JFE Holdings Inc  | 265142 | 3042655 |
| Nippon Steel Corp  | 2242120 | 9242088 |
| Sumitomo Metal Mining Co Ltd  | 113928 | 3726863 |
|  |  | 16011606 |
| TOTAL MATERIALS |  | 64589466 |
| Real Estate - 0.3% |  |  |
| Office REITs - 0.0% |  |  |
| Nippon Building Fund Inc  | 3578 | 3301483 |
| Real Estate Management & Development - 0.3% |  |  |
| Daito Trust Construction Co Ltd  | 136225 | 2546872 |
| Daiwa House Industry Co Ltd  | 259159 | 8800072 |
| Hulic Co Ltd  | 213794 | 2205778 |
| Mitsubishi Estate Co Ltd  | 492767 | 10436646 |
| Mitsui Fudosan Co Ltd  | 1224918 | 12729260 |
| Sumitomo Realty & Development Co Ltd  | 143508 | 6128260 |
|  |  | 42846888 |
| TOTAL REAL ESTATE |  | 46148371 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Chubu Electric Power Co Inc  | 316644 | 4407251 |
| Kansai Electric Power Co Inc/The  | 439794 | 6870444 |
|  |  | 11277695 |
| Gas Utilities - 0.0% |  |  |
| Osaka Gas Co Ltd  | 164875 | 5186646 |
| Tokyo Gas Co Ltd  | 146462 | 5133915 |
|  |  | 10320561 |
| TOTAL UTILITIES |  | 21598256 |
| TOTAL JAPAN |  | 2089060412 |
| KOREA (SOUTH) - 3.8%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| LG Uplus Corp  | 98503 | 1050324 |
| Entertainment - 0.0% |  |  |
| HYBE Co Ltd  | 10703 | 2553575 |
| Krafton Inc (c) | 13118 | 2533177 |
|  |  | 5086752 |
| Interactive Media & Services - 0.2% |  |  |
| Kakao Corp  | 143590 | 6540244 |
| NAVER Corp  | 66134 | 12377625 |
|  |  | 18917869 |
| Wireless Telecommunication Services - 0.0% |  |  |
| SK Telecom Co Ltd  | 24809 | 905438 |
| TOTAL COMMUNICATION SERVICES |  | 25960383 |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.0% |  |  |
| Hankook Tire & Technology Co Ltd  | 34334 | 1113430 |
| Hyundai Mobis Co Ltd  | 27689 | 6121856 |
|  |  | 7235286 |
| Automobiles - 0.2% |  |  |
| Hyundai Motor Co  | 61890 | 12557617 |
| Kia Corp  | 110609 | 9278941 |
|  |  | 21836558 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Delivery Hero SE (c)(d)(e) | 88415 | 2245719 |
| Hanjin Kal Corp  | 10884 | 797304 |
|  |  | 3043023 |
| Household Durables - 0.0% |  |  |
| Coway Co Ltd  | 24556 | 1532538 |
| LG Electronics Inc  | 49600 | 3040007 |
|  |  | 4572545 |
| TOTAL CONSUMER DISCRETIONARY |  | 36687412 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.0% |  |  |
| Orion Corp/Republic of Korea  | 11112 | 772023 |
| Samyang Foods Co Ltd  | 1932 | 1822157 |
|  |  | 2594180 |
| Personal Care Products - 0.0% |  |  |
| Amorepacific Corp  | 13729 | 1161326 |
| LG H&H Co Ltd  | 4078 | 811741 |
|  |  | 1973067 |
| Tobacco - 0.1% |  |  |
| KT&G Corp  | 45056 | 4230522 |
| TOTAL CONSUMER STAPLES |  | 8797769 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| HD Hyundai Co Ltd  | 19994 | 2867757 |
| S-Oil Corp (c) | 20919 | 1050882 |
| SK Innovation Co Ltd  | 31417 | 2833390 |
|  |  | 6752029 |
| Financials - 0.4% |  |  |
| Banks - 0.3% |  |  |
| Hana Financial Group Inc  | 132097 | 7902197 |
| Industrial Bank of Korea  | 129304 | 1748770 |
| KakaoBank Corp  | 77799 | 1260125 |
| KB Financial Group Inc  | 168056 | 13675724 |
| Shinhan Financial Group Co Ltd  | 202645 | 10375517 |
| Woori Financial Group Inc  | 307486 | 5464467 |
|  |  | 40426800 |
| Capital Markets - 0.0% |  |  |
| Korea Investment Holdings Co Ltd  | 19465 | 2482732 |
| Mirae Asset Securities Co Ltd  | 103543 | 1905308 |
| NH Investment & Securities Co Ltd  | 67536 | 961587 |
|  |  | 5349627 |
| Financial Services - 0.0% |  |  |
| Meritz Financial Group Inc  | 37716 | 2915926 |
| Insurance - 0.1% |  |  |
| DB Insurance Co Ltd  | 21485 | 1906090 |
| Samsung Fire & Marine Insurance Co Ltd  | 13747 | 4246464 |
| Samsung Life Insurance Co Ltd  | 36774 | 3970046 |
|  |  | 10122600 |
| TOTAL FINANCIALS |  | 58814953 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Alteogen Inc (c) | 18619 | 6363700 |
| Celltrion Inc  | 74998 | 9214313 |
|  |  | 15578013 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| HLB Inc (c) | 54754 | 1861833 |
| Life Sciences Tools & Services - 0.0% |  |  |
| Samsung Biologics Co Ltd (c)(d)(e)(f) | 8150 | 6962449 |
| Pharmaceuticals - 0.0% |  |  |
| SK Biopharmaceuticals Co Ltd (c) | 14372 | 1161416 |
| Yuhan Corp  | 25520 | 2106937 |
|  |  | 3268353 |
| TOTAL HEALTH CARE |  | 27670648 |
| Industrials - 0.7% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Hanwha Aerospace Co Ltd  | 15289 | 10472504 |
| Hanwha Systems Co Ltd  | 34795 | 1458251 |
| Korea Aerospace Industries Ltd  | 33670 | 2435861 |
| LIG Nex1 Co Ltd  | 6140 | 2229587 |
|  |  | 16596203 |
| Air Freight & Logistics - 0.0% |  |  |
| Hyundai Glovis Co Ltd  | 17491 | 2310497 |
| Electrical Equipment - 0.3% |  |  |
| Doosan Enerbility Co Ltd (c) | 207887 | 12901485 |
| Ecopro BM Co Ltd (b)(c) | 22710 | 2542295 |
| Ecopro Co Ltd (b) | 47078 | 2898608 |
| HD Hyundai Electric Co Ltd  | 10874 | 6619076 |
| Hyosung Heavy Industries Corp  | 2575 | 3846483 |
| LG Energy Solution Ltd (b)(c) | 21698 | 7180747 |
| LS Electric Co Ltd  | 6943 | 2113125 |
| POSCO Future M Co Ltd (c) | 15989 | 2421966 |
|  |  | 40523785 |
| Industrial Conglomerates - 0.1% |  |  |
| Doosan Co Ltd  | 3383 | 2246244 |
| LG Corp  | 40176 | 2257205 |
| Samsung C&T Corp  | 39476 | 6242095 |
| SK Inc  | 16696 | 2902870 |
| SK Square Co Ltd (c) | 42596 | 7748737 |
|  |  | 21397151 |
| Machinery - 0.2% |  |  |
| Doosan Bobcat Inc  | 24134 | 1018205 |
| Hanwha Ocean Co Ltd (c) | 56867 | 5474791 |
| HD Hyundai Heavy Industries Co Ltd  | 10200 | 4281936 |
| HD Korea Shipbuilding & Offshore Engineering Co Ltd  | 19713 | 6537622 |
| Hyundai Rotem Co Ltd  | 35455 | 5717908 |
| Samsung Heavy Industries Co Ltd (c) | 326633 | 6753149 |
|  |  | 29783611 |
| Marine Transportation - 0.0% |  |  |
| HMM Co Ltd  | 116395 | 1673535 |
| Passenger Airlines - 0.0% |  |  |
| Korean Air Lines Co Ltd  | 82618 | 1280375 |
| Trading Companies & Distributors - 0.0% |  |  |
| Posco International Corp  | 24731 | 951685 |
| TOTAL INDUSTRIALS |  | 114516842 |
| Information Technology - 1.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| LG Display Co Ltd (c) | 139143 | 1418059 |
| Samsung Electro-Mechanics Co Ltd  | 25867 | 4434053 |
| Samsung SDI Co Ltd  | 29697 | 6690480 |
|  |  | 12542592 |
| IT Services - 0.0% |  |  |
| Samsung SDS Co Ltd  | 19792 | 2534134 |
| Semiconductors & Semiconductor Equipment - 0.7% |  |  |
| Hanmi Semiconductor Co Ltd (b) | 20000 | 2010830 |
| SK Hynix Inc  | 253036 | 98965286 |
|  |  | 100976116 |
| Technology Hardware, Storage & Peripherals - 1.1% |  |  |
| Samsung Electronics Co Ltd  | 2192593 | 164913136 |
| TOTAL INFORMATION TECHNOLOGY |  | 280965978 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| LG Chem Ltd  | 22932 | 6377755 |
| Metals & Mining - 0.1% |  |  |
| Korea Zinc Co Ltd  | 1862 | 1345763 |
| POSCO Holdings Inc  | 33794 | 7326814 |
|  |  | 8672577 |
| TOTAL MATERIALS |  | 15050332 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Korea Electric Power Corp  | 117941 | 3519311 |
| TOTAL KOREA (SOUTH) |  | 578735657 |
| KUWAIT - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Mobile Telecommunications Co KSCP  | 898955 | 1556137 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Boubyan Bank KSCP  | 717992 | 1675900 |
| Gulf Bank KSCP  | 937239 | 1072440 |
| Kuwait Finance House KSCP  | 5117980 | 13397679 |
| National Bank of Kuwait SAKP  | 3843378 | 13155817 |
| Warba Bank KSCP  | 1027760 | 968289 |
|  |  | 30270125 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Mabanee Co KPSC  | 303915 | 997693 |
| TOTAL KUWAIT |  | 32823955 |
| LUXEMBOURG - 0.1%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| CVC Capital Partners PLC (d)(e) | 99482 | 1661538 |
| Reinet Investments SCA (South Africa)  | 63752 | 2038924 |
|  |  | 3700462 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Eurofins Scientific SE  | 54950 | 3872493 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| ArcelorMittal SA  | 217722 | 8321743 |
| TOTAL LUXEMBOURG |  | 15894698 |
| MACAU - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Galaxy Entertainment Group Ltd  | 1007136 | 5018474 |
| Sands China Ltd  | 1120787 | 2919321 |
| TOTAL MACAU |  | 7937795 |
| MALAYSIA - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telekom Malaysia Bhd  | 538797 | 939164 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Axiata Group Berhad  | 1306134 | 782807 |
| CELCOMDIGI BHD  | 1662100 | 1428739 |
| Maxis Bhd  | 1110200 | 1007345 |
|  |  | 3218891 |
| TOTAL COMMUNICATION SERVICES |  | 4158055 |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| MR DIY Group M Bhd (d)(e) | 1611350 | 615606 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| IOI Corp Bhd  | 1167200 | 1120378 |
| Kuala Lumpur Kepong Bhd  | 237067 | 1160428 |
| Nestle Malaysia Bhd  | 33100 | 893099 |
| QL Resources Bhd  | 786125 | 778992 |
| SD Guthrie Bhd  | 976540 | 1231169 |
|  |  | 5184066 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Petronas Dagangan Bhd  | 138200 | 748418 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| AMMB Holdings Bhd  | 1173700 | 1597443 |
| CIMB Group Holdings Bhd  | 3714211 | 6474150 |
| Hong Leong Bank Bhd  | 293400 | 1440378 |
| Malayan Banking Bhd  | 2784007 | 6561163 |
| Public Bank Bhd  | 6709500 | 6760766 |
| RHB Bank Bhd  | 782663 | 1265193 |
|  |  | 24099093 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| IHH Healthcare Bhd  | 1022200 | 2013646 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| Gamuda Bhd  | 2102556 | 2530297 |
| Industrial Conglomerates - 0.0% |  |  |
| Sunway Bhd  | 1174900 | 1517719 |
| Marine Transportation - 0.0% |  |  |
| MISC Bhd  | 599700 | 1115488 |
| TOTAL INDUSTRIALS |  | 5163504 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Petronas Chemicals Group Bhd  | 1123300 | 1046053 |
| Metals & Mining - 0.0% |  |  |
| Press Metal Aluminium Holdings Bhd  | 1699500 | 2568729 |
| TOTAL MATERIALS |  | 3614782 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| IOI Properties Group Bhd  | 30 | 15 |
| Sime Darby Property Bhd  | 10 | 3 |
| SP Setia Bhd Group  | 13 | 3 |
|  |  | 21 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Tenaga Nasional Bhd  | 1211800 | 3842575 |
| Gas Utilities - 0.0% |  |  |
| Petronas Gas Bhd  | 373200 | 1648567 |
| Multi-Utilities - 0.0% |  |  |
| YTL Corp Bhd  | 1281100 | 795334 |
| YTL Corp Bhd warrants 6/2/2028 (c) | 266440 | 74872 |
| YTL Power International Bhd  | 1387500 | 1321902 |
| YTL Power International Bhd warrants 6/2/2028 (c) | 209420 | 82252 |
|  |  | 2274360 |
| TOTAL UTILITIES |  | 7765502 |
| TOTAL MALAYSIA |  | 53362693 |
| MEXICO - 0.6%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| America Movil SAB de CV Series B  | 8415500 | 9598431 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.1% |  |  |
| Arca Continental SAB de CV  | 240800 | 2332242 |
| Coca-Cola Femsa SAB de CV unit  | 244975 | 2107641 |
| Fomento Economico Mexicano SAB de CV unit  | 805500 | 7598672 |
|  |  | 12038555 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Grupo Comercial Chedraui SA de CV  | 154100 | 1117357 |
| Wal-Mart de Mexico SAB de CV Series V  | 2426700 | 8022602 |
|  |  | 9139959 |
| Food Products - 0.0% |  |  |
| Alfa SAB de CV Series A  | 1703151 | 1284342 |
| Gruma SAB de CV Series B  | 71615 | 1215356 |
| Grupo Bimbo SAB de CV (b) | 594300 | 2053667 |
|  |  | 4553365 |
| Household Products - 0.0% |  |  |
| Kimberly Clark DE Mexico Sab D Series A  | 707900 | 1370190 |
| TOTAL CONSUMER STAPLES |  | 27102069 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Grupo Financiero Banorte SAB de CV  | 1176300 | 11070649 |
| Grupo Financiero Inbursa SAB de CV Series O  | 843800 | 2049264 |
|  |  | 13119913 |
| Insurance - 0.0% |  |  |
| Qualitas Controladora SAB de CV  | 93400 | 846952 |
| TOTAL FINANCIALS |  | 13966865 |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Grupo Carso SAB de CV Series A1  | 261300 | 1867503 |
| Transportation Infrastructure - 0.1% |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV Series B  | 131200 | 1616757 |
| Grupo Aeroportuario del Pacifico SAB de CV Series B (b) | 178135 | 3713236 |
| Grupo Aeroportuario del Sureste SAB de CV Series B  | 83450 | 2524319 |
| Promotora y Operadora de Infraestructura SAB de CV  | 90210 | 1168309 |
|  |  | 9022621 |
| TOTAL INDUSTRIALS |  | 10890124 |
| Materials - 0.2% |  |  |
| Construction Materials - 0.0% |  |  |
| Cemex SAB de CV unit  | 7042794 | 7157088 |
| Metals & Mining - 0.2% |  |  |
| Fresnillo PLC  | 101726 | 2969424 |
| Grupo Mexico SAB de CV Series B  | 1444224 | 12486006 |
| Industrias Penoles SAB de CV (c) | 91310 | 3779940 |
| Southern Copper Corp  | 41121 | 5707595 |
|  |  | 24942965 |
| TOTAL MATERIALS |  | 32100053 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Fibra Uno Administracion SA de CV  | 1303800 | 1891996 |
| Industrial REITs - 0.0% |  |  |
| Prologis Property Mexico SA de CV  | 487494 | 1946722 |
| TOTAL REAL ESTATE |  | 3838718 |
| TOTAL MEXICO |  | 97496260 |
| NETHERLANDS - 2.7%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Koninklijke KPN NV  | 1805227 | 8353622 |
| Entertainment - 0.1% |  |  |
| Universal Music Group NV  | 509575 | 13667812 |
| TOTAL COMMUNICATION SERVICES |  | 22021434 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.1% |  |  |
| Heineken Holding NV Class A  | 59750 | 4035831 |
| Heineken NV  | 133150 | 10310111 |
|  |  | 14345942 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Koninklijke Ahold Delhaize NV  | 420115 | 17195560 |
| Food Products - 0.0% |  |  |
| JDE Peet's NV  | 78434 | 2855051 |
| TOTAL CONSUMER STAPLES |  | 34396553 |
| Financials - 0.6% |  |  |
| Banks - 0.3% |  |  |
| ABN AMRO Bank NV depository receipt (d)(e) | 270839 | 8088650 |
| ING Groep NV  | 1400394 | 34967386 |
|  |  | 43056036 |
| Capital Markets - 0.0% |  |  |
| Euronext NV (d) | 35927 | 5134996 |
| Financial Services - 0.2% |  |  |
| Adyen NV (c)(d)(e) | 11688 | 20027206 |
| EXOR NV  | 42939 | 3721922 |
|  |  | 23749128 |
| Insurance - 0.1% |  |  |
| ASR Nederland NV  | 73325 | 4893596 |
| NN Group NV  | 124960 | 8552807 |
|  |  | 13446403 |
| TOTAL FINANCIALS |  | 85386563 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.2% |  |  |
| Argenx SE (c) | 28361 | 23212555 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Koninklijke Philips NV  | 357033 | 9780989 |
| TOTAL HEALTH CARE |  | 32993544 |
| Industrials - 0.1% |  |  |
| Professional Services - 0.1% |  |  |
| Randstad NV  | 50978 | 1997245 |
| Wolters Kluwer NV  | 110674 | 13554141 |
|  |  | 15551386 |
| Trading Companies & Distributors - 0.0% |  |  |
| IMCD NV  | 27285 | 2829876 |
| TOTAL INDUSTRIALS |  | 18381262 |
| Information Technology - 1.5% |  |  |
| Semiconductors & Semiconductor Equipment - 1.5% |  |  |
| ASM International NV  | 21782 | 14110147 |
| ASML Holding NV  | 182498 | 193128138 |
| BE Semiconductor Industries NV  | 33681 | 5730187 |
|  |  | 212968472 |
| Software - 0.0% |  |  |
| Nebius Group NV Class A (Russia) (c)(f) | 102848 | 0 |
| TOTAL INFORMATION TECHNOLOGY |  | 212968472 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Akzo Nobel NV  | 78779 | 5215817 |
| TOTAL NETHERLANDS |  | 411363645 |
| NEW ZEALAND - 0.2%  |  |  |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Infratil Ltd  | 427722 | 3025282 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Fisher & Paykel Healthcare Corp Ltd  | 271940 | 5773415 |
| Industrials - 0.0% |  |  |
| Transportation Infrastructure - 0.0% |  |  |
| Auckland International Airport Ltd  | 784290 | 3644337 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Xero Ltd (c) | 76610 | 7268259 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Contact Energy Ltd  | 390059 | 2080329 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Meridian Energy Ltd  | 616468 | 2088421 |
| TOTAL UTILITIES |  | 4168750 |
| TOTAL NEW ZEALAND |  | 23880043 |
| NORWAY - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telenor ASA  | 283051 | 4208355 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Mowi ASA  | 216375 | 4755049 |
| Orkla ASA  | 321779 | 3262502 |
| Salmar ASA  | 30868 | 1735501 |
|  |  | 9753052 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Aker BP ASA  | 145341 | 3772258 |
| Equinor ASA  | 356220 | 8531935 |
|  |  | 12304193 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| DNB Bank ASA  | 411055 | 10482070 |
| Insurance - 0.0% |  |  |
| Gjensidige Forsikring ASA  | 93576 | 2518332 |
| TOTAL FINANCIALS |  | 13000402 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Kongsberg Gruppen ASA  | 204245 | 5223454 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Norsk Hydro ASA  | 637143 | 4311255 |
| TOTAL NORWAY |  | 48800711 |
| PERU - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Credicorp Ltd  | 31436 | 8204796 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Cia de Minas Buenaventura SAA ADR  | 76573 | 1743567 |
| TOTAL PERU |  | 9948363 |
| PHILIPPINES - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| PLDT Inc  | 36785 | 700786 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Jollibee Foods Corp  | 231750 | 855007 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Bank of the Philippine Islands  | 970867 | 1742978 |
| BDO Unibank Inc  | 1107112 | 2517471 |
| Metropolitan Bank & Trust Co  | 804631 | 945665 |
|  |  | 5206114 |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Ayala Corp  | 110800 | 883237 |
| DMCI Holdings Inc  | 4 | 1 |
| SM Investments Corp  | 104673 | 1299732 |
|  |  | 2182970 |
| Transportation Infrastructure - 0.1% |  |  |
| International Container Terminal Services Inc  | 464720 | 4195260 |
| TOTAL INDUSTRIALS |  | 6378230 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Altus Property Ventures Inc (c) | 7 | 1 |
| Ayala Land Inc  | 2921500 | 990263 |
| SM Prime Holdings Inc  | 4695800 | 1791634 |
|  |  | 2781898 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Manila Electric Co  | 130840 | 1303731 |
| TOTAL PHILIPPINES |  | 17225766 |
| POLAND - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| CD Projekt SA  | 29930 | 2056928 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Allegro.eu SA (c)(d)(e) | 316862 | 2960124 |
| Specialty Retail - 0.0% |  |  |
| CCC SA (b)(c) | 25193 | 1030096 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| LPP SA  | 513 | 2490682 |
| TOTAL CONSUMER DISCRETIONARY |  | 6480902 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Dino Polska SA (c)(d)(e) | 226063 | 2697697 |
| Zabka Group SA (c) | 137905 | 800992 |
|  |  | 3498689 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| ORLEN SA  | 269087 | 7290779 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Bank Millennium SA (c) | 283687 | 1186062 |
| Bank Polska Kasa Opieki SA  | 84538 | 4336779 |
| mBank SA (c) | 6923 | 1839385 |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 405400 | 8309987 |
| Santander Bank Polska SA  | 18982 | 2504205 |
|  |  | 18176418 |
| Insurance - 0.0% |  |  |
| Powszechny Zaklad Ubezpieczen SA  | 278147 | 4448243 |
| TOTAL FINANCIALS |  | 22624661 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| InPost SA (c) | 113163 | 1424376 |
| Construction & Engineering - 0.0% |  |  |
| Budimex SA (b) | 5954 | 945739 |
| TOTAL INDUSTRIALS |  | 2370115 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| KGHM Polska Miedz SA (c) | 64587 | 3390249 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| PGE Polska Grupa Energetyczna SA (c) | 413780 | 1254897 |
| TOTAL POLAND |  | 48967220 |
| PORTUGAL - 0.1%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Jeronimo Martins SGPS SA  | 130162 | 3351698 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Galp Energia SGPS SA  | 192012 | 3849907 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Banco Comercial Portugues SA  | 3824372 | 3373126 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| EDP SA  | 1457521 | 7240850 |
| TOTAL PORTUGAL |  | 17815581 |
| QATAR - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Ooredoo QPSC  | 377687 | 1405564 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Qatar Fuel QSC  | 269728 | 1111211 |
| Qatar Gas Transport Co Ltd  | 1288109 | 1566533 |
|  |  | 2677744 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Al Rayan Bank  | 2760416 | 1773308 |
| Commercial Bank of Qatar  | 1475410 | 1677615 |
| Dukhan Bank  | 837111 | 799405 |
| Qatar International Islamic Bank QSC  | 442407 | 1352373 |
| Qatar Islamic Bank QPSC  | 818783 | 5505028 |
| Qatar National Bank QPSC  | 2142634 | 10880886 |
|  |  | 21988615 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Industries Qatar QSC  | 708047 | 2469705 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Mesaieed Petrochemical Holding Co  | 2647064 | 908770 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Barwa Real Estate Co  | 983630 | 710505 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Qatar Electricity & Water Co QSC  | 208486 | 879523 |
| TOTAL QATAR |  | 31040426 |
| ROMANIA - 0.0%  |  |  |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| NEPI Rockcastle NV  | 277956 | 2250902 |
| RUSSIA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| VK IPJSC (c)(f) | 25459 | 0 |
| VK IPJSC GDR (c)(e)(f) | 12889 | 0 |
|  |  | 0 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Ozon Holdings PLC ADR (c)(f) | 15142 | 0 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Gazprom PJSC (c)(f) | 3422762 | 0 |
| Gazprom PJSC ADR (c)(f) | 266976 | 3 |
| LUKOIL PJSC (c)(f) | 135807 | 0 |
| LUKOIL PJSC ADR (c)(f) | 625 | 0 |
| Rosneft Oil Co PJSC (c)(f) | 322313 | 0 |
| Rosneft Oil Co PJSC GDR (c)(e)(f) | 56929 | 1 |
| Surgutneftegas PAO (c)(f) | 1105600 | 0 |
| Surgutneftegas PAO ADR (c)(f) | 71885 | 1 |
| Tatneft PJSC (c)(f) | 446514 | 0 |
|  |  | 5 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sberbank of Russia PJSC (c)(f) | 3621326 | 0 |
| VTB Bank PJSC (c)(f) | 232170 | 0 |
|  |  | 0 |
| Capital Markets - 0.0% |  |  |
| Moscow Exchange MICEX-RTS PJSC (c)(f) | 524685 | 0 |
| TKS Holding MKPAO JSC (c)(f) | 1424 | 0 |
|  |  | 0 |
| TOTAL FINANCIALS |  | 0 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Phosagro Pjsc GDR (c)(e)(f) | 300 | 0 |
| Metals & Mining - 0.0% |  |  |
| Alrosa PJSC (c)(f) | 846411 | 0 |
| GMK Norilskiy Nickel PAO (c)(f) | 1810200 | 0 |
| GMK Norilskiy Nickel PAO ADR (United Kingdom) (c)(f) | 27948 | 0 |
| Novolipetsk Steel PJSC (c)(f) | 477930 | 0 |
| Polyus PJSC (c)(f) | 110750 | 0 |
| Severstal PAO (c)(f) | 60348 | 0 |
| Severstal PAO GDR (c)(e)(f) | 9813 | 0 |
| United Co RUSAL International PJSC (Russia) (c)(f) | 1020580 | 0 |
|  |  | 0 |
| TOTAL MATERIALS |  | 0 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Inter RAO UES PJSC (c)(f) | 12405200 | 2 |
| TOTAL RUSSIA |  | 7 |
| SAUDI ARABIA - 1.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Saudi Telecom Co  | 927124 | 11169097 |
| Media - 0.0% |  |  |
| Saudi Research & Media Group (c) | 16953 | 776611 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Etihad Etisalat Co  | 175865 | 3177040 |
| TOTAL COMMUNICATION SERVICES |  | 15122748 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Jabal Omar Development Company (c) | 263911 | 1244857 |
| Specialty Retail - 0.0% |  |  |
| Jarir Marketing Co  | 273052 | 1033874 |
| TOTAL CONSUMER DISCRETIONARY |  | 2278731 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Nahdi Medical Co  | 18574 | 574510 |
| Food Products - 0.0% |  |  |
| Almarai Co JSC  | 226183 | 2990202 |
| Savola Group/The (c) | 295 | 1937 |
|  |  | 2992139 |
| TOTAL CONSUMER STAPLES |  | 3566649 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Ades Holding Co  | 158420 | 713889 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Saudi Arabian Oil Co (d)(e) | 2800228 | 19338694 |
| TOTAL ENERGY |  | 20052583 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Al Rajhi Bank  | 908459 | 25604384 |
| Alinma Bank  | 568975 | 3929406 |
| Arab National Bank  | 421052 | 2721462 |
| Bank Al-Jazira  | 303644 | 1022591 |
| Bank AlBilad  | 338388 | 2676209 |
| Banque Saudi Fransi  | 575733 | 2737200 |
| Riyad Bank  | 679477 | 4924455 |
| Saudi Awwal Bank  | 467572 | 4034512 |
| Saudi Investment Bank/The  | 296111 | 1085653 |
| Saudi National Bank/The  | 1363184 | 14495848 |
|  |  | 63231720 |
| Capital Markets - 0.0% |  |  |
| Saudi Tadawul Group Holding Co  | 21658 | 1149226 |
| Insurance - 0.0% |  |  |
| Al Rajhi Co for Co-operative Insurance (c) | 17134 | 538650 |
| Bupa Arabia for Cooperative Insurance Co  | 38746 | 1694356 |
| Co for Cooperative Insurance/The  | 33005 | 1198646 |
|  |  | 3431652 |
| TOTAL FINANCIALS |  | 67812598 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Dallah Healthcare Co  | 17127 | 703293 |
| Dr Sulaiman Al Habib Medical Services Group Co  | 40654 | 2950702 |
| Mouwasat Medical Services Co  | 46470 | 952249 |
|  |  | 4606244 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| SAL Saudi Logistics Services  | 17136 | 803271 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Arabian Internet & Communications Services Co  | 11406 | 765814 |
| Elm Co  | 11206 | 2828168 |
|  |  | 3593982 |
| Materials - 0.3% |  |  |
| Chemicals - 0.2% |  |  |
| SABIC Agri-Nutrients Co  | 108030 | 3531578 |
| Sahara International Petrochemical Co  | 161776 | 815286 |
| Saudi Aramco Base Oil Co  | 21678 | 557514 |
| Saudi Basic Industries Corp  | 415378 | 6761813 |
| Yanbu National Petrochemical Co  | 124725 | 1147378 |
|  |  | 12813569 |
| Metals & Mining - 0.1% |  |  |
| Saudi Arabian Mining Co (c) | 631817 | 10824265 |
| TOTAL MATERIALS |  | 23637834 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Dar Al Arkan Real Estate Development Co (c) | 248357 | 1139702 |
| Makkah Construction & Development Co  | 46174 | 1096391 |
|  |  | 2236093 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Saudi Electricity Co  | 386058 | 1650137 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| ACWA Power Co (c) | 70718 | 4557646 |
| TOTAL UTILITIES |  | 6207783 |
| TOTAL SAUDI ARABIA |  | 149918516 |
| SINGAPORE - 1.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Singapore Telecommunications Ltd  | 3450869 | 11263813 |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Sea Ltd Class A ADR (c) | 177302 | 27703438 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Genting Singapore Ltd  | 2786513 | 1562810 |
| TOTAL CONSUMER DISCRETIONARY |  | 29266248 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| DBS Group Holdings Ltd  | 986640 | 40880068 |
| Oversea-Chinese Banking Corp Ltd  | 1568751 | 20525376 |
| United Overseas Bank Ltd  | 584609 | 15571907 |
|  |  | 76977351 |
| Capital Markets - 0.0% |  |  |
| Singapore Exchange Ltd  | 394217 | 5127607 |
| TOTAL FINANCIALS |  | 82104958 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Singapore Technologies Engineering Ltd  | 727424 | 4744799 |
| Ground Transportation - 0.1% |  |  |
| Grab Holdings Ltd Class A (c) | 1102828 | 6627996 |
| Industrial Conglomerates - 0.0% |  |  |
| Keppel Ltd (b) | 672820 | 5267391 |
| Passenger Airlines - 0.0% |  |  |
| Singapore Airlines Ltd  | 697668 | 3553733 |
| TOTAL INDUSTRIALS |  | 20193919 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| STMicroelectronics NV  | 317269 | 7804040 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.1% |  |  |
| CapitaLand Integrated Commercial Trust  | 2693963 | 4905265 |
| Industrial REITs - 0.0% |  |  |
| CapitaLand Ascendas REIT  | 1806854 | 3914665 |
| Real Estate Management & Development - 0.0% |  |  |
| CapitaLand Investment Ltd/Singapore  | 1105271 | 2241791 |
| TOTAL REAL ESTATE |  | 11061721 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Sembcorp Industries Ltd  | 418000 | 2097065 |
| TOTAL SINGAPORE |  | 163791764 |
| SOUTH AFRICA - 1.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| MTN Group Ltd  | 808206 | 8061316 |
| Vodacom Group Ltd  | 289245 | 2336315 |
|  |  | 10397631 |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Naspers Ltd Class N  | 361932 | 25420677 |
| Specialty Retail - 0.0% |  |  |
| Pepkor Holdings Ltd (d)(e) | 1635870 | 2490957 |
| TOTAL CONSUMER DISCRETIONARY |  | 27911634 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Bid Corp Ltd  | 155382 | 3843794 |
| Clicks Group Ltd  | 110758 | 2332003 |
| Shoprite Holdings Ltd  | 233538 | 3907005 |
|  |  | 10082802 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| Absa Group Ltd  | 391918 | 4381796 |
| Capitec Bank Holdings Ltd  | 40395 | 8929584 |
| Nedbank Group Ltd  | 213516 | 2908374 |
| Standard Bank Group Ltd  | 610908 | 8969733 |
|  |  | 25189487 |
| Financial Services - 0.1% |  |  |
| FirstRand Ltd  | 2341649 | 11106203 |
| Remgro Ltd  | 236085 | 2344169 |
|  |  | 13450372 |
| Insurance - 0.0% |  |  |
| Discovery Ltd  | 252855 | 3176311 |
| Old Mutual Ltd  | 1964664 | 1535469 |
| OUTsurance Group Ltd  | 386078 | 1625592 |
| Sanlam Ltd  | 829594 | 4352886 |
|  |  | 10690258 |
| TOTAL FINANCIALS |  | 49330117 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Bidvest Group Ltd  | 147419 | 1912982 |
| Materials - 0.4% |  |  |
| Chemicals - 0.0% |  |  |
| Sasol Ltd (c) | 262616 | 1643078 |
| Metals & Mining - 0.4% |  |  |
| Anglo American PLC  | 518882 | 19630688 |
| Gold Fields Ltd  | 415013 | 16001289 |
| Harmony Gold Mining Co Ltd  | 262427 | 4366412 |
| Impala Platinum Holdings Ltd  | 420097 | 4502174 |
| Sibanye Stillwater Ltd (c) | 1300671 | 3451592 |
| Valterra Platinum Ltd  | 123119 | 7614818 |
|  |  | 55566973 |
| TOTAL MATERIALS |  | 57210051 |
| TOTAL SOUTH AFRICA |  | 156845217 |
| SPAIN - 2.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Cellnex Telecom SA (d)(e) | 229346 | 7139941 |
| Telefonica SA  | 1706448 | 8653696 |
|  |  | 15793637 |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Amadeus IT Group SA Class A  | 208616 | 15947389 |
| Specialty Retail - 0.2% |  |  |
| Industria de Diseno Textil SA  | 505246 | 27895609 |
| TOTAL CONSUMER DISCRETIONARY |  | 43842998 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Repsol SA  | 537648 | 9865494 |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Banco Bilbao Vizcaya Argentaria SA  | 2670289 | 53795875 |
| Banco de Sabadell SA  | 2333794 | 8723825 |
| Banco Santander SA  | 6896488 | 70159965 |
| Bankinter SA  | 313692 | 4725812 |
| CaixaBank SA  | 1805119 | 19079653 |
|  |  | 156485130 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Grifols SA Class A  | 139036 | 1800519 |
| Industrials - 0.1% |  |  |
| Construction & Engineering - 0.0% |  |  |
| ACS Actividades de Construccion y Servicios SA  | 83224 | 6830084 |
| Transportation Infrastructure - 0.1% |  |  |
| Aena SME SA (d)(e) | 346884 | 9416134 |
| TOTAL INDUSTRIALS |  | 16246218 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| Acciona SA  | 11390 | 2520707 |
| Endesa SA  | 146834 | 5261927 |
| Iberdrola SA  | 2938294 | 59548189 |
| Redeia Corp SA  | 186652 | 3358405 |
|  |  | 70689228 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| EDP Renovaveis SA  | 145235 | 2122697 |
| TOTAL UTILITIES |  | 72811925 |
| TOTAL SPAIN |  | 316845921 |
| SWEDEN - 1.9%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Telia Co AB  | 1096591 | 4303141 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Tele2 AB B Shares  | 254470 | 4029895 |
| TOTAL COMMUNICATION SERVICES |  | 8333036 |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Evolution AB (d) | 65754 | 4396404 |
| Specialty Retail - 0.1% |  |  |
| H & M Hennes & Mauritz AB B Shares  | 259501 | 4900967 |
| TOTAL CONSUMER DISCRETIONARY |  | 9297371 |
| Consumer Staples - 0.0% |  |  |
| Household Products - 0.0% |  |  |
| Essity AB B Shares  | 277993 | 7634365 |
| Financials - 0.5% |  |  |
| Banks - 0.3% |  |  |
| Skandinaviska Enskilda Banken AB A Shares  | 701147 | 13387865 |
| Svenska Handelsbanken AB A Shares  | 675866 | 8819602 |
| Swedbank AB A1 Shares  | 393344 | 11965624 |
|  |  | 34173091 |
| Capital Markets - 0.0% |  |  |
| EQT AB  | 172113 | 5971258 |
| Financial Services - 0.2% |  |  |
| Industrivarden AB A Shares  | 57072 | 2377737 |
| Industrivarden AB C Shares  | 70522 | 2933638 |
| Investor AB A Shares  | 22012 | 726145 |
| Investor AB B Shares  | 779193 | 25716794 |
| L E Lundbergforetagen AB B Shares  | 35797 | 1917915 |
|  |  | 33672229 |
| TOTAL FINANCIALS |  | 73816578 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Swedish Orphan Biovitrum AB B Shares (c) | 90315 | 3110557 |
| Industrials - 0.9% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Saab AB B Shares  | 148626 | 8178367 |
| Building Products - 0.1% |  |  |
| Assa Abloy AB B Shares  | 464259 | 17495399 |
| Nibe Industrier AB B Shares  | 706432 | 2759474 |
|  |  | 20254873 |
| Commercial Services & Supplies - 0.0% |  |  |
| Securitas AB B Shares  | 228542 | 3372710 |
| Construction & Engineering - 0.0% |  |  |
| Skanska AB B Shares  | 156735 | 4282877 |
| Industrial Conglomerates - 0.0% |  |  |
| Investment AB Latour B Shares  | 69658 | 1780998 |
| Lifco AB B Shares  | 107311 | 4159039 |
|  |  | 5940037 |
| Machinery - 0.7% |  |  |
| Alfa Laval AB  | 134530 | 6428949 |
| Atlas Copco AB A Shares  | 1246421 | 20885112 |
| Atlas Copco AB B Shares  | 721549 | 10841938 |
| Epiroc AB A Shares  | 303657 | 6430966 |
| Epiroc AB B Shares  | 183167 | 3431881 |
| Indutrade AB  | 125877 | 3365464 |
| Sandvik AB  | 494573 | 15019006 |
| SKF AB B Shares  | 157312 | 4056887 |
| Trelleborg AB B Shares  | 93720 | 3921339 |
| Volvo AB B Shares  | 736225 | 20168919 |
|  |  | 94550461 |
| Trading Companies & Distributors - 0.0% |  |  |
| AddTech AB B Shares  | 119798 | 4060415 |
| Beijer Ref AB B Shares  | 177839 | 2819142 |
|  |  | 6879557 |
| TOTAL INDUSTRIALS |  | 143458882 |
| Information Technology - 0.2% |  |  |
| Communications Equipment - 0.1% |  |  |
| Telefonaktiebolaget LM Ericsson B Shares  | 1298336 | 13172745 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Hexagon AB B Shares  | 964465 | 11756462 |
| TOTAL INFORMATION TECHNOLOGY |  | 24929207 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Boliden AB (c) | 132522 | 5984257 |
| Paper & Forest Products - 0.0% |  |  |
| Holmen AB B Shares  | 34252 | 1295052 |
| Svenska Cellulosa AB SCA B Shares  | 281106 | 3750447 |
|  |  | 5045499 |
| TOTAL MATERIALS |  | 11029756 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Fastighets AB Balder B Shares (c) | 332982 | 2440169 |
| Sagax AB B Shares  | 102616 | 2302858 |
|  |  | 4743027 |
| TOTAL SWEDEN |  | 286352779 |
| SWITZERLAND - 2.9%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Swisscom AG  | 11962 | 8762472 |
| Consumer Discretionary - 0.4% |  |  |
| Specialty Retail - 0.0% |  |  |
| Avolta AG  | 40851 | 2153420 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Cie Financiere Richemont SA Series A  | 249034 | 49260347 |
| Swatch Group AG/The  | 13160 | 2750266 |
| Swatch Group AG/The  | 1045 | 44202 |
|  |  | 52054815 |
| TOTAL CONSUMER DISCRETIONARY |  | 54208235 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Barry Callebaut AG (b) | 1641 | 2132943 |
| Chocoladefabriken Lindt & Spruengli AG  | 50 | 7654551 |
| Chocoladefabriken Lindt & Spruengli AG  | 431 | 6625002 |
|  |  | 16412496 |
| Financials - 1.0% |  |  |
| Banks - 0.0% |  |  |
| Banque Cantonale Vaudoise  | 14025 | 1626011 |
| Capital Markets - 0.5% |  |  |
| Julius Baer Group Ltd  | 94610 | 6386985 |
| Partners Group Holding AG  | 10520 | 12842309 |
| UBS Group AG  | 1470428 | 56149428 |
|  |  | 75378722 |
| Insurance - 0.5% |  |  |
| Baloise Holding AG  | 18963 | 4698630 |
| Helvetia Holding AG  | 17078 | 4189123 |
| Swiss Life Holding AG  | 13201 | 14310721 |
| Zurich Insurance Group AG  | 67731 | 47104976 |
|  |  | 70303450 |
| TOTAL FINANCIALS |  | 147308183 |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Sonova Holding AG  | 23482 | 6378583 |
| Straumann Holding AG  | 51771 | 6507706 |
|  |  | 12886289 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Lonza Group AG  | 32522 | 22396635 |
| Pharmaceuticals - 0.2% |  |  |
| Galderma Group AG  | 70933 | 13089221 |
| Sandoz Group AG  | 193718 | 12878426 |
|  |  | 25967647 |
| TOTAL HEALTH CARE |  | 61250571 |
| Industrials - 0.6% |  |  |
| Building Products - 0.1% |  |  |
| Belimo Holding AG  | 4528 | 4872629 |
| Geberit AG  | 15697 | 11449691 |
|  |  | 16322320 |
| Electrical Equipment - 0.4% |  |  |
| ABB Ltd  | 725775 | 53959592 |
| Machinery - 0.1% |  |  |
| Schindler Holding AG  | 18820 | 6688438 |
| Schindler Holding AG  | 10898 | 3676678 |
| VAT Group AG (d)(e) | 12536 | 5456801 |
|  |  | 15821917 |
| Marine Transportation - 0.0% |  |  |
| Kuehne + Nagel International AG  | 22328 | 4272770 |
| Professional Services - 0.0% |  |  |
| SGS SA  | 76767 | 8644455 |
| TOTAL INDUSTRIALS |  | 99021054 |
| Information Technology - 0.0% |  |  |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Logitech International SA  | 70629 | 8485134 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| DSM-Firmenich AG  | 86527 | 7052727 |
| EMS-Chemie Holding AG  | 3174 | 2171217 |
| Givaudan SA  | 4280 | 17540156 |
| Sika AG  | 70702 | 13856733 |
|  |  | 40620833 |
| Containers & Packaging - 0.0% |  |  |
| SIG Group AG  | 138347 | 1542919 |
| TOTAL MATERIALS |  | 42163752 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Swiss Prime Site AG  | 37101 | 5269518 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| BKW AG  | 9742 | 2177801 |
| TOTAL SWITZERLAND |  | 445059216 |
| TAIWAN - 6.2%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Chunghwa Telecom Co Ltd  | 1759000 | 7486012 |
| Entertainment - 0.0% |  |  |
| International Games System Co Ltd  | 104000 | 2432907 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Far EasTone Telecommunications Co Ltd  | 818000 | 2458411 |
| Taiwan Mobile Co Ltd  | 807600 | 2873228 |
|  |  | 5331639 |
| TOTAL COMMUNICATION SERVICES |  | 15250558 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Cheng Shin Rubber Industry Co Ltd  | 793899 | 822839 |
| Household Durables - 0.0% |  |  |
| Nien Made Enterprise Co Ltd  | 83000 | 997791 |
| Specialty Retail - 0.0% |  |  |
| Hotai Motor Co Ltd  | 142220 | 2615392 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Eclat Textile Co Ltd  | 88941 | 1186246 |
| Feng TAY Enterprise Co Ltd  | 227244 | 900766 |
|  |  | 2087012 |
| TOTAL CONSUMER DISCRETIONARY |  | 6523034 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| President Chain Store Corp  | 264000 | 2045747 |
| Food Products - 0.1% |  |  |
| Uni-President Enterprises Corp  | 2233080 | 5710033 |
| TOTAL CONSUMER STAPLES |  | 7755780 |
| Financials - 0.6% |  |  |
| Banks - 0.3% |  |  |
| Chang Hwa Commercial Bank Ltd  | 3012891 | 1938243 |
| CTBC Financial Holding Co Ltd  | 7736579 | 10519717 |
| E.Sun Financial Holding Co Ltd  | 6747962 | 6522577 |
| First Financial Holding Co Ltd  | 5291134 | 4908112 |
| Hua Nan Financial Holdings Co Ltd  | 4162829 | 3949399 |
| Mega Financial Holding Co Ltd  | 5498193 | 7217071 |
| Shanghai Commercial & Savings Bank Ltd/The  | 1799059 | 2314729 |
| SinoPac Financial Holdings Co Ltd  | 5673828 | 4728497 |
| Taiwan Business Bank  | 3317057 | 1654325 |
| Taiwan Cooperative Financial Holding Co Ltd  | 5052565 | 3898837 |
| TS Financial Holding Co Ltd  | 9812235 | 5961687 |
|  |  | 53613194 |
| Financial Services - 0.1% |  |  |
| Chailease Holding Co Ltd  | 714874 | 2392359 |
| Yuanta Financial Holding Co Ltd  | 4914374 | 5508672 |
|  |  | 7901031 |
| Insurance - 0.2% |  |  |
| Cathay Financial Holding Co Ltd  | 4416869 | 9184470 |
| Fubon Financial Holding Co Ltd  | 3893749 | 11537784 |
| KGI Financial Holding Co Ltd  | 7419950 | 3833166 |
|  |  | 24555420 |
| TOTAL FINANCIALS |  | 86069645 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| PharmaEssentia Corp  | 141496 | 2289460 |
| Pharmaceuticals - 0.0% |  |  |
| Caliway Biopharmaceuticals Co Ltd (c) | 468000 | 2288453 |
| TOTAL HEALTH CARE |  | 4577913 |
| Industrials - 0.1% |  |  |
| Electrical Equipment - 0.0% |  |  |
| Fortune Electric Co Ltd  | 73650 | 1710955 |
| Voltronic Power Technology Corp  | 33000 | 1297355 |
|  |  | 3008310 |
| Industrial Conglomerates - 0.0% |  |  |
| Far Eastern New Century Corp  | 1373664 | 1182731 |
| Marine Transportation - 0.1% |  |  |
| Evergreen Marine Corp Taiwan Ltd  | 500248 | 3145038 |
| Wan Hai Lines Ltd  | 305360 | 814545 |
| Yang Ming Marine Transport Corp  | 809000 | 1511388 |
|  |  | 5470971 |
| Passenger Airlines - 0.0% |  |  |
| China Airlines Ltd  | 1384490 | 899662 |
| Eva Airways Corp  | 1275000 | 1499610 |
|  |  | 2399272 |
| Transportation Infrastructure - 0.0% |  |  |
| Taiwan High Speed Rail Corp  | 901000 | 800648 |
| TOTAL INDUSTRIALS |  | 12861932 |
| Information Technology - 5.2% |  |  |
| Communications Equipment - 0.0% |  |  |
| Accton Technology Corp  | 234000 | 8211060 |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| AUO Corp  | 2873000 | 1134152 |
| Delta Electronics Inc  | 902621 | 29180190 |
| E Ink Holdings Inc  | 397000 | 2734551 |
| Elite Material Co Ltd  | 136000 | 6009487 |
| Hon Hai Precision Industry Co Ltd  | 5794990 | 48483005 |
| Innolux Corp  | 3539119 | 1529348 |
| Largan Precision Co Ltd  | 46000 | 3310482 |
| Lotes Co Ltd  | 39000 | 1748652 |
| Synnex Technology International Corp  | 559500 | 1032542 |
| Unimicron Technology Corp  | 600000 | 3187342 |
| Wpg Holding Co Ltd  | 744320 | 1458265 |
| Yageo Corp  | 765112 | 6189905 |
| Zhen Ding Technology Holding Ltd  | 306302 | 1622173 |
|  |  | 107620094 |
| Semiconductors & Semiconductor Equipment - 4.1% |  |  |
| Alchip Technologies Ltd  | 36000 | 4087985 |
| ASE Technology Holding Co Ltd  | 1540840 | 12313072 |
| eMemory Technology Inc  | 29000 | 1875041 |
| Global Unichip Corp  | 40000 | 1988433 |
| Globalwafers Co Ltd  | 122000 | 2013646 |
| Jentech Precision Industrial Co Ltd  | 40000 | 2768211 |
| MediaTek Inc  | 705970 | 30048109 |
| Novatek Microelectronics Corp  | 269000 | 3434824 |
| Realtek Semiconductor Corp  | 226090 | 3783103 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 11415000 | 551362192 |
| United Microelectronics Corp  | 5211000 | 7860334 |
| Vanguard International Semiconductor Corp  | 513581 | 1613597 |
|  |  | 623148547 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Acer Inc  | 1360288 | 1328113 |
| Advantech Co Ltd  | 221411 | 2255259 |
| Asia Vital Components Co Ltd  | 152000 | 7037494 |
| Asustek Computer Inc  | 327000 | 7405257 |
| Catcher Technology Co Ltd  | 258000 | 1663948 |
| Compal Electronics Inc  | 1938000 | 2081061 |
| Gigabyte Technology Co Ltd  | 250000 | 2278413 |
| Inventec Corp  | 1234280 | 1840713 |
| King Slide Works Co Ltd  | 27000 | 3605497 |
| Lite-On Technology Corp  | 978910 | 5709089 |
| Micro-Star International Co Ltd  | 342000 | 1216745 |
| Pegatron Corp  | 911000 | 2196251 |
| Quanta Computer Inc  | 1255000 | 12253152 |
| Wistron Corp  | 1389000 | 6792011 |
| Wiwynn Corp  | 52000 | 7374748 |
|  |  | 65037751 |
| TOTAL INFORMATION TECHNOLOGY |  | 804017452 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Formosa Chemicals & Fibre Corp  | 1629590 | 1546040 |
| Formosa Plastics Corp  | 1779480 | 2202813 |
| Nan Ya Plastics Corp  | 2372780 | 3199376 |
|  |  | 6948229 |
| Construction Materials - 0.0% |  |  |
| Asia Cement Corp  | 1076466 | 1269599 |
| TCC Group Holdings Co Ltd  | 3167612 | 2274489 |
|  |  | 3544088 |
| Metals & Mining - 0.0% |  |  |
| China Steel Corp  | 5438426 | 3286592 |
| TOTAL MATERIALS |  | 13778909 |
| TOTAL TAIWAN |  | 950835223 |
| THAILAND - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| True Corp PCL (c) | 2315130 | 814331 |
| True Corp PCL depository receipt (c) | 2463971 | 859083 |
|  |  | 1673414 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Advanced Info Service PCL  | 213700 | 1991280 |
| Advanced Info Service PCL depository receipt  | 269000 | 2506573 |
|  |  | 4497853 |
| TOTAL COMMUNICATION SERVICES |  | 6171267 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Minor International PCL  | 1019598 | 723565 |
| Minor International PCL depository receipt  | 494600 | 350997 |
|  |  | 1074562 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| CP ALL PCL  | 1107700 | 1572175 |
| CP ALL PCL depository receipt  | 1409300 | 2000241 |
| CP AXTRA PCL  | 173800 | 105106 |
| CP AXTRA PCL depository receipt  | 793976 | 480158 |
|  |  | 4157680 |
| Food Products - 0.0% |  |  |
| Charoen Pokphand Foods PCL  | 706700 | 460085 |
| Charoen Pokphand Foods PCL depository receipt  | 1054200 | 686320 |
|  |  | 1146405 |
| TOTAL CONSUMER STAPLES |  | 5304085 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| PTT Exploration & Production PCL  | 369144 | 1218711 |
| PTT Exploration & Production PCL depository receipt  | 268200 | 885448 |
| PTT PCL  | 2584300 | 2451936 |
| PTT PCL depository receipt  | 2054700 | 1949461 |
|  |  | 6505556 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Kasikornbank PCL depository receipt  | 275100 | 1583035 |
| Krung Thai Bank PCL  | 750755 | 631227 |
| Krung Thai Bank PCL depository receipt  | 884200 | 743427 |
| SCB X PCL  | 94050 | 380146 |
| SCB X PCL depository receipt  | 295400 | 1193996 |
| TMBThanachart Bank PCL depository receipt  | 10409800 | 594203 |
|  |  | 5126034 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Bangkok Dusit Medical Services PCL  | 2030000 | 1183801 |
| Bangkok Dusit Medical Services PCL depository receipt  | 3130000 | 1825270 |
| Bumrungrad Hospital Pcl  | 104400 | 554051 |
| Bumrungrad Hospital Pcl depository receipt  | 173300 | 919704 |
|  |  | 4482826 |
| Industrials - 0.0% |  |  |
| Transportation Infrastructure - 0.0% |  |  |
| Airports of Thailand PCL  | 831400 | 1058168 |
| Airports of Thailand PCL depository receipt  | 1150700 | 1464560 |
|  |  | 2522728 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Delta Electronics Thailand PCL depository receipt  | 1445900 | 9680972 |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Siam Cement PCL/The  | 164600 | 1036051 |
| Siam Cement PCL/The depository receipt  | 201300 | 1267053 |
|  |  | 2303104 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Central Pattana PCL  | 452800 | 750941 |
| Central Pattana PCL depository receipt  | 495600 | 821922 |
|  |  | 1572863 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Gulf Development PCL  | 553694 | 755969 |
| Gulf Development PCL depository receipt  | 1530058 | 2089018 |
|  |  | 2844987 |
| TOTAL THAILAND |  | 47588984 |
| TURKEY - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Turkcell Iletisim Hizmetleri AS  | 571714 | 1355397 |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Ford Otomotiv Sanayi AS  | 326603 | 770803 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| BIM Birlesik Magazalar AS  | 206084 | 2641349 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Turkiye Petrol Rafinerileri AS  | 443507 | 2083916 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Akbank TAS  | 1428418 | 2065150 |
| Haci Omer Sabanci Holding AS  | 542212 | 1051443 |
| Turkiye Is Bankasi AS Class C  | 4085982 | 1229079 |
| Yapi ve Kredi Bankasi AS (c) | 1595861 | 1275049 |
|  |  | 5620721 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Aselsan Elektronik Sanayi Ve Ticaret AS  | 628587 | 3043238 |
| Industrial Conglomerates - 0.0% |  |  |
| KOC Holding AS  | 355817 | 1451899 |
| Passenger Airlines - 0.0% |  |  |
| Turk Hava Yollari AO  | 257298 | 1783478 |
| TOTAL INDUSTRIALS |  | 6278615 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Eregli Demir ve Celik Fabrikalari TAS  | 1625456 | 1062147 |
| TOTAL TURKEY |  | 19812948 |
| UNITED ARAB EMIRATES - 0.4%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Emirates Telecommunications Group Co PJSC  | 1619278 | 8552796 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Americana Restaurants International PLC - Foreign Co  | 1406332 | 800238 |
| Specialty Retail - 0.0% |  |  |
| Abu Dhabi National Oil Co for Distribution PJSC  | 1413158 | 1381243 |
| TOTAL CONSUMER DISCRETIONARY |  | 2181481 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| ADNOC Drilling Co PJSC  | 1490900 | 2264997 |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Adnoc Gas PLC  | 2882002 | 2738450 |
| TOTAL ENERGY |  | 5003447 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 1346996 | 5288306 |
| Abu Dhabi Islamic Bank PJSC  | 670075 | 3853029 |
| Dubai Islamic Bank PJSC  | 1339542 | 3464694 |
| Emirates NBD Bank PJSC  | 880342 | 6735079 |
| First Abu Dhabi Bank PJSC  | 2053723 | 9751544 |
|  |  | 29092652 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Multiply Group PJSC (c) | 1559292 | 1265111 |
| Transportation Infrastructure - 0.0% |  |  |
| Salik Co PJSC  | 851738 | 1386731 |
| TOTAL INDUSTRIALS |  | 2651842 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Aldar Properties PJSC  | 1780080 | 4361813 |
| Emaar Development PJSC  | 461714 | 1873028 |
| Emaar Properties PJSC  | 3078359 | 11901250 |
|  |  | 18136091 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Dubai Electricity & Water Authority PJSC  | 2733948 | 2069284 |
| TOTAL UNITED ARAB EMIRATES |  | 67687593 |
| UNITED KINGDOM - 6.9%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| BT Group PLC  | 2773068 | 6766834 |
| Interactive Media & Services - 0.0% |  |  |
| Auto Trader Group PLC (d)(e) | 400981 | 4113700 |
| Media - 0.1% |  |  |
| Informa PLC  | 605306 | 7695854 |
| WPP PLC  | 497726 | 1880744 |
|  |  | 9576598 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Vodafone Group PLC  | 9013422 | 10911424 |
| TOTAL COMMUNICATION SERVICES |  | 31368556 |
| Consumer Discretionary - 0.4% |  |  |
| Broadline Retail - 0.1% |  |  |
| Next PLC  | 54170 | 10176327 |
| Diversified Consumer Services - 0.0% |  |  |
| Pearson PLC  | 272189 | 3788334 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Compass Group PLC  | 786298 | 26026339 |
| Entain PLC  | 279765 | 2912286 |
| InterContinental Hotels Group PLC  | 68149 | 8220629 |
| Whitbread PLC  | 81410 | 3098293 |
|  |  | 40257547 |
| Household Durables - 0.0% |  |  |
| Barratt Redrow PLC  | 637068 | 3149316 |
| Specialty Retail - 0.0% |  |  |
| JD Sports Fashion PLC  | 1174830 | 1438116 |
| Kingfisher PLC  | 815977 | 3309263 |
|  |  | 4747379 |
| TOTAL CONSUMER DISCRETIONARY |  | 62118903 |
| Consumer Staples - 1.4% |  |  |
| Beverages - 0.2% |  |  |
| Coca-Cola Europacific Partners PLC  | 106747 | 9482336 |
| Diageo PLC  | 1030487 | 23703010 |
|  |  | 33185346 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| J Sainsbury PLC  | 801235 | 3595622 |
| Marks & Spencer Group PLC  | 946525 | 4946370 |
| Tesco PLC  | 3041074 | 18351889 |
|  |  | 26893881 |
| Food Products - 0.0% |  |  |
| Associated British Foods PLC  | 149717 | 4513880 |
| Household Products - 0.2% |  |  |
| Reckitt Benckiser Group PLC  | 314346 | 24044037 |
| Personal Care Products - 0.4% |  |  |
| Unilever PLC  | 1135203 | 68117148 |
| Tobacco - 0.4% |  |  |
| British American Tobacco PLC  | 966515 | 49500596 |
| Imperial Brands PLC  | 358533 | 14246070 |
|  |  | 63746666 |
| TOTAL CONSUMER STAPLES |  | 220500958 |
| Financials - 2.2% |  |  |
| Banks - 1.6% |  |  |
| Barclays PLC  | 6553387 | 35149899 |
| HSBC Holdings PLC  | 8080353 | 113120511 |
| Lloyds Banking Group PLC  | 27759212 | 32547386 |
| NatWest Group PLC  | 3753860 | 28899155 |
| Standard Chartered PLC  | 915996 | 18802880 |
|  |  | 228519831 |
| Capital Markets - 0.4% |  |  |
| 3i Group PLC  | 450992 | 26099187 |
| London Stock Exchange Group PLC  | 220195 | 27442103 |
| Schroders PLC  | 335276 | 1671075 |
|  |  | 55212365 |
| Financial Services - 0.0% |  |  |
| M&G PLC  | 1068757 | 3696800 |
| Wise PLC Class A (c) | 306272 | 3888708 |
|  |  | 7585508 |
| Insurance - 0.2% |  |  |
| Admiral Group PLC  | 121164 | 5214512 |
| Aviva PLC  | 1419982 | 12472267 |
| Legal & General Group PLC  | 2669005 | 8337915 |
| Phoenix Group Holdings PLC  | 325805 | 2884788 |
|  |  | 28909482 |
| TOTAL FINANCIALS |  | 320227186 |
| Health Care - 0.8% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Smith & Nephew PLC  | 385649 | 7121405 |
| Pharmaceuticals - 0.8% |  |  |
| Astrazeneca PLC  | 718323 | 118486413 |
| Hikma Pharmaceuticals PLC  | 76997 | 1860166 |
|  |  | 120346579 |
| TOTAL HEALTH CARE |  | 127467984 |
| Industrials - 1.2% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| BAE Systems PLC  | 1396041 | 34389359 |
| Melrose Industries PLC  | 590537 | 4853332 |
| Rolls-Royce Holdings PLC  | 3915007 | 60247298 |
|  |  | 99489989 |
| Commercial Services & Supplies - 0.0% |  |  |
| Rentokil Initial PLC  | 1171859 | 6540676 |
| Industrial Conglomerates - 0.1% |  |  |
| CK Hutchison Holdings Ltd  | 1242893 | 8242214 |
| DCC PLC  | 45732 | 3009914 |
| Metlen Energy & Metals PLC (Greece)  | 45961 | 2330986 |
| Smiths Group PLC  | 154036 | 5095352 |
|  |  | 18678466 |
| Machinery - 0.0% |  |  |
| Spirax Group PLC  | 33882 | 3158040 |
| Passenger Airlines - 0.0% |  |  |
| International Consolidated Airlines Group SA (Spain)  | 573964 | 3151765 |
| Professional Services - 0.3% |  |  |
| Intertek Group PLC  | 72450 | 4820743 |
| RELX PLC  | 850422 | 37585588 |
|  |  | 42406331 |
| Trading Companies & Distributors - 0.1% |  |  |
| Ashtead Group PLC  | 197846 | 13187848 |
| Bunzl PLC  | 152335 | 4626832 |
|  |  | 17814680 |
| TOTAL INDUSTRIALS |  | 191239947 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Halma PLC  | 177327 | 8260566 |
| Software - 0.0% |  |  |
| Sage Group PLC/The  | 450537 | 6803551 |
| TOTAL INFORMATION TECHNOLOGY |  | 15064117 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Anglogold Ashanti Plc (South Africa)  | 233504 | 16175918 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.0% |  |  |
| Land Securities Group PLC  | 327604 | 2674770 |
| Industrial REITs - 0.1% |  |  |
| Segro PLC  | 597382 | 5473060 |
| TOTAL REAL ESTATE |  | 8147830 |
| Utilities - 0.4% |  |  |
| Electric Utilities - 0.1% |  |  |
| SSE PLC  | 513083 | 12926003 |
| Multi-Utilities - 0.3% |  |  |
| Centrica PLC  | 2234533 | 5263362 |
| National Grid PLC  | 2267850 | 34004399 |
|  |  | 39267761 |
| Water Utilities - 0.0% |  |  |
| Severn Trent PLC  | 125873 | 4598643 |
| United Utilities Group PLC  | 313836 | 4949498 |
|  |  | 9548141 |
| TOTAL UTILITIES |  | 61741905 |
| TOTAL UNITED KINGDOM |  | 1054053304 |
| UNITED STATES - 6.0%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.3% |  |  |
| Spotify Technology SA (c) | 70857 | 46434009 |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Stellantis NV (Italy)  | 935491 | 9465262 |
| Consumer Staples - 0.8% |  |  |
| Food Products - 0.8% |  |  |
| JBS NV Class A  | 170668 | 2254524 |
| Nestle SA  | 1193499 | 114036993 |
|  |  | 116291517 |
| Energy - 1.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Tenaris SA  | 173327 | 3444853 |
| Oil, Gas & Consumable Fuels - 1.0% |  |  |
| BP PLC  | 7350101 | 43062853 |
| Shell PLC  | 2729646 | 102332860 |
|  |  | 145395713 |
| TOTAL ENERGY |  | 148840566 |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Aegon Ltd  | 613882 | 4678228 |
| Swiss Re AG  | 138414 | 25214654 |
|  |  | 29892882 |
| Health Care - 2.6% |  |  |
| Biotechnology - 0.2% |  |  |
| BeOne Medicines Ltd H Shares (c) | 396871 | 9489500 |
| CSL Ltd  | 224372 | 26147490 |
| Legend Biotech Corp ADR (c) | 33828 | 1096026 |
|  |  | 36733016 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Alcon AG  | 231578 | 17208281 |
| Life Sciences Tools & Services - 0.0% |  |  |
| QIAGEN NV (Germany)  | 100764 | 4734096 |
| Pharmaceuticals - 2.3% |  |  |
| GSK PLC  | 1892059 | 44299636 |
| Haleon PLC  | 4160622 | 19347857 |
| Novartis AG  | 880432 | 108963735 |
| Roche Holding AG  | 325646 | 105483393 |
| Roche Holding AG  | 14602 | 4931747 |
| Sanofi SA  | 511841 | 51779293 |
|  |  | 334805661 |
| TOTAL HEALTH CARE |  | 393481054 |
| Industrials - 0.8% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 113530 | 4963573 |
| Construction & Engineering - 0.1% |  |  |
| Ferrovial SE  | 237394 | 14557233 |
| Ferrovial SE rights (c)(g) | 235274 | 129330 |
|  |  | 14686563 |
| Electrical Equipment - 0.6% |  |  |
| Schneider Electric SE  | 254003 | 72373059 |
| Marine Transportation - 0.0% |  |  |
| AP Moller - Maersk A/S Series A  | 1378 | 2841522 |
| AP Moller - Maersk A/S Series B  | 1803 | 3706839 |
|  |  | 6548361 |
| Professional Services - 0.1% |  |  |
| Experian PLC  | 425997 | 19870715 |
| TOTAL INDUSTRIALS |  | 118442271 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| CyberArk Software Ltd (c) | 22180 | 11550901 |
| Monday.com Ltd (c) | 18681 | 3834088 |
|  |  | 15384989 |
| Materials - 0.3% |  |  |
| Construction Materials - 0.3% |  |  |
| Amrize Ltd  | 236576 | 12194063 |
| Holcim AG  | 236368 | 21013407 |
| James Hardie Industries PLC depository receipt (c) | 268743 | 5663760 |
|  |  | 38871230 |
| TOTAL UNITED STATES |  | 917103780 |
| ZAMBIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| First Quantum Minerals Ltd (c) | 329701 | 6845313 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $10,667,114,365) |  | <br> **15006590739** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.4%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.4%** |
|  | Shares | Value ($)<br>|
| COLOMBIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Grupo Cibest SA  | 209275 | 3056600 |
| FRANCE - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Air Liquide SA  | 9586 | 1855264 |
| GERMANY - 0.2%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.2% |  |  |
| Bayerische Motoren Werke AG  | 26923 | 2329011 |
| Dr Ing hc F Porsche AG (d)(e) | 52363 | 2739682 |
| Porsche Automobil Holding SE  | 71562 | 2843407 |
| Volkswagen AG  | 95545 | 9949750 |
|  |  | 17861850 |
| Consumer Staples - 0.0% |  |  |
| Household Products - 0.0% |  |  |
| Henkel AG & Co KGaA  | 75436 | 6109199 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Sartorius AG  | 12030 | 3301585 |
| TOTAL GERMANY |  | 27272634 |
| INDIA - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| TVS Motor Co Ltd 6% (f) | 420804 | 0 |
| KOREA (SOUTH) - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Hyundai Motor Co  | 10472 | 1589930 |
| Hyundai Motor Co Series 2  | 15721 | 2419868 |
|  |  | 4009798 |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| LG H&H Co Ltd  | 862 | 70443 |
| Information Technology - 0.2% |  |  |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Samsung Electronics Co Ltd  | 380138 | 22447733 |
| TOTAL KOREA (SOUTH) |  | 26527974 |
| RUSSIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Surgutneftegas PAO (c)(f) | 2913333 | 0 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $56,083,575) |  | <br> **58712472** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** | &nbsp;&nbsp;**U.S. Treasury Obligations - 0.1%** |
|  | Yield (%) (h) | Principal<br> Amount (a)<br>| Value ($)<br>|
| US Treasury Bills 0% 11/13/2025 (i)<br>(Cost $10,103,123)<br>| 4.15 | 10117000 | **10106144** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (j) | 4.18 | 306096926 | 306158146 |
| Fidelity Securities Lending Cash Central Fund (j)(k) | 4.18 | 79505931 | 79513881 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $385,672,026) |  |  | **385672027** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.9%**<br> (Cost $11,118,973,089)<br>| <br>**15461081382** |
| **NET OTHER ASSETS (LIABILITIES) - (0.9)%**  | **(136911884)** |
| **NET ASSETS - 100.0%** | **15324169498** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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) | 1131 | 12/19/2025 | 158741505 | 1650144 | 1650144 |
| ICE MSCI Emerging Markets Index Contracts (United States) | 1140 | 12/19/2025 | 80233200 | 3631328 | 3631328 |
| TME S&P/TSX 60 Index Contracts (Canada) | 83 | 12/18/2025 | 21086279 | 495736 | 495736 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **5777208** |
| The notional amount of futures purchased as a percentage of Net Assets is 1.6% | The notional amount of futures purchased as a percentage of Net Assets is 1.6% | The notional amount of futures purchased as a percentage of Net Assets is 1.6% | The notional amount of futures purchased as a percentage of Net Assets is 1.6% | The notional amount of futures purchased as a percentage of Net Assets is 1.6% | The notional amount of futures purchased as a percentage of Net Assets is 1.6% |

---

**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 $348,264,312 or 2.3% of net assets.

(e) Security 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 $349,032,601 or 2.3% 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) 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 $8,368,011.

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

(k) 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 | 263134946 | 2914497288 | 2871469629 | 10260669 | (4460) | 1 | 306158146 | 306096926 | 0.5% |
| Fidelity Securities Lending Cash Central Fund | 42238423 | 626248612 | 588973154 | 923300 | - | - | 79513881 | 79505931 | 0.3% |
| Total | 305373369 | 3540745900 | 3460442783 | 11183969 | (4460) | 1 | 385672027 |  |  |

---

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 October 31, 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 | 925699251 | 303145745 | 622553506 | - |
| Consumer Discretionary | 1532575212 | 737528788 | 795046424 | - |
| Consumer Staples | 902284847 | 443933231 | 458351616 | - |
| Energy | 672569213 | 414192096 | 258377112 | 5 |
| Financials | 3677278711 | 2330824694 | 1346454017 | - |
| Health Care | 1146627510 | 416890665 | 722774396 | 6962449 |
| Industrials | 2225946604 | 1283477344 | 939733854 | 2735406 |
| Information Technology | 2245266240 | 1185839625 | 1059426615 | - |
| Materials | 975909467 | 611298454 | 364611013 | - |
| Real Estate | 234740809 | 216348759 | 18392050 | - |
| Utilities | 467692875 | 256247775 | 211445097 | 3 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 21871648 | 6338809 | 15532839 | - |
| Consumer Staples | 6179642 | 6179642 | - | - |
| Energy | - | - | - | - |
| Financials | 3056600 | 3056600 | - | - |
| Health Care | 3301585 | 3301585 | - | - |
| Information Technology | 22447733 | 22447733 | - | - |
| Materials | 1855264 | - | 1855264 | - |
|  **U.S. Treasury Obligations** | 10106144 | - | 10106144 | - |
|  **Money Market Funds** | 385672027 | 385672027 | - | - |
| **Total Investments in Securities:** | 15461081382 | 8626723572 | 6824659947 | 9697863 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 5777208 | 5777208 | - | - |
| Total Assets | 5777208 | 5777208 | - | - |
| **Total Derivative Instruments:** | 5777208 | 5777208 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 5777208 | - |
| **Total Equity Risk**  | 5777208 | - |
| **Total Value of Derivatives** | 5777208 | - |

---

(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® Global ex U.S. Index Fund**

**Financial Statements**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $73,803,021) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $10,733,301,063) | $15075409355 |  |
| Fidelity Central Funds (cost $385,672,026) | 385672027 |  |
| Total Investment in Securities (cost $11,118,973,089) |  | $15461081382 |
| Foreign currency held at value (cost $44,169,367) |  | 44133449 |
| Receivable for fund shares sold |  | 19957261 |
| Dividends receivable |  | 24429168 |
| Reclaims receivable |  | 31592327 |
| Distributions receivable from Fidelity Central Funds |  | 1242115 |
| Other receivables |  | 113231 |
| **Total assets** |  | 15582548933 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $126546256 |  |
| Delayed delivery | 129330 |  |
| Payable for fund shares redeemed | 13343894 |  |
| Accrued management fee | 693524 |  |
| Payable for daily variation margin on futures contracts | 546236 |  |
| Deferred taxes | 37607717 |  |
| Collateral on securities loaned | 79512478 |  |
| **Total liabilities** |  | 258379435 |
| **Net Assets**  |  | $15324169498 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $11756819675 |
| Total accumulated earnings (loss) |  | 3567349823 |
| **Net Assets** |  | $15324169498 |
| **Net Asset Value**, offering price and redemption price per share ($15,324,169,498 ÷ 822,500,557 shares) |  | $18.63 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $367818481 |
| Interest  |  | 436811 |
| Income from Fidelity Central Funds (including $923,300 from security lending)  |  | 11183969 |
| Income before foreign taxes withheld |  | $379439261 |
| Less foreign taxes withheld |  | (25811283) |
| **Total income** |  | 353627978 |
| **Expenses** |  |  |
| Management fee | $6756411 |  |
| Independent trustees' fees and expenses | 26861 |  |
| Total expenses before reductions | 6783272 |  |
| Expense reductions | (298720) |  |
| Total expenses after reductions |  | 6484552 |
| **Net Investment income (loss)** |  | 347143426 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $1,783,926)  | (173797754) |  |
| Fidelity Central Funds | (4460) |  |
| Foreign currency transactions | 1755047 |  |
| Futures contracts | 46268504 |  |
| Total net realized gain (loss) |  | (125778663) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of increase in deferred foreign taxes of $2,805,643)  | 2655817252 |  |
| Fidelity Central Funds  | 1 |  |
| Assets and liabilities in foreign currencies | 2475285 |  |
| Futures contracts | 10534271 |  |
| Total change in net unrealized appreciation (depreciation) |  | 2668826809 |
| **Net gain (loss)** |  | 2543048146 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2890191572 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $347143426 | $291775553 |
| &nbsp;&nbsp;Net realized gain (loss) | (125778663)<br>| (127911993)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 2668826809 | 1817389020<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2890191572<br>| 1981252580<br>|
| Distributions to shareholders | (304363139)<br>| (273194043)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 5329273382 | 3257355899 |
| Reinvestment of distributions | 288508221<br>| 258456453<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (3723939763) | (2708065922) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1893841840<br>| 807746430<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 4479670273<br>| 2515804967<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 10844499225 | 8328694258<br>|
| &nbsp;&nbsp;End of period | $15324169498 | $10844499225 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 327916788 | 222491834 |
| Issued in reinvestment of distributions | 19415089<br>| 18824212<br>|
| &nbsp;&nbsp;Redeemed | (234713355) | (185113293) |
| &nbsp;&nbsp;Net increase (decrease) | 112618522 | 56202753 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $15.28 | $12.74 | $11.60 | $15.79 | $12.43 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .46  | .42  | .42  | .42  | .38  |
| Net realized and unrealized gain (loss)  | 3.31  | 2.54  | 1.05  | (4.21)  | 3.23  |
| Total from investment operations  | 3.77  | 2.96  | 1.47  | (3.79)  | 3.61  |
| Distributions from net investment income  | (.42)  | (.42)  | (.33)  | (.40)  | (.25)  |
| Total distributions  | (.42)  | (.42)  | (.33)  | (.40)  | (.25)  |
| Net asset value, end of period  | $18.63 | $15.28 | $12.74 | $11.60 | $15.79 |
| **Total Return** C | 25.37% <br>| 23.57%  | 12.74%  | (24.56)%  | 29.25%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .05% F | .05% F | .06%  | .06%  | .05% F |
| Expenses net of fee waivers, if any  | .05% F<br>| .05% F | .06%  | .06%  | .05% F |
| Expenses net of all reductions, if any  | .05% F | .05% F | .05%  | .06%  | .05% F |
| Net investment income (loss)  | 2.80%  | 2.89%  | 3.13%  | 3.06%  | 2.46%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $15324169 | $10844499 | $8328694 | $7473783 | $9132488 |
| Portfolio turnover rate G | 6% <br>| 3%  | 8%  | 5% H | 5% H |

---

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

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

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

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

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

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

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense 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 yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 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 foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable. The Fidelity Global ex U.S. 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 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, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. As of October 31, 2025, each Fund did not have any unrecognized tax benefits in the financial statements; nor is each Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund are subject to a tax imposed on capital gains by certain countries in which they invest. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on each applicable Fund's 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. In addition, the Funds claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Tax cost ($)** | **Gross unrealized appreciation ($)** | **Gross unrealized depreciation ($)** | **Net unrealized appreciation (depreciation)($)** |
| **Fidelity Emerging Markets Index Fund**  | 8839708557 | 4079942209 | (951576632) | 3128365577 |
| **Fidelity Global ex U.S. Index Fund** | 11379104079 | 4921103258 | (839125955) | 4081977303 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Undistributed ordinary income ($)** | **Capital loss carryforward ($)** | **Net unrealized appreciation (depreciation) on securities and other investments ($)** |
| **Fidelity Emerging Markets Index Fund**  | 233814190 | (1003740263) | 3128313237 |
| **Fidelity Global ex U.S. Index Fund** | 377131748 | (855751745) | 4083577538 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Short-term ($)** | **Long-term ($)** | **Total capital loss carryforward ($)** |
| **Fidelity Emerging Markets Index Fund**  | (152618297) | (851121966) | (1003740263) |
| **Fidelity Global ex U.S. Index Fund** | (71473341) | (784278404) | (855751745) |

---

The tax character of distributions paid was as follows:

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| | | |
|:---|:---|:---|
| **October 31, 2025** |  |  |
|  | **Ordinary Income ($)** | **Total ($)** |
| **Fidelity Emerging Markets Index Fund**  | 211222350 | 211222350 |
| **Fidelity Global ex U.S. Index Fund** | 304363139 | 304363139 |

---

---

| | | |
|:---|:---|:---|
| **October 31, 2024** |  |  |
|  | **Ordinary Income ($)** | **Total ($)** |
| **Fidelity Emerging Markets Index Fund**  | 186938129 | 186938129 |
| **Fidelity Global ex U.S. Index Fund** | 273194043 | 273194043 |

---

**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):

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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>|

---

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 Emerging Markets Index Fund** | 1656473377 | 365003589 |
| **Fidelity Global ex U.S. Index Fund** | 2725427623 | 687731689 |

---

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

**Management Fee and Expense Contract.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is based on an annual rate of .075% and .055% of average net assets for Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund, respectively. The management fee is reduced by an amount equal to the fees and expenses paid by each Fund to the independent Trustees. Under the management contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense.

Under the expense contract, the investment adviser pays all other operating expenses, except the compensation of the independent Trustees, as necessary so that the total expenses do not exceed .075%, and .055% of average net assets for Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund, respectively. These expense contracts will remain in place through December 31, 2026.

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

**Interfund Lending Program.** Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), each Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing each Fund to borrow from, or lend money to, other participating affiliated funds at 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 is presented in the table below. Interest expense on borrowings is paid by the investment adviser under the Expense Contract.

---

| | | | |
|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** |
| **Fidelity Global ex U.S. Index Fund** | Borrower | 20947714 | 4.58% |

---

**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:

---

| | | | |
|:---|:---|:---|:---|
|  | **Total Security Lending Fees Paid to NFS ($)** | **Security Lending Income From Securities Loaned to NFS ($)** | **Value of Securities Loaned to NFS at Period End ($)** |
| **Fidelity Emerging Markets Index Fund** | 140660 | - | - |
| **Fidelity Global ex U.S. Index Fund** | 96575 | - | - |

---

**9. Expense Reductions.** 

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

---

| | |
|:---|:---|
|  | **Custodian credits ($)** |
| **Fidelity Emerging Markets Index Fund**  | 149288 |
| **Fidelity Global ex U.S. Index Fund** | 298720 |

---

**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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

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

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Fidelity Emerging Markets Index Fund and Fidelity Global ex U.S. Index Fund (the "Funds"), each a fund of Fidelity Salem Street Trust, including the schedules of investments, as of October 31, 2025, the related statements of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 12, 2025

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com.*

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

---

| | |
|:---|:---|
| **Fidelity Emerging Markets Index Fund** |  |
| December 2024 | 40.72% |
| **Fidelity Global ex U.S. Index Fund** |  |
| December 2024 | 75.38% |

---

The funds hereby designate the amounts noted below as distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends:

---

| | |
|:---|:---|
| **Fidelity Emerging Markets Index Fund** | $11828019 |
| **Fidelity Global ex U.S. Index Fund** | $12449499 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Pay Date** | **Income** | **Taxes** |
| **Fidelity Emerging Markets Index Fund** | 12/16/2024 | $0.3001 | $0.0344 |
| **Fidelity Global ex U.S. Index Fund** | 12/16/2024 | $0.4386 | $0.0350 |

---

The funds will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Emerging Markets Index Fund**

**Fidelity Global ex U.S. Index Fund**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of each fund's Advisory Contracts, including the services and support provided to each fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of each fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew each fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to each fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of each fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with each fund; and (iv) the extent to which, if any, economies of scale exist and are realized as each fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that each fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of each fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered the Investment Advisers' staffing as it relates to the funds, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of each fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of each fund.

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

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

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization and that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

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

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

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for each fund for different time periods, measured against the securities market index each fund seeks to track (benchmark index). The Board also periodically considers each fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of each fund's management fee and total expense ratio, the Board considered the fund's unitary (subject to certain limited exceptions) fee rate as well as fund expenses paid by FMR under the fund's management contract, such as transfer agent fees, pricing and bookkeeping fees, and custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for each fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of each fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of each fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to each fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of each fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of each fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that each fund's management fee rate ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of each fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

<u>Other Contractual Arrangements</u>. The Board considered that current contractual arrangements for the funds oblige FMR to pay all expenses of each fund to the extent necessary to limit total operating expenses, with certain exceptions, to 0.075% for Fidelity Emerging Markets Index Fund and 0.055% for Fidelity Global ex U.S. Index Fund. These contractual arrangements may not be amended to increase the fees or expenses payable except by a vote of a majority of the Board.

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

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

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

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

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

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that each fund's Advisory Contracts should be renewed through September 30, 2026.

![](img118387_4.jpg)<br>

1.929368.114 EMX-I-GUX-I-ANN-1225

**Fidelity Flex® Funds**

**Fidelity Flex® International Index Fund**

**Annual Report**

**October 31, 2025**

![](img118396_1.jpg)

![](img118396_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_ZEI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Flex® International Index Fund](#Sub_Sec_Fund_2922_ZEI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements2922_ZEI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_ZEI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_ZEI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_ZEI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_ZEI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_ZEI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_ZEI-ANN)** |

---

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

You may also call 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by 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 (Annual Report)**

**Fidelity Flex® International Index Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.0%** | &nbsp;&nbsp;**Common Stocks - 98.0%** | &nbsp;&nbsp;**Common Stocks - 98.0%** |
|  | Shares | Value ($)<br>|
| ARGENTINA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Vista Energy SAB de CV ADR (b)(c) | 7680 | 372095 |
| AUSTRALIA - 4.5%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telstra Group Ltd  | 412004 | 1315522 |
| Interactive Media & Services - 0.1% |  |  |
| CAR Group Ltd  | 38706 | 904114 |
| REA Group Ltd  | 5230 | 729192 |
| SEEK Ltd  | 37300 | 661386 |
|  |  | 2294692 |
| TOTAL COMMUNICATION SERVICES |  | 3610214 |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.2% |  |  |
| Wesfarmers Ltd  | 117103 | 6436121 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Aristocrat Leisure Ltd  | 63967 | 2651427 |
| Lottery Corp/The  | 232387 | 836279 |
|  |  | 3487706 |
| Specialty Retail - 0.0% |  |  |
| JB Hi-Fi Ltd  | 11212 | 768227 |
| TOTAL CONSUMER DISCRETIONARY |  | 10692054 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.0% |  |  |
| Treasury Wine Estates Ltd  | 80439 | 315261 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Coles Group Ltd  | 138607 | 1999727 |
| Endeavour Group Ltd/Australia  | 158684 | 380007 |
| Metcash Ltd  | 115835 | 288762 |
| Woolworths Group Ltd  | 126333 | 2348362 |
|  |  | 5016858 |
| TOTAL CONSUMER STAPLES |  | 5332119 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Ampol Ltd  | 24232 | 486748 |
| Santos Ltd  | 337446 | 1393191 |
| Whitehaven Coal Ltd  | 85911 | 404723 |
| Woodside Energy Group Ltd  | 195897 | 3174600 |
|  |  | 5459262 |
| Financials - 1.7% |  |  |
| Banks - 1.3% |  |  |
| ANZ Group Holdings Ltd  | 307667 | 7377884 |
| Bank of Queensland Ltd  | 66981 | 300643 |
| Bendigo & Adelaide Bank Ltd  | 57883 | 479092 |
| Commonwealth Bank of Australia  | 172668 | 19391316 |
| National Australia Bank Ltd  | 316141 | 9013202 |
| Westpac Banking Corp  | 352992 | 8947494 |
|  |  | 45509631 |
| Capital Markets - 0.2% |  |  |
| ASX Ltd  | 20275 | 748862 |
| HUB24 Ltd  | 8338 | 622806 |
| Macquarie Group Ltd  | 36552 | 5227076 |
| Magellan Financial Group Ltd warrants 4/16/2027 (b) | 50 | 1 |
|  |  | 6598745 |
| Financial Services - 0.0% |  |  |
| AMP Ltd  | 254552 | 297298 |
| Challenger Ltd  | 55103 | 335662 |
| Washington H Soul Pattinson & Co Ltd  | 36375 | 894886 |
|  |  | 1527846 |
| Insurance - 0.2% |  |  |
| Insurance Australia Group Ltd  | 244987 | 1259919 |
| Medibank Pvt Ltd  | 283080 | 903870 |
| QBE Insurance Group Ltd  | 156246 | 2028278 |
| Steadfast Group Ltd  | 110364 | 404383 |
| Suncorp Group Ltd  | 111075 | 1425910 |
|  |  | 6022360 |
| TOTAL FINANCIALS |  | 59658582 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.0% |  |  |
| Telix Pharmaceuticals Ltd (b) | 29007 | 306942 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Ansell Ltd  | 15131 | 361457 |
| Cochlear Ltd  | 6717 | 1262049 |
|  |  | 1623506 |
| Health Care Providers & Services - 0.2% |  |  |
| EBOS Group Ltd  | 20890 | 345479 |
| Ramsay Health Care Ltd  | 19314 | 405653 |
| Sigma Healthcare Ltd  | 588427 | 1197374 |
| Sonic Healthcare Ltd  | 50580 | 700058 |
|  |  | 2648564 |
| Health Care Technology - 0.0% |  |  |
| Pro Medicus Ltd  | 5782 | 997279 |
| TOTAL HEALTH CARE |  | 5576291 |
| Industrials - 0.3% |  |  |
| Commercial Services & Supplies - 0.1% |  |  |
| Brambles Ltd  | 141312 | 2298567 |
| Cleanaway Waste Management Ltd  | 232791 | 388403 |
|  |  | 2686970 |
| Construction & Engineering - 0.0% |  |  |
| Worley Ltd  | 48745 | 456082 |
| Ground Transportation - 0.0% |  |  |
| Aurizon Holdings Ltd  | 176890 | 396985 |
| Passenger Airlines - 0.0% |  |  |
| Qantas Airways Ltd  | 75744 | 505505 |
| Professional Services - 0.1% |  |  |
| ALS Ltd  | 51488 | 731716 |
| Computershare Ltd  | 56537 | 1352804 |
|  |  | 2084520 |
| Trading Companies & Distributors - 0.0% |  |  |
| Reece Ltd  | 25083 | 191854 |
| SGH Ltd  | 21072 | 668689 |
|  |  | 860543 |
| Transportation Infrastructure - 0.1% |  |  |
| Atlas Arteria Ltd unit  | 95758 | 304501 |
| Qube Holdings Ltd  | 181501 | 521339 |
| Transurban Group unit  | 320739 | 3038766 |
|  |  | 3864606 |
| TOTAL INDUSTRIALS |  | 10855211 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| NEXTDC Ltd (b) | 65006 | 670327 |
| Software - 0.0% |  |  |
| Technology One Ltd  | 31197 | 753210 |
| WiseTech Global Ltd  | 21929 | 991744 |
|  |  | 1744954 |
| TOTAL INFORMATION TECHNOLOGY |  | 2415281 |
| Materials - 1.2% |  |  |
| Chemicals - 0.0% |  |  |
| Dyno Nobel Ltd  | 169664 | 357456 |
| Orica Ltd  | 48019 | 699069 |
|  |  | 1056525 |
| Metals & Mining - 1.2% |  |  |
| BHP Group Ltd  | 523552 | 14925537 |
| BlueScope Steel Ltd  | 44411 | 665431 |
| Evolution Mining Ltd  | 208505 | 1481574 |
| Fortescue Ltd  | 171308 | 2386328 |
| Glencore PLC  | 995242 | 4767776 |
| Lynas Rare Earths Ltd (b) | 95037 | 948286 |
| Mineral Resources Ltd (b) | 18417 | 583232 |
| Northern Star Resources Ltd  | 147637 | 2377299 |
| Pilbara Minerals Ltd (b)(c) | 316815 | 684064 |
| Rio Tinto Ltd  | 38178 | 3319075 |
| Rio Tinto PLC  | 109915 | 7923775 |
| South32 Ltd  | 467766 | 967381 |
|  |  | 41029758 |
| TOTAL MATERIALS |  | 42086283 |
| Real Estate - 0.3% |  |  |
| Diversified REITs - 0.1% |  |  |
| Charter Hall Group unit  | 47950 | 704025 |
| GPT Group/The unit  | 196007 | 687406 |
| Mirvac Group unit  | 404338 | 608484 |
| Stockland unit  | 250340 | 1033563 |
|  |  | 3033478 |
| Industrial REITs - 0.1% |  |  |
| Goodman Group unit  | 210060 | 4539718 |
| Office REITs - 0.0% |  |  |
| Dexus unit  | 107652 | 512779 |
| Real Estate Management & Development - 0.0% |  |  |
| Lendlease Group unit  | 64927 | 235774 |
| Retail REITs - 0.1% |  |  |
| Scentre Group unit  | 540049 | 1438151 |
| Vicinity Ltd unit  | 405311 | 668291 |
|  |  | 2106442 |
| TOTAL REAL ESTATE |  | 10428191 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Origin Energy Ltd  | 177738 | 1424601 |
| Gas Utilities - 0.0% |  |  |
| Apa Group unit  | 132577 | 796320 |
| Multi-Utilities - 0.0% |  |  |
| AGL Energy Ltd  | 62751 | 380197 |
| TOTAL UTILITIES |  | 2601118 |
| TOTAL AUSTRALIA |  | 158714606 |
| AUSTRIA - 0.3%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| OMV AG  | 15024 | 821884 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| BAWAG Group AG (d)(e) | 8193 | 1056746 |
| Erste Group Bank AG  | 33126 | 3426896 |
| Raiffeisen Bank International AG  | 13219 | 492760 |
|  |  | 4976402 |
| Insurance - 0.0% |  |  |
| UNIQA Insurance Group AG  | 13929 | 204544 |
| TOTAL FINANCIALS |  | 5180946 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| DO & Co AG  | 754 | 179903 |
| Construction & Engineering - 0.0% |  |  |
| Strabag SE  | 1722 | 134772 |
| Machinery - 0.0% |  |  |
| ANDRITZ AG  | 7673 | 580186 |
| TOTAL INDUSTRIALS |  | 894861 |
| Materials - 0.1% |  |  |
| Construction Materials - 0.0% |  |  |
| Wienerberger AG  | 11182 | 331761 |
| Metals & Mining - 0.0% |  |  |
| voestalpine AG  | 11211 | 399042 |
| Paper & Forest Products - 0.1% |  |  |
| Mondi PLC  | 44284 | 494612 |
| Mondi PLC (South Africa)  | 106 | 1177 |
|  |  | 495789 |
| TOTAL MATERIALS |  | 1226592 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| CA Immobilien Anlagen AG  | 4233 | 117686 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Verbund AG Class A  | 8758 | 675854 |
| TOTAL AUSTRIA |  | 8917823 |
| BELGIUM - 0.5%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| D'ieteren Group  | 2169 | 396265 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Anheuser-Busch InBev SA/NV  | 101895 | 6213275 |
| Food Products - 0.0% |  |  |
| Lotus Bakeries NV  | 42 | 366474 |
| TOTAL CONSUMER STAPLES |  | 6579749 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| KBC Group NV  | 25838 | 3104791 |
| Financial Services - 0.0% |  |  |
| Groupe Bruxelles Lambert NV  | 7879 | 692482 |
| Sofina SA  | 1586 | 435820 |
|  |  | 1128302 |
| Insurance - 0.0% |  |  |
| Ageas SA/NV  | 18541 | 1226712 |
| TOTAL FINANCIALS |  | 5459805 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| UCB SA  | 12450 | 3192985 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| Ackermans & van Haaren NV  | 2153 | 536038 |
| Trading Companies & Distributors - 0.0% |  |  |
| Azelis Group NV  | 19526 | 230693 |
| TOTAL INDUSTRIALS |  | 766731 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Solvay SA Class A  | 7321 | 224972 |
| Syensqo SA  | 7090 | 585463 |
| Umicore SA  | 19423 | 370296 |
|  |  | 1180731 |
| Real Estate - 0.0% |  |  |
| Health Care REITs - 0.0% |  |  |
| Aedifica SA  | 4757 | 347084 |
| Cofinimmo SA  | 4091 | 349182 |
|  |  | 696266 |
| Industrial REITs - 0.0% |  |  |
| Warehouses De Pauw CVA  | 19442 | 493464 |
| TOTAL REAL ESTATE |  | 1189730 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Elia Group SA/NV  | 5204 | 626831 |
| TOTAL BELGIUM |  | 19392827 |
| BRAZIL - 1.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telefonica Brasil SA  | 75500 | 449636 |
| Wireless Telecommunication Services - 0.0% |  |  |
| TIM SA/Brazil  | 82700 | 373383 |
| TOTAL COMMUNICATION SERVICES |  | 823019 |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Cosan SA (b) | 118600 | 135576 |
| Lojas Renner SA  | 102400 | 282459 |
| Ultrapar Participacoes SA  | 75300 | 299663 |
| Vibra Energia SA  | 87478 | 386988 |
|  |  | 1104686 |
| Consumer Staples - 0.1% |  |  |
| Beverages - 0.1% |  |  |
| Ambev SA  | 443000 | 1046577 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Raia Drogasil SA  | 133424 | 496005 |
| Sendas Distribuidora S/A  | 136500 | 218199 |
|  |  | 714204 |
| Personal Care Products - 0.0% |  |  |
| Natura Cosmeticos SA (b) | 75893 | 127100 |
| TOTAL CONSUMER STAPLES |  | 1887881 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Brava Energia (b) | 40300 | 110564 |
| Petroleo Brasileiro SA - Petrobras  | 434400 | 2402141 |
| Petroleo Brasileiro SA - Petrobras  | 405344 | 2374072 |
| PRIO SA/Brazil (b) | 82800 | 554519 |
|  |  | 5441296 |
| Financials - 0.6% |  |  |
| Banks - 0.5% |  |  |
| Banco Bradesco SA  | 513695 | 1733976 |
| Banco Bradesco SA  | 193968 | 557753 |
| Banco do Brasil SA  | 294800 | 1200033 |
| Itau Unibanco Holding SA  | 551825 | 4045387 |
| Itausa SA  | 599728 | 1298680 |
| NU Holdings Ltd/Cayman Islands Class A (b) | 389075 | 6267998 |
|  |  | 15103827 |
| Capital Markets - 0.1% |  |  |
| B3 SA - Brasil Bolsa Balcao  | 547000 | 1287191 |
| Banco BTG Pactual SA unit  | 108800 | 987298 |
| XP Inc depository receipt  | 41258 | 745642 |
|  |  | 3020131 |
| Financial Services - 0.0% |  |  |
| Pagseguro Digital Ltd Class A  | 18851 | 180781 |
| StoneCo Ltd Class A (b) | 26966 | 512624 |
|  |  | 693405 |
| Insurance - 0.0% |  |  |
| BB Seguridade Participacoes SA  | 63400 | 387121 |
| Caixa Seguridade Participacoes S/A  | 62800 | 174744 |
|  |  | 561865 |
| TOTAL FINANCIALS |  | 19379228 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Hapvida Participacoes e Investimentos S/A (b)(d)(e) | 31900 | 185472 |
| Rede D'Or Sao Luiz SA (d)(e) | 105761 | 851994 |
|  |  | 1037466 |
| Pharmaceuticals - 0.0% |  |  |
| Hypera SA  | 35600 | 170987 |
| TOTAL HEALTH CARE |  | 1208453 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Embraer SA  | 72000 | 1164189 |
| Electrical Equipment - 0.1% |  |  |
| WEG SA  | 150660 | 1178968 |
| Ground Transportation - 0.0% |  |  |
| Localiza Rent a Car SA  | 89411 | 655466 |
| Rumo SA  | 124400 | 368116 |
|  |  | 1023582 |
| Transportation Infrastructure - 0.0% |  |  |
| Motiva Infraestrutura de Mobilidade SA  | 101900 | 300778 |
| TOTAL INDUSTRIALS |  | 3667517 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| TOTVS SA  | 51900 | 428034 |
| Materials - 0.3% |  |  |
| Chemicals - 0.0% |  |  |
| Yara International ASA  | 16662 | 607312 |
| Containers & Packaging - 0.0% |  |  |
| Klabin SA unit  | 100880 | 338269 |
| Metals & Mining - 0.3% |  |  |
| Gerdau SA  | 136746 | 481411 |
| Metalurgica Gerdau SA  | 65800 | 135637 |
| Vale SA  | 369926 | 4487286 |
| Wheaton Precious Metals Corp  | 46864 | 4525849 |
|  |  | 9630183 |
| Paper & Forest Products - 0.0% |  |  |
| Suzano SA  | 68222 | 619964 |
| TOTAL MATERIALS |  | 11195728 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Allos SA  | 35600 | 165098 |
| Multiplan Empreendimentos Imobiliarios SA  | 30300 | 154824 |
|  |  | 319922 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Centrais Eletricas Brasileiras SA  | 86700 | 897950 |
| Centrais Eletricas Brasileiras SA Series B  | 28055 | 309703 |
| Cia Energetica de Minas Gerais  | 192086 | 404884 |
| Cia Paranaense de Energia - Copel  | 81200 | 197870 |
| Cia Paranaense de Energia - Copel Series B  | 104100 | 269347 |
| Energisa S/A unit  | 29700 | 286127 |
| Equatorial Energia SA  | 108576 | 739656 |
| Transmissora Alianca de Energia Eletrica S/A unit  | 20100 | 142345 |
|  |  | 3247882 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Eneva SA (b) | 72400 | 246405 |
| Engie Brasil Energia SA  | 25950 | 192938 |
|  |  | 439343 |
| Water Utilities - 0.0% |  |  |
| Cia de Saneamento Basico do Estado de Sao Paulo SABESP  | 47100 | 1154136 |
| Cia De Sanena Do Parana unit  | 25000 | 160224 |
|  |  | 1314360 |
| TOTAL UTILITIES |  | 5001585 |
| TOTAL BRAZIL |  | 50457349 |
| CAMEROON - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Golar LNG Ltd  | 10484 | 430368 |
| CANADA - 7.7%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| BCE Inc  | 32237 | 736885 |
| Quebecor Inc Class B  | 15776 | 503239 |
| TELUS Corp  | 53124 | 776852 |
|  |  | 2016976 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Rogers Communications Inc Class B  | 39408 | 1542265 |
| TOTAL COMMUNICATION SERVICES |  | 3559241 |
| Consumer Discretionary - 0.2% |  |  |
| Automobile Components - 0.0% |  |  |
| Magna International Inc  | 27162 | 1283201 |
| Broadline Retail - 0.1% |  |  |
| Canadian Tire Corp Ltd Class A  | 5295 | 607252 |
| Dollarama Inc  | 28518 | 3706903 |
|  |  | 4314155 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Restaurant Brands International Inc  | 31528 | 2070771 |
| Restaurant Brands International Inc (United States)  | 2343 | 153911 |
|  |  | 2224682 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Gildan Activewear Inc  | 15163 | 884234 |
| TOTAL CONSUMER DISCRETIONARY |  | 8706272 |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Alimentation Couche-Tard Inc  | 79127 | 4021370 |
| Empire Co Ltd Class A  | 14031 | 476687 |
| George Weston Ltd  | 16332 | 993043 |
| Loblaw Cos Ltd  | 58827 | 2337897 |
| Metro Inc/CN  | 20346 | 1356207 |
|  |  | 9185204 |
| Food Products - 0.0% |  |  |
| Saputo Inc  | 25224 | 609490 |
| TOTAL CONSUMER STAPLES |  | 9794694 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| ARC Resources Ltd  | 59364 | 1094968 |
| Cameco Corp  | 44948 | 4593666 |
| Canadian Natural Resources Ltd  | 215638 | 6898633 |
| Cenovus Energy Inc  | 130140 | 2199079 |
| Enbridge Inc  | 224914 | 10487594 |
| Imperial Oil Ltd  | 16218 | 1434418 |
| Keyera Corp  | 23536 | 694896 |
| MEG Energy Corp  | 25986 | 549902 |
| Parkland Corp  | 14242 | 405767 |
| Pembina Pipeline Corp  | 60009 | 2270206 |
| South Bow Corp  | 21085 | 546912 |
| Suncor Energy Inc  | 125169 | 4984271 |
| TC Energy Corp  | 107321 | 5385371 |
| Tourmaline Oil Corp  | 37970 | 1670079 |
| Whitecap Resources Inc  | 125671 | 935443 |
|  |  | 44151205 |
| Financials - 2.9% |  |  |
| Banks - 1.9% |  |  |
| Bank of Montreal  | 73860 | 9175165 |
| Bank of Nova Scotia/The  | 128031 | 8397256 |
| Canadian Imperial Bank of Commerce  | 95748 | 7933318 |
| National Bank of Canada  | 40365 | 4509782 |
| Royal Bank of Canada  | 144946 | 21234220 |
| Toronto Dominion Bank  | 176826 | 14518757 |
|  |  | 65768498 |
| Capital Markets - 0.4% |  |  |
| Brookfield Asset Management Ltd Class A  | 38962 | 2107623 |
| Brookfield Corp Class A  | 222620 | 10252060 |
| Onex Corp Subordinate Voting Shares  | 5899 | 513121 |
| TMX Group Ltd  | 28465 | 1049869 |
|  |  | 13922673 |
| Insurance - 0.6% |  |  |
| Fairfax Financial Holdings Ltd Subordinate Voting Shares  | 2149 | 3488978 |
| Great-West Lifeco Inc  | 27788 | 1178050 |
| iA Financial Corp Inc  | 9572 | 1129899 |
| Intact Financial Corp  | 18397 | 3431754 |
| Manulife Financial Corp  | 175024 | 5664212 |
| Power Corp of Canada Subordinate Voting Shares  | 55674 | 2607951 |
| Sun Life Financial Inc  | 58027 | 3529489 |
|  |  | 21030333 |
| TOTAL FINANCIALS |  | 100721504 |
| Industrials - 0.7% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Bombardier Inc Class B (b) | 8919 | 1246199 |
| CAE Inc (b) | 33252 | 933631 |
|  |  | 2179830 |
| Commercial Services & Supplies - 0.0% |  |  |
| Element Fleet Management Corp  | 41166 | 1110342 |
| Construction & Engineering - 0.1% |  |  |
| AtkinsRealis Group Inc  | 17238 | 1215650 |
| Stantec Inc  | 11838 | 1310954 |
| WSP Global Inc  | 13478 | 2576729 |
|  |  | 5103333 |
| Ground Transportation - 0.4% |  |  |
| Canadian National Railway Co  | 57360 | 5500229 |
| Canadian Pacific Kansas City Ltd  | 94337 | 6788659 |
| TFI International Inc  | 7985 | 717571 |
|  |  | 13006459 |
| Passenger Airlines - 0.0% |  |  |
| Air Canada (b) | 29910 | 393241 |
| Professional Services - 0.1% |  |  |
| Thomson Reuters Corp  | 13968 | 2139592 |
| Trading Companies & Distributors - 0.0% |  |  |
| Finning International Inc  | 13714 | 741654 |
| Toromont Industries Ltd  | 8413 | 1010784 |
|  |  | 1752438 |
| TOTAL INDUSTRIALS |  | 25685235 |
| Information Technology - 1.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Celestica Inc (b) | 11878 | 4089359 |
| IT Services - 0.8% |  |  |
| CGI Inc Class A  | 20363 | 1772135 |
| Shopify Inc Class A (b) | 125923 | 21894109 |
|  |  | 23666244 |
| Software - 0.2% |  |  |
| Constellation Software Inc/Canada  | 2058 | 5416023 |
| Constellation Software Inc/Canada warrants 3/31/2040 (b)(f) | 1367 | 0 |
| Descartes Systems Group Inc/The (b) | 8856 | 782141 |
| Open Text Corp  | 26456 | 1015007 |
|  |  | 7213171 |
| TOTAL INFORMATION TECHNOLOGY |  | 34968774 |
| Materials - 0.9% |  |  |
| Chemicals - 0.1% |  |  |
| Nutrien Ltd  | 50314 | 2740356 |
| Containers & Packaging - 0.0% |  |  |
| CCL Industries Inc Class B  | 14696 | 819803 |
| Metals & Mining - 0.8% |  |  |
| Agnico Eagle Mines Ltd/CA  | 51881 | 8344314 |
| Alamos Gold Inc Class A  | 43629 | 1345063 |
| B2Gold Corp  | 135361 | 592575 |
| Barrick Mining Corp  | 176123 | 5781400 |
| Franco-Nevada Corp  | 19900 | 3717230 |
| Kinross Gold Corp  | 125552 | 2920043 |
| Pan American Silver Corp  | 43735 | 1540415 |
| Teck Resources Ltd Class B  | 46416 | 1991266 |
|  |  | 26232306 |
| Paper & Forest Products - 0.0% |  |  |
| West Fraser Timber Co Ltd  | 5786 | 353129 |
| TOTAL MATERIALS |  | 30145594 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Colliers International Group Inc Subordinate Voting Shares  | 4522 | 721399 |
| FirstService Corp Subordinate Voting Shares  | 4298 | 684161 |
|  |  | 1405560 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Emera Inc  | 30691 | 1459111 |
| Fortis Inc/Canada  | 51602 | 2593805 |
| Hydro One Ltd (d)(e) | 32455 | 1197032 |
|  |  | 5249948 |
| Gas Utilities - 0.0% |  |  |
| AltaGas Ltd  | 30577 | 897547 |
| Brookfield Infrastructure Corp  | 12171 | 551472 |
|  |  | 1449019 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Brookfield Renewable Corp Class A  | 13609 | 589169 |
| Northland Power Inc  | 26854 | 490726 |
|  |  | 1079895 |
| Multi-Utilities - 0.0% |  |  |
| Algonquin Power & Utilities Corp  | 72168 | 402892 |
| Canadian Utilities Ltd Class A  | 13736 | 384692 |
|  |  | 787584 |
| TOTAL UTILITIES |  | 8566446 |
| TOTAL CANADA |  | 267704525 |
| CHILE - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Falabella SA  | 84815 | 532259 |
| Specialty Retail - 0.0% |  |  |
| Empresas Copec SA  | 38390 | 274479 |
| TOTAL CONSUMER DISCRETIONARY |  | 806738 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Embotelladora Andina SA Class B  | 35878 | 161471 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Cencosud SA  | 125627 | 389590 |
| TOTAL CONSUMER STAPLES |  | 551061 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Banco de Chile  | 4746585 | 832988 |
| Banco de Credito e Inversiones SA  | 8138 | 418319 |
| Banco Santander Chile  | 6320356 | 457120 |
|  |  | 1708427 |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Latam Airlines Group SA  | 25741347 | 586626 |
| Materials - 0.2% |  |  |
| Chemicals - 0.0% |  |  |
| Sociedad Quimica y Minera de Chile SA Class B (b) | 14650 | 705945 |
| Metals & Mining - 0.2% |  |  |
| Antofagasta PLC  | 35675 | 1307568 |
| Lundin Mining Corp  | 70529 | 1134458 |
|  |  | 2442026 |
| Paper & Forest Products - 0.0% |  |  |
| Empresas Cmpc SA  | 115833 | 167135 |
| TOTAL MATERIALS |  | 3315106 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Parque Arauco SA  | 73760 | 205812 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Enel Americas SA  | 1876812 | 177217 |
| Enel Chile SA  | 2548708 | 194692 |
|  |  | 371909 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Colbun SA  | 668296 | 100470 |
| TOTAL UTILITIES |  | 472379 |
| TOTAL CHILE |  | 7646149 |
| CHINA - 7.8%  |  |  |
| Communication Services - 1.9% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| China Tower Corp Ltd H Shares (d)(e) | 486500 | 703089 |
| Entertainment - 0.2% |  |  |
| China Ruyi Holdings Ltd (b) | 1104000 | 393547 |
| Kingsoft Corp Ltd  | 100400 | 437491 |
| Netease Inc  | 176590 | 4955246 |
| Tencent Music Entertainment Group Class A ADR  | 50572 | 1128767 |
|  |  | 6915051 |
| Interactive Media & Services - 1.7% |  |  |
| Autohome Inc Class A ADR  | 6514 | 164153 |
| Baidu Inc A Shares (b) | 230092 | 3482727 |
| Bilibili Inc Z Shares (b) | 29506 | 891170 |
| Kuaishou Technology B Shares (d)(e) | 289300 | 2693613 |
| Tencent Holdings Ltd  | 632900 | 51409051 |
|  |  | 58640714 |
| TOTAL COMMUNICATION SERVICES |  | 66258854 |
| Consumer Discretionary - 3.0% |  |  |
| Automobile Components - 0.0% |  |  |
| Fuyao Glass Industry Group Co Ltd H Shares (d)(e) | 62400 | 556902 |
| Automobiles - 0.3% |  |  |
| BYD Co Ltd H Shares  | 380700 | 4928663 |
| Geely Automobile Holdings Ltd  | 528000 | 1250259 |
| Great Wall Motor Co Ltd H Shares  | 245500 | 478012 |
| Li Auto Inc A Shares (b) | 124398 | 1290887 |
| NIO Inc A Shares (b) | 158524 | 1146212 |
| XPeng Inc A Shares (b) | 152002 | 1770848 |
| Yadea Group Holdings Ltd (d)(e) | 118993 | 186057 |
| Zhejiang Leapmotor Technology Co Ltd H Shares (b)(d)(e) | 46000 | 345124 |
|  |  | 11396062 |
| Broadline Retail - 2.0% |  |  |
| Alibaba Group Holding Ltd  | 1968544 | 41888155 |
| JD.com Inc A Shares  | 299423 | 4943470 |
| PDD Holdings Inc Class A ADR (b) | 80583 | 10868229 |
| Prosus NV Class N  | 137434 | 9493709 |
| Vipshop Holdings Ltd Class A ADR  | 23247 | 406590 |
|  |  | 67600153 |
| Diversified Consumer Services - 0.0% |  |  |
| New Oriental Education & Technology Group Inc (b) | 133690 | 799434 |
| TAL Education Group Class A ADR (b) | 42458 | 520535 |
|  |  | 1319969 |
| Hotels, Restaurants & Leisure - 0.5% |  |  |
| H World Group Ltd  | 177100 | 686730 |
| Haidilao International Holding Ltd (d)(e) | 180000 | 296504 |
| Meituan B Shares (b)(d)(e) | 570980 | 7515670 |
| Tongcheng Travel Holdings Ltd (d) | 125200 | 344799 |
| Trip.com Group Ltd  | 62750 | 4415807 |
| Yum China Holdings Inc (Hong Kong)  | 38250 | 1647046 |
|  |  | 14906556 |
| Household Durables - 0.0% |  |  |
| Haier Smart Home Co Ltd H Shares  | 242600 | 788004 |
| Midea Group Co Ltd H Shares  | 47000 | 508072 |
|  |  | 1296076 |
| Specialty Retail - 0.1% |  |  |
| Chow Tai Fook Jewellery Group Ltd  | 220000 | 430909 |
| Pop Mart International Group Ltd (d)(e) | 69400 | 1979144 |
|  |  | 2410053 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| ANTA Sports Products Ltd  | 120800 | 1259216 |
| Li Ning Co Ltd  | 238000 | 517008 |
| Shenzhou International Group Holdings Ltd  | 82000 | 708084 |
|  |  | 2484308 |
| TOTAL CONSUMER DISCRETIONARY |  | 101970079 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.1% |  |  |
| China Resources Beer Holdings Co Ltd  | 161500 | 552844 |
| Nongfu Spring Co Ltd H Shares (d)(e) | 187200 | 1243093 |
| Tsingtao Brewery Co Ltd H Shares  | 62000 | 418889 |
|  |  | 2214826 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Alibaba Health Information Technology Ltd (b) | 600000 | 447845 |
| JD Health International Inc (b)(d)(e) | 104900 | 819431 |
|  |  | 1267276 |
| Food Products - 0.1% |  |  |
| China Feihe Ltd (d)(e) | 398000 | 212559 |
| China Mengniu Dairy Co Ltd  | 313000 | 569563 |
| Tingyi Cayman Islands Holding Corp  | 188000 | 257907 |
| Want Want China Holdings Ltd  | 472000 | 304926 |
| Wilmar International Ltd  | 263400 | 633407 |
|  |  | 1978362 |
| Personal Care Products - 0.0% |  |  |
| Giant Biogene Holding Co ltd (d)(e) | 49800 | 238408 |
| Hengan International Group Co Ltd  | 71000 | 248711 |
|  |  | 487119 |
| Tobacco - 0.0% |  |  |
| Smoore International Holdings Ltd (d)(e) | 193000 | 325121 |
| TOTAL CONSUMER STAPLES |  | 6272704 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| China Oilfield Services Ltd H Shares  | 184000 | 179251 |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| China Coal Energy Co Ltd H Shares  | 225000 | 317063 |
| China Petroleum & Chemical Corp H Shares  | 2456000 | 1305349 |
| China Shenhua Energy Co Ltd H Shares  | 349500 | 1819790 |
| PetroChina Co Ltd H Shares  | 2180000 | 2249982 |
| Yankuang Energy Group Co Ltd H Shares  | 326200 | 447916 |
|  |  | 6140100 |
| TOTAL ENERGY |  | 6319351 |
| Financials - 1.3% |  |  |
| Banks - 0.9% |  |  |
| Agricultural Bank of China Ltd H Shares  | 3174000 | 2418115 |
| Bank of China Ltd A Shares (China)  | 433700 | 341846 |
| Bank of China Ltd H Shares  | 8039000 | 4552008 |
| Bank of Communications Co Ltd A Shares (China)  | 329500 | 332398 |
| Bank of Communications Co Ltd H Shares  | 1840000 | 1633861 |
| BOC Hong Kong Holdings Ltd  | 373500 | 1835164 |
| China CITIC Bank Corp Ltd H Shares  | 940000 | 896384 |
| China Construction Bank Corp H Shares  | 10171000 | 10069714 |
| China Merchants Bank Co Ltd H Shares  | 341500 | 2137630 |
| China Minsheng Banking Corp Ltd H Shares  | 754400 | 386396 |
| Industrial & Commercial Bank of China Ltd A Shares (China)  | 430100 | 470140 |
| Industrial & Commercial Bank of China Ltd H Shares  | 7631000 | 5911888 |
| Postal Savings Bank of China Co Ltd H Shares (d)(e) | 986000 | 695354 |
|  |  | 31680898 |
| Capital Markets - 0.1% |  |  |
| China Galaxy Securities Co Ltd H Shares  | 386000 | 555364 |
| China International Capital Corp Ltd H Shares (d)(e) | 160000 | 435285 |
| CITIC Securities Co Ltd H Shares  | 135225 | 514758 |
| Guotai Haitong Securities Co Ltd H Shares (d)(e) | 259272 | 496486 |
| Huatai Securities Co Ltd H Shares (d)(e) | 172400 | 433520 |
|  |  | 2435413 |
| Consumer Finance - 0.0% |  |  |
| Qfin Holdings Inc Class A ADR  | 10773 | 260167 |
| Insurance - 0.3% |  |  |
| China Life Insurance Co Ltd H Shares  | 770000 | 2429738 |
| China Pacific Insurance Group Co Ltd H Shares  | 267800 | 1085599 |
| New China Life Insurance Co Ltd H Shares  | 100400 | 634400 |
| People's Insurance Co Group of China Ltd/The H Shares  | 906000 | 813827 |
| PICC Property & Casualty Co Ltd H Shares  | 716000 | 1691741 |
| Ping An Insurance Group Co of China Ltd H Shares  | 669000 | 4833078 |
|  |  | 11488383 |
| TOTAL FINANCIALS |  | 45864861 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.1% |  |  |
| Akeso Inc (b)(d)(e) | 69000 | 1006956 |
| Innovent Biologics Inc (b)(d)(e) | 148000 | 1657026 |
| Zai Lab Ltd (b) | 105500 | 275290 |
|  |  | 2939272 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Shandong Weigao Group Medical Polymer Co Ltd H Shares  | 242800 | 169667 |
| Health Care Providers & Services - 0.0% |  |  |
| Sinopharm Group Co Ltd H Shares  | 143200 | 356961 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Genscript Biotech Corp (b) | 138000 | 285926 |
| Wuxi Apptec Co Ltd H Shares (d)(e) | 44164 | 617229 |
| Wuxi Biologics Cayman Inc (b)(d)(e) | 368500 | 1716700 |
|  |  | 2619855 |
| Pharmaceuticals - 0.0% |  |  |
| CSPC Pharmaceutical Group Ltd  | 813760 | 801136 |
| Hansoh Pharmaceutical Group Co Ltd (d)(e) | 118000 | 541213 |
| Kangmei Pharmaceutical Co Ltd rights (b)(f) | 721 | 0 |
| Sino Biopharmaceutical Ltd  | 1021250 | 929180 |
|  |  | 2271529 |
| TOTAL HEALTH CARE |  | 8357284 |
| Industrials - 0.2% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| JD Logistics Inc (b)(d)(e) | 216600 | 352890 |
| ZTO Express Cayman Inc A Shares  | 43203 | 797044 |
|  |  | 1149934 |
| Building Products - 0.0% |  |  |
| Xinyi Glass Holdings Ltd  | 242647 | 283849 |
| Commercial Services & Supplies - 0.0% |  |  |
| China Everbright Environment Group Ltd  | 363000 | 224698 |
| Construction & Engineering - 0.0% |  |  |
| China Railway Group Ltd H Shares  | 431000 | 218535 |
| China State Construction International Holdings Ltd  | 192000 | 218425 |
|  |  | 436960 |
| Ground Transportation - 0.0% |  |  |
| Full Truck Alliance Co Ltd ADR  | 86301 | 1121913 |
| Industrial Conglomerates - 0.0% |  |  |
| CITIC Ltd  | 806000 | 1246774 |
| Machinery - 0.2% |  |  |
| Airtac International Group  | 15278 | 452215 |
| CRRC Corp Ltd H Shares  | 470000 | 356255 |
| Weichai Power Co Ltd H Shares  | 200000 | 413098 |
| Yangzijiang Shipbuildling (Holdings) Ltd  | 282400 | 763713 |
| Zhuzhou CRRC Times Electric Co Ltd H Shares  | 46200 | 235562 |
|  |  | 2220843 |
| Marine Transportation - 0.0% |  |  |
| COSCO SHIPPING Holdings Co Ltd H Shares  | 269550 | 467950 |
| SITC International Holdings Co Ltd  | 132000 | 486174 |
|  |  | 954124 |
| Professional Services - 0.0% |  |  |
| Kanzhun Ltd ADR  | 37788 | 837382 |
| Transportation Infrastructure - 0.0% |  |  |
| China Merchants Port Holdings Co Ltd  | 121219 | 234621 |
| TOTAL INDUSTRIALS |  | 8711098 |
| Information Technology - 0.4% |  |  |
| Communications Equipment - 0.0% |  |  |
| BYD Electronic International Co Ltd  | 78500 | 369136 |
| ZTE Corp H Shares  | 75400 | 319239 |
|  |  | 688375 |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Aac Technologies Holdings Inc  | 73500 | 378352 |
| Kingboard Holdings Ltd  | 63500 | 227505 |
| Sunny Optical Technology Group Co Ltd  | 68500 | 662913 |
|  |  | 1268770 |
| IT Services - 0.0% |  |  |
| Chinasoft International Ltd  | 240000 | 179755 |
| GDS Holdings Ltd A Shares (b) | 107900 | 480744 |
|  |  | 660499 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| GCL Technology Holdings Ltd (b) | 2319000 | 405871 |
| Hua Hong Semiconductor Ltd (b)(d)(e) | 70000 | 718418 |
| Silergy Corp  | 34000 | 245792 |
| Xinyi Solar Holdings Ltd  | 499395 | 230078 |
|  |  | 1600159 |
| Software - 0.0% |  |  |
| Kingdee International Software Group Co Ltd (b) | 293000 | 552777 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Lenovo Group Ltd  | 776000 | 1134458 |
| Xiaomi Corp B Shares (b)(d)(e) | 1776000 | 9853093 |
|  |  | 10987551 |
| TOTAL INFORMATION TECHNOLOGY |  | 15758131 |
| Materials - 0.2% |  |  |
| Construction Materials - 0.0% |  |  |
| Anhui Conch Cement Co Ltd H Shares  | 119000 | 354371 |
| China National Building Material Co Ltd H Shares  | 399000 | 282926 |
|  |  | 637297 |
| Metals & Mining - 0.2% |  |  |
| Aluminum Corp of China Ltd H Shares  | 416000 | 528930 |
| China Hongqiao Group Ltd  | 274000 | 1040915 |
| CMOC Group Ltd H Shares  | 378000 | 818212 |
| Zhaojin Mining Industry Co Ltd H Shares  | 172000 | 643239 |
| Zijin Mining Group Co Ltd H Shares  | 620000 | 2572380 |
|  |  | 5603676 |
| TOTAL MATERIALS |  | 6240973 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| China Overseas Land & Investment Ltd  | 385000 | 645585 |
| China Resources Land Ltd  | 297000 | 1072488 |
| China Resources Mixc Lifestyle Services Ltd (d)(e) | 64400 | 336646 |
| Country Garden Services Holdings Co Ltd  | 212000 | 168605 |
| Longfor Group Holdings Ltd (d)(e) | 198931 | 246022 |
| Wharf Holdings Ltd/The  | 95000 | 249648 |
|  |  | 2718994 |
| Utilities - 0.1% |  |  |
| Gas Utilities - 0.0% |  |  |
| China Gas Holdings Ltd  | 302400 | 310940 |
| China Resources Gas Group Ltd  | 91000 | 250144 |
| ENN Energy Holdings Ltd  | 74800 | 651206 |
| Kunlun Energy Co Ltd  | 394000 | 362028 |
|  |  | 1574318 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| CGN Power Co Ltd H Shares (d)(e) | 1098000 | 435212 |
| China Longyuan Power Group Corp Ltd H Shares  | 348000 | 322448 |
| China Power International Development Ltd  | 445805 | 192193 |
| China Resources Power Holdings Co Ltd  | 226000 | 540384 |
| Huaneng Power International Inc H Shares  | 426000 | 351960 |
|  |  | 1842197 |
| TOTAL UTILITIES |  | 3416515 |
| TOTAL CHINA |  | 271888844 |
| COLOMBIA - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Grupo Cibest SA  | 26232 | 425328 |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Cementos Argos SA  | 59103 | 158235 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Interconexion Electrica SA ESP  | 44325 | 287476 |
| TOTAL COLOMBIA |  | 871039 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Ivanhoe Mines Ltd Class A (b) | 73047 | 730704 |
| CZECH REPUBLIC - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Komercni Banka AS  | 7696 | 394087 |
| Moneta Money Bank AS (d)(e) | 27080 | 229360 |
|  |  | 623447 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| CEZ AS  | 16563 | 1014470 |
| TOTAL CZECH REPUBLIC |  | 1637917 |
| DENMARK - 1.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Pandora A/S  | 8208 | 1099138 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Carlsberg AS Series B  | 9341 | 1098034 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Danske Bank A/S  | 68048 | 3038500 |
| Ringkjoebing Landbobank A/S  | 2592 | 585294 |
|  |  | 3623794 |
| Insurance - 0.0% |  |  |
| Tryg A/S  | 32952 | 812236 |
| TOTAL FINANCIALS |  | 4436030 |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.1% |  |  |
| Ascendis Pharma A/S ADR (b) | 5144 | 1037030 |
| Genmab A/S (b) | 6639 | 1893628 |
| Zealand Pharma A/S (b) | 6782 | 536577 |
|  |  | 3467235 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Coloplast AS Series B  | 12350 | 1116989 |
| Pharmaceuticals - 0.5% |  |  |
| Novo Nordisk A/S Series B  | 328826 | 16188668 |
| TOTAL HEALTH CARE |  | 20772892 |
| Industrials - 0.2% |  |  |
| Air Freight & Logistics - 0.1% |  |  |
| DSV A/S  | 20368 | 4322614 |
| Electrical Equipment - 0.1% |  |  |
| Vestas Wind Systems A/S  | 104514 | 2137532 |
| TOTAL INDUSTRIALS |  | 6460146 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Novonesis Novozymes B Series B  | 35560 | 2125164 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Orsted AS (b)(d)(e) | 47192 | 843475 |
| TOTAL DENMARK |  | 36834879 |
| EGYPT - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Commercial International Bank - Egypt (CIB)  | 242404 | 541304 |
| Commercial International Bank - Egypt (CIB) GDR (d) | 9569 | 20430 |
|  |  | 561734 |
| Capital Markets - 0.0% |  |  |
| EFG Holding S.A.E. (b) | 124245 | 74037 |
| TOTAL FINANCIALS |  | 635771 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Talaat Moustafa Group  | 108919 | 132598 |
| TOTAL EGYPT |  | 768369 |
| FINLAND - 0.7%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Elisa Oyj A Shares  | 15069 | 664201 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Kesko Oyj B Shares  | 27962 | 589816 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Neste Oyj  | 43877 | 908071 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| Nordea Bank Abp (Sweden)  | 357897 | 6114228 |
| Insurance - 0.1% |  |  |
| Sampo Oyj A Shares  | 260431 | 2902196 |
| TOTAL FINANCIALS |  | 9016424 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Orion Oyj B Shares  | 11133 | 777005 |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| Kone Oyj B Shares  | 40213 | 2684680 |
| Konecranes Oyj A Shares  | 7164 | 706849 |
| Metso Oyj  | 72662 | 1190142 |
| Valmet Oyj  | 14878 | 483777 |
| Wartsila OYJ Abp  | 49747 | 1626761 |
|  |  | 6692209 |
| Information Technology - 0.1% |  |  |
| Communications Equipment - 0.1% |  |  |
| Nokia Oyj  | 528531 | 3605269 |
| Materials - 0.1% |  |  |
| Containers & Packaging - 0.0% |  |  |
| Huhtamaki Oyj  | 8720 | 293090 |
| Paper & Forest Products - 0.1% |  |  |
| Stora Enso Oyj R Shares  | 62074 | 722651 |
| UPM-Kymmene Oyj  | 54544 | 1463617 |
|  |  | 2186268 |
| TOTAL MATERIALS |  | 2479358 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Fortum Oyj  | 45124 | 1005916 |
| TOTAL FINLAND |  | 25738269 |
| FRANCE - 5.1%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Orange SA  | 189483 | 3031042 |
| Media - 0.1% |  |  |
| Publicis Groupe SA  | 23356 | 2340951 |
| TOTAL COMMUNICATION SERVICES |  | 5371993 |
| Consumer Discretionary - 1.0% |  |  |
| Automobile Components - 0.1% |  |  |
| Cie Generale des Etablissements Michelin SCA Series B  | 72960 | 2330738 |
| Automobiles - 0.0% |  |  |
| Renault SA  | 19091 | 741577 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Accor SA  | 22163 | 1127864 |
| Textiles, Apparel & Luxury Goods - 0.9% |  |  |
| Hermes International SCA  | 3592 | 8897545 |
| Kering SA  | 7255 | 2576374 |
| LVMH Moet Hennessy Louis Vuitton SE  | 26312 | 18597932 |
|  |  | 30071851 |
| TOTAL CONSUMER DISCRETIONARY |  | 34272030 |
| Consumer Staples - 0.5% |  |  |
| Beverages - 0.0% |  |  |
| Pernod Ricard SA  | 20542 | 2011660 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Carrefour SA  | 58840 | 886186 |
| Food Products - 0.2% |  |  |
| Danone SA  | 66485 | 5871732 |
| Personal Care Products - 0.3% |  |  |
| L'Oreal SA  | 23725 | 9900714 |
| TOTAL CONSUMER STAPLES |  | 18670292 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| TotalEnergies SE  | 216564 | 13521181 |
| Financials - 0.7% |  |  |
| Banks - 0.5% |  |  |
| BNP Paribas SA  | 105030 | 8135415 |
| Credit Agricole SA  | 115529 | 2085458 |
| Societe Generale SA Series A  | 72147 | 4575610 |
|  |  | 14796483 |
| Financial Services - 0.0% |  |  |
| Edenred SE  | 24600 | 706894 |
| Insurance - 0.2% |  |  |
| AXA SA  | 176742 | 7668555 |
| TOTAL FINANCIALS |  | 23171932 |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| EssilorLuxottica SA  | 30100 | 11008649 |
| Industrials - 1.4% |  |  |
| Aerospace & Defense - 1.0% |  |  |
| Airbus SE  | 63741 | 15716693 |
| Safran SA  | 35391 | 12575077 |
| Thales SA  | 9357 | 2668176 |
|  |  | 30959946 |
| Building Products - 0.1% |  |  |
| Cie de Saint-Gobain SA  | 47538 | 4614136 |
| Construction & Engineering - 0.2% |  |  |
| Bouygues SA  | 19137 | 863140 |
| Eiffage SA  | 7356 | 904698 |
| Vinci SA  | 51704 | 6913668 |
|  |  | 8681506 |
| Electrical Equipment - 0.1% |  |  |
| Legrand SA  | 27059 | 4672757 |
| Professional Services - 0.0% |  |  |
| Bureau Veritas SA  | 36489 | 1197841 |
| TOTAL INDUSTRIALS |  | 50126186 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Capgemini SE  | 15935 | 2451527 |
| Software - 0.0% |  |  |
| Dassault Systemes SE  | 68218 | 1941331 |
| TOTAL INFORMATION TECHNOLOGY |  | 4392858 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Air Liquide SA  | 59706 | 11555435 |
| Real Estate - 0.0% |  |  |
| Retail REITs - 0.0% |  |  |
| Unibail-Rodamco-Westfield unit  | 12777 | 1320165 |
| Utilities - 0.2% |  |  |
| Multi-Utilities - 0.2% |  |  |
| Engie SA  | 181429 | 4247790 |
| Veolia Environnement SA  | 69635 | 2301237 |
|  |  | 6549027 |
| TOTAL FRANCE |  | 179959748 |
| GERMANY - 5.2%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Deutsche Telekom AG  | 360067 | 11153143 |
| Interactive Media & Services - 0.0% |  |  |
| Scout24 SE (d)(e) | 7724 | 892087 |
| TOTAL COMMUNICATION SERVICES |  | 12045230 |
| Consumer Discretionary - 0.4% |  |  |
| Automobile Components - 0.0% |  |  |
| Aumovio SE  | 5334 | 229329 |
| Continental AG  | 10987 | 829250 |
|  |  | 1058579 |
| Automobiles - 0.3% |  |  |
| Bayerische Motoren Werke AG  | 27140 | 2525157 |
| Mercedes-Benz Group AG  | 74336 | 4823260 |
|  |  | 7348417 |
| Specialty Retail - 0.0% |  |  |
| Zalando SE (b)(d)(e) | 23007 | 643351 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| adidas AG  | 18555 | 3508423 |
| TOTAL CONSUMER DISCRETIONARY |  | 12558770 |
| Consumer Staples - 0.0% |  |  |
| Household Products - 0.0% |  |  |
| Henkel AG & Co KGaA  | 9787 | 730444 |
| Personal Care Products - 0.0% |  |  |
| Beiersdorf AG  | 9556 | 1013070 |
| TOTAL CONSUMER STAPLES |  | 1743514 |
| Financials - 1.2% |  |  |
| Banks - 0.1% |  |  |
| Commerzbank AG  | 107658 | 3910138 |
| Capital Markets - 0.3% |  |  |
| Deutsche Bank AG  | 200917 | 7162986 |
| Deutsche Boerse AG  | 19404 | 4913872 |
|  |  | 12076858 |
| Insurance - 0.8% |  |  |
| Allianz SE  | 39811 | 15997726 |
| Hannover Rueck SE  | 6223 | 1774586 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 13474 | 8336282 |
|  |  | 26108594 |
| TOTAL FINANCIALS |  | 42095590 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.0% |  |  |
| BioNTech SE ADR (b)(c) | 9570 | 994418 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Siemens Healthineers AG (d)(e) | 30273 | 1694810 |
| Health Care Providers & Services - 0.1% |  |  |
| Fresenius Medical Care AG  | 21531 | 1155940 |
| Fresenius SE & Co KGaA  | 42014 | 2422341 |
|  |  | 3578281 |
| Pharmaceuticals - 0.2% |  |  |
| Bayer AG  | 101466 | 3156048 |
| Merck KGaA  | 13376 | 1752171 |
|  |  | 4908219 |
| TOTAL HEALTH CARE |  | 11175728 |
| Industrials - 1.5% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| MTU Aero Engines AG  | 5556 | 2421399 |
| Rheinmetall AG  | 4741 | 9298210 |
|  |  | 11719609 |
| Air Freight & Logistics - 0.1% |  |  |
| Deutsche Post AG  | 99111 | 4553792 |
| Electrical Equipment - 0.2% |  |  |
| Siemens Energy AG (b) | 69291 | 8632642 |
| Industrial Conglomerates - 0.7% |  |  |
| Siemens AG  | 75943 | 21522044 |
| Machinery - 0.1% |  |  |
| Daimler Truck Holding AG  | 51638 | 2065958 |
| Gea Group Ag  | 15064 | 1076538 |
| Knorr-Bremse AG  | 6918 | 642707 |
|  |  | 3785203 |
| Trading Companies & Distributors - 0.0% |  |  |
| Brenntag SE  | 12523 | 695028 |
| TOTAL INDUSTRIALS |  | 50908318 |
| Information Technology - 0.9% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Infineon Technologies AG  | 134813 | 5351119 |
| Software - 0.8% |  |  |
| Nemetschek SE  | 6220 | 716948 |
| SAP SE  | 105219 | 27364571 |
|  |  | 28081519 |
| TOTAL INFORMATION TECHNOLOGY |  | 33432638 |
| Materials - 0.3% |  |  |
| Chemicals - 0.2% |  |  |
| BASF SE  | 92101 | 4544435 |
| Covestro AG (b)(d)(e) | 17640 | 1198005 |
| Symrise AG  | 13648 | 1128676 |
|  |  | 6871116 |
| Construction Materials - 0.1% |  |  |
| Heidelberg Materials AG  | 13240 | 3106152 |
| TOTAL MATERIALS |  | 9977268 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| LEG Immobilien SE  | 7540 | 574039 |
| Vonovia SE  | 86232 | 2591769 |
|  |  | 3165808 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| RWE AG  | 68857 | 3389867 |
| Multi-Utilities - 0.1% |  |  |
| E.ON SE  | 229142 | 4263504 |
| TOTAL UTILITIES |  | 7653371 |
| TOTAL GERMANY |  | 184756235 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Bullish (c) | 3111 | 157322 |
| GREECE - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Hellenic Telecommunications Organization SA  | 18456 | 346968 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| OPAP SA  | 17344 | 358849 |
| Specialty Retail - 0.0% |  |  |
| FF Group (b)(f) | 256 | 0 |
| JUMBO SA  | 11417 | 362421 |
|  |  | 362421 |
| TOTAL CONSUMER DISCRETIONARY |  | 721270 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Motor Oil Hellas Corinth Refineries SA  | 6320 | 189548 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Alpha Bank SA  | 216177 | 847200 |
| Eurobank Ergasias Services and Holdings SA  | 267986 | 1008057 |
| National Bank of Greece SA  | 86731 | 1274124 |
| Piraeus Financial Holdings SA  | 110462 | 862238 |
|  |  | 3991619 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| GEK TERNA SA  | 6978 | 186442 |
| Marine Transportation - 0.0% |  |  |
| Star Bulk Carriers Corp (c) | 9792 | 184285 |
| TOTAL INDUSTRIALS |  | 370727 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Public Power Corp SA  | 18695 | 325171 |
| TOTAL GREECE |  | 5945303 |
| GUATEMALA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Millicom International Cellular SA  | 9681 | 456072 |
| HONG KONG - 1.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| HKT Trust & HKT Ltd unit  | 365000 | 532196 |
| PCCW Ltd  | 478000 | 341404 |
|  |  | 873600 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| WH Group Ltd (d)(e) | 821766 | 788924 |
| Financials - 0.7% |  |  |
| Banks - 0.0% |  |  |
| Hang Seng Bank Ltd  | 72400 | 1412492 |
| Capital Markets - 0.2% |  |  |
| Futu Holdings Ltd Class A ADR  | 6201 | 1234247 |
| Hong Kong Exchanges & Clearing Ltd  | 123149 | 6713285 |
|  |  | 7947532 |
| Insurance - 0.5% |  |  |
| AIA Group Ltd  | 1084400 | 10552011 |
| Prudential PLC  | 265805 | 3696840 |
|  |  | 14248851 |
| TOTAL FINANCIALS |  | 23608875 |
| Industrials - 0.1% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| J&T Global Express Ltd B Shares (b) | 602400 | 772909 |
| Ground Transportation - 0.0% |  |  |
| MTR Corp Ltd  | 169891 | 623108 |
| Industrial Conglomerates - 0.0% |  |  |
| Swire Pacific Ltd A Shares  | 35500 | 293300 |
| Machinery - 0.1% |  |  |
| Techtronic Industries Co Ltd  | 148500 | 1735244 |
| Marine Transportation - 0.0% |  |  |
| Orient Overseas International Ltd  | 13500 | 233671 |
| TOTAL INDUSTRIALS |  | 3658232 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| ASMPT Ltd  | 31400 | 331354 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| CK Asset Holdings Ltd  | 202245 | 1000482 |
| Hang Lung Properties Ltd  | 186000 | 207051 |
| Henderson Land Development Co Ltd  | 144010 | 505575 |
| Hongkong Land Holdings Ltd (Singapore)  | 102209 | 624497 |
| Sino Land Co Ltd  | 374825 | 465483 |
| Sun Hung Kai Properties Ltd  | 159500 | 1938701 |
| Swire Properties Ltd  | 98400 | 268460 |
| Wharf Real Estate Investment Co Ltd  | 167000 | 474960 |
|  |  | 5485209 |
| Retail REITs - 0.0% |  |  |
| Link REIT  | 268882 | 1400717 |
| TOTAL REAL ESTATE |  | 6885926 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| CK Infrastructure Holdings Ltd  | 64500 | 419593 |
| CLP Holdings Ltd  | 165500 | 1412082 |
| Power Assets Holdings Ltd  | 140500 | 892483 |
|  |  | 2724158 |
| Gas Utilities - 0.0% |  |  |
| Hong Kong & China Gas Co Ltd  | 1125865 | 1047545 |
| TOTAL UTILITIES |  | 3771703 |
| TOTAL HONG KONG |  | 39918614 |
| HUNGARY - 0.1%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| MOL Hungarian Oil & Gas PLC Class A  | 45928 | 404072 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| OTP Bank Nyrt  | 25315 | 2414556 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Richter Gedeon Nyrt  | 14470 | 446002 |
| TOTAL HUNGARY |  | 3264630 |
| INDIA - 3.1%  |  |  |
| Communication Services - 0.2% |  |  |
| Wireless Telecommunication Services - 0.2% |  |  |
| Bharti Airtel Ltd  | 293740 | 6798725 |
| Consumer Discretionary - 0.3% |  |  |
| Automobiles - 0.2% |  |  |
| Bajaj Auto Ltd  | 6816 | 682828 |
| Mahindra & Mahindra Ltd  | 91185 | 3582272 |
| Maruti Suzuki India Ltd  | 13645 | 2488120 |
| Tata Motors Passenger Vehicles Limited  | 214699 | 991681 |
|  |  | 7744901 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Eternal Ltd (b) | 489843 | 1753480 |
| Specialty Retail - 0.0% |  |  |
| Trent Ltd  | 18987 | 1004120 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Titan Co Ltd  | 43069 | 1817908 |
| TOTAL CONSUMER DISCRETIONARY |  | 12320409 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.0% |  |  |
| Varun Beverages Ltd  | 136745 | 723509 |
| Food Products - 0.0% |  |  |
| Nestle India Ltd  | 73889 | 1058494 |
| Personal Care Products - 0.2% |  |  |
| Hindustan Unilever Ltd  | 92246 | 2562187 |
| Tobacco - 0.0% |  |  |
| ITC Ltd  | 310687 | 1471270 |
| TOTAL CONSUMER STAPLES |  | 5815460 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Bharat Petroleum Corp Ltd  | 202793 | 815147 |
| Coal India Ltd  | 236386 | 1034996 |
| Indian Oil Corp Ltd  | 385614 | 720705 |
| Oil & Natural Gas Corp Ltd  | 429348 | 1235201 |
| Reliance Industries Ltd  | 697883 | 11686287 |
|  |  | 15492336 |
| Financials - 1.0% |  |  |
| Banks - 0.8% |  |  |
| Axis Bank Ltd  | 236847 | 3289416 |
| HDFC Bank Ltd/Gandhinagar  | 1168358 | 12995210 |
| ICICI Bank Ltd  | 544908 | 8257374 |
| Kotak Mahindra Bank Ltd  | 112775 | 2670823 |
| State Bank of India  | 190401 | 2009866 |
|  |  | 29222689 |
| Consumer Finance - 0.1% |  |  |
| Bajaj Finance Ltd  | 288991 | 3395030 |
| Financial Services - 0.1% |  |  |
| Bajaj Finserv Ltd  | 40039 | 941964 |
| Jio Financial Services Ltd  | 320266 | 1106941 |
| Power Finance Corp Ltd  | 150551 | 683937 |
| REC Ltd  | 130843 | 552543 |
|  |  | 3285385 |
| TOTAL FINANCIALS |  | 35903104 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Bharat Electronics Ltd  | 370829 | 1780097 |
| Hindustan Aeronautics Ltd (d) | 19136 | 1008873 |
|  |  | 2788970 |
| Construction & Engineering - 0.2% |  |  |
| Larsen & Toubro Ltd  | 69484 | 3155332 |
| Electrical Equipment - 0.0% |  |  |
| Suzlon Energy Ltd (b) | 1139814 | 761460 |
| Machinery - 0.0% |  |  |
| Tata Motors Ltd /new (b)(f) | 203357 | 597367 |
| Trading Companies & Distributors - 0.0% |  |  |
| Adani Enterprises Ltd  | 30844 | 862096 |
| Transportation Infrastructure - 0.0% |  |  |
| Adani Ports & Special Economic Zone Ltd  | 75169 | 1229176 |
| TOTAL INDUSTRIALS |  | 9394401 |
| Information Technology - 0.4% |  |  |
| IT Services - 0.4% |  |  |
| HCL Technologies Ltd  | 109016 | 1893180 |
| Infosys Ltd  | 364400 | 6072095 |
| Tata Consultancy Services Ltd  | 104370 | 3595600 |
| Wipro Ltd  | 313670 | 850459 |
|  |  | 12411334 |
| Materials - 0.2% |  |  |
| Chemicals - 0.0% |  |  |
| Asian Paints Ltd  | 46869 | 1325733 |
| Construction Materials - 0.0% |  |  |
| UltraTech Cement Ltd  | 12463 | 1677412 |
| Metals & Mining - 0.2% |  |  |
| Hindalco Industries Ltd  | 151674 | 1448733 |
| Tata Steel Ltd  | 765786 | 1577382 |
| Vedanta Ltd  | 183990 | 1023019 |
|  |  | 4049134 |
| TOTAL MATERIALS |  | 7052279 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.0% |  |  |
| Power Grid Corp of India Ltd  | 471258 | 1529803 |
| Tata Power Co Ltd/The  | 178756 | 815392 |
|  |  | 2345195 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| Adani Power Ltd (b) | 491809 | 874580 |
| NTPC Ltd  | 492706 | 1870301 |
|  |  | 2744881 |
| TOTAL UTILITIES |  | 5090076 |
| TOTAL INDIA |  | 110278124 |
| INDONESIA - 0.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telkom Indonesia Persero Tbk PT  | 4769800 | 922645 |
| Media - 0.0% |  |  |
| Elang Mahkota Teknologi Tbk PT  | 3062200 | 218202 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Indosat Tbk PT  | 830400 | 94125 |
| TOTAL COMMUNICATION SERVICES |  | 1234972 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| GoTo Gojek Tokopedia Tbk PT Class A (b) | 97184500 | 350636 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Sumber Alfaria Trijaya Tbk PT  | 2031100 | 245491 |
| Food Products - 0.0% |  |  |
| Indofood CBP Sukses Makmur Tbk PT  | 222700 | 116505 |
| Indofood Sukses Makmur Tbk PT  | 443200 | 197215 |
|  |  | 313720 |
| TOTAL CONSUMER STAPLES |  | 559211 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Alamtri Resources Indonesia Tbk PT  | 898000 | 101788 |
| Bumi Resources Tbk PT (b) | 17011600 | 145258 |
| United Tractors Tbk PT  | 150900 | 244090 |
|  |  | 491136 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Bank Central Asia Tbk PT  | 5671200 | 2903609 |
| Bank Mandiri Persero Tbk PT  | 3859900 | 1093562 |
| Bank Negara Indonesia Persero Tbk PT  | 1386300 | 365123 |
| Bank Rakyat Indonesia Persero Tbk PT  | 6995210 | 1673396 |
|  |  | 6035690 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Mitra Keluarga Karyasehat Tbk PT (d) | 496700 | 77059 |
| Pharmaceuticals - 0.0% |  |  |
| Kalbe Farma Tbk PT  | 1971300 | 151137 |
| TOTAL HEALTH CARE |  | 228196 |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.1% |  |  |
| Astra International Tbk PT  | 2084300 | 770802 |
| Jardine Matheson Holdings Ltd (Singapore)  | 21435 | 1259307 |
|  |  | 2030109 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Barito Pacific Tbk PT (b) | 2797448 | 580349 |
| Metals & Mining - 0.1% |  |  |
| Amman Mineral Internasional PT (b) | 1407500 | 600917 |
| Aneka Tambang Tbk  | 843600 | 157255 |
| Bumi Resources Minerals Tbk PT (b) | 8682300 | 480320 |
| Merdeka Copper Gold Tbk PT (b) | 1346900 | 197621 |
|  |  | 1436113 |
| Paper & Forest Products - 0.0% |  |  |
| Indah Kiat Pulp & Paper Tbk PT  | 237100 | 106217 |
| TOTAL MATERIALS |  | 2122679 |
| Utilities - 0.0% |  |  |
| Gas Utilities - 0.0% |  |  |
| Perusahaan Gas Negara Tbk PT Class B  | 1064800 | 111410 |
| TOTAL INDONESIA |  | 13164039 |
| IRELAND - 0.2%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Kerry Group PLC Class A  | 16683 | 1521066 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| AIB Group PLC  | 220511 | 2029564 |
| Bank of Ireland Group PLC  | 99118 | 1620613 |
|  |  | 3650177 |
| Industrials - 0.1% |  |  |
| Building Products - 0.0% |  |  |
| Kingspan Group PLC  | 15932 | 1191825 |
| Trading Companies & Distributors - 0.1% |  |  |
| AerCap Holdings NV  | 18075 | 2354088 |
| TOTAL INDUSTRIALS |  | 3545913 |
| TOTAL IRELAND |  | 8717156 |
| ISRAEL - 0.8%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Bezeq The Israeli Telecommunication Corp Ltd  | 247561 | 506830 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Global-e Online Ltd (b) | 11250 | 409838 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Shufersal Ltd  | 21228 | 264499 |
| Food Products - 0.0% |  |  |
| Strauss Group Ltd  | 5995 | 169191 |
| Personal Care Products - 0.0% |  |  |
| Oddity Tech Ltd Class A (b) | 3973 | 179778 |
| TOTAL CONSUMER STAPLES |  | 613468 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Delek Group Ltd  | 955 | 250997 |
| Paz Retail And Energy Ltd  | 876 | 187381 |
|  |  | 438378 |
| Financials - 0.4% |  |  |
| Banks - 0.3% |  |  |
| Bank Hapoalim BM  | 136137 | 2769993 |
| Bank Leumi Le-Israel BM  | 154472 | 3144479 |
| First International Bank of Israel Ltd  | 5311 | 383030 |
| Israel Discount Bank Ltd Class A  | 127495 | 1277122 |
| Mizrahi Tefahot Bank Ltd  | 15707 | 1022887 |
|  |  | 8597511 |
| Capital Markets - 0.0% |  |  |
| Plus500 Ltd  | 7288 | 303121 |
| Consumer Finance - 0.0% |  |  |
| Isracard Ltd  | 21450 | 91435 |
| Insurance - 0.1% |  |  |
| Clal Insurance Enterprises Holdings Ltd  | 6732 | 376221 |
| Harel Insurance Investments & Financial Services Ltd  | 11315 | 395866 |
| Menora Mivtachim Holdings Ltd  | 2128 | 212901 |
| Phoenix Financial Ltd  | 23703 | 913655 |
|  |  | 1898643 |
| TOTAL FINANCIALS |  | 10890710 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (b) | 118598 | 2428887 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Elbit Systems Ltd  | 2792 | 1336685 |
| Construction & Engineering - 0.0% |  |  |
| Electra Ltd/Israel  | 3980 | 126297 |
| Machinery - 0.0% |  |  |
| Kornit Digital Ltd (b) | 4502 | 60777 |
| Marine Transportation - 0.0% |  |  |
| ZIM Integrated Shipping Services Ltd (c) | 12345 | 189866 |
| TOTAL INDUSTRIALS |  | 1713625 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Next Vision Stabilized Systems Ltd  | 7206 | 316241 |
| IT Services - 0.0% |  |  |
| Wix.com Ltd (b) | 5674 | 825794 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Camtek Ltd/Israel (Israel) (b) | 2932 | 363255 |
| Nova Ltd (Israel) (b) | 3020 | 1045732 |
| Tower Semiconductor Ltd (b) | 11700 | 966966 |
|  |  | 2375953 |
| Software - 0.1% |  |  |
| Cellebrite DI Ltd (b) | 11822 | 201683 |
| Check Point Software Technologies Ltd (b) | 8630 | 1688719 |
| Nice Ltd (b) | 6501 | 881045 |
| Sapiens International Corp NV (Israel)  | 3071 | 131381 |
|  |  | 2902828 |
| TOTAL INFORMATION TECHNOLOGY |  | 6420816 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| ICL Group Ltd  | 74259 | 487471 |
| Israel Corp Ltd Class A1  | 392 | 139178 |
|  |  | 626649 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.0% |  |  |
| Reit 1 Ltd  | 19777 | 161812 |
| Real Estate Management & Development - 0.1% |  |  |
| Airport City Ltd (b) | 5556 | 109945 |
| Alony Hetz Properties & Investments Ltd  | 16067 | 197334 |
| Amot Investments Ltd  | 24792 | 196300 |
| Azrieli Group Ltd  | 3768 | 397447 |
| Big Shopping Centers Ltd  | 1639 | 366234 |
| Melisron Ltd  | 2582 | 336137 |
| Mivne Real Estate Kd Ltd  | 56780 | 251449 |
|  |  | 1854846 |
| TOTAL REAL ESTATE |  | 2016658 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Enlight Renewable Energy Ltd (b) | 13247 | 461833 |
| OPC Energy Ltd (b) | 15391 | 278681 |
|  |  | 740514 |
| TOTAL ISRAEL |  | 26806373 |
| ITALY - 2.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Infrastrutture Wireless Italiane SpA (d)(e) | 30726 | 337340 |
| Telecom Italia SpA/Milano (b) | 1169885 | 689337 |
|  |  | 1026677 |
| Consumer Discretionary - 0.2% |  |  |
| Automobiles - 0.1% |  |  |
| Ferrari NV (Italy)  | 12610 | 5036349 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Brunello Cucinelli SpA  | 3450 | 348911 |
| Moncler SpA  | 22937 | 1374793 |
| Prada Spa  | 50500 | 298559 |
|  |  | 2022263 |
| TOTAL CONSUMER DISCRETIONARY |  | 7058612 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Davide Campari-Milano NV  | 59292 | 412381 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Eni SpA  | 213785 | 3942085 |
| Financials - 1.2% |  |  |
| Banks - 0.9% |  |  |
| Banca Monte dei Paschi di Siena SpA  | 244010 | 2133062 |
| Banca Popolare di Sondrio SPA  | 8347 | 139603 |
| Banco BPM SpA  | 156173 | 2269061 |
| BPER Banca SPA  | 143137 | 1708439 |
| FinecoBank Banca Fineco SpA  | 62551 | 1428289 |
| Intesa Sanpaolo SpA  | 1615905 | 10415066 |
| UniCredit SpA  | 160720 | 11900785 |
|  |  | 29994305 |
| Capital Markets - 0.0% |  |  |
| Azimut Holding SpA  | 11036 | 431230 |
| Financial Services - 0.0% |  |  |
| Banca Mediolanum SpA  | 21747 | 436411 |
| Nexi SpA (d)(e) | 62665 | 329806 |
|  |  | 766217 |
| Insurance - 0.3% |  |  |
| Generali  | 108469 | 4169644 |
| Poste Italiane Spa (d)(e) | 46522 | 1120197 |
| Unipol Assicurazioni SpA  | 46315 | 1012445 |
|  |  | 6302286 |
| TOTAL FINANCIALS |  | 37494038 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 11253 | 667995 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Leonardo SpA  | 41192 | 2423519 |
| Electrical Equipment - 0.1% |  |  |
| Prysmian SpA  | 30564 | 3164322 |
| Machinery - 0.0% |  |  |
| Interpump Group SpA  | 8212 | 423111 |
| Passenger Airlines - 0.0% |  |  |
| Ryanair Holdings PLC  | 54378 | 1646327 |
| TOTAL INDUSTRIALS |  | 7657279 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Reply SpA  | 2409 | 337651 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.3% |  |  |
| Enel SpA  | 793520 | 8027058 |
| Terna - Rete Elettrica Nazionale  | 144579 | 1480843 |
|  |  | 9507901 |
| Gas Utilities - 0.0% |  |  |
| Italgas SpA  | 62308 | 652837 |
| Snam SpA  | 209005 | 1288385 |
|  |  | 1941222 |
| Multi-Utilities - 0.0% |  |  |
| A2A SpA  | 165435 | 481680 |
| Hera SpA  | 85929 | 385289 |
|  |  | 866969 |
| TOTAL UTILITIES |  | 12316092 |
| TOTAL ITALY |  | 70912810 |
| JAPAN - 16.4%  |  |  |
| Communication Services - 1.3% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Internet Initiative Japan Inc  | 13600 | 245464 |
| NTT Inc  | 3081200 | 3171337 |
|  |  | 3416801 |
| Entertainment - 0.4% |  |  |
| Capcom Co Ltd  | 35100 | 916570 |
| Konami Group Corp  | 10600 | 1770450 |
| Nexon Co Ltd  | 41600 | 850302 |
| Nintendo Co Ltd  | 120600 | 10285961 |
| Square Enix Holdings Co Ltd  | 27300 | 528958 |
| Toho Co Ltd/Tokyo  | 12900 | 758046 |
|  |  | 15110287 |
| Interactive Media & Services - 0.0% |  |  |
| Kakaku.com Inc  | 11900 | 212270 |
| LY Corp  | 257300 | 756081 |
|  |  | 968351 |
| Media - 0.0% |  |  |
| CyberAgent Inc  | 42800 | 426861 |
| Dentsu Group Inc  | 22600 | 446398 |
| Hakuhodo DY Holdings Inc  | 28100 | 203306 |
| Kadokawa Corp  | 12600 | 282317 |
|  |  | 1358882 |
| Wireless Telecommunication Services - 0.8% |  |  |
| KDDI Corp  | 288800 | 4603577 |
| SoftBank Corp  | 2951100 | 4193510 |
| SoftBank Group Corp  | 103100 | 18090821 |
|  |  | 26887908 |
| TOTAL COMMUNICATION SERVICES |  | 47742229 |
| Consumer Discretionary - 2.9% |  |  |
| Automobile Components - 0.4% |  |  |
| Aisin Corp  | 57400 | 1033394 |
| Bridgestone Corp  | 60400 | 2636770 |
| Denso Corp  | 201400 | 2824775 |
| JTEKT Corp  | 24400 | 245330 |
| Koito Manufacturing Co Ltd  | 22000 | 328837 |
| NHK Spring Co Ltd  | 19100 | 359295 |
| Nifco Inc/Japan  | 8800 | 255817 |
| Niterra Co Ltd  | 17000 | 699591 |
| Stanley Electric Co Ltd  | 12300 | 242233 |
| Sumitomo Electric Industries Ltd  | 82000 | 3006294 |
| Sumitomo Rubber Industries Ltd  | 18700 | 219507 |
| Toyo Tire Corp  | 12300 | 337210 |
| Yokohama Rubber Co Ltd/The  | 15000 | 537863 |
|  |  | 12726916 |
| Automobiles - 1.1% |  |  |
| Honda Motor Co Ltd  | 419500 | 4239991 |
| Isuzu Motors Ltd  | 57500 | 707044 |
| Mazda Motor Corp  | 63600 | 442406 |
| Mitsubishi Motors Corp  | 76400 | 186947 |
| Nissan Motor Co Ltd (b) | 243000 | 555433 |
| Subaru Corp  | 60200 | 1280642 |
| Suzuki Motor Corp  | 202700 | 3035699 |
| Toyota Motor Corp  | 1222000 | 24913082 |
| Yamaha Motor Co Ltd  | 104100 | 753173 |
|  |  | 36114417 |
| Broadline Retail - 0.1% |  |  |
| Isetan Mitsukoshi Holdings Ltd  | 37100 | 583667 |
| J Front Retailing Co Ltd  | 28200 | 424894 |
| Pan Pacific International Holdings Corp  | 276350 | 1643898 |
| Rakuten Group Inc (b) | 154700 | 1013365 |
| Ryohin Keikaku Co Ltd  | 58200 | 1196780 |
| Takashimaya Co Ltd  | 31900 | 342059 |
|  |  | 5204663 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Food & Life Cos Ltd  | 11800 | 575414 |
| McDonald's Holdings Co Japan Ltd  | 8900 | 348238 |
| Oriental Land Co Ltd/Japan  | 124500 | 2520537 |
| Skylark Holdings Co Ltd  | 23600 | 426947 |
| Zensho Holdings Co Ltd  | 9800 | 610791 |
|  |  | 4481927 |
| Household Durables - 0.7% |  |  |
| Casio Computer Co Ltd  | 22400 | 175802 |
| Haseko Corp  | 20700 | 334456 |
| Iida Group Holdings Co Ltd  | 17700 | 271398 |
| Nikon Corp  | 31200 | 364820 |
| Open House Group Co Ltd  | 6000 | 288846 |
| Panasonic Holdings Corp  | 253200 | 2941990 |
| Rinnai Corp  | 11500 | 261102 |
| Sekisui House Ltd  | 68000 | 1460956 |
| Sharp Corp/Japan (b) | 28100 | 156354 |
| Sony Group Corp  | 634500 | 17670564 |
| Sumitomo Forestry Co Ltd  | 63000 | 657144 |
|  |  | 24583432 |
| Leisure Products - 0.1% |  |  |
| Bandai Namco Holdings Inc  | 67400 | 2100154 |
| Sankyo Co Ltd  | 21000 | 364717 |
| Sega Sammy Holdings Inc  | 15300 | 283444 |
| Shimano Inc  | 8300 | 869557 |
| Yamaha Corp  | 46200 | 292261 |
|  |  | 3910133 |
| Specialty Retail - 0.3% |  |  |
| Fast Retailing Co Ltd  | 21700 | 7966504 |
| Nitori Holdings Co Ltd  | 45500 | 737200 |
| Sanrio Co Ltd  | 22100 | 1026343 |
| Shimamura Co Ltd  | 4800 | 309752 |
| USS Co Ltd  | 43000 | 474895 |
| Yamada Holdings Co Ltd  | 58700 | 176507 |
| ZOZO Inc  | 42800 | 370345 |
|  |  | 11061546 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Asics Corp  | 76033 | 1945352 |
| Goldwin Inc  | 13200 | 218415 |
|  |  | 2163767 |
| TOTAL CONSUMER DISCRETIONARY |  | 100246801 |
| Consumer Staples - 0.9% |  |  |
| Beverages - 0.1% |  |  |
| Asahi Group Holdings Ltd  | 155500 | 1675981 |
| Coca-Cola Bottlers Japan Holdings Inc  | 14800 | 236583 |
| Kirin Holdings Co Ltd  | 83000 | 1165748 |
| Sapporo Holdings Ltd  | 8100 | 388943 |
| Suntory Beverage & Food Ltd  | 13000 | 393265 |
|  |  | 3860520 |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Aeon Co Ltd (c) | 287200 | 4546262 |
| Cosmos Pharmaceutical Corp  | 4800 | 214880 |
| Kobe Bussan Co Ltd  | 15400 | 357445 |
| MatsukiyoCocokara & Co  | 39400 | 713935 |
| Seven & i Holdings Co Ltd  | 247300 | 3145608 |
| Sugi Holdings Co Ltd  | 11700 | 252661 |
| Sundrug Co Ltd  | 6700 | 180857 |
| Tsuruha Holdings Inc  | 18500 | 321358 |
| Welcia Holdings Co Ltd  | 10100 | 201463 |
|  |  | 9934469 |
| Food Products - 0.2% |  |  |
| Ajinomoto Co Inc  | 95500 | 2709892 |
| Calbee Inc  | 10400 | 193410 |
| Ezaki Glico Co Ltd  | 6000 | 191512 |
| Kagome Co Ltd  | 9100 | 157098 |
| Kewpie Corp  | 12100 | 335418 |
| Kikkoman Corp  | 99800 | 793945 |
| MEIJI Holdings Co Ltd  | 27200 | 522962 |
| NH Foods Ltd  | 10200 | 375939 |
| Nichirei Corp  | 27000 | 319214 |
| Nisshin Seifun Group Inc  | 25900 | 292680 |
| Nissin Foods Holdings Co Ltd  | 24300 | 438192 |
| Toyo Suisan Kaisha Ltd  | 10300 | 748222 |
| Yakult Honsha Co Ltd  | 29100 | 434961 |
| Yamazaki Baking Co Ltd  | 15400 | 301784 |
|  |  | 7815229 |
| Household Products - 0.0% |  |  |
| Lion Corp  | 30300 | 298753 |
| Unicharm Corp  | 134400 | 831551 |
|  |  | 1130304 |
| Personal Care Products - 0.1% |  |  |
| Kao Corp  | 48300 | 2044039 |
| Kobayashi Pharmaceutical Co Ltd  | 6000 | 199533 |
| Kose Corp  | 4000 | 153370 |
| Rohto Pharmaceutical Co Ltd  | 23300 | 361195 |
| Shiseido Co Ltd  | 40900 | 690027 |
|  |  | 3448164 |
| Tobacco - 0.1% |  |  |
| Japan Tobacco Inc  | 113600 | 3954734 |
| TOTAL CONSUMER STAPLES |  | 30143420 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Cosmo Energy Holdings Co Ltd  | 12900 | 294479 |
| ENEOS Holdings Inc  | 280400 | 1769990 |
| Idemitsu Kosan Co Ltd  | 87430 | 607886 |
| Inpex Corp  | 95100 | 1753157 |
| Iwatani Corp  | 21400 | 223081 |
|  |  | 4648593 |
| Financials - 2.4% |  |  |
| Banks - 1.5% |  |  |
| Aozora Bank Ltd  | 14200 | 203219 |
| Chiba Bank Ltd/The  | 74400 | 726813 |
| Fukuoka Financial Group Inc  | 19500 | 567500 |
| Gunma Bank Ltd/The  | 38700 | 402042 |
| Hachijuni Bank Ltd/The  | 48000 | 483862 |
| Iyogin Holdings Inc  | 29500 | 460752 |
| Japan Post Bank Co Ltd  | 184661 | 2070561 |
| Kyoto Financial Group Inc  | 30600 | 620300 |
| Kyushu Financial Group Inc  | 41600 | 238543 |
| Mebuki Financial Group Inc  | 100300 | 626037 |
| Mitsubishi UFJ Financial Group Inc  | 1245300 | 18810607 |
| Mizuho Financial Group Inc  | 259510 | 8692412 |
| Rakuten Bank Ltd (b) | 9100 | 501028 |
| Resona Holdings Inc  | 238400 | 2310365 |
| Shizuoka Financial Group Inc  | 49800 | 670528 |
| Sumitomo Mitsui Financial Group Inc  | 400900 | 10853890 |
| Sumitomo Mitsui Trust Group Inc  | 73800 | 2027033 |
| Yamaguchi Financial Group Inc  | 21100 | 241998 |
| Yokohama Financial Group Inc  | 117900 | 857608 |
|  |  | 51365098 |
| Capital Markets - 0.2% |  |  |
| Daiwa Securities Group Inc  | 143000 | 1103747 |
| Japan Exchange Group Inc  | 107000 | 1193175 |
| Nomura Holdings Inc  | 304100 | 2170089 |
| SBI Holdings Inc  | 28100 | 1260680 |
|  |  | 5727691 |
| Consumer Finance - 0.0% |  |  |
| Credit Saison Co Ltd  | 15200 | 371543 |
| Marui Group Co Ltd  | 19200 | 368277 |
|  |  | 739820 |
| Financial Services - 0.1% |  |  |
| GMO Payment Gateway Inc  | 5000 | 273409 |
| Mitsubishi HC Capital Inc  | 102400 | 801339 |
| ORIX Corp  | 120800 | 2955015 |
| Sony Financial Group Inc (b) | 628100 | 633358 |
| Tokyo Century Corp  | 19400 | 229361 |
| Zenkoku Hosho Co Ltd  | 9900 | 203576 |
|  |  | 5096058 |
| Insurance - 0.6% |  |  |
| Dai-ichi Life Holdings Inc  | 382200 | 2690851 |
| Japan Post Holdings Co Ltd  | 178500 | 1675428 |
| Japan Post Insurance Co Ltd  | 18200 | 471445 |
| Ms&Ad Insurance Group Holdings Inc  | 134400 | 2770584 |
| Sompo Holdings Inc  | 96500 | 2940883 |
| T&D Holdings Inc  | 52700 | 1135661 |
| Tokio Marine Holdings Inc  | 199600 | 7443722 |
|  |  | 19128574 |
| TOTAL FINANCIALS |  | 82057241 |
| Health Care - 0.9% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Asahi Intecc Co Ltd  | 25800 | 409659 |
| Hoya Corp  | 35400 | 5762177 |
| Nihon Kohden Corp  | 17900 | 207097 |
| Olympus Corp  | 117600 | 1449492 |
| Sysmex Corp  | 50000 | 557378 |
| Terumo Corp  | 152800 | 2466333 |
|  |  | 10852136 |
| Health Care Providers & Services - 0.0% |  |  |
| Alfresa Holdings Corp  | 18200 | 257039 |
| Medipal Holdings Corp  | 20400 | 332256 |
| Suzuken Co Ltd/Aichi Japan  | 6500 | 246950 |
|  |  | 836245 |
| Health Care Technology - 0.0% |  |  |
| M3 Inc  | 45330 | 635293 |
| Pharmaceuticals - 0.6% |  |  |
| Astellas Pharma Inc  | 187400 | 1961633 |
| Chugai Pharmaceutical Co Ltd  | 65900 | 3016094 |
| Daiichi Sankyo Co Ltd  | 195500 | 4670129 |
| Eisai Co Ltd  | 30400 | 902898 |
| Hisamitsu Pharmaceutical Co Inc  | 7100 | 184468 |
| Kyowa Kirin Co Ltd  | 25400 | 392595 |
| Nippon Shinyaku Co Ltd  | 6000 | 125404 |
| Ono Pharmaceutical Co Ltd  | 47700 | 582103 |
| Otsuka Holdings Co Ltd  | 53300 | 2896205 |
| Santen Pharmaceutical Co Ltd  | 35200 | 344668 |
| Shionogi & Co Ltd  | 83200 | 1392875 |
| Takeda Pharmaceutical Co Ltd  | 164277 | 4433428 |
| Tsumura & CO  | 6600 | 153105 |
|  |  | 21055605 |
| TOTAL HEALTH CARE |  | 33379279 |
| Industrials - 4.2% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| NIPPON EXPRESS HOLDINGS INC  | 25000 | 531601 |
| Sankyu Inc  | 5200 | 265517 |
| SG Holdings Co Ltd  | 47800 | 439353 |
| Yamato Holdings Co Ltd  | 29600 | 432543 |
|  |  | 1669014 |
| Building Products - 0.2% |  |  |
| Agc Inc  | 22100 | 691208 |
| Daikin Industries Ltd  | 30300 | 3520256 |
| Lixil Corp  | 29400 | 326221 |
| Sanwa Holdings Corp  | 22800 | 622854 |
| TOTO Ltd  | 16400 | 417475 |
|  |  | 5578014 |
| Commercial Services & Supplies - 0.1% |  |  |
| ALSOK Co Ltd  | 35900 | 245413 |
| Dai Nippon Printing Co Ltd  | 44500 | 744843 |
| Kokuyo Co Ltd  | 42200 | 242340 |
| Park24 Co Ltd  | 12900 | 150839 |
| Secom Co Ltd  | 42200 | 1427478 |
| TOPPAN Holdings Inc  | 27300 | 669613 |
|  |  | 3480526 |
| Construction & Engineering - 0.2% |  |  |
| COMSYS Holdings Corp  | 12000 | 303134 |
| EXEO Group Inc  | 20500 | 295708 |
| JGC Holdings Corp  | 23800 | 241304 |
| Kajima Corp  | 46600 | 1504650 |
| Kinden Corp  | 12100 | 485068 |
| Obayashi Corp  | 69700 | 1181341 |
| Shimizu Corp  | 57200 | 769607 |
| Taisei Corp  | 17200 | 1253923 |
|  |  | 6034735 |
| Electrical Equipment - 0.4% |  |  |
| Fuji Electric Co Ltd  | 15300 | 1098034 |
| Fujikura Ltd  | 28400 | 3901291 |
| Mabuchi Motor Co Ltd  | 11000 | 194647 |
| Mitsubishi Electric Corp  | 218000 | 6106716 |
| NIDEC CORP  | 108700 | 1328156 |
|  |  | 12628844 |
| Ground Transportation - 0.3% |  |  |
| Central Japan Railway Co  | 100000 | 2443709 |
| East Japan Railway Co  | 117400 | 2861297 |
| Hankyu Hanshin Holdings Inc  | 25200 | 676317 |
| Keikyu Corp  | 25200 | 234978 |
| Keio Corp  | 11900 | 282385 |
| Keisei Electric Railway Co Ltd  | 49400 | 393636 |
| Kintetsu Group Holdings Co Ltd  | 19100 | 362083 |
| Kyushu Railway Co  | 16000 | 405632 |
| Nagoya Railroad Co Ltd  | 19300 | 210959 |
| Nankai Electric Railway Co Ltd  | 11200 | 202365 |
| Odakyu Electric Railway Co Ltd  | 34900 | 369132 |
| Seibu Holdings Inc  | 27400 | 963827 |
| Seino Holdings Co Ltd  | 12000 | 169593 |
| Tobu Railway Co Ltd  | 20000 | 322302 |
| Tokyo Metro Co Ltd (c) | 27300 | 286888 |
| Tokyu Corp  | 57700 | 642484 |
| West Japan Railway Co  | 48500 | 994799 |
|  |  | 11822386 |
| Industrial Conglomerates - 0.5% |  |  |
| Hikari Tsushin Inc  | 2400 | 635390 |
| Hitachi Ltd  | 472800 | 16315297 |
| Keihan Holdings Co Ltd  | 10300 | 208593 |
| Sekisui Chemical Co Ltd  | 42400 | 735968 |
|  |  | 17895248 |
| Machinery - 1.0% |  |  |
| Amada Co Ltd  | 33600 | 401822 |
| Daifuku Co Ltd  | 38900 | 1243911 |
| DMG Mori Co Ltd  | 13400 | 208682 |
| Ebara Corp  | 43900 | 1176763 |
| FANUC Corp  | 95300 | 3180299 |
| Fujitec Co Ltd  | 7500 | 275696 |
| Hitachi Construction Machinery Co Ltd  | 11100 | 362365 |
| Hoshizaki Corp  | 11400 | 401674 |
| IHI Corp  | 111800 | 2332341 |
| Japan Steel Works Ltd/The  | 7600 | 500058 |
| Kawasaki Heavy Industries Ltd  | 17200 | 1383947 |
| Komatsu Ltd  | 98200 | 3284886 |
| Kubota Corp  | 105600 | 1370792 |
| Kurita Water Industries Ltd  | 11000 | 418130 |
| Makita Corp  | 28800 | 873849 |
| MINEBEA MITSUMI Inc  | 41700 | 826911 |
| MISUMI Group Inc  | 29300 | 458579 |
| Mitsubishi Heavy Industries Ltd  | 348100 | 10509029 |
| Miura Co Ltd  | 11700 | 227114 |
| Nabtesco Corp  | 12100 | 304011 |
| NGK Insulators Ltd  | 25700 | 434587 |
| NSK Ltd  | 45400 | 229607 |
| SMC Corp  | 6100 | 2088167 |
| Sumitomo Heavy Industries Ltd  | 12400 | 332389 |
| THK Co Ltd  | 12800 | 342031 |
| Toyota Industries Corp  | 21500 | 2347268 |
| Yaskawa Electric Corp  | 27300 | 751986 |
|  |  | 36266894 |
| Marine Transportation - 0.1% |  |  |
| Kawasaki Kisen Kaisha Ltd  | 65600 | 942008 |
| Mitsui OSK Lines Ltd  | 37900 | 1127089 |
| Nippon Yusen KK  | 45200 | 1563566 |
|  |  | 3632663 |
| Passenger Airlines - 0.0% |  |  |
| ANA Holdings Inc  | 16400 | 307440 |
| Japan Airlines Co Ltd  | 14700 | 264983 |
|  |  | 572423 |
| Professional Services - 0.3% |  |  |
| BayCurrent Inc  | 13600 | 623477 |
| Persol Holdings Co Ltd  | 185300 | 307691 |
| Recruit Holdings Co Ltd  | 161400 | 8003499 |
| TechnoPro Holdings Inc  | 2000 | 62799 |
|  |  | 8997466 |
| Trading Companies & Distributors - 1.1% |  |  |
| ITOCHU Corp  | 145800 | 8449418 |
| Marubeni Corp  | 171700 | 4233729 |
| Mitsubishi Corp  | 415400 | 9974857 |
| Mitsui & Co Ltd  | 300200 | 7406141 |
| MonotaRO Co Ltd  | 25200 | 351593 |
| Nagase & Co Ltd  | 10500 | 229677 |
| Sojitz Corp  | 21800 | 579410 |
| Sumitomo Corp  | 125300 | 3647367 |
| Toyota Tsusho Corp  | 73800 | 2258871 |
|  |  | 37131063 |
| Transportation Infrastructure - 0.0% |  |  |
| Japan Airport Terminal Co Ltd  | 9700 | 301870 |
| Kamigumi Co Ltd  | 9000 | 270216 |
| Mitsubishi Logistics Corp  | 33900 | 246149 |
|  |  | 818235 |
| TOTAL INDUSTRIALS |  | 146527511 |
| Information Technology - 2.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.7% |  |  |
| Alps Alpine Co Ltd  | 16700 | 210877 |
| Azbil Corp  | 48500 | 479146 |
| Dexerials Corp  | 18100 | 293387 |
| Hamamatsu Photonics KK  | 29800 | 334624 |
| Hirose Electric Co Ltd  | 3100 | 416391 |
| Horiba Ltd  | 4400 | 410136 |
| Ibiden Co Ltd  | 14700 | 1394072 |
| Jeol Ltd  | 5100 | 172151 |
| Keyence Corp  | 20600 | 7668691 |
| Kyocera Corp  | 145400 | 1934138 |
| Murata Manufacturing Co Ltd  | 190700 | 4111667 |
| Omron Corp  | 19900 | 556544 |
| Shimadzu Corp  | 27400 | 737850 |
| Taiyo Yuden Co Ltd  | 13000 | 371248 |
| TDK Corp  | 200880 | 3509819 |
| Topcon Corp (b) | 1500 | 31954 |
| Yokogawa Electric Corp  | 24600 | 737952 |
|  |  | 23370647 |
| IT Services - 0.4% |  |  |
| BIPROGY Inc  | 8000 | 323716 |
| Fujitsu Ltd  | 179500 | 4677852 |
| NEC Corp  | 140800 | 5132791 |
| Nomura Research Institute Ltd  | 45000 | 1737589 |
| Obic Co Ltd  | 33800 | 1049903 |
| Otsuka Corp  | 23200 | 459153 |
| SCSK Corp  | 14800 | 544616 |
| TIS Inc  | 20900 | 720807 |
|  |  | 14646427 |
| Semiconductors & Semiconductor Equipment - 0.9% |  |  |
| Advantest Corp  | 79100 | 11844895 |
| Disco Corp  | 9700 | 3221207 |
| Lasertec Corp  | 8200 | 1664866 |
| Renesas Electronics Corp  | 193300 | 2387173 |
| Rohm Co Ltd  | 35200 | 565767 |
| SCREEN Holdings Co Ltd  | 9700 | 924304 |
| Socionext Inc  | 18900 | 428135 |
| SUMCO Corp  | 37200 | 380786 |
| Tokyo Electron Ltd  | 48700 | 10736905 |
| Tokyo Seimitsu Co Ltd  | 4200 | 290520 |
| Ulvac Inc  | 4800 | 218773 |
|  |  | 32663331 |
| Software - 0.0% |  |  |
| Oracle Corp Japan  | 3500 | 323178 |
| Trend Micro Inc/Japan  | 13100 | 670089 |
|  |  | 993267 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Brother Industries Ltd  | 26500 | 452156 |
| Canon Inc  | 93600 | 2692420 |
| FUJIFILM Holdings Corp  | 128300 | 2973570 |
| Konica Minolta Inc  | 51000 | 175526 |
| Ricoh Co Ltd  | 60100 | 516335 |
| Seiko Epson Corp  | 33200 | 421490 |
|  |  | 7231497 |
| TOTAL INFORMATION TECHNOLOGY |  | 78905169 |
| Materials - 0.7% |  |  |
| Chemicals - 0.5% |  |  |
| ADEKA Corp  | 10300 | 233790 |
| Air Water Inc (Osaka)  | 23900 | 334206 |
| Asahi Kasei Corp  | 141500 | 1085742 |
| Daicel Corp  | 25200 | 217236 |
| DIC Corp  | 8400 | 197968 |
| Kaneka Corp  | 6500 | 179593 |
| Kansai Paint Co Ltd  | 15600 | 250434 |
| Kuraray Co Ltd  | 33600 | 364649 |
| Mitsubishi Chemical Group Corp  | 146400 | 765771 |
| Mitsubishi Gas Chemical Co Inc  | 20800 | 385605 |
| Mitsui Chemicals Inc  | 19200 | 454366 |
| Nippon Paint Holdings Co Ltd  | 111700 | 712123 |
| Nippon Sanso Holdings Corp  | 22400 | 745359 |
| Nissan Chemical Corp  | 14000 | 473934 |
| Nitto Denko Corp  | 73100 | 1828093 |
| NOF Corp  | 24300 | 433146 |
| Resonac Holdings Corp  | 19400 | 760214 |
| Shin-Etsu Chemical Co Ltd  | 204800 | 6156072 |
| Sumitomo Chemical Co Ltd  | 172600 | 508023 |
| Teijin Ltd  | 19000 | 166378 |
| Tokyo Ohka Kogyo Co Ltd  | 12100 | 443847 |
| Toray Industries Inc  | 167100 | 1025847 |
| Tosoh Corp  | 33000 | 471092 |
| Zeon Corp  | 20900 | 214750 |
|  |  | 18408238 |
| Construction Materials - 0.0% |  |  |
| Taiheiyo Cement Corp  | 12000 | 326338 |
| Containers & Packaging - 0.0% |  |  |
| Toyo Seikan Group Holdings Ltd  | 12400 | 278479 |
| Metals & Mining - 0.2% |  |  |
| Dowa Holdings Co Ltd  | 6100 | 221659 |
| JFE Holdings Inc  | 66100 | 758535 |
| JX Advanced Metals Corp  | 55000 | 733048 |
| Kobe Steel Ltd  | 40300 | 475018 |
| Maruichi Steel Tube Ltd  | 21500 | 181991 |
| Mitsubishi Materials Corp  | 13900 | 267880 |
| Nippon Steel Corp  | 553800 | 2282781 |
| Sumitomo Metal Mining Co Ltd  | 28600 | 935576 |
| Yamato Kogyo Co Ltd  | 4400 | 277859 |
|  |  | 6134347 |
| Paper & Forest Products - 0.0% |  |  |
| Oji Holdings Corp  | 88100 | 444988 |
| TOTAL MATERIALS |  | 25592390 |
| Real Estate - 0.6% |  |  |
| Diversified REITs - 0.1% |  |  |
| Activia Properties Inc  | 209 | 191220 |
| Daiwa House REIT Investment Corp  | 472 | 406733 |
| KDX Realty Investment Corp  | 412 | 455550 |
| Nomura Real Estate Master Fund Inc  | 441 | 470446 |
| Sekisui House Reit Inc  | 428 | 220235 |
| United Urban Investment Corp  | 316 | 382415 |
|  |  | 2126599 |
| Hotel & Resort REITs - 0.0% |  |  |
| Invincible Investment Corp  | 795 | 355431 |
| Japan Hotel REIT Investment Corp  | 531 | 309414 |
|  |  | 664845 |
| Industrial REITs - 0.0% |  |  |
| GLP J-REIT  | 491 | 445089 |
| Industrial & Infrastructure Fund Investment Corp  | 275 | 255532 |
| Japan Logistics Fund Inc  | 270 | 175024 |
| LaSalle Logiport REIT  | 177 | 171246 |
| Mitsui Fudosan Logistics Park Inc  | 334 | 242086 |
|  |  | 1288977 |
| Office REITs - 0.1% |  |  |
| Japan Prime Realty Investment Corp  | 428 | 291054 |
| Japan Real Estate Investment Corp  | 750 | 618552 |
| Nippon Building Fund Inc  | 907 | 836905 |
| Orix JREIT Inc  | 566 | 383063 |
|  |  | 2129574 |
| Real Estate Management & Development - 0.4% |  |  |
| Daito Trust Construction Co Ltd  | 31000 | 579578 |
| Daiwa House Industry Co Ltd  | 62900 | 2135849 |
| Hulic Co Ltd  | 69500 | 717053 |
| Mitsubishi Estate Co Ltd  | 129500 | 2742768 |
| Mitsui Fudosan Co Ltd  | 287700 | 2989758 |
| Nomura Real Estate Holdings Inc  | 55700 | 317697 |
| Sumitomo Realty & Development Co Ltd  | 49300 | 2105271 |
| Tokyo Tatemono Co Ltd  | 21400 | 399575 |
| Tokyu Fudosan Holdings Corp  | 60100 | 483187 |
|  |  | 12470736 |
| Residential REITs - 0.0% |  |  |
| Advance Residence Investment Corp  | 307 | 332280 |
| Mitsui Fudosan Accommodations Fund Inc  | 251 | 211405 |
|  |  | 543685 |
| Retail REITs - 0.0% |  |  |
| Japan Metropolitan Fund Invest  | 731 | 564935 |
| TOTAL REAL ESTATE |  | 19789351 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.1% |  |  |
| Chubu Electric Power Co Inc  | 77800 | 1082869 |
| Chugoku Electric Power Co Inc/The  | 32400 | 180491 |
| Kansai Electric Power Co Inc/The  | 106500 | 1663739 |
| Kyushu Electric Power Co Inc  | 49400 | 485634 |
| Tohoku Electric Power Co Inc  | 53500 | 366595 |
| Tokyo Electric Power Co Holdings Inc (b) | 77600 | 388780 |
|  |  | 4168108 |
| Gas Utilities - 0.1% |  |  |
| Osaka Gas Co Ltd  | 41200 | 1296072 |
| Toho Gas Co Ltd  | 9000 | 268580 |
| Tokyo Gas Co Ltd  | 33200 | 1163756 |
|  |  | 2728408 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Electric Power Development Co Ltd  | 17300 | 328971 |
| TOTAL UTILITIES |  | 7225487 |
| TOTAL JAPAN |  | 576257471 |
| KOREA (SOUTH) - 4.0%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| LG Uplus Corp  | 21448 | 228697 |
| Entertainment - 0.1% |  |  |
| HYBE Co Ltd  | 2179 | 519877 |
| JYP Entertainment Corp  | 2717 | 153790 |
| Krafton Inc (b) | 3015 | 582217 |
| NCSoft Corp  | 1541 | 237739 |
| Netmarble Corp (d)(e) | 2693 | 101935 |
| Pearl Abyss Corp (b) | 3212 | 77756 |
| SM Entertainment Co Ltd  | 1253 | 104763 |
|  |  | 1778077 |
| Interactive Media & Services - 0.1% |  |  |
| Kakao Corp  | 31308 | 1426018 |
| NAVER Corp  | 14767 | 2763790 |
|  |  | 4189808 |
| Media - 0.0% |  |  |
| Cheil Worldwide Inc  | 8035 | 114403 |
| TOTAL COMMUNICATION SERVICES |  | 6310985 |
| Consumer Discretionary - 0.3% |  |  |
| Automobile Components - 0.1% |  |  |
| Hankook Tire & Technology Co Ltd  | 7639 | 247728 |
| HL Mando Co Ltd  | 3276 | 88360 |
| Hyundai Mobis Co Ltd  | 6122 | 1353534 |
|  |  | 1689622 |
| Automobiles - 0.2% |  |  |
| Hyundai Motor Co  | 13693 | 2778340 |
| Kia Corp  | 25638 | 2150761 |
|  |  | 4929101 |
| Broadline Retail - 0.0% |  |  |
| Shinsegae Inc  | 645 | 78387 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Delivery Hero SE (b)(d)(e) | 22231 | 564663 |
| Hanjin Kal Corp  | 2789 | 204307 |
| Kangwon Land Inc  | 12302 | 145290 |
|  |  | 914260 |
| Household Durables - 0.0% |  |  |
| Coway Co Ltd  | 5624 | 350993 |
| LG Electronics Inc  | 10633 | 651702 |
|  |  | 1002695 |
| Specialty Retail - 0.0% |  |  |
| Hotel Shilla Co Ltd (b) | 3157 | 107570 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Misto Holdings Corp  | 3726 | 95936 |
| Youngone Corp  | 2042 | 82579 |
|  |  | 178515 |
| TOTAL CONSUMER DISCRETIONARY |  | 8900150 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| E-MART Inc  | 1862 | 94060 |
| Food Products - 0.0% |  |  |
| CJ CheilJedang Corp  | 824 | 132312 |
| NongShim Co Ltd  | 295 | 89990 |
| Orion Corp/Republic of Korea  | 2149 | 149305 |
| Samyang Foods Co Ltd  | 426 | 401780 |
|  |  | 773387 |
| Personal Care Products - 0.0% |  |  |
| Amorepacific Corp  | 2431 | 205636 |
| Cosmax Inc  | 842 | 120474 |
| LG H&H Co Ltd  | 789 | 157054 |
|  |  | 483164 |
| Tobacco - 0.1% |  |  |
| KT&G Corp  | 10369 | 973595 |
| TOTAL CONSUMER STAPLES |  | 2324206 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| HD Hyundai Co Ltd  | 4711 | 675703 |
| S-Oil Corp (b) | 4100 | 205966 |
| SK Innovation Co Ltd  | 6657 | 600372 |
|  |  | 1482041 |
| Financials - 0.4% |  |  |
| Banks - 0.3% |  |  |
| BNK Financial Group Inc  | 29427 | 284334 |
| Hana Financial Group Inc  | 29742 | 1779201 |
| iM Financial Group Co Ltd  | 14338 | 132719 |
| Industrial Bank of Korea  | 27191 | 367744 |
| JB Financial Group Co Ltd  | 11629 | 182662 |
| KakaoBank Corp  | 35344 | 572474 |
| KB Financial Group Inc  | 36859 | 2999438 |
| Shinhan Financial Group Co Ltd  | 48044 | 2459875 |
| Woori Financial Group Inc  | 70020 | 1244356 |
|  |  | 10022803 |
| Capital Markets - 0.0% |  |  |
| KIWOOM Securities Co Ltd  | 1407 | 292374 |
| Korea Investment Holdings Co Ltd  | 4303 | 548842 |
| Mirae Asset Securities Co Ltd  | 20573 | 378566 |
| NH Investment & Securities Co Ltd  | 13731 | 195504 |
| Samsung Securities Co Ltd  | 6319 | 341756 |
|  |  | 1757042 |
| Consumer Finance - 0.0% |  |  |
| Samsung Card Co Ltd  | 3125 | 108338 |
| Financial Services - 0.0% |  |  |
| Meritz Financial Group Inc  | 8052 | 622522 |
| Insurance - 0.1% |  |  |
| DB Insurance Co Ltd  | 4533 | 402155 |
| Hyundai Marine & Fire Insurance Co Ltd (b) | 5916 | 113000 |
| Samsung Fire & Marine Insurance Co Ltd  | 3396 | 1049028 |
| Samsung Life Insurance Co Ltd  | 10875 | 1174044 |
|  |  | 2738227 |
| TOTAL FINANCIALS |  | 15248932 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.1% |  |  |
| Alteogen Inc (b) | 4390 | 1500437 |
| Celltrion Inc  | 16441 | 2019954 |
| Hugel Inc (b) | 555 | 101738 |
| PharmaResearch Co Ltd  | 628 | 237709 |
| SK Bioscience Co Ltd (b) | 2522 | 89463 |
|  |  | 3949301 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| HLB Inc (b) | 12387 | 421203 |
| Health Care Providers & Services - 0.0% |  |  |
| Hanmi Science Co ltd  | 2552 | 70350 |
| Life Sciences Tools & Services - 0.1% |  |  |
| LigaChem Biosciences Inc (b) | 2560 | 262222 |
| Peptron Inc (b) | 2176 | 411827 |
| Samsung Biologics Co Ltd (b)(d)(e)(f) | 1930 | 1648777 |
|  |  | 2322826 |
| Pharmaceuticals - 0.0% |  |  |
| Celltrion Pharm Inc  | 1935 | 86375 |
| Hanall Biopharma Co Ltd (b) | 3340 | 96747 |
| Hanmi Pharm Co Ltd  | 634 | 188524 |
| Sam Chun Dang Pharm Co Ltd  | 1517 | 248365 |
| SK Biopharmaceuticals Co Ltd (b) | 3136 | 253423 |
| Yuhan Corp  | 6160 | 508571 |
|  |  | 1382005 |
| TOTAL HEALTH CARE |  | 8145685 |
| Industrials - 0.8% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Hanwha Aerospace Co Ltd  | 3417 | 2340542 |
| Hanwha Systems Co Ltd  | 7306 | 306193 |
| Korea Aerospace Industries Ltd  | 7371 | 533256 |
| LIG Nex1 Co Ltd  | 1375 | 499297 |
|  |  | 3679288 |
| Air Freight & Logistics - 0.0% |  |  |
| Cj Logistics Corp  | 1062 | 61226 |
| Hyundai Glovis Co Ltd  | 4523 | 597472 |
|  |  | 658698 |
| Commercial Services & Supplies - 0.0% |  |  |
| S-1 Corp  | 1640 | 86059 |
| Construction & Engineering - 0.0% |  |  |
| DL E&C Co Ltd  | 2643 | 78961 |
| GS Engineering & Construction Corp  | 6658 | 87065 |
| Hyundai Engineering & Construction Co Ltd  | 7205 | 354387 |
| KEPCO Engineering & Construction Co Inc  | 1833 | 131070 |
| Samsung E&A Co Ltd  | 16538 | 300268 |
|  |  | 951751 |
| Electrical Equipment - 0.4% |  |  |
| Doosan Enerbility Co Ltd (b) | 46356 | 2876858 |
| Ecopro BM Co Ltd (b) | 5497 | 615367 |
| Ecopro Co Ltd  | 11011 | 677951 |
| HD Hyundai Electric Co Ltd  | 2332 | 1419504 |
| Hyosung Heavy Industries Corp  | 533 | 796185 |
| L&F Co Ltd (b) | 2708 | 231341 |
| LG Energy Solution Ltd (b) | 4327 | 1431979 |
| LS Corp  | 1722 | 251807 |
| LS Electric Co Ltd  | 1610 | 490009 |
| POSCO Future M Co Ltd (b) | 3635 | 550619 |
| Shinsung Delta Tech Co Ltd  | 1541 | 59084 |
| Taihan Cable & Solution Co Ltd (b) | 10436 | 176701 |
|  |  | 9577405 |
| Industrial Conglomerates - 0.1% |  |  |
| CJ Corp  | 1343 | 160398 |
| Doosan Co Ltd  | 738 | 490017 |
| GS Holdings Corp  | 4370 | 146608 |
| Hanwha Corp  | 2864 | 191567 |
| LG Corp  | 9485 | 532895 |
| Samsung C&T Corp  | 9058 | 1432285 |
| SK Inc  | 3812 | 662778 |
| SK Square Co Ltd (b) | 9222 | 1677595 |
|  |  | 5294143 |
| Machinery - 0.2% |  |  |
| Doosan Bobcat Inc  | 5089 | 214703 |
| Hanwha Ocean Co Ltd (b) | 13474 | 1297190 |
| HD Hyundai Heavy Industries Co Ltd  | 2366 | 993241 |
| HD Hyundai Infracore Co Ltd  | 12929 | 137860 |
| HD HYUNDAI MIPO  | 2413 | 407721 |
| HD Korea Shipbuilding & Offshore Engineering Co Ltd  | 4716 | 1564016 |
| Hyundai Elevator Co Ltd  | 2099 | 111172 |
| Hyundai Rotem Co Ltd  | 7376 | 1189544 |
| Rainbow Robotics (b) | 704 | 215004 |
| Samsung Heavy Industries Co Ltd (b) | 74164 | 1533344 |
|  |  | 7663795 |
| Marine Transportation - 0.0% |  |  |
| HMM Co Ltd  | 36233 | 520961 |
| Passenger Airlines - 0.0% |  |  |
| Korean Air Lines Co Ltd  | 18679 | 289478 |
| Trading Companies & Distributors - 0.0% |  |  |
| Posco International Corp  | 4558 | 175398 |
| TOTAL INDUSTRIALS |  | 28896976 |
| Information Technology - 1.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Daejoo Electronic Materials Co Ltd  | 1090 | 57654 |
| Hanwha Vision Co Ltd (b) | 3318 | 117003 |
| IsuPetasys Co Ltd  | 5348 | 426191 |
| LG Display Co Ltd (b) | 32509 | 331312 |
| LG Innotek Co Ltd  | 1454 | 245172 |
| Samsung Electro-Mechanics Co Ltd  | 5806 | 995249 |
| Samsung SDI Co Ltd  | 6276 | 1413929 |
|  |  | 3586510 |
| IT Services - 0.0% |  |  |
| Posco DX Co Ltd  | 5068 | 93257 |
| Samsung SDS Co Ltd  | 4064 | 520348 |
|  |  | 613605 |
| Semiconductors & Semiconductor Equipment - 0.6% |  |  |
| DB HiTek Co Ltd  | 3073 | 126424 |
| Eo Technics Co Ltd  | 849 | 140187 |
| Hanmi Semiconductor Co Ltd  | 4439 | 446304 |
| HPSP Co Ltd  | 4378 | 105983 |
| LEENO Industrial Inc  | 4244 | 171333 |
| SK Hynix Inc  | 56366 | 22045390 |
|  |  | 23035621 |
| Software - 0.0% |  |  |
| Douzone Bizon Co Ltd  | 1823 | 113646 |
| Technology Hardware, Storage & Peripherals - 1.2% |  |  |
| Samsung Electronics Co Ltd  | 511691 | 38486198 |
| TOTAL INFORMATION TECHNOLOGY |  | 65835580 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Dongjin Semichem Co Ltd  | 3482 | 104270 |
| Enchem Co Ltd (b) | 1641 | 98855 |
| Hansol Chemical Co Ltd  | 920 | 149658 |
| Hanwha Solutions Corp  | 10631 | 227606 |
| KCC Corp  | 422 | 129766 |
| Kumho Petrochemical Co Ltd  | 1504 | 122066 |
| LG Chem Ltd  | 4369 | 1215089 |
| Lotte Chemical Corp  | 1903 | 94134 |
| OCI Holdings Co Ltd  | 1364 | 108986 |
| SKC Co Ltd (b) | 1967 | 175745 |
|  |  | 2426175 |
| Metals & Mining - 0.1% |  |  |
| Hyundai Steel Co  | 8233 | 190091 |
| Korea Zinc Co Ltd  | 1186 | 857183 |
| POSCO Holdings Inc  | 7825 | 1696524 |
|  |  | 2743798 |
| TOTAL MATERIALS |  | 5169973 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Korea Electric Power Corp  | 26885 | 802237 |
| TOTAL KOREA (SOUTH) |  | 143116765 |
| KUWAIT - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Mobile Telecommunications Co KSCP  | 252254 | 436665 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Al Ahli Bank of Kuwait KSCP  | 167524 | 156738 |
| Boubyan Bank KSCP  | 181460 | 423555 |
| Gulf Bank KSCP  | 248660 | 284530 |
| Kuwait Finance House KSCP  | 1257995 | 3293138 |
| National Bank of Kuwait SAKP  | 903463 | 3092538 |
|  |  | 7250499 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| Agility Global PLC  | 503177 | 149325 |
| Agility Public Warehousing Co KSC  | 158621 | 78082 |
|  |  | 227407 |
| Industrial Conglomerates - 0.0% |  |  |
| National Industries Group Holding SAK  | 242267 | 229828 |
| TOTAL INDUSTRIALS |  | 457235 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Mabanee Co KPSC  | 66546 | 218457 |
| TOTAL KUWAIT |  | 8362856 |
| LUXEMBOURG - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| SES SA Series A depository receipt  | 35261 | 270077 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Eurofins Scientific SE  | 11984 | 844549 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| APERAM SA  | 4216 | 147050 |
| ArcelorMittal SA  | 44109 | 1685929 |
|  |  | 1832979 |
| TOTAL LUXEMBOURG |  | 2947605 |
| MACAU - 0.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Galaxy Entertainment Group Ltd  | 213000 | 1061361 |
| Sands China Ltd  | 224000 | 583454 |
| TOTAL MACAU |  | 1644815 |
| MALAYSIA - 0.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telekom Malaysia Bhd  | 246321 | 429356 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Axiata Group Berhad  | 416660 | 249717 |
| CELCOMDIGI BHD  | 348500 | 299571 |
| Maxis Bhd  | 249800 | 226657 |
|  |  | 775945 |
| TOTAL COMMUNICATION SERVICES |  | 1205301 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Genting Bhd  | 224400 | 181106 |
| Genting Malaysia Bhd  | 299000 | 166349 |
|  |  | 347455 |
| Specialty Retail - 0.0% |  |  |
| MR DIY Group M Bhd (d)(e) | 515600 | 196982 |
| TOTAL CONSUMER DISCRETIONARY |  | 544437 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| IOI Corp Bhd  | 334900 | 321466 |
| Kuala Lumpur Kepong Bhd  | 58303 | 285390 |
| Nestle Malaysia Bhd  | 6400 | 172684 |
| PPB Group Bhd  | 71340 | 189763 |
| QL Resources Bhd  | 171200 | 169646 |
| SD Guthrie Bhd  | 388116 | 489315 |
| United Plantations BHD  | 32900 | 194823 |
|  |  | 1823087 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Dialog Group Bhd  | 493100 | 230773 |
| Yinson Holdings BHD  | 283500 | 160433 |
|  |  | 391206 |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Petronas Dagangan Bhd  | 35200 | 190625 |
| TOTAL ENERGY |  | 581831 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| AMMB Holdings Bhd  | 292500 | 398102 |
| CIMB Group Holdings Bhd  | 870043 | 1516551 |
| Hong Leong Bank Bhd  | 80700 | 396178 |
| Malayan Banking Bhd  | 787998 | 1857101 |
| Public Bank Bhd  | 1568700 | 1580686 |
| RHB Bank Bhd  | 202996 | 328147 |
|  |  | 6076765 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| IHH Healthcare Bhd  | 322700 | 635691 |
| Kpj Healthcare Bhd  | 254900 | 172855 |
|  |  | 808546 |
| Industrials - 0.1% |  |  |
| Construction & Engineering - 0.1% |  |  |
| Gamuda Bhd  | 593075 | 713730 |
| IJM Corp Bhd  | 308200 | 182506 |
|  |  | 896236 |
| Industrial Conglomerates - 0.0% |  |  |
| Sime Darby Bhd  | 362600 | 177490 |
| Sunway Bhd  | 277100 | 357954 |
|  |  | 535444 |
| Marine Transportation - 0.0% |  |  |
| MISC Bhd  | 136700 | 254272 |
| Transportation Infrastructure - 0.0% |  |  |
| Westports Holdings Bhd  | 116562 | 143337 |
| TOTAL INDUSTRIALS |  | 1829289 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Inari Amertron Bhd  | 339400 | 212328 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Petronas Chemicals Group Bhd  | 290900 | 270895 |
| Metals & Mining - 0.0% |  |  |
| Press Metal Aluminium Holdings Bhd  | 376700 | 569368 |
| TOTAL MATERIALS |  | 840263 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Tenaga Nasional Bhd  | 296600 | 940509 |
| Gas Utilities - 0.0% |  |  |
| Petronas Gas Bhd  | 96500 | 426277 |
| Multi-Utilities - 0.0% |  |  |
| YTL Corp Bhd  | 548600 | 340583 |
| YTL Corp Bhd warrants 6/2/2028 (b) | 70340 | 19766 |
| YTL Power International Bhd  | 289600 | 275908 |
| YTL Power International Bhd warrants 6/2/2028 (b) | 50500 | 19834 |
|  |  | 656091 |
| TOTAL UTILITIES |  | 2022877 |
| TOTAL MALAYSIA |  | 15944724 |
| MEXICO - 0.6%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| America Movil SAB de CV Series B  | 1862200 | 2123961 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Arca Continental SAB de CV  | 50000 | 484269 |
| Coca-Cola Femsa SAB de CV unit  | 53820 | 463040 |
| Fomento Economico Mexicano SAB de CV unit  | 175400 | 1654634 |
|  |  | 2601943 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Wal-Mart de Mexico SAB de CV Series V  | 501600 | 1658276 |
| Food Products - 0.0% |  |  |
| Alfa SAB de CV Series A  | 383509 | 289203 |
| Gruma SAB de CV Series B  | 15370 | 260840 |
| Grupo Bimbo SAB de CV  | 139500 | 482057 |
|  |  | 1032100 |
| Household Products - 0.0% |  |  |
| Kimberly Clark DE Mexico Sab D Series A  | 154200 | 298465 |
| TOTAL CONSUMER STAPLES |  | 5590784 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Banco del Bajio SA (d)(e) | 71900 | 184099 |
| Grupo Financiero Banorte SAB de CV  | 250200 | 2354736 |
| Grupo Financiero Inbursa SAB de CV Series O  | 182100 | 442251 |
|  |  | 2981086 |
| Insurance - 0.0% |  |  |
| Qualitas Controladora SAB de CV  | 19900 | 180453 |
| TOTAL FINANCIALS |  | 3161539 |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Grupo Carso SAB de CV Series A1  | 54100 | 386651 |
| Transportation Infrastructure - 0.1% |  |  |
| Grupo Aeroportuario del Centro Norte SAB de CV Series B  | 28100 | 346272 |
| Grupo Aeroportuario del Pacifico SAB de CV Series B  | 41920 | 873825 |
| Grupo Aeroportuario del Sureste SAB de CV Series B  | 17700 | 535416 |
| Promotora y Operadora de Infraestructura SAB de CV  | 18545 | 240176 |
|  |  | 1995689 |
| TOTAL INDUSTRIALS |  | 2382340 |
| Materials - 0.1% |  |  |
| Construction Materials - 0.0% |  |  |
| Cemex SAB de CV unit  | 1552980 | 1578182 |
| Metals & Mining - 0.1% |  |  |
| Grupo Mexico SAB de CV Series B  | 321500 | 2779521 |
| Industrias Penoles SAB de CV (b) | 19020 | 787367 |
|  |  | 3566888 |
| TOTAL MATERIALS |  | 5145070 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Fibra Uno Administracion SA de CV (c) | 278100 | 403562 |
| Industrial REITs - 0.0% |  |  |
| Prologis Property Mexico SA de CV  | 106373 | 424782 |
| Real Estate Management & Development - 0.0% |  |  |
| Corp Inmobiliaria Vesta SAB de CV  | 93200 | 282934 |
| TOTAL REAL ESTATE |  | 1111278 |
| TOTAL MEXICO |  | 19514972 |
| NETHERLANDS - 2.5%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Koninklijke KPN NV  | 402757 | 1863743 |
| Entertainment - 0.1% |  |  |
| Universal Music Group NV  | 108617 | 2913324 |
| TOTAL COMMUNICATION SERVICES |  | 4777067 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.1% |  |  |
| Heineken Holding NV Class A  | 11330 | 765288 |
| Heineken NV  | 28383 | 2197761 |
|  |  | 2963049 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Koninklijke Ahold Delhaize NV  | 94208 | 3855990 |
| TOTAL CONSUMER STAPLES |  | 6819039 |
| Financials - 0.5% |  |  |
| Banks - 0.2% |  |  |
| ING Groep NV  | 305523 | 7628811 |
| Capital Markets - 0.0% |  |  |
| Euronext NV (e) | 9436 | 1348674 |
| Financial Services - 0.2% |  |  |
| Adyen NV (b)(d)(e) | 3256 | 5579105 |
| EXOR NV  | 9536 | 826574 |
|  |  | 6405679 |
| Insurance - 0.1% |  |  |
| ASR Nederland NV  | 16263 | 1085367 |
| NN Group NV  | 27838 | 1905354 |
|  |  | 2990721 |
| TOTAL FINANCIALS |  | 18373885 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.1% |  |  |
| Argenx SE (b) | 6318 | 5171077 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Koninklijke Philips NV  | 80701 | 2210820 |
| TOTAL HEALTH CARE |  | 7381897 |
| Industrials - 0.1% |  |  |
| Professional Services - 0.1% |  |  |
| Wolters Kluwer NV  | 24671 | 3021434 |
| Trading Companies & Distributors - 0.0% |  |  |
| IMCD NV  | 6088 | 631420 |
| TOTAL INDUSTRIALS |  | 3652854 |
| Information Technology - 1.4% |  |  |
| Semiconductors & Semiconductor Equipment - 1.4% |  |  |
| ASM International NV  | 4791 | 3103559 |
| ASML Holding NV  | 40635 | 43001906 |
| BE Semiconductor Industries NV  | 7547 | 1283980 |
|  |  | 47389445 |
| Software - 0.0% |  |  |
| Nebius Group NV Class A (Russia) (b)(f) | 15310 | 0 |
| TOTAL INFORMATION TECHNOLOGY |  | 47389445 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Akzo Nobel NV  | 17755 | 1175526 |
| TOTAL NETHERLANDS |  | 89569713 |
| NEW ZEALAND - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Spark New Zealand Ltd  | 195068 | 273488 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Infratil Ltd  | 100482 | 710710 |
| Health Care - 0.1% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Fisher & Paykel Healthcare Corp Ltd  | 60029 | 1274444 |
| Industrials - 0.0% |  |  |
| Building Products - 0.0% |  |  |
| Fletcher Building Ltd (b) | 105507 | 196827 |
| Transportation Infrastructure - 0.0% |  |  |
| Auckland International Airport Ltd  | 172406 | 801114 |
| TOTAL INDUSTRIALS |  | 997941 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Xero Ltd (b) | 17184 | 1630306 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Contact Energy Ltd  | 91310 | 486990 |
| Mercury NZ Ltd  | 71293 | 264367 |
|  |  | 751357 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Meridian Energy Ltd  | 132851 | 450062 |
| TOTAL UTILITIES |  | 1201419 |
| TOTAL NEW ZEALAND |  | 6088308 |
| NORWAY - 0.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telenor ASA  | 66068 | 982288 |
| Interactive Media & Services - 0.0% |  |  |
| Vend Marketplaces ASA B Shares  | 12415 | 427755 |
| Vend Marketplaces ASA Class A rights 11/13/2025 (b) | 7062 | 15720 |
|  |  | 443475 |
| TOTAL COMMUNICATION SERVICES |  | 1425763 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Europris ASA (d)(e) | 16793 | 144732 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Leroy Seafood Group ASA  | 27684 | 130258 |
| Mowi ASA  | 44889 | 986480 |
| Orkla ASA  | 77177 | 782494 |
| Salmar ASA  | 7766 | 436630 |
|  |  | 2335862 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| TGS ASA  | 20312 | 175662 |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Aker BP ASA  | 30865 | 801087 |
| BLUENORD ASA  | 2368 | 108239 |
| Equinor ASA  | 87502 | 2095788 |
| Frontline PLC (Norway)  | 14214 | 349132 |
| Var Energi ASA  | 94017 | 316321 |
|  |  | 3670567 |
| TOTAL ENERGY |  | 3846229 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| DNB Bank ASA  | 87291 | 2225956 |
| SpareBank 1 SMN  | 12889 | 237007 |
| SpareBank 1 Sor-Norge ASA  | 21389 | 367842 |
|  |  | 2830805 |
| Insurance - 0.0% |  |  |
| Gjensidige Forsikring ASA  | 19396 | 521988 |
| Protector Forsikring ASA  | 6419 | 289288 |
| Storebrand ASA A Shares  | 44612 | 691912 |
|  |  | 1503188 |
| TOTAL FINANCIALS |  | 4333993 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Kongsberg Gruppen ASA  | 45577 | 1165607 |
| Industrial Conglomerates - 0.0% |  |  |
| Aker ASA A Shares  | 2395 | 186081 |
| Machinery - 0.0% |  |  |
| AutoStore Holdings Ltd (b)(d)(e) | 111196 | 107911 |
| TOMRA Systems ASA  | 21889 | 267960 |
|  |  | 375871 |
| TOTAL INDUSTRIALS |  | 1727559 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Nordic Semiconductor ASA (b) | 17473 | 253576 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Norsk Hydro ASA  | 136947 | 926658 |
| TOTAL NORWAY |  | 14994372 |
| PERU - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Credicorp Ltd  | 6948 | 1813428 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Cia de Minas Buenaventura SAA ADR  | 24702 | 562465 |
| TOTAL PERU |  | 2375893 |
| PHILIPPINES - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| PLDT Inc  | 8365 | 159360 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Jollibee Foods Corp  | 68060 | 251097 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Bank of the Philippine Islands  | 216246 | 388222 |
| BDO Unibank Inc  | 218087 | 495910 |
| Metropolitan Bank & Trust Co  | 178193 | 209426 |
|  |  | 1093558 |
| Industrials - 0.1% |  |  |
| Industrial Conglomerates - 0.1% |  |  |
| Ayala Corp  | 25320 | 201837 |
| SM Investments Corp  | 52305 | 649475 |
|  |  | 851312 |
| Transportation Infrastructure - 0.0% |  |  |
| International Container Terminal Services Inc  | 84710 | 764720 |
| TOTAL INDUSTRIALS |  | 1616032 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Ayala Land Inc  | 583900 | 197917 |
| SM Prime Holdings Inc  | 1133200 | 432361 |
|  |  | 630278 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Manila Electric Co  | 30740 | 306303 |
| TOTAL PHILIPPINES |  | 4056628 |
| POLAND - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| CD Projekt SA  | 7163 | 492274 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Allegro.eu SA (b)(d)(e) | 75461 | 704957 |
| Specialty Retail - 0.0% |  |  |
| CCC SA (b) | 5143 | 210287 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| LPP SA  | 130 | 631167 |
| TOTAL CONSUMER DISCRETIONARY |  | 1546411 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Dino Polska SA (b)(d)(e) | 50401 | 601455 |
| Zabka Group SA (b) | 42800 | 248594 |
|  |  | 850049 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| ORLEN SA  | 60144 | 1629573 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| Alior Bank SA  | 9771 | 272122 |
| Bank Millennium SA (b) | 61937 | 258951 |
| Bank Polska Kasa Opieki SA  | 18275 | 937503 |
| mBank SA (b) | 1421 | 377548 |
| Powszechna Kasa Oszczednosci Bank Polski SA  | 89316 | 1830822 |
| Santander Bank Polska SA  | 3990 | 526382 |
|  |  | 4203328 |
| Consumer Finance - 0.0% |  |  |
| KRUK SA  | 1976 | 242920 |
| Insurance - 0.1% |  |  |
| Powszechny Zaklad Ubezpieczen SA  | 61484 | 983278 |
| TOTAL FINANCIALS |  | 5429526 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| InPost SA (b) | 27631 | 347790 |
| Construction & Engineering - 0.0% |  |  |
| Budimex SA  | 1318 | 209352 |
| TOTAL INDUSTRIALS |  | 557142 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Asseco Poland SA  | 5140 | 298963 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Grupa Kety SA  | 1076 | 270821 |
| KGHM Polska Miedz SA (b) | 13947 | 732095 |
|  |  | 1002916 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| PGE Polska Grupa Energetyczna SA (b) | 85498 | 259295 |
| TOTAL POLAND |  | 12066149 |
| PORTUGAL - 0.1%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Jeronimo Martins SGPS SA  | 28994 | 746601 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Galp Energia SGPS SA  | 42846 | 859077 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Banco Comercial Portugues SA  | 919196 | 810738 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| EDP SA  | 310951 | 1544781 |
| Multi-Utilities - 0.0% |  |  |
| Redes Energeticas Naci Sgps SA  | 43575 | 163990 |
| TOTAL UTILITIES |  | 1708771 |
| TOTAL PORTUGAL |  | 4125187 |
| QATAR - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Ooredoo QPSC  | 78300 | 291394 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Qatar Fuel QSC  | 60000 | 247185 |
| Qatar Gas Transport Co Ltd  | 290520 | 353316 |
|  |  | 600501 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Al Rayan Bank  | 614730 | 394906 |
| Commercial Bank of Qatar  | 327427 | 372301 |
| Qatar International Islamic Bank QSC  | 121621 | 371777 |
| Qatar Islamic Bank QPSC  | 174078 | 1170401 |
| Qatar National Bank QPSC  | 458832 | 2330076 |
|  |  | 4639461 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Industries Qatar QSC  | 193823 | 676065 |
| Marine Transportation - 0.0% |  |  |
| Qatar Navigation QSC  | 99819 | 304309 |
| TOTAL INDUSTRIALS |  | 980374 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Mesaieed Petrochemical Holding Co  | 524581 | 180095 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Barwa Real Estate Co  | 241545 | 174474 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Qatar Electricity & Water Co QSC  | 56435 | 238078 |
| TOTAL QATAR |  | 7104377 |
| ROMANIA - 0.0%  |  |  |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| NEPI Rockcastle NV  | 63822 | 516834 |
| RUSSIA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| VK IPJSC (b)(f) | 3049 | 0 |
| VK IPJSC GDR (b)(d)(f) | 3849 | 0 |
|  |  | 0 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Ozon Holdings PLC ADR (b)(f) | 2304 | 0 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Gazprom PJSC (b)(f) | 601730 | 0 |
| LUKOIL PJSC (b)(f) | 21149 | 0 |
| Rosneft Oil Co PJSC (b)(f) | 55210 | 0 |
| Surgutneftegas PAO (b)(f) | 351800 | 0 |
| Tatneft PJSC (b)(f) | 71609 | 0 |
|  |  | 0 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sberbank of Russia PJSC (b)(f) | 551355 | 0 |
| VTB Bank PJSC (b)(f) | 30582 | 0 |
|  |  | 0 |
| Capital Markets - 0.0% |  |  |
| Moscow Exchange MICEX-RTS PJSC (b)(f) | 72930 | 0 |
| TKS Holding MKPAO JSC (b)(f) | 393 | 0 |
|  |  | 0 |
| TOTAL FINANCIALS |  | 0 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Phosagro Pjsc GDR (b)(d)(f) | 42 | 0 |
| Metals & Mining - 0.0% |  |  |
| Alrosa PJSC (b)(f) | 120680 | 0 |
| GMK Norilskiy Nickel PAO (b)(f) | 249900 | 0 |
| GMK Norilskiy Nickel PAO ADR (United Kingdom) (b)(f) | 6705 | 0 |
| Novolipetsk Steel PJSC (b)(f) | 71070 | 0 |
| Polyus PJSC (b)(f) | 17490 | 0 |
| Severstal PAO (b)(f) | 7553 | 0 |
| Severstal PAO GDR (b)(d)(f) | 2375 | 0 |
| United Co RUSAL International PJSC (Russia) (b)(f) | 141950 | 0 |
|  |  | 0 |
| TOTAL MATERIALS |  | 0 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Inter RAO UES PJSC (b)(f) | 1756400 | 0 |
| TOTAL RUSSIA |  | 0 |
| SAUDI ARABIA - 0.8%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Saudi Telecom Co  | 196672 | 2369315 |
| Media - 0.0% |  |  |
| Saudi Research & Media Group (b) | 4111 | 188324 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Etihad Etisalat Co  | 39329 | 710487 |
| Mobile Telecommunications Co Saudi Arabia  | 41727 | 127841 |
|  |  | 838328 |
| TOTAL COMMUNICATION SERVICES |  | 3395967 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Leejam Sports Co JSC  | 2539 | 86589 |
| Specialty Retail - 0.0% |  |  |
| Aldrees Petroleum and Transport Services Co  | 5454 | 222942 |
| Jarir Marketing Co  | 60908 | 230620 |
|  |  | 453562 |
| TOTAL CONSUMER DISCRETIONARY |  | 540151 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Abdullah Al Othaim Markets Co  | 41159 | 83628 |
| Nahdi Medical Co  | 3906 | 120816 |
|  |  | 204444 |
| Food Products - 0.0% |  |  |
| Almarai Co JSC  | 50906 | 672992 |
| Saudia Dairy & Foodstuff Co  | 1432 | 109511 |
| Savola Group/The (b) | 14627 | 96062 |
|  |  | 878565 |
| TOTAL CONSUMER STAPLES |  | 1083009 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Ades Holding Co  | 38168 | 171997 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Al Rajhi Bank  | 202137 | 5697112 |
| Alinma Bank  | 126185 | 871448 |
| Bank Al-Jazira  | 64734 | 218007 |
| Bank AlBilad  | 74974 | 592947 |
| Banque Saudi Fransi  | 124142 | 590207 |
| Riyad Bank  | 150770 | 1092694 |
| Saudi Awwal Bank  | 36687 | 316559 |
| Saudi Investment Bank/The  | 63468 | 232697 |
| Saudi National Bank/The  | 303127 | 3223397 |
|  |  | 12835068 |
| Capital Markets - 0.0% |  |  |
| Saudi Tadawul Group Holding Co  | 5208 | 276349 |
| Insurance - 0.0% |  |  |
| Al Rajhi Co for Co-operative Insurance (b) | 4937 | 155207 |
| Bupa Arabia for Cooperative Insurance Co  | 2584 | 112998 |
| Co for Cooperative Insurance/The  | 7497 | 272269 |
|  |  | 540474 |
| TOTAL FINANCIALS |  | 13651891 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Al Hammadi Holding  | 8983 | 83643 |
| Dallah Healthcare Co  | 4278 | 175669 |
| Dr Sulaiman Al Habib Medical Services Group Co  | 10449 | 758397 |
| Mouwasat Medical Services Co  | 9099 | 186454 |
|  |  | 1204163 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| SAL Saudi Logistics Services  | 3492 | 163692 |
| Commercial Services & Supplies - 0.0% |  |  |
| Catrion Catering Holding Co  | 3905 | 100689 |
| Electrical Equipment - 0.0% |  |  |
| Riyadh Cables Group Co  | 5633 | 212835 |
| Industrial Conglomerates - 0.0% |  |  |
| Astra Industrial Group Co  | 3696 | 146843 |
| Transportation Infrastructure - 0.0% |  |  |
| Saudi Ground Services Co  | 8341 | 98082 |
| TOTAL INDUSTRIALS |  | 722141 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Arabian Internet & Communications Services Co  | 2314 | 155365 |
| Elm Co  | 2671 | 674106 |
|  |  | 829471 |
| Materials - 0.2% |  |  |
| Chemicals - 0.1% |  |  |
| Advanced Petrochemical Co (b) | 13033 | 131362 |
| SABIC Agri-Nutrients Co  | 24420 | 798308 |
| Sahara International Petrochemical Co  | 36606 | 184479 |
| Saudi Aramco Base Oil Co  | 5388 | 138568 |
| Saudi Basic Industries Corp  | 93048 | 1514701 |
| Saudi Industrial Investment Group  | 33759 | 146727 |
| Saudi Kayan Petrochemical Co (b) | 75917 | 119433 |
| Yanbu National Petrochemical Co  | 28358 | 260873 |
|  |  | 3294451 |
| Construction Materials - 0.0% |  |  |
| Saudi Cement Co  | 8283 | 84502 |
| Yamama Cement Co  | 9111 | 66566 |
|  |  | 151068 |
| Metals & Mining - 0.1% |  |  |
| Saudi Arabian Mining Co (b) | 140293 | 2403494 |
| TOTAL MATERIALS |  | 5849013 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Arabian Centres Co (d)(e) | 23840 | 139024 |
| Dar Al Arkan Real Estate Development Co (b) | 54675 | 250902 |
| Emaar Economic City (b) | 25778 | 87569 |
| Retal Urban Development Co  | 22060 | 69233 |
|  |  | 546728 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.0% |  |  |
| Saudi Electricity Co  | 82836 | 354068 |
| Independent Power and Renewable Electricity Producers - 0.1% |  |  |
| ACWA Power Co (b) | 23835 | 1536123 |
| Multi-Utilities - 0.0% |  |  |
| Power & Water Utility Co for Jubail & Yanbu (b) | 8232 | 92498 |
| TOTAL UTILITIES |  | 1982689 |
| TOTAL SAUDI ARABIA |  | 29977220 |
| SINGAPORE - 1.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Singapore Telecommunications Ltd  | 735600 | 2401036 |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Sea Ltd Class A ADR (b) | 38354 | 5992813 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Genting Singapore Ltd  | 568400 | 318786 |
| TOTAL CONSUMER DISCRETIONARY |  | 6311599 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Hafnia Ltd  | 28576 | 178634 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| DBS Group Holdings Ltd  | 207858 | 8612310 |
| Oversea-Chinese Banking Corp Ltd  | 395052 | 5168820 |
| United Overseas Bank Ltd  | 148203 | 3947601 |
|  |  | 17728731 |
| Capital Markets - 0.0% |  |  |
| Singapore Exchange Ltd  | 84500 | 1099097 |
| TOTAL FINANCIALS |  | 18827828 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Singapore Technologies Engineering Ltd  | 158900 | 1036464 |
| Ground Transportation - 0.2% |  |  |
| ComfortDelGro Corp Ltd  | 219400 | 246100 |
| Grab Holdings Ltd Class A (b) | 295010 | 1773010 |
|  |  | 2019110 |
| Industrial Conglomerates - 0.0% |  |  |
| Keppel Ltd  | 148100 | 1159449 |
| Machinery - 0.0% |  |  |
| Seatrium Ltd  | 228800 | 381451 |
| Passenger Airlines - 0.0% |  |  |
| Singapore Airlines Ltd  | 144900 | 738082 |
| Transportation Infrastructure - 0.0% |  |  |
| SATS Ltd  | 89600 | 235426 |
| TOTAL INDUSTRIALS |  | 5569982 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Venture Corp Ltd  | 25300 | 289815 |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| STMicroelectronics NV (Italy)  | 67073 | 1649445 |
| TOTAL INFORMATION TECHNOLOGY |  | 1939260 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.0% |  |  |
| CapitaLand Integrated Commercial Trust  | 595485 | 1084281 |
| Mapletree Pan Asia Commercial Trust  | 240600 | 266183 |
| Suntec Real Estate Investment Trust  | 226000 | 232667 |
|  |  | 1583131 |
| Industrial REITs - 0.1% |  |  |
| CapitaLand Ascendas REIT  | 395158 | 856136 |
| Frasers Logistics & Commercial Trust (d) | 304300 | 223269 |
| Mapletree Industrial Trust  | 225000 | 368201 |
| Mapletree Logistics Trust  | 344500 | 354663 |
|  |  | 1802269 |
| Real Estate Management & Development - 0.0% |  |  |
| CapitaLand Investment Ltd/Singapore  | 230145 | 466797 |
| UOL Group Ltd  | 46700 | 285237 |
|  |  | 752034 |
| Specialized REITs - 0.0% |  |  |
| Keppel DC REIT  | 210476 | 386476 |
| TOTAL REAL ESTATE |  | 4523910 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Sembcorp Industries Ltd  | 93000 | 466572 |
| TOTAL SINGAPORE |  | 40218821 |
| SOUTH AFRICA - 1.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| MTN Group Ltd  | 189555 | 1890685 |
| Vodacom Group Ltd  | 62625 | 505840 |
|  |  | 2396525 |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Naspers Ltd Class N  | 84957 | 5967045 |
| Woolworths Holdings Ltd/South Africa  | 101848 | 307585 |
|  |  | 6274630 |
| Specialty Retail - 0.0% |  |  |
| Foschini Group Ltd  | 33045 | 175541 |
| Mr Price Group Ltd  | 27281 | 325515 |
| Pepkor Holdings Ltd (d)(e) | 378753 | 576732 |
|  |  | 1077788 |
| TOTAL CONSUMER DISCRETIONARY |  | 7352418 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Bid Corp Ltd  | 34402 | 851027 |
| Clicks Group Ltd  | 24117 | 507782 |
| Shoprite Holdings Ltd  | 49864 | 834206 |
|  |  | 2193015 |
| Food Products - 0.0% |  |  |
| Tiger Brands Ltd  | 16391 | 310472 |
| TOTAL CONSUMER STAPLES |  | 2503487 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Exxaro Resources Ltd  | 25578 | 260906 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| Absa Group Ltd  | 78511 | 877784 |
| Capitec Bank Holdings Ltd  | 9161 | 2025100 |
| Nedbank Group Ltd  | 46384 | 631812 |
| Standard Bank Group Ltd  | 136878 | 2009728 |
|  |  | 5544424 |
| Financial Services - 0.1% |  |  |
| FirstRand Ltd (c) | 553424 | 2624834 |
| Remgro Ltd  | 51344 | 509812 |
|  |  | 3134646 |
| Insurance - 0.0% |  |  |
| Discovery Ltd  | 62161 | 780853 |
| Old Mutual Ltd  | 503004 | 393119 |
| OUTsurance Group Ltd  | 91824 | 386627 |
| Sanlam Ltd  | 166921 | 875837 |
|  |  | 2436436 |
| TOTAL FINANCIALS |  | 11115506 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Aspen Pharmacare Holdings Ltd  | 39383 | 222884 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Bidvest Group Ltd  | 36353 | 471735 |
| Materials - 0.4% |  |  |
| Chemicals - 0.0% |  |  |
| Sasol Ltd (b) | 59265 | 370796 |
| Metals & Mining - 0.4% |  |  |
| Anglo American PLC  | 121541 | 4598220 |
| Gold Fields Ltd  | 92461 | 3564937 |
| Harmony Gold Mining Co Ltd  | 55739 | 927418 |
| Impala Platinum Holdings Ltd  | 92972 | 996380 |
| Northam Platinum Holdings Ltd  | 35195 | 588595 |
| Sibanye Stillwater Ltd (b) | 288151 | 764667 |
| Valterra Platinum Ltd  | 27478 | 1699494 |
|  |  | 13139711 |
| TOTAL MATERIALS |  | 13510507 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Growthpoint Properties Ltd  | 350465 | 329695 |
| TOTAL SOUTH AFRICA |  | 38163663 |
| SPAIN - 2.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Cellnex Telecom SA (d)(e) | 60801 | 1892841 |
| Telefonica SA (c) | 411727 | 2087940 |
|  |  | 3980781 |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Amadeus IT Group SA Class A  | 46435 | 3549665 |
| Specialty Retail - 0.2% |  |  |
| Industria de Diseno Textil SA (c) | 115895 | 6398788 |
| TOTAL CONSUMER DISCRETIONARY |  | 9948453 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Repsol SA  | 120079 | 2203372 |
| Financials - 1.0% |  |  |
| Banks - 1.0% |  |  |
| Banco Bilbao Vizcaya Argentaria SA (c) | 594852 | 11983940 |
| Banco de Sabadell SA  | 549214 | 2052986 |
| Banco Santander SA (c) | 1537022 | 15636569 |
| Bankinter SA  | 67367 | 1014893 |
| CaixaBank SA (c) | 395592 | 4181308 |
|  |  | 34869696 |
| Industrials - 0.1% |  |  |
| Construction & Engineering - 0.0% |  |  |
| ACS Actividades de Construccion y Servicios SA  | 20472 | 1680110 |
| Transportation Infrastructure - 0.1% |  |  |
| Aena SME SA (d)(e) | 76222 | 2069039 |
| TOTAL INDUSTRIALS |  | 3749149 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Merlin Properties Socimi SA  | 42311 | 658879 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.5% |  |  |
| Endesa SA  | 32629 | 1169289 |
| Iberdrola SA  | 633715 | 12843025 |
| Redeia Corp SA  | 41431 | 745462 |
|  |  | 14757776 |
| Gas Utilities - 0.0% |  |  |
| Enagas SA  | 23578 | 374094 |
| Naturgy Energy Group SA  | 19064 | 577480 |
|  |  | 951574 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| EDP Renovaveis SA  | 30621 | 447544 |
| TOTAL UTILITIES |  | 16156894 |
| TOTAL SPAIN |  | 71567224 |
| SWEDEN - 2.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telia Co AB  | 242113 | 950078 |
| Interactive Media & Services - 0.0% |  |  |
| Hemnet Group AB  | 8023 | 175150 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Tele2 AB B Shares  | 57604 | 912241 |
| TOTAL COMMUNICATION SERVICES |  | 2037469 |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Evolution AB (e) | 15116 | 1010677 |
| Household Durables - 0.0% |  |  |
| Electrolux AB B Shares (b) | 22535 | 145643 |
| Leisure Products - 0.0% |  |  |
| Thule Group AB (d)(e) | 11588 | 298109 |
| Specialty Retail - 0.0% |  |  |
| H & M Hennes & Mauritz AB B Shares  | 50261 | 949235 |
| TOTAL CONSUMER DISCRETIONARY |  | 2403664 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Axfood AB B Shares  | 11894 | 324259 |
| Food Products - 0.0% |  |  |
| AAK AB  | 18435 | 515002 |
| Household Products - 0.1% |  |  |
| Essity AB B Shares  | 61141 | 1679081 |
| TOTAL CONSUMER STAPLES |  | 2518342 |
| Financials - 0.5% |  |  |
| Banks - 0.2% |  |  |
| Skandinaviska Enskilda Banken AB A Shares  | 155993 | 2978567 |
| Svenska Handelsbanken AB A Shares  | 160931 | 2100042 |
| Swedbank AB A1 Shares  | 93246 | 2836567 |
|  |  | 7915176 |
| Capital Markets - 0.1% |  |  |
| Avanza Bank Holding AB  | 12338 | 477143 |
| EQT AB  | 38508 | 1335990 |
| Nordnet AB  | 13091 | 378940 |
|  |  | 2192073 |
| Financial Services - 0.2% |  |  |
| Industrivarden AB A Shares  | 13760 | 573270 |
| Industrivarden AB C Shares  | 16537 | 687921 |
| Investor AB B Shares  | 188180 | 6210767 |
| L E Lundbergforetagen AB B Shares  | 7618 | 408154 |
|  |  | 7880112 |
| TOTAL FINANCIALS |  | 17987361 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| Swedish Orphan Biovitrum AB B Shares (b) | 22668 | 780713 |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Elekta AB B Shares  | 38335 | 195059 |
| Getinge AB B Shares  | 22103 | 519524 |
|  |  | 714583 |
| Health Care Technology - 0.0% |  |  |
| Sectra AB B Shares  | 13849 | 439949 |
| TOTAL HEALTH CARE |  | 1935245 |
| Industrials - 0.9% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Saab AB B Shares  | 32546 | 1790892 |
| Building Products - 0.1% |  |  |
| Assa Abloy AB B Shares  | 102522 | 3863497 |
| Nibe Industrier AB B Shares  | 161673 | 631529 |
|  |  | 4495026 |
| Commercial Services & Supplies - 0.0% |  |  |
| Bravida Holding AB (d)(e) | 20034 | 169968 |
| Loomis AB  | 6990 | 282536 |
| Securitas AB B Shares  | 51887 | 765723 |
|  |  | 1218227 |
| Construction & Engineering - 0.0% |  |  |
| Skanska AB B Shares  | 36449 | 995991 |
| Sweco AB B Shares  | 21577 | 389738 |
|  |  | 1385729 |
| Industrial Conglomerates - 0.0% |  |  |
| Investment AB Latour B Shares  | 15160 | 387607 |
| Lifco AB B Shares  | 22924 | 888463 |
|  |  | 1276070 |
| Machinery - 0.7% |  |  |
| Alfa Laval AB  | 29932 | 1430397 |
| Atlas Copco AB A Shares  | 259534 | 4348769 |
| Atlas Copco AB B Shares  | 161707 | 2429796 |
| Epiroc AB A Shares  | 64019 | 1355820 |
| Epiroc AB B Shares  | 39968 | 748854 |
| Indutrade AB  | 27077 | 723934 |
| Sandvik AB  | 110040 | 3341653 |
| SKF AB B Shares  | 34409 | 887367 |
| Trelleborg AB B Shares  | 18590 | 777824 |
| Volvo AB A Shares  | 19603 | 539378 |
| Volvo AB B Shares  | 164157 | 4497089 |
|  |  | 21080881 |
| Trading Companies & Distributors - 0.0% |  |  |
| AddTech AB B Shares  | 26831 | 909406 |
| Beijer Ref AB B Shares  | 38631 | 612387 |
|  |  | 1521793 |
| TOTAL INDUSTRIALS |  | 32768618 |
| Information Technology - 0.2% |  |  |
| Communications Equipment - 0.1% |  |  |
| Telefonaktiebolaget LM Ericsson B Shares  | 301403 | 3057995 |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Hexagon AB B Shares  | 217246 | 2648146 |
| Lagercrantz Group AB B Shares  | 20334 | 499561 |
| Mycronic AB  | 15542 | 366700 |
|  |  | 3514407 |
| TOTAL INFORMATION TECHNOLOGY |  | 6572402 |
| Materials - 0.1% |  |  |
| Chemicals - 0.0% |  |  |
| Hexpol AB B Shares  | 25746 | 234553 |
| Containers & Packaging - 0.0% |  |  |
| Billerud Aktiebolag  | 21525 | 199271 |
| Metals & Mining - 0.1% |  |  |
| Boliden AB (b) | 29113 | 1314647 |
| SSAB AB B Shares  | 62873 | 391126 |
|  |  | 1705773 |
| Paper & Forest Products - 0.0% |  |  |
| Holmen AB B Shares  | 9104 | 344218 |
| Svenska Cellulosa AB SCA B Shares  | 60513 | 807350 |
|  |  | 1151568 |
| TOTAL MATERIALS |  | 3291165 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Castellum AB  | 37427 | 424884 |
| Fabege AB  | 19758 | 173969 |
| Fastighets AB Balder B Shares (b) | 70794 | 518795 |
| Sagax AB B Shares  | 22227 | 498808 |
| Wallenstam AB B Shares  | 37254 | 172775 |
| Wihlborgs Fastigheter AB  | 28142 | 273415 |
|  |  | 2062646 |
| TOTAL SWEDEN |  | 71576912 |
| SWITZERLAND - 2.6%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Swisscom AG  | 2611 | 1912624 |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Cie Financiere Richemont SA Series A  | 55421 | 10962590 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Chocoladefabriken Lindt & Spruengli AG  | 11 | 1684001 |
| Chocoladefabriken Lindt & Spruengli AG  | 101 | 1552495 |
|  |  | 3236496 |
| Financials - 0.9% |  |  |
| Capital Markets - 0.5% |  |  |
| Julius Baer Group Ltd  | 21063 | 1421933 |
| Partners Group Holding AG  | 2235 | 2728380 |
| UBS Group AG  | 313690 | 11978495 |
|  |  | 16128808 |
| Insurance - 0.4% |  |  |
| Baloise Holding AG  | 4256 | 1054547 |
| Swiss Life Holding AG  | 2927 | 3173053 |
| Zurich Insurance Group AG  | 15069 | 10480059 |
|  |  | 14707659 |
| TOTAL FINANCIALS |  | 30836467 |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Sonova Holding AG  | 5058 | 1373941 |
| Straumann Holding AG  | 11744 | 1476241 |
|  |  | 2850182 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Lonza Group AG  | 7245 | 4989349 |
| Pharmaceuticals - 0.2% |  |  |
| Galderma Group AG  | 13513 | 2493545 |
| Sandoz Group AG  | 45449 | 3021463 |
|  |  | 5515008 |
| TOTAL HEALTH CARE |  | 13354539 |
| Industrials - 0.6% |  |  |
| Building Products - 0.1% |  |  |
| Geberit AG  | 3262 | 2379365 |
| Electrical Equipment - 0.3% |  |  |
| ABB Ltd  | 159689 | 11872486 |
| Machinery - 0.1% |  |  |
| Schindler Holding AG  | 4220 | 1499745 |
| VAT Group AG (d)(e) | 2810 | 1223166 |
|  |  | 2722911 |
| Marine Transportation - 0.0% |  |  |
| Kuehne + Nagel International AG  | 5450 | 1042933 |
| Professional Services - 0.1% |  |  |
| SGS SA  | 17035 | 1918250 |
| TOTAL INDUSTRIALS |  | 19935945 |
| Information Technology - 0.0% |  |  |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Logitech International SA  | 15404 | 1850585 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| DSM-Firmenich AG  | 25809 | 2103665 |
| Givaudan SA  | 838 | 3434264 |
| Sika AG  | 16564 | 3246343 |
|  |  | 8784272 |
| TOTAL SWITZERLAND |  | 90873518 |
| TAIWAN - 6.6%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Chunghwa Telecom Co Ltd  | 395000 | 1681055 |
| Entertainment - 0.0% |  |  |
| International Games System Co Ltd  | 27000 | 631620 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Far EasTone Telecommunications Co Ltd  | 178000 | 534960 |
| Taiwan Mobile Co Ltd  | 181000 | 643950 |
|  |  | 1178910 |
| TOTAL COMMUNICATION SERVICES |  | 3491585 |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.0% |  |  |
| Cheng Shin Rubber Industry Co Ltd  | 198000 | 205218 |
| Tong Yang Industry Co Ltd  | 48000 | 150809 |
|  |  | 356027 |
| Automobiles - 0.0% |  |  |
| Yulon Motor Co Ltd  | 69000 | 73756 |
| Broadline Retail - 0.0% |  |  |
| momo.com Inc  | 9450 | 71693 |
| Poya International Co Ltd  | 8000 | 118137 |
|  |  | 189830 |
| Household Durables - 0.0% |  |  |
| Nien Made Enterprise Co Ltd  | 21000 | 252453 |
| Leisure Products - 0.0% |  |  |
| Giant Manufacturing Co Ltd  | 32000 | 105530 |
| Merida Industry Co Ltd  | 22000 | 71480 |
|  |  | 177010 |
| Specialty Retail - 0.0% |  |  |
| Hotai Motor Co Ltd  | 39400 | 724557 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Eclat Textile Co Ltd  | 25000 | 333437 |
| Feng TAY Enterprise Co Ltd  | 65584 | 259966 |
| Makalot Industrial Co Ltd  | 24000 | 209760 |
| Pou Chen Corp  | 246000 | 234187 |
| Ruentex Industries Ltd  | 85000 | 148304 |
|  |  | 1185654 |
| TOTAL CONSUMER DISCRETIONARY |  | 2959287 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| President Chain Store Corp  | 58000 | 449444 |
| Food Products - 0.1% |  |  |
| Great Wall Enterprise Co Ltd  | 76000 | 128403 |
| Lien Hwa Industrial Holdings Corp  | 120750 | 189297 |
| Uni-President Enterprises Corp  | 499000 | 1275955 |
|  |  | 1593655 |
| TOTAL CONSUMER STAPLES |  | 2043099 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Formosa Petrochemical Corp  | 169000 | 245444 |
| Financials - 0.6% |  |  |
| Banks - 0.4% |  |  |
| Chang Hwa Commercial Bank Ltd  | 895334 | 575983 |
| CTBC Financial Holding Co Ltd  | 2026000 | 2754828 |
| E.Sun Financial Holding Co Ltd  | 1676369 | 1620377 |
| Far Eastern International Bank  | 486035 | 199764 |
| First Financial Holding Co Ltd  | 1189429 | 1103327 |
| Hua Nan Financial Holdings Co Ltd  | 1066383 | 1011709 |
| Mega Financial Holding Co Ltd  | 1216619 | 1596966 |
| Shanghai Commercial & Savings Bank Ltd/The  | 459312 | 590966 |
| SinoPac Financial Holdings Co Ltd  | 1508614 | 1257260 |
| Taichung Commercial Bank Co Ltd  | 419543 | 291709 |
| Taichung Commercial Bank Co Ltd rights 12/8/2025 (b) | 5313 | 432 |
| Taiwan Business Bank  | 772478 | 385260 |
| Taiwan Cooperative Financial Holding Co Ltd  | 1179711 | 910330 |
| TS Financial Holding Co Ltd  | 2576021 | 1565131 |
|  |  | 13864042 |
| Capital Markets - 0.0% |  |  |
| Capital Securities Corp  | 218000 | 173179 |
| IBF Financial Holdings Co Ltd  | 305523 | 151382 |
|  |  | 324561 |
| Consumer Finance - 0.0% |  |  |
| Yulon Finance Corp  | 31800 | 99394 |
| Financial Services - 0.0% |  |  |
| Chailease Holding Co Ltd  | 175683 | 587931 |
| Yuanta Financial Holding Co Ltd  | 1381226 | 1548259 |
|  |  | 2136190 |
| Insurance - 0.2% |  |  |
| Cathay Financial Holding Co Ltd  | 1015872 | 2112412 |
| Fubon Financial Holding Co Ltd  | 924167 | 2738451 |
| KGI Financial Holding Co Ltd  | 1771376 | 915097 |
|  |  | 5765960 |
| TOTAL FINANCIALS |  | 22190147 |
| Health Care - 0.0% |  |  |
| Biotechnology - 0.0% |  |  |
| PharmaEssentia Corp  | 35401 | 572802 |
| Pharmaceuticals - 0.0% |  |  |
| Caliway Biopharmaceuticals Co Ltd (b) | 127000 | 621012 |
| TOTAL HEALTH CARE |  | 1193814 |
| Industrials - 0.2% |  |  |
| Construction & Engineering - 0.0% |  |  |
| United Integrated Services Co Ltd  | 18000 | 504126 |
| Electrical Equipment - 0.2% |  |  |
| Bizlink Holding Inc  | 18000 | 815843 |
| Chung-Hsin Electric & Machinery Manufacturing Corp  | 44000 | 218728 |
| Fortune Electric Co Ltd  | 23000 | 534310 |
| Shihlin Electric & Engineering Corp  | 35000 | 226867 |
| Tatung Co Ltd  | 183000 | 215238 |
| Teco Electric and Machinery Co Ltd  | 129000 | 488287 |
| Voltronic Power Technology Corp  | 8000 | 314510 |
| Walsin Lihwa Corp  | 357000 | 346816 |
|  |  | 3160599 |
| Industrial Conglomerates - 0.0% |  |  |
| Far Eastern New Century Corp  | 401000 | 345263 |
| Machinery - 0.0% |  |  |
| Hiwin Technologies Corp  | 31000 | 225112 |
| Marine Transportation - 0.0% |  |  |
| Evergreen Marine Corp Taiwan Ltd  | 113343 | 712583 |
| Wan Hai Lines Ltd  | 144145 | 384505 |
| Wisdom Marine Lines Co Ltd  | 45000 | 92403 |
| Yang Ming Marine Transport Corp  | 177000 | 330675 |
|  |  | 1520166 |
| Passenger Airlines - 0.0% |  |  |
| China Airlines Ltd  | 294000 | 191046 |
| Eva Airways Corp  | 282000 | 331678 |
|  |  | 522724 |
| Transportation Infrastructure - 0.0% |  |  |
| Taiwan High Speed Rail Corp  | 223000 | 198163 |
| TOTAL INDUSTRIALS |  | 6476153 |
| Information Technology - 5.4% |  |  |
| Communications Equipment - 0.0% |  |  |
| Accton Technology Corp  | 53000 | 1859770 |
| WNC Corp /Taiwan  | 36000 | 146792 |
|  |  | 2006562 |
| Electronic Equipment, Instruments & Components - 0.8% |  |  |
| AUO Corp  | 711600 | 280913 |
| Chroma ATE Inc  | 41000 | 1091007 |
| Compeq Manufacturing Co Ltd  | 107000 | 303499 |
| Delta Electronics Inc  | 198000 | 6401001 |
| E Ink Holdings Inc  | 95000 | 654364 |
| Elite Material Co Ltd  | 33000 | 1458184 |
| Foxconn Technology Co Ltd  | 104000 | 241601 |
| Genius Electronic Optical Co Ltd  | 11000 | 149929 |
| Gold Circuit Electronics Ltd  | 36000 | 544480 |
| Hon Hai Precision Industry Co Ltd  | 1247800 | 10439551 |
| Innolux Corp  | 801156 | 346201 |
| Largan Precision Co Ltd  | 11000 | 791637 |
| Lotes Co Ltd  | 10000 | 448372 |
| Primax Electronics Ltd  | 47000 | 126746 |
| Simplo Technology Co Ltd  | 19000 | 216372 |
| Sinbon Electronics Co Ltd  | 22000 | 151179 |
| Synnex Technology International Corp  | 141000 | 260212 |
| Taiwan Union Technology Corp  | 28000 | 350705 |
| Tripod Technology Corp  | 47000 | 521493 |
| Unimicron Technology Corp  | 135000 | 717152 |
| Walsin Technology Corp  | 34000 | 136981 |
| Wpg Holding Co Ltd  | 168400 | 329928 |
| WT Microelectronics Co Ltd  | 69000 | 320586 |
| Yageo Corp  | 197396 | 1596972 |
| Zhen Ding Technology Holding Ltd  | 67000 | 354831 |
|  |  | 28233896 |
| Semiconductors & Semiconductor Equipment - 4.1% |  |  |
| Alchip Technologies Ltd  | 8000 | 908441 |
| AP Memory Technology Corp  | 13000 | 171064 |
| ASE Technology Holding Co Ltd  | 361500 | 2888799 |
| ASMedia Technology Inc  | 4000 | 187796 |
| ASPEED Technology Inc  | 3000 | 533173 |
| Chipbond Technology Corp  | 69000 | 133615 |
| Elan Microelectronics Corp  | 27000 | 108779 |
| eMemory Technology Inc  | 7000 | 452596 |
| Faraday Technology Corp  | 22000 | 130450 |
| Global Unichip Corp  | 9000 | 447397 |
| Globalwafers Co Ltd  | 26000 | 429138 |
| Hon Precision Inc  | 7768 | 633494 |
| Jentech Precision Industrial Co Ltd  | 9000 | 622847 |
| King Yuan Electronics Co Ltd  | 117000 | 824907 |
| Macronix International Co Ltd (b) | 183000 | 185509 |
| MediaTek Inc  | 165000 | 7022874 |
| MPI Corp  | 9000 | 614075 |
| Nanya Technology Corp (b) | 117000 | 503688 |
| Novatek Microelectronics Corp  | 62000 | 791669 |
| Parade Technologies Ltd  | 8000 | 176750 |
| Phison Electronics Corp  | 17000 | 588245 |
| Powerchip Semiconductor Manufacturing Corp (b) | 343000 | 351046 |
| Powertech Technology Inc  | 70000 | 393463 |
| Radiant Opto-Electronics Corp  | 46000 | 197284 |
| Realtek Semiconductor Corp  | 54000 | 903567 |
| Silicon Motion Technology Corp ADR  | 3618 | 354962 |
| Sino-American Silicon Products Inc  | 60000 | 243681 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 2488000 | 120174257 |
| United Microelectronics Corp  | 1210000 | 1825178 |
| Vanguard International Semiconductor Corp  | 108504 | 340904 |
| Win Semiconductors Corp  | 39000 | 136217 |
| Winbond Electronics Corp (b) | 313000 | 551192 |
|  |  | 143827057 |
| Technology Hardware, Storage & Peripherals - 0.5% |  |  |
| Acer Inc  | 309000 | 301691 |
| Advantech Co Ltd  | 51674 | 526343 |
| Asia Vital Components Co Ltd  | 35000 | 1620476 |
| Asustek Computer Inc  | 73000 | 1653161 |
| AURAS Technology Co Ltd  | 8000 | 274222 |
| Catcher Technology Co Ltd  | 66000 | 425661 |
| Chicony Electronics Co Ltd  | 67000 | 282994 |
| Compal Electronics Inc  | 432000 | 463890 |
| Getac Holdings Corp  | 47000 | 210735 |
| Gigabyte Technology Co Ltd  | 55000 | 501251 |
| HTC Corp (b) | 74000 | 121418 |
| Inventec Corp  | 326000 | 486172 |
| King Slide Works Co Ltd  | 7000 | 934759 |
| Lite-On Technology Corp  | 229000 | 1335548 |
| Micro-Star International Co Ltd  | 73000 | 259715 |
| Pegatron Corp  | 209000 | 503860 |
| Qisda Corp  | 139400 | 140632 |
| Quanta Computer Inc  | 284000 | 2772825 |
| Wistron Corp  | 327000 | 1598983 |
| Wiwynn Corp  | 12629 | 1791071 |
|  |  | 16205407 |
| TOTAL INFORMATION TECHNOLOGY |  | 190272922 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| China Petrochemical Development Corp (b) | 356000 | 86866 |
| Formosa Chemicals & Fibre Corp  | 431000 | 408902 |
| Formosa Plastics Corp  | 488000 | 604094 |
| Nan Ya Plastics Corp  | 593000 | 799581 |
| Taiwan Fertilizer Co Ltd  | 74000 | 115768 |
|  |  | 2015211 |
| Construction Materials - 0.0% |  |  |
| Asia Cement Corp  | 261000 | 307827 |
| TCC Group Holdings Co Ltd  | 730667 | 524652 |
|  |  | 832479 |
| Metals & Mining - 0.0% |  |  |
| China Steel Corp  | 1240000 | 749367 |
| TA Chen Stainless Pipe  | 218000 | 259945 |
| Tung Ho Steel Enterprise Corp  | 55000 | 112223 |
|  |  | 1121535 |
| TOTAL MATERIALS |  | 3969225 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Highwealth Construction Corp  | 195100 | 247218 |
| Ruentex Development Co Ltd  | 205575 | 199042 |
|  |  | 446260 |
| TOTAL TAIWAN |  | 233287936 |
| THAILAND - 0.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| True Corp PCL (b) | 319517 | 112388 |
| True Corp PCL depository receipt (b) | 1379686 | 481038 |
|  |  | 593426 |
| Media - 0.0% |  |  |
| VGI PCL depository receipt  | 999800 | 38561 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Advanced Info Service PCL  | 27500 | 256248 |
| Advanced Info Service PCL depository receipt  | 84000 | 782721 |
|  |  | 1038969 |
| TOTAL COMMUNICATION SERVICES |  | 1670956 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Central Retail Corp PCL depository receipt  | 303400 | 191907 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Asset World Corp PCL depository receipt  | 829000 | 56273 |
| Central Plaza Hotel PCL depository receipt  | 54700 | 54429 |
| Minor International PCL  | 98681 | 70030 |
| Minor International PCL depository receipt  | 184441 | 130890 |
|  |  | 311622 |
| Specialty Retail - 0.0% |  |  |
| Home Product Center PCL  | 187500 | 37893 |
| Home Product Center PCL depository receipt  | 227300 | 45937 |
| PTT Oil & Retail Business PCL depository receipt  | 306200 | 138882 |
| Siam Global House PCL depository receipt  | 165100 | 35149 |
|  |  | 257861 |
| TOTAL CONSUMER DISCRETIONARY |  | 761390 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Carabao Group PCL depository receipt  | 36400 | 50540 |
| Osotspa PCL depository receipt  | 127700 | 61860 |
| Thai Beverage PCL  | 790900 | 291666 |
|  |  | 404066 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Berli Jucker PCL depository receipt  | 105200 | 59400 |
| CP ALL PCL  | 143900 | 204239 |
| CP ALL PCL depository receipt  | 308300 | 437576 |
|  |  | 701215 |
| Food Products - 0.0% |  |  |
| Charoen Pokphand Foods PCL  | 110100 | 71679 |
| Charoen Pokphand Foods PCL depository receipt  | 233300 | 151886 |
| Thai Union Group PCL depository receipt  | 203400 | 82213 |
|  |  | 305778 |
| TOTAL CONSUMER STAPLES |  | 1411059 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Banpu PCL depository receipt  | 415600 | 64757 |
| PTT Exploration & Production PCL  | 33000 | 108948 |
| PTT Exploration & Production PCL depository receipt  | 108800 | 359198 |
| PTT PCL  | 314700 | 298581 |
| PTT PCL depository receipt  | 585100 | 555132 |
| Thai Oil PCL depository receipt  | 93900 | 103577 |
|  |  | 1490193 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Bangkok Bank PCL depository receipt  | 57900 | 283158 |
| Kasikornbank PCL depository receipt  | 122500 | 704914 |
| Kiatnakin Phatra Bank PCL depository receipt  | 36800 | 74656 |
| Krung Thai Bank PCL  | 95600 | 80380 |
| Krung Thai Bank PCL depository receipt  | 260800 | 219278 |
| SCB X PCL  | 31400 | 126917 |
| SCB X PCL depository receipt  | 53400 | 215841 |
| Thanachart Capital PCL depository receipt  | 51100 | 80410 |
| Tisco Financial Group PCL depository receipt  | 38000 | 126041 |
| TMBThanachart Bank PCL depository receipt  | 4713200 | 269035 |
|  |  | 2180630 |
| Consumer Finance - 0.0% |  |  |
| Krungthai Card PCL depository receipt  | 100400 | 88288 |
| Muangthai Capital PCL depository receipt  | 72400 | 90472 |
| Srisawad Corp PCL depository receipt  | 84400 | 73567 |
| TIDLOR Holdings PCL depository receipt  | 163200 | 105745 |
|  |  | 358072 |
| Insurance - 0.0% |  |  |
| Thai Life Insurance PCL depository receipt  | 219300 | 69694 |
| TOTAL FINANCIALS |  | 2608396 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Bangkok Chain Hospital PCL depository receipt  | 114900 | 40061 |
| Bangkok Dusit Medical Services PCL  | 239900 | 139898 |
| Bangkok Dusit Medical Services PCL depository receipt  | 241600 | 140890 |
| Bumrungrad Hospital Pcl  | 10800 | 57316 |
| Bumrungrad Hospital Pcl depository receipt  | 28700 | 152311 |
|  |  | 530476 |
| Industrials - 0.0% |  |  |
| Ground Transportation - 0.0% |  |  |
| BTS Group Holdings PCL depository receipt (b) | 813700 | 73813 |
| Transportation Infrastructure - 0.0% |  |  |
| Airports of Thailand PCL  | 171900 | 218787 |
| Airports of Thailand PCL depository receipt  | 266400 | 339062 |
| Bangkok Expressway & Metro PCL depository receipt  | 772600 | 122767 |
|  |  | 680616 |
| TOTAL INDUSTRIALS |  | 754429 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Delta Electronics Thailand PCL  | 16000 | 107127 |
| Delta Electronics Thailand PCL depository receipt  | 460600 | 3083932 |
|  |  | 3191059 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Indorama Ventures PCL depository receipt  | 206000 | 121400 |
| PTT Global Chemical PCL depository receipt  | 172300 | 134236 |
|  |  | 255636 |
| Construction Materials - 0.0% |  |  |
| Siam Cement PCL/The  | 13800 | 86862 |
| Siam Cement PCL/The depository receipt  | 19300 | 121481 |
|  |  | 208343 |
| Containers & Packaging - 0.0% |  |  |
| SCG Packaging PCL depository receipt  | 124700 | 70026 |
| TOTAL MATERIALS |  | 534005 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Central Pattana PCL  | 74500 | 123554 |
| Central Pattana PCL depository receipt  | 65300 | 108296 |
| Land & Houses PCL depository receipt  | 390300 | 46965 |
| WHA Corp PCL depository receipt  | 775600 | 78015 |
|  |  | 356830 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Electricity Generating PCL depository receipt  | 23800 | 90323 |
| Global Power Synergy PCL depository receipt  | 71700 | 91810 |
| Gulf Development PCL  | 99361 | 135660 |
| Gulf Development PCL depository receipt  | 669237 | 913722 |
|  |  | 1231515 |
| TOTAL THAILAND |  | 14540308 |
| TURKEY - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Turkcell Iletisim Hizmetleri AS  | 122967 | 291525 |
| Consumer Discretionary - 0.0% |  |  |
| Automobile Components - 0.0% |  |  |
| EGE Endustri VE Ticaret AS  | 134 | 26057 |
| Automobiles - 0.0% |  |  |
| Ford Otomotiv Sanayi AS  | 74266 | 175272 |
| Tofas Turk Otomobil Fabrikasi AS  | 12880 | 80933 |
|  |  | 256205 |
| Broadline Retail - 0.0% |  |  |
| D-Market Elektronik Hizmetler Ve Ticaret Anonim Sirketi ADR (b) | 28272 | 72094 |
| Household Durables - 0.0% |  |  |
| Arcelik AS (b) | 13976 | 36756 |
| Specialty Retail - 0.0% |  |  |
| Dogan Sirketler Grubu Holding AS  | 86483 | 35166 |
| Dogus Otomotiv Servis ve Ticaret AS  | 7483 | 32082 |
|  |  | 67248 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Aksa (Akrilik Kimya Sanayi)  | 128174 | 37793 |
| Mavi Giyim Sanayi Ve Ticaret AS Class B (d)(e) | 55959 | 53625 |
|  |  | 91418 |
| TOTAL CONSUMER DISCRETIONARY |  | 549778 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Anadolu Efes Biracilik Ve Malt Sanayii AS  | 200826 | 69387 |
| Coca-Cola Icecek AS  | 80369 | 98230 |
|  |  | 167617 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| BIM Birlesik Magazalar AS  | 45160 | 578809 |
| Migros Ticaret AS  | 9067 | 97776 |
| Sok Marketler Ticaret AS (b) | 29484 | 31031 |
|  |  | 707616 |
| Food Products - 0.0% |  |  |
| Ulker Biskuvi Sanayi AS  | 18078 | 46470 |
| TOTAL CONSUMER STAPLES |  | 921703 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Turkiye Petrol Rafinerileri AS  | 93351 | 438630 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Akbank TAS  | 322688 | 466529 |
| Haci Omer Sabanci Holding AS  | 137230 | 266113 |
| Turkiye Is Bankasi AS Class C  | 880225 | 264775 |
| Yapi ve Kredi Bankasi AS (b) | 329930 | 263605 |
|  |  | 1261022 |
| Capital Markets - 0.0% |  |  |
| Is Yatirim Menkul Degerler AS  | 53222 | 55634 |
| Financial Services - 0.0% |  |  |
| Borusan Yatirim ve Pazarlama AS  | 769 | 44782 |
| Turkiye Sinai Kalkinma Bankasi AS (b) | 146649 | 44950 |
|  |  | 89732 |
| Insurance - 0.0% |  |  |
| Anadolu Anonim Turk Sigorta Sirketi  | 72136 | 39761 |
| Turkiye Sigorta AS  | 195757 | 57488 |
|  |  | 97249 |
| TOTAL FINANCIALS |  | 1503637 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| MLP Saglik Hizmetleri AS (b)(d)(e) | 7563 | 60426 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Aselsan Elektronik Sanayi Ve Ticaret AS  | 120976 | 585693 |
| Air Freight & Logistics - 0.0% |  |  |
| Reysas Tasimacilik ve Lojistik Ticaret AS (b) | 116270 | 41278 |
| Construction & Engineering - 0.0% |  |  |
| Enka Insaat ve Sanayi AS  | 168071 | 310532 |
| Kontrolmatik Enerji Ve Muhendislik AS  | 34630 | 25939 |
| Ral Yatirim Holding AS  | 12485 | 58842 |
| Tekfen Holding AS (b) | 18486 | 37012 |
|  |  | 432325 |
| Electrical Equipment - 0.0% |  |  |
| Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS  | 35195 | 82184 |
| Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret AS (b) | 24768 | 16879 |
|  |  | 99063 |
| Ground Transportation - 0.0% |  |  |
| Bin Ulasim Ve Akilli Sehir Teknolojileri AS  | 2424 | 11857 |
| Industrial Conglomerates - 0.1% |  |  |
| AG Anadolu Grubu Holding AS Class A  | 129090 | 78767 |
| Alarko Holding AS  | 18842 | 36157 |
| Bera Holding AS (b) | 64667 | 28232 |
| KOC Holding AS  | 130770 | 533604 |
| Turkiye Sise ve Cam Fabrikalari AS  | 119907 | 104869 |
|  |  | 781629 |
| Machinery - 0.0% |  |  |
| Otokar Otomotiv Ve Savunma Sanayi A.S. (b) | 3678 | 40188 |
| Turk Traktor ve Ziraat Makineleri AS  | 2575 | 33493 |
|  |  | 73681 |
| Passenger Airlines - 0.0% |  |  |
| Pegasus Hava Tasimaciligi AS (b) | 25896 | 129314 |
| Turk Hava Yollari AO  | 61677 | 427518 |
|  |  | 556832 |
| Transportation Infrastructure - 0.0% |  |  |
| TAV Havalimanlari Holding AS (b) | 19681 | 124018 |
| TOTAL INDUSTRIALS |  | 2706376 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| MIA Teknoloji AS (b) | 29495 | 26175 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Hektas Ticaret TAS (b) | 448960 | 38112 |
| Petkim Petrokimya Holding AS (b) | 138369 | 56494 |
| Sasa Polyester Sanayi AS (b) | 1164125 | 84983 |
|  |  | 179589 |
| Construction Materials - 0.0% |  |  |
| Baticim Bati Anadolu Cimento Sanayii AS  | 301074 | 31429 |
| Cimsa Cimento Sanayi VE Ticaret AS  | 33316 | 37646 |
| Nuh Cimento Sanayi AS  | 5219 | 30281 |
| Oyak Cimento Fabrikalari AS  | 114930 | 58102 |
|  |  | 157458 |
| Metals & Mining - 0.0% |  |  |
| Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret AS (b) | 3847 | 44069 |
| Eregli Demir ve Celik Fabrikalari TAS  | 371990 | 243076 |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class D (b) | 76733 | 50031 |
| Koza Anadolu Metal Madencilik Isletmeleri AS (b) | 18622 | 40074 |
| Turk Altin Isletmeleri AS (b) | 96551 | 61714 |
|  |  | 438964 |
| TOTAL MATERIALS |  | 776011 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Ziraat Gayrimenkul Yatirim Ortakligi AS  | 88387 | 48635 |
| Real Estate Management & Development - 0.0% |  |  |
| Kuyumcukent Gayrimenkul Yatirimlari AS  | 33011 | 39954 |
| Residential REITs - 0.0% |  |  |
| Emlak Konut Gayrimenkul Yatirim Ortakligi AS  | 198124 | 95260 |
| TOTAL REAL ESTATE |  | 183849 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Enerjisa Enerji AS (d)(e) | 24663 | 48383 |
| Gas Utilities - 0.0% |  |  |
| Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS (b) | 63478 | 43351 |
| TOTAL UTILITIES |  | 91734 |
| TOTAL TURKEY |  | 7549844 |
| UNITED ARAB EMIRATES - 0.4%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Emirates Telecommunications Group Co PJSC  | 359547 | 1899076 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Abu Dhabi National Hotels  | 1022863 | 124205 |
| Americana Restaurants International PLC - Foreign Co  | 282921 | 160989 |
|  |  | 285194 |
| Specialty Retail - 0.0% |  |  |
| Abu Dhabi National Oil Co for Distribution PJSC  | 291433 | 284851 |
| TOTAL CONSUMER DISCRETIONARY |  | 570045 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| ADNOC Drilling Co PJSC  | 259581 | 394359 |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| ADNOC Logistics & Services  | 146019 | 228195 |
| TOTAL ENERGY |  | 622554 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Abu Dhabi Commercial Bank PJSC  | 300029 | 1177914 |
| Abu Dhabi Islamic Bank PJSC  | 149314 | 858577 |
| Dubai Islamic Bank PJSC  | 296290 | 766347 |
| Emirates NBD Bank PJSC  | 255179 | 1952254 |
| First Abu Dhabi Bank PJSC  | 456627 | 2168169 |
|  |  | 6923261 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Pure Health Holding PJSC  | 247820 | 189595 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Modon Holding PSC (b) | 324046 | 322021 |
| Multiply Group PJSC (b) | 396699 | 321857 |
|  |  | 643878 |
| Passenger Airlines - 0.0% |  |  |
| Air Arabia PJSC  | 231587 | 245903 |
| Transportation Infrastructure - 0.0% |  |  |
| Salik Co PJSC  | 194718 | 317024 |
| TOTAL INDUSTRIALS |  | 1206805 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Aldar Properties PJSC  | 387199 | 948772 |
| Emaar Development PJSC  | 83547 | 338924 |
| Emaar Properties PJSC  | 638006 | 2466596 |
|  |  | 3754292 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Dubai Electricity & Water Authority PJSC  | 943567 | 714172 |
| TOTAL UNITED ARAB EMIRATES |  | 15879800 |
| UNITED KINGDOM - 7.0%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| BT Group PLC  | 590396 | 1440683 |
| Interactive Media & Services - 0.0% |  |  |
| Auto Trader Group PLC (d)(e) | 89461 | 917789 |
| Rightmove PLC  | 79496 | 697618 |
|  |  | 1615407 |
| Media - 0.1% |  |  |
| Informa PLC  | 133994 | 1703598 |
| WPP PLC  | 110216 | 416470 |
|  |  | 2120068 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Vodafone Group PLC  | 2083206 | 2521877 |
| TOTAL COMMUNICATION SERVICES |  | 7698035 |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.1% |  |  |
| B&M European Value Retail SA  | 102318 | 241477 |
| Next PLC  | 11909 | 2237214 |
|  |  | 2478691 |
| Distributors - 0.0% |  |  |
| Inchcape PLC  | 37623 | 377609 |
| Diversified Consumer Services - 0.0% |  |  |
| Pearson PLC  | 66919 | 931381 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Compass Group PLC  | 174875 | 5788335 |
| Entain PLC  | 64954 | 676154 |
| InterContinental Hotels Group PLC  | 15884 | 1916044 |
| Whitbread PLC  | 18078 | 688011 |
|  |  | 9068544 |
| Household Durables - 0.1% |  |  |
| Barratt Redrow PLC  | 150065 | 741839 |
| Bellway PLC  | 12301 | 424034 |
| Berkeley Group Holdings PLC  | 9705 | 514120 |
| Persimmon PLC  | 33052 | 524953 |
| Taylor Wimpey PLC  | 361206 | 499191 |
|  |  | 2704137 |
| Leisure Products - 0.0% |  |  |
| Games Workshop Group PLC  | 3403 | 712154 |
| Specialty Retail - 0.0% |  |  |
| Kingfisher PLC  | 180293 | 731193 |
| TOTAL CONSUMER DISCRETIONARY |  | 17003709 |
| Consumer Staples - 1.4% |  |  |
| Beverages - 0.2% |  |  |
| Coca-Cola Europacific Partners PLC  | 21660 | 1924058 |
| Diageo PLC  | 229534 | 5279685 |
|  |  | 7203743 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| J Sainsbury PLC  | 176907 | 793888 |
| Marks & Spencer Group PLC  | 210775 | 1101472 |
| Tesco PLC  | 675250 | 4074914 |
|  |  | 5970274 |
| Food Products - 0.0% |  |  |
| Associated British Foods PLC  | 29905 | 901618 |
| Household Products - 0.2% |  |  |
| Reckitt Benckiser Group PLC  | 70068 | 5359437 |
| Personal Care Products - 0.4% |  |  |
| Unilever PLC  | 253144 | 15189748 |
| Tobacco - 0.4% |  |  |
| British American Tobacco PLC  | 205980 | 10549379 |
| Imperial Brands PLC  | 78696 | 3126933 |
|  |  | 13676312 |
| TOTAL CONSUMER STAPLES |  | 48301132 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Subsea 7 SA  | 23842 | 435449 |
| Financials - 2.2% |  |  |
| Banks - 1.5% |  |  |
| Barclays PLC  | 1453260 | 7794739 |
| HSBC Holdings PLC  | 1791728 | 25083211 |
| Lloyds Banking Group PLC  | 6163709 | 7226884 |
| NatWest Group PLC  | 833468 | 6416468 |
| Standard Chartered PLC  | 195607 | 4015274 |
|  |  | 50536576 |
| Capital Markets - 0.5% |  |  |
| 3i Group PLC  | 100356 | 5807664 |
| Aberdeen Group PLC  | 189901 | 506430 |
| ICG PLC  | 30360 | 770159 |
| IG Group Holdings PLC  | 35477 | 519192 |
| London Stock Exchange Group PLC  | 48914 | 6095974 |
| Schroders PLC  | 90873 | 452927 |
| St James's Place PLC  | 54923 | 936177 |
|  |  | 15088523 |
| Financial Services - 0.0% |  |  |
| M&G PLC  | 231556 | 800946 |
| Wise PLC Class A (b) | 71223 | 904312 |
|  |  | 1705258 |
| Insurance - 0.2% |  |  |
| Admiral Group PLC  | 27708 | 1192464 |
| Aviva PLC  | 315548 | 2771584 |
| Beazley PLC  | 62950 | 769499 |
| Hiscox Ltd  | 34294 | 619465 |
| Legal & General Group PLC  | 590205 | 1843788 |
| Phoenix Group Holdings PLC  | 81009 | 717281 |
|  |  | 7914081 |
| TOTAL FINANCIALS |  | 75244438 |
| Health Care - 0.8% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Convatec Group PLC (d)(e) | 164524 | 527802 |
| Smith & Nephew PLC  | 89418 | 1651195 |
|  |  | 2178997 |
| Pharmaceuticals - 0.8% |  |  |
| Astrazeneca PLC  | 159995 | 26390961 |
| Hikma Pharmaceuticals PLC  | 15888 | 383837 |
|  |  | 26774798 |
| TOTAL HEALTH CARE |  | 28953795 |
| Industrials - 1.3% |  |  |
| Aerospace & Defense - 0.6% |  |  |
| BAE Systems PLC  | 310620 | 7651654 |
| Melrose Industries PLC  | 121619 | 999527 |
| Rolls-Royce Holdings PLC  | 870525 | 13396344 |
|  |  | 22047525 |
| Commercial Services & Supplies - 0.0% |  |  |
| Rentokil Initial PLC  | 246048 | 1373305 |
| Industrial Conglomerates - 0.1% |  |  |
| CK Hutchison Holdings Ltd  | 280000 | 1856813 |
| DCC PLC  | 10022 | 659612 |
| Metlen Energy & Metals PLC (Greece)  | 10131 | 513810 |
| Smiths Group PLC  | 34159 | 1129944 |
|  |  | 4160179 |
| Machinery - 0.1% |  |  |
| IMI PLC  | 25684 | 805737 |
| Spirax Group PLC  | 7550 | 703712 |
| Weir Group PLC/The  | 26723 | 1039138 |
|  |  | 2548587 |
| Passenger Airlines - 0.0% |  |  |
| International Consolidated Airlines Group SA  | 239401 | 1314300 |
| Professional Services - 0.3% |  |  |
| Intertek Group PLC  | 16241 | 1080658 |
| RELX PLC  | 189289 | 8365892 |
|  |  | 9446550 |
| Trading Companies & Distributors - 0.2% |  |  |
| Ashtead Group PLC  | 43950 | 2929581 |
| Bunzl PLC  | 33543 | 1018793 |
| Diploma PLC  | 13761 | 1014166 |
| Howden Joinery Group PLC  | 55660 | 631396 |
| RS GROUP PLC  | 49244 | 360010 |
|  |  | 5953946 |
| TOTAL INDUSTRIALS |  | 46844392 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Halma PLC  | 39289 | 1830231 |
| Software - 0.0% |  |  |
| Sage Group PLC/The  | 99934 | 1509101 |
| TOTAL INFORMATION TECHNOLOGY |  | 3339332 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Croda International PLC  | 14698 | 557444 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.0% |  |  |
| British Land Co PLC/The  | 102940 | 513342 |
| Land Securities Group PLC  | 77719 | 634548 |
|  |  | 1147890 |
| Industrial REITs - 0.1% |  |  |
| Segro PLC  | 138734 | 1271045 |
| Tritax Big Box REIT PLC  | 254344 | 501532 |
|  |  | 1772577 |
| Residential REITs - 0.0% |  |  |
| UNITE Group PLC/The  | 42788 | 318714 |
| TOTAL REAL ESTATE |  | 3239181 |
| Utilities - 0.4% |  |  |
| Electric Utilities - 0.1% |  |  |
| SSE PLC  | 113987 | 2871653 |
| Multi-Utilities - 0.2% |  |  |
| Centrica PLC  | 494820 | 1165530 |
| National Grid PLC  | 513025 | 7692355 |
|  |  | 8857885 |
| Water Utilities - 0.1% |  |  |
| Severn Trent PLC  | 27741 | 1013489 |
| United Utilities Group PLC  | 71337 | 1125054 |
|  |  | 2138543 |
| TOTAL UTILITIES |  | 13868081 |
| TOTAL UNITED KINGDOM |  | 245484988 |
| UNITED STATES - 5.9%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.3% |  |  |
| Spotify Technology SA (b) | 16140 | 10576865 |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Stellantis NV (Italy)  | 209256 | 2117244 |
| Consumer Staples - 0.7% |  |  |
| Food Products - 0.7% |  |  |
| JBS NV Class A  | 33172 | 438202 |
| JBS NV depository receipt  | 4494 | 59717 |
| Nestle SA  | 265747 | 25391717 |
|  |  | 25889636 |
| Energy - 0.9% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Tenaris SA  | 35048 | 696575 |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| BP PLC  | 1633144 | 9568282 |
| DHT Holdings Inc  | 12404 | 164725 |
| Shell PLC  | 604590 | 22665732 |
|  |  | 32398739 |
| TOTAL ENERGY |  | 33095314 |
| Financials - 0.2% |  |  |
| Insurance - 0.2% |  |  |
| Swiss Re AG  | 30803 | 5611332 |
| Health Care - 2.5% |  |  |
| Biotechnology - 0.2% |  |  |
| BeOne Medicines Ltd H Shares (b) | 97377 | 2328361 |
| CSL Ltd  | 49972 | 5823554 |
| Legend Biotech Corp ADR (b) | 8009 | 259491 |
|  |  | 8411406 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Alcon AG  | 51553 | 3830841 |
| Inmode Ltd (b) | 6040 | 89211 |
|  |  | 3920052 |
| Life Sciences Tools & Services - 0.1% |  |  |
| ICON PLC (b) | 8073 | 1387103 |
| QIAGEN NV (Germany)  | 22324 | 1048826 |
|  |  | 2435929 |
| Pharmaceuticals - 2.1% |  |  |
| GSK PLC  | 420395 | 9842899 |
| Haleon PLC  | 926702 | 4309379 |
| Novartis AG  | 196115 | 24271521 |
| Roche Holding AG  | 72435 | 23463177 |
| Roche Holding AG  | 3031 | 1023704 |
| Sanofi SA  | 111394 | 11268934 |
|  |  | 74179614 |
| TOTAL HEALTH CARE |  | 88947001 |
| Industrials - 0.9% |  |  |
| Building Products - 0.0% |  |  |
| Reliance Worldwide Corp Ltd  | 77392 | 210146 |
| Commercial Services & Supplies - 0.2% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 28101 | 1228586 |
| Waste Connections Inc  | 26623 | 4464912 |
|  |  | 5693498 |
| Construction & Engineering - 0.1% |  |  |
| Ferrovial SE  | 50084 | 3071200 |
| Ferrovial SE rights (b)(g) | 49690 | 27315 |
|  |  | 3098515 |
| Electrical Equipment - 0.5% |  |  |
| Schneider Electric SE  | 55832 | 15908208 |
| Machinery - 0.0% |  |  |
| CNH Industrial NV Class A (Italy)  | 111 | 1155 |
| Marine Transportation - 0.0% |  |  |
| AP Moller - Maersk A/S Series A  | 268 | 552633 |
| AP Moller - Maersk A/S Series B  | 457 | 939559 |
|  |  | 1492192 |
| Professional Services - 0.1% |  |  |
| Experian PLC  | 94814 | 4422618 |
| TOTAL INDUSTRIALS |  | 30826332 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| CyberArk Software Ltd (b) | 5200 | 2708056 |
| JFrog Ltd (b) | 10233 | 485863 |
| Monday.com Ltd (b) | 4202 | 862418 |
|  |  | 4056337 |
| Materials - 0.2% |  |  |
| Construction Materials - 0.2% |  |  |
| Buzzi SpA  | 8827 | 530597 |
| Holcim AG  | 52006 | 4623398 |
| James Hardie Industries PLC depository receipt (b) | 59494 | 1253836 |
| Titan SA (Greece)  | 3851 | 172671 |
|  |  | 6580502 |
| TOTAL UNITED STATES |  | 207700563 |
| ZAMBIA - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| First Quantum Minerals Ltd (b) | 70131 | 1456073 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $2,575,110,226) |  | <br> **3473405728** |

---

---

| | | |
|:---|:---|:---|
| &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% |  |  |
| Grupo Cibest SA  | 47768 | 697683 |
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Bayerische Motoren Werke AG  | 43 | 3720 |
| Porsche Automobil Holding SE  | 15341 | 609551 |
| Volkswagen AG  | 21230 | 2210825 |
|  |  | 2824096 |
| Consumer Staples - 0.0% |  |  |
| Household Products - 0.0% |  |  |
| Henkel AG & Co KGaA  | 16924 | 1370593 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Sartorius AG  | 2570 | 705326 |
| TOTAL GERMANY |  | 4900015 |
| KOREA (SOUTH) - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Hyundai Motor Co  | 2301 | 349354 |
| Hyundai Motor Co Series 2  | 4014 | 617858 |
|  |  | 967212 |
| Consumer Staples - 0.0% |  |  |
| Personal Care Products - 0.0% |  |  |
| Amorepacific Corp  | 1585 | 45523 |
| LG H&H Co Ltd  | 553 | 45191 |
|  |  | 90714 |
| Information Technology - 0.2% |  |  |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Samsung Electronics Co Ltd  | 86238 | 5092486 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| LG Chem Ltd  | 920 | 126936 |
| TOTAL KOREA (SOUTH) |  | 6277348 |
| RUSSIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Surgutneftegas PAO (b)(f) | 352900 | 0 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $11,398,561) |  | <br> **11875046** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 11/13/2025 (i)<br>(Cost $891,775)<br>| 4.15 | 893000 | **892042** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (j) | 4.18 | 45809701 | 45818863 |
| Fidelity Securities Lending Cash Central Fund (j)(k) | 4.18 | 41943687 | 41947882 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $87,766,745) |  |  | **87766745** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.8%**<br> (Cost $2,675,167,307)<br>| <br>**3573939561** |
| **NET OTHER ASSETS (LIABILITIES) - (0.8)%**  | **(29661854)** |
| **NET ASSETS - 100.0%** | **3544277707** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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) | 256 | 12/19/2025 | 35930880 | 275841 | 275841 |
| ICE MSCI Emerging Markets Index Contracts (United States) | 261 | 12/19/2025 | 18369180 | 661167 | 661167 |
| TME S&P/TSX 60 Index Contracts (Canada) | 18 | 12/18/2025 | 4572928 | 99452 | 99452 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **1036460** |
| The notional amount of futures purchased as a percentage of Net Assets is 1.6% | The notional amount of futures purchased as a percentage of Net Assets is 1.6% | The notional amount of futures purchased as a percentage of Net Assets is 1.6% | The notional amount of futures purchased as a percentage of Net Assets is 1.6% | The notional amount of futures purchased as a percentage of Net Assets is 1.6% | The notional amount of futures purchased as a percentage of Net Assets is 1.6% |

---

**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 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 $67,511,314 or 1.9% of net assets.

(e) 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 $68,196,235 or 1.9% 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) 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 $892,042.

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

(k) 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 | 53106591 | 574179298 | 581467742 | 1684809 | 716 | - | 45818863 | 45809701 | 0.1% |
| Fidelity Securities Lending Cash Central Fund | 11673884 | 166572134 | 136298136 | 270452 | - | - | 41947882 | 41943687 | 0.2% |
| Total | 64780475 | 740751432 | 717765878 | 1955261 | 716 | - | 87766745 |  |  |

---

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 October 31, 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 | 210837604 | 73762617 | 137074987 | - |
| Consumer Discretionary | 367225568 | 177151391 | 190074177 | - |
| Consumer Staples | 200771385 | 99425715 | 101345670 | - |
| Energy | 151172606 | 93304991 | 57867615 | - |
| Financials | 834894201 | 536632022 | 298262179 | - |
| Health Care | 254266705 | 90967147 | 161650781 | 1648777 |
| Industrials | 535381734 | 324711248 | 210073119 | 597367 |
| Information Technology | 521105050 | 286194071 | 234910979 | - |
| Materials | 219955330 | 137069892 | 82885438 | - |
| Real Estate | 68449992 | 65278645 | 3171347 | - |
| Utilities | 109345553 | 62867227 | 46478326 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 3791308 | 970932 | 2820376 | - |
| Consumer Staples | 1461307 | 1461307 | - | - |
| Energy | - | - | - | - |
| Financials | 697683 | 697683 | - | - |
| Health Care | 705326 | 705326 | - | - |
| Information Technology | 5092486 | 5092486 | - | - |
| Materials | 126936 | 126936 | - | - |
|  **U.S. Treasury Obligations** | 892042 | - | 892042 | - |
|  **Money Market Funds** | 87766745 | 87766745 | - | - |
| **Total Investments in Securities:** | 3573939561 | 2044186381 | 1527507036 | 2246144 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 1036460 | 1036460 | - | - |
| Total Assets | 1036460 | 1036460 | - | - |
| **Total Derivative Instruments:** | 1036460 | 1036460 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 1036460 | - |
| **Total Equity Risk**  | 1036460 | - |
| **Total Value of Derivatives** | 1036460 | - |

---

(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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $39,791,502) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,587,400,562) | $3486172816 |  |
| Fidelity Central Funds (cost $87,766,745) | 87766745 |  |
| Total Investment in Securities (cost $2,675,167,307) |  | $3573939561 |
| Segregated cash with brokers for derivative instruments |  | 1046072 |
| Cash |  | 299 |
| Foreign currency held at value (cost $2,889,855) |  | 2883710 |
| Receivable for fund shares sold |  | 3646341 |
| Dividends receivable |  | 6599408 |
| Reclaims receivable |  | 6059802 |
| Distributions receivable from Fidelity Central Funds |  | 231428 |
| Other receivables |  | 32487 |
| **Total assets** |  | 3594439108 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $24568 |  |
| Delayed delivery | 27315 |  |
| Payable for fund shares redeemed | 2840419 |  |
| Payable for daily variation margin on futures contracts | 126926 |  |
| Deferred taxes | 5194533 |  |
| Collateral on securities loaned | 41947640 |  |
| **Total liabilities** |  | 50161401 |
| **Net Assets**  |  | $3544277707 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $2697404996 |
| Total accumulated earnings (loss) |  | 846872711 |
| **Net Assets** |  | $3544277707 |
| **Net Asset Value**, offering price and redemption price per share ($3,544,277,707 ÷ 211,694,494 shares) |  | $16.74 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $91740164 |
| Interest  |  | 86951 |
| Income from Fidelity Central Funds (including $270,452 from security lending)  |  | 1955261 |
| Income before foreign taxes withheld |  | $93782376 |
| Less foreign taxes withheld |  | (7330613) |
| **Total income** |  | 86451763 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $7027 |  |
| Interest | 7670 |  |
| Miscellaneous | 83 |  |
| Total expenses before reductions | 14780 |  |
| Expense reductions | (1606) |  |
| Total expenses after reductions |  | 13174 |
| **Net Investment income (loss)** |  | 86438589 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $2,269,257)  | (33184296) |  |
| Fidelity Central Funds | 716 |  |
| Foreign currency transactions | (274751) |  |
| Futures contracts | 9040444 |  |
| Total net realized gain (loss) |  | (24417887) |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $1,215,874)  | 645095985 |  |
| Assets and liabilities in foreign currencies | 422509 |  |
| Futures contracts | 1928855 |  |
| Total change in net unrealized appreciation (depreciation) |  | 647447349 |
| **Net gain (loss)** |  | 623029462 |
| **Net increase (decrease) in net assets resulting from operations** |  | $709468051 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $86438589 | $65449211 |
| &nbsp;&nbsp;Net realized gain (loss) | (24417887)<br>| (21380553)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 647447349 | 366929507<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 709468051<br>| 410998165<br>|
| Distributions to shareholders | (69779005)<br>| (49799346)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1185510547 | 956579332 |
| Reinvestment of distributions | 52136047<br>| 36508132<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (869564007) | (466312128) |
| **Net increase (decrease) in net assets resulting from share transactions** | 368082587<br>| 526775336<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 1007771633<br>| 887974155<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 2536506074 | 1648531919<br>|
| &nbsp;&nbsp;End of period | $3544277707 | $2536506074 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 82720162 | 72976603 |
| Issued in reinvestment of distributions | 3911190<br>| 2968142<br>|
| &nbsp;&nbsp;Redeemed | (60248206) | (35468260) |
| &nbsp;&nbsp;Net increase (decrease) | 26383146 | 40476485 |

---

**Financial Highlights** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.69 | $11.38 | $10.36 | $14.06 | $11.04 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .42  | .39  | .37  | .37  | .35  |
| Net realized and unrealized gain (loss)  | 2.99  | 2.26  | .94  | (3.76)  | 2.87  |
| Total from investment operations  | 3.41  | 2.65  | 1.31  | (3.39)  | 3.22  |
| Distributions from net investment income  | (.36)  | (.34)  | (.29)  | (.31)  | (.20)  |
| Total distributions  | (.36)  | (.34)  | (.29)  | (.31)  | (.20)  |
| Net asset value, end of period  | $16.74 | $13.69 | $11.38 | $10.36 | $14.06 |
| **Total Return** C | 25.57% <br>| 23.59%  | 12.72%  | (24.60)%  | 29.31%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | -% F | -% F | .01%  | -% F | -% F |
| Expenses net of fee waivers, if any F | -% <br>| -%  | -%  | -%  | -%  |
| Expenses net of all reductions, if any F | -%  | -%  | -%  | -%  | -%  |
| Net investment income (loss)  | 2.88%  | 2.98%  | 3.09%  | 3.10%  | 2.56%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $3544278 | $2536506 | $1648532 | $1275808 | $1272152 |
| Portfolio turnover rate G | 16% <br>| 4%  | 3%  | 4%  | 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 would have been lower if certain expenses had not been reduced during the applicable periods shown.*

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

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

F*Amount represents less than .005%.*

G*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.* 

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Flex International Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts and advisory programs offered by Fidelity. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense 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 October 31, 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 and include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. 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. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $1018623463 |
| **Gross unrealized depreciation**  | <u>(169457841)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$849165622</u> |
| **Tax Cost**  | <u>$2724773939</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$91892670</u> |
| **Capital loss carryforward**  | <u>$(89213739)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$849388312</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 fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(10661976) |
| Long-term | <u>(78551763)</u> |
| **Total capital loss carryforward** | <u>$(89213739)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $69779005 | $49799346 |

---

**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 Flex International Index Fund** | 854593464 | 459082175 |

---

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

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

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

**Interfund 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 Flex International Index Fund**  | Borrower | 4310000 | 4.58% | 7670 |

---

**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 through a lending agent from time to time in order to earn additional income. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, 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. The Fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities. Security lending income earned is presented in the Statement of Operations as a component of income from Fidelity Central Funds.

---

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

---

**9. Expense Reductions.**

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,606.

**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 public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and the Shareholders of Fidelity Flex International Index Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statement of assets and liabilities of Fidelity Flex International Index Fund (the "Fund"), a fund of Fidelity Salem Street Trust, including the schedule of investments, as of October 31, 2025, the related statement of operations for the year then ended, statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the "financial statements and financial highlights"). In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of October 31, 2025, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Boston, Massachusetts

December 12, 2025

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund designates $3,534,968 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 72.16% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.3691 and $0.0285 for the dividend paid December 16, 2024.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity Flex International Index Fund**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. The Board considered all factors it believed relevant and reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and the fact that no fee is payable under the management contract was fair and reasonable. The Board's decision to renew the fund's Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

**Nature, Extent, and Quality of Services Provided.** The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.

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

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

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

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

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

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board reviewed the fund's absolute investment performance, as well as the fund's relative investment performance. In this regard, the Board noted that the fund is available exclusively to certain fee-based accounts and advisor programs offered by Fidelity, including certain employer-sponsored plans and discretionary investment programs.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board noted that the fund is available exclusively through certain Fidelity fee-based accounts and advisory programs. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of Fidelity fee-based account and advisory program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes, and extraordinary expenses (such as litigation expenses). The Board further noted that the fund pays its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

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

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

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

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

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the lineup of the Fidelity funds; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances, and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img118396_4.jpg)<br>

1.9881635.108 ZEI-ANN-1225

**Fidelity® SAI Emerging Markets Value Index Fund**

**Annual Report**

**October 31, 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.

![](img118412_1.jpg)

![](img118412_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_EMV-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI Emerging Markets Value Index Fund](#Sub_Sec_Fund_6049_EMV-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6049_EMV-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_EMV-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_EMV-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_EMV-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_EMV-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_EMV-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_EMV-ANN)** |

---

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 (Annual Report)**

**Fidelity® SAI Emerging Markets Value Index Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 99.0%** | &nbsp;&nbsp;**Common Stocks - 99.0%** | &nbsp;&nbsp;**Common Stocks - 99.0%** |
|  | Shares | Value ($)<br>|
| BRAZIL - 4.1%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Specialty Retail - 0.2% |  |  |
| Vibra Energia SA  | 4666700 | 20644701 |
| Energy - 1.5% |  |  |
| Oil, Gas & Consumable Fuels - 1.5% |  |  |
| Petroleo Brasileiro SA - Petrobras  | 18511700 | 102365835 |
| Petroleo Brasileiro SA - Petrobras  | 6031600 | 35326670 |
|  |  | 137692505 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| Banco do Brasil SA  | 12712700 | 51749204 |
| Materials - 1.7% |  |  |
| Metals & Mining - 1.7% |  |  |
| Gerdau SA  | 5811268 | 20458445 |
| Vale SA  | 11373500 | 137963106 |
|  |  | 158421551 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Cia Energetica de Minas Gerais  | 8452530 | 17816465 |
| TOTAL BRAZIL |  | 386324426 |
| CHILE - 0.4%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Specialty Retail - 0.1% |  |  |
| Empresas Copec SA  | 1614735 | 11544957 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Cencosud SA  | 3028372 | 9391471 |
| Industrials - 0.2% |  |  |
| Passenger Airlines - 0.2% |  |  |
| Latam Airlines Group SA  | 818008586 | 18641796 |
| TOTAL CHILE |  | 39578224 |
| CHINA - 27.7%  |  |  |
| Communication Services - 5.5% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| China Tower Corp Ltd H Shares (b)(c) | 20702810 | 29919704 |
| Interactive Media & Services - 5.2% |  |  |
| Baidu Inc A Shares (d) | 8766400 | 132690322 |
| JOYY Inc Class A ADR  | 125634 | 7451353 |
| Tencent Holdings Ltd  | 4362700 | 354372360 |
|  |  | 494514035 |
| TOTAL COMMUNICATION SERVICES |  | 524433739 |
| Consumer Discretionary - 6.8% |  |  |
| Automobiles - 0.7% |  |  |
| Brilliance China Automotive Holdings Ltd  | 11640000 | 5722220 |
| Geely Automobile Holdings Ltd  | 22356400 | 52938050 |
| SAIC Motor Corp Ltd A Shares (China)  | 4108400 | 9599389 |
|  |  | 68259659 |
| Broadline Retail - 6.0% |  |  |
| Alibaba Group Holding Ltd  | 10676100 | 227174054 |
| JD.com Inc A Shares  | 8014500 | 132319306 |
| PDD Holdings Inc Class A ADR (d) | 1329667 | 179332188 |
| Vipshop Holdings Ltd Class A ADR  | 1531933 | 26793508 |
|  |  | 565619056 |
| Household Durables - 0.1% |  |  |
| Gree Electric Appliances Inc of Zhuhai A Shares (China)  | 1988130 | 11103516 |
| TOTAL CONSUMER DISCRETIONARY |  | 644982231 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Inner Mongolia Yitai Coal Co Ltd B Shares  | 4359988 | 8506337 |
| Financials - 10.7% |  |  |
| Banks - 8.4% |  |  |
| Agricultural Bank of China Ltd H Shares  | 136376000 | 103898169 |
| Bank of China Ltd H Shares  | 225119000 | 127471492 |
| Bank of Communications Co Ltd A Shares (China)  | 13931200 | 14053730 |
| Bank of Communications Co Ltd H Shares  | 94753000 | 84137635 |
| China CITIC Bank Corp Ltd H Shares  | 40276000 | 38407212 |
| China Construction Bank Corp H Shares  | 173363000 | 171636600 |
| China Minsheng Banking Corp Ltd H Shares  | 29162000 | 14936492 |
| Huaxia Bank Co Ltd A Shares (China)  | 5648600 | 5404637 |
| Industrial & Commercial Bank of China Ltd A Shares (China)  | 35884767 | 39225488 |
| Industrial & Commercial Bank of China Ltd H Shares  | 179244000 | 138863901 |
| Industrial Bank Co Ltd A Shares (China)  | 7373408 | 20957659 |
| Ping An Bank Co Ltd A Shares (China)  | 6887730 | 10954717 |
| Postal Savings Bank of China Co Ltd H Shares (b)(c) | 34356000 | 24228771 |
|  |  | 794176503 |
| Consumer Finance - 0.1% |  |  |
| Qfin Holdings Inc Class A ADR  | 435764 | 10523701 |
| Insurance - 2.2% |  |  |
| China Life Insurance Co Ltd H Shares  | 33013300 | 104173594 |
| China Pacific Insurance Group Co Ltd H Shares  | 11450900 | 46419282 |
| New China Life Insurance Co Ltd H Shares  | 3808000 | 24061720 |
| People's Insurance Co Group of China Ltd/The H Shares  | 38715000 | 34776264 |
|  |  | 209430860 |
| TOTAL FINANCIALS |  | 1014131064 |
| Health Care - 0.6% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Sinopharm Group Co Ltd H Shares  | 5953200 | 14839810 |
| Pharmaceuticals - 0.4% |  |  |
| China Resources Pharmaceutical Group Ltd (b)(c)(e) | 8362000 | 5359049 |
| CSPC Pharmaceutical Group Ltd  | 33662000 | 33139778 |
|  |  | 38498827 |
| TOTAL HEALTH CARE |  | 53338637 |
| Industrials - 2.1% |  |  |
| Air Freight & Logistics - 0.1% |  |  |
| JD Logistics Inc (b)(c)(d) | 8548100 | 13926806 |
| Construction & Engineering - 0.3% |  |  |
| China Railway Group Ltd H Shares  | 18666100 | 9464508 |
| China State Construction Engineering Corp Ltd A Shares (China)  | 14665800 | 11188819 |
| China State Construction International Holdings Ltd  | 8201400 | 9330147 |
|  |  | 29983474 |
| Industrial Conglomerates - 0.6% |  |  |
| CITIC Ltd  | 34846600 | 53903023 |
| Machinery - 0.7% |  |  |
| Sinotruk Hong Kong Ltd  | 2939700 | 9821004 |
| Weichai Power Co Ltd H Shares  | 8620800 | 17806184 |
| Yangzijiang Shipbuildling (Holdings) Ltd  | 11989300 | 32423430 |
|  |  | 60050618 |
| Marine Transportation - 0.3% |  |  |
| COSCO SHIPPING Holdings Co Ltd A Shares (China)  | 4494000 | 9477469 |
| COSCO SHIPPING Holdings Co Ltd H Shares (e) | 13184800 | 22889365 |
|  |  | 32366834 |
| Transportation Infrastructure - 0.1% |  |  |
| Zhejiang Expressway Co Ltd H Shares  | 7198900 | 7022368 |
| TOTAL INDUSTRIALS |  | 197253123 |
| Information Technology - 0.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Kingboard Holdings Ltd  | 2753800 | 9866199 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| Xiaomi Corp B Shares (b)(c)(d) | 2825000 | 15672854 |
| TOTAL INFORMATION TECHNOLOGY |  | 25539053 |
| Materials - 0.7% |  |  |
| Construction Materials - 0.3% |  |  |
| Anhui Conch Cement Co Ltd H Shares  | 5247000 | 15625095 |
| China National Building Material Co Ltd H Shares  | 16487200 | 11690867 |
|  |  | 27315962 |
| Metals & Mining - 0.4% |  |  |
| China Hongqiao Group Ltd  | 9891400 | 37577022 |
| TOTAL MATERIALS |  | 64892984 |
| Real Estate - 0.8% |  |  |
| Real Estate Management & Development - 0.8% |  |  |
| China Overseas Land & Investment Ltd  | 16509500 | 27683855 |
| China Resources Land Ltd  | 11968000 | 43217286 |
|  |  | 70901141 |
| Utilities - 0.2% |  |  |
| Gas Utilities - 0.2% |  |  |
| Kunlun Energy Co Ltd  | 16134000 | 14824788 |
| TOTAL CHINA |  | 2618803097 |
| CZECH REPUBLIC - 0.1%  |  |  |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| CEZ AS  | 195915 | 11999626 |
| EGYPT - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Commercial International Bank - Egypt (CIB)  | 3905899 | 8722127 |
| GREECE - 0.6%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Hellenic Telecommunications Organization SA  | 644434 | 12115180 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Piraeus Financial Holdings SA  | 4487600 | 35029065 |
| Industrials - 0.1% |  |  |
| Marine Transportation - 0.1% |  |  |
| Star Bulk Carriers Corp  | 518110 | 9750830 |
| TOTAL GREECE |  | 56895075 |
| HONG KONG - 0.5%  |  |  |
| Consumer Staples - 0.4% |  |  |
| Food Products - 0.4% |  |  |
| WH Group Ltd (b)(c) | 34722500 | 33334815 |
| Industrials - 0.1% |  |  |
| Marine Transportation - 0.1% |  |  |
| Orient Overseas International Ltd (e) | 586000 | 10143040 |
| TOTAL HONG KONG |  | 43477855 |
| HUNGARY - 0.3%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| MOL Hungarian Oil & Gas PLC Class A  | 1627658 | 14320048 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Richter Gedeon Nyrt  | 409342 | 12616958 |
| TOTAL HUNGARY |  | 26937006 |
| INDIA - 12.8%  |  |  |
| Consumer Discretionary - 1.8% |  |  |
| Automobiles - 1.5% |  |  |
| Maruti Suzuki India Ltd  | 540829 | 98618354 |
| Tata Motors Passenger Vehicles Limited  | 8819624 | 40737293 |
|  |  | 139355647 |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| MakeMyTrip Ltd (d)(e) | 330330 | 26426400 |
| TOTAL CONSUMER DISCRETIONARY |  | 165782047 |
| Consumer Staples - 0.7% |  |  |
| Tobacco - 0.7% |  |  |
| ITC Ltd  | 13324820 | 63100187 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| Oil & Natural Gas Corp Ltd  | 17302260 | 49777256 |
| Reliance Industries Ltd  | 703857 | 11786324 |
|  |  | 61563580 |
| Financials - 1.7% |  |  |
| Banks - 1.2% |  |  |
| HDFC Bank Ltd/Gandhinagar  | 2392575 | 26611720 |
| State Bank of India  | 7918977 | 83592423 |
|  |  | 110204143 |
| Financial Services - 0.5% |  |  |
| Power Finance Corp Ltd  | 6442126 | 29265897 |
| REC Ltd  | 5490789 | 23187317 |
|  |  | 52453214 |
| TOTAL FINANCIALS |  | 162657357 |
| Health Care - 2.2% |  |  |
| Life Sciences Tools & Services - 0.4% |  |  |
| Divi's Laboratories Ltd  | 528227 | 40096812 |
| Pharmaceuticals - 1.8% |  |  |
| Cipla Ltd/India  | 2472387 | 41815970 |
| Dr Reddy's Laboratories Ltd  | 2702433 | 36364510 |
| Sun Pharmaceutical Industries Ltd  | 4683627 | 89208677 |
|  |  | 167389157 |
| TOTAL HEALTH CARE |  | 207485969 |
| Industrials - 0.8% |  |  |
| Machinery - 0.2% |  |  |
| Tata Motors Ltd /new (d)(f) | 8562129 | 25151525 |
| Passenger Airlines - 0.6% |  |  |
| InterGlobe Aviation Ltd (b)(c) | 839312 | 53186842 |
| TOTAL INDUSTRIALS |  | 78338367 |
| Information Technology - 2.3% |  |  |
| IT Services - 2.3% |  |  |
| HCL Technologies Ltd  | 4218632 | 73261096 |
| Infosys Ltd  | 6618217 | 110281113 |
| Wipro Ltd  | 12549688 | 34026175 |
|  |  | 217568384 |
| Materials - 1.6% |  |  |
| Metals & Mining - 1.6% |  |  |
| Hindalco Industries Ltd  | 6480521 | 61899508 |
| Tata Steel Ltd  | 25490070 | 52504978 |
| Vedanta Ltd  | 7459981 | 41478889 |
|  |  | 155883375 |
| Utilities - 1.0% |  |  |
| Gas Utilities - 0.2% |  |  |
| GAIL India Ltd  | 11960124 | 24624934 |
| Independent Power and Renewable Electricity Producers - 0.8% |  |  |
| NTPC Ltd  | 18826580 | 71465286 |
| TOTAL UTILITIES |  | 96090220 |
| TOTAL INDIA |  | 1208469486 |
| INDONESIA - 1.3%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.4% |  |  |
| Telkom Indonesia Persero Tbk PT  | 210959700 | 40806917 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Indofood Sukses Makmur Tbk PT  | 19477700 | 8667166 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| United Tractors Tbk PT  | 6619700 | 10707753 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Bank Mandiri Persero Tbk PT  | 93914500 | 26607262 |
| Industrials - 0.4% |  |  |
| Industrial Conglomerates - 0.4% |  |  |
| Astra International Tbk PT  | 89804600 | 33210962 |
| TOTAL INDONESIA |  | 120000060 |
| KOREA (SOUTH) - 13.9%  |  |  |
| Consumer Discretionary - 3.4% |  |  |
| Automobile Components - 0.7% |  |  |
| Hankook Tire & Technology Co Ltd  | 307767 | 9980690 |
| Hyundai Mobis Co Ltd  | 272303 | 60204405 |
|  |  | 70185095 |
| Automobiles - 2.4% |  |  |
| Hyundai Motor Co  | 613202 | 124420036 |
| Kia Corp  | 1111517 | 93244678 |
|  |  | 217664714 |
| Household Durables - 0.3% |  |  |
| LG Electronics Inc  | 479186 | 29369529 |
| TOTAL CONSUMER DISCRETIONARY |  | 317219338 |
| Financials - 2.3% |  |  |
| Banks - 2.1% |  |  |
| Hana Financial Group Inc  | 1274371 | 76234360 |
| Shinhan Financial Group Co Ltd  | 1430293 | 73231659 |
| Woori Financial Group Inc  | 2932175 | 52108955 |
|  |  | 201574974 |
| Insurance - 0.2% |  |  |
| DB Insurance Co Ltd  | 194749 | 17277593 |
| TOTAL FINANCIALS |  | 218852567 |
| Industrials - 1.1% |  |  |
| Construction & Engineering - 0.1% |  |  |
| Samsung E&A Co Ltd  | 695658 | 12630540 |
| Industrial Conglomerates - 1.0% |  |  |
| LG Corp  | 411619 | 23125957 |
| SK Square Co Ltd (d) | 388100 | 70600171 |
|  |  | 93726128 |
| TOTAL INDUSTRIALS |  | 106356668 |
| Information Technology - 6.7% |  |  |
| Semiconductors & Semiconductor Equipment - 3.6% |  |  |
| SK Hynix Inc  | 880886 | 344524631 |
| Technology Hardware, Storage & Peripherals - 3.1% |  |  |
| Samsung Electronics Co Ltd  | 3876204 | 291543827 |
| TOTAL INFORMATION TECHNOLOGY |  | 636068458 |
| Utilities - 0.4% |  |  |
| Electric Utilities - 0.4% |  |  |
| Korea Electric Power Corp  | 1139253 | 33994845 |
| TOTAL KOREA (SOUTH) |  | 1312491876 |
| KUWAIT - 0.7%  |  |  |
| Communication Services - 0.2% |  |  |
| Wireless Telecommunication Services - 0.2% |  |  |
| Mobile Telecommunications Co KSCP  | 10942528 | 18942078 |
| Financials - 0.5% |  |  |
| Banks - 0.5% |  |  |
| National Bank of Kuwait SAKP  | 14969726 | 51241116 |
| TOTAL KUWAIT |  | 70183194 |
| MALAYSIA - 1.6%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Telekom Malaysia Bhd  | 8967800 | 15631552 |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Genting Bhd  | 9632086 | 7773747 |
| Consumer Staples - 0.3% |  |  |
| Food Products - 0.3% |  |  |
| PPB Group Bhd  | 3155702 | 8394107 |
| SD Guthrie Bhd  | 16568390 | 20888515 |
|  |  | 29282622 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| AMMB Holdings Bhd  | 10193794 | 13874075 |
| RHB Bank Bhd  | 8510205 | 13756945 |
|  |  | 27631020 |
| Industrials - 0.1% |  |  |
| Marine Transportation - 0.1% |  |  |
| MISC Bhd  | 5941200 | 11051086 |
| Utilities - 0.6% |  |  |
| Electric Utilities - 0.4% |  |  |
| Tenaga Nasional Bhd  | 12672141 | 40182911 |
| Multi-Utilities - 0.2% |  |  |
| YTL Corp Bhd  | 22673500 | 14076194 |
| YTL Corp Bhd warrants 6/2/2028 (d) | 4458780 | 1252954 |
|  |  | 15329148 |
| TOTAL UTILITIES |  | 55512059 |
| TOTAL MALAYSIA |  | 146882086 |
| MEXICO - 1.8%  |  |  |
| Consumer Staples - 1.0% |  |  |
| Beverages - 1.0% |  |  |
| Coca-Cola Femsa SAB de CV unit  | 2330100 | 20047000 |
| Fomento Economico Mexicano SAB de CV unit  | 7437800 | 70164374 |
|  |  | 90211374 |
| Materials - 0.7% |  |  |
| Construction Materials - 0.7% |  |  |
| Cemex SAB de CV unit  | 62529592 | 63544349 |
| Real Estate - 0.1% |  |  |
| Industrial REITs - 0.1% |  |  |
| Prologis Property Mexico SA de CV (e) | 4487800 | 17921247 |
| TOTAL MEXICO |  | 171676970 |
| PERU - 0.3%  |  |  |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Credicorp Ltd  | 107218 | 27983898 |
| PHILIPPINES - 0.4%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Metropolitan Bank & Trust Co  | 7981280 | 9380225 |
| Industrials - 0.3% |  |  |
| Industrial Conglomerates - 0.3% |  |  |
| Ayala Corp  | 1106659 | 8821680 |
| SM Investments Corp  | 1791710 | 22247789 |
|  |  | 31069469 |
| TOTAL PHILIPPINES |  | 40449694 |
| POLAND - 1.1%  |  |  |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| ORLEN SA  | 2575314 | 69776853 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Bank Polska Kasa Opieki SA  | 718885 | 36878625 |
| TOTAL POLAND |  | 106655478 |
| QATAR - 0.6%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Ooredoo QPSC  | 3410705 | 12692956 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Commercial Bank of Qatar  | 14185254 | 16129347 |
| Industrials - 0.3% |  |  |
| Industrial Conglomerates - 0.2% |  |  |
| Industries Qatar QSC  | 4653609 | 16232034 |
| Marine Transportation - 0.1% |  |  |
| Qatar Navigation QSC  | 4183780 | 12754726 |
| TOTAL INDUSTRIALS |  | 28986760 |
| TOTAL QATAR |  | 57809063 |
| RUSSIA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| VK IPJSC GDR (c)(d)(f) | 217763 | 2 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Magnit PJSC (d)(f) | 135409 | 0 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Gazprom PJSC (d)(f) | 9889350 | 1 |
| Surgutneftegas PAO (d)(f) | 29672400 | 4 |
|  |  | 5 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Sberbank of Russia PJSC (d)(f) | 440500 | 0 |
| VTB Bank PJSC (d)(f) | 1815144 | 0 |
|  |  | 0 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Inter RAO UES PJSC (d)(f) | 63735100 | 8 |
| TOTAL RUSSIA |  | 15 |
| SAUDI ARABIA - 2.9%  |  |  |
| Communication Services - 1.4% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| Saudi Telecom Co  | 8429527 | 101550817 |
| Wireless Telecommunication Services - 0.3% |  |  |
| Etihad Etisalat Co  | 1673925 | 30239826 |
| TOTAL COMMUNICATION SERVICES |  | 131790643 |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Nahdi Medical Co  | 3 | 93 |
| Food Products - 0.3% |  |  |
| Almarai Co JSC  | 1819004 | 24047734 |
| TOTAL CONSUMER STAPLES |  | 24047827 |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| Banque Saudi Fransi  | 5434830 | 25838738 |
| Riyad Bank  | 6521797 | 47266204 |
| Saudi Awwal Bank  | 1640935 | 14159042 |
|  |  | 87263984 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| SABIC Agri-Nutrients Co  | 896468 | 29306183 |
| TOTAL SAUDI ARABIA |  | 272408637 |
| SOUTH AFRICA - 3.0%  |  |  |
| Communication Services - 0.9% |  |  |
| Wireless Telecommunication Services - 0.9% |  |  |
| MTN Group Ltd  | 8359733 | 83382762 |
| Consumer Discretionary - 0.1% |  |  |
| Specialty Retail - 0.1% |  |  |
| Foschini Group Ltd  | 1468630 | 7801634 |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Shoprite Holdings Ltd  | 1594683 | 26678460 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Exxaro Resources Ltd  | 1069314 | 10907465 |
| Financials - 0.7% |  |  |
| Banks - 0.7% |  |  |
| Absa Group Ltd  | 3690227 | 41258175 |
| Nedbank Group Ltd  | 2013590 | 27427796 |
|  |  | 68685971 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Aspen Pharmacare Holdings Ltd (e) | 1722460 | 9748105 |
| Industrials - 0.2% |  |  |
| Industrial Conglomerates - 0.2% |  |  |
| Bidvest Group Ltd  | 1509657 | 19590058 |
| Materials - 0.6% |  |  |
| Chemicals - 0.2% |  |  |
| Sasol Ltd (d) | 2592527 | 16220351 |
| Metals & Mining - 0.4% |  |  |
| Harmony Gold Mining Co Ltd  | 2478262 | 41234755 |
| TOTAL MATERIALS |  | 57455106 |
| TOTAL SOUTH AFRICA |  | 284249561 |
| TAIWAN - 21.2%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Pou Chen Corp  | 11113000 | 10579339 |
| Consumer Staples - 0.8% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| President Chain Store Corp  | 2490800 | 19301313 |
| Food Products - 0.6% |  |  |
| Uni-President Enterprises Corp  | 21175000 | 54144925 |
| TOTAL CONSUMER STAPLES |  | 73446238 |
| Financials - 0.4% |  |  |
| Insurance - 0.4% |  |  |
| KGI Financial Holding Co Ltd  | 75315600 | 38908247 |
| Industrials - 1.0% |  |  |
| Industrial Conglomerates - 0.2% |  |  |
| Far Eastern New Century Corp  | 16861900 | 14518174 |
| Marine Transportation - 0.6% |  |  |
| Evergreen Marine Corp Taiwan Ltd  | 4802300 | 30191860 |
| Wan Hai Lines Ltd  | 6125000 | 16338375 |
| Yang Ming Marine Transport Corp  | 7746000 | 14471213 |
|  |  | 61001448 |
| Passenger Airlines - 0.2% |  |  |
| China Airlines Ltd  | 12888000 | 8374813 |
| Eva Airways Corp  | 11980000 | 14090454 |
|  |  | 22465267 |
| TOTAL INDUSTRIALS |  | 97984889 |
| Information Technology - 18.8% |  |  |
| Electronic Equipment, Instruments & Components - 3.8% |  |  |
| AUO Corp  | 31638100 | 12489535 |
| Foxconn Technology Co Ltd  | 4644000 | 10788420 |
| Hon Hai Precision Industry Co Ltd  | 23355000 | 195396469 |
| Innolux Corp  | 35444336 | 15316449 |
| Largan Precision Co Ltd  | 450000 | 32385145 |
| WT Microelectronics Co Ltd  | 2874100 | 13353574 |
| Yageo Corp  | 8460672 | 68448480 |
| Zhen Ding Technology Holding Ltd  | 2843400 | 15058620 |
|  |  | 363236692 |
| Semiconductors & Semiconductor Equipment - 13.6% |  |  |
| ASE Technology Holding Co Ltd  | 15292000 | 122200555 |
| Novatek Microelectronics Corp  | 2682000 | 34246085 |
| Powertech Technology Inc  | 3166000 | 17795763 |
| Radiant Opto-Electronics Corp  | 2063500 | 8849893 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 20961000 | 1012448786 |
| United Microelectronics Corp  | 51808000 | 78147802 |
|  |  | 1273688884 |
| Technology Hardware, Storage & Peripherals - 1.4% |  |  |
| Asustek Computer Inc  | 3098000 | 70157450 |
| Catcher Technology Co Ltd  | 2880000 | 18574306 |
| Compal Electronics Inc  | 18379000 | 19735719 |
| Pegatron Corp  | 9098000 | 21933576 |
|  |  | 130401051 |
| TOTAL INFORMATION TECHNOLOGY |  | 1767326627 |
| Materials - 0.1% |  |  |
| Construction Materials - 0.1% |  |  |
| Asia Cement Corp  | 11328400 | 13360872 |
| TOTAL TAIWAN |  | 2001606212 |
| THAILAND - 1.3%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.1% |  |  |
| Thai Beverage PCL (e) | 37909100 | 13980000 |
| Food Products - 0.1% |  |  |
| Charoen Pokphand Foods PCL depository receipt  | 14628200 | 9523450 |
| TOTAL CONSUMER STAPLES |  | 23503450 |
| Energy - 0.7% |  |  |
| Oil, Gas & Consumable Fuels - 0.7% |  |  |
| PTT Exploration & Production PCL depository receipt  | 6340600 | 20933175 |
| PTT PCL depository receipt  | 33342600 | 31634833 |
|  |  | 52568008 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Bangkok Bank PCL  | 400 | 1956 |
| Bangkok Bank PCL depository receipt  | 2540200 | 12422762 |
| Kasikornbank PCL  | 7700 | 44309 |
| Kasikornbank PCL depository receipt  | 5142900 | 29594287 |
|  |  | 42063314 |
| TOTAL THAILAND |  | 118134772 |
| TURKEY - 0.7%  |  |  |
| Communication Services - 0.1% |  |  |
| Wireless Telecommunication Services - 0.1% |  |  |
| Turkcell Iletisim Hizmetleri AS  | 5270665 | 12495489 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Turkiye Garanti Bankasi AS  | 2608718 | 8349585 |
| Industrials - 0.5% |  |  |
| Industrial Conglomerates - 0.3% |  |  |
| KOC Holding AS  | 5413944 | 22091425 |
| Passenger Airlines - 0.2% |  |  |
| Turk Hava Yollari AO  | 3122475 | 21643636 |
| TOTAL INDUSTRIALS |  | 43735061 |
| TOTAL TURKEY |  | 64580135 |
| UNITED ARAB EMIRATES - 1.6%  |  |  |
| Communication Services - 0.5% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| Emirates Telecommunications Group Co PJSC  | 8543819 | 45127238 |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| Emirates NBD Bank PJSC  | 10929421 | 83615821 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.2% |  |  |
| Emaar Properties PJSC  | 6804266 | 26305988 |
| TOTAL UNITED ARAB EMIRATES |  | 155049047 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $7,188,693,732) |  | <br> **9351367620** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.1%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.1%** |
|  | Shares | Value ($)<br>|
| COLOMBIA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Grupo Cibest SA  | 1178836 | 17217678 |
| RUSSIA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Transneft PJSC (d)(f) | 279200 | 0 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $15,575,782) |  | <br> **17217678** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 11/13/2025 (h)<br>(Cost $2,309,827)<br>| 4.15 | 2313000 | **2310518** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** | &nbsp;&nbsp;**Money Market Funds - 2.1%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (i) | 4.18 | 157758297 | 157789849 |
| Fidelity Securities Lending Cash Central Fund (i)(j) | 4.18 | 38031204 | 38035007 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $195,824,856) |  |  | **195824856** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 101.2%**<br> (Cost $7,402,404,197)<br>| <br>**9566720672** |
| **NET OTHER ASSETS (LIABILITIES) - (1.2)%**  | **(116435453)** |
| **NET ASSETS - 100.0%** | **9450285219** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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 Emerging Markets Index Contracts (United States) | 1157 | 12/19/2025 | 81429660 | 2611023 | 2611023 |
| The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% | The notional amount of futures purchased as a percentage of Net Assets is 0.9% |

---

**Legend**

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

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $175,628,841 or 1.9% of net assets.

(c) Security 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 $175,628,843 or 1.9% of net assets.

(d) Non-income producing.

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

(f) Level 3 security.

(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 $2,310,518.

(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, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's website or upon request.

(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 | 84692450 | 1482603422 | 1409506517 | 3829681 | 494 | - | 157789849 | 157758297 | 0.3% |
| Fidelity Securities Lending Cash Central Fund | 20000427 | 558153785 | 540119205 | 361077 | - | - | 38035007 | 38031204 | 0.1% |
| Total | 104692877 | 2040757207 | 1949625722 | 4190758 | 494 | - | 195824856 |  |  |

---

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 October 31, 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 | 897418556 | 369548955 | 527869599 | 2 |
| Consumer Discretionary | 1186327994 | 826834634 | 359493360 | - |
| Consumer Staples | 381663610 | 381663610 | - | - |
| Energy | 366042554 | 366042549 | - | 5 |
| Financials | 2015879799 | 1744404278 | 271475521 | - |
| Health Care | 283189669 | 246825159 | 36364510 | - |
| Industrials | 686112109 | 660960584 | - | 25151525 |
| Information Technology | 2646502522 | 1307751412 | 1338751110 | - |
| Materials | 542864420 | 485409314 | 57455106 | - |
| Real Estate | 115128376 | 115128376 | - | - |
| Utilities | 230238011 | 194990204 | 35247799 | 8 |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Energy | - | - | - | - |
| Financials | 17217678 | 17217678 | - | - |
|  **U.S. Treasury Obligations** | 2310518 | - | 2310518 | - |
|  **Money Market Funds** | 195824856 | 195824856 | - | - |
| **Total Investments in Securities:** | 9566720672 | 6912601609 | 2628967523 | 25151540 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 2611023 | 2611023 | - | - |
| Total Assets | 2611023 | 2611023 | - | - |
| **Total Derivative Instruments:** | 2611023 | 2611023 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 2611023 | - |
| **Total Equity Risk**  | 2611023 | - |
| **Total Value of Derivatives** | 2611023 | - |

---

(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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $39,665,331) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $7,206,579,341) | $9370895816 |  |
| Fidelity Central Funds (cost $195,824,856) | 195824856 |  |
| Total Investment in Securities (cost $7,402,404,197) |  | $9566720672 |
| Segregated cash with brokers for derivative instruments |  | 165198 |
| Foreign currency held at value (cost $66,758,960) |  | 66738462 |
| Receivable for fund shares sold |  | 8328 |
| Dividends receivable |  | 9617266 |
| Distributions receivable from Fidelity Central Funds |  | 324071 |
| Prepaid expenses |  | 7769 |
| Other receivables |  | 1032034 |
| **Total assets** |  | 9644613800 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $123155553 |  |
| Payable for fund shares redeemed | 477519 |  |
| Accrued management fee | 1117843 |  |
| Payable for daily variation margin on futures contracts | 192685 |  |
| Deferred taxes | 30628507 |  |
| Other payables and accrued expenses | 721467 |  |
| Collateral on securities loaned | 38035007 |  |
| **Total liabilities** |  | 194328581 |
| **Net Assets**  |  | $9450285219 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $7216160828 |
| Total accumulated earnings (loss) |  | 2234124391 |
| **Net Assets** |  | $9450285219 |
| **Net Asset Value**, offering price and redemption price per share ($9,450,285,219 ÷ 548,159,179 shares) |  | $17.24 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $323073277 |
| Interest  |  | 243999 |
| Income from Fidelity Central Funds (including $361,077 from security lending)  |  | 4190758 |
| Income before foreign taxes withheld |  | $327508034 |
| Less foreign taxes withheld |  | (37166665) |
| **Total income** |  | 290341369 |
| **Expenses** |  |  |
| Management fee | $10970918 |  |
| Custodian fees and expenses | 3149314 |  |
| Independent trustees' fees and expenses | 16983 |  |
| Registration fees | 177415 |  |
| Audit fees | 93088 |  |
| Legal | 6219 |  |
| Interest | 8289 |  |
| Miscellaneous | 22354 |  |
| **Total expenses** |  | 14444580 |
| **Net Investment income (loss)** |  | 275896789 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of foreign taxes of $9,025,593)  | 173312485 |  |
| Fidelity Central Funds | 494 |  |
| Foreign currency transactions | (2758788) |  |
| Futures contracts | 31846191 |  |
| Total net realized gain (loss) |  | 202400382 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers (net of decrease in deferred foreign taxes of $8,058,393)  | 1584850853 |  |
| Assets and liabilities in foreign currencies | 589182 |  |
| Futures contracts | 1695607 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1587135642 |
| **Net gain (loss)** |  | 1789536024 |
| **Net increase (decrease) in net assets resulting from operations** |  | $2065432813 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $275896789 | $169380710 |
| &nbsp;&nbsp;Net realized gain (loss) | 202400382<br>| (2898924)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1587135642 | 784775970<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 2065432813<br>| 951257756<br>|
| Distributions to shareholders | (217948527)<br>| (143891024)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 1516973887 | 2311181579 |
| Reinvestment of distributions | 207605039<br>| 132127272<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (76002572) | (54895631) |
| **Net increase (decrease) in net assets resulting from share transactions** | 1648576354<br>| 2388413220<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 3496060640<br>| 3195779952<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 5954224579 | 2758444627<br>|
| &nbsp;&nbsp;End of period | $9450285219 | $5954224579 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 108456138 | 177735672 |
| Issued in reinvestment of distributions | 15532872<br>| 11600287<br>|
| &nbsp;&nbsp;Redeemed | (5642736) | (4341633) |
| &nbsp;&nbsp;Net increase (decrease) | 118346274 | 184994326 |

---

**Financial Highlights** 

**Fidelity® SAI Emerging Markets Value Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $13.85 | $11.27 | $10.20 | $14.32 | $11.78 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .54  | .50  | .53  | .61  | .51  |
| Net realized and unrealized gain (loss)  | 3.34  | 2.65  | 1.07  | (4.04)  | 2.22  |
| Total from investment operations  | 3.88  | 3.15  | 1.60  | (3.43)  | 2.73  |
| Distributions from net investment income  | (.49)  | (.57)  | (.53)  | (.37)  | (.17)  |
| Distributions from net realized gain  | -  | -  | -  | (.32)  | (.02)  |
| Total distributions  | (.49)  | (.57)  | (.53)  | (.69)  | (.19)  |
| Net asset value, end of period  | $17.24 | $13.85 | $11.27 | $10.20 | $14.32 |
| **Total Return** C | 29.02% <br>| 29.09%  | 15.81%  | (25.19)%  | 23.32%  |
| **Ratios to Average Net Assets** B,D,E |  |  |  |  |  |
| Expenses before reductions  | .20%  | .21%  | .22%  | .22%  | .22%  |
| Expenses net of fee waivers, if any  | .20% <br>| .21%  | .22%  | .22%  | .22%  |
| Expenses net of all reductions, if any  | .20%  | .21%  | .22%  | .22%  | .22%  |
| Net investment income (loss)  | 3.76%  | 3.81%  | 4.63%  | 4.95%  | 3.53%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $9450285 | $5954225 | $2758445 | $2432905 | $1970050 |
| Portfolio turnover rate F | 31% <br>| 30%  | 35%  | 30%  | 33%  |

---

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

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

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

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

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

Fidelity SAI Emerging Markets Value Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense 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 October 31, 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. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. The Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on the 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. In addition, the Fund claimed a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $2359116957 |
| **Gross unrealized depreciation**  | <u>(360427102)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1998689855</u> |
| **Tax Cost**  | <u>$7568030817</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$321543025</u> |
| **Capital loss carryforward**  | <u>$(55613032)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1998822905</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 fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(55613032) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(55613032)</u> |

---

The tax character of distributions paid was as follows:

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| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $217948527 | $143891024 |

---

**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>|

---

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 SAI Emerging Markets Value Index Fund** | 3929943448 | 2212714661 |

---

**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity SAI Emerging Markets Value Index Fund**  | Borrower | 16685500 | 4.47% | 8289 |

---

**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 Emerging Markets Value Index Fund** | 9584 |

---

**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 SAI Emerging Markets Value Index Fund** | 38263 | - | - |

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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 SAI Emerging Markets Value Index Fund** | 3978353 |

---

**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 Emerging Markets Fund** | **Strategic Advisers Fidelity Emerging Markets Fund** |
| Fidelity SAI Emerging Markets Value Index Fund | 21% | 75% |

---

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

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| Fidelity SAI Emerging Markets Value Index Fund | 96% |

---

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI Emerging Markets Value Index Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI Emerging Markets Value Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 15, 2025

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund designates $5,101,947 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 33.95% and 23.17% of the dividends distributed on December 16, 2024, and December 30, 2024, respectively during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.5426 and $0.0778 for the dividend paid December 16, 2024.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity SAI Emerging Markets Value Index Fund**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.

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

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

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

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

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

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked above the competitive median of the total peer group for 2024 and above the competitive median of the asset-sized peer group for 2024.

The Board noted that the fund's total peer group contains emerging markets funds in addition to developed markets funds that may not be directly comparable. The Board also noted that, although total expenses ranked above median, Fidelity believes the fees charged are reasonable for the overall value of services shareholders receive.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.25% through February 28, 2026.

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

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

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

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

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

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img118412_4.jpg)<br>

1.9900583.105 EMV-ANN-1225

**Fidelity® SAI International Quality Index Fund**

**Annual Report**

**October 31, 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.

![](img118413_1.jpg)

![](img118413_2.jpg)

**Contents**

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| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_IQI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI International Quality Index Fund](#Sub_Sec_Fund_6051_IQI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6051_IQI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_IQI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_IQI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IQI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IQI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IQI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IQI-ANN)** |

---

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 (Annual Report)**

**Fidelity® SAI International Quality Index Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 98.3%** | &nbsp;&nbsp;**Common Stocks - 98.3%** | &nbsp;&nbsp;**Common Stocks - 98.3%** |
|  | Shares | Value ($)<br>|
| AUSTRALIA - 7.1%  |  |  |
| Communication Services - 0.6% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Telstra Group Ltd  | 1446071 | 4617282 |
| Interactive Media & Services - 0.3% |  |  |
| REA Group Ltd  | 18621 | 2596229 |
| SEEK Ltd  | 128955 | 2286569 |
|  |  | 4882798 |
| TOTAL COMMUNICATION SERVICES |  | 9500080 |
| Consumer Discretionary - 1.6% |  |  |
| Broadline Retail - 1.5% |  |  |
| Wesfarmers Ltd  | 410194 | 22544755 |
| Specialty Retail - 0.1% |  |  |
| JB Hi-Fi Ltd  | 39513 | 2707363 |
| TOTAL CONSUMER DISCRETIONARY |  | 25252118 |
| Financials - 0.4% |  |  |
| Capital Markets - 0.2% |  |  |
| ASX Ltd  | 70220 | 2593592 |
| Insurance - 0.2% |  |  |
| Medibank Pvt Ltd  | 995296 | 3177964 |
| TOTAL FINANCIALS |  | 5771556 |
| Health Care - 0.5% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Cochlear Ltd  | 23634 | 4440564 |
| Health Care Technology - 0.2% |  |  |
| Pro Medicus Ltd  | 19631 | 3385955 |
| TOTAL HEALTH CARE |  | 7826519 |
| Industrials - 0.2% |  |  |
| Professional Services - 0.2% |  |  |
| Computershare Ltd  | 200158 | 4789331 |
| Information Technology - 0.4% |  |  |
| Software - 0.4% |  |  |
| Technology One Ltd  | 108846 | 2627942 |
| WiseTech Global Ltd  | 67722 | 3062742 |
|  |  | 5690684 |
| Materials - 3.4% |  |  |
| Metals & Mining - 3.4% |  |  |
| BHP Group Ltd  | 1449920 | 41334644 |
| Fortescue Ltd  | 568876 | 7924469 |
| Perseus Mining Ltd  | 493461 | 1572384 |
| Ramelius Resources Ltd  | 649677 | 1411278 |
|  |  | 52242775 |
| TOTAL AUSTRALIA |  | 111073063 |
| AUSTRIA - 0.3%  |  |  |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| ANDRITZ AG  | 25934 | 1960969 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.2% |  |  |
| Verbund AG Class A  | 30146 | 2326365 |
| TOTAL AUSTRIA |  | 4287334 |
| BELGIUM - 0.4%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Distributors - 0.1% |  |  |
| D'ieteren Group  | 7761 | 1417896 |
| Financials - 0.3% |  |  |
| Insurance - 0.3% |  |  |
| Ageas SA/NV  | 65425 | 4328656 |
| TOTAL BELGIUM |  | 5746552 |
| CHINA - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Specialty Retail - 0.1% |  |  |
| Chow Tai Fook Jewellery Group Ltd  | 794000 | 1555190 |
| DENMARK - 3.3%  |  |  |
| Consumer Discretionary - 0.2% |  |  |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| Pandora A/S  | 28551 | 3823281 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Ringkjoebing Landbobank A/S  | 9217 | 2081274 |
| Health Care - 2.9% |  |  |
| Biotechnology - 0.4% |  |  |
| Genmab A/S (b) | 23173 | 6609586 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Demant A/S (b) | 33559 | 1115707 |
| Pharmaceuticals - 2.4% |  |  |
| Novo Nordisk A/S Series B  | 754389 | 37139865 |
| TOTAL HEALTH CARE |  | 44865158 |
| Industrials - 0.1% |  |  |
| Building Products - 0.1% |  |  |
| ROCKWOOL A/S Series B  | 32794 | 1123174 |
| TOTAL DENMARK |  | 51892887 |
| FINLAND - 1.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Elisa Oyj A Shares  | 54427 | 2398997 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Orion Oyj B Shares  | 39278 | 2741328 |
| Industrials - 1.0% |  |  |
| Machinery - 1.0% |  |  |
| Kone Oyj B Shares  | 144126 | 9622066 |
| Wartsila OYJ Abp  | 175356 | 5734261 |
|  |  | 15356327 |
| TOTAL FINLAND |  | 20496652 |
| FRANCE - 8.0%  |  |  |
| Consumer Discretionary - 5.2% |  |  |
| Textiles, Apparel & Luxury Goods - 5.2% |  |  |
| Hermes International SCA  | 12209 | 30242241 |
| LVMH Moet Hennessy Louis Vuitton SE  | 69390 | 49046461 |
|  |  | 79288702 |
| Consumer Staples - 2.1% |  |  |
| Personal Care Products - 2.1% |  |  |
| L'Oreal SA  | 79483 | 33169163 |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Technip Energies NV  | 50340 | 2043619 |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Gaztransport Et Technigaz SA  | 11920 | 2357713 |
| TOTAL ENERGY |  | 4401332 |
| Information Technology - 0.4% |  |  |
| Software - 0.4% |  |  |
| Dassault Systemes SE  | 237372 | 6755073 |
| TOTAL FRANCE |  | 123614270 |
| GERMANY - 4.7%  |  |  |
| Communication Services - 0.3% |  |  |
| Entertainment - 0.1% |  |  |
| CTS Eventim AG & Co KGaA  | 21164 | 1893028 |
| Interactive Media & Services - 0.2% |  |  |
| Scout24 SE (c)(d) | 27105 | 3130506 |
| TOTAL COMMUNICATION SERVICES |  | 5023534 |
| Consumer Staples - 0.2% |  |  |
| Personal Care Products - 0.2% |  |  |
| Beiersdorf AG  | 34955 | 3705720 |
| Financials - 4.1% |  |  |
| Capital Markets - 1.1% |  |  |
| Deutsche Boerse AG  | 68052 | 17233500 |
| Insurance - 3.0% |  |  |
| Allianz SE  | 99720 | 40071671 |
| Hannover Rueck SE  | 21792 | 6214329 |
|  |  | 46286000 |
| TOTAL FINANCIALS |  | 63519500 |
| Industrials - 0.1% |  |  |
| Machinery - 0.1% |  |  |
| Rational AG  | 1849 | 1354409 |
| TOTAL GERMANY |  | 73603163 |
| HONG KONG - 1.8%  |  |  |
| Financials - 1.5% |  |  |
| Capital Markets - 1.5% |  |  |
| Hong Kong Exchanges & Clearing Ltd  | 430700 | 23478971 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.3% |  |  |
| CK Infrastructure Holdings Ltd  | 218500 | 1421415 |
| Power Assets Holdings Ltd  | 493000 | 3131629 |
|  |  | 4553044 |
| TOTAL HONG KONG |  | 28032015 |
| ISRAEL - 0.6%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Bezeq The Israeli Telecommunication Corp Ltd  | 851262 | 1742782 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| First International Bank of Israel Ltd  | 18855 | 1359826 |
| Mizrahi Tefahot Bank Ltd  | 55296 | 3601041 |
|  |  | 4960867 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Nice Ltd (b) | 22859 | 3097956 |
| TOTAL ISRAEL |  | 9801605 |
| ITALY - 2.4%  |  |  |
| Consumer Discretionary - 1.6% |  |  |
| Automobiles - 1.2% |  |  |
| Ferrari NV (Italy)  | 44153 | 17634409 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Moncler SpA  | 82431 | 4940733 |
| Prada Spa  | 184900 | 1093141 |
|  |  | 6033874 |
| TOTAL CONSUMER DISCRETIONARY |  | 23668283 |
| Financials - 0.6% |  |  |
| Banks - 0.3% |  |  |
| FinecoBank Banca Fineco SpA  | 221023 | 5046838 |
| Capital Markets - 0.2% |  |  |
| Azimut Holding SpA  | 38829 | 1517237 |
| Banca Generali SpA  | 20693 | 1168737 |
|  |  | 2685974 |
| Financial Services - 0.1% |  |  |
| Banca Mediolanum SpA  | 91588 | 1837955 |
| TOTAL FINANCIALS |  | 9570767 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Reply SpA  | 8112 | 1136996 |
| Utilities - 0.1% |  |  |
| Gas Utilities - 0.1% |  |  |
| Italgas SpA  | 220026 | 2305342 |
| TOTAL ITALY |  | 36681388 |
| JAPAN - 22.0%  |  |  |
| Communication Services - 0.4% |  |  |
| Entertainment - 0.4% |  |  |
| Capcom Co Ltd  | 121400 | 3170133 |
| Nexon Co Ltd  | 145700 | 2978100 |
|  |  | 6148233 |
| Consumer Discretionary - 2.9% |  |  |
| Automobile Components - 0.1% |  |  |
| Niterra Co Ltd  | 58300 | 2399186 |
| Leisure Products - 0.6% |  |  |
| Bandai Namco Holdings Inc  | 234900 | 7319381 |
| Sankyo Co Ltd  | 74200 | 1288666 |
|  |  | 8608047 |
| Specialty Retail - 2.2% |  |  |
| Fast Retailing Co Ltd  | 74700 | 27423864 |
| Sanrio Co Ltd  | 73800 | 3427335 |
| USS Co Ltd  | 156000 | 1722873 |
| ZOZO Inc  | 141800 | 1226983 |
|  |  | 33801055 |
| TOTAL CONSUMER DISCRETIONARY |  | 44808288 |
| Financials - 2.6% |  |  |
| Capital Markets - 0.3% |  |  |
| Japan Exchange Group Inc  | 377500 | 4209564 |
| Insurance - 2.3% |  |  |
| Ms&Ad Insurance Group Holdings Inc  | 476600 | 9824853 |
| Tokio Marine Holdings Inc  | 698900 | 26064216 |
|  |  | 35889069 |
| TOTAL FINANCIALS |  | 40098633 |
| Health Care - 3.1% |  |  |
| Health Care Equipment & Supplies - 2.1% |  |  |
| Asahi Intecc Co Ltd  | 85400 | 1356004 |
| Hoya Corp  | 124000 | 20183895 |
| Sysmex Corp  | 172900 | 1927414 |
| Terumo Corp  | 535100 | 8637008 |
|  |  | 32104321 |
| Pharmaceuticals - 1.0% |  |  |
| Chugai Pharmaceutical Co Ltd  | 230600 | 10554041 |
| Shionogi & Co Ltd  | 292600 | 4898501 |
|  |  | 15452542 |
| TOTAL HEALTH CARE |  | 47556863 |
| Industrials - 3.0% |  |  |
| Ground Transportation - 0.2% |  |  |
| Seibu Holdings Inc  | 90000 | 3165856 |
| Machinery - 0.7% |  |  |
| FANUC Corp  | 338200 | 11286223 |
| Professional Services - 2.0% |  |  |
| BayCurrent Inc  | 48300 | 2214259 |
| Recruit Holdings Co Ltd  | 565200 | 28027123 |
| TechnoPro Holdings Inc  | 37800 | 1186907 |
|  |  | 31428289 |
| Trading Companies & Distributors - 0.1% |  |  |
| MonotaRO Co Ltd  | 88800 | 1238946 |
| TOTAL INDUSTRIALS |  | 47119314 |
| Information Technology - 9.4% |  |  |
| Electronic Equipment, Instruments & Components - 2.1% |  |  |
| Azbil Corp  | 174300 | 1721963 |
| Hirose Electric Co Ltd  | 11100 | 1490948 |
| Keyence Corp  | 72100 | 26840420 |
| Yokogawa Electric Corp  | 83500 | 2504837 |
|  |  | 32558168 |
| IT Services - 0.7% |  |  |
| BIPROGY Inc  | 28400 | 1149194 |
| Nomura Research Institute Ltd  | 159600 | 6162649 |
| Obic Co Ltd  | 118800 | 3690193 |
|  |  | 11002036 |
| Semiconductors & Semiconductor Equipment - 6.4% |  |  |
| Advantest Corp  | 276900 | 41464620 |
| Disco Corp  | 34100 | 11324036 |
| Lasertec Corp  | 29300 | 5948849 |
| Socionext Inc  | 65000 | 1472422 |
| Tokyo Electron Ltd  | 168200 | 37083111 |
|  |  | 97293038 |
| Software - 0.2% |  |  |
| Oracle Corp Japan  | 12100 | 1117273 |
| Trend Micro Inc/Japan  | 45300 | 2317176 |
|  |  | 3434449 |
| TOTAL INFORMATION TECHNOLOGY |  | 144287691 |
| Materials - 0.5% |  |  |
| Chemicals - 0.5% |  |  |
| Nissan Chemical Corp  | 49400 | 1672310 |
| Nitto Denko Corp  | 255400 | 6387072 |
|  |  | 8059382 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Daito Trust Construction Co Ltd  | 110800 | 2071525 |
| TOTAL JAPAN |  | 340149929 |
| NETHERLANDS - 8.3%  |  |  |
| Communication Services - 0.5% |  |  |
| Entertainment - 0.5% |  |  |
| Universal Music Group NV  | 284330 | 7626294 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Koninklijke Vopak NV  | 22141 | 1002458 |
| Financials - 1.4% |  |  |
| Financial Services - 1.4% |  |  |
| Adyen NV (b)(c)(d) | 11379 | 19497740 |
| EXOR NV  | 31945 | 2768969 |
|  |  | 22266709 |
| Industrials - 0.7% |  |  |
| Professional Services - 0.7% |  |  |
| Wolters Kluwer NV  | 86218 | 10559038 |
| Information Technology - 5.6% |  |  |
| Semiconductors & Semiconductor Equipment - 5.6% |  |  |
| ASM International NV  | 16758 | 10855653 |
| ASML Holding NV  | 67730 | 71675135 |
| BE Semiconductor Industries NV  | 27860 | 4739854 |
|  |  | 87270642 |
| TOTAL NETHERLANDS |  | 128725141 |
| NEW ZEALAND - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Fisher & Paykel Healthcare Corp Ltd  | 211873 | 4498164 |
| NORWAY - 0.4%  |  |  |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| Gjensidige Forsikring ASA  | 68666 | 1847950 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Kongsberg Gruppen ASA  | 158945 | 4064931 |
| TOTAL NORWAY |  | 5912881 |
| SINGAPORE - 0.2%  |  |  |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| Singapore Exchange Ltd  | 294300 | 3827980 |
| SPAIN - 2.8%  |  |  |
| Consumer Discretionary - 2.2% |  |  |
| Hotels, Restaurants & Leisure - 0.8% |  |  |
| Amadeus IT Group SA Class A  | 162810 | 12445807 |
| Specialty Retail - 1.4% |  |  |
| Industria de Diseno Textil SA (e) | 405489 | 22387832 |
| TOTAL CONSUMER DISCRETIONARY |  | 34833639 |
| Industrials - 0.5% |  |  |
| Transportation Infrastructure - 0.5% |  |  |
| Aena SME SA (c)(d) | 265629 | 7210475 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Indra Sistemas SA  | 34475 | 1905815 |
| TOTAL SPAIN |  | 43949929 |
| SWEDEN - 3.0%  |  |  |
| Communication Services - 0.2% |  |  |
| Wireless Telecommunication Services - 0.2% |  |  |
| Tele2 AB B Shares  | 205265 | 3250664 |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.3% |  |  |
| Evolution AB (c) | 68135 | 4555601 |
| Financials - 0.2% |  |  |
| Capital Markets - 0.2% |  |  |
| Avanza Bank Holding AB  | 43187 | 1670156 |
| Nordnet AB  | 56545 | 1636786 |
|  |  | 3306942 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.2% |  |  |
| Swedish Orphan Biovitrum AB B Shares (b) | 83628 | 2880249 |
| Health Care Technology - 0.1% |  |  |
| Sectra AB B Shares  | 48678 | 1546382 |
| TOTAL HEALTH CARE |  | 4426631 |
| Industrials - 1.9% |  |  |
| Industrial Conglomerates - 0.2% |  |  |
| Lifco AB B Shares  | 76587 | 2968273 |
| Machinery - 1.5% |  |  |
| Atlas Copco AB A Shares  | 1427140 | 23913251 |
| Trading Companies & Distributors - 0.2% |  |  |
| AddTech AB B Shares  | 93939 | 3183954 |
| TOTAL INDUSTRIALS |  | 30065478 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Mycronic AB  | 54496 | 1285785 |
| TOTAL SWEDEN |  | 46891101 |
| SWITZERLAND - 12.3%  |  |  |
| Consumer Discretionary - 2.5% |  |  |
| Textiles, Apparel & Luxury Goods - 2.5% |  |  |
| Cie Financiere Richemont SA Series A  | 194282 | 38430089 |
| Financials - 3.1% |  |  |
| Capital Markets - 0.8% |  |  |
| Partners Group Holding AG  | 7912 | 9658588 |
| Swissquote Group Holding SA  | 3878 | 2457633 |
|  |  | 12116221 |
| Insurance - 2.3% |  |  |
| Zurich Insurance Group AG  | 51781 | 36012206 |
| TOTAL FINANCIALS |  | 48128427 |
| Health Care - 0.5% |  |  |
| Health Care Equipment & Supplies - 0.5% |  |  |
| Sonova Holding AG  | 17886 | 4858502 |
| Straumann Holding AG  | 31745 | 3990402 |
|  |  | 8848904 |
| Industrials - 4.8% |  |  |
| Building Products - 0.8% |  |  |
| Belimo Holding AG  | 3556 | 3826649 |
| Geberit AG  | 11646 | 8494815 |
|  |  | 12321464 |
| Electrical Equipment - 2.8% |  |  |
| ABB Ltd  | 549104 | 40824536 |
| Accelleron Industries AG  | 34152 | 2792422 |
|  |  | 43616958 |
| Machinery - 0.8% |  |  |
| Schindler Holding AG  | 21713 | 7716581 |
| VAT Group AG (c)(d) | 9758 | 4247564 |
|  |  | 11964145 |
| Professional Services - 0.4% |  |  |
| SGS SA  | 55610 | 6262042 |
| TOTAL INDUSTRIALS |  | 74164609 |
| Information Technology - 0.5% |  |  |
| Software - 0.1% |  |  |
| Temenos AG  | 22548 | 2125214 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Logitech International SA  | 56188 | 6750240 |
| TOTAL INFORMATION TECHNOLOGY |  | 8875454 |
| Materials - 0.9% |  |  |
| Chemicals - 0.9% |  |  |
| EMS-Chemie Holding AG  | 2451 | 1676639 |
| Givaudan SA  | 2870 | 11761740 |
|  |  | 13438379 |
| TOTAL SWITZERLAND |  | 191885862 |
| UNITED KINGDOM - 10.4%  |  |  |
| Communication Services - 0.4% |  |  |
| Interactive Media & Services - 0.4% |  |  |
| Auto Trader Group PLC (c)(d) | 317066 | 3252809 |
| Rightmove PLC  | 281000 | 2465920 |
|  |  | 5718729 |
| Consumer Discretionary - 1.1% |  |  |
| Broadline Retail - 0.5% |  |  |
| Next PLC  | 41293 | 7757266 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| InterContinental Hotels Group PLC  | 56221 | 6781786 |
| Leisure Products - 0.2% |  |  |
| Games Workshop Group PLC  | 11916 | 2493690 |
| TOTAL CONSUMER DISCRETIONARY |  | 17032742 |
| Consumer Staples - 4.4% |  |  |
| Beverages - 1.2% |  |  |
| Diageo PLC  | 804216 | 18498380 |
| Personal Care Products - 2.5% |  |  |
| Unilever PLC  | 639629 | 38380539 |
| Tobacco - 0.7% |  |  |
| Imperial Brands PLC  | 275374 | 10941802 |
| TOTAL CONSUMER STAPLES |  | 67820721 |
| Financials - 2.1% |  |  |
| Capital Markets - 1.5% |  |  |
| 3i Group PLC  | 351787 | 20358132 |
| IG Group Holdings PLC  | 126219 | 1847167 |
|  |  | 22205299 |
| Financial Services - 0.2% |  |  |
| Wise PLC Class A (b) | 240783 | 3057200 |
| Insurance - 0.4% |  |  |
| Admiral Group PLC  | 97415 | 4192431 |
| Beazley PLC  | 227644 | 2782715 |
|  |  | 6975146 |
| TOTAL FINANCIALS |  | 32237645 |
| Industrials - 2.2% |  |  |
| Machinery - 0.3% |  |  |
| IMI PLC  | 91212 | 2861426 |
| Rotork PLC  | 305051 | 1371351 |
|  |  | 4232777 |
| Professional Services - 1.9% |  |  |
| RELX PLC  | 666157 | 29441739 |
| TOTAL INDUSTRIALS |  | 33674516 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Sage Group PLC/The  | 353928 | 5344660 |
| TOTAL UNITED KINGDOM |  | 161829013 |
| UNITED STATES - 8.6%  |  |  |
| Consumer Staples - 0.8% |  |  |
| Food Products - 0.8% |  |  |
| Nestle SA  | 124422 | 11888331 |
| Health Care - 6.8% |  |  |
| Pharmaceuticals - 6.8% |  |  |
| Haleon PLC  | 3255973 | 15141030 |
| Novartis AG  | 367058 | 45427711 |
| Roche Holding AG  | 139548 | 45202448 |
|  |  | 105771189 |
| Industrials - 1.0% |  |  |
| Professional Services - 1.0% |  |  |
| Experian PLC  | 331825 | 15478043 |
| TOTAL UNITED STATES |  | 133137563 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $1,369,325,009) |  | <br> **1527591682** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 11/13/2025 (g)<br>(Cost $675,072)<br>| 4.15 | 676000 | **675275** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** | &nbsp;&nbsp;**Money Market Funds - 2.5%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h) | 4.18 | 16551355 | 16554665 |
| Fidelity Securities Lending Cash Central Fund (h)(i) | 4.18 | 21804070 | 21806250 |
| <br> **TOTAL MONEY MARKET FUNDS**<br> (Cost $38,360,915) |  |  | **38360915** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.8%**<br> (Cost $1,408,360,996)<br>| <br>**1566627872** |
| **NET OTHER ASSETS (LIABILITIES) - (0.8)%**  | **(12312391)** |
| **NET ASSETS - 100.0%** | **1554315481** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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) | 190 | 12/19/2025 | 26667450 | 89116 | 89116 |
| The notional amount of futures purchased as a percentage of Net Assets is 1.7% | The notional amount of futures purchased as a percentage of Net Assets is 1.7% | The notional amount of futures purchased as a percentage of Net Assets is 1.7% | The notional amount of futures purchased as a percentage of Net Assets is 1.7% | The notional amount of futures purchased as a percentage of Net Assets is 1.7% | The notional amount of futures purchased as a percentage of Net Assets is 1.7% |

---

**Legend**

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

(b) Non-income producing.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $41,894,695 or 2.7% of net assets.

(d) Security 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 $37,339,094 or 2.4% of net assets.

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

(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 $675,275.

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

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

**Affiliated Central Funds**

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<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 | 22897635 | 440018616 | 446361582 | 828818 | (4) | - | 16554665 | 16551355 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 31030242 | 90194964 | 99418956 | 49265 | - | - | 21806250 | 21804070 | 0.1% |
| Total | 53927877 | 530213580 | 545780538 | 878083 | (4) | - | 38360915 |  |  |

---

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 October 31, 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 | 41409313 | 27360077 | 14049236 | - |
| Consumer Discretionary | 274665829 | 152983629 | 121682200 | - |
| Consumer Staples | 116583935 | - | 116583935 | - |
| Energy | 5403790 | 5403790 | - | - |
| Financials | 265425877 | 92153995 | 173271882 | - |
| Health Care | 226534756 | 51905251 | 174629505 | - |
| Industrials | 246920614 | 96710753 | 150209861 | - |
| Information Technology | 265650756 | 156912418 | 108738338 | - |
| Materials | 73740536 | 32405892 | 41334644 | - |
| Real Estate | 2071525 | - | 2071525 | - |
| Utilities | 9184751 | 9184751 | - | - |
|  **U.S. Treasury Obligations** | 675275 | - | 675275 | - |
|  **Money Market Funds** | 38360915 | 38360915 | - | - |
| **Total Investments in Securities:** | 1566627872 | 663381471 | 903246401 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 89116 | 89116 | - | - |
| Total Assets | 89116 | 89116 | - | - |
| **Total Derivative Instruments:** | 89116 | 89116 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 89116 | - |
| **Total Equity Risk**  | 89116 | - |
| **Total Value of Derivatives** | 89116 | - |

---

(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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value (including securities loaned of $20,732,317) - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,370,000,081) | $1528266957 |  |
| Fidelity Central Funds (cost $38,360,915) | 38360915 |  |
| Total Investment in Securities (cost $1,408,360,996) |  | $1566627872 |
| Segregated cash with brokers for derivative instruments |  | 145004 |
| Foreign currency held at value (cost $1,450,186) |  | 1438662 |
| Receivable for investments sold |  | 79981 |
| Receivable for fund shares sold |  | 106895 |
| Dividends receivable |  | 2866362 |
| Reclaims receivable |  | 5355839 |
| Distributions receivable from Fidelity Central Funds |  | 83782 |
| Prepaid expenses |  | 1401 |
| Other receivables |  | 15 |
| **Total assets** |  | 1576705813 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $61276 |  |
| Payable for fund shares redeemed | 196501 |  |
| Accrued management fee | 191632 |  |
| Payable for daily variation margin on futures contracts | 73304 |  |
| Other payables and accrued expenses | 61369 |  |
| Collateral on securities loaned | 21806250 |  |
| **Total liabilities** |  | 22390332 |
| **Net Assets**  |  | $1554315481 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1385026371 |
| Total accumulated earnings (loss) |  | 169289110 |
| **Net Assets** |  | $1554315481 |
| **Net Asset Value**, offering price and redemption price per share ($1,554,315,481 ÷ 110,600,754 shares) |  | $14.05 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $38099719 |
| Foreign Tax Reclaims |  | 2270062 |
| Interest  |  | 44904 |
| Income from Fidelity Central Funds (including $49,265 from security lending)  |  | 878083 |
| Income before foreign taxes withheld |  | $41292768 |
| Less foreign taxes withheld |  | (5735487) |
| **Total income** |  | 35557281 |
| **Expenses** |  |  |
| Management fee | $2329123 |  |
| Custodian fees and expenses | 133150 |  |
| Independent trustees' fees and expenses | 3864 |  |
| Registration fees | 20852 |  |
| Audit fees | 51837 |  |
| Legal | 1995 |  |
| Interest | 103241 |  |
| Miscellaneous | 5133 |  |
| **Total expenses** |  | 2649195 |
| **Net Investment income (loss)** |  | 32908086 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 434290 |  |
| Fidelity Central Funds | (4) |  |
| Foreign currency transactions | 249240 |  |
| Futures contracts | 1021748 |  |
| Total net realized gain (loss) |  | 1705274 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 113271068 |  |
| Assets and liabilities in foreign currencies | 301624 |  |
| Futures contracts | 1184949 |  |
| Total change in net unrealized appreciation (depreciation) |  | 114757641 |
| **Net gain (loss)** |  | 116462915 |
| **Net increase (decrease) in net assets resulting from operations** |  | $149371001 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $32908086 | $21891932 |
| &nbsp;&nbsp;Net realized gain (loss) | 1705274<br>| 9477316<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 114757641 | 32596720<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 149371001<br>| 63965968<br>|
| Distributions to shareholders | (26361268)<br>| (8058495)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 325034953 | 1304268941 |
| Reinvestment of distributions | 26029139<br>| 7924506<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (500342470) | (64802260) |
| **Net increase (decrease) in net assets resulting from share transactions** | (149278378)<br>| 1247391187<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (26268645)<br>| 1303298660<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1580584126 | 277285466<br>|
| &nbsp;&nbsp;End of period | $1554315481 | $1580584126 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 24843255 | 101364496 |
| Issued in reinvestment of distributions | 2049538<br>| 675576<br>|
| &nbsp;&nbsp;Redeemed | (38672181) | (5113840) |
| &nbsp;&nbsp;Net increase (decrease) | (11779388) | 96926232 |

---

**Financial Highlights** 

**Fidelity® SAI International Quality Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $12.92 | $10.89 | $9.92 | $14.51 | $11.07 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .28  | .29  | .28  | .32  | .24  |
| Net realized and unrealized gain (loss)  | 1.05  | 2.05  | 1.02  | (3.44)  | 3.32  |
| Total from investment operations  | 1.33  | 2.34  | 1.30  | (3.12)  | 3.56  |
| Distributions from net investment income  | (.20)  | (.31)  | (.33)  | (.24)  | (.10)  |
| Distributions from net realized gain  | -  | -  | -  | (1.24)  | (.02)  |
| Total distributions  | (.20)  | (.31)  | (.33)  | (1.47) C | (.12)  |
| Net asset value, end of period  | $14.05 | $12.92 | $10.89 | $9.92 | $14.51 |
| **Total Return** D | 10.42% <br>| 21.81%  | 13.13%  | (23.94)%  | 32.28%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |
| Expenses before reductions  | .17%  | .18%  | .20%  | .19%  | .19%  |
| Expenses net of fee waivers, if any  | .17% <br>| .18%  | .20%  | .19%  | .19%  |
| Expenses net of all reductions, if any  | .17%  | .18%  | .20%  | .19%  | .19%  |
| Net investment income (loss)  | 2.12%  | 2.27%  | 2.49%  | 2.70%  | 1.78%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1554315 | $1580584 | $277285 | $316291 | $588201 |
| Portfolio turnover rate G | 57% <br>| 39%  | 38%  | 47%  | 78%  |

---

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

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

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

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

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

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

**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 October 31, 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 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. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), certain corporate actions, 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**  | $233152338 |
| **Gross unrealized depreciation**  | <u>(79267080)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$153885258</u> |
| **Tax Cost**  | <u>$1412742614</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$29870940</u> |
| **Capital loss carryforward**  | <u>$(14776331)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$154194501</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 fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(14776331) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(14776331)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $26361268 | $8058495 |

---

**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>|

---

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 SAI International Quality Index Fund** | 870305128 | 1007523022 |

---

**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity SAI International Quality Index Fund**  | Borrower | 47745588 | 4.58% | 103241 |

---

**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 Quality Index Fund** | 2145 |

---

**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 SAI International Quality Index Fund** | 5164 | - | - |

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**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 International Quality Index Fund | 69% | 16% |

---

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

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| Fidelity SAI International Quality Index Fund | 85% |

---

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI International Quality Index Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI International Quality Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 12, 2025

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund designates $223,113 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 85.72% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.1996 and $0.0115 for the dividend paid December 16, 2024.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity SAI International Quality Index Fund**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.

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

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

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

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

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

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked above the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024.

The Board noted that the fund has a fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The total expense ratio for the fund was below the asset-sized peer group median. The Board considered that, when compared to a subset of the total peer group that excludes funds in a fund complex with a unique at-cost service model, the fund's total expense ratio would not be above the competitive median.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.20% through February 28, 2026.

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

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

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

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

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

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img118413_4.jpg)<br>

1.9900585.105 IQI-ANN-1225

**Fidelity® SAI International Momentum Index Fund**

**Annual Report**

**October 31, 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.

![](img118414_1.jpg)

![](img118414_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_IMI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® SAI International Momentum Index Fund](#Sub_Sec_Fund_6050_IMI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements6050_IMI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_IMI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_IMI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_IMI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_IMI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_IMI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_IMI-ANN)** |

---

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 (Annual Report)**

**Fidelity® SAI International Momentum Index Fund**

**Schedule of Investments October 31, 2025**

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 - 3.8%  |  |  |
| Consumer Discretionary - 0.7% |  |  |
| Broadline Retail - 0.5% |  |  |
| Wesfarmers Ltd  | 88982 | 4890558 |
| Specialty Retail - 0.2% |  |  |
| JB Hi-Fi Ltd  | 23938 | 1640190 |
| TOTAL CONSUMER DISCRETIONARY |  | 6530748 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Coles Group Ltd  | 78780 | 1136584 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Woodside Energy Group Ltd  | 254264 | 4120464 |
| Financials - 0.8% |  |  |
| Banks - 0.3% |  |  |
| Commonwealth Bank of Australia  | 28998 | 3256593 |
| Insurance - 0.5% |  |  |
| QBE Insurance Group Ltd  | 282425 | 3666247 |
| TOTAL FINANCIALS |  | 6922840 |
| Health Care - 0.5% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Ansell Ltd  | 30808 | 735956 |
| Health Care Providers & Services - 0.3% |  |  |
| Sigma Healthcare Ltd  | 1248062 | 2539648 |
| Health Care Technology - 0.2% |  |  |
| Pro Medicus Ltd  | 11478 | 1979726 |
| TOTAL HEALTH CARE |  | 5255330 |
| Industrials - 0.4% |  |  |
| Passenger Airlines - 0.1% |  |  |
| Qantas Airways Ltd  | 156600 | 1045126 |
| Professional Services - 0.3% |  |  |
| Computershare Ltd  | 118428 | 2833716 |
| TOTAL INDUSTRIALS |  | 3878842 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| Technology One Ltd  | 63088 | 1523176 |
| Materials - 0.7% |  |  |
| Chemicals - 0.1% |  |  |
| Dyno Nobel Ltd  | 365057 | 769119 |
| Metals & Mining - 0.6% |  |  |
| Evolution Mining Ltd  | 433002 | 3076781 |
| Lynas Rare Earths Ltd (b) | 200521 | 2000814 |
| Perseus Mining Ltd  | 296805 | 945752 |
|  |  | 6023347 |
| TOTAL MATERIALS |  | 6792466 |
| TOTAL AUSTRALIA |  | 36160450 |
| AUSTRIA - 0.4%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| OMV AG  | 30432 | 1664776 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| BAWAG Group AG (c)(d) | 16734 | 2158377 |
| TOTAL AUSTRIA |  | 3823153 |
| BELGIUM - 0.7%  |  |  |
| Health Care - 0.7% |  |  |
| Pharmaceuticals - 0.7% |  |  |
| UCB SA  | 25365 | 6505225 |
| CHINA - 2.2%  |  |  |
| Consumer Discretionary - 2.2% |  |  |
| Broadline Retail - 2.1% |  |  |
| Prosus NV Class N  | 291744 | 20153184 |
| Specialty Retail - 0.1% |  |  |
| Chow Tai Fook Jewellery Group Ltd  | 476800 | 933897 |
| TOTAL CHINA |  | 21087081 |
| COTE D'IVOIRE - 0.2%  |  |  |
| Materials - 0.2% |  |  |
| Metals & Mining - 0.2% |  |  |
| Endeavour Mining PLC (United Kingdom)  | 41418 | 1672589 |
| FINLAND - 1.3%  |  |  |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Neste Oyj  | 94640 | 1958653 |
| Financials - 0.6% |  |  |
| Insurance - 0.6% |  |  |
| Sampo Oyj A Shares  | 541029 | 6029130 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| Orion Oyj B Shares  | 23908 | 1668610 |
| Industrials - 0.3% |  |  |
| Machinery - 0.3% |  |  |
| Wartsila OYJ Abp  | 96045 | 3140737 |
| TOTAL FINLAND |  | 12797130 |
| FRANCE - 8.9%  |  |  |
| Energy - 0.3% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Technip Energies NV  | 28609 | 1161421 |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Gaztransport Et Technigaz SA  | 7132 | 1410672 |
| TOTAL ENERGY |  | 2572093 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Societe Generale SA Series A  | 67517 | 4281972 |
| Health Care - 2.3% |  |  |
| Health Care Equipment & Supplies - 2.3% |  |  |
| EssilorLuxottica SA  | 60298 | 22053140 |
| Industrials - 3.6% |  |  |
| Aerospace & Defense - 2.6% |  |  |
| Safran SA  | 67141 | 23856440 |
| Electrical Equipment - 1.0% |  |  |
| Legrand SA  | 56299 | 9722145 |
| TOTAL INDUSTRIALS |  | 33578585 |
| Materials - 1.2% |  |  |
| Chemicals - 1.2% |  |  |
| Air Liquide SA  | 60530 | 11714911 |
| Real Estate - 0.2% |  |  |
| Retail REITs - 0.2% |  |  |
| Klepierre SA  | 48360 | 1847295 |
| Utilities - 0.9% |  |  |
| Multi-Utilities - 0.9% |  |  |
| Engie SA  | 383979 | 8990085 |
| TOTAL FRANCE |  | 85038081 |
| GERMANY - 10.1%  |  |  |
| Communication Services - 1.3% |  |  |
| Diversified Telecommunication Services - 1.1% |  |  |
| Deutsche Telekom AG  | 332474 | 10298444 |
| Interactive Media & Services - 0.2% |  |  |
| Scout24 SE (c)(d) | 16424 | 1896898 |
| TOTAL COMMUNICATION SERVICES |  | 12195342 |
| Consumer Discretionary - 0.1% |  |  |
| Specialty Retail - 0.1% |  |  |
| Auto1 Group SE (b) | 30346 | 1064740 |
| Financials - 1.2% |  |  |
| Insurance - 1.2% |  |  |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 16030 | 9917664 |
| Talanx AG  | 10857 | 1320260 |
|  |  | 11237924 |
| Health Care - 0.2% |  |  |
| Health Care Providers & Services - 0.2% |  |  |
| Fresenius Medical Care AG  | 43145 | 2316337 |
| Industrials - 3.0% |  |  |
| Aerospace & Defense - 1.2% |  |  |
| MTU Aero Engines AG  | 11370 | 4955239 |
| Rheinmetall AG  | 3442 | 6750567 |
|  |  | 11705806 |
| Construction & Engineering - 0.1% |  |  |
| HOCHTIEF AG  | 3474 | 995471 |
| Electrical Equipment - 1.7% |  |  |
| Siemens Energy AG (b) | 124280 | 15483465 |
| TOTAL INDUSTRIALS |  | 28184742 |
| Information Technology - 2.8% |  |  |
| Software - 2.8% |  |  |
| Nemetschek SE  | 11586 | 1335460 |
| SAP SE  | 99070 | 25765385 |
|  |  | 27100845 |
| Materials - 0.7% |  |  |
| Construction Materials - 0.7% |  |  |
| Heidelberg Materials AG  | 28226 | 6621924 |
| Utilities - 0.8% |  |  |
| Multi-Utilities - 0.8% |  |  |
| E.ON SE  | 430826 | 8016114 |
| TOTAL GERMANY |  | 96737968 |
| HONG KONG - 0.9%  |  |  |
| Financials - 0.8% |  |  |
| Capital Markets - 0.8% |  |  |
| Hong Kong Exchanges & Clearing Ltd  | 129900 | 7081306 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Hongkong Land Holdings Ltd (Singapore)  | 218100 | 1332591 |
| TOTAL HONG KONG |  | 8413897 |
| IRELAND - 0.3%  |  |  |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Kerry Group PLC Class A  | 13228 | 1206058 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| AIB Group PLC  | 222430 | 2047226 |
| TOTAL IRELAND |  | 3253284 |
| ISRAEL - 1.8%  |  |  |
| Financials - 1.3% |  |  |
| Banks - 1.3% |  |  |
| Bank Hapoalim BM  | 289063 | 5881593 |
| Bank Leumi Le-Israel BM  | 328117 | 6679250 |
|  |  | 12560843 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.3% |  |  |
| Elbit Systems Ltd  | 5132 | 2456972 |
| Information Technology - 0.2% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Nova Ltd (Israel) (b) | 6233 | 2158294 |
| TOTAL ISRAEL |  | 17176109 |
| ITALY - 5.8%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Telecom Italia SpA/Milano (b) | 4005160 | 2359979 |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Lottomatica Group Spa  | 55101 | 1357890 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Coca-Cola HBC AG  | 43124 | 1956760 |
| Financials - 4.5% |  |  |
| Banks - 3.2% |  |  |
| Banco BPM SpA  | 327651 | 4760492 |
| BPER Banca SPA  | 217389 | 2594688 |
| UniCredit SpA  | 299883 | 22205344 |
|  |  | 29560524 |
| Insurance - 1.3% |  |  |
| Generali  | 213915 | 8223081 |
| Poste Italiane Spa (c)(d) | 100103 | 2410366 |
| Unipol Assicurazioni SpA  | 97588 | 2133274 |
|  |  | 12766721 |
| TOTAL FINANCIALS |  | 42327245 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 20545 | 1219582 |
| Industrials - 0.6% |  |  |
| Aerospace & Defense - 0.6% |  |  |
| Leonardo SpA  | 85123 | 5008185 |
| Utilities - 0.1% |  |  |
| Gas Utilities - 0.1% |  |  |
| Italgas SpA  | 135963 | 1424564 |
| TOTAL ITALY |  | 55654205 |
| JAPAN - 27.9%  |  |  |
| Communication Services - 3.4% |  |  |
| Entertainment - 2.8% |  |  |
| Konami Group Corp  | 22000 | 3674518 |
| Nintendo Co Ltd  | 250600 | 21373649 |
| Toho Co Ltd/Tokyo  | 27100 | 1592483 |
|  |  | 26640650 |
| Interactive Media & Services - 0.2% |  |  |
| LY Corp  | 541400 | 1590913 |
| Media - 0.0% |  |  |
| CyberAgent Inc  | 92300 | 920544 |
| Wireless Telecommunication Services - 0.4% |  |  |
| SoftBank Group Corp  | 20000 | 3509374 |
| TOTAL COMMUNICATION SERVICES |  | 32661481 |
| Consumer Discretionary - 5.3% |  |  |
| Automobile Components - 0.9% |  |  |
| Sumitomo Electric Industries Ltd  | 174400 | 6393875 |
| Toyo Tire Corp  | 26900 | 737476 |
| Yokohama Rubber Co Ltd/The  | 32200 | 1154612 |
|  |  | 8285963 |
| Broadline Retail - 0.5% |  |  |
| Pan Pacific International Holdings Corp  | 453800 | 2699479 |
| Ryohin Keikaku Co Ltd  | 123400 | 2537503 |
|  |  | 5236982 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Food & Life Cos Ltd  | 25500 | 1243478 |
| Skylark Holdings Co Ltd  | 49800 | 900930 |
|  |  | 2144408 |
| Household Durables - 2.7% |  |  |
| Sony Group Corp  | 897700 | 25000575 |
| Leisure Products - 0.3% |  |  |
| Bandai Namco Holdings Inc  | 95100 | 2963274 |
| Specialty Retail - 0.3% |  |  |
| Sanrio Co Ltd  | 43500 | 2020178 |
| USS Co Ltd  | 90500 | 999487 |
|  |  | 3019665 |
| Textiles, Apparel & Luxury Goods - 0.4% |  |  |
| Asics Corp  | 158800 | 4062997 |
| TOTAL CONSUMER DISCRETIONARY |  | 50713864 |
| Consumer Staples - 1.4% |  |  |
| Consumer Staples Distribution & Retail - 1.2% |  |  |
| Aeon Co Ltd  | 601900 | 9527838 |
| MatsukiyoCocokara & Co  | 83700 | 1516658 |
|  |  | 11044496 |
| Food Products - 0.2% |  |  |
| Toyo Suisan Kaisha Ltd  | 20900 | 1518237 |
| Household Products - 0.0% |  |  |
| Lion Corp  | 60800 | 599478 |
| TOTAL CONSUMER STAPLES |  | 13162211 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| Inpex Corp  | 201900 | 3722003 |
| Financials - 3.4% |  |  |
| Banks - 3.1% |  |  |
| Mizuho Financial Group Inc  | 477500 | 15994092 |
| Sumitomo Mitsui Financial Group Inc  | 520200 | 14083795 |
|  |  | 30077887 |
| Capital Markets - 0.3% |  |  |
| SBI Holdings Inc  | 59500 | 2669411 |
| TOTAL FINANCIALS |  | 32747298 |
| Health Care - 1.9% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Terumo Corp  | 195700 | 3158779 |
| Pharmaceuticals - 1.6% |  |  |
| Chugai Pharmaceutical Co Ltd  | 136100 | 6228990 |
| Otsuka Holdings Co Ltd  | 110800 | 6020629 |
| Shionogi & Co Ltd  | 175900 | 2944793 |
|  |  | 15194412 |
| TOTAL HEALTH CARE |  | 18353191 |
| Industrials - 7.4% |  |  |
| Building Products - 0.2% |  |  |
| Sanwa Holdings Corp  | 48300 | 1319467 |
| Takasago Thermal Engineering Co Ltd  | 24400 | 724511 |
|  |  | 2043978 |
| Construction & Engineering - 0.7% |  |  |
| Kajima Corp  | 58700 | 1895342 |
| Kinden Corp  | 25500 | 1022250 |
| Obayashi Corp  | 147400 | 2498273 |
| Shimizu Corp  | 119300 | 1605143 |
|  |  | 7021008 |
| Electrical Equipment - 0.9% |  |  |
| Fujikura Ltd  | 60400 | 8297112 |
| Industrial Conglomerates - 2.5% |  |  |
| Hikari Tsushin Inc  | 4900 | 1297255 |
| Hitachi Ltd  | 617400 | 21305128 |
| Sekisui Chemical Co Ltd  | 86400 | 1499708 |
|  |  | 24102091 |
| Machinery - 3.1% |  |  |
| Daifuku Co Ltd  | 80900 | 2586952 |
| IHI Corp  | 237100 | 4946314 |
| Kawasaki Heavy Industries Ltd  | 35700 | 2872494 |
| Mitsubishi Heavy Industries Ltd  | 628300 | 18968179 |
|  |  | 29373939 |
| TOTAL INDUSTRIALS |  | 70838128 |
| Information Technology - 2.3% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Azbil Corp  | 103400 | 1021520 |
| IT Services - 2.0% |  |  |
| BIPROGY Inc  | 17100 | 691945 |
| Fujitsu Ltd  | 176300 | 4594458 |
| NEC Corp  | 299700 | 10925408 |
| SCSK Corp  | 32400 | 1192268 |
| TIS Inc  | 44500 | 1534732 |
|  |  | 18938811 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Rohm Co Ltd  | 75400 | 1211899 |
| Software - 0.1% |  |  |
| Oracle Corp Japan  | 7200 | 664824 |
| TOTAL INFORMATION TECHNOLOGY |  | 21837054 |
| Materials - 0.4% |  |  |
| Chemicals - 0.1% |  |  |
| Nippon Sanso Holdings Corp  | 42000 | 1397547 |
| Metals & Mining - 0.2% |  |  |
| JX Advanced Metals Corp  | 118300 | 1576719 |
| Paper & Forest Products - 0.1% |  |  |
| Oji Holdings Corp  | 196000 | 989984 |
| TOTAL MATERIALS |  | 3964250 |
| Real Estate - 1.4% |  |  |
| Hotel & Resort REITs - 0.1% |  |  |
| Japan Hotel REIT Investment Corp  | 1124 | 654956 |
| Office REITs - 0.1% |  |  |
| Orix JREIT Inc  | 1214 | 821622 |
| Real Estate Management & Development - 1.1% |  |  |
| Mitsubishi Estate Co Ltd  | 273900 | 5801113 |
| Mitsui Fudosan Co Ltd  | 491100 | 5103476 |
|  |  | 10904589 |
| Retail REITs - 0.1% |  |  |
| Japan Metropolitan Fund Invest  | 1574 | 1216426 |
| TOTAL REAL ESTATE |  | 13597593 |
| Utilities - 0.6% |  |  |
| Electric Utilities - 0.1% |  |  |
| Kyushu Electric Power Co Inc  | 99700 | 980115 |
| Gas Utilities - 0.5% |  |  |
| Osaka Gas Co Ltd  | 87100 | 2739996 |
| Tokyo Gas Co Ltd  | 70100 | 2457207 |
|  |  | 5197203 |
| TOTAL UTILITIES |  | 6177318 |
| TOTAL JAPAN |  | 267774391 |
| MEXICO - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Fresnillo PLC  | 40476 | 1181511 |
| NETHERLANDS - 2.0%  |  |  |
| Consumer Staples - 0.5% |  |  |
| Consumer Staples Distribution & Retail - 0.4% |  |  |
| Koninklijke Ahold Delhaize NV  | 75842 | 3104259 |
| Food Products - 0.1% |  |  |
| JDE Peet's NV  | 34320 | 1249271 |
| TOTAL CONSUMER STAPLES |  | 4353530 |
| Energy - 0.1% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| SBM Offshore NV  | 38614 | 996989 |
| Financials - 0.3% |  |  |
| Capital Markets - 0.3% |  |  |
| Euronext NV (c) | 20079 | 2869863 |
| Health Care - 1.1% |  |  |
| Biotechnology - 1.1% |  |  |
| Argenx SE (b) | 12835 | 10505030 |
| TOTAL NETHERLANDS |  | 18725412 |
| NEW ZEALAND - 0.3%  |  |  |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.3% |  |  |
| Fisher & Paykel Healthcare Corp Ltd  | 122062 | 2591434 |
| NORWAY - 0.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Vend Marketplaces ASA Class A rights 11/13/2025 (b) | 40742 | 90693 |
| Consumer Staples - 0.4% |  |  |
| Food Products - 0.4% |  |  |
| Mowi ASA  | 93527 | 2055346 |
| Orkla ASA  | 162906 | 1651696 |
|  |  | 3707042 |
| TOTAL NORWAY |  | 3797735 |
| PORTUGAL - 0.2%  |  |  |
| Consumer Staples - 0.2% |  |  |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Jeronimo Martins SGPS SA  | 60628 | 1561183 |
| SINGAPORE - 2.6%  |  |  |
| Financials - 2.4% |  |  |
| Banks - 2.2% |  |  |
| DBS Group Holdings Ltd  | 382200 | 15835930 |
| Oversea-Chinese Banking Corp Ltd  | 349800 | 4576747 |
|  |  | 20412677 |
| Capital Markets - 0.2% |  |  |
| Singapore Exchange Ltd  | 162400 | 2112348 |
| TOTAL FINANCIALS |  | 22525025 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.2% |  |  |
| Singapore Technologies Engineering Ltd  | 328200 | 2140764 |
| Real Estate - 0.0% |  |  |
| Specialized REITs - 0.0% |  |  |
| Keppel DC REIT  | 378604 | 695193 |
| TOTAL SINGAPORE |  | 25360982 |
| SPAIN - 7.2%  |  |  |
| Communication Services - 0.5% |  |  |
| Diversified Telecommunication Services - 0.5% |  |  |
| Telefonica SA  | 871983 | 4421978 |
| Financials - 4.2% |  |  |
| Banks - 4.2% |  |  |
| Banco Bilbao Vizcaya Argentaria SA  | 1192058 | 24015304 |
| Banco de Sabadell SA  | 1108971 | 4145382 |
| Bankinter SA  | 142174 | 2141871 |
| CaixaBank SA  | 801919 | 8476082 |
| Unicaja Banco SA (c)(d) | 299744 | 808470 |
|  |  | 39587109 |
| Industrials - 0.3% |  |  |
| Construction & Engineering - 0.3% |  |  |
| ACS Actividades de Construccion y Servicios SA  | 39907 | 3275115 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.1% |  |  |
| Indra Sistemas SA  | 16325 | 902463 |
| Utilities - 2.1% |  |  |
| Electric Utilities - 2.0% |  |  |
| Endesa SA  | 68679 | 2461173 |
| Iberdrola SA  | 829221 | 16805197 |
|  |  | 19266370 |
| Gas Utilities - 0.1% |  |  |
| Naturgy Energy Group SA  | 40475 | 1226054 |
| TOTAL UTILITIES |  | 20492424 |
| TOTAL SPAIN |  | 68679089 |
| SWEDEN - 1.0%  |  |  |
| Communication Services - 0.4% |  |  |
| Diversified Telecommunication Services - 0.2% |  |  |
| Telia Co AB  | 376238 | 1476398 |
| Wireless Telecommunication Services - 0.2% |  |  |
| Tele2 AB B Shares  | 121780 | 1928560 |
| TOTAL COMMUNICATION SERVICES |  | 3404958 |
| Consumer Staples - 0.2% |  |  |
| Household Products - 0.2% |  |  |
| Essity AB B Shares  | 60138 | 1651536 |
| Industrials - 0.4% |  |  |
| Aerospace & Defense - 0.4% |  |  |
| Saab AB B Shares  | 61518 | 3385120 |
| Information Technology - 0.0% |  |  |
| Electronic Equipment, Instruments & Components - 0.0% |  |  |
| Lagercrantz Group AB B Shares  | 42134 | 1035138 |
| TOTAL SWEDEN |  | 9476752 |
| SWITZERLAND - 4.9%  |  |  |
| Health Care - 1.2% |  |  |
| Pharmaceuticals - 1.2% |  |  |
| Galderma Group AG  | 28746 | 5304480 |
| Sandoz Group AG  | 96669 | 6426582 |
|  |  | 11731062 |
| Industrials - 2.7% |  |  |
| Building Products - 0.2% |  |  |
| Belimo Holding AG  | 2155 | 2319018 |
| Electrical Equipment - 2.5% |  |  |
| ABB Ltd  | 321407 | 23895823 |
| TOTAL INDUSTRIALS |  | 26214841 |
| Information Technology - 0.4% |  |  |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Logitech International SA  | 32673 | 3925226 |
| Real Estate - 0.6% |  |  |
| Real Estate Management & Development - 0.6% |  |  |
| Allreal Holding AG  | 3214 | 767606 |
| Mobimo Holding AG  | 1596 | 676280 |
| PSP Swiss Property AG  | 9386 | 1622358 |
| Swiss Prime Site AG  | 16452 | 2336705 |
|  |  | 5402949 |
| TOTAL SWITZERLAND |  | 47274078 |
| UNITED KINGDOM - 13.8%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Zegona Communications plc (b) | 48409 | 782217 |
| Interactive Media & Services - 0.2% |  |  |
| Rightmove PLC  | 170062 | 1492382 |
| TOTAL COMMUNICATION SERVICES |  | 2274599 |
| Consumer Discretionary - 0.6% |  |  |
| Broadline Retail - 0.5% |  |  |
| Next PLC  | 25021 | 4700423 |
| Leisure Products - 0.1% |  |  |
| Games Workshop Group PLC  | 7129 | 1491903 |
| TOTAL CONSUMER DISCRETIONARY |  | 6192326 |
| Consumer Staples - 3.4% |  |  |
| Consumer Staples Distribution & Retail - 0.9% |  |  |
| Tesco PLC  | 1418437 | 8559804 |
| Food Products - 0.0% |  |  |
| Cranswick PLC  | 11880 | 770193 |
| Personal Care Products - 1.2% |  |  |
| Unilever PLC  | 185891 | 11154274 |
| Tobacco - 1.3% |  |  |
| British American Tobacco PLC  | 113091 | 5792018 |
| Imperial Brands PLC  | 163492 | 6496246 |
|  |  | 12288264 |
| TOTAL CONSUMER STAPLES |  | 32772535 |
| Financials - 5.6% |  |  |
| Banks - 4.4% |  |  |
| HSBC Holdings PLC  | 1800843 | 25210815 |
| NatWest Group PLC  | 1399133 | 10771249 |
| Standard Chartered PLC  | 259883 | 5334683 |
|  |  | 41316747 |
| Capital Markets - 1.1% |  |  |
| 3i Group PLC  | 182529 | 10563066 |
| Insurance - 0.1% |  |  |
| Admiral Group PLC  | 31041 | 1335906 |
| TOTAL FINANCIALS |  | 53215719 |
| Industrials - 3.0% |  |  |
| Aerospace & Defense - 2.7% |  |  |
| Babcock International Group PLC  | 110685 | 1763786 |
| Rolls-Royce Holdings PLC  | 1552379 | 23889265 |
|  |  | 25653051 |
| Passenger Airlines - 0.3% |  |  |
| International Consolidated Airlines Group SA  | 508967 | 2794204 |
| TOTAL INDUSTRIALS |  | 28447255 |
| Information Technology - 0.4% |  |  |
| Electronic Equipment, Instruments & Components - 0.4% |  |  |
| Halma PLC  | 83404 | 3885275 |
| Real Estate - 0.1% |  |  |
| Industrial REITs - 0.1% |  |  |
| LondonMetric Property PLC  | 417411 | 1042967 |
| Utilities - 0.5% |  |  |
| Multi-Utilities - 0.3% |  |  |
| Centrica PLC  | 1056816 | 2489292 |
| Water Utilities - 0.2% |  |  |
| United Utilities Group PLC  | 149296 | 2354543 |
| TOTAL UTILITIES |  | 4843835 |
| TOTAL UNITED KINGDOM |  | 132674511 |
| UNITED STATES - 1.7%  |  |  |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.2% |  |  |
| Tenaris SA  | 73018 | 1451224 |
| Health Care - 0.6% |  |  |
| Pharmaceuticals - 0.6% |  |  |
| Novartis AG  | 48509 | 6003555 |
| Industrials - 0.4% |  |  |
| Construction & Engineering - 0.4% |  |  |
| Ferrovial SE  | 66240 | 4061902 |
| Ferrovial SE rights (b)(e) | 66240 | 36412 |
|  |  | 4098314 |
| Materials - 0.5% |  |  |
| Construction Materials - 0.5% |  |  |
| Buzzi SpA  | 17929 | 1077724 |
| Holcim AG  | 37204 | 3307482 |
|  |  | 4385206 |
| TOTAL UNITED STATES |  | 15938299 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $660,467,897) |  | <br> **943354549** |

---

---

| | | | |
|:---|:---|:---|:---|
| &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% 11/13/2025 (g)<br>(Cost $234,677)<br>| 4.15 | 235000 | **234747** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** | &nbsp;&nbsp;**Money Market Funds - 1.0%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (h)<br>(Cost $9,553,967)<br>| 4.18 | 9552056 | **9553967** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.5%**<br> (Cost $670,256,541)<br>| <br>**953143263** |
| **NET OTHER ASSETS (LIABILITIES) - 0.5%**  | **5046009** |
| **NET ASSETS - 100.0%** | **958189272** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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) | 106 | 12/19/2025 | 14877630 | 20333 | 20333 |
| The notional amount of futures purchased as a percentage of Net Assets is 1.6% | The notional amount of futures purchased as a percentage of Net Assets is 1.6% | The notional amount of futures purchased as a percentage of Net Assets is 1.6% | The notional amount of futures purchased as a percentage of Net Assets is 1.6% | The notional amount of futures purchased as a percentage of Net Assets is 1.6% | The notional amount of futures purchased as a percentage of Net Assets is 1.6% |

---

**Legend**

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

(b) Non-income producing.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $10,143,974 or 1.1% of net assets.

(d) Security 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 $7,274,111 or 0.8% of net assets.

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

(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 $234,747.

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

**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 | 4117784 | 160381320 | 154945148 | 176529 | 11 | - | 9553967 | 9552056 | 0.0% |
| Fidelity Securities Lending Cash Central Fund | 618000 | 31981699 | 32599699 | 22232 | - | - | - | - | 0.0% |
| Total | 4735784 | 192363019 | 187544847 | 198761 | 11 | - | 9553967 |  |  |

---

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 October 31, 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 | 57409030 | 16123979 | 41285051 | - |
| Consumer Discretionary | 86946649 | 59246595 | 27700054 | - |
| Consumer Staples | 61507439 | 29505097 | 32002342 | - |
| Energy | 16486202 | 10914514 | 5571688 | - |
| Financials | 245591877 | 94737811 | 150854066 | - |
| Health Care | 88202496 | 59989805 | 28212691 | - |
| Industrials | 214647600 | 90438978 | 124208622 | - |
| Information Technology | 62367471 | 32007628 | 30359843 | - |
| Materials | 36332857 | 14688540 | 21644317 | - |
| Real Estate | 23918588 | 23918588 | - | - |
| Utilities | 49944340 | 16132944 | 33811396 | - |
|  **U.S. Treasury Obligations** | 234747 | - | 234747 | - |
|  **Money Market Funds** | 9553967 | 9553967 | - | - |
| **Total Investments in Securities:** | 953143263 | 457258446 | 495884817 | - |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 20333 | 20333 | - | - |
| Total Assets | 20333 | 20333 | - | - |
| **Total Derivative Instruments:** | 20333 | 20333 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 20333 | - |
| **Total Equity Risk**  | 20333 | - |
| **Total Value of Derivatives** | 20333 | - |

---

(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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $660,702,574) | $943589296 |  |
| Fidelity Central Funds (cost $9,553,967) | 9553967 |  |
| Total Investment in Securities (cost $670,256,541) |  | $953143263 |
| Segregated cash with brokers for derivative instruments |  | 227602 |
| Foreign currency held at value (cost $866,697) |  | 860576 |
| Receivable for investments sold |  | 15461 |
| Receivable for fund shares sold |  | 87977 |
| Dividends receivable |  | 1637975 |
| Reclaims receivable |  | 2614369 |
| Distributions receivable from Fidelity Central Funds |  | 22510 |
| Prepaid expenses |  | 827 |
| **Total assets** |  | 958610560 |
| **Liabilities** |  |  |
| Payable for investments purchased on a delayed delivery basis | $36412 |  |
| Payable for fund shares redeemed | 161029 |  |
| Accrued management fee | 115801 |  |
| Payable for daily variation margin on futures contracts | 40810 |  |
| Audit fee payable | 43089 |  |
| Custody fee payable | 23184 |  |
| Other payables and accrued expenses | 963 |  |
| **Total liabilities** |  | 421288 |
| **Net Assets**  |  | $958189272 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $813572426 |
| Total accumulated earnings (loss) |  | 144616846 |
| **Net Assets** |  | $958189272 |
| **Net Asset Value**, offering price and redemption price per share ($958,189,272 ÷ 52,467,398 shares) |  | $18.26 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** | <br> **Year ended October 31, 2025** |
| **Investment Income** |  |  |
| Dividends  |  | $21412330 |
| Non-Cash dividends |  | 1680165 |
| Foreign Tax Reclaims |  | 1493814 |
| Interest  |  | 17698 |
| Income from Fidelity Central Funds (including $22,232 from security lending)  |  | 198761 |
| Income before foreign taxes withheld |  | $24802768 |
| Less foreign taxes withheld |  | (2036170) |
| **Total income** |  | 22766598 |
| **Expenses** |  |  |
| Management fee | $1275134 |  |
| Custodian fees and expenses | 124595 |  |
| Independent trustees' fees and expenses | 2062 |  |
| Registration fees | 25147 |  |
| Audit fees | 54022 |  |
| Legal | 950 |  |
| Interest | 27129 |  |
| Miscellaneous | 2928 |  |
| **Total expenses** |  | 1511967 |
| **Net Investment income (loss)** |  | 21254631 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 78028524 |  |
| Fidelity Central Funds | 11 |  |
| Foreign currency transactions | 84738 |  |
| Futures contracts | 983283 |  |
| Total net realized gain (loss) |  | 79096556 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 127707945 |  |
| Assets and liabilities in foreign currencies | 205145 |  |
| Futures contracts | 290850 |  |
| Total change in net unrealized appreciation (depreciation) |  | 128203940 |
| **Net gain (loss)** |  | 207300496 |
| **Net increase (decrease) in net assets resulting from operations** |  | $228555127 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Year ended**<br> **October 31, 2025** | **Year ended**<br> **October 31, 2024** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $21254631 | $20218967 |
| &nbsp;&nbsp;Net realized gain (loss) | 79096556<br>| 33660288<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 128203940 | 111427611<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 228555127<br>| 165306866<br>|
| Distributions to shareholders | (27050514)<br>| (22706126)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 104547348 | 129678316 |
| Reinvestment of distributions | 26214616<br>| 22529949<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (187189979) | (79330209) |
| **Net increase (decrease) in net assets resulting from share transactions** | (56428015)<br>| 72878056<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 145076598<br>| 215478796<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 813112674 | 597633878<br>|
| &nbsp;&nbsp;End of period | $958189272 | $813112674 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 6584558 | 9219357 |
| Issued in reinvestment of distributions | 1863157<br>| 1812546<br>|
| &nbsp;&nbsp;Redeemed | (12447028) | (5658951) |
| &nbsp;&nbsp;Net increase (decrease) | (3999313) | 5372952 |

---

**Financial Highlights** 

**Fidelity® SAI International Momentum Index Fund** <br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Years ended October 31,** | **2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |
| Net asset value, beginning of period  | $14.40 | $11.70 | $10.28 | $14.51 | $11.33 |
| Income from Investment Operations  |  |  |  |  |  |
| Net investment income (loss) A,B | .39  | .37  | .32  | .30  | .28  |
| Net realized and unrealized gain (loss)  | 3.95  | 2.77  | 1.37  | (4.17)  | 3.05  |
| Total from investment operations  | 4.34  | 3.14  | 1.69  | (3.87)  | 3.33  |
| Distributions from net investment income  | (.48)  | (.44)  | (.27)  | (.27) C | (.09)  |
| Distributions from net realized gain  | -  | -  | -  | (.10) C | (.05)  |
| Total distributions  | (.48)  | (.44)  | (.27)  | (.36) D | (.15) D |
| Net asset value, end of period  | $18.26 | $14.40 | $11.70 | $10.28 | $14.51 |
| **Total Return** E | 31.10% <br>| 27.42%  | 16.53%  | (27.34)%  | 29.56%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |  |
| Expenses before reductions  | .18%  | .18%  | .18%  | .18%  | .19%  |
| Expenses net of fee waivers, if any  | .18% <br>| .18%  | .18%  | .18%  | .19%  |
| Expenses net of all reductions, if any  | .18%  | .18%  | .18%  | .18%  | .19%  |
| Net investment income (loss)  | 2.50%  | 2.67%  | 2.71%  | 2.47%  | 2.03%  |
| **Supplemental Data** |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $958189 | $813113 | $597634 | $570561 | $1035573 |
| Portfolio turnover rate H | 68% <br>| 62%  | 63%  | 113%  | 73%  |

---

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*The amount shown reflects reclassifications related to book to tax differences that were made in the year shown.*

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

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 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.* 

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

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

**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 October 31, 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 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. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

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

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

---

| | |
|:---|:---|
| **Gross unrealized appreciation**  | $283199806 |
| **Gross unrealized depreciation**  | <u>(8213336)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$274986470</u> |
| **Tax Cost**  | <u>$678156793</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income** | <u>$22773245</u> |
| **Capital loss carryforward** | <u>$(153232187)</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$275075788</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 fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(153232187) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(153232187)</u> |

---

The tax character of distributions paid was as follows:

---

| | | |
|:---|:---|:---|
|  | **October 31, 2025** | **October 31, 2024** |
| **Ordinary Income**  | $27050514 | $22706126 |

---

**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.

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity SAI International Momentum Index Fund** | 574959966 | 640499053 |

---

**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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Borrower or Lender** | **Average Loan Balance ($)** | **Weighted Average Interest Rate** | **Interest Expense ($)**  |
| **Fidelity SAI International Momentum Index Fund**  | Borrower | 9285696 | 4.57% | 27129 |

---

**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 Momentum Index Fund** | 1154 |

---

**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 Momentum Index Fund** | 2353 | - | - |

---

**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** |
| Fidelity SAI International Momentum Index Fund | 64% |

---

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

---

| | |
|:---|:---|
| **Fund**  | **% of shares held** |
| Fidelity SAI International Momentum Index Fund | 74% |

---

**10. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity SAI International Momentum Index Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity SAI International Momentum Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statement of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 12, 2025

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund designates $224,008 of distributions paid during the fiscal year ended 2025 as qualifying to be taxed as section 163(j) interest dividends.

The fund designates 78.06% of the dividend distributed during the fiscal year as amounts which may be taken into account as a dividend for the purposes of the maximum rate under section 1(h)(11) of the Internal Revenue Code.

The amounts per share which represent income derived from sources within, and taxes paid to, foreign countries or possessions of the United States are $0.5047 and $0.0316 for the dividend paid December 16, 2024

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees**

**Fidelity SAI International Momentum Index Fund**

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

The Board meets regularly and, at each of its meetings, covers an extensive agenda of topics and materials and considers factors that are relevant to its annual consideration of the renewal of the fund's Advisory Contracts, including the services and support provided to the fund and its shareholders. The Board's Operations Committee, of which all the Independent Trustees are members, meets regularly throughout the year and requests, receives and considers, among other matters, information related to the annual consideration of the renewal of the fund's Advisory Contracts before making its recommendation to the Board. The Board also meets as needed to review matters specifically related to the Board's annual consideration of the renewal of the Advisory Contracts. Members of the Board may also meet from time to time with trustees of other Fidelity U.S. registered funds (Fidelity funds) through joint ad hoc committees to discuss certain matters relevant to all of the Fidelity funds.

At its September 2025 meeting, the Board unanimously determined to renew the fund's Advisory Contracts. In reaching its determination, the Board considered all factors it believed relevant, including (i) the nature, extent, and quality of the services provided to the fund and its shareholders (including the investment performance of the fund); (ii) the competitiveness relative to peer funds of the fund's management fee and total expense ratio; (iii) the total costs of the services provided by and the profits realized by Fidelity and Geode from their respective relationships with the fund; and (iv) the extent to which, if any, economies of scale exist and are realized as the fund grows, and whether any economies of scale are appropriately shared with fund shareholders. The Board also considered the broad range of investment choices available to shareholders from FMR's competitors and that the fund's shareholders have chosen to invest in the fund, which is part of the Fidelity family of funds. The Board's decision to renew the Advisory Contracts was not based on any single factor and the factors may have been weighed differently by individual Trustees.

The Board reached a determination, with the assistance of fund counsel and Independent Trustees' counsel and through the exercise of its business judgment, that the renewal of the Advisory Contracts was in the best interests of the fund and its shareholders and that the compensation payable under the Advisory Contracts was fair and reasonable in light of all of the surrounding circumstances.

**Nature, Extent, and Quality of Services Provided.** The Board considered the Investment Advisers' staffing as it relates to the fund, including the backgrounds and experience of investment personnel of Fidelity and Geode, and also considered the Investment Advisers' implementation of the fund's investment program. The Independent Trustees also had discussions with senior management of Fidelity's investment operations and investment groups and with senior management of Geode. The Board considered the structure of the investment personnel compensation programs and whether the structures provide appropriate incentives to act in the best interests of the fund.

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

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

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, such as size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, managing, training, and compensating investment personnel. The Board noted that Fidelity's and Geode's analysts have extensive resources, tools and capabilities that allow them to conduct quantitative and fundamental analysis, as well as credit analysis of issuers, counterparties, and guarantors. Further, the Board considered that Fidelity's and Geode's investment professionals have sufficient access to information and data so as to provide competitive investment results over time, and that those professionals also have access to sophisticated tools that permit them to assess portfolio construction and risk and performance attribution characteristics continuously. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, technology and operations capabilities and resources, which are integral parts of the investment management process.

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

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

<u>Investment in a Large Fund Family</u>. The Board considered the benefits to shareholders of investing in a fund that is part of a large family of funds offering a variety of investment disciplines and providing a large variety of fund investor services. The Board noted that Fidelity had taken, or had made recommendations to the Board that resulted in the Fidelity funds taking, a number of actions over the previous year that benefited particular funds and/or the Fidelity funds in general.

<u>Investment Performance</u>. The Board took into account discussions that occur with representatives of the Investment Advisers, and reports that it receives, at Board meetings throughout the year relating to fund investment performance. In this regard the Board noted that as part of regularly scheduled fund reviews and other reports to the Board on fund performance, the Board considered annualized return information for the fund for different time periods, measured against the securities market index the fund seeks to track (benchmark index). The Board also periodically considers the fund's tracking error versus its benchmark index. In its evaluation of fund investment performance at meetings throughout the year, the Board gave particular attention to information indicating underperformance of certain Fidelity funds over different time periods and discussed with the Investment Advisers the reasons for such underperformance.

In addition to reviewing absolute and relative fund performance, the Independent Trustees periodically consider the appropriateness of fund performance metrics in evaluating the results achieved. In general, the Independent Trustees believe that an index fund's performance should be evaluated based on gross performance (before fees and expenses but after transaction costs) of the fund compared to the fund's benchmark index, over appropriate time periods.

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board was provided with information regarding industry trends in management fees and expenses. In its review of the fund's management fee and total expense ratio, the Board considered the fund's management fee rate as well as other fund expenses, such as custodial, legal, and audit fees. The Board also noted that Fidelity may agree to waive fees or reimburse expenses from time to time, and the extent to which, if any, it has done so for the fund.

<u>Comparisons of Management Fees and Total Expense Ratios</u>. Among other things, the Board reviewed data for selected groups of competitive funds and classes (referred to as "total peer groups") that were compiled by Fidelity based on combining similar Morningstar categories that have comparable investment mandates and sales load types (as classified by Lipper). The data reviewed by the Board included (i) gross management fee comparisons (before taking into account expense reimbursements or caps) of the fund relative to the funds and classes in the total peer group; (ii) gross management fee comparisons of the fund relative to a subset of non-Fidelity funds in the total peer group that are similar in size to the fund (referred to as the "asset-sized peer group"); (iii) total expense comparisons of the fund relative to the total peer group; and (iv) total expense comparisons (excluding performance adjustments and fund-paid 12b-1 fees) of the fund relative to the asset-sized peer group. The asset-sized peer group comparison excludes performance adjustments and fund-paid 12b-1 fees to eliminate variability in fee structures. The Board also reviewed information about any share classes with above median management fees or total expenses.

The information provided to the Board indicated that the fund's management fee rate ranked above the competitive median of the total peer group for 2024 and above the competitive median of the asset-sized peer group for 2024. Further, the information provided to the Board indicated that the total expense ratio of the fund ranked below the competitive median of the total peer group for 2024 and below the competitive median of the asset-sized peer group for 2024. The Board noted that the fund has a flat fee that covers expenses beyond portfolio management, unlike the majority of funds within the total peer group. The total expense ratio for the fund was below the competitive medians.

<u>Other Contractual Arrangements</u>. The Board further considered that FMR has contractually agreed to reimburse the fund to the extent that total operating expenses, with certain exceptions, as a percentage of its average net assets, exceed 0.20% through February 28, 2026.

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

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

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

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

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

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

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

**Additional Information Requested by the Board.** In order to develop fully the factual basis for consideration of the Fidelity funds' advisory contracts, the Board requested and received additional information on certain topics, including: (i) portfolio manager changes that have occurred during the past year; (ii) hiring, training, compensating, and retaining adviser and sub-adviser personnel; (iii) the terms of the funds' various management fee structures and arrangements for transfer agent and pricing and bookkeeping services; (iv) Fidelity's fund profitability methodology, profitability trends for certain funds and asset classes, the allocation of various costs to different funds, and the impact of certain factors on fund profitability results; (v) information about the role of fund profitability in considering changes to the fund lineup; (vi) the types of management fee and total expense comparisons provided, and challenges and limitations associated with such information; (vii) explanations regarding the relative total expense ratios and management fees of certain funds and classes, total expense and management fee competitive trends, and methodologies for total expense and management fee competitive comparisons; (viii) matters related to money market funds, bond funds, allocation funds, exchange-traded funds, and target date funds; (ix) the arrangements with and compensation paid to certain fund sub-advisers and the treatment of such compensation within Fidelity's fund profitability methodology; and (x) the terms of management contracts between Fidelity and other funds and products not overseen by the Board.

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, concluded that the advisory and sub-advisory fee arrangements are fair and reasonable in light of all of the surrounding circumstances and that the fund's Advisory Contracts should be renewed through September 30, 2026.

![](img118414_4.jpg)<br>

1.9900587.105 IMI-ANN-1225

**Fidelity Flex® International Focused Index Fund**

**Annual Report**

**October 31, 2025**

![](img118426_1.jpg)

![](img118426_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Annual Report)](#Sec_Item7_FXI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity Flex® International Focused Index Fund](#Sub_Sec_Fund_8966_FXI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements8966_FXI-ANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Report of Independent Registered Public Accounting Firm](#Sub_Sec_ReportofIndependentRegisteredPublicAccountingFirm_FXI-ANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Distributions](#Sub_Sec_Distributions_FXI-ANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_FXI-ANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_FXI-ANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_FXI-ANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_FXI-ANN)** |

---

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

You may also call 1-800-544-3455 (for managed account clients) or 1-800-835-5092 (for retirement plan participants) to request a free copy of the proxy voting guidelines.

The funds or securities referred to herein are not sponsored, endorsed, or promoted by 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 (Annual Report)**

**Fidelity Flex® International Focused Index Fund**

**Schedule of Investments October 31, 2025**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Common Stocks - 91.8%** | &nbsp;&nbsp;**Common Stocks - 91.8%** | &nbsp;&nbsp;**Common Stocks - 91.8%** |
|  | Shares | Value ($)<br>|
| ARGENTINA - 0.0%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Vista Energy SAB de CV ADR (a) | 59 | 2859 |
| AUSTRALIA - 4.2%  |  |  |
| Communication Services - 0.1% |  |  |
| Interactive Media & Services - 0.1% |  |  |
| CAR Group Ltd  | 1064 | 24853 |
| SEEK Ltd  | 456 | 8086 |
|  |  | 32939 |
| Consumer Discretionary - 0.3% |  |  |
| Broadline Retail - 0.1% |  |  |
| Wesfarmers Ltd  | 725 | 39847 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Aristocrat Leisure Ltd  | 1227 | 50859 |
| Specialty Retail - 0.0% |  |  |
| JB Hi-Fi Ltd  | 231 | 15828 |
| TOTAL CONSUMER DISCRETIONARY |  | 106534 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Coles Group Ltd  | 2785 | 40180 |
| Endeavour Group Ltd/Australia  | 3562 | 8530 |
| Woolworths Group Ltd  | 136 | 2528 |
|  |  | 51238 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Santos Ltd  | 8580 | 35424 |
| Whitehaven Coal Ltd  | 2018 | 9507 |
| Woodside Energy Group Ltd  | 354 | 5736 |
|  |  | 50667 |
| Financials - 1.6% |  |  |
| Banks - 1.3% |  |  |
| ANZ Group Holdings Ltd  | 4266 | 102299 |
| Commonwealth Bank of Australia  | 1481 | 166323 |
| National Australia Bank Ltd  | 2160 | 61582 |
| Westpac Banking Corp  | 4595 | 116472 |
|  |  | 446676 |
| Capital Markets - 0.1% |  |  |
| ASX Ltd  | 637 | 23527 |
| Macquarie Group Ltd  | 190 | 27171 |
|  |  | 50698 |
| Insurance - 0.2% |  |  |
| Insurance Australia Group Ltd  | 6845 | 35202 |
| QBE Insurance Group Ltd  | 3125 | 40568 |
| Steadfast Group Ltd  | 2258 | 8273 |
|  |  | 84043 |
| TOTAL FINANCIALS |  | 581417 |
| Health Care - 0.2% |  |  |
| Biotechnology - 0.0% |  |  |
| Telix Pharmaceuticals Ltd (a) | 927 | 9809 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Cochlear Ltd  | 195 | 36638 |
| Health Care Providers & Services - 0.1% |  |  |
| EBOS Group Ltd  | 611 | 10105 |
| Sonic Healthcare Ltd  | 1544 | 21370 |
|  |  | 31475 |
| TOTAL HEALTH CARE |  | 77922 |
| Industrials - 0.3% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| Brambles Ltd  | 2937 | 47773 |
| Construction & Engineering - 0.0% |  |  |
| Worley Ltd  | 1383 | 12940 |
| Ground Transportation - 0.0% |  |  |
| Aurizon Holdings Ltd  | 3606 | 8093 |
| Passenger Airlines - 0.0% |  |  |
| Qantas Airways Ltd  | 2255 | 15050 |
| Trading Companies & Distributors - 0.1% |  |  |
| SGH Ltd  | 577 | 18310 |
| Transportation Infrastructure - 0.0% |  |  |
| Transurban Group unit  | 240 | 2273 |
| TOTAL INDUSTRIALS |  | 104439 |
| Information Technology - 0.1% |  |  |
| IT Services - 0.0% |  |  |
| NEXTDC Ltd (a) | 389 | 4011 |
| Software - 0.1% |  |  |
| Technology One Ltd  | 912 | 22019 |
| TOTAL INFORMATION TECHNOLOGY |  | 26030 |
| Materials - 1.0% |  |  |
| Metals & Mining - 1.0% |  |  |
| BHP Group Ltd  | 4075 | 116172 |
| BlueScope Steel Ltd  | 1494 | 22385 |
| Evolution Mining Ltd  | 6401 | 45484 |
| Glencore PLC  | 3536 | 16939 |
| Northern Star Resources Ltd  | 3356 | 54039 |
| Rio Tinto Ltd  | 728 | 63291 |
| Rio Tinto PLC  | 694 | 50030 |
|  |  | 368340 |
| Real Estate - 0.3% |  |  |
| Diversified REITs - 0.0% |  |  |
| Mirvac Group unit  | 11999 | 18057 |
| Industrial REITs - 0.1% |  |  |
| Goodman Group unit  | 903 | 19515 |
| Office REITs - 0.0% |  |  |
| Dexus unit  | 1261 | 6007 |
| Retail REITs - 0.2% |  |  |
| Scentre Group unit  | 16570 | 44126 |
| Vicinity Ltd unit  | 12372 | 20399 |
|  |  | 64525 |
| TOTAL REAL ESTATE |  | 108104 |
| Utilities - 0.1% |  |  |
| Gas Utilities - 0.1% |  |  |
| Apa Group unit  | 3874 | 23269 |
| Multi-Utilities - 0.0% |  |  |
| AGL Energy Ltd  | 228 | 1381 |
| TOTAL UTILITIES |  | 24650 |
| TOTAL AUSTRALIA |  | 1532280 |
| AUSTRIA - 0.2%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| OMV AG  | 218 | 11926 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| BAWAG Group AG (b)(c) | 245 | 31601 |
| Erste Group Bank AG  | 100 | 10345 |
|  |  | 41946 |
| Insurance - 0.0% |  |  |
| UNIQA Insurance Group AG  | 472 | 6931 |
| TOTAL FINANCIALS |  | 48877 |
| Industrials - 0.0% |  |  |
| Commercial Services & Supplies - 0.0% |  |  |
| DO & Co AG  | 10 | 2386 |
| Construction & Engineering - 0.0% |  |  |
| Strabag SE  | 73 | 5713 |
| TOTAL INDUSTRIALS |  | 8099 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| voestalpine AG  | 217 | 7724 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Verbund AG Class A  | 67 | 5170 |
| TOTAL AUSTRIA |  | 81796 |
| BELGIUM - 0.6%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Distributors - 0.0% |  |  |
| D'ieteren Group  | 14 | 2557 |
| Consumer Staples - 0.3% |  |  |
| Beverages - 0.2% |  |  |
| Anheuser-Busch InBev SA/NV  | 877 | 53477 |
| Food Products - 0.1% |  |  |
| Lotus Bakeries NV  | 1 | 8726 |
| TOTAL CONSUMER STAPLES |  | 62203 |
| Financials - 0.1% |  |  |
| Banks - 0.0% |  |  |
| KBC Group NV  | 18 | 2163 |
| Financial Services - 0.0% |  |  |
| Sofina SA  | 42 | 11541 |
| Insurance - 0.1% |  |  |
| Ageas SA/NV  | 552 | 36522 |
| TOTAL FINANCIALS |  | 50226 |
| Health Care - 0.2% |  |  |
| Pharmaceuticals - 0.2% |  |  |
| UCB SA  | 234 | 60013 |
| Industrials - 0.0% |  |  |
| Trading Companies & Distributors - 0.0% |  |  |
| Azelis Group NV  | 537 | 6344 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Solvay SA Class A  | 209 | 6423 |
| Umicore SA  | 174 | 3317 |
|  |  | 9740 |
| Real Estate - 0.0% |  |  |
| Health Care REITs - 0.0% |  |  |
| Aedifica SA  | 143 | 10434 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Elia Group SA/NV  | 36 | 4336 |
| TOTAL BELGIUM |  | 205853 |
| BRAZIL - 1.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| TIM SA/Brazil  | 2100 | 9481 |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Lojas Renner SA  | 1600 | 4413 |
| Ultrapar Participacoes SA  | 1700 | 6766 |
|  |  | 11179 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Sendas Distribuidora S/A  | 2100 | 3357 |
| Personal Care Products - 0.0% |  |  |
| Natura Cosmeticos SA (a) | 1400 | 2345 |
| TOTAL CONSUMER STAPLES |  | 5702 |
| Energy - 0.2% |  |  |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| Brava Energia (a) | 1400 | 3841 |
| Petroleo Brasileiro SA - Petrobras  | 7000 | 40999 |
| Petroleo Brasileiro SA - Petrobras  | 1700 | 9400 |
|  |  | 54240 |
| Financials - 0.6% |  |  |
| Banks - 0.4% |  |  |
| Itau Unibanco Holding SA  | 9500 | 69644 |
| Itausa SA  | 20100 | 43526 |
| NU Holdings Ltd/Cayman Islands Class A (a) | 1667 | 26855 |
|  |  | 140025 |
| Capital Markets - 0.1% |  |  |
| B3 SA - Brasil Bolsa Balcao  | 14700 | 34592 |
| Financial Services - 0.1% |  |  |
| Pagseguro Digital Ltd Class A  | 289 | 2771 |
| StoneCo Ltd Class A (a) | 846 | 16082 |
|  |  | 18853 |
| TOTAL FINANCIALS |  | 193470 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Hapvida Participacoes e Investimentos S/A (a)(b)(c) | 1200 | 6977 |
| Pharmaceuticals - 0.0% |  |  |
| Hypera SA  | 600 | 2882 |
| TOTAL HEALTH CARE |  | 9859 |
| Industrials - 0.1% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Embraer SA  | 2000 | 32339 |
| Ground Transportation - 0.0% |  |  |
| Rumo SA  | 1700 | 5030 |
| TOTAL INDUSTRIALS |  | 37369 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| TOTVS SA  | 300 | 2474 |
| Materials - 0.4% |  |  |
| Chemicals - 0.0% |  |  |
| Yara International ASA  | 355 | 12939 |
| Containers & Packaging - 0.0% |  |  |
| Klabin SA unit  | 3400 | 11401 |
| Metals & Mining - 0.3% |  |  |
| Metalurgica Gerdau SA  | 3000 | 6184 |
| Vale SA  | 2000 | 24260 |
| Wheaton Precious Metals Corp  | 733 | 70790 |
|  |  | 101234 |
| Paper & Forest Products - 0.1% |  |  |
| Suzano SA  | 2200 | 19992 |
| TOTAL MATERIALS |  | 145566 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Centrais Eletricas Brasileiras SA  | 300 | 3107 |
| Centrais Eletricas Brasileiras SA Series B  | 2400 | 26494 |
| Energisa S/A unit  | 900 | 8671 |
|  |  | 38272 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Eneva SA (a) | 3200 | 10890 |
| TOTAL UTILITIES |  | 49162 |
| TOTAL BRAZIL |  | 518502 |
| CANADA - 7.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Quebecor Inc Class B  | 223 | 7113 |
| TELUS Corp  | 1617 | 23646 |
|  |  | 30759 |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.0% |  |  |
| Canadian Tire Corp Ltd Class A  | 19 | 2179 |
| Dollarama Inc  | 94 | 12219 |
|  |  | 14398 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Restaurant Brands International Inc  | 706 | 46370 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Gildan Activewear Inc  | 504 | 29391 |
| TOTAL CONSUMER DISCRETIONARY |  | 90159 |
| Consumer Staples - 0.3% |  |  |
| Consumer Staples Distribution & Retail - 0.3% |  |  |
| Alimentation Couche-Tard Inc  | 327 | 16619 |
| George Weston Ltd  | 469 | 28517 |
| Loblaw Cos Ltd  | 1131 | 44948 |
|  |  | 90084 |
| Food Products - 0.0% |  |  |
| Saputo Inc  | 243 | 5871 |
| TOTAL CONSUMER STAPLES |  | 95955 |
| Energy - 1.3% |  |  |
| Oil, Gas & Consumable Fuels - 1.3% |  |  |
| Cameco Corp  | 946 | 96682 |
| Canadian Natural Resources Ltd  | 2851 | 91208 |
| Cenovus Energy Inc  | 2895 | 48919 |
| Enbridge Inc  | 1530 | 71343 |
| Imperial Oil Ltd  | 476 | 42100 |
| South Bow Corp  | 661 | 17145 |
| Suncor Energy Inc  | 1869 | 74424 |
| TC Energy Corp  | 399 | 20022 |
|  |  | 461843 |
| Financials - 2.9% |  |  |
| Banks - 2.1% |  |  |
| Bank of Montreal  | 958 | 119006 |
| Bank of Nova Scotia/The  | 861 | 56471 |
| Canadian Imperial Bank of Commerce  | 1333 | 110447 |
| National Bank of Canada  | 672 | 75079 |
| Royal Bank of Canada  | 1270 | 186053 |
| Toronto Dominion Bank  | 2116 | 173740 |
|  |  | 720796 |
| Capital Markets - 0.2% |  |  |
| Brookfield Corp Class A  | 1567 | 72163 |
| Insurance - 0.6% |  |  |
| Fairfax Financial Holdings Ltd Subordinate Voting Shares  | 7 | 11365 |
| Great-West Lifeco Inc  | 794 | 33661 |
| iA Financial Corp Inc  | 217 | 25615 |
| Intact Financial Corp  | 286 | 53350 |
| Manulife Financial Corp  | 1040 | 33657 |
| Power Corp of Canada Subordinate Voting Shares  | 1108 | 51902 |
| Sun Life Financial Inc  | 197 | 11983 |
|  |  | 221533 |
| TOTAL FINANCIALS |  | 1014492 |
| Industrials - 0.7% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| CAE Inc (a) | 1134 | 31840 |
| Construction & Engineering - 0.1% |  |  |
| AtkinsRealis Group Inc  | 535 | 37729 |
| WSP Global Inc  | 6 | 1147 |
|  |  | 38876 |
| Ground Transportation - 0.4% |  |  |
| Canadian National Railway Co  | 814 | 78054 |
| Canadian Pacific Kansas City Ltd  | 650 | 46775 |
| TFI International Inc  | 150 | 13480 |
|  |  | 138309 |
| Professional Services - 0.1% |  |  |
| Thomson Reuters Corp  | 266 | 40745 |
| TOTAL INDUSTRIALS |  | 249770 |
| Information Technology - 0.9% |  |  |
| IT Services - 0.5% |  |  |
| Shopify Inc Class A (a) | 995 | 173000 |
| Software - 0.4% |  |  |
| Constellation Software Inc/Canada  | 31 | 81583 |
| Descartes Systems Group Inc/The (a) | 385 | 34002 |
| Open Text Corp  | 1053 | 40399 |
|  |  | 155984 |
| TOTAL INFORMATION TECHNOLOGY |  | 328984 |
| Materials - 0.7% |  |  |
| Chemicals - 0.0% |  |  |
| Nutrien Ltd  | 27 | 1471 |
| Metals & Mining - 0.7% |  |  |
| Agnico Eagle Mines Ltd/CA  | 306 | 49216 |
| Alamos Gold Inc Class A  | 1196 | 36872 |
| Barrick Mining Corp  | 584 | 19169 |
| Franco-Nevada Corp  | 330 | 61643 |
| Kinross Gold Corp  | 2867 | 66680 |
|  |  | 233580 |
| TOTAL MATERIALS |  | 235051 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Colliers International Group Inc Subordinate Voting Shares  | 83 | 13241 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.1% |  |  |
| Emera Inc  | 750 | 35657 |
| Fortis Inc/Canada  | 68 | 3418 |
|  |  | 39075 |
| Gas Utilities - 0.1% |  |  |
| AltaGas Ltd  | 891 | 26154 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Northland Power Inc  | 68 | 1242 |
| Multi-Utilities - 0.0% |  |  |
| Algonquin Power & Utilities Corp  | 2042 | 11400 |
| TOTAL UTILITIES |  | 77871 |
| TOTAL CANADA |  | 2598125 |
| CHILE - 0.2%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Empresas Copec SA  | 1115 | 7972 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Embotelladora Andina SA Class B  | 961 | 4325 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Banco de Credito e Inversiones SA  | 47 | 2416 |
| Banco Santander Chile  | 208523 | 15081 |
|  |  | 17497 |
| Industrials - 0.0% |  |  |
| Passenger Airlines - 0.0% |  |  |
| Latam Airlines Group SA  | 257207 | 5862 |
| Materials - 0.2% |  |  |
| Chemicals - 0.0% |  |  |
| Sociedad Quimica y Minera de Chile SA Class B (a) | 51 | 2458 |
| Metals & Mining - 0.2% |  |  |
| Antofagasta PLC  | 1061 | 38888 |
| Paper & Forest Products - 0.0% |  |  |
| Empresas Cmpc SA  | 4794 | 6917 |
| TOTAL MATERIALS |  | 48263 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Parque Arauco SA  | 351 | 979 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Enel Chile SA  | 48628 | 3715 |
| TOTAL CHILE |  | 88613 |
| CHINA - 7.6%  |  |  |
| Communication Services - 1.8% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| China Tower Corp Ltd H Shares (b)(c) | 13500 | 19510 |
| Entertainment - 0.2% |  |  |
| China Ruyi Holdings Ltd (a) | 8000 | 2852 |
| Netease Inc  | 2700 | 75764 |
|  |  | 78616 |
| Interactive Media & Services - 1.5% |  |  |
| Bilibili Inc Z Shares (a) | 720 | 21745 |
| Kuaishou Technology B Shares (b)(c) | 5700 | 53072 |
| Tencent Holdings Ltd  | 5900 | 479244 |
|  |  | 554061 |
| TOTAL COMMUNICATION SERVICES |  | 652187 |
| Consumer Discretionary - 2.8% |  |  |
| Automobiles - 0.4% |  |  |
| BYD Co Ltd H Shares  | 4800 | 62142 |
| Geely Automobile Holdings Ltd  | 15000 | 35519 |
| Li Auto Inc A Shares (a) | 2900 | 30094 |
| Zhejiang Leapmotor Technology Co Ltd H Shares (a)(b)(c) | 1000 | 7502 |
|  |  | 135257 |
| Broadline Retail - 1.7% |  |  |
| Alibaba Group Holding Ltd  | 18000 | 383018 |
| JD.com Inc A Shares  | 1850 | 30543 |
| PDD Holdings Inc Class A ADR (a) | 603 | 81327 |
| Prosus NV Class N  | 1374 | 94914 |
|  |  | 589802 |
| Hotels, Restaurants & Leisure - 0.4% |  |  |
| Meituan B Shares (a)(b)(c) | 6900 | 90823 |
| Trip.com Group Ltd  | 1000 | 70371 |
|  |  | 161194 |
| Household Durables - 0.1% |  |  |
| Haier Smart Home Co Ltd H Shares  | 7800 | 25336 |
| Specialty Retail - 0.0% |  |  |
| Chow Tai Fook Jewellery Group Ltd  | 600 | 1175 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| ANTA Sports Products Ltd  | 3400 | 35442 |
| Li Ning Co Ltd  | 8000 | 17378 |
| Shenzhou International Group Holdings Ltd  | 2900 | 25042 |
|  |  | 77862 |
| TOTAL CONSUMER DISCRETIONARY |  | 990626 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.0% |  |  |
| China Resources Beer Holdings Co Ltd  | 4500 | 15404 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Alibaba Health Information Technology Ltd (a) | 8000 | 5971 |
| JD Health International Inc (a)(b)(c) | 2950 | 23045 |
|  |  | 29016 |
| Food Products - 0.1% |  |  |
| China Mengniu Dairy Co Ltd  | 8000 | 14558 |
| Wilmar International Ltd  | 3700 | 8897 |
|  |  | 23455 |
| TOTAL CONSUMER STAPLES |  | 67875 |
| Energy - 0.2% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| China Oilfield Services Ltd H Shares  | 6000 | 5845 |
| Oil, Gas & Consumable Fuels - 0.2% |  |  |
| China Shenhua Energy Co Ltd H Shares  | 9000 | 46862 |
| Yankuang Energy Group Co Ltd H Shares  | 10000 | 13731 |
|  |  | 60593 |
| TOTAL ENERGY |  | 66438 |
| Financials - 1.2% |  |  |
| Banks - 0.7% |  |  |
| Bank of China Ltd H Shares  | 50000 | 28312 |
| China Construction Bank Corp H Shares  | 76000 | 75243 |
| China Merchants Bank Co Ltd H Shares  | 7500 | 46946 |
| Industrial & Commercial Bank of China Ltd H Shares  | 114000 | 88319 |
|  |  | 238820 |
| Capital Markets - 0.0% |  |  |
| China Galaxy Securities Co Ltd H Shares  | 8500 | 12230 |
| Consumer Finance - 0.0% |  |  |
| Qfin Holdings Inc Class A ADR  | 317 | 7655 |
| Insurance - 0.5% |  |  |
| China Life Insurance Co Ltd H Shares  | 18000 | 56799 |
| China Pacific Insurance Group Co Ltd H Shares  | 7600 | 30809 |
| People's Insurance Co Group of China Ltd/The H Shares  | 26000 | 23355 |
| Ping An Insurance Group Co of China Ltd H Shares  | 10500 | 75855 |
|  |  | 186818 |
| TOTAL FINANCIALS |  | 445523 |
| Health Care - 0.3% |  |  |
| Biotechnology - 0.1% |  |  |
| Akeso Inc (a)(b)(c) | 2000 | 29187 |
| Life Sciences Tools & Services - 0.1% |  |  |
| Wuxi Biologics Cayman Inc (a)(b)(c) | 9500 | 44257 |
| Pharmaceuticals - 0.1% |  |  |
| Hansoh Pharmaceutical Group Co Ltd (b)(c) | 2000 | 9173 |
| Sino Biopharmaceutical Ltd  | 27000 | 24566 |
|  |  | 33739 |
| TOTAL HEALTH CARE |  | 107183 |
| Industrials - 0.3% |  |  |
| Construction & Engineering - 0.0% |  |  |
| China State Construction International Holdings Ltd  | 6000 | 6826 |
| Ground Transportation - 0.1% |  |  |
| Full Truck Alliance Co Ltd ADR  | 2562 | 33306 |
| Machinery - 0.0% |  |  |
| Weichai Power Co Ltd H Shares  | 8000 | 16524 |
| Marine Transportation - 0.2% |  |  |
| COSCO SHIPPING Holdings Co Ltd H Shares  | 11500 | 19964 |
| SITC International Holdings Co Ltd  | 5000 | 18416 |
|  |  | 38380 |
| TOTAL INDUSTRIALS |  | 95036 |
| Information Technology - 0.4% |  |  |
| Communications Equipment - 0.0% |  |  |
| BYD Electronic International Co Ltd  | 2500 | 11756 |
| ZTE Corp H Shares  | 1200 | 5081 |
|  |  | 16837 |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Hua Hong Semiconductor Ltd (a)(b)(c) | 3000 | 30789 |
| Software - 0.0% |  |  |
| Kingdee International Software Group Co Ltd (a) | 9000 | 16979 |
| Technology Hardware, Storage & Peripherals - 0.3% |  |  |
| Lenovo Group Ltd  | 22000 | 32162 |
| Xiaomi Corp B Shares (a)(b)(c) | 11400 | 63247 |
|  |  | 95409 |
| TOTAL INFORMATION TECHNOLOGY |  | 160014 |
| Materials - 0.2% |  |  |
| Construction Materials - 0.0% |  |  |
| China National Building Material Co Ltd H Shares  | 4000 | 2836 |
| Metals & Mining - 0.2% |  |  |
| Aluminum Corp of China Ltd H Shares  | 12000 | 15258 |
| China Hongqiao Group Ltd  | 7500 | 28492 |
| Zhaojin Mining Industry Co Ltd H Shares  | 4500 | 16829 |
|  |  | 60579 |
| TOTAL MATERIALS |  | 63415 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| China Resources Land Ltd  | 6000 | 21666 |
| Longfor Group Holdings Ltd (b)(c) | 1500 | 1855 |
|  |  | 23521 |
| Utilities - 0.1% |  |  |
| Gas Utilities - 0.1% |  |  |
| China Gas Holdings Ltd  | 4400 | 4524 |
| ENN Energy Holdings Ltd  | 1400 | 12189 |
| Kunlun Energy Co Ltd  | 12000 | 11026 |
|  |  | 27739 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| China Longyuan Power Group Corp Ltd H Shares  | 9000 | 8339 |
| TOTAL UTILITIES |  | 36078 |
| TOTAL CHINA |  | 2707896 |
| COLOMBIA - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Grupo Cibest SA  | 789 | 12793 |
| Materials - 0.0% |  |  |
| Construction Materials - 0.0% |  |  |
| Cementos Argos SA  | 685 | 1834 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Interconexion Electrica SA ESP  | 594 | 3852 |
| TOTAL COLOMBIA |  | 18479 |
| CONGO DEMOCRATIC REPUBLIC OF - 0.0%  |  |  |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Ivanhoe Mines Ltd Class A (a) | 1709 | 17095 |
| CZECH REPUBLIC - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Moneta Money Bank AS (b)(c) | 700 | 5928 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| CEZ AS  | 167 | 10229 |
| TOTAL CZECH REPUBLIC |  | 16157 |
| DENMARK - 1.0%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Pandora A/S  | 78 | 10445 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Carlsberg AS Series B  | 84 | 9874 |
| Financials - 0.1% |  |  |
| Banks - 0.0% |  |  |
| Danske Bank A/S  | 81 | 3616 |
| Ringkjoebing Landbobank A/S  | 49 | 11065 |
|  |  | 14681 |
| Insurance - 0.1% |  |  |
| Tryg A/S  | 1103 | 27188 |
| TOTAL FINANCIALS |  | 41869 |
| Health Care - 0.6% |  |  |
| Biotechnology - 0.1% |  |  |
| Ascendis Pharma A/S ADR (a) | 152 | 30643 |
| Zealand Pharma A/S (a) | 9 | 712 |
|  |  | 31355 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Coloplast AS Series B  | 338 | 30570 |
| Pharmaceuticals - 0.4% |  |  |
| Novo Nordisk A/S Series B  | 2899 | 142723 |
| TOTAL HEALTH CARE |  | 204648 |
| Industrials - 0.2% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| DSV A/S  | 56 | 11885 |
| Electrical Equipment - 0.2% |  |  |
| Vestas Wind Systems A/S  | 2480 | 50721 |
| TOTAL INDUSTRIALS |  | 62606 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Novonesis Novozymes B Series B  | 318 | 19005 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Orsted AS (a)(b)(c) | 411 | 7346 |
| TOTAL DENMARK |  | 355793 |
| EGYPT - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Commercial International Bank - Egypt (CIB)  | 3110 | 6945 |
| Capital Markets - 0.0% |  |  |
| EFG Holding S.A.E. (a) | 4559 | 2717 |
| Consumer Finance - 0.0% |  |  |
| U Consumer Finance  | 6083 | 1088 |
| TOTAL FINANCIALS |  | 10750 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Talaat Moustafa Group  | 2740 | 3335 |
| TOTAL EGYPT |  | 14085 |
| FINLAND - 0.7%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Elisa Oyj A Shares  | 146 | 6435 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Kesko Oyj B Shares  | 218 | 4598 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Neste Oyj  | 404 | 8361 |
| Financials - 0.3% |  |  |
| Banks - 0.1% |  |  |
| Nordea Bank Abp (Sweden)  | 1935 | 33057 |
| Insurance - 0.2% |  |  |
| Sampo Oyj A Shares  | 4925 | 54884 |
| TOTAL FINANCIALS |  | 87941 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Orion Oyj B Shares  | 107 | 7468 |
| Industrials - 0.2% |  |  |
| Machinery - 0.2% |  |  |
| Konecranes Oyj A Shares  | 176 | 17365 |
| Valmet Oyj  | 127 | 4130 |
| Wartsila OYJ Abp  | 1381 | 45160 |
|  |  | 66655 |
| Information Technology - 0.1% |  |  |
| Communications Equipment - 0.1% |  |  |
| Nokia Oyj  | 5006 | 34147 |
| Materials - 0.1% |  |  |
| Containers & Packaging - 0.0% |  |  |
| Huhtamaki Oyj  | 175 | 5882 |
| Paper & Forest Products - 0.1% |  |  |
| Stora Enso Oyj R Shares  | 1643 | 19127 |
| TOTAL MATERIALS |  | 25009 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Fortum Oyj  | 366 | 8159 |
| TOTAL FINLAND |  | 248773 |
| FRANCE - 5.1%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Orange SA  | 345 | 5519 |
| Media - 0.2% |  |  |
| Publicis Groupe SA  | 489 | 49012 |
| TOTAL COMMUNICATION SERVICES |  | 54531 |
| Consumer Discretionary - 1.0% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Accor SA  | 424 | 21577 |
| Textiles, Apparel & Luxury Goods - 0.9% |  |  |
| Hermes International SCA  | 44 | 108990 |
| Kering SA  | 177 | 62855 |
| LVMH Moet Hennessy Louis Vuitton SE  | 212 | 149847 |
|  |  | 321692 |
| TOTAL CONSUMER DISCRETIONARY |  | 343269 |
| Consumer Staples - 0.5% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Carrefour SA  | 1713 | 25799 |
| Food Products - 0.2% |  |  |
| Danone SA  | 989 | 87346 |
| Personal Care Products - 0.2% |  |  |
| L'Oreal SA  | 168 | 70108 |
| TOTAL CONSUMER STAPLES |  | 183253 |
| Energy - 0.4% |  |  |
| Oil, Gas & Consumable Fuels - 0.4% |  |  |
| TotalEnergies SE  | 2185 | 136421 |
| Financials - 0.6% |  |  |
| Banks - 0.3% |  |  |
| BNP Paribas SA  | 784 | 60728 |
| Credit Agricole SA  | 2655 | 47926 |
| Societe Generale SA Series A  | 217 | 13762 |
|  |  | 122416 |
| Financial Services - 0.0% |  |  |
| Edenred SE  | 218 | 6264 |
| Insurance - 0.3% |  |  |
| AXA SA  | 2311 | 100271 |
| TOTAL FINANCIALS |  | 228951 |
| Health Care - 0.4% |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |
| EssilorLuxottica SA  | 367 | 134225 |
| Industrials - 1.5% |  |  |
| Aerospace & Defense - 0.9% |  |  |
| Airbus SE  | 768 | 189367 |
| Safran SA  | 289 | 102687 |
| Thales SA  | 106 | 30226 |
|  |  | 322280 |
| Building Products - 0.1% |  |  |
| Cie de Saint-Gobain SA  | 205 | 19898 |
| Construction & Engineering - 0.3% |  |  |
| Bouygues SA  | 525 | 23679 |
| Vinci SA  | 649 | 86782 |
|  |  | 110461 |
| Electrical Equipment - 0.2% |  |  |
| Legrand SA  | 445 | 76846 |
| TOTAL INDUSTRIALS |  | 529485 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Capgemini SE  | 317 | 48769 |
| Software - 0.0% |  |  |
| Dassault Systemes SE  | 30 | 854 |
| TOTAL INFORMATION TECHNOLOGY |  | 49623 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| Air Liquide SA  | 583 | 112833 |
| Real Estate - 0.0% |  |  |
| Retail REITs - 0.0% |  |  |
| Unibail-Rodamco-Westfield unit  | 135 | 13948 |
| Utilities - 0.2% |  |  |
| Multi-Utilities - 0.2% |  |  |
| Engie SA  | 733 | 17161 |
| Veolia Environnement SA  | 1307 | 43193 |
|  |  | 60354 |
| TOTAL FRANCE |  | 1846893 |
| GERMANY - 5.0%  |  |  |
| Communication Services - 0.3% |  |  |
| Diversified Telecommunication Services - 0.3% |  |  |
| Deutsche Telekom AG  | 3006 | 93111 |
| Interactive Media & Services - 0.0% |  |  |
| Scout24 SE (b)(c) | 220 | 25409 |
| TOTAL COMMUNICATION SERVICES |  | 118520 |
| Consumer Discretionary - 0.3% |  |  |
| Automobile Components - 0.1% |  |  |
| Aumovio SE  | 171 | 7352 |
| Continental AG  | 323 | 24379 |
|  |  | 31731 |
| Automobiles - 0.0% |  |  |
| Mercedes-Benz Group AG  | 280 | 18167 |
| Textiles, Apparel & Luxury Goods - 0.2% |  |  |
| adidas AG  | 293 | 55401 |
| TOTAL CONSUMER DISCRETIONARY |  | 105299 |
| Consumer Staples - 0.0% |  |  |
| Household Products - 0.0% |  |  |
| Henkel AG & Co KGaA  | 21 | 1566 |
| Personal Care Products - 0.0% |  |  |
| Beiersdorf AG  | 273 | 28942 |
| TOTAL CONSUMER STAPLES |  | 30508 |
| Financials - 1.2% |  |  |
| Banks - 0.0% |  |  |
| Commerzbank AG  | 136 | 4939 |
| Capital Markets - 0.4% |  |  |
| Deutsche Bank AG  | 2902 | 103461 |
| Deutsche Boerse AG  | 121 | 30642 |
|  |  | 134103 |
| Insurance - 0.8% |  |  |
| Allianz SE  | 338 | 135823 |
| Hannover Rueck SE  | 132 | 37642 |
| Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen  | 166 | 102703 |
|  |  | 276168 |
| TOTAL FINANCIALS |  | 415210 |
| Health Care - 0.3% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Siemens Healthineers AG (b)(c) | 772 | 43220 |
| Health Care Providers & Services - 0.2% |  |  |
| Fresenius SE & Co KGaA  | 921 | 53101 |
| Pharmaceuticals - 0.0% |  |  |
| Bayer AG  | 81 | 2519 |
| TOTAL HEALTH CARE |  | 98840 |
| Industrials - 1.4% |  |  |
| Aerospace & Defense - 0.5% |  |  |
| MTU Aero Engines AG  | 120 | 52298 |
| Rheinmetall AG  | 61 | 119636 |
|  |  | 171934 |
| Air Freight & Logistics - 0.0% |  |  |
| Deutsche Post AG  | 234 | 10751 |
| Electrical Equipment - 0.3% |  |  |
| Siemens Energy AG (a) | 1001 | 124710 |
| Industrial Conglomerates - 0.5% |  |  |
| Siemens AG  | 599 | 169755 |
| Trading Companies & Distributors - 0.1% |  |  |
| Brenntag SE  | 344 | 19092 |
| TOTAL INDUSTRIALS |  | 496242 |
| Information Technology - 0.9% |  |  |
| Semiconductors & Semiconductor Equipment - 0.2% |  |  |
| Infineon Technologies AG  | 1987 | 78870 |
| Software - 0.7% |  |  |
| Nemetschek SE  | 41 | 4726 |
| SAP SE  | 942 | 244988 |
|  |  | 249714 |
| TOTAL INFORMATION TECHNOLOGY |  | 328584 |
| Materials - 0.3% |  |  |
| Chemicals - 0.1% |  |  |
| BASF SE  | 322 | 15888 |
| Covestro AG (a)(b)(c) | 390 | 26487 |
|  |  | 42375 |
| Construction Materials - 0.2% |  |  |
| Heidelberg Materials AG  | 237 | 55601 |
| TOTAL MATERIALS |  | 97976 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| LEG Immobilien SE  | 237 | 18044 |
| Vonovia SE  | 454 | 13645 |
|  |  | 31689 |
| Utilities - 0.2% |  |  |
| Independent Power and Renewable Electricity Producers - 0.2% |  |  |
| RWE AG  | 1228 | 60456 |
| Multi-Utilities - 0.0% |  |  |
| E.ON SE  | 944 | 17564 |
| TOTAL UTILITIES |  | 78020 |
| TOTAL GERMANY |  | 1800888 |
| GRAND CAYMAN (UK OVERSEAS TER) - 0.0%  |  |  |
| Financials - 0.0% |  |  |
| Capital Markets - 0.0% |  |  |
| Bullish  | 18 | 909 |
| GREECE - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Hellenic Telecommunications Organization SA  | 141 | 2650 |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| JUMBO SA  | 187 | 5936 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Motor Oil Hellas Corinth Refineries SA  | 144 | 4319 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Alpha Bank SA  | 2408 | 9437 |
| Eurobank Ergasias Services and Holdings SA  | 7967 | 29969 |
|  |  | 39406 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| GEK TERNA SA  | 275 | 7348 |
| Marine Transportation - 0.0% |  |  |
| Star Bulk Carriers Corp  | 351 | 6605 |
| TOTAL INDUSTRIALS |  | 13953 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Public Power Corp SA  | 304 | 5288 |
| TOTAL GREECE |  | 71552 |
| GUATEMALA - 0.0%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Millicom International Cellular SA  | 294 | 13850 |
| HONG KONG - 1.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| PCCW Ltd  | 16000 | 11428 |
| Financials - 0.6% |  |  |
| Banks - 0.1% |  |  |
| Hang Seng Bank Ltd  | 2300 | 44872 |
| Capital Markets - 0.3% |  |  |
| Futu Holdings Ltd Class A ADR  | 4 | 796 |
| Hong Kong Exchanges & Clearing Ltd  | 1700 | 92673 |
|  |  | 93469 |
| Insurance - 0.2% |  |  |
| AIA Group Ltd  | 8000 | 77846 |
| Prudential PLC  | 589 | 8192 |
|  |  | 86038 |
| TOTAL FINANCIALS |  | 224379 |
| Industrials - 0.2% |  |  |
| Ground Transportation - 0.0% |  |  |
| MTR Corp Ltd  | 4500 | 16505 |
| Machinery - 0.2% |  |  |
| Techtronic Industries Co Ltd  | 3500 | 40898 |
| TOTAL INDUSTRIALS |  | 57403 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| ASMPT Ltd  | 300 | 3166 |
| Real Estate - 0.2% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Henderson Land Development Co Ltd  | 4000 | 14042 |
| Hongkong Land Holdings Ltd (Singapore)  | 3200 | 19552 |
|  |  | 33594 |
| Retail REITs - 0.1% |  |  |
| Link REIT  | 7600 | 39592 |
| TOTAL REAL ESTATE |  | 73186 |
| Utilities - 0.1% |  |  |
| Gas Utilities - 0.1% |  |  |
| Hong Kong & China Gas Co Ltd  | 33000 | 30704 |
| TOTAL HONG KONG |  | 400266 |
| HUNGARY - 0.1%  |  |  |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| MOL Hungarian Oil & Gas PLC Class A  | 661 | 5815 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| OTP Bank Nyrt  | 250 | 23846 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Richter Gedeon Nyrt  | 83 | 2558 |
| TOTAL HUNGARY |  | 32219 |
| INDONESIA - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telkom Indonesia Persero Tbk PT  | 4700 | 909 |
| Media - 0.0% |  |  |
| Elang Mahkota Teknologi Tbk PT  | 83900 | 5978 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Indosat Tbk PT  | 30100 | 3412 |
| TOTAL COMMUNICATION SERVICES |  | 10299 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| GoTo Gojek Tokopedia Tbk PT Class A (a) | 801600 | 2892 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Sumber Alfaria Trijaya Tbk PT  | 41000 | 4956 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Alamtri Resources Indonesia Tbk PT  | 43100 | 4885 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Bank Central Asia Tbk PT  | 8500 | 4352 |
| Bank Negara Indonesia Persero Tbk PT  | 48400 | 12748 |
| Bank Rakyat Indonesia Persero Tbk PT  | 190600 | 45596 |
|  |  | 62696 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Mitra Keluarga Karyasehat Tbk PT (b) | 10500 | 1629 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Astra International Tbk PT  | 19200 | 7100 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| Bumi Resources Minerals Tbk PT (a) | 258100 | 14279 |
| Merdeka Copper Gold Tbk PT (a) | 30300 | 4445 |
|  |  | 18724 |
| Paper & Forest Products - 0.0% |  |  |
| Indah Kiat Pulp & Paper Tbk PT  | 2600 | 1165 |
| TOTAL MATERIALS |  | 19889 |
| TOTAL INDONESIA |  | 114346 |
| IRELAND - 0.3%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Kerry Group PLC Class A  | 159 | 14497 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| AIB Group PLC  | 3913 | 36015 |
| Industrials - 0.2% |  |  |
| Trading Companies & Distributors - 0.2% |  |  |
| AerCap Holdings NV  | 380 | 49491 |
| TOTAL IRELAND |  | 100003 |
| ISRAEL - 0.6%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Bezeq The Israeli Telecommunication Corp Ltd  | 2364 | 4840 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Global-e Online Ltd (a) | 94 | 3423 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Strauss Group Ltd  | 123 | 3471 |
| Personal Care Products - 0.0% |  |  |
| Oddity Tech Ltd Class A (a) | 24 | 1086 |
| TOTAL CONSUMER STAPLES |  | 4557 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Paz Retail And Energy Ltd  | 30 | 6417 |
| Financials - 0.3% |  |  |
| Banks - 0.3% |  |  |
| Bank Hapoalim BM  | 3040 | 61855 |
| Bank Leumi Le-Israel BM  | 157 | 3196 |
| First International Bank of Israel Ltd  | 200 | 14424 |
| Mizrahi Tefahot Bank Ltd  | 505 | 32887 |
|  |  | 112362 |
| Health Care - 0.1% |  |  |
| Pharmaceuticals - 0.1% |  |  |
| Teva Pharmaceutical Industries Ltd ADR (a) | 937 | 19190 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Elbit Systems Ltd  | 14 | 6703 |
| Construction & Engineering - 0.0% |  |  |
| Electra Ltd/Israel  | 54 | 1714 |
| Machinery - 0.0% |  |  |
| Kornit Digital Ltd (a) | 148 | 1998 |
| Marine Transportation - 0.0% |  |  |
| ZIM Integrated Shipping Services Ltd  | 351 | 5398 |
| TOTAL INDUSTRIALS |  | 15813 |
| Information Technology - 0.1% |  |  |
| Semiconductors & Semiconductor Equipment - 0.1% |  |  |
| Nova Ltd (Israel) (a) | 81 | 28048 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| ICL Group Ltd  | 500 | 3282 |
| Israel Corp Ltd Class A1  | 12 | 4261 |
|  |  | 7543 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Amot Investments Ltd  | 188 | 1489 |
| Big Shopping Centers Ltd  | 45 | 10055 |
| Mivne Real Estate Kd Ltd  | 1472 | 6519 |
|  |  | 18063 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| OPC Energy Ltd (a) | 334 | 6048 |
| TOTAL ISRAEL |  | 226304 |
| ITALY - 1.9%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Telecom Italia SpA/Milano (a) | 16839 | 9922 |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Ferrari NV (Italy)  | 71 | 28357 |
| Textiles, Apparel & Luxury Goods - 0.0% |  |  |
| Brunello Cucinelli SpA  | 113 | 11428 |
| Prada Spa  | 1800 | 10642 |
|  |  | 22070 |
| TOTAL CONSUMER DISCRETIONARY |  | 50427 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Davide Campari-Milano NV  | 485 | 3373 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Eni SpA  | 1462 | 26959 |
| Financials - 1.1% |  |  |
| Banks - 0.9% |  |  |
| Banco BPM SpA  | 4029 | 58538 |
| Intesa Sanpaolo SpA  | 21272 | 137105 |
| UniCredit SpA  | 1169 | 86561 |
|  |  | 282204 |
| Insurance - 0.2% |  |  |
| Generali  | 440 | 16914 |
| Poste Italiane Spa (b)(c) | 1742 | 41945 |
| Unipol Assicurazioni SpA  | 1181 | 25817 |
|  |  | 84676 |
| TOTAL FINANCIALS |  | 366880 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Recordati Industria Chimica e Farmaceutica SpA  | 75 | 4452 |
| Industrials - 0.3% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Leonardo SpA  | 33 | 1942 |
| Electrical Equipment - 0.2% |  |  |
| Prysmian SpA  | 556 | 57563 |
| Passenger Airlines - 0.1% |  |  |
| Ryanair Holdings PLC  | 1220 | 36936 |
| TOTAL INDUSTRIALS |  | 96441 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Reply SpA  | 98 | 13736 |
| Utilities - 0.3% |  |  |
| Electric Utilities - 0.3% |  |  |
| Enel SpA  | 5685 | 57508 |
| Terna - Rete Elettrica Nazionale  | 3830 | 39229 |
|  |  | 96737 |
| Multi-Utilities - 0.0% |  |  |
| A2A SpA  | 5280 | 15373 |
| Hera SpA  | 2778 | 12456 |
|  |  | 27829 |
| TOTAL UTILITIES |  | 124566 |
| TOTAL ITALY |  | 696756 |
| JAPAN - 16.1%  |  |  |
| Communication Services - 1.4% |  |  |
| Entertainment - 0.5% |  |  |
| Capcom Co Ltd  | 1000 | 26113 |
| Konami Group Corp  | 300 | 50107 |
| Nexon Co Ltd  | 1300 | 26572 |
| Nintendo Co Ltd  | 700 | 59704 |
| Square Enix Holdings Co Ltd  | 600 | 11625 |
|  |  | 174121 |
| Wireless Telecommunication Services - 0.9% |  |  |
| KDDI Corp  | 900 | 14346 |
| SoftBank Corp  | 45700 | 64940 |
| SoftBank Group Corp  | 1400 | 245656 |
|  |  | 324942 |
| TOTAL COMMUNICATION SERVICES |  | 499063 |
| Consumer Discretionary - 2.9% |  |  |
| Automobile Components - 0.3% |  |  |
| Bridgestone Corp  | 100 | 4366 |
| Denso Corp  | 200 | 2805 |
| Niterra Co Ltd  | 500 | 20576 |
| Sumitomo Electric Industries Ltd  | 2100 | 76990 |
|  |  | 104737 |
| Automobiles - 1.0% |  |  |
| Honda Motor Co Ltd  | 6000 | 60644 |
| Isuzu Motors Ltd  | 1500 | 18445 |
| Subaru Corp  | 1700 | 36164 |
| Toyota Motor Corp  | 10400 | 212027 |
|  |  | 327280 |
| Broadline Retail - 0.2% |  |  |
| Pan Pacific International Holdings Corp  | 6600 | 39261 |
| Ryohin Keikaku Co Ltd  | 1700 | 34957 |
|  |  | 74218 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Oriental Land Co Ltd/Japan  | 2300 | 46564 |
| Zensho Holdings Co Ltd  | 300 | 18698 |
|  |  | 65262 |
| Household Durables - 0.8% |  |  |
| Panasonic Holdings Corp  | 4300 | 49963 |
| Sony Group Corp  | 7000 | 194947 |
| Sumitomo Forestry Co Ltd  | 1800 | 18775 |
|  |  | 263685 |
| Leisure Products - 0.1% |  |  |
| Bandai Namco Holdings Inc  | 1300 | 40507 |
| Yamaha Corp  | 1300 | 8224 |
|  |  | 48731 |
| Specialty Retail - 0.3% |  |  |
| Fast Retailing Co Ltd  | 200 | 73424 |
| Nitori Holdings Co Ltd  | 1300 | 21063 |
| USS Co Ltd  | 1300 | 14357 |
|  |  | 108844 |
| TOTAL CONSUMER DISCRETIONARY |  | 992757 |
| Consumer Staples - 0.8% |  |  |
| Beverages - 0.0% |  |  |
| Suntory Beverage & Food Ltd  | 400 | 12099 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Aeon Co Ltd  | 300 | 4749 |
| Kobe Bussan Co Ltd  | 400 | 9284 |
| Seven & i Holdings Co Ltd  | 800 | 10176 |
|  |  | 24209 |
| Food Products - 0.3% |  |  |
| Ajinomoto Co Inc  | 2000 | 56752 |
| MEIJI Holdings Co Ltd  | 800 | 15381 |
| Toyo Suisan Kaisha Ltd  | 300 | 21793 |
|  |  | 93926 |
| Household Products - 0.1% |  |  |
| Lion Corp  | 700 | 6902 |
| Unicharm Corp  | 3900 | 24130 |
|  |  | 31032 |
| Personal Care Products - 0.2% |  |  |
| Kao Corp  | 1000 | 42320 |
| Shiseido Co Ltd  | 1200 | 20245 |
|  |  | 62565 |
| Tobacco - 0.2% |  |  |
| Japan Tobacco Inc  | 2000 | 69626 |
| TOTAL CONSUMER STAPLES |  | 293457 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Cosmo Energy Holdings Co Ltd  | 200 | 4565 |
| Inpex Corp  | 2300 | 42400 |
|  |  | 46965 |
| Financials - 2.2% |  |  |
| Banks - 1.6% |  |  |
| Chiba Bank Ltd/The  | 2200 | 21492 |
| Japan Post Bank Co Ltd  | 4000 | 44851 |
| Kyoto Financial Group Inc  | 900 | 18244 |
| Mebuki Financial Group Inc  | 3000 | 18725 |
| Mitsubishi UFJ Financial Group Inc  | 10300 | 155584 |
| Mizuho Financial Group Inc  | 3400 | 113885 |
| Resona Holdings Inc  | 5000 | 48456 |
| Sumitomo Mitsui Financial Group Inc  | 4800 | 129954 |
| Yokohama Financial Group Inc  | 3500 | 25459 |
|  |  | 576650 |
| Capital Markets - 0.0% |  |  |
| Daiwa Securities Group Inc  | 4300 | 33190 |
| Financial Services - 0.2% |  |  |
| ORIX Corp  | 2200 | 53817 |
| Sony Financial Group Inc (a) | 5300 | 5344 |
|  |  | 59161 |
| Insurance - 0.4% |  |  |
| Dai-ichi Life Holdings Inc  | 6700 | 47171 |
| Ms&Ad Insurance Group Holdings Inc  | 200 | 4123 |
| Sompo Holdings Inc  | 200 | 6095 |
| T&D Holdings Inc  | 1500 | 32324 |
| Tokio Marine Holdings Inc  | 1300 | 48481 |
|  |  | 138194 |
| TOTAL FINANCIALS |  | 807195 |
| Health Care - 0.9% |  |  |
| Health Care Equipment & Supplies - 0.4% |  |  |
| Asahi Intecc Co Ltd  | 800 | 12702 |
| Hoya Corp  | 200 | 32555 |
| Olympus Corp  | 3000 | 36977 |
| Sysmex Corp  | 1600 | 17836 |
| Terumo Corp  | 2800 | 45195 |
|  |  | 145265 |
| Pharmaceuticals - 0.5% |  |  |
| Chugai Pharmaceutical Co Ltd  | 1200 | 54921 |
| Daiichi Sankyo Co Ltd  | 2800 | 66887 |
| Ono Pharmaceutical Co Ltd  | 1600 | 19525 |
| Otsuka Holdings Co Ltd  | 100 | 5434 |
| Santen Pharmaceutical Co Ltd  | 1100 | 10771 |
| Takeda Pharmaceutical Co Ltd  | 900 | 24289 |
|  |  | 181827 |
| TOTAL HEALTH CARE |  | 327092 |
| Industrials - 4.1% |  |  |
| Building Products - 0.2% |  |  |
| Agc Inc  | 700 | 21893 |
| Daikin Industries Ltd  | 500 | 58090 |
|  |  | 79983 |
| Construction & Engineering - 0.2% |  |  |
| Kajima Corp  | 1300 | 41975 |
| Obayashi Corp  | 2000 | 33898 |
|  |  | 75873 |
| Electrical Equipment - 0.5% |  |  |
| Fujikura Ltd  | 900 | 123632 |
| Mitsubishi Electric Corp  | 800 | 22410 |
| NIDEC CORP  | 2300 | 28103 |
|  |  | 174145 |
| Ground Transportation - 0.2% |  |  |
| East Japan Railway Co  | 100 | 2437 |
| Hankyu Hanshin Holdings Inc  | 800 | 21470 |
| Seibu Holdings Inc  | 800 | 28141 |
| Tokyu Corp  | 2200 | 24497 |
|  |  | 76545 |
| Industrial Conglomerates - 0.3% |  |  |
| Hitachi Ltd  | 3600 | 124228 |
| Machinery - 0.8% |  |  |
| Ebara Corp  | 1300 | 34847 |
| FANUC Corp  | 1700 | 56731 |
| Hoshizaki Corp  | 200 | 7047 |
| Komatsu Ltd  | 200 | 6690 |
| Makita Corp  | 900 | 27308 |
| MINEBEA MITSUMI Inc  | 1200 | 23796 |
| MISUMI Group Inc  | 800 | 12521 |
| Mitsubishi Heavy Industries Ltd  | 2100 | 63399 |
| SMC Corp  | 100 | 34232 |
| Yaskawa Electric Corp  | 800 | 22036 |
|  |  | 288607 |
| Marine Transportation - 0.3% |  |  |
| Kawasaki Kisen Kaisha Ltd  | 2200 | 31592 |
| Mitsui OSK Lines Ltd  | 1100 | 32712 |
| Nippon Yusen KK  | 1200 | 41511 |
|  |  | 105815 |
| Professional Services - 0.3% |  |  |
| Recruit Holdings Co Ltd  | 2000 | 99176 |
| Trading Companies & Distributors - 1.3% |  |  |
| ITOCHU Corp  | 1900 | 110110 |
| Marubeni Corp  | 300 | 7397 |
| Mitsubishi Corp  | 2800 | 67235 |
| Mitsui & Co Ltd  | 4000 | 98684 |
| MonotaRO Co Ltd  | 700 | 9766 |
| Sojitz Corp  | 600 | 15947 |
| Sumitomo Corp  | 2100 | 61129 |
| Toyota Tsusho Corp  | 1900 | 58155 |
|  |  | 428423 |
| TOTAL INDUSTRIALS |  | 1452795 |
| Information Technology - 2.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.5% |  |  |
| Keyence Corp  | 100 | 37227 |
| Kyocera Corp  | 3200 | 42567 |
| Omron Corp  | 600 | 16780 |
| TDK Corp  | 4100 | 71636 |
| Yokogawa Electric Corp  | 700 | 20999 |
|  |  | 189209 |
| IT Services - 0.4% |  |  |
| Fujitsu Ltd  | 400 | 10424 |
| NEC Corp  | 2400 | 87491 |
| Otsuka Corp  | 800 | 15833 |
| SCSK Corp  | 400 | 14719 |
| TIS Inc  | 700 | 24142 |
|  |  | 152609 |
| Semiconductors & Semiconductor Equipment - 1.1% |  |  |
| Advantest Corp  | 1300 | 194670 |
| Lasertec Corp  | 300 | 60909 |
| Tokyo Electron Ltd  | 600 | 132282 |
|  |  | 387861 |
| Software - 0.0% |  |  |
| Trend Micro Inc/Japan  | 400 | 20461 |
| Technology Hardware, Storage & Peripherals - 0.2% |  |  |
| FUJIFILM Holdings Corp  | 2400 | 55624 |
| TOTAL INFORMATION TECHNOLOGY |  | 805764 |
| Materials - 0.7% |  |  |
| Chemicals - 0.5% |  |  |
| Mitsubishi Chemical Group Corp  | 4100 | 21446 |
| Nippon Paint Holdings Co Ltd  | 3300 | 21039 |
| Resonac Holdings Corp  | 600 | 23512 |
| Shin-Etsu Chemical Co Ltd  | 1300 | 39077 |
| Sumitomo Chemical Co Ltd  | 4800 | 14127 |
| Toray Industries Inc  | 4700 | 28854 |
| Tosoh Corp  | 1300 | 18558 |
|  |  | 166613 |
| Metals & Mining - 0.2% |  |  |
| Nippon Steel Corp  | 11100 | 45755 |
| Sumitomo Metal Mining Co Ltd  | 900 | 29441 |
|  |  | 75196 |
| Paper & Forest Products - 0.0% |  |  |
| Oji Holdings Corp  | 2500 | 12627 |
| TOTAL MATERIALS |  | 254436 |
| Real Estate - 0.6% |  |  |
| Diversified REITs - 0.1% |  |  |
| Daiwa House REIT Investment Corp  | 16 | 13788 |
| Nomura Real Estate Master Fund Inc  | 17 | 18135 |
|  |  | 31923 |
| Industrial REITs - 0.0% |  |  |
| GLP J-REIT  | 15 | 13597 |
| Office REITs - 0.1% |  |  |
| Japan Real Estate Investment Corp  | 26 | 21443 |
| Orix JREIT Inc  | 16 | 10829 |
|  |  | 32272 |
| Real Estate Management & Development - 0.4% |  |  |
| Daiwa House Industry Co Ltd  | 1300 | 44143 |
| Hulic Co Ltd  | 2300 | 23730 |
| Mitsui Fudosan Co Ltd  | 400 | 4156 |
| Nomura Real Estate Holdings Inc  | 1100 | 6274 |
| Sumitomo Realty & Development Co Ltd  | 1100 | 46974 |
|  |  | 125277 |
| TOTAL REAL ESTATE |  | 203069 |
| Utilities - 0.2% |  |  |
| Electric Utilities - 0.1% |  |  |
| Chubu Electric Power Co Inc  | 2500 | 34797 |
| Tohoku Electric Power Co Inc  | 200 | 1370 |
|  |  | 36167 |
| Gas Utilities - 0.1% |  |  |
| Tokyo Gas Co Ltd  | 1000 | 35053 |
| TOTAL UTILITIES |  | 71220 |
| TOTAL JAPAN |  | 5753813 |
| KOREA (SOUTH) - 4.1%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| LG Uplus Corp  | 504 | 5374 |
| Entertainment - 0.0% |  |  |
| HYBE Co Ltd  | 58 | 13838 |
| Netmarble Corp (b)(c) | 37 | 1401 |
| Pearl Abyss Corp (a) | 36 | 871 |
| SM Entertainment Co Ltd  | 11 | 920 |
|  |  | 17030 |
| Interactive Media & Services - 0.2% |  |  |
| Kakao Corp  | 913 | 41585 |
| TOTAL COMMUNICATION SERVICES |  | 63989 |
| Consumer Discretionary - 0.3% |  |  |
| Automobile Components - 0.1% |  |  |
| Hyundai Mobis Co Ltd  | 148 | 32722 |
| Automobiles - 0.2% |  |  |
| Hyundai Motor Co  | 277 | 56204 |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Delivery Hero SE (a)(b)(c) | 107 | 2718 |
| Kangwon Land Inc  | 311 | 3673 |
|  |  | 6391 |
| TOTAL CONSUMER DISCRETIONARY |  | 95317 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| E-MART Inc  | 38 | 1919 |
| Food Products - 0.1% |  |  |
| CJ CheilJedang Corp  | 32 | 5138 |
| Samyang Foods Co Ltd  | 12 | 11318 |
|  |  | 16456 |
| Personal Care Products - 0.0% |  |  |
| LG H&H Co Ltd  | 33 | 6569 |
| TOTAL CONSUMER STAPLES |  | 24944 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| HD Hyundai Co Ltd  | 97 | 13913 |
| S-Oil Corp (a) | 29 | 1457 |
|  |  | 15370 |
| Financials - 0.4% |  |  |
| Banks - 0.3% |  |  |
| Industrial Bank of Korea  | 898 | 12145 |
| KakaoBank Corp  | 1241 | 20101 |
| Shinhan Financial Group Co Ltd  | 1242 | 63591 |
|  |  | 95837 |
| Financial Services - 0.0% |  |  |
| Meritz Financial Group Inc  | 314 | 24276 |
| Insurance - 0.1% |  |  |
| Samsung Fire & Marine Insurance Co Ltd  | 117 | 36141 |
| TOTAL FINANCIALS |  | 156254 |
| Health Care - 0.2% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| HLB Inc (a) | 380 | 12921 |
| Life Sciences Tools & Services - 0.2% |  |  |
| LigaChem Biosciences Inc (a) | 83 | 8502 |
| Peptron Inc (a) | 63 | 11923 |
| Samsung Biologics Co Ltd (a)(b)(c)(d) | 45 | 38444 |
|  |  | 58869 |
| Pharmaceuticals - 0.0% |  |  |
| SK Biopharmaceuticals Co Ltd (a) | 84 | 6788 |
| TOTAL HEALTH CARE |  | 78578 |
| Industrials - 0.8% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Korea Aerospace Industries Ltd  | 256 | 18520 |
| Electrical Equipment - 0.3% |  |  |
| Ecopro Co Ltd  | 391 | 24073 |
| HD Hyundai Electric Co Ltd  | 76 | 46262 |
| LG Energy Solution Ltd (a) | 140 | 46332 |
|  |  | 116667 |
| Industrial Conglomerates - 0.2% |  |  |
| LG Corp  | 312 | 17529 |
| Samsung C&T Corp  | 266 | 42061 |
| SK Inc  | 106 | 18430 |
|  |  | 78020 |
| Machinery - 0.2% |  |  |
| Hanwha Ocean Co Ltd (a) | 406 | 39087 |
| Samsung Heavy Industries Co Ltd (a) | 2410 | 49827 |
|  |  | 88914 |
| TOTAL INDUSTRIALS |  | 302121 |
| Information Technology - 1.9% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Daejoo Electronic Materials Co Ltd  | 46 | 2433 |
| LG Innotek Co Ltd  | 47 | 7925 |
| Samsung SDI Co Ltd  | 178 | 40102 |
|  |  | 50460 |
| IT Services - 0.1% |  |  |
| Posco DX Co Ltd  | 225 | 4140 |
| Samsung SDS Co Ltd  | 129 | 16517 |
|  |  | 20657 |
| Semiconductors & Semiconductor Equipment - 0.8% |  |  |
| Eo Technics Co Ltd  | 32 | 5283 |
| Hanmi Semiconductor Co Ltd  | 142 | 14277 |
| SK Hynix Inc  | 714 | 279254 |
|  |  | 298814 |
| Software - 0.0% |  |  |
| Douzone Bizon Co Ltd  | 48 | 2992 |
| Technology Hardware, Storage & Peripherals - 0.9% |  |  |
| Samsung Electronics Co Ltd  | 4174 | 313943 |
| TOTAL INFORMATION TECHNOLOGY |  | 686866 |
| Materials - 0.2% |  |  |
| Chemicals - 0.2% |  |  |
| Dongjin Semichem Co Ltd  | 18 | 539 |
| Hansol Chemical Co Ltd  | 24 | 3904 |
| LG Chem Ltd  | 140 | 38936 |
| Lotte Chemical Corp  | 48 | 2374 |
| SKC Co Ltd (a) | 48 | 4289 |
|  |  | 50042 |
| Metals & Mining - 0.0% |  |  |
| Hyundai Steel Co  | 268 | 6188 |
| TOTAL MATERIALS |  | 56230 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Korea Electric Power Corp  | 258 | 7699 |
| TOTAL KOREA (SOUTH) |  | 1487368 |
| LUXEMBOURG - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Media - 0.0% |  |  |
| SES SA Series A depository receipt  | 331 | 2535 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Eurofins Scientific SE  | 82 | 5779 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| APERAM SA  | 150 | 5232 |
| ArcelorMittal SA  | 323 | 12346 |
|  |  | 17578 |
| TOTAL LUXEMBOURG |  | 25892 |
| MACAU - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Sands China Ltd  | 7600 | 19796 |
| MALAYSIA - 0.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Axiata Group Berhad  | 2100 | 1259 |
| CELCOMDIGI BHD  | 11800 | 10143 |
|  |  | 11402 |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| MR DIY Group M Bhd (b)(c) | 9900 | 3782 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Kuala Lumpur Kepong Bhd  | 1900 | 9301 |
| PPB Group Bhd  | 2000 | 5320 |
| United Plantations BHD  | 700 | 4145 |
|  |  | 18766 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Dialog Group Bhd  | 9900 | 4633 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Hong Leong Bank Bhd  | 3400 | 16692 |
| Public Bank Bhd  | 38600 | 38895 |
| RHB Bank Bhd  | 8200 | 13255 |
|  |  | 68842 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| IHH Healthcare Bhd  | 900 | 1773 |
| Kpj Healthcare Bhd  | 7500 | 5086 |
|  |  | 6859 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Sime Darby Bhd  | 8100 | 3965 |
| Sunway Bhd  | 6800 | 8784 |
|  |  | 12749 |
| Transportation Infrastructure - 0.0% |  |  |
| Westports Holdings Bhd  | 2517 | 3095 |
| TOTAL INDUSTRIALS |  | 15844 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Inari Amertron Bhd  | 1800 | 1126 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Petronas Chemicals Group Bhd  | 7800 | 7264 |
| Utilities - 0.1% |  |  |
| Gas Utilities - 0.1% |  |  |
| Petronas Gas Bhd  | 3000 | 13252 |
| Multi-Utilities - 0.0% |  |  |
| YTL Power International Bhd  | 7000 | 6669 |
| TOTAL UTILITIES |  | 19921 |
| TOTAL MALAYSIA |  | 158439 |
| MEXICO - 0.6%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| America Movil SAB de CV Series B  | 20500 | 23382 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.0% |  |  |
| Coca-Cola Femsa SAB de CV unit  | 1400 | 12045 |
| Consumer Staples Distribution & Retail - 0.2% |  |  |
| Wal-Mart de Mexico SAB de CV Series V  | 11400 | 37689 |
| Food Products - 0.0% |  |  |
| Alfa SAB de CV Series A  | 8200 | 6184 |
| Gruma SAB de CV Series B  | 110 | 1866 |
|  |  | 8050 |
| TOTAL CONSUMER STAPLES |  | 57784 |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Banco del Bajio SA (b)(c) | 2800 | 7169 |
| Grupo Financiero Banorte SAB de CV  | 400 | 3765 |
| Grupo Financiero Inbursa SAB de CV Series O  | 5900 | 14329 |
|  |  | 25263 |
| Insurance - 0.0% |  |  |
| Qualitas Controladora SAB de CV  | 600 | 5441 |
| TOTAL FINANCIALS |  | 30704 |
| Industrials - 0.1% |  |  |
| Transportation Infrastructure - 0.1% |  |  |
| Grupo Aeroportuario del Sureste SAB de CV Series B  | 775 | 23443 |
| Materials - 0.2% |  |  |
| Construction Materials - 0.2% |  |  |
| Cemex SAB de CV unit  | 49400 | 50202 |
| Metals & Mining - 0.0% |  |  |
| Industrias Penoles SAB de CV (a) | 100 | 4139 |
| TOTAL MATERIALS |  | 54341 |
| Real Estate - 0.0% |  |  |
| Industrial REITs - 0.0% |  |  |
| Prologis Property Mexico SA de CV  | 2800 | 11181 |
| TOTAL MEXICO |  | 200835 |
| NETHERLANDS - 2.3%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Koninklijke KPN NV  | 8988 | 41592 |
| Entertainment - 0.0% |  |  |
| Universal Music Group NV  | 264 | 7081 |
| TOTAL COMMUNICATION SERVICES |  | 48673 |
| Consumer Staples - 0.2% |  |  |
| Beverages - 0.2% |  |  |
| Heineken Holding NV Class A  | 108 | 7295 |
| Heineken NV  | 563 | 43594 |
|  |  | 50889 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Koninklijke Ahold Delhaize NV  | 361 | 14776 |
| TOTAL CONSUMER STAPLES |  | 65665 |
| Financials - 0.5% |  |  |
| Banks - 0.1% |  |  |
| ING Groep NV  | 1950 | 48691 |
| Capital Markets - 0.1% |  |  |
| Euronext NV (c) | 243 | 34731 |
| Financial Services - 0.3% |  |  |
| Adyen NV (a)(b)(c) | 47 | 80534 |
| EXOR NV  | 178 | 15429 |
|  |  | 95963 |
| TOTAL FINANCIALS |  | 179385 |
| Health Care - 0.1% |  |  |
| Biotechnology - 0.0% |  |  |
| Argenx SE (a) | 17 | 13914 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Koninklijke Philips NV  | 799 | 21889 |
| TOTAL HEALTH CARE |  | 35803 |
| Industrials - 0.0% |  |  |
| Professional Services - 0.0% |  |  |
| Wolters Kluwer NV  | 79 | 9675 |
| Trading Companies & Distributors - 0.0% |  |  |
| IMCD NV  | 31 | 3215 |
| TOTAL INDUSTRIALS |  | 12890 |
| Information Technology - 1.4% |  |  |
| Semiconductors & Semiconductor Equipment - 1.4% |  |  |
| ASM International NV  | 104 | 67370 |
| ASML Holding NV  | 363 | 384144 |
| BE Semiconductor Industries NV  | 65 | 11059 |
|  |  | 462573 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Akzo Nobel NV  | 140 | 9269 |
| TOTAL NETHERLANDS |  | 814258 |
| NEW ZEALAND - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Spark New Zealand Ltd  | 1267 | 1776 |
| Financials - 0.0% |  |  |
| Financial Services - 0.0% |  |  |
| Infratil Ltd  | 969 | 6854 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Fisher & Paykel Healthcare Corp Ltd  | 322 | 6836 |
| Industrials - 0.0% |  |  |
| Building Products - 0.0% |  |  |
| Fletcher Building Ltd (a) | 2584 | 4821 |
| Transportation Infrastructure - 0.0% |  |  |
| Auckland International Airport Ltd  | 520 | 2416 |
| TOTAL INDUSTRIALS |  | 7237 |
| Information Technology - 0.1% |  |  |
| Software - 0.1% |  |  |
| Xero Ltd (a) | 166 | 15750 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Contact Energy Ltd  | 2092 | 11157 |
| TOTAL NEW ZEALAND |  | 49610 |
| NORWAY - 0.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Interactive Media & Services - 0.0% |  |  |
| Vend Marketplaces ASA B Shares  | 421 | 14506 |
| Vend Marketplaces ASA Class A rights 11/13/2025 (a) | 72 | 160 |
|  |  | 14666 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Europris ASA (b)(c) | 151 | 1301 |
| Consumer Staples - 0.1% |  |  |
| Food Products - 0.1% |  |  |
| Mowi ASA  | 971 | 21339 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Aker BP ASA  | 957 | 24838 |
| Frontline PLC (Norway)  | 371 | 9113 |
|  |  | 33951 |
| Financials - 0.2% |  |  |
| Banks - 0.0% |  |  |
| DNB Bank ASA  | 219 | 5584 |
| SpareBank 1 Sor-Norge ASA  | 565 | 9717 |
|  |  | 15301 |
| Insurance - 0.2% |  |  |
| Protector Forsikring ASA  | 194 | 8743 |
| Storebrand ASA A Shares  | 1235 | 19155 |
|  |  | 27898 |
| TOTAL FINANCIALS |  | 43199 |
| Industrials - 0.0% |  |  |
| Aerospace & Defense - 0.0% |  |  |
| Kongsberg Gruppen ASA  | 42 | 1074 |
| Industrial Conglomerates - 0.0% |  |  |
| Aker ASA A Shares  | 80 | 6216 |
| Machinery - 0.0% |  |  |
| AutoStore Holdings Ltd (a)(b)(c) | 2435 | 2363 |
| TOMRA Systems ASA  | 680 | 8324 |
|  |  | 10687 |
| TOTAL INDUSTRIALS |  | 17977 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| Nordic Semiconductor ASA (a) | 181 | 2627 |
| TOTAL NORWAY |  | 135060 |
| PERU - 0.1%  |  |  |
| Financials - 0.1% |  |  |
| Banks - 0.1% |  |  |
| Credicorp Ltd  | 69 | 18009 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Cia de Minas Buenaventura SAA ADR  | 228 | 5192 |
| TOTAL PERU |  | 23201 |
| PHILIPPINES - 0.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| PLDT Inc  | 170 | 3239 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Jollibee Foods Corp  | 590 | 2177 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Bank of the Philippine Islands  | 5250 | 9425 |
| Industrials - 0.1% |  |  |
| Transportation Infrastructure - 0.1% |  |  |
| International Container Terminal Services Inc  | 1660 | 14986 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Ayala Land Inc  | 15500 | 5254 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| Manila Electric Co  | 380 | 3786 |
| TOTAL PHILIPPINES |  | 38867 |
| POLAND - 0.3%  |  |  |
| Communication Services - 0.0% |  |  |
| Entertainment - 0.0% |  |  |
| CD Projekt SA  | 57 | 3917 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Allegro.eu SA (a)(b)(c) | 1630 | 15227 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Zabka Group SA (a) | 1291 | 7499 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| ORLEN SA  | 600 | 16257 |
| Financials - 0.2% |  |  |
| Banks - 0.1% |  |  |
| Alior Bank SA  | 202 | 5626 |
| Santander Bank Polska SA  | 120 | 15831 |
|  |  | 21457 |
| Insurance - 0.1% |  |  |
| Powszechny Zaklad Ubezpieczen SA  | 1829 | 29251 |
| TOTAL FINANCIALS |  | 50708 |
| Industrials - 0.0% |  |  |
| Construction & Engineering - 0.0% |  |  |
| Budimex SA  | 26 | 4130 |
| Information Technology - 0.0% |  |  |
| Software - 0.0% |  |  |
| Asseco Poland SA  | 57 | 3315 |
| Materials - 0.0% |  |  |
| Metals & Mining - 0.0% |  |  |
| Grupa Kety SA  | 37 | 9313 |
| KGHM Polska Miedz SA (a) | 18 | 944 |
|  |  | 10257 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| PGE Polska Grupa Energetyczna SA (a) | 747 | 2265 |
| TOTAL POLAND |  | 113575 |
| PORTUGAL - 0.1%  |  |  |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Jeronimo Martins SGPS SA  | 243 | 6257 |
| Energy - 0.1% |  |  |
| Oil, Gas & Consumable Fuels - 0.1% |  |  |
| Galp Energia SGPS SA  | 457 | 9164 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Banco Comercial Portugues SA  | 8337 | 7353 |
| Utilities - 0.0% |  |  |
| Electric Utilities - 0.0% |  |  |
| EDP SA  | 624 | 3100 |
| Multi-Utilities - 0.0% |  |  |
| Redes Energeticas Naci Sgps SA  | 1158 | 4358 |
| TOTAL UTILITIES |  | 7458 |
| TOTAL PORTUGAL |  | 30232 |
| QATAR - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Ooredoo QPSC  | 622 | 2315 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Qatar Fuel QSC  | 1781 | 7337 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Commercial Bank of Qatar  | 10969 | 12472 |
| Qatar Islamic Bank QPSC  | 5420 | 36442 |
|  |  | 48914 |
| Industrials - 0.0% |  |  |
| Marine Transportation - 0.0% |  |  |
| Qatar Navigation QSC  | 3232 | 9853 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Mesaieed Petrochemical Holding Co  | 3815 | 1310 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Barwa Real Estate Co  | 4634 | 3347 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Qatar Electricity & Water Co QSC  | 390 | 1645 |
| TOTAL QATAR |  | 74721 |
| SAUDI ARABIA - 0.8%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| Saudi Telecom Co  | 691 | 8325 |
| Wireless Telecommunication Services - 0.1% |  |  |
| Etihad Etisalat Co  | 1161 | 20974 |
| Mobile Telecommunications Co Saudi Arabia  | 1467 | 4494 |
|  |  | 25468 |
| TOTAL COMMUNICATION SERVICES |  | 33793 |
| Consumer Discretionary - 0.0% |  |  |
| Specialty Retail - 0.0% |  |  |
| Aldrees Petroleum and Transport Services Co  | 140 | 5723 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Abdullah Al Othaim Markets Co  | 785 | 1595 |
| Nahdi Medical Co  | 135 | 4176 |
|  |  | 5771 |
| Food Products - 0.0% |  |  |
| Savola Group/The (a) | 541 | 3553 |
| TOTAL CONSUMER STAPLES |  | 9324 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Ades Holding Co  | 455 | 2050 |
| Financials - 0.4% |  |  |
| Banks - 0.4% |  |  |
| Al Rajhi Bank  | 1166 | 32863 |
| Alinma Bank  | 3848 | 26575 |
| Bank AlBilad  | 2164 | 17114 |
| Saudi National Bank/The  | 5148 | 54743 |
|  |  | 131295 |
| Insurance - 0.0% |  |  |
| Co for Cooperative Insurance/The  | 77 | 2796 |
| TOTAL FINANCIALS |  | 134091 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Al Hammadi Holding  | 209 | 1946 |
| Dallah Healthcare Co  | 76 | 3121 |
| Mouwasat Medical Services Co  | 252 | 5164 |
|  |  | 10231 |
| Industrials - 0.0% |  |  |
| Air Freight & Logistics - 0.0% |  |  |
| SAL Saudi Logistics Services  | 51 | 2390 |
| Industrial Conglomerates - 0.0% |  |  |
| Astra Industrial Group Co  | 86 | 3417 |
| TOTAL INDUSTRIALS |  | 5807 |
| Information Technology - 0.0% |  |  |
| IT Services - 0.0% |  |  |
| Arabian Internet & Communications Services Co  | 88 | 5908 |
| Elm Co  | 15 | 3786 |
|  |  | 9694 |
| Materials - 0.2% |  |  |
| Chemicals - 0.0% |  |  |
| Saudi Industrial Investment Group  | 113 | 491 |
| Yanbu National Petrochemical Co  | 343 | 3155 |
|  |  | 3646 |
| Metals & Mining - 0.2% |  |  |
| Saudi Arabian Mining Co (a) | 2997 | 51345 |
| TOTAL MATERIALS |  | 54991 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Arabian Centres Co (b)(c) | 665 | 3878 |
| Emaar Economic City (a) | 327 | 1111 |
|  |  | 4989 |
| Utilities - 0.1% |  |  |
| Electric Utilities - 0.1% |  |  |
| Saudi Electricity Co  | 2947 | 12597 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| ACWA Power Co (a) | 65 | 4189 |
| Multi-Utilities - 0.0% |  |  |
| Power & Water Utility Co for Jubail & Yanbu (a) | 153 | 1719 |
| TOTAL UTILITIES |  | 18505 |
| TOTAL SAUDI ARABIA |  | 289198 |
| SINGAPORE - 1.1%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Singapore Telecommunications Ltd  | 6700 | 21869 |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.1% |  |  |
| Sea Ltd Class A ADR (a) | 288 | 45000 |
| Hotels, Restaurants & Leisure - 0.1% |  |  |
| Genting Singapore Ltd  | 36100 | 20247 |
| TOTAL CONSUMER DISCRETIONARY |  | 65247 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Hafnia Ltd  | 663 | 4144 |
| Financials - 0.5% |  |  |
| Banks - 0.4% |  |  |
| DBS Group Holdings Ltd  | 1400 | 58007 |
| Oversea-Chinese Banking Corp Ltd  | 5700 | 74579 |
| United Overseas Bank Ltd  | 1100 | 29300 |
|  |  | 161886 |
| Capital Markets - 0.1% |  |  |
| Singapore Exchange Ltd  | 2300 | 29916 |
| TOTAL FINANCIALS |  | 191802 |
| Industrials - 0.2% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Singapore Technologies Engineering Ltd  | 5200 | 33919 |
| Passenger Airlines - 0.1% |  |  |
| Singapore Airlines Ltd  | 4400 | 22412 |
| TOTAL INDUSTRIALS |  | 56331 |
| Information Technology - 0.0% |  |  |
| Semiconductors & Semiconductor Equipment - 0.0% |  |  |
| STMicroelectronics NV (Italy)  | 288 | 7082 |
| Real Estate - 0.1% |  |  |
| Industrial REITs - 0.1% |  |  |
| CapitaLand Ascendas REIT  | 10900 | 23616 |
| Mapletree Logistics Trust  | 10700 | 11015 |
|  |  | 34631 |
| Specialized REITs - 0.0% |  |  |
| Keppel DC REIT  | 5100 | 9365 |
| TOTAL REAL ESTATE |  | 43996 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Sembcorp Industries Ltd  | 900 | 4515 |
| TOTAL SINGAPORE |  | 394986 |
| SOUTH AFRICA - 1.1%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Vodacom Group Ltd  | 2030 | 16397 |
| Consumer Discretionary - 0.2% |  |  |
| Broadline Retail - 0.2% |  |  |
| Naspers Ltd Class N  | 609 | 42774 |
| Woolworths Holdings Ltd/South Africa  | 3332 | 10063 |
|  |  | 52837 |
| Specialty Retail - 0.0% |  |  |
| Foschini Group Ltd  | 1244 | 6608 |
| Mr Price Group Ltd  | 905 | 10798 |
|  |  | 17406 |
| TOTAL CONSUMER DISCRETIONARY |  | 70243 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Shoprite Holdings Ltd  | 1441 | 24107 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Exxaro Resources Ltd  | 287 | 2928 |
| Financials - 0.3% |  |  |
| Banks - 0.2% |  |  |
| Absa Group Ltd  | 2687 | 30041 |
| Standard Bank Group Ltd  | 3234 | 47484 |
|  |  | 77525 |
| Insurance - 0.1% |  |  |
| Discovery Ltd  | 1833 | 23026 |
| Old Mutual Ltd  | 12504 | 9772 |
|  |  | 32798 |
| TOTAL FINANCIALS |  | 110323 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Aspen Pharmacare Holdings Ltd  | 148 | 838 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Bidvest Group Ltd  | 369 | 4788 |
| Materials - 0.5% |  |  |
| Chemicals - 0.0% |  |  |
| Sasol Ltd (a) | 1527 | 9554 |
| Metals & Mining - 0.5% |  |  |
| Anglo American PLC  | 1900 | 71883 |
| Harmony Gold Mining Co Ltd  | 1925 | 32029 |
| Northam Platinum Holdings Ltd  | 1273 | 21289 |
| Sibanye Stillwater Ltd (a) | 10225 | 27134 |
|  |  | 152335 |
| TOTAL MATERIALS |  | 161889 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Growthpoint Properties Ltd  | 11252 | 10585 |
| TOTAL SOUTH AFRICA |  | 402098 |
| SPAIN - 2.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Cellnex Telecom SA (b)(c) | 1226 | 38168 |
| Consumer Discretionary - 0.3% |  |  |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Amadeus IT Group SA Class A  | 800 | 61155 |
| Specialty Retail - 0.1% |  |  |
| Industria de Diseno Textil SA  | 726 | 40084 |
| TOTAL CONSUMER DISCRETIONARY |  | 101239 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Repsol SA  | 1253 | 22992 |
| Financials - 0.9% |  |  |
| Banks - 0.9% |  |  |
| Banco Bilbao Vizcaya Argentaria SA  | 7392 | 148920 |
| Banco de Sabadell SA  | 12849 | 48030 |
| Banco Santander SA  | 11913 | 121194 |
| Bankinter SA  | 556 | 8376 |
| CaixaBank SA  | 1251 | 13223 |
|  |  | 339743 |
| Industrials - 0.2% |  |  |
| Construction & Engineering - 0.0% |  |  |
| ACS Actividades de Construccion y Servicios SA  | 159 | 13049 |
| Transportation Infrastructure - 0.2% |  |  |
| Aena SME SA (b)(c) | 1734 | 47069 |
| TOTAL INDUSTRIALS |  | 60118 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Merlin Properties Socimi SA  | 361 | 5621 |
| Utilities - 0.5% |  |  |
| Electric Utilities - 0.4% |  |  |
| Endesa SA  | 951 | 34080 |
| Iberdrola SA  | 4969 | 100704 |
|  |  | 134784 |
| Gas Utilities - 0.1% |  |  |
| Enagas SA  | 406 | 6441 |
| Naturgy Energy Group SA  | 527 | 15964 |
|  |  | 22405 |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| EDP Renovaveis SA  | 881 | 12876 |
| TOTAL UTILITIES |  | 170065 |
| TOTAL SPAIN |  | 737946 |
| SWEDEN - 2.0%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Telia Co AB  | 7385 | 28980 |
| Interactive Media & Services - 0.0% |  |  |
| Hemnet Group AB  | 284 | 6200 |
| TOTAL COMMUNICATION SERVICES |  | 35180 |
| Consumer Discretionary - 0.1% |  |  |
| Household Durables - 0.0% |  |  |
| Electrolux AB B Shares (a) | 255 | 1648 |
| Specialty Retail - 0.1% |  |  |
| H & M Hennes & Mauritz AB B Shares  | 1124 | 21228 |
| TOTAL CONSUMER DISCRETIONARY |  | 22876 |
| Consumer Staples - 0.1% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Axfood AB B Shares  | 243 | 6625 |
| Food Products - 0.1% |  |  |
| AAK AB  | 497 | 13884 |
| Household Products - 0.0% |  |  |
| Essity AB B Shares  | 129 | 3543 |
| TOTAL CONSUMER STAPLES |  | 24052 |
| Financials - 0.5% |  |  |
| Banks - 0.3% |  |  |
| Skandinaviska Enskilda Banken AB A Shares  | 3030 | 57856 |
| Svenska Handelsbanken AB A Shares  | 3487 | 45503 |
|  |  | 103359 |
| Capital Markets - 0.1% |  |  |
| EQT AB  | 996 | 34555 |
| Financial Services - 0.1% |  |  |
| Industrivarden AB A Shares  | 459 | 19123 |
| Investor AB B Shares  | 912 | 30100 |
|  |  | 49223 |
| TOTAL FINANCIALS |  | 187137 |
| Health Care - 0.0% |  |  |
| Health Care Equipment & Supplies - 0.0% |  |  |
| Elekta AB B Shares  | 326 | 1658 |
| Getinge AB B Shares  | 655 | 15395 |
|  |  | 17053 |
| Industrials - 0.9% |  |  |
| Aerospace & Defense - 0.1% |  |  |
| Saab AB B Shares  | 809 | 44516 |
| Building Products - 0.0% |  |  |
| Assa Abloy AB B Shares  | 144 | 5427 |
| Construction & Engineering - 0.1% |  |  |
| Skanska AB B Shares  | 952 | 26014 |
| Machinery - 0.7% |  |  |
| Alfa Laval AB  | 726 | 34694 |
| Atlas Copco AB A Shares  | 3495 | 58563 |
| Atlas Copco AB B Shares  | 330 | 4959 |
| Epiroc AB B Shares  | 651 | 12197 |
| Indutrade AB  | 779 | 20827 |
| Sandvik AB  | 2023 | 61434 |
| SKF AB B Shares  | 1125 | 29012 |
| Volvo AB B Shares  | 594 | 16273 |
|  |  | 237959 |
| TOTAL INDUSTRIALS |  | 313916 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Hexagon AB B Shares  | 3894 | 47466 |
| Lagercrantz Group AB B Shares  | 475 | 11670 |
|  |  | 59136 |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.0% |  |  |
| SSAB AB B Shares  | 1061 | 6600 |
| Paper & Forest Products - 0.1% |  |  |
| Svenska Cellulosa AB SCA B Shares  | 1798 | 23989 |
| TOTAL MATERIALS |  | 30589 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Sagax AB B Shares  | 558 | 12522 |
| Wihlborgs Fastigheter AB  | 593 | 5761 |
|  |  | 18283 |
| TOTAL SWEDEN |  | 708222 |
| SWITZERLAND - 2.6%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Swisscom AG  | 30 | 21976 |
| Consumer Discretionary - 0.3% |  |  |
| Textiles, Apparel & Luxury Goods - 0.3% |  |  |
| Cie Financiere Richemont SA Series A  | 561 | 110969 |
| Consumer Staples - 0.0% |  |  |
| Food Products - 0.0% |  |  |
| Chocoladefabriken Lindt & Spruengli AG  | 1 | 15371 |
| Financials - 0.9% |  |  |
| Capital Markets - 0.6% |  |  |
| Julius Baer Group Ltd  | 544 | 36724 |
| Partners Group Holding AG  | 38 | 46389 |
| UBS Group AG  | 3810 | 145488 |
|  |  | 228601 |
| Insurance - 0.3% |  |  |
| Baloise Holding AG  | 39 | 9663 |
| Swiss Life Holding AG  | 8 | 8672 |
| Zurich Insurance Group AG  | 122 | 84848 |
|  |  | 103183 |
| TOTAL FINANCIALS |  | 331784 |
| Health Care - 0.5% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Sonova Holding AG  | 130 | 35313 |
| Life Sciences Tools & Services - 0.2% |  |  |
| Lonza Group AG  | 102 | 70243 |
| Pharmaceuticals - 0.2% |  |  |
| Galderma Group AG  | 326 | 60157 |
| TOTAL HEALTH CARE |  | 165713 |
| Industrials - 0.5% |  |  |
| Building Products - 0.1% |  |  |
| Geberit AG  | 64 | 46683 |
| Electrical Equipment - 0.2% |  |  |
| ABB Ltd  | 1062 | 78957 |
| Machinery - 0.2% |  |  |
| Schindler Holding AG  | 113 | 40159 |
| VAT Group AG (b)(c) | 47 | 20459 |
|  |  | 60618 |
| TOTAL INDUSTRIALS |  | 186258 |
| Information Technology - 0.0% |  |  |
| Technology Hardware, Storage & Peripherals - 0.0% |  |  |
| Logitech International SA  | 156 | 18741 |
| Materials - 0.3% |  |  |
| Chemicals - 0.3% |  |  |
| DSM-Firmenich AG  | 28 | 2282 |
| Givaudan SA  | 9 | 36884 |
| Sika AG  | 319 | 62520 |
|  |  | 101686 |
| TOTAL SWITZERLAND |  | 952498 |
| TAIWAN - 6.2%  |  |  |
| Communication Services - 0.1% |  |  |
| Entertainment - 0.1% |  |  |
| International Games System Co Ltd  | 1000 | 23393 |
| Wireless Telecommunication Services - 0.0% |  |  |
| Far EasTone Telecommunications Co Ltd  | 5000 | 15027 |
| TOTAL COMMUNICATION SERVICES |  | 38420 |
| Consumer Discretionary - 0.1% |  |  |
| Automobile Components - 0.0% |  |  |
| Cheng Shin Rubber Industry Co Ltd  | 3000 | 3109 |
| Tong Yang Industry Co Ltd  | 1000 | 3142 |
|  |  | 6251 |
| Leisure Products - 0.0% |  |  |
| Giant Manufacturing Co Ltd  | 1000 | 3298 |
| Textiles, Apparel & Luxury Goods - 0.1% |  |  |
| Makalot Industrial Co Ltd  | 1000 | 8740 |
| Pou Chen Corp  | 9000 | 8568 |
|  |  | 17308 |
| TOTAL CONSUMER DISCRETIONARY |  | 26857 |
| Consumer Staples - 0.0% |  |  |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| President Chain Store Corp  | 2000 | 15498 |
| Food Products - 0.0% |  |  |
| Great Wall Enterprise Co Ltd  | 2000 | 3379 |
| Lien Hwa Industrial Holdings Corp  | 2000 | 3135 |
|  |  | 6514 |
| TOTAL CONSUMER STAPLES |  | 22012 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Formosa Petrochemical Corp  | 2000 | 2905 |
| Financials - 0.6% |  |  |
| Banks - 0.3% |  |  |
| CTBC Financial Holding Co Ltd  | 3000 | 4079 |
| E.Sun Financial Holding Co Ltd  | 42000 | 40597 |
| Shanghai Commercial & Savings Bank Ltd/The  | 3000 | 3860 |
| SinoPac Financial Holdings Co Ltd  | 43000 | 35836 |
|  |  | 84372 |
| Financial Services - 0.1% |  |  |
| Yuanta Financial Holding Co Ltd  | 35000 | 39233 |
| Insurance - 0.2% |  |  |
| Fubon Financial Holding Co Ltd  | 17325 | 51337 |
| KGI Financial Holding Co Ltd  | 56000 | 28929 |
|  |  | 80266 |
| TOTAL FINANCIALS |  | 203871 |
| Health Care - 0.0% |  |  |
| Pharmaceuticals - 0.0% |  |  |
| Caliway Biopharmaceuticals Co Ltd (a) | 2000 | 9780 |
| Industrials - 0.3% |  |  |
| Construction & Engineering - 0.1% |  |  |
| United Integrated Services Co Ltd  | 1000 | 28007 |
| Electrical Equipment - 0.2% |  |  |
| Bizlink Holding Inc  | 1000 | 45325 |
| Walsin Lihwa Corp  | 3000 | 2914 |
|  |  | 48239 |
| Industrial Conglomerates - 0.0% |  |  |
| Far Eastern New Century Corp  | 8000 | 6888 |
| Marine Transportation - 0.0% |  |  |
| Yang Ming Marine Transport Corp  | 4000 | 7473 |
| Passenger Airlines - 0.0% |  |  |
| Eva Airways Corp  | 7000 | 8233 |
| TOTAL INDUSTRIALS |  | 98840 |
| Information Technology - 5.0% |  |  |
| Communications Equipment - 0.2% |  |  |
| Accton Technology Corp  | 2000 | 70180 |
| Electronic Equipment, Instruments & Components - 0.6% |  |  |
| Chroma ATE Inc  | 1000 | 26610 |
| Delta Electronics Inc  | 4000 | 129313 |
| Hon Hai Precision Industry Co Ltd  | 8000 | 66931 |
| Innolux Corp  | 17000 | 7346 |
|  |  | 230200 |
| Semiconductors & Semiconductor Equipment - 3.8% |  |  |
| King Yuan Electronics Co Ltd  | 3000 | 21151 |
| MediaTek Inc  | 2000 | 85126 |
| Realtek Semiconductor Corp  | 2000 | 33465 |
| Taiwan Semiconductor Manufacturing Co Ltd  | 24010 | 1159721 |
| United Microelectronics Corp  | 26000 | 39219 |
|  |  | 1338682 |
| Technology Hardware, Storage & Peripherals - 0.4% |  |  |
| Asia Vital Components Co Ltd  | 1000 | 46300 |
| Asustek Computer Inc  | 2000 | 45292 |
| Catcher Technology Co Ltd  | 2000 | 12899 |
| Chicony Electronics Co Ltd  | 2000 | 8448 |
| Compal Electronics Inc  | 11000 | 11812 |
| Gigabyte Technology Co Ltd  | 2000 | 18227 |
| Micro-Star International Co Ltd  | 2000 | 7115 |
| Pegatron Corp  | 5000 | 12054 |
|  |  | 162147 |
| TOTAL INFORMATION TECHNOLOGY |  | 1801209 |
| Materials - 0.1% |  |  |
| Chemicals - 0.1% |  |  |
| Nan Ya Plastics Corp  | 17000 | 22922 |
| Construction Materials - 0.0% |  |  |
| TCC Group Holdings Co Ltd  | 18000 | 12925 |
| TOTAL MATERIALS |  | 35847 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| Ruentex Development Co Ltd  | 5000 | 4841 |
| TOTAL TAIWAN |  | 2244582 |
| THAILAND - 0.4%  |  |  |
| Communication Services - 0.0% |  |  |
| Diversified Telecommunication Services - 0.0% |  |  |
| True Corp PCL (a) | 8300 | 2893 |
| True Corp PCL depository receipt (a) | 33800 | 11785 |
|  |  | 14678 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| Central Retail Corp PCL  | 1900 | 1202 |
| Central Retail Corp PCL depository receipt  | 6700 | 4238 |
|  |  | 5440 |
| Specialty Retail - 0.0% |  |  |
| Home Product Center PCL  | 3600 | 728 |
| Home Product Center PCL depository receipt  | 2300 | 464 |
|  |  | 1192 |
| TOTAL CONSUMER DISCRETIONARY |  | 6632 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Carabao Group PCL depository receipt  | 1500 | 2083 |
| Osotspa PCL  | 1200 | 581 |
| Thai Beverage PCL  | 29900 | 11026 |
|  |  | 13690 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| PTT Exploration & Production PCL  | 1600 | 5282 |
| PTT Exploration & Production PCL depository receipt  | 2800 | 9244 |
|  |  | 14526 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Bangkok Bank PCL  | 900 | 4401 |
| Bangkok Bank PCL depository receipt  | 1100 | 5380 |
| SCB X PCL  | 1400 | 5659 |
| SCB X PCL depository receipt  | 1600 | 6467 |
|  |  | 21907 |
| Consumer Finance - 0.0% |  |  |
| Krungthai Card PCL depository receipt  | 3600 | 3166 |
| Insurance - 0.0% |  |  |
| Thai Life Insurance PCL depository receipt  | 5900 | 1875 |
| TOTAL FINANCIALS |  | 26948 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Bumrungrad Hospital Pcl  | 400 | 2123 |
| Bumrungrad Hospital Pcl depository receipt  | 700 | 3715 |
|  |  | 5838 |
| Industrials - 0.0% |  |  |
| Ground Transportation - 0.0% |  |  |
| BTS Group Holdings PCL depository receipt (a) | 21900 | 1986 |
| Transportation Infrastructure - 0.0% |  |  |
| Bangkok Expressway & Metro PCL  | 8600 | 1367 |
| Bangkok Expressway & Metro PCL depository receipt  | 13700 | 2177 |
|  |  | 3544 |
| TOTAL INDUSTRIALS |  | 5530 |
| Information Technology - 0.2% |  |  |
| Electronic Equipment, Instruments & Components - 0.2% |  |  |
| Delta Electronics Thailand PCL  | 700 | 4687 |
| Delta Electronics Thailand PCL depository receipt  | 4000 | 26783 |
|  |  | 31470 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Indorama Ventures PCL  | 5700 | 3359 |
| Real Estate - 0.0% |  |  |
| Real Estate Management & Development - 0.0% |  |  |
| WHA Corp PCL depository receipt  | 9100 | 915 |
| Utilities - 0.0% |  |  |
| Independent Power and Renewable Electricity Producers - 0.0% |  |  |
| Electricity Generating PCL depository receipt  | 500 | 1897 |
| Global Power Synergy PCL  | 500 | 640 |
| Global Power Synergy PCL depository receipt  | 1200 | 1537 |
| Gulf Development PCL  | 2000 | 2731 |
| Gulf Development PCL depository receipt  | 1900 | 2594 |
|  |  | 9399 |
| TOTAL THAILAND |  | 132985 |
| TURKEY - 0.2%  |  |  |
| Communication Services - 0.0% |  |  |
| Wireless Telecommunication Services - 0.0% |  |  |
| Turkcell Iletisim Hizmetleri AS  | 1276 | 3025 |
| Consumer Discretionary - 0.0% |  |  |
| Broadline Retail - 0.0% |  |  |
| D-Market Elektronik Hizmetler Ve Ticaret Anonim Sirketi ADR (a) | 917 | 2338 |
| Household Durables - 0.0% |  |  |
| Arcelik AS (a) | 314 | 826 |
| TOTAL CONSUMER DISCRETIONARY |  | 3164 |
| Consumer Staples - 0.0% |  |  |
| Beverages - 0.0% |  |  |
| Anadolu Efes Biracilik Ve Malt Sanayii AS  | 6218 | 2148 |
| Coca-Cola Icecek AS  | 3088 | 3775 |
|  |  | 5923 |
| Consumer Staples Distribution & Retail - 0.0% |  |  |
| Migros Ticaret AS  | 262 | 2825 |
| Sok Marketler Ticaret AS (a) | 3087 | 3249 |
|  |  | 6074 |
| Food Products - 0.0% |  |  |
| Ulker Biskuvi Sanayi AS  | 905 | 2326 |
| TOTAL CONSUMER STAPLES |  | 14323 |
| Energy - 0.0% |  |  |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| Turkiye Petrol Rafinerileri AS  | 865 | 4064 |
| Financials - 0.0% |  |  |
| Banks - 0.0% |  |  |
| Haci Omer Sabanci Holding AS  | 4136 | 8020 |
| Yapi ve Kredi Bankasi AS (a) | 6906 | 5518 |
|  |  | 13538 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| MLP Saglik Hizmetleri AS (a)(b)(c) | 230 | 1838 |
| Industrials - 0.2% |  |  |
| Construction & Engineering - 0.1% |  |  |
| Enka Insaat ve Sanayi AS  | 4828 | 8920 |
| Industrial Conglomerates - 0.1% |  |  |
| KOC Holding AS  | 3587 | 14637 |
| Turkiye Sise ve Cam Fabrikalari AS  | 1315 | 1150 |
|  |  | 15787 |
| TOTAL INDUSTRIALS |  | 24707 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Sasa Polyester Sanayi AS (a) | 29341 | 2142 |
| Construction Materials - 0.0% |  |  |
| Baticim Bati Anadolu Cimento Sanayii AS  | 2821 | 294 |
| Metals & Mining - 0.0% |  |  |
| Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class D (a) | 3888 | 2535 |
| Turk Altin Isletmeleri AS (a) | 4994 | 3193 |
|  |  | 5728 |
| TOTAL MATERIALS |  | 8164 |
| Real Estate - 0.0% |  |  |
| Diversified REITs - 0.0% |  |  |
| Ziraat Gayrimenkul Yatirim Ortakligi AS  | 1627 | 895 |
| TOTAL TURKEY |  | 73718 |
| UNITED ARAB EMIRATES - 0.4%  |  |  |
| Communication Services - 0.1% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| Emirates Telecommunications Group Co PJSC  | 3662 | 19342 |
| Consumer Discretionary - 0.0% |  |  |
| Hotels, Restaurants & Leisure - 0.0% |  |  |
| Abu Dhabi National Hotels  | 22322 | 2710 |
| Americana Restaurants International PLC - Foreign Co  | 10444 | 5943 |
|  |  | 8653 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| ADNOC Drilling Co PJSC  | 905 | 1375 |
| Oil, Gas & Consumable Fuels - 0.0% |  |  |
| ADNOC Logistics & Services  | 3814 | 5960 |
| TOTAL ENERGY |  | 7335 |
| Financials - 0.2% |  |  |
| Banks - 0.2% |  |  |
| Abu Dhabi Islamic Bank PJSC  | 3697 | 21258 |
| Emirates NBD Bank PJSC  | 6478 | 49561 |
|  |  | 70819 |
| Health Care - 0.0% |  |  |
| Health Care Providers & Services - 0.0% |  |  |
| Pure Health Holding PJSC  | 3230 | 2471 |
| Industrials - 0.0% |  |  |
| Industrial Conglomerates - 0.0% |  |  |
| Multiply Group PJSC (a) | 4921 | 3993 |
| Transportation Infrastructure - 0.0% |  |  |
| Salik Co PJSC  | 4191 | 6823 |
| TOTAL INDUSTRIALS |  | 10816 |
| Real Estate - 0.1% |  |  |
| Real Estate Management & Development - 0.1% |  |  |
| Aldar Properties PJSC  | 11626 | 28488 |
| Emaar Development PJSC  | 1532 | 6215 |
|  |  | 34703 |
| Utilities - 0.0% |  |  |
| Multi-Utilities - 0.0% |  |  |
| Dubai Electricity & Water Authority PJSC  | 10146 | 7679 |
| TOTAL UNITED ARAB EMIRATES |  | 161818 |
| UNITED KINGDOM - 6.7%  |  |  |
| Communication Services - 0.2% |  |  |
| Diversified Telecommunication Services - 0.1% |  |  |
| BT Group PLC  | 14825 | 36176 |
| Interactive Media & Services - 0.1% |  |  |
| Auto Trader Group PLC (b)(c) | 2575 | 26417 |
| Rightmove PLC  | 964 | 8460 |
|  |  | 34877 |
| TOTAL COMMUNICATION SERVICES |  | 71053 |
| Consumer Discretionary - 0.5% |  |  |
| Broadline Retail - 0.1% |  |  |
| Next PLC  | 258 | 48468 |
| Diversified Consumer Services - 0.1% |  |  |
| Pearson PLC  | 2002 | 27864 |
| Hotels, Restaurants & Leisure - 0.2% |  |  |
| Compass Group PLC  | 1088 | 36013 |
| Entain PLC  | 169 | 1759 |
| Whitbread PLC  | 539 | 20513 |
|  |  | 58285 |
| Household Durables - 0.0% |  |  |
| Taylor Wimpey PLC  | 10317 | 14258 |
| Specialty Retail - 0.1% |  |  |
| Kingfisher PLC  | 5187 | 21036 |
| TOTAL CONSUMER DISCRETIONARY |  | 169911 |
| Consumer Staples - 1.3% |  |  |
| Beverages - 0.1% |  |  |
| Diageo PLC  | 1383 | 31811 |
| Consumer Staples Distribution & Retail - 0.1% |  |  |
| Marks & Spencer Group PLC  | 6206 | 32431 |
| Tesco PLC  | 2133 | 12872 |
|  |  | 45303 |
| Food Products - 0.0% |  |  |
| Associated British Foods PLC  | 445 | 13416 |
| Household Products - 0.2% |  |  |
| Reckitt Benckiser Group PLC  | 985 | 75342 |
| Personal Care Products - 0.3% |  |  |
| Unilever PLC  | 2096 | 125769 |
| Tobacco - 0.6% |  |  |
| British American Tobacco PLC  | 2547 | 130447 |
| Imperial Brands PLC  | 1381 | 54873 |
|  |  | 185320 |
| TOTAL CONSUMER STAPLES |  | 476961 |
| Energy - 0.0% |  |  |
| Energy Equipment & Services - 0.0% |  |  |
| Subsea 7 SA  | 706 | 12893 |
| Financials - 2.1% |  |  |
| Banks - 1.5% |  |  |
| Barclays PLC  | 20227 | 108491 |
| HSBC Holdings PLC  | 15580 | 218112 |
| Lloyds Banking Group PLC  | 37657 | 44152 |
| NatWest Group PLC  | 11801 | 90850 |
| Standard Chartered PLC  | 3544 | 72749 |
|  |  | 534354 |
| Capital Markets - 0.4% |  |  |
| 3i Group PLC  | 552 | 31945 |
| ICG PLC  | 922 | 23389 |
| London Stock Exchange Group PLC  | 617 | 76894 |
| Schroders PLC  | 1247 | 6215 |
|  |  | 138443 |
| Financial Services - 0.1% |  |  |
| M&G PLC  | 6742 | 23320 |
| Wise PLC Class A (a) | 2056 | 26105 |
|  |  | 49425 |
| Insurance - 0.1% |  |  |
| Legal & General Group PLC  | 12102 | 37806 |
| TOTAL FINANCIALS |  | 760028 |
| Health Care - 0.8% |  |  |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Smith & Nephew PLC  | 2319 | 42823 |
| Pharmaceuticals - 0.7% |  |  |
| Astrazeneca PLC  | 1389 | 229114 |
| Hikma Pharmaceuticals PLC  | 299 | 7223 |
|  |  | 236337 |
| TOTAL HEALTH CARE |  | 279160 |
| Industrials - 1.2% |  |  |
| Aerospace & Defense - 0.7% |  |  |
| BAE Systems PLC  | 2141 | 52740 |
| Melrose Industries PLC  | 3911 | 32143 |
| Rolls-Royce Holdings PLC  | 10815 | 166430 |
|  |  | 251313 |
| Machinery - 0.0% |  |  |
| IMI PLC  | 271 | 8502 |
| Passenger Airlines - 0.1% |  |  |
| International Consolidated Airlines Group SA  | 7336 | 40274 |
| Professional Services - 0.3% |  |  |
| Intertek Group PLC  | 492 | 32737 |
| RELX PLC  | 1424 | 62936 |
|  |  | 95673 |
| Trading Companies & Distributors - 0.1% |  |  |
| Bunzl PLC  | 841 | 25543 |
| TOTAL INDUSTRIALS |  | 421305 |
| Information Technology - 0.1% |  |  |
| Electronic Equipment, Instruments & Components - 0.1% |  |  |
| Halma PLC  | 734 | 34193 |
| Materials - 0.0% |  |  |
| Chemicals - 0.0% |  |  |
| Croda International PLC  | 377 | 14298 |
| Real Estate - 0.1% |  |  |
| Diversified REITs - 0.1% |  |  |
| Land Securities Group PLC  | 2160 | 17636 |
| Residential REITs - 0.0% |  |  |
| UNITE Group PLC/The  | 1239 | 9229 |
| TOTAL REAL ESTATE |  | 26865 |
| Utilities - 0.4% |  |  |
| Electric Utilities - 0.2% |  |  |
| SSE PLC  | 2074 | 52250 |
| Multi-Utilities - 0.1% |  |  |
| National Grid PLC  | 3470 | 52030 |
| Water Utilities - 0.1% |  |  |
| United Utilities Group PLC  | 2147 | 33860 |
| TOTAL UTILITIES |  | 138140 |
| TOTAL UNITED KINGDOM |  | 2404807 |
| UNITED STATES - 5.3%  |  |  |
| Communication Services - 0.2% |  |  |
| Entertainment - 0.2% |  |  |
| Spotify Technology SA (a) | 120 | 78638 |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Stellantis NV (Italy)  | 3889 | 39349 |
| Consumer Staples - 0.7% |  |  |
| Food Products - 0.7% |  |  |
| JBS NV depository receipt  | 920 | 12225 |
| Nestle SA  | 2388 | 228170 |
|  |  | 240395 |
| Energy - 1.0% |  |  |
| Energy Equipment & Services - 0.1% |  |  |
| Tenaris SA  | 1522 | 30250 |
| Oil, Gas & Consumable Fuels - 0.9% |  |  |
| BP PLC  | 20146 | 118032 |
| Shell PLC  | 5311 | 199106 |
|  |  | 317138 |
| TOTAL ENERGY |  | 347388 |
| Financials - 0.1% |  |  |
| Insurance - 0.1% |  |  |
| Swiss Re AG  | 180 | 32790 |
| Health Care - 2.2% |  |  |
| Biotechnology - 0.1% |  |  |
| CSL Ltd  | 356 | 41487 |
| Health Care Equipment & Supplies - 0.1% |  |  |
| Alcon AG  | 211 | 15679 |
| Inmode Ltd (a) | 223 | 3294 |
|  |  | 18973 |
| Life Sciences Tools & Services - 0.1% |  |  |
| ICON PLC (a) | 77 | 13230 |
| QIAGEN NV (Germany)  | 624 | 29317 |
|  |  | 42547 |
| Pharmaceuticals - 1.9% |  |  |
| GSK PLC  | 5096 | 119315 |
| Haleon PLC  | 4172 | 19400 |
| Novartis AG  | 2100 | 259900 |
| Roche Holding AG  | 630 | 204070 |
| Sanofi SA  | 864 | 87405 |
|  |  | 690090 |
| TOTAL HEALTH CARE |  | 793097 |
| Industrials - 0.7% |  |  |
| Commercial Services & Supplies - 0.2% |  |  |
| GFL Environmental Inc Subordinate Voting Shares  | 749 | 32747 |
| Waste Connections Inc  | 159 | 26665 |
|  |  | 59412 |
| Construction & Engineering - 0.0% |  |  |
| Ferrovial SE  | 22 | 1349 |
| Ferrovial SE rights (a)(e) | 22 | 12 |
|  |  | 1361 |
| Electrical Equipment - 0.3% |  |  |
| Schneider Electric SE  | 439 | 125085 |
| Marine Transportation - 0.0% |  |  |
| AP Moller - Maersk A/S Series A  | 8 | 16497 |
| Professional Services - 0.2% |  |  |
| Experian PLC  | 1394 | 65023 |
| TOTAL INDUSTRIALS |  | 267378 |
| Information Technology - 0.2% |  |  |
| Software - 0.2% |  |  |
| CyberArk Software Ltd (a) | 108 | 56245 |
| JFrog Ltd (a) | 34 | 1614 |
| Monday.com Ltd (a) | 114 | 23397 |
|  |  | 81256 |
| Materials - 0.1% |  |  |
| Construction Materials - 0.1% |  |  |
| Buzzi SpA  | 59 | 3546 |
| Holcim AG  | 310 | 27559 |
|  |  | 31105 |
| TOTAL UNITED STATES |  | 1911396 |
| ZAMBIA - 0.1%  |  |  |
| Materials - 0.1% |  |  |
| Metals & Mining - 0.1% |  |  |
| First Quantum Minerals Ltd (a) | 2104 | 43684 |
| <br> **TOTAL COMMON STOCKS**<br> (Cost $31,667,480) |  | <br> **33093897** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** | &nbsp;&nbsp;**Non-Convertible Preferred Stocks - 0.2%** |
|  | Shares | Value ($)<br>|
| GERMANY - 0.1%  |  |  |
| Consumer Discretionary - 0.1% |  |  |
| Automobiles - 0.1% |  |  |
| Volkswagen AG  | 398 | 41447 |
| Health Care - 0.0% |  |  |
| Life Sciences Tools & Services - 0.0% |  |  |
| Sartorius AG  | 11 | 3019 |
| TOTAL GERMANY |  | 44466 |
| KOREA (SOUTH) - 0.1%  |  |  |
| Consumer Discretionary - 0.0% |  |  |
| Automobiles - 0.0% |  |  |
| Hyundai Motor Co  | 25 | 3795 |
| Information Technology - 0.1% |  |  |
| Technology Hardware, Storage & Peripherals - 0.1% |  |  |
| Samsung Electronics Co Ltd  | 438 | 25865 |
| TOTAL KOREA (SOUTH) |  | 29660 |
| <br> **TOTAL NON-CONVERTIBLE PREFERRED STOCKS**<br> (Cost $72,765) |  | <br> **74126** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 8.7%** | &nbsp;&nbsp;**Money Market Funds - 8.7%** | &nbsp;&nbsp;**Money Market Funds - 8.7%** | &nbsp;&nbsp;**Money Market Funds - 8.7%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Cash Central Fund (f)<br>(Cost $3,145,797)<br>| 4.18 | 3145168 | **3145797** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 100.7%**<br> (Cost $34,886,042)<br>| <br>**36313820** |
| **NET OTHER ASSETS (LIABILITIES) - (0.7)%**  | **(245645)** |
| **NET ASSETS - 100.0%** | **36068175** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &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) | 10 | 12/19/2025 | 1403550 | 7110 | 7110 |
| ICE MSCI Emerging Markets Index Contracts (United States) | 7 | 12/19/2025 | 492660 | 9941 | 9941 |
| ICE MSCI India NTR Index Contracts (United States) | 8 | 12/19/2025 | 1027960 | 2074 | 2074 |
| **TOTAL FUTURES CONTRACTS** |  |  |  |  | **19125** |
| The notional amount of futures purchased as a percentage of Net Assets is 8.2% | The notional amount of futures purchased as a percentage of Net Assets is 8.2% | The notional amount of futures purchased as a percentage of Net Assets is 8.2% | The notional amount of futures purchased as a percentage of Net Assets is 8.2% | The notional amount of futures purchased as a percentage of Net Assets is 8.2% | The notional amount of futures purchased as a percentage of Net Assets is 8.2% |

---

**Legend**

(a) Non-income producing.

(b) Security 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 $853,770 or 2.4% of net assets.

(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $886,872 or 2.5% of net assets.

(d) Level 3 security.

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

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

**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 | - | 31433590 | 28287796 | 29859 | 3 | - | 3145797 | 3145168 | 0.0% |
| Total | - | 31433590 | 28287796 | 29859 | 3 | - | 3145797 |  |  |

---

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

**Investment Valuation**

The following is a summary of the inputs used, as of October 31, 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 | 2025337 | 750748 | 1274589 | - |
| Consumer Discretionary | 3491938 | 1646358 | 1845580 | - |
| Consumer Staples | 1878860 | 825383 | 1053477 | - |
| Energy | 1396052 | 856556 | 539496 | - |
| Financials | 7851153 | 5079831 | 2771322 | - |
| Health Care | 2474953 | 961548 | 1474961 | 38444 |
| Industrials | 5219178 | 3247288 | 1971890 | - |
| Information Technology | 4995608 | 2752782 | 2242826 | - |
| Materials | 2080772 | 1366075 | 714697 | - |
| Real Estate | 671044 | 657399 | 13645 | - |
| Utilities | 1009002 | 600437 | 408565 | - |
|  **Non-Convertible Preferred Stocks** |  |  |  |  |
| Consumer Discretionary | 45242 | 3795 | 41447 | - |
| Health Care | 3019 | 3019 | - | - |
| Information Technology | 25865 | 25865 | - | - |
|  **Money Market Funds** | 3145797 | 3145797 | - | - |
| **Total Investments in Securities:** | 36313820 | 21922881 | 14352495 | 38444 |
|  **<u>Derivative Instruments:</u>** |  |  |  |  |
|  **Assets** |  |  |  |  |
| Futures Contracts | 19125 | 19125 | - | - |
| Total Assets | 19125 | 19125 | - | - |
| **Total Derivative Instruments:** | 19125 | 19125 | - | - |

---

**Value of Derivative Instruments**

The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of October 31, 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)  | 19125 | - |
| **Total Equity Risk**  | 19125 | - |
| **Total Value of Derivatives** | 19125 | - |

---

(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**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| **As of October 31, 2025** | **As of October 31, 2025** | **As of October 31, 2025** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $31,740,245) | $33168023 |  |
| Fidelity Central Funds (cost $3,145,797) | 3145797 |  |
| Total Investment in Securities (cost $34,886,042) |  | $36313820 |
| Segregated cash with brokers for derivative instruments |  | 99648 |
| Foreign currency held at value (cost $178,622) |  | 178300 |
| Receivable for fund shares sold |  | 526249 |
| Dividends receivable |  | 51308 |
| Distributions receivable from Fidelity Central Funds |  | 9135 |
| **Total assets** |  | 37178460 |
| **Liabilities** |  |  |
| Payable for investments purchased |  |  |
| Regular delivery | $1041378 |  |
| Delayed delivery | 12 |  |
| Payable for fund shares redeemed | 58908 |  |
| Payable for daily variation margin on futures contracts | 9982 |  |
| Other payables and accrued expenses | 5 |  |
| **Total liabilities** |  | 1110285 |
| **Net Assets**  |  | $36068175 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $34349162 |
| Total accumulated earnings (loss) |  | 1719013 |
| **Net Assets** |  | $36068175 |
| **Net Asset Value**, offering price and redemption price per share ($36,068,175 ÷ 3,383,657 shares) |  | $10.66 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| <br> **For the period July 24, 2025 (commencement of operations) through October 31, 2025**  | <br> **For the period July 24, 2025 (commencement of operations) through October 31, 2025**  | <br> **For the period July 24, 2025 (commencement of operations) through October 31, 2025**  |
| **Investment Income** |  |  |
| Dividends  |  | $158104 |
| Interest  |  | 308 |
| Income from Fidelity Central Funds  |  | 29859 |
| Income before foreign taxes withheld |  | $188271 |
| Less foreign taxes withheld |  | (13052) |
| **Total income** |  | 175219 |
| **Expenses** |  |  |
| Independent trustees' fees and expenses | $11 |  |
| **Total expenses** |  | 11 |
| **Net Investment income (loss)** |  | 175208 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 74976 |  |
| Fidelity Central Funds | 3 |  |
| Foreign currency transactions | 178 |  |
| Futures contracts | 23542 |  |
| Total net realized gain (loss) |  | 98699 |
| Change in net unrealized appreciation (depreciation) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | 1427778 |  |
| Assets and liabilities in foreign currencies | (1797) |  |
| Futures contracts | 19125 |  |
| Total change in net unrealized appreciation (depreciation) |  | 1445106 |
| **Net gain (loss)** |  | 1543805 |
| **Net increase (decrease) in net assets resulting from operations** |  | $1719013 |

---

---

| | |
|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **For the period July 24, 2025 (commencement of operations) through October 31, 2025**  |
| **Increase (Decrease) in Net Assets** |  |
| Operations |  |
| &nbsp;&nbsp;Net investment income (loss) | $175208 |
| &nbsp;&nbsp;Net realized gain (loss) | 98699<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | 1445106 |
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | 1719013<br>|
| Share transactions |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 34705443 |
| &nbsp;&nbsp;Cost of shares redeemed | (356281) |
| **Net increase (decrease) in net assets resulting from share transactions** | 34349162<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 36068175<br>|
| **Net Assets** |  |
| &nbsp;&nbsp;Beginning of period | - |
| &nbsp;&nbsp;End of period | $36068175 |
| **Other Information** |  |
| Shares |  |
| &nbsp;&nbsp;Sold | 3417149 |
| &nbsp;&nbsp;Redeemed | (33492) |
| &nbsp;&nbsp;Net increase (decrease) | 3383657 |

---

**Financial Highlights** 

**Fidelity Flex® International Focused Index Fund** <br>

---

| | |
|:---|:---|
| **Years ended October 31,** | **2025** A  |
| **Selected Per-Share Data**  |  |
| Net asset value, beginning of period  | $10.00 |
| Income from Investment Operations  |  |
| Net investment income (loss) B,C | .07  |
| Net realized and unrealized gain (loss)  | .59  |
| Total from investment operations  | .66  |
| Net asset value, end of period  | $10.66 |
| **Total Return** D | 6.60% <br>|
| **Ratios to Average Net Assets** C,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)  | 2.37% H |
| **Supplemental Data** |  |
| Net assets, end of period (000 omitted) | $36068 |
| Portfolio turnover rate I | 15% J<br>|

---

A*For the period July 24, 2025 (commencement of operations) through October 31, 2025.*

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*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*Amount not annualized.*

**Notes to Financial Statements**

For the period ended October 31, 2025

**1. Organization.**

Fidelity Flex International Focused Index Fund (the Fund) is a fund of Fidelity Salem Street Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund is available only to certain fee-based accounts and advisory programs offered by Fidelity.

**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% |

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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.

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

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of October 31, 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. As of October 31, 2025, the Fund did not have any unrecognized tax benefits in the financial statements; nor is the Fund aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.

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

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

Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC), partnerships, future transactions 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**  | $2351017 |
| **Gross unrealized depreciation**  | <u>(1107420)</u> |
| **Net unrealized appreciation (depreciation)**  | <u>$1243597</u> |
| **Tax Cost**  | <u>$35070223</u> |

---

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

---

| | |
|:---|:---|
| **Undistributed ordinary income**  | <u>$451613</u> |
| **Undistributed long-term capital gain**  | <u>$25601</u> |
| **Net unrealized appreciation (depreciation) on securities and other investments**  | <u>$1241800</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):

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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>|

---

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.

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| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Flex International Focused Index Fund** | 35696829 | 4031489 |

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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 and the Fund does not pay any fees for these services. Under the management contract, the investment adviser or an affiliate pays all other expenses of the Fund, excluding fees and expenses of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses.

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

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board 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. 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 investment adviser or its affiliates were owners of record of more than 10% and certain otherwise unaffiliated shareholders were owners of record of more than 10% of the outstanding shares as follows:

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| | |
|:---|:---|
| **Fund** | **Affiliated %**  |
| Fidelity Flex International Focused Index Fund  | 75% |

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**8. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, 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.

**Report of Independent Registered Public Accounting Firm**

To the Board of Trustees of Fidelity Salem Street Trust and Shareholders of Fidelity Flex International Focused Index Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Fidelity Flex International Focused Index Fund (one of the funds constituting Fidelity Salem Street Trust, referred to hereafter as the "Fund") as of October 31, 2025, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period July 24, 2025 (commencement of operations) through October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, and the results of its operations, changes in its net assets, and the financial highlights for the period July 24, 2025 (commencement of operations) through October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

December 11, 2025

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

**Distributions** **(Unaudited)**

The dividend and capital gains distributions for the fund(s) are available on *Fidelity.com* or *Institutional.Fidelity.com*.

The fund hereby designates as a capital gain dividend with respect to the taxable year ended October 31, 2025, $25,601, or, if subsequently determined to be different, the net capital gain of such year.

The fund will notify shareholders in January 2026 of amounts for use in preparing 2025 income tax returns.

**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)**

**Board Approval of Investment Advisory Contracts and Management Fees** 

**Fidelity Flex International Focused Index Fund**

At its March 2025 meeting, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve the management contract with Fidelity Management & Research Company LLC (FMR) and the sub-advisory agreement with Geode Capital Management, LLC (Geode) (together, the Advisory Contracts) for the fund. FMR and Geode are collectively referred to herein as the Investment Advisers. The Board, assisted by the advice of fund counsel and Independent Trustees' counsel, requested and considered a broad range of information.

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

<u>Resources Dedicated to Investment Management and Support Services</u>. The Board reviewed the general qualifications and capabilities of Fidelity's and Geode's investment staffs, including their size, education, experience, and resources, as well as Fidelity's and Geode's approach to recruiting, training, managing, and compensating investment personnel. The Board noted the resources devoted to Fidelity's global investment organization. Additionally, in its deliberations, the Board considered Fidelity's and Geode's trading, risk management, compliance, cybersecurity, and technology and operations capabilities and resources, which are integral parts of the investment management process.

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

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

<u>Investment Performance</u>. The fund is a new fund and therefore had no historical performance for the Board to review at the time it approved the fund's Advisory Contracts. The Board also considered the fact that it oversees funds managed by FMR and sub-advised by Geode that have a similar investment process as the fund.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

**Competitiveness of Management Fee and Total Expense Ratio.** The Board noted that the fund is available exclusively to certain fee-based accounts and advisory programs offered by Fidelity. The Board considered that the fund does not pay FMR a management fee for investment advisory services, but that FMR is indirectly compensated for its services out of the program fees. The Board also noted that FMR or an affiliate undertakes to pay all operating expenses of the fund, except Independent Trustee fees and expenses, proxy and shareholder meeting expenses, interest, taxes and extraordinary expenses (such as litigation expenses). The Board further noted that the fund will also pay its non-operating expenses, including brokerage commissions and fees and expenses associated with the fund's securities lending program, if applicable.

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

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

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

**Conclusion.** Based on its evaluation of all of the conclusions noted above, and after considering all factors it believed relevant, the Board, including the Independent Trustees, ultimately concluded that the advisory and sub-advisory fee arrangement are fair and reasonable, and that the fund's Advisory Contracts should be approved through September 30, 2026.

![](img118426_4.jpg)<br>

1.9918045.100 FXI-ANN-1225

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

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

Item 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) [Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH.](code.htm)

(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 Salem Street Trust

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| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; December 22, 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; December 22, 2025 |

---

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| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; December 22, 2025 |

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## Ex-99.Code

**Fidelity Investments**

**FIDELITY FUNDS'**

**CODE OF ETHICS**

**FOR PRESIDENT, TREASURER**

**AND PRINCIPAL ACCOUNTING OFFICER**

2023

**FIDELITY FUNDS' CODE OF ETHICS FOR**

**PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER**

**I. Purposes of the Code/Covered Officers**

This document constitutes the Code of Ethics (Code) adopted by the Fidelity Funds (Funds) pursuant to Section 406 of the Sarbanes-Oxley Act of 2002. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (Covered Officers). Fidelity's Ethics Office, within Enterprise Compliance, administers the Code.

The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fidelity Funds submit to the Securities and Exchange Commission (SEC), and in other public communications by a Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting to an appropriate person or persons identified in the Code of violations of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically** 

**Actual and Apparent Conflicts of Interest**

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or their service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of their family, receives improper personal benefits as a result of their position with the Fidelity Funds.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (Investment Company Act) and the Investment Advisers Act of 1940 (Investment Advisers Act). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company (FMR) and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees (Board) that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.

\* \* \*

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use their personal influence or personal relationships improperly to influence investment decisions or financial reporting by any Fidelity Fund whereby the Covered Officer would benefit personally to the detriment of any Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause a Fidelity Fund to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Fidelity Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not engage in any outside business activity, including serving as a director or trustee, that prevents the Covered Officer from devoting appropriate time and attention to the Covered Officer's responsibilities with the Fidelity Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not have a consulting or employment relationship with any of the Fidelity Funds' service providers that are not affiliated with Fidelity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any employee or Covered Officer for reports of actual or potential misconduct, which are made in good faith.

With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize themself with the disclosure requirements generally applicable to the Fidelity Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about any Fidelity Fund to others, whether within or outside Fidelity, including to the Board and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within their area of responsibility, consult with other officers and employees of the Fidelity Funds, FMR and the Fidelity service providers, and with the Board's Compliance Committee, with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fidelity Funds file with, or submit to, the SEC and in other public communications made by the Fidelity Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon receipt of the Code, and annually thereafter, submit to the Fidelity Ethics Office an acknowledgement stating that they have received, read, and understand the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Fidelity Ethics Office promptly if they know of any violation of the Code. <u>Failure to do so is itself a violation of this Code</u>.

The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Personal Trading Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.

The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Head of Ethics retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.

**V. Oversight**

Material violations of this Code will be reported promptly by FMR (or another Fidelity company) to the Board's Compliance Committee. In addition, at least once each year, FMR (or another Fidelity company) will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.

**VI. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others) and are not part of this Code.

**VII. Amendments**

Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.

**VIII. Records and Confidentiality**

Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Personal Trading Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.

2023

## 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, Laura M. Del Prato, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Salem 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:

December 22, 2025

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
| &nbsp;&nbsp; Laura M. Del Prato |
| &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Salem 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:

December 22, 2025

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp; Stephanie Caron |
| &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**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 Salem 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: December 22, 2025

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
| &nbsp;&nbsp; Laura M. Del Prato |
| &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |

---

Dated: December 22, 2025

---

| |
|:---|
| &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp; Stephanie Caron |
| &nbsp;&nbsp; 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>