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iso4217:USD xbrli:pure xbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-05251


Fidelity Concord Street Trust

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)


Nicole Macarchuk, Secretary

245 Summer St.

Boston, Massachusetts  02210

(Name and address of agent for service)



Registrant's telephone number, including area code:

617-563-7000



Date of fiscal year end:

October 31



Date of reporting period:

April 30, 2025


Item 1.

Reports to Stockholders




 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity ZERO® Large Cap Index Fund
Fidelity ZERO® Large Cap Index Fund :  FNILX 
 
 
  
  
This semi-annual shareholder report contains information about Fidelity ZERO® Large Cap Index Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity ZERO® Large Cap Index Fund 
$ 0 A
0.00%B
  
A Amount represents less than $.50
B Amount represents less than 0.005%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
  
  
Fund Size
$11,939,065,338
  
Number of Holdings
511
  
Portfolio Turnover
3%
  
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
  
  
Information Technology
30.6
  
Financials
14.5
  
Health Care
10.7
  
Consumer Discretionary
10.2
  
Communication Services
9.2
  
Industrials
8.5
  
Consumer Staples
6.0
  
Energy
3.2
  
Utilities
2.5
  
Real Estate
2.2
  
Materials
2.1
  
 
Common Stocks
99.7
Short-Term Investments and Net Other Assets (Liabilities)
0.3
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.7                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.3
 
United States
99.3
Ireland
0.4
Netherlands
0.1
Switzerland
0.1
United Kingdom
0.1
Canada
0.0
Bailiwick Of Jersey
0.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 99.3                    
 
Ireland - 0.4                           
 
Netherlands - 0.1                       
 
Switzerland - 0.1                       
 
United Kingdom - 0.1                    
 
Canada - 0.0                            
 
Bailiwick Of Jersey - 0.0               
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
  
  
Apple Inc
6.7
  
Microsoft Corp
6.2
  
NVIDIA Corp
5.5
  
Amazon.com Inc
3.6
  
Meta Platforms Inc Class A
2.5
  
Berkshire Hathaway Inc Class B
2.1
  
Alphabet Inc Class A
1.9
  
Broadcom Inc
1.9
  
Tesla Inc
1.6
  
Alphabet Inc Class C
1.6
  
 
33.6
  
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
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
1.9915805.100    3231-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® SAI Japan Stock Index Fund
Fidelity® SAI Japan Stock Index Fund :  FSJPX 
 
 
  
  
This semi-annual shareholder report contains information about Fidelity® SAI Japan Stock Index Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® SAI Japan Stock Index Fund 
$ 6 
0.12%
  
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
  
  
Fund Size
$684,074,623
  
Number of Holdings
186
  
Portfolio Turnover
7%
  
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
  
  
Industrials
23.0
  
Consumer Discretionary
18.3
  
Financials
15.8
  
Information Technology
12.8
  
Communication Services
8.2
  
Health Care
7.5
  
Consumer Staples
5.5
  
Materials
3.5
  
Real Estate
2.4
  
Utilities
1.0
  
Energy
0.7
  
 
Common Stocks
98.7
Short-Term Investments and Net Other Assets (Liabilities)
1.3
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.7                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 1.3
 
Japan
98.7
United States
1.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 98.7                            
 
United States - 1.3                     
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
  
  
Toyota Motor Corp
4.6
  
Sony Group Corp
4.2
  
Mitsubishi UFJ Financial Group Inc
3.8
  
Hitachi Ltd
2.9
  
Nintendo Co Ltd
2.3
  
Sumitomo Mitsui Financial Group Inc
2.3
  
Keyence Corp
2.1
  
Recruit Holdings Co Ltd
2.0
  
Tokio Marine Holdings Inc
1.8
  
Tokyo Electron Ltd
1.7
  
 
27.7
  
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
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
1.9915818.100    6418-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® SAI Canada Equity Index Fund
Fidelity® SAI Canada Equity Index Fund :  FSCJX 
 
 
  
  
This semi-annual shareholder report contains information about Fidelity® SAI Canada Equity Index Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® SAI Canada Equity Index Fund 
$ 7 
0.14%
  
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
  
  
Fund Size
$5,404,561,554
  
Number of Holdings
86
  
Portfolio Turnover
2%
  
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
  
  
Financials
37.1
  
Energy
16.5
  
Materials
12.1
  
Industrials
11.0
  
Information Technology
10.6
  
Consumer Staples
4.6
  
Consumer Discretionary
3.4
  
Utilities
3.0
  
Communication Services
1.0
  
Real Estate
0.3
  
 
Common Stocks
99.6
Short-Term Investments and Net Other Assets (Liabilities)
0.4
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.6                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.4
 
Canada
96.4
Brazil
1.7
United States
0.9
Zambia
0.4
Congo Democratic Republic Of
0.3
Chile
0.3
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Canada - 96.4                           
 
Brazil - 1.7                            
 
United States - 0.9                     
 
Zambia - 0.4                            
 
Congo Democratic Republic Of - 0.3      
 
Chile - 0.3                             
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
  
  
Royal Bank of Canada
7.7
  
Shopify Inc Class A
5.2
  
Toronto Dominion Bank
5.1
  
Enbridge Inc
4.7
  
Brookfield Corp Class A
3.3
  
Constellation Software Inc/Canada
3.3
  
Bank of Montreal
3.2
  
Canadian Pacific Kansas City Ltd
3.1
  
Bank of Nova Scotia/The
2.8
  
Canadian Natural Resources Ltd
2.8
  
 
41.2
  
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
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
1.9916854.100    7628-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity ZERO® Extended Market Index Fund
Fidelity ZERO® Extended Market Index Fund :  FZIPX 
 
 
  
  
This semi-annual shareholder report contains information about Fidelity ZERO® Extended Market Index Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity ZERO® Extended Market Index Fund 
$ 0 A
0.00%B
  
A Amount represents less than $.50
B Amount represents less than 0.005%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
  
  
Fund Size
$1,632,240,611
  
Number of Holdings
2,105
  
Portfolio Turnover
15%
  
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
  
  
Industrials
19.3
  
Financials
18.2
  
Health Care
12.2
  
Consumer Discretionary
12.0
  
Information Technology
11.9
  
Real Estate
7.0
  
Materials
5.1
  
Consumer Staples
4.5
  
Communication Services
3.6
  
Energy
3.3
  
Utilities
2.7
  
 
Common Stocks
99.8
Short-Term Investments and Net Other Assets (Liabilities)
0.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.8                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.2
 
United States
98.3
United Kingdom
0.6
Puerto Rico
0.3
Bermuda
0.2
Sweden
0.2
Thailand
0.1
Switzerland
0.1
Canada
0.1
Belgium
0.1
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 98.3                    
 
United Kingdom - 0.6                    
 
Puerto Rico - 0.3                       
 
Bermuda - 0.2                           
 
Sweden - 0.2                            
 
Thailand - 0.1                          
 
Switzerland - 0.1                       
 
Canada - 0.1                            
 
Belgium - 0.1                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
  
  
EMCOR Group Inc
0.4
  
Anglogold Ashanti Plc
0.4
  
Casey's General Stores Inc
0.4
  
Nutanix Inc Class A
0.4
  
Guidewire Software Inc
0.4
  
Rollins Inc
0.4
  
BJ's Wholesale Club Holdings Inc
0.4
  
Equitable Holdings Inc
0.4
  
Loews Corp
0.4
  
US Foods Holding Corp
0.4
  
 
4.0
  
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
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
1.9915804.100    3230-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® SAI International Small Cap Index Fund
Fidelity® SAI International Small Cap Index Fund :  FSISX 
 
 
  
  
This semi-annual shareholder report contains information about Fidelity® SAI International Small Cap Index Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® SAI International Small Cap Index Fund 
$ 5 
0.10%
  
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
  
  
Fund Size
$808,263,262
  
Number of Holdings
2,023
  
Portfolio Turnover
19%
  
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
  
  
Industrials
23.2
  
Financials
13.4
  
Consumer Discretionary
12.7
  
Real Estate
11.5
  
Materials
9.4
  
Information Technology
8.2
  
Consumer Staples
5.9
  
Health Care
5.4
  
Communication Services
4.2
  
Energy
2.5
  
Utilities
2.4
  
 
Common Stocks
98.5
Preferred Stocks
0.3
Short-Term Investments and Net Other Assets (Liabilities)
1.2
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 98.5                    
 
Preferred Stocks - 0.3                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 1.2
 
Japan
36.1
United Kingdom
12.6
Australia
9.7
Sweden
5.3
Switzerland
4.6
Germany
4.2
France
3.3
Italy
3.1
Israel
3.1
Others
18.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 36.1                            
 
United Kingdom - 12.6                   
 
Australia - 9.7                         
 
Sweden - 5.3                            
 
Switzerland - 4.6                       
 
Germany - 4.2                           
 
France - 3.3                            
 
Italy - 3.1                             
 
Israel - 3.1                            
 
Others - 18.0                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
  
  
IHI Corp
0.5
  
Evolution Mining Ltd
0.4
  
Kawasaki Heavy Industries Ltd
0.4
  
Ryohin Keikaku Co Ltd
0.4
  
Belimo Holding AG
0.4
  
Weir Group PLC/The
0.4
  
BAWAG Group AG
0.3
  
PSP Swiss Property AG
0.3
  
Bankinter SA
0.3
  
Rightmove PLC
0.3
  
 
3.7
  
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
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
1.9915817.100    6417-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity ZERO® International Index Fund
Fidelity ZERO® International Index Fund :  FZILX 
 
 
  
  
This semi-annual shareholder report contains information about Fidelity ZERO® International Index Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity ZERO® International Index Fund 
$ 0 A
0.00%B
  
A Amount represents less than $.50
B Amount represents less than 0.005%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
  
  
Fund Size
$5,251,461,925
  
Number of Holdings
2,193
  
Portfolio Turnover
3%
  
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
  
  
Financials
25.3
  
Industrials
14.5
  
Information Technology
12.1
  
Consumer Discretionary
10.7
  
Health Care
7.7
  
Consumer Staples
6.8
  
Materials
5.9
  
Communication Services
5.6
  
Energy
3.9
  
Utilities
2.9
  
Real Estate
1.7
  
 
Common Stocks
96.8
Preferred Stocks
0.3
Short-Term Investments and Net Other Assets (Liabilities)
2.9
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 96.8                    
 
Preferred Stocks - 0.3                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.9
 
Japan
16.4
United States
9.5
Canada
7.4
United Kingdom
7.3
China
7.1
Germany
6.0
France
5.4
Taiwan
5.0
Australia
4.5
Others
31.4
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 16.4                            
 
United States - 9.5                     
 
Canada - 7.4                            
 
United Kingdom - 7.3                    
 
China - 7.1                             
 
Germany - 6.0                           
 
France - 5.4                            
 
Taiwan - 5.0                            
 
Australia - 4.5                         
 
Others - 31.4                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
  
  
Taiwan Semiconductor Manufacturing Co Ltd
2.4
  
Tencent Holdings Ltd
1.3
  
SAP SE
1.1
  
Nestle SA
1.0
  
ASML Holding NV
1.0
  
Toyota Motor Corp
0.9
  
Alibaba Group Holding Ltd
0.8
  
Roche Holding AG
0.8
  
Novartis AG
0.8
  
Astrazeneca PLC
0.7
  
 
10.8
  
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
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
1.9915803.100    3228-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity ZERO® Total Market Index Fund
Fidelity ZERO® Total Market Index Fund :  FZROX 
 
 
  
  
This semi-annual shareholder report contains information about Fidelity ZERO® Total Market Index Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity ZERO® Total Market Index Fund 
$ 0 A
0.00%B
  
A Amount represents less than $.50
B Amount represents less than 0.005%
 
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
  
  
Fund Size
$24,578,833,962
  
Number of Holdings
2,614
  
Portfolio Turnover
1%
  
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
  
  
Information Technology
28.9
  
Financials
14.8
  
Health Care
10.9
  
Consumer Discretionary
10.4
  
Industrials
9.6
  
Communication Services
8.6
  
Consumer Staples
5.8
  
Energy
3.2
  
Real Estate
2.7
  
Utilities
2.5
  
Materials
2.3
  
 
Common Stocks
99.7
Short-Term Investments and Net Other Assets (Liabilities)
0.3
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 99.7                    
 
Short-Term Investments and Net Other Assets (Liabilities) - 0.3
 
United States
99.3
Ireland
0.4
United Kingdom
0.1
Switzerland
0.1
Netherlands
0.1
Canada
0.0
Puerto Rico
0.0
Bailiwick Of Jersey
0.0
Bermuda
0.0
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
United States - 99.3                    
 
Ireland - 0.4                           
 
United Kingdom - 0.1                    
 
Switzerland - 0.1                       
 
Netherlands - 0.1                       
 
Canada - 0.0                            
 
Puerto Rico - 0.0                       
 
Bailiwick Of Jersey - 0.0               
 
Bermuda - 0.0                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
  
  
Apple Inc
6.0
  
Microsoft Corp
5.6
  
NVIDIA Corp
5.1
  
Amazon.com Inc
3.2
  
Meta Platforms Inc Class A
2.3
  
Berkshire Hathaway Inc Class B
1.9
  
Alphabet Inc Class A
1.8
  
Broadcom Inc
1.7
  
Tesla Inc
1.5
  
Alphabet Inc Class C
1.4
  
 
30.5
  
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
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
1.9915802.100    3227-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® SAI Global ex U.S. Low Volatility Index Fund
Fidelity® SAI Global ex U.S. Low Volatility Index Fund :  FSGJX 
 
 
  
  
This semi-annual shareholder report contains information about Fidelity® SAI Global ex U.S. Low Volatility Index Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-3455 or by sending an e-mail to fidfunddocuments@fidelity.com.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® SAI Global ex U.S. Low Volatility Index Fund 
$ 10 
0.20%
  
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
  
  
Fund Size
$4,735,179,025
  
Number of Holdings
202
  
Portfolio Turnover
45%
  
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
  
  
Financials
23.2
  
Health Care
11.9
  
Communication Services
10.9
  
Consumer Staples
10.7
  
Industrials
10.2
  
Utilities
8.2
  
Consumer Discretionary
6.3
  
Information Technology
5.9
  
Real Estate
2.5
  
Energy
2.3
  
Materials
2.1
  
 
Common Stocks
94.2
International Equity Funds
3.5
Short-Term Investments and Net Other Assets (Liabilities)
2.3
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 94.2                    
 
International Equity Funds - 3.5        
 
Short-Term Investments and Net Other Assets (Liabilities) - 2.3
 
Japan
20.4
United States
15.7
China
11.9
Canada
10.1
Taiwan
9.2
United Kingdom
6.2
Switzerland
3.8
Saudi Arabia
3.5
Hong Kong
3.3
Others
15.9
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 20.4                            
 
United States - 15.7                    
 
China - 11.9                            
 
Canada - 10.1                           
 
Taiwan - 9.2                            
 
United Kingdom - 6.2                    
 
Switzerland - 3.8                       
 
Saudi Arabia - 3.5                      
 
Hong Kong - 3.3                         
 
Others - 15.9                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
  
  
iShares MSCI India ETF
3.5
  
Roche Holding AG
2.3
  
Novartis AG
2.2
  
Astrazeneca PLC
2.2
  
Nestle SA
2.1
  
Intact Financial Corp
1.8
  
Novo Nordisk A/S Series B
1.7
  
SoftBank Corp
1.7
  
Koninklijke Ahold Delhaize NV
1.7
  
Dollarama Inc
1.7
  
 
20.9
  
Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners. © 2025 FMR LLC. All rights reserved.
 
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
1.9916856.100    7629-TSRS-0625    
 
 
 
SEMI-ANNUAL SHAREHOLDER REPORT | AS OF APRIL 30, 2025
 
 
Fidelity® Series International Index Fund
Fidelity® Series International Index Fund :  FHLFX 
 
 
  
  
This semi-annual shareholder report contains information about Fidelity® Series International Index Fund for the period November 1, 2024 to April 30, 2025. You can find additional information about the Fund at fundresearch.fidelity.com/prospectus/sec. You can also request this information by contacting us at 1-800-544-8544.
 
What were your Fund costs for the last six months?
(based on hypothetical $10,000 investment)
 
 
 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
 
Fidelity® Series International Index Fund 
$ 1 
0.01%
  
Key Fund Statistics
(as of April 30, 2025)
 
KEY FACTS 
  
  
Fund Size
$606,746,811
  
Number of Holdings
701
  
Portfolio Turnover
11%
  
What did the Fund invest in?
(as of April 30, 2025)
 
 
 
MARKET SECTORS
(% of Fund's net assets)
  
  
Financials
23.2
  
Industrials
18.0
  
Health Care
11.7
  
Consumer Discretionary
10.1
  
Consumer Staples
8.5
  
Information Technology
8.0
  
Materials
5.5
  
Communication Services
5.1
  
Utilities
3.2
  
Energy
3.0
  
Real Estate
1.8
  
 
Common Stocks
97.8
Preferred Stocks
0.3
Short-Term Investments and Net Other Assets (Liabilities)
1.9
ASSET ALLOCATION (% of Fund's net assets)
 
 
Common Stocks - 97.8                    
 
Preferred Stocks - 0.3                  
 
Short-Term Investments and Net Other Assets (Liabilities) - 1.9
 
Japan
21.6
United States
12.3
United Kingdom
11.4
Germany
10.1
France
9.5
Australia
6.6
Switzerland
4.8
Netherlands
3.9
Sweden
3.1
Others
16.7
GEOGRAPHIC DIVERSIFICATION (% of Fund's net assets)
 
 
Japan - 21.6                            
 
United States - 12.3                    
 
United Kingdom - 11.4                   
 
Germany - 10.1                          
 
France - 9.5                            
 
Australia - 6.6                         
 
Switzerland - 4.8                       
 
Netherlands - 3.9                       
 
Sweden - 3.1                            
 
Others - 16.7                           
 
 
 
TOP HOLDINGS
(% of Fund's net assets)
  
  
SAP SE
1.8
  
Nestle SA
1.6
  
ASML Holding NV
1.5
  
Roche Holding AG
1.3
  
Novartis AG
1.2
  
Astrazeneca PLC
1.2
  
Novo Nordisk A/S Series B
1.2
  
HSBC Holdings PLC
1.2
  
Shell PLC
1.1
  
Toyota Motor Corp
1.0
  
 
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.
 
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
1.9915801.100    3226-TSRS-0625    
 

Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies




Fidelity® SAI Japan Stock Index Fund
 
 
Semi-Annual Report
April 30, 2025
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

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

Fidelity® SAI Japan Stock Index Fund

Notes to Financial Statements

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

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

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

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

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® SAI Japan Stock Index Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.7%
 
  
Shares
Value ($)
 
JAPAN - 98.7%
 
  
  
Communication Services - 8.2%
  
  
  
Diversified Telecommunication Services - 0.8%
  
  
  
Nippon Telegraph & Telephone Corp
 
5,209,800
5,445,685
Entertainment - 3.3%
  
  
  
Capcom Co Ltd
 
60,400
1,748,466
Konami Group Corp
 
17,500
2,499,280
Nexon Co Ltd
 
58,800
922,553
Nintendo Co Ltd
 
192,500
15,981,351
Toho Co Ltd/Tokyo
 
19,500
1,113,285
 
  
  
22,264,935
Interactive Media & Services - 0.3%
  
  
  
LY Corp
 
498,800
1,886,473
Media - 0.1%
  
  
  
Dentsu Group Inc
 
34,800
729,621
Wireless Telecommunication Services - 3.7%
  
  
  
KDDI Corp
 
535,000
9,482,139
SoftBank Corp
 
4,989,300
7,550,036
SoftBank Group Corp
 
166,600
8,424,905
 
  
  
25,457,080
TOTAL COMMUNICATION SERVICES
  
  
55,783,794
 
  
  
  
Consumer Discretionary - 18.3%
  
  
  
Automobile Components - 1.7%
  
  
  
Aisin Corp
 
91,700
1,161,803
Bridgestone Corp
 
99,500
4,160,611
Denso Corp
 
329,900
4,259,648
Sumitomo Electric Industries Ltd
 
124,600
2,002,747
 
  
  
11,584,809
Automobiles - 7.1%
  
  
  
Honda Motor Co Ltd
 
782,500
7,961,736
Isuzu Motors Ltd
 
98,200
1,320,637
Nissan Motor Co Ltd (b)
  
388,500
924,874
Subaru Corp
 
102,200
1,850,629
Suzuki Motor Corp
 
274,000
3,283,525
Toyota Motor Corp
 
1,652,300
31,557,971
Yamaha Motor Co Ltd
 
161,100
1,265,237
 
  
  
48,164,609
Broadline Retail - 0.5%
  
  
  
Pan Pacific International Holdings Corp
 
66,400
2,048,007
Rakuten Group Inc (b)
  
262,800
1,549,556
 
  
  
3,597,563
Hotels, Restaurants & Leisure - 0.7%
  
  
  
Oriental Land Co Ltd/Japan
 
188,300
3,988,099
Zensho Holdings Co Ltd
 
16,800
1,042,098
 
  
  
5,030,197
Household Durables - 5.2%
  
  
  
Panasonic Holdings Corp
 
406,500
4,660,917
Sekisui House Ltd
 
104,000
2,390,981
Sony Group Corp
 
1,072,200
28,287,635
 
  
  
35,339,533
Leisure Products - 0.8%
  
  
  
Bandai Namco Holdings Inc
 
103,600
3,600,364
Shimano Inc
 
13,200
1,859,687
 
  
  
5,460,051
Specialty Retail - 1.9%
  
  
  
Fast Retailing Co Ltd
 
33,300
10,953,864
Nitori Holdings Co Ltd
 
14,000
1,665,787
ZOZO Inc
 
70,700
717,993
 
  
  
13,337,644
Textiles, Apparel & Luxury Goods - 0.4%
  
  
  
Asics Corp
 
112,540
2,418,941
TOTAL CONSUMER DISCRETIONARY
  
  
124,933,347
 
  
  
  
Consumer Staples - 5.5%
  
  
  
Beverages - 0.9%
  
  
  
Asahi Group Holdings Ltd
 
251,900
3,481,837
Kirin Holdings Co Ltd
 
135,500
2,049,665
Suntory Beverage & Food Ltd
 
24,200
844,241
 
  
  
6,375,743
Consumer Staples Distribution & Retail - 1.7%
  
  
  
Aeon Co Ltd
 
114,000
3,371,114
Kobe Bussan Co Ltd
 
26,200
803,701
MatsukiyoCocokara & Co
 
58,000
1,065,443
Seven & i Holdings Co Ltd
 
386,000
5,682,160
 
  
  
10,922,418
Food Products - 1.0%
  
  
  
Ajinomoto Co Inc
 
159,500
3,262,428
Kikkoman Corp
 
118,300
1,158,059
MEIJI Holdings Co Ltd
 
41,800
1,027,730
Nissin Foods Holdings Co Ltd
 
34,300
755,425
Yakult Honsha Co Ltd
 
44,700
916,791
 
  
  
7,120,433
Household Products - 0.3%
  
  
  
Unicharm Corp
 
194,800
1,805,899
Personal Care Products - 0.7%
  
  
  
Kao Corp
 
81,200
3,477,109
Shiseido Co Ltd
 
69,700
1,145,954
 
  
  
4,623,063
Tobacco - 0.9%
  
  
  
Japan Tobacco Inc
 
209,200
6,445,043
TOTAL CONSUMER STAPLES
  
  
37,292,599
 
  
  
  
Energy - 0.7%
  
  
  
Oil, Gas & Consumable Fuels - 0.7%
  
  
  
ENEOS Holdings Inc
 
475,900
2,291,092
Idemitsu Kosan Co Ltd
 
157,800
977,889
Inpex Corp
 
153,700
1,922,710
 
  
  
5,191,691
Financials - 15.8%
  
  
  
Banks - 9.2%
  
  
  
Chiba Bank Ltd/The
 
99,500
884,702
Concordia Financial Group Ltd
 
183,200
1,184,930
Japan Post Bank Co Ltd
 
315,371
3,222,528
Mitsubishi UFJ Financial Group Inc
 
1,998,800
25,183,139
Mizuho Financial Group Inc
 
420,600
10,516,108
Resona Holdings Inc
 
364,600
2,924,747
Sumitomo Mitsui Financial Group Inc
 
650,000
15,507,189
Sumitomo Mitsui Trust Group Inc
 
113,200
2,800,424
 
  
  
62,223,767
Capital Markets - 1.1%
  
  
  
Daiwa Securities Group Inc
 
232,600
1,529,561
Japan Exchange Group Inc
 
173,000
1,924,758
Nomura Holdings Inc
 
524,000
2,920,548
SBI Holdings Inc
 
47,500
1,242,149
 
  
  
7,617,016
Financial Services - 0.7%
  
  
  
Mitsubishi HC Capital Inc
 
153,500
1,080,555
ORIX Corp
 
201,200
4,036,078
 
  
  
5,116,633
Insurance - 4.8%
  
  
  
Dai-ichi Life Holdings Inc
 
631,200
4,557,546
Japan Post Holdings Co Ltd
 
335,400
3,260,177
Japan Post Insurance Co Ltd
 
33,400
667,976
Ms&Ad Insurance Group Holdings Inc
 
224,300
5,098,297
Sompo Holdings Inc
 
155,400
5,092,631
T&D Holdings Inc
 
85,400
1,817,194
Tokio Marine Holdings Inc
 
310,400
12,441,570
 
  
  
32,935,391
TOTAL FINANCIALS
  
  
107,892,807
 
  
  
  
Health Care - 7.5%
  
  
  
Health Care Equipment & Supplies - 2.3%
  
  
  
Hoya Corp
 
60,700
7,142,338
Olympus Corp
 
195,100
2,556,395
Sysmex Corp
 
87,800
1,628,211
Terumo Corp
 
232,300
4,446,393
 
  
  
15,773,337
Health Care Technology - 0.1%
  
  
  
M3 Inc
 
77,000
965,010
Pharmaceuticals - 5.1%
  
  
  
Astellas Pharma Inc
 
315,500
3,159,464
Chugai Pharmaceutical Co Ltd
 
117,100
6,746,079
Daiichi Sankyo Co Ltd
 
305,500
7,814,883
Eisai Co Ltd
 
45,800
1,323,802
Kyowa Kirin Co Ltd
 
41,200
643,322
Ono Pharmaceutical Co Ltd
 
65,200
750,513
Otsuka Holdings Co Ltd
 
77,000
3,753,810
Shionogi & Co Ltd
 
131,800
2,214,307
Takeda Pharmaceutical Co Ltd
 
277,400
8,390,969
 
  
  
34,797,149
TOTAL HEALTH CARE
  
  
51,535,496
 
  
  
  
Industrials - 23.0%
  
  
  
Air Freight & Logistics - 0.1%
  
  
  
SG Holdings Co Ltd
 
55,800
587,152
Building Products - 0.9%
  
  
  
Agc Inc
 
34,100
1,064,667
Daikin Industries Ltd
 
46,000
5,240,472
 
  
  
6,305,139
Commercial Services & Supplies - 0.7%
  
  
  
Dai Nippon Printing Co Ltd
 
67,700
943,653
Secom Co Ltd
 
73,200
2,691,595
TOPPAN Holdings Inc
 
41,700
1,170,626
 
  
  
4,805,874
Construction & Engineering - 0.7%
  
  
  
Kajima Corp
 
69,100
1,649,946
Obayashi Corp
 
113,200
1,756,318
Taisei Corp
 
28,700
1,556,172
 
  
  
4,962,436
Electrical Equipment - 1.7%
  
  
  
Fuji Electric Co Ltd
 
23,400
1,040,522
Fujikura Ltd
 
43,800
1,629,662
Mitsubishi Electric Corp
 
331,600
6,414,937
NIDEC CORP
 
145,500
2,585,729
 
  
  
11,670,850
Ground Transportation - 1.6%
  
  
  
Central Japan Railway Co
 
134,700
2,834,608
East Japan Railway Co
 
158,200
3,429,281
Hankyu Hanshin Holdings Inc
 
39,700
1,129,526
Tokyo Metro Co Ltd
 
50,700
642,172
Tokyu Corp
 
92,600
1,123,058
West Japan Railway Co
 
78,000
1,640,808
 
  
  
10,799,453
Industrial Conglomerates - 3.2%
  
  
  
Hikari Tsushin Inc
 
3,100
858,148
Hitachi Ltd
 
808,400
19,980,022
Sekisui Chemical Co Ltd
 
65,900
1,147,189
 
  
  
21,985,359
Machinery - 4.9%
  
  
  
Daifuku Co Ltd
 
56,300
1,491,174
FANUC Corp
 
164,900
4,185,106
Hoshizaki Corp
 
18,900
802,635
Komatsu Ltd
 
157,500
4,554,832
Kubota Corp
 
170,600
1,982,440
Makita Corp
 
41,500
1,213,827
MINEBEA MITSUMI Inc
 
63,300
927,727
Mitsubishi Heavy Industries Ltd
 
558,800
11,015,540
SMC Corp
 
10,000
3,236,409
Toyota Industries Corp
 
28,400
3,329,025
Yaskawa Electric Corp
 
39,500
832,237
 
  
  
33,570,952
Marine Transportation - 0.8%
  
  
  
Kawasaki Kisen Kaisha Ltd
 
64,700
887,316
Mitsui OSK Lines Ltd
 
60,100
2,001,560
Nippon Yusen KK
 
76,400
2,496,211
 
  
  
5,385,087
Passenger Airlines - 0.1%
  
  
  
ANA Holdings Inc
 
27,900
535,943
Japan Airlines Co Ltd
 
25,200
456,559
 
  
  
992,502
Professional Services - 2.0%
  
  
  
Recruit Holdings Co Ltd
 
244,500
13,549,039
Trading Companies & Distributors - 6.3%
  
  
  
ITOCHU Corp
 
207,200
10,596,817
Marubeni Corp
 
246,100
4,363,024
Mitsubishi Corp
 
596,100
11,317,903
Mitsui & Co Ltd
 
440,000
8,897,294
MonotaRO Co Ltd
 
43,700
840,043
Sumitomo Corp
 
190,000
4,639,114
Toyota Tsusho Corp
 
111,100
2,207,860
 
  
  
42,862,055
TOTAL INDUSTRIALS
  
  
157,475,898
 
  
  
  
Information Technology - 12.8%
  
  
  
Electronic Equipment, Instruments & Components - 4.0%
  
  
  
Keyence Corp
 
33,900
14,173,306
Kyocera Corp
 
223,900
2,653,603
Murata Manufacturing Co Ltd
 
290,900
4,144,324
Omron Corp
 
30,600
908,360
Shimadzu Corp
 
41,300
1,059,508
TDK Corp
 
338,900
3,616,553
Yokogawa Electric Corp
 
39,800
861,278
 
  
  
27,416,932
IT Services - 3.1%
  
  
  
Fujitsu Ltd
 
306,900
6,817,925
NEC Corp
 
214,100
5,211,799
Nomura Research Institute Ltd
 
65,900
2,495,466
NTT Data Group Corp
 
110,000
2,184,644
Obic Co Ltd
 
56,400
1,968,754
Otsuka Corp
 
39,800
882,681
SCSK Corp
 
27,300
714,672
TIS Inc
 
37,100
1,071,899
 
  
  
21,347,840
Semiconductors & Semiconductor Equipment - 3.8%
  
  
  
Advantest Corp
 
133,600
5,589,283
Disco Corp
 
16,100
3,115,021
Lasertec Corp
 
14,000
1,301,586
Renesas Electronics Corp
 
293,500
3,444,300
SCREEN Holdings Co Ltd
 
14,200
944,257
Tokyo Electron Ltd
 
78,100
11,628,964
 
  
  
26,023,411
Software - 0.3%
  
  
  
Oracle Corp Japan
 
6,700
803,878
Trend Micro Inc/Japan
 
22,100
1,585,688
 
  
  
2,389,566
Technology Hardware, Storage & Peripherals - 1.6%
  
  
  
Canon Inc
 
162,800
5,023,968
FUJIFILM Holdings Corp
 
195,200
3,998,162
Ricoh Co Ltd
 
92,100
968,719
Seiko Epson Corp
 
50,300
697,816
 
  
  
10,688,665
TOTAL INFORMATION TECHNOLOGY
  
  
87,866,414
 
  
  
  
Materials - 3.5%
  
  
  
Chemicals - 2.7%
  
  
  
Asahi Kasei Corp
 
218,700
1,524,064
Mitsubishi Chemical Group Corp
 
236,400
1,149,272
Nippon Paint Holdings Co Ltd
 
165,300
1,254,375
Nippon Sanso Holdings Corp
 
30,200
964,212
Nitto Denko Corp
 
123,200
2,165,463
Shin-Etsu Chemical Co Ltd
 
311,500
9,479,411
Toray Industries Inc
 
241,800
1,544,260
 
  
  
18,081,057
Metals & Mining - 0.8%
  
  
  
JFE Holdings Inc
 
100,300
1,168,096
Nippon Steel Corp
 
168,600
3,548,644
Sumitomo Metal Mining Co Ltd
 
43,100
956,261
 
  
  
5,673,001
TOTAL MATERIALS
  
  
23,754,058
 
  
  
  
Real Estate - 2.4%
  
  
  
Office REITs - 0.2%
  
  
  
Nippon Building Fund Inc
 
1,335
1,238,082
Real Estate Management & Development - 2.2%
  
  
  
Daito Trust Construction Co Ltd
 
10,200
1,131,431
Daiwa House Industry Co Ltd
 
97,700
3,535,072
Hulic Co Ltd
 
80,300
837,090
Mitsubishi Estate Co Ltd
 
185,400
3,256,732
Mitsui Fudosan Co Ltd
 
460,800
4,566,827
Sumitomo Realty & Development Co Ltd
 
54,000
2,011,300
 
  
  
15,338,452
TOTAL REAL ESTATE
  
  
16,576,534
 
  
  
  
Utilities - 1.0%
  
  
  
Electric Utilities - 0.5%
  
  
  
Chubu Electric Power Co Inc
 
112,300
1,458,252
Kansai Electric Power Co Inc/The
 
165,200
2,035,336
 
  
  
3,493,588
Gas Utilities - 0.5%
  
  
  
Osaka Gas Co Ltd
 
63,400
1,607,701
Tokyo Gas Co Ltd
 
61,000
2,026,591
 
  
  
3,634,292
TOTAL UTILITIES
  
  
7,127,880
 
  
  
  
TOTAL JAPAN
  
  
675,430,518
 
TOTAL COMMON STOCKS
 (Cost $581,682,372)
  
  
  
675,430,518
 
  
  
  
U.S. Treasury Obligations - 0.0%
 
  
Yield (%) (c)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 5/29/2025 (d)
 (Cost $189,378)
  
4.25
190,000
189,376
 
  
  
  
  
Money Market Funds - 0.1%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (e)
 (Cost $375,855)
  
4.33
375,780
375,855
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 98.8%
 (Cost $582,247,605)
 
  
 
675,995,749
NET OTHER ASSETS (LIABILITIES) - 1.2%  
8,078,874
NET ASSETS - 100.0%
684,074,623
 
  
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
  
  
  
  
  
 
  
  
  
  
  
Equity Contracts
  
  
  
  
  
CME Nikkei 225 Index Contracts (United States)
65
Jun 2025
8,220,468
(38,367)
(38,367)
 
  
  
  
  
  
The notional amount of futures purchased as a percentage of Net Assets is 1.2%

 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing
 
(c)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(d)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $189,376.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
208,226
1,836,159
1,668,530
1,451
-
-
375,855
375,780
0.0%
Fidelity Securities Lending Cash Central Fund
1,669,550
9,168,414
10,837,964
8,139
-
-
-
-
0.0%
Total
1,877,776
11,004,573
12,506,494
9,590
-
-
375,855
  
  
 
  
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
  
  
  
  
 Common Stocks
  
  
  
  
Communication Services
55,783,794
1,748,466
54,035,328
-
Consumer Discretionary
124,933,347
4,251,908
120,681,439
-
Consumer Staples
37,292,599
6,191,500
31,101,099
-
Energy
5,191,691
-
5,191,691
-
Financials
107,892,807
6,213,208
101,679,599
-
Health Care
51,535,496
1,628,211
49,907,285
-
Industrials
157,475,898
12,040,891
145,435,007
-
Information Technology
87,866,414
6,501,392
81,365,022
-
Materials
23,754,058
2,218,587
21,535,471
-
Real Estate
16,576,534
3,206,603
13,369,931
-
Utilities
7,127,880
-
7,127,880
-
 U.S. Treasury Obligations
189,376
-
189,376
-
 Money Market Funds
375,855
375,855
-
-
 Total Investments in Securities:
675,995,749
44,376,621
631,619,128
-
 Derivative Instruments:
  
  
  
  
 Liabilities
  
  
  
  
Futures Contracts
(38,367)
(38,367)
-
-
  Total Liabilities
(38,367)
(38,367)
-
-
 Total Derivative Instruments:
(38,367)
(38,367)
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
  
  
Futures Contracts (a) 
0
(38,367)
Total Equity Risk
0
(38,367)
Total Value of Derivatives
0
(38,367)
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
  
  
  
Investment in securities, at value  - See accompanying schedule:
  
  
  
  
Unaffiliated issuers (cost $581,871,750)
$
675,619,894
  
  
Fidelity Central Funds (cost $375,855)
375,855
  
  
 
  
  
  
  
 
  
  
  
  
Total Investment in Securities (cost $582,247,605)
  
  
$
675,995,749
Segregated cash with brokers for derivative instruments
  
  
505,376
Cash
  
  
34,768
Foreign currency held at value (cost $47,977)
  
  
47,865
Receivable for investments sold
  
  
26,145,085
Dividends receivable
  
  
7,350,643
Distributions receivable from Fidelity Central Funds
  
  
869
Receivable for daily variation margin on futures contracts
  
  
92,347
Prepaid expenses
  
  
208
  Total assets
  
  
710,172,910
Liabilities
  
  
  
  
Payable for fund shares redeemed
$
26,000,000
  
  
Accrued management fee
55,486
  
  
Other payables and accrued expenses
42,801
  
  
  Total liabilities
  
  
  
26,098,287
Net Assets  
  
  
$
684,074,623
Net Assets consist of:
  
  
  
  
Paid in capital
  
  
$
822,257,963
Total accumulated earnings (loss)
  
  
  
(138,183,340)
Net Assets
  
  
$
684,074,623
Net Asset Value, offering price and redemption price per share ($684,074,623 ÷ 65,020,895 shares)
  
  
$
10.52
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
  
  
  
  
Dividends
 
  
$
8,915,023
Interest  
  
  
6,222
Income from Fidelity Central Funds (including $8,139 from security lending)
 
  
9,590
 Income before foreign taxes withheld
  
  
$
8,930,835
Less foreign taxes withheld
  
  
(891,502)
 Total income
  
  
  
8,039,333
Expenses
  
  
  
  
Management fee
$
337,550
  
  
Custodian fees and expenses
15,883
  
  
Independent trustees' fees and expenses
1,465
  
  
Registration fees
5,595
  
  
Audit fees
31,950
  
  
Legal
377
  
  
Miscellaneous
1,147
  
  
 Total expenses
  
  
  
393,967
Net Investment income (loss)
  
  
  
7,645,366
Realized and Unrealized Gain (Loss)
  
  
  
  
Net realized gain (loss) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
(7,520,743)
  
  
 Foreign currency transactions
  
(219,846)
  
  
 Futures contracts
  
312,845
  
  
Total net realized gain (loss)
  
  
  
(7,427,744)
Change in net unrealized appreciation (depreciation) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
48,524,597
  
  
 Assets and liabilities in foreign currencies
  
714,938
  
  
 Futures contracts
  
(236,248)
  
  
Total change in net unrealized appreciation (depreciation)
  
  
  
49,003,287
Net gain (loss)
  
  
  
41,575,543
Net increase (decrease) in net assets resulting from operations
  
  
$
49,220,909
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
  
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
  
  
  
  
Operations
  
  
  
Net investment income (loss)
$
7,645,366
$
13,017,463
Net realized gain (loss)
  
(7,427,744)
  
(53,677,223)
Change in net unrealized appreciation (depreciation)
  
49,003,287
  
135,315,495
Net increase (decrease) in net assets resulting from operations
  
49,220,909
  
94,655,735
Distributions to shareholders
  
(14,659,486)
  
(23,223,128)
 
  
  
  
  
Share transactions
  
  
  
  
Proceeds from sales of shares
  
-
  
251,000,000
  Reinvestment of distributions
  
14,659,486
  
23,223,128
Cost of shares redeemed
  
(26,000,000)
  
(414,000,000)
 
  
  
  
  
  Net increase (decrease) in net assets resulting from share transactions
  
(11,340,514)
  
(139,776,872)
Total increase (decrease) in net assets
  
23,220,909
  
(68,344,265)
 
  
  
  
  
Net Assets
  
  
  
  
Beginning of period
  
660,853,714
  
729,197,979
End of period
$
684,074,623
$
660,853,714
 
  
  
  
  
Other Information
  
  
  
  
Shares
  
  
  
  
Sold
  
-
  
25,182,539
  Issued in reinvestment of distributions
  
1,458,655
  
2,566,092
Redeemed
  
(2,471,483)
  
(44,912,805)
Net increase (decrease)
  
(1,012,828)
  
(17,164,174)
 
  
  
  
  
Financial Highlights
 
Fidelity® SAI Japan Stock Index Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
  
Years ended October 31, 2024 
  
2023  
  
2022 
  
2021 A
  Selected Per-Share Data 
  
  
  
  
  
  
  
  
  
  
  Net asset value, beginning of period
$
10.01
$
8.76
$
7.58
$
10.18
$
10.00
  Income from Investment Operations
 
  
  
  
  
  
  
  
  
  
     Net investment income (loss) B,C
  
.11
 
.21
 
.19
 
.19
 
.10
     Net realized and unrealized gain (loss)
 
.62
 
1.43
 
1.18
 
(2.69)
 
.08
  Total from investment operations
 
.73  
  
1.64  
  
1.37  
  
(2.50)  
  
.18
  Distributions from net investment income
 
(.22)
 
(.39)
 
(.19)
 
(.10)
 
-
     Total distributions
 
(.22)
 
(.39)
 
(.19)
 
(.10)
 
-
  Net asset value, end of period
$
10.52
$
10.01
$
8.76
$
7.58
$
10.18
 Total Return D,E
  
7.42
%
 
19.13%
 
18.18%
 
(24.83)%
 
1.80%
 Ratios to Average Net Assets C,F,G
  
  
  
  
  
  
  
  
  
  
    Expenses before reductions
 
.12% H
  
.13%
 
.13%
 
.11%
 
.14% H,I
    Expenses net of fee waivers, if any
 
.12
% H
  
.13%
 
.13%
 
.11%
 
.14% H,I
    Expenses net of all reductions, if any
 
.12% H
  
.13%
 
.13%
 
.11%
 
.14% H,I
    Net investment income (loss)
 
2.26% H
  
2.06%
 
2.12%
 
2.12%
 
2.27% H,I
 Supplemental Data
  
  
  
  
  
  
  
  
  
  
    Net assets, end of period (000 omitted)
$
684,075
$
660,854
$
729,198
$
968,363
$
1,720,298
    Portfolio turnover rate J
  
7
% H
  
47%
 
5%
 
8%
 
0% K,L
 
AFor the period May 27, 2021 (commencement of operations) through October 31, 2021.
BCalculated based on average shares outstanding during the period.
CNet 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.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees 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.
GExpense 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.
HAnnualized.
IAudit fees are not annualized.
JAmount 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.
KAmount represents less than 1%.
LAmount not annualized.
Notes to Financial Statements
 (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity SAI Japan Stock Index Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to Futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$140,080,016
Gross unrealized depreciation
(55,763,970)
Net unrealized appreciation (depreciation)
$84,316,046
Tax cost
$591,641,336
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(82,588,651)
 Long-term
(138,038,561)
Total capital loss carryforward
$(220,627,212)
 
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.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.
 
Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity SAI Japan Stock Index Fund
24,608,447
43,895,234
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .10% of the Fund's average net assets.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
Amount ($)
Fidelity SAI Japan Stock Index Fund
523
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity SAI Japan Stock Index Fund
864
 -
-
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Strategic Advisers International Fund
Fidelity SAI Japan Stock Index Fund
17%
83%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
Fund
% of shares held
Fidelity SAI Japan Stock Index Fund
100%
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.9901433.103
JSI-SANN-0625
Fidelity® SAI International Small Cap Index Fund
 
 
Semi-Annual Report
April 30, 2025
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

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

Fidelity® SAI International Small Cap Index Fund

Notes to Financial Statements

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

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

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

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

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® SAI International Small Cap Index Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 98.5%
 
  
Shares
Value ($)
 
AUSTRALIA - 9.7%
 
  
  
Communication Services - 0.3%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Aussie Broadband Ltd
 
63,094
165,756
Tuas Ltd (b)
  
51,741
186,852
 
  
  
352,608
Entertainment - 0.0%
  
  
  
EVT Ltd
 
24,036
216,380
Interactive Media & Services - 0.3%
  
  
  
Domain Holdings Australia Ltd
 
71,270
195,962
SEEK Ltd
 
97,360
1,325,458
 
  
  
1,521,420
Media - 0.0%
  
  
  
Nine Entertainment Co Holdings Ltd
 
374,123
342,869
TOTAL COMMUNICATION SERVICES
  
  
2,433,277
 
  
  
  
Consumer Discretionary - 1.1%
  
  
  
Automobile Components - 0.1%
  
  
  
Amotiv Ltd
 
34,059
168,886
ARB Corp Ltd
 
22,133
446,025
PWR Holdings Ltd (c)
  
23,707
103,918
 
  
  
718,829
Broadline Retail - 0.1%
  
  
  
Harvey Norman Holdings Ltd
 
155,763
520,770
Distributors - 0.0%
  
  
  
Bapcor Ltd
 
93,284
303,091
Diversified Consumer Services - 0.1%
  
  
  
G8 Education Ltd
 
207,444
166,790
IDP Education Ltd
 
73,332
415,892
 
  
  
582,682
Hotels, Restaurants & Leisure - 0.2%
  
  
  
Collins Foods Ltd
 
30,682
161,528
Corporate Travel Management Ltd
 
34,506
281,780
Domino's Pizza Enterprises Ltd (c)
  
18,874
305,028
Flight Centre Travel Group Ltd
 
52,353
429,568
Guzman y Gomez Ltd
 
4,299
88,499
Jumbo Interactive Ltd
 
15,102
98,715
Tabcorp Holdings Ltd
 
595,812
212,360
WEB Travel Group Ltd (b)
  
102,094
280,744
 
  
  
1,858,222
Household Durables - 0.1%
  
  
  
Breville Group Ltd
 
27,966
512,766
Specialty Retail - 0.5%
  
  
  
Accent Group Ltd
 
111,639
132,495
Eagers Automotive Ltd
 
39,401
465,015
JB Hi-Fi Ltd
 
30,024
1,989,623
Lovisa Holdings Ltd
 
16,898
269,769
Nick Scali Ltd
 
21,092
240,191
Premier Investments Ltd
 
26,580
354,052
Super Retail Group Ltd
 
43,855
376,115
Temple & Webster Group Ltd (b)
  
24,447
278,976
 
  
  
4,106,236
TOTAL CONSUMER DISCRETIONARY
  
  
8,602,596
 
  
  
  
Consumer Staples - 0.3%
  
  
  
Consumer Staples Distribution & Retail - 0.2%
  
  
  
Endeavour Group Ltd/Australia
 
418,847
1,071,373
GrainCorp Ltd Class A
 
58,335
248,364
Metcash Ltd
 
289,380
596,056
 
  
  
1,915,793
Food Products - 0.1%
  
  
  
Bega Cheese Ltd
 
74,896
270,928
Elders Ltd
 
52,288
211,795
Inghams Group Ltd
 
101,421
222,656
 
  
  
705,379
TOTAL CONSUMER STAPLES
  
  
2,621,172
 
  
  
  
Energy - 0.5%
  
  
  
Oil, Gas & Consumable Fuels - 0.5%
  
  
  
Ampol Ltd
 
65,229
990,453
Beach Energy Ltd
 
443,123
333,551
Boss Energy Ltd (b)
  
111,046
227,054
Deep Yellow Ltd (b)
  
261,146
189,936
New Hope Corp Ltd
 
140,659
329,965
Paladin Energy Ltd (b)
  
110,715
415,426
Viva Energy Group Ltd (d)(e)
  
302,768
332,901
Whitehaven Coal Ltd
 
228,564
731,116
Yancoal Australia Ltd
 
109,948
350,587
 
  
  
3,900,989
Financials - 1.2%
  
  
  
Banks - 0.3%
  
  
  
Bank of Queensland Ltd
 
183,695
877,486
Bendigo & Adelaide Bank Ltd
 
156,271
1,117,936
Judo Capital Holdings Ltd (b)
  
200,803
228,939
 
  
  
2,224,361
Capital Markets - 0.4%
  
  
  
HMC Capital Ltd
 
80,131
249,591
HUB24 Ltd
 
22,183
1,024,829
Insignia Financial Ltd (b)
  
148,965
358,953
MA Financial Group Ltd
 
30,773
130,670
Magellan Financial Group Ltd
 
49,207
241,240
Magellan Financial Group Ltd warrants 4/16/2027 (b)
  
5,527
213
Netwealth Group Ltd
 
33,988
610,664
Perpetual Ltd
 
28,643
304,283
Pinnacle Investment Management Group Ltd
 
47,186
544,178
Regal Partners Ltd
 
37,387
44,968
 
  
  
3,509,589
Consumer Finance - 0.0%
  
  
  
Credit Corp Group Ltd
 
19,322
167,192
Zip Co Ltd (b)
  
344,226
385,625
 
  
  
552,817
Financial Services - 0.2%
  
  
  
AMP Ltd
 
667,552
551,369
Challenger Ltd
 
143,894
652,007
Helia Group Ltd
 
75,575
234,238
 
  
  
1,437,614
Insurance - 0.3%
  
  
  
AUB Group Ltd
 
30,734
627,572
nib holdings Ltd/Australia
 
134,986
588,896
Steadfast Group Ltd
 
289,064
1,086,263
 
  
  
2,302,731
TOTAL FINANCIALS
  
  
10,027,112
 
  
  
  
Health Care - 0.8%
  
  
  
Biotechnology - 0.2%
  
  
  
Mesoblast Ltd (b)
  
241,398
277,898
Telix Pharmaceuticals Ltd (b)
  
68,753
1,195,191
 
  
  
1,473,089
Health Care Equipment & Supplies - 0.1%
  
  
  
Ansell Ltd
 
39,982
775,633
Nanosonics Ltd (b)
  
70,243
215,688
PolyNovo Ltd (b)
  
177,815
137,493
 
  
  
1,128,814
Health Care Providers & Services - 0.5%
  
  
  
EBOS Group Ltd
 
42,863
932,846
Healius Ltd (b)
  
174,840
162,781
Ramsay Health Care Ltd
 
53,772
1,144,843
Regis Healthcare Ltd
 
40,409
176,747
Sigma Healthcare Ltd
 
425,149
820,398
 
  
  
3,237,615
Pharmaceuticals - 0.0%
  
  
  
Clarity Pharmaceuticals Ltd (b)
  
68,236
96,243
Neuren Pharmaceuticals Ltd (b)
  
32,202
240,122
 
  
  
336,365
TOTAL HEALTH CARE
  
  
6,175,883
 
  
  
  
Industrials - 1.2%
  
  
  
Aerospace & Defense - 0.0%
  
  
  
Austal Ltd (b)
  
109,741
371,806
Commercial Services & Supplies - 0.2%
  
  
  
Cleanaway Waste Management Ltd
 
613,414
1,020,848
Downer EDI Ltd
 
186,426
680,766
Mader Group Ltd (c)
  
13,915
56,776
SG Fleet Group Ltd
 
42,947
96,284
 
  
  
1,854,674
Construction & Engineering - 0.4%
  
  
  
Johns Lyng Group Ltd
 
63,788
90,717
Maas Group Holdings Ltd (c)
  
44,364
112,341
Monadelphous Group Ltd
 
26,443
273,440
NRW Holdings Ltd
 
114,060
197,698
Ventia Services Group Pty Ltd
 
225,565
610,714
Worley Ltd
 
137,681
1,096,917
 
  
  
2,381,827
Ground Transportation - 0.1%
  
  
  
Aurizon Holdings Ltd
 
487,099
953,600
Kelsian Group Ltd
 
50,351
87,476
 
  
  
1,041,076
Machinery - 0.0%
  
  
  
Silex Systems Ltd (b)(c)
  
53,882
106,899
Professional Services - 0.2%
  
  
  
ALS Ltd
 
132,794
1,457,077
IPH Ltd
 
72,237
210,994
McMillan Shakespeare Ltd
 
15,012
147,080
SmartGroup Corp Ltd
 
37,929
190,207
 
  
  
2,005,358
Trading Companies & Distributors - 0.0%
  
  
  
Redox Ltd/Australia
 
52,692
98,515
Transportation Infrastructure - 0.3%
  
  
  
Atlas Arteria Ltd unit
 
299,045
990,543
Qube Holdings Ltd
 
462,059
1,169,799
 
  
  
2,160,342
TOTAL INDUSTRIALS
  
  
10,020,497
 
  
  
  
Information Technology - 0.6%
  
  
  
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
Codan Ltd
 
30,203
304,215
Dicker Data Ltd
 
22,881
123,628
 
  
  
427,843
IT Services - 0.2%
  
  
  
Data#3 Ltd
 
41,566
193,577
Macquarie Technology Group Ltd (b)
  
3,931
149,576
Megaport Ltd (b)
  
44,513
327,463
NEXTDC Ltd (b)
  
175,227
1,330,382
 
  
  
2,000,998
Software - 0.3%
  
  
  
Hansen Technologies Ltd
 
51,648
179,222
IRESS Ltd
 
51,169
260,572
Nuix Ltd (b)
  
60,903
94,982
Objective Corp Ltd
 
8,056
80,755
SiteMinder Ltd (b)
  
69,837
184,267
Technology One Ltd
 
80,485
1,553,536
 
  
  
2,353,334
TOTAL INFORMATION TECHNOLOGY
  
  
4,782,175
 
  
  
  
Materials - 2.3%
  
  
  
Chemicals - 0.3%
  
  
  
Alpha HPA Ltd (b)
  
258,560
151,452
Dyno Nobel Ltd
 
511,503
742,499
Nufarm Ltd
 
94,396
233,052
Orica Ltd
 
134,102
1,391,959
 
  
  
2,518,962
Construction Materials - 0.0%
  
  
  
Brickworks Ltd
 
23,362
376,324
Containers & Packaging - 0.1%
  
  
  
Orora Ltd
 
372,753
431,880
Metals & Mining - 1.9%
  
  
  
AVZ Minerals Ltd (b)(c)(f)
  
776,046
5
Bellevue Gold Ltd (b)
  
404,120
235,266
Capricorn Metals Ltd (b)
  
103,010
609,455
Champion Iron Ltd
 
107,906
315,438
Coronado Global Resources Inc depository receipt (d)(e)
  
237,498
29,621
Deterra Royalties Ltd
 
108,208
252,292
Emerald Resources NL (b)
  
145,871
374,559
Evolution Mining Ltd
 
546,896
2,742,697
Firefinch Ltd (c)(f)
  
325,521
2
Genesis Minerals Ltd (b)
  
278,126
686,817
Gold Road Resources Ltd
 
297,548
577,285
IGO Ltd
 
189,200
474,059
Iluka Resources Ltd
 
118,267
313,336
Imdex Ltd
 
139,850
264,568
IperionX Ltd (b)
  
78,914
181,016
Leo Lithium Ltd (f)
  
273,636
58,367
Liontown Resources Ltd (b)(c)
  
441,580
148,344
Lynas Rare Earths Ltd (b)(c)
  
230,992
1,262,778
MAC Copper Ltd depository receipt
 
18,730
178,485
Mineral Resources Ltd (b)
  
48,245
634,470
Ora Banda Mining Ltd (b)
  
313,123
200,080
Perenti Ltd
 
228,543
199,875
Perseus Mining Ltd
 
376,929
807,838
Pilbara Minerals Ltd (b)(c)
  
833,667
803,187
Ramelius Resources Ltd
 
325,025
546,954
Regis Resources Ltd (b)
  
199,300
576,194
Resolute Mining Ltd (b)
  
572,376
186,845
Sandfire Resources Ltd (b)
  
124,818
794,952
Spartan Resources Ltd/Australia (b)
  
244,729
317,477
Stanmore Resources Ltd
 
97,743
121,407
Vault Minerals Ltd (b)
  
1,794,084
493,678
Vulcan Energy Resources Ltd (b)
  
38,981
121,533
Vulcan Steel Ltd
 
18,365
86,864
WA1 Resources Ltd (b)
  
11,888
95,905
West African Resources Ltd (b)
  
298,540
456,889
Westgold Resources Ltd
 
248,700
472,462
 
  
  
15,621,000
TOTAL MATERIALS
  
  
18,948,166
 
  
  
  
Real Estate - 1.3%
  
  
  
Diversified REITs - 0.6%
  
  
  
Centuria Capital Group unit
 
180,865
182,241
Charter Hall Group unit
 
129,596
1,401,185
Charter Hall Long Wale REIT unit
 
177,682
436,512
Growthpoint Properties Australia Ltd
 
70,282
104,260
Mirvac Group unit
 
1,085,105
1,582,791
 
  
  
3,706,989
Industrial REITs - 0.0%
  
  
  
Centuria Industrial REIT
 
147,709
278,182
Dexus Industria REIT
 
68,684
114,324
 
  
  
392,506
Office REITs - 0.2%
  
  
  
Abacus Group unit
 
128,732
93,971
Centuria Office REIT unit
 
97,125
76,334
Cromwell Property Group unit
 
383,321
91,983
Dexus unit
 
294,904
1,419,557
 
  
  
1,681,845
Real Estate Management & Development - 0.1%
  
  
  
Lendlease Group unit
 
178,041
599,913
Lifestyle Communities Ltd (c)
  
28,652
130,878
PEXA Group Ltd (b)
  
36,524
281,417
 
  
  
1,012,208
Residential REITs - 0.0%
  
  
  
Ingenia Communities Group unit
 
107,470
381,267
Retail REITs - 0.3%
  
  
  
BWP Trust
 
158,543
363,512
Charter Hall Retail REIT
 
145,252
346,952
HomeCo Daily Needs REIT unit (e)
  
487,082
381,864
Region Group unit
 
322,902
478,611
Waypoint REIT Ltd unit
 
183,201
300,025
 
  
  
1,870,964
Specialized REITs - 0.1%
  
  
  
Abacus Storage King unit
 
167,767
158,644
Arena REIT unit
 
101,021
240,573
Charter Hall Social Infrastructure REIT
 
94,726
177,419
National Storage REIT unit
 
332,761
489,297
 
  
  
1,065,933
TOTAL REAL ESTATE
  
  
10,111,712
 
  
  
  
Utilities - 0.1%
  
  
  
Multi-Utilities - 0.1%
  
  
  
AGL Energy Ltd
 
166,610
1,135,448
TOTAL AUSTRALIA
  
  
78,759,027
AUSTRIA - 1.2%
 
  
  
Energy - 0.0%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
Schoeller-Bleckmann Oilfield Equipment AG
 
2,911
103,384
Financials - 0.5%
  
  
  
Banks - 0.4%
  
  
  
BAWAG Group AG (d)(e)
  
21,614
2,368,965
Raiffeisen Bank International AG
 
36,098
960,182
 
  
  
3,329,147
Insurance - 0.1%
  
  
  
UNIQA Insurance Group AG
 
33,770
390,214
Vienna Insurance Group AG Wiener Versicherung Gruppe
 
10,649
505,470
 
  
  
895,684
TOTAL FINANCIALS
  
  
4,224,831
 
  
  
  
Industrials - 0.3%
  
  
  
Air Freight & Logistics - 0.0%
  
  
  
Oesterreichische Post AG (c)
  
9,210
310,398
Commercial Services & Supplies - 0.0%
  
  
  
DO & Co AG (b)
  
2,132
339,582
Construction & Engineering - 0.0%
  
  
  
Porr Ag
 
4,992
174,180
Machinery - 0.3%
  
  
  
ANDRITZ AG
 
18,597
1,328,313
Palfinger AG
 
4,300
139,561
 
  
  
1,467,874
TOTAL INDUSTRIALS
  
  
2,292,034
 
  
  
  
Information Technology - 0.1%
  
  
  
IT Services - 0.1%
  
  
  
Kontron AG
 
10,423
251,268
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
ams-OSRAM AG (b)
  
27,704
243,859
TOTAL INFORMATION TECHNOLOGY
  
  
495,127
 
  
  
  
Materials - 0.2%
  
  
  
Chemicals - 0.0%
  
  
  
Lenzing AG (b)
  
5,211
163,226
Construction Materials - 0.1%
  
  
  
Wienerberger AG
 
30,583
1,069,867
Metals & Mining - 0.1%
  
  
  
voestalpine AG
 
29,730
780,020
TOTAL MATERIALS
  
  
2,013,113
 
  
  
  
Real Estate - 0.1%
  
  
  
Real Estate Management & Development - 0.1%
  
  
  
CA Immobilien Anlagen AG (c)
  
10,338
278,966
CPI Europe AG (b)(c)
  
9,872
194,593
CPI Europe AG (b)(f)
  
25,803
0
S IMMO AG rights (b)(f)
  
11,010
0
 
  
  
473,559
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
EVN AG
 
9,974
261,008
TOTAL AUSTRIA
  
  
9,863,056
BAILIWICK OF JERSEY - 0.1%
 
  
  
Financials - 0.1%
  
  
  
Capital Markets - 0.1%
  
  
  
JTC PLC (d)(e)
  
43,606
484,668
BELGIUM - 1.7%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Proximus SADP
 
36,995
283,729
Entertainment - 0.0%
  
  
  
Kinepolis Group NV
 
3,339
114,991
TOTAL COMMUNICATION SERVICES
  
  
398,720
 
  
  
  
Consumer Staples - 0.1%
  
  
  
Consumer Staples Distribution & Retail - 0.1%
  
  
  
Colruyt Group N.V
 
8,643
415,148
Personal Care Products - 0.0%
  
  
  
Ontex Group NV (b)
  
17,610
143,836
TOTAL CONSUMER STAPLES
  
  
558,984
 
  
  
  
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
KBC Ancora
 
10,553
688,606
Health Care - 0.1%
  
  
  
Biotechnology - 0.0%
  
  
  
Galapagos NV (b)
  
12,793
346,082
Health Care Providers & Services - 0.1%
  
  
  
Fagron
 
18,256
423,967
TOTAL HEALTH CARE
  
  
770,049
 
  
  
  
Industrials - 0.3%
  
  
  
Building Products - 0.0%
  
  
  
Recticel SA (c)
  
12,185
146,872
Construction & Engineering - 0.2%
  
  
  
Ackermans & van Haaren NV
 
5,940
1,448,109
Deme Group NV
 
2,089
311,434
 
  
  
1,759,543
Trading Companies & Distributors - 0.1%
  
  
  
Azelis Group NV
 
43,316
669,322
TOTAL INDUSTRIALS
  
  
2,575,737
 
  
  
  
Information Technology - 0.1%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Barco NV
 
17,755
242,169
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
Melexis NV
 
5,596
333,771
X-Fab Silicon Foundries SE (b)(d)(e)
  
16,499
91,249
 
  
  
425,020
TOTAL INFORMATION TECHNOLOGY
  
  
667,189
 
  
  
  
Materials - 0.2%
  
  
  
Chemicals - 0.2%
  
  
  
Solvay SA Class A
 
20,301
767,673
Tessenderlo Group SA (c)
  
5,810
171,786
Umicore SA
 
54,731
496,016
 
  
  
1,435,475
Metals & Mining - 0.0%
  
  
  
Bekaert SA
 
9,808
376,663
TOTAL MATERIALS
  
  
1,812,138
 
  
  
  
Real Estate - 0.6%
  
  
  
Health Care REITs - 0.3%
  
  
  
Aedifica SA
 
13,090
1,047,669
Cofinimmo SA
 
10,443
834,040
 
  
  
1,881,709
Industrial REITs - 0.3%
  
  
  
Montea NV
 
5,115
370,676
Warehouses De Pauw CVA (b)
  
49,694
1,265,531
 
  
  
1,636,207
Real Estate Management & Development - 0.0%
  
  
  
VGP NV
 
3,780
348,569
Residential REITs - 0.0%
  
  
  
Xior Student Housing NV (e)
  
9,340
302,082
Xior Student Housing NV rights (b)(g)
  
9,678
13,664
Xior Student Housing NV rights (b)
  
9,309
5,502
Xior Student Housing NV rights (b)
  
9,340
5,279
 
  
  
326,527
Retail REITs - 0.0%
  
  
  
Retail Estates NV
 
3,312
242,380
Vastned NV
 
2,366
77,729
 
  
  
320,109
Specialized REITs - 0.0%
  
  
  
Shurgard Self Storage Ltd
 
9,573
395,834
TOTAL REAL ESTATE
  
  
4,908,955
 
  
  
  
Utilities - 0.2%
  
  
  
Electric Utilities - 0.2%
  
  
  
Elia Group SA/NV (c)
  
11,998
1,299,389
TOTAL BELGIUM
  
  
13,679,767
BERMUDA - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Cool Company Ltd (c)
  
6,859
42,854
Financials - 0.0%
  
  
  
Insurance - 0.0%
  
  
  
Conduit Holdings Ltd
 
43,391
199,215
TOTAL BERMUDA
  
  
242,069
BRAZIL - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Karoon Energy Ltd
 
211,401
194,605
CHINA - 0.3%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
CITIC Telecom International Holdings Ltd
 
472,000
143,628
Media - 0.0%
  
  
  
Mobvista Inc (b)(d)(e)
  
153,000
108,502
TOTAL COMMUNICATION SERVICES
  
  
252,130
 
  
  
  
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
Health & Happiness H&H International Holdings Ltd
 
65,500
74,658
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
OSL Group Ltd (b)(c)
  
109,000
157,971
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
CARsgen Therapeutics Holdings Ltd (b)(c)(d)(e)
  
103,000
206,382
Industrials - 0.1%
  
  
  
Air Freight & Logistics - 0.0%
  
  
  
KLN Logistics Group Ltd
 
101,500
81,927
Building Products - 0.1%
  
  
  
Xinyi Glass Holdings Ltd (c)
  
472,549
442,961
Trading Companies & Distributors - 0.0%
  
  
  
E-Commodities Holdings Ltd
 
360,000
38,063
Theme International Holdings Ltd (c)
  
1,530,000
76,938
 
  
  
115,001
TOTAL INDUSTRIALS
  
  
639,889
 
  
  
  
Information Technology - 0.0%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
VSTECS Holdings Ltd
 
180,000
138,094
Real Estate - 0.2%
  
  
  
Real Estate Management & Development - 0.2%
  
  
  
ESR Group Ltd (d)(e)
  
411,400
655,644
Yanlord Land Group Ltd (b)
  
162,400
58,499
 
  
  
714,143
Retail REITs - 0.0%
  
  
  
Sasseur Real Estate Investment Trust (e)
  
153,600
74,830
TOTAL REAL ESTATE
  
  
788,973
 
  
  
  
TOTAL CHINA
  
  
2,258,097
COTE D'IVOIRE - 0.2%
 
  
  
Materials - 0.2%
  
  
  
Metals & Mining - 0.2%
  
  
  
Endeavour Mining PLC (United Kingdom)
 
53,677
1,442,152
CYPRUS - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
ATALAYA MINING COPPER SA (c)
  
31,653
153,128
DENMARK - 1.9%
 
  
  
Communication Services - 0.0%
  
  
  
Interactive Media & Services - 0.0%
  
  
  
Better Collective A/S (b)(c)
  
10,685
140,506
Consumer Discretionary - 0.1%
  
  
  
Household Durables - 0.1%
  
  
  
GN Store Nord AS (b)
  
37,696
563,981
Specialty Retail - 0.0%
  
  
  
Matas A/S
 
9,767
201,299
TOTAL CONSUMER DISCRETIONARY
  
  
765,280
 
  
  
  
Consumer Staples - 0.2%
  
  
  
Beverages - 0.2%
  
  
  
Royal Unibrew A/S
 
13,939
1,107,462
Food Products - 0.0%
  
  
  
Schouw & Co A/S
 
3,420
310,390
Tobacco - 0.0%
  
  
  
Scandinavian Tobacco Group A/S Series A (d)(e)
  
12,970
188,576
TOTAL CONSUMER STAPLES
  
  
1,606,428
 
  
  
  
Financials - 0.6%
  
  
  
Banks - 0.5%
  
  
  
Jyske Bank A/S
 
12,494
1,021,099
Ringkjoebing Landbobank A/S
 
7,415
1,414,578
Spar Nord Bank A/S (b)
  
20,101
644,916
Sydbank AS
 
14,397
917,702
 
  
  
3,998,295
Insurance - 0.1%
  
  
  
Alm Brand A/S
 
235,413
558,074
TOTAL FINANCIALS
  
  
4,556,369
 
  
  
  
Health Care - 0.4%
  
  
  
Biotechnology - 0.1%
  
  
  
Bavarian Nordic A/S (b)
  
21,876
519,094
Health Care Equipment & Supplies - 0.1%
  
  
  
Ambu AS Series B
 
52,190
932,276
Life Sciences Tools & Services - 0.0%
  
  
  
Chemometec A/S
 
4,327
309,569
Gubra A/S (b)
  
1,816
102,802
 
  
  
412,371
Pharmaceuticals - 0.2%
  
  
  
ALK-Abello A/S Series B (b)
  
36,529
842,679
H Lundbeck A/S Series A
 
10,261
42,280
H Lundbeck A/S Series B
 
77,970
370,858
 
  
  
1,255,817
TOTAL HEALTH CARE
  
  
3,119,558
 
  
  
  
Industrials - 0.5%
  
  
  
Commercial Services & Supplies - 0.1%
  
  
  
ISS A/S
 
41,237
1,033,898
Construction & Engineering - 0.1%
  
  
  
Cadeler A/S (b)
  
63,221
328,763
Per Aarsleff Holding A/S Series B
 
4,798
384,481
 
  
  
713,244
Electrical Equipment - 0.2%
  
  
  
NKT A/S (b)
  
14,912
1,209,662
Ground Transportation - 0.0%
  
  
  
NTG Nordic Transport Group A/S (b)
  
2,864
108,449
Machinery - 0.1%
  
  
  
FLSmidth & Co A/S
 
11,999
564,166
Marine Transportation - 0.0%
  
  
  
D/S Norden A/S
 
5,929
160,890
Dfds A/S (b)
  
8,632
119,543
 
  
  
280,433
Transportation Infrastructure - 0.0%
  
  
  
Svitzer Group A/S
 
4,012
167,811
TOTAL INDUSTRIALS
  
  
4,077,663
 
  
  
  
Information Technology - 0.1%
  
  
  
IT Services - 0.1%
  
  
  
Netcompany Group A/S (b)(d)(e)
  
11,798
528,216
Software - 0.0%
  
  
  
cBrain A/S
 
3,079
79,533
TOTAL INFORMATION TECHNOLOGY
  
  
607,749
 
  
  
  
Materials - 0.0%
  
  
  
Construction Materials - 0.0%
  
  
  
Cementir Holding NV
 
13,386
218,973
TOTAL DENMARK
  
  
15,092,526
FAROE ISLANDS - 0.1%
 
  
  
Consumer Staples - 0.1%
  
  
  
Food Products - 0.1%
  
  
  
Bakkafrost
 
13,789
691,213
FINLAND - 1.2%
 
  
  
Consumer Discretionary - 0.2%
  
  
  
Automobile Components - 0.0%
  
  
  
Nokian Renkaat Oyj (c)
  
33,430
265,288
Broadline Retail - 0.2%
  
  
  
Puuilo Oyj
 
20,785
295,270
Tokmanni Group Corp
 
13,043
205,206
 
  
  
500,476
Household Durables - 0.0%
  
  
  
YIT Oyj (b)
  
39,403
114,540
Leisure Products - 0.0%
  
  
  
Harvia Oyj (e)
  
4,553
209,667
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Marimekko Oyj
 
9,239
127,481
TOTAL CONSUMER DISCRETIONARY
  
  
1,217,452
 
  
  
  
Financials - 0.1%
  
  
  
Insurance - 0.1%
  
  
  
Mandatum Holding Oy
 
124,117
873,725
Health Care - 0.0%
  
  
  
Health Care Equipment & Supplies - 0.0%
  
  
  
Revenio Group Oyj
 
5,530
172,278
Industrials - 0.4%
  
  
  
Electrical Equipment - 0.0%
  
  
  
Kempower Oyj (b)(c)
  
6,430
79,762
Machinery - 0.4%
  
  
  
Hiab Oyj B Shares
 
10,720
507,868
Kalmar Oyj B Shares
 
10,641
336,084
Konecranes Oyj A Shares
 
18,485
1,231,315
Valmet Oyj
 
40,604
1,234,594
 
  
  
3,309,861
Passenger Airlines - 0.0%
  
  
  
Finnair Oyj
 
25,972
69,790
TOTAL INDUSTRIALS
  
  
3,459,413
 
  
  
  
Information Technology - 0.1%
  
  
  
IT Services - 0.1%
  
  
  
TietoEVRY Oyj
 
29,644
529,927
Software - 0.0%
  
  
  
QT Group Oyj (b)
  
5,300
343,735
TOTAL INFORMATION TECHNOLOGY
  
  
873,662
 
  
  
  
Materials - 0.3%
  
  
  
Chemicals - 0.1%
  
  
  
Kemira Oyj
 
31,888
655,657
Containers & Packaging - 0.2%
  
  
  
Huhtamaki Oyj
 
26,650
978,775
Metsa Board Oyj B Shares
 
43,648
158,724
 
  
  
1,137,499
Metals & Mining - 0.0%
  
  
  
Outokumpu Oyj A Shares (c)
  
101,475
387,861
TOTAL MATERIALS
  
  
2,181,017
 
  
  
  
Real Estate - 0.1%
  
  
  
Real Estate Management & Development - 0.1%
  
  
  
Citycon Oyj
 
26,089
104,447
Kojamo Oyj (b)
  
37,698
437,738
 
  
  
542,185
TOTAL FINLAND
  
  
9,319,732
FRANCE - 3.3%
 
  
  
Communication Services - 0.3%
  
  
  
Entertainment - 0.1%
  
  
  
Ubisoft Entertainment SA (b)(c)
  
25,401
299,283
Vivendi SE
 
182,202
564,318
 
  
  
863,601
Media - 0.2%
  
  
  
Canal+ SA
 
192,535
437,488
Eutelsat Communications SACA (b)(c)
  
33,607
135,726
IPSOS SA
 
9,582
451,350
JCDecaux SE (b)
  
17,645
306,034
Louis Hachette Group
 
192,532
300,774
Metropole Television SA
 
7,199
112,544
Television Francaise 1 SA
 
11,718
111,507
 
  
  
1,855,423
TOTAL COMMUNICATION SERVICES
  
  
2,719,024
 
  
  
  
Consumer Discretionary - 0.3%
  
  
  
Automobile Components - 0.2%
  
  
  
Forvia SE
 
41,017
314,855
Opmobility
 
16,123
179,270
Valeo SE
 
60,019
589,360
 
  
  
1,083,485
Automobiles - 0.0%
  
  
  
Trigano SA
 
2,409
284,638
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Cie des Alpes
 
5,589
109,662
Elior Group SA (b)(d)(e)
  
32,589
98,351
Pierre Et Vacances SA (b)
  
39,563
61,849
 
  
  
269,862
Household Durables - 0.1%
  
  
  
Kaufman & Broad SA
 
3,280
128,379
SEB SA
 
6,795
636,601
 
  
  
764,980
Leisure Products - 0.0%
  
  
  
Beneteau SACA
 
10,510
95,548
Specialty Retail - 0.0%
  
  
  
Fnac Darty SA
 
3,321
115,330
TOTAL CONSUMER DISCRETIONARY
  
  
2,613,843
 
  
  
  
Consumer Staples - 0.1%
  
  
  
Beverages - 0.1%
  
  
  
Remy Cointreau SA
 
6,507
352,769
Personal Care Products - 0.0%
  
  
  
Interparfums SA
 
6,267
246,958
TOTAL CONSUMER STAPLES
  
  
599,727
 
  
  
  
Energy - 0.5%
  
  
  
Energy Equipment & Services - 0.3%
  
  
  
Technip Energies NV
 
36,814
1,255,313
Vallourec SACA (b)
  
44,838
828,208
 
  
  
2,083,521
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
Esso SA Francaise
 
724
115,892
Etablissements Maurel et Prom SA
 
17,206
88,687
Gaztransport Et Technigaz SA
 
9,693
1,579,027
 
  
  
1,783,606
TOTAL ENERGY
  
  
3,867,127
 
  
  
  
Financials - 0.5%
  
  
  
Capital Markets - 0.0%
  
  
  
Antin Infrastructure Partners SA
 
8,701
101,526
Financial Services - 0.2%
  
  
  
Peugeot Invest SA
 
1,416
116,459
Pluxee France SA
 
24,506
549,125
Wendel SE
 
6,780
663,614
Worldline SA/France (b)(d)(e)
  
59,026
325,645
 
  
  
1,654,843
Insurance - 0.3%
  
  
  
Coface SA
 
29,162
594,981
SCOR SE
 
41,930
1,310,062
 
  
  
1,905,043
TOTAL FINANCIALS
  
  
3,661,412
 
  
  
  
Health Care - 0.1%
  
  
  
Health Care Providers & Services - 0.0%
  
  
  
Clariane SE (b)
  
30,198
127,329
Emeis SA (b)(c)
  
20,150
257,670
 
  
  
384,999
Health Care Technology - 0.0%
  
  
  
Equasens (c)
  
1,479
64,925
Pharmaceuticals - 0.1%
  
  
  
Virbac SACA
 
1,162
408,273
TOTAL HEALTH CARE
  
  
858,197
 
  
  
  
Industrials - 0.8%
  
  
  
Aerospace & Defense - 0.0%
  
  
  
Exosens SAS (b)
  
5,455
212,273
LISI SA
 
4,570
143,147
 
  
  
355,420
Air Freight & Logistics - 0.1%
  
  
  
ID Logistics Group SACA (b)
  
907
405,861
Commercial Services & Supplies - 0.6%
  
  
  
Derichebourg SA
 
25,977
178,187
Elis SA
 
45,571
1,164,662
Seche Environnement SACA
 
589
60,453
Societe BIC SA
 
6,349
409,970
SPIE SA
 
39,517
1,926,765
 
  
  
3,740,037
Electrical Equipment - 0.1%
  
  
  
Mersen SA
 
6,190
132,113
Nexans SA
 
8,968
977,334
 
  
  
1,109,447
Machinery - 0.0%
  
  
  
Manitou BF SA
 
2,797
64,321
Passenger Airlines - 0.0%
  
  
  
Air France-KLM (b)
  
32,700
283,833
Professional Services - 0.0%
  
  
  
Assystem SA (c)
  
1,750
75,731
TOTAL INDUSTRIALS
  
  
6,034,650
 
  
  
  
Information Technology - 0.3%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
VusionGroup
 
1,776
354,907
IT Services - 0.2%
  
  
  
Alten SA
 
8,200
686,949
Aubay
 
1,852
96,510
Sopra Steria Group
 
3,941
803,621
Wavestone (c)
  
1,982
105,417
 
  
  
1,692,497
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
SOITEC (b)
  
7,437
417,965
Software - 0.0%
  
  
  
Planisware SA (b)
  
5,437
147,207
Technology Hardware, Storage & Peripherals - 0.0%
  
  
  
Quadient SA
 
7,764
146,532
TOTAL INFORMATION TECHNOLOGY
  
  
2,759,108
 
  
  
  
Materials - 0.2%
  
  
  
Construction Materials - 0.1%
  
  
  
Imerys SA
 
9,385
311,299
Vicat SACA
 
4,353
242,620
 
  
  
553,919
Containers & Packaging - 0.1%
  
  
  
Verallia SA (d)(e)
  
19,795
658,391
Metals & Mining - 0.0%
  
  
  
Eramet SA (c)
  
2,284
125,749
TOTAL MATERIALS
  
  
1,338,059
 
  
  
  
Real Estate - 0.1%
  
  
  
Diversified REITs - 0.0%
  
  
  
ICADE
 
9,325
220,784
Real Estate Management & Development - 0.0%
  
  
  
Nexity SA (b)(c)
  
10,353
107,725
Residential REITs - 0.0%
  
  
  
Altarea SCA
 
1,494
172,023
Retail REITs - 0.1%
  
  
  
Carmila SA (b)
  
15,697
340,710
Mercialys SA (b)
  
25,931
346,049
 
  
  
686,759
TOTAL REAL ESTATE
  
  
1,187,291
 
  
  
  
Utilities - 0.1%
  
  
  
Gas Utilities - 0.1%
  
  
  
Rubis SCA
 
21,164
684,744
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Voltalia SA (b)(c)
  
11,135
92,084
TOTAL UTILITIES
  
  
776,828
 
  
  
  
TOTAL FRANCE
  
  
26,415,266
GEORGIA - 0.2%
 
  
  
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
Lion Finance Group PLC
 
9,714
776,751
TBC Bank Group PLC
 
11,536
727,191
 
  
  
  
TOTAL GEORGIA
  
  
1,503,942
GERMANY - 3.9%
 
  
  
Communication Services - 0.3%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
United Internet AG
 
21,314
480,255
Media - 0.1%
  
  
  
ProSiebenSat.1 Media SE (c)
  
38,437
267,574
Stroeer SE & Co KGaA
 
9,300
553,114
 
  
  
820,688
Wireless Telecommunication Services - 0.2%
  
  
  
1&1 AG
 
9,541
169,045
Freenet AG
 
32,722
1,358,213
 
  
  
1,527,258
TOTAL COMMUNICATION SERVICES
  
  
2,828,201
 
  
  
  
Consumer Discretionary - 0.5%
  
  
  
Automobile Components - 0.1%
  
  
  
SAF-Holland SE
 
12,417
223,940
Schaeffler AG
 
51,794
221,556
 
  
  
445,496
Hotels, Restaurants & Leisure - 0.1%
  
  
  
TUI AG (b)
  
124,930
954,741
Specialty Retail - 0.2%
  
  
  
About You Holding SE (b)
  
8,096
61,449
Auto1 Group SE (b)(d)(e)
  
35,842
855,112
CECONOMY AG (b)
  
39,263
138,997
Douglas AG (b)
  
8,748
103,660
Fielmann Group AG
 
6,930
392,533
Hornbach Holding AG & Co KGaA
 
2,839
318,722
 
  
  
1,870,473
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
HUGO BOSS AG (c)
  
12,702
526,223
TOTAL CONSUMER DISCRETIONARY
  
  
3,796,933
 
  
  
  
Consumer Staples - 0.1%
  
  
  
Consumer Staples Distribution & Retail - 0.1%
  
  
  
HelloFresh SE (b)(c)
  
43,263
448,642
Food Products - 0.0%
  
  
  
Suedzucker AG (c)
  
17,386
233,985
TOTAL CONSUMER STAPLES
  
  
682,627
 
  
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Verbio SE (c)
  
6,291
73,904
Financials - 0.2%
  
  
  
Capital Markets - 0.1%
  
  
  
flatexDEGIRO AG
 
22,917
599,712
Mutares SE & Co KGaA (c)
  
3,740
135,579
 
  
  
735,291
Financial Services - 0.1%
  
  
  
Deutsche Pfandbriefbank AG (b)(c)(d)(e)
  
37,242
227,824
GRENKE AG
 
7,077
107,590
Hypoport SE (b)
  
1,134
262,069
 
  
  
597,483
Insurance - 0.0%
  
  
  
Wuestenrot & Wuerttembergische AG
 
6,672
107,329
TOTAL FINANCIALS
  
  
1,440,103
 
  
  
  
Health Care - 0.3%
  
  
  
Biotechnology - 0.0%
  
  
  
CureVac NV (Germany) (b)(c)
  
28,384
103,989
Formycon AG (b)(c)
  
1,877
49,331
 
  
  
153,320
Health Care Equipment & Supplies - 0.1%
  
  
  
Carl Zeiss Meditec Ag
 
9,777
665,660
Eckert & Ziegler SE
 
4,020
273,243
 
  
  
938,903
Life Sciences Tools & Services - 0.2%
  
  
  
Evotec SE (b)(c)
  
39,431
330,055
Gerresheimer AG
 
9,591
645,391
Schott Pharma AG & Co KGaA (c)
  
10,377
290,951
 
  
  
1,266,397
Pharmaceuticals - 0.0%
  
  
  
Dermapharm Holding SE
 
4,472
195,045
TOTAL HEALTH CARE
  
  
2,553,665
 
  
  
  
Industrials - 1.1%
  
  
  
Aerospace & Defense - 0.2%
  
  
  
Hensoldt AG
 
17,456
1,348,657
Montana Aerospace Ag (b)(d)(e)
  
7,416
148,257
 
  
  
1,496,914
Commercial Services & Supplies - 0.1%
  
  
  
Bilfinger SE
 
7,822
661,042
Cewe Stiftung & Co KGAA
 
1,462
168,935
Takkt AG
 
6,467
55,679
 
  
  
885,656
Construction & Engineering - 0.0%
  
  
  
Thyssenkrupp Nucera AG & Co KGaa (b)(c)(d)(e)
  
7,230
74,902
Electrical Equipment - 0.1%
  
  
  
Energiekontor AG (c)
  
1,847
88,403
Nordex SE (b)
  
32,812
612,951
PNE AG (c)
  
8,664
151,151
SGL Carbon SE (b)(c)
  
17,184
68,231
 
  
  
920,736
Ground Transportation - 0.0%
  
  
  
Sixt SE (c)
  
3,850
364,183
Industrial Conglomerates - 0.0%
  
  
  
MBB SE
 
427
76,913
Machinery - 0.6%
  
  
  
Deutz AG
 
35,812
275,468
Duerr AG
 
14,385
338,143
JOST Werke SE (d)(e)
  
3,379
189,672
KION Group AG
 
19,767
833,470
Krones AG
 
3,943
573,541
Norma Group SE
 
8,503
105,766
Pfeiffer Vacuum Technology AG
 
959
169,044
RENK GmbH
 
16,477
987,057
Stabilus SE
 
6,758
186,036
Vossloh AG
 
2,668
209,153
Wacker Neuson SE (c)
  
8,551
228,613
 
  
  
4,095,963
Trading Companies & Distributors - 0.0%
  
  
  
Kloeckner & Co SE
 
14,617
116,740
Transportation Infrastructure - 0.1%
  
  
  
Fraport AG Frankfurt Airport Services Worldwide (b)(c)
  
10,268
677,570
TOTAL INDUSTRIALS
  
  
8,709,577
 
  
  
  
Information Technology - 0.6%
  
  
  
Communications Equipment - 0.0%
  
  
  
Adtran Networks SE (c)
  
5,190
119,354
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
Jenoptik AG
 
14,268
281,568
Softwareone Holding AG (b)
  
32,427
223,946
 
  
  
505,514
IT Services - 0.3%
  
  
  
Adesso SE
 
1,016
112,565
Bechtle AG
 
22,464
951,768
CANCOM SE
 
6,980
213,102
GFT Technologies SE
 
4,818
135,360
IONOS Group SE (b)
  
11,659
386,991
Nagarro SE
 
1,895
134,172
Secunet Security Network Ag (c)
  
451
104,738
 
  
  
2,038,696
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
AIXTRON SE
 
31,476
421,294
Elmos Semiconductor SE
 
1,985
133,798
Siltronic AG
 
4,518
182,209
SMA Solar Technology AG (c)
  
4,098
70,472
SUSS MicroTec SE
 
4,958
187,934
 
  
  
995,707
Software - 0.1%
  
  
  
Atoss Software SE
 
2,646
396,272
Northern Data AG (b)(c)
  
3,564
99,322
TeamViewer SE (b)(d)(e)
  
40,099
611,891
 
  
  
1,107,485
TOTAL INFORMATION TECHNOLOGY
  
  
4,766,756
 
  
  
  
Materials - 0.5%
  
  
  
Chemicals - 0.2%
  
  
  
K+S AG
 
46,564
808,658
LANXESS AG
 
23,969
711,959
Wacker Chemie AG
 
5,064
378,625
 
  
  
1,899,242
Metals & Mining - 0.3%
  
  
  
Aurubis AG (c)
  
8,621
747,610
Salzgitter AG
 
6,828
168,006
thyssenkrupp AG
 
136,843
1,569,352
 
  
  
2,484,968
TOTAL MATERIALS
  
  
4,384,210
 
  
  
  
Real Estate - 0.3%
  
  
  
Real Estate Management & Development - 0.3%
  
  
  
Aroundtown SA (b)
  
210,143
624,195
Grand City Properties SA (b)
  
19,260
229,096
Patrizia SE (c)
  
11,679
97,245
Sirius Real Estate Ltd
 
418,717
515,893
TAG Immobilien AG (b)
  
48,068
778,690
 
  
  
2,245,119
Retail REITs - 0.0%
  
  
  
Hamborner REIT AG (b)
  
20,435
144,686
TOTAL REAL ESTATE
  
  
2,389,805
 
  
  
  
TOTAL GERMANY
  
  
31,625,781
GUATEMALA - 0.1%
 
  
  
Communication Services - 0.1%
  
  
  
Wireless Telecommunication Services - 0.1%
  
  
  
Millicom International Cellular SA
 
28,334
978,656
HONG KONG - 1.1%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
HKBN Ltd
 
286,000
186,964
PCCW Ltd
 
1,165,000
776,607
 
  
  
963,571
Wireless Telecommunication Services - 0.0%
  
  
  
Hutchison Telecommunications Hong Kong Holdings Ltd (c)
  
408,000
53,133
Smartone Telecommunications Hldgs Ltd
 
92,000
50,415
 
  
  
103,548
TOTAL COMMUNICATION SERVICES
  
  
1,067,119
 
  
  
  
Consumer Discretionary - 0.2%
  
  
  
Automobile Components - 0.0%
  
  
  
Johnson Electric Holdings Ltd
 
101,035
184,467
Automobiles - 0.0%
  
  
  
Polestar Automotive Holding UK PLC Class A ADR (b)(c)
  
117,049
121,731
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Cafe de Coral Holdings Ltd
 
100,000
91,934
Melco International Development Ltd (b)(c)
  
164,000
68,513
Melco Resorts & Entertainment Ltd ADR (b)
  
52,381
269,762
Super Hi International Holding Ltd (b)(c)
  
60,000
130,125
 
  
  
560,334
Household Durables - 0.0%
  
  
  
Man Wah Holdings Ltd
 
426,000
226,304
Specialty Retail - 0.0%
  
  
  
Luk Fook Holdings International Ltd
 
87,000
189,804
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Stella International Holdings Ltd
 
159,000
284,968
Viva Goods Company Ltd (c)
  
952,000
44,190
Yue Yuen Industrial Holdings Ltd
 
222,500
319,595
 
  
  
648,753
TOTAL CONSUMER DISCRETIONARY
  
  
1,931,393
 
  
  
  
Consumer Staples - 0.1%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
DFI Retail Group Holdings Ltd
 
92,200
232,726
Food Products - 0.1%
  
  
  
Vitasoy International Holdings Ltd
 
194,000
250,142
TOTAL CONSUMER STAPLES
  
  
482,868
 
  
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
United Energy Group Ltd
 
1,780,000
92,952
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
Bank of East Asia Ltd/The
 
255,581
351,953
Dah Sing Banking Group Ltd
 
110,400
119,146
Dah Sing Financial Holdings Ltd
 
52,000
189,747
 
  
  
660,846
Capital Markets - 0.0%
  
  
  
Guotai Junan International Holdings Ltd
 
799,000
103,022
TOTAL FINANCIALS
  
  
763,868
 
  
  
  
Health Care - 0.1%
  
  
  
Pharmaceuticals - 0.1%
  
  
  
United Laboratories International Holdings Ltd/The
 
272,000
487,493
Industrials - 0.1%
  
  
  
Construction & Engineering - 0.0%
  
  
  
Envision Greenwise Holdings Ltd (b)(e)
  
173,000
184,028
Electrical Equipment - 0.0%
  
  
  
Time Interconnect Technology Ltd
 
168,000
88,163
Industrial Conglomerates - 0.0%
  
  
  
CTF Services Ltd
 
277,000
262,156
Marine Transportation - 0.1%
  
  
  
Pacific Basin Shipping Ltd
 
1,426,000
319,929
Trading Companies & Distributors - 0.0%
  
  
  
Hao Tian International Construction Investment Group Ltd (b)(c)
  
736,000
43,179
Realord Group Holdings Ltd (b)
  
122,000
111,373
 
  
  
154,552
Transportation Infrastructure - 0.0%
  
  
  
Hutchison Port Holdings Trust
 
1,302,400
193,891
TOTAL INDUSTRIALS
  
  
1,202,719
 
  
  
  
Information Technology - 0.2%
  
  
  
Communications Equipment - 0.0%
  
  
  
VTech Holdings Ltd
 
45,500
306,243
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Cowell e Holdings Inc (b)(c)
  
73,000
209,430
PAX Global Technology Ltd
 
195,000
117,418
 
  
  
326,848
IT Services - 0.0%
  
  
  
SUNeVision Holdings Ltd
 
193,000
160,510
Semiconductors & Semiconductor Equipment - 0.2%
  
  
  
ASMPT Ltd
 
84,600
569,410
TOTAL INFORMATION TECHNOLOGY
  
  
1,363,011
 
  
  
  
Real Estate - 0.2%
  
  
  
Real Estate Management & Development - 0.2%
  
  
  
Hang Lung Group Ltd
 
218,000
313,131
Hang Lung Properties Ltd
 
530,203
435,478
Hysan Development Co Ltd
 
170,000
277,503
Kerry Properties Ltd
 
160,500
377,058
New World Development Co Ltd (b)(c)
  
384,000
235,680
 
  
  
1,638,850
Retail REITs - 0.0%
  
  
  
Fortune Real Estate Investment Trust
 
418,000
233,911
TOTAL REAL ESTATE
  
  
1,872,761
 
  
  
  
TOTAL HONG KONG
  
  
9,264,184
INDONESIA - 0.1%
 
  
  
Consumer Staples - 0.1%
  
  
  
Food Products - 0.1%
  
  
  
First Pacific Co Ltd
 
648,000
436,144
First Resources Ltd
 
155,800
180,258
Golden Agri-Resources Ltd
 
1,958,700
360,053
 
  
  
976,455
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Nickel Industries Ltd
 
461,900
166,802
TOTAL INDONESIA
  
  
1,143,257
IRELAND - 0.3%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Dalata Hotel Group PLC
 
49,833
285,654
Household Durables - 0.1%
  
  
  
Cairn Homes PLC (Ireland)
 
172,072
377,778
Glenveagh Properties PLC (b)(d)(e)
  
153,985
288,178
 
  
  
665,956
TOTAL CONSUMER DISCRETIONARY
  
  
951,610
 
  
  
  
Consumer Staples - 0.2%
  
  
  
Beverages - 0.0%
  
  
  
C&C Group PLC
 
104,688
191,976
Food Products - 0.2%
  
  
  
Glanbia PLC
 
52,945
683,758
Greencore Group PLC
 
122,601
302,272
 
  
  
986,030
TOTAL CONSUMER STAPLES
  
  
1,178,006
 
  
  
  
Health Care - 0.0%
  
  
  
Health Care Providers & Services - 0.0%
  
  
  
Uniphar PLC
 
67,998
228,013
Pharmaceuticals - 0.0%
  
  
  
COSMO Pharmaceuticals NV
 
2,229
128,687
TOTAL HEALTH CARE
  
  
356,700
 
  
  
  
Real Estate - 0.0%
  
  
  
Residential REITs - 0.0%
  
  
  
Irish Residential Properties Reit PLC
 
142,748
164,946
TOTAL IRELAND
  
  
2,651,262
ISRAEL - 3.1%
 
  
  
Communication Services - 0.2%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Bezeq The Israeli Telecommunication Corp Ltd
 
569,954
864,552
Wireless Telecommunication Services - 0.1%
  
  
  
Cellcom Israel Ltd (b)
  
29,886
188,479
Partner Communications Co Ltd
 
38,635
256,501
 
  
  
444,980
TOTAL COMMUNICATION SERVICES
  
  
1,309,532
 
  
  
  
Consumer Discretionary - 0.1%
  
  
  
Distributors - 0.0%
  
  
  
Tadiran Group Ltd
 
968
53,785
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Fattal Holdings 1998 Ltd (b)
  
2,050
267,584
Household Durables - 0.0%
  
  
  
Azorim-Investment Development & Construction Co Ltd
 
20,127
92,420
Danya Cebus Ltd
 
2,185
62,805
Electra Consumer Products 1970 Ltd
 
3,487
96,014
 
  
  
251,239
Specialty Retail - 0.1%
  
  
  
Delek Automotive Systems Ltd (b)
  
13,690
98,526
Fox Wizel Ltd
 
2,222
186,599
Retailors Ltd
 
5,076
104,657
 
  
  
389,782
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Delta Galil Ltd
 
2,871
135,304
TOTAL CONSUMER DISCRETIONARY
  
  
1,097,694
 
  
  
  
Consumer Staples - 0.2%
  
  
  
Consumer Staples Distribution & Retail - 0.1%
  
  
  
M Yochananof & Sons Ltd
 
1,428
96,572
Rami Levy Chain Stores Hashikma Marketing 2006 Ltd
 
2,540
194,249
Shufersal Ltd
 
55,468
519,005
 
  
  
809,826
Food Products - 0.0%
  
  
  
Strauss Group Ltd
 
14,563
329,914
Personal Care Products - 0.1%
  
  
  
Oddity Tech Ltd Class A (b)(c)
  
9,409
578,089
TOTAL CONSUMER STAPLES
  
  
1,717,829
 
  
  
  
Energy - 0.2%
  
  
  
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
Delek Group Ltd
 
2,482
394,768
Energean PLC
 
43,276
508,685
Equital Ltd (b)
  
6,545
244,962
Oil Refineries Ltd
 
677,506
169,793
Paz Retail And Energy Ltd
 
2,517
354,339
 
  
  
1,672,547
Financials - 0.7%
  
  
  
Banks - 0.1%
  
  
  
FIBI Holdings Ltd
 
4,919
284,538
First International Bank of Israel Ltd
 
15,143
831,418
 
  
  
1,115,956
Capital Markets - 0.2%
  
  
  
Plus500 Ltd
 
20,289
829,021
Tel Aviv Stock Exchange Ltd
 
25,319
310,795
 
  
  
1,139,816
Consumer Finance - 0.0%
  
  
  
Isracard Ltd
 
53,019
249,720
Insurance - 0.4%
  
  
  
Clal Insurance Enterprises Holdings Ltd
 
17,261
472,430
Harel Insurance Investments & Financial Services Ltd
 
30,879
512,606
Menora Mivtachim Holdings Ltd
 
6,036
318,963
Migdal Insurance & Financial Holdings Ltd
 
115,062
221,078
Phoenix Financial Ltd
 
61,899
1,219,083
 
  
  
2,744,160
TOTAL FINANCIALS
  
  
5,249,652
 
  
  
  
Industrials - 0.4%
  
  
  
Aerospace & Defense - 0.0%
  
  
  
Bet Shemesh Engines Holdings 1997 Ltd (b)
  
2,003
267,503
Construction & Engineering - 0.2%
  
  
  
Ashtrom Group Ltd
 
13,910
219,331
Elco Ltd
 
2,983
131,975
Electra Ltd/Israel
 
580
309,202
Kvutzat Acro Ltd
 
7,369
99,324
Shapir Engineering and Industry Ltd
 
44,636
311,307
Shikun & Binui Ltd (b)
  
91,169
298,882
 
  
  
1,370,021
Machinery - 0.0%
  
  
  
Kornit Digital Ltd (b)
  
13,232
249,820
Marine Transportation - 0.1%
  
  
  
ZIM Integrated Shipping Services Ltd (c)
  
33,422
513,028
Passenger Airlines - 0.0%
  
  
  
El Al Israel Airlines (b)
  
68,703
209,184
Professional Services - 0.1%
  
  
  
Danel Adir Yeoshua Ltd
 
1,374
148,536
Hilan Ltd
 
4,451
283,887
 
  
  
432,423
TOTAL INDUSTRIALS
  
  
3,041,979
 
  
  
  
Information Technology - 0.5%
  
  
  
Communications Equipment - 0.0%
  
  
  
Ituran Location and Control Ltd
 
4,537
163,060
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
Nayax Ltd (b)
  
3,539
148,404
Next Vision Stabilized Systems Ltd
 
16,721
439,271
 
  
  
587,675
IT Services - 0.1%
  
  
  
Formula Systems 1985 Ltd
 
2,613
230,635
Matrix IT Ltd
 
9,700
237,206
One Software Technologies Ltd
 
12,795
241,903
 
  
  
709,744
Semiconductors & Semiconductor Equipment - 0.2%
  
  
  
Camtek Ltd/Israel (Israel) (b)
  
8,187
538,143
Tower Semiconductor Ltd (b)
  
30,350
1,098,390
 
  
  
1,636,533
Software - 0.1%
  
  
  
Cellebrite DI Ltd (b)
  
26,646
527,324
Magic Software Enterprises Ltd (Israel)
 
7,646
105,538
Radware Ltd (b)
  
9,707
231,609
Sapiens International Corp NV (Israel)
 
9,199
251,648
SimilarWeb Ltd (b)
  
11,477
86,537
 
  
  
1,202,656
TOTAL INFORMATION TECHNOLOGY
  
  
4,299,668
 
  
  
  
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Israel Corp Ltd Class A1
 
1,048
329,515
Real Estate - 0.7%
  
  
  
Diversified REITs - 0.1%
  
  
  
Reit 1 Ltd
 
54,016
280,541
Sella Capital Real Estate Ltd
 
62,921
153,885
 
  
  
434,426
Real Estate Management & Development - 0.6%
  
  
  
Africa Israel Residences Ltd
 
1,621
107,041
Airport City Ltd (b)
  
15,975
237,317
Alony Hetz Properties & Investments Ltd
 
44,769
373,377
Amot Investments Ltd
 
65,404
345,617
Aura Investments Ltd
 
42,591
222,608
Big Shopping Centers Ltd (b)
  
4,377
638,559
Blue Square Real Estate Ltd
 
1,446
123,181
Electra Real Estate Ltd (b)
  
8,488
104,705
G City Ltd
 
30,338
104,793
Israel Canada T.R Ltd
 
42,694
138,909
Isras Holdings Ltd (b)
  
994
106,828
Isras Investment Co Ltd
 
360
77,658
Mega Or Holdings Ltd
 
6,406
217,403
Melisron Ltd
 
7,144
606,810
Mivne Real Estate Kd Ltd
 
163,576
477,371
Prashkovsky Investments and Construction Ltd
 
2,104
54,175
Summit Real Estate Holdings Ltd
 
11,268
165,968
YH Dimri Construction & Development Ltd
 
2,581
217,173
 
  
  
4,319,493
TOTAL REAL ESTATE
  
  
4,753,919
 
  
  
  
Utilities - 0.1%
  
  
  
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
Energix-Renewable Energies Ltd
 
75,596
223,523
Enlight Renewable Energy Ltd (b)
  
32,256
521,284
OPC Energy Ltd (b)
  
35,474
334,556
OY Nofar Energy Ltd (b)
  
5,510
128,747
 
  
  
1,208,110
TOTAL ISRAEL
  
  
24,680,445
ITALY - 3.1%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
RAI Way SpA (d)(e)
  
26,926
184,239
Entertainment - 0.0%
  
  
  
Juventus Football Club SpA (b)(c)
  
42,684
149,706
Media - 0.1%
  
  
  
Arnoldo Mondadori Editore SpA
 
36,431
88,526
MFE-MediaForEurope NV Class A
 
46,183
167,210
MFE-MediaForEurope NV Class B
 
15,642
75,841
 
  
  
331,577
TOTAL COMMUNICATION SERVICES
  
  
665,522
 
  
  
  
Consumer Discretionary - 0.6%
  
  
  
Automobile Components - 0.1%
  
  
  
Brembo NV
 
41,667
388,004
CIR SpA-Compagnie Industriali (b)
  
137,888
91,068
Pirelli & C SpA (d)(e)
  
109,266
671,394
 
  
  
1,150,466
Automobiles - 0.0%
  
  
  
Piaggio & C SpA (c)
  
49,251
96,300
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Lottomatica Group Spa
 
48,460
1,100,154
Household Durables - 0.1%
  
  
  
De' Longhi SpA
 
20,658
636,546
Leisure Products - 0.1%
  
  
  
Ferretti SpA (c)
  
43,202
123,332
Sanlorenzo SpA/Ameglia (c)
  
4,496
143,631
Technogym SpA (d)(e)
  
33,471
450,462
 
  
  
717,425
Textiles, Apparel & Luxury Goods - 0.2%
  
  
  
Brunello Cucinelli SpA
 
9,351
1,050,006
OVS SpA (d)(e)
  
44,893
161,420
Salvatore Ferragamo SpA (c)
  
14,039
87,234
 
  
  
1,298,660
TOTAL CONSUMER DISCRETIONARY
  
  
4,999,551
 
  
  
  
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
MARR SpA
 
9,349
103,051
Personal Care Products - 0.0%
  
  
  
Intercos SpA
 
14,719
221,770
Pharmanutra SpA
 
959
58,448
 
  
  
280,218
TOTAL CONSUMER STAPLES
  
  
383,269
 
  
  
  
Energy - 0.1%
  
  
  
Energy Equipment & Services - 0.1%
  
  
  
Saipem SpA (b)
  
354,813
820,380
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
d'Amico International Shipping SA
 
13,919
51,562
TOTAL ENERGY
  
  
871,942
 
  
  
  
Financials - 0.9%
  
  
  
Banks - 0.5%
  
  
  
Banca Monte dei Paschi di Siena SpA
 
224,937
1,889,744
Banca Popolare di Sondrio SPA
 
99,501
1,239,917
Banco di Desio e della Brianza SpA
 
9,288
79,545
Credito Emiliano SpA
 
23,648
323,619
 
  
  
3,532,825
Capital Markets - 0.3%
  
  
  
Azimut Holding SpA
 
31,834
879,580
Banca Generali SpA
 
16,047
947,118
Tamburi Investment Partners SpA (c)
  
27,804
237,493
 
  
  
2,064,191
Financial Services - 0.1%
  
  
  
Banca IFIS SpA
 
6,856
171,336
BFF Bank SpA (b)(d)(e)
  
49,601
468,067
 
  
  
639,403
TOTAL FINANCIALS
  
  
6,236,419
 
  
  
  
Health Care - 0.0%
  
  
  
Health Care Equipment & Supplies - 0.0%
  
  
  
El.En. SpA
 
13,625
136,369
Industrials - 0.5%
  
  
  
Building Products - 0.1%
  
  
  
Ariston Holding NV
 
19,012
85,591
Carel Industries SpA (d)(e)
  
14,037
280,826
LU-VE SpA
 
2,293
73,902
 
  
  
440,319
Commercial Services & Supplies - 0.0%
  
  
  
Fila SpA Class A
 
8,503
110,583
Construction & Engineering - 0.1%
  
  
  
Maire SpA
 
41,041
441,686
Webuild SpA
 
141,121
509,982
Webuild SpA warrants 8/2/2030 (b)
  
6,588
23,808
 
  
  
975,476
Electrical Equipment - 0.0%
  
  
  
Cembre SpA
 
1,659
91,715
Machinery - 0.3%
  
  
  
Danieli & C Officine Meccaniche SpA (c)
  
2,838
97,415
Fincantieri SpA (b)
  
26,537
344,215
GVS SpA (b)(d)(e)
  
23,564
114,119
Industrie De Nora SpA (c)
  
8,211
58,881
Interpump Group SpA
 
20,851
710,521
Iveco Group NV
 
48,320
766,624
 
  
  
2,091,775
Transportation Infrastructure - 0.0%
  
  
  
Enav Spa (d)(e)
  
75,091
332,101
TOTAL INDUSTRIALS
  
  
4,041,969
 
  
  
  
Information Technology - 0.2%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Sesa SpA
 
2,067
173,512
IT Services - 0.2%
  
  
  
Reply SpA
 
6,201
1,101,489
Wiit SpA
 
3,321
57,938
 
  
  
1,159,427
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Technoprobe SpA (b)(c)
  
45,236
289,538
TOTAL INFORMATION TECHNOLOGY
  
  
1,622,477
 
  
  
  
Materials - 0.2%
  
  
  
Chemicals - 0.0%
  
  
  
SOL SpA
 
11,327
516,480
Construction Materials - 0.2%
  
  
  
Buzzi SpA
 
23,787
1,242,800
Containers & Packaging - 0.0%
  
  
  
Zignago Vetro Spa (c)
  
7,996
80,256
TOTAL MATERIALS
  
  
1,839,536
 
  
  
  
Real Estate - 0.0%
  
  
  
Diversified REITs - 0.0%
  
  
  
Stoneweg European Real Estate Investment Trust (e)
  
93,690
159,165
Utilities - 0.5%
  
  
  
Gas Utilities - 0.1%
  
  
  
Ascopiave SpA
 
20,485
76,465
Italgas SpA
 
133,990
1,098,964
 
  
  
1,175,429
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
ERG SpA
 
14,483
295,491
Multi-Utilities - 0.4%
  
  
  
A2A SpA
 
430,744
1,092,561
ACEA SpA
 
11,713
274,670
Hera SpA
 
225,324
1,063,406
Iren SpA
 
180,415
513,819
 
  
  
2,944,456
TOTAL UTILITIES
  
  
4,415,376
 
  
  
  
TOTAL ITALY
  
  
25,371,595
JAPAN - 36.1%
 
  
  
Communication Services - 1.2%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Internet Initiative Japan Inc
 
29,900
553,123
U-Next Holdings Co Ltd
 
17,200
245,645
 
  
  
798,768
Entertainment - 0.6%
  
  
  
Anycolor Inc
 
7,700
199,259
Cover Corp (b)(c)
  
9,500
144,912
Daiichikosho Co Ltd
 
19,700
229,957
DeNA Co Ltd
 
20,300
548,824
GREE Holdings Inc
 
19,800
74,363
GungHo Online Entertainment Inc
 
11,400
240,390
Koei Tecmo Holdings Co Ltd
 
23,300
398,926
MIXI Inc
 
9,200
203,973
Shochiku Co Ltd
 
2,300
215,555
Square Enix Holdings Co Ltd
 
21,900
1,268,080
Toei Animation Co Ltd
 
17,500
423,486
Toei Co Ltd
 
9,200
336,523
 
  
  
4,284,248
Interactive Media & Services - 0.1%
  
  
  
Kakaku.com Inc
 
35,700
631,704
Media - 0.4%
  
  
  
CyberAgent Inc
 
117,600
1,006,659
Fuji Media Holdings Inc
 
13,000
268,947
Hakuhodo DY Holdings Inc
 
58,100
435,811
Kadokawa Corp
 
24,400
654,626
Nippon Television Holdings Inc
 
14,500
334,561
Septeni Holdings Co Ltd
 
21,000
53,461
SKY Perfect JSAT Holdings Inc
 
45,400
365,156
TBS Holdings Inc
 
9,200
306,988
TV Asahi Holdings Corp
 
6,000
108,645
 
  
  
3,534,854
Wireless Telecommunication Services - 0.0%
  
  
  
Okinawa Cellular Telephone Co
 
5,900
174,755
TOTAL COMMUNICATION SERVICES
  
  
9,424,329
 
  
  
  
Consumer Discretionary - 6.0%
  
  
  
Automobile Components - 1.1%
  
  
  
Aisan Industry Co Ltd
 
8,900
120,073
Eagle Industry Co Ltd
 
5,600
71,909
Exedy Corp
 
7,400
222,031
FCC Co Ltd
 
9,000
184,368
JTEKT Corp
 
57,100
440,987
Koito Manufacturing Co Ltd
 
50,300
608,961
KYB Corp
 
9,500
194,080
Musashi Seimitsu Industry Co Ltd
 
12,700
216,552
NHK Spring Co Ltd
 
47,400
526,114
Nifco Inc/Japan
 
22,200
550,264
Niterra Co Ltd
 
41,100
1,276,866
NOK Corp
 
24,000
331,011
Pacific Industrial Co Ltd
 
10,600
92,893
Piolax Inc
 
4,700
71,956
Seiren Co Ltd
 
13,400
208,245
Shoei Co Ltd
 
13,700
160,207
Stanley Electric Co Ltd
 
34,400
644,068
Sumitomo Riko Co Ltd
 
10,200
116,425
Sumitomo Rubber Industries Ltd
 
46,600
586,655
Tokai Rika Co Ltd
 
14,300
212,930
Topre Corp
 
10,000
121,905
Toyo Tire Corp
 
29,900
558,142
Toyoda Gosei Co Ltd
 
15,800
302,673
Toyota Boshoku Corp
 
23,400
335,338
TS Tech Co Ltd
 
22,600
255,115
Yokohama Rubber Co Ltd/The
 
34,700
758,710
 
  
  
9,168,478
Automobiles - 0.2%
  
  
  
Mazda Motor Corp
 
163,500
977,537
Mitsubishi Motors Corp
 
182,400
504,958
Nissan Shatai Co Ltd
 
19,100
141,199
 
  
  
1,623,694
Broadline Retail - 0.8%
  
  
  
ASKUL Corp
 
10,000
106,239
Belluna Co Ltd
 
12,100
82,934
Isetan Mitsukoshi Holdings Ltd
 
89,500
1,150,475
Izumi Co Ltd
 
9,900
228,009
J Front Retailing Co Ltd
 
66,700
816,418
Mercari Inc (b)
  
31,900
516,948
Ryohin Keikaku Co Ltd
 
69,400
2,345,758
Seria Co Ltd
 
12,400
252,111
Takashimaya Co Ltd
 
76,000
585,972
 
  
  
6,084,864
Distributors - 0.0%
  
  
  
Arata Corp
 
7,500
166,807
Central Automotive Products Ltd
 
9,300
110,185
Doshisha Co Ltd
 
5,600
87,771
PALTAC Corp
 
7,700
212,937
 
  
  
577,700
Hotels, Restaurants & Leisure - 1.2%
  
  
  
Atom Corp (b)(c)
  
32,600
149,571
Colowide Co Ltd (c)
  
24,900
312,861
Create Restaurants Holdings Inc (c)
  
32,410
314,625
Doutor Nichires Holdings Co Ltd
 
8,200
152,495
Food & Life Cos Ltd
 
30,300
1,111,510
Fuji Kyuko Co Ltd
 
6,200
90,151
Fujita Kanko Inc
 
1,900
119,198
GENDA INC (b)(c)
  
15,200
114,813
Heiwa Corp
 
14,900
231,139
Hiday Hidaka Corp
 
7,500
162,610
HIS Co Ltd
 
13,900
164,490
Ichibanya Co Ltd
 
20,000
133,165
Imperial Hotel Ltd
 
11,500
72,468
KOMEDA Holdings Co Ltd
 
12,100
243,811
Koshidaka Holdings Co Ltd
 
14,200
100,606
Kura Sushi Inc (c)
  
5,500
121,748
Kyoritsu Maintenance Co Ltd
 
17,400
367,398
Matsuyafoods Holdings Co Ltd
 
2,400
99,706
McDonald's Holdings Co Japan Ltd
 
23,800
1,003,735
Metaplanet Inc (b)
  
76,000
204,112
Monogatari Corp/The
 
8,600
223,752
MOS Food Services Inc
 
7,200
186,068
Ohsho Food Service Corp
 
9,500
215,275
Resorttrust Inc
 
48,000
491,649
Round One Corp
 
56,000
347,797
Royal Holdings Co Ltd
 
8,000
145,363
Saizeriya Co Ltd
 
8,700
279,291
Skylark Holdings Co Ltd
 
62,500
1,295,855
Tokyotokeiba Co Ltd
 
3,900
114,561
Toridoll Holdings Corp
 
13,400
399,994
Yoshinoya Holdings Co Ltd
 
18,000
393,915
 
  
  
9,363,732
Household Durables - 0.9%
  
  
  
Casio Computer Co Ltd
 
52,800
412,927
ES-Con Japan Ltd
 
12,500
92,757
Fujitsu General Ltd
 
16,700
327,389
Haseko Corp
 
66,100
944,082
Iida Group Holdings Co Ltd
 
42,200
665,997
JVCKenwood Corp
 
40,900
305,220
Nagawa Co Ltd
 
2,200
94,474
Nikon Corp
 
77,100
741,351
Open House Group Co Ltd
 
21,600
954,461
Rinnai Corp
 
26,000
582,445
Sangetsu Corp
 
12,800
259,796
Sharp Corp/Japan (b)(c)
  
72,300
428,627
Sumitomo Forestry Co Ltd
 
42,400
1,218,207
Tama Home Co Ltd (c)
  
4,100
114,558
Tamron Co Ltd
 
9,400
211,365
Token Corp
 
1,500
139,845
Zojirushi Corp
 
10,200
97,877
 
  
  
7,591,378
Leisure Products - 0.5%
  
  
  
Mizuno Corp
 
14,100
250,976
Roland Corp
 
4,000
88,544
Sankyo Co Ltd
 
49,800
758,250
Sega Sammy Holdings Inc
 
43,000
899,969
Tomy Co Ltd
 
22,900
502,269
Tsuburaya Fields Holdings Inc
 
9,500
123,717
Universal Entertainment Corp
 
7,000
54,195
Yamaha Corp (c)
  
101,700
743,319
Yonex Co Ltd
 
16,600
270,978
 
  
  
3,692,217
Specialty Retail - 1.1%
  
  
  
ABC-Mart Inc
 
27,500
510,168
Adastria Co Ltd
 
7,400
150,660
Alpen Co Ltd
 
4,400
73,333
AOKI Holdings Inc
 
9,700
86,769
Aoyama Trading Co Ltd
 
11,400
163,609
ARCLANDS CORP
 
13,880
168,331
Autobacs Seven Co Ltd
 
18,500
192,013
Bic Camera Inc
 
26,100
279,565
DCM Holdings Co Ltd
 
26,400
250,743
EDION Corp
 
21,800
290,606
IDOM Inc
 
15,300
117,923
JINS Holdings Inc
 
3,200
200,532
Joyful Honda Co Ltd
 
15,100
214,175
K's Holdings Corp
 
34,300
328,534
Kohnan Shoji Co Ltd
 
5,400
141,817
Komeri Co Ltd
 
7,400
157,595
Nextage Co Ltd
 
11,900
148,563
Nishimatsuya Chain Co Ltd
 
10,800
166,857
Nojima Corp
 
16,900
304,124
PAL GROUP Holdings Co Ltd
 
11,300
314,152
Sanrio Co Ltd
 
49,100
1,951,912
Shimamura Co Ltd
 
12,100
804,974
USS Co Ltd
 
113,200
1,131,367
Workman Co Ltd (c)
  
5,500
173,870
Yamada Holdings Co Ltd
 
147,900
477,691
Yellow Hat Ltd
 
18,000
171,465
 
  
  
8,971,348
Textiles, Apparel & Luxury Goods - 0.2%
  
  
  
Goldwin Inc
 
5,900
337,420
Gunze Ltd
 
7,800
139,983
Japan Wool Textile Co Ltd/The
 
12,900
133,259
Onward Holdings Co Ltd
 
29,000
117,030
Seiko Group Corp
 
7,500
197,755
Wacoal Holdings Corp
 
10,000
349,000
 
  
  
1,274,447
TOTAL CONSUMER DISCRETIONARY
  
  
48,347,858
 
  
  
  
Consumer Staples - 3.0%
  
  
  
Beverages - 0.3%
  
  
  
Coca-Cola Bottlers Japan Holdings Inc
 
35,000
655,913
Ito En Ltd
 
14,500
346,527
Lifedrink Co Inc
 
9,400
111,698
Sapporo Holdings Ltd
 
17,300
960,731
Takara Holdings Inc
 
40,300
324,700
 
  
  
2,399,569
Consumer Staples Distribution & Retail - 0.9%
  
  
  
Aeon Hokkaido Corp
 
11,800
72,212
Ain Holdings Inc
 
7,300
282,085
Arcs Co Ltd
 
9,500
190,757
Axial Retailing Inc
 
17,100
130,122
Belc Co Ltd
 
2,800
138,649
Cosmos Pharmaceutical Corp
 
11,100
714,614
Create SD Holdings Co Ltd
 
7,600
161,855
Daikokutenbussan Co Ltd
 
1,900
100,993
Fuji Co Ltd/Ehime
 
8,700
126,624
Genky DrugStores Co Ltd
 
4,400
113,400
H2o Retailing Corp
 
26,000
354,777
Halows Co Ltd
 
2,700
81,860
Heiwado Co Ltd
 
7,800
145,220
Itochu-Shokuhin Co Ltd
 
1,400
94,293
Kato Sangyo Co Ltd
 
5,800
202,826
Kusuri no Aoki Holdings Co Ltd
 
14,600
348,203
Life Corp
 
9,400
135,826
Maxvalu Tokai Co Ltd
 
2,800
59,532
Mitsubishi Shokuhin Co Ltd
 
5,400
201,679
San-A Co Ltd
 
10,600
210,695
Sugi Holdings Co Ltd
 
29,000
609,491
Sundrug Co Ltd
 
19,900
665,839
Trial Holdings Inc (c)
  
10,400
165,841
Tsuruha Holdings Inc
 
10,300
826,637
United Super Markets Holdings Inc
 
24,700
158,759
Valor Holdings Co Ltd
 
9,900
173,586
Welcia Holdings Co Ltd
 
26,200
461,313
Yaoko Co Ltd
 
5,200
347,576
 
  
  
7,275,264
Food Products - 1.4%
  
  
  
Ariake Japan Co Ltd
 
4,900
205,623
Calbee Inc
 
22,300
448,012
DyDo Group Holdings Inc
 
4,600
93,847
Ezaki Glico Co Ltd
 
14,000
461,281
FUJI OIL CO LTD /Osaka
 
12,100
265,222
House Foods Group Inc
 
16,400
321,221
Itoham Yonekyu Holdings Inc
 
6,960
217,835
Kagome Co Ltd
 
20,800
427,405
Kameda Seika Co Ltd
 
3,800
105,245
Kewpie Corp
 
27,000
613,533
Kotobuki Spirits Co Ltd
 
28,100
417,235
Maruha Nichiro Corp
 
11,000
251,035
Megmilk Snow Brand Co Ltd
 
12,700
233,162
Mitsui DM Sugar Co Ltd
 
4,100
98,070
Morinaga & Co Ltd/Japan
 
19,100
340,041
Morinaga Milk Industry Co Ltd
 
18,500
439,145
NH Foods Ltd
 
24,000
906,080
Nichirei Corp
 
56,200
770,920
Nippn Corp
 
12,800
201,427
Nisshin Oillio Group Ltd/The
 
7,400
254,896
Nisshin Seifun Group Inc
 
58,400
753,460
Nissui Corp
 
78,000
474,415
Prima Meat Packers Ltd
 
7,000
112,603
Riken Vitamin Co Ltd
 
4,900
85,368
S Foods Inc
 
5,000
94,244
Sakata Seed Corp
 
7,700
177,986
Showa Sangyo Co Ltd
 
5,200
110,015
Toyo Suisan Kaisha Ltd
 
24,400
1,573,423
Yamazaki Baking Co Ltd
 
33,100
791,039
 
  
  
11,243,788
Household Products - 0.1%
  
  
  
Earth Corp
 
3,900
140,474
Lion Corp
 
74,200
908,429
Pigeon Corp
 
32,100
387,611
 
  
  
1,436,514
Personal Care Products - 0.3%
  
  
  
Kobayashi Pharmaceutical Co Ltd
 
12,700
483,822
Kose Corp
 
9,200
395,269
Milbon Co Ltd
 
7,800
147,621
Noevir Holdings Co Ltd
 
4,300
124,056
Pola Orbis Holdings Inc
 
25,400
231,741
Rohto Pharmaceutical Co Ltd
 
51,800
864,058
 
  
  
2,246,567
TOTAL CONSUMER STAPLES
  
  
24,601,702
 
  
  
  
Energy - 0.3%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
Modec Inc
 
13,300
402,311
Oil, Gas & Consumable Fuels - 0.3%
  
  
  
Cosmo Energy Holdings Co Ltd
 
15,600
638,817
Itochu Enex Co Ltd
 
13,900
149,908
Iwatani Corp
 
50,900
485,576
Japan Petroleum Exploration Co Ltd
 
35,600
255,211
Mitsuuroko Group Holdings Co Ltd
 
7,700
97,097
San-Ai Obbli Co Ltd
 
13,800
161,859
 
  
  
1,788,468
TOTAL ENERGY
  
  
2,190,779
 
  
  
  
Financials - 3.1%
  
  
  
Banks - 2.2%
  
  
  
77 Bank Ltd/The
 
17,000
528,619
Aichi Financial Group Inc
 
9,400
178,954
Aozora Bank Ltd
 
29,100
401,785
Awa Bank Ltd/The
 
8,400
160,386
Bank of Nagoya Ltd/The
 
2,800
146,286
Chugin Financial Group Inc
 
41,000
457,228
Daishi Hokuetsu Financial Group Inc
 
19,100
415,450
Fukuoka Financial Group Inc
 
47,500
1,254,963
Gunma Bank Ltd/The
 
85,100
704,703
Hachijuni Bank Ltd/The
 
98,300
736,666
Hirogin Holdings Inc
 
68,600
566,149
Hokkoku Financial Holdings Inc
 
5,400
200,168
Hokuhoku Financial Group Inc
 
27,400
487,712
Hyakugo Bank Ltd/The
 
56,400
270,995
Iyogin Holdings Inc
 
64,300
739,553
Juroku Financial Group Inc
 
8,400
282,585
Keiyo Bank Ltd/The
 
25,900
149,806
Kiyo Bank Ltd/The
 
15,600
263,601
Kyoto Financial Group Inc
 
61,800
1,055,069
Kyushu Financial Group Inc
 
90,000
451,322
Mebuki Financial Group Inc
 
250,700
1,216,153
Musashino Bank Ltd/The
 
6,800
149,811
Nanto Bank Ltd/The
 
6,700
182,284
Nishi-Nippon Financial Holdings Inc
 
32,700
476,846
North Pacific Bank Ltd
 
71,100
246,150
Ogaki Kyoritsu Bank Ltd/The
 
9,600
154,763
Rakuten Bank Ltd (b)
  
26,300
1,095,190
San-In Godo Bank Ltd/The
 
39,200
345,447
SBI Sumishin Net Bank Ltd
 
14,700
425,640
Senshu Ikeda Holdings Inc
 
60,800
199,435
Seven Bank Ltd
 
163,100
292,252
Shiga Bank Ltd/The
 
9,600
383,382
Shizuoka Financial Group Inc
 
119,300
1,325,726
Suruga Bank Ltd
 
35,600
313,224
Toho Bank Ltd/The
 
50,800
124,353
Tokyo Kiraboshi Financial Group Inc
 
6,800
266,331
TOMONY Holdings Inc
 
46,200
175,778
Yamaguchi Financial Group Inc
 
48,000
563,324
 
  
  
17,388,089
Capital Markets - 0.2%
  
  
  
Aizawa Securities Group Co Ltd
 
4,700
42,404
GMO Financial Holdings Inc
 
11,900
63,587
Integral Corp (c)
  
2,500
47,454
JAFCO Group Co ltd
 
14,000
234,753
M&A Capital Partners Co Ltd
 
4,000
77,018
M&A Research Institute Holdings Inc (b)(c)
  
8,300
73,491
Matsui Securities Co Ltd
 
28,400
145,992
Monex Group Inc
 
49,400
246,689
Nihon M&A Center Holdings Inc
 
79,500
324,161
Okasan Securities Group Inc
 
37,800
167,877
Tokai Tokyo Financial Holdings Inc
 
57,300
188,756
 
  
  
1,612,182
Consumer Finance - 0.3%
  
  
  
Acom Co Ltd
 
108,500
303,539
AEON Financial Service Co Ltd
 
28,300
232,666
Aiful Corp
 
86,600
215,016
Credit Saison Co Ltd
 
35,500
829,030
Jaccs Co Ltd
 
5,700
149,895
Marui Group Co Ltd
 
45,800
911,672
Orient Corp
 
14,620
80,063
 
  
  
2,721,881
Financial Services - 0.4%
  
  
  
eGuarantee Inc
 
10,100
124,890
Financial Partners Group Co Ltd
 
16,400
255,784
Fuyo General Lease Co Ltd
 
13,800
384,138
GMO Payment Gateway Inc
 
11,500
719,856
Japan Securities Finance Co Ltd
 
21,900
260,999
Mizuho Leasing Co Ltd
 
39,200
288,147
Ricoh Leasing Co Ltd
 
3,700
141,810
Tokyo Century Corp
 
41,000
430,990
Zenkoku Hosho Co Ltd
 
28,600
618,286
 
  
  
3,224,900
Insurance - 0.0%
  
  
  
LIFENET INSURANCE CO (b)
  
16,700
209,071
TOTAL FINANCIALS
  
  
25,156,123
 
  
  
  
Health Care - 1.5%
  
  
  
Biotechnology - 0.1%
  
  
  
GNI Group Ltd (b)
  
13,200
217,692
Peptidream Inc (b)
  
27,100
367,133
Takara Bio Inc
 
13,500
77,140
 
  
  
661,965
Health Care Equipment & Supplies - 0.4%
  
  
  
Asahi Intecc Co Ltd
 
59,600
913,925
Eiken Chemical Co Ltd
 
8,100
125,483
Fukuda Denshi Co Ltd
 
4,100
173,773
Hogy Medical Co Ltd
 
4,900
140,166
Japan Lifeline Co Ltd
 
14,900
159,338
Mani Inc
 
20,000
160,652
Menicon Co Ltd
 
16,500
162,715
Nakanishi Inc
 
17,900
233,108
Nihon Kohden Corp
 
44,300
534,463
Nipro Corp
 
40,400
357,435
Paramount Bed Holdings Co Ltd
 
9,500
152,752
PHC Holdings Corp
 
8,900
59,880
 
  
  
3,173,690
Health Care Providers & Services - 0.5%
  
  
  
Alfresa Holdings Corp
 
47,100
709,234
As One Corp
 
15,400
243,580
BML Inc
 
6,500
135,337
H.U. Group Holdings Inc
 
15,100
295,706
Medipal Holdings Corp
 
51,100
867,571
Ship Healthcare Holdings Inc
 
22,500
325,587
Suzuken Co Ltd/Aichi Japan
 
18,300
662,476
Toho Holdings Co Ltd (c)
  
14,800
483,500
Tokai Corp/Gifu
 
5,700
83,798
 
  
  
3,806,789
Health Care Technology - 0.0%
  
  
  
JMDC Inc
 
7,400
166,549
Medley Inc (b)
  
6,500
157,295
 
  
  
323,844
Pharmaceuticals - 0.5%
  
  
  
Hisamitsu Pharmaceutical Co Inc
 
14,200
430,231
Kaken Pharmaceutical Co Ltd
 
7,600
216,072
Kissei Pharmaceutical Co Ltd
 
7,900
206,921
Kyorin Pharmaceutical Co Ltd
 
12,600
129,895
Mochida Pharmaceutical Co Ltd
 
5,800
125,346
Nippon Shinyaku Co Ltd
 
14,600
375,467
Nxera Pharma Co Ltd (b)
  
21,800
135,697
Santen Pharmaceutical Co Ltd
 
85,600
866,297
Sawai Group Holdings Co Ltd
 
29,200
418,558
Sumitomo Pharma Co Ltd (b)
  
48,600
268,263
Torii Pharmaceutical Co Ltd
 
3,700
121,108
Towa Pharmaceutical Co Ltd
 
6,700
123,897
Tsumura & CO
 
15,700
470,846
Zeria Pharmaceutical Co Ltd
 
6,700
109,651
 
  
  
3,998,249
TOTAL HEALTH CARE
  
  
11,964,537
 
  
  
  
Industrials - 9.6%
  
  
  
Air Freight & Logistics - 0.5%
  
  
  
AZ-COM MARUWA Holdings Inc
 
14,900
137,558
Hamakyorex Co Ltd
 
15,600
145,439
Konoike Transport Co Ltd
 
8,000
146,370
Mitsui-Soko Holdings Co Ltd
 
15,600
320,772
NIPPON EXPRESS HOLDINGS INC
 
57,400
1,025,041
Sankyu Inc
 
12,000
524,465
SBS Holdings Inc
 
4,500
90,013
Senko Group Holdings Co Ltd
 
32,400
384,549
Yamato Holdings Co Ltd
 
69,300
983,905
 
  
  
3,758,112
Building Products - 0.7%
  
  
  
Bunka Shutter Co Ltd
 
13,700
195,947
Central Glass Co Ltd
 
5,900
123,257
Lixil Corp
 
78,900
927,343
Nichias Corp
 
15,000
503,357
Nichiha Corp
 
6,200
125,708
Nitto Boseki Co Ltd
 
6,300
166,555
Noritz Corp
 
8,400
103,164
Sanwa Holdings Corp
 
49,900
1,635,414
Shin Nippon Air Technologies Co Ltd
 
6,200
91,712
Sinko Industries Ltd
 
14,100
119,324
Takara Standard Co Ltd
 
10,600
133,519
Takasago Thermal Engineering Co Ltd
 
11,700
517,163
TOTO Ltd
 
36,500
962,450
 
  
  
5,604,913
Commercial Services & Supplies - 0.5%
  
  
  
Daiei Kankyo Co Ltd
 
10,800
220,487
Daiseki Co Ltd
 
11,280
287,956
Duskin Co Ltd
 
11,000
288,810
Itoki Corp
 
10,500
131,599
Japan Elevator Service Holdings Co Ltd
 
19,800
427,214
Kokuyo Co Ltd
 
22,500
460,685
Matsuda Sangyo Co Ltd
 
4,200
106,483
Mitsubishi Pencil Co Ltd
 
8,100
125,596
Nippon Kanzai Holdings Co Ltd
 
5,200
98,813
Okamura Corp
 
14,500
201,000
Park24 Co Ltd
 
35,600
503,823
Pilot Corp
 
7,300
203,305
Prestige International Inc
 
24,800
116,386
Sohgo Security Services Co Ltd
 
97,900
771,327
TRE Holdings Corp
 
12,000
129,249
 
  
  
4,072,733
Construction & Engineering - 1.4%
  
  
  
Chiyoda Corp (b)
  
44,900
107,084
Chudenko Corp
 
7,000
171,597
COMSYS Holdings Corp
 
30,900
684,870
Dai-Dan Co Ltd
 
7,300
212,393
EXEO Group Inc
 
51,800
602,848
Hazama Ando Corp
 
39,400
392,402
INFRONEER Holdings Inc
 
53,416
456,154
JGC Holdings Corp
 
61,200
489,472
Kandenko Co Ltd
 
28,000
555,770
Kinden Corp
 
33,400
865,251
Kumagai Gumi Co Ltd
 
9,000
268,464
Kyudenko Corp
 
11,800
396,057
MIRAIT ONE corp
 
22,100
347,003
Nippon Densetsu Kogyo Co Ltd
 
9,500
144,380
Nippon Road Co Ltd/The
 
6,100
83,577
Nishimatsu Construction Co Ltd
 
8,100
300,535
Okumura Corp
 
7,800
241,125
Penta-Ocean Construction Co Ltd
 
71,400
409,484
Raito Kogyo Co Ltd
 
10,400
193,191
Raiznext Corp
 
6,900
72,002
Sanki Engineering Co Ltd
 
9,600
244,734
Shimizu Corp
 
137,800
1,472,132
Shinnihon Corp
 
6,200
71,548
SHO-BOND Holdings Co Ltd
 
10,600
379,652
Sumitomo Densetsu Co Ltd
 
4,100
149,972
Taihei Dengyo Kaisha Ltd
 
3,100
106,022
Taikisha Ltd
 
13,000
213,121
Takamatsu Construction Group Co Ltd
 
4,500
91,240
Toa Corp/Tokyo
 
15,000
144,880
Toda Corp
 
58,200
369,601
Toenec Corp
 
13,300
105,113
Tokyu Construction Co Ltd
 
22,400
129,562
Totetsu Kogyo Co Ltd
 
6,000
132,396
Toyo Construction Co Ltd
 
13,600
127,268
West Holdings Corp
 
5,800
64,052
Yokogawa Bridge Holdings Corp
 
9,100
166,814
Yurtec Corp
 
9,200
118,008
 
  
  
11,079,774
Electrical Equipment - 0.4%
  
  
  
Daihen Corp
 
4,900
215,904
Furukawa Electric Co Ltd
 
18,600
587,419
GS Yuasa Corp
 
22,300
391,697
Idec Corp/Japan
 
7,600
121,670
Mabuchi Motor Co Ltd
 
25,300
369,467
Mirai Industry Co Ltd
 
1,900
47,108
Nitto Kogyo Corp
 
6,900
144,582
Sanyo Denki Co Ltd
 
2,400
164,331
Sinfonia Technology Co Ltd
 
6,200
263,645
SWCC Corp
 
8,600
389,761
Toyo Tanso Co Ltd
 
3,900
109,243
Ushio Inc
 
20,900
250,981
 
  
  
3,055,808
Ground Transportation - 1.3%
  
  
  
Fukuyama Transporting Co Ltd
 
5,200
128,563
Keikyu Corp
 
60,300
627,123
Keio Corp
 
28,100
764,377
Keisei Electric Railway Co Ltd
 
106,700
1,105,616
Kintetsu Group Holdings Co Ltd
 
49,900
1,071,779
Kyushu Railway Co
 
38,900
999,843
Maruzen Showa Unyu Co Ltd
 
3,200
134,285
Nagoya Railroad Co Ltd
 
51,800
630,925
Nankai Electric Railway Co Ltd
 
28,300
447,222
Nikkon Holdings Co Ltd
 
26,300
542,628
Nishi-Nippon Railroad Co Ltd
 
16,000
245,405
Odakyu Electric Railway Co Ltd
 
86,000
949,467
Sakai Moving Service Co Ltd
 
6,500
111,061
Seibu Holdings Inc
 
62,200
1,501,275
Seino Holdings Co Ltd
 
25,800
405,640
Sotetsu Holdings Inc
 
21,700
329,643
Tobu Railway Co Ltd
 
49,600
905,098
 
  
  
10,899,950
Industrial Conglomerates - 0.2%
  
  
  
Keihan Holdings Co Ltd
 
26,300
643,061
Nisshinbo Holdings Inc
 
39,900
237,508
Noritsu Koki Co Ltd
 
5,100
160,868
TOKAI Holdings Corp
 
27,500
192,527
 
  
  
1,233,964
Machinery - 3.0%
  
  
  
Aichi Corp
 
7,500
67,300
Amada Co Ltd
 
88,900
890,158
CKD Corp
 
15,000
218,527
Daiwa Industries Ltd
 
7,700
87,889
DMG Mori Co Ltd
 
36,800
636,626
Ebara Corp
 
126,800
1,904,764
Fuji Corp/Aichi
 
21,700
322,510
Fujitec Co Ltd
 
17,200
673,661
Galilei Co Ltd
 
6,800
136,209
Glory Ltd
 
11,100
195,170
Harmonic Drive Systems Inc
 
16,000
375,437
Hino Motors Ltd (b)
  
79,700
253,435
Hitachi Construction Machinery Co Ltd
 
29,500
881,604
IHI Corp
 
38,200
2,992,290
Japan Steel Works Ltd/The
 
17,300
712,849
Kanadevia Corp
 
44,600
286,063
Kawasaki Heavy Industries Ltd
 
41,500
2,475,546
Kitz Corp
 
14,000
106,826
Kurita Water Industries Ltd
 
28,700
948,437
Kyokuto Kaihatsu Kogyo Co Ltd
 
8,500
142,618
Makino Milling Machine Co Ltd
 
5,800
456,763
Max Co Ltd
 
6,400
188,222
Meidensha Corp
 
9,500
260,456
METAWATER Co Ltd
 
7,800
111,070
MISUMI Group Inc
 
78,200
1,095,524
Mitsubishi Logisnext Co Ltd
 
9,000
126,332
Mitsuboshi Belting Ltd
 
6,500
162,523
Mitsui E&S Co Ltd (c)
  
25,700
327,137
Miura Co Ltd
 
24,300
517,509
Morita Holdings Corp
 
8,600
127,875
Nabtesco Corp
 
30,200
453,380
Nachi-Fujikoshi Corp
 
3,900
83,057
Namura Shipbuilding Co Ltd (c)
  
12,700
178,535
NGK Insulators Ltd
 
61,300
756,443
Nitta Corp
 
4,800
123,038
Nomura Micro Science Co Ltd (c)
  
7,400
121,056
Noritake Co Ltd
 
5,500
142,905
NSK Ltd
 
104,100
454,719
NTN Corp
 
124,900
192,361
Obara Group Inc
 
2,500
58,138
Oiles Corp
 
5,700
85,153
OKUMA Corp
 
12,200
274,092
Organo Corp
 
7,100
337,173
OSG Corp
 
19,000
224,909
Shibaura Machine Co Ltd
 
6,000
150,860
Shibuya Corp
 
4,000
86,725
Shinmaywa Industries Ltd
 
14,900
139,329
Star Micronics Co Ltd
 
8,500
97,675
Sumitomo Heavy Industries Ltd
 
30,700
639,230
Tadano Ltd
 
26,600
184,124
Takeuchi Manufacturing Co Ltd
 
9,000
280,424
Takuma Co Ltd
 
17,000
218,891
THK Co Ltd
 
32,000
786,236
Tocalo Co Ltd
 
14,800
169,965
Tsubakimoto Chain Co
 
19,900
241,756
Tsugami Corp
 
10,800
132,942
Tsurumi Manufacturing Co Ltd
 
4,400
101,707
Union Tool Co
 
2,500
63,645
YAMABIKO Corp
 
7,700
115,139
 
  
  
24,574,937
Marine Transportation - 0.0%
  
  
  
Iino Kaiun Kaisha Ltd
 
20,100
146,062
NS United Kaiun Kaisha Ltd
 
2,700
71,097
 
  
  
217,159
Professional Services - 0.8%
  
  
  
BayCurrent Inc
 
36,300
1,955,975
Bell System24 Holdings Inc
 
9,500
78,137
dip Corp
 
9,000
130,361
en Japan Inc
 
8,500
97,377
Funai Soken Holdings Inc
 
9,800
156,274
Infomart Corp
 
54,700
144,994
Insource Co Ltd
 
13,200
83,919
JAC Recruitment Co Ltd
 
17,800
103,578
MEITEC Group Holdings Inc
 
19,500
399,806
Nomura Co Ltd
 
22,000
133,096
Open Up Group Inc
 
14,900
190,913
Pasona Group Inc
 
6,400
98,744
Persol Holdings Co Ltd
 
468,300
844,696
SMS Co Ltd
 
18,700
173,490
TechnoPro Holdings Inc
 
28,500
641,240
Timee Inc (b)
  
8,100
97,214
TKC Corp
 
7,100
199,622
Transcosmos Inc
 
5,900
128,745
UT Group CO Ltd
 
7,500
104,175
Visional Inc (b)
  
6,600
399,194
 
  
  
6,161,550
Trading Companies & Distributors - 0.6%
  
  
  
Hanwa Co Ltd
 
10,000
331,865
Inaba Denki Sangyo Co Ltd
 
14,000
367,968
Inabata & Co Ltd
 
12,100
259,382
Japan Pulp & Paper Co Ltd
 
23,500
100,916
Kanamoto Co Ltd
 
7,700
172,063
Kanematsu Corp
 
22,200
383,819
Nagase & Co Ltd
 
22,200
389,874
Nichiden Corp
 
3,500
69,716
Nishio Holdings Co Ltd
 
5,200
148,748
Senshu Electric Co Ltd
 
3,300
101,206
Sojitz Corp
 
61,960
1,465,840
Totech Corp
 
6,900
125,231
Trusco Nakayama Corp
 
12,700
189,194
Wakita & Co Ltd
 
8,900
109,492
Yamazen Corp
 
13,000
127,654
Yuasa Trading Co Ltd
 
4,400
134,480
 
  
  
4,477,448
Transportation Infrastructure - 0.2%
  
  
  
Japan Airport Terminal Co Ltd
 
17,700
507,430
Kamigumi Co Ltd
 
23,000
562,051
Mitsubishi Logistics Corp
 
70,100
481,551
Sumitomo Warehouse Co Ltd/The
 
13,200
255,543
 
  
  
1,806,575
TOTAL INDUSTRIALS
  
  
76,942,923
 
  
  
  
Information Technology - 3.5%
  
  
  
Electronic Equipment, Instruments & Components - 1.6%
  
  
  
Ai Holdings Corp
 
10,900
161,083
Alps Alpine Co Ltd
 
51,700
525,181
Amano Corp
 
14,900
433,619
Anritsu Corp
 
37,700
376,657
Azbil Corp
 
122,900
1,058,980
Canon Electronics Inc
 
5,300
86,258
Canon Marketing Japan Inc
 
13,900
492,887
Citizen Watch Co Ltd
 
54,400
314,679
Daiwabo Holdings Co Ltd
 
22,700
383,969
Dexerials Corp
 
45,100
528,028
Furuya Metal Co Ltd
 
4,700
84,250
Hakuto Co Ltd
 
2,800
76,668
Hamamatsu Photonics KK
 
81,100
749,004
Hioki EE Corp
 
2,600
103,469
Hirose Electric Co Ltd
 
7,900
895,920
Horiba Ltd
 
9,200
627,940
Hosiden Corp
 
11,100
149,056
Ibiden Co Ltd
 
32,800
906,601
Japan Aviation Electronics Industry Ltd
 
12,400
198,514
Jeol Ltd
 
12,100
388,100
Kaga Electronics Co Ltd
 
10,000
179,046
Macnica Holdings Inc
 
38,000
528,354
Maruwa Co Ltd/Aichi
 
2,400
487,789
Maxell Ltd
 
10,300
125,850
Meiko Electronics Co Ltd
 
6,000
261,855
Nichicon Corp
 
13,200
108,015
Nippon Electric Glass Co Ltd
 
18,400
421,006
Nissha Co Ltd
 
11,000
94,013
Nohmi Bosai Ltd
 
6,700
156,277
Oki Electric Industry Co Ltd
 
22,500
149,496
Restar Corp
 
5,400
84,410
Rigaku Holdings Corp
 
31,200
192,245
Riken Keiki Co Ltd
 
7,800
145,548
Ryoyo Ryosan Holdings Inc
 
7,392
123,872
Santec Holdings Corp
 
1,400
40,586
Taiyo Yuden Co Ltd
 
34,300
517,322
Tokyo Electron Device Ltd
 
4,900
101,269
Topcon Corp
 
26,700
605,969
 
  
  
12,863,785
IT Services - 0.5%
  
  
  
Argo Graphics Inc
 
4,200
148,049
BIPROGY Inc
 
20,700
676,536
Change Holdings Inc
 
10,600
99,787
Dentsu Soken Inc
 
7,200
314,226
Digital Garage Inc
 
7,200
226,353
DTS Corp
 
8,000
227,444
Future Corp
 
11,500
144,615
GMO internet group Inc
 
18,200
425,278
Mitsubishi Research Institute Inc
 
2,300
72,065
NS Solutions Corp
 
17,400
411,452
NSD Co Ltd
 
16,300
382,933
Sakura Internet Inc (c)
  
6,300
145,846
SHIFT Inc (b)
  
52,000
476,794
Simplex Holdings Inc
 
10,200
215,086
TechMatrix Corp
 
10,200
145,174
Zuken Inc
 
4,400
158,791
 
  
  
4,270,429
Semiconductors & Semiconductor Equipment - 0.7%
  
  
  
Ferrotec Holdings Corp
 
13,100
225,022
Japan Material Co Ltd
 
17,900
149,980
Kokusai Electric Corp
 
42,000
774,024
Megachips Corp
 
3,100
100,710
Micronics Japan Co Ltd
 
7,700
162,369
Mitsui High-Tec Inc
 
28,000
130,816
Optorun Co Ltd
 
7,900
78,238
Rohm Co Ltd
 
93,500
848,484
Rorze Corp
 
26,900
268,191
RS Technologies Co Ltd
 
4,100
76,132
Sanken Electric Co Ltd (b)
  
6,300
276,313
Shibaura Mechatronics Corp
 
3,400
158,847
Socionext Inc
 
49,800
535,628
SUMCO Corp
 
94,800
653,749
Tokyo Seimitsu Co Ltd
 
11,100
618,737
Towa Corp
 
17,400
161,490
Tri Chemical Laboratories Inc
 
7,100
126,229
Ulvac Inc
 
13,000
439,607
 
  
  
5,784,566
Software - 0.4%
  
  
  
Appier Group Inc
 
16,800
147,814
Cybozu Inc
 
6,700
138,517
Digital Arts Inc
 
3,000
148,133
Freee KK (b)
  
12,100
341,471
Fuji Soft Inc
 
5,600
383,869
Justsystems Corp
 
8,000
190,796
Money Forward Inc (b)
  
12,200
364,259
OBIC Business Consultants Co Ltd
 
8,200
391,074
PKSHA Technology Inc (b)
  
5,000
98,965
Plus Alpha Consulting Co Ltd
 
7,400
86,225
Rakus Co Ltd
 
25,100
378,220
Sansan Inc (b)
  
19,300
262,949
Systena Corp
 
68,900
179,261
WingArc1st Inc
 
5,100
135,900
 
  
  
3,247,453
Technology Hardware, Storage & Peripherals - 0.3%
  
  
  
Brother Industries Ltd
 
63,500
1,114,959
Eizo Corp
 
8,500
121,514
Elecom Co Ltd
 
11,600
136,137
Konica Minolta Inc (b)
  
125,600
385,505
MCJ Co Ltd
 
17,800
166,696
Riso Kagaku Corp
 
10,200
87,461
Sun Corp
 
3,600
196,391
Toshiba TEC Corp
 
7,200
135,006
Wacom Co Ltd
 
34,400
131,604
 
  
  
2,475,273
TOTAL INFORMATION TECHNOLOGY
  
  
28,641,506
 
  
  
  
Materials - 3.6%
  
  
  
Chemicals - 2.3%
  
  
  
ADEKA Corp
 
21,600
387,721
Aica Kogyo Co Ltd
 
15,000
347,251
Air Water Inc (Osaka)
 
50,200
682,535
Artience Co Ltd
 
9,600
196,928
ASAHI YUKIZAI CORP
 
3,000
78,473
C Uyemura & Co Ltd
 
2,800
180,753
Chugoku Marine Paints Ltd
 
10,100
146,223
Daicel Corp
 
61,500
521,963
Denka Co Ltd
 
22,100
301,598
DIC Corp
 
21,100
410,253
Fujimi Inc
 
14,200
185,619
Fuso Chemical Co Ltd
 
5,400
130,676
Ise Chemicals Corp (c)
  
500
77,738
JCU Corp
 
5,700
125,577
Kaneka Corp
 
11,800
287,696
Kansai Paint Co Ltd
 
38,200
574,416
KeePer Technical Laboratory Co Ltd
 
3,600
104,490
KH Neochem Co Ltd
 
8,400
148,342
Konishi Co Ltd
 
14,300
112,016
Kumiai Chemical Industry Co Ltd
 
20,300
107,903
Kuraray Co Ltd
 
80,300
938,024
Kureha Corp
 
9,200
160,797
Lintec Corp
 
10,000
190,516
Mitsubishi Gas Chemical Co Inc
 
41,500
630,569
Mitsui Chemicals Inc
 
49,700
1,092,145
Nihon Parkerizing Co Ltd
 
23,900
198,414
Nippon Kayaku Co Ltd
 
36,600
344,165
Nippon Shokubai Co Ltd
 
28,100
329,189
Nippon Soda Co Ltd
 
11,500
215,152
Nissan Chemical Corp
 
34,100
997,379
NOF Corp
 
56,500
847,619
Okamoto Industries Inc
 
2,500
87,949
Osaka Soda Co Ltd
 
19,900
207,379
PILLAR Corp /Japan (c)
  
5,000
126,941
Resonac Holdings Corp
 
48,073
874,350
Sakata INX Corp
 
11,100
143,621
Sanyo Chemical Industries Ltd
 
3,300
83,089
Shikoku Kasei Holdings Corp
 
7,600
97,485
Shin-Etsu Polymer Co Ltd
 
10,500
107,291
Sumitomo Bakelite Co Ltd
 
20,800
482,686
Sumitomo Chemical Co Ltd
 
409,600
990,130
T Hasegawa Co Ltd
 
8,600
171,783
Taiyo Holdings Co Ltd
 
10,400
384,781
Takasago International Corp
 
3,400
159,323
Teijin Ltd
 
49,400
414,203
Toagosei Co Ltd
 
23,300
218,611
Tokai Carbon Co Ltd
 
56,000
361,356
Tokuyama Corp
 
16,900
344,970
Tokyo Ohka Kogyo Co Ltd
 
26,100
572,637
Tosoh Corp
 
76,100
1,072,762
Toyobo Co Ltd
 
23,900
147,933
UBE Corp
 
26,500
388,793
Zacros Corp
 
4,100
113,554
Zeon Corp
 
38,200
373,103
 
  
  
18,976,870
Construction Materials - 0.2%
  
  
  
Krosaki Harima Corp
 
5,200
90,740
Maeda Kosen Co Ltd
 
11,300
161,462
Mitani Sekisan Co Ltd
 
2,200
104,168
Shinagawa Refractories Co Ltd
 
6,900
79,337
Sumitomo Osaka Cement Co Ltd
 
8,300
226,860
Taiheiyo Cement Corp
 
30,800
829,302
 
  
  
1,491,869
Containers & Packaging - 0.2%
  
  
  
FP Corp
 
12,900
277,885
Fuji Seal International Inc
 
10,700
190,831
Rengo Co Ltd
 
52,600
292,835
Toyo Seikan Group Holdings Ltd
 
31,700
552,500
 
  
  
1,314,051
Metals & Mining - 0.7%
  
  
  
ARE Holdings Inc
 
22,100
274,357
Daido Steel Co Ltd
 
35,900
269,037
Dowa Holdings Co Ltd
 
14,600
468,435
Kobe Steel Ltd
 
103,700
1,216,183
Kyoei Steel Ltd
 
5,400
75,762
Maruichi Steel Tube Ltd
 
17,500
412,593
Mitsubishi Materials Corp
 
34,700
547,307
Mitsui Mining & Smelting Co Ltd
 
14,500
394,212
Nippon Light Metal Holdings Co Ltd
 
15,800
164,431
Nittetsu Mining Co Ltd
 
3,100
134,424
Osaka Steel Co Ltd
 
2,200
36,696
Tokyo Steel Manufacturing Co Ltd
 
14,800
167,170
UACJ Corp
 
10,000
336,760
Yamato Kogyo Co Ltd
 
10,800
641,217
Yodogawa Steel Works Ltd
 
5,200
210,575
 
  
  
5,349,159
Paper & Forest Products - 0.2%
  
  
  
Daio Paper Corp
 
24,000
152,916
Hokuetsu Corp (c)
  
28,700
219,596
Nippon Paper Industries Co Ltd
 
26,900
208,457
Oji Holdings Corp
 
222,900
1,052,208
 
  
  
1,633,177
TOTAL MATERIALS
  
  
28,765,126
 
  
  
  
Real Estate - 3.5%
  
  
  
Diversified REITs - 1.0%
  
  
  
Activia Properties Inc
 
187
447,947
Daiwa House REIT Investment Corp
 
632
1,057,754
Hankyu Hanshin REIT Inc (c)
  
167
168,659
Heiwa Real Estate REIT Inc
 
293
269,680
Hulic Reit Inc
 
360
368,359
KDX Realty Investment Corp
 
1,141
1,185,848
Mirai Corp
 
538
156,155
Mori Trust Reit Inc
 
741
328,573
NIPPON REIT Investment Corp
 
466
271,817
Nomura Real Estate Master Fund Inc
 
1,092
1,086,043
NTT UD REIT Investment Corp
 
409
383,884
Sekisui House Reit Inc
 
1,199
645,706
Star Asia Investment Corp
 
694
265,504
Takara Leben Real Estate Investment Corp
 
243
144,630
Tokyu REIT Inc
 
230
287,621
United Urban Investment Corp
 
808
848,801
 
  
  
7,916,981
Hotel & Resort REITs - 0.1%
  
  
  
Hoshino Resorts REIT Inc
 
159
244,204
Invincible Investment Corp
 
2,100
866,555
Japan Hotel REIT Investment Corp
 
1,396
689,310
 
  
  
1,800,069
Industrial REITs - 0.6%
  
  
  
CRE Logistics REIT Inc
 
159
159,467
GLP J-REIT
 
1,288
1,109,817
Industrial & Infrastructure Fund Investment Corp
 
657
536,702
Japan Logistics Fund Inc
 
683
446,639
LaSalle Logiport REIT
 
493
469,278
Mitsubishi Estate Logistics REIT Investment Corp
 
392
319,675
Mitsui Fudosan Logistics Park Inc
 
835
595,094
Nippon Prologis REIT Inc
 
625
1,032,050
SOSiLA Logistics REIT Inc
 
193
149,157
 
  
  
4,817,879
Office REITs - 0.5%
  
  
  
Daiwa Office Investment Corp
 
146
312,463
Global One Real Estate Investment Corp
 
276
230,290
Ichigo Office REIT Investment Corp
 
281
163,907
Japan Excellent Inc
 
329
297,062
Japan Prime Realty Investment Corp
 
232
572,779
Japan Real Estate Investment Corp
 
1,765
1,398,619
Mori Hills REIT Investment Corp
 
426
391,498
Orix JREIT Inc
 
721
906,671
 
  
  
4,273,289
Real Estate Management & Development - 0.7%
  
  
  
Aeon Mall Co Ltd
 
28,400
544,244
Goldcrest Co Ltd
 
4,000
91,621
Heiwa Real Estate Co Ltd
 
5,400
177,319
Ichigo Inc
 
59,500
159,799
Kasumigaseki Capital Co Ltd (c)
  
1,800
154,469
Katitas Co Ltd
 
14,000
202,294
Keihanshin Building Co Ltd
 
8,300
87,191
Leopalace21 Corp
 
44,200
180,534
Nomura Real Estate Holdings Inc
 
151,400
896,773
Relo Group Inc
 
25,500
335,470
Starts Corp Inc
 
9,000
244,230
Sun Frontier Fudousan Co Ltd
 
8,200
111,776
Tokyo Tatemono Co Ltd
 
51,600
925,102
Tokyu Fudosan Holdings Corp
 
158,400
1,109,406
Tosei Corp
 
7,900
132,606
 
  
  
5,352,834
Residential REITs - 0.3%
  
  
  
Advance Residence Investment Corp
 
786
809,748
Comforia Residential REIT Inc
 
195
378,871
Daiwa Securities Living Investment Corporation
 
529
333,724
Nippon Accommodations Fund Inc
 
623
507,620
Samty Residential Investment Corp
 
107
69,373
 
  
  
2,099,336
Retail REITs - 0.3%
  
  
  
AEON REIT Investment Corp
 
472
412,645
Frontier Real Estate Investment Corp
 
711
394,337
Fukuoka REIT Corp
 
196
214,259
Japan Metropolitan Fund Invest
 
1,983
1,318,949
 
  
  
2,340,190
TOTAL REAL ESTATE
  
  
28,600,578
 
  
  
  
Utilities - 0.8%
  
  
  
Electric Utilities - 0.6%
  
  
  
Chugoku Electric Power Co Inc/The
 
84,200
446,264
Hokkaido Electric Power Co Inc (c)
  
47,200
223,488
Hokuriku Electric Power Co
 
46,300
237,199
Kyushu Electric Power Co Inc
 
117,300
1,042,311
Shikoku Electric Power Co Inc
 
46,000
377,221
Tohoku Electric Power Co Inc
 
131,100
938,459
Tokyo Electric Power Co Holdings Inc (b)
  
419,500
1,283,316
 
  
  
4,548,258
Gas Utilities - 0.2%
  
  
  
K&O Energy Group Inc
 
3,600
69,618
Nippon Gas Co Ltd
 
28,200
518,815
Shizuoka Gas Co Ltd
 
10,700
88,007
Toho Gas Co Ltd
 
20,200
602,270
 
  
  
1,278,710
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Electric Power Development Co Ltd
 
40,100
702,408
TOTAL UTILITIES
  
  
6,529,376
 
  
  
  
TOTAL JAPAN
  
  
291,164,837
LUXEMBOURG - 0.2%
 
  
  
Communication Services - 0.2%
  
  
  
Media - 0.2%
  
  
  
RTL Group SA (Germany) (b)(c)
  
10,737
437,883
SES SA Series A depository receipt
 
100,659
531,159
 
  
  
969,042
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
APERAM SA
 
11,973
346,414
TOTAL LUXEMBOURG
  
  
1,315,456
MACAU - 0.1%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Hotels, Restaurants & Leisure - 0.1%
  
  
  
SJM Holdings Ltd (b)(c)
  
786,000
218,907
Wynn Macau Ltd
 
436,000
291,769
 
  
  
  
TOTAL MACAU
  
  
510,676
NETHERLANDS - 1.1%
 
  
  
Communication Services - 0.0%
  
  
  
Media - 0.0%
  
  
  
Havas NV
 
178,744
295,271
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Basic-Fit NV (b)(c)(d)(e)
  
13,723
309,834
Consumer Staples - 0.1%
  
  
  
Consumer Staples Distribution & Retail - 0.1%
  
  
  
Redcare Pharmacy NV (b)(d)(e)
  
4,234
628,819
Sligro Food Group NV
 
6,155
82,836
 
  
  
711,655
Energy - 0.2%
  
  
  
Energy Equipment & Services - 0.1%
  
  
  
SBM Offshore NV
 
36,176
759,806
SBM Offshore NV rights (b)(g)
  
36,700
35,780
 
  
  
795,586
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Koninklijke Vopak NV
 
16,123
665,574
TOTAL ENERGY
  
  
1,461,160
 
  
  
  
Financials - 0.1%
  
  
  
Capital Markets - 0.1%
  
  
  
Flow Traders Ltd
 
9,505
282,330
Van Lanschot Kempen NV depository receipt
 
7,769
449,297
 
  
  
731,627
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Pharming Group NV (b)(c)
  
183,636
161,433
Pharmaceuticals - 0.0%
  
  
  
Pharvaris NV (b)(c)
  
3,797
70,168
TOTAL HEALTH CARE
  
  
231,601
 
  
  
  
Industrials - 0.5%
  
  
  
Air Freight & Logistics - 0.0%
  
  
  
PostNL NV (c)
  
91,183
92,812
PostNL NV rights (b)(c)(g)
  
91,183
4,132
 
  
  
96,944
Construction & Engineering - 0.2%
  
  
  
Fugro NV
 
32,095
374,497
Fugro NV rights (b)(g)
  
32,095
27,269
Koninklijke BAM Groep NV (b)
  
74,888
504,780
Koninklijke Heijmans N.V depository receipt
 
6,863
350,330
 
  
  
1,256,876
Electrical Equipment - 0.1%
  
  
  
TKH Group NV depository receipt
 
11,124
437,283
Machinery - 0.1%
  
  
  
Aalberts NV
 
27,188
897,510
Aalberts NV rights (b)(g)
  
27,633
35,373
 
  
  
932,883
Professional Services - 0.1%
  
  
  
Arcadis NV
 
19,850
957,949
Brunel International NV (c)
  
5,618
58,934
 
  
  
1,016,883
TOTAL INDUSTRIALS
  
  
3,740,869
 
  
  
  
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
TomTom NV (b)(c)
  
18,554
97,738
Materials - 0.1%
  
  
  
Chemicals - 0.1%
  
  
  
Corbion NV
 
14,539
309,481
OCI NV
 
29,207
241,536
 
  
  
551,017
Metals & Mining - 0.0%
  
  
  
AMG Critical Materials NV (c)
  
8,783
155,715
TOTAL MATERIALS
  
  
706,732
 
  
  
  
Real Estate - 0.1%
  
  
  
Retail REITs - 0.1%
  
  
  
Eurocommercial Properties NV
 
12,067
347,904
Wereldhave NV (b)
  
10,550
198,635
 
  
  
546,539
TOTAL NETHERLANDS
  
  
8,833,026
NEW ZEALAND - 0.4%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Spark New Zealand Ltd
 
506,128
627,055
Health Care - 0.0%
  
  
  
Health Care Providers & Services - 0.0%
  
  
  
Ryman Healthcare Ltd (b)
  
253,933
333,070
Industrials - 0.1%
  
  
  
Building Products - 0.1%
  
  
  
Fletcher Building Ltd (b)
  
298,439
543,379
Passenger Airlines - 0.0%
  
  
  
Air New Zealand Ltd
 
472,827
163,550
TOTAL INDUSTRIALS
  
  
706,929
 
  
  
  
Real Estate - 0.1%
  
  
  
Industrial REITs - 0.1%
  
  
  
Goodman Property Trust
 
299,789
326,790
Retail REITs - 0.0%
  
  
  
Kiwi Property Group Ltd
 
435,854
213,696
TOTAL REAL ESTATE
  
  
540,486
 
  
  
  
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
Contact Energy Ltd
 
917
4,831
Mercury NZ Ltd
 
192,816
639,826
 
  
  
644,657
TOTAL NEW ZEALAND
  
  
2,852,197
NIGERIA - 0.1%
 
  
  
Communication Services - 0.1%
  
  
  
Wireless Telecommunication Services - 0.1%
  
  
  
Airtel Africa PLC (d)(e)
  
250,533
572,613
NORWAY - 1.7%
 
  
  
Communication Services - 0.2%
  
  
  
Media - 0.2%
  
  
  
Schibsted ASA A Shares
 
19,588
594,226
Schibsted ASA B Shares
 
27,247
783,095
 
  
  
1,377,321
Consumer Discretionary - 0.0%
  
  
  
Broadline Retail - 0.0%
  
  
  
Europris ASA (d)(e)
  
43,843
324,922
Consumer Staples - 0.1%
  
  
  
Food Products - 0.1%
  
  
  
Austevoll Seafood ASA
 
25,262
236,511
Grieg Seafood ASA (c)
  
14,380
90,191
Leroy Seafood Group ASA
 
74,231
323,656
 
  
  
650,358
Energy - 0.3%
  
  
  
Energy Equipment & Services - 0.1%
  
  
  
Aker Solutions ASA
 
81,824
220,695
BW Offshore Ltd
 
25,783
70,508
DOF Group ASA A Shares (b)
  
40,927
318,064
Odfjell Drilling Ltd
 
25,219
130,417
TGS ASA
 
54,412
402,465
 
  
  
1,142,149
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
BLUENORD ASA (b)(c)
  
6,615
378,966
DNO ASA A Shares (c)
  
118,048
135,121
FLEX LNG Ltd
 
8,946
215,838
Frontline PLC (Norway) (c)
  
39,492
663,363
 
  
  
1,393,288
TOTAL ENERGY
  
  
2,535,437
 
  
  
  
Financials - 0.6%
  
  
  
Banks - 0.4%
  
  
  
SpareBank 1 Nord Norge
 
26,066
347,466
Sparebank 1 Oestlandet
 
12,878
214,151
SpareBank 1 SMN
 
35,501
642,017
SpareBank 1 Sor-Norge ASA
 
56,792
902,916
 
  
  
2,106,550
Insurance - 0.2%
  
  
  
Protector Forsikring ASA
 
14,894
523,267
Storebrand ASA A Shares
 
117,334
1,408,676
 
  
  
1,931,943
TOTAL FINANCIALS
  
  
4,038,493
 
  
  
  
Industrials - 0.4%
  
  
  
Construction & Engineering - 0.0%
  
  
  
Norconsult Norge AS
 
30,487
137,733
Industrial Conglomerates - 0.0%
  
  
  
Aker ASA A Shares
 
5,898
340,158
Machinery - 0.2%
  
  
  
AutoStore Holdings Ltd (b)(d)(e)
  
333,117
148,893
Hexagon Composites ASA (b)
  
38,697
69,036
TOMRA Systems ASA (b)
  
60,955
952,111
 
  
  
1,170,040
Marine Transportation - 0.2%
  
  
  
Golden Ocean Group Ltd (Norway) (c)
  
35,907
275,083
Hoegh Autoliners ASA
 
28,478
227,202
MPC Container Ships ASA
 
101,762
149,659
Odfjell SE A Shares (c)
  
5,262
49,315
Stolt-Nielsen Ltd
 
6,206
138,993
Wallenius Wilhelmsen ASA
 
29,003
208,391
Wilh Wilhelmsen Holding ASA A Shares
 
3,812
142,170
 
  
  
1,190,813
Passenger Airlines - 0.0%
  
  
  
Norwegian Air Shuttle ASA (b)
  
209,676
274,404
TOTAL INDUSTRIALS
  
  
3,113,148
 
  
  
  
Information Technology - 0.1%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Kitron ASA
 
48,867
239,557
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
Nordic Semiconductor ASA (b)(c)
  
50,859
501,091
Software - 0.0%
  
  
  
Crayon Group Holding ASA (b)(d)(e)
  
22,164
264,177
TOTAL INFORMATION TECHNOLOGY
  
  
1,004,825
 
  
  
  
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Elkem ASA (b)(d)(e)
  
81,211
142,073
Containers & Packaging - 0.0%
  
  
  
Elopak ASA (c)
  
37,321
151,926
TOTAL MATERIALS
  
  
293,999
 
  
  
  
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Entra ASA (b)(d)(e)
  
15,149
174,448
TOTAL NORWAY
  
  
13,512,951
PERU - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Hochschild Mining PLC (b)
  
90,810
341,525
PORTUGAL - 0.3%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
NOS SGPS SA
 
56,661
235,892
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Sonae SGPS SA
 
218,469
277,192
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
Banco Comercial Portugues SA
 
1,658,375
1,059,206
Industrials - 0.0%
  
  
  
Air Freight & Logistics - 0.0%
  
  
  
CTT-Correios de Portugal SA
 
20,794
183,034
Construction & Engineering - 0.0%
  
  
  
Mota-Engil SGPS SA (c)
  
26,490
104,792
TOTAL INDUSTRIALS
  
  
287,826
 
  
  
  
Materials - 0.1%
  
  
  
Containers & Packaging - 0.0%
  
  
  
Corticeira Amorim SGPS SA
 
11,434
98,572
Paper & Forest Products - 0.1%
  
  
  
Altri SGPS SA (c)
  
20,394
140,307
Navigator Co SA/The
 
58,639
222,272
Semapa-Sociedade de Investimento e Gestao
 
3,936
73,527
 
  
  
436,106
TOTAL MATERIALS
  
  
534,678
 
  
  
  
Utilities - 0.0%
  
  
  
Multi-Utilities - 0.0%
  
  
  
Redes Energeticas Naci Sgps SA
 
109,250
358,296
TOTAL PORTUGAL
  
  
2,753,090
SINGAPORE - 1.9%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
NETLINK NBN TRUST (e)
  
811,400
568,246
Wireless Telecommunication Services - 0.0%
  
  
  
StarHub Ltd
 
172,400
154,530
TOTAL COMMUNICATION SERVICES
  
  
722,776
 
  
  
  
Consumer Staples - 0.1%
  
  
  
Consumer Staples Distribution & Retail - 0.1%
  
  
  
Olam Group Ltd
 
265,100
196,236
Sheng Siong Group Ltd
 
184,500
248,582
 
  
  
444,818
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
BW LPG Ltd (d)(e)
  
26,513
263,514
Hafnia Ltd
 
84,932
390,641
 
  
  
654,155
Financials - 0.1%
  
  
  
Capital Markets - 0.1%
  
  
  
iFAST Corp Ltd
 
36,500
173,861
Yangzijiang Financial Holding Ltd
 
607,800
331,385
 
  
  
505,246
Health Care - 0.0%
  
  
  
Health Care Equipment & Supplies - 0.0%
  
  
  
Riverstone Holdings Ltd
 
146,000
101,177
Health Care Providers & Services - 0.0%
  
  
  
Raffles Medical Group Ltd
 
227,700
176,280
TOTAL HEALTH CARE
  
  
277,457
 
  
  
  
Industrials - 0.3%
  
  
  
Air Freight & Logistics - 0.0%
  
  
  
Singapore Post Ltd
 
418,500
183,157
Ground Transportation - 0.1%
  
  
  
ComfortDelGro Corp Ltd
 
585,900
687,365
Machinery - 0.1%
  
  
  
Seatrium Ltd (b)
  
606,400
890,530
Transportation Infrastructure - 0.1%
  
  
  
SATS Ltd
 
249,058
537,097
SIA Engineering Co Ltd
 
79,600
136,538
 
  
  
673,635
TOTAL INDUSTRIALS
  
  
2,434,687
 
  
  
  
Information Technology - 0.1%
  
  
  
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
Venture Corp Ltd
 
73,500
652,461
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
UMS Integration Ltd
 
170,100
140,663
TOTAL INFORMATION TECHNOLOGY
  
  
793,124
 
  
  
  
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Keppel Infrastructure Trust
 
1,181,730
362,259
Real Estate - 1.1%
  
  
  
Diversified REITs - 0.1%
  
  
  
Mapletree Pan Asia Commercial Trust
 
658,400
616,605
Suntec Real Estate Investment Trust
 
567,800
500,610
 
  
  
1,117,215
Health Care REITs - 0.0%
  
  
  
Parkway Life Real Estate Investment Trust
 
126,800
410,761
Hotel & Resort REITs - 0.1%
  
  
  
CapitaLand Ascott Trust unit
 
738,100
482,944
CDL Hospitality Trusts unit
 
226,100
137,676
Far East Hospitality Trust unit
 
283,500
118,336
Frasers Hospitality Trust unit
 
202,600
101,823
 
  
  
840,779
Industrial REITs - 0.3%
  
  
  
AIMS APAC REIT
 
154,173
145,364
ESR-REIT
 
175,786
296,229
Frasers Logistics & Commercial Trust (e)
  
784,000
537,775
Mapletree Industrial Trust
 
586,745
907,624
Mapletree Logistics Trust
 
972,175
836,588
 
  
  
2,723,580
Office REITs - 0.1%
  
  
  
Keppel REIT
 
692,600
453,729
Real Estate Management & Development - 0.2%
  
  
  
Capitaland India Trust
 
273,165
203,801
City Developments Ltd
 
138,000
525,441
Hong Fok Corp Ltd
 
88,300
49,681
UOL Group Ltd
 
129,100
571,097
 
  
  
1,350,020
Retail REITs - 0.2%
  
  
  
CapitaLand China Trust
 
322,300
170,162
Frasers Centrepoint Trust
 
372,694
645,656
Lendlease Global Commercial REIT
 
464,383
183,209
PARAGON REIT
 
311,900
234,044
Starhill Global REIT
 
400,411
151,890
 
  
  
1,384,961
Specialized REITs - 0.1%
  
  
  
Digital Core REIT Management Pte Ltd
 
259,500
129,816
Keppel DC REIT
 
513,592
849,711
 
  
  
979,527
TOTAL REAL ESTATE
  
  
9,260,572
 
  
  
  
Utilities - 0.0%
  
  
  
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Kenon Holdings Ltd/Singapore
 
5,623
173,060
TOTAL SINGAPORE
  
  
15,628,154
SOUTH AFRICA - 0.1%
 
  
  
Materials - 0.1%
  
  
  
Metals & Mining - 0.1%
  
  
  
Pan African Resources PLC
 
551,735
326,840
Utilities - 0.0%
  
  
  
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Scatec ASA (b)(c)(d)(e)
  
35,257
267,899
TOTAL SOUTH AFRICA
  
  
594,739
SPAIN - 1.8%
 
  
  
Communication Services - 0.0%
  
  
  
Media - 0.0%
  
  
  
Atresmedia Corp de Medios de Comunicacion SA
 
25,592
161,195
Consumer Discretionary - 0.1%
  
  
  
Automobile Components - 0.1%
  
  
  
CIE Automotive SA
 
11,595
305,398
Gestamp Automocion SA (c)(d)(e)
  
48,813
144,880
 
  
  
450,278
Hotels, Restaurants & Leisure - 0.0%
  
  
  
eDreams ODIGEO SA (b)
  
23,938
199,319
Melia Hotels International SA
 
30,354
219,042
 
  
  
418,361
Household Durables - 0.0%
  
  
  
Neinor Homes SA (d)(e)
  
6,436
111,698
TOTAL CONSUMER DISCRETIONARY
  
  
980,337
 
  
  
  
Consumer Staples - 0.1%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Distribuidora Internacional de Alimentacion SA (b)
  
4,035
104,220
Food Products - 0.1%
  
  
  
Viscofan SA
 
10,826
780,005
TOTAL CONSUMER STAPLES
  
  
884,225
 
  
  
  
Energy - 0.0%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
Tecnicas Reunidas SA (b)
  
12,929
216,770
Financials - 0.5%
  
  
  
Banks - 0.4%
  
  
  
Bankinter SA
 
185,417
2,150,909
Unicaja Banco SA (d)(e)
  
285,421
541,917
 
  
  
2,692,826
Insurance - 0.1%
  
  
  
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros
 
150,663
218,469
Mapfre SA
 
253,484
899,957
 
  
  
1,118,426
TOTAL FINANCIALS
  
  
3,811,252
 
  
  
  
Health Care - 0.1%
  
  
  
Biotechnology - 0.0%
  
  
  
Pharma Mar SA
 
3,793
319,475
Pharmaceuticals - 0.1%
  
  
  
Almirall SA
 
20,362
224,904
Laboratorios Farmaceuticos Rovi SA
 
5,675
331,411
 
  
  
556,315
TOTAL HEALTH CARE
  
  
875,790
 
  
  
  
Industrials - 0.3%
  
  
  
Air Freight & Logistics - 0.1%
  
  
  
Logista Integral SA
 
16,549
564,676
Commercial Services & Supplies - 0.0%
  
  
  
Befesa SA (d)(e)
  
9,410
284,625
Prosegur Cash SA (d)(e)
  
83,530
72,484
Prosegur Comp Securidad SA
 
37,027
102,978
 
  
  
460,087
Construction & Engineering - 0.1%
  
  
  
Sacyr SA
 
155,054
566,305
Machinery - 0.1%
  
  
  
Construcciones y Auxiliar de Ferrocarriles SA
 
5,203
253,451
Fluidra SA
 
26,202
603,157
Talgo SA (b)(c)(d)(e)
  
19,005
68,465
 
  
  
925,073
TOTAL INDUSTRIALS
  
  
2,516,141
 
  
  
  
Information Technology - 0.1%
  
  
  
IT Services - 0.1%
  
  
  
Indra Sistemas SA
 
21,743
690,176
Materials - 0.2%
  
  
  
Containers & Packaging - 0.1%
  
  
  
Vidrala SA
 
5,954
646,170
Metals & Mining - 0.1%
  
  
  
Acerinox SA
 
50,998
573,976
Paper & Forest Products - 0.0%
  
  
  
Ence Energia y Celulosa SA (c)
  
33,790
108,712
TOTAL MATERIALS
  
  
1,328,858
 
  
  
  
Real Estate - 0.2%
  
  
  
Diversified REITs - 0.2%
  
  
  
Merlin Properties Socimi SA
 
108,631
1,225,704
Office REITs - 0.0%
  
  
  
Inmobiliaria Colonial Socimi SA
 
87,102
562,932
Real Estate Management & Development - 0.0%
  
  
  
Aedas Homes SL (d)(e)
  
2,412
77,601
TOTAL REAL ESTATE
  
  
1,866,237
 
  
  
  
Utilities - 0.2%
  
  
  
Gas Utilities - 0.1%
  
  
  
Enagas SA
 
64,792
1,010,713
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
Audax Renovables SA
 
44,509
76,237
Grenergy Renovables SA (b)
  
3,540
202,520
Solaria Energia y Medio Ambiente SA (b)(c)
  
20,750
155,943
 
  
  
434,700
TOTAL UTILITIES
  
  
1,445,413
 
  
  
  
TOTAL SPAIN
  
  
14,776,394
SWEDEN - 5.3%
 
  
  
Communication Services - 0.1%
  
  
  
Entertainment - 0.1%
  
  
  
Embracer Group AB B Shares (b)
  
36,002
453,158
Modern Times Group MTG AB B Shares (b)
  
23,446
281,871
Paradox Interactive AB
 
9,796
192,059
 
  
  
927,088
Interactive Media & Services - 0.0%
  
  
  
Hemnet Group AB (b)
  
23,801
815,077
TOTAL COMMUNICATION SERVICES
  
  
1,742,165
 
  
  
  
Consumer Discretionary - 0.6%
  
  
  
Automobile Components - 0.0%
  
  
  
Dometic Group AB (d)
  
84,257
302,839
Broadline Retail - 0.0%
  
  
  
Boozt AB (b)(d)(e)
  
15,906
139,139
Rusta AB
 
14,936
123,407
 
  
  
262,546
Distributors - 0.0%
  
  
  
MEKO AB
 
11,203
146,970
Diversified Consumer Services - 0.0%
  
  
  
AcadeMedia AB (d)(e)
  
21,469
176,141
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Betsson AB B Shares
 
32,536
571,244
Scandic Hotels Group AB (d)(e)
  
42,531
328,482
SkiStar AB B Shares
 
11,557
199,561
 
  
  
1,099,287
Household Durables - 0.1%
  
  
  
Electrolux AB B Shares (b)
  
59,656
370,324
JM AB
 
16,858
269,295
 
  
  
639,619
Leisure Products - 0.3%
  
  
  
Asmodee Group AB B Shares
 
35,659
392,911
MIPS AB (e)
  
7,339
259,528
Thule Group AB (d)(e)
  
29,560
672,827
 
  
  
1,325,266
Specialty Retail - 0.1%
  
  
  
Bilia AB A Shares
 
17,066
214,881
Clas Ohlson AB B Shares
 
10,692
303,321
Synsam AB
 
31,247
158,409
 
  
  
676,611
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
New Wave Group AB B Shares
 
24,269
296,285
TOTAL CONSUMER DISCRETIONARY
  
  
4,925,564
 
  
  
  
Consumer Staples - 0.3%
  
  
  
Consumer Staples Distribution & Retail - 0.1%
  
  
  
Axfood AB B Shares
 
30,121
842,347
Food Products - 0.2%
  
  
  
AAK AB
 
50,104
1,308,391
Cloetta AB B Shares
 
48,782
141,821
 
  
  
1,450,212
TOTAL CONSUMER STAPLES
  
  
2,292,559
 
  
  
  
Financials - 0.5%
  
  
  
Banks - 0.0%
  
  
  
Norion Bank AB (b)
  
17,462
71,407
Capital Markets - 0.4%
  
  
  
Avanza Bank Holding AB
 
34,492
1,150,864
Bure Equity AB
 
15,445
517,736
Nordnet AB
 
38,038
999,602
Ratos AB B Shares
 
57,339
194,818
 
  
  
2,863,020
Consumer Finance - 0.0%
  
  
  
Hoist Finance AB (b)(d)(e)
  
12,944
115,171
Financial Services - 0.1%
  
  
  
Creades AB A Shares
 
14,459
115,397
Kinnevik AB B Shares
 
66,257
528,383
Svolder AB B Shares
 
24,714
145,745
 
  
  
789,525
TOTAL FINANCIALS
  
  
3,839,123
 
  
  
  
Health Care - 0.9%
  
  
  
Biotechnology - 0.2%
  
  
  
BioArctic AB B Shares (b)(c)(d)(e)
  
9,844
199,620
BioGaia AB B Shares
 
25,461
270,007
BoneSupport Holding AB (b)(d)(e)
  
15,235
497,772
Vitrolife AB
 
20,687
337,310
 
  
  
1,304,709
Health Care Equipment & Supplies - 0.3%
  
  
  
Arjo AB B Shares
 
59,925
199,884
Elekta AB B Shares
 
102,307
518,653
Getinge AB B Shares
 
62,898
1,211,692
Surgical Science Sweden AB (b)
  
9,483
135,100
Vimian Group AB (b)
  
48,618
195,971
Xvivo Perfusion AB (b)
  
6,964
229,984
 
  
  
2,491,284
Health Care Providers & Services - 0.1%
  
  
  
Ambea AB (d)(e)
  
22,119
267,291
Attendo AB (b)(d)(e)
  
27,779
188,537
Medicover Ab B Shares
 
18,257
456,165
 
  
  
911,993
Health Care Technology - 0.1%
  
  
  
Sectra AB B Shares
 
37,381
1,147,091
Life Sciences Tools & Services - 0.1%
  
  
  
AddLife AB B Shares
 
32,105
607,855
Biotage AB A Shares
 
18,542
270,106
 
  
  
877,961
Pharmaceuticals - 0.1%
  
  
  
Camurus AB (b)
  
9,632
618,847
SwedenCare AB
 
15,646
62,483
 
  
  
681,330
TOTAL HEALTH CARE
  
  
7,414,368
 
  
  
  
Industrials - 1.1%
  
  
  
Aerospace & Defense - 0.0%
  
  
  
INVISIO AB
 
9,985
399,793
Building Products - 0.1%
  
  
  
Inwido AB
 
14,470
307,200
Lindab International AB
 
20,789
437,912
Munters Group AB (d)(e)
  
35,840
459,426
 
  
  
1,204,538
Commercial Services & Supplies - 0.3%
  
  
  
Bravida Holding AB (d)(e)
  
56,774
539,222
Loomis AB
 
19,462
813,476
Sdiptech AB B Shares (b)
  
8,606
192,501
 
  
  
1,545,199
Construction & Engineering - 0.3%
  
  
  
Instalco AB (e)
  
64,741
180,046
NCC AB B Shares
 
23,236
434,165
Peab AB B Shares
 
47,238
392,204
Sweco AB B Shares
 
54,735
958,734
 
  
  
1,965,149
Electrical Equipment - 0.0%
  
  
  
AQ Group AB
 
16,498
265,422
Hexatronic Group AB (b)(c)
  
47,684
126,542
 
  
  
391,964
Industrial Conglomerates - 0.1%
  
  
  
Nolato AB B Shares
 
53,409
299,771
Storskogen Group AB B Shares
 
378,333
492,806
 
  
  
792,577
Machinery - 0.2%
  
  
  
Alimak Group AB (d)(e)
  
19,124
241,387
Electrolux Professional AB B Shares (b)
  
65,934
384,055
Engcon AB B Shares
 
11,465
110,788
Husqvarna AB B Shares
 
97,582
454,821
Troax Group AB
 
10,687
148,383
VBG Group AB B Shares
 
4,477
125,248
 
  
  
1,464,682
Professional Services - 0.1%
  
  
  
AFRY AB B Shares
 
26,695
462,616
Trading Companies & Distributors - 0.0%
  
  
  
Alligo AB B Shares
 
6,464
73,698
Bufab AB
 
7,396
306,231
 
  
  
379,929
TOTAL INDUSTRIALS
  
  
8,606,447
 
  
  
  
Information Technology - 0.6%
  
  
  
Communications Equipment - 0.1%
  
  
  
HMS Networks AB (b)
  
9,075
405,044
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
Mycronic AB
 
21,390
851,130
Ncab Group Ab
 
48,695
214,216
 
  
  
1,065,346
IT Services - 0.1%
  
  
  
Addnode Group AB B Shares
 
34,446
297,578
Atea ASA
 
21,741
296,751
 
  
  
594,329
Software - 0.3%
  
  
  
Fortnox AB
 
134,033
1,206,166
Truecaller AB B Shares
 
66,676
501,855
Vitec Software Group AB B Shares
 
9,136
416,841
Yubico AB (c)
  
13,169
263,775
 
  
  
2,388,637
TOTAL INFORMATION TECHNOLOGY
  
  
4,453,356
 
  
  
  
Materials - 0.4%
  
  
  
Chemicals - 0.0%
  
  
  
Hexpol AB B Shares
 
72,087
624,249
Containers & Packaging - 0.1%
  
  
  
Billerud Aktiebolag
 
61,377
646,441
Metals & Mining - 0.3%
  
  
  
Alleima AB
 
52,271
409,656
Granges AB
 
29,528
368,737
SSAB AB A Shares
 
60,246
380,219
SSAB AB B Shares
 
173,362
1,077,247
 
  
  
2,235,859
TOTAL MATERIALS
  
  
3,506,549
 
  
  
  
Real Estate - 0.8%
  
  
  
Real Estate Management & Development - 0.8%
  
  
  
Atrium Ljungberg AB B Shares
 
65,045
230,792
Castellum AB (b)
  
106,098
1,284,856
Catena AB
 
12,565
589,933
Cibus Nordic Real Estate AB publ
 
17,444
301,487
Corem Property Group AB B Shares (c)
  
161,170
81,405
Dios Fastigheter AB
 
29,297
203,689
Fabege AB
 
64,333
548,782
FastPartner AB A Shares
 
15,515
90,886
Hufvudstaden AB A Shares
 
30,961
376,382
NP3 Fastigheter AB
 
8,536
222,110
Nyfosa AB (b)
  
46,194
433,479
Pandox AB B Shares
 
29,877
498,285
Platzer Fastigheter Holding AB B Shares
 
13,065
102,460
Samhallsbyggnadsbolaget i Norden AB B Shares (c)
  
298,974
121,316
Wallenstam AB B Shares
 
98,478
485,997
Wihlborgs Fastigheter AB
 
75,852
784,771
 
  
  
6,356,630
TOTAL SWEDEN
  
  
43,136,761
SWITZERLAND - 4.6%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Sunrise Communications AG Series A
 
18,212
979,721
Media - 0.0%
  
  
  
TX Group AG
 
709
159,264
TOTAL COMMUNICATION SERVICES
  
  
1,138,985
 
  
  
  
Consumer Discretionary - 0.0%
  
  
  
Automobile Components - 0.0%
  
  
  
Autoneum Holding AG
 
821
123,147
Specialty Retail - 0.0%
  
  
  
Mobilezone Holding AG (c)
  
10,955
150,252
TOTAL CONSUMER DISCRETIONARY
  
  
273,399
 
  
  
  
Consumer Staples - 0.2%
  
  
  
Food Products - 0.2%
  
  
  
Aryzta AG (b)
  
261,940
655,684
Emmi AG
 
586
574,391
 
  
  
1,230,075
Financials - 0.5%
  
  
  
Banks - 0.1%
  
  
  
Valiant Holding AG
 
4,325
637,208
Capital Markets - 0.3%
  
  
  
EFG International AG
 
26,097
392,712
Swissquote Group Holding SA
 
2,942
1,507,804
Vontobel Holding AG
 
7,775
560,505
 
  
  
2,461,021
Consumer Finance - 0.1%
  
  
  
Cembra Money Bank AG
 
8,239
993,252
TOTAL FINANCIALS
  
  
4,091,481
 
  
  
  
Health Care - 0.7%
  
  
  
Biotechnology - 0.0%
  
  
  
Basilea Pharmaceutica Ag Allschwil (b)
  
3,399
182,027
Kuros Biosciences AG (b)(c)
  
7,460
241,511
 
  
  
423,538
Health Care Equipment & Supplies - 0.1%
  
  
  
Medacta Group SA (d)(e)
  
1,944
313,735
Medmix AG (d)(e)
  
7,023
87,984
Metall Zug AG Series B
 
53
66,142
Ypsomed Holding AG
 
1,137
481,470
 
  
  
949,331
Health Care Providers & Services - 0.2%
  
  
  
Galenica AG (d)(e)
  
13,784
1,442,949
Life Sciences Tools & Services - 0.4%
  
  
  
Bachem Holding AG Series B (b)
  
9,213
562,034
Siegfried Holding AG
 
11,170
1,326,298
SKAN Group AG
 
3,438
279,921
Tecan Group AG
 
3,492
675,257
 
  
  
2,843,510
Pharmaceuticals - 0.0%
  
  
  
Dottikon Es Holding AG (b)(c)
  
952
226,999
TOTAL HEALTH CARE
  
  
5,886,327
 
  
  
  
Industrials - 2.1%
  
  
  
Building Products - 0.5%
  
  
  
Arbonia Ag
 
14,169
107,124
Belimo Holding AG
 
2,704
2,286,778
dormakaba Holding AG Series B
 
863
725,658
Forbo Holding AG
 
267
255,241
Schweiter Technologies AG (c)
  
269
123,850
Zehnder Group AG
 
2,189
145,341
 
  
  
3,643,992
Construction & Engineering - 0.1%
  
  
  
Burkhalter Holding AG
 
1,936
287,579
Implenia AG
 
3,388
191,700
 
  
  
479,279
Electrical Equipment - 0.2%
  
  
  
Accelleron Industries AG
 
25,929
1,386,692
Huber + Suhner AG
 
3,985
350,048
R&S Group Holding AG Series A
 
6,085
146,273
 
  
  
1,883,013
Machinery - 0.9%
  
  
  
Bucher Industries AG
 
1,829
786,690
Burckhardt Compression Holding AG
 
897
606,441
Bystronic AG (c)
  
403
123,046
Daetwyler Holdings Ag
 
2,087
300,401
Georg Fischer AG
 
21,451
1,543,817
Interroll Holding AG
 
197
429,636
Kardex Holding AG
 
1,717
429,588
Komax Holding AG (b)(c)
  
970
120,817
OC Oerlikon Corp AG Pfaffikon
 
51,234
216,768
Rieter Holding AG
 
689
58,436
Sfs Group Ag (b)
  
4,789
644,065
Stadler Rail AG (c)
  
15,275
401,238
Sulzer AG
 
5,165
871,107
 
  
  
6,532,050
Professional Services - 0.1%
  
  
  
Adecco Group AG
 
46,186
1,198,648
Trading Companies & Distributors - 0.1%
  
  
  
Bossard Holding AG Series A
 
1,566
341,148
DKSH Holding AG
 
9,794
721,482
 
  
  
1,062,630
Transportation Infrastructure - 0.2%
  
  
  
Flughafen Zurich Ag Kloten
 
5,488
1,379,065
TOTAL INDUSTRIALS
  
  
16,178,677
 
  
  
  
Information Technology - 0.3%
  
  
  
Electronic Equipment, Instruments & Components - 0.3%
  
  
  
ALSO Holding AG
 
1,607
489,684
Comet Holding AG
 
2,050
527,061
Inficon Holding AG
 
4,750
501,848
Landis+Gyr Group AG
 
6,819
437,057
LEM Holding SA
 
142
118,025
Sensirion Holding AG (b)(d)(e)
  
2,598
200,512
 
  
  
2,274,187
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
u-blox Holding AG
 
1,877
189,440
TOTAL INFORMATION TECHNOLOGY
  
  
2,463,627
 
  
  
  
Materials - 0.1%
  
  
  
Chemicals - 0.1%
  
  
  
Clariant AG
 
58,979
656,712
Containers & Packaging - 0.0%
  
  
  
Vetropack Holding AG Series A
 
3,696
127,625
TOTAL MATERIALS
  
  
784,337
 
  
  
  
Real Estate - 0.6%
  
  
  
Real Estate Management & Development - 0.6%
  
  
  
Allreal Holding AG
 
4,111
905,531
Hiag Immobilien Holding AG
 
1,262
152,904
International Workplace Group PLC
 
206,406
508,618
Intershop Holding AG
 
1,419
232,445
Mobimo Holding AG
 
1,991
768,321
PSP Swiss Property AG
 
12,625
2,247,062
 
  
  
4,814,881
TOTAL SWITZERLAND
  
  
36,861,789
TANZANIA - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Helios Towers PLC (b)
  
202,694
289,580
UKRAINE - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Ferrexpo PLC (b)(c)
  
82,983
65,138
UNITED KINGDOM - 12.6%
 
  
  
Communication Services - 0.7%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Gamma Communications PLC
 
25,243
448,775
Interactive Media & Services - 0.4%
  
  
  
Baltic Classifieds Group PLC
 
127,587
578,120
MONY Group PLC
 
141,479
380,492
Rightmove PLC
 
215,194
2,115,930
Trustpilot Group PLC (b)(d)(e)
  
97,416
290,551
 
  
  
3,365,093
Media - 0.2%
  
  
  
4imprint Group PLC
 
7,817
354,202
Future PLC
 
29,103
273,050
ITV PLC
 
930,139
992,917
YouGov PLC (c)
  
33,453
127,507
 
  
  
1,747,676
TOTAL COMMUNICATION SERVICES
  
  
5,561,544
 
  
  
  
Consumer Discretionary - 2.6%
  
  
  
Automobile Components - 0.1%
  
  
  
AB Dynamics PLC
 
5,170
121,265
Dowlais Group PLC
 
374,195
287,993
 
  
  
409,258
Automobiles - 0.0%
  
  
  
Aston Martin Lagonda Global Holdings PLC (b)(c)(d)(e)
  
81,142
73,144
Broadline Retail - 0.2%
  
  
  
B&M European Value Retail SA
 
276,062
1,237,642
Thg PLC (b)
  
183,040
60,009
 
  
  
1,297,651
Distributors - 0.1%
  
  
  
Inchcape PLC
 
97,364
871,318
Diversified Consumer Services - 0.0%
  
  
  
Auction Technology Group PLC (b)
  
28,792
223,704
ME Group International PLC
 
58,347
156,684
 
  
  
380,388
Hotels, Restaurants & Leisure - 0.6%
  
  
  
Deliveroo PLC Class A (b)(d)(e)
  
274,605
623,972
Domino's Pizza Group PLC
 
98,447
352,929
Greggs PLC
 
27,970
692,208
Hollywood Bowl Group PLC
 
45,783
178,774
J D Wetherspoon PLC
 
23,587
205,424
Just Eat Takeaway.com NV (b)(d)(e)
  
48,854
1,064,823
Mitchells & Butlers PLC (b)
  
73,594
242,745
Playtech Plc (b)
  
67,633
685,022
SSP Group Plc
 
221,927
437,728
Trainline PLC (b)(d)(e)
  
124,588
482,840
Young & Co's Brewery PLC Class A
 
9,028
106,119
 
  
  
5,072,584
Household Durables - 0.8%
  
  
  
Bellway PLC
 
32,552
1,163,507
Berkeley Group Holdings PLC
 
27,859
1,552,953
Crest Nicholson Holdings plc
 
69,088
165,547
Persimmon PLC
 
87,883
1,516,726
Taylor Wimpey PLC
 
972,305
1,527,791
Vistry Group PLC (b)
  
85,950
720,721
 
  
  
6,647,245
Leisure Products - 0.2%
  
  
  
Games Workshop Group PLC
 
9,070
1,862,697
Specialty Retail - 0.4%
  
  
  
AO World PLC (b)
  
89,256
116,929
ASOS PLC (b)(c)
  
12,048
46,082
boohoo Group PLC (b)(c)
  
212,926
61,294
Currys PLC (b)
  
283,186
418,916
Dunelm Group PLC
 
36,576
536,681
Frasers Group PLC (b)
  
30,694
270,797
Moonpig Group PLC
 
89,165
273,309
Pets at Home Group Plc
 
121,171
382,073
Watches of Switzerland Group PLC (b)(d)
  
63,159
297,969
WH Smith PLC
 
36,011
434,086
 
  
  
2,838,136
Textiles, Apparel & Luxury Goods - 0.2%
  
  
  
Burberry Group PLC
 
98,267
957,000
Coats Group PLC
 
443,964
428,370
Dr Martens PLC
 
162,891
119,397
 
  
  
1,504,767
TOTAL CONSUMER DISCRETIONARY
  
  
20,957,188
 
  
  
  
Consumer Staples - 0.5%
  
  
  
Beverages - 0.1%
  
  
  
AG Barr PLC
 
31,033
286,195
Fevertree Drinks PLC
 
28,929
306,502
 
  
  
592,697
Consumer Staples Distribution & Retail - 0.1%
  
  
  
Ocado Group PLC (b)
  
148,057
555,048
Food Products - 0.3%
  
  
  
Cranswick PLC
 
14,873
1,026,741
Hilton Food Group PLC
 
20,698
245,224
Premier Foods PLC
 
180,818
480,024
Tate & Lyle PLC
 
103,717
771,288
 
  
  
2,523,277
TOTAL CONSUMER STAPLES
  
  
3,671,022
 
  
  
  
Energy - 0.3%
  
  
  
Energy Equipment & Services - 0.2%
  
  
  
Hunting PLC
 
38,729
132,390
John Wood Group PLC (b)
  
187,593
46,101
Paratus Energy Services Ltd
 
23,330
79,520
Subsea 7 SA
 
61,593
926,554
 
  
  
1,184,565
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Harbour Energy PLC
 
159,855
325,949
Serica Energy PLC
 
77,164
131,014
TORM PLC Series A
 
16,131
268,197
Yellow Cake PLC (b)(d)(e)
  
60,041
343,271
 
  
  
1,068,431
TOTAL ENERGY
  
  
2,252,996
 
  
  
  
Financials - 2.5%
  
  
  
Banks - 0.0%
  
  
  
Metro Bank Holdings PLC (b)
  
93,262
125,036
Capital Markets - 1.6%
  
  
  
Aberdeen Group PLC
 
504,879
993,130
AJ Bell PLC
 
91,491
513,569
Allfunds Group Plc
 
84,778
476,362
Alpha Group International PLC (e)
  
9,920
360,916
Ashmore Group PLC
 
127,501
245,875
Bridgepoint Group PLC (d)(e)
  
68,632
244,580
CMC Markets PLC (d)(e)
  
31,521
101,870
Foresight Group Holdings Ltd
 
18,582
91,875
IG Group Holdings PLC
 
97,726
1,387,050
Integrafin Holdings Ltd (e)
  
78,082
316,862
Intermediate Capital Group PLC
 
79,799
1,995,091
Investec PLC
 
168,117
1,054,377
IP Group PLC (b)
  
265,263
149,184
Jupiter Fund Management PLC
 
125,226
120,827
Man Group Plc/Jersey
 
323,357
702,429
Molten Ventures PLC (b)
  
41,976
148,469
Ninety One PLC
 
77,589
153,967
Polar Capital Holdings PLC
 
24,444
127,700
Quilter PLC (d)(e)
  
381,397
686,189
Rathbones Group PLC
 
11,424
239,029
St James's Place PLC
 
149,794
1,874,929
TP ICAP Group PLC
 
206,011
704,223
XPS Pensions Group PLC (e)
  
50,633
260,805
 
  
  
12,949,308
Financial Services - 0.2%
  
  
  
OSB Group PLC
 
100,850
637,070
Paragon Banking Group PLC
 
55,810
627,006
 
  
  
1,264,076
Insurance - 0.7%
  
  
  
Beazley PLC
 
175,377
2,067,297
Direct Line Insurance Group PLC
 
361,419
1,363,107
Hiscox Ltd
 
93,638
1,371,457
Just Group PLC
 
288,368
541,106
Lancashire Holdings Ltd
 
67,728
508,169
 
  
  
5,851,136
TOTAL FINANCIALS
  
  
20,189,556
 
  
  
  
Health Care - 0.4%
  
  
  
Biotechnology - 0.1%
  
  
  
Genus PLC
 
18,333
450,045
Health Care Equipment & Supplies - 0.2%
  
  
  
Advanced Medical Solutions Group PLC
 
58,063
149,344
ConvaTec Group PLC (d)(e)
  
451,433
1,563,022
 
  
  
1,712,366
Health Care Providers & Services - 0.1%
  
  
  
CVS Group PLC
 
19,755
283,284
Spire Healthcare Group PLC (d)(e)
  
75,771
195,295
 
  
  
478,579
Health Care Technology - 0.0%
  
  
  
Craneware PLC
 
8,047
193,036
Life Sciences Tools & Services - 0.0%
  
  
  
Oxford Nanopore Technologies PLC (b)(c)
  
159,063
252,048
Pharmaceuticals - 0.0%
  
  
  
Indivior PLC (b)
  
27,661
313,711
TOTAL HEALTH CARE
  
  
3,399,785
 
  
  
  
Industrials - 2.8%
  
  
  
Aerospace & Defense - 0.3%
  
  
  
Babcock International Group PLC
 
70,041
750,483
Chemring Group PLC
 
75,613
402,070
QinetiQ Group PLC
 
137,685
720,393
Senior PLC
 
115,721
213,751
 
  
  
2,086,697
Air Freight & Logistics - 0.1%
  
  
  
International Distribution Services PLC
 
171,156
836,669
Building Products - 0.1%
  
  
  
Genuit Group PLC
 
65,474
332,450
Volution Group PLC
 
54,844
415,155
 
  
  
747,605
Commercial Services & Supplies - 0.2%
  
  
  
Johnson Service Group PLC
 
112,031
209,025
Mitie Group PLC
 
332,723
639,412
Renewi PLC
 
19,634
225,030
Serco Group PLC
 
284,172
650,255
 
  
  
1,723,722
Construction & Engineering - 0.3%
  
  
  
Balfour Beatty PLC
 
141,058
860,233
Keller Group PLC
 
19,183
363,026
Kier Group PLC
 
124,907
241,705
Morgan Sindall Group PLC
 
12,660
596,425
Renew Holdings PLC
 
21,423
215,555
 
  
  
2,276,944
Electrical Equipment - 0.0%
  
  
  
DiscoverIE Group PLC
 
26,180
197,827
Volex PLC (c)
  
35,641
120,647
 
  
  
318,474
Ground Transportation - 0.1%
  
  
  
Firstgroup PLC
 
167,315
385,088
Mobico Group PLC (b)
  
128,699
53,342
Zigup PLC
 
59,036
245,866
 
  
  
684,296
Machinery - 0.7%
  
  
  
Bodycote PLC
 
50,622
321,128
IMI PLC
 
70,303
1,656,489
Judges Scientific PLC
 
1,595
128,390
Morgan Advanced Materials PLC
 
78,004
204,585
Rotork PLC
 
232,083
940,263
Vesuvius PLC
 
56,668
258,434
Weir Group PLC/The
 
71,393
2,138,870
 
  
  
5,648,159
Marine Transportation - 0.0%
  
  
  
Clarkson PLC
 
8,386
367,132
Passenger Airlines - 0.2%
  
  
  
easyJet PLC
 
84,008
553,742
JET2 PLC
 
49,988
1,054,579
 
  
  
1,608,321
Professional Services - 0.1%
  
  
  
GlobalData PLC (c)
  
80,645
190,769
Hays PLC
 
441,144
420,946
Pagegroup PLC
 
86,472
309,999
Rws Holdings PLC
 
78,779
70,342
SThree PLC
 
38,447
125,534
 
  
  
1,117,590
Trading Companies & Distributors - 0.7%
  
  
  
Ashtead Technology Holdings plc
 
21,290
141,157
Diploma PLC
 
36,799
1,943,045
Grafton Group PLC unit
 
49,161
594,697
Howden Joinery Group PLC
 
150,893
1,546,421
RS GROUP PLC
 
129,734
891,281
Travis Perkins PLC
 
58,887
438,696
 
  
  
5,555,297
TOTAL INDUSTRIALS
  
  
22,970,906
 
  
  
  
Information Technology - 0.6%
  
  
  
Communications Equipment - 0.0%
  
  
  
Spirent Communications PLC (b)
  
160,227
394,185
Electronic Equipment, Instruments & Components - 0.2%
  
  
  
Oxford Instruments PLC
 
16,092
351,711
Renishaw PLC
 
11,108
331,601
Spectris PLC
 
26,923
717,606
 
  
  
1,400,918
IT Services - 0.3%
  
  
  
Computacenter PLC
 
18,854
605,554
Kainos Group PLC
 
24,143
235,363
NCC Group PLC (c)
  
84,716
166,190
Softcat PLC
 
32,822
730,927
 
  
  
1,738,034
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Alphawave IP Group PLC (b)(c)
  
104,254
176,453
Software - 0.1%
  
  
  
Alfa Financial Software Holdings PLC (d)(e)
  
37,441
110,773
Bytes Technology Group PLC
 
63,483
428,941
Cerillion PLC
 
5,011
110,190
FD Technologies PLC (b)(c)
  
4,426
105,347
GB Group PLC
 
70,083
228,362
 
  
  
983,613
Technology Hardware, Storage & Peripherals - 0.0%
  
  
  
Raspberry PI Ltd (b)(c)
  
24,488
143,856
TOTAL INFORMATION TECHNOLOGY
  
  
4,837,059
 
  
  
  
Materials - 0.4%
  
  
  
Chemicals - 0.2%
  
  
  
Elementis PLC
 
163,676
273,100
Johnson Matthey PLC
 
43,653
747,567
Victrex PLC
 
24,143
267,377
 
  
  
1,288,044
Construction Materials - 0.2%
  
  
  
Breedon Group PLC
 
76,229
437,448
Ibstock PLC (d)(e)
  
106,708
255,978
Marshalls PLC
 
62,012
232,227
SigmaRoc PLC (b)
  
277,538
335,107
 
  
  
1,260,760
Metals & Mining - 0.0%
  
  
  
Greatland Gold PLC (b)
  
2,360,305
418,362
Hill & Smith PLC
 
22,347
533,095
 
  
  
951,457
TOTAL MATERIALS
  
  
3,500,261
 
  
  
  
Real Estate - 1.5%
  
  
  
Diversified REITs - 0.4%
  
  
  
British Land Co PLC/The
 
275,543
1,444,628
LondonMetric Property PLC
 
565,863
1,450,185
 
  
  
2,894,813
Health Care REITs - 0.2%
  
  
  
Assura PLC
 
857,685
555,059
Primary Health Properties PLC
 
352,425
480,949
Target Healthcare REIT PLC
 
169,449
221,985
 
  
  
1,257,993
Industrial REITs - 0.2%
  
  
  
Tritax Big Box REIT PLC
 
614,974
1,171,993
Urban Logistics REIT PLC
 
126,853
246,147
 
  
  
1,418,140
Office REITs - 0.2%
  
  
  
Derwent London PLC
 
27,707
717,455
Great Portland Estates PLC
 
95,895
396,178
Workspace Group PLC
 
39,128
231,788
 
  
  
1,345,421
Real Estate Management & Development - 0.0%
  
  
  
Grainger PLC
 
195,461
560,055
Savills PLC
 
38,087
470,532
 
  
  
1,030,587
Residential REITs - 0.2%
  
  
  
Empiric Student Property PLC
 
185,858
225,896
Home Reit PLC (b)(f)
  
235,236
95,429
PRS REIT Plc/The
 
141,518
218,023
UNITE Group PLC/The
 
107,846
1,236,765
 
  
  
1,776,113
Retail REITs - 0.2%
  
  
  
Hammerson PLC
 
129,611
436,323
Shaftesbury Capital PLC
 
400,642
725,085
Supermarket Income Reit PLC
 
346,124
357,952
 
  
  
1,519,360
Specialized REITs - 0.1%
  
  
  
Big Yellow Group PLC (The)
 
51,091
684,975
Safestore Holdings PLC
 
60,643
508,755
 
  
  
1,193,730
TOTAL REAL ESTATE
  
  
12,436,157
 
  
  
  
Utilities - 0.3%
  
  
  
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
Drax Group PLC
 
100,911
829,767
Multi-Utilities - 0.1%
  
  
  
Telecom Plus PLC
 
18,739
472,498
Water Utilities - 0.1%
  
  
  
Pennon Group PLC
 
129,504
866,943
TOTAL UTILITIES
  
  
2,169,208
 
  
  
  
TOTAL UNITED KINGDOM
  
  
101,945,682
UNITED STATES - 0.6%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Carnival PLC (b)
  
37,564
630,513
Household Durables - 0.0%
  
  
  
JS Global Lifestyle Co Ltd (b)(c)(d)(e)
  
288,500
66,958
TOTAL CONSUMER DISCRETIONARY
  
  
697,471
 
  
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Diversified Energy Co PLC (c)(e)
  
15,755
197,684
Financials - 0.1%
  
  
  
Financial Services - 0.1%
  
  
  
Burford Capital Ltd
 
53,961
737,117
Health Care - 0.0%
  
  
  
Health Care Equipment & Supplies - 0.0%
  
  
  
Inmode Ltd (b)(c)
  
19,037
268,422
Life Sciences Tools & Services - 0.0%
  
  
  
PolyPeptide Group AG (b)(d)(e)
  
4,199
96,866
TOTAL HEALTH CARE
  
  
365,288
 
  
  
  
Industrials - 0.2%
  
  
  
Building Products - 0.1%
  
  
  
Reliance Worldwide Corp Ltd
 
216,443
581,859
Electrical Equipment - 0.1%
  
  
  
Signify NV (d)(e)
  
34,976
719,942
Professional Services - 0.0%
  
  
  
Fiverr International Ltd (b)(c)
  
8,161
207,697
TOTAL INDUSTRIALS
  
  
1,509,498
 
  
  
  
Information Technology - 0.1%
  
  
  
Software - 0.1%
  
  
  
Bitdeer Technologies Group Class A (b)(c)
  
23,994
229,623
Riskified Ltd Class A (b)
  
23,919
109,788
Sinch AB (b)(d)(e)
  
187,570
436,638
Vobile Group Ltd (b)(e)
  
475,000
199,662
 
  
  
975,711
Materials - 0.1%
  
  
  
Construction Materials - 0.0%
  
  
  
RHI Magnesita NV
 
4,372
181,497
Metals & Mining - 0.1%
  
  
  
Sims Ltd
 
44,093
411,564
TOTAL MATERIALS
  
  
593,061
 
  
  
  
TOTAL UNITED STATES
  
  
5,075,830
 
TOTAL COMMON STOCKS
 (Cost $818,622,844)
  
  
  
796,044,866
 
  
  
  
Non-Convertible Preferred Stocks - 0.3%
 
  
Shares
Value ($)
 
GERMANY - 0.3%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Household Durables - 0.0%
  
  
  
Einhell Germany AG
 
1,440
107,992
Health Care - 0.0%
  
  
  
Health Care Equipment & Supplies - 0.0%
  
  
  
Draegerwerk AG & Co KGaA
 
2,417
163,191
Industrials - 0.1%
  
  
  
Ground Transportation - 0.0%
  
  
  
Sixt SE
 
4,506
298,110
Machinery - 0.1%
  
  
  
Jungheinrich AG
 
13,301
479,766
TOTAL INDUSTRIALS
  
  
777,876
 
  
  
  
Materials - 0.2%
  
  
  
Chemicals - 0.2%
  
  
  
FUCHS SE
 
18,184
907,213
Construction Materials - 0.0%
  
  
  
STO SE & Co KGaA
 
731
104,342
TOTAL MATERIALS
  
  
1,011,555
 
  
  
  
TOTAL GERMANY
  
  
2,060,614
ITALY - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Machinery - 0.0%
  
  
  
Danieli & C Officine Meccaniche SpA
 
10,652
287,439
JAPAN - 0.0%
 
  
  
Consumer Staples - 0.0%
  
  
  
Beverages - 0.0%
  
  
  
Ito En Ltd
 
6,400
80,436
 
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
 (Cost $2,350,187)
  
  
  
2,428,489
 
  
  
  
Money Market Funds - 3.1%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (i)
  
4.33
860,295
860,467
Fidelity Securities Lending Cash Central Fund (i)(j)
  
4.33
24,433,964
24,436,408
 
TOTAL MONEY MARKET FUNDS
 (Cost $25,296,874)
  
  
  
25,296,875
 
  
  
  
  
U.S. Treasury Obligations - 0.0%
 
  
Yield (%) (h)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 5/29/2025 (k)
 (Cost $248,185)
  
4.25
249,000
248,183
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 101.9%
 (Cost $846,518,090)
 
  
 
824,018,413
NET OTHER ASSETS (LIABILITIES) - (1.9)%  
(15,755,151)
NET ASSETS - 100.0%
808,263,262
 
  
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
  
  
  
  
  
 
  
  
  
  
  
Equity Contracts
  
  
  
  
  
ICE MSCI EAFE Index Contracts (United States)
80
Jun 2025
9,978,800
355,869
355,869
 
  
  
  
  
  
The notional amount of futures purchased as a percentage of Net Assets is 1.2%

 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $29,362,152 or 3.6% of net assets.
 
(e)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $32,954,504 or 4.1% of net assets.
 
(f)
Level 3 security
 
(g)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(h)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(i)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(j)
Investment made with cash collateral received from securities on loan.
 
(k)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $248,183.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
5,848,708
19,086,945
24,075,186
58,816
-
-
860,467
860,295
0.0%
Fidelity Securities Lending Cash Central Fund
30,090,286
43,077,509
48,731,387
253,286
-
-
24,436,408
24,433,964
0.1%
Total
35,938,994
62,164,454
72,806,573
312,102
-
-
25,296,875
  
  
 
  
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
  
  
  
  
 Common Stocks
  
  
  
  
Communication Services
35,910,455
30,272,581
5,637,874
-
Consumer Discretionary
103,303,601
78,591,535
24,712,066
-
Consumer Staples
46,336,842
38,279,440
8,057,402
-
Energy
20,329,285
16,233,691
4,095,594
-
Financials
104,227,117
88,971,583
15,255,534
-
Health Care
45,584,797
38,200,069
7,384,728
-
Industrials
185,104,178
143,686,354
41,417,824
-
Information Technology
66,332,138
57,403,769
8,928,369
-
Materials
76,282,586
42,541,086
33,683,126
58,374
Real Estate
91,949,799
67,732,889
24,121,481
95,429
Utilities
20,684,068
16,753,704
3,930,364
-
 Non-Convertible Preferred Stocks
  
  
  
  
Consumer Discretionary
107,992
107,992
-
-
Consumer Staples
80,436
80,436
-
-
Health Care
163,191
163,191
-
-
Industrials
1,065,315
1,065,315
-
-
Materials
1,011,555
1,011,555
-
-
 U.S. Treasury Obligations
248,183
-
248,183
-
 Money Market Funds
25,296,875
25,296,875
-
-
 Total Investments in Securities:
824,018,413
646,392,065
177,472,545
153,803
 Derivative Instruments:
  
  
  
  
 Assets
  
  
  
  
Futures Contracts
355,869
355,869
-
-
  Total Assets
355,869
355,869
-
-
 Total Derivative Instruments:
355,869
355,869
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
  
  
Futures Contracts (a) 
355,869
0
Total Equity Risk
355,869
0
Total Value of Derivatives
355,869
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
  
  
  
Investment in securities, at value  (including  securities loaned of $23,244,021) - See accompanying schedule:
  
  
  
  
Unaffiliated issuers (cost $821,221,216)
$
798,721,538
  
  
Fidelity Central Funds (cost $25,296,874)
25,296,875
  
  
 
  
  
  
  
 
  
  
  
  
Total Investment in Securities (cost $846,518,090)
  
  
$
824,018,413
Segregated cash with brokers for derivative instruments
  
  
204,094
Foreign currency held at value (cost $551,204)
  
  
550,389
Receivable for investments sold
  
  
376,976
Receivable for fund shares sold
  
  
48,553
Dividends receivable
  
  
5,402,206
Reclaims receivable
  
  
2,419,831
Distributions receivable from Fidelity Central Funds
  
  
38,521
Prepaid expenses
  
  
230
Receivable from investment adviser for expense reductions
  
  
19,151
Other receivables
  
  
344
  Total assets
  
  
833,078,708
Liabilities
  
  
  
  
Payable for investments purchased
  
  
  
  
Regular delivery
$
5,279
  
  
Delayed delivery
116,219
  
  
Payable for fund shares redeemed
128,116
  
  
Accrued management fee
64,137
  
  
Payable for daily variation margin on futures contracts
18,525
  
  
Other payables and accrued expenses
46,762
  
  
Collateral on securities loaned
24,436,408
  
  
  Total liabilities
  
  
  
24,815,446
Net Assets  
  
  
$
808,263,262
Net Assets consist of:
  
  
  
  
Paid in capital
  
  
$
937,983,624
Total accumulated earnings (loss)
  
  
  
(129,720,362)
Net Assets
  
  
$
808,263,262
Net Asset Value, offering price and redemption price per share ($808,263,262 ÷ 90,509,093 shares)
  
  
$
8.93
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
  
  
  
  
Dividends
 
  
$
13,233,878
Foreign Tax Reclaims
  
  
750,950
Interest  
  
  
8,113
Income from Fidelity Central Funds (including $253,286 from security lending)
 
  
312,102
 Income before foreign taxes withheld
  
  
$
14,305,043
Less foreign taxes withheld
  
  
(1,390,837)
 Total income
  
  
  
12,914,206
Expenses
  
  
  
  
Management fee
$
387,558
  
  
Custodian fees and expenses
23,914
  
  
Independent trustees' fees and expenses
1,688
  
  
Registration fees
7,419
  
  
Audit fees
28,950
  
  
Legal
1,200
  
  
Miscellaneous
1,293
  
  
 Total expenses before reductions
  
452,022
  
  
 Expense reductions
  
(62,890)
  
  
 Total expenses after reductions
  
  
  
389,132
Net Investment income (loss)
  
  
  
12,525,074
Realized and Unrealized Gain (Loss)
  
  
  
  
Net realized gain (loss) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
(14,782,036)
  
  
 Foreign currency transactions
  
(193,449)
  
  
 Futures contracts
  
(304,459)
  
  
Total net realized gain (loss)
  
  
  
(15,279,944)
Change in net unrealized appreciation (depreciation) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
58,521,487
  
  
 Assets and liabilities in foreign currencies
  
466,183
  
  
 Futures contracts
  
750,255
  
  
Total change in net unrealized appreciation (depreciation)
  
  
  
59,737,925
Net gain (loss)
  
  
  
44,457,981
Net increase (decrease) in net assets resulting from operations
  
  
$
56,983,055
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
  
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
  
  
  
  
Operations
  
  
  
Net investment income (loss)
$
12,525,074
$
22,002,280
Net realized gain (loss)
  
(15,279,944)
  
(23,378,511)
Change in net unrealized appreciation (depreciation)
  
59,737,925
  
139,750,014
Net increase (decrease) in net assets resulting from operations
  
56,983,055
  
138,373,783
Distributions to shareholders
  
(24,540,884)
  
(22,109,584)
 
  
  
  
  
Share transactions
  
  
  
  
Proceeds from sales of shares
  
17,739,559
  
73,474,872
  Reinvestment of distributions
  
24,199,008
  
22,063,414
Cost of shares redeemed
  
(40,408,710)
  
(56,341,347)
 
  
  
  
  
  Net increase (decrease) in net assets resulting from share transactions
  
1,529,857
  
39,196,939
Total increase (decrease) in net assets
  
33,972,028
  
155,461,138
 
  
  
  
  
Net Assets
  
  
  
  
Beginning of period
  
774,291,234
  
618,830,096
End of period
$
808,263,262
$
774,291,234
 
  
  
  
  
Other Information
  
  
  
  
Shares
  
  
  
  
Sold
  
2,109,255
  
8,808,522
  Issued in reinvestment of distributions
  
2,915,543
  
2,754,484
Redeemed
  
(4,778,702)
  
(6,660,466)
Net increase (decrease)
  
246,096
  
4,902,540
 
  
  
  
  
Financial Highlights
 
Fidelity® SAI International Small Cap Index Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
  
Years ended October 31, 2024 
  
2023  
  
2022 
  
2021 A
  Selected Per-Share Data 
  
  
  
  
  
  
  
  
  
  
  Net asset value, beginning of period
$
8.58
$
7.25
$
6.96
$
10.12
$
10.00
  Income from Investment Operations
 
  
  
  
  
  
  
  
  
  
     Net investment income (loss) B,C
  
.14
 
.25
 
.23
 
.24
 
.09
     Net realized and unrealized gain (loss)
 
.48
 
1.34
 
.29
 
(3.27)
 
.03
  Total from investment operations
 
.62  
  
1.59  
  
.52  
  
(3.03)  
  
.12
  Distributions from net investment income
 
(.27)
 
(.26)
 
(.23)
 
(.13)
 
-
     Total distributions
 
(.27)
 
(.26)
 
(.23)
 
(.13)
 
-
  Net asset value, end of period
$
8.93
$
8.58
$
7.25
$
6.96
$
10.12
 Total Return D,E
  
7.48
%
 
22.16%
 
7.34%
 
(30.31)%
 
1.20%
 Ratios to Average Net Assets C,F,G
  
  
  
  
  
  
  
  
  
  
    Expenses before reductions
 
.12% H
  
.14%
 
.14%
 
.14%
 
.19% H,I
    Expenses net of fee waivers, if any
 
.10
% H
  
.10%
 
.10%
 
.10%
 
.10% H
    Expenses net of all reductions, if any
 
.10% H
  
.10%
 
.10%
 
.10%
 
.10% H
    Net investment income (loss)
 
3.23% H
  
2.94%
 
3.00%
 
2.85%
 
2.00% H
 Supplemental Data
  
  
  
  
  
  
  
  
  
  
    Net assets, end of period (000 omitted)
$
808,263
$
774,291
$
618,830
$
664,180
$
873,419
    Portfolio turnover rate J
  
19
% H
  
16%
 
13%
 
20%
 
1% K
 
AFor the period May 27, 2021 (commencement of operations) through October 31, 2021.
BCalculated based on average shares outstanding during the period.
CNet 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.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees 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.
GExpense 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.
HAnnualized.
IAudit fees are not annualized.
JAmount 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.
KAmount not annualized.
Notes to Financial Statements
 (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity SAI International Small Cap Index Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign tax reclaims where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$132,260,652
Gross unrealized depreciation
(164,102,106)
Net unrealized appreciation (depreciation)
$(31,841,454)
Tax cost
$856,215,736
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(36,889,161)
 Long-term
(52,564,545)
Total capital loss carryforward
$(89,453,706)
 
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.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.
 
Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity SAI International Small Cap Index Fund
74,190,188
79,375,229
 
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .10% of the Fund's average net assets.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
Amount ($)
Fidelity SAI International Small Cap Index Fund
602
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity SAI International Small Cap Index Fund
26,427
26
-
9. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .10% of average net assets. This reimbursement will remain in place through February 28, 2026. Some expenses, for example the compensation of the independent Trustees, and certain miscellaneous expenses such as proxy and shareholder meeting expenses, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $62,686.
 
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $204.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
In addition, at the end of the period, the following mutual funds managed by the investment adviser or its affiliates were the owners of record of 10% or more of the total outstanding shares.
 
 
Strategic Advisers Fidelity International Fund
Strategic Advisers International Fund
Fidelity SAI International Small Cap Index Fund 
69%
13%
 
Mutual funds managed by the investment adviser or its affiliates, in aggregate, were the owners of record of more than 20% of the total outstanding shares.
 
 
% of shares held
Fidelity SAI International Small Cap Index Fund 
82%
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.9903807.103
SCI-SANN-0625
Fidelity ZERO® Funds
 
Fidelity ZERO® Extended Market Index Fund
Fidelity ZERO® International Index Fund
Fidelity ZERO® Large Cap Index Fund
Fidelity ZERO® Total Market Index Fund
 
 
Semi-Annual Report
April 30, 2025

Contents

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

Fidelity ZERO® Extended Market Index Fund

Fidelity ZERO® International Index Fund

Fidelity ZERO® Large Cap Index Fund

Fidelity ZERO® Total Market Index Fund

Notes to Financial Statements

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

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

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

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

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.
The index is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI") and has been licensed for us by Fidelity. S&P®;, S&P 500®, US 500, The 500, iBoxx®, iTraxx® and CDX® are trademarks of S&P Global, Inc. or its affiliates ("S&P") and Dow Jones®; is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"). A fund is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the index or indices.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Funds. This report is not authorized for distribution to prospective investors in the Funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Funds nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity ZERO® Extended Market Index Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.8%
 
  
Shares
Value ($)
 
BAHAMAS (NASSAU) - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Diversified Consumer Services - 0.0%
  
  
  
OneSpaWorld Holdings Ltd
 
30,809
514,510
BELGIUM - 0.1%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Liberty Global Ltd Class A (b)
  
52,223
571,842
Liberty Global Ltd Class C (b)
  
45,400
514,836
 
  
  
  
TOTAL BELGIUM
  
  
1,086,678
BERMUDA - 0.2%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Teekay Corp Ltd
 
17,156
123,695
Financials - 0.2%
  
  
  
Insurance - 0.2%
  
  
  
RenaissanceRe Holdings Ltd
 
14,714
3,559,758
TOTAL BERMUDA
  
  
3,683,453
CANADA - 0.1%
 
  
  
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
Sunopta Inc (United States) (b)
  
29,323
126,675
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Teekay Tankers Ltd Class A
 
7,465
317,785
Information Technology - 0.1%
  
  
  
Software - 0.1%
  
  
  
D-Wave Quantum Inc (b)(c)
  
62,690
433,189
Hut 8 Corp (United States) (b)(c)
  
24,714
304,229
 
  
  
737,418
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
McEwen Mining Inc (b)(c)
  
13,630
106,314
TOTAL CANADA
  
  
1,288,192
CHINA - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
indie Semiconductor Inc Class A (b)(c)
  
48,991
97,492
GERMANY - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Orion SA
 
16,883
203,271
Paper & Forest Products - 0.0%
  
  
  
Mercer International Inc
 
13,459
60,162
TOTAL GERMANY
  
  
263,433
GHANA - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Kosmos Energy Ltd (b)
  
139,426
214,716
HONG KONG - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Distributors - 0.0%
  
  
  
GigaCloud Technology Inc Class A (b)(c)
  
8,112
101,724
IRELAND - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Ardmore Shipping Corp (c)
  
11,132
106,199
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Prothena Corp PLC (b)
  
11,198
103,021
Industrials - 0.0%
  
  
  
Commercial Services & Supplies - 0.0%
  
  
  
Cimpress PLC (b)
  
4,530
190,351
TOTAL IRELAND
  
  
399,571
ISRAEL - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Automobile Components - 0.0%
  
  
  
Mobileye Global Inc Class A (b)(c)
  
29,739
433,595
JAPAN - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Allegro MicroSystems Inc (b)
  
39,151
746,610
MONACO - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Scorpio Tankers Inc
 
11,835
446,061
NETHERLANDS - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
uniQure NV (b)(c)
  
15,009
221,533
PHILIPPINES - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Professional Services - 0.0%
  
  
  
TaskUS Inc Class A (b)
  
5,125
71,545
PUERTO RICO - 0.3%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Liberty Latin America Ltd Class A (b)
  
8,431
45,695
Liberty Latin America Ltd Class C (b)
  
38,849
213,670
 
  
  
259,365
Financials - 0.3%
  
  
  
Banks - 0.3%
  
  
  
First BanCorp/Puerto Rico
 
48,774
957,921
Ofg Bancorp
 
13,805
543,227
Popular Inc
 
20,978
2,001,721
 
  
  
3,502,869
Financial Services - 0.0%
  
  
  
EVERTEC Inc
 
18,899
641,432
TOTAL FINANCIALS
  
  
4,144,301
 
  
  
  
TOTAL PUERTO RICO
  
  
4,403,666
SINGAPORE - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Pharmaceuticals - 0.0%
  
  
  
Scilex Holding Co (b)
  
6
27
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Kulicke & Soffa Industries Inc
 
16,116
519,419
TOTAL SINGAPORE
  
  
519,446
SWEDEN - 0.2%
 
  
  
Consumer Discretionary - 0.2%
  
  
  
Automobile Components - 0.2%
  
  
  
Autoliv Inc
 
21,389
1,994,096
Financials - 0.0%
  
  
  
Insurance - 0.0%
  
  
  
SiriusPoint Ltd (b)
  
27,270
458,136
TOTAL SWEDEN
  
  
2,452,232
SWITZERLAND - 0.1%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Automobile Components - 0.0%
  
  
  
Garrett Motion Inc (c)
  
35,843
330,472
Health Care - 0.1%
  
  
  
Biotechnology - 0.1%
  
  
  
CRISPR Therapeutics AG (b)(c)
  
25,507
986,356
TOTAL SWITZERLAND
  
  
1,316,828
THAILAND - 0.1%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
BKV Corp (b)
  
4,956
89,852
Information Technology - 0.1%
  
  
  
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
Fabrinet (b)
  
10,731
2,200,499
TOTAL THAILAND
  
  
2,290,351
UNITED KINGDOM - 0.6%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Soho House & Co Inc Class A (b)(c)
  
10,716
64,403
Energy - 0.2%
  
  
  
Energy Equipment & Services - 0.2%
  
  
  
TechnipFMC PLC
 
126,923
3,575,421
Industrials - 0.0%
  
  
  
Machinery - 0.0%
  
  
  
Luxfer Holdings PLC
 
7,746
83,347
Materials - 0.4%
  
  
  
Metals & Mining - 0.4%
  
  
  
Anglogold Ashanti Plc
 
127,747
5,385,814
TOTAL UNITED KINGDOM
  
  
9,108,985
UNITED STATES - 98.1%
 
  
  
Communication Services - 3.5%
  
  
  
Diversified Telecommunication Services - 0.4%
  
  
  
Anterix Inc (b)
  
5,523
164,862
AST SpaceMobile Inc Class A (b)(c)
  
47,941
1,112,711
Atn International Inc
 
2,886
51,052
Bandwidth Inc Class A (b)
  
7,470
92,777
Cogent Communications Holdings Inc
 
12,598
684,701
Frontier Communications Parent Inc (b)
  
66,175
2,398,844
Globalstar Inc (b)
  
15,139
290,972
IDT Corp Class B
 
6,102
306,626
Iridium Communications Inc
 
32,678
788,520
Lumen Technologies Inc (b)
  
303,693
1,075,073
Shenandoah Telecommunications Co
 
13,685
152,451
 
  
  
7,118,589
Entertainment - 0.7%
  
  
  
AMC Entertainment Holdings Inc Class A (b)(c)
  
115,026
307,119
Atlanta Braves Holdings Inc Class A (b)(c)
  
2,833
123,094
Atlanta Braves Holdings Inc Class C (b)
  
11,778
469,471
Cinemark Holdings Inc (c)
  
31,976
956,402
Eventbrite Inc Class A (b)
  
22,923
48,597
Lions Gate Entertainment Corp Class A (b)(c)
  
22,057
195,866
Lions Gate Entertainment Corp Class B (b)
  
31,789
253,676
Madison Square Garden Entertainment Corp Class A (b)
  
12,360
400,958
Madison Square Garden Sports Corp Class A (b)
  
5,039
970,360
Marcus Corp/The
 
7,131
116,307
Roku Inc Class A (b)
  
38,462
2,622,339
Sphere Entertainment Co Class A (b)(c)
  
7,985
217,591
TKO Group Holdings Inc Class A
 
19,850
3,233,764
Vivid Seats Inc Class A (b)(c)
  
27,437
77,098
Warner Music Group Corp Class A
 
43,597
1,327,529
 
  
  
11,320,171
Interactive Media & Services - 0.9%
  
  
  
Angi Inc Class A (b)
  
13,084
149,943
Bumble Inc Class A (b)(c)
  
23,654
99,820
Cargurus Inc Class A (b)
  
26,419
738,675
Cars.com Inc (b)
  
17,701
206,040
EverQuote Inc Class A (b)
  
7,818
185,599
fuboTV Inc (b)(c)
  
101,905
305,715
IAC Inc Class A (b)
  
21,074
736,326
Match Group Inc
 
74,765
2,217,530
MediaAlpha Inc Class A (b)
  
9,658
81,127
Nextdoor Holdings Inc Class A (b)
  
58,396
85,842
Outbrain Inc (b)
  
11,381
40,289
QuinStreet Inc (b)
  
17,161
300,661
Reddit Inc Class A (b)
  
31,873
3,715,436
Rumble Inc Class A (b)(c)
  
35,857
276,816
Shutterstock Inc
 
6,998
111,688
Snap Inc Class A (b)
  
323,193
2,572,616
TripAdvisor Inc Class A (b)
  
33,153
412,755
Trump Media & Technology Group Corp (b)(c)
  
27,671
679,046
Vimeo Inc Class A (b)
  
45,811
230,887
Yelp Inc Class A (b)
  
19,815
695,110
Ziff Davis Inc (b)
  
12,905
381,085
ZipRecruiter Inc Class A (b)
  
22,382
115,491
ZoomInfo Technologies Inc (b)
  
81,297
695,902
 
  
  
15,034,399
Media - 1.4%
  
  
  
Altice USA Inc Class A (b)(c)
  
71,938
178,406
AMC Networks Inc Class A (b)
  
9,472
60,621
Boston Omaha Corp (b)
  
6,720
104,362
Cable One Inc (c)
  
1,382
369,367
Cardlytics Inc (b)(c)
  
15,235
21,938
Clear Channel Outdoor Holdings Inc (b)
  
96,166
94,647
EchoStar Corp Class A (b)
  
36,195
813,664
EW Scripps Co/The Class A (b)
  
18,108
36,397
Gannett Co Inc (b)
  
34,832
111,462
Gray Media Inc
 
24,133
80,846
Ibotta Inc Class A (b)(c)
  
2,034
99,259
iHeartMedia Inc Class A (b)
  
34,118
35,142
Integral Ad Science Holding Corp (b)(c)
  
21,600
152,712
Interpublic Group of Cos Inc/The
 
111,208
2,793,545
John Wiley & Sons Inc Class A
 
12,336
538,343
Liberty Broadband Corp Class A (b)
  
6,127
545,609
Liberty Broadband Corp Class C (b)
  
32,326
2,921,947
Magnite Inc (b)
  
37,689
448,122
National CineMedia Inc
 
27,907
159,907
New York Times Co/The Class A
 
48,822
2,541,673
News Corp Class A
 
113,428
3,076,168
News Corp Class B
 
32,915
1,034,189
Nexstar Media Group Inc
 
8,738
1,307,729
Paramount Global Class B (c)
  
177,947
2,089,098
PubMatic Inc Class A (b)
  
11,574
113,078
Scholastic Corp
 
7,536
135,874
Sinclair Inc Class A
 
11,167
160,805
Sirius XM Holdings Inc
 
65,549
1,404,060
Stagwell Inc Class A (b)
  
32,159
179,447
TechTarget Inc/old
 
7,692
61,305
TEGNA Inc
 
48,367
784,996
Thryv Holdings Inc (b)
  
11,698
160,263
WideOpenWest Inc (b)
  
13,686
59,945
 
  
  
22,674,926
Wireless Telecommunication Services - 0.1%
  
  
  
Gogo Inc (b)(c)
  
17,774
134,549
NII Holdings Inc (b)(c)(d)
  
10,174
0
Spok Holdings Inc
 
6,388
91,604
Telephone and Data Systems Inc
 
29,185
1,094,146
United States Cellular Corp (b)
  
4,221
289,814
 
  
  
1,610,113
TOTAL COMMUNICATION SERVICES
  
  
57,758,198
 
  
  
  
Consumer Discretionary - 11.8%
  
  
  
Automobile Components - 0.8%
  
  
  
Adient PLC (b)
  
24,795
313,657
American Axle & Manufacturing Holdings Inc (b)
  
34,866
133,188
BorgWarner Inc
 
65,086
1,847,141
Cooper-Standard Holdings Inc (b)
  
5,275
77,384
Dana Inc
 
38,688
531,573
Dorman Products Inc (b)
  
8,112
919,090
Fox Factory Holding Corp (b)
  
12,254
248,879
Gentex Corp
 
68,139
1,484,067
Gentherm Inc (b)
  
9,161
238,278
Goodyear Tire & Rubber Co/The (b)
  
85,335
928,445
LCI Industries
 
7,654
589,970
Lear Corp
 
16,056
1,376,802
Luminar Technologies Inc Class A (b)(c)
  
8,092
31,640
Modine Manufacturing Co (b)
  
15,728
1,284,034
Patrick Industries Inc
 
9,962
766,875
Phinia Inc
 
12,324
494,809
QuantumScape Corp Class A (b)(c)
  
114,264
446,772
Solid Power Inc (b)(c)
  
42,283
46,088
Standard Motor Products Inc
 
5,978
162,004
Stoneridge Inc (b)
  
7,786
30,053
Visteon Corp (b)
  
8,339
660,365
XPEL Inc (b)(e)
  
6,704
192,003
 
  
  
12,803,117
Automobiles - 0.4%
  
  
  
Harley-Davidson Inc
 
34,488
773,221
Lucid Group Inc Class A (b)(c)
  
351,548
882,385
Rivian Automotive Inc Class A (b)(c)
  
217,869
2,976,091
Thor Industries Inc (c)
  
15,948
1,154,954
Winnebago Industries Inc
 
8,460
269,197
 
  
  
6,055,848
Broadline Retail - 0.4%
  
  
  
ContextLogic Inc Class A (b)
  
7,498
53,535
Dillard's Inc Class A (c)
  
879
304,714
Etsy Inc (b)
  
33,677
1,464,276
Groupon Inc (b)(c)
  
6,998
127,434
Kohl's Corp (c)
  
32,762
219,505
Macy's Inc
 
83,266
950,898
Nordstrom Inc (c)
  
29,019
700,519
Ollie's Bargain Outlet Holdings Inc (b)
  
18,323
1,944,254
Savers Value Village Inc (b)
  
8,280
79,405
 
  
  
5,844,540
Distributors - 0.0%
  
  
  
A-Mark Precious Metals Inc
 
5,242
127,694
Diversified Consumer Services - 1.4%
  
  
  
ADT Inc
 
120,727
968,231
Adtalem Global Education Inc (b)
  
11,140
1,183,068
American Public Education Inc (b)
  
5,379
126,407
Bright Horizons Family Solutions Inc (b)
  
17,383
2,180,176
Carriage Services Inc
 
3,794
151,608
Coursera Inc (b)
  
36,461
307,002
Duolingo Inc Class A (b)
  
11,318
4,408,135
European Wax Center Inc Class A (b)
  
9,613
29,992
Frontdoor Inc (b)
  
22,694
932,950
Graham Holdings Co Class B
 
1,008
927,410
Grand Canyon Education Inc (b)
  
8,587
1,531,663
H&R Block Inc (c)
  
40,001
2,414,860
KinderCare Learning Cos Inc (b)
  
7,606
93,250
Laureate Education Inc (b)
  
40,203
806,874
Lincoln Educational Services Corp (b)
  
8,891
150,258
Mister Car Wash Inc (b)(c)
  
27,251
186,942
Nerdy Inc Class A (b)(c)
  
24,430
38,844
Perdoceo Education Corp
 
18,552
466,026
Service Corp International/US
 
43,077
3,441,852
Strategic Education Inc
 
7,306
596,023
Stride Inc (b)
  
12,781
1,818,097
Udemy Inc (b)
  
26,319
180,812
Universal Technical Institute Inc (b)
  
13,043
365,987
 
  
  
23,306,467
Hotels, Restaurants & Leisure - 3.1%
  
  
  
Accel Entertainment Inc Class A (b)
  
16,151
166,355
Aramark
 
79,203
2,647,756
Biglari Holdings Inc Class B (b)
  
212
49,377
BJ's Restaurants Inc (b)
  
6,757
224,941
Bloomin' Brands Inc
 
22,333
179,111
Boyd Gaming Corp
 
19,825
1,370,701
Brinker International Inc (b)
  
13,248
1,779,206
Caesars Entertainment Inc (b)
  
63,517
1,718,770
Cava Group Inc (b)
  
24,306
2,246,604
Cheesecake Factory Inc/The (c)
  
14,084
709,411
Choice Hotels International Inc (c)
  
6,682
842,667
Churchill Downs Inc
 
21,969
1,986,217
Cracker Barrel Old Country Store Inc (c)
  
6,697
285,962
Dave & Buster's Entertainment Inc (b)(c)
  
9,224
177,009
Denny's Corp (b)(c)
  
15,410
56,863
Dine Brands Global Inc
 
4,484
89,276
Dutch Bros Inc Class A (b)
  
34,717
2,073,994
El Pollo Loco Holdings Inc (b)
  
7,148
66,834
Everi Holdings Inc (b)
  
25,458
357,685
First Watch Restaurant Group Inc (b)
  
12,188
215,240
Global Business Travel Group I Class A (b)
  
25,495
171,071
Golden Entertainment Inc
 
6,105
156,899
Hilton Grand Vacations Inc (b)(c)
  
18,392
618,523
Hyatt Hotels Corp Class A
 
12,779
1,439,938
Jack in the Box Inc (c)
  
5,646
147,022
Krispy Kreme Inc
 
25,159
103,152
Kura Sushi USA Inc Class A (b)
  
1,715
100,979
Life Time Group Holdings Inc (b)
  
28,453
872,369
Light & Wonder Inc Class A (b)
  
26,382
2,252,495
Lindblad Expeditions Holdings Inc (b)
  
10,812
95,578
Lucky Strike Entertainment Corp Class A (c)
  
8,129
76,413
Marriott Vacations Worldwide Corp
 
9,693
531,273
MGM Resorts International (b)
  
66,870
2,103,730
Monarch Casino & Resort Inc
 
3,752
293,369
Norwegian Cruise Line Holdings Ltd (b)
  
131,329
2,105,204
Papa John's International Inc
 
9,681
334,285
Penn Entertainment Inc (b)
  
44,534
677,807
Planet Fitness Inc Class A (b)
  
25,152
2,379,128
Playa Hotels & Resorts NV (b)
  
28,696
385,100
PlayAGS Inc (b)
  
11,819
143,246
Portillo's Inc Class A (b)(c)
  
16,905
174,798
Potbelly Corp (b)
  
7,433
60,207
Rci Hospitality Holdings Inc
 
2,474
98,168
Red Rock Resorts Inc Class A
 
14,891
635,846
Rush Street Interactive Inc Class A (b)
  
24,491
297,076
Sabre Corp (b)
  
113,586
269,199
Serve Robotics Inc (b)(c)
  
8,218
50,705
Shake Shack Inc Class A (b)
  
11,906
1,044,632
Six Flags Entertainment Corp
 
27,686
952,675
Sweetgreen Inc Class A (b)
  
30,634
596,750
Target Hospitality Corp (b)
  
9,661
65,695
Texas Roadhouse Inc
 
19,932
3,307,915
Travel + Leisure Co
 
20,399
896,128
United Parks & Resorts Inc (b)(c)
  
8,405
366,878
Vail Resorts Inc
 
11,208
1,560,154
Viking Holdings Ltd (b)
  
27,262
1,118,560
Wendy's Co/The (c)
  
51,422
642,775
Wingstop Inc
 
8,736
2,305,343
Wyndham Hotels & Resorts Inc
 
23,241
1,982,457
Wynn Resorts Ltd
 
26,767
2,149,658
Xponential Fitness Inc Class A (b)(c)
  
7,101
59,435
 
  
  
50,866,614
Household Durables - 1.7%
  
  
  
Beazer Homes USA Inc (b)
  
8,436
165,008
Cavco Industries Inc (b)
  
2,390
1,180,302
Century Communities Inc
 
8,137
443,792
Champion Homes Inc (b)
  
15,765
1,363,673
Cricut Inc Class A (c)
  
15,054
74,969
Dream Finders Homes Inc Class A (b)(c)
  
8,017
181,665
Ethan Allen Interiors Inc
 
6,791
193,068
Flexsteel Industries Inc
 
1,172
39,132
Green Brick Partners Inc (b)
  
9,152
539,876
Helen of Troy Ltd (b)
  
6,690
186,383
Hovnanian Enterprises Inc Class A (b)
  
1,384
133,971
Installed Building Products Inc
 
6,902
1,144,559
KB Home
 
20,827
1,125,283
La-Z-Boy Inc
 
12,258
484,191
Landsea Homes Corp Class A (b)
  
5,055
30,835
Legacy Housing Corp (b)
  
3,207
78,010
Leggett & Platt Inc
 
41,159
395,950
LGI Homes Inc (b)
  
6,284
343,169
Lovesac Co/The (b)
  
4,290
83,441
M/I Homes Inc (b)
  
8,174
872,002
Meritage Homes Corp
 
21,504
1,465,283
Mohawk Industries Inc (b)
  
15,682
1,667,781
Newell Brands Inc
 
123,561
590,622
SharkNinja Inc (b)
  
19,703
1,586,092
Smith Douglas Homes Corp Class A (b)
  
2,835
55,140
Somnigroup International Inc (c)
  
57,116
3,487,503
Sonos Inc (b)
  
35,829
329,985
Taylor Morrison Home Corp (b)
  
30,990
1,777,277
Toll Brothers Inc
 
29,886
3,014,601
TopBuild Corp (b)
  
8,777
2,595,886
Tri Pointe Homes Inc (b)
  
28,099
864,044
Whirlpool Corp
 
16,569
1,263,883
 
  
  
27,757,376
Leisure Products - 0.5%
  
  
  
Acushnet Holdings Corp (c)
  
8,240
545,653
Brunswick Corp/DE
 
19,668
905,711
Funko Inc Class A (b)
  
10,690
42,867
Hasbro Inc
 
39,086
2,419,424
JAKKS Pacific Inc
 
2,546
49,112
Johnson Outdoors Inc Class A
 
1,543
35,227
Latham Group Inc (b)
  
12,146
66,378
Malibu Boats Inc Class A (b)
  
5,769
164,763
MasterCraft Boat Holdings Inc (b)
  
4,062
66,779
Mattel Inc (b)
  
100,235
1,592,734
Peloton Interactive Inc Class A (b)
  
111,915
771,094
Polaris Inc
 
15,837
537,825
Smith & Wesson Brands Inc
 
12,991
123,804
Sturm Ruger & Co Inc
 
5,163
209,928
Topgolf Callaway Brands Corp (b)(c)
  
41,390
273,588
YETI Holdings Inc (b)
  
25,559
729,709
 
  
  
8,534,596
Specialty Retail - 2.4%
  
  
  
1-800-Flowers.com Inc Class A (b)(c)
  
8,197
45,329
Abercrombie & Fitch Co Class A (b)
  
15,079
1,046,784
Academy Sports & Outdoors Inc
 
20,771
782,651
Advance Auto Parts Inc
 
17,830
583,398
America's Car-Mart Inc/TX (b)
  
2,253
106,837
American Eagle Outfitters Inc
 
52,187
549,529
Arhaus Inc Class A (b)
  
15,655
123,048
Arko Corp
 
20,390
82,070
Asbury Automotive Group Inc (b)
  
5,870
1,280,482
AutoNation Inc (b)
  
7,720
1,344,438
BARK Inc (b)
  
37,867
42,790
Barnes & Noble Education Inc (b)
  
5,376
56,609
Bath & Body Works Inc
 
64,517
1,968,414
Beyond Inc (b)
  
11,943
48,608
Boot Barn Holdings Inc (b)
  
9,173
957,111
Buckle Inc/The
 
8,790
305,540
Build-A-Bear Workshop Inc
 
3,643
128,525
Caleres Inc
 
10,299
156,957
Camping World Holdings Inc Class A
 
17,730
213,824
Chewy Inc Class A (b)
  
49,519
1,856,963
Children's Place Inc/The (b)(c)
  
4,117
20,913
Citi Trends Inc (b)
  
2,295
51,247
Designer Brands Inc Class A (c)
  
11,955
33,354
Dick's Sporting Goods Inc
 
17,268
3,241,894
EVgo Inc Class A (b)(c)
  
30,105
83,090
Five Below Inc (b)
  
16,472
1,250,060
Floor & Decor Holdings Inc Class A (b)
  
31,952
2,282,651
Foot Locker Inc (b)
  
24,306
298,235
GameStop Corp Class A (b)(c)
  
121,479
3,384,405
Gap Inc/The
 
66,568
1,457,839
Genesco Inc (b)
  
3,094
60,024
Group 1 Automotive Inc
 
3,884
1,567,699
Guess? Inc (c)
  
8,369
94,151
Haverty Furniture Cos Inc
 
3,961
71,932
J Jill Inc
 
2,027
30,851
Lands' End Inc (b)
  
4,011
35,618
Leslie's Inc (b)
  
52,601
31,571
Lithia Motors Inc Class A
 
7,932
2,322,172
MarineMax Inc (b)
  
5,892
126,442
Monro Inc
 
8,617
120,121
Murphy USA Inc
 
5,439
2,711,722
National Vision Holdings Inc (b)
  
23,153
285,940
ODP Corp/The (b)
  
8,751
119,714
OneWater Marine Inc Class A (b)(c)
  
4,387
65,849
Penske Automotive Group Inc
 
5,611
873,464
Petco Health & Wellness Co Inc Class A (b)
  
25,024
73,821
RealReal Inc/The (b)
  
27,291
158,288
Restoration Hardware Inc (b)
  
4,510
829,975
Revolve Group Inc Class A (b)
  
11,499
228,600
Sally Beauty Holdings Inc (b)
  
29,816
242,702
Shoe Carnival Inc (c)
  
5,107
88,760
Signet Jewelers Ltd
 
12,933
766,927
Sleep Number Corp (b)(c)
  
6,638
51,710
Sonic Automotive Inc Class A
 
4,306
261,460
Stitch Fix Inc Class A (b)
  
30,193
98,731
ThredUp Inc Class A (b)
  
25,673
115,272
Upbound Group Inc
 
15,500
308,450
Urban Outfitters Inc (b)
  
16,854
889,554
Valvoline Inc (b)
  
38,011
1,302,257
Victoria's Secret & Co (b)
  
23,237
436,856
Warby Parker Inc Class A (b)
  
26,433
436,409
Wayfair Inc Class A (b)(c)
  
29,844
900,095
Winmark Corp
 
878
316,089
Zumiez Inc (b)
  
4,885
57,155
 
  
  
39,863,976
Textiles, Apparel & Luxury Goods - 1.1%
  
  
  
Capri Holdings Ltd (b)
  
34,992
526,280
Carter's Inc
 
10,826
357,799
Columbia Sportswear Co (c)
  
9,527
592,294
Crocs Inc (b)
  
16,766
1,616,578
Figs Inc Class A (b)(c)
  
37,818
152,407
G-III Apparel Group Ltd (b)
  
11,351
286,272
Hanesbrands Inc (b)
  
104,583
480,036
Kontoor Brands Inc
 
14,877
894,852
Lakeland Industries Inc
 
2,907
47,470
Levi Strauss & Co Class A
 
29,562
473,288
Movado Group Inc
 
4,478
62,198
Oxford Industries Inc
 
4,345
211,167
PVH Corp
 
16,666
1,149,621
Ralph Lauren Corp Class A
 
11,910
2,679,155
Skechers USA Inc Class A (b)
  
39,244
1,884,497
Steven Madden Ltd
 
21,830
458,430
Tapestry Inc
 
61,797
4,365,958
Under Armour Inc Class A (b)(c)
  
39,345
225,053
Under Armour Inc Class C (b)
  
55,414
301,453
VF Corp
 
99,123
1,177,581
Wolverine World Wide Inc
 
23,998
313,174
 
  
  
18,255,563
TOTAL CONSUMER DISCRETIONARY
  
  
193,415,791
 
  
  
  
Consumer Staples - 4.5%
  
  
  
Beverages - 0.8%
  
  
  
Boston Beer Co Inc/The Class A (b)
  
2,590
636,622
Brown-Forman Corp Class A
 
16,948
586,570
Brown-Forman Corp Class B (c)
  
53,743
1,872,406
Celsius Holdings Inc (b)
  
47,096
1,646,476
Coca-Cola Consolidated Inc
 
1,761
2,387,581
MGP Ingredients Inc
 
4,123
121,505
Molson Coors Beverage Co Class B
 
51,450
2,959,919
National Beverage Corp
 
7,038
312,487
Primo Brands Corp Class A
 
59,506
1,944,061
Vita Coco Co Inc/The (b)
  
11,679
385,991
 
  
  
12,853,618
Consumer Staples Distribution & Retail - 1.8%
  
  
  
Albertsons Cos Inc Class A
 
121,152
2,662,921
Andersons Inc/The
 
9,690
365,410
BJ's Wholesale Club Holdings Inc (b)
  
39,446
4,637,272
Blue Apron Holdings Inc warrants 11/4/2028 (b)(d)
  
2,335
0
Blue Apron Holdings Inc warrants 11/4/2028 (b)(d)
  
2,335
0
Blue Apron Holdings Inc warrants 11/4/2028 (b)(d)
  
2,335
0
Casey's General Stores Inc
 
11,083
5,126,886
Chefs' Warehouse Inc/The (b)
  
10,531
599,951
Grocery Outlet Holding Corp (b)
  
29,045
487,666
Guardian Pharmacy Services Inc Class A (b)
  
2,848
71,314
Ingles Markets Inc Class A
 
4,273
263,601
Maplebear Inc (b)
  
48,411
1,931,115
Natural Grocers by Vitamin Cottage Inc
 
3,164
158,706
Performance Food Group Co (b)
  
46,647
3,762,547
PriceSmart Inc
 
7,419
752,954
SpartanNash Co
 
10,009
198,579
United Natural Foods Inc (b)
  
17,940
479,177
US Foods Holding Corp (b)
  
68,765
4,515,110
Walgreens Boots Alliance Inc
 
214,453
2,352,549
Weis Markets Inc
 
4,870
418,771
 
  
  
28,784,529
Food Products - 1.4%
  
  
  
Alico Inc
 
1,786
50,972
B&G Foods Inc (c)
  
22,870
157,574
Beyond Meat Inc (b)(c)
  
23,775
58,962
BRC Inc Class A (b)(c)
  
12,496
28,491
Cal-Maine Foods Inc
 
12,171
1,136,406
Calavo Growers Inc
 
4,959
136,968
Darling Ingredients Inc (b)
  
47,605
1,532,405
Flowers Foods Inc
 
58,742
1,033,272
Fresh Del Monte Produce Inc
 
10,022
340,848
Freshpet Inc (b)
  
14,529
1,068,463
Hain Celestial Group Inc (b)
  
26,006
79,058
Hormel Foods Corp
 
86,979
2,600,672
Ingredion Inc
 
19,268
2,559,176
J & J Snack Foods Corp
 
4,677
606,092
John B Sanfilippo & Son Inc
 
2,643
175,152
Lamb Weston Holdings Inc
 
42,655
2,252,611
Lancaster Colony Corp
 
5,778
940,543
Limoneira Co
 
4,947
74,353
Mama's Creations Inc (b)
  
10,467
69,082
Mission Produce Inc (b)
  
13,001
136,185
Pilgrim's Pride Corp
 
12,054
657,907
Post Holdings Inc (b)
  
13,670
1,547,034
Seaboard Corp
 
75
193,949
Seneca Foods Corp Class A (b)
  
1,342
120,364
Simply Good Foods Co/The (b)
  
27,519
993,711
The Campbell's Company
 
58,843
2,145,416
Tootsie Roll Industries Inc Class A
 
5,040
161,280
TreeHouse Foods Inc (b)
  
13,599
316,721
Utz Brands Inc Class A
 
21,661
287,875
Vital Farms Inc (b)(c)
  
9,184
314,460
Westrock Coffee Co (b)
  
10,389
60,256
WK Kellogg Co (c)
  
19,574
350,962
 
  
  
22,187,220
Household Products - 0.1%
  
  
  
Central Garden & Pet Co (b)
  
2,079
69,771
Central Garden & Pet Co Class A (b)
  
15,752
465,787
Energizer Holdings Inc
 
19,702
532,742
Oil-Dri Corp of America
 
3,115
131,110
Reynolds Consumer Products Inc
 
16,354
376,142
Spectrum Brands Holdings Inc
 
7,974
503,159
WD-40 Co
 
4,056
926,229
 
  
  
3,004,940
Personal Care Products - 0.4%
  
  
  
BellRing Brands Inc (b)
  
38,292
2,953,845
Coty Inc Class A (b)
  
110,253
556,778
Edgewell Personal Care Co
 
14,376
439,187
elf Beauty Inc (b)(c)
  
16,887
1,044,799
Herbalife Ltd (b)
  
29,618
213,250
Honest Co Inc/The (b)
  
21,073
100,940
Interparfums Inc
 
5,323
581,272
Medifast Inc (b)
  
3,443
45,240
Nu Skin Enterprises Inc Class A
 
14,705
93,083
Olaplex Holdings Inc (b)
  
35,020
45,875
USANA Health Sciences Inc (b)
  
3,311
93,006
 
  
  
6,167,275
Tobacco - 0.0%
  
  
  
Turning Point Brands Inc
 
5,215
320,096
Universal Corp/VA
 
7,528
438,657
 
  
  
758,753
TOTAL CONSUMER STAPLES
  
  
73,756,335
 
  
  
  
Energy - 3.1%
  
  
  
Energy Equipment & Services - 0.8%
  
  
  
Archrock Inc
 
52,503
1,235,396
Aris Water Solutions Inc Class A
 
7,874
196,535
Atlas Energy Solutions Inc
 
21,829
295,346
Bristow Group Inc (b)(c)
  
7,265
210,976
Cactus Inc Class A
 
20,123
763,467
ChampionX Corp
 
56,979
1,374,903
Core Laboratories Inc
 
13,740
156,224
DMC Global Inc (b)(c)
  
4,920
31,931
Expro Group Holdings NV (b)
  
32,211
266,385
Helix Energy Solutions Group Inc (b)
  
43,836
266,961
Helmerich & Payne Inc
 
29,934
565,453
Innovex International Inc (b)
  
11,410
172,291
Kodiak Gas Services Inc
 
11,678
397,169
Liberty Energy Inc Class A
 
48,144
553,656
Nabors Industries Ltd (b)(c)
  
2,607
69,972
Natural Gas Services Group Inc (b)
  
3,267
58,708
Noble Corp PLC (c)
  
39,668
862,382
NOV Inc
 
114,413
1,328,335
NPK International Inc (b)
  
25,507
147,430
Oceaneering International Inc (b)
  
30,085
534,009
Oil States International Inc (b)
  
17,266
60,604
Patterson-UTI Energy Inc
 
105,443
594,699
ProPetro Holding Corp (b)
  
23,301
116,039
Ranger Energy Services Inc Class A
 
4,843
53,709
RPC Inc
 
24,321
115,038
Select Water Solutions Inc Class A
 
27,637
235,467
Solaris Energy Infrastructure Inc Class A
 
10,741
227,065
TETRA Technologies Inc (b)
  
34,797
99,171
Tidewater Inc (b)
  
14,534
525,985
Transocean Ltd (b)(c)
  
231,030
492,094
Valaris Ltd (b)(c)
  
19,433
627,880
Weatherford International PLC
 
21,668
897,055
 
  
  
13,532,335
Oil, Gas & Consumable Fuels - 2.3%
  
  
  
Amplify Energy Corp (b)
  
11,828
30,753
Antero Midstream Corp
 
100,640
1,665,592
Antero Resources Corp (b)
  
87,494
3,047,417
APA Corp
 
110,884
1,723,137
Berry Corp
 
23,441
58,134
California Resources Corp
 
21,540
743,345
Calumet Inc (c)
  
20,822
220,713
Centrus Energy Corp Class A (b)(c)
  
4,434
307,232
Chord Energy Corp
 
18,302
1,651,389
Civitas Resources Inc
 
26,706
727,739
Clean Energy Fuels Corp (b)
  
52,461
76,068
CNX Resources Corp (b)
  
44,575
1,311,842
Comstock Resources Inc (b)(c)
  
27,111
495,318
Core Natural Resources Inc
 
15,216
1,098,747
Crescent Energy Co Class A
 
55,449
459,118
CVR Energy Inc (c)
  
10,411
196,351
Delek US Holdings Inc
 
18,796
244,724
Dorian LPG Ltd
 
10,800
231,336
DT Midstream Inc
 
30,324
2,947,493
Excelerate Energy Inc Class A
 
7,112
181,925
FutureFuel Corp
 
8,221
33,788
Gevo Inc (b)(c)
  
66,957
73,653
Granite Ridge Resources Inc
 
16,976
81,655
Green Plains Inc (b)(c)
  
19,407
69,477
Gulfport Energy Corp (b)
  
3,751
647,048
Hallador Energy Co (b)
  
9,548
134,293
HF Sinclair Corp
 
47,842
1,438,609
HighPeak Energy Inc Class A (c)
  
8,120
65,041
International Seaways Inc (c)
  
12,179
413,599
Kinetik Holdings Inc Class A
 
11,346
469,044
Magnolia Oil & Gas Corp Class A
 
57,754
1,185,690
Matador Resources Co
 
34,648
1,369,982
Murphy Oil Corp
 
40,903
839,739
New Fortress Energy Inc Class A (c)
  
38,701
210,146
NextDecade Corp (b)
  
41,400
309,672
Northern Oil & Gas Inc
 
30,054
730,312
Par Pacific Holdings Inc (b)
  
16,603
237,755
PBF Energy Inc Class A
 
29,162
501,003
Peabody Energy Corp
 
36,686
452,705
Permian Resources Corp Class A
 
191,254
2,256,797
Range Resources Corp
 
72,016
2,443,503
REX American Resources Corp (b)
  
4,781
189,901
Riley Exploration Permian Inc
 
2,839
70,067
Ring Energy Inc (b)
  
36,914
32,710
Sable Offshore Corp (b)(c)
  
18,996
354,465
SandRidge Energy Inc
 
10,574
96,329
Sitio Royalties Corp Class A
 
23,829
404,140
SM Energy Co
 
34,519
786,688
Summit Midstream Corp Class A
 
3,077
85,664
Talos Energy Inc (b)
  
38,046
261,756
Uranium Energy Corp (b)(c)
  
127,231
667,963
VAALCO Energy Inc
 
32,088
104,928
Viper Energy Inc Class A
 
39,283
1,584,283
Vital Energy Inc (b)(c)
  
7,985
113,227
Vitesse Energy Inc (c)
  
9,141
186,933
W&T Offshore Inc (c)
  
30,269
34,809
World Kinect Corp
 
17,660
443,089
 
  
  
36,798,836
TOTAL ENERGY
  
  
50,331,171
 
  
  
  
Financials - 17.7%
  
  
  
Banks - 6.4%
  
  
  
1st Source Corp
 
4,975
298,251
Amalgamated Financial Corp
 
6,216
175,043
Amerant Bancorp Inc Class A
 
10,771
181,384
Ameris Bancorp
 
19,355
1,134,203
Associated Banc-Corp
 
49,099
1,083,124
Atlantic Union Bankshares Corp
 
39,098
1,083,015
Axos Financial Inc (b)
  
16,225
1,029,963
Banc of California Inc
 
41,666
561,658
BancFirst Corp
 
5,957
701,854
Bancorp Inc/The (b)
  
14,131
682,669
Bank First Corp
 
2,652
289,545
Bank of Hawaii Corp
 
11,813
780,957
Bank of Marin Bancorp
 
4,501
92,360
Bank OZK
 
31,576
1,345,138
BankUnited Inc
 
22,435
733,849
Banner Corp
 
10,250
626,685
Bar Harbor Bankshares
 
4,699
139,278
Berkshire Hills Bancorp Inc
 
13,769
341,884
BOK Financial Corp
 
6,703
624,519
Brookline Bancorp Inc
 
26,434
275,971
Burke & Herbert Financial Services Corp
 
4,048
226,324
Business First Bancshares Inc
 
8,544
196,939
Byline Bancorp Inc
 
7,231
184,680
Cadence Bank
 
54,944
1,607,661
California BanCorp (b)
  
7,300
101,981
Camden National Corp
 
5,135
197,800
Capital Bancorp Inc
 
3,630
114,672
Capitol Federal Financial Inc
 
35,930
203,723
Cathay General Bancorp
 
21,217
884,537
Central Pacific Financial Corp
 
7,988
205,212
City Holding Co
 
4,415
511,566
CNB Financial Corp/PA
 
6,468
141,973
Coastal Financial Corp/WA Class A (b)
  
3,620
297,383
Columbia Banking System Inc
 
62,612
1,403,761
Columbia Financial Inc (b)
  
7,876
106,090
Comerica Inc
 
39,106
2,101,948
Commerce Bancshares Inc/MO
 
36,410
2,211,543
Community Financial System Inc
 
15,751
859,847
Community Trust Bancorp Inc
 
4,453
218,019
Connectone Bancorp  Inc
 
10,381
233,884
Cullen/Frost Bankers Inc
 
19,101
2,224,693
Customers Bancorp Inc (b)
  
8,775
438,750
CVB Financial Corp
 
39,330
729,178
Dime Community Bancshares Inc
 
11,546
296,617
Eagle Bancorp Inc
 
8,788
157,745
East West Bancorp Inc
 
41,420
3,543,481
Eastern Bankshares Inc
 
56,941
849,560
Enterprise Bancorp Inc/MA
 
2,879
107,099
Enterprise Financial Services Corp
 
10,947
569,463
Equity Bancshares Inc Class A
 
4,702
180,980
Esquire Financial Holdings Inc
 
1,953
161,943
Farmers National Banc Corp
 
11,556
150,690
FB Bancorp Inc
 
6,670
75,037
FB Financial Corp
 
10,532
448,242
Financial Institutions Inc
 
5,995
152,213
First Bancorp/Southern Pines NC
 
12,440
503,322
First Busey Corp
 
24,949
518,690
First Business Financial Services Inc
 
2,238
107,737
First Commonwealth Financial Corp
 
30,264
463,644
First Community Bankshares Inc
 
4,946
186,365
First Financial Bancorp
 
28,615
662,437
First Financial Bankshares Inc
 
38,462
1,288,862
First Financial Corp
 
3,212
158,673
First Foundation Inc
 
22,288
111,886
First Hawaiian Inc
 
37,454
856,198
First Horizon Corp
 
156,129
2,822,812
First Interstate BancSystem Inc Class A
 
25,383
664,908
First Merchants Corp
 
17,560
625,838
First Mid Bancshares Inc
 
6,018
201,182
Firstsun Capital Bancorp (b)
  
3,395
118,791
Five Star Bancorp
 
4,963
137,376
Flagstar Financial Inc
 
90,682
1,061,886
Flushing Financial Corp
 
10,412
124,632
FNB Corp/PA
 
107,613
1,408,654
Fulton Financial Corp
 
54,552
909,927
German American Bancorp Inc
 
11,213
425,085
Glacier Bancorp Inc
 
33,666
1,372,226
Great Southern Bancorp Inc
 
2,545
139,975
Hancock Whitney Corp
 
25,727
1,340,119
Hanmi Financial Corp
 
8,960
204,915
Harborone Northeast Bancorp Inc
 
11,047
125,052
Heritage Commerce Corp
 
18,781
169,780
Heritage Financial Corp Wash
 
10,124
231,030
Hilltop Holdings Inc
 
13,795
407,366
Hingham Institution For Savings The
 
522
130,270
Home BancShares Inc/AR
 
55,132
1,529,913
HomeStreet Inc (b)
  
5,347
60,741
HomeTrust Bancshares Inc
 
4,237
144,651
Hope Bancorp Inc
 
38,412
382,968
Horizon Bancorp Inc/IN
 
12,855
188,711
Independent Bank Corp
 
12,724
751,861
Independent Bank Corp/MI
 
6,067
184,801
International Bancshares Corp
 
15,885
969,620
Kearny Financial Corp/MD
 
16,813
105,249
Lakeland Financial Corp
 
7,587
422,368
Live Oak Bancshares Inc
 
9,996
261,295
Mercantile Bank Corp
 
4,713
199,407
Metropolitan Bank Holding Corp (b)
  
2,877
178,173
Mid Penn Bancorp Inc
 
5,655
164,278
Midland States Bancorp Inc
 
6,288
102,369
MidWestOne Financial Group Inc
 
5,893
163,472
National Bank Holdings Corp Class A
 
11,462
414,466
NB Bancorp Inc (b)
  
11,744
201,410
Nbt Bancorp Inc
 
14,146
598,942
Nicolet Bankshares Inc
 
4,043
472,263
Northeast Bank
 
2,125
175,993
Northeast Community Bancorp Inc
 
4,122
93,817
Northfield Bancorp Inc
 
11,345
119,690
Northrim BanCorp Inc
 
1,672
134,245
Northwest Bancshares Inc
 
38,171
471,412
OceanFirst Financial Corp
 
17,324
286,885
Old National Bancorp/IN
 
95,302
1,962,268
Old Second Bancorp Inc
 
13,116
207,102
Origin Bancorp Inc
 
8,903
285,252
Orrstown Financial Services Inc
 
5,966
178,801
Pacific Premier Bancorp Inc
 
28,994
589,738
Park National Corp
 
4,316
647,832
Pathward Financial Inc
 
7,164
568,607
Peapack-Gladstone Financial Corp
 
4,739
131,176
Peoples Bancorp Inc/OH
 
10,428
302,516
Peoples Financial Services Corp
 
2,940
127,067
Pinnacle Financial Partners Inc
 
22,766
2,282,064
Preferred Bank/Los Angeles CA
 
3,634
290,211
Prosperity Bancshares Inc
 
28,496
1,934,878
Provident Financial Services Inc
 
39,158
641,016
QCR Holdings Inc
 
5,066
329,037
Renasant Corp
 
27,361
877,467
Republic Bancorp Inc/KY Class A
 
2,873
194,933
S&T Bancorp Inc
 
11,272
410,752
Seacoast Banking Corp of Florida
 
25,420
602,708
ServisFirst Bancshares Inc
 
14,881
1,059,825
Shore Bancshares Inc
 
9,510
131,523
Simmons First National Corp Class A
 
37,739
704,210
SmartFinancial Inc
 
4,370
132,935
Southern Missouri Bancorp Inc
 
2,886
151,948
Southside Bancshares Inc
 
8,467
238,685
SouthState Corp
 
29,345
2,546,559
Stellar Bancorp Inc
 
13,993
349,265
Stock Yards Bancorp Inc (c)
  
8,088
588,726
Synovus Financial Corp
 
42,196
1,827,931
Texas Capital Bancshares Inc (b)
  
13,798
940,334
TFS Financial Corp
 
15,623
202,474
Third Coast Bancshares Inc (b)
  
3,950
117,710
Tompkins Financial Corp
 
3,634
216,586
Towne Bank/Portsmouth VA
 
20,727
682,955
TriCo Bancshares
 
9,787
377,582
Triumph Financial Inc (b)
  
6,649
355,190
TrustCo Bank Corp NY
 
5,622
171,190
Trustmark Corp
 
18,068
606,181
UMB Financial Corp
 
20,335
1,923,081
United Bankshares Inc/WV
 
42,667
1,463,051
United Community Banks Inc/GA
 
35,795
988,300
Unity Bancorp Inc
 
1,882
77,914
Univest Financial Corp
 
8,702
257,057
Valley National Bancorp
 
142,115
1,222,189
Veritex Holdings Inc
 
16,259
378,510
WaFd Inc
 
24,476
698,300
Washington Trust Bancorp Inc
 
5,915
163,254
Webster Financial Corp
 
51,235
2,423,416
WesBanco Inc
 
28,615
852,155
Westamerica BanCorp
 
8,082
391,411
Western Alliance Bancorp
 
32,473
2,263,693
Wintrust Financial Corp
 
19,779
2,198,831
WSFS Financial Corp
 
17,403
897,125
Zions Bancorp NA
 
44,195
1,987,449
 
  
  
102,686,192
Capital Markets - 2.8%
  
  
  
Acadian Asset Management Inc
 
8,113
218,564
Affiliated Managers Group Inc
 
8,752
1,449,594
Artisan Partners Asset Management Inc Class A
 
21,043
778,170
BGC Group Inc Class A
 
112,115
1,015,762
Blue Owl Capital Inc Class A
 
156,208
2,894,534
Bridge Investment Group Holdings Inc Class A
 
11,233
107,724
Carlyle Group Inc/The
 
62,825
2,427,558
Cohen & Steers Inc
 
8,028
612,697
Diamond Hill Investment Group Inc
 
797
100,406
DigitalBridge Group Inc Class A
 
46,986
394,682
Donnelley Financial Solutions Inc (b)
  
7,845
378,129
Evercore Inc Class A
 
10,585
2,172,995
Federated Hermes Inc Class B
 
23,277
945,279
Franklin Resources Inc
 
92,712
1,739,277
GCM Grosvenor Inc Class A
 
12,924
162,067
Hamilton Lane Inc Class A
 
12,959
2,002,036
Houlihan Lokey Inc Class A
 
16,118
2,612,405
Invesco Ltd
 
134,094
1,867,929
Janus Henderson Group PLC
 
38,093
1,265,069
Jefferies Financial Group Inc
 
48,634
2,272,667
Lazard Inc
 
33,752
1,312,953
MarketAxess Holdings Inc
 
11,264
2,495,990
Moelis & Co Class A
 
21,099
1,130,484
Morningstar Inc
 
8,062
2,295,413
Open Lending Corp (b)
  
30,391
37,684
Oppenheimer Holdings Inc Class A
 
1,764
104,094
P10 Inc Class A
 
16,281
180,231
Perella Weinberg Partners Class A
 
17,741
304,613
Piper Sandler Cos
 
4,813
1,160,511
PJT Partners Inc Class A
 
7,068
1,001,606
SEI Investments Co
 
28,731
2,249,350
StepStone Group Inc Class A
 
19,768
988,598
Stifel Financial Corp
 
30,533
2,616,373
StoneX Group Inc (b)
  
12,799
1,133,543
TPG Inc Class A (c)
  
27,899
1,295,909
Victory Capital Holdings Inc Class A
 
13,266
760,009
Virtu Financial Inc Class A
 
24,143
945,198
Virtus Invt Partners Inc
 
2,010
308,716
WisdomTree Inc
 
33,698
293,173
 
  
  
46,031,992
Consumer Finance - 1.1%
  
  
  
Ally Financial Inc
 
81,927
2,675,736
Atlanticus Holdings Corp (b)
  
1,451
79,544
Bread Financial Holdings Inc
 
14,617
693,577
Credit Acceptance Corp (b)(c)
  
1,865
909,038
Dave Inc Class A (b)
  
2,232
211,638
Encore Capital Group Inc (b)
  
6,999
240,766
Enova International Inc (b)
  
7,740
710,455
EZCORP Inc Class A (b)
  
15,258
249,773
FirstCash Holdings Inc
 
11,646
1,560,098
Green Dot Corp Class A (b)
  
16,406
137,318
LendingClub Corp (b)
  
33,820
330,421
Lendingtree Inc (b)
  
3,190
164,572
Navient Corp (c)
  
22,522
278,822
Nelnet Inc Class A
 
5,163
547,743
NerdWallet Inc Class A (b)
  
10,183
91,240
OneMain Holdings Inc
 
35,509
1,671,409
Oportun Financial Corp (b)
  
9,392
48,086
PRA Group Inc (b)
  
11,503
210,505
PROG Holdings Inc
 
12,240
322,646
SLM Corp
 
62,730
1,813,524
SoFi Technologies Inc Class A (b)
  
327,247
4,093,860
Upstart Holdings Inc (b)(c)
  
24,402
1,166,416
World Acceptance Corp (b)
  
938
121,115
 
  
  
18,328,302
Financial Services - 2.5%
  
  
  
Affirm Holdings Inc Class A (b)
  
75,368
3,750,312
Alerus Financial Corp
 
7,246
144,050
AvidXchange Holdings Inc (b)
  
56,092
456,028
Cannae Holdings Inc
 
16,551
293,118
Cantaloupe Inc (b)
  
17,353
138,824
Cass Information Systems Inc
 
3,647
148,579
Corebridge Financial Inc
 
76,495
2,266,547
Enact Holdings Inc
 
8,680
310,657
Equitable Holdings Inc
 
92,557
4,576,945
Essent Group Ltd
 
31,308
1,782,364
Euronet Worldwide Inc (b)
  
12,382
1,227,056
Federal Agricultural Mortgage Corp Class C
 
2,785
488,294
Flywire Corp (b)
  
33,088
311,358
HA Sustainable Infrastructure Capital Inc
 
35,650
890,537
International Money Express Inc (b)
  
8,489
105,433
Jackson Financial Inc
 
22,103
1,722,045
loanDepot Inc Class A (b)
  
24,791
27,518
Marqeta Inc Class A (b)
  
122,933
513,860
Merchants Bancorp/IN
 
8,142
244,911
MGIC Investment Corp
 
73,946
1,841,995
Mr Cooper Group Inc (b)
  
19,008
2,262,142
NCR Atleos Corp (b)
  
21,762
607,595
NewtekOne Inc
 
7,230
75,192
NMI Holdings Inc (b)
  
23,310
843,123
Onity Group Inc (b)
  
1,914
71,794
Paymentus Holdings Inc Class A (b)
  
5,959
193,429
Payoneer Global Inc (b)
  
77,138
542,280
PennyMac Financial Services Inc
 
9,506
926,265
Radian Group Inc
 
43,392
1,385,940
Remitly Global Inc (b)
  
44,477
899,325
Repay Holdings Corp Class A (b)
  
21,921
87,684
Rocket Cos Inc Class A (c)
  
41,089
530,459
Sezzle Inc (b)(c)
  
4,458
231,593
Shift4 Payments Inc Class A (b)(c)
  
20,526
1,679,027
Toast Inc Class A (b)
  
123,808
4,405,090
UWM Holdings Corp Class A
 
28,482
133,865
Velocity Financial Inc (b)
  
2,824
50,465
Voya Financial Inc
 
28,806
1,705,315
Walker & Dunlop Inc
 
9,656
739,070
Western Union Co/The
 
101,419
1,005,062
WEX Inc (b)
  
10,449
1,362,236
 
  
  
40,977,382
Insurance - 3.9%
  
  
  
Abacus Global Management Inc Class A (b)
  
8,214
67,848
Ambac Financial Group Inc (b)
  
14,174
113,109
American Coastal Insurance Corp
 
7,075
80,867
American Financial Group Inc/OH
 
21,572
2,732,310
Amerisafe Inc
 
5,594
260,065
Assurant Inc
 
15,311
2,951,042
Assured Guaranty Ltd
 
14,323
1,256,557
Axis Capital Holdings Ltd
 
22,693
2,185,790
Baldwin Insurance Group Inc/The Class A (b)
  
20,209
841,099
Bowhead Specialty Holdings Inc (b)
  
2,345
94,246
Brighthouse Financial Inc (b)
  
17,417
1,014,018
CNO Financial Group Inc
 
30,337
1,150,986
Donegal Group Inc Class A
 
4,907
94,950
eHealth Inc (b)
  
8,959
49,811
Employers Holdings Inc
 
7,464
362,676
Enstar Group Ltd (b)
  
3,724
1,245,343
Erie Indemnity Co Class A
 
7,454
2,673,153
F&G Annuities & Life Inc
 
6,440
224,176
First American Financial Corp
 
30,630
1,862,610
Genworth Financial Inc Class A (b)
  
128,237
879,706
Globe Life Inc
 
25,002
3,083,747
Goosehead Insurance Inc Class A
 
7,225
702,342
Hanover Insurance Group Inc/The
 
10,752
1,785,907
HCI Group Inc
 
2,519
368,530
Heritage Insurance Holdings Inc (b)
  
6,635
125,402
Hippo Holdings Inc (b)
  
5,449
125,981
Horace Mann Educators Corp
 
12,244
508,616
Investors Title Co
 
459
106,116
James River Group Holdings Ltd
 
11,377
54,154
Kemper Corp
 
18,018
1,065,224
Kinsale Capital Group Inc
 
6,609
2,876,633
Lemonade Inc (b)(c)
  
16,458
480,903
Lincoln National Corp
 
50,952
1,623,840
Loews Corp
 
52,707
4,576,549
MBIA Inc (b)
  
12,731
59,708
Mercury General Corp
 
7,958
441,032
Old Republic International Corp
 
69,423
2,610,305
Oscar Health Inc Class A (b)
  
60,392
785,700
Palomar Hldgs Inc (b)
  
7,935
1,150,734
Primerica Inc
 
9,953
2,608,383
ProAssurance Corp (b)
  
15,293
354,951
Reinsurance Group of America Inc
 
19,682
3,686,635
RLI Corp
 
24,918
1,844,181
Root Inc/OH Class A (b)
  
2,301
321,381
Ryan Specialty Holdings Inc Class A
 
31,760
2,080,598
Safety Insurance Group Inc
 
4,482
342,873
Selective Insurance Group Inc
 
18,193
1,586,975
Selectquote Inc (b)
  
43,378
137,508
Skyward Specialty Insurance Group Inc (b)
  
9,852
523,043
Stewart Information Services Corp
 
8,309
544,073
Tiptree Inc Class A
 
6,562
146,398
Trupanion Inc (b)(c)
  
10,035
367,281
TWFG Inc Class A
 
3,629
114,967
United Fire Group Inc
 
6,399
177,060
Universal Insurance Holdings Inc
 
7,584
183,836
Unum Group
 
48,998
3,805,185
White Mountains Insurance Group Ltd
 
758
1,339,727
 
  
  
62,836,840
Mortgage Real Estate Investment Trusts (REITs) - 1.0%
  
  
  
AG Mortgage Investment Trust Inc
 
9,783
63,882
AGNC Investment Corp
 
268,369
2,369,698
Annaly Capital Management Inc
 
172,912
3,389,075
Apollo Commercial Real Estate Finance Inc
 
38,980
365,243
Arbor Realty Trust Inc (c)
  
56,741
654,224
Ares Commercial Real Estate Corp
 
15,441
62,844
ARMOUR Residential REIT Inc
 
23,242
382,796
Blackstone Mortgage Trust Inc Class A
 
51,137
974,160
Brightspire Capital Inc Class A
 
38,389
192,329
Chimera Investment Corp
 
24,871
306,908
Claros Mortgage Trust Inc
 
33,883
83,352
Dynex Capital Inc
 
25,805
318,176
Ellington Financial Inc
 
27,586
359,446
Franklin BSP Realty Trust Inc
 
25,587
291,180
Invesco Mortgage Capital Inc (c)
  
17,859
130,906
Kkr Real Estate Finance Trust Inc
 
17,071
157,907
Ladder Capital Corp Class A
 
33,823
353,112
MFA Financial Inc
 
30,644
300,924
New York Mortgage Trust Inc
 
27,304
160,274
Orchid Island Capital Inc
 
28,895
206,599
Pennymac Mortgage Investment Trust
 
26,294
337,615
Ready Capital Corp (c)
  
49,357
219,639
Redwood Trust Inc
 
40,936
254,213
Rithm Capital Corp
 
156,022
1,744,326
Starwood Property Trust Inc
 
96,167
1,845,445
TPG RE Finance Trust Inc
 
20,140
153,870
Two Harbors Investment Corp
 
30,717
364,611
 
  
  
16,042,754
TOTAL FINANCIALS
  
  
286,903,462
 
  
  
  
Health Care - 12.1%
  
  
  
Biotechnology - 5.0%
  
  
  
2seventy bio Inc (b)
  
14,659
73,148
4D Molecular Therapeutics Inc (b)
  
10,929
36,831
89bio Inc (b)
  
38,060
305,241
Abeona Therapeutics Inc (b)(c)
  
13,229
86,782
Absci Corp (b)(c)
  
25,211
77,398
ACADIA Pharmaceuticals Inc (b)
  
36,961
539,631
ACELYRIN Inc (b)(c)
  
20,096
49,637
ADMA Biologics Inc (b)
  
70,647
1,681,399
Agios Pharmaceuticals Inc (b)
  
17,200
510,668
Akebia Therapeutics Inc (b)
  
57,576
138,758
Akero Therapeutics Inc (b)
  
21,009
958,220
Alector Inc (b)
  
23,095
27,714
Alkermes PLC (b)
  
48,279
1,388,987
Allogene Therapeutics Inc (b)(c)
  
45,515
76,465
Altimmune Inc (b)(c)
  
20,790
109,148
Amicus Therapeutics Inc (b)
  
81,023
622,257
AnaptysBio Inc (b)(c)
  
5,771
128,232
Anavex Life Sciences Corp (b)(c)
  
25,442
241,699
Anika Therapeutics Inc (b)
  
4,266
61,985
Annexon Inc (b)
  
25,975
48,314
Apellis Pharmaceuticals Inc (b)
  
32,168
617,947
Apogee Therapeutics Inc (b)
  
9,288
364,554
Arbutus Biopharma Corp (b)(c)
  
44,356
157,464
Arcellx Inc (b)
  
11,683
758,811
Arcturus Therapeutics Holdings Inc (b)
  
7,347
94,115
Arcus Biosciences Inc (b)
  
20,504
179,410
Arcutis Biotherapeutics Inc (b)
  
31,609
471,290
Ardelyx Inc (b)
  
70,964
390,657
ArriVent Biopharma Inc (b)
  
6,937
147,481
Arrowhead Pharmaceuticals Inc (b)
  
37,887
526,250
ARS Pharmaceuticals Inc (b)(c)
  
15,318
213,992
Astria Therapeutics Inc (b)
  
10,109
52,162
aTyr Pharma Inc (b)
  
25,470
88,381
Aura Biosciences Inc (b)
  
11,315
65,966
Avidity Biosciences Inc (b)
  
35,549
1,160,675
Avita Medical Inc (b)(c)
  
7,925
76,793
Beam Therapeutics Inc (b)
  
27,015
538,409
Bicara Therapeutics Inc
 
5,753
82,671
BioCryst Pharmaceuticals Inc (b)
  
61,323
542,709
Biohaven Ltd (b)
  
24,930
551,452
Blueprint Medicines Corp (b)
  
19,000
1,700,500
Bridgebio Pharma Inc (b)
  
44,081
1,690,947
C4 Therapeutics Inc (b)
  
16,020
26,273
Candel Therapeutics Inc (b)
  
9,613
47,200
Capricor Therapeutics Inc (b)(c)
  
12,650
160,655
Cardiff Oncology Inc (b)(c)
  
18,986
52,022
CareDx Inc (b)
  
16,132
272,308
Cargo Therapeutics Inc (b)(c)
  
10,670
48,762
Carisma Therapeutics Inc rights (b)(d)
  
47,241
0
Cartesian Therapeutics Inc rights (b)(d)
  
31,759
9,210
Catalyst Pharmaceuticals Inc (b)
  
33,558
815,124
Celcuity Inc (b)
  
8,341
92,919
Celldex Therapeutics Inc (b)
  
20,072
418,100
CG oncology Inc (b)
  
16,343
440,280
Cogent Biosciences Inc (b)
  
30,117
156,910
Coherus Biosciences Inc (b)(c)
  
34,509
35,544
Compass Therapeutics Inc (b)
  
30,448
56,633
Corvus Pharmaceuticals Inc (b)(c)
  
16,012
57,483
Crinetics Pharmaceuticals Inc (b)
  
27,696
924,769
Cullinan Therapeutics Inc (b)
  
15,423
127,702
Cytokinetics Inc (b)(c)
  
35,096
1,503,513
Day One Biopharmaceuticals Inc (b)
  
20,352
158,339
Denali Therapeutics Inc (b)
  
37,208
619,513
Dianthus Therapeutics Inc (b)
  
5,519
120,590
Disc Medicine Inc (b)
  
7,325
362,002
Dynavax Technologies Corp (b)
  
36,432
428,076
Dyne Therapeutics Inc (b)
  
23,288
274,566
Editas Medicine Inc (b)
  
23,561
38,876
Emergent BioSolutions Inc (b)(c)
  
15,799
84,367
Enanta Pharmaceuticals Inc (b)
  
5,644
34,372
Entrada Therapeutics Inc (b)
  
7,456
68,073
Erasca Inc (b)
  
63,404
92,570
Exact Sciences Corp (b)
  
55,332
2,525,352
Exelixis Inc (b)
  
83,613
3,273,449
Geron Corp (b)
  
152,954
215,665
Gossamer Bio Inc (b)
  
57,036
58,177
GRAIL Inc (c)
  
8,682
299,486
Halozyme Therapeutics Inc (b)
  
37,999
2,333,899
Heron Therapeutics Inc (b)(c)
  
42,281
102,320
Humacyte Inc Class A (b)(c)
  
28,118
40,771
Ideaya Biosciences Inc (b)
  
26,168
526,762
ImmunityBio Inc (b)(c)
  
50,625
127,069
Immunome Inc (b)
  
23,661
207,980
Immunovant Inc (b)
  
23,141
373,727
Incyte Corp (b)
  
48,026
3,009,309
Inmune Bio Inc (b)
  
4,754
37,366
Intellia Therapeutics Inc (b)(c)
  
30,080
266,810
Ionis Pharmaceuticals Inc (b)
  
46,839
1,438,426
Iovance Biotherapeutics Inc (b)(c)
  
66,799
239,808
Ironwood Pharmaceuticals Inc Class A (b)
  
40,433
37,696
iTeos Therapeutics Inc (b)
  
7,803
56,572
Janux Therapeutics Inc (b)
  
9,752
323,766
KalVista Pharmaceuticals Inc (b)
  
10,835
149,198
Keros Therapeutics Inc (b)
  
10,304
148,790
Kodiak Sciences Inc (b)
  
9,251
40,334
Korro Bio Inc (b)
  
1,889
33,530
Krystal Biotech Inc (b)
  
7,574
1,286,671
Kura Oncology Inc (b)
  
23,491
154,101
Kymera Therapeutics Inc (b)
  
13,734
470,664
Lexicon Pharmaceuticals Inc (b)(c)
  
50,872
37,177
Madrigal Pharmaceuticals Inc (b)
  
5,087
1,698,600
MannKind Corp (b)
  
80,883
407,650
MiMedx Group Inc (b)
  
35,030
241,006
Mineralys Therapeutics Inc (b)
  
10,997
156,267
Mirum Pharmaceuticals Inc (b)
  
12,092
525,397
Moderna Inc (b)
  
101,244
2,889,504
Monte Rosa Therapeutics Inc (b)
  
13,760
67,562
Myriad Genetics Inc (b)
  
26,610
197,180
Neurocrine Biosciences Inc (b)
  
29,711
3,199,578
Neurogene Inc (b)
  
3,205
48,075
Nkarta Inc (b)
  
15,902
33,712
Novavax Inc (b)(c)
  
48,022
320,307
Nurix Therapeutics Inc (b)
  
21,471
247,561
Nuvalent Inc Class A (b)
  
11,445
878,404
Ocugen Inc (b)(c)
  
81,854
61,161
Olema Pharmaceuticals Inc (b)
  
15,025
77,529
OmniAb Operations Inc (b)(d)
  
1,470
3,161
OmniAb Operations Inc (b)(d)
  
1,470
2,807
Organogenesis Holdings Inc Class A (b)
  
20,630
101,293
ORIC Pharmaceuticals Inc (b)
  
13,545
77,342
PDL BioPharma Inc (b)(d)
  
15,583
0
Perspective Therapeutics Inc (b)
  
17,087
41,863
Praxis Precision Medicines Inc (b)
  
5,042
189,781
Precigen Inc (b)(c)
  
43,955
68,570
Prime Medicine Inc (b)(c)
  
19,163
33,152
Protagonist Therapeutics Inc (b)
  
17,684
810,281
PTC Therapeutics Inc (b)
  
23,048
1,148,712
Puma Biotechnology Inc (b)
  
12,202
38,802
RAPT Therapeutics Inc (b)
  
27,065
25,084
Recursion Pharmaceuticals Inc Class A (b)(c)
  
87,442
488,801
REGENXBIO Inc (b)
  
13,604
130,734
Relay Therapeutics Inc (b)
  
38,589
128,501
Replimune Group Inc (b)
  
20,258
198,123
Revolution Medicines Inc (b)
  
51,667
2,086,313
Rezolute Inc (b)
  
16,202
60,920
Rhythm Pharmaceuticals Inc (b)
  
15,618
1,018,137
Rigel Pharmaceuticals Inc (b)
  
5,150
100,734
Rocket Pharmaceuticals Inc (b)
  
26,312
200,761
Roivant Sciences Ltd (b)
  
126,316
1,467,792
Sage Therapeutics Inc (b)
  
15,834
115,430
Sana Biotechnology Inc (b)(c)
  
38,355
72,875
Sangamo Therapeutics Inc (b)(c)
  
55,929
43,183
Sarepta Therapeutics Inc (b)
  
28,444
1,774,906
Savara Inc (b)(c)
  
34,181
109,379
Scholar Rock Holding Corp (b)
  
22,179
729,911
Seres Therapeutics Inc (b)(c)
  
2,331
22,611
Soleno Therapeutics Inc (b)
  
7,881
589,972
SpringWorks Therapeutics Inc (b)
  
22,241
1,029,758
Spyre Therapeutics Inc (b)
  
15,259
232,395
Stoke Therapeutics Inc (b)
  
11,836
115,519
Summit Therapeutics Inc (b)(c)
  
41,857
1,009,591
Syndax Pharmaceuticals Inc (b)
  
25,755
364,433
Tango Therapeutics Inc (b)(c)
  
18,433
25,991
Taysha Gene Therapies Inc (b)
  
43,785
84,943
Tectonic Therapeutic Inc (b)
  
2,147
44,786
TG Therapeutics Inc (b)
  
39,886
1,815,212
Tourmaline Bio Inc (b)
  
5,766
99,233
Travere Therapeutics Inc (b)
  
22,757
473,573
Twist Bioscience Corp (b)
  
17,903
686,043
Tyra Biosciences Inc (b)
  
5,910
60,873
Ultragenyx Pharmaceutical Inc (b)
  
27,363
1,066,610
United Therapeutics Corp (b)
  
13,348
4,045,645
Upstream Bio Inc
 
4,878
45,170
Vanda Pharmaceuticals Inc (b)
  
17,222
77,671
Vaxcyte Inc (b)
  
34,338
1,230,674
Vera Therapeutics Inc Class A (b)
  
16,192
378,407
Veracyte Inc (b)
  
23,235
708,668
Verastem Inc (b)(c)
  
13,523
101,287
Vericel Corp (b)
  
14,804
562,848
Verve Therapeutics Inc (b)(c)
  
19,820
112,379
Viking Therapeutics Inc (b)(c)
  
33,458
965,932
Vir Biotechnology Inc (b)
  
27,267
166,874
Viridian Therapeutics Inc (b)
  
20,420
276,691
Voyager Therapeutics Inc (b)
  
13,428
47,804
Xencor Inc (b)
  
20,396
224,764
Y-mAbs Therapeutics Inc (b)
  
9,531
40,507
 
  
  
82,000,481
Health Care Equipment & Supplies - 2.2%
  
  
  
Accuray Inc Del (b)
  
33,299
51,613
Alphatec Holdings Inc (b)(c)
  
30,534
335,263
AngioDynamics Inc (b)
  
11,893
110,486
Artivion Inc (b)
  
11,136
263,812
AtriCure Inc (b)
  
14,606
436,865
Avanos Medical Inc (b)
  
13,409
168,283
Axogen Inc (b)
  
12,933
210,420
Bioventus Inc (b)
  
12,503
91,397
Butterfly Network Inc Class A (b)(c)
  
53,898
126,121
Ceribell Inc
 
3,457
55,623
Cerus Corp (b)
  
55,296
72,991
ClearPoint Neuro Inc (b)
  
7,998
115,091
CONMED Corp
 
9,302
456,821
CVRx Inc (b)
  
4,202
30,759
Delcath Systems Inc (b)
  
8,136
97,957
DENTSPLY SIRONA Inc
 
59,670
829,413
Electromed Inc (b)
  
2,016
46,428
Embecta Corp
 
17,426
212,423
Enovis Corp (b)
  
17,273
597,473
Envista Holdings Corp (b)
  
51,771
832,478
Glaukos Corp (b)
  
16,497
1,554,842
Globus Medical Inc Class A (b)
  
33,993
2,439,678
Haemonetics Corp (b)
  
15,056
948,829
ICU Medical Inc (b)
  
7,278
994,102
Inogen Inc (b)
  
7,030
50,124
Inspire Medical Systems Inc (b)
  
8,848
1,401,346
Integer Holdings Corp (b)
  
10,052
1,269,668
Integra LifeSciences Holdings Corp (b)
  
19,694
322,785
iRadimed Corp
 
2,365
123,950
iRhythm Technologies Inc (b)
  
9,367
1,001,239
Lantheus Holdings Inc (b)
  
20,787
2,168,916
LeMaitre Vascular Inc
 
6,118
555,147
LivaNova PLC (b)
  
16,333
604,321
Masimo Corp (b)
  
13,270
2,135,939
Merit Medical Systems Inc (b)
  
17,326
1,636,441
Myomo Inc (b)
  
7,843
36,862
Neogen Corp (b)(c)
  
59,068
298,293
NeuroPace Inc (b)
  
4,515
52,780
Novocure Ltd (b)
  
29,511
535,330
Omnicell Inc (b)
  
13,942
435,827
OraSure Technologies Inc (b)
  
21,470
64,195
Orthofix Medical Inc (b)
  
11,886
165,334
OrthoPediatrics Corp (b)
  
4,768
99,270
Penumbra Inc (b)
  
11,463
3,356,826
PROCEPT BioRobotics Corp (b)
  
16,203
874,638
Pulmonx Corp (b)
  
11,662
56,327
Pulse Biosciences Inc (b)(c)
  
5,584
95,040
QuidelOrtho Corp (b)
  
19,522
542,516
RxSight Inc (b)
  
10,186
149,938
Semler Scientific Inc (b)(c)
  
2,358
76,234
Senseonics Holdings Inc (b)(c)
  
172,559
128,505
SI-BONE Inc (b)
  
10,990
150,014
Solventum Corp (b)
  
41,171
2,722,228
STAAR Surgical Co (b)
  
14,808
270,394
Surmodics Inc (b)
  
4,349
121,815
Tactile Systems Technology Inc (b)
  
7,119
100,520
Tandem Diabetes Care Inc (b)
  
19,302
325,239
Teleflex Inc
 
13,895
1,904,310
TransMedics Group Inc (b)(c)
  
10,042
923,964
Treace Medical Concepts Inc (b)
  
12,781
90,489
UFP Technologies Inc (b)
  
2,190
456,703
Utah Medical Products Inc
 
931
48,179
Varex Imaging Corp (b)
  
11,916
99,141
Zimvie Inc (b)
  
8,007
72,543
 
  
  
36,602,498
Health Care Providers & Services - 2.5%
  
  
  
Acadia Healthcare Co Inc (b)
  
27,862
651,971
AdaptHealth Corp (b)
  
31,870
271,214
Addus HomeCare Corp (b)
  
5,400
564,570
agilon health Inc (b)
  
91,242
388,691
Alignment Healthcare Inc (b)
  
30,042
532,344
Amedisys Inc (b)
  
9,812
931,159
AMN Healthcare Services Inc (b)
  
11,098
226,732
Astrana Health Inc (b)
  
12,461
388,409
Aveanna Healthcare Holdings Inc (b)
  
17,716
81,671
BrightSpring Health Services Inc (b)
  
16,261
285,055
Brookdale Senior Living Inc (b)
  
58,849
386,049
Castle Biosciences Inc (b)
  
8,238
165,172
Chemed Corp
 
4,479
2,604,583
Clover Health Investments Corp Class A (b)
  
123,595
420,223
Community Health Systems Inc (b)
  
35,835
97,830
Concentra Group Holdings Parent Inc
 
32,012
696,261
CorVel Corp (b)
  
8,152
886,612
Cross Country Healthcare Inc (b)
  
9,182
124,416
DaVita Inc (b)
  
13,154
1,861,949
DocGo Inc Class A (b)
  
26,671
59,476
Encompass Health Corp
 
30,093
3,520,580
Enhabit Inc (b)
  
14,831
118,500
Ensign Group Inc/The (c)
  
16,992
2,191,798
Fulgent Genetics Inc (b)(c)
  
6,086
105,592
GeneDx Holdings Corp Class A (b)
  
6,082
406,582
Guardant Health Inc (b)
  
36,941
1,744,723
HealthEquity Inc (b)
  
25,825
2,213,719
Henry Schein Inc (b)
  
37,158
2,414,155
Hims & Hers Health Inc Class A (b)(c)
  
57,149
1,891,632
LifeStance Health Group Inc (b)
  
38,481
252,820
National HealthCare Corp
 
3,644
344,322
National Research Corp Class A
 
4,185
47,541
NeoGenomics Inc (b)
  
37,786
241,641
OPKO Health Inc (b)
  
103,709
143,118
Option Care Health Inc (b)
  
50,868
1,643,545
Owens & Minor Inc (b)
  
21,666
152,962
PACS Group Inc (b)
  
11,331
109,118
Pediatrix Medical Group Inc (b)
  
25,484
328,234
Pennant Group Inc/The (b)
  
10,434
267,319
Premier Inc Class A (c)
  
27,430
558,201
Privia Health Group Inc (b)
  
30,717
721,235
Progyny Inc (b)
  
22,182
506,637
RadNet Inc (b)
  
19,504
1,021,620
Select Medical Holdings Corp
 
31,299
570,894
Sonida Senior Living Inc (b)
  
3,279
76,138
Surgery Partners Inc (b)
  
22,361
490,824
Talkspace Inc Class A (b)
  
41,630
127,804
Tenet Healthcare Corp (b)
  
28,417
4,062,210
Universal Health Services Inc Class B
 
17,508
3,100,142
US Physical Therapy Inc
 
4,443
315,942
 
  
  
41,313,935
Health Care Technology - 0.4%
  
  
  
Certara Inc (b)
  
32,848
455,273
Claritev Corp Class A (b)(c)
  
1,830
41,046
Definitive Healthcare Corp Class A (b)(c)
  
16,719
45,476
Doximity Inc Class A (b)
  
39,884
2,268,602
Evolent Health Inc Class A (b)
  
31,525
310,837
GoodRx Holdings Inc Class A (b)
  
26,690
123,575
Health Catalyst Inc (b)
  
17,328
68,446
HealthStream Inc
 
7,237
243,380
LifeMD Inc (b)(c)
  
11,625
85,560
OptimizeRx Corp (b)
  
5,393
49,184
Phreesia Inc (b)
  
16,607
414,511
Schrodinger Inc/United States (b)
  
16,627
426,150
Simulations Plus Inc
 
4,922
169,071
Teladoc Health Inc (b)
  
50,655
364,209
TruBridge Inc (b)
  
3,559
92,641
Waystar Holding Corp (b)
  
20,124
748,009
 
  
  
5,905,970
Life Sciences Tools & Services - 0.9%
  
  
  
10X Genomics Inc Class A (b)
  
32,897
272,058
Adaptive Biotechnologies Corp (b)
  
33,589
247,215
Azenta Inc (b)
  
13,675
360,200
Bio-Rad Laboratories Inc Class A (b)(c)
  
5,777
1,410,050
Bio-Techne Corp
 
47,172
2,375,111
BioLife Solutions Inc (b)
  
10,648
256,723
Bruker Corp
 
32,992
1,321,660
Charles River Laboratories International Inc (b)
  
15,294
1,814,174
Codexis Inc (b)
  
23,838
54,827
CryoPort Inc (b)
  
14,532
81,089
Cytek Biosciences Inc (b)
  
31,053
115,207
Fortrea Holdings Inc (b)
  
26,494
165,058
Lifecore Biomedical Inc (b)(c)
  
10,791
72,947
Maravai LifeSciences Holdings Inc Class A (b)
  
34,665
70,023
MaxCyte Inc (United States) (b)
  
30,794
87,455
Medpace Holdings Inc (b)
  
7,487
2,308,916
Mesa Laboratories Inc
 
1,597
184,054
Niagen Bioscience Inc (b)
  
16,097
126,361
OmniAb Inc (b)
  
29,666
50,432
Pacific Biosciences of California Inc (b)(c)
  
75,484
83,787
Personalis Inc (b)
  
13,917
52,606
Quanterix Corp (b)
  
10,389
59,841
Quantum-Si Inc Class A (b)(c)
  
41,935
47,806
Repligen Corp (b)
  
15,532
2,143,261
Sotera Health Co (b)(c)
  
45,368
521,732
Standard BioTools Inc (b)
  
89,239
99,055
 
  
  
14,381,648
Pharmaceuticals - 1.1%
  
  
  
Aclaris Therapeutics Inc (b)
  
33,877
46,750
Alumis Inc (c)
  
4,079
16,886
Amneal Intermediate Inc Class A (b)
  
44,981
344,554
Amphastar Pharmaceuticals Inc (b)
  
11,391
278,054
Amylyx Pharmaceuticals Inc (b)
  
21,230
108,485
ANI Pharmaceuticals Inc (b)
  
5,014
355,091
Aquestive Therapeutics Inc (b)(c)
  
21,966
64,251
Arvinas Inc (b)
  
18,775
180,616
Axsome Therapeutics Inc (b)
  
12,178
1,367,468
Collegium Pharmaceutical Inc (b)
  
9,614
259,530
Corcept Therapeutics Inc (b)
  
27,852
2,002,002
CorMedix Inc (b)(c)
  
18,189
167,157
Edgewise Therapeutics Inc (b)
  
17,282
283,425
Elanco Animal Health Inc (b)
  
147,303
1,396,432
Enliven Therapeutics Inc (b)(c)
  
9,059
171,577
Esperion Therapeutics Inc (b)
  
51,793
51,762
Evolus Inc (b)
  
14,473
164,992
EyePoint Pharmaceuticals Inc (b)
  
19,825
135,207
Fulcrum Therapeutics Inc (b)
  
12,655
48,722
Harmony Biosciences Holdings Inc (b)
  
11,502
338,964
Harrow Inc (b)
  
9,191
227,661
Innoviva Inc (b)
  
16,202
302,815
Jazz Pharmaceuticals PLC (b)
  
18,002
2,105,514
LENZ Therapeutics Inc (b)
  
4,933
140,665
Ligand Pharmaceuticals Inc (b)
  
5,686
624,664
Liquidia Corp (b)
  
14,021
195,873
Mind Medicine MindMed Inc (b)(c)
  
19,287
123,244
Nektar Therapeutics (b)
  
52,081
41,430
Nuvation Bio Inc Class A (b)
  
74,225
167,006
Ocular Therapeutix Inc (b)
  
38,183
316,919
Omeros Corp (b)(c)
  
16,884
124,097
Organon & Co
 
76,720
991,990
Pacira BioSciences Inc (b)
  
13,864
372,942
Perrigo Co PLC
 
40,880
1,051,434
Phathom Pharmaceuticals Inc (b)(c)
  
12,987
55,714
Phibro Animal Health Corp Class A
 
6,064
112,851
Prestige Consumer Healthcare Inc (b)
  
14,842
1,205,616
Septerna Inc
 
5,316
36,999
SIGA Technologies Inc
 
11,932
65,865
Supernus Pharmaceuticals Inc (b)
  
16,423
533,419
Tarsus Pharmaceuticals Inc (b)
  
10,291
534,206
Terns Pharmaceuticals Inc (b)
  
17,274
57,004
Theravance Biopharma Inc (b)
  
10,357
101,188
Third Harmonic Bio Inc (b)
  
6,611
34,179
Trevi Therapeutics Inc (b)
  
19,422
134,206
Veru Inc (b)
  
42,933
23,257
WaVe Life Sciences Ltd (b)
  
34,566
266,850
Xeris Biopharma Holdings Inc (b)
  
43,221
197,520
Xeris Biopharma Holdings Inc rights (b)(d)
  
12,393
0
Zevra Therapeutics Inc (b)
  
14,212
104,174
 
  
  
18,031,227
TOTAL HEALTH CARE
  
  
198,235,759
 
  
  
  
Industrials - 19.3%
  
  
  
Aerospace & Defense - 1.7%
  
  
  
AAR Corp (b)
  
10,549
563,950
AeroVironment Inc (b)
  
8,382
1,270,041
AerSale Corp (b)
  
9,290
64,750
Archer Aviation Inc Class A (b)(c)
  
121,686
1,013,644
Astronics Corp (b)
  
8,694
197,267
BWX Technologies Inc
 
27,296
2,978,540
Byrna Technologies Inc (b)(c)
  
5,415
121,242
Cadre Holdings Inc
 
7,770
226,496
Curtiss-Wright Corp
 
11,240
3,876,564
Ducommun Inc (b)
  
4,021
230,484
Hexcel Corp
 
24,332
1,179,372
Huntington Ingalls Industries Inc
 
11,688
2,692,214
Intuitive Machines Inc Class A (b)(c)
  
24,228
198,670
Kratos Defense & Security Solutions Inc (b)
  
45,713
1,544,414
Leonardo DRS Inc
 
22,157
818,923
Loar Holdings Inc (b)(c)
  
5,322
503,355
Mercury Systems Inc (b)
  
15,132
756,600
Moog Inc Class A
 
8,474
1,417,277
National Presto Industries Inc
 
1,527
128,802
Redwire Corp Class A (b)(c)
  
7,298
78,672
Rocket Lab USA Inc Class A (b)(c)
  
104,470
2,276,401
Spirit AeroSystems Holdings Inc Class A (b)
  
35,076
1,262,736
Standardaero Inc (c)
  
30,526
824,813
Triumph Group Inc (b)
  
23,033
585,038
V2X Inc (b)
  
4,249
211,430
Virgin Galactic Holdings Inc Class A (b)(c)
  
7,478
21,610
Woodward Inc
 
17,716
3,322,990
 
  
  
28,366,295
Air Freight & Logistics - 0.3%
  
  
  
CH Robinson Worldwide Inc
 
35,461
3,163,831
Forward Air Corp Class A (b)
  
5,792
85,258
GXO Logistics Inc (b)
  
35,781
1,296,703
Hub Group Inc Class A
 
18,050
570,200
 
  
  
5,115,992
Building Products - 2.1%
  
  
  
A O Smith Corp
 
35,244
2,391,658
AAON Inc
 
20,176
1,841,464
Advanced Drainage Systems Inc
 
21,109
2,395,660
Allegion plc
 
25,960
3,613,632
American Woodmark Corp (b)
  
4,591
270,869
Apogee Enterprises Inc
 
6,448
255,792
Armstrong World Industries Inc
 
13,003
1,885,695
AZEK Co Inc/The Class A (b)
  
42,927
2,127,462
AZZ Inc
 
8,945
776,068
CSW Industrials Inc
 
5,019
1,568,337
Fortune Brands Innovations Inc
 
36,996
1,991,125
Gibraltar Industries Inc (b)
  
9,145
484,228
Griffon Corp
 
11,800
803,698
Hayward Holdings Inc (b)
  
42,726
569,538
Insteel Industries Inc
 
5,881
199,425
Janus International Group Inc (b)
  
41,818
287,708
JELD-WEN Holding Inc (b)
  
24,853
137,188
Masterbrand Inc (b)
  
38,429
466,912
Owens Corning
 
25,647
3,729,330
Quanex Building Products Corp
 
13,855
227,776
Resideo Technologies Inc (b)
  
44,128
740,468
Simpson Manufacturing Co Inc
 
12,621
1,939,721
Tecnoglass Inc
 
6,541
466,177
Trex Co Inc (b)
  
31,911
1,845,094
UFP Industries Inc
 
18,170
1,796,105
Zurn Elkay Water Solutions Corp
 
42,647
1,448,292
 
  
  
34,259,422
Commercial Services & Supplies - 1.7%
  
  
  
ABM Industries Inc
 
18,537
903,493
ACCO Brands Corp
 
27,155
104,818
ACV Auctions Inc Class A (b)
  
47,490
697,628
Brady Corp Class A
 
13,267
932,537
BrightView Holdings Inc (b)
  
17,500
240,100
Brink's Co/The
 
13,078
1,167,081
Casella Waste Systems Inc Class A (b)
  
18,609
2,185,627
CECO Environmental Corp (b)
  
8,360
198,884
Clean Harbors Inc (b)
  
15,134
3,237,768
CoreCivic Inc (b)
  
32,816
742,954
Deluxe Corp
 
12,901
188,355
Driven Brands Holdings Inc (b)
  
17,317
286,077
Ennis Inc
 
7,772
139,507
Enviri Corp (b)
  
23,433
160,985
GEO Group Inc/The (b)
  
40,673
1,272,251
Healthcare Services Group Inc (b)
  
21,752
309,096
HNI Corp
 
14,423
610,093
Interface Inc
 
17,162
322,646
Liquidity Services Inc (b)
  
6,762
214,896
Matthews International Corp Class A
 
9,347
191,146
MillerKnoll Inc
 
20,345
333,658
Montrose Environmental Group Inc (b)
  
9,304
136,118
MSA Safety Inc
 
11,744
1,848,740
OPENLANE Inc (b)
  
31,830
589,173
Perma-Fix Environmental Services Inc (b)
  
5,718
46,888
Pitney Bowes Inc
 
46,953
407,552
Pursuit Attractions and Hospitality Inc (b)
  
6,204
181,715
Quad/Graphics Inc Class A
 
9,710
46,317
Rollins Inc
 
83,817
4,788,466
Steelcase Inc Class A
 
27,816
275,935
Tetra Tech Inc
 
80,162
2,500,253
UniFirst Corp/MA
 
4,489
801,152
Vestis Corp
 
33,722
295,405
Virco Mfg. Corp
 
3,133
28,792
VSE Corp
 
5,300
606,956
 
  
  
26,993,062
Construction & Engineering - 2.1%
  
  
  
AECOM
 
39,616
3,908,118
Ameresco Inc Class A (b)
  
9,483
100,804
API Group Corp (b)
  
72,900
2,757,807
Arcosa Inc
 
14,516
1,162,296
Argan Inc
 
3,865
591,847
Bowman Consulting Group Ltd (b)
  
4,143
91,643
Comfort Systems USA Inc
 
10,598
4,213,235
Construction Partners Inc Class A (b)
  
14,121
1,159,899
Dycom Industries Inc (b)
  
8,733
1,463,214
EMCOR Group Inc
 
13,742
5,506,420
Everus Construction Group Inc
 
15,243
613,378
Fluor Corp (b)
  
51,270
1,788,810
Granite Construction Inc
 
12,983
1,055,388
Great Lakes Dredge & Dock Corp (b)
  
19,579
177,973
IES Holdings Inc (b)
  
2,517
495,044
Limbach Holdings Inc (b)(c)
  
3,062
293,156
MasTec Inc (b)
  
18,388
2,341,160
Matrix Service Co (b)
  
7,230
83,868
MYR Group Inc (b)
  
4,850
593,252
Northwest Pipe Co (b)
  
3,105
131,528
Orion Group Holdings Inc (b)
  
10,768
68,808
Primoris Services Corp
 
16,083
964,498
Sterling Infrastructure Inc (b)
  
9,186
1,372,664
Tutor Perini Corp (b)
  
12,942
277,735
Valmont Industries Inc
 
5,991
1,756,681
WillScot Holdings Corp
 
55,324
1,389,739
 
  
  
34,358,965
Electrical Equipment - 1.1%
  
  
  
Acuity Inc
 
9,139
2,226,352
Allient Inc
 
4,371
93,321
American Superconductor Corp (b)
  
11,601
230,280
Array Technologies Inc (b)
  
43,259
206,778
Atkore Inc
 
10,347
660,863
Blink Charging Co (b)(c)
  
29,565
21,644
Bloom Energy Corp Class A (b)(c)
  
59,484
1,089,747
ChargePoint Holdings Inc Class A (b)(c)
  
115,396
71,869
EnerSys
 
11,756
1,018,070
Enovix Corp Class B (b)(c)
  
47,894
320,890
Eos Energy Enterprises Inc (b)(c)
  
64,841
338,470
Fluence Energy Inc Class A (b)(c)
  
17,910
73,252
FuelCell Energy Inc (b)(c)
  
5,947
24,382
Generac Holdings Inc (b)
  
17,766
2,032,075
GrafTech International Ltd (b)
  
56,572
35,810
Hyliion Holdings Corp Class A (b)
  
37,987
57,360
LSI Industries Inc
 
7,893
119,105
Net Power Inc Class A (b)(c)
  
10,524
17,890
NEXTracker Inc Class A (b)
  
42,987
1,745,702
NuScale Power Corp Class A (b)(c)
  
32,566
539,619
nVent Electric PLC
 
49,266
2,705,196
Plug Power Inc (b)(c)
  
260,886
227,649
Powell Industries Inc
 
2,815
515,455
Preformed Line Products Co
 
864
118,688
Regal Rexnord Corp
 
19,735
2,088,752
Sensata Technologies Holding PLC
 
44,850
959,790
SES AI Corp Class A (b)(c)
  
46,464
41,762
Shoals Technologies Group Inc (b)
  
49,721
179,493
Sunrun Inc (b)(c)
  
67,268
463,477
Thermon Group Holdings Inc (b)
  
10,288
269,854
Vicor Corp (b)
  
6,886
274,786
 
  
  
18,768,381
Ground Transportation - 1.0%
  
  
  
ArcBest Corp
 
6,902
403,905
Avis Budget Group Inc (b)(c)
  
5,046
467,411
Covenant Logistics Group Inc Class A
 
4,886
97,231
Ftai Infrastructure Inc
 
33,051
142,780
Heartland Express Inc
 
13,087
99,461
Hertz Global Holdings Inc (b)(c)
  
36,714
250,389
Knight-Swift Transportation Holdings Inc
 
48,226
1,889,013
Landstar System Inc
 
10,583
1,419,709
Lyft Inc Class A (b)
  
110,335
1,368,154
Marten Transport Ltd
 
17,138
220,052
Proficient Auto Logistics Inc (b)
  
5,004
41,583
RXO Inc (b)
  
42,433
597,881
Ryder System Inc
 
12,595
1,733,954
Saia Inc (b)
  
7,925
1,933,701
Schneider National Inc Class B (c)
  
13,899
298,690
U-Haul Holding Co (b)(c)
  
3,364
206,516
U-Haul Holding Co Class N
 
29,548
1,619,230
Universal Logistics Holdings Inc
 
2,210
48,045
Werner Enterprises Inc
 
18,778
463,065
XPO Inc (b)
  
35,034
3,717,809
 
  
  
17,018,579
Machinery - 4.5%
  
  
  
3D Systems Corp (b)
  
39,401
72,497
AGCO Corp
 
18,527
1,571,645
Alamo Group Inc
 
3,115
520,143
Albany International Corp Class A
 
9,277
610,056
Allison Transmission Holdings Inc
 
25,486
2,350,829
Astec Industries Inc
 
6,803
246,473
Atmus Filtration Technologies Inc
 
24,894
863,075
Blue Bird Corp (b)
  
9,518
331,893
Chart Industries Inc (b)
  
12,565
1,696,024
CNH Industrial NV Class A
 
261,105
3,020,985
Columbus McKinnon Corp/NY
 
8,445
125,408
Crane Co
 
14,528
2,338,717
Donaldson Co Inc
 
35,719
2,347,810
Douglas Dynamics Inc
 
6,892
165,270
Energy Recovery Inc (b)
  
16,974
262,248
Enerpac Tool Group Corp Class A
 
16,306
658,273
Enpro Inc
 
6,247
933,302
Esab Corp
 
16,976
2,039,157
ESCO Technologies Inc
 
7,713
1,206,699
Federal Signal Corp
 
18,278
1,488,378
Flowserve Corp
 
39,287
1,776,951
Franklin Electric Co Inc
 
11,759
999,045
Gates Industrial Corp PLC (b)
  
68,065
1,287,790
Gorman-Rupp Co/The
 
6,202
222,404
Graco Inc
 
50,434
4,115,919
Graham Corp (b)
  
2,973
90,617
Greenbrier Cos Inc/The
 
9,425
399,809
Helios Technologies Inc
 
9,791
266,903
Hillenbrand Inc
 
21,149
427,844
Hillman Solutions Corp Class A (b)
  
58,911
411,788
Hyster-Yale Inc Class A
 
3,218
123,668
ITT Inc
 
24,320
3,332,326
JBT Marel Corp
 
13,802
1,452,799
Kadant Inc
 
3,515
1,036,925
Kennametal Inc
 
22,953
447,124
Lincoln Electric Holdings Inc
 
16,868
2,972,142
Lindsay Corp
 
3,267
421,639
Manitowoc Co Inc/The (b)
  
10,504
82,771
Mayville Engineering Co Inc (b)
  
3,886
49,662
Middleby Corp/The (b)
  
16,072
2,143,201
Miller Industries Inc/TN
 
3,396
138,591
Mueller Industries Inc
 
33,963
2,498,318
Mueller Water Products Inc Class A1
 
46,804
1,228,137
Nordson Corp
 
16,224
3,075,584
Oshkosh Corp
 
19,459
1,629,886
Pentair PLC
 
49,333
4,475,983
Proto Labs Inc (b)
  
7,405
260,360
RBC Bearings Inc (b)
  
9,337
3,067,858
REV Group Inc
 
15,593
509,891
Shyft Group Inc/The
 
9,325
78,889
SPX Technologies Inc (b)
  
13,865
1,859,990
Standex International Corp
 
3,558
503,172
Symbotic Inc Class A (b)(c)
  
11,948
257,838
Tennant CO
 
5,582
402,797
Terex Corp
 
19,980
703,296
Timken Co/The
 
19,110
1,227,818
Titan International Inc (b)
  
14,513
106,671
Toro Co/The
 
30,097
2,055,023
Trinity Industries Inc
 
24,363
611,511
Wabash National Corp
 
12,684
87,645
Watts Water Technologies Inc Class A
 
8,177
1,698,772
Worthington Enterprises Inc
 
9,306
471,163
 
  
  
71,859,402
Marine Transportation - 0.2%
  
  
  
Genco Shipping & Trading Ltd
 
13,014
168,661
Kirby Corp (b)
  
17,158
1,653,516
Matson Inc
 
9,929
1,083,155
 
  
  
2,905,332
Passenger Airlines - 0.4%
  
  
  
Alaska Air Group Inc (b)
  
36,777
1,628,118
Allegiant Travel Co
 
4,248
199,359
American Airlines Group Inc (b)(c)
  
196,561
1,955,782
Blade Air Mobility Inc (b)
  
18,183
48,184
Frontier Group Holdings Inc (b)(c)
  
23,887
71,183
JetBlue Airways Corp (b)
  
91,287
398,011
Joby Aviation Inc Class A (b)(c)
  
144,269
908,895
SkyWest Inc (b)
  
12,092
1,078,244
Sun Country Airlines Holdings Inc (b)
  
11,457
112,279
 
  
  
6,400,055
Professional Services - 2.6%
  
  
  
Alight Inc Class A
 
136,078
695,359
Amentum Holdings Inc
 
43,033
938,980
Barrett Business Services Inc
 
7,622
309,148
BlackSky Technology Inc Class A (b)(c)
  
7,462
62,382
CACI International Inc (b)
  
6,698
3,066,813
Cbiz Inc (b)
  
14,954
1,018,367
Clarivate PLC (b)(c)
  
133,694
576,221
Concentrix Corp
 
13,853
707,334
Conduent Inc (b)
  
43,590
91,975
CRA International Inc
 
1,997
323,913
CSG Systems International Inc
 
8,298
498,959
Dayforce Inc (b)
  
47,513
2,749,577
Dun & Bradstreet Holdings Inc
 
92,576
830,407
ExlService Holdings Inc (b)
  
47,906
2,322,483
Exponent Inc
 
15,201
1,196,015
First Advantage Corp (b)
  
18,048
254,477
Franklin Covey Co (b)
  
3,394
68,932
FTI Consulting Inc (b)
  
10,566
1,756,914
Genpact Ltd
 
47,934
2,409,163
Heidrick & Struggles International Inc
 
5,958
232,481
Huron Consulting Group Inc (b)
  
4,891
659,258
ICF International Inc
 
5,643
479,429
Innodata Inc (b)(c)
  
7,619
288,151
Insperity Inc
 
10,519
683,840
KBR Inc
 
39,830
2,103,422
Kelly Services Inc Class A
 
9,691
111,931
Kforce Inc
 
5,243
200,283
Korn Ferry
 
15,335
946,170
Legalzoom.com Inc (b)
  
31,761
232,491
ManpowerGroup Inc
 
13,985
602,334
Maximus Inc
 
16,957
1,135,441
Mistras Group Inc (b)
  
5,938
54,155
NV5 Global Inc (b)
  
15,325
284,279
Parsons Corp (b)
  
13,971
934,101
Paycom Software Inc
 
14,065
3,184,175
Paylocity Holding Corp (b)
  
13,020
2,501,142
Planet Labs PBC Class A (b)
  
65,185
214,459
Resolute Holdings Management Inc
 
806
21,737
Resources Connection Inc
 
8,960
51,386
Robert Half Inc
 
29,989
1,328,513
Science Applications International Corp
 
14,603
1,767,401
Spire Global Inc Class A (b)(c)
  
6,686
62,782
TriNet Group Inc
 
9,108
713,430
TrueBlue Inc (b)
  
8,624
37,427
TTEC Holdings Inc (b)
  
5,182
20,727
UL Solutions Inc Class A
 
18,509
1,058,530
Upwork Inc (b)
  
37,857
497,820
Verra Mobility Corp Class A (b)
  
49,312
1,075,002
Willdan Group Inc (b)
  
3,986
156,251
 
  
  
41,515,967
Trading Companies & Distributors - 1.6%
  
  
  
Air Lease Corp Class A
 
31,025
1,450,729
Alta Equipment Group Inc Class A
 
6,730
28,602
Applied Industrial Technologies Inc
 
11,466
2,789,448
BlueLinx Holdings Inc (b)
  
2,600
169,364
Boise Cascade Co
 
11,407
1,064,045
Core & Main Inc Class A (b)
  
56,826
2,993,594
Custom Truck One Source Inc Class A (b)(c)
  
15,597
62,856
Distribution Solutions Group Inc (b)
  
2,631
68,511
DNOW Inc (b)
  
31,609
501,635
DXP Enterprises Inc/TX (b)
  
3,775
333,937
FTAI Aviation Ltd
 
30,628
3,280,565
GATX Corp
 
10,604
1,547,760
Global Industrial Co
 
3,995
102,592
GMS Inc (b)
  
11,530
844,688
H&E Equipment Services Inc
 
9,385
842,867
Herc Holdings Inc
 
8,522
932,648
Hudson Technologies Inc (b)
  
11,344
75,891
McGrath RentCorp
 
7,309
779,651
Mrc Global Inc (b)
  
25,974
302,597
MSC Industrial Direct Co Inc Class A
 
13,392
1,024,220
QXO Inc (c)
  
73,556
981,237
Rush Enterprises Inc Class A
 
18,688
952,901
SiteOne Landscape Supply Inc (b)
  
13,359
1,533,747
Titan Machinery Inc (b)
  
6,153
102,078
Transcat Inc (b)(c)
  
2,796
221,807
Wesco International Inc
 
13,221
2,154,494
Willis Lease Finance Corp
 
853
131,976
Xometry Inc Class A (b)
  
13,719
351,755
 
  
  
25,626,195
TOTAL INDUSTRIALS
  
  
313,187,647
 
  
  
  
Information Technology - 11.7%
  
  
  
Communications Equipment - 0.7%
  
  
  
ADTRAN Holdings Inc (b)
  
20,866
159,834
Applied Optoelectronics Inc (b)(c)
  
13,709
175,338
Aviat Networks Inc (b)
  
3,456
60,687
Calix Inc (b)
  
17,733
725,457
Ciena Corp (b)
  
42,440
2,850,270
Clearfield Inc (b)
  
3,400
97,478
CommScope Holding Co Inc (b)
  
63,291
236,708
Digi International Inc (b)
  
11,178
304,042
Extreme Networks Inc (b)
  
39,977
526,097
Harmonic Inc (b)
  
34,559
310,340
Juniper Networks Inc
 
98,842
3,589,942
Lumentum Holdings Inc (b)
  
20,661
1,219,825
Netgear Inc (b)
  
8,438
203,525
NetScout Systems Inc (b)
  
21,342
448,609
Ribbon Communications Inc (b)
  
28,167
90,416
Viasat Inc (b)(c)
  
25,094
232,621
Viavi Solutions Inc (b)
  
66,527
703,856
 
  
  
11,935,045
Electronic Equipment, Instruments & Components - 2.2%
  
  
  
908 Devices Inc (b)(c)
  
8,174
44,385
Advanced Energy Industries Inc
 
11,235
1,094,401
Aeva Technologies Inc (b)
  
9,949
70,737
Arlo Technologies Inc (b)
  
29,747
292,413
Arrow Electronics Inc (b)
  
15,628
1,740,334
Avnet Inc
 
25,891
1,216,618
Badger Meter Inc
 
8,796
1,942,333
Bel Fuse Inc Class B
 
3,096
203,624
Belden Inc
 
12,055
1,242,991
Benchmark Electronics Inc
 
10,879
353,894
Climb Global Solutions Inc
 
1,169
123,213
Cognex Corp
 
50,607
1,381,571
Coherent Corp (b)
  
46,288
2,977,244
Crane NXT Co (c)
  
14,806
694,698
CTS Corp
 
8,953
340,930
Daktronics Inc (b)
  
11,995
152,217
ePlus Inc (b)
  
7,793
485,971
Evolv Technologies Holdings Inc Class A (b)(c)
  
32,223
141,459
FARO Technologies Inc (b)
  
5,657
166,372
Flex Ltd (b)
  
114,401
3,928,531
Insight Enterprises Inc (b)
  
8,181
1,131,269
IPG Photonics Corp (b)
  
7,930
474,928
Itron Inc (b)
  
13,489
1,501,191
Kimball Electronics Inc (b)
  
7,345
105,327
Knowles Corp (b)
  
25,996
409,177
Lightwave Logic Inc (b)(c)
  
36,821
32,774
Littelfuse Inc
 
7,440
1,356,386
Methode Electronics Inc
 
10,633
66,669
MicroVision Inc (b)(c)
  
69,270
78,275
Mirion Technologies Inc Class A (b)
  
55,945
882,812
Napco Security Technologies Inc
 
10,774
246,186
nLight Inc (b)
  
14,106
108,757
Novanta Inc (b)
  
10,756
1,278,458
OSI Systems Inc (b)
  
4,674
956,955
Ouster Inc Class A (b)
  
12,669
94,131
PAR Technology Corp (b)(c)
  
11,603
677,615
PC Connection Inc
 
3,707
229,982
Plexus Corp (b)
  
8,026
982,623
Powerfleet Inc NJ (b)(c)
  
34,875
175,770
Red Cat Holdings Inc (b)(c)
  
17,979
90,255
Rogers Corp (b)
  
5,025
310,595
Sanmina Corp (b)
  
16,251
1,247,914
ScanSource Inc (b)
  
6,382
210,542
SmartRent Inc Class A (b)
  
51,235
48,832
TD SYNNEX Corp
 
22,505
2,493,554
TTM Technologies Inc (b)
  
30,598
612,572
Vishay Intertechnology Inc
 
33,114
430,151
Vishay Precision Group Inc (b)
  
3,888
96,967
Vontier Corp
 
44,328
1,410,074
 
  
  
36,334,677
IT Services - 0.7%
  
  
  
Amdocs Ltd
 
33,678
2,983,197
Applied Digital Corp (b)(c)
  
53,641
243,530
ASGN Inc (b)
  
13,159
662,950
Backblaze Inc Class A (b)
  
13,819
60,804
BigBear.ai Holdings Inc (b)(c)
  
29,656
101,127
BigCommerce Holdings Inc (b)
  
19,074
98,803
Couchbase Inc (b)(c)
  
12,714
224,275
DigitalOcean Holdings Inc (b)
  
18,965
586,019
DXC Technology Co (b)
  
54,419
844,583
EPAM Systems Inc (b)
  
16,956
2,660,566
Fastly Inc Class A (b)
  
37,787
217,275
Grid Dynamics Holdings Inc (b)
  
18,228
258,108
Hackett Group Inc/The
 
7,394
188,843
Kyndryl Holdings Inc (b)
  
69,541
2,254,519
Rackspace Technology Inc (b)
  
22,813
31,026
TSS Inc/MD (b)(c)
  
3,887
26,587
Unisys Corp (b)
  
20,083
79,730
 
  
  
11,521,942
Semiconductors & Semiconductor Equipment - 2.0%
  
  
  
ACM Research Inc Class A (b)
  
14,384
280,056
Aehr Test Systems (b)(c)
  
8,099
69,084
Alpha & Omega Semiconductor Ltd (b)
  
7,020
132,187
Ambarella Inc (b)
  
11,614
557,356
Amkor Technology Inc
 
33,703
588,117
Atomera Inc (b)(c)
  
8,213
36,055
Axcelis Technologies Inc (b)
  
9,810
480,494
CEVA Inc (b)
  
6,907
181,032
Cirrus Logic Inc (b)
  
15,902
1,527,228
Cohu Inc (b)
  
13,748
219,968
Credo Technology Group Holding Ltd (b)
  
42,943
1,848,696
Diodes Inc (b)
  
13,933
535,027
Enphase Energy Inc (b)
  
39,610
1,766,210
FormFactor Inc (b)
  
23,236
653,861
Ichor Holdings Ltd (b)
  
9,938
196,574
Impinj Inc (b)
  
6,930
638,461
Kopin Corp (b)
  
41,004
52,485
Lattice Semiconductor Corp (b)
  
41,225
2,017,140
MACOM Technology Solutions Holdings Inc (b)
  
17,758
1,842,393
MaxLinear Inc Class A (b)
  
22,568
225,454
MKS Instruments Inc
 
20,110
1,410,515
Navitas Semiconductor Corp Class A (b)(c)
  
38,304
73,927
NVE Corp
 
1,396
81,122
Onto Innovation Inc (b)
  
14,760
1,800,277
PDF Solutions Inc (b)
  
9,111
167,187
Penguin Solutions Inc (b)
  
16,161
275,868
Photronics Inc (b)
  
18,838
344,170
Power Integrations Inc
 
17,104
840,148
Qorvo Inc (b)
  
27,902
1,999,736
Rambus Inc (b)
  
31,838
1,553,376
Rigetti Computing Inc Class A (b)(c)
  
73,764
654,287
Semtech Corp (b)
  
25,715
803,594
Silicon Laboratories Inc (b)
  
9,718
988,904
SiTime Corp (b)
  
5,719
839,892
SkyWater Technology Inc (b)
  
6,315
44,773
Skyworks Solutions Inc
 
48,021
3,086,791
SolarEdge Technologies Inc (b)(c)
  
17,076
208,925
Synaptics Inc (b)
  
11,765
654,840
Ultra Clean Holdings Inc (b)
  
13,280
248,402
Universal Display Corp
 
13,189
1,656,934
Veeco Instruments Inc (b)
  
17,667
330,373
Wolfspeed Inc (b)(c)
  
47,003
166,861
 
  
  
32,078,780
Software - 5.6%
  
  
  
8x8 Inc (b)
  
38,602
68,326
A10 Networks Inc
 
22,190
365,691
ACI Worldwide Inc (b)
  
31,340
1,672,302
Adeia Inc
 
32,317
397,822
Agilysys Inc (b)
  
6,737
500,896
Alarm.com Holdings Inc (b)
  
14,818
794,245
Alkami Technology Inc (b)
  
19,920
531,665
Amplitude Inc Class A (b)
  
25,292
232,433
Appfolio Inc Class A (b)
  
6,959
1,437,173
Appian Corp Class A (b)(c)
  
12,567
390,205
Arteris Inc (b)
  
7,978
53,133
Asana Inc Class A (b)
  
25,357
409,262
Aurora Innovation Inc Class A (b)(c)
  
311,484
2,255,144
AvePoint Inc Class A (b)
  
30,902
505,248
Bentley Systems Inc Class B
 
46,070
1,980,549
BILL Holdings Inc (b)
  
27,958
1,274,046
Blackbaud Inc (b)
  
11,387
689,369
BlackLine Inc (b)
  
15,510
732,537
Blend Labs Inc Class A (b)
  
56,973
190,860
Box Inc Class A (b)
  
42,942
1,340,649
Braze Inc Class A (b)
  
20,526
638,974
C3.ai Inc Class A (b)(c)
  
34,290
754,723
Ccc Intelligent Solutions Holdings Inc Class A (b)
  
141,861
1,313,633
Cerence Inc (b)
  
12,971
117,517
Cipher Mining Inc (b)(c)
  
67,283
191,757
Cleanspark Inc (b)(c)
  
83,259
680,226
Clear Secure Inc Class A
 
28,109
693,730
Clearwater Analytics Holdings Inc Class A (b)
  
63,827
1,451,426
Commvault Systems Inc (b)
  
13,139
2,195,921
Confluent Inc Class A (b)
  
77,122
1,836,275
Consensus Cloud Solutions Inc (b)
  
5,263
104,523
Core Scientific Inc (b)
  
83,538
676,658
Daily Journal Corp (b)
  
271
102,704
Digimarc Corp (b)
  
4,460
58,381
Digital Turbine Inc (b)
  
27,537
82,611
Dolby Laboratories Inc Class A
 
18,299
1,405,180
Domo Inc Class B (b)
  
9,436
70,109
DoubleVerify Holdings Inc (b)
  
42,281
560,646
Dropbox Inc Class A (b)
  
64,693
1,846,985
Dynatrace Inc (b)
  
89,423
4,200,198
E2open Parent Holdings Inc Class A (b)
  
61,449
121,055
Elastic NV (b)
  
26,005
2,241,631
Expensify Inc Class A (b)
  
15,543
46,007
Five9 Inc (b)(c)
  
22,465
564,770
Freshworks Inc Class A (b)
  
56,113
828,789
Gitlab Inc Class A (b)
  
36,716
1,713,536
Guidewire Software Inc (b)
  
24,935
5,105,940
I3 Verticals Inc Class A (b)
  
6,319
158,733
Informatica Inc Class A (b)
  
24,627
463,726
Intapp Inc (b)
  
15,914
863,494
InterDigital Inc
 
7,670
1,541,670
Jamf Holding Corp (b)
  
18,579
214,959
Klaviyo Inc Class A (b)
  
23,425
713,057
LiveRamp Holdings Inc (b)
  
19,522
510,696
Manhattan Associates Inc (b)
  
18,262
3,239,496
MARA Holdings Inc (b)(c)
  
101,482
1,356,814
Meridianlink Inc (b)
  
7,779
131,543
Mitek Systems Inc (b)
  
13,333
110,397
N-able Inc/US (b)
  
21,039
148,535
nCino Inc (b)(c)
  
27,784
644,589
NCR Voyix Corp (b)(c)
  
44,247
379,197
NextNav Inc Class A (b)
  
20,005
248,462
Nutanix Inc Class A (b)
  
74,421
5,112,724
Olo Inc Class A (b)
  
33,245
206,119
OneSpan Inc
 
10,400
154,648
Onestream Inc Class A (c)
  
15,490
331,486
Ooma Inc (b)
  
7,777
95,113
PagerDuty Inc (b)
  
26,685
413,884
Pegasystems Inc
 
13,334
1,227,795
Porch Group Inc (b)
  
27,479
159,378
Procore Technologies Inc (b)
  
31,990
2,050,239
Progress Software Corp
 
12,990
778,880
PROS Holdings Inc (b)
  
12,870
219,820
Q2 Holdings Inc (b)
  
18,176
1,440,448
Qualys Inc (b)
  
10,947
1,376,147
Rapid7 Inc (b)
  
19,085
450,788
Red Violet Inc
 
3,483
136,046
Rekor Systems Inc (b)(c)
  
32,058
33,661
RingCentral Inc Class A (b)
  
23,968
611,184
Riot Platforms Inc (b)(c)
  
89,525
648,161
Rubrik Inc Class A (b)
  
26,010
1,834,485
Samsara Inc Class A (b)
  
75,650
3,000,279
SEMrush Holdings Inc Class A (b)
  
9,824
100,991
SentinelOne Inc Class A (b)
  
88,425
1,635,863
SoundHound AI Inc Class A (b)(c)
  
107,887
1,002,270
Sprinklr Inc Class A (b)
  
33,726
259,353
Sprout Social Inc Class A (b)
  
15,435
322,746
SPS Commerce Inc (b)
  
11,356
1,629,700
Telos Corp (b)
  
14,697
40,123
Tenable Holdings Inc (b)
  
35,723
1,092,052
Teradata Corp (b)
  
28,740
617,910
Terawulf Inc (b)(c)
  
92,297
256,586
UiPath Inc Class A (b)
  
126,577
1,511,329
Unity Software Inc (b)
  
87,866
1,851,337
Varonis Systems Inc (b)
  
33,669
1,442,380
Verint Systems Inc (b)
  
18,821
332,002
Veritone Inc (b)(c)
  
12,107
24,698
Vertex Inc Class A (b)
  
15,602
624,548
Viant Technology Inc Class A (b)
  
4,951
70,849
Weave Communications Inc (b)
  
11,802
125,101
Workiva Inc Class A (b)
  
15,403
1,159,384
Xperi Inc (b)
  
13,552
100,149
Yext Inc (b)
  
32,012
217,682
Zeta Global Holdings Corp Class A (b)
  
63,595
830,551
 
  
  
91,679,717
Technology Hardware, Storage & Peripherals - 0.5%
  
  
  
CompoSecure Inc Class A
 
11,701
128,594
Corsair Gaming Inc (b)
  
13,226
93,640
Diebold Nixdorf Inc (b)
  
11,265
499,377
Eastman Kodak Co (b)(c)
  
21,565
135,644
Immersion Corp
 
8,794
63,581
IonQ Inc (b)(c)
  
58,857
1,616,213
Pure Storage Inc Class A (b)
  
92,594
4,200,064
Sandisk Corp/DE
 
34,465
1,106,671
Turtle Beach Corp (b)
  
4,876
56,318
Xerox Holdings Corp (c)
  
33,913
149,556
 
  
  
8,049,658
TOTAL INFORMATION TECHNOLOGY
  
  
191,599,819
 
  
  
  
Materials - 4.7%
  
  
  
Chemicals - 2.0%
  
  
  
AdvanSix Inc
 
7,823
167,569
Albemarle Corp
 
35,027
2,050,831
American Vanguard Corp
 
7,401
31,232
Arq Inc (b)
  
10,355
39,245
Ashland Inc
 
14,214
773,099
ASP Isotopes Inc (b)(c)
  
16,573
87,505
Aspen Aerogels Inc (b)
  
19,540
105,516
Avient Corp
 
27,443
914,126
Axalta Coating Systems Ltd (b)
  
64,972
2,111,590
Balchem Corp
 
9,712
1,520,414
Cabot Corp
 
16,253
1,276,511
Celanese Corp
 
32,720
1,456,367
Chemours Co/The
 
45,005
557,162
Danimer Scientific Inc warrants 7/15/2025 (b)
  
8,133
3
Ecovyst Inc (b)
  
30,619
183,102
Element Solutions Inc
 
66,697
1,361,286
FMC Corp
 
37,365
1,566,341
Ginkgo Bioworks Holdings Inc Class A (b)(c)
  
11,681
86,089
Hawkins Inc
 
5,697
693,781
HB Fuller Co
 
16,438
888,310
Huntsman Corp
 
48,309
642,993
Ingevity Corp (b)
  
10,888
359,086
Innospec Inc
 
7,506
671,637
Intrepid Potash Inc (b)
  
2,795
92,347
Koppers Holdings Inc
 
6,062
151,914
Kronos Worldwide Inc
 
6,225
47,995
LSB Industries Inc (b)
  
15,620
99,656
Mativ Holdings Inc
 
15,754
80,503
Minerals Technologies Inc
 
9,500
490,105
Mosaic Co/The
 
94,920
2,885,568
NewMarket Corp
 
2,278
1,401,653
Olin Corp
 
34,379
743,274
Origin Materials Inc Class A (b)(c)
  
36,401
25,721
Perimeter Solutions Inc
 
41,084
416,181
PureCycle Technologies Inc (b)(c)
  
44,351
297,595
Quaker Chemical Corp
 
4,056
429,693
Rayonier Advanced Materials Inc (b)
  
18,986
80,880
RPM International Inc
 
38,423
4,101,655
Scotts Miracle-Gro Co/The
 
12,925
651,162
Sensient Technologies Corp
 
12,673
1,190,628
Stepan Co
 
6,574
332,381
Trinseo PLC
 
10,443
41,563
Tronox Holdings PLC
 
34,379
185,990
Westlake Corp
 
10,042
928,182
 
  
  
32,218,441
Construction Materials - 0.3%
  
  
  
Eagle Materials Inc
 
9,915
2,244,657
Knife River Corp (b)
  
16,951
1,582,884
United States Lime & Minerals Inc
 
3,151
294,650
 
  
  
4,122,191
Containers & Packaging - 0.9%
  
  
  
Amcor PLC
 
12,477
114,788
AptarGroup Inc
 
19,883
2,981,456
Ardagh Metal Packaging SA
 
43,045
159,697
Crown Holdings Inc
 
34,969
3,368,564
Graphic Packaging Holding CO
 
89,826
2,273,496
Greif Inc Class A
 
7,869
412,965
Myers Industries Inc
 
10,947
114,944
O-I Glass Inc (b)
  
46,484
588,487
Ranpak Holdings Corp Class A (b)
  
12,524
51,473
Sealed Air Corp
 
43,395
1,195,966
Silgan Holdings Inc
 
24,086
1,244,042
Sonoco Products Co
 
29,460
1,207,860
TriMas Corp
 
11,513
276,888
 
  
  
13,990,626
Metals & Mining - 1.4%
  
  
  
Alcoa Corp (c)
  
76,968
1,888,025
Alpha Metallurgical Resources Inc (b)
  
3,283
398,392
ATI Inc (b)
  
42,611
2,317,186
Carpenter Technology Corp
 
14,907
2,915,958
Century Aluminum Co (b)
  
15,280
250,745
Cleveland-Cliffs Inc (b)(c)
  
144,943
1,194,330
Coeur Mining Inc (b)
  
191,237
1,061,365
Commercial Metals Co
 
34,001
1,514,405
Compass Minerals International Inc (b)
  
10,200
137,088
Contango ORE Inc (b)(c)
  
3,082
43,333
Hecla Mining Co
 
189,248
1,082,499
Idaho Strategic Resources Inc (b)(c)
  
3,587
57,356
Ivanhoe Electric Inc / US (b)(c)
  
27,741
174,768
Kaiser Aluminum Corp
 
4,857
313,082
Materion Corp
 
6,178
512,836
Mesabi Trust
 
3,984
111,313
Metallus Inc (b)
  
10,871
137,518
MP Materials Corp (b)(c)
  
36,140
883,984
Olympic Steel Inc
 
2,859
92,203
Piedmont Lithium Inc (b)(c)
  
6,040
45,179
Radius Recycling Inc Class A
 
7,863
230,622
Ramaco Resources Inc Class A
 
8,328
83,946
Royal Gold Inc
 
19,626
3,585,867
Ryerson Holding Corp
 
8,138
190,266
SunCoke Energy Inc
 
25,482
230,867
United States Steel Corp
 
67,252
2,939,586
Warrior Met Coal Inc
 
15,756
753,452
Worthington Steel Inc
 
10,502
269,481
 
  
  
23,415,652
Paper & Forest Products - 0.1%
  
  
  
Clearwater Paper Corp (b)
  
4,780
128,391
Louisiana-Pacific Corp
 
18,710
1,614,860
Sylvamo Corp
 
10,132
604,070
 
  
  
2,347,321
TOTAL MATERIALS
  
  
76,094,231
 
  
  
  
Real Estate - 7.0%
  
  
  
Diversified REITs - 0.2%
  
  
  
Alexander & Baldwin Inc
 
21,821
374,885
Alpine Income Property Trust Inc
 
4,309
66,574
American Assets Trust Inc
 
14,186
265,704
Armada Hoffler Properties Inc Class A
 
23,760
160,855
Broadstone Net Lease Inc Class A
 
56,933
921,176
CTO Realty Growth Inc
 
7,890
144,150
Empire State Realty Trust Inc Class A
 
40,335
287,185
Essential Properties Realty Trust Inc
 
56,277
1,810,431
Gladstone Commercial Corp
 
13,148
185,781
Global Net Lease Inc
 
58,821
444,099
One Liberty Properties Inc
 
5,066
123,610
 
  
  
4,784,450
Health Care REITs - 0.8%
  
  
  
American Healthcare REIT Inc
 
45,788
1,478,037
CareTrust REIT Inc
 
56,212
1,645,325
Community Healthcare Trust Inc
 
7,388
126,187
Diversified Healthcare Trust
 
63,989
144,615
Global Medical REIT Inc
 
19,201
148,616
Healthcare Realty Trust Inc
 
106,205
1,649,364
LTC Properties Inc
 
13,784
494,432
Medical Properties Trust Inc (c)
  
179,789
992,435
National Health Investors Inc
 
13,649
1,032,820
Omega Healthcare Investors Inc
 
84,224
3,288,947
Sabra Health Care REIT Inc
 
70,896
1,265,494
Sila Realty Trust Inc
 
16,379
421,923
Universal Health Realty Income Trust
 
3,788
144,739
 
  
  
12,832,934
Hotel & Resort REITs - 0.3%
  
  
  
Apple Hospitality REIT Inc
 
66,806
786,307
Chatham Lodging Trust
 
15,301
105,118
DiamondRock Hospitality Co
 
63,134
463,404
Park Hotels & Resorts Inc
 
61,575
612,056
Pebblebrook Hotel Trust
 
36,360
329,058
RLJ Lodging Trust
 
46,479
325,818
Ryman Hospitality Properties Inc
 
17,960
1,579,582
Service Properties Trust
 
48,704
87,666
Summit Hotel Properties Inc
 
32,692
133,056
Sunstone Hotel Investors Inc
 
60,622
505,587
Xenia Hotels & Resorts Inc
 
30,138
321,874
 
  
  
5,249,526
Industrial REITs - 0.8%
  
  
  
Americold Realty Trust Inc
 
78,425
1,516,740
EastGroup Properties Inc
 
15,559
2,542,652
First Industrial Realty Trust Inc
 
39,672
1,887,594
Lineage Inc (c)
  
17,730
855,118
LXP Industrial Trust
 
89,701
707,741
Plymouth Industrial REIT Inc
 
12,405
184,461
Rexford Industrial Realty Inc
 
67,911
2,247,854
STAG Industrial Inc Class A
 
55,941
1,847,731
Terreno Realty Corp
 
29,893
1,683,873
 
  
  
13,473,764
Office REITs - 0.8%
  
  
  
Brandywine Realty Trust
 
51,050
202,158
BXP Inc
 
43,390
2,765,245
COPT Defense Properties
 
33,834
883,406
Cousins Properties Inc
 
50,383
1,387,548
Douglas Emmett Inc
 
50,366
696,562
Easterly Government Properties Inc
 
12,249
247,062
Highwoods Properties Inc
 
32,501
924,328
Hudson Pacific Properties Inc
 
41,847
85,786
JBG SMITH Properties
 
25,239
352,841
Kilroy Realty Corp
 
31,956
1,006,934
NET Lease Office Properties (b)
  
4,787
144,711
Orion Properties Inc
 
15,560
28,474
Paramount Group Inc
 
54,462
233,642
Peakstone Realty Trust
 
11,209
129,016
Piedmont Office Realty Trust Inc Class A1
 
36,461
215,485
Postal Realty Trust Inc Class A
 
7,006
92,759
SL Green Realty Corp
 
20,887
1,098,865
Vornado Realty Trust
 
49,699
1,753,381
 
  
  
12,248,203
Real Estate Management & Development - 0.8%
  
  
  
Anywhere Real Estate Inc (b)
  
29,262
101,247
Compass Inc Class A (b)
  
125,154
966,189
Cushman & Wakefield PLC (b)
  
68,199
639,025
Douglas Elliman Inc (b)
  
20,007
33,211
eXp World Holdings Inc
 
24,890
227,992
Forestar Group Inc (b)
  
5,984
115,252
Howard Hughes Holdings Inc (b)
  
9,116
606,487
Jones Lang LaSalle Inc (b)
  
14,143
3,216,260
Kennedy-Wilson Holdings Inc
 
34,922
223,501
Marcus & Millichap Inc
 
7,412
225,325
Newmark Group Inc Class A
 
41,667
457,920
Opendoor Technologies Inc Class A (b)
  
185,175
140,418
RE/MAX Holdings Inc Class A (b)
  
5,364
41,034
Redfin Corp (b)
  
37,214
353,905
RMR Group Inc/The Class A
 
4,642
68,145
Seaport Entertainment Group Inc (c)
  
2,398
45,922
St Joe Co/The
 
11,316
478,893
Tejon Ranch Co (b)
  
7,720
130,700
Zillow Group Inc Class A (b)
  
19,650
1,296,507
Zillow Group Inc Class C (b)
  
44,537
2,998,676
 
  
  
12,366,609
Residential REITs - 0.9%
  
  
  
American Homes 4 Rent Class A
 
94,903
3,548,423
Apartment Investment and Management Co Class A
 
38,199
302,154
Camden Property Trust
 
31,913
3,631,699
Centerspace
 
5,146
310,613
Elme Communities
 
26,688
415,532
Equity LifeStyle Properties Inc
 
57,133
3,701,077
Independence Realty Trust Inc
 
69,033
1,341,311
NexPoint Residential Trust Inc
 
6,540
243,811
UMH Properties Inc
 
21,849
386,072
Veris Residential Inc
 
24,116
374,280
 
  
  
14,254,972
Retail REITs - 1.6%
  
  
  
Acadia Realty Trust
 
36,055
688,651
Agree Realty Corp
 
32,001
2,483,598
Alexander's Inc
 
688
142,003
Brixmor Property Group Inc
 
91,525
2,279,888
CBL & Associates Properties Inc
 
4,322
101,437
Curbline Properties Corp
 
28,529
653,029
Federal Realty Investment Trust
 
23,109
2,172,708
FrontView REIT Inc
 
4,963
61,740
Getty Realty Corp
 
15,066
421,697
InvenTrust Properties Corp
 
23,464
653,707
Kimco Realty Corp
 
203,240
4,060,735
Kite Realty Group Trust
 
65,569
1,419,569
Macerich Co/The
 
74,598
1,093,607
NETSTREIT Corp
 
24,272
394,905
NNN REIT Inc
 
56,176
2,309,395
Phillips Edison & Co Inc
 
37,591
1,304,408
Regency Centers Corp
 
48,808
3,522,961
Saul Centers Inc
 
3,632
118,766
SITE Centers Corp
 
14,695
173,989
Tanger Inc
 
32,923
1,037,404
Urban Edge Properties
 
37,971
686,136
Whitestone REIT
 
13,613
177,514
 
  
  
25,957,847
Specialized REITs - 0.8%
  
  
  
CubeSmart
 
67,767
2,756,084
EPR Properties
 
22,577
1,117,336
Farmland Partners Inc
 
12,849
129,261
Four Corners Property Trust Inc
 
30,141
842,441
Gladstone Land Corp
 
9,995
99,250
Lamar Advertising Co Class A
 
26,299
2,993,089
Millrose Properties Inc Class A
 
36,042
902,492
National Storage Affiliates Trust
 
21,175
787,710
Outfront Media Inc
 
41,571
628,969
PotlatchDeltic Corp
 
21,613
829,723
Rayonier Inc
 
42,348
1,035,832
Safehold Inc
 
13,443
211,727
Uniti Group Inc
 
71,905
353,773
 
  
  
12,687,687
TOTAL REAL ESTATE
  
  
113,855,992
 
  
  
  
Utilities - 2.7%
  
  
  
Electric Utilities - 1.0%
  
  
  
ALLETE Inc
 
17,248
1,129,572
Hawaiian Electric Industries Inc (b)
  
51,902
544,971
IDACORP Inc
 
15,901
1,877,749
MGE Energy Inc
 
10,831
979,339
OGE Energy Corp
 
59,832
2,715,176
Oklo Inc Class A (b)(c)
  
21,558
511,786
Otter Tail Corp
 
12,536
995,108
Pinnacle West Capital Corp
 
33,889
3,225,555
Portland General Electric Co
 
32,739
1,378,967
TXNM Energy Inc
 
26,958
1,434,166
 
  
  
14,792,389
Gas Utilities - 0.7%
  
  
  
Chesapeake Utilities Corp
 
6,824
898,516
MDU Resources Group Inc
 
61,155
1,048,197
National Fuel Gas Co
 
27,015
2,074,212
New Jersey Resources Corp
 
29,987
1,467,564
Northwest Natural Holding Co
 
12,088
520,993
ONE Gas Inc
 
16,947
1,330,509
Southwest Gas Holdings Inc
 
18,058
1,303,968
Spire Inc
 
17,419
1,333,250
UGI Corp
 
64,174
2,104,265
 
  
  
12,081,474
Independent Power and Renewable Electricity Producers - 0.4%
  
  
  
AES Corp/The
 
212,637
2,126,370
Clearway Energy Inc Class A
 
11,597
317,178
Clearway Energy Inc Class C
 
23,724
696,062
Ormat Technologies Inc
 
17,215
1,249,809
Talen Energy Corp (b)
  
13,722
2,951,328
 
  
  
7,340,747
Multi-Utilities - 0.2%
  
  
  
Avista Corp
 
23,704
983,005
Black Hills Corp
 
21,419
1,304,417
Northwestern Energy Group Inc
 
18,357
1,068,928
Unitil Corp
 
4,771
279,866
 
  
  
3,636,216
Water Utilities - 0.4%
  
  
  
American States Water Co
 
11,315
917,760
Cadiz Inc (b)
  
14,969
42,512
California Water Service Group
 
17,831
903,140
Consolidated Water Co Ltd
 
4,698
109,182
Essential Utilities Inc
 
75,419
3,101,983
Middlesex Water Co
 
5,273
332,832
SJW Group
 
9,100
516,334
York Water Co/The
 
4,376
154,035
 
  
  
6,077,778
TOTAL UTILITIES
  
  
43,928,604
 
  
  
  
TOTAL UNITED STATES
  
  
1,599,067,009
 
TOTAL COMMON STOCKS
 (Cost $1,571,545,331)
  
  
  
1,628,727,630
 
  
  
  
Money Market Funds - 5.9%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (g)
  
4.33
416,127
416,210
Fidelity Securities Lending Cash Central Fund (g)(h)
  
4.33
96,561,465
96,571,121
 
TOTAL MONEY MARKET FUNDS
 (Cost $96,987,331)
  
  
  
96,987,331
 
  
  
  
  
U.S. Treasury Obligations - 0.0%
 
  
Yield (%) (f)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 5/29/2025 (i)
 (Cost $287,058)
  
4.25
288,000
287,055
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 105.7%
 (Cost $1,668,819,720)
 
  
 
1,726,002,016
NET OTHER ASSETS (LIABILITIES) - (5.7)%  
(93,761,405)
NET ASSETS - 100.0%
1,632,240,611
 
  
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
  
  
  
  
  
 
  
  
  
  
  
Equity Contracts
  
  
  
  
  
CME E-Mini Russell 2000 Index Contracts (United States)
14
Jun 2025
1,378,860
62,237
62,237
CME S&P 400 Midcap Index Contracts (United States)
8
Jun 2025
2,286,240
96,899
96,899
 
  
  
  
  
  
TOTAL FUTURES CONTRACTS
  
  
  
  
159,136
The notional amount of futures purchased as a percentage of Net Assets is 0.2%

 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Level 3 security
 
(e)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $192,003 or 0.0% of net assets.
 
(f)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
(i)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $287,055.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
4,501,826
63,341,638
67,427,254
65,743
-
-
416,210
416,127
0.0%
Fidelity Securities Lending Cash Central Fund
91,588,044
160,852,431
155,869,354
408,924
-
-
96,571,121
96,561,465
0.3%
Total
96,089,870
224,194,069
223,296,608
474,667
-
-
96,987,331
  
  
 
  
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
  
  
  
  
 Common Stocks
  
  
  
  
Communication Services
59,104,241
59,104,241
-
-
Consumer Discretionary
196,854,591
196,854,591
-
-
Consumer Staples
73,883,010
73,883,010
-
-
Energy
55,204,900
55,204,900
-
-
Financials
295,065,657
295,065,657
-
-
Health Care
199,546,696
199,531,518
-
15,178
Industrials
313,532,890
313,532,890
-
-
Information Technology
195,901,257
195,901,257
-
-
Materials
81,849,792
81,849,792
-
-
Real Estate
113,855,992
113,855,992
-
-
Utilities
43,928,604
43,928,604
-
-
 U.S. Treasury Obligations
287,055
-
287,055
-
 Money Market Funds
96,987,331
96,987,331
-
-
 Total Investments in Securities:
1,726,002,016
1,725,699,783
287,055
15,178
 Derivative Instruments:
  
  
  
  
 Assets
  
  
  
  
Futures Contracts
159,136
159,136
-
-
  Total Assets
159,136
159,136
-
-
 Total Derivative Instruments:
159,136
159,136
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
  
  
Futures Contracts (a) 
159,136
0
Total Equity Risk
159,136
0
Total Value of Derivatives
159,136
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity ZERO® Extended Market Index Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
  
  
  
Investment in securities, at value  (including  securities loaned of $95,660,796) - See accompanying schedule:
  
  
  
  
Unaffiliated issuers (cost $1,571,832,389)
$
1,629,014,685
  
  
Fidelity Central Funds (cost $96,987,331)
96,987,331
  
  
 
  
  
  
  
 
  
  
  
  
Total Investment in Securities (cost $1,668,819,720)
  
  
$
1,726,002,016
Segregated cash with brokers for derivative instruments
  
  
90,000
Cash
  
  
2,254,350
Foreign currency held at value (cost $403)
  
  
402
Receivable for investments sold
  
  
2,226,736
Receivable for fund shares sold
  
  
713,809
Dividends receivable
  
  
500,005
Distributions receivable from Fidelity Central Funds
  
  
48,715
Other receivables
  
  
43,855
  Total assets
  
  
1,731,879,888
Liabilities
  
  
  
  
Payable for investments purchased
$
2,489,656
  
  
Payable for fund shares redeemed
563,410
  
  
Payable for daily variation margin on futures contracts
14,602
  
  
Collateral on securities loaned
96,571,609
  
  
  Total liabilities
  
  
  
99,639,277
Net Assets  
  
  
$
1,632,240,611
Net Assets consist of:
  
  
  
  
Paid in capital
  
  
$
1,579,931,197
Total accumulated earnings (loss)
  
  
  
52,309,414
Net Assets
  
  
$
1,632,240,611
Net Asset Value, offering price and redemption price per share ($1,632,240,611 ÷ 131,527,978 shares)
  
  
$
12.41
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
  
  
  
  
Dividends
 
  
$
11,224,347
Interest  
  
  
8,257
Income from Fidelity Central Funds (including $408,924 from security lending)
 
  
474,667
 Total income
  
  
  
11,707,271
Expenses
  
  
  
  
Independent trustees' fees and expenses
$
3,881
  
  
 Total expenses
  
  
  
3,881
Net Investment income (loss)
  
  
  
11,703,390
Realized and Unrealized Gain (Loss)
  
  
  
  
Net realized gain (loss) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
32,410,842
  
  
 Futures contracts
  
(400,963)
  
  
Total net realized gain (loss)
  
  
  
32,009,879
Change in net unrealized appreciation (depreciation) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
(173,815,477)
  
  
 Assets and liabilities in foreign currencies
  
1
  
  
 Futures contracts
  
105,345
  
  
Total change in net unrealized appreciation (depreciation)
  
  
  
(173,710,131)
Net gain (loss)
  
  
  
(141,700,252)
Net increase (decrease) in net assets resulting from operations
  
  
$
(129,996,862)
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
  
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
  
  
  
  
Operations
  
  
  
Net investment income (loss)
$
11,703,390
$
24,640,668
Net realized gain (loss)
  
32,009,879
  
39,884,419
Change in net unrealized appreciation (depreciation)
  
(173,710,131)
  
363,744,676
Net increase (decrease) in net assets resulting from operations
  
(129,996,862)
  
428,269,763
Distributions to shareholders
  
(21,542,038)
  
(21,540,620)
 
  
  
  
  
Share transactions
  
  
  
  
Proceeds from sales of shares
  
206,757,738
  
413,229,922
  Reinvestment of distributions
  
19,136,759
  
19,026,243
Cost of shares redeemed
  
(177,839,895)
  
(373,879,253)
 
  
  
  
  
  Net increase (decrease) in net assets resulting from share transactions
  
48,054,602
  
58,376,912
Total increase (decrease) in net assets
  
(103,484,298)
  
465,106,055
 
  
  
  
  
Net Assets
  
  
  
  
Beginning of period
  
1,735,724,909
  
1,270,618,854
End of period
$
1,632,240,611
$
1,735,724,909
 
  
  
  
  
Other Information
  
  
  
  
Shares
  
  
  
  
Sold
  
15,169,846
  
33,192,384
  Issued in reinvestment of distributions
  
1,341,049
  
1,582,882
Redeemed
  
(13,265,211)
  
(30,232,808)
Net increase (decrease)
  
3,245,684
  
4,542,458
 
  
  
  
  
Financial Highlights
 
Fidelity ZERO® Extended Market Index Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
  
Years ended October 31, 2024 
  
2023  
  
2022 
  
2021 
  
2020   
  Selected Per-Share Data 
  
  
  
  
  
  
  
  
  
  
  
  
  Net asset value, beginning of period
$
13.53
$
10.27
$
10.90
$
14.09
$
9.48
$
9.66
  Income from Investment Operations
 
  
  
  
  
  
  
  
  
  
  
  
     Net investment income (loss) A,B
  
.09
 
.20
 
.19
 
.18
 
.18
 
.14
     Net realized and unrealized gain (loss)
 
(1.04)
 
3.24
 
(.65)
 
(2.46)
 
4.68
 
(.14)
  Total from investment operations
 
(.95)  
  
3.44  
  
(.46)  
  
(2.28)  
  
4.86
 
-
  Distributions from net investment income
 
(.17)
 
(.18)
 
(.17)
 
(.16)
 
(.14)
 
(.13)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.75)
 
(.11)
 
(.06)
     Total distributions
 
(.17)
 
(.18)
 
(.17)
 
(.91)
 
(.25)
 
(.18) C
  Net asset value, end of period
$
12.41
$
13.53
$
10.27
$
10.90
$
14.09
$
9.48
 Total Return D,E
  
(7.21)
%
 
33.66%
 
(4.23)%
 
(16.99)%
 
51.93%
 
(.06)%
 Ratios to Average Net Assets B,F,G
  
  
  
  
  
  
  
  
  
  
  
  
    Expenses before reductions H
  
-% I
  
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of fee waivers, if any H
  
-
% I
  
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of all reductions, if any H
  
-% I
  
-%
 
-%
 
-%
 
-%
 
-%
    Net investment income (loss)
 
1.32% I
  
1.56%
 
1.74%
 
1.57%
 
1.38%
 
1.55%
 Supplemental Data
  
  
  
  
  
  
  
  
  
  
  
  
    Net assets, end of period (000 omitted)
$
1,632,241
$
1,735,725
$
1,270,619
$
1,265,762
$
1,395,074
$
591,543
    Portfolio turnover rate J
  
15
% I
  
8% K
  
7% K
  
16% K
  
25%
 
26%
 
ACalculated based on average shares outstanding during the period.
BNet 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.
CTotal distributions per share do not sum due to rounding.
DTotal returns for periods of less than one year are not annualized.
ETotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
FFees 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.
GExpense 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.
HAmount represents less than .005%.
IAnnualized.
JAmount 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.
KPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity ZERO® International Index Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 96.8%
 
  
Shares
Value ($)
 
ARGENTINA - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Vista Energy SAB de CV ADR (b)
  
13,606
614,582
AUSTRALIA - 4.5%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Telstra Group Ltd
 
710,437
2,050,390
Interactive Media & Services - 0.1%
  
  
  
CAR Group Ltd
 
66,440
1,418,115
REA Group Ltd
 
9,063
1,439,928
SEEK Ltd
 
62,834
855,422
 
  
  
3,713,465
TOTAL COMMUNICATION SERVICES
  
  
5,763,855
 
  
  
  
Consumer Discretionary - 0.3%
  
  
  
Broadline Retail - 0.2%
  
  
  
Wesfarmers Ltd
 
199,587
9,998,558
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Aristocrat Leisure Ltd
 
110,017
4,698,721
Lottery Corp/The
 
391,845
1,305,834
 
  
  
6,004,555
Specialty Retail - 0.0%
  
  
  
JB Hi-Fi Ltd
 
19,256
1,276,052
TOTAL CONSUMER DISCRETIONARY
  
  
17,279,165
 
  
  
  
Consumer Staples - 0.2%
  
  
  
Beverages - 0.0%
  
  
  
Treasury Wine Estates Ltd
 
142,958
817,147
Consumer Staples Distribution & Retail - 0.2%
  
  
  
Coles Group Ltd
 
235,710
3,200,896
Endeavour Group Ltd/Australia
 
268,181
685,983
Metcash Ltd
 
191,795
395,053
Woolworths Group Ltd
 
214,848
4,336,201
 
  
  
8,618,133
TOTAL CONSUMER STAPLES
  
  
9,435,280
 
  
  
  
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Ampol Ltd
 
42,108
639,377
Santos Ltd
 
571,688
2,197,777
Whitehaven Coal Ltd
 
146,454
468,468
Woodside Energy Group Ltd
 
334,012
4,353,892
 
  
  
7,659,514
Financials - 1.7%
  
  
  
Banks - 1.3%
  
  
  
ANZ Group Holdings Ltd
 
523,122
10,003,275
Bank of Queensland Ltd
 
117,141
559,566
Bendigo & Adelaide Bank Ltd
 
100,018
715,512
Commonwealth Bank of Australia
 
294,306
31,369,823
National Australia Bank Ltd
 
539,975
12,468,400
Westpac Banking Corp
 
603,218
12,658,635
 
  
  
67,775,211
Capital Markets - 0.2%
  
  
  
ASX Ltd
 
34,112
1,544,658
HUB24 Ltd
 
14,318
661,474
Macquarie Group Ltd
 
62,334
7,702,928
Magellan Financial Group Ltd warrants 4/16/2027 (b)
  
1,938
75
 
  
  
9,909,135
Financial Services - 0.0%
  
  
  
AMP Ltd
 
441,172
364,389
Challenger Ltd
 
90,494
410,043
Washington H Soul Pattinson & Co Ltd
 
44,036
1,048,170
 
  
  
1,822,602
Insurance - 0.2%
  
  
  
Insurance Australia Group Ltd
 
416,123
2,185,674
Medibank Pvt Ltd
 
484,672
1,441,766
QBE Insurance Group Ltd
 
264,739
3,658,673
Steadfast Group Ltd
 
194,921
732,486
Suncorp Group Ltd
 
190,515
2,477,474
 
  
  
10,496,073
TOTAL FINANCIALS
  
  
90,003,021
 
  
  
  
Health Care - 0.2%
  
  
  
Biotechnology - 0.0%
  
  
  
Telix Pharmaceuticals Ltd (b)
  
51,000
886,576
Health Care Equipment & Supplies - 0.0%
  
  
  
Ansell Ltd
 
25,476
494,223
Cochlear Ltd
 
11,510
2,015,753
 
  
  
2,509,976
Health Care Providers & Services - 0.2%
  
  
  
EBOS Group Ltd
 
27,817
605,393
Ramsay Health Care Ltd
 
32,905
700,569
Sigma Healthcare Ltd
 
1,015,231
1,959,063
Sonic Healthcare Ltd
 
84,577
1,412,180
 
  
  
4,677,205
Health Care Technology - 0.0%
  
  
  
Pro Medicus Ltd
 
9,566
1,402,666
TOTAL HEALTH CARE
  
  
9,476,423
 
  
  
  
Industrials - 0.3%
  
  
  
Commercial Services & Supplies - 0.1%
  
  
  
Brambles Ltd
 
243,028
3,193,792
Cleanaway Waste Management Ltd
 
389,142
647,612
 
  
  
3,841,404
Construction & Engineering - 0.0%
  
  
  
Worley Ltd
 
86,688
690,651
Ground Transportation - 0.0%
  
  
  
Aurizon Holdings Ltd
 
312,216
611,229
Passenger Airlines - 0.0%
  
  
  
Qantas Airways Ltd
 
129,609
732,799
Professional Services - 0.1%
  
  
  
ALS Ltd
 
85,576
938,979
Computershare Ltd
 
97,868
2,557,429
 
  
  
3,496,408
Trading Companies & Distributors - 0.0%
  
  
  
Reece Ltd
 
41,409
417,580
SGH Ltd
 
35,109
1,148,229
 
  
  
1,565,809
Transportation Infrastructure - 0.1%
  
  
  
Atlas Arteria Ltd unit
 
186,671
618,321
Qube Holdings Ltd
 
312,180
790,349
Transurban Group unit
 
545,857
4,918,920
 
  
  
6,327,590
TOTAL INDUSTRIALS
  
  
17,265,890
 
  
  
  
Information Technology - 0.1%
  
  
  
IT Services - 0.0%
  
  
  
NEXTDC Ltd (b)
  
113,182
859,315
Software - 0.1%
  
  
  
Technology One Ltd
 
53,027
1,023,536
WiseTech Global Ltd
 
32,947
1,873,464
 
  
  
2,897,000
TOTAL INFORMATION TECHNOLOGY
  
  
3,756,315
 
  
  
  
Materials - 1.1%
  
  
  
Chemicals - 0.0%
  
  
  
Dyno Nobel Ltd
 
299,602
434,903
Orica Ltd
 
85,804
890,633
 
  
  
1,325,536
Metals & Mining - 1.1%
  
  
  
BHP Group Ltd
 
892,325
21,267,364
BlueScope Steel Ltd
 
77,207
1,182,539
Evolution Mining Ltd
 
350,222
1,756,371
Fortescue Ltd
 
297,896
3,076,576
Glencore PLC
 
1,738,334
5,699,538
Lynas Rare Earths Ltd (b)
  
153,352
838,338
Mineral Resources Ltd (b)
  
31,016
407,891
Northern Star Resources Ltd
 
201,359
2,473,429
Pilbara Minerals Ltd (b)
  
535,333
515,760
Rio Tinto Ltd
 
65,292
4,884,965
Rio Tinto PLC
 
187,308
11,161,574
South32 Ltd
 
795,195
1,370,356
 
  
  
54,634,701
TOTAL MATERIALS
  
  
55,960,237
 
  
  
  
Real Estate - 0.3%
  
  
  
Diversified REITs - 0.1%
  
  
  
Charter Hall Group unit
 
83,291
900,538
GPT Group/The unit
 
337,264
999,770
Mirvac Group unit
 
694,756
1,013,407
Stockland unit
 
419,766
1,475,158
 
  
  
4,388,873
Industrial REITs - 0.1%
  
  
  
Goodman Group unit
 
357,195
6,838,085
Office REITs - 0.0%
  
  
  
Dexus unit
 
189,463
912,003
Real Estate Management & Development - 0.0%
  
  
  
Lendlease Group unit
 
114,795
386,804
Retail REITs - 0.1%
  
  
  
Scentre Group unit
 
914,406
2,118,445
Vicinity Ltd unit
 
680,008
1,028,411
 
  
  
3,146,856
TOTAL REAL ESTATE
  
  
15,672,621
 
  
  
  
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
Origin Energy Ltd
 
303,001
2,065,257
Gas Utilities - 0.0%
  
  
  
Apa Group unit
 
227,779
1,198,568
Multi-Utilities - 0.0%
  
  
  
AGL Energy Ltd
 
106,683
727,045
TOTAL UTILITIES
  
  
3,990,870
 
  
  
  
TOTAL AUSTRALIA
  
  
236,263,191
AUSTRIA - 0.2%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
OMV AG
 
24,800
1,279,994
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
BAWAG Group AG (c)(d)
  
13,844
1,517,347
Erste Group Bank AG
 
57,050
3,842,200
Raiffeisen Bank International AG
 
22,679
603,246
 
  
  
5,962,793
Insurance - 0.0%
  
  
  
UNIQA Insurance Group AG
 
20,726
239,490
TOTAL FINANCIALS
  
  
6,202,283
 
  
  
  
Industrials - 0.0%
  
  
  
Commercial Services & Supplies - 0.0%
  
  
  
DO & Co AG (b)
  
1,324
210,885
Construction & Engineering - 0.0%
  
  
  
Strabag SE
 
4,714
412,802
Machinery - 0.0%
  
  
  
ANDRITZ AG
 
12,511
893,613
TOTAL INDUSTRIALS
  
  
1,517,300
 
  
  
  
Materials - 0.0%
  
  
  
Construction Materials - 0.0%
  
  
  
Wienerberger AG
 
19,719
689,818
Metals & Mining - 0.0%
  
  
  
voestalpine AG
 
18,255
478,953
Paper & Forest Products - 0.0%
  
  
  
Mondi PLC
 
77,797
1,174,695
TOTAL MATERIALS
  
  
2,343,466
 
  
  
  
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
CA Immobilien Anlagen AG
 
7,433
200,576
CPI Europe AG (b)(e)
  
7,756
0
 
  
  
200,576
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
Verbund AG Class A
 
14,675
1,125,484
TOTAL AUSTRIA
  
  
12,669,103
BELGIUM - 0.6%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Distributors - 0.0%
  
  
  
D'ieteren Group
 
3,781
752,577
Consumer Staples - 0.3%
  
  
  
Beverages - 0.3%
  
  
  
Anheuser-Busch InBev SA/NV
 
158,003
10,413,817
Food Products - 0.0%
  
  
  
Lotus Bakeries NV
 
72
690,042
TOTAL CONSUMER STAPLES
  
  
11,103,859
 
  
  
  
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
KBC Group NV
 
46,245
4,246,625
Financial Services - 0.0%
  
  
  
Groupe Bruxelles Lambert NV
 
14,625
1,201,175
Sofina SA
 
2,721
757,058
 
  
  
1,958,233
Insurance - 0.0%
  
  
  
Ageas SA/NV
 
30,087
1,883,144
TOTAL FINANCIALS
  
  
8,088,002
 
  
  
  
Health Care - 0.1%
  
  
  
Pharmaceuticals - 0.1%
  
  
  
UCB SA
 
21,215
3,872,984
Industrials - 0.0%
  
  
  
Construction & Engineering - 0.0%
  
  
  
Ackermans & van Haaren NV
 
3,925
956,873
Trading Companies & Distributors - 0.0%
  
  
  
Azelis Group NV
 
31,022
479,354
TOTAL INDUSTRIALS
  
  
1,436,227
 
  
  
  
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Solvay SA Class A
 
13,020
492,345
Syensqo SA
 
12,817
909,226
Umicore SA
 
34,421
311,951
 
  
  
1,713,522
Real Estate - 0.0%
  
  
  
Health Care REITs - 0.0%
  
  
  
Aedifica SA
 
8,391
671,581
Cofinimmo SA
 
6,736
537,977
 
  
  
1,209,558
Industrial REITs - 0.0%
  
  
  
Warehouses De Pauw CVA (b)
  
31,375
799,010
TOTAL REAL ESTATE
  
  
2,008,568
 
  
  
  
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
Elia Group SA/NV (f)
  
7,443
806,080
TOTAL BELGIUM
  
  
29,781,819
BRAZIL - 1.4%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Telefonica Brasil SA
 
138,100
676,246
Wireless Telecommunication Services - 0.0%
  
  
  
TIM SA/Brazil
 
138,400
462,134
TOTAL COMMUNICATION SERVICES
  
  
1,138,380
 
  
  
  
Consumer Discretionary - 0.0%
  
  
  
Specialty Retail - 0.0%
  
  
  
Lojas Renner SA
 
183,724
472,975
Vibra Energia SA
 
185,900
615,829
 
  
  
1,088,804
Consumer Staples - 0.1%
  
  
  
Beverages - 0.1%
  
  
  
Ambev SA
 
775,900
1,991,994
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Raia Drogasil SA
 
196,892
688,324
Sendas Distribuidora S/A
 
234,500
379,735
 
  
  
1,068,059
Food Products - 0.0%
  
  
  
BRF SA
 
91,000
363,990
Personal Care Products - 0.0%
  
  
  
Natura & Co Holding SA (b)
  
150,088
251,506
TOTAL CONSUMER STAPLES
  
  
3,675,549
 
  
  
  
Energy - 0.2%
  
  
  
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
Brava Energia
 
69,195
211,664
Cosan SA
 
200,300
274,236
Petroleo Brasileiro SA
 
749,900
3,962,803
Petroleo Brasileiro SA
 
661,200
3,734,079
PRIO SA/Brazil (b)
  
148,700
883,268
Ultrapar Participacoes SA
 
128,500
403,717
 
  
  
9,469,767
Financials - 0.6%
  
  
  
Banks - 0.5%
  
  
  
Banco Bradesco SA
 
919,479
2,224,513
Banco Bradesco SA
 
273,159
588,660
Banco do Brasil SA
 
503,500
2,566,673
Itau Unibanco Holding SA
 
937,325
5,876,501
Itausa SA
 
1,026,969
1,936,261
Itausa SA
 
13,138
24,724
NU Holdings Ltd/Cayman Islands Class A (b)
  
574,644
7,142,826
 
  
  
20,360,158
Capital Markets - 0.1%
  
  
  
B3 SA - Brasil Bolsa Balcao
 
955,000
2,270,064
Banco BTG Pactual SA unit
 
175,400
1,177,853
XP Inc depository receipt
 
64,935
1,050,260
 
  
  
4,498,177
Financial Services - 0.0%
  
  
  
Pagseguro Digital Ltd Class A (b)
  
34,257
343,597
StoneCo Ltd Class A (b)
  
49,045
689,573
 
  
  
1,033,170
Insurance - 0.0%
  
  
  
BB Seguridade Participacoes SA
 
116,300
876,479
Caixa Seguridade Participacoes S/A
 
90,400
260,600
 
  
  
1,137,079
TOTAL FINANCIALS
  
  
27,028,584
 
  
  
  
Health Care - 0.0%
  
  
  
Health Care Providers & Services - 0.0%
  
  
  
Hapvida Participacoes e Investimentos S/A (b)(c)(d)
  
823,500
336,647
Rede D'Or Sao Luiz SA (c)(d)
  
189,805
1,070,907
 
  
  
1,407,554
Pharmaceuticals - 0.0%
  
  
  
Hypera SA
 
69,400
294,957
TOTAL HEALTH CARE
  
  
1,702,511
 
  
  
  
Industrials - 0.1%
  
  
  
Aerospace & Defense - 0.0%
  
  
  
Embraer SA (b)
  
122,500
1,401,320
Electrical Equipment - 0.1%
  
  
  
WEG SA
 
258,500
2,033,328
Ground Transportation - 0.0%
  
  
  
Localiza Rent a Car SA
 
152,531
1,154,636
Rumo SA
 
215,900
738,035
 
  
  
1,892,671
Transportation Infrastructure - 0.0%
  
  
  
CCR SA
 
171,500
406,452
Santos Brasil Participacoes SA
 
76,000
181,323
 
  
  
587,775
TOTAL INDUSTRIALS
  
  
5,915,094
 
  
  
  
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
TOTVS SA
 
87,900
582,680
Materials - 0.3%
  
  
  
Chemicals - 0.0%
  
  
  
Yara International ASA
 
28,750
926,332
Containers & Packaging - 0.0%
  
  
  
Klabin SA unit
 
172,650
563,722
Metals & Mining - 0.3%
  
  
  
Gerdau SA
 
235,200
621,243
Metalurgica Gerdau SA
 
107,700
159,600
Vale SA
 
630,743
5,874,924
Wheaton Precious Metals Corp
 
79,810
6,663,956
 
  
  
13,319,723
Paper & Forest Products - 0.0%
  
  
  
Suzano SA
 
122,353
1,079,696
TOTAL MATERIALS
  
  
15,889,473
 
  
  
  
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Allos SA
 
65,800
246,497
Multiplan Empreendimentos Imobiliarios SA
 
49,600
224,964
 
  
  
471,461
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
Centrais Eletricas Brasileiras SA
 
161,251
1,248,774
Centrais Eletricas Brasileiras SA Series B
 
35,329
300,242
Cia Energetica de Minas Gerais
 
336,754
649,755
Cia Paranaense de Energia - Copel
 
141,100
259,567
Cia Paranaense de Energia - Copel Series B
 
186,300
378,499
Energisa S/A unit
 
51,000
412,842
Equatorial Energia SA
 
185,823
1,205,280
Transmissora Alianca de Energia Eletrica S/A unit
 
39,000
246,845
 
  
  
4,701,804
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Eneva SA (b)
  
283,200
674,173
Engie Brasil Energia SA
 
44,450
325,592
 
  
  
999,765
Water Utilities - 0.0%
  
  
  
Cia de Saneamento Basico do Estado de Sao Paulo SABESP
 
80,500
1,615,490
Cia De Sanena Do Parana unit
 
43,100
233,379
 
  
  
1,848,869
TOTAL UTILITIES
  
  
7,550,438
 
  
  
  
TOTAL BRAZIL
  
  
74,512,741
CAMEROON - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Golar LNG Ltd (f)
  
18,431
783,409
CANADA - 7.4%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
BCE Inc
 
52,965
1,177,171
Quebecor Inc Class B
 
27,545
755,659
TELUS Corp
 
87,866
1,352,471
 
  
  
3,285,301
Wireless Telecommunication Services - 0.0%
  
  
  
Rogers Communications Inc Class B
 
67,284
1,754,089
TOTAL COMMUNICATION SERVICES
  
  
5,039,390
 
  
  
  
Consumer Discretionary - 0.3%
  
  
  
Automobile Components - 0.0%
  
  
  
Magna International Inc
 
46,676
1,621,776
Broadline Retail - 0.2%
  
  
  
Canadian Tire Corp Ltd Class A
 
9,190
1,005,794
Dollarama Inc
 
48,751
6,015,193
 
  
  
7,020,987
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Restaurant Brands International Inc
 
57,068
3,677,173
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Gildan Activewear Inc
 
24,937
1,149,171
TOTAL CONSUMER DISCRETIONARY
  
  
13,469,107
 
  
  
  
Consumer Staples - 0.3%
  
  
  
Consumer Staples Distribution & Retail - 0.3%
  
  
  
Alimentation Couche-Tard Inc
 
136,708
7,135,868
Empire Co Ltd Class A
 
24,104
895,202
George Weston Ltd
 
9,356
1,822,879
Loblaw Cos Ltd
 
24,868
4,037,036
Metro Inc/CN
 
35,402
2,728,209
 
  
  
16,619,194
Food Products - 0.0%
  
  
  
Saputo Inc
 
43,206
843,059
TOTAL CONSUMER STAPLES
  
  
17,462,253
 
  
  
  
Energy - 1.3%
  
  
  
Oil, Gas & Consumable Fuels - 1.3%
  
  
  
ARC Resources Ltd
 
103,931
1,923,168
Cameco Corp
 
76,593
3,457,408
Canadian Natural Resources Ltd
 
369,757
10,610,466
Cenovus Energy Inc
 
224,717
2,645,551
Enbridge Inc
 
383,248
17,922,530
Imperial Oil Ltd
 
27,767
1,872,953
Keyera Corp
 
40,401
1,253,996
MEG Energy Corp
 
45,385
636,694
Parkland Corp
 
24,248
610,861
Pembina Pipeline Corp
 
102,151
3,904,945
South Bow Corp
 
36,666
905,612
Suncor Energy Inc
 
218,928
7,732,195
TC Energy Corp
 
182,786
9,234,763
Tourmaline Oil Corp
 
61,814
2,730,649
Veren Inc
 
108,046
639,529
Whitecap Resources Inc
 
102,866
583,499
 
  
  
66,664,819
Financials - 2.8%
  
  
  
Banks - 1.7%
  
  
  
Bank of Montreal
 
128,136
12,277,299
Bank of Nova Scotia/The
 
218,948
10,955,341
Canadian Imperial Bank of Commerce
 
165,683
10,449,831
National Bank of Canada
 
68,770
6,039,947
Royal Bank of Canada
 
248,698
29,850,616
Toronto Dominion Bank
 
307,805
19,668,172
 
  
  
89,241,206
Capital Markets - 0.4%
  
  
  
Brookfield Asset Management Ltd Class A
 
66,225
3,533,665
Brookfield Corp Class A
 
252,246
13,550,950
Onex Corp Subordinate Voting Shares
 
10,365
733,880
TMX Group Ltd
 
48,866
1,980,374
 
  
  
19,798,869
Insurance - 0.7%
  
  
  
Fairfax Financial Holdings Ltd Subordinate Voting Shares
 
3,736
5,832,724
Great-West Lifeco Inc
 
47,518
1,847,846
iA Financial Corp Inc
 
16,430
1,596,043
Intact Financial Corp
 
31,362
6,965,112
Manulife Financial Corp
 
303,096
9,288,993
Power Corp of Canada Subordinate Voting Shares
 
95,204
3,603,471
Sun Life Financial Inc
 
100,921
6,013,826
 
  
  
35,148,015
TOTAL FINANCIALS
  
  
144,188,090
 
  
  
  
Industrials - 0.8%
  
  
  
Aerospace & Defense - 0.0%
  
  
  
Bombardier Inc Class B (b)
  
15,147
1,001,157
CAE Inc (b)
  
56,244
1,407,120
 
  
  
2,408,277
Commercial Services & Supplies - 0.0%
  
  
  
Element Fleet Management Corp
 
71,114
1,557,327
Construction & Engineering - 0.2%
  
  
  
AtkinsRealis Group Inc
 
30,776
1,524,066
Stantec Inc
 
20,085
1,762,865
WSP Global Inc
 
22,966
4,070,776
 
  
  
7,357,707
Ground Transportation - 0.5%
  
  
  
Canadian National Railway Co
 
97,194
9,412,716
Canadian Pacific Kansas City Ltd
 
164,189
11,925,319
TFI International Inc
 
13,929
1,132,325
 
  
  
22,470,360
Passenger Airlines - 0.0%
  
  
  
Air Canada (b)
  
54,238
549,618
Professional Services - 0.1%
  
  
  
Thomson Reuters Corp
 
23,734
4,416,425
Trading Companies & Distributors - 0.0%
  
  
  
Finning International Inc
 
23,662
667,843
Toromont Industries Ltd
 
14,327
1,212,173
 
  
  
1,880,016
TOTAL INDUSTRIALS
  
  
40,639,730
 
  
  
  
Information Technology - 0.8%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Celestica Inc (b)
  
20,421
1,742,436
IT Services - 0.5%
  
  
  
CGI Inc Class A
 
35,641
3,779,197
Shopify Inc Class A (b)
  
213,797
20,334,443
 
  
  
24,113,640
Software - 0.3%
  
  
  
Constellation Software Inc/Canada
 
3,466
12,491,151
Constellation Software Inc/Canada warrants 3/31/2040 (b)(e)
  
2,626
0
Descartes Systems Group Inc/The (b)
  
15,067
1,586,702
Open Text Corp
 
46,479
1,258,230
 
  
  
15,336,083
TOTAL INFORMATION TECHNOLOGY
  
  
41,192,159
 
  
  
  
Materials - 0.7%
  
  
  
Chemicals - 0.1%
  
  
  
Nutrien Ltd
 
86,165
4,918,893
Containers & Packaging - 0.0%
  
  
  
CCL Industries Inc Class B
 
25,885
1,352,644
Metals & Mining - 0.6%
  
  
  
Agnico Eagle Mines Ltd/CA
 
88,465
10,397,493
Alamos Gold Inc Class A
 
74,012
2,115,779
B2Gold Corp
 
232,408
726,591
Barrick Gold Corp
 
303,864
5,794,708
Franco-Nevada Corp
 
33,872
5,820,844
Kinross Gold Corp
 
216,296
3,192,821
Pan American Silver Corp
 
63,785
1,605,961
Teck Resources Ltd Class B
 
78,990
2,684,377
 
  
  
32,338,574
Paper & Forest Products - 0.0%
  
  
  
West Fraser Timber Co Ltd
 
10,132
750,162
TOTAL MATERIALS
  
  
39,360,273
 
  
  
  
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Colliers International Group Inc Subordinate Voting Shares
 
7,469
892,910
FirstService Corp Subordinate Voting Shares
 
7,337
1,287,727
 
  
  
2,180,637
Utilities - 0.3%
  
  
  
Electric Utilities - 0.3%
  
  
  
Emera Inc
 
52,054
2,342,921
Fortis Inc/Canada
 
87,781
4,347,025
Hydro One Ltd (c)(d)
  
55,851
2,148,801
 
  
  
8,838,747
Gas Utilities - 0.0%
  
  
  
AltaGas Ltd
 
52,368
1,549,844
Brookfield Infrastructure Corp
 
20,990
786,249
 
  
  
2,336,093
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Brookfield Renewable Corp Class A
 
24,023
684,654
Northland Power Inc
 
45,936
624,098
 
  
  
1,308,752
Multi-Utilities - 0.0%
  
  
  
Algonquin Power & Utilities Corp
 
133,720
720,687
Canadian Utilities Ltd Class A
 
22,852
639,677
 
  
  
1,360,364
TOTAL UTILITIES
  
  
13,843,956
 
  
  
  
TOTAL CANADA
  
  
384,040,414
CHILE - 0.2%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Broadline Retail - 0.0%
  
  
  
Falabella SA
 
137,892
626,134
Specialty Retail - 0.0%
  
  
  
Empresas Copec SA
 
62,999
432,462
TOTAL CONSUMER DISCRETIONARY
  
  
1,058,596
 
  
  
  
Consumer Staples - 0.0%
  
  
  
Beverages - 0.0%
  
  
  
Embotelladora Andina SA Class B
 
63,707
272,485
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Cencosud SA
 
218,340
747,100
TOTAL CONSUMER STAPLES
  
  
1,019,585
 
  
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Banco de Chile
 
7,833,524
1,149,933
Banco de Credito e Inversiones SA
 
13,943
552,189
Banco Santander Chile
 
10,987,725
664,330
 
  
  
2,366,452
Industrials - 0.0%
  
  
  
Passenger Airlines - 0.0%
  
  
  
Latam Airlines Group SA
 
33,065,290
522,052
Materials - 0.2%
  
  
  
Chemicals - 0.1%
  
  
  
Sociedad Quimica y Minera de Chile SA Class B
 
25,193
867,357
Metals & Mining - 0.1%
  
  
  
Antofagasta PLC
 
60,742
1,321,928
Lundin Mining Corp
 
125,388
1,025,951
 
  
  
2,347,879
Paper & Forest Products - 0.0%
  
  
  
Empresas Cmpc SA
 
192,547
301,970
TOTAL MATERIALS
  
  
3,517,206
 
  
  
  
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Parque Arauco SA
 
114,637
263,926
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
Enel Americas SA
 
3,337,237
327,700
Enel Chile SA
 
4,233,824
299,577
 
  
  
627,277
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Colbun SA
 
1,245,871
194,718
TOTAL UTILITIES
  
  
821,995
 
  
  
  
TOTAL CHILE
  
  
9,569,812
CHINA - 7.1%
 
  
  
Communication Services - 1.6%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
China Tower Corp Ltd H Shares (c)(d)
  
821,500
1,190,580
Entertainment - 0.2%
  
  
  
China Ruyi Holdings Ltd (b)
  
1,608,000
422,961
Kingsoft Corp Ltd
 
162,600
809,268
Netease Inc
 
306,070
6,579,389
Tencent Music Entertainment Group Class A ADR
 
116,664
1,565,631
 
  
  
9,377,249
Interactive Media & Services - 1.4%
  
  
  
Autohome Inc Class A ADR
 
11,358
309,846
Baidu Inc A Shares (b)
  
401,228
4,424,349
Bilibili Inc Z Shares (b)
  
49,235
864,274
Kanzhun Ltd ADR (b)
  
59,032
903,190
Kuaishou Technology B Shares (b)(c)(d)
  
489,200
3,254,773
Tencent Holdings Ltd
 
1,081,700
66,255,157
 
  
  
76,011,589
TOTAL COMMUNICATION SERVICES
  
  
86,579,418
 
  
  
  
Consumer Discretionary - 2.7%
  
  
  
Automobile Components - 0.0%
  
  
  
Fuyao Glass Industry Group Co Ltd H Shares (c)(d)
  
107,200
758,152
Automobiles - 0.4%
  
  
  
BYD Co Ltd H Shares
 
216,207
10,269,022
Geely Automobile Holdings Ltd
 
887,000
1,871,076
Great Wall Motor Co Ltd H Shares
 
409,000
586,425
Li Auto Inc A Shares (b)
  
223,832
2,727,320
NIO Inc A Shares (b)
  
310,650
1,244,291
XPeng Inc A Shares (b)
  
232,114
2,160,753
Yadea Group Holdings Ltd (c)(d)
  
210,478
381,029
Zhejiang Leapmotor Technology Co Ltd H Shares (b)(c)(d)
  
94,700
679,516
 
  
  
19,919,432
Broadline Retail - 1.5%
  
  
  
Alibaba Group Holding Ltd
 
2,811,640
41,977,873
JD.com Inc A Shares
 
509,976
8,303,137
PDD Holdings Inc Class A ADR (b)
  
127,022
13,409,713
Prosus NV Class N
 
244,978
11,485,697
Vipshop Holdings Ltd Class A ADR
 
60,643
825,958
 
  
  
76,002,378
Diversified Consumer Services - 0.0%
  
  
  
New Oriental Education & Technology Group Inc
 
215,940
1,057,931
TAL Education Group Class A ADR (b)
  
98,072
858,130
 
  
  
1,916,061
Hotels, Restaurants & Leisure - 0.6%
  
  
  
H World Group Ltd
 
299,740
1,051,536
Haidilao International Holding Ltd (c)(d)
  
266,000
604,327
Meituan B Shares (b)(c)(d)
  
961,590
15,921,467
Tongcheng Travel Holdings Ltd (c)
  
205,200
542,395
Trip.com Group Ltd
 
93,296
5,620,227
Yum China Holdings Inc (Hong Kong) (f)
  
63,200
2,954,809
 
  
  
26,694,761
Household Durables - 0.0%
  
  
  
Haier Smart Home Co Ltd H Shares
 
407,600
1,182,868
Midea Group Co Ltd H Shares
 
77,900
738,762
 
  
  
1,921,630
Specialty Retail - 0.1%
  
  
  
Chow Tai Fook Jewellery Group Ltd
 
389,000
520,633
Pop Mart International Group Ltd (c)(d)
  
108,800
2,718,737
 
  
  
3,239,370
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
ANTA Sports Products Ltd
 
207,600
2,461,295
Li Ning Co Ltd
 
406,500
770,482
Shenzhou International Group Holdings Ltd
 
140,500
974,638
 
  
  
4,206,415
TOTAL CONSUMER DISCRETIONARY
  
  
134,658,199
 
  
  
  
Consumer Staples - 0.2%
  
  
  
Beverages - 0.1%
  
  
  
China Resources Beer Holdings Co Ltd
 
275,000
971,556
Nongfu Spring Co Ltd H Shares (c)(d)
  
319,000
1,472,510
Tsingtao Brewery Co Ltd H Shares
 
108,000
764,506
 
  
  
3,208,572
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Alibaba Health Information Technology Ltd (b)(f)
  
1,022,000
664,150
JD Health International Inc (b)(c)(d)
  
186,000
889,757
 
  
  
1,553,907
Food Products - 0.1%
  
  
  
China Feihe Ltd (c)(d)
  
689,000
522,374
China Mengniu Dairy Co Ltd
 
525,000
1,314,598
Tingyi Cayman Islands Holding Corp
 
328,000
593,780
Want Want China Holdings Ltd
 
752,000
493,538
Wilmar International Ltd
 
462,500
1,084,784
 
  
  
4,009,074
Personal Care Products - 0.0%
  
  
  
Giant Biogene Holding Co ltd (c)(d)
  
78,600
810,769
Hengan International Group Co Ltd
 
112,500
303,893
 
  
  
1,114,662
Tobacco - 0.0%
  
  
  
Smoore International Holdings Ltd (c)(d)(f)
  
327,000
567,515
TOTAL CONSUMER STAPLES
  
  
10,453,730
 
  
  
  
Energy - 0.2%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
China Oilfield Services Ltd H Shares
 
314,000
245,755
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
China Coal Energy Co Ltd H Shares
 
363,000
374,907
China Petroleum & Chemical Corp H Shares
 
4,232,000
2,166,311
China Shenhua Energy Co Ltd H Shares
 
594,500
2,238,305
PetroChina Co Ltd H Shares
 
3,712,000
2,843,014
Yankuang Energy Group Co Ltd H Shares
 
553,500
578,793
 
  
  
8,201,330
TOTAL ENERGY
  
  
8,447,085
 
  
  
  
Financials - 1.2%
  
  
  
Banks - 0.9%
  
  
  
Agricultural Bank of China Ltd H Shares
 
5,402,000
3,301,547
Bank of China Ltd H Shares
 
14,705,000
8,228,854
Bank of Communications Co Ltd H Shares
 
3,756,000
3,293,207
BOC Hong Kong Holdings Ltd
 
632,000
2,623,962
China CITIC Bank Corp Ltd H Shares
 
1,597,000
1,262,263
China Construction Bank Corp H Shares
 
17,336,000
14,261,139
China Merchants Bank Co Ltd H Shares
 
581,000
3,180,083
China Minsheng Banking Corp Ltd H Shares
 
1,158,500
543,728
Industrial & Commercial Bank of China Ltd H Shares
 
12,971,000
8,897,535
Postal Savings Bank of China Co Ltd H Shares (c)(d)
  
1,360,000
838,207
 
  
  
46,430,525
Capital Markets - 0.0%
  
  
  
China Galaxy Securities Co Ltd H Shares
 
607,000
550,993
China International Capital Corp Ltd H Shares (c)(d)
  
257,600
443,084
CITIC Securities Co Ltd H Shares
 
244,875
608,114
Guotai Haitong Securities Co Ltd H Shares (c)(d)
  
390,600
558,029
Huatai Securities Co Ltd H Shares (c)(d)
  
281,000
416,667
 
  
  
2,576,887
Consumer Finance - 0.0%
  
  
  
Qifu Technology Inc Class A ADR
 
19,157
786,011
Insurance - 0.3%
  
  
  
China Life Insurance Co Ltd H Shares
 
1,309,000
2,396,694
China Pacific Insurance Group Co Ltd H Shares
 
454,800
1,237,336
New China Life Insurance Co Ltd H Shares
 
151,600
554,162
People's Insurance Co Group of China Ltd/The H Shares
 
1,539,000
910,827
PICC Property & Casualty Co Ltd H Shares
 
1,214,000
2,238,408
Ping An Insurance Group Co of China Ltd H Shares
 
1,113,500
6,664,339
 
  
  
14,001,766
TOTAL FINANCIALS
  
  
63,795,189
 
  
  
  
Health Care - 0.2%
  
  
  
Biotechnology - 0.2%
  
  
  
Akeso Inc (b)(c)(d)
  
111,000
1,234,431
Beigene Ltd H Shares (b)
  
143,263
2,895,274
Innovent Biologics Inc (b)(c)(d)
  
239,500
1,659,849
Zai Lab Ltd (b)
  
168,500
536,740
 
  
  
6,326,294
Health Care Equipment & Supplies - 0.0%
  
  
  
Shandong Weigao Group Medical Polymer Co Ltd H Shares
 
429,600
316,289
Health Care Providers & Services - 0.0%
  
  
  
Sinopharm Group Co Ltd H Shares
 
237,200
560,917
Life Sciences Tools & Services - 0.0%
  
  
  
Genscript Biotech Corp (b)
  
194,000
273,155
Wuxi Apptec Co Ltd H Shares (c)(d)
  
61,784
479,177
Wuxi Biologics Cayman Inc (b)(c)(d)
  
622,000
1,828,563
 
  
  
2,580,895
Pharmaceuticals - 0.0%
  
  
  
CSPC Pharmaceutical Group Ltd
 
1,426,160
1,127,232
Hansoh Pharmaceutical Group Co Ltd (c)(d)
  
186,000
577,982
 
  
  
1,705,214
TOTAL HEALTH CARE
  
  
11,489,609
 
  
  
  
Industrials - 0.2%
  
  
  
Air Freight & Logistics - 0.0%
  
  
  
JD Logistics Inc (b)(c)(d)
  
335,000
528,702
ZTO Express Cayman Inc A Shares
 
65,950
1,228,245
 
  
  
1,756,947
Building Products - 0.0%
  
  
  
Xinyi Glass Holdings Ltd (f)
  
418,874
392,647
Commercial Services & Supplies - 0.0%
  
  
  
China Everbright Environment Group Ltd
 
605,000
280,049
Construction & Engineering - 0.0%
  
  
  
China Railway Group Ltd H Shares
 
727,000
313,087
China State Construction International Holdings Ltd
 
306,000
450,581
 
  
  
763,668
Ground Transportation - 0.0%
  
  
  
Full Truck Alliance Co Ltd ADR
 
130,572
1,483,298
Industrial Conglomerates - 0.0%
  
  
  
CITIC Ltd
 
1,383,000
1,688,717
Machinery - 0.2%
  
  
  
Airtac International Group
 
25,650
703,102
CRRC Corp Ltd H Shares
 
773,000
476,422
Weichai Power Co Ltd H Shares
 
343,000
672,237
Yangzijiang Shipbuildling (Holdings) Ltd (b)
  
476,000
815,371
Zhuzhou CRRC Times Electric Co Ltd H Shares
 
83,000
333,365
 
  
  
3,000,497
Marine Transportation - 0.0%
  
  
  
COSCO SHIPPING Holdings Co Ltd H Shares
 
563,000
849,335
SITC International Holdings Co Ltd
 
223,000
616,760
 
  
  
1,466,095
Transportation Infrastructure - 0.0%
  
  
  
China Merchants Port Holdings Co Ltd
 
205,272
334,021
TOTAL INDUSTRIALS
  
  
11,165,939
 
  
  
  
Information Technology - 0.5%
  
  
  
Communications Equipment - 0.0%
  
  
  
BYD Electronic International Co Ltd
 
131,500
547,663
ZTE Corp H Shares
 
131,000
386,804
 
  
  
934,467
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Aac Technologies Holdings Inc
 
122,000
584,391
Kingboard Holdings Ltd
 
107,500
289,001
Sunny Optical Technology Group Co Ltd
 
125,300
1,058,222
 
  
  
1,931,614
IT Services - 0.0%
  
  
  
Chinasoft International Ltd
 
410,000
261,681
GDS Holdings Ltd A Shares (b)
  
167,800
532,280
 
  
  
793,961
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
GCL Technology Holdings Ltd (b)
  
3,802,000
387,279
Hua Hong Semiconductor Ltd (c)(d)
  
134,000
612,499
Silergy Corp
 
60,000
754,868
Xinyi Solar Holdings Ltd
 
823,097
274,875
 
  
  
2,029,521
Software - 0.0%
  
  
  
Kingdee International Software Group Co Ltd (b)
  
512,000
870,101
Technology Hardware, Storage & Peripherals - 0.4%
  
  
  
Lenovo Group Ltd
 
1,178,000
1,362,448
Xiaomi Corp B Shares (b)(c)(d)
  
2,535,200
16,230,869
 
  
  
17,593,317
TOTAL INFORMATION TECHNOLOGY
  
  
24,152,981
 
  
  
  
Materials - 0.1%
  
  
  
Construction Materials - 0.0%
  
  
  
Anhui Conch Cement Co Ltd H Shares
 
209,000
590,167
China National Building Material Co Ltd H Shares
 
642,000
312,076
 
  
  
902,243
Metals & Mining - 0.1%
  
  
  
Aluminum Corp of China Ltd H Shares
 
690,000
370,996
China Hongqiao Group Ltd
 
396,500
713,696
CMOC Group Ltd H Shares
 
627,000
493,153
Zhaojin Mining Industry Co Ltd H Shares
 
261,000
621,236
Zijin Mining Group Co Ltd H Shares
 
1,054,000
2,307,614
 
  
  
4,506,695
TOTAL MATERIALS
  
  
5,408,938
 
  
  
  
Real Estate - 0.1%
  
  
  
Real Estate Management & Development - 0.1%
  
  
  
China Overseas Land & Investment Ltd
 
656,500
1,169,842
China Resources Land Ltd
 
503,000
1,702,480
China Resources Mixc Lifestyle Services Ltd (c)(d)
  
104,955
504,774
Country Garden Services Holdings Co Ltd
 
365,000
326,145
ESR Group Ltd (c)(d)
  
389,000
619,944
KE Holdings Inc ADR
 
124,524
2,527,838
Longfor Group Holdings Ltd (c)(d)
  
338,469
455,621
Wharf Holdings Ltd/The
 
164,000
411,924
 
  
  
7,718,568
Utilities - 0.1%
  
  
  
Gas Utilities - 0.0%
  
  
  
China Gas Holdings Ltd
 
462,000
418,180
China Resources Gas Group Ltd
 
159,000
444,879
ENN Energy Holdings Ltd
 
131,500
1,038,111
Kunlun Energy Co Ltd
 
642,000
612,564
 
  
  
2,513,734
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
CGN Power Co Ltd H Shares (c)(d)
  
1,974,000
628,679
China Longyuan Power Group Corp Ltd H Shares
 
580,000
459,178
China Power International Development Ltd
 
771,000
303,206
China Resources Power Holdings Co Ltd
 
338,000
816,716
Huaneng Power International Inc H Shares
 
708,000
439,099
 
  
  
2,646,878
TOTAL UTILITIES
  
  
5,160,612
 
  
  
  
TOTAL CHINA
  
  
369,030,268
COLOMBIA - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Bancolombia SA
 
48,537
575,474
Materials - 0.0%
  
  
  
Construction Materials - 0.0%
  
  
  
Cementos Argos SA
 
90,086
228,542
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
Interconexion Electrica SA ESP
 
78,597
405,487
TOTAL COLOMBIA
  
  
1,209,503
CONGO DEMOCRATIC REPUBLIC OF - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Ivanhoe Mine Ltd Class A (b)
  
126,177
1,120,272
CZECH REPUBLIC - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Komercni Banka AS
 
13,312
643,600
Moneta Money Bank AS (c)(d)
  
45,067
277,013
 
  
  
920,613
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
CEZ AS
 
28,323
1,434,916
TOTAL CZECH REPUBLIC
  
  
2,355,529
DENMARK - 1.4%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Pandora A/S
 
14,435
2,129,869
Consumer Staples - 0.0%
  
  
  
Beverages - 0.0%
  
  
  
Carlsberg AS Series B
 
16,455
2,242,054
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
Danske Bank A/S
 
119,809
4,176,677
Ringkjoebing Landbobank A/S
 
4,708
898,157
 
  
  
5,074,834
Insurance - 0.0%
  
  
  
Tryg A/S
 
59,998
1,431,429
TOTAL FINANCIALS
  
  
6,506,263
 
  
  
  
Health Care - 0.9%
  
  
  
Biotechnology - 0.1%
  
  
  
Ascendis Pharma A/S ADR (b)
  
8,760
1,493,054
Genmab A/S (b)
  
11,645
2,469,193
Zealand Pharma A/S (b)
  
11,259
788,762
 
  
  
4,751,009
Health Care Equipment & Supplies - 0.0%
  
  
  
Coloplast AS Series B
 
21,811
2,468,200
Pharmaceuticals - 0.8%
  
  
  
Novo Nordisk A/S Series B
 
554,542
37,077,546
TOTAL HEALTH CARE
  
  
44,296,755
 
  
  
  
Industrials - 0.3%
  
  
  
Air Freight & Logistics - 0.2%
  
  
  
DSV A/S
 
34,680
7,350,769
Electrical Equipment - 0.1%
  
  
  
Vestas Wind Systems A/S
 
177,682
2,368,894
Marine Transportation - 0.0%
  
  
  
AP Moller - Maersk A/S Series A
 
454
768,954
AP Moller - Maersk A/S Series B
 
779
1,341,349
 
  
  
2,110,303
TOTAL INDUSTRIALS
  
  
11,829,966
 
  
  
  
Materials - 0.1%
  
  
  
Chemicals - 0.1%
  
  
  
Novonesis Novozymes B Series B
 
61,984
4,008,405
Utilities - 0.0%
  
  
  
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Orsted AS (b)(c)(d)
  
33,297
1,324,987
TOTAL DENMARK
  
  
72,338,299
EGYPT - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Commercial International Bank - Egypt (CIB)
 
445,540
709,727
Capital Markets - 0.0%
  
  
  
EFG Holding S.A.E. (b)
  
232,091
130,177
TOTAL FINANCIALS
  
  
839,904
 
  
  
  
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Talaat Moustafa Group
 
174,358
178,131
TOTAL EGYPT
  
  
1,018,035
FINLAND - 0.7%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Elisa Oyj A Shares
 
26,471
1,410,020
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Kesko Oyj B Shares
 
48,044
1,099,418
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Neste Oyj
 
75,883
787,159
Financials - 0.3%
  
  
  
Banks - 0.2%
  
  
  
Nordea Bank Abp (Sweden)
 
615,780
8,409,598
Insurance - 0.1%
  
  
  
Sampo Oyj A Shares
 
439,806
4,406,242
TOTAL FINANCIALS
  
  
12,815,840
 
  
  
  
Health Care - 0.0%
  
  
  
Pharmaceuticals - 0.0%
  
  
  
Orion Oyj B Shares
 
19,088
1,192,555
Industrials - 0.2%
  
  
  
Machinery - 0.2%
  
  
  
Kone Oyj B Shares
 
70,042
4,324,416
Konecranes Oyj A Shares
 
12,411
826,716
Metso Oyj
 
123,982
1,342,450
Valmet Oyj
 
25,431
773,247
Wartsila OYJ Abp
 
85,359
1,572,325
 
  
  
8,839,154
Information Technology - 0.1%
  
  
  
Communications Equipment - 0.1%
  
  
  
Nokia Oyj
 
926,680
4,632,633
Materials - 0.1%
  
  
  
Containers & Packaging - 0.0%
  
  
  
Huhtamaki Oyj
 
16,926
621,641
Paper & Forest Products - 0.1%
  
  
  
Stora Enso Oyj R Shares
 
107,974
1,002,905
UPM-Kymmene Oyj
 
93,882
2,486,568
 
  
  
3,489,473
TOTAL MATERIALS
  
  
4,111,114
 
  
  
  
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
Fortum Oyj
 
77,363
1,292,262
TOTAL FINLAND
  
  
36,180,155
FRANCE - 5.4%
 
  
  
Communication Services - 0.2%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Orange SA
 
322,670
4,681,313
Media - 0.1%
  
  
  
Publicis Groupe SA
 
41,003
4,171,931
TOTAL COMMUNICATION SERVICES
  
  
8,853,244
 
  
  
  
Consumer Discretionary - 1.0%
  
  
  
Automobile Components - 0.1%
  
  
  
Cie Generale des Etablissements Michelin SCA Series B
 
124,131
4,538,940
Automobiles - 0.0%
  
  
  
Renault SA
 
32,804
1,732,865
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Accor SA
 
32,163
1,572,207
Textiles, Apparel & Luxury Goods - 0.9%
  
  
  
Hermes International SCA
 
5,941
16,092,056
Kering SA
 
12,380
2,518,743
LVMH Moet Hennessy Louis Vuitton SE
 
44,879
24,859,790
 
  
  
43,470,589
TOTAL CONSUMER DISCRETIONARY
  
  
51,314,601
 
  
  
  
Consumer Staples - 0.6%
  
  
  
Beverages - 0.1%
  
  
  
Pernod Ricard SA
 
34,172
3,686,133
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Carrefour SA
 
87,089
1,343,235
Food Products - 0.2%
  
  
  
Danone SA
 
111,143
9,563,457
Personal Care Products - 0.3%
  
  
  
L'Oreal SA (b)
  
40,409
17,855,341
TOTAL CONSUMER STAPLES
  
  
32,448,166
 
  
  
  
Energy - 0.4%
  
  
  
Oil, Gas & Consumable Fuels - 0.4%
  
  
  
TotalEnergies SE
 
392,154
22,335,201
Financials - 0.8%
  
  
  
Banks - 0.5%
  
  
  
BNP Paribas SA
 
177,001
14,997,203
Credit Agricole SA
 
175,424
3,290,355
Societe Generale SA Series A
 
125,288
6,532,390
 
  
  
24,819,948
Financial Services - 0.0%
  
  
  
Edenred SE
 
42,593
1,321,126
Insurance - 0.3%
  
  
  
AXA SA
 
303,771
14,367,123
TOTAL FINANCIALS
  
  
40,508,197
 
  
  
  
Health Care - 0.3%
  
  
  
Health Care Equipment & Supplies - 0.3%
  
  
  
EssilorLuxottica SA
 
50,691
14,511,373
Industrials - 1.3%
  
  
  
Aerospace & Defense - 0.7%
  
  
  
Airbus SE
 
108,675
18,441,121
Safran SA
 
58,851
15,661,403
Thales SA
 
15,574
4,362,626
 
  
  
38,465,150
Building Products - 0.2%
  
  
  
Cie de Saint-Gobain SA
 
88,664
9,639,374
Construction & Engineering - 0.3%
  
  
  
Bouygues SA
 
32,739
1,435,320
Eiffage SA
 
12,602
1,709,572
Vinci SA
 
89,118
12,518,162
 
  
  
15,663,054
Electrical Equipment - 0.1%
  
  
  
Legrand SA
 
46,148
5,071,657
Professional Services - 0.0%
  
  
  
Bureau Veritas SA
 
51,205
1,617,251
TOTAL INDUSTRIALS
  
  
70,456,486
 
  
  
  
Information Technology - 0.2%
  
  
  
IT Services - 0.1%
  
  
  
Capgemini SE
 
27,128
4,331,049
Software - 0.1%
  
  
  
Dassault Systemes SE
 
115,385
4,324,182
TOTAL INFORMATION TECHNOLOGY
  
  
8,655,231
 
  
  
  
Materials - 0.4%
  
  
  
Chemicals - 0.4%
  
  
  
Air Liquide SA
 
101,660
20,888,915
Real Estate - 0.0%
  
  
  
Retail REITs - 0.0%
  
  
  
Unibail-Rodamco-Westfield unit
 
18,062
1,524,794
Utilities - 0.2%
  
  
  
Multi-Utilities - 0.2%
  
  
  
Engie SA
 
308,372
6,352,734
Veolia Environnement SA
 
112,049
4,092,486
 
  
  
10,445,220
TOTAL FRANCE
  
  
281,941,428
GERMANY - 5.8%
 
  
  
Communication Services - 0.4%
  
  
  
Diversified Telecommunication Services - 0.4%
  
  
  
Deutsche Telekom AG
 
603,869
21,689,480
Interactive Media & Services - 0.0%
  
  
  
Scout24 SE (c)(d)
  
13,185
1,563,865
TOTAL COMMUNICATION SERVICES
  
  
23,253,345
 
  
  
  
Consumer Discretionary - 0.4%
  
  
  
Automobile Components - 0.0%
  
  
  
Continental AG
 
18,994
1,472,648
Automobiles - 0.3%
  
  
  
Bayerische Motoren Werke AG
 
48,939
4,119,232
Mercedes-Benz Group AG
 
121,910
7,288,851
 
  
  
11,408,083
Specialty Retail - 0.0%
  
  
  
Zalando SE (b)(c)(d)
  
38,538
1,395,739
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
adidas AG
 
29,123
6,654,484
TOTAL CONSUMER DISCRETIONARY
  
  
20,930,954
 
  
  
  
Consumer Staples - 0.1%
  
  
  
Household Products - 0.0%
  
  
  
Henkel AG & Co KGaA
 
17,074
1,201,156
Personal Care Products - 0.1%
  
  
  
Beiersdorf AG
 
17,075
2,398,583
TOTAL CONSUMER STAPLES
  
  
3,599,739
 
  
  
  
Financials - 1.5%
  
  
  
Banks - 0.1%
  
  
  
Commerzbank AG
 
175,006
4,603,494
Capital Markets - 0.4%
  
  
  
Deutsche Bank AG
 
342,664
8,920,535
Deutsche Boerse AG
 
33,107
10,663,563
 
  
  
19,584,098
Insurance - 1.0%
  
  
  
Allianz SE
 
67,881
28,073,999
Hannover Rueck SE
 
10,595
3,389,519
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (b)
  
23,521
16,102,697
 
  
  
47,566,215
TOTAL FINANCIALS
  
  
71,753,807
 
  
  
  
Health Care - 0.3%
  
  
  
Biotechnology - 0.0%
  
  
  
BioNTech SE ADR (b)
  
15,609
1,625,677
Health Care Equipment & Supplies - 0.1%
  
  
  
Siemens Healthineers AG (c)(d)
  
53,530
2,885,661
Health Care Providers & Services - 0.1%
  
  
  
Fresenius Medical Care AG
 
35,097
1,785,580
Fresenius SE & Co KGaA (b)
  
73,303
3,471,127
 
  
  
5,256,707
Pharmaceuticals - 0.1%
  
  
  
Bayer AG
 
172,823
4,508,872
Merck KGaA
 
22,718
3,137,229
 
  
  
7,646,101
TOTAL HEALTH CARE
  
  
17,414,146
 
  
  
  
Industrials - 1.3%
  
  
  
Aerospace & Defense - 0.3%
  
  
  
MTU Aero Engines AG
 
9,463
3,257,856
Rheinmetall AG
 
7,661
13,047,087
 
  
  
16,304,943
Air Freight & Logistics - 0.1%
  
  
  
Deutsche Post AG
 
160,239
6,846,693
Electrical Equipment - 0.1%
  
  
  
Siemens Energy AG (b)
  
99,829
7,705,170
Industrial Conglomerates - 0.7%
  
  
  
Siemens AG
 
132,254
30,452,980
Machinery - 0.1%
  
  
  
Daimler Truck Holding AG
 
87,733
3,494,494
Gea Group Ag
 
27,331
1,774,118
Knorr-Bremse AG
 
11,624
1,148,271
 
  
  
6,416,883
Trading Companies & Distributors - 0.0%
  
  
  
Brenntag SE
 
22,605
1,509,649
TOTAL INDUSTRIALS
  
  
69,236,318
 
  
  
  
Information Technology - 1.2%
  
  
  
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
Infineon Technologies AG
 
229,690
7,608,029
Software - 1.1%
  
  
  
Nemetschek SE
 
9,951
1,311,048
SAP SE
 
179,432
52,499,765
 
  
  
53,810,813
TOTAL INFORMATION TECHNOLOGY
  
  
61,418,842
 
  
  
  
Materials - 0.3%
  
  
  
Chemicals - 0.2%
  
  
  
BASF SE (b)
  
156,975
8,016,632
Covestro AG
 
33,598
2,260,852
Covestro AG (b)(c)(d)
  
877
58,378
Symrise AG
 
23,354
2,693,451
 
  
  
13,029,313
Construction Materials - 0.1%
  
  
  
Heidelberg Materials AG
 
23,700
4,678,359
TOTAL MATERIALS
  
  
17,707,672
 
  
  
  
Real Estate - 0.1%
  
  
  
Real Estate Management & Development - 0.1%
  
  
  
LEG Immobilien SE
 
13,114
1,107,529
Vonovia SE
 
144,749
4,801,337
 
  
  
5,908,866
Utilities - 0.2%
  
  
  
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
RWE AG
 
119,018
4,621,961
Multi-Utilities - 0.1%
  
  
  
E.ON SE
 
394,801
6,904,906
TOTAL UTILITIES
  
  
11,526,867
 
  
  
  
TOTAL GERMANY
  
  
302,750,556
GREECE - 0.2%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Hellenic Telecommunications Organization SA
 
32,095
607,919
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
OPAP SA
 
32,653
723,913
Specialty Retail - 0.0%
  
  
  
JUMBO SA
 
20,157
634,809
TOTAL CONSUMER DISCRETIONARY
  
  
1,358,722
 
  
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Motor Oil Hellas Corinth Refineries SA
 
11,050
266,633
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
Alpha Services and Holdings SA
 
375,706
916,058
Eurobank Ergasias Services and Holdings SA
 
433,648
1,230,704
National Bank of Greece SA
 
148,132
1,559,639
Piraeus Financial Holdings SA
 
178,445
1,002,153
 
  
  
4,708,554
Industrials - 0.0%
  
  
  
Construction & Engineering - 0.0%
  
  
  
GEK TERNA SA
 
11,192
231,769
Industrial Conglomerates - 0.0%
  
  
  
Metlen Energy & Metals SA
 
19,648
925,943
Marine Transportation - 0.0%
  
  
  
Star Bulk Carriers Corp (f)
  
20,850
307,329
TOTAL INDUSTRIALS
  
  
1,465,041
 
  
  
  
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
Public Power Corp SA
 
32,088
478,741
TOTAL GREECE
  
  
8,885,610
GUATEMALA - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Wireless Telecommunication Services - 0.0%
  
  
  
Millicom International Cellular SA
 
18,214
629,111
HONG KONG - 1.1%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
HKT Trust & HKT Ltd unit
 
627,000
892,527
PCCW Ltd
 
781,000
520,626
 
  
  
1,413,153
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
WH Group Ltd (c)(d)
  
1,379,000
1,233,981
Financials - 0.7%
  
  
  
Banks - 0.0%
  
  
  
Hang Seng Bank Ltd
 
125,800
1,756,684
Capital Markets - 0.2%
  
  
  
Futu Holdings Ltd Class A ADR
 
10,207
942,208
Hong Kong Exchanges & Clearing Ltd
 
209,653
9,159,676
 
  
  
10,101,884
Insurance - 0.5%
  
  
  
AIA Group Ltd
 
1,898,400
14,224,553
Prudential PLC
 
463,941
4,932,982
Prudential PLC rights (b)(g)
  
456,442
76,816
 
  
  
19,234,351
TOTAL FINANCIALS
  
  
31,092,919
 
  
  
  
Health Care - 0.0%
  
  
  
Pharmaceuticals - 0.0%
  
  
  
Sino Biopharmaceutical Ltd
 
1,727,500
870,922
Industrials - 0.1%
  
  
  
Air Freight & Logistics - 0.0%
  
  
  
J&T Global Express Ltd B Shares (b)
  
919,200
715,866
Ground Transportation - 0.0%
  
  
  
MTR Corp Ltd
 
273,498
945,091
Industrial Conglomerates - 0.0%
  
  
  
Jardine Matheson Holdings Ltd (Singapore)
 
36,461
1,620,148
Swire Pacific Ltd A Shares
 
67,500
583,997
 
  
  
2,204,145
Machinery - 0.1%
  
  
  
Techtronic Industries Co Ltd
 
229,000
2,304,653
Marine Transportation - 0.0%
  
  
  
Orient Overseas International Ltd
 
23,000
321,767
TOTAL INDUSTRIALS
  
  
6,491,522
 
  
  
  
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
ASMPT Ltd
 
54,200
364,800
Real Estate - 0.2%
  
  
  
Real Estate Management & Development - 0.2%
  
  
  
CK Asset Holdings Ltd
 
320,829
1,313,415
Hang Lung Properties Ltd
 
314,047
257,940
Henderson Land Development Co Ltd
 
231,500
656,520
Hongkong Land Holdings Ltd (Singapore)
 
182,739
894,325
Sino Land Co Ltd
 
653,177
672,076
Sun Hung Kai Properties Ltd
 
265,500
2,518,643
Swire Properties Ltd
 
180,400
398,687
Wharf Real Estate Investment Co Ltd
 
274,000
657,125
 
  
  
7,368,731
Retail REITs - 0.0%
  
  
  
Link REIT
 
454,180
2,128,713
TOTAL REAL ESTATE
  
  
9,497,444
 
  
  
  
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
CK Infrastructure Holdings Ltd
 
106,500
718,184
CLP Holdings Ltd
 
293,500
2,502,570
Power Assets Holdings Ltd
 
240,000
1,589,045
 
  
  
4,809,799
Gas Utilities - 0.0%
  
  
  
Hong Kong & China Gas Co Ltd
 
1,903,393
1,715,498
TOTAL UTILITIES
  
  
6,525,297
 
  
  
  
TOTAL HONG KONG
  
  
57,490,038
HUNGARY - 0.1%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
MOL Hungarian Oil & Gas PLC Class A
 
80,766
681,877
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
OTP Bank Nyrt
 
42,655
3,140,000
Health Care - 0.0%
  
  
  
Pharmaceuticals - 0.0%
  
  
  
Richter Gedeon Nyrt
 
24,491
740,909
TOTAL HUNGARY
  
  
4,562,786
INDIA - 3.5%
 
  
  
Communication Services - 0.2%
  
  
  
Wireless Telecommunication Services - 0.2%
  
  
  
Bharti Airtel Ltd
 
471,112
10,377,811
Consumer Discretionary - 0.4%
  
  
  
Automobiles - 0.2%
  
  
  
Bajaj Auto Ltd
 
11,795
1,119,088
Mahindra & Mahindra Ltd
 
157,504
5,449,674
Maruti Suzuki India Ltd
 
23,219
3,361,114
Tata Motors Ltd
 
349,720
2,661,496
 
  
  
12,591,372
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Eternal Ltd (b)
  
1,392,071
3,804,912
Specialty Retail - 0.0%
  
  
  
Trent Ltd
 
31,895
1,946,912
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Titan Co Ltd
 
73,416
2,929,137
TOTAL CONSUMER DISCRETIONARY
  
  
21,272,333
 
  
  
  
Consumer Staples - 0.2%
  
  
  
Beverages - 0.0%
  
  
  
Varun Beverages Ltd
 
220,173
1,357,478
Food Products - 0.0%
  
  
  
Nestle India Ltd
 
62,721
1,770,375
Personal Care Products - 0.1%
  
  
  
Hindustan Unilever Ltd
 
157,036
4,353,868
Tobacco - 0.1%
  
  
  
ITC Ltd
 
528,055
2,655,150
TOTAL CONSUMER STAPLES
  
  
10,136,871
 
  
  
  
Energy - 0.5%
  
  
  
Oil, Gas & Consumable Fuels - 0.5%
  
  
  
Bharat Petroleum Corp Ltd
 
343,894
1,258,584
Coal India Ltd
 
401,289
1,825,906
Indian Oil Corp Ltd
 
671,535
1,093,367
Oil & Natural Gas Corp Ltd
 
686,682
1,984,276
Reliance Industries Ltd
 
1,213,813
20,127,207
 
  
  
26,289,340
Financials - 1.2%
  
  
  
Banks - 1.0%
  
  
  
Axis Bank Ltd
 
402,891
5,643,732
HDFC Bank Ltd
 
995,593
22,583,182
ICICI Bank Ltd
 
919,075
15,428,037
Kotak Mahindra Bank Ltd
 
192,298
5,019,050
State Bank of India
 
313,666
2,925,543
 
  
  
51,599,544
Consumer Finance - 0.1%
  
  
  
Bajaj Finance Ltd
 
49,060
4,999,124
Financial Services - 0.1%
  
  
  
Bajaj Finserv Ltd
 
67,428
1,555,326
Jio Financial Services Ltd (b)
  
581,662
1,794,035
Power Finance Corp Ltd
 
255,867
1,236,044
REC Ltd
 
218,194
1,087,663
 
  
  
5,673,068
TOTAL FINANCIALS
  
  
62,271,736
 
  
  
  
Industrials - 0.3%
  
  
  
Aerospace & Defense - 0.1%
  
  
  
Bharat Electronics Ltd
 
629,870
2,339,640
Hindustan Aeronautics Ltd (c)
  
32,936
1,744,179
 
  
  
4,083,819
Construction & Engineering - 0.2%
  
  
  
Larsen & Toubro Ltd
 
118,548
4,686,075
Electrical Equipment - 0.0%
  
  
  
Suzlon Energy Ltd (b)
  
1,898,791
1,264,395
Trading Companies & Distributors - 0.0%
  
  
  
Adani Enterprises Ltd
 
50,764
1,380,631
Transportation Infrastructure - 0.0%
  
  
  
Adani Ports & Special Economic Zone Ltd
 
129,228
1,856,641
TOTAL INDUSTRIALS
  
  
13,271,561
 
  
  
  
Information Technology - 0.4%
  
  
  
IT Services - 0.4%
  
  
  
HCL Technologies Ltd
 
186,107
3,447,215
Infosys Ltd
 
635,353
11,216,495
Tata Consultancy Services Ltd
 
178,119
7,260,939
Wipro Ltd
 
497,237
1,418,228
 
  
  
23,342,877
Materials - 0.2%
  
  
  
Chemicals - 0.0%
  
  
  
Asian Paints Ltd
 
79,286
2,273,971
Construction Materials - 0.1%
  
  
  
UltraTech Cement Ltd
 
20,315
2,795,662
Metals & Mining - 0.1%
  
  
  
Hindalco Industries Ltd
 
257,040
1,897,195
Tata Steel Ltd
 
1,274,384
2,118,310
Vedanta Ltd
 
296,092
1,468,260
 
  
  
5,483,765
TOTAL MATERIALS
  
  
10,553,398
 
  
  
  
Utilities - 0.1%
  
  
  
Electric Utilities - 0.0%
  
  
  
Power Grid Corp of India Ltd
 
801,876
2,908,415
Tata Power Co Ltd/The
 
298,306
1,353,664
 
  
  
4,262,079
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
Adani Power Ltd (b)
  
156,059
979,261
NTPC Ltd
 
835,914
3,497,307
 
  
  
4,476,568
TOTAL UTILITIES
  
  
8,738,647
 
  
  
  
TOTAL INDIA
  
  
186,254,574
INDONESIA - 0.4%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Telkom Indonesia Persero Tbk PT
 
8,391,900
1,322,721
Media - 0.0%
  
  
  
Elang Mahkota Teknologi Tbk PT
 
6,165,300
199,156
Wireless Telecommunication Services - 0.0%
  
  
  
Indosat Tbk PT
 
1,449,600
152,589
TOTAL COMMUNICATION SERVICES
  
  
1,674,466
 
  
  
  
Consumer Discretionary - 0.0%
  
  
  
Broadline Retail - 0.0%
  
  
  
GoTo Gojek Tokopedia Tbk PT Class A (b)
  
178,528,196
910,854
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Sumber Alfaria Trijaya Tbk PT
 
2,877,600
372,518
Food Products - 0.0%
  
  
  
Indofood CBP Sukses Makmur Tbk PT
 
382,500
261,404
Indofood Sukses Makmur Tbk PT
 
758,200
365,735
 
  
  
627,139
TOTAL CONSUMER STAPLES
  
  
999,657
 
  
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Alamtri Resources Indonesia Tbk PT
 
2,344,300
268,540
Bumi Resources Tbk PT (b)
  
29,590,000
190,504
United Tractors Tbk PT
 
266,400
364,068
 
  
  
823,112
Financials - 0.3%
  
  
  
Banks - 0.3%
  
  
  
Bank Central Asia Tbk PT
 
9,118,100
4,848,009
Bank Mandiri Persero Tbk PT
 
7,892,700
2,330,774
Bank Negara Indonesia Persero Tbk PT
 
2,637,600
664,673
Bank Rakyat Indonesia Persero Tbk PT
 
12,549,353
2,906,553
 
  
  
10,750,009
Health Care - 0.0%
  
  
  
Health Care Providers & Services - 0.0%
  
  
  
Mitra Keluarga Karyasehat Tbk PT (c)
  
901,600
136,306
Pharmaceuticals - 0.0%
  
  
  
Kalbe Farma Tbk PT
 
3,432,900
282,957
TOTAL HEALTH CARE
  
  
419,263
 
  
  
  
Industrials - 0.0%
  
  
  
Industrial Conglomerates - 0.0%
  
  
  
Astra International Tbk PT
 
3,584,100
1,035,898
Materials - 0.1%
  
  
  
Chemicals - 0.0%
  
  
  
Barito Pacific Tbk PT
 
4,773,373
214,131
Metals & Mining - 0.1%
  
  
  
Amman Mineral Internasional PT (b)
  
2,174,500
933,795
Aneka Tambang Tbk
 
1,460,100
190,843
Bumi Resources Minerals Tbk PT (b)
  
14,017,000
323,180
Merdeka Copper Gold Tbk PT (b)
  
2,373,210
238,880
 
  
  
1,686,698
Paper & Forest Products - 0.0%
  
  
  
Indah Kiat Pulp & Paper Tbk PT
 
392,700
121,928
TOTAL MATERIALS
  
  
2,022,757
 
  
  
  
Utilities - 0.0%
  
  
  
Gas Utilities - 0.0%
  
  
  
Perusahaan Gas Negara Tbk PT Class B
 
1,800,800
182,739
TOTAL INDONESIA
  
  
18,818,755
IRELAND - 0.2%
 
  
  
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
Kerry Group PLC Class A
 
25,953
2,741,629
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
AIB Group PLC
 
303,019
2,036,609
Bank of Ireland Group PLC
 
176,519
2,064,686
 
  
  
4,101,295
Industrials - 0.1%
  
  
  
Building Products - 0.0%
  
  
  
Kingspan Group PLC
 
27,220
2,291,128
Trading Companies & Distributors - 0.1%
  
  
  
AerCap Holdings NV
 
32,510
3,446,060
TOTAL INDUSTRIALS
  
  
5,737,188
 
  
  
  
TOTAL IRELAND
  
  
12,580,112
ISRAEL - 0.6%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Bezeq The Israeli Telecommunication Corp Ltd
 
388,356
589,089
Consumer Discretionary - 0.0%
  
  
  
Broadline Retail - 0.0%
  
  
  
Global-e Online Ltd (b)
  
17,493
628,174
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Shufersal Ltd
 
34,598
323,728
Food Products - 0.0%
  
  
  
Strauss Group Ltd
 
9,681
219,315
Personal Care Products - 0.0%
  
  
  
Oddity Tech Ltd Class A (b)(f)
  
4,422
271,688
TOTAL CONSUMER STAPLES
  
  
814,731
 
  
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Delek Group Ltd
 
1,613
256,552
Paz Retail And Energy Ltd
 
1,554
218,769
 
  
  
475,321
Financials - 0.3%
  
  
  
Banks - 0.3%
  
  
  
Bank Hapoalim BM
 
233,406
3,418,623
Bank Leumi Le-Israel BM
 
264,579
3,755,241
First International Bank of Israel Ltd
 
9,300
510,611
Israel Discount Bank Ltd Class A
 
217,389
1,621,882
Mizrahi Tefahot Bank Ltd
 
27,003
1,367,569
 
  
  
10,673,926
Capital Markets - 0.0%
  
  
  
Plus500 Ltd
 
12,148
496,374
Consumer Finance - 0.0%
  
  
  
Isracard Ltd
 
36,782
173,244
Insurance - 0.0%
  
  
  
Clal Insurance Enterprises Holdings Ltd
 
11,123
304,434
Harel Insurance Investments & Financial Services Ltd
 
18,625
309,184
Menora Mivtachim Holdings Ltd
 
3,681
194,517
Phoenix Financial Ltd
 
30,131
593,421
 
  
  
1,401,556
TOTAL FINANCIALS
  
  
12,745,100
 
  
  
  
Health Care - 0.1%
  
  
  
Pharmaceuticals - 0.1%
  
  
  
Teva Pharmaceutical Industries Ltd ADR (b)
  
199,540
3,094,865
Industrials - 0.0%
  
  
  
Aerospace & Defense - 0.0%
  
  
  
Elbit Systems Ltd
 
4,391
1,685,908
Construction & Engineering - 0.0%
  
  
  
Electra Ltd/Israel
 
343
182,855
Machinery - 0.0%
  
  
  
Kornit Digital Ltd (b)
  
8,460
159,725
Marine Transportation - 0.0%
  
  
  
ZIM Integrated Shipping Services Ltd (f)
  
16,133
247,642
TOTAL INDUSTRIALS
  
  
2,276,130
 
  
  
  
Information Technology - 0.2%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Next Vision Stabilized Systems Ltd
 
9,622
252,776
IT Services - 0.0%
  
  
  
Wix.com Ltd (b)
  
9,796
1,661,304
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Camtek Ltd/Israel (Israel) (b)
  
4,792
314,985
Nova Ltd (Israel) (b)
  
5,163
990,306
Tower Semiconductor Ltd (b)
  
19,590
708,977
 
  
  
2,014,268
Software - 0.2%
  
  
  
Cellebrite DI Ltd (b)
  
14,119
279,415
Check Point Software Technologies Ltd (b)
  
15,094
3,314,039
Nice Ltd (b)
  
11,069
1,729,222
Sapiens International Corp NV (Israel)
 
5,581
152,674
 
  
  
5,475,350
TOTAL INFORMATION TECHNOLOGY
  
  
9,403,698
 
  
  
  
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
ICL Group Ltd
 
127,644
846,739
Israel Corp Ltd Class A1
 
825
259,399
 
  
  
1,106,138
Real Estate - 0.0%
  
  
  
Diversified REITs - 0.0%
  
  
  
Reit 1 Ltd
 
33,948
176,314
Real Estate Management & Development - 0.0%
  
  
  
Airport City Ltd (b)
  
9,777
145,242
Alony Hetz Properties & Investments Ltd
 
28,396
236,825
Amot Investments Ltd
 
41,117
217,276
Azrieli Group Ltd
 
6,461
470,144
Big Shopping Centers Ltd (b)
  
2,821
411,555
Melisron Ltd
 
4,362
370,507
Mivne Real Estate Kd Ltd
 
101,750
296,942
 
  
  
2,148,491
TOTAL REAL ESTATE
  
  
2,324,805
 
  
  
  
Utilities - 0.0%
  
  
  
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Enlight Renewable Energy Ltd (b)
  
20,677
334,158
OPC Energy Ltd (b)
  
19,916
187,828
 
  
  
521,986
TOTAL ISRAEL
  
  
33,980,037
ITALY - 2.0%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Infrastrutture Wireless Italiane SpA (c)(d)
  
60,731
725,143
Telecom Italia SpA/Milano (b)
  
1,505,100
593,358
Telecom Italia SpA/Milano (b)
  
225,793
100,193
 
  
  
1,418,694
Consumer Discretionary - 0.3%
  
  
  
Automobiles - 0.2%
  
  
  
Ferrari NV (Italy)
 
21,487
9,775,566
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Brunello Cucinelli SpA
 
5,997
673,392
Moncler SpA
 
40,125
2,456,421
Prada Spa (b)
  
89,400
559,066
 
  
  
3,688,879
TOTAL CONSUMER DISCRETIONARY
  
  
13,464,445
 
  
  
  
Consumer Staples - 0.0%
  
  
  
Beverages - 0.0%
  
  
  
Davide Campari-Milano NV
 
99,770
669,480
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Eni SpA
 
381,193
5,459,269
Financials - 1.1%
  
  
  
Banks - 0.9%
  
  
  
Banca Monte dei Paschi di Siena SpA
 
195,014
1,638,355
Banca Popolare di Sondrio SPA
 
79,834
994,839
Banco BPM SpA
 
266,518
2,957,053
BPER Banca SPA
 
187,616
1,517,116
FinecoBank Banca Fineco SpA
 
107,446
2,138,015
Intesa Sanpaolo SpA
 
2,754,859
14,706,231
Mediobanca Banca di Credito Finanziario SpA
 
104,010
2,119,132
UniCredit SpA
 
272,858
15,875,113
 
  
  
41,945,854
Capital Markets - 0.0%
  
  
  
Azimut Holding SpA
 
18,709
516,934
Financial Services - 0.0%
  
  
  
Banca Mediolanum SpA
 
44,594
662,800
Nexi SpA (b)(c)(d)
  
138,908
809,470
 
  
  
1,472,270
Insurance - 0.2%
  
  
  
Generali
 
190,344
6,930,387
Poste Italiane Spa (c)(d)
  
80,308
1,623,028
Unipol Assicurazioni SpA
 
79,557
1,419,487
 
  
  
9,972,902
TOTAL FINANCIALS
  
  
53,907,960
 
  
  
  
Health Care - 0.0%
  
  
  
Pharmaceuticals - 0.0%
  
  
  
Recordati Industria Chimica e Farmaceutica SpA
 
19,522
1,146,689
Industrials - 0.2%
  
  
  
Aerospace & Defense - 0.1%
  
  
  
Leonardo SpA
 
71,178
3,700,424
Electrical Equipment - 0.1%
  
  
  
Prysmian SpA
 
52,061
2,859,826
Machinery - 0.0%
  
  
  
Interpump Group SpA
 
14,643
498,976
Passenger Airlines - 0.0%
  
  
  
Ryanair Holdings PLC
 
94,474
2,248,907
TOTAL INDUSTRIALS
  
  
9,308,133
 
  
  
  
Information Technology - 0.0%
  
  
  
IT Services - 0.0%
  
  
  
Reply SpA
 
3,920
696,313
Materials - 0.0%
  
  
  
Construction Materials - 0.0%
  
  
  
Buzzi SpA
 
15,262
797,394
Utilities - 0.3%
  
  
  
Electric Utilities - 0.3%
  
  
  
Enel SpA
 
1,358,566
11,777,370
Terna - Rete Elettrica Nazionale
 
247,423
2,457,610
 
  
  
14,234,980
Gas Utilities - 0.0%
  
  
  
Italgas SpA
 
85,669
702,643
Snam SpA
 
360,266
2,065,124
 
  
  
2,767,767
Multi-Utilities - 0.0%
  
  
  
A2A SpA
 
276,043
700,170
Hera SpA
 
139,349
657,651
 
  
  
1,357,821
TOTAL UTILITIES
  
  
18,360,568
 
  
  
  
TOTAL ITALY
  
  
105,228,945
JAPAN - 16.4%
 
  
  
Communication Services - 1.2%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Internet Initiative Japan Inc
 
24,100
445,828
Nippon Telegraph & Telephone Corp (f)
  
5,249,500
5,487,183
 
  
  
5,933,011
Entertainment - 0.5%
  
  
  
Capcom Co Ltd
 
59,100
1,710,833
Konami Group Corp
 
18,200
2,599,251
Nexon Co Ltd
 
72,600
1,139,071
Nintendo Co Ltd
 
205,600
17,068,915
Square Enix Holdings Co Ltd
 
15,700
909,080
Toho Co Ltd/Tokyo
 
22,000
1,256,013
 
  
  
24,683,163
Interactive Media & Services - 0.0%
  
  
  
Kakaku.com Inc
 
21,300
376,899
LY Corp
 
440,200
1,664,846
 
  
  
2,041,745
Media - 0.0%
  
  
  
CyberAgent Inc
 
73,300
627,450
Dentsu Group Inc
 
38,400
805,099
Hakuhodo DY Holdings Inc
 
51,000
382,554
Kadokawa Corp
 
23,900
641,211
 
  
  
2,456,314
Wireless Telecommunication Services - 0.6%
  
  
  
KDDI Corp
 
501,100
8,881,308
SoftBank Corp
 
4,946,700
7,485,571
SoftBank Group Corp
 
183,600
9,284,589
 
  
  
25,651,468
TOTAL COMMUNICATION SERVICES
  
  
60,765,701
 
  
  
  
Consumer Discretionary - 3.1%
  
  
  
Automobile Components - 0.3%
  
  
  
Aisin Corp
 
112,500
1,425,330
Bridgestone Corp
 
102,900
4,302,782
Denso Corp
 
373,700
4,825,192
JTEKT Corp
 
45,600
352,172
Koito Manufacturing Co Ltd
 
42,500
514,530
NHK Spring Co Ltd
 
35,500
394,031
Nifco Inc/Japan
 
15,600
386,672
Niterra Co Ltd
 
28,400
882,311
Stanley Electric Co Ltd
 
24,900
466,200
Sumitomo Electric Industries Ltd
 
139,700
2,245,455
Sumitomo Rubber Industries Ltd
 
32,500
409,148
Toyo Tire Corp
 
21,600
403,206
Yokohama Rubber Co Ltd/The
 
24,600
537,875
 
  
  
17,144,904
Automobiles - 1.2%
  
  
  
Honda Motor Co Ltd
 
854,400
8,693,300
Isuzu Motors Ltd
 
104,400
1,404,017
Mazda Motor Corp
 
105,900
633,157
Mitsubishi Motors Corp
 
117,200
324,458
Nissan Motor Co Ltd (b)
  
379,100
902,497
Subaru Corp
 
103,200
1,868,737
Suzuki Motor Corp
 
345,600
4,141,556
Toyota Motor Corp
 
2,166,900
41,386,532
Yamaha Motor Co Ltd
 
180,700
1,419,170
 
  
  
60,773,424
Broadline Retail - 0.2%
  
  
  
Isetan Mitsukoshi Holdings Ltd
 
64,300
826,543
J Front Retailing Co Ltd
 
47,800
585,079
Pan Pacific International Holdings Corp
 
93,800
2,893,118
Rakuten Group Inc (b)
  
261,600
1,542,481
Ryohin Keikaku Co Ltd
 
49,400
1,669,747
Takashimaya Co Ltd
 
56,900
438,707
 
  
  
7,955,675
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Food & Life Cos Ltd
 
20,400
748,342
McDonald's Holdings Co Japan Ltd (f)
  
15,200
641,041
Oriental Land Co Ltd/Japan
 
212,100
4,492,172
Skylark Holdings Co Ltd
 
40,100
831,420
Zensho Holdings Co Ltd
 
16,100
998,677
 
  
  
7,711,652
Household Durables - 0.8%
  
  
  
Casio Computer Co Ltd
 
36,300
283,886
Haseko Corp
 
37,600
537,027
Iida Group Holdings Co Ltd
 
30,200
476,614
Nikon Corp (f)
  
58,400
561,542
Open House Group Co Ltd
 
11,500
508,162
Panasonic Holdings Corp
 
405,800
4,652,890
Rinnai Corp
 
19,900
445,795
Sekisui House Ltd
 
116,500
2,678,359
Sharp Corp/Japan (b)
  
49,700
294,644
Sony Group Corp
 
1,081,700
28,538,272
Sumitomo Forestry Co Ltd
 
36,300
1,042,946
 
  
  
40,020,137
Leisure Products - 0.1%
  
  
  
Bandai Namco Holdings Inc
 
116,100
4,034,771
Sankyo Co Ltd
 
36,300
552,700
Sega Sammy Holdings Inc
 
27,300
571,375
Shimano Inc
 
14,300
2,014,661
Yamaha Corp
 
85,300
623,453
 
  
  
7,796,960
Specialty Retail - 0.3%
  
  
  
Fast Retailing Co Ltd
 
36,400
11,973,594
Nitori Holdings Co Ltd
 
15,100
1,796,670
Sanrio Co Ltd
 
36,000
1,431,137
Shimamura Co Ltd
 
8,600
572,130
USS Co Ltd
 
76,000
759,575
Yamada Holdings Co Ltd
 
103,800
335,256
ZOZO Inc
 
69,800
708,853
 
  
  
17,577,215
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Asics Corp
 
133,600
2,871,605
Goldwin Inc
 
7,500
428,924
 
  
  
3,300,529
TOTAL CONSUMER DISCRETIONARY
  
  
162,280,496
 
  
  
  
Consumer Staples - 1.0%
  
  
  
Beverages - 0.2%
  
  
  
Asahi Group Holdings Ltd
 
267,500
3,697,465
Coca-Cola Bottlers Japan Holdings Inc
 
27,300
511,611
Kirin Holdings Co Ltd
 
143,000
2,163,116
Sapporo Holdings Ltd
 
13,900
771,916
Suntory Beverage & Food Ltd
 
22,300
777,958
 
  
  
7,922,066
Consumer Staples Distribution & Retail - 0.3%
  
  
  
Aeon Co Ltd
 
153,300
4,533,261
Cosmos Pharmaceutical Corp
 
8,400
540,789
Kobe Bussan Co Ltd
 
26,500
812,904
MatsukiyoCocokara & Co
 
67,300
1,236,281
Seven & i Holdings Co Ltd
 
421,400
6,203,270
Sugi Holdings Co Ltd
 
19,800
416,135
Sundrug Co Ltd
 
12,000
401,511
Tsuruha Holdings Inc
 
6,500
521,664
Welcia Holdings Co Ltd
 
17,900
315,171
 
  
  
14,980,986
Food Products - 0.3%
  
  
  
Ajinomoto Co Inc
 
166,300
3,401,515
Calbee Inc
 
18,600
373,678
Ezaki Glico Co Ltd
 
9,700
319,602
Kagome Co Ltd
 
14,200
291,785
Kewpie Corp
 
20,400
463,559
Kikkoman Corp
 
170,500
1,669,054
MEIJI Holdings Co Ltd
 
45,700
1,123,619
NH Foods Ltd
 
18,100
683,335
Nichirei Corp
 
45,300
621,400
Nisshin Seifun Group Inc
 
43,600
562,515
Nissin Foods Holdings Co Ltd
 
42,100
927,213
Toyo Suisan Kaisha Ltd
 
18,000
1,160,722
Yakult Honsha Co Ltd
 
53,600
1,099,329
Yamazaki Baking Co Ltd
 
28,300
676,326
 
  
  
13,373,652
Household Products - 0.0%
  
  
  
Lion Corp
 
50,100
613,373
Unicharm Corp
 
226,200
2,096,993
 
  
  
2,710,366
Personal Care Products - 0.1%
  
  
  
Kao Corp
 
82,000
3,511,366
Kobayashi Pharmaceutical Co Ltd
 
9,200
350,485
Kose Corp
 
6,200
266,377
Rohto Pharmaceutical Co Ltd
 
38,700
645,541
Shiseido Co Ltd
 
70,500
1,159,108
 
  
  
5,932,877
Tobacco - 0.1%
  
  
  
Japan Tobacco Inc
 
193,400
5,958,276
TOTAL CONSUMER STAPLES
  
  
50,878,223
 
  
  
  
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Cosmo Energy Holdings Co Ltd
 
12,300
503,682
ENEOS Holdings Inc
 
533,800
2,569,836
Idemitsu Kosan Co Ltd
 
174,285
1,080,047
Inpex Corp
 
170,600
2,134,121
Iwatani Corp
 
37,100
353,926
 
  
  
6,641,612
Financials - 2.4%
  
  
  
Banks - 1.5%
  
  
  
Aozora Bank Ltd
 
23,000
317,562
Chiba Bank Ltd/The
 
126,300
1,122,994
Concordia Financial Group Ltd
 
205,500
1,329,165
Fukuoka Financial Group Inc
 
33,700
890,363
Gunma Bank Ltd/The
 
64,800
536,601
Hachijuni Bank Ltd/The
 
80,800
605,520
Iyogin Holdings Inc
 
55,300
636,039
Japan Post Bank Co Ltd
 
305,300
3,119,620
Kyoto Financial Group Inc
 
53,100
906,540
Kyushu Financial Group Inc
 
73,200
367,075
Mebuki Financial Group Inc
 
179,200
869,304
Mitsubishi UFJ Financial Group Inc
 
2,122,400
26,740,391
Mizuho Financial Group Inc
 
446,640
11,167,177
Rakuten Bank Ltd (b)
  
15,700
653,782
Resona Holdings Inc
 
405,800
3,255,245
Shizuoka Financial Group Inc
 
86,800
964,568
Sumitomo Mitsui Financial Group Inc
 
690,200
16,466,249
Sumitomo Mitsui Trust Group Inc
 
126,900
3,139,345
Yamaguchi Financial Group Inc
 
37,400
438,923
 
  
  
73,526,463
Capital Markets - 0.1%
  
  
  
Daiwa Securities Group Inc
 
243,100
1,598,608
Japan Exchange Group Inc
 
183,700
2,043,804
Nomura Holdings Inc
 
517,700
2,885,434
SBI Holdings Inc
 
48,000
1,255,225
 
  
  
7,783,071
Consumer Finance - 0.0%
  
  
  
Credit Saison Co Ltd
 
28,800
672,565
Marui Group Co Ltd
 
32,700
650,910
 
  
  
1,323,475
Financial Services - 0.1%
  
  
  
GMO Payment Gateway Inc
 
7,900
494,510
Mitsubishi HC Capital Inc
 
170,300
1,198,818
ORIX Corp
 
194,300
3,897,664
Tokyo Century Corp
 
32,400
340,587
Zenkoku Hosho Co Ltd
 
18,200
393,455
 
  
  
6,325,034
Insurance - 0.7%
  
  
  
Dai-ichi Life Holdings Inc
 
670,300
4,839,866
Japan Post Holdings Co Ltd
 
338,300
3,288,366
Japan Post Insurance Co Ltd
 
33,100
661,976
Ms&Ad Insurance Group Holdings Inc
 
232,000
5,273,317
Sompo Holdings Inc
 
174,200
5,708,728
T&D Holdings Inc
 
95,700
2,036,363
Tokio Marine Holdings Inc
 
347,900
13,944,659
 
  
  
35,753,275
TOTAL FINANCIALS
  
  
124,711,318
 
  
  
  
Health Care - 1.1%
  
  
  
Health Care Equipment & Supplies - 0.3%
  
  
  
Asahi Intecc Co Ltd
 
41,700
639,441
Hoya Corp
 
60,800
7,154,104
Nihon Kohden Corp
 
29,600
357,113
Olympus Corp
 
200,400
2,625,841
Sysmex Corp
 
84,200
1,561,451
Terumo Corp
 
260,400
4,984,248
 
  
  
17,322,198
Health Care Providers & Services - 0.0%
  
  
  
Alfresa Holdings Corp
 
32,300
486,375
Medipal Holdings Corp
 
36,400
617,996
Suzuken Co Ltd/Aichi Japan
 
11,400
412,689
 
  
  
1,517,060
Health Care Technology - 0.0%
  
  
  
M3 Inc
 
75,300
943,704
Pharmaceuticals - 0.8%
  
  
  
Astellas Pharma Inc
 
318,500
3,189,506
Chugai Pharmaceutical Co Ltd
 
112,200
6,463,792
Daiichi Sankyo Co Ltd
 
335,700
8,587,419
Eisai Co Ltd
 
51,400
1,485,664
Hisamitsu Pharmaceutical Co Inc
 
12,900
390,843
Kyowa Kirin Co Ltd
 
43,500
679,236
Nippon Shinyaku Co Ltd
 
10,700
275,171
Ono Pharmaceutical Co Ltd
 
82,500
949,652
Otsuka Holdings Co Ltd
 
92,200
4,494,822
Santen Pharmaceutical Co Ltd
 
61,200
619,362
Shionogi & Co Ltd
 
142,500
2,394,073
Takeda Pharmaceutical Co Ltd
 
279,784
8,463,082
Tsumura & CO
 
11,700
350,885
 
  
  
38,343,507
TOTAL HEALTH CARE
  
  
58,126,469
 
  
  
  
Industrials - 4.0%
  
  
  
Air Freight & Logistics - 0.1%
  
  
  
NIPPON EXPRESS HOLDINGS INC
 
41,400
739,316
Sankyu Inc
 
9,300
406,460
SG Holdings Co Ltd
 
82,300
865,998
Yamato Holdings Co Ltd
 
55,900
793,655
 
  
  
2,805,429
Building Products - 0.2%
  
  
  
Agc Inc
 
38,400
1,198,921
Daikin Industries Ltd
 
51,600
5,878,442
Lixil Corp
 
50,000
587,670
Sanwa Holdings Corp
 
40,000
1,310,953
TOTO Ltd
 
28,100
740,954
 
  
  
9,716,940
Commercial Services & Supplies - 0.1%
  
  
  
Dai Nippon Printing Co Ltd
 
79,900
1,113,705
Kokuyo Co Ltd
 
16,600
339,883
Park24 Co Ltd
 
22,900
324,088
Secom Co Ltd
 
73,800
2,713,659
Sohgo Security Services Co Ltd
 
65,700
517,632
TOPPAN Holdings Inc
 
56,100
1,574,871
 
  
  
6,583,838
Construction & Engineering - 0.2%
  
  
  
COMSYS Holdings Corp
 
20,800
461,013
EXEO Group Inc
 
33,600
391,037
JGC Holdings Corp
 
41,800
334,312
Kajima Corp
 
79,100
1,888,722
Kinden Corp
 
20,800
538,839
Obayashi Corp
 
127,100
1,971,979
Shimizu Corp
 
95,900
1,024,509
Taisei Corp
 
32,300
1,751,371
 
  
  
8,361,782
Electrical Equipment - 0.3%
  
  
  
Fuji Electric Co Ltd
 
26,300
1,169,476
Fujikura Ltd
 
48,400
1,800,814
Mabuchi Motor Co Ltd
 
19,300
281,846
Mitsubishi Electric Corp
 
371,700
7,190,687
NIDEC CORP
 
184,700
3,282,366
 
  
  
13,725,189
Ground Transportation - 0.4%
  
  
  
Central Japan Railway Co
 
181,100
3,811,043
East Japan Railway Co
 
199,500
4,324,536
Hankyu Hanshin Holdings Inc
 
44,500
1,266,093
Keikyu Corp
 
48,700
506,483
Keio Corp
 
22,600
614,766
Keisei Electric Railway Co Ltd
 
91,000
942,934
Kintetsu Group Holdings Co Ltd
 
33,500
719,531
Kyushu Railway Co
 
27,800
714,541
Nagoya Railroad Co Ltd
 
34,800
423,865
Nankai Electric Railway Co Ltd
 
20,000
316,058
Odakyu Electric Railway Co Ltd
 
64,900
716,516
Seibu Holdings Inc
 
43,800
1,057,167
Seino Holdings Co Ltd
 
25,900
407,212
Tobu Railway Co Ltd
 
35,400
645,977
Tokyo Metro Co Ltd
 
51,100
647,238
Tokyu Corp
 
109,900
1,332,874
West Japan Railway Co
 
82,800
1,741,780
 
  
  
20,188,614
Industrial Conglomerates - 0.4%
  
  
  
Hikari Tsushin Inc
 
4,000
1,107,288
Hitachi Ltd
 
805,600
19,910,819
Keihan Holdings Co Ltd
 
19,000
464,568
Sekisui Chemical Co Ltd
 
71,900
1,251,637
 
  
  
22,734,312
Machinery - 0.9%
  
  
  
Amada Co Ltd
 
60,200
602,784
Daifuku Co Ltd
 
66,800
1,769,280
DMG Mori Co Ltd
 
23,600
408,271
Ebara Corp
 
72,400
1,087,578
FANUC Corp
 
164,600
4,177,492
Fujitec Co Ltd
 
13,000
509,162
Hitachi Construction Machinery Co Ltd
 
18,000
537,928
Hoshizaki Corp
 
19,900
845,103
IHI Corp
 
27,200
2,130,635
Japan Steel Works Ltd/The
 
13,100
539,787
Kawasaki Heavy Industries Ltd
 
29,600
1,765,690
Komatsu Ltd
 
167,200
4,835,352
Kubota Corp
 
182,200
2,117,236
Kurita Water Industries Ltd
 
18,600
614,666
Makita Corp
 
49,300
1,441,968
MINEBEA MITSUMI Inc
 
71,400
1,046,441
MISUMI Group Inc
 
50,300
704,666
Mitsubishi Heavy Industries Ltd
 
593,400
11,697,603
Miura Co Ltd
 
18,500
393,989
Nabtesco Corp
 
21,100
316,766
NGK Insulators Ltd
 
43,100
531,855
NSK Ltd
 
81,700
356,874
SMC Corp
 
10,700
3,462,958
Sumitomo Heavy Industries Ltd
 
21,700
451,834
THK Co Ltd
 
21,200
520,881
Toyota Industries Corp
 
33,200
3,891,677
Yaskawa Electric Corp
 
47,000
990,257
 
  
  
47,748,733
Marine Transportation - 0.1%
  
  
  
Kawasaki Kisen Kaisha Ltd
 
118,700
1,627,889
Mitsui OSK Lines Ltd
 
63,700
2,121,453
Nippon Yusen KK
 
81,000
2,646,507
 
  
  
6,395,849
Passenger Airlines - 0.0%
  
  
  
ANA Holdings Inc
 
28,100
539,785
Japan Airlines Co Ltd
 
25,600
463,806
 
  
  
1,003,591
Professional Services - 0.3%
  
  
  
BayCurrent Inc
 
23,500
1,266,265
Persol Holdings Co Ltd
 
316,700
571,247
Recruit Holdings Co Ltd
 
290,200
16,081,517
TechnoPro Holdings Inc
 
18,500
416,244
 
  
  
18,335,273
Trading Companies & Distributors - 1.0%
  
  
  
ITOCHU Corp
 
253,700
12,974,964
Marubeni Corp
 
292,100
5,178,542
Mitsubishi Corp
 
707,400
13,431,111
Mitsui & Co Ltd
 
522,200
10,559,470
MonotaRO Co Ltd
 
43,200
830,432
Nagase & Co Ltd
 
20,400
358,263
Sojitz Corp
 
39,640
937,797
Sumitomo Corp
 
213,000
5,200,691
Toyota Tsusho Corp
 
125,200
2,488,065
 
  
  
51,959,335
Transportation Infrastructure - 0.0%
  
  
  
Japan Airport Terminal Co Ltd
 
16,400
470,161
Kamigumi Co Ltd
 
16,800
410,541
Mitsubishi Logistics Corp
 
59,400
408,048
 
  
  
1,288,750
TOTAL INDUSTRIALS
  
  
210,847,635
 
  
  
  
Information Technology - 1.9%
  
  
  
Electronic Equipment, Instruments & Components - 0.7%
  
  
  
Alps Alpine Co Ltd
 
32,400
329,127
Azbil Corp
 
84,800
730,687
Dexerials Corp
 
29,200
341,872
Hamamatsu Photonics KK
 
49,200
454,389
Hirose Electric Co Ltd
 
5,400
612,400
Horiba Ltd
 
7,000
477,780
Ibiden Co Ltd
 
24,600
679,950
Jeol Ltd
 
9,000
288,670
Keyence Corp
 
35,100
14,675,016
Kyocera Corp
 
247,000
2,927,378
Murata Manufacturing Co Ltd
 
321,100
4,574,570
Omron Corp
 
34,100
1,012,257
Shimadzu Corp
 
48,400
1,241,651
Taiyo Yuden Co Ltd
 
22,600
340,859
TDK Corp
 
341,900
3,648,567
Topcon Corp
 
18,800
426,675
Yokogawa Electric Corp
 
40,700
880,754
 
  
  
33,642,602
IT Services - 0.4%
  
  
  
BIPROGY Inc
 
13,700
447,756
Fujitsu Ltd
 
302,300
6,715,735
NEC Corp
 
240,000
5,842,278
Nomura Research Institute Ltd
 
77,700
2,942,302
NTT Data Group Corp
 
101,100
2,007,886
Obic Co Ltd
 
57,800
2,017,623
Otsuka Corp
 
39,400
873,810
SCSK Corp
 
25,900
678,023
TIS Inc
 
35,800
1,034,339
 
  
  
22,559,752
Semiconductors & Semiconductor Equipment - 0.6%
  
  
  
Advantest Corp
 
134,800
5,639,486
Disco Corp
 
16,600
3,211,761
Lasertec Corp
 
14,300
1,329,477
Renesas Electronics Corp
 
286,300
3,359,806
Rohm Co Ltd
 
60,600
549,927
SCREEN Holdings Co Ltd
 
17,900
1,190,297
Socionext Inc
 
31,100
334,498
SUMCO Corp
 
61,900
426,868
Tokyo Electron Ltd
 
83,000
12,358,567
Tokyo Seimitsu Co Ltd
 
6,900
384,620
Ulvac Inc
 
8,000
270,526
 
  
  
29,055,833
Software - 0.0%
  
  
  
Oracle Corp Japan
 
5,900
707,892
Trend Micro Inc/Japan
 
22,100
1,585,688
 
  
  
2,293,580
Technology Hardware, Storage & Peripherals - 0.2%
  
  
  
Brother Industries Ltd
 
45,300
795,396
Canon Inc
 
168,800
5,209,126
FUJIFILM Holdings Corp
 
218,700
4,479,498
Konica Minolta Inc (b)
  
87,300
267,951
Ricoh Co Ltd
 
100,100
1,052,864
Seiko Epson Corp
 
56,800
787,991
 
  
  
12,592,826
TOTAL INFORMATION TECHNOLOGY
  
  
100,144,593
 
  
  
  
Materials - 0.8%
  
  
  
Chemicals - 0.6%
  
  
  
ADEKA Corp
 
17,900
321,306
Air Water Inc (Osaka)
 
40,800
554,729
Asahi Kasei Corp
 
245,400
1,710,130
Daicel Corp
 
43,500
369,193
DIC Corp
 
14,700
285,816
Kaneka Corp
 
11,800
287,696
Kansai Paint Co Ltd
 
33,000
496,223
Kuraray Co Ltd
 
53,300
622,623
Mitsubishi Chemical Group Corp
 
252,100
1,225,599
Mitsubishi Gas Chemical Co Inc
 
35,300
536,363
Mitsui Chemicals Inc
 
33,300
731,758
Nippon Paint Holdings Co Ltd
 
187,700
1,424,357
Nippon Sanso Holdings Corp
 
37,400
1,194,090
Nissan Chemical Corp
 
24,300
710,742
Nitto Denko Corp
 
124,400
2,186,557
NOF Corp
 
42,900
643,590
Resonac Holdings Corp
 
32,700
594,747
Shin-Etsu Chemical Co Ltd
 
349,100
10,623,635
Sumitomo Chemical Co Ltd
 
293,300
708,997
Teijin Ltd
 
32,000
268,310
Tokyo Ohka Kogyo Co Ltd
 
21,100
462,937
Toray Industries Inc
 
287,200
1,834,208
Tosoh Corp
 
57,300
807,742
Zeon Corp
 
37,500
366,266
 
  
  
28,967,614
Construction Materials - 0.0%
  
  
  
Taiheiyo Cement Corp
 
20,900
562,740
Containers & Packaging - 0.0%
  
  
  
Toyo Seikan Group Holdings Ltd
 
25,800
449,668
Metals & Mining - 0.2%
  
  
  
Dowa Holdings Co Ltd
 
10,100
324,054
JFE Holdings Inc
 
112,600
1,311,342
JX Advanced Metals Corp (f)
  
82,200
456,935
Kobe Steel Ltd
 
69,900
819,780
Maruichi Steel Tube Ltd
 
12,900
304,139
Mitsubishi Materials Corp
 
22,700
358,037
Nippon Steel Corp
 
189,000
3,978,018
Sumitomo Metal Mining Co Ltd
 
48,200
1,069,415
Yamato Kogyo Co Ltd
 
8,300
492,787
 
  
  
9,114,507
Paper & Forest Products - 0.0%
  
  
  
Oji Holdings Corp
 
168,000
793,050
TOTAL MATERIALS
  
  
39,887,579
 
  
  
  
Real Estate - 0.6%
  
  
  
Diversified REITs - 0.1%
  
  
  
Activia Properties Inc
 
125
299,430
Daiwa House REIT Investment Corp
 
404
676,159
KDX Realty Investment Corp
 
717
745,183
Nomura Real Estate Master Fund Inc
 
759
754,859
Sekisui House Reit Inc
 
776
417,905
United Urban Investment Corp
 
536
563,066
 
  
  
3,456,602
Hotel & Resort REITs - 0.0%
  
  
  
Invincible Investment Corp
 
1,348
556,246
Japan Hotel REIT Investment Corp
 
885
436,991
 
  
  
993,237
Industrial REITs - 0.0%
  
  
  
GLP J-REIT
 
861
741,888
Industrial & Infrastructure Fund Investment Corp
 
438
357,801
Japan Logistics Fund Inc
 
488
319,122
LaSalle Logiport REIT
 
327
311,265
Mitsui Fudosan Logistics Park Inc
 
557
396,967
 
  
  
2,127,043
Office REITs - 0.1%
  
  
  
Japan Prime Realty Investment Corp
 
173
427,115
Japan Real Estate Investment Corp
 
1,251
991,316
Nippon Building Fund Inc
 
1,495
1,386,467
Orix JREIT Inc
 
485
609,896
 
  
  
3,414,794
Real Estate Management & Development - 0.4%
  
  
  
Daito Trust Construction Co Ltd
 
10,800
1,197,986
Daiwa House Industry Co Ltd
 
110,200
3,987,358
Hulic Co Ltd
 
115,000
1,198,822
Mitsubishi Estate Co Ltd
 
220,100
3,866,272
Mitsui Fudosan Co Ltd
 
489,400
4,850,270
Nomura Real Estate Holdings Inc
 
95,700
566,851
Sumitomo Realty & Development Co Ltd
 
83,800
3,121,240
Tokyo Tatemono Co Ltd
 
36,900
661,555
Tokyu Fudosan Holdings Corp
 
104,200
729,798
 
  
  
20,180,152
Residential REITs - 0.0%
  
  
  
Advance Residence Investment Corp
 
506
521,289
Nippon Accommodations Fund Inc
 
441
359,326
 
  
  
880,615
Retail REITs - 0.0%
  
  
  
Japan Metropolitan Fund Invest
 
1,264
840,721
TOTAL REAL ESTATE
  
  
31,893,164
 
  
  
  
Utilities - 0.2%
  
  
  
Electric Utilities - 0.1%
  
  
  
Chubu Electric Power Co Inc
 
133,300
1,730,943
Chugoku Electric Power Co Inc/The
 
56,800
301,042
Kansai Electric Power Co Inc/The
 
180,400
2,222,608
Kyushu Electric Power Co Inc
 
83,500
741,969
Tohoku Electric Power Co Inc
 
88,700
634,945
Tokyo Electric Power Co Holdings Inc (b)
  
135,700
415,127
 
  
  
6,046,634
Gas Utilities - 0.1%
  
  
  
Osaka Gas Co Ltd
 
71,000
1,800,423
Toho Gas Co Ltd
 
16,500
491,953
Tokyo Gas Co Ltd
 
60,900
2,023,268
 
  
  
4,315,644
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Electric Power Development Co Ltd
 
29,800
521,990
TOTAL UTILITIES
  
  
10,884,268
 
  
  
  
TOTAL JAPAN
  
  
857,061,058
JORDAN - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Pharmaceuticals - 0.0%
  
  
  
Hikma Pharmaceuticals PLC
 
27,416
725,264
KOREA (SOUTH) - 2.8%
 
  
  
Communication Services - 0.2%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
LG Uplus Corp
 
37,011
311,865
Entertainment - 0.1%
  
  
  
HYBE Co Ltd
 
3,699
694,651
JYP Entertainment Corp
 
4,831
234,508
Krafton Inc (b)
  
5,315
1,388,626
NCSoft Corp
 
2,738
281,258
Netmarble Corp (c)(d)
  
3,708
116,400
Pearl Abyss Corp (b)
  
5,852
145,492
SM Entertainment Co Ltd
 
1,820
157,927
 
  
  
3,018,862
Interactive Media & Services - 0.1%
  
  
  
Kakao Corp
 
53,917
1,445,497
NAVER Corp
 
25,938
3,642,141
 
  
  
5,087,638
Media - 0.0%
  
  
  
Cheil Worldwide Inc
 
13,028
169,687
TOTAL COMMUNICATION SERVICES
  
  
8,588,052
 
  
  
  
Consumer Discretionary - 0.3%
  
  
  
Automobile Components - 0.0%
  
  
  
Hankook Tire & Technology Co Ltd
 
12,057
349,488
HL Mando Co Ltd
 
5,826
152,553
Hyundai Mobis Co Ltd
 
10,811
2,025,158
 
  
  
2,527,199
Automobiles - 0.2%
  
  
  
Hyundai Motor Co
 
24,169
3,231,997
Kia Corp
 
44,120
2,798,224
 
  
  
6,030,221
Broadline Retail - 0.1%
  
  
  
Coupang Inc Class A (b)
  
228,606
5,342,523
Shinsegae Inc
 
1,115
123,369
 
  
  
5,465,892
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Delivery Hero SE (b)(c)(d)
  
36,723
1,037,886
Hanjin Kal Corp
 
4,868
270,516
Kangwon Land Inc
 
21,852
248,932
 
  
  
1,557,334
Household Durables - 0.0%
  
  
  
Coway Co Ltd
 
9,189
564,611
LG Electronics Inc
 
19,086
956,069
 
  
  
1,520,680
Specialty Retail - 0.0%
  
  
  
Hotel Shilla Co Ltd (b)
  
5,549
171,068
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Misto Holdings Corp
 
6,791
176,232
Youngone Corp
 
3,682
122,526
 
  
  
298,758
TOTAL CONSUMER DISCRETIONARY
  
  
17,571,152
 
  
  
  
Consumer Staples - 0.1%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
E-MART Inc
 
3,235
207,692
Food Products - 0.0%
  
  
  
CJ CheilJedang Corp
 
1,381
231,788
NongShim Co Ltd
 
640
181,007
Orion Corp/Republic of Korea
 
3,835
331,732
Samyang Foods Co Ltd
 
747
508,812
 
  
  
1,253,339
Personal Care Products - 0.0%
  
  
  
Amorepacific Corp
 
5,311
464,829
Cosmax Inc
 
1,424
172,453
LG H&H Co Ltd
 
1,623
383,768
 
  
  
1,021,050
Tobacco - 0.1%
  
  
  
KT&G Corp
 
17,467
1,406,946
TOTAL CONSUMER STAPLES
  
  
3,889,027
 
  
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
HD Hyundai Co Ltd
 
7,921
437,174
S-Oil Corp
 
7,104
258,947
SK Innovation Co Ltd
 
11,462
759,759
 
  
  
1,455,880
Financials - 0.4%
  
  
  
Banks - 0.3%
  
  
  
BNK Financial Group Inc
 
49,448
359,689
Hana Financial Group Inc
 
50,628
2,291,280
iM Financial Group Co Ltd
 
25,953
187,265
Industrial Bank of Korea
 
45,540
490,479
JB Financial Group Co Ltd
 
18,656
223,693
KakaoBank Corp
 
61,488
961,802
KB Financial Group Inc
 
65,107
4,106,247
Shinhan Financial Group Co Ltd
 
88,643
3,196,991
Woori Financial Group Inc
 
116,688
1,450,086
 
  
  
13,267,532
Capital Markets - 0.0%
  
  
  
KIWOOM Securities Co Ltd
 
2,244
215,339
Korea Investment Holdings Co Ltd
 
7,145
416,306
Mirae Asset Securities Co Ltd
 
47,059
390,368
NH Investment & Securities Co Ltd
 
23,541
253,977
Samsung Securities Co Ltd
 
11,069
404,920
 
  
  
1,680,910
Consumer Finance - 0.0%
  
  
  
Samsung Card Co Ltd
 
3,845
113,319
Financial Services - 0.0%
  
  
  
Meritz Financial Group Inc
 
14,137
1,232,486
Insurance - 0.1%
  
  
  
DB Insurance Co Ltd
 
7,655
492,165
Hyundai Marine & Fire Insurance Co Ltd (b)
  
10,218
159,553
Samsung Fire & Marine Insurance Co Ltd
 
5,758
1,516,006
Samsung Life Insurance Co Ltd
 
18,684
1,132,123
 
  
  
3,299,847
TOTAL FINANCIALS
  
  
19,594,094
 
  
  
  
Health Care - 0.2%
  
  
  
Biotechnology - 0.1%
  
  
  
Alteogen Inc (b)
  
7,413
1,824,743
Celltrion Inc
 
26,425
2,990,633
Hugel Inc (b)
  
972
248,558
PharmaResearch Co Ltd
 
1,095
289,437
SK Bioscience Co Ltd (b)
  
4,294
119,552
 
  
  
5,472,923
Health Care Equipment & Supplies - 0.0%
  
  
  
HLB Inc (b)
  
21,527
856,694
Health Care Providers & Services - 0.0%
  
  
  
Hanmi Science Co ltd
 
6,042
123,252
Life Sciences Tools & Services - 0.1%
  
  
  
LigaChem Biosciences Inc (b)
  
4,446
326,972
Peptron Inc (b)
  
3,636
415,096
Samsung Biologics Co Ltd (b)(c)(d)
  
3,260
2,407,680
 
  
  
3,149,748
Pharmaceuticals - 0.0%
  
  
  
Celltrion Pharm Inc
 
3,552
119,700
Hanall Biopharma Co Ltd (b)
  
5,813
113,373
Hanmi Pharm Co Ltd
 
1,087
205,183
Sam Chun Dang Pharm Co Ltd
 
2,401
237,270
SK Biopharmaceuticals Co Ltd (b)
  
4,998
374,019
Yuhan Corp
 
10,763
860,759
 
  
  
1,910,304
TOTAL HEALTH CARE
  
  
11,512,921
 
  
  
  
Industrials - 0.5%
  
  
  
Aerospace & Defense - 0.1%
  
  
  
Hanwha Aerospace Co Ltd
 
5,293
2,968,590
Hanwha Systems Co Ltd
 
13,061
359,103
Korea Aerospace Industries Ltd
 
12,717
742,808
LIG Nex1 Co Ltd
 
1,968
443,698
 
  
  
4,514,199
Air Freight & Logistics - 0.0%
  
  
  
Cj Logistics Corp
 
1,843
107,293
Hyundai Glovis Co Ltd
 
7,812
625,097
 
  
  
732,390
Commercial Services & Supplies - 0.0%
  
  
  
S-1 Corp
 
3,174
141,176
Construction & Engineering - 0.0%
  
  
  
DL E&C Co Ltd
 
4,578
139,638
GS Engineering & Construction Corp
 
11,430
146,630
Hyundai Engineering & Construction Co Ltd
 
12,541
366,769
KEPCO Engineering & Construction Co Inc
 
3,093
147,419
Samsung E&A Co Ltd
 
27,167
366,582
 
  
  
1,167,038
Electrical Equipment - 0.2%
  
  
  
Doosan Enerbility Co Ltd (b)
  
79,021
1,602,146
Ecopro BM Co Ltd (b)
  
9,321
662,575
Ecopro Co Ltd
 
18,703
667,280
Hanwha Vision Co Ltd
 
5,728
242,542
HD Hyundai Electric Co Ltd
 
4,005
869,801
Hyosung Heavy Industries Corp
 
809
279,237
L&F Co Ltd (b)
  
4,655
211,571
LG Energy Solution Ltd (b)
  
7,419
1,689,185
LS Corp
 
3,015
278,741
LS Electric Co Ltd
 
2,601
374,898
POSCO Future M Co Ltd (b)
  
5,371
470,575
Shinsung Delta Tech Co Ltd
 
2,687
111,907
Taihan Electric Wire Co Ltd (b)
  
18,718
153,033
 
  
  
7,613,491
Industrial Conglomerates - 0.1%
  
  
  
CJ Corp
 
2,327
202,995
Doosan Co Ltd
 
1,290
273,854
GS Holdings Corp
 
7,294
197,926
Hanwha Corp
 
7,223
244,479
LG Corp
 
16,457
769,084
Samsung C&T Corp
 
13,180
1,131,937
SK Inc
 
6,239
579,479
SK Square Co Ltd (b)
  
15,527
957,986
 
  
  
4,357,740
Machinery - 0.1%
  
  
  
Doosan Bobcat Inc
 
9,383
321,931
Hanwha Ocean Co Ltd (b)
  
19,418
1,070,700
HD Hyundai Heavy Industries Co Ltd
 
3,909
1,103,314
HD Hyundai Infracore Co Ltd
 
23,320
135,197
HD HYUNDAI MIPO
 
3,993
468,109
HD Korea Shipbuilding & Offshore Engineering Co Ltd
 
8,104
1,547,091
Hyundai Elevator Co Ltd
 
3,659
189,574
Hyundai Rotem Co Ltd
 
12,687
997,927
Rainbow Robotics (b)
  
1,380
261,235
Samsung Heavy Industries Co Ltd (b)
  
127,125
1,299,803
 
  
  
7,394,881
Marine Transportation - 0.0%
  
  
  
HMM Co Ltd
 
51,285
658,707
Passenger Airlines - 0.0%
  
  
  
Korean Air Lines Co Ltd
 
31,878
469,009
Trading Companies & Distributors - 0.0%
  
  
  
Posco International Corp
 
7,968
274,131
TOTAL INDUSTRIALS
  
  
27,322,762
 
  
  
  
Information Technology - 1.0%
  
  
  
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
Daejoo Electronic Materials Co Ltd
 
1,909
110,378
IsuPetasys Co Ltd
 
9,253
208,489
LG Display Co Ltd (b)
  
63,101
374,108
LG Innotek Co Ltd
 
2,419
237,293
Samsung Electro-Mechanics Co Ltd
 
9,767
804,163
Samsung SDI Co Ltd
 
9,170
1,133,199
Samsung SDI Co Ltd rights 5/22/2025 (b)
  
1,240
30,110
 
  
  
2,897,740
IT Services - 0.0%
  
  
  
Posco DX Co Ltd
 
9,083
156,343
Samsung SDS Co Ltd
 
6,713
603,713
 
  
  
760,056
Semiconductors & Semiconductor Equipment - 0.2%
  
  
  
DB HiTek Co Ltd
 
5,362
144,654
Eo Technics Co Ltd
 
1,455
117,597
Hanmi Semiconductor Co Ltd
 
7,432
396,926
HPSP Co Ltd
 
7,990
126,182
LEENO Industrial Inc
 
7,555
191,478
SK Hynix Inc
 
94,772
11,800,755
 
  
  
12,777,592
Software - 0.0%
  
  
  
Douzone Bizon Co Ltd
 
3,248
139,045
Technology Hardware, Storage & Peripherals - 0.7%
  
  
  
Samsung Electronics Co Ltd
 
851,275
33,146,568
TOTAL INFORMATION TECHNOLOGY
  
  
49,721,001
 
  
  
  
Materials - 0.1%
  
  
  
Chemicals - 0.0%
  
  
  
Dongjin Semichem Co Ltd
 
5,962
121,824
Enchem Co Ltd (b)
  
2,827
157,212
Hansol Chemical Co Ltd
 
1,590
129,297
Hanwha Solutions Corp
 
18,467
387,456
KCC Corp
 
747
130,909
Kumho Petrochemical Co Ltd
 
2,714
226,619
LG Chem Ltd
 
7,781
1,176,874
Lotte Chemical Corp
 
3,305
139,910
OCI Holdings Co Ltd
 
2,385
108,396
SKC Co Ltd (b)
  
3,218
230,386
 
  
  
2,808,883
Metals & Mining - 0.1%
  
  
  
Hyundai Steel Co
 
14,177
243,561
Korea Zinc Co Ltd
 
1,894
1,054,052
POSCO Holdings Inc
 
13,094
2,388,062
 
  
  
3,685,675
TOTAL MATERIALS
  
  
6,494,558
 
  
  
  
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
Korea Electric Power Corp
 
45,359
816,375
TOTAL KOREA (SOUTH)
  
  
146,965,822
KUWAIT - 0.2%
 
  
  
Communication Services - 0.0%
  
  
  
Wireless Telecommunication Services - 0.0%
  
  
  
Mobile Telecommunications Co KSCP
 
436,068
672,953
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
Al Ahli Bank of Kuwait KSCP (b)
  
224,846
222,278
Boubyan Bank KSCP
 
257,435
570,305
Gulf Bank KSCP
 
425,399
466,343
Kuwait Finance House KSCP
 
2,144,248
5,058,047
National Bank of Kuwait SAKP
 
1,538,096
4,777,381
 
  
  
11,094,354
Industrials - 0.0%
  
  
  
Air Freight & Logistics - 0.0%
  
  
  
Agility Global PLC
 
738,379
247,262
Agility Public Warehousing Co KSC
 
260,221
223,289
 
  
  
470,551
Industrial Conglomerates - 0.0%
  
  
  
National Industries Group Holding SAK
 
382,717
310,919
TOTAL INDUSTRIALS
  
  
781,470
 
  
  
  
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Mabanee Co KPSC
 
123,773
320,235
TOTAL KUWAIT
  
  
12,869,012
LUXEMBOURG - 0.1%
 
  
  
Communication Services - 0.0%
  
  
  
Media - 0.0%
  
  
  
SES SA Series A depository receipt
 
61,941
326,851
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Zabka Group SA (b)
  
83,265
473,396
Health Care - 0.0%
  
  
  
Life Sciences Tools & Services - 0.0%
  
  
  
Eurofins Scientific SE
 
22,784
1,431,986
Materials - 0.1%
  
  
  
Metals & Mining - 0.1%
  
  
  
APERAM SA
 
7,492
216,766
ArcelorMittal SA
 
79,540
2,335,571
 
  
  
2,552,337
TOTAL LUXEMBOURG
  
  
4,784,570
MACAU - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Galaxy Entertainment Group Ltd
 
362,000
1,316,262
Sands China Ltd (b)
  
413,600
745,542
 
  
  
  
TOTAL MACAU
  
  
2,061,804
MALAYSIA - 0.5%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Telekom Malaysia Berhad
 
370,830
584,422
Wireless Telecommunication Services - 0.0%
  
  
  
Axiata Group Berhad
 
523,728
254,896
CELCOMDIGI BHD
 
594,600
526,859
Maxis Bhd
 
406,500
349,517
 
  
  
1,131,272
TOTAL COMMUNICATION SERVICES
  
  
1,715,694
 
  
  
  
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Genting Bhd
 
376,500
279,511
Genting Malaysia Bhd
 
506,900
201,601
 
  
  
481,112
Specialty Retail - 0.0%
  
  
  
MR DIY Group M Bhd (c)(d)
  
786,600
306,672
TOTAL CONSUMER DISCRETIONARY
  
  
787,784
 
  
  
  
Consumer Staples - 0.1%
  
  
  
Food Products - 0.1%
  
  
  
IOI Corp Bhd
 
561,900
476,335
Kuala Lumpur Kepong Bhd
 
100,816
458,701
Nestle Malaysia Bhd
 
10,900
219,664
PPB Group Bhd
 
125,300
361,033
QL Resources Bhd
 
302,350
336,318
SD Guthrie Bhd
 
651,567
716,555
United Plantations BHD
 
52,900
280,836
 
  
  
2,849,442
Energy - 0.0%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
Dialog Group Bhd
 
724,800
245,432
Yinson Holdings BHD
 
401,100
173,847
 
  
  
419,279
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Petronas Dagangan Bhd
 
62,200
284,485
TOTAL ENERGY
  
  
703,764
 
  
  
  
Financials - 0.3%
  
  
  
Banks - 0.3%
  
  
  
AMMB Holdings Bhd
 
484,000
579,065
CIMB Group Holdings Bhd
 
1,343,696
2,219,658
Hong Leong Bank Bhd
 
139,300
645,672
Malayan Banking Bhd
 
1,339,795
3,104,718
Public Bank Bhd
 
2,669,800
2,767,658
RHB Bank Bhd
 
342,206
527,840
 
  
  
9,844,611
Health Care - 0.0%
  
  
  
Health Care Providers & Services - 0.0%
  
  
  
IHH Healthcare Bhd
 
545,800
874,772
Kpj Healthcare Bhd
 
447,300
298,182
 
  
  
1,172,954
Industrials - 0.0%
  
  
  
Construction & Engineering - 0.0%
  
  
  
Gamuda Bhd
 
1,007,653
992,810
IJM Corp Bhd
 
461,100
242,864
 
  
  
1,235,674
Industrial Conglomerates - 0.0%
  
  
  
Sime Darby Bhd
 
549,800
264,964
Sunway Bhd
 
423,800
446,733
 
  
  
711,697
Marine Transportation - 0.0%
  
  
  
MISC Bhd
 
231,600
402,722
Transportation Infrastructure - 0.0%
  
  
  
Westports Holdings Bhd
 
200,500
197,533
TOTAL INDUSTRIALS
  
  
2,547,626
 
  
  
  
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Inari Amertron Bhd
 
512,200
228,708
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Petronas Chemicals Group Bhd
 
498,600
425,442
Metals & Mining - 0.0%
  
  
  
Press Metal Aluminium Holdings Bhd
 
700,100
795,712
TOTAL MATERIALS
  
  
1,221,154
 
  
  
  
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
Tenaga Nasional Bhd
 
502,900
1,617,398
Gas Utilities - 0.0%
  
  
  
Petronas Gas Bhd
 
172,200
701,171
Multi-Utilities - 0.0%
  
  
  
YTL Corp Bhd
 
885,700
393,910
YTL Power International Bhd
 
444,700
352,285
 
  
  
746,195
TOTAL UTILITIES
  
  
3,064,764
 
  
  
  
TOTAL MALAYSIA
  
  
24,136,501
MEXICO - 0.5%
 
  
  
Communication Services - 0.0%
  
  
  
Wireless Telecommunication Services - 0.0%
  
  
  
America Movil SAB de CV Series B
 
3,323,100
2,867,181
Consumer Staples - 0.2%
  
  
  
Beverages - 0.1%
  
  
  
Arca Continental SAB de CV
 
86,700
912,383
Coca-Cola Femsa SAB de CV unit
 
92,630
872,476
Fomento Economico Mexicano SAB de CV unit
 
304,300
3,202,284
 
  
  
4,987,143
Consumer Staples Distribution & Retail - 0.1%
  
  
  
Wal-Mart de Mexico SAB de CV Series V
 
859,200
2,722,994
Food Products - 0.0%
  
  
  
Alfa SAB de CV Series A
 
637,689
465,979
Gruma SAB de CV Series B
 
30,315
579,325
Grupo Bimbo SAB de CV
 
251,800
765,653
 
  
  
1,810,957
Household Products - 0.0%
  
  
  
Kimberly Clark DE Mexico Sab D Series A
 
244,100
430,307
TOTAL CONSUMER STAPLES
  
  
9,951,401
 
  
  
  
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
Banco del Bajio SA (c)(d)
  
140,300
335,967
Grupo Financiero Banorte SAB de CV
 
425,600
3,657,333
Grupo Financiero Inbursa SAB de CV Series O (b)
  
310,500
798,159
 
  
  
4,791,459
Insurance - 0.0%
  
  
  
Qualitas Controladora SAB de CV
 
34,500
380,176
TOTAL FINANCIALS
  
  
5,171,635
 
  
  
  
Industrials - 0.1%
  
  
  
Industrial Conglomerates - 0.0%
  
  
  
Grupo Carso SAB de CV Series A1
 
95,300
662,563
Transportation Infrastructure - 0.1%
  
  
  
Grupo Aeroportuario del Centro Norte SAB de CV Series B
 
48,000
530,018
Grupo Aeroportuario del Pacifico SAB de CV Series B
 
71,900
1,459,815
Grupo Aeroportuario del Sureste SAB de CV Series B
 
30,765
974,556
Promotora y Operadora de Infraestructura SAB de CV
 
33,615
375,944
 
  
  
3,340,333
TOTAL INDUSTRIALS
  
  
4,002,896
 
  
  
  
Materials - 0.1%
  
  
  
Construction Materials - 0.0%
  
  
  
Cemex SAB de CV unit
 
2,665,000
1,644,349
Metals & Mining - 0.1%
  
  
  
Grupo Mexico SAB de CV Series B
 
547,900
2,846,996
Industrias Penoles SAB de CV (b)
  
32,590
649,938
 
  
  
3,496,934
TOTAL MATERIALS
  
  
5,141,283
 
  
  
  
Real Estate - 0.0%
  
  
  
Diversified REITs - 0.0%
  
  
  
Fibra Uno Administracion SA de CV
 
491,700
634,104
Industrial REITs - 0.0%
  
  
  
Prologis Property Mexico SA de CV
 
178,200
634,725
Real Estate Management & Development - 0.0%
  
  
  
Corp Inmobiliaria Vesta SAB de CV
 
154,700
421,726
TOTAL REAL ESTATE
  
  
1,690,555
 
  
  
  
TOTAL MEXICO
  
  
28,824,951
NETHERLANDS - 2.3%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Koninklijke KPN NV
 
581,499
2,705,049
Entertainment - 0.1%
  
  
  
Universal Music Group NV
 
138,335
4,067,806
TOTAL COMMUNICATION SERVICES
  
  
6,772,855
 
  
  
  
Consumer Staples - 0.2%
  
  
  
Beverages - 0.1%
  
  
  
Heineken Holding NV Class A
 
19,756
1,539,784
Heineken NV
 
48,625
4,352,677
 
  
  
5,892,461
Consumer Staples Distribution & Retail - 0.1%
  
  
  
Koninklijke Ahold Delhaize NV
 
161,864
6,645,985
TOTAL CONSUMER STAPLES
  
  
12,538,446
 
  
  
  
Financials - 0.5%
  
  
  
Banks - 0.2%
  
  
  
ING Groep NV
 
553,477
10,748,145
Capital Markets - 0.0%
  
  
  
Euronext NV (c)(d)
  
16,863
2,808,178
Financial Services - 0.2%
  
  
  
Adyen NV (b)(c)(d)
  
5,538
8,961,665
EXOR NV
 
15,599
1,464,953
 
  
  
10,426,618
Insurance - 0.1%
  
  
  
ASR Nederland NV
 
26,029
1,633,577
NN Group NV
 
47,329
2,889,938
 
  
  
4,523,515
TOTAL FINANCIALS
  
  
28,506,456
 
  
  
  
Health Care - 0.2%
  
  
  
Biotechnology - 0.1%
  
  
  
Argenx SE (b)
  
10,687
6,908,602
Health Care Equipment & Supplies - 0.1%
  
  
  
Koninklijke Philips NV
 
140,541
3,566,906
TOTAL HEALTH CARE
  
  
10,475,508
 
  
  
  
Industrials - 0.2%
  
  
  
Professional Services - 0.2%
  
  
  
Wolters Kluwer NV
 
41,951
7,387,635
Trading Companies & Distributors - 0.0%
  
  
  
IMCD NV
 
10,406
1,377,479
TOTAL INDUSTRIALS
  
  
8,765,114
 
  
  
  
Information Technology - 1.1%
  
  
  
Semiconductors & Semiconductor Equipment - 1.1%
  
  
  
ASM International NV
 
8,174
3,938,242
ASML Holding NV
 
69,268
45,708,923
BE Semiconductor Industries NV
 
13,600
1,451,933
 
  
  
51,099,098
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Akzo Nobel NV
 
30,071
1,892,702
TOTAL NETHERLANDS
  
  
120,050,179
NEW ZEALAND - 0.2%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Spark New Zealand Ltd
 
326,934
405,046
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
a2 Milk Co Ltd/The
 
127,425
663,333
Financials - 0.0%
  
  
  
Financial Services - 0.0%
  
  
  
Infratil Ltd
 
170,477
1,068,504
Health Care - 0.0%
  
  
  
Health Care Equipment & Supplies - 0.0%
  
  
  
Fisher & Paykel Healthcare Corp Ltd
 
103,112
2,080,081
Industrials - 0.0%
  
  
  
Building Products - 0.0%
  
  
  
Fletcher Building Ltd (b)
  
186,972
340,427
Transportation Infrastructure - 0.0%
  
  
  
Auckland International Airport Ltd
 
295,898
1,327,028
TOTAL INDUSTRIALS
  
  
1,667,455
 
  
  
  
Information Technology - 0.2%
  
  
  
Software - 0.2%
  
  
  
Xero Ltd (b)
  
25,307
2,665,159
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
Contact Energy Ltd
 
140,526
740,289
Mercury NZ Ltd
 
121,332
402,619
 
  
  
1,142,908
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Meridian Energy Ltd
 
224,804
731,776
TOTAL UTILITIES
  
  
1,874,684
 
  
  
  
TOTAL NEW ZEALAND
  
  
10,424,262
NORWAY - 0.5%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Telenor ASA
 
110,683
1,661,830
Media - 0.0%
  
  
  
Schibsted ASA A Shares
 
11,662
353,781
Schibsted ASA B Shares
 
18,493
531,500
 
  
  
885,281
TOTAL COMMUNICATION SERVICES
  
  
2,547,111
 
  
  
  
Consumer Discretionary - 0.0%
  
  
  
Broadline Retail - 0.0%
  
  
  
Europris ASA (c)(d)
  
29,005
214,957
Consumer Staples - 0.1%
  
  
  
Food Products - 0.1%
  
  
  
Leroy Seafood Group ASA
 
49,991
217,966
Mowi ASA
 
78,271
1,430,236
Orkla ASA
 
132,412
1,471,330
Salmar ASA
 
12,808
630,957
 
  
  
3,750,489
Energy - 0.1%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
Seadrill Ltd (b)(f)
  
11,475
235,696
TGS ASA
 
34,874
257,950
 
  
  
493,646
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Aker BP ASA
 
54,617
1,171,782
BLUENORD ASA (b)
  
4,280
245,197
Equinor ASA
 
137,573
3,114,052
Frontline PLC (Norway) (f)
  
24,708
415,030
Var Energi ASA
 
160,294
440,202
 
  
  
5,386,263
TOTAL ENERGY
  
  
5,879,909
 
  
  
  
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
DNB Bank ASA
 
152,156
3,785,106
SpareBank 1 SMN
 
21,935
396,683
SpareBank 1 Sor-Norge ASA
 
32,459
516,054
 
  
  
4,697,843
Insurance - 0.0%
  
  
  
Gjensidige Forsikring ASA
 
33,449
780,007
Protector Forsikring ASA
 
10,286
361,375
Storebrand ASA A Shares
 
78,921
947,502
 
  
  
2,088,884
TOTAL FINANCIALS
  
  
6,786,727
 
  
  
  
Industrials - 0.1%
  
  
  
Aerospace & Defense - 0.1%
  
  
  
Kongsberg Gruppen ASA
 
15,470
2,480,340
Industrial Conglomerates - 0.0%
  
  
  
Aker ASA A Shares
 
4,207
242,632
Machinery - 0.0%
  
  
  
AutoStore Holdings Ltd (b)(c)(d)
  
196,216
87,702
TOMRA Systems ASA (b)
  
41,239
644,149
 
  
  
731,851
Marine Transportation - 0.0%
  
  
  
Golden Ocean Group Ltd (Norway)
 
21,607
165,530
TOTAL INDUSTRIALS
  
  
3,620,353
 
  
  
  
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Nordic Semiconductor ASA (b)
  
30,253
298,069
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Norsk Hydro ASA
 
233,390
1,237,998
TOTAL NORWAY
  
  
24,335,613
PERU - 0.1%
 
  
  
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
Credicorp Ltd
 
11,958
2,417,788
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Cia de Minas Buenaventura SAA ADR
 
42,232
598,005
TOTAL PERU
  
  
3,015,793
PHILIPPINES - 0.1%
 
  
  
Communication Services - 0.0%
  
  
  
Wireless Telecommunication Services - 0.0%
  
  
  
PLDT Inc
 
15,330
357,539
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Jollibee Foods Corp
 
110,960
456,292
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Bank of the Philippine Islands
 
371,426
932,338
BDO Unibank Inc
 
370,830
1,065,506
Metropolitan Bank & Trust Co
 
317,854
438,387
 
  
  
2,436,231
Industrials - 0.1%
  
  
  
Industrial Conglomerates - 0.1%
  
  
  
Ayala Corp
 
44,020
473,042
SM Investments Corp
 
85,900
1,338,670
 
  
  
1,811,712
Transportation Infrastructure - 0.0%
  
  
  
International Container Terminal Services Inc
 
142,600
873,153
TOTAL INDUSTRIALS
  
  
2,684,865
 
  
  
  
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Ayala Land Inc
 
1,027,500
461,456
SM Prime Holdings Inc
 
2,034,200
888,988
 
  
  
1,350,444
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
Manila Electric Co
 
51,230
523,429
TOTAL PHILIPPINES
  
  
7,808,800
POLAND - 0.3%
 
  
  
Communication Services - 0.0%
  
  
  
Entertainment - 0.0%
  
  
  
CD Projekt SA
 
12,365
761,884
Consumer Discretionary - 0.0%
  
  
  
Broadline Retail - 0.0%
  
  
  
Allegro.eu SA (b)(c)(d)
  
109,795
957,549
Specialty Retail - 0.0%
  
  
  
CCC SA (b)
  
8,161
469,600
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
LPP SA
 
226
920,777
TOTAL CONSUMER DISCRETIONARY
  
  
2,347,926
 
  
  
  
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Dino Polska SA (b)(c)(d)
  
8,448
1,181,873
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
ORLEN SA
 
102,112
1,843,222
Financials - 0.3%
  
  
  
Banks - 0.2%
  
  
  
Alior Bank SA
 
15,726
425,409
Bank Millennium SA (b)
  
105,128
405,788
Bank Polska Kasa Opieki SA (b)
  
30,941
1,541,791
mBank SA (b)
  
2,329
507,101
Powszechna Kasa Oszczednosci Bank Polski SA
 
151,676
2,904,431
Santander Bank Polska SA
 
6,833
1,043,430
 
  
  
6,827,950
Consumer Finance - 0.0%
  
  
  
KRUK SA
 
3,059
323,069
Insurance - 0.1%
  
  
  
Powszechny Zaklad Ubezpieczen SA
 
100,334
1,561,875
TOTAL FINANCIALS
  
  
8,712,894
 
  
  
  
Industrials - 0.0%
  
  
  
Air Freight & Logistics - 0.0%
  
  
  
InPost SA (b)
  
38,729
649,337
Construction & Engineering - 0.0%
  
  
  
Budimex SA
 
2,223
372,397
TOTAL INDUSTRIALS
  
  
1,021,734
 
  
  
  
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
Asseco Poland SA
 
8,916
367,033
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Grupa Kety SA (f)
  
1,681
384,244
KGHM Polska Miedz SA
 
23,966
758,002
 
  
  
1,142,246
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
PGE Polska Grupa Energetyczna SA (b)
  
149,812
326,270
TOTAL POLAND
  
  
17,705,082
PORTUGAL - 0.1%
 
  
  
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Jeronimo Martins SGPS SA
 
48,728
1,176,896
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Galp Energia SGPS SA
 
74,717
1,157,649
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Banco Comercial Portugues SA
 
1,597,026
1,020,022
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
EDP SA
 
530,814
2,092,290
Multi-Utilities - 0.0%
  
  
  
Redes Energeticas Naci Sgps SA
 
65,677
215,394
TOTAL UTILITIES
  
  
2,307,684
 
  
  
  
TOTAL PORTUGAL
  
  
5,662,251
QATAR - 0.2%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Ooredoo QPSC
 
136,247
484,966
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Qatar Fuel QSC
 
104,292
429,657
Qatar Gas Transport Co Ltd
 
480,423
604,190
 
  
  
1,033,847
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
Al Rayan Bank
 
1,064,645
652,647
Commercial Bank of Qatar
 
563,229
665,170
Qatar International Islamic Bank QSC
 
192,501
560,426
Qatar Islamic Bank QPSC
 
295,057
1,710,699
Qatar National Bank QPSC
 
779,280
3,574,286
 
  
  
7,163,228
Industrials - 0.0%
  
  
  
Industrial Conglomerates - 0.0%
  
  
  
Industries Qatar QSC
 
276,665
954,384
Marine Transportation - 0.0%
  
  
  
Qatar Navigation QSC
 
166,868
508,716
TOTAL INDUSTRIALS
  
  
1,463,100
 
  
  
  
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Mesaieed Petrochemical Holding Co
 
895,611
346,831
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Barwa Real Estate Co
 
370,456
284,887
Utilities - 0.0%
  
  
  
Multi-Utilities - 0.0%
  
  
  
Qatar Electricity & Water Co QSC
 
86,741
364,260
TOTAL QATAR
  
  
11,141,119
ROMANIA - 0.0%
 
  
  
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
NEPI Rockcastle NV
 
106,560
816,962
RUSSIA - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Interactive Media & Services - 0.0%
  
  
  
VK IPJSC GDR (b)(c)(e)
  
12,713
0
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Magnit PJSC (b)(e)
  
8,984
0
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Gazprom PJSC (b)(e)
  
1,373,390
0
LUKOIL PJSC (b)(e)
  
41,065
0
Novatek PJSC (b)(e)
  
110,726
0
Surgutneftegas PAO (b)(e)
  
1,002,400
0
Tatneft PJSC (b)(e)
  
175,192
0
 
  
  
0
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Sberbank of Russia PJSC (b)(e)
  
1,236,820
0
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Alrosa PJSC (b)(e)
  
280,800
0
GMK Norilskiy Nickel PAO (b)(e)
  
681,400
0
Polyus PJSC (b)(e)
  
36,530
0
Severstal PAO (b)(e)
  
21,400
0
 
  
  
0
TOTAL RUSSIA
  
  
0
SAUDI ARABIA - 0.9%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Saudi Telecom Co
 
334,663
4,246,913
Media - 0.0%
  
  
  
Saudi Research & Media Group (b)
  
6,799
313,944
Wireless Telecommunication Services - 0.0%
  
  
  
Etihad Etisalat Co
 
66,680
1,116,385
Mobile Telecommunications Co Saudi Arabia
 
76,255
258,998
 
  
  
1,375,383
TOTAL COMMUNICATION SERVICES
  
  
5,936,240
 
  
  
  
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Leejam Sports Co JSC
 
4,367
162,993
Specialty Retail - 0.0%
  
  
  
Aldrees Petroleum and Transport Services Co
 
8,498
312,194
Jarir Marketing Co
 
101,591
341,801
 
  
  
653,995
TOTAL CONSUMER DISCRETIONARY
  
  
816,988
 
  
  
  
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Abdullah Al Othaim Markets Co
 
76,358
183,620
Nahdi Medical Co
 
9,344
282,989
 
  
  
466,609
Food Products - 0.0%
  
  
  
Almarai Co JSC
 
72,521
1,020,837
Saudia Dairy & Foodstuff Co
 
2,639
214,866
Savola Group/The (b)
  
25,488
212,686
 
  
  
1,448,389
TOTAL CONSUMER STAPLES
  
  
1,914,998
 
  
  
  
Energy - 0.0%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
Ades Holding Co
 
59,606
240,588
Financials - 0.5%
  
  
  
Banks - 0.5%
  
  
  
Al Rajhi Bank
 
344,833
8,954,195
Alinma Bank
 
216,116
1,670,874
Bank Al-Jazira
 
109,457
393,945
Bank AlBilad
 
129,862
1,000,550
Banque Saudi Fransi
 
216,916
1,062,908
Riyad Bank
 
259,171
2,124,664
Saudi Awwal Bank
 
65,509
611,262
Saudi Investment Bank/The
 
109,152
437,661
Saudi National Bank/The
 
517,554
4,925,867
 
  
  
21,181,926
Capital Markets - 0.0%
  
  
  
Saudi Tadawul Group Holding Co (b)
  
8,321
406,406
Insurance - 0.0%
  
  
  
Al Rajhi Co for Co-operative Insurance (b)
  
8,506
297,068
Bupa Arabia for Cooperative Insurance Co
 
4,376
195,994
Co for Cooperative Insurance/The
 
12,756
472,023
 
  
  
965,085
TOTAL FINANCIALS
  
  
22,553,417
 
  
  
  
Health Care - 0.0%
  
  
  
Health Care Providers & Services - 0.0%
  
  
  
Al Hammadi Holding
 
13,560
145,145
Dallah Healthcare Co
 
5,342
173,749
Dr Sulaiman Al Habib Medical Services Group Co
 
17,920
1,368,264
Mouwasat Medical Services Co
 
16,398
316,948
 
  
  
2,004,106
Industrials - 0.0%
  
  
  
Air Freight & Logistics - 0.0%
  
  
  
SAL Saudi Logistics Services
 
4,260
207,381
Commercial Services & Supplies - 0.0%
  
  
  
Catrion Catering Holding Co
 
6,961
218,613
Electrical Equipment - 0.0%
  
  
  
Riyadh Cables Group Co
 
8,067
273,563
Industrial Conglomerates - 0.0%
  
  
  
Astra Industrial Group Co
 
6,489
258,110
Transportation Infrastructure - 0.0%
  
  
  
Saudi Ground Services Co
 
15,311
203,279
TOTAL INDUSTRIALS
  
  
1,160,946
 
  
  
  
Information Technology - 0.0%
  
  
  
IT Services - 0.0%
  
  
  
Arabian Internet & Communications Services Co
 
4,194
320,229
Elm Co
 
4,655
1,284,206
 
  
  
1,604,435
Materials - 0.2%
  
  
  
Chemicals - 0.1%
  
  
  
Advanced Petrochemical Co (b)
  
22,011
176,923
SABIC Agri-Nutrients Co
 
41,255
1,085,557
Sahara International Petrochemical Co
 
62,697
317,584
Saudi Aramco Base Oil Co
 
8,724
230,953
Saudi Basic Industries Corp
 
158,667
2,580,330
Saudi Industrial Investment Group
 
64,012
258,031
Saudi Kayan Petrochemical Co (b)
  
126,428
194,481
Yanbu National Petrochemical Co
 
49,634
422,775
 
  
  
5,266,634
Construction Materials - 0.0%
  
  
  
Saudi Cement Co
 
12,848
157,733
Yamama Cement Co
 
17,168
165,687
 
  
  
323,420
Metals & Mining - 0.1%
  
  
  
Saudi Arabian Mining Co (b)
  
221,137
3,012,597
TOTAL MATERIALS
  
  
8,602,651
 
  
  
  
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Arabian Centres Co (c)(d)
  
37,804
199,555
Dar Al Arkan Real Estate Development Co (b)
  
93,631
546,667
Emaar Economic City (b)
  
44,484
180,737
Retal Urban Development Co
 
38,281
171,863
 
  
  
1,098,822
Utilities - 0.1%
  
  
  
Electric Utilities - 0.0%
  
  
  
Saudi Electricity Co
 
140,750
562,107
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
ACWA Power Co
 
37,396
3,210,257
Multi-Utilities - 0.0%
  
  
  
Power & Water Utility Co for Jubail & Yanbu
 
12,706
148,368
TOTAL UTILITIES
  
  
3,920,732
 
  
  
  
TOTAL SAUDI ARABIA
  
  
49,853,923
SINGAPORE - 1.1%
 
  
  
Communication Services - 0.2%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Singapore Telecommunications Ltd
 
1,307,400
3,782,565
Entertainment - 0.2%
  
  
  
Sea Ltd Class A ADR (b)
  
61,393
8,229,732
TOTAL COMMUNICATION SERVICES
  
  
12,012,297
 
  
  
  
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Genting Singapore Ltd
 
1,002,300
568,372
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Hafnia Ltd
 
50,042
230,166
Financials - 0.6%
  
  
  
Banks - 0.6%
  
  
  
DBS Group Holdings Ltd
 
355,332
11,544,458
Oversea-Chinese Banking Corp Ltd
 
674,822
8,351,438
United Overseas Bank Ltd
 
269,800
7,165,576
 
  
  
27,061,472
Capital Markets - 0.0%
  
  
  
Singapore Exchange Ltd
 
143,400
1,577,523
TOTAL FINANCIALS
  
  
28,638,995
 
  
  
  
Industrials - 0.1%
  
  
  
Aerospace & Defense - 0.0%
  
  
  
Singapore Technologies Engineering Ltd
 
263,700
1,497,353
Ground Transportation - 0.1%
  
  
  
ComfortDelGro Corp Ltd
 
384,100
450,618
Grab Holdings Ltd Class A (b)
  
433,288
2,114,445
 
  
  
2,565,063
Industrial Conglomerates - 0.0%
  
  
  
Keppel Ltd
 
246,900
1,241,339
Machinery - 0.0%
  
  
  
Seatrium Ltd (b)
  
384,998
565,389
Passenger Airlines - 0.0%
  
  
  
Singapore Airlines Ltd (f)
  
240,850
1,236,022
Transportation Infrastructure - 0.0%
  
  
  
SATS Ltd
 
157,323
339,269
TOTAL INDUSTRIALS
  
  
7,444,435
 
  
  
  
Information Technology - 0.1%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Venture Corp Ltd
 
46,000
408,343
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
STMicroelectronics NV (Italy)
 
115,449
2,591,663
TOTAL INFORMATION TECHNOLOGY
  
  
3,000,006
 
  
  
  
Real Estate - 0.1%
  
  
  
Diversified REITs - 0.0%
  
  
  
Mapletree Pan Asia Commercial Trust
 
408,718
382,773
Suntec Real Estate Investment Trust
 
387,800
341,910
 
  
  
724,683
Industrial REITs - 0.1%
  
  
  
CapitaLand Ascendas REIT
 
619,797
1,262,935
Frasers Logistics & Commercial Trust (c)(f)
  
520,500
357,030
Mapletree Industrial Trust
 
366,957
567,639
Mapletree Logistics Trust
 
598,410
514,951
 
  
  
2,702,555
Real Estate Management & Development - 0.0%
  
  
  
CapitaLand Investment Ltd/Singapore
 
404,573
852,675
UOL Group Ltd
 
80,300
355,222
 
  
  
1,207,897
Retail REITs - 0.0%
  
  
  
CapitaLand Integrated Commercial Trust
 
975,896
1,606,033
Specialized REITs - 0.0%
  
  
  
Keppel DC REIT
 
316,600
523,797
TOTAL REAL ESTATE
  
  
6,764,965
 
  
  
  
Utilities - 0.0%
  
  
  
Multi-Utilities - 0.0%
  
  
  
Sembcorp Industries Ltd
 
157,700
797,674
TOTAL SINGAPORE
  
  
59,456,910
SOUTH AFRICA - 1.0%
 
  
  
Communication Services - 0.1%
  
  
  
Media - 0.0%
  
  
  
MultiChoice Group (b)
  
44,803
261,189
Wireless Telecommunication Services - 0.1%
  
  
  
MTN Group Ltd
 
331,527
2,187,040
Vodacom Group Ltd
 
106,110
781,225
 
  
  
2,968,265
TOTAL COMMUNICATION SERVICES
  
  
3,229,454
 
  
  
  
Consumer Discretionary - 0.2%
  
  
  
Broadline Retail - 0.2%
  
  
  
Naspers Ltd Class N
 
31,396
8,257,420
Woolworths Holdings Ltd/South Africa
 
159,310
493,314
 
  
  
8,750,734
Specialty Retail - 0.0%
  
  
  
Foschini Group Ltd
 
58,383
405,734
Mr Price Group Ltd
 
45,926
585,295
Pepkor Holdings Ltd (c)(d)
  
364,537
525,604
 
  
  
1,516,633
TOTAL CONSUMER DISCRETIONARY
  
  
10,267,367
 
  
  
  
Consumer Staples - 0.1%
  
  
  
Consumer Staples Distribution & Retail - 0.1%
  
  
  
Bid Corp Ltd
 
58,961
1,481,850
Clicks Group Ltd
 
41,915
891,445
Shoprite Holdings Ltd
 
84,269
1,293,533
 
  
  
3,666,828
Food Products - 0.0%
  
  
  
Tiger Brands Ltd
 
27,226
424,463
TOTAL CONSUMER STAPLES
  
  
4,091,291
 
  
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Exxaro Resources Ltd
 
41,836
341,908
Financials - 0.3%
  
  
  
Banks - 0.2%
  
  
  
Absa Group Ltd
 
146,317
1,343,116
Capitec Bank Holdings Ltd
 
15,921
2,946,086
Nedbank Group Ltd
 
79,854
1,088,045
Standard Bank Group Ltd
 
235,327
2,931,395
 
  
  
8,308,642
Financial Services - 0.1%
  
  
  
FirstRand Ltd
 
887,885
3,466,815
Remgro Ltd
 
88,702
762,404
 
  
  
4,229,219
Insurance - 0.0%
  
  
  
Discovery Ltd
 
102,396
1,133,932
Old Mutual Ltd
 
833,045
507,407
OUTsurance Group Ltd
 
149,458
613,540
Sanlam Ltd
 
294,311
1,336,968
 
  
  
3,591,847
TOTAL FINANCIALS
  
  
16,129,708
 
  
  
  
Health Care - 0.0%
  
  
  
Pharmaceuticals - 0.0%
  
  
  
Aspen Pharmacare Holdings Ltd
 
68,557
448,723
Industrials - 0.0%
  
  
  
Industrial Conglomerates - 0.0%
  
  
  
Bidvest Group Ltd
 
60,012
758,004
Materials - 0.3%
  
  
  
Chemicals - 0.0%
  
  
  
Sasol Ltd (b)
  
101,274
349,807
Metals & Mining - 0.3%
  
  
  
Anglo American Platinum Ltd
 
13,094
448,391
Anglo American PLC
 
235,299
6,423,279
Gold Fields Ltd (g)
  
157,462
3,531,708
Harmony Gold Mining Co Ltd
 
97,969
1,539,326
Impala Platinum Holdings Ltd (b)
  
159,238
947,009
Northam Platinum Holdings Ltd
 
61,140
409,281
Sibanye Stillwater Ltd (b)
  
498,845
569,932
 
  
  
13,868,926
TOTAL MATERIALS
  
  
14,218,733
 
  
  
  
Real Estate - 0.0%
  
  
  
Diversified REITs - 0.0%
  
  
  
Growthpoint Properties Ltd (g)
  
595,025
418,089
TOTAL SOUTH AFRICA
  
  
49,903,277
SPAIN - 1.9%
 
  
  
Communication Services - 0.2%
  
  
  
Diversified Telecommunication Services - 0.2%
  
  
  
Cellnex Telecom SA (c)(d)
  
103,147
4,174,291
Telefonica SA (f)
  
847,719
4,354,937
 
  
  
8,529,228
Consumer Discretionary - 0.3%
  
  
  
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Amadeus IT Group SA Class A
 
79,226
6,208,986
Specialty Retail - 0.2%
  
  
  
Industria de Diseno Textil SA
 
197,302
10,558,781
TOTAL CONSUMER DISCRETIONARY
  
  
16,767,767
 
  
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Repsol SA
 
203,739
2,490,438
Financials - 0.8%
  
  
  
Banks - 0.8%
  
  
  
Banco Bilbao Vizcaya Argentaria SA
 
1,013,587
13,910,511
Banco de Sabadell SA
 
956,995
2,779,714
Banco Santander SA
 
2,665,026
18,663,921
Bankinter SA
 
112,276
1,302,445
CaixaBank SA
 
681,336
5,221,899
 
  
  
41,878,490
Industrials - 0.1%
  
  
  
Construction & Engineering - 0.0%
  
  
  
ACS Actividades de Construccion y Servicios SA
 
33,003
2,060,048
Transportation Infrastructure - 0.1%
  
  
  
Aena SME SA (c)(d)
  
12,919
3,240,253
TOTAL INDUSTRIALS
  
  
5,300,301
 
  
  
  
Real Estate - 0.0%
  
  
  
Diversified REITs - 0.0%
  
  
  
Merlin Properties Socimi SA
 
69,453
783,651
Utilities - 0.5%
  
  
  
Electric Utilities - 0.5%
  
  
  
Endesa SA
 
55,860
1,676,947
Iberdrola SA
 
1,030,625
18,577,902
Redeia Corp SA
 
71,478
1,498,016
 
  
  
21,752,865
Gas Utilities - 0.0%
  
  
  
Enagas SA
 
41,599
648,917
Naturgy Energy Group SA
 
27,251
810,063
 
  
  
1,458,980
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
EDP Renovaveis SA
 
52,717
492,992
EDP Renovaveis SA rights 5/5/2025 (b)
  
52,717
5,375
 
  
  
498,367
TOTAL UTILITIES
  
  
23,710,212
 
  
  
  
TOTAL SPAIN
  
  
99,460,087
SWEDEN - 2.2%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Telia Co AB
 
408,101
1,526,341
Interactive Media & Services - 0.0%
  
  
  
Hemnet Group AB (b)
  
14,408
493,409
Wireless Telecommunication Services - 0.0%
  
  
  
Tele2 AB B Shares
 
99,886
1,470,052
TOTAL COMMUNICATION SERVICES
  
  
3,489,802
 
  
  
  
Consumer Discretionary - 0.1%
  
  
  
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Evolution AB (b)(c)(d)
  
33,159
2,297,077
Household Durables - 0.0%
  
  
  
Electrolux AB B Shares (b)
  
38,931
241,669
Leisure Products - 0.0%
  
  
  
Thule Group AB (c)(d)
  
18,717
426,025
Specialty Retail - 0.0%
  
  
  
H & M Hennes & Mauritz AB B Shares
 
99,692
1,444,595
TOTAL CONSUMER DISCRETIONARY
  
  
4,409,366
 
  
  
  
Consumer Staples - 0.1%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Axfood AB B Shares (f)
  
19,166
535,985
Food Products - 0.0%
  
  
  
AAK AB
 
31,962
834,640
Household Products - 0.1%
  
  
  
Essity AB B Shares
 
106,412
3,065,036
TOTAL CONSUMER STAPLES
  
  
4,435,661
 
  
  
  
Financials - 0.6%
  
  
  
Banks - 0.2%
  
  
  
Skandinaviska Enskilda Banken AB A Shares
 
290,141
4,576,276
Svenska Handelsbanken AB A Shares
 
273,542
3,580,615
Swedbank AB A1 Shares
 
161,191
4,000,799
 
  
  
12,157,690
Capital Markets - 0.1%
  
  
  
Avanza Bank Holding AB
 
21,058
702,623
EQT AB
 
63,309
1,819,590
Nordnet AB
 
27,385
719,651
 
  
  
3,241,864
Financial Services - 0.3%
  
  
  
Industrivarden AB A Shares
 
24,835
871,043
Industrivarden AB C Shares
 
27,766
972,981
Investor AB A Shares
 
99,034
2,938,591
Investor AB B Shares
 
319,815
9,440,094
L E Lundbergforetagen AB B Shares
 
12,822
675,889
 
  
  
14,898,598
TOTAL FINANCIALS
  
  
30,298,152
 
  
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Swedish Orphan Biovitrum AB B Shares (b)
  
40,743
1,235,083
Health Care Equipment & Supplies - 0.0%
  
  
  
Elekta AB B Shares
 
60,664
307,541
Getinge AB B Shares
 
38,538
742,411
 
  
  
1,049,952
Health Care Technology - 0.0%
  
  
  
Sectra AB B Shares
 
23,768
729,356
TOTAL HEALTH CARE
  
  
3,014,391
 
  
  
  
Industrials - 1.0%
  
  
  
Aerospace & Defense - 0.1%
  
  
  
Saab AB B Shares
 
57,282
2,667,309
Building Products - 0.2%
  
  
  
Assa Abloy AB B Shares
 
174,466
5,295,739
Nibe Industrier AB B Shares
 
270,100
1,139,587
 
  
  
6,435,326
Commercial Services & Supplies - 0.0%
  
  
  
Bravida Holding AB (c)(d)
  
36,209
343,902
Loomis AB
 
12,560
524,985
Securitas AB B Shares
 
88,438
1,404,504
 
  
  
2,273,391
Construction & Engineering - 0.0%
  
  
  
Skanska AB B Shares
 
62,776
1,454,198
Sweco AB B Shares
 
36,356
636,808
 
  
  
2,091,006
Industrial Conglomerates - 0.0%
  
  
  
Investment AB Latour B Shares
 
24,099
650,253
Lifco AB B Shares
 
37,274
1,441,521
 
  
  
2,091,774
Machinery - 0.7%
  
  
  
Alfa Laval AB
 
50,842
2,104,587
Atlas Copco AB A Shares
 
451,824
7,004,897
Atlas Copco AB B Shares
 
270,765
3,766,422
Epiroc AB A Shares
 
110,200
2,380,607
Epiroc AB B Shares
 
68,446
1,339,815
Indutrade AB
 
46,819
1,263,297
Sandvik AB
 
189,701
3,927,285
SKF AB B Shares
 
66,068
1,295,659
Trelleborg AB B Shares
 
32,988
1,135,833
Volvo AB A Shares
 
34,097
928,491
Volvo AB B Shares
 
278,904
7,581,593
 
  
  
32,728,486
Trading Companies & Distributors - 0.0%
  
  
  
AddTech AB B Shares
 
45,789
1,537,749
Beijer Ref AB B Shares
 
68,634
1,045,256
 
  
  
2,583,005
TOTAL INDUSTRIALS
  
  
50,870,297
 
  
  
  
Information Technology - 0.2%
  
  
  
Communications Equipment - 0.1%
  
  
  
Telefonaktiebolaget LM Ericsson B Shares
 
542,954
4,586,539
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
Hexagon AB B Shares
 
360,548
3,509,058
Lagercrantz Group AB B Shares
 
35,135
796,813
Mycronic AB
 
13,024
518,238
 
  
  
4,824,109
Software - 0.0%
  
  
  
Fortnox AB
 
84,822
763,314
TOTAL INFORMATION TECHNOLOGY
  
  
10,173,962
 
  
  
  
Materials - 0.1%
  
  
  
Chemicals - 0.0%
  
  
  
Hexpol AB B Shares
 
45,092
390,482
Containers & Packaging - 0.0%
  
  
  
Billerud Aktiebolag
 
38,039
400,638
Metals & Mining - 0.1%
  
  
  
Boliden AB (b)
  
48,138
1,474,695
SSAB AB B Shares
 
107,539
668,231
 
  
  
2,142,926
Paper & Forest Products - 0.0%
  
  
  
Holmen AB B Shares (f)
  
16,310
645,616
Svenska Cellulosa AB SCA B Shares
 
104,447
1,354,013
 
  
  
1,999,629
TOTAL MATERIALS
  
  
4,933,675
 
  
  
  
Real Estate - 0.1%
  
  
  
Real Estate Management & Development - 0.1%
  
  
  
Castellum AB (b)
  
74,822
906,101
Fabege AB
 
43,012
366,906
Fastighets AB Balder B Shares (b)
  
126,682
906,978
Sagax AB B Shares
 
38,753
878,864
Wallenstam AB B Shares
 
75,740
373,783
Wihlborgs Fastigheter AB
 
47,452
490,942
 
  
  
3,923,574
TOTAL SWEDEN
  
  
115,548,880
SWITZERLAND - 2.7%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Swisscom AG
 
4,462
2,973,405
Consumer Discretionary - 0.3%
  
  
  
Textiles, Apparel & Luxury Goods - 0.3%
  
  
  
Cie Financiere Richemont SA Series A
 
94,552
16,707,832
Consumer Staples - 0.1%
  
  
  
Food Products - 0.1%
  
  
  
Chocoladefabriken Lindt & Spruengli AG
 
176
2,567,444
Chocoladefabriken Lindt & Spruengli AG
 
18
2,547,283
 
  
  
5,114,727
Financials - 1.0%
  
  
  
Capital Markets - 0.5%
  
  
  
Julius Baer Group Ltd
 
36,244
2,350,354
Partners Group Holding AG
 
3,851
5,018,175
UBS Group AG
 
566,281
17,077,281
 
  
  
24,445,810
Insurance - 0.5%
  
  
  
Baloise Holding AG
 
8,064
1,790,913
Swiss Life Holding AG
 
5,051
5,030,499
Zurich Insurance Group AG
 
25,730
18,249,539
 
  
  
25,070,951
TOTAL FINANCIALS
  
  
49,516,761
 
  
  
  
Health Care - 0.4%
  
  
  
Health Care Equipment & Supplies - 0.1%
  
  
  
Sonova Holding AG
 
8,702
2,671,699
Straumann Holding AG
 
20,755
2,530,798
 
  
  
5,202,497
Life Sciences Tools & Services - 0.2%
  
  
  
Lonza Group AG
 
12,706
9,129,379
Pharmaceuticals - 0.1%
  
  
  
Galderma Group AG
 
21,454
2,492,807
Sandoz Group AG
 
77,439
3,357,082
 
  
  
5,849,889
TOTAL HEALTH CARE
  
  
20,181,765
 
  
  
  
Industrials - 0.5%
  
  
  
Building Products - 0.1%
  
  
  
Geberit AG
 
5,882
4,063,629
Electrical Equipment - 0.3%
  
  
  
ABB Ltd
 
281,510
14,866,753
Machinery - 0.1%
  
  
  
Schindler Holding AG
 
7,150
2,605,828
VAT Group AG (c)(d)
  
4,752
1,694,449
 
  
  
4,300,277
Marine Transportation - 0.0%
  
  
  
Kuehne + Nagel International AG
 
9,336
2,136,189
Professional Services - 0.0%
  
  
  
SGS SA
 
27,465
2,686,103
TOTAL INDUSTRIALS
  
  
28,052,951
 
  
  
  
Information Technology - 0.0%
  
  
  
Technology Hardware, Storage & Peripherals - 0.0%
  
  
  
Logitech International SA
 
27,327
2,054,119
Materials - 0.3%
  
  
  
Chemicals - 0.3%
  
  
  
DSM-Firmenich AG
 
36,453
3,960,005
Givaudan SA
 
1,397
6,739,994
Sika AG
 
28,226
7,053,892
 
  
  
17,753,891
TOTAL SWITZERLAND
  
  
142,355,451
TAIWAN - 5.0%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Chunghwa Telecom Co Ltd
 
669,000
2,699,302
Entertainment - 0.0%
  
  
  
International Games System Co Ltd
 
45,000
1,164,336
Wireless Telecommunication Services - 0.0%
  
  
  
Far EasTone Telecommunications Co Ltd
 
312,000
834,975
Taiwan Mobile Co Ltd
 
308,000
1,091,373
 
  
  
1,926,348
TOTAL COMMUNICATION SERVICES
  
  
5,789,986
 
  
  
  
Consumer Discretionary - 0.1%
  
  
  
Automobile Components - 0.0%
  
  
  
Cheng Shin Rubber Industry Co Ltd
 
349,000
537,959
Tong Yang Industry Co Ltd
 
83,000
340,839
 
  
  
878,798
Automobiles - 0.0%
  
  
  
Yulon Motor Co Ltd
 
111,368
136,890
Broadline Retail - 0.0%
  
  
  
momo.com Inc
 
16,208
163,604
Poya International Co Ltd
 
11,406
170,433
 
  
  
334,037
Household Durables - 0.0%
  
  
  
Nien Made Enterprise Co Ltd
 
33,000
403,306
Leisure Products - 0.0%
  
  
  
Giant Manufacturing Co Ltd
 
55,341
225,464
Merida Industry Co Ltd
 
38,000
157,296
 
  
  
382,760
Specialty Retail - 0.0%
  
  
  
Hotai Motor Co Ltd
 
63,960
1,242,467
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Eclat Textile Co Ltd (b)
  
36,000
468,301
Feng TAY Enterprise Co Ltd
 
104,417
368,880
Makalot Industrial Co Ltd
 
39,108
347,276
Pou Chen Corp
 
439,000
451,166
Ruentex Industries Ltd
 
150,790
258,622
 
  
  
1,894,245
TOTAL CONSUMER DISCRETIONARY
  
  
5,272,503
 
  
  
  
Consumer Staples - 0.1%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
President Chain Store Corp
 
99,000
807,962
Food Products - 0.1%
  
  
  
Great Wall Enterprise Co Ltd
 
133,977
250,212
Lien Hwa Industrial Holdings Corp
 
203,509
278,340
Uni-President Enterprises Corp
 
841,000
2,017,025
 
  
  
2,545,577
TOTAL CONSUMER STAPLES
  
  
3,353,539
 
  
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Formosa Petrochemical Corp
 
297,000
324,490
Financials - 0.6%
  
  
  
Banks - 0.4%
  
  
  
Chang Hwa Commercial Bank Ltd
 
1,363,355
775,862
CTBC Financial Holding Co Ltd
 
3,454,000
4,247,658
E.Sun Financial Holding Co Ltd
 
2,816,364
2,493,062
Far Eastern International Bank
 
677,074
272,060
First Financial Holding Co Ltd
 
2,000,336
1,589,702
Hua Nan Financial Holdings Co Ltd
 
1,819,352
1,537,401
King's Town Bank Co Ltd
 
157,000
237,220
Mega Financial Holding Co Ltd
 
2,061,569
2,436,600
Shanghai Commercial & Savings Bank Ltd/The
 
856,218
1,260,117
SinoPac Financial Holdings Co Ltd
 
2,236,201
1,491,297
Taichung Commercial Bank Co Ltd
 
662,272
409,921
Taishin Financial Holding Co Ltd
 
2,291,929
1,195,301
Taiwan Business Bank
 
1,215,487
537,250
Taiwan Cooperative Financial Holding Co Ltd
 
1,929,966
1,471,105
 
  
  
19,954,556
Capital Markets - 0.0%
  
  
  
Capital Securities Corp
 
376,000
305,302
IBF Financial Holdings Co Ltd
 
513,129
193,918
 
  
  
499,220
Consumer Finance - 0.0%
  
  
  
Yulon Finance Corp
 
54,699
184,432
Financial Services - 0.0%
  
  
  
Chailease Holding Co Ltd
 
296,325
1,064,076
Yuanta Financial Holding Co Ltd
 
2,284,130
2,233,431
 
  
  
3,297,507
Insurance - 0.2%
  
  
  
Cathay Financial Holding Co Ltd
 
1,705,923
3,136,905
Fubon Financial Holding Co Ltd
 
1,563,736
4,136,298
KGI Financial Holding Co Ltd
 
2,969,000
1,536,873
Shin Kong Financial Holding Co Ltd (b)
  
3,184,366
1,172,731
 
  
  
9,982,807
TOTAL FINANCIALS
  
  
33,918,522
 
  
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
PharmaEssentia Corp (b)
  
54,000
886,037
Pharmaceuticals - 0.0%
  
  
  
Caliway Biopharmaceuticals Co Ltd (b)
  
21,000
437,997
TOTAL HEALTH CARE
  
  
1,324,034
 
  
  
  
Industrials - 0.2%
  
  
  
Construction & Engineering - 0.0%
  
  
  
United Integrated Services Co Ltd
 
30,000
413,097
Electrical Equipment - 0.1%
  
  
  
Bizlink Holding Inc
 
30,560
516,292
Chung-Hsin Electric & Machinery Manufacturing Corp
 
72,000
286,718
Fortune Electric Co Ltd
 
35,700
469,599
Shihlin Electric & Engineering Corp
 
55,000
246,097
Tatung Co Ltd (b)
  
317,000
402,309
Teco Electric and Machinery Co Ltd
 
218,000
333,419
Voltronic Power Technology Corp
 
12,250
573,272
Walsin Lihwa Corp
 
543,374
351,298
 
  
  
3,179,004
Industrial Conglomerates - 0.0%
  
  
  
Far Eastern New Century Corp
 
671,000
689,111
Machinery - 0.0%
  
  
  
Hiwin Technologies Corp
 
48,192
331,997
Marine Transportation - 0.1%
  
  
  
Evergreen Marine Corp Taiwan Ltd
 
190,657
1,232,797
Wan Hai Lines Ltd
 
248,000
643,308
Wisdom Marine Lines Co Ltd
 
80,000
151,037
Yang Ming Marine Transport Corp
 
308,000
656,721
 
  
  
2,683,863
Passenger Airlines - 0.0%
  
  
  
China Airlines Ltd
 
503,000
330,695
Eva Airways Corp
 
477,619
572,537
 
  
  
903,232
Transportation Infrastructure - 0.0%
  
  
  
Taiwan High Speed Rail Corp
 
380,000
321,962
TOTAL INDUSTRIALS
  
  
8,522,266
 
  
  
  
Information Technology - 3.8%
  
  
  
Communications Equipment - 0.0%
  
  
  
Accton Technology Corp
 
89,000
1,654,433
Wistron NeWeb Corp
 
65,000
255,832
 
  
  
1,910,265
Electronic Equipment, Instruments & Components - 0.5%
  
  
  
AUO Corp
 
1,234,000
473,833
Chroma ATE Inc
 
71,000
647,732
Compeq Manufacturing Co Ltd
 
186,000
325,822
Delta Electronics Inc
 
338,000
3,534,561
E Ink Holdings Inc
 
158,000
1,101,519
Elite Material Co Ltd
 
55,000
955,277
Foxconn Technology Co Ltd
 
182,000
338,079
Genius Electronic Optical Co Ltd
 
18,000
210,999
Gold Circuit Electronics Ltd
 
58,000
348,213
Hon Hai Precision Industry Co Ltd
 
2,125,800
9,452,157
Innolux Corp
 
1,387,943
593,212
Largan Precision Co Ltd
 
18,000
1,280,688
Lotes Co Ltd
 
16,398
643,477
Primax Electronics Ltd
 
81,000
188,870
Simplo Technology Co Ltd
 
32,000
349,568
Sinbon Electronics Co Ltd
 
38,000
264,227
Synnex Technology International Corp
 
230,000
509,245
Taiwan Union Technology Corp
 
48,000
204,345
Tripod Technology Corp
 
80,000
460,977
Unimicron Technology Corp
 
227,000
668,327
Walsin Technology Corp
 
59,000
144,665
Wpg Holding Co Ltd
 
297,040
628,047
WT Microelectronics Co Ltd
 
114,000
416,756
Yageo Corp
 
84,472
1,208,757
Zhen Ding Technology Holding Ltd
 
111,000
339,360
 
  
  
25,288,713
Semiconductors & Semiconductor Equipment - 2.9%
  
  
  
Alchip Technologies Ltd
 
14,000
933,692
AP Memory Technology Corp
 
23,000
171,426
ASE Technology Holding Co Ltd
 
606,000
2,577,130
ASMedia Technology Inc
 
7,000
369,379
ASPEED Technology Inc
 
5,300
497,609
Chipbond Technology Corp
 
107,000
212,326
Elan Microelectronics Corp
 
50,000
205,246
eMemory Technology Inc
 
11,000
883,968
Faraday Technology Corp
 
40,197
227,831
Global Unichip Corp
 
15,000
480,916
Globalwafers Co Ltd
 
44,000
423,799
Hon Precision Inc
 
14,852
380,719
Jentech Precision Industrial Co Ltd
 
15,000
471,402
King Yuan Electronics Co Ltd
 
197,000
534,656
Macronix International Co Ltd
 
321,340
199,321
MediaTek Inc
 
282,000
11,959,124
MPI Corp
 
14,000
286,120
Nanya Technology Corp (b)
  
205,000
230,992
Novatek Microelectronics Corp
 
107,000
1,736,692
Parade Technologies Ltd
 
13,000
219,298
Phison Electronics Corp
 
30,000
418,642
Powerchip Semiconductor Manufacturing Corp (b)
  
555,000
244,869
Powertech Technology Inc
 
127,000
430,687
Radiant Opto-Electronics Corp
 
81,000
375,515
Realtek Semiconductor Corp
 
90,000
1,476,562
Silicon Motion Technology Corp ADR
 
5,929
293,486
Sino-American Silicon Products Inc
 
106,000
366,731
Taiwan Semiconductor Manufacturing Co Ltd
 
4,242,000
119,955,141
United Microelectronics Corp
 
2,056,000
2,879,324
Vanguard International Semiconductor Corp
 
176,277
496,638
Win Semiconductors Corp (b)
  
69,000
195,253
Winbond Electronics Corp (b)
  
555,863
274,991
 
  
  
150,409,485
Technology Hardware, Storage & Peripherals - 0.4%
  
  
  
Acer Inc
 
539,000
587,803
Advantech Co Ltd
 
86,458
903,940
Asia Vital Components Co Ltd
 
58,000
849,900
Asustek Computer Inc
 
123,000
2,244,798
AURAS Technology Co Ltd
 
13,000
200,081
Catcher Technology Co Ltd
 
120,000
815,235
Chicony Electronics Co Ltd
 
118,000
567,431
Compal Electronics Inc
 
733,000
630,345
Getac Holdings Corp (b)
  
71,000
238,437
Gigabyte Technology Co Ltd
 
94,000
677,232
HTC Corp (b)
  
131,000
158,263
Inventec Corp
 
551,000
702,415
King Slide Works Co Ltd
 
13,000
709,628
Lite-On Technology Corp
 
389,000
1,174,075
Micro-Star International Co Ltd
 
126,000
549,970
Pegatron Corp
 
362,000
917,923
Qisda Corp
 
294,000
245,790
Quanta Computer Inc (b)
  
489,000
3,666,369
Wistron Corp
 
510,000
1,633,199
Wiwynn Corp
 
20,000
1,201,223
 
  
  
18,674,057
TOTAL INFORMATION TECHNOLOGY
  
  
196,282,520
 
  
  
  
Materials - 0.1%
  
  
  
Chemicals - 0.1%
  
  
  
China Petrochemical Development Corp (b)
  
609,277
136,685
Formosa Chemicals & Fibre Corp
 
716,000
558,404
Formosa Plastics Corp
 
842,000
895,304
Nan Ya Plastics Corp
 
994,000
950,656
Taiwan Fertilizer Co Ltd
 
128,000
204,905
 
  
  
2,745,954
Construction Materials - 0.0%
  
  
  
Asia Cement Corp
 
445,000
625,551
TCC Group Holdings Co Ltd
 
1,227,600
1,138,540
 
  
  
1,764,091
Metals & Mining - 0.0%
  
  
  
China Steel Corp
 
2,219,000
1,432,147
TA Chen Stainless Pipe
 
342,350
449,071
Tung Ho Steel Enterprise Corp
 
81,300
163,857
 
  
  
2,045,075
TOTAL MATERIALS
  
  
6,555,120
 
  
  
  
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Highwealth Construction Corp
 
302,643
386,041
Ruentex Development Co Ltd
 
318,658
327,353
 
  
  
713,394
TOTAL TAIWAN
  
  
262,056,374
THAILAND - 0.4%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
True Corp PCL (b)
  
617,650
223,644
True Corp PCL depository receipt (b)
  
2,381,249
862,225
 
  
  
1,085,869
Media - 0.0%
  
  
  
VGI PCL depository receipt
 
1,492,500
102,069
VGI PCL warrants (b)
  
116,340
105
 
  
  
102,174
Wireless Telecommunication Services - 0.1%
  
  
  
Advanced Info Service PCL
 
18,600
164,089
Advanced Info Service PCL depository receipt
 
170,400
1,503,269
 
  
  
1,667,358
TOTAL COMMUNICATION SERVICES
  
  
2,855,401
 
  
  
  
Consumer Discretionary - 0.0%
  
  
  
Broadline Retail - 0.0%
  
  
  
Central Retail Corp Pcl
 
125,208
88,642
Central Retail Corp Pcl depository receipt
 
329,000
232,917
 
  
  
321,559
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Asset World Corp PCL depository receipt
 
1,443,100
94,789
Central Plaza Hotel PCL depository receipt
 
89,600
67,047
Minor International PCL
 
205,756
165,630
Minor International PCL depository receipt
 
276,048
222,215
 
  
  
549,681
Specialty Retail - 0.0%
  
  
  
Home Product Center PCL
 
164,700
41,735
Home Product Center PCL depository receipt
 
519,100
131,540
PTT Oil & Retail Business PCL depository receipt
 
517,900
224,493
Siam Global House PCL depository receipt
 
428,132
90,201
 
  
  
487,969
TOTAL CONSUMER DISCRETIONARY
  
  
1,359,209
 
  
  
  
Consumer Staples - 0.1%
  
  
  
Beverages - 0.0%
  
  
  
Carabao Group PCL
 
8,100
15,136
Carabao Group PCL depository receipt
 
71,600
133,797
Osotspa PCL
 
41,600
19,658
Osotspa PCL depository receipt
 
152,600
72,109
Thai Beverage PCL
 
1,516,400
581,159
 
  
  
821,859
Consumer Staples Distribution & Retail - 0.1%
  
  
  
Berli Jucker PCL
 
39,000
27,809
Berli Jucker PCL depository receipt
 
137,800
98,259
CP ALL PCL
 
163,000
251,021
CP ALL PCL depository receipt
 
614,600
946,486
 
  
  
1,323,575
Food Products - 0.0%
  
  
  
Charoen Pokphand Foods PCL
 
224,100
177,532
Charoen Pokphand Foods PCL depository receipt
 
347,300
275,132
Thai Union Group PCL
 
86,400
27,916
Thai Union Group PCL depository receipt
 
268,200
86,659
 
  
  
567,239
TOTAL CONSUMER STAPLES
  
  
2,712,673
 
  
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Banpu PCL depository receipt
 
730,300
93,876
PTT Exploration & Production PCL
 
82,500
245,563
PTT Exploration & Production PCL depository receipt
 
170,800
508,391
PTT PCL
 
317,500
294,488
PTT PCL depository receipt
 
1,193,700
1,107,180
Thai Oil PCL
 
62,275
49,824
Thai Oil PCL depository receipt
 
95,177
76,149
 
  
  
2,375,471
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
Bangkok Bank PCL
 
11,400
47,754
Bangkok Bank PCL depository receipt
 
91,200
382,031
Kasikornbank PCL
 
46,900
224,004
Kasikornbank PCL depository receipt
 
158,800
758,462
Kiatnakin Phatra Bank PCL
 
51,800
77,684
Kiatnakin Phatra Bank PCL depository receipt
 
12,500
18,746
Kiatnakin Phatra Bank PCL warrants 3/17/2026 (b)
  
4,316
93
Krung Thai Bank PCL
 
166,000
108,340
Krung Thai Bank PCL depository receipt
 
439,700
286,973
SCB X PCL
 
49,550
176,587
SCB X PCL depository receipt
 
100,600
358,520
Thanachart Capital PCL
 
28,000
40,190
Thanachart Capital PCL depository receipt
 
61,500
87,907
Tisco Financial Group PCL
 
8,600
25,282
Tisco Financial Group PCL depository receipt
 
58,700
172,569
TMBThanachart Bank PCL
 
1,153,387
63,190
TMBThanachart Bank PCL depository receipt
 
7,344,171
402,365
 
  
  
3,230,697
Consumer Finance - 0.0%
  
  
  
Krungthai Card PCL
 
54,000
75,324
Krungthai Card PCL depository receipt
 
126,100
175,896
Muangthai Capital PCL
 
29,100
39,112
Muangthai Capital PCL depository receipt
 
89,000
119,621
Ngern Tid Lor PCL depository receipt
 
278,510
99,935
Srisawad Corp PCL
 
29,260
26,826
Srisawad Corp PCL depository receipt
 
99,750
91,104
 
  
  
627,818
Insurance - 0.0%
  
  
  
Thai Life Insurance PCL
 
318,800
117,087
Thai Life Insurance PCL
 
69,300
25,452
Thai Life Insurance PCL depository receipt
 
161,000
59,131
 
  
  
201,670
TOTAL FINANCIALS
  
  
4,060,185
 
  
  
  
Health Care - 0.0%
  
  
  
Health Care Providers & Services - 0.0%
  
  
  
Bangkok Chain Hospital PCL depository receipt
 
211,000
95,260
Bangkok Dusit Medical Services PCL
 
172,600
123,796
Bangkok Dusit Medical Services PCL depository receipt
 
674,200
483,566
Bumrungrad Hospital Pcl
 
19,000
93,625
Bumrungrad Hospital Pcl depository receipt
 
48,900
240,960
 
  
  
1,037,207
Industrials - 0.0%
  
  
  
Ground Transportation - 0.0%
  
  
  
BTS Group Holdings PCL (b)
  
383,533
58,221
BTS Group Holdings PCL depository receipt (b)
  
984,322
149,050
 
  
  
207,271
Transportation Infrastructure - 0.0%
  
  
  
Airports of Thailand PCL
 
327,600
374,170
Airports of Thailand PCL depository receipt
 
428,900
489,871
Bangkok Expressway & Metro PCL
 
573,400
101,396
Bangkok Expressway & Metro PCL depository receipt
 
720,300
127,374
 
  
  
1,092,811
TOTAL INDUSTRIALS
  
  
1,300,082
 
  
  
  
Information Technology - 0.0%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Delta Electronics Thailand PCL
 
274,000
803,281
Delta Electronics Thailand PCL depository receipt
 
538,200
1,577,831
 
  
  
2,381,112
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Indorama Ventures PCL depository receipt
 
341,300
193,937
PTT Global Chemical PCL depository receipt
 
288,200
149,201
 
  
  
343,138
Construction Materials - 0.0%
  
  
  
Siam Cement PCL/The
 
2,600
12,425
Siam Cement PCL/The depository receipt
 
49,200
235,129
 
  
  
247,554
Containers & Packaging - 0.0%
  
  
  
SCG Packaging PCL depository receipt
 
215,400
90,492
TOTAL MATERIALS
  
  
681,184
 
  
  
  
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Central Pattana PCL
 
62,000
93,748
Central Pattana PCL depository receipt
 
171,300
259,018
Land & Houses PCL
 
97,000
12,298
Land & Houses PCL depository receipt
 
495,300
62,797
WHA Corp PCL
 
369,000
33,376
WHA Corp PCL depository receipt
 
880,600
79,650
 
  
  
540,887
Utilities - 0.0%
  
  
  
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Electricity Generating PCL depository receipt
 
40,900
127,120
Energy Absolute PCL warrants 2/13/2028 (b)
  
54,733
526
Energy Absolute PCL warrants 2/13/2028 (b)
  
42,100
405
Global Power Synergy PCL
 
44,294
41,281
Global Power Synergy PCL depository receipt
 
83,600
77,913
Gulf Development PCL
 
351,002
517,003
Gulf Development PCL depository receipt
 
682,838
1,005,776
 
  
  
1,770,024
TOTAL THAILAND
  
  
21,073,435
TURKEY - 0.2%
 
  
  
Communication Services - 0.0%
  
  
  
Wireless Telecommunication Services - 0.0%
  
  
  
Turkcell Iletisim Hizmetleri AS
 
209,886
490,164
Consumer Discretionary - 0.0%
  
  
  
Automobile Components - 0.0%
  
  
  
EGE Endustri VE Ticaret AS
 
211
48,756
Automobiles - 0.0%
  
  
  
Ford Otomotiv Sanayi AS
 
12,253
281,857
Tofas Turk Otomobil Fabrikasi AS
 
20,963
108,914
 
  
  
390,771
Broadline Retail - 0.0%
  
  
  
D-Market Elektronik Hizmetler Ve Ticaret Anonim Sirketi ADR (b)
  
35,500
90,880
Household Durables - 0.0%
  
  
  
Arcelik AS (b)
  
35,747
105,584
Specialty Retail - 0.0%
  
  
  
Dogan Sirketler Grubu Holding AS
 
166,765
67,409
Dogus Otomotiv Servis ve Ticaret AS
 
13,082
66,438
 
  
  
133,847
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Aksa (Akrilik Kimya Sanayi)
 
262,523
65,196
Mavi Giyim Sanayi Ve Ticaret AS Class B (c)(d)
  
102,156
85,664
 
  
  
150,860
TOTAL CONSUMER DISCRETIONARY
  
  
920,698
 
  
  
  
Consumer Staples - 0.0%
  
  
  
Beverages - 0.0%
  
  
  
Anadolu Efes Biracilik Ve Malt Sanayii AS
 
34,298
142,200
Coca-Cola Icecek AS
 
146,266
197,961
 
  
  
340,161
Consumer Staples Distribution & Retail - 0.0%
  
  
  
BIM Birlesik Magazalar AS
 
78,995
925,496
Migros Ticaret AS
 
15,952
198,288
Sok Marketler Ticaret AS
 
54,952
53,675
 
  
  
1,177,459
Food Products - 0.0%
  
  
  
Ulker Biskuvi Sanayi AS (b)
  
31,151
86,182
TOTAL CONSUMER STAPLES
  
  
1,603,802
 
  
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Turkiye Petrol Rafinerileri AS
 
165,563
536,325
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Akbank TAS
 
546,460
688,492
Haci Omer Sabanci Holding AS
 
238,424
453,687
Turkiye Is Bankasi AS Class C
 
1,494,128
399,782
Yapi ve Kredi Bankasi AS (b)
  
577,379
341,375
 
  
  
1,883,336
Capital Markets - 0.0%
  
  
  
Is Yatirim Menkul Degerler AS
 
89,618
83,949
Financial Services - 0.0%
  
  
  
Borusan Yatirim ve Pazarlama AS
 
1,245
68,565
Turkiye Sinai Kalkinma Bankasi AS (b)
  
202,086
54,912
 
  
  
123,477
Insurance - 0.0%
  
  
  
Anadolu Anonim Turk Sigorta Sirketi
 
31,927
72,530
Turkiye Sigorta AS
 
166,794
75,956
 
  
  
148,486
TOTAL FINANCIALS
  
  
2,239,248
 
  
  
  
Health Care - 0.0%
  
  
  
Health Care Providers & Services - 0.0%
  
  
  
MLP Saglik Hizmetleri AS (b)(c)(d)
  
9,201
78,040
Industrials - 0.2%
  
  
  
Aerospace & Defense - 0.0%
  
  
  
Aselsan Elektronik Sanayi Ve Ticaret AS
 
210,885
739,568
Air Freight & Logistics - 0.0%
  
  
  
Reysas Tasimacilik ve Lojistik Ticaret AS
 
198,997
76,250
Construction & Engineering - 0.0%
  
  
  
Enka Insaat ve Sanayi AS
 
324,464
539,442
Kontrolmatik Enerji Ve Muhendislik AS
 
53,624
37,918
Ral Yatirim Holding AS (b)
  
21,639
66,219
Tekfen Holding AS (b)
  
31,554
112,298
 
  
  
755,877
Electrical Equipment - 0.0%
  
  
  
Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS
 
43,663
113,993
Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret AS
 
39,711
25,811
 
  
  
139,804
Ground Transportation - 0.0%
  
  
  
Bin Ulasim Ve Akilli Sehir Teknolojileri AS
 
19,459
125,060
Industrial Conglomerates - 0.1%
  
  
  
AG Anadolu Grubu Holding AS Class A
 
22,578
160,120
Alarko Holding AS
 
32,206
76,677
Bera Holding AS (b)
  
110,530
41,749
KOC Holding AS
 
228,075
815,850
Turkiye Sise ve Cam Fabrikalari AS
 
225,201
200,076
 
  
  
1,294,472
Machinery - 0.0%
  
  
  
Otokar Otomotiv Ve Savunma Sanayi A.S. (b)
  
6,133
60,104
Turk Traktor ve Ziraat Makineleri AS
 
4,398
69,406
 
  
  
129,510
Passenger Airlines - 0.1%
  
  
  
Pegasus Hava Tasimaciligi AS
 
37,574
217,568
Turk Hava Yollari AO (b)
  
126,344
932,940
 
  
  
1,150,508
Transportation Infrastructure - 0.0%
  
  
  
TAV Havalimanlari Holding AS (b)
  
34,486
204,705
TOTAL INDUSTRIALS
  
  
4,615,754
 
  
  
  
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
MIA Teknoloji AS (b)
  
49,753
44,900
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Hektas Ticaret TAS (b)
  
669,012
53,702
Petkim Petrokimya Holding AS (b)
  
222,699
93,431
Sasa Polyester Sanayi AS
 
1,814,721
199,411
 
  
  
346,544
Construction Materials - 0.0%
  
  
  
Baticim Bati Anadolu Cimento Sanayii AS
 
537,875
73,916
Cimsa Cimento Sanayi VE Ticaret AS
 
59,831
72,708
Nuh Cimento Sanayi AS
 
11,412
72,453
Oyak Cimento Fabrikalari AS
 
206,298
125,618
 
  
  
344,695
Metals & Mining - 0.0%
  
  
  
Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret AS (b)
  
6,757
63,717
Eregli Demir ve Celik Fabrikalari TAS
 
624,227
364,858
Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS Class D (b)
  
126,722
76,439
Koza Anadolu Metal Madencilik Isletmeleri AS (b)
  
32,697
73,472
Turk Altin Isletmeleri AS (b)
  
162,477
105,097
 
  
  
683,583
TOTAL MATERIALS
  
  
1,374,822
 
  
  
  
Real Estate - 0.0%
  
  
  
Diversified REITs - 0.0%
  
  
  
Ziraat Gayrimenkul Yatirim Ortakligi AS
 
157,239
98,931
Real Estate Management & Development - 0.0%
  
  
  
Kuyumcukent Gayrimenkul Yatirimlari AS
 
57,862
59,223
Residential REITs - 0.0%
  
  
  
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (b)
  
350,072
104,763
TOTAL REAL ESTATE
  
  
262,917
 
  
  
  
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
Enerjisa Enerji AS (c)(d)
  
42,127
59,259
Gas Utilities - 0.0%
  
  
  
Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS
 
115,041
63,715
TOTAL UTILITIES
  
  
122,974
 
  
  
  
TOTAL TURKEY
  
  
12,289,644
UNITED ARAB EMIRATES - 0.4%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Emirates Telecommunications Group Co PJSC
 
612,536
2,901,710
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Abu Dhabi National Hotels
 
1,789,189
253,299
Americana Restaurants International PLC - Foreign Co
 
499,684
306,091
 
  
  
559,390
Specialty Retail - 0.0%
  
  
  
Abu Dhabi National Oil Co for Distribution PJSC
 
510,288
468,186
TOTAL CONSUMER DISCRETIONARY
  
  
1,027,576
 
  
  
  
Energy - 0.0%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
ADNOC Drilling Co PJSC
 
452,642
603,843
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
ADNOC Logistics & Services (b)
  
244,271
322,542
TOTAL ENERGY
  
  
926,385
 
  
  
  
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
Abu Dhabi Commercial Bank PJSC
 
515,970
1,635,124
Abu Dhabi Islamic Bank PJSC
 
251,984
1,255,444
Dubai Islamic Bank PJSC
 
510,892
1,051,535
Emirates NBD Bank PJSC
 
433,494
2,425,315
First Abu Dhabi Bank PJSC
 
777,790
3,180,574
 
  
  
9,547,992
Health Care - 0.0%
  
  
  
Health Care Providers & Services - 0.0%
  
  
  
Pure Health Holding PJSC
 
442,971
340,093
Industrials - 0.0%
  
  
  
Industrial Conglomerates - 0.0%
  
  
  
Modon Holding PSC (b)
  
579,052
480,829
Multiply Group PJSC (b)
  
581,232
338,639
 
  
  
819,468
Passenger Airlines - 0.0%
  
  
  
Air Arabia PJSC
 
396,016
377,358
Transportation Infrastructure - 0.0%
  
  
  
Salik Co PJSC
 
332,346
457,840
TOTAL INDUSTRIALS
  
  
1,654,666
 
  
  
  
Real Estate - 0.1%
  
  
  
Real Estate Management & Development - 0.1%
  
  
  
Aldar Properties PJSC
 
665,106
1,495,699
Emaar Development PJSC
 
141,608
514,686
Emaar Properties PJSC
 
1,088,555
3,882,351
 
  
  
5,892,736
Utilities - 0.0%
  
  
  
Multi-Utilities - 0.0%
  
  
  
Dubai Electricity & Water Authority PJSC
 
1,586,988
1,157,928
TOTAL UNITED ARAB EMIRATES
  
  
23,449,086
UNITED KINGDOM - 7.3%
 
  
  
Communication Services - 0.2%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
BT Group PLC
 
998,528
2,312,823
Interactive Media & Services - 0.0%
  
  
  
Auto Trader Group PLC (c)(d)
  
155,241
1,744,110
Rightmove PLC
 
137,803
1,354,970
 
  
  
3,099,080
Media - 0.1%
  
  
  
Informa PLC
 
234,056
2,270,201
WPP PLC
 
189,844
1,471,775
 
  
  
3,741,976
Wireless Telecommunication Services - 0.1%
  
  
  
Vodafone Group PLC
 
3,759,784
3,694,740
TOTAL COMMUNICATION SERVICES
  
  
12,848,619
 
  
  
  
Consumer Discretionary - 0.6%
  
  
  
Broadline Retail - 0.1%
  
  
  
B&M European Value Retail SA
 
168,075
753,514
Next PLC
 
20,205
3,320,125
 
  
  
4,073,639
Distributors - 0.0%
  
  
  
Inchcape PLC
 
69,564
622,533
Diversified Consumer Services - 0.0%
  
  
  
Pearson PLC
 
117,228
1,879,309
Hotels, Restaurants & Leisure - 0.4%
  
  
  
Compass Group PLC
 
298,519
10,064,516
Entain PLC
 
112,610
956,880
InterContinental Hotels Group PLC
 
27,880
2,975,072
Whitbread PLC
 
31,073
1,073,787
 
  
  
15,070,255
Household Durables - 0.1%
  
  
  
Barratt Redrow PLC
 
242,618
1,506,104
Bellway PLC
 
20,919
747,708
Berkeley Group Holdings PLC
 
17,703
986,824
Persimmon PLC
 
56,329
972,152
Taylor Wimpey PLC
 
623,630
979,915
 
  
  
5,192,703
Leisure Products - 0.0%
  
  
  
Games Workshop Group PLC
 
5,806
1,192,373
Specialty Retail - 0.0%
  
  
  
Kingfisher PLC
 
314,832
1,210,055
TOTAL CONSUMER DISCRETIONARY
  
  
29,240,867
 
  
  
  
Consumer Staples - 1.6%
  
  
  
Beverages - 0.3%
  
  
  
Coca-Cola Europacific Partners PLC
 
36,474
3,309,651
Diageo PLC
 
391,350
10,989,262
 
  
  
14,298,913
Consumer Staples Distribution & Retail - 0.2%
  
  
  
J Sainsbury PLC
 
292,292
1,039,286
Marks & Spencer Group PLC
 
361,022
1,876,067
Tesco PLC
 
1,184,937
5,864,258
 
  
  
8,779,611
Food Products - 0.0%
  
  
  
Associated British Foods PLC
 
55,085
1,515,218
Household Products - 0.1%
  
  
  
Reckitt Benckiser Group PLC
 
120,444
7,774,242
Personal Care Products - 0.6%
  
  
  
Unilever PLC
 
444,114
28,276,690
Tobacco - 0.4%
  
  
  
British American Tobacco PLC
 
349,161
15,208,874
Imperial Brands PLC
 
136,174
5,587,632
 
  
  
20,796,506
TOTAL CONSUMER STAPLES
  
  
81,441,180
 
  
  
  
Energy - 0.0%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
Subsea 7 SA
 
39,763
598,160
Financials - 2.2%
  
  
  
Banks - 1.4%
  
  
  
Barclays PLC
 
2,536,449
10,104,307
HSBC Holdings PLC
 
3,136,681
34,965,761
Lloyds Banking Group PLC
 
10,684,789
10,497,574
NatWest Group PLC
 
1,147,933
7,383,834
Standard Chartered PLC
 
348,160
5,014,636
 
  
  
67,966,112
Capital Markets - 0.6%
  
  
  
3i Group PLC
 
171,191
9,704,996
Aberdeen Group PLC
 
324,538
638,387
IG Group Holdings PLC
 
62,097
881,359
Intermediate Capital Group PLC
 
51,154
1,278,924
London Stock Exchange Group PLC
 
81,316
12,661,838
Schroders PLC
 
159,812
699,431
St James's Place PLC
 
95,763
1,198,639
 
  
  
27,063,574
Financial Services - 0.0%
  
  
  
M&G PLC
 
394,491
1,090,381
Wise PLC Class A (b)
  
117,177
1,528,043
 
  
  
2,618,424
Insurance - 0.2%
  
  
  
Admiral Group PLC
 
47,428
2,059,294
Aviva PLC
 
470,971
3,514,913
Beazley PLC
 
112,530
1,326,473
Hiscox Ltd
 
59,906
877,406
Legal & General Group PLC
 
1,036,770
3,240,094
Phoenix Group Holdings PLC
 
141,397
1,125,928
 
  
  
12,144,108
TOTAL FINANCIALS
  
  
109,792,218
 
  
  
  
Health Care - 0.8%
  
  
  
Health Care Equipment & Supplies - 0.1%
  
  
  
ConvaTec Group PLC (c)(d)
  
285,001
986,775
Smith & Nephew PLC
 
153,815
2,164,573
 
  
  
3,151,348
Pharmaceuticals - 0.7%
  
  
  
Astrazeneca PLC
 
272,713
39,070,697
TOTAL HEALTH CARE
  
  
42,222,045
 
  
  
  
Industrials - 1.3%
  
  
  
Aerospace & Defense - 0.5%
  
  
  
BAE Systems PLC
 
528,946
12,262,363
Melrose Industries PLC
 
214,606
1,240,119
Rolls-Royce Holdings PLC
 
1,495,802
15,141,218
 
  
  
28,643,700
Commercial Services & Supplies - 0.0%
  
  
  
Rentokil Initial PLC
 
444,150
2,034,780
Industrial Conglomerates - 0.1%
  
  
  
CK Hutchison Holdings Ltd
 
471,500
2,658,826
DCC PLC
 
17,405
1,133,339
Smiths Group PLC
 
60,139
1,493,945
 
  
  
5,286,110
Machinery - 0.1%
  
  
  
IMI PLC
 
45,083
1,062,252
Spirax Group PLC
 
12,991
1,017,145
Weir Group PLC/The
 
45,691
1,368,861
 
  
  
3,448,258
Passenger Airlines - 0.0%
  
  
  
International Consolidated Airlines Group SA
 
423,945
1,472,984
Professional Services - 0.4%
  
  
  
Intertek Group PLC
 
28,397
1,734,800
RELX PLC
 
326,590
17,823,698
 
  
  
19,558,498
Trading Companies & Distributors - 0.2%
  
  
  
Ashtead Group PLC
 
76,581
4,072,174
Bunzl PLC
 
58,053
1,824,286
Diploma PLC
 
23,626
1,247,490
Howden Joinery Group PLC
 
96,930
993,384
RS GROUP PLC
 
83,671
574,825
 
  
  
8,712,159
TOTAL INDUSTRIALS
  
  
69,156,489
 
  
  
  
Information Technology - 0.1%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Halma PLC
 
66,757
2,451,932
Software - 0.1%
  
  
  
Sage Group PLC/The
 
175,495
2,894,292
TOTAL INFORMATION TECHNOLOGY
  
  
5,346,224
 
  
  
  
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Croda International PLC
 
24,613
971,567
Real Estate - 0.1%
  
  
  
Diversified REITs - 0.0%
  
  
  
British Land Co PLC/The
 
175,945
922,452
Land Securities Group PLC
 
131,132
1,035,451
 
  
  
1,957,903
Industrial REITs - 0.1%
  
  
  
Segro PLC
 
237,928
2,158,092
Tritax Big Box REIT PLC
 
436,665
832,179
 
  
  
2,990,271
Residential REITs - 0.0%
  
  
  
UNITE Group PLC/The
 
73,014
837,315
TOTAL REAL ESTATE
  
  
5,785,489
 
  
  
  
Utilities - 0.4%
  
  
  
Electric Utilities - 0.1%
  
  
  
SSE PLC
 
194,116
4,376,553
Multi-Utilities - 0.3%
  
  
  
Centrica PLC
 
889,542
1,898,566
National Grid PLC
 
860,425
12,419,464
 
  
  
14,318,030
Water Utilities - 0.0%
  
  
  
Severn Trent PLC
 
46,466
1,727,714
United Utilities Group PLC
 
119,963
1,803,567
 
  
  
3,531,281
TOTAL UTILITIES
  
  
22,225,864
 
  
  
  
TOTAL UNITED KINGDOM
  
  
379,628,722
UNITED STATES - 6.6%
 
  
  
Communication Services - 0.3%
  
  
  
Entertainment - 0.3%
  
  
  
Spotify Technology SA (b)
  
26,532
16,290,117
Consumer Discretionary - 0.1%
  
  
  
Automobiles - 0.1%
  
  
  
Stellantis NV (Italy)
 
371,897
3,429,410
Consumer Staples - 1.0%
  
  
  
Food Products - 1.0%
  
  
  
JBS S/A
 
121,100
940,607
Nestle SA
 
460,775
49,043,686
 
  
  
49,984,293
Energy - 0.9%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
Tenaris SA
 
77,726
1,296,077
Oil, Gas & Consumable Fuels - 0.9%
  
  
  
BP PLC
 
2,816,300
13,003,963
DHT Holdings Inc (f)
  
24,360
260,408
Shell PLC
 
1,069,709
34,521,374
 
  
  
47,785,745
TOTAL ENERGY
  
  
49,081,822
 
  
  
  
Financials - 0.2%
  
  
  
Insurance - 0.2%
  
  
  
Swiss Re AG
 
51,362
9,194,567
Health Care - 2.9%
  
  
  
Biotechnology - 0.3%
  
  
  
CSL Ltd
 
85,161
13,669,444
Legend Biotech Corp ADR (b)
  
14,229
497,304
 
  
  
14,166,748
Health Care Equipment & Supplies - 0.2%
  
  
  
Alcon AG
 
87,884
8,482,267
Inmode Ltd (b)(f)
  
10,816
152,506
 
  
  
8,634,773
Life Sciences Tools & Services - 0.0%
  
  
  
ICON PLC (b)(f)
  
14,533
2,200,878
QIAGEN NV
 
38,327
1,639,274
 
  
  
3,840,152
Pharmaceuticals - 2.4%
  
  
  
GSK PLC
 
729,214
14,425,813
Haleon PLC
 
1,584,804
7,974,526
Novartis AG
 
346,629
39,535,571
Roche Holding AG
 
123,508
40,385,452
Roche Holding AG
 
5,116
1,782,712
Sanofi SA
 
193,748
21,194,447
 
  
  
125,298,521
TOTAL HEALTH CARE
  
  
151,940,194
 
  
  
  
Industrials - 0.9%
  
  
  
Building Products - 0.0%
  
  
  
Reliance Worldwide Corp Ltd
 
137,734
370,267
Commercial Services & Supplies - 0.2%
  
  
  
GFL Environmental Inc Subordinate Voting Shares
 
42,284
2,109,906
Waste Connections Inc
 
45,366
8,959,670
 
  
  
11,069,576
Construction & Engineering - 0.1%
  
  
  
Ferrovial SE
 
85,976
4,176,422
Electrical Equipment - 0.4%
  
  
  
Schneider Electric SE
 
95,179
22,238,173
Professional Services - 0.2%
  
  
  
Experian PLC
 
161,757
8,047,578
TOTAL INDUSTRIALS
  
  
45,902,016
 
  
  
  
Information Technology - 0.1%
  
  
  
Software - 0.1%
  
  
  
CyberArk Software Ltd (b)
  
8,675
3,054,988
JFrog Ltd (b)
  
16,308
550,721
Monday.com Ltd (b)
  
6,668
1,873,641
 
  
  
5,479,350
Materials - 0.2%
  
  
  
Construction Materials - 0.2%
  
  
  
Holcim AG
 
92,689
10,357,809
James Hardie Industries PLC depository receipt (b)
  
75,616
1,774,874
Titan Cement International SA (Greece)
 
6,273
289,585
 
  
  
12,422,268
TOTAL UNITED STATES
  
  
343,724,037
ZAMBIA - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
First Quantum Minerals Ltd (b)
  
118,929
1,596,820
 
TOTAL COMMON STOCKS
 (Cost $4,226,857,979)
  
  
  
5,083,394,773
 
  
  
  
Non-Convertible Preferred Stocks - 0.3%
 
  
Shares
Value ($)
 
COLOMBIA - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Bancolombia SA
 
79,585
817,402
GERMANY - 0.2%
 
  
  
Consumer Discretionary - 0.2%
  
  
  
Automobiles - 0.2%
  
  
  
Porsche Automobil Holding SE
 
26,991
1,112,861
Volkswagen AG
 
32,262
3,510,440
 
  
  
4,623,301
Consumer Staples - 0.0%
  
  
  
Household Products - 0.0%
  
  
  
Henkel AG & Co KGaA
 
28,759
2,228,447
Health Care - 0.0%
  
  
  
Life Sciences Tools & Services - 0.0%
  
  
  
Sartorius AG
 
4,417
1,136,362
TOTAL GERMANY
  
  
7,988,110
KOREA (SOUTH) - 0.1%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Automobiles - 0.0%
  
  
  
Hyundai Motor Co
 
3,976
418,184
Hyundai Motor Co Series 2
 
6,310
675,986
 
  
  
1,094,170
Information Technology - 0.1%
  
  
  
Technology Hardware, Storage & Peripherals - 0.1%
  
  
  
Samsung Electronics Co Ltd
 
143,753
4,735,653
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
LG Chem Ltd
 
1,439
107,851
TOTAL KOREA (SOUTH)
  
  
5,937,674
RUSSIA - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Surgutneftegas PAO (b)(e)
  
841,000
0
Transneft PJSC (b)(e)
  
16,800
0
 
  
  
0
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Sberbank of Russia PJSC (b)(e)
  
109,390
0
TOTAL RUSSIA
  
  
0
 
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
 (Cost $19,775,544)
  
  
  
14,743,186
 
  
  
  
Money Market Funds - 2.3%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (i)
  
4.33
105,332,621
105,353,688
Fidelity Securities Lending Cash Central Fund (i)(j)
  
4.33
15,843,958
15,845,543
 
TOTAL MONEY MARKET FUNDS
 (Cost $121,199,041)
  
  
  
121,199,231
 
  
  
  
  
U.S. Treasury Obligations - 0.0%
 
  
Yield (%) (h)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 5/29/2025 (k)
 (Cost $2,761,935)
  
4.25
2,771,000
2,761,905
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 99.4%
 (Cost $4,370,594,499)
 
  
 
5,222,099,095
NET OTHER ASSETS (LIABILITIES) - 0.6%  
29,362,830
NET ASSETS - 100.0%
5,251,461,925
 
  
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
  
  
  
  
  
 
  
  
  
  
  
Equity Contracts
  
  
  
  
  
ICE MSCI EAFE Index Contracts (United States)
777
Jun 2025
96,919,095
3,190,802
3,190,802
ICE MSCI Emerging Markets Index Contracts (United States)
787
Jun 2025
43,678,500
976,096
976,096
TME S&P/TSX 60 Index Contracts (Canada)
57
Jun 2025
12,362,542
278,927
278,927
 
  
  
  
  
  
TOTAL FUTURES CONTRACTS
  
  
  
  
4,445,825
The notional amount of futures purchased as a percentage of Net Assets is 2.8%

 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing
 
(c)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $111,410,993 or 2.1% of net assets.
 
(d)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $108,631,083 or 2.1% of net assets.
 
(e)
Level 3 security
 
(f)
Security or a portion of the security is on loan at period end.
 
(g)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(h)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(i)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(j)
Investment made with cash collateral received from securities on loan.
 
(k)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $2,761,905.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
114,644,210
418,668,547
427,959,070
2,253,147
-
1
105,353,688
105,332,621
0.2%
Fidelity Securities Lending Cash Central Fund
11,954,524
69,576,615
65,685,596
45,016
-
-
15,845,543
15,843,958
0.1%
Total
126,598,734
488,245,162
493,644,666
2,298,163
-
1
121,199,231
  
  
 
  
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
  
  
  
  
 Common Stocks
  
  
  
  
Communication Services
312,360,151
83,871,839
228,488,312
-
Consumer Discretionary
556,824,766
171,774,128
385,050,638
-
Consumer Staples
351,140,672
102,250,093
248,890,579
-
Energy
227,898,718
98,317,961
129,580,757
-
Financials
1,244,605,409
547,248,494
697,356,915
-
Health Care
418,344,785
88,232,357
330,112,428
-
Industrials
767,872,846
238,616,425
529,256,421
-
Information Technology
609,088,818
143,093,942
465,994,876
-
Materials
316,363,146
127,379,186
188,983,960
-
Real Estate
110,491,168
58,151,981
52,339,187
-
Utilities
168,404,294
66,920,552
101,483,742
-
 Non-Convertible Preferred Stocks
  
  
  
  
Consumer Discretionary
5,717,471
-
5,717,471
-
Consumer Staples
2,228,447
2,228,447
-
-
Energy
-
-
-
-
Financials
817,402
817,402
-
-
Health Care
1,136,362
1,136,362
-
-
Information Technology
4,735,653
-
4,735,653
-
Materials
107,851
-
107,851
-
 U.S. Treasury Obligations
2,761,905
-
2,761,905
-
 Money Market Funds
121,199,231
121,199,231
-
-
 Total Investments in Securities:
5,222,099,095
1,851,238,400
3,370,860,695
-
 Derivative Instruments:
  
  
  
  
 Assets
  
  
  
  
Futures Contracts
4,445,825
4,445,825
-
-
  Total Assets
4,445,825
4,445,825
-
-
 Total Derivative Instruments:
4,445,825
4,445,825
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
  
  
Futures Contracts (a) 
4,445,825
0
Total Equity Risk
4,445,825
0
Total Value of Derivatives
4,445,825
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity ZERO® International Index Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
  
  
  
Investment in securities, at value  (including  securities loaned of $15,119,987) - See accompanying schedule:
  
  
  
  
Unaffiliated issuers (cost $4,249,395,458)
$
5,100,899,864
  
  
Fidelity Central Funds (cost $121,199,041)
121,199,231
  
  
 
  
  
  
  
 
  
  
  
  
Total Investment in Securities (cost $4,370,594,499)
  
  
$
5,222,099,095
Segregated cash with brokers for derivative instruments
  
  
4,346,406
Cash
  
  
1
Foreign currency held at value (cost $11,159,785)
  
  
11,222,606
Receivable for investments sold
  
  
74
Receivable for fund shares sold
  
  
6,852,215
Dividends receivable
  
  
17,344,187
Reclaims receivable
  
  
15,021,355
Distributions receivable from Fidelity Central Funds
  
  
544,168
Other receivables
  
  
2,805
  Total assets
  
  
5,277,432,912
Liabilities
  
  
  
  
Payable for investments purchased on a delayed delivery basis
$
195,609
  
  
Payable for fund shares redeemed
2,006,224
  
  
Payable for daily variation margin on futures contracts
109,971
  
  
Deferred taxes
7,813,543
  
  
Collateral on securities loaned
15,845,640
  
  
  Total liabilities
  
  
  
25,970,987
Net Assets  
  
  
$
5,251,461,925
Net Assets consist of:
  
  
  
  
Paid in capital
  
  
$
4,590,659,509
Total accumulated earnings (loss)
  
  
  
660,802,416
Net Assets
  
  
$
5,251,461,925
Net Asset Value, offering price and redemption price per share ($5,251,461,925 ÷ 422,985,929 shares)
  
  
$
12.42
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
  
  
  
  
Dividends
 
  
$
73,662,316
Foreign Tax Reclaims
  
  
6,344,935
Interest  
  
  
80,071
Income from Fidelity Central Funds (including $45,016 from security lending)
 
  
2,298,163
 Income before foreign taxes withheld
  
  
$
82,385,485
Less foreign taxes withheld
  
  
(9,446,732)
 Total income
  
  
  
72,938,753
Expenses
  
  
  
  
Independent trustees' fees and expenses
$
10,010
  
  
 Total expenses
  
  
  
10,010
Net Investment income (loss)
  
  
  
72,928,743
Realized and Unrealized Gain (Loss)
  
  
  
  
Net realized gain (loss) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers (net of foreign taxes of $61,892)
 
(33,541,784)
  
  
 Foreign currency transactions
  
(218,985)
  
  
 Futures contracts
  
(4,144,777)
  
  
Total net realized gain (loss)
  
  
  
(37,905,546)
Change in net unrealized appreciation (depreciation) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers (net of decrease in deferred foreign taxes of $631,935)  
  
266,344,985
  
  
   Fidelity Central Funds
 
1
  
  
 Assets and liabilities in foreign currencies
  
1,650,952
  
  
 Futures contracts
  
7,543,637
  
  
Total change in net unrealized appreciation (depreciation)
  
  
  
275,539,575
Net gain (loss)
  
  
  
237,634,029
Net increase (decrease) in net assets resulting from operations
  
  
$
310,562,772
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
  
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
  
  
  
  
Operations
  
  
  
Net investment income (loss)
$
72,928,743
$
119,678,395
Net realized gain (loss)
  
(37,905,546)
  
(38,387,893)
Change in net unrealized appreciation (depreciation)
  
275,539,575
  
712,583,771
Net increase (decrease) in net assets resulting from operations
  
310,562,772
  
793,874,273
Distributions to shareholders
  
(129,942,722)
  
(109,268,182)
 
  
  
  
  
Share transactions
  
  
  
  
Proceeds from sales of shares
  
866,592,163
  
1,068,814,200
  Reinvestment of distributions
  
114,268,279
  
95,152,226
Cost of shares redeemed
  
(433,931,529)
  
(603,219,321)
 
  
  
  
  
  Net increase (decrease) in net assets resulting from share transactions
  
546,928,913
  
560,747,105
Total increase (decrease) in net assets
  
727,548,963
  
1,245,353,196
 
  
  
  
  
Net Assets
  
  
  
  
Beginning of period
  
4,523,912,962
  
3,278,559,766
End of period
$
5,251,461,925
$
4,523,912,962
 
  
  
  
  
Other Information
  
  
  
  
Shares
  
  
  
  
Sold
  
72,912,584
  
92,912,434
  Issued in reinvestment of distributions
  
9,791,627
  
8,818,557
Redeemed
  
(36,852,589)
  
(52,643,838)
Net increase (decrease)
  
45,851,622
  
49,087,153
 
  
  
  
  
Financial Highlights
 
Fidelity ZERO® International Index Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
  
Years ended October 31, 2024 
  
2023  
  
2022 
  
2021 
  
2020   
  Selected Per-Share Data 
  
  
  
  
  
  
  
  
  
  
  
  
  Net asset value, beginning of period
$
12.00
$
9.99
$
9.08
$
12.40
$
9.67
$
10.14
  Income from Investment Operations
 
  
  
  
  
  
  
  
  
  
  
  
     Net investment income (loss) A,B
  
.18
 
.34
 
.33
 
.33
 
.30
 
.23
     Net realized and unrealized gain (loss)
 
.58
 
2.00
 
.85
 
(3.34)
 
2.62
 
(.45)
  Total from investment operations
 
.76  
  
2.34  
  
1.18  
  
(3.01)  
  
2.92
 
(.22)
  Distributions from net investment income
 
(.34)
 
(.33)
 
(.27)
 
(.31)
 
(.19)
 
(.25)
     Total distributions
 
(.34)
 
(.33)
 
(.27)
 
(.31)
 
(.19)
 
(.25)
  Net asset value, end of period
$
12.42
$
12.00
$
9.99
$
9.08
$
12.40
$
9.67
 Total Return C,D
  
6.52
%
 
23.79%
 
13.03%
 
(24.79)%
 
30.39%
 
(2.34)%
 Ratios to Average Net Assets B,E,F
  
  
  
  
  
  
  
  
  
  
  
  
    Expenses before reductions G
  
-% H
  
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of fee waivers, if any G
  
-
% H
  
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of all reductions, if any G
  
-% H
  
-%
 
-%
 
-%
 
-%
 
-%
    Net investment income (loss)
 
3.08% H
  
2.92%
 
3.12%
 
3.11%
 
2.50%
 
2.39%
 Supplemental Data
  
  
  
  
  
  
  
  
  
  
  
  
    Net assets, end of period (000 omitted)
$
5,251,462
$
4,523,913
$
3,278,560
$
2,621,272
$
3,139,096
$
1,651,017
    Portfolio turnover rate I
  
3
% H
  
5%
 
6%
 
6%
 
8%
 
8%
 
ACalculated based on average shares outstanding during the period.
BNet 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.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees 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.
FExpense 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.
GAmount represents less than .005%.
HAnnualized.
IAmount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.
Fidelity ZERO® Large Cap Index Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.7%
 
  
Shares
Value ($)
 
BAILIWICK OF JERSEY - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Automobile Components - 0.0%
  
  
  
Aptiv PLC
 
56,661
3,233,076
CANADA - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Commercial Services & Supplies - 0.0%
  
  
  
RB Global Inc (United States)
 
45,547
4,586,583
IRELAND - 0.4%
 
  
  
Information Technology - 0.4%
  
  
  
IT Services - 0.4%
  
  
  
Accenture PLC Class A
 
154,506
46,220,470
NETHERLANDS - 0.1%
 
  
  
Information Technology - 0.1%
  
  
  
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
NXP Semiconductors NV
 
62,772
11,569,507
SWITZERLAND - 0.1%
 
  
  
Information Technology - 0.1%
  
  
  
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
TE Connectivity PLC
 
73,670
10,783,815
UNITED KINGDOM - 0.1%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Flutter Entertainment PLC (b)
  
43,978
10,598,258
UNITED STATES - 99.0%
 
  
  
Communication Services - 9.2%
  
  
  
Diversified Telecommunication Services - 0.8%
  
  
  
AT&T Inc
 
1,773,111
49,115,175
Verizon Communications Inc
 
1,039,830
45,814,910
 
  
  
94,930,085
Entertainment - 1.7%
  
  
  
Electronic Arts Inc
 
58,548
8,494,729
Liberty Media Corp-Liberty Formula One Class A (b)
  
6,405
515,923
Liberty Media Corp-Liberty Formula One Class C (b)
  
54,478
4,830,564
Liberty Media Corp-Liberty Live Class A (b)
  
4,812
336,744
Liberty Media Corp-Liberty Live Class C (b)(c)
  
11,496
822,079
Live Nation Entertainment Inc (b)
  
38,729
5,129,656
Netflix Inc (b)
  
105,661
119,578,667
ROBLOX Corp Class A (b)
  
134,291
9,004,212
Take-Two Interactive Software Inc (b)
  
40,566
9,464,859
Walt Disney Co/The
 
446,544
40,613,177
Warner Bros Discovery Inc (b)
  
551,405
4,780,681
 
  
  
203,571,291
Interactive Media & Services - 6.0%
  
  
  
Alphabet Inc Class A
 
1,440,800
228,799,040
Alphabet Inc Class C
 
1,167,756
187,880,263
Meta Platforms Inc Class A
 
540,933
296,972,217
Pinterest Inc Class A (b)
  
146,976
3,721,432
 
  
  
717,372,952
Media - 0.5%
  
  
  
Charter Communications Inc Class A (b)
  
23,834
9,339,591
Comcast Corp Class A
 
931,609
31,861,028
Fox Corp Class A
 
54,436
2,710,368
Fox Corp Class B
 
31,907
1,475,380
Omnicom Group Inc
 
48,520
3,695,283
Trade Desk Inc (The) Class A (b)
  
111,193
5,963,281
 
  
  
55,044,931
Wireless Telecommunication Services - 0.2%
  
  
  
T-Mobile US Inc
 
118,452
29,251,721
TOTAL COMMUNICATION SERVICES
  
  
1,100,170,980
 
  
  
  
Consumer Discretionary - 10.1%
  
  
  
Automobiles - 1.8%
  
  
  
Ford Motor Co
 
961,749
9,627,107
General Motors Co
 
245,758
11,118,092
Tesla Inc (b)
  
691,231
195,037,739
 
  
  
215,782,938
Broadline Retail - 3.7%
  
  
  
Amazon.com Inc (b)
  
2,329,817
429,664,852
eBay Inc
 
118,278
8,061,829
 
  
  
437,726,681
Distributors - 0.1%
  
  
  
Genuine Parts Co
 
34,319
4,034,198
LKQ Corp
 
64,256
2,455,222
Pool Corp
 
9,402
2,756,102
 
  
  
9,245,522
Hotels, Restaurants & Leisure - 2.0%
  
  
  
Airbnb Inc Class A (b)
  
106,922
13,035,930
Booking Holdings Inc
 
8,175
41,686,614
Carnival Corp (b)
  
258,785
4,746,117
Chipotle Mexican Grill Inc (b)
  
334,777
16,912,934
Darden Restaurants Inc
 
28,957
5,809,932
Domino's Pizza Inc
 
8,528
4,181,875
DoorDash Inc Class A (b)
  
83,800
16,164,182
DraftKings Inc Class A (b)
  
121,011
4,028,456
Expedia Group Inc Class A
 
30,462
4,780,402
Hilton Worldwide Holdings Inc
 
59,432
13,400,727
Las Vegas Sands Corp
 
84,869
3,112,146
Marriott International Inc/MD Class A1
 
56,520
13,484,542
McDonald's Corp
 
177,015
56,582,845
Royal Caribbean Cruises Ltd
 
61,158
13,143,466
Starbucks Corp
 
280,577
22,460,189
Yum! Brands Inc
 
68,943
10,371,785
 
  
  
243,902,142
Household Durables - 0.3%
  
  
  
DR Horton Inc
 
70,010
8,845,063
Garmin Ltd
 
37,944
7,090,595
Lennar Corp Class A
 
57,694
6,266,145
Lennar Corp Class B (c)
  
2,642
273,104
NVR Inc (b)
  
739
5,265,929
PulteGroup Inc
 
50,082
5,137,412
 
  
  
32,878,248
Specialty Retail - 2.0%
  
  
  
AutoZone Inc (b)
  
4,145
15,595,977
Best Buy Co Inc
 
48,042
3,203,921
Burlington Stores Inc (b)
  
15,509
3,490,145
CarMax Inc (b)
  
38,009
2,458,042
Carvana Co Class A (b)
  
29,220
7,139,907
Home Depot Inc/The
 
245,367
88,452,351
Lowe's Cos Inc
 
139,463
31,178,348
O'Reilly Automotive Inc (b)
  
14,198
20,093,010
Ross Stores Inc
 
81,485
11,326,415
TJX Cos Inc/The
 
277,671
35,730,704
Tractor Supply Co
 
131,988
6,681,233
Ulta Beauty Inc (b)
  
11,480
4,541,947
Williams-Sonoma Inc
 
30,401
4,696,042
 
  
  
234,588,042
Textiles, Apparel & Luxury Goods - 0.2%
  
  
  
Deckers Outdoor Corp (b)
  
37,482
4,154,130
Lululemon Athletica Inc (b)
  
27,675
7,493,560
NIKE Inc Class B
 
291,761
16,455,320
 
  
  
28,103,010
TOTAL CONSUMER DISCRETIONARY
  
  
1,202,226,583
 
  
  
  
Consumer Staples - 6.0%
  
  
  
Beverages - 1.2%
  
  
  
Coca-Cola Co/The
 
956,385
69,385,732
Constellation Brands Inc Class A
 
38,387
7,199,098
Keurig Dr Pepper Inc
 
294,886
10,200,107
Monster Beverage Corp (b)
  
172,958
10,398,235
PepsiCo Inc
 
338,766
45,929,894
 
  
  
143,113,066
Consumer Staples Distribution & Retail - 2.2%
  
  
  
Costco Wholesale Corp
 
109,649
109,045,932
Dollar General Corp
 
54,392
5,095,986
Dollar Tree Inc (b)
  
49,923
4,082,204
Kroger Co/The
 
164,429
11,873,418
Sprouts Farmers Market Inc (b)
  
24,697
4,223,187
Sysco Corp
 
120,766
8,622,692
Target Corp
 
113,172
10,943,732
Walmart Inc
 
1,071,553
104,208,529
 
  
  
258,095,680
Food Products - 0.6%
  
  
  
Archer-Daniels-Midland Co
 
118,306
5,649,112
Bunge Global SA
 
32,981
2,596,264
Conagra Brands Inc
 
117,894
2,913,161
General Mills Inc
 
136,115
7,723,165
Hershey Co/The
 
36,515
6,104,943
JM Smucker Co
 
26,281
3,055,692
Kellanova
 
66,485
5,502,963
Kraft Heinz Co/The
 
215,554
6,272,621
McCormick & Co Inc/MD
 
62,341
4,779,061
Mondelez International Inc
 
319,463
21,765,015
Tyson Foods Inc Class A
 
70,660
4,327,218
 
  
  
70,689,215
Household Products - 1.1%
  
  
  
Church & Dwight Co Inc
 
60,784
6,038,283
Clorox Co/The
 
30,500
4,340,150
Colgate-Palmolive Co
 
200,411
18,475,890
Kimberly-Clark Corp
 
81,904
10,793,309
Procter & Gamble Co/The
 
579,195
94,159,731
 
  
  
133,807,363
Personal Care Products - 0.1%
  
  
  
Estee Lauder Cos Inc/The Class A
 
57,822
3,467,007
Kenvue Inc
 
473,634
11,177,762
 
  
  
14,644,769
Tobacco - 0.8%
  
  
  
Altria Group Inc
 
418,606
24,760,545
Philip Morris International Inc
 
384,070
65,814,235
 
  
  
90,574,780
TOTAL CONSUMER STAPLES
  
  
710,924,873
 
  
  
  
Energy - 3.2%
  
  
  
Energy Equipment & Services - 0.2%
  
  
  
Baker Hughes Co Class A
 
244,641
8,660,291
Halliburton Co
 
214,274
4,246,911
Schlumberger NV
 
346,003
11,504,600
 
  
  
24,411,802
Oil, Gas & Consumable Fuels - 3.0%
  
  
  
Cheniere Energy Inc
 
55,418
12,807,654
Chevron Corp
 
412,827
56,169,242
ConocoPhillips
 
315,141
28,085,366
Coterra Energy Inc
 
181,853
4,466,310
Devon Energy Corp
 
162,207
4,932,715
Diamondback Energy Inc
 
46,182
6,096,486
EOG Resources Inc
 
138,922
15,327,264
EQT Corp
 
147,386
7,286,764
Expand Energy Corp
 
51,940
5,396,566
Exxon Mobil Corp
 
1,075,247
113,578,341
Hess Corp
 
68,300
8,814,115
Kinder Morgan Inc
 
477,492
12,558,040
Marathon Petroleum Corp
 
78,048
10,724,576
Occidental Petroleum Corp
 
166,927
6,578,593
ONEOK Inc
 
153,239
12,590,116
Ovintiv Inc
 
64,369
2,161,510
Phillips 66
 
102,002
10,614,328
Targa Resources Corp
 
53,878
9,207,750
Texas Pacific Land Corp
 
4,656
6,000,979
Valero Energy Corp
 
78,149
9,072,317
Williams Cos Inc/The
 
301,104
17,635,661
 
  
  
360,104,693
TOTAL ENERGY
  
  
384,516,495
 
  
  
  
Financials - 14.5%
  
  
  
Banks - 3.4%
  
  
  
Bank of America Corp
 
1,635,568
65,226,452
Citigroup Inc
 
463,652
31,704,524
Citizens Financial Group Inc
 
107,910
3,980,799
Fifth Third Bancorp
 
165,401
5,944,512
First Citizens BancShares Inc/NC Class A
 
2,858
5,084,782
Huntington Bancshares Inc/OH
 
358,903
5,214,861
JPMorgan Chase & Co
 
690,675
168,952,919
KeyCorp
 
245,890
3,649,007
M&T Bank Corp
 
41,006
6,961,179
PNC Financial Services Group Inc/The
 
97,813
15,717,571
Regions Financial Corp
 
224,390
4,579,800
Truist Financial Corp
 
325,106
12,464,564
US Bancorp
 
385,297
15,542,881
Wells Fargo & Co
 
812,394
57,688,098
 
  
  
402,711,949
Capital Markets - 3.4%
  
  
  
Ameriprise Financial Inc
 
23,760
11,191,435
Ares Management Corp Class A
 
46,079
7,028,430
Bank of New York Mellon Corp/The
 
177,270
14,254,281
Blackrock Inc
 
35,961
32,877,704
Blackstone Inc
 
180,792
23,812,114
Cboe Global Markets Inc
 
25,858
5,735,304
Charles Schwab Corp/The
 
420,932
34,263,865
CME Group Inc Class A
 
89,013
24,663,722
Coinbase Global Inc Class A (b)
  
51,910
10,532,020
FactSet Research Systems Inc
 
9,392
4,059,410
Goldman Sachs Group Inc/The
 
77,073
42,201,322
Interactive Brokers Group Inc Class A
 
26,890
4,621,047
Intercontinental Exchange Inc
 
141,927
23,839,478
KKR & Co Inc Class A
 
166,741
19,053,494
LPL Financial Holdings Inc
 
19,595
6,266,285
Moody's Corp
 
38,236
17,325,496
Morgan Stanley
 
305,639
35,276,853
MSCI Inc
 
19,180
10,455,210
Nasdaq Inc
 
102,205
7,789,043
Northern Trust Corp
 
48,389
4,547,598
Raymond James Financial Inc
 
45,546
6,241,624
Robinhood Markets Inc Class A (b)
  
175,692
8,628,234
S&P Global Inc
 
77,810
38,908,891
State Street Corp
 
71,303
6,281,794
T Rowe Price Group Inc
 
55,091
4,878,308
Tradeweb Markets Inc Class A
 
28,694
3,968,380
 
  
  
408,701,342
Consumer Finance - 0.6%
  
  
  
American Express Co
 
137,093
36,522,946
Capital One Financial Corp
 
94,155
16,972,380
Discover Financial Services
 
61,998
11,325,175
Synchrony Financial
 
95,998
4,987,096
 
  
  
69,807,597
Financial Services - 4.9%
  
  
  
Apollo Global Management Inc
 
110,408
15,068,484
Berkshire Hathaway Inc Class B (b)
  
452,767
241,438,003
Block Inc Class A (b)
  
138,238
8,082,776
Corpay Inc (b)
  
17,217
5,601,895
Fidelity National Information Services Inc
 
130,835
10,320,265
Fiserv Inc (b)
  
140,532
25,937,991
Global Payments Inc
 
61,150
4,666,357
Jack Henry & Associates Inc
 
18,005
3,122,606
Mastercard Inc Class A
 
201,172
110,254,326
PayPal Holdings Inc (b)
  
244,346
16,087,741
Visa Inc Class A
 
425,698
147,078,659
 
  
  
587,659,103
Insurance - 2.2%
  
  
  
AFLAC Inc
 
122,278
13,289,173
Allstate Corp/The
 
65,458
12,986,213
American International Group Inc
 
146,559
11,947,490
Aon PLC
 
53,423
18,953,946
Arch Capital Group Ltd
 
92,543
8,391,799
Arthur J Gallagher & Co
 
62,832
20,149,594
Brown & Brown Inc
 
58,629
6,484,367
Chubb Ltd
 
92,057
26,335,667
Cincinnati Financial Corp
 
38,633
5,378,100
Everest Group Ltd
 
10,614
3,808,622
Fidelity National Financial Inc/US
 
64,212
4,112,779
Hartford Insurance Group Inc/The
 
71,023
8,712,391
Markel Group Inc (b)
  
3,162
5,750,413
Marsh & McLennan Cos Inc
 
121,322
27,354,471
MetLife Inc
 
142,998
10,777,759
Principal Financial Group Inc
 
51,965
3,853,205
Progressive Corp/The
 
144,706
40,769,469
Prudential Financial Inc
 
87,387
8,975,519
The Travelers Companies, Inc.
 
56,006
14,792,865
W R Berkley Corp
 
74,176
5,317,677
Willis Towers Watson PLC
 
24,644
7,585,423
 
  
  
265,726,942
TOTAL FINANCIALS
  
  
1,734,606,933
 
  
  
  
Health Care - 10.7%
  
  
  
Biotechnology - 1.9%
  
  
  
AbbVie Inc
 
436,067
85,076,672
Alnylam Pharmaceuticals Inc (b)(c)
  
31,971
8,416,046
Amgen Inc
 
132,697
38,604,211
Biogen Inc (b)
  
36,154
4,377,526
BioMarin Pharmaceutical Inc (b)
  
47,075
2,998,207
Gilead Sciences Inc
 
307,850
32,798,339
Insmed Inc (b)(c)
  
44,194
3,181,968
Natera Inc (b)
  
32,611
4,921,978
Regeneron Pharmaceuticals Inc
 
25,988
15,560,575
Vertex Pharmaceuticals Inc (b)
  
63,432
32,318,604
 
  
  
228,254,126
Health Care Equipment & Supplies - 2.4%
  
  
  
Abbott Laboratories
 
428,435
56,017,876
Align Technology Inc (b)
  
17,329
3,003,116
Baxter International Inc
 
126,099
3,930,506
Becton Dickinson & Co
 
70,922
14,687,237
Boston Scientific Corp (b)
  
364,056
37,450,441
Cooper Cos Inc/The (b)
  
49,291
4,025,596
Dexcom Inc (b)
  
96,547
6,891,525
Edwards Lifesciences Corp (b)
  
145,683
10,997,610
GE HealthCare Technologies Inc
 
112,969
7,945,110
Hologic Inc (b)
  
55,412
3,224,978
IDEXX Laboratories Inc (b)
  
20,215
8,746,020
Insulet Corp (b)
  
17,368
4,381,773
Intuitive Surgical Inc (b)
  
88,099
45,441,464
Medtronic PLC
 
316,736
26,846,543
ResMed Inc
 
36,268
8,580,646
STERIS PLC
 
24,268
5,453,990
Stryker Corp
 
84,829
31,719,260
Zimmer Biomet Holdings Inc
 
49,167
5,066,659
 
  
  
284,410,350
Health Care Providers & Services - 2.1%
  
  
  
Cardinal Health Inc
 
59,649
8,427,807
Cencora Inc
 
42,631
12,476,815
Centene Corp (b)
  
122,482
7,330,548
Cigna Group/The
 
67,629
22,996,565
CVS Health Corp
 
311,429
20,775,429
Elevance Health Inc
 
57,287
24,093,766
HCA Healthcare Inc
 
44,167
15,241,148
Humana Inc
 
29,793
7,812,916
Labcorp Holdings Inc
 
20,600
4,964,806
McKesson Corp
 
30,957
22,065,840
Molina Healthcare Inc (b)
  
13,708
4,482,653
Quest Diagnostics Inc
 
27,468
4,895,347
UnitedHealth Group Inc
 
227,322
93,529,364
 
  
  
249,093,004
Health Care Technology - 0.0%
  
  
  
Veeva Systems Inc Class A (b)
  
36,881
8,618,721
Life Sciences Tools & Services - 0.9%
  
  
  
Agilent Technologies Inc
 
70,507
7,586,553
Avantor Inc (b)(c)
  
168,177
2,184,619
Danaher Corp
 
158,083
31,510,684
Illumina Inc (b)
  
39,119
3,035,634
IQVIA Holdings Inc (b)
  
41,355
6,412,920
Mettler-Toledo International Inc (b)
  
5,165
5,529,494
Revvity Inc
 
30,063
2,808,786
Thermo Fisher Scientific Inc
 
94,479
40,531,492
Waters Corp (b)
  
14,663
5,098,765
West Pharmaceutical Services Inc
 
17,886
3,779,133
 
  
  
108,478,080
Pharmaceuticals - 3.4%
  
  
  
Bristol-Myers Squibb Co
 
501,265
25,163,503
Eli Lilly & Co
 
194,629
174,961,740
Johnson & Johnson
 
594,718
92,960,371
Merck & Co Inc
 
624,846
53,236,879
Pfizer Inc
 
1,399,787
34,168,801
Royalty Pharma PLC Class A
 
92,048
3,021,015
Viatris Inc
 
294,709
2,481,449
Zoetis Inc Class A
 
110,610
17,299,404
 
  
  
403,293,162
TOTAL HEALTH CARE
  
  
1,282,147,443
 
  
  
  
Industrials - 8.5%
  
  
  
Aerospace & Defense - 2.2%
  
  
  
Axon Enterprise Inc (b)
  
17,894
10,974,390
Boeing Co (b)
  
185,276
33,949,974
GE Aerospace
 
265,115
53,431,278
General Dynamics Corp
 
62,677
17,055,665
HEICO Corp
 
9,934
2,491,050
HEICO Corp Class A
 
18,415
3,700,126
Howmet Aerospace Inc
 
100,045
13,864,236
L3Harris Technologies Inc
 
46,523
10,235,990
Lockheed Martin Corp
 
51,746
24,721,652
Northrop Grumman Corp
 
33,610
16,351,265
RTX Corp
 
329,054
41,503,581
Textron Inc
 
45,088
3,172,843
TransDigm Group Inc
 
13,853
19,575,259
 
  
  
251,027,309
Air Freight & Logistics - 0.3%
  
  
  
Expeditors International of Washington Inc
 
34,570
3,799,589
FedEx Corp
 
54,730
11,511,361
United Parcel Service Inc Class B
 
180,637
17,214,706
 
  
  
32,525,656
Building Products - 0.5%
  
  
  
Builders FirstSource Inc (b)
  
28,415
3,399,286
Carlisle Cos Inc
 
11,013
4,179,213
Carrier Global Corp
 
199,452
12,473,728
Johnson Controls International plc
 
163,049
13,679,811
Lennox International Inc
 
7,908
4,323,699
Masco Corp
 
52,347
3,172,752
Trane Technologies PLC
 
55,398
21,234,608
 
  
  
62,463,097
Commercial Services & Supplies - 0.6%
  
  
  
Cintas Corp
 
84,726
17,934,800
Copart Inc (b)
  
216,576
13,217,633
Republic Services Inc
 
50,141
12,572,856
Veralto Corp
 
61,078
5,857,380
Waste Management Inc
 
90,217
21,053,039
 
  
  
70,635,708
Construction & Engineering - 0.1%
  
  
  
Quanta Services Inc
 
36,465
10,672,941
Electrical Equipment - 0.8%
  
  
  
AMETEK Inc
 
57,154
9,692,175
Eaton Corp PLC
 
97,609
28,733,162
Emerson Electric Co
 
139,276
14,639,300
GE Vernova Inc
 
68,149
25,271,012
Hubbell Inc
 
13,250
4,812,135
Rockwell Automation Inc
 
27,940
6,920,179
Vertiv Holdings Co Class A
 
94,057
8,030,587
 
  
  
98,098,550
Ground Transportation - 0.9%
  
  
  
CSX Corp
 
476,313
13,370,106
JB Hunt Transport Services Inc
 
19,629
2,563,154
Norfolk Southern Corp
 
55,931
12,531,341
Old Dominion Freight Line Inc
 
46,410
7,113,725
Uber Technologies Inc (b)
  
516,009
41,801,889
Union Pacific Corp
 
149,267
32,190,921
 
  
  
109,571,136
Industrial Conglomerates - 0.4%
  
  
  
3M Co
 
134,095
18,627,136
Honeywell International Inc
 
160,612
33,808,826
 
  
  
52,435,962
Machinery - 1.5%
  
  
  
Caterpillar Inc
 
118,050
36,509,324
Cummins Inc
 
33,965
9,980,276
Deere & Co
 
62,563
29,001,704
Dover Corp
 
33,930
5,790,155
Fortive Corp
 
84,364
5,879,327
IDEX Corp
 
18,697
3,252,717
Illinois Tool Works Inc
 
65,961
15,824,704
Ingersoll Rand Inc
 
99,513
7,506,266
Otis Worldwide Corp
 
97,964
9,430,994
PACCAR Inc
 
129,516
11,683,638
Parker-Hannifin Corp
 
31,803
19,242,723
Snap-on Inc
 
12,936
4,059,446
Stanley Black & Decker Inc
 
38,110
2,287,361
Westinghouse Air Brake Technologies Corp
 
42,199
7,795,843
Xylem Inc/NY
 
60,024
7,237,094
 
  
  
175,481,572
Passenger Airlines - 0.1%
  
  
  
Delta Air Lines Inc
 
158,655
6,604,808
Southwest Airlines Co (c)
  
146,335
4,091,526
United Airlines Holdings Inc (b)
  
81,199
5,588,115
 
  
  
16,284,449
Professional Services - 0.7%
  
  
  
Automatic Data Processing Inc
 
100,503
30,211,202
Booz Allen Hamilton Holding Corp Class A
 
31,277
3,753,865
Broadridge Financial Solutions Inc
 
28,910
7,007,784
Equifax Inc
 
30,624
7,966,221
Jacobs Solutions Inc
 
30,259
3,746,063
Leidos Holdings Inc
 
32,464
4,778,052
Paychex Inc
 
79,153
11,644,989
SS&C Technologies Holdings Inc
 
53,216
4,023,130
TransUnion
 
48,182
3,997,179
Verisk Analytics Inc
 
34,892
10,343,036
 
  
  
87,471,521
Trading Companies & Distributors - 0.4%
  
  
  
Fastenal Co
 
141,643
11,468,834
Ferguson Enterprises Inc
 
49,369
8,375,945
United Rentals Inc
 
16,134
10,187,814
Watsco Inc
 
8,602
3,955,543
WW Grainger Inc
 
10,947
11,213,122
 
  
  
45,201,258
TOTAL INDUSTRIALS
  
  
1,011,869,159
 
  
  
  
Information Technology - 30.0%
  
  
  
Communications Equipment - 0.8%
  
  
  
Arista Networks Inc
 
255,157
20,991,766
Cisco Systems Inc
 
983,798
56,794,659
F5 Inc (b)
  
14,240
3,769,897
Motorola Solutions Inc
 
41,281
18,179,740
 
  
  
99,736,062
Electronic Equipment, Instruments & Components - 0.5%
  
  
  
Amphenol Corp Class A
 
299,147
23,019,362
CDW Corp/DE
 
32,911
5,284,190
Corning Inc
 
190,355
8,447,955
Jabil Inc
 
27,051
3,964,595
Keysight Technologies Inc (b)
  
42,706
6,209,452
Teledyne Technologies Inc (b)
  
11,511
5,364,471
Trimble Inc (b)
  
60,699
3,771,836
Zebra Technologies Corp Class A (b)
  
12,688
3,176,060
 
  
  
59,237,921
IT Services - 1.0%
  
  
  
Akamai Technologies Inc (b)
  
37,106
2,990,001
Cloudflare Inc Class A (b)
  
76,046
9,184,836
Cognizant Technology Solutions Corp Class A
 
122,114
8,983,927
Gartner Inc (b)
  
18,972
7,988,730
GoDaddy Inc Class A (b)
  
34,880
6,568,950
IBM Corporation
 
228,403
55,232,414
MongoDB Inc Class A (b)
  
18,394
3,166,895
Okta Inc Class A (b)
  
40,412
4,532,610
Snowflake Inc Class A (b)
  
81,538
13,004,496
Twilio Inc Class A (b)
  
37,888
3,664,148
VeriSign Inc (b)
  
20,099
5,670,330
 
  
  
120,987,337
Semiconductors & Semiconductor Equipment - 9.9%
  
  
  
Advanced Micro Devices Inc (b)
  
400,269
38,966,187
Analog Devices Inc
 
122,538
23,885,107
Applied Materials Inc
 
200,738
30,253,224
Broadcom Inc
 
1,157,833
222,848,118
Entegris Inc
 
37,325
2,953,153
First Solar Inc (b)
  
26,442
3,326,932
Intel Corp
 
1,069,549
21,497,935
KLA Corp
 
32,823
23,064,394
Lam Research Corp
 
317,058
22,723,547
Marvell Technology Inc
 
213,729
12,475,362
Microchip Technology Inc
 
133,003
6,128,778
Micron Technology Inc
 
275,205
21,177,025
Monolithic Power Systems Inc
 
11,820
7,010,442
NVIDIA Corp
 
6,049,327
658,892,697
ON Semiconductor Corp (b)
  
104,068
4,131,500
QUALCOMM Inc
 
273,188
40,557,490
Teradyne Inc
 
40,217
2,984,504
Texas Instruments Inc
 
224,858
35,988,523
 
  
  
1,178,864,918
Software - 10.9%
  
  
  
Adobe Inc (b)
  
107,528
40,320,849
ANSYS Inc (b)
  
21,607
6,954,861
AppLovin Corp Class A (b)
  
55,018
14,816,898
Atlassian Corp Class A (b)
  
40,491
9,244,500
Autodesk Inc (b)
  
53,111
14,565,692
Cadence Design Systems Inc (b)
  
67,747
20,170,992
Crowdstrike Holdings Inc Class A (b)
  
60,842
26,093,309
Datadog Inc Class A (b)
  
77,369
7,904,017
Docusign Inc (b)
  
49,903
4,079,569
Fair Isaac Corp (b)
  
6,032
12,001,750
Fortinet Inc (b)
  
157,145
16,305,365
Gen Digital Inc
 
133,973
3,465,881
HubSpot Inc (b)
  
12,883
7,877,955
Intuit Inc
 
69,144
43,385,786
Microsoft Corp
 
1,836,290
725,811,985
MicroStrategy Inc Class A (b)(c)
  
58,870
22,377,076
Oracle Corp
 
400,714
56,388,474
Palantir Technologies Inc Class A (b)
  
506,331
59,969,844
Palo Alto Networks Inc (b)
  
163,549
30,572,215
PTC Inc (b)
  
29,722
4,606,018
Roper Technologies Inc
 
26,489
14,835,959
Salesforce Inc
 
236,393
63,521,163
Servicenow Inc (b)
  
50,885
48,595,684
Synopsys Inc (b)
  
38,183
17,526,379
Tyler Technologies Inc (b)
  
10,573
5,744,311
Workday Inc Class A (b)
  
52,861
12,950,945
Zoom Communications Inc Class A (b)
  
64,745
5,020,327
Zscaler Inc (b)
  
23,499
5,314,769
 
  
  
1,300,422,573
Technology Hardware, Storage & Peripherals - 6.9%
  
  
  
Apple Inc
 
3,710,629
788,508,663
Dell Technologies Inc Class C
 
77,083
7,073,136
Hewlett Packard Enterprise Co
 
324,928
5,270,332
HP Inc
 
231,854
5,928,507
NetApp Inc
 
50,168
4,502,578
Seagate Technology Holdings PLC
 
52,439
4,773,522
Super Micro Computer Inc (b)(c)
  
124,381
3,962,779
Western Digital Corp (b)
  
85,703
3,758,933
 
  
  
823,778,450
TOTAL INFORMATION TECHNOLOGY
  
  
3,583,027,261
 
  
  
  
Materials - 2.1%
  
  
  
Chemicals - 1.2%
  
  
  
Air Products and Chemicals Inc
 
54,949
14,896,124
CF Industries Holdings Inc
 
42,972
3,367,716
Corteva Inc
 
169,331
10,496,829
Dow Inc
 
174,114
5,326,147
DuPont de Nemours Inc
 
103,306
6,817,163
Eastman Chemical Co
 
28,473
2,192,420
Ecolab Inc
 
62,245
15,650,260
International Flavors & Fragrances Inc
 
63,132
4,953,337
Linde PLC
 
117,613
53,305,740
LyondellBasell Industries NV Class A1
 
63,975
3,723,985
PPG Industries Inc
 
57,352
6,243,339
Sherwin-Williams Co/The
 
57,229
20,197,259
 
  
  
147,170,319
Construction Materials - 0.3%
  
  
  
CRH PLC
 
167,802
16,011,667
Martin Marietta Materials Inc
 
15,095
7,909,478
Vulcan Materials Co
 
32,610
8,554,581
 
  
  
32,475,726
Containers & Packaging - 0.2%
  
  
  
Amcor PLC (c)
  
356,822
3,282,762
Avery Dennison Corp
 
19,836
3,394,138
Ball Corp
 
73,689
3,827,407
International Paper Co
 
130,321
5,953,064
Packaging Corp of America
 
22,017
4,086,575
Smurfit WestRock PLC
 
122,114
5,131,230
 
  
  
25,675,176
Metals & Mining - 0.4%
  
  
  
Freeport-McMoRan Inc
 
354,957
12,789,101
Newmont Corp
 
281,207
14,813,985
Nucor Corp
 
58,027
6,926,683
Reliance Inc
 
13,366
3,852,482
Steel Dynamics Inc
 
34,965
4,535,310
 
  
  
42,917,561
TOTAL MATERIALS
  
  
248,238,782
 
  
  
  
Real Estate - 2.2%
  
  
  
Diversified REITs - 0.0%
  
  
  
WP Carey Inc
 
54,041
3,374,320
Health Care REITs - 0.3%
  
  
  
Alexandria Real Estate Equities Inc
 
38,051
2,764,786
Healthpeak Properties Inc
 
172,736
3,081,610
Ventas Inc
 
107,969
7,566,468
Welltower Inc
 
150,499
22,964,642
 
  
  
36,377,506
Hotel & Resort REITs - 0.0%
  
  
  
Host Hotels & Resorts Inc
 
172,780
2,439,653
Industrial REITs - 0.2%
  
  
  
Prologis Inc
 
228,942
23,397,872
Real Estate Management & Development - 0.1%
  
  
  
CBRE Group Inc Class A (b)
  
72,968
8,915,231
CoStar Group Inc (b)
  
104,043
7,716,869
 
  
  
16,632,100
Residential REITs - 0.3%
  
  
  
AvalonBay Communities Inc
 
35,090
7,368,198
Equity Residential
 
84,481
5,935,635
Essex Property Trust Inc
 
15,871
4,430,390
Invitation Homes Inc
 
140,971
4,819,798
Mid-America Apartment Communities Inc
 
28,871
4,609,255
Sun Communities Inc
 
29,574
3,679,893
UDR Inc
 
74,353
3,113,904
 
  
  
33,957,073
Retail REITs - 0.2%
  
  
  
Realty Income Corp
 
216,174
12,507,828
Simon Property Group Inc
 
75,750
11,921,535
 
  
  
24,429,363
Specialized REITs - 1.1%
  
  
  
American Tower Corp
 
115,424
26,017,724
Crown Castle Inc
 
107,341
11,352,384
Digital Realty Trust Inc
 
78,161
12,547,967
Equinix Inc
 
24,042
20,694,152
Extra Space Storage Inc
 
52,355
7,671,055
Gaming and Leisure Properties Inc
 
67,754
3,242,705
Iron Mountain Inc
 
72,605
6,510,490
Public Storage Operating Co
 
38,928
11,695,139
SBA Communications Corp Class A
 
26,574
6,468,112
VICI Properties Inc
 
260,245
8,333,045
Weyerhaeuser Co
 
179,203
4,643,150
 
  
  
119,175,923
TOTAL REAL ESTATE
  
  
259,783,810
 
  
  
  
Utilities - 2.5%
  
  
  
Electric Utilities - 1.6%
  
  
  
Alliant Energy Corp
 
63,356
3,867,249
American Electric Power Co Inc
 
131,702
14,268,595
Constellation Energy Corp
 
77,273
17,265,879
Duke Energy Corp
 
191,680
23,388,794
Edison International
 
95,728
5,122,404
Entergy Corp
 
105,969
8,813,442
Evergy Inc
 
56,775
3,923,152
Eversource Energy
 
90,577
5,387,520
Exelon Corp
 
248,275
11,644,098
FirstEnergy Corp
 
126,651
5,430,795
NextEra Energy Inc
 
507,950
33,971,696
NRG Energy Inc
 
50,029
5,482,178
PG&E Corp
 
541,951
8,953,031
PPL Corp
 
182,419
6,658,294
Southern Co/The
 
270,648
24,869,845
Xcel Energy Inc
 
141,845
10,028,442
 
  
  
189,075,414
Gas Utilities - 0.0%
  
  
  
Atmos Energy Corp
 
39,228
6,301,194
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
Vistra Corp
 
84,049
10,895,272
Multi-Utilities - 0.7%
  
  
  
Ameren Corp
 
66,688
6,618,117
CenterPoint Energy Inc
 
160,968
6,242,339
CMS Energy Corp
 
73,783
5,434,118
Consolidated Edison Inc
 
85,599
9,651,287
Dominion Energy Inc
 
207,471
11,282,273
DTE Energy Co
 
51,198
7,014,126
NiSource Inc
 
116,045
4,538,520
Public Service Enterprise Group Inc
 
123,066
9,836,665
Sempra
 
156,437
11,618,576
WEC Energy Group Inc
 
78,432
8,589,873
 
  
  
80,825,894
Water Utilities - 0.1%
  
  
  
American Water Works Co Inc
 
48,141
7,077,208
TOTAL UTILITIES
  
  
294,174,982
 
  
  
  
TOTAL UNITED STATES
  
  
11,811,687,301
 
TOTAL COMMON STOCKS
 (Cost $8,662,709,491)
  
  
  
11,898,679,010
 
  
  
  
Money Market Funds - 0.5%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (e)
  
4.33
29,709,529
29,715,471
Fidelity Securities Lending Cash Central Fund (e)(f)
  
4.33
37,318,318
37,322,050
 
TOTAL MONEY MARKET FUNDS
 (Cost $67,037,521)
  
  
  
67,037,521
 
  
  
  
  
U.S. Treasury Obligations - 0.0%
 
  
Yield (%) (d)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 5/29/2025 (g)
 (Cost $1,526,988)
  
4.25
1,532,000
1,526,972
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.2%
 (Cost $8,731,274,000)
 
  
 
11,967,243,503
NET OTHER ASSETS (LIABILITIES) - (0.2)%  
(28,178,165)
NET ASSETS - 100.0%
11,939,065,338
 
  
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
  
  
  
  
  
 
  
  
  
  
  
Equity Contracts
  
  
  
  
  
CME E-Mini S&P 500 Index Contracts (United States)
147
Jun 2025
41,064,450
2,443,071
2,443,071
 
  
  
  
  
  
The notional amount of futures purchased as a percentage of Net Assets is 0.3%

 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
(g)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $1,526,972.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
32,676,186
561,409,246
564,369,961
602,128
-
-
29,715,471
29,709,529
0.0%
Fidelity Securities Lending Cash Central Fund
25,661,525
181,186,025
169,525,500
8,612
-
-
37,322,050
37,318,318
0.1%
Total
58,337,711
742,595,271
733,895,461
610,740
-
-
67,037,521
  
  
 
  
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
  
  
  
  
 Common Stocks
  
  
  
  
Communication Services
1,100,170,980
1,100,170,980
-
-
Consumer Discretionary
1,216,057,917
1,216,057,917
-
-
Consumer Staples
710,924,873
710,924,873
-
-
Energy
384,516,495
384,516,495
-
-
Financials
1,734,606,933
1,734,606,933
-
-
Health Care
1,282,147,443
1,282,147,443
-
-
Industrials
1,016,455,742
1,016,455,742
-
-
Information Technology
3,651,601,053
3,651,601,053
-
-
Materials
248,238,782
248,238,782
-
-
Real Estate
259,783,810
259,783,810
-
-
Utilities
294,174,982
294,174,982
-
-
 U.S. Treasury Obligations
1,526,972
-
1,526,972
-
 Money Market Funds
67,037,521
67,037,521
-
-
 Total Investments in Securities:
11,967,243,503
11,965,716,531
1,526,972
-
 Derivative Instruments:
  
  
  
  
 Assets
  
  
  
  
Futures Contracts
2,443,071
2,443,071
-
-
  Total Assets
2,443,071
2,443,071
-
-
 Total Derivative Instruments:
2,443,071
2,443,071
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
  
  
Futures Contracts (a) 
2,443,071
0
Total Equity Risk
2,443,071
0
Total Value of Derivatives
2,443,071
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity ZERO® Large Cap Index Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
  
  
  
Investment in securities, at value  (including  securities loaned of $36,019,063) - See accompanying schedule:
  
  
  
  
Unaffiliated issuers (cost $8,664,236,479)
$
11,900,205,982
  
  
Fidelity Central Funds (cost $67,037,521)
67,037,521
  
  
 
  
  
  
  
 
  
  
  
  
Total Investment in Securities (cost $8,731,274,000)
  
  
$
11,967,243,503
Segregated cash with brokers for derivative instruments
  
  
1,473,692
Cash
  
  
6
Receivable for fund shares sold
  
  
10,518,499
Dividends receivable
  
  
6,545,655
Distributions receivable from Fidelity Central Funds
  
  
107,519
Receivable for daily variation margin on futures contracts
  
  
26,649
Other receivables
  
  
1,622
  Total assets
  
  
11,985,917,145
Liabilities
  
  
  
  
Payable for fund shares redeemed
$
9,529,757
  
  
Collateral on securities loaned
37,322,050
  
  
  Total liabilities
  
  
  
46,851,807
Net Assets  
  
  
$
11,939,065,338
Net Assets consist of:
  
  
  
  
Paid in capital
  
  
$
8,862,758,854
Total accumulated earnings (loss)
  
  
  
3,076,306,484
Net Assets
  
  
$
11,939,065,338
Net Asset Value, offering price and redemption price per share ($11,939,065,338 ÷ 601,113,492 shares)
  
  
$
19.86
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
  
  
  
  
Dividends
 
  
$
77,974,010
Interest  
  
  
41,709
Income from Fidelity Central Funds (including $8,612 from security lending)
 
  
610,740
 Total income
  
  
  
78,626,459
Expenses
  
  
  
  
Independent trustees' fees and expenses
$
25,614
  
  
 Total expenses before reductions
  
25,614
  
  
 Expense reductions
  
(731)
  
  
 Total expenses after reductions
  
  
  
24,883
Net Investment income (loss)
  
  
  
78,601,576
Realized and Unrealized Gain (Loss)
  
  
  
  
Net realized gain (loss) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
(74,465,734)
  
  
 Futures contracts
  
(4,034,736)
  
  
Total net realized gain (loss)
  
  
  
(78,500,470)
Change in net unrealized appreciation (depreciation) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
(239,569,171)
  
  
 Futures contracts
  
2,529,226
  
  
Total change in net unrealized appreciation (depreciation)
  
  
  
(237,039,945)
Net gain (loss)
  
  
  
(315,540,415)
Net increase (decrease) in net assets resulting from operations
  
  
$
(236,938,839)
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
  
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
  
  
  
  
Operations
  
  
  
Net investment income (loss)
$
78,601,576
$
127,440,088
Net realized gain (loss)
  
(78,500,470)
  
(22,911,761)
Change in net unrealized appreciation (depreciation)
  
(237,039,945)
  
2,593,614,733
Net increase (decrease) in net assets resulting from operations
  
(236,938,839)
  
2,698,143,060
Distributions to shareholders
  
(128,711,220)
  
(99,928,756)
 
  
  
  
  
Share transactions
  
  
  
  
Proceeds from sales of shares
  
2,262,273,730
  
3,323,184,972
  Reinvestment of distributions
  
114,704,107
  
87,829,389
Cost of shares redeemed
  
(1,260,636,985)
  
(1,253,994,181)
 
  
  
  
  
  Net increase (decrease) in net assets resulting from share transactions
  
1,116,340,852
  
2,157,020,180
Total increase (decrease) in net assets
  
750,690,793
  
4,755,234,484
 
  
  
  
  
Net Assets
  
  
  
  
Beginning of period
  
11,188,374,545
  
6,433,140,061
End of period
$
11,939,065,338
$
11,188,374,545
 
  
  
  
  
Other Information
  
  
  
  
Shares
  
  
  
  
Sold
  
108,646,548
  
179,718,697
  Issued in reinvestment of distributions
  
5,325,167
  
5,267,475
Redeemed
  
(61,323,148)
  
(67,672,907)
Net increase (decrease)
  
52,648,567
  
117,313,265
 
  
  
  
  
Financial Highlights
 
Fidelity ZERO® Large Cap Index Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
  
Years ended October 31, 2024 
  
2023  
  
2022 
  
2021 
  
2020   
  Selected Per-Share Data 
  
  
  
  
  
  
  
  
  
  
  
  
  Net asset value, beginning of period
$
20.40
$
14.92
$
13.70
$
16.55
$
11.73
$
10.65
  Income from Investment Operations
 
  
  
  
  
  
  
  
  
  
  
  
     Net investment income (loss) A,B
  
.13
 
.26
 
.24
 
.22
 
.20
 
.20
     Net realized and unrealized gain (loss)
 
(.44)
 
5.45
 
1.19
 
(2.91)
 
4.78
 
1.01
  Total from investment operations
 
(.31)  
  
5.71  
  
1.43  
  
(2.69)  
  
4.98
 
1.21
  Distributions from net investment income
 
(.23)
 
(.23)
 
(.21)
 
(.16)
 
(.16)
 
(.13)
     Total distributions
 
(.23)
 
(.23)
 
(.21)
 
(.16)
 
(.16)
 
(.13)
  Net asset value, end of period
$
19.86
$
20.40
$
14.92
$
13.70
$
16.55
$
11.73
 Total Return C,D
  
(1.62)
%
 
38.58%
 
10.57%
 
(16.39)%
 
42.81%
 
11.45%
 Ratios to Average Net Assets B,E,F
  
  
  
  
  
  
  
  
  
  
  
  
    Expenses before reductions G
  
-% H
  
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of fee waivers, if any G
  
-
% H
  
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of all reductions, if any G
  
-% H
  
-%
 
-%
 
-%
 
-%
 
-%
    Net investment income (loss)
 
1.30% H
  
1.39%
 
1.61%
 
1.48%
 
1.36%
 
1.80%
 Supplemental Data
  
  
  
  
  
  
  
  
  
  
  
  
    Net assets, end of period (000 omitted)
$
11,939,065
$
11,188,375
$
6,433,140
$
5,306,274
$
5,103,057
$
2,375,916
    Portfolio turnover rate I
  
3
% H
  
3%
 
2%
 
3%
 
5% J
  
5%
 
ACalculated based on average shares outstanding during the period.
BNet 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.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees 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.
FExpense 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.
GAmount represents less than .005%.
HAnnualized.
IAmount 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.
JPortfolio turnover rate excludes securities received or delivered in-kind.
Fidelity ZERO® Total Market Index Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.7%
 
  
Shares
Value ($)
 
BAHAMAS (NASSAU) - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Diversified Consumer Services - 0.0%
  
  
  
OneSpaWorld Holdings Ltd
 
47,446
792,348
BAILIWICK OF JERSEY - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Automobile Components - 0.0%
  
  
  
Aptiv PLC
 
104,903
5,985,765
BELGIUM - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Liberty Global Ltd Class A (b)
  
59,186
648,086
Liberty Global Ltd Class C (b)
  
88,552
1,004,180
 
  
  
  
TOTAL BELGIUM
  
  
1,652,266
BERMUDA - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Teekay Corp Ltd
 
25,810
186,090
Financials - 0.0%
  
  
  
Insurance - 0.0%
  
  
  
RenaissanceRe Holdings Ltd
 
22,519
5,448,022
TOTAL BERMUDA
  
  
5,634,112
CANADA - 0.0%
 
  
  
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
Sunopta Inc (United States) (b)
  
43,723
188,883
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Teekay Tankers Ltd Class A
 
11,324
482,063
Industrials - 0.0%
  
  
  
Commercial Services & Supplies - 0.0%
  
  
  
RB Global Inc (United States)
 
84,246
8,483,572
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
D-Wave Quantum Inc (b)(c)
  
95,614
660,693
Hut 8 Corp (United States) (b)(c)
  
37,614
463,028
 
  
  
1,123,721
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
McEwen Mining Inc (b)(c)
  
20,467
159,643
TOTAL CANADA
  
  
10,437,882
CHINA - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
indie Semiconductor Inc Class A (b)(c)
  
78,150
155,519
GERMANY - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Orion SA
 
26,323
316,929
Paper & Forest Products - 0.0%
  
  
  
Mercer International Inc
 
20,138
90,017
TOTAL GERMANY
  
  
406,946
GHANA - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Kosmos Energy Ltd (b)
  
217,136
334,389
HONG KONG - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Distributors - 0.0%
  
  
  
GigaCloud Technology Inc Class A (b)
  
12,188
152,838
IRELAND - 0.4%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Ardmore Shipping Corp (c)
  
18,031
172,016
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Prothena Corp PLC (b)
  
17,443
160,476
Industrials - 0.0%
  
  
  
Commercial Services & Supplies - 0.0%
  
  
  
Cimpress PLC (b)
  
7,017
294,854
Information Technology - 0.4%
  
  
  
IT Services - 0.4%
  
  
  
Accenture PLC Class A
 
285,808
85,499,463
TOTAL IRELAND
  
  
86,126,809
ISRAEL - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Automobile Components - 0.0%
  
  
  
Mobileye Global Inc Class A (b)(c)
  
45,395
661,859
JAPAN - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Allegro MicroSystems Inc (b)
  
59,832
1,140,996
MONACO - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Scorpio Tankers Inc
 
18,165
684,639
NETHERLANDS - 0.1%
 
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
uniQure NV (b)(c)
  
22,518
332,366
Information Technology - 0.1%
  
  
  
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
NXP Semiconductors NV
 
116,133
21,404,473
TOTAL NETHERLANDS
  
  
21,736,839
PHILIPPINES - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Professional Services - 0.0%
  
  
  
TaskUS Inc Class A (b)
  
7,799
108,874
PUERTO RICO - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Liberty Latin America Ltd Class A (b)
  
25,435
137,858
Liberty Latin America Ltd Class C (b)
  
47,868
263,274
 
  
  
401,132
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
First BanCorp/Puerto Rico
 
74,261
1,458,486
Ofg Bancorp
 
21,070
829,104
Popular Inc
 
32,142
3,066,990
 
  
  
5,354,580
Financial Services - 0.0%
  
  
  
EVERTEC Inc
 
29,002
984,328
TOTAL FINANCIALS
  
  
6,338,908
 
  
  
  
TOTAL PUERTO RICO
  
  
6,740,040
SINGAPORE - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Pharmaceuticals - 0.0%
  
  
  
Scilex Holding Co (b)(c)
  
1,899
9,001
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Kulicke & Soffa Industries Inc
 
24,347
784,704
TOTAL SINGAPORE
  
  
793,705
SWEDEN - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Automobile Components - 0.0%
  
  
  
Autoliv Inc
 
32,794
3,057,385
Financials - 0.0%
  
  
  
Insurance - 0.0%
  
  
  
SiriusPoint Ltd (b)
  
42,316
710,908
TOTAL SWEDEN
  
  
3,768,293
SWITZERLAND - 0.1%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Automobile Components - 0.0%
  
  
  
Garrett Motion Inc (c)
  
55,707
513,619
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
CRISPR Therapeutics AG (b)(c)
  
39,092
1,511,688
Information Technology - 0.1%
  
  
  
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
TE Connectivity PLC
 
136,338
19,957,156
TOTAL SWITZERLAND
  
  
21,982,463
THAILAND - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
BKV Corp (b)
  
7,124
129,158
Information Technology - 0.0%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Fabrinet (b)
  
16,432
3,369,546
TOTAL THAILAND
  
  
3,498,704
UNITED KINGDOM - 0.1%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Flutter Entertainment PLC (b)
  
81,351
19,604,778
Soho House & Co Inc Class A (b)
  
16,027
96,323
 
  
  
19,701,101
Energy - 0.0%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
TechnipFMC PLC
 
194,867
5,489,403
Industrials - 0.0%
  
  
  
Machinery - 0.0%
  
  
  
Luxfer Holdings PLC
 
12,311
132,466
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Anglogold Ashanti Plc
 
195,513
8,242,828
TOTAL UNITED KINGDOM
  
  
33,565,798
UNITED STATES - 99.0%
 
  
  
Communication Services - 8.6%
  
  
  
Diversified Telecommunication Services - 0.8%
  
  
  
Anterix Inc (b)
  
8,506
253,904
AST SpaceMobile Inc Class A (b)(c)
  
73,043
1,695,328
AT&T Inc
 
3,280,083
90,858,300
Atn International Inc
 
4,785
84,647
Bandwidth Inc Class A (b)
  
11,751
145,947
Cogent Communications Holdings Inc
 
19,275
1,047,596
Frontier Communications Parent Inc (b)
  
101,243
3,670,059
GCI Liberty Inc Class A (b)(d)
  
19,818
0
Globalstar Inc (b)
  
23,060
443,213
IDT Corp Class B
 
9,460
475,365
Iridium Communications Inc
 
49,672
1,198,585
Lumen Technologies Inc (b)
  
462,737
1,638,089
Shenandoah Telecommunications Co
 
20,705
230,654
Verizon Communications Inc
 
1,923,683
84,757,473
 
  
  
186,499,160
Entertainment - 1.6%
  
  
  
AMC Entertainment Holdings Inc Class A (b)(c)
  
174,196
465,103
Atlanta Braves Holdings Inc Class A (b)(c)
  
4,437
192,788
Atlanta Braves Holdings Inc Class C (b)
  
17,528
698,666
Cinemark Holdings Inc (c)
  
48,832
1,460,565
Electronic Arts Inc
 
108,379
15,724,709
Eventbrite Inc Class A (b)
  
35,153
74,524
Liberty Media Corp-Liberty Formula One Class A (b)
  
17,543
1,413,089
Liberty Media Corp-Liberty Formula One Class C (b)
  
95,779
8,492,724
Liberty Media Corp-Liberty Live Class A (b)
  
7,206
504,276
Liberty Media Corp-Liberty Live Class C (b)
  
22,980
1,643,300
Lions Gate Entertainment Corp Class A (b)(c)
  
30,452
270,414
Lions Gate Entertainment Corp Class B (b)
  
54,650
436,107
Live Nation Entertainment Inc (b)
  
71,645
9,489,380
Madison Square Garden Entertainment Corp Class A (b)
  
18,814
610,326
Madison Square Garden Sports Corp Class A (b)
  
7,670
1,477,012
Marcus Corp/The
 
11,212
182,868
Netflix Inc (b)
  
195,464
221,210,519
ROBLOX Corp Class A (b)
  
248,586
16,667,691
Roku Inc Class A (b)
  
58,865
4,013,416
Sphere Entertainment Co Class A (b)(c)
  
12,479
340,053
Take-Two Interactive Software Inc (b)
  
75,013
17,502,033
TKO Group Holdings Inc Class A
 
30,435
4,958,166
Vivid Seats Inc Class A (b)(c)
  
42,251
118,725
Walt Disney Co/The
 
826,035
75,127,883
Warner Bros Discovery Inc (b)
  
1,020,318
8,846,157
Warner Music Group Corp Class A
 
66,352
2,020,418
 
  
  
393,940,912
Interactive Media & Services - 5.5%
  
  
  
Alphabet Inc Class A
 
2,665,532
423,286,482
Alphabet Inc Class C
 
2,160,121
347,541,867
Angi Inc Class A (b)
  
20,081
230,128
Bumble Inc Class A (b)(c)
  
37,202
156,992
Cargurus Inc Class A (b)
  
40,180
1,123,433
Cars.com Inc (b)
  
27,196
316,561
EverQuote Inc Class A (b)
  
12,194
289,486
fuboTV Inc (b)(c)
  
154,957
464,871
IAC Inc Class A (b)
  
32,339
1,129,925
Match Group Inc
 
114,833
3,405,947
MediaAlpha Inc Class A (b)
  
14,844
124,690
Meta Platforms Inc Class A
 
1,000,686
549,376,614
Nextdoor Holdings Inc Class A (b)
  
92,181
135,506
Outbrain Inc (b)
  
15,970
56,534
Pinterest Inc Class A (b)
  
272,072
6,888,863
QuinStreet Inc (b)
  
25,792
451,876
Reddit Inc Class A (b)
  
48,775
5,685,702
Rumble Inc Class A (b)(c)
  
54,394
419,922
Shutterstock Inc
 
11,008
175,688
Snap Inc Class A (b)
  
494,667
3,937,549
TripAdvisor Inc Class A (b)
  
50,245
625,550
Trump Media & Technology Group Corp (b)(c)
  
42,158
1,034,557
Vimeo Inc Class A (b)
  
71,547
360,597
Yelp Inc Class A (b)
  
30,056
1,054,364
Ziff Davis Inc (b)
  
19,508
576,071
ZipRecruiter Inc Class A (b)
  
34,241
176,684
ZoomInfo Technologies Inc (b)
  
123,746
1,059,266
 
  
  
1,350,085,725
Media - 0.6%
  
  
  
Altice USA Inc Class A (b)(c)
  
113,625
281,790
AMC Networks Inc Class A (b)
  
15,231
97,478
Boston Omaha Corp (b)
  
10,377
161,155
Cable One Inc (c)
  
2,106
562,871
Cardlytics Inc (b)(c)
  
23,472
33,799
Charter Communications Inc Class A (b)
  
44,104
17,282,593
Clear Channel Outdoor Holdings Inc (b)
  
149,716
147,350
Comcast Corp Class A
 
1,723,335
58,938,057
EchoStar Corp Class A (b)
  
55,185
1,240,559
EW Scripps Co/The Class A (b)
  
28,004
56,288
Fox Corp Class A
 
101,957
5,076,439
Fox Corp Class B
 
57,553
2,661,251
Gannett Co Inc (b)
  
54,743
175,178
Gray Media Inc
 
38,157
127,826
Ibotta Inc Class A (b)(c)
  
3,041
148,401
iHeartMedia Inc Class A (b)
  
52,665
54,244
Integral Ad Science Holding Corp (b)(c)
  
34,370
242,996
Interpublic Group of Cos Inc/The
 
170,167
4,274,595
John Wiley & Sons Inc Class A
 
18,854
822,789
Liberty Broadband Corp Class A (b)
  
7,074
629,939
Liberty Broadband Corp Class C (b)
  
51,571
4,661,503
Magnite Inc (b)
  
57,412
682,629
National CineMedia Inc
 
43,617
249,925
New York Times Co/The Class A
 
74,584
3,882,843
News Corp Class A
 
162,162
4,397,833
News Corp Class B
 
60,092
1,888,091
Nexstar Media Group Inc
 
13,315
1,992,723
Omnicom Group Inc
 
89,817
6,840,463
Paramount Global Class B (c)
  
272,095
3,194,395
PubMatic Inc Class A (b)
  
17,769
173,603
Scholastic Corp
 
11,434
206,155
Sinclair Inc Class A
 
17,673
254,491
Sirius XM Holdings Inc
 
100,559
2,153,974
Stagwell Inc Class A (b)
  
47,524
265,184
TechTarget Inc/old
 
12,473
99,410
TEGNA Inc
 
73,468
1,192,386
Thryv Holdings Inc (b)
  
18,586
254,628
Trade Desk Inc (The) Class A (b)
  
205,520
11,022,038
WideOpenWest Inc (b)
  
22,098
96,789
 
  
  
136,524,661
Wireless Telecommunication Services - 0.1%
  
  
  
Gogo Inc (b)(c)
  
27,017
204,519
NII Holdings Inc (b)(c)(d)
  
11,652
0
Spok Holdings Inc
 
9,568
137,205
T-Mobile US Inc
 
219,121
54,111,931
Telephone and Data Systems Inc
 
44,524
1,669,205
United States Cellular Corp (b)
  
6,356
436,403
 
  
  
56,559,263
TOTAL COMMUNICATION SERVICES
  
  
2,123,609,721
 
  
  
  
Consumer Discretionary - 10.3%
  
  
  
Automobile Components - 0.1%
  
  
  
Adient PLC (b)
  
38,318
484,723
American Axle & Manufacturing Holdings Inc (b)
  
52,777
201,608
BorgWarner Inc
 
100,393
2,849,153
Cooper-Standard Holdings Inc (b)
  
7,889
115,732
Dana Inc
 
59,001
810,674
Dorman Products Inc (b)
  
12,413
1,406,393
Fox Factory Holding Corp (b)
  
19,008
386,052
Gentex Corp
 
103,779
2,260,307
Gentherm Inc (b)
  
14,160
368,302
Goodyear Tire & Rubber Co/The (b)
  
129,988
1,414,269
LCI Industries
 
11,605
894,513
Lear Corp
 
24,475
2,098,731
Luminar Technologies Inc Class A (b)(c)
  
12,222
47,788
Modine Manufacturing Co (b)
  
24,001
1,959,442
Patrick Industries Inc
 
15,321
1,179,411
Phinia Inc
 
18,614
747,352
QuantumScape Corp Class A (b)(c)
  
173,470
678,268
Solid Power Inc (b)(c)
  
68,923
75,126
Standard Motor Products Inc
 
9,428
255,499
Stoneridge Inc (b)
  
12,066
46,574
Visteon Corp (b)
  
12,616
999,061
XPEL Inc (b)(e)
  
10,221
292,729
 
  
  
19,571,707
Automobiles - 1.7%
  
  
  
Ford Motor Co
 
1,779,226
17,810,052
General Motors Co
 
454,754
20,573,071
Harley-Davidson Inc
 
52,275
1,172,006
Lucid Group Inc Class A (b)(c)
  
535,770
1,344,783
Rivian Automotive Inc Class A (b)(c)
  
333,446
4,554,872
Tesla Inc (b)
  
1,278,740
360,809,278
Thor Industries Inc
 
24,273
1,757,851
Winnebago Industries Inc
 
12,954
412,196
 
  
  
408,434,109
Broadline Retail - 3.3%
  
  
  
Amazon.com Inc (b)
  
4,309,991
794,848,540
ContextLogic Inc Class A (b)
  
11,476
81,939
Dillard's Inc Class A (c)
  
1,373
475,964
eBay Inc
 
218,902
14,920,360
Etsy Inc (b)
  
51,297
2,230,394
Groupon Inc (b)(c)
  
11,086
201,876
Kohl's Corp (c)
  
50,827
340,541
Macy's Inc
 
126,697
1,446,880
Nordstrom Inc (c)
  
44,514
1,074,568
Ollie's Bargain Outlet Holdings Inc (b)
  
27,979
2,968,852
Savers Value Village Inc (b)
  
12,386
118,782
 
  
  
818,708,696
Distributors - 0.1%
  
  
  
A-Mark Precious Metals Inc
 
8,128
197,998
Genuine Parts Co
 
63,551
7,470,420
LKQ Corp
 
118,875
4,542,214
Pool Corp
 
17,400
5,100,636
 
  
  
17,311,268
Diversified Consumer Services - 0.1%
  
  
  
ADT Inc
 
184,050
1,476,081
Adtalem Global Education Inc (b)
  
17,003
1,805,719
American Public Education Inc (b)
  
8,085
189,998
Bright Horizons Family Solutions Inc (b)
  
26,626
3,339,433
Carriage Services Inc
 
5,845
233,566
Coursera Inc (b)
  
56,489
475,637
Duolingo Inc Class A (b)
  
17,324
6,747,352
European Wax Center Inc Class A (b)
  
14,609
45,579
Frontdoor Inc (b)
  
34,723
1,427,463
Graham Holdings Co Class B
 
1,541
1,417,797
Grand Canyon Education Inc (b)
  
13,119
2,340,036
H&R Block Inc (c)
  
61,098
3,688,486
KinderCare Learning Cos Inc (b)
  
11,313
138,697
Laureate Education Inc (b)
  
61,338
1,231,054
Lincoln Educational Services Corp (b)
  
13,310
224,939
Mister Car Wash Inc (b)(c)
  
42,584
292,126
Nerdy Inc Class A (b)(c)
  
37,220
59,179
Perdoceo Education Corp
 
28,201
708,409
Service Corp International/US
 
65,940
5,268,606
Strategic Education Inc
 
11,094
905,049
Stride Inc (b)
  
19,524
2,777,289
Udemy Inc (b)
  
41,417
284,535
Universal Technical Institute Inc (b)
  
19,994
561,032
 
  
  
35,638,062
Hotels, Restaurants & Leisure - 2.2%
  
  
  
Accel Entertainment Inc Class A (b)
  
25,214
259,704
Airbnb Inc Class A (b)
  
197,834
24,119,921
Aramark
 
121,297
4,054,959
Biglari Holdings Inc Class B (b)
  
305
71,037
BJ's Restaurants Inc (b)
  
10,398
346,149
Bloomin' Brands Inc
 
34,477
276,506
Booking Holdings Inc
 
15,123
77,116,411
Boyd Gaming Corp
 
30,257
2,091,969
Brinker International Inc (b)
  
20,267
2,721,858
Caesars Entertainment Inc (b)
  
96,915
2,622,520
Carnival Corp (b)
  
478,884
8,782,733
Cava Group Inc (b)
  
37,221
3,440,337
Cheesecake Factory Inc/The (c)
  
21,542
1,085,071
Chipotle Mexican Grill Inc (b)
  
619,354
31,289,764
Choice Hotels International Inc (c)
  
10,183
1,284,178
Churchill Downs Inc
 
33,545
3,032,803
Cracker Barrel Old Country Store Inc (c)
  
10,152
433,490
Darden Restaurants Inc
 
53,527
10,739,657
Dave & Buster's Entertainment Inc (b)(c)
  
14,043
269,485
Denny's Corp (b)(c)
  
23,427
86,446
Dine Brands Global Inc
 
6,958
138,534
Domino's Pizza Inc
 
15,783
7,739,510
DoorDash Inc Class A (b)
  
155,037
29,905,087
DraftKings Inc Class A (b)
  
223,982
7,456,361
Dutch Bros Inc Class A (b)
  
53,145
3,174,882
El Pollo Loco Holdings Inc (b)
  
10,450
97,708
Everi Holdings Inc (b)
  
39,413
553,753
Expedia Group Inc Class A
 
56,366
8,845,516
First Watch Restaurant Group Inc (b)
  
18,634
329,076
Global Business Travel Group I Class A (b)
  
38,597
258,986
Golden Entertainment Inc
 
9,527
244,844
Hilton Grand Vacations Inc (b)(c)
  
28,300
951,729
Hilton Worldwide Holdings Inc
 
109,928
24,786,565
Hyatt Hotels Corp Class A
 
19,464
2,193,204
Jack in the Box Inc (c)
  
8,593
223,762
Krispy Kreme Inc
 
38,853
159,297
Kura Sushi USA Inc Class A (b)
  
2,605
153,382
Las Vegas Sands Corp
 
157,140
5,762,324
Life Time Group Holdings Inc (b)
  
43,417
1,331,165
Light & Wonder Inc Class A (b)
  
40,312
3,441,839
Lindblad Expeditions Holdings Inc (b)
  
16,884
149,255
Lucky Strike Entertainment Corp Class A (c)
  
11,519
108,279
Marriott International Inc/MD Class A1
 
104,563
24,946,641
Marriott Vacations Worldwide Corp
 
14,669
804,008
McDonald's Corp
 
327,443
104,667,155
MGM Resorts International (b)
  
102,359
3,220,214
Monarch Casino & Resort Inc
 
5,828
455,691
Norwegian Cruise Line Holdings Ltd (b)
  
201,071
3,223,168
Papa John's International Inc
 
14,888
514,083
Penn Entertainment Inc (b)
  
68,251
1,038,780
Planet Fitness Inc Class A (b)
  
38,425
3,634,621
Playa Hotels & Resorts NV (b)
  
43,986
590,292
PlayAGS Inc (b)
  
18,090
219,251
Portillo's Inc Class A (b)(c)
  
26,336
272,314
Potbelly Corp (b)
  
11,473
92,931
Rci Hospitality Holdings Inc
 
3,746
148,641
Red Rock Resorts Inc Class A
 
22,624
966,045
Royal Caribbean Cruises Ltd
 
113,140
24,314,917
Rush Street Interactive Inc Class A (b)
  
38,320
464,822
Sabre Corp (b)
  
175,935
416,966
Serve Robotics Inc (b)(c)
  
12,318
76,002
Shake Shack Inc Class A (b)
  
18,278
1,603,712
Six Flags Entertainment Corp
 
42,535
1,463,629
Starbucks Corp
 
519,041
41,549,232
Sweetgreen Inc Class A (b)
  
47,232
920,079
Target Hospitality Corp (b)
  
14,865
101,082
Texas Roadhouse Inc
 
30,517
5,064,601
Travel + Leisure Co
 
31,182
1,369,825
United Parks & Resorts Inc (b)(c)
  
13,041
569,240
Vail Resorts Inc
 
17,079
2,377,397
Viking Holdings Ltd (b)
  
41,751
1,713,044
Wendy's Co/The (c)
  
78,109
976,363
Wingstop Inc
 
13,334
3,518,709
Wyndham Hotels & Resorts Inc
 
35,483
3,026,700
Wynn Resorts Ltd
 
40,982
3,291,264
Xponential Fitness Inc Class A (b)(c)
  
10,906
91,283
Yum! Brands Inc
 
127,514
19,183,206
 
  
  
529,015,964
Household Durables - 0.4%
  
  
  
Beazer Homes USA Inc (b)
  
13,326
260,657
Cavco Industries Inc (b)
  
3,660
1,807,491
Century Communities Inc
 
12,468
680,005
Champion Homes Inc (b)
  
24,032
2,078,768
Cricut Inc Class A (c)
  
22,674
112,917
DR Horton Inc
 
129,644
16,379,223
Dream Finders Homes Inc Class A (b)(c)
  
12,472
282,616
Ethan Allen Interiors Inc
 
10,301
292,857
Flexsteel Industries Inc
 
1,657
55,326
Garmin Ltd
 
70,205
13,119,208
Green Brick Partners Inc (b)
  
14,009
826,391
Helen of Troy Ltd (b)
  
10,421
290,329
Hovnanian Enterprises Inc Class A (b)
  
2,111
204,345
Installed Building Products Inc
 
10,603
1,758,295
KB Home
 
31,710
1,713,291
La-Z-Boy Inc
 
18,910
746,945
Landsea Homes Corp Class A (b)
  
8,200
50,019
Legacy Housing Corp (b)
  
5,009
121,844
Leggett & Platt Inc
 
61,191
588,657
Lennar Corp Class A
 
107,209
11,643,970
Lennar Corp Class B
 
4,533
468,576
LGI Homes Inc (b)
  
9,444
515,737
Lovesac Co/The (b)
  
6,690
130,121
M/I Homes Inc (b)
  
12,432
1,326,246
Meritage Homes Corp
 
33,056
2,252,436
Mohawk Industries Inc (b)
  
24,012
2,553,676
Newell Brands Inc
 
189,754
907,024
NVR Inc (b)
  
1,367
9,740,900
PulteGroup Inc
 
92,600
9,498,908
SharkNinja Inc (b)
  
30,153
2,427,317
Smith Douglas Homes Corp Class A (b)
  
4,050
78,773
Somnigroup International Inc (c)
  
87,437
5,338,903
Sonos Inc (b)
  
54,303
500,131
Taylor Morrison Home Corp (b)
  
47,257
2,710,189
Toll Brothers Inc
 
45,618
4,601,488
TopBuild Corp (b)
  
13,387
3,959,339
Tri Pointe Homes Inc (b)
  
42,754
1,314,686
Whirlpool Corp
 
25,251
1,926,146
 
  
  
103,263,750
Leisure Products - 0.1%
  
  
  
Acushnet Holdings Corp (c)
  
12,491
827,154
Brunswick Corp/DE
 
30,086
1,385,460
Funko Inc Class A (b)
  
16,605
66,586
Hasbro Inc
 
60,037
3,716,290
JAKKS Pacific Inc
 
4,233
81,655
Johnson Outdoors Inc Class A
 
2,607
59,517
Latham Group Inc (b)
  
17,976
98,239
Malibu Boats Inc Class A (b)
  
9,005
257,183
MasterCraft Boat Holdings Inc (b)
  
5,887
96,782
Mattel Inc (b)
  
153,667
2,441,769
Peloton Interactive Inc Class A (b)
  
170,429
1,174,256
Polaris Inc
 
23,920
812,323
Smith & Wesson Brands Inc
 
20,160
192,125
Sturm Ruger & Co Inc
 
7,691
312,716
Topgolf Callaway Brands Corp (b)(c)
  
64,562
426,755
YETI Holdings Inc (b)
  
38,718
1,105,399
 
  
  
13,054,209
Specialty Retail - 2.0%
  
  
  
1-800-Flowers.com Inc Class A (b)(c)
  
11,914
65,884
Abercrombie & Fitch Co Class A (b)
  
23,004
1,596,938
Academy Sports & Outdoors Inc
 
31,672
1,193,401
Advance Auto Parts Inc
 
27,082
886,123
America's Car-Mart Inc/TX (b)
  
3,546
168,151
American Eagle Outfitters Inc
 
79,810
840,399
Arhaus Inc Class A (b)
  
24,401
191,792
Arko Corp
 
32,224
129,702
Asbury Automotive Group Inc (b)
  
8,980
1,958,897
AutoNation Inc (b)
  
11,772
2,050,094
AutoZone Inc (b)
  
7,668
28,851,617
BARK Inc (b)
  
55,352
62,548
Barnes & Noble Education Inc (b)
  
7,865
82,818
Bath & Body Works Inc
 
98,878
3,016,768
Best Buy Co Inc
 
88,958
5,932,609
Beyond Inc (b)
  
18,568
75,572
Boot Barn Holdings Inc (b)
  
13,974
1,458,047
Buckle Inc/The
 
13,674
475,308
Build-A-Bear Workshop Inc
 
5,353
188,854
Burlington Stores Inc (b)
  
28,722
6,463,599
Caleres Inc
 
15,381
234,406
Camping World Holdings Inc Class A
 
27,407
330,528
CarMax Inc (b)
  
70,326
4,547,982
Carvana Co Class A (b)
  
54,031
13,202,475
Chewy Inc Class A (b)
  
75,644
2,836,650
Children's Place Inc/The (b)(c)
  
5,864
29,789
Citi Trends Inc (b)
  
3,533
78,892
Designer Brands Inc Class A (c)
  
15,525
43,315
Dick's Sporting Goods Inc
 
26,496
4,974,359
EVgo Inc Class A (b)(c)
  
46,360
127,954
Five Below Inc (b)
  
25,095
1,904,460
Floor & Decor Holdings Inc Class A (b)
  
48,969
3,498,345
Foot Locker Inc (b)
  
37,715
462,763
GameStop Corp Class A (b)(c)
  
185,855
5,177,920
Gap Inc/The
 
101,582
2,224,646
Genesco Inc (b)
  
4,717
91,510
Group 1 Automotive Inc
 
5,943
2,398,773
Guess? Inc (c)
  
12,514
140,783
Haverty Furniture Cos Inc
 
6,176
112,156
Home Depot Inc/The
 
453,903
163,627,493
J Jill Inc
 
3,396
51,687
Lands' End Inc (b)
  
5,435
48,263
Leslie's Inc (b)
  
84,587
50,769
Lithia Motors Inc Class A
 
12,161
3,560,254
Lowe's Cos Inc
 
258,015
57,681,834
MarineMax Inc (b)
  
9,150
196,359
Monro Inc
 
13,715
191,187
Murphy USA Inc
 
8,316
4,146,108
National Vision Holdings Inc (b)
  
35,978
444,328
O'Reilly Automotive Inc (b)
  
26,266
37,171,643
ODP Corp/The (b)
  
13,815
188,989
OneWater Marine Inc Class A (b)(c)
  
6,216
93,302
Penske Automotive Group Inc
 
8,596
1,338,139
Petco Health & Wellness Co Inc Class A (b)
  
40,210
118,620
RealReal Inc/The (b)
  
41,856
242,765
Restoration Hardware Inc (b)
  
6,871
1,264,470
Revolve Group Inc Class A (b)
  
17,375
345,415
Ross Stores Inc
 
150,790
20,959,810
Sally Beauty Holdings Inc (b)
  
46,561
379,007
Shoe Carnival Inc (c)
  
8,090
140,604
Signet Jewelers Ltd
 
19,860
1,177,698
Sleep Number Corp (b)(c)
  
10,190
79,380
Sonic Automotive Inc Class A
 
6,668
404,881
Stitch Fix Inc Class A (b)
  
47,695
155,963
ThredUp Inc Class A (b)
  
38,699
173,759
TJX Cos Inc/The
 
513,634
66,094,424
Tractor Supply Co
 
244,165
12,359,632
Ulta Beauty Inc (b)
  
21,203
8,388,755
Upbound Group Inc
 
23,289
463,451
Urban Outfitters Inc (b)
  
25,683
1,355,549
Valvoline Inc (b)
  
58,040
1,988,450
Victoria's Secret & Co (b)
  
35,850
673,980
Warby Parker Inc Class A (b)
  
40,795
673,525
Wayfair Inc Class A (b)(c)
  
45,426
1,370,048
Williams-Sonoma Inc
 
56,279
8,693,417
Winmark Corp
 
1,327
477,733
Zumiez Inc (b)
  
6,779
79,314
 
  
  
494,957,832
Textiles, Apparel & Luxury Goods - 0.3%
  
  
  
Capri Holdings Ltd (b)
  
53,775
808,776
Carter's Inc
 
16,440
543,342
Columbia Sportswear Co (c)
  
14,623
909,112
Crocs Inc (b)
  
25,599
2,468,256
Deckers Outdoor Corp (b)
  
69,385
7,689,940
Figs Inc Class A (b)(c)
  
58,228
234,658
G-III Apparel Group Ltd (b)
  
17,496
441,249
Hanesbrands Inc (b)
  
160,968
738,843
Kontoor Brands Inc
 
22,610
1,359,992
Lakeland Industries Inc
 
4,060
66,299
Levi Strauss & Co Class A
 
44,852
718,081
Lululemon Athletica Inc (b)
  
51,203
13,864,236
Movado Group Inc
 
7,438
103,313
NIKE Inc Class B
 
539,802
30,444,833
Oxford Industries Inc
 
6,746
327,856
PVH Corp
 
25,377
1,750,505
Ralph Lauren Corp Class A
 
18,208
4,095,890
Skechers USA Inc Class A (b)
  
60,270
2,894,165
Steven Madden Ltd
 
32,970
692,370
Tapestry Inc
 
94,606
6,683,914
Under Armour Inc Class A (b)(c)
  
63,370
362,476
Under Armour Inc Class C (b)
  
82,342
447,941
VF Corp
 
151,018
1,794,094
Wolverine World Wide Inc
 
36,556
477,056
 
  
  
79,917,197
TOTAL CONSUMER DISCRETIONARY
  
  
2,519,872,794
 
  
  
  
Consumer Staples - 5.8%
  
  
  
Beverages - 1.2%
  
  
  
Boston Beer Co Inc/The Class A (b)
  
3,929
965,748
Brown-Forman Corp Class A
 
24,292
840,746
Brown-Forman Corp Class B (c)
  
83,809
2,919,906
Celsius Holdings Inc (b)
  
71,903
2,513,729
Coca-Cola Co/The
 
1,769,128
128,350,237
Coca-Cola Consolidated Inc
 
2,695
3,653,908
Constellation Brands Inc Class A
 
71,028
13,320,591
Keurig Dr Pepper Inc
 
545,554
18,870,713
MGP Ingredients Inc
 
6,439
189,757
Molson Coors Beverage Co Class B
 
78,731
4,529,394
Monster Beverage Corp (b)
  
319,981
19,237,258
National Beverage Corp
 
10,696
474,902
PepsiCo Inc
 
626,691
84,966,766
Primo Brands Corp Class A
 
91,103
2,976,335
Vita Coco Co Inc/The (b)
  
17,865
590,438
 
  
  
284,400,428
Consumer Staples Distribution & Retail - 2.1%
  
  
  
Albertsons Cos Inc Class A
 
185,474
4,076,719
Andersons Inc/The
 
14,682
553,658
BJ's Wholesale Club Holdings Inc (b)
  
60,371
7,097,215
Blue Apron Holdings Inc warrants 11/4/2028 (b)(d)
  
2,361
0
Blue Apron Holdings Inc warrants 11/4/2028 (b)(d)
  
2,361
0
Blue Apron Holdings Inc warrants 11/4/2028 (b)(d)
  
2,361
0
Casey's General Stores Inc
 
16,971
7,850,615
Chefs' Warehouse Inc/The (b)
  
16,033
913,400
Costco Wholesale Corp
 
202,836
201,720,403
Dollar General Corp
 
100,521
9,417,812
Dollar Tree Inc (b)
  
92,396
7,555,221
Grocery Outlet Holding Corp (b)
  
44,299
743,780
Guardian Pharmacy Services Inc Class A (b)
  
4,208
105,368
Ingles Markets Inc Class A
 
6,662
410,979
Kroger Co/The
 
304,183
21,965,054
Maplebear Inc (b)
  
74,034
2,953,216
Natural Grocers by Vitamin Cottage Inc
 
4,797
240,618
Performance Food Group Co (b)
  
71,445
5,762,754
PriceSmart Inc
 
11,326
1,149,476
SpartanNash Co
 
15,187
301,310
Sprouts Farmers Market Inc (b)
  
45,699
7,814,529
Sysco Corp
 
223,566
15,962,612
Target Corp
 
209,407
20,249,657
United Natural Foods Inc (b)
  
27,458
733,403
US Foods Holding Corp (b)
  
105,335
6,916,296
Walgreens Boots Alliance Inc
 
327,906
3,597,129
Walmart Inc
 
1,982,225
192,771,381
Weis Markets Inc
 
7,498
644,753
 
  
  
521,507,358
Food Products - 0.7%
  
  
  
Alico Inc
 
2,578
73,575
Archer-Daniels-Midland Co
 
218,721
10,443,928
B&G Foods Inc (c)
  
36,163
249,163
Beyond Meat Inc (b)(c)
  
36,232
89,854
BRC Inc Class A (b)(c)
  
20,964
47,797
Bunge Global SA
 
61,032
4,804,439
Cal-Maine Foods Inc
 
18,616
1,738,176
Calavo Growers Inc
 
7,704
212,784
Conagra Brands Inc
 
218,243
5,392,785
Darling Ingredients Inc (b)
  
72,547
2,335,288
Flowers Foods Inc
 
89,395
1,572,458
Fresh Del Monte Produce Inc
 
15,357
522,292
Freshpet Inc (b)
  
22,163
1,629,867
General Mills Inc
 
251,925
14,294,225
Hain Celestial Group Inc (b)
  
41,288
125,516
Hershey Co/The
 
67,521
11,288,836
Hormel Foods Corp
 
133,040
3,977,896
Ingredion Inc
 
29,490
3,916,862
J & J Snack Foods Corp
 
7,152
926,828
JM Smucker Co
 
48,651
5,656,652
John B Sanfilippo & Son Inc
 
4,135
274,026
Kellanova
 
122,676
10,153,893
Kraft Heinz Co/The
 
398,711
11,602,490
Lamb Weston Holdings Inc
 
65,227
3,444,638
Lancaster Colony Corp
 
8,837
1,438,487
Limoneira Co
 
7,180
107,915
Mama's Creations Inc (b)
  
15,469
102,095
McCormick & Co Inc/MD
 
115,425
8,848,481
Mission Produce Inc (b)
  
19,877
208,212
Mondelez International Inc
 
591,079
40,270,212
Pilgrim's Pride Corp
 
18,370
1,002,635
Post Holdings Inc (b)
  
20,892
2,364,348
Seaboard Corp
 
116
299,974
Seneca Foods Corp Class A (b)
  
2,065
185,210
Simply Good Foods Co/The (b)
  
42,092
1,519,942
The Campbell's Company
 
89,993
3,281,145
Tootsie Roll Industries Inc Class A
 
7,927
253,664
TreeHouse Foods Inc (b)
  
20,639
480,682
Tyson Foods Inc Class A
 
130,775
8,008,661
Utz Brands Inc Class A
 
32,775
435,580
Vital Farms Inc (b)(c)
  
13,976
478,538
Westrock Coffee Co (b)(c)
  
16,119
93,490
WK Kellogg Co (c)
  
30,282
542,956
 
  
  
164,696,495
Household Products - 1.0%
  
  
  
Central Garden & Pet Co (b)
  
7,077
237,504
Central Garden & Pet Co Class A (b)
  
19,876
587,733
Church & Dwight Co Inc
 
112,441
11,169,889
Clorox Co/The
 
56,318
8,014,051
Colgate-Palmolive Co
 
370,851
34,188,754
Energizer Holdings Inc
 
29,902
808,550
Kimberly-Clark Corp
 
151,565
19,973,236
Oil-Dri Corp of America
 
4,712
198,328
Procter & Gamble Co/The
 
1,071,405
174,178,311
Reynolds Consumer Products Inc
 
24,928
573,344
Spectrum Brands Holdings Inc
 
12,035
759,409
WD-40 Co
 
6,181
1,411,493
 
  
  
252,100,602
Personal Care Products - 0.1%
  
  
  
BellRing Brands Inc (b)
  
58,641
4,523,567
Coty Inc Class A (b)
  
167,106
843,885
Edgewell Personal Care Co
 
21,971
671,214
elf Beauty Inc (b)(c)
  
25,749
1,593,091
Estee Lauder Cos Inc/The Class A
 
107,050
6,418,718
Herbalife Ltd (b)
  
45,995
331,164
Honest Co Inc/The (b)
  
32,712
156,690
Interparfums Inc
 
8,209
896,423
Kenvue Inc
 
876,094
20,675,818
Medifast Inc (b)
  
4,949
65,029
Nu Skin Enterprises Inc Class A
 
22,773
144,153
Olaplex Holdings Inc (b)
  
54,831
71,829
USANA Health Sciences Inc (b)
  
5,078
142,641
 
  
  
36,534,222
Tobacco - 0.7%
  
  
  
Altria Group Inc
 
774,404
45,805,997
Philip Morris International Inc
 
710,489
121,749,395
Turning Point Brands Inc
 
8,078
495,828
Universal Corp/VA
 
11,338
660,665
 
  
  
168,711,885
TOTAL CONSUMER STAPLES
  
  
1,427,950,990
 
  
  
  
Energy - 3.2%
  
  
  
Energy Equipment & Services - 0.3%
  
  
  
Archrock Inc
 
79,940
1,880,988
Aris Water Solutions Inc Class A
 
12,184
304,113
Atlas Energy Solutions Inc
 
32,810
443,919
Baker Hughes Co Class A
 
452,625
16,022,926
Bristow Group Inc (b)
  
11,252
326,758
Cactus Inc Class A
 
30,566
1,159,674
ChampionX Corp
 
87,242
2,105,150
Core Laboratories Inc
 
21,444
243,818
DMC Global Inc (b)(c)
  
7,515
48,772
Expro Group Holdings NV (b)
  
48,914
404,519
Halliburton Co
 
397,221
7,872,921
Helix Energy Solutions Group Inc (b)
  
65,542
399,151
Helmerich & Payne Inc
 
45,369
857,020
Innovex International Inc (b)
  
17,592
265,639
Kodiak Gas Services Inc
 
17,910
609,119
Liberty Energy Inc Class A
 
73,914
850,011
Nabors Industries Ltd (b)(c)
  
4,128
110,796
Natural Gas Services Group Inc (b)
  
4,417
79,373
Noble Corp PLC (c)
  
60,045
1,305,378
NOV Inc
 
173,854
2,018,445
NPK International Inc (b)
  
39,890
230,564
Oceaneering International Inc (b)
  
46,051
817,405
Oil States International Inc (b)
  
26,404
92,678
Patterson-UTI Energy Inc
 
160,471
905,056
ProPetro Holding Corp (b)
  
35,938
178,971
Ranger Energy Services Inc Class A
 
7,501
83,186
RPC Inc
 
37,958
179,541
Schlumberger NV
 
640,361
21,292,004
Select Water Solutions Inc Class A
 
43,564
371,165
Solaris Energy Infrastructure Inc Class A
 
16,293
344,434
TETRA Technologies Inc (b)
  
54,454
155,194
Tidewater Inc (b)
  
22,013
796,650
Transocean Ltd (b)(c)
  
358,135
762,828
Valaris Ltd (b)(c)
  
29,885
965,584
Weatherford International PLC
 
33,242
1,376,219
 
  
  
65,859,969
Oil, Gas & Consumable Fuels - 2.9%
  
  
  
Amplify Energy Corp (b)
  
19,243
50,031
Antero Midstream Corp
 
153,889
2,546,863
Antero Resources Corp (b)
  
133,622
4,654,054
APA Corp
 
169,093
2,627,705
Berry Corp
 
36,393
90,255
California Resources Corp
 
32,635
1,126,234
Calumet Inc (c)
  
31,423
333,084
Centrus Energy Corp Class A (b)(c)
  
6,694
463,827
Cheniere Energy Inc
 
102,554
23,701,255
Chevron Corp
 
763,778
103,919,635
Chord Energy Corp
 
28,097
2,535,192
Civitas Resources Inc
 
40,572
1,105,587
Clean Energy Fuels Corp (b)
  
78,062
113,190
CNX Resources Corp (b)
  
68,027
2,002,035
Comstock Resources Inc (b)(c)
  
41,362
755,684
ConocoPhillips
 
583,133
51,968,813
Core Natural Resources Inc
 
23,165
1,672,745
Coterra Energy Inc
 
337,041
8,277,727
Crescent Energy Co Class A
 
83,773
693,640
CVR Energy Inc (c)
  
15,609
294,386
Delek US Holdings Inc
 
28,932
376,695
Devon Energy Corp
 
300,498
9,138,144
Diamondback Energy Inc
 
85,475
11,283,555
Dorian LPG Ltd
 
16,704
357,800
DT Midstream Inc
 
46,405
4,510,566
EOG Resources Inc
 
257,134
28,369,594
EQT Corp
 
272,775
13,485,996
Excelerate Energy Inc Class A
 
10,737
274,652
Expand Energy Corp
 
96,176
9,992,686
Exxon Mobil Corp
 
1,989,215
210,120,780
FutureFuel Corp
 
13,501
55,489
Gevo Inc (b)(c)
  
105,526
116,079
Granite Ridge Resources Inc
 
25,515
122,727
Green Plains Inc (b)(c)
  
29,974
107,307
Gulfport Energy Corp (b)
  
5,701
983,423
Hallador Energy Co (b)
  
14,907
209,667
Hess Corp
 
126,421
16,314,630
HF Sinclair Corp
 
73,124
2,198,839
HighPeak Energy Inc Class A (c)
  
11,790
94,438
International Seaways Inc
 
18,492
627,988
Kinder Morgan Inc
 
883,565
23,237,760
Kinetik Holdings Inc Class A
 
17,251
713,156
Magnolia Oil & Gas Corp Class A
 
87,657
1,799,598
Marathon Petroleum Corp
 
144,486
19,853,821
Matador Resources Co
 
53,104
2,099,732
Murphy Oil Corp
 
62,707
1,287,375
New Fortress Energy Inc Class A (c)
  
58,547
317,910
NextDecade Corp (b)
  
62,845
470,081
Northern Oil & Gas Inc
 
45,539
1,106,598
Occidental Petroleum Corp
 
309,056
12,179,897
ONEOK Inc
 
283,655
23,305,095
Ovintiv Inc
 
118,963
3,994,778
Par Pacific Holdings Inc (b)
  
25,460
364,587
PBF Energy Inc Class A
 
44,858
770,660
Peabody Energy Corp
 
55,598
686,079
Permian Resources Corp Class A
 
292,638
3,453,128
Phillips 66
 
188,843
19,651,003
Range Resources Corp
 
110,302
3,742,547
REX American Resources Corp (b)
  
7,155
284,197
Riley Exploration Permian Inc
 
4,217
104,076
Ring Energy Inc (b)
  
51,365
45,514
Sable Offshore Corp (b)(c)
  
28,880
538,901
SandRidge Energy Inc
 
15,772
143,683
Sitio Royalties Corp Class A
 
36,515
619,294
SM Energy Co
 
52,401
1,194,219
Summit Midstream Corp Class A
 
4,334
120,659
Talos Energy Inc (b)
  
57,055
392,538
Targa Resources Corp
 
99,706
17,039,755
Texas Pacific Land Corp
 
8,612
11,099,748
Uranium Energy Corp (b)(c)
  
193,316
1,014,909
VAALCO Energy Inc
 
48,827
159,664
Valero Energy Corp
 
144,752
16,804,260
Viper Energy Inc Class A
 
60,067
2,422,502
Vital Energy Inc (b)(c)
  
12,434
176,314
Vitesse Energy Inc (c)
  
13,195
269,838
W&T Offshore Inc (c)
  
46,030
52,934
Williams Cos Inc/The
 
557,155
32,632,568
World Kinect Corp
 
26,539
665,864
 
  
  
722,488,239
TOTAL ENERGY
  
  
788,348,208
 
  
  
  
Financials - 14.8%
  
  
  
Banks - 3.7%
  
  
  
1st Source Corp
 
7,807
468,030
Amalgamated Financial Corp
 
9,534
268,477
Amerant Bancorp Inc Class A
 
16,372
275,704
Ameris Bancorp
 
29,501
1,728,759
Associated Banc-Corp
 
74,773
1,649,492
Atlantic Union Bankshares Corp
 
59,490
1,647,873
Axos Financial Inc (b)
  
24,767
1,572,209
Banc of California Inc
 
62,903
847,932
BancFirst Corp
 
9,079
1,069,688
Bancorp Inc/The (b)
  
21,893
1,057,651
Bank First Corp
 
4,152
453,315
Bank of America Corp
 
3,025,589
120,660,489
Bank of Hawaii Corp
 
18,134
1,198,839
Bank of Marin Bancorp
 
6,581
135,041
Bank OZK
 
48,135
2,050,551
BankUnited Inc
 
34,079
1,114,724
Banner Corp
 
15,891
971,576
Bar Harbor Bankshares
 
6,973
206,680
Berkshire Hills Bancorp Inc
 
20,809
516,687
BOK Financial Corp
 
10,230
953,129
Brookline Bancorp Inc
 
41,055
428,614
Burke & Herbert Financial Services Corp
 
6,034
337,361
Business First Bancshares Inc
 
12,719
293,173
Byline Bancorp Inc
 
11,320
289,113
Cadence Bank
 
84,202
2,463,751
California BanCorp (b)
  
10,555
147,452
Camden National Corp
 
7,708
296,912
Capital Bancorp Inc
 
5,363
169,417
Capitol Federal Financial Inc
 
55,698
315,808
Cathay General Bancorp
 
32,476
1,353,924
Central Pacific Financial Corp
 
12,350
317,272
Citigroup Inc
 
857,752
58,653,082
Citizens Financial Group Inc
 
199,910
7,374,680
City Holding Co
 
6,718
778,415
CNB Financial Corp/PA
 
9,524
209,052
Coastal Financial Corp/WA Class A (b)
  
5,509
452,564
Columbia Banking System Inc
 
95,664
2,144,787
Columbia Financial Inc (b)
  
12,442
167,594
Comerica Inc
 
60,190
3,235,213
Commerce Bancshares Inc/MO
 
55,962
3,399,132
Community Financial System Inc
 
24,010
1,310,706
Community Trust Bancorp Inc
 
7,003
342,867
Connectone Bancorp  Inc
 
16,422
369,988
Cullen/Frost Bankers Inc
 
29,317
3,414,551
Customers Bancorp Inc (b)
  
13,323
666,150
CVB Financial Corp
 
59,867
1,109,934
Dime Community Bancshares Inc
 
17,870
459,080
Eagle Bancorp Inc
 
13,810
247,890
East West Bancorp Inc
 
63,290
5,414,460
Eastern Bankshares Inc
 
87,684
1,308,245
Enterprise Bancorp Inc/MA
 
4,316
160,555
Enterprise Financial Services Corp
 
16,865
877,317
Equity Bancshares Inc Class A
 
6,944
267,275
Esquire Financial Holdings Inc
 
2,978
246,936
Farmers National Banc Corp
 
17,168
223,871
FB Bancorp Inc
 
9,352
105,209
FB Financial Corp
 
15,953
678,960
Fifth Third Bancorp
 
306,286
11,007,919
Financial Institutions Inc
 
8,896
225,869
First Bancorp/Southern Pines NC
 
18,872
763,561
First Busey Corp
 
37,689
783,554
First Business Financial Services Inc
 
3,294
158,572
First Citizens BancShares Inc/NC Class A
 
5,282
9,397,417
First Commonwealth Financial Corp
 
46,281
709,025
First Community Bankshares Inc
 
7,435
280,151
First Financial Bancorp
 
43,507
1,007,187
First Financial Bankshares Inc
 
58,645
1,965,194
First Financial Corp
 
4,871
240,627
First Foundation Inc
 
34,538
173,381
First Hawaiian Inc
 
57,745
1,320,051
First Horizon Corp
 
239,745
4,334,590
First Interstate BancSystem Inc Class A
 
39,116
1,024,644
First Merchants Corp
 
26,785
954,617
First Mid Bancshares Inc
 
9,290
310,565
Firstsun Capital Bancorp (b)
  
5,084
177,889
Five Star Bancorp
 
7,345
203,310
Flagstar Financial Inc
 
138,428
1,620,992
Flushing Financial Corp
 
15,379
184,087
FNB Corp/PA
 
165,146
2,161,761
Fulton Financial Corp
 
83,020
1,384,774
German American Bancorp Inc
 
17,068
647,048
Glacier Bancorp Inc
 
51,695
2,107,088
Great Southern Bancorp Inc
 
3,964
218,020
Hancock Whitney Corp
 
39,500
2,057,555
Hanmi Financial Corp
 
13,502
308,791
Harborone Northeast Bancorp Inc
 
17,207
194,783
Heritage Commerce Corp
 
28,052
253,590
Heritage Financial Corp Wash
 
15,988
364,846
Hilltop Holdings Inc
 
21,173
625,239
Hingham Institution For Savings The
 
821
204,889
Home BancShares Inc/AR
 
84,704
2,350,536
HomeStreet Inc (b)
  
8,201
93,162
HomeTrust Bancshares Inc
 
6,340
216,448
Hope Bancorp Inc
 
57,875
577,014
Horizon Bancorp Inc/IN
 
19,812
290,840
Huntington Bancshares Inc/OH
 
664,690
9,657,946
Independent Bank Corp
 
19,378
1,145,046
Independent Bank Corp/MI
 
9,530
290,284
International Bancshares Corp
 
24,393
1,488,949
JPMorgan Chase & Co
 
1,277,652
312,539,232
Kearny Financial Corp/MD
 
25,788
161,433
KeyCorp
 
455,606
6,761,193
Lakeland Financial Corp
 
11,732
653,120
Live Oak Bancshares Inc
 
15,599
407,758
M&T Bank Corp
 
75,827
12,872,392
Mercantile Bank Corp
 
7,458
315,548
Metropolitan Bank Holding Corp (b)
  
4,447
275,403
Mid Penn Bancorp Inc
 
8,356
242,742
Midland States Bancorp Inc
 
9,833
160,081
MidWestOne Financial Group Inc
 
8,742
242,503
National Bank Holdings Corp Class A
 
17,380
628,461
NB Bancorp Inc (b)
  
17,605
301,926
Nbt Bancorp Inc
 
21,518
911,072
Nicolet Bankshares Inc
 
6,164
720,017
Northeast Bank
 
3,210
265,852
Northeast Community Bancorp Inc
 
6,071
138,175
Northfield Bancorp Inc
 
17,008
179,434
Northrim BanCorp Inc
 
2,507
201,287
Northwest Bancshares Inc
 
57,945
715,621
OceanFirst Financial Corp
 
26,703
442,202
Old National Bancorp/IN
 
146,036
3,006,881
Old Second Bancorp Inc
 
20,745
327,564
Origin Bancorp Inc
 
13,404
429,464
Orrstown Financial Services Inc
 
8,876
266,014
Pacific Premier Bancorp Inc
 
44,000
894,960
Park National Corp
 
6,627
994,713
Pathward Financial Inc
 
10,892
864,498
Peapack-Gladstone Financial Corp
 
6,988
193,428
Peoples Bancorp Inc/OH
 
15,974
463,406
Peoples Financial Services Corp
 
4,330
187,143
Pinnacle Financial Partners Inc
 
34,931
3,501,483
PNC Financial Services Group Inc/The
 
180,916
29,071,392
Preferred Bank/Los Angeles CA
 
5,642
450,570
Prosperity Bancshares Inc
 
43,700
2,967,230
Provident Financial Services Inc
 
59,492
973,884
QCR Holdings Inc
 
7,706
500,505
Regions Financial Corp
 
415,795
8,486,376
Renasant Corp
 
42,100
1,350,147
Republic Bancorp Inc/KY Class A
 
4,332
293,926
S&T Bancorp Inc
 
17,461
636,279
Seacoast Banking Corp of Florida
 
38,696
917,482
ServisFirst Bancshares Inc
 
22,912
1,631,793
Shore Bancshares Inc
 
13,928
192,624
Simmons First National Corp Class A
 
57,359
1,070,319
SmartFinancial Inc
 
6,502
197,791
Southern Missouri Bancorp Inc
 
4,278
225,237
Southside Bancshares Inc
 
12,969
365,596
SouthState Corp
 
44,934
3,899,373
Stellar Bancorp Inc
 
21,726
542,281
Stock Yards Bancorp Inc
 
12,340
898,229
Synovus Financial Corp
 
64,436
2,791,368
Texas Capital Bancshares Inc (b)
  
21,009
1,431,763
TFS Financial Corp
 
24,215
313,826
Third Coast Bancshares Inc (b)
  
5,879
175,194
Tompkins Financial Corp
 
5,767
343,713
Towne Bank/Portsmouth VA
 
31,586
1,040,759
TriCo Bancshares
 
15,073
581,516
Triumph Financial Inc (b)
  
10,018
535,162
Truist Financial Corp
 
601,368
23,056,449
TrustCo Bank Corp NY
 
8,705
265,067
Trustmark Corp
 
27,803
932,791
UMB Financial Corp
 
31,181
2,948,787
United Bankshares Inc/WV
 
65,118
2,232,896
United Community Banks Inc/GA
 
54,451
1,503,392
Unity Bancorp Inc
 
2,785
115,298
Univest Financial Corp
 
13,164
388,865
US Bancorp
 
712,886
28,757,821
Valley National Bancorp
 
216,643
1,863,130
Veritex Holdings Inc
 
24,899
579,649
WaFd Inc
 
37,387
1,066,651
Washington Trust Bancorp Inc
 
8,791
242,632
Webster Financial Corp
 
78,442
3,710,307
Wells Fargo & Co
 
1,502,816
106,714,964
WesBanco Inc
 
43,578
1,297,753
Westamerica BanCorp
 
12,215
591,572
Western Alliance Bancorp
 
49,812
3,472,395
Wintrust Financial Corp
 
30,472
3,387,572
WSFS Financial Corp
 
26,747
1,378,808
Zions Bancorp NA
 
67,726
3,045,638
 
  
  
902,061,745
Capital Markets - 3.4%
  
  
  
Acadian Asset Management Inc
 
12,643
340,602
Affiliated Managers Group Inc
 
13,361
2,212,982
Ameriprise Financial Inc
 
43,961
20,706,510
Ares Management Corp Class A
 
85,229
12,999,979
Artisan Partners Asset Management Inc Class A
 
31,990
1,182,990
Bank of New York Mellon Corp/The
 
327,879
26,364,750
BGC Group Inc Class A
 
170,913
1,548,472
Blackrock Inc
 
66,523
60,819,318
Blackstone Inc
 
334,468
44,052,780
Blue Owl Capital Inc Class A
 
238,728
4,423,630
Bridge Investment Group Holdings Inc Class A
 
16,624
159,424
Carlyle Group Inc/The
 
96,568
3,731,388
Cboe Global Markets Inc
 
47,839
10,610,690
Charles Schwab Corp/The
 
778,666
63,383,412
CME Group Inc Class A
 
164,657
45,623,162
Cohen & Steers Inc
 
12,262
935,836
Coinbase Global Inc Class A (b)
  
96,039
19,485,353
Diamond Hill Investment Group Inc
 
1,274
160,499
DigitalBridge Group Inc Class A
 
71,513
600,709
Donnelley Financial Solutions Inc (b)
  
12,071
581,822
Evercore Inc Class A
 
16,161
3,317,692
FactSet Research Systems Inc
 
17,378
7,511,119
Federated Hermes Inc Class B
 
35,620
1,446,528
Forge Global Holdings Inc Class A (b)(c)
  
288
4,173
Franklin Resources Inc
 
141,406
2,652,777
GCM Grosvenor Inc Class A
 
20,369
255,427
Goldman Sachs Group Inc/The
 
142,577
78,068,037
Hamilton Lane Inc Class A
 
19,847
3,066,163
Houlihan Lokey Inc Class A
 
24,721
4,006,780
Interactive Brokers Group Inc Class A
 
49,777
8,554,177
Intercontinental Exchange Inc
 
262,512
44,094,141
Invesco Ltd
 
204,379
2,846,999
Janus Henderson Group PLC
 
58,230
1,933,818
Jefferies Financial Group Inc
 
74,478
3,480,357
KKR & Co Inc Class A
 
308,484
35,250,467
Lazard Inc
 
51,424
2,000,394
LPL Financial Holdings Inc
 
36,230
11,585,992
MarketAxess Holdings Inc
 
17,237
3,819,547
Moelis & Co Class A
 
32,173
1,723,829
Moody's Corp
 
70,731
32,049,631
Morgan Stanley
 
565,395
65,257,891
Morningstar Inc
 
12,381
3,525,118
MSCI Inc
 
35,477
19,338,867
Nasdaq Inc
 
189,101
14,411,387
Northern Trust Corp
 
89,597
8,420,326
Open Lending Corp (b)
  
50,565
62,701
Oppenheimer Holdings Inc Class A
 
2,686
158,501
P10 Inc Class A
 
24,604
272,366
Perella Weinberg Partners Class A
 
26,799
460,139
Piper Sandler Cos
 
7,341
1,770,062
PJT Partners Inc Class A
 
10,854
1,538,120
Raymond James Financial Inc
 
84,284
11,550,279
Robinhood Markets Inc Class A (b)
  
325,091
15,965,219
S&P Global Inc
 
143,925
71,969,697
SEI Investments Co
 
44,191
3,459,713
State Street Corp
 
131,839
11,615,016
StepStone Group Inc Class A
 
30,092
1,504,901
Stifel Financial Corp
 
46,651
3,997,524
StoneX Group Inc (b)
  
19,548
1,731,269
T Rowe Price Group Inc
 
101,823
9,016,427
TPG Inc Class A (c)
  
42,564
1,977,098
Tradeweb Markets Inc Class A
 
53,089
7,342,209
Victory Capital Holdings Inc Class A
 
20,329
1,164,648
Virtu Financial Inc Class A
 
36,821
1,441,542
Virtus Invt Partners Inc
 
3,027
464,917
WisdomTree Inc
 
52,016
452,539
 
  
  
826,460,832
Consumer Finance - 0.6%
  
  
  
Ally Financial Inc
 
125,586
4,101,639
American Express Co
 
253,600
67,561,576
Atlanticus Holdings Corp (b)
  
2,143
117,479
Bread Financial Holdings Inc
 
22,397
1,062,738
Capital One Financial Corp
 
174,209
31,402,914
Credit Acceptance Corp (b)(c)
  
2,854
1,391,097
Dave Inc Class A (b)
  
3,385
320,966
Discover Financial Services
 
114,712
20,954,441
Encore Capital Group Inc (b)
  
10,822
372,277
Enova International Inc (b)
  
11,734
1,077,064
EZCORP Inc Class A (b)
  
24,024
393,273
FirstCash Holdings Inc
 
17,779
2,381,675
Green Dot Corp Class A (b)
  
24,622
206,086
LendingClub Corp (b)
  
52,377
511,723
Lendingtree Inc (b)
  
4,999
257,898
Navient Corp
 
33,825
418,754
Nelnet Inc Class A
 
8,015
850,311
NerdWallet Inc Class A (b)
  
16,190
145,062
OneMain Holdings Inc
 
54,488
2,564,750
Oportun Financial Corp (b)
  
13,661
69,944
PRA Group Inc (b)
  
18,023
329,821
PROG Holdings Inc
 
18,965
499,917
SLM Corp
 
96,093
2,778,049
SoFi Technologies Inc Class A (b)
  
500,888
6,266,109
Synchrony Financial
 
177,729
9,233,022
Upstart Holdings Inc (b)(c)
  
37,183
1,777,347
World Acceptance Corp (b)
  
1,477
190,710
 
  
  
157,236,642
Financial Services - 4.7%
  
  
  
Affirm Holdings Inc Class A (b)
  
115,333
5,738,970
Alerus Financial Corp
 
10,686
212,438
Apollo Global Management Inc
 
204,289
27,881,363
AvidXchange Holdings Inc (b)
  
85,405
694,343
Berkshire Hathaway Inc Class B (b)
  
837,549
446,623,005
Block Inc Class A (b)
  
255,832
14,958,497
Cannae Holdings Inc
 
25,526
452,065
Cantaloupe Inc (b)
  
27,225
217,800
Cass Information Systems Inc
 
5,546
225,944
Corebridge Financial Inc
 
117,131
3,470,592
Corpay Inc (b)
  
31,878
10,372,145
Enact Holdings Inc
 
13,362
478,226
Equitable Holdings Inc
 
141,776
7,010,823
Essent Group Ltd
 
47,918
2,727,972
Euronet Worldwide Inc (b)
  
18,842
1,867,242
Federal Agricultural Mortgage Corp Class C
 
4,244
744,101
Fidelity National Information Services Inc
 
242,079
19,095,192
Fiserv Inc (b)
  
259,964
47,981,555
Flywire Corp (b)
  
50,339
473,690
Global Payments Inc
 
113,229
8,640,505
HA Sustainable Infrastructure Capital Inc
 
54,289
1,356,139
International Money Express Inc (b)
  
13,359
165,919
Jack Henry & Associates Inc
 
33,335
5,781,289
Jackson Financial Inc
 
33,729
2,627,826
loanDepot Inc Class A (b)
  
35,820
39,760
Marqeta Inc Class A (b)
  
186,995
781,639
Mastercard Inc Class A
 
372,106
203,936,414
Merchants Bancorp/IN
 
12,518
376,541
MGIC Investment Corp
 
113,534
2,828,132
Mr Cooper Group Inc (b)
  
29,036
3,455,574
NCR Atleos Corp (b)
  
33,011
921,667
NewtekOne Inc
 
11,350
118,040
NMI Holdings Inc (b)
  
36,156
1,307,763
Onity Group Inc (b)
  
2,754
103,303
Paymentus Holdings Inc Class A (b)
  
9,288
301,488
Payoneer Global Inc (b)
  
117,968
829,315
PayPal Holdings Inc (b)
  
452,112
29,767,054
PennyMac Financial Services Inc
 
14,548
1,417,557
Radian Group Inc
 
66,264
2,116,472
Remitly Global Inc (b)
  
67,763
1,370,168
Repay Holdings Corp Class A (b)
  
33,732
134,928
Rocket Cos Inc Class A (c)
  
62,539
807,378
Sezzle Inc (b)(c)
  
6,913
359,130
Shift4 Payments Inc Class A (b)(c)
  
31,411
2,569,420
Toast Inc Class A (b)
  
189,543
6,743,940
UWM Holdings Corp Class A
 
43,955
206,589
Velocity Financial Inc (b)
  
4,052
72,409
Visa Inc Class A
 
787,449
272,063,630
Voya Financial Inc
 
43,904
2,599,117
Walker & Dunlop Inc
 
14,641
1,120,622
Western Union Co/The
 
154,277
1,528,885
WEX Inc (b)
  
15,926
2,076,273
 
  
  
1,149,750,849
Insurance - 2.4%
  
  
  
Abacus Global Management Inc Class A (b)
  
11,955
98,747
AFLAC Inc
 
226,140
24,576,895
Allstate Corp/The
 
121,098
24,024,632
Ambac Financial Group Inc (b)
  
21,765
173,685
American Coastal Insurance Corp
 
11,267
128,781
American Financial Group Inc/OH
 
32,972
4,176,234
American International Group Inc
 
271,126
22,102,192
Amerisafe Inc
 
8,762
407,345
Aon PLC
 
98,802
35,053,962
Arch Capital Group Ltd
 
171,313
15,534,663
Arthur J Gallagher & Co
 
116,221
37,270,912
Assurant Inc
 
23,416
4,513,200
Assured Guaranty Ltd
 
21,813
1,913,654
Axis Capital Holdings Ltd
 
34,732
3,345,386
Baldwin Insurance Group Inc/The Class A (b)
  
30,826
1,282,978
Bowhead Specialty Holdings Inc (b)
  
3,582
143,961
Brighthouse Financial Inc (b)
  
26,770
1,558,549
Brown & Brown Inc
 
108,396
11,988,598
Chubb Ltd
 
170,265
48,709,411
Cincinnati Financial Corp
 
71,496
9,952,958
CNO Financial Group Inc
 
46,301
1,756,660
Donegal Group Inc Class A
 
7,185
139,030
eHealth Inc (b)
  
13,257
73,708
Employers Holdings Inc
 
11,239
546,103
Enstar Group Ltd (b)
  
5,704
1,907,475
Erie Indemnity Co Class A
 
11,388
4,083,965
Everest Group Ltd
 
19,651
7,051,368
F&G Annuities & Life Inc
 
9,786
340,651
Fidelity National Financial Inc/US
 
118,887
7,614,712
First American Financial Corp
 
46,995
2,857,766
Genworth Financial Inc Class A (b)
  
194,476
1,334,105
Globe Life Inc
 
38,308
4,724,909
Goosehead Insurance Inc Class A
 
11,132
1,082,142
Hanover Insurance Group Inc/The
 
16,509
2,742,145
Hartford Insurance Group Inc/The
 
131,406
16,119,574
HCI Group Inc
 
3,881
567,790
Heritage Insurance Holdings Inc (b)
  
9,974
188,509
Hippo Holdings Inc (b)
  
8,173
188,960
Horace Mann Educators Corp
 
18,583
771,938
Investors Title Co
 
673
155,591
James River Group Holdings Ltd
 
17,389
82,771
Kemper Corp
 
27,406
1,620,243
Kinsale Capital Group Inc
 
10,115
4,402,655
Lemonade Inc (b)(c)
  
25,073
732,633
Lincoln National Corp
 
77,701
2,476,331
Loews Corp
 
80,751
7,011,609
Markel Group Inc (b)
  
5,845
10,629,717
Marsh & McLennan Cos Inc
 
224,396
50,594,566
MBIA Inc (b)
  
19,398
90,976
Mercury General Corp
 
12,149
673,298
MetLife Inc
 
264,558
19,939,736
Old Republic International Corp
 
106,495
4,004,212
Oscar Health Inc Class A (b)
  
92,049
1,197,557
Palomar Hldgs Inc (b)
  
12,101
1,754,887
Primerica Inc
 
15,283
4,005,216
Principal Financial Group Inc
 
96,257
7,137,457
ProAssurance Corp (b)
  
23,317
541,188
Progressive Corp/The
 
267,677
75,415,318
Prudential Financial Inc
 
161,793
16,617,759
Reinsurance Group of America Inc
 
30,129
5,643,463
RLI Corp
 
38,084
2,818,597
Root Inc/OH Class A (b)
  
3,552
496,108
Ryan Specialty Holdings Inc Class A
 
48,664
3,187,979
Safety Insurance Group Inc
 
6,774
518,211
Selective Insurance Group Inc
 
27,847
2,429,094
Selectquote Inc (b)
  
65,815
208,634
Skyward Specialty Insurance Group Inc (b)
  
14,996
796,138
Stewart Information Services Corp
 
12,688
830,810
The Travelers Companies, Inc.
 
103,592
27,361,755
Tiptree Inc Class A
 
9,821
219,107
Trupanion Inc (b)(c)
  
15,254
558,296
TWFG Inc Class A
 
5,594
177,218
United Fire Group Inc
 
9,877
273,297
Universal Insurance Holdings Inc
 
11,622
281,717
Unum Group
 
75,134
5,834,906
W R Berkley Corp
 
137,208
9,836,442
White Mountains Insurance Group Ltd
 
1,156
2,043,172
Willis Towers Watson PLC
 
45,600
14,035,680
 
  
  
587,682,597
Mortgage Real Estate Investment Trusts (REITs) - 0.0%
  
  
  
AG Mortgage Investment Trust Inc
 
13,969
91,218
AGNC Investment Corp
 
410,879
3,628,062
Annaly Capital Management Inc
 
264,741
5,188,924
Apollo Commercial Real Estate Finance Inc
 
58,687
549,897
Arbor Realty Trust Inc (c)
  
86,217
994,082
Ares Commercial Real Estate Corp
 
25,633
104,326
ARMOUR Residential REIT Inc
 
35,121
578,443
Blackstone Mortgage Trust Inc Class A
 
78,481
1,495,063
Brightspire Capital Inc Class A
 
59,212
296,652
Chimera Investment Corp
 
37,263
459,825
Claros Mortgage Trust Inc
 
52,325
128,720
Dynex Capital Inc
 
38,870
479,267
Ellington Financial Inc
 
41,648
542,673
Franklin BSP Realty Trust Inc
 
38,452
437,584
Invesco Mortgage Capital Inc (c)
  
28,212
206,794
Kkr Real Estate Finance Trust Inc
 
26,614
246,180
Ladder Capital Corp Class A
 
50,486
527,074
MFA Financial Inc
 
46,929
460,843
New York Mortgage Trust Inc
 
41,798
245,354
Orchid Island Capital Inc
 
42,942
307,035
Pennymac Mortgage Investment Trust
 
40,005
513,664
Ready Capital Corp (c)
  
77,066
342,944
Redwood Trust Inc
 
60,997
378,791
Rithm Capital Corp
 
238,352
2,664,775
Starwood Property Trust Inc
 
147,465
2,829,853
TPG RE Finance Trust Inc
 
30,699
234,540
Two Harbors Investment Corp
 
47,663
565,760
 
  
  
24,498,343
TOTAL FINANCIALS
  
  
3,647,691,008
 
  
  
  
Health Care - 10.9%
  
  
  
Biotechnology - 2.2%
  
  
  
2seventy bio Inc (b)
  
23,542
117,475
4D Molecular Therapeutics Inc (b)
  
15,541
52,373
89bio Inc (b)
  
57,633
462,217
AbbVie Inc
 
806,699
157,386,975
Abeona Therapeutics Inc (b)(c)
  
18,860
123,722
Absci Corp (b)(c)
  
38,798
119,110
ACADIA Pharmaceuticals Inc (b)
  
56,114
819,264
ACELYRIN Inc (b)(c)
  
33,216
82,044
ADMA Biologics Inc (b)
  
107,852
2,566,878
Agios Pharmaceuticals Inc (b)
  
26,088
774,553
Akebia Therapeutics Inc (b)
  
91,307
220,050
Akero Therapeutics Inc (b)
  
31,983
1,458,745
Alector Inc (b)
  
35,544
42,653
Alkermes PLC (b)
  
74,159
2,133,554
Allogene Therapeutics Inc (b)(c)
  
72,949
122,554
Alnylam Pharmaceuticals Inc (b)
  
59,174
15,576,964
Altimmune Inc (b)(c)
  
32,438
170,300
Amgen Inc
 
245,494
71,419,114
Amicus Therapeutics Inc (b)
  
123,016
944,763
AnaptysBio Inc (b)(c)
  
8,870
197,091
Anavex Life Sciences Corp (b)(c)
  
38,810
368,695
Anika Therapeutics Inc (b)
  
6,770
98,368
Annexon Inc (b)
  
40,085
74,558
Apellis Pharmaceuticals Inc (b)
  
48,788
937,217
Apogee Therapeutics Inc (b)
  
14,263
559,823
Arbutus Biopharma Corp (b)(c)
  
67,309
238,947
Arcellx Inc (b)
  
17,776
1,154,551
Arcturus Therapeutics Holdings Inc (b)
  
11,420
146,290
Arcus Biosciences Inc (b)
  
30,692
268,555
Arcutis Biotherapeutics Inc (b)
  
48,374
721,256
Ardelyx Inc (b)
  
108,988
599,979
ArriVent Biopharma Inc (b)
  
10,300
218,978
Arrowhead Pharmaceuticals Inc (b)
  
57,283
795,661
ARS Pharmaceuticals Inc (b)(c)
  
23,676
330,754
Astria Therapeutics Inc (b)
  
17,322
89,382
aTyr Pharma Inc (b)
  
38,258
132,755
Aura Biosciences Inc (b)
  
17,727
103,348
Avidity Biosciences Inc (b)
  
54,479
1,778,739
Avita Medical Inc (b)(c)
  
11,962
115,912
Beam Therapeutics Inc (b)
  
41,046
818,047
Bicara Therapeutics Inc
 
8,469
121,700
BioCryst Pharmaceuticals Inc (b)
  
94,338
834,891
Biogen Inc (b)
  
67,002
8,112,602
Biohaven Ltd (b)
  
38,326
847,771
BioMarin Pharmaceutical Inc (b)
  
87,272
5,558,354
Blueprint Medicines Corp (b)
  
29,158
2,609,641
Bridgebio Pharma Inc (b)
  
67,283
2,580,976
C4 Therapeutics Inc (b)
  
26,810
43,968
Candel Therapeutics Inc (b)
  
14,298
70,203
Capricor Therapeutics Inc (b)(c)
  
19,078
242,291
Cardiff Oncology Inc (b)(c)
  
27,985
76,679
CareDx Inc (b)
  
24,470
413,054
Cargo Therapeutics Inc (b)(c)
  
16,597
75,848
Carisma Therapeutics Inc rights (b)(d)
  
58,324
0
Cartesian Therapeutics Inc rights (b)(d)
  
43,098
12,497
Catalyst Pharmaceuticals Inc (b)
  
51,273
1,245,421
Celcuity Inc (b)
  
12,349
137,568
Celldex Therapeutics Inc (b)
  
30,273
630,587
CG oncology Inc (b)
  
24,675
664,745
Cogent Biosciences Inc (b)
  
46,634
242,963
Coherus Biosciences Inc (b)(c)
  
52,518
54,094
Compass Therapeutics Inc (b)
  
45,098
83,882
Corvus Pharmaceuticals Inc (b)(c)
  
23,545
84,527
Crinetics Pharmaceuticals Inc (b)
  
42,347
1,413,966
Cullinan Therapeutics Inc (b)
  
23,944
198,256
Cytokinetics Inc (b)(c)
  
53,872
2,307,876
Day One Biopharmaceuticals Inc (b)
  
31,342
243,841
Denali Therapeutics Inc (b)
  
56,452
939,926
Dianthus Therapeutics Inc (b)
  
8,253
180,328
Disc Medicine Inc (b)
  
11,109
549,007
Dynavax Technologies Corp (b)
  
55,784
655,462
Dyne Therapeutics Inc (b)
  
36,250
427,388
Editas Medicine Inc (b)
  
35,174
58,037
Emergent BioSolutions Inc (b)(c)
  
25,057
133,804
Enanta Pharmaceuticals Inc (b)
  
8,829
53,769
Entrada Therapeutics Inc (b)
  
10,733
97,992
Erasca Inc (b)
  
97,598
142,493
Exact Sciences Corp (b)
  
84,667
3,864,202
Exelixis Inc (b)
  
127,983
5,010,534
Geron Corp (b)
  
239,857
338,198
Gilead Sciences Inc
 
569,510
60,675,595
Gossamer Bio Inc (b)
  
86,819
88,555
GRAIL Inc (c)
  
13,335
459,991
Halozyme Therapeutics Inc (b)
  
58,065
3,566,352
Heron Therapeutics Inc (b)(c)
  
62,097
150,275
Humacyte Inc Class A (b)(c)
  
46,418
67,306
Ideaya Biosciences Inc (b)
  
39,460
794,330
ImmunityBio Inc (b)(c)
  
77,043
193,378
Immunome Inc (b)
  
35,579
312,739
Immunovant Inc (b)
  
34,888
563,441
Incyte Corp (b)
  
73,477
4,604,069
Inmune Bio Inc (b)(c)
  
6,878
54,061
Insmed Inc (b)(c)
  
81,831
5,891,832
Intellia Therapeutics Inc (b)(c)
  
46,501
412,464
Ionis Pharmaceuticals Inc (b)
  
71,980
2,210,506
Iovance Biotherapeutics Inc (b)(c)
  
103,021
369,845
Ironwood Pharmaceuticals Inc Class A (b)
  
63,736
59,421
iTeos Therapeutics Inc (b)
  
12,765
92,546
Janux Therapeutics Inc (b)
  
14,762
490,098
KalVista Pharmaceuticals Inc (b)
  
16,918
232,961
Keros Therapeutics Inc (b)
  
15,909
229,726
Kodiak Sciences Inc (b)
  
14,060
61,302
Korro Bio Inc (b)
  
2,658
47,180
Krystal Biotech Inc (b)
  
11,556
1,963,133
Kura Oncology Inc (b)
  
35,530
233,077
Kymera Therapeutics Inc (b)
  
21,311
730,328
Lexicon Pharmaceuticals Inc (b)(c)
  
84,134
61,485
Madrigal Pharmaceuticals Inc (b)
  
7,783
2,598,822
MannKind Corp (b)
  
125,736
633,709
MiMedx Group Inc (b)
  
53,588
368,685
Mineralys Therapeutics Inc (b)
  
16,615
236,099
Mirum Pharmaceuticals Inc (b)
  
18,359
797,699
Moderna Inc (b)
  
154,892
4,420,618
Monte Rosa Therapeutics Inc (b)
  
20,262
99,486
Myriad Genetics Inc (b)
  
41,552
307,900
Natera Inc (b)
  
60,354
9,109,229
Neurocrine Biosciences Inc (b)
  
45,613
4,912,064
Neurogene Inc (b)
  
4,759
71,385
Nkarta Inc (b)
  
21,781
46,176
Novavax Inc (b)(c)
  
72,981
486,783
Nurix Therapeutics Inc (b)
  
32,201
371,278
Nuvalent Inc Class A (b)
  
17,381
1,333,992
Ocugen Inc (b)(c)
  
132,703
99,156
Olema Pharmaceuticals Inc (b)
  
22,286
114,996
OmniAb Operations Inc (b)(d)
  
2,111
4,539
OmniAb Operations Inc (b)(d)
  
2,111
4,031
Organogenesis Holdings Inc Class A (b)
  
32,146
157,837
ORIC Pharmaceuticals Inc (b)
  
20,965
119,710
PDL BioPharma Inc (b)(d)
  
20,940
0
Perspective Therapeutics Inc (b)
  
24,254
59,422
Praxis Precision Medicines Inc (b)
  
7,988
300,668
Precigen Inc (b)(c)
  
69,542
108,486
Prime Medicine Inc (b)(c)
  
29,793
51,542
Protagonist Therapeutics Inc (b)
  
27,182
1,245,479
PTC Therapeutics Inc (b)
  
35,175
1,753,122
Puma Biotechnology Inc (b)
  
16,692
53,081
RAPT Therapeutics Inc (b)
  
38,342
35,535
Recursion Pharmaceuticals Inc Class A (b)(c)
  
133,772
747,785
Regeneron Pharmaceuticals Inc
 
48,089
28,793,770
REGENXBIO Inc (b)
  
20,827
200,147
Relay Therapeutics Inc (b)
  
59,673
198,711
Replimune Group Inc (b)
  
30,526
298,544
Revolution Medicines Inc (b)
  
79,306
3,202,376
Rezolute Inc (b)
  
22,885
86,048
Rhythm Pharmaceuticals Inc (b)
  
23,811
1,552,239
Rigel Pharmaceuticals Inc (b)
  
8,013
156,734
Rocket Pharmaceuticals Inc (b)
  
39,304
299,890
Roivant Sciences Ltd (b)
  
192,243
2,233,864
Sage Therapeutics Inc (b)
  
24,692
180,005
Sana Biotechnology Inc (b)(c)
  
59,147
112,379
Sangamo Therapeutics Inc (b)(c)
  
93,343
72,070
Sarepta Therapeutics Inc (b)
  
43,775
2,731,560
Savara Inc (b)(c)
  
53,500
171,200
Scholar Rock Holding Corp (b)
  
33,669
1,108,047
Seres Therapeutics Inc (b)(c)
  
3,277
31,787
Soleno Therapeutics Inc (b)
  
11,991
897,646
SpringWorks Therapeutics Inc (b)
  
34,055
1,576,747
Spyre Therapeutics Inc (b)
  
22,783
346,985
Stoke Therapeutics Inc (b)(c)
  
18,171
177,349
Summit Therapeutics Inc (b)(c)
  
63,956
1,542,619
Syndax Pharmaceuticals Inc (b)
  
38,959
551,270
Tango Therapeutics Inc (b)(c)
  
30,046
42,365
Taysha Gene Therapies Inc (b)
  
65,430
126,934
Tectonic Therapeutic Inc (b)
  
3,109
64,854
TG Therapeutics Inc (b)
  
60,931
2,772,970
Tourmaline Bio Inc (b)
  
8,560
147,318
Travere Therapeutics Inc (b)
  
35,305
734,697
Twist Bioscience Corp (b)
  
27,425
1,050,926
Tyra Biosciences Inc (b)
  
9,757
100,497
Ultragenyx Pharmaceutical Inc (b)
  
42,085
1,640,473
United Therapeutics Corp (b)
  
20,422
6,189,704
Upstream Bio Inc
 
7,125
65,978
Vanda Pharmaceuticals Inc (b)
  
26,809
120,909
Vaxcyte Inc (b)
  
52,527
1,882,568
Vera Therapeutics Inc Class A (b)
  
25,277
590,723
Veracyte Inc (b)
  
35,262
1,075,491
Verastem Inc (b)(c)
  
20,277
151,875
Vericel Corp (b)
  
22,495
855,260
Vertex Pharmaceuticals Inc (b)
  
117,350
59,789,825
Verve Therapeutics Inc (b)(c)
  
30,933
175,390
Viking Therapeutics Inc (b)(c)
  
50,950
1,470,927
Vir Biotechnology Inc (b)
  
42,120
257,774
Viridian Therapeutics Inc (b)
  
30,635
415,104
Voyager Therapeutics Inc (b)
  
19,706
70,153
Xencor Inc (b)
  
31,579
348,001
Y-mAbs Therapeutics Inc (b)
  
15,397
65,437
 
  
  
547,695,005
Health Care Equipment & Supplies - 2.4%
  
  
  
Abbott Laboratories
 
792,523
103,622,383
Accuray Inc Del (b)
  
47,105
73,013
Align Technology Inc (b)
  
32,098
5,562,583
Alphatec Holdings Inc (b)(c)
  
46,532
510,921
AngioDynamics Inc (b)
  
18,493
171,800
Artivion Inc (b)
  
17,222
407,989
AtriCure Inc (b)
  
22,441
671,210
Avanos Medical Inc (b)
  
21,030
263,927
Axogen Inc (b)
  
19,974
324,977
Baxter International Inc
 
233,439
7,276,294
Becton Dickinson & Co
 
131,188
27,167,723
Bioventus Inc (b)
  
18,781
137,289
Boston Scientific Corp (b)
  
673,387
69,271,322
Butterfly Network Inc Class A (b)(c)
  
81,671
191,110
Ceribell Inc
 
5,089
81,882
Cerus Corp (b)
  
84,678
111,775
ClearPoint Neuro Inc (b)
  
11,976
172,335
CONMED Corp
 
14,094
692,156
Cooper Cos Inc/The (b)
  
91,258
7,453,041
CVRx Inc (b)
  
6,770
49,556
Delcath Systems Inc (b)
  
12,141
146,178
DENTSPLY SIRONA Inc
 
90,658
1,260,146
Dexcom Inc (b)
  
178,564
12,745,898
Edwards Lifesciences Corp (b)
  
269,509
20,345,234
Electromed Inc (b)
  
2,936
67,616
Embecta Corp
 
26,458
322,523
Enovis Corp (b)
  
25,971
898,337
Envista Holdings Corp (b)
  
78,549
1,263,068
GE HealthCare Technologies Inc
 
208,998
14,698,829
Glaukos Corp (b)
  
25,173
2,372,555
Globus Medical Inc Class A (b)
  
51,925
3,726,657
Haemonetics Corp (b)
  
22,917
1,444,229
Hologic Inc (b)
  
102,571
5,969,632
ICU Medical Inc (b)
  
11,170
1,525,710
IDEXX Laboratories Inc (b)
  
37,421
16,190,196
Inogen Inc (b)
  
10,918
77,845
Inspire Medical Systems Inc (b)
  
13,548
2,145,732
Insulet Corp (b)
  
32,056
8,087,408
Integer Holdings Corp (b)
  
15,320
1,935,069
Integra LifeSciences Holdings Corp (b)
  
30,271
496,142
Intuitive Surgical Inc (b)
  
162,975
84,062,506
iRadimed Corp
 
3,656
191,611
iRhythm Technologies Inc (b)
  
14,270
1,525,320
Lantheus Holdings Inc (b)
  
31,789
3,316,864
LeMaitre Vascular Inc
 
9,339
847,421
LivaNova PLC (b)
  
24,767
916,379
Masimo Corp (b)
  
20,281
3,264,430
Medtronic PLC
 
585,898
49,660,715
Merit Medical Systems Inc (b)
  
26,692
2,521,059
Myomo Inc (b)
  
11,159
52,447
Neogen Corp (b)(c)
  
90,109
455,050
NeuroPace Inc (b)
  
6,640
77,622
Novocure Ltd (b)
  
45,129
818,640
Omnicell Inc (b)
  
21,139
660,805
OraSure Technologies Inc (b)
  
34,297
102,548
Orthofix Medical Inc (b)
  
17,835
248,085
OrthoPediatrics Corp (b)
  
7,531
156,795
Penumbra Inc (b)
  
17,544
5,137,585
PROCEPT BioRobotics Corp (b)
  
24,686
1,332,550
Pulmonx Corp (b)
  
18,032
87,095
Pulse Biosciences Inc (b)(c)
  
8,415
143,223
QuidelOrtho Corp (b)
  
30,072
835,701
ResMed Inc
 
67,118
15,879,448
RxSight Inc (b)
  
15,815
232,797
Semler Scientific Inc (b)(c)
  
3,553
114,868
Senseonics Holdings Inc (b)(c)
  
271,537
202,214
SI-BONE Inc (b)
  
17,033
232,500
Solventum Corp (b)
  
63,214
4,179,710
STAAR Surgical Co (b)
  
22,490
410,667
STERIS PLC
 
44,888
10,088,129
Stryker Corp
 
156,896
58,666,553
Surmodics Inc (b)
  
6,535
183,045
Tactile Systems Technology Inc (b)
  
11,147
157,396
Tandem Diabetes Care Inc (b)
  
29,949
504,641
Teleflex Inc
 
21,245
2,911,627
TransMedics Group Inc (b)(c)
  
15,353
1,412,630
Treace Medical Concepts Inc (b)
  
19,212
136,021
UFP Technologies Inc (b)
  
3,330
694,438
Utah Medical Products Inc
 
1,596
82,593
Varex Imaging Corp (b)
  
18,925
157,456
Zimmer Biomet Holdings Inc
 
90,983
9,375,798
Zimvie Inc (b)
  
12,734
115,370
 
  
  
582,084,642
Health Care Providers & Services - 2.1%
  
  
  
Acadia Healthcare Co Inc (b)
  
42,379
991,669
AdaptHealth Corp (b)
  
48,107
409,391
Addus HomeCare Corp (b)
  
8,184
855,637
agilon health Inc (b)
  
139,060
592,396
Alignment Healthcare Inc (b)
  
46,477
823,572
Amedisys Inc (b)
  
14,950
1,418,755
AMN Healthcare Services Inc (b)
  
17,384
355,155
Astrana Health Inc (b)
  
18,985
591,762
Aveanna Healthcare Holdings Inc (b)
  
26,335
121,404
BrightSpring Health Services Inc (b)
  
24,609
431,396
Brookdale Senior Living Inc (b)
  
90,952
596,645
Cardinal Health Inc
 
110,371
15,594,319
Castle Biosciences Inc (b)
  
12,788
256,399
Cencora Inc
 
78,849
23,076,737
Centene Corp (b)
  
226,651
13,565,086
Chemed Corp
 
6,841
3,978,110
Cigna Group/The
 
125,110
42,542,404
Clover Health Investments Corp Class A (b)
  
188,896
642,246
Community Health Systems Inc (b)
  
54,841
149,716
Concentra Group Holdings Parent Inc
 
49,373
1,073,863
CorVel Corp (b)
  
12,475
1,356,781
Cross Country Healthcare Inc (b)
  
13,981
189,443
CVS Health Corp
 
576,119
38,432,898
DaVita Inc (b)
  
20,083
2,842,749
DocGo Inc Class A (b)
  
39,078
87,143
Elevance Health Inc
 
105,979
44,572,648
Encompass Health Corp
 
46,100
5,393,239
Enhabit Inc (b)
  
23,052
184,185
Ensign Group Inc/The
 
26,031
3,357,739
Fulgent Genetics Inc (b)(c)
  
9,269
160,817
GeneDx Holdings Corp Class A (b)
  
9,270
619,700
Guardant Health Inc (b)
  
56,495
2,668,259
HCA Healthcare Inc
 
81,708
28,195,797
HealthEquity Inc (b)
  
39,632
3,397,255
Henry Schein Inc (b)
  
57,034
3,705,499
Hims & Hers Health Inc Class A (b)(c)
  
87,406
2,893,139
Humana Inc
 
55,133
14,458,078
Labcorp Holdings Inc
 
38,122
9,187,783
LifeStance Health Group Inc (b)
  
59,458
390,639
McKesson Corp
 
57,265
40,817,919
Molina Healthcare Inc (b)
  
25,370
8,296,244
National HealthCare Corp
 
5,642
533,113
National Research Corp Class A
 
6,664
75,702
NeoGenomics Inc (b)
  
58,585
374,651
OPKO Health Inc (b)
  
155,884
215,120
Option Care Health Inc (b)
  
77,686
2,510,035
Owens & Minor Inc (b)
  
33,707
237,971
PACS Group Inc (b)
  
17,001
163,720
Pediatrix Medical Group Inc (b)
  
38,566
496,730
Pennant Group Inc/The (b)
  
15,800
404,796
Premier Inc Class A (c)
  
41,654
847,659
Privia Health Group Inc (b)
  
47,097
1,105,838
Progyny Inc (b)
  
33,807
772,152
Quest Diagnostics Inc
 
50,730
9,041,101
RadNet Inc (b)
  
29,733
1,557,415
Select Medical Holdings Corp
 
47,687
869,811
Sonida Senior Living Inc (b)
  
4,532
105,232
Surgery Partners Inc (b)
  
34,021
746,761
Talkspace Inc Class A (b)
  
64,535
198,122
Tenet Healthcare Corp (b)
  
43,483
6,215,895
UnitedHealth Group Inc
 
420,528
173,022,040
Universal Health Services Inc Class B
 
26,865
4,756,986
US Physical Therapy Inc
 
6,890
489,948
 
  
  
524,015,414
Health Care Technology - 0.1%
  
  
  
Certara Inc (b)
  
49,942
692,196
Claritev Corp Class A (b)(c)
  
2,871
64,396
Definitive Healthcare Corp Class A (b)(c)
  
24,323
66,159
Doximity Inc Class A (b)
  
61,053
3,472,695
Evolent Health Inc Class A (b)
  
48,934
482,489
GoodRx Holdings Inc Class A (b)
  
41,765
193,372
Health Catalyst Inc (b)
  
27,826
109,913
HealthStream Inc
 
10,971
368,955
LifeMD Inc (b)(c)
  
17,182
126,460
OptimizeRx Corp (b)
  
7,478
68,199
Phreesia Inc (b)
  
25,174
628,343
Schrodinger Inc/United States (b)
  
25,276
647,824
Simulations Plus Inc
 
7,426
255,083
Teladoc Health Inc (b)
  
78,540
564,703
TruBridge Inc (b)
  
5,408
140,770
Veeva Systems Inc Class A (b)
  
68,276
15,955,418
Waystar Holding Corp (b)
  
30,605
1,137,588
 
  
  
24,974,563
Life Sciences Tools & Services - 0.9%
  
  
  
10X Genomics Inc Class A (b)
  
49,461
409,042
Adaptive Biotechnologies Corp (b)
  
51,184
376,714
Agilent Technologies Inc
 
130,411
14,032,224
Avantor Inc (b)
  
311,421
4,045,359
Azenta Inc (b)
  
20,860
549,452
Bio-Rad Laboratories Inc Class A (b)(c)
  
8,790
2,145,463
Bio-Techne Corp
 
72,420
3,646,347
BioLife Solutions Inc (b)
  
16,514
398,153
Bruker Corp
 
50,470
2,021,828
Charles River Laboratories International Inc (b)
  
23,382
2,773,573
Codexis Inc (b)
  
38,541
88,644
CryoPort Inc (b)
  
22,575
125,969
Cytek Biosciences Inc (b)
  
47,118
174,808
Danaher Corp
 
292,445
58,293,062
Fortrea Holdings Inc (b)
  
40,978
255,293
Illumina Inc (b)
  
72,440
5,621,344
IQVIA Holdings Inc (b)
  
76,462
11,856,962
Lifecore Biomedical Inc (b)(c)
  
16,878
114,095
Maravai LifeSciences Holdings Inc Class A (b)
  
54,390
109,868
MaxCyte Inc (United States) (b)
  
48,355
137,328
Medpace Holdings Inc (b)
  
11,407
3,517,805
Mesa Laboratories Inc
 
2,472
284,898
Mettler-Toledo International Inc (b)
  
9,562
10,236,790
Niagen Bioscience Inc (b)
  
24,086
189,075
OmniAb Inc (b)(c)
  
45,064
76,609
Pacific Biosciences of California Inc (b)(c)
  
116,174
128,953
Personalis Inc (b)
  
20,432
77,233
Quanterix Corp (b)
  
16,653
95,921
Quantum-Si Inc Class A (b)(c)
  
62,828
71,624
Repligen Corp (b)
  
23,791
3,282,920
Revvity Inc
 
55,683
5,202,463
Sotera Health Co (b)(c)
  
69,628
800,722
Standard BioTools Inc (b)
  
137,768
152,922
Thermo Fisher Scientific Inc
 
174,775
74,978,476
Waters Corp (b)
  
27,138
9,436,697
West Pharmaceutical Services Inc
 
33,105
6,994,755
 
  
  
222,703,391
Pharmaceuticals - 3.2%
  
  
  
Aclaris Therapeutics Inc (b)
  
49,226
67,932
Alumis Inc (c)
  
6,258
25,907
Amneal Intermediate Inc Class A (b)
  
67,717
518,712
Amphastar Pharmaceuticals Inc (b)
  
17,101
417,435
Amylyx Pharmaceuticals Inc (b)
  
31,727
162,125
ANI Pharmaceuticals Inc (b)
  
7,580
536,816
Aquestive Therapeutics Inc (b)(c)
  
31,837
93,123
Arvinas Inc (b)
  
29,251
281,395
Axsome Therapeutics Inc (b)
  
18,585
2,086,910
Bristol-Myers Squibb Co
 
927,285
46,549,707
Collegium Pharmaceutical Inc (b)
  
14,729
397,609
Corcept Therapeutics Inc (b)
  
42,573
3,060,147
CorMedix Inc (b)(c)
  
27,794
255,427
Edgewise Therapeutics Inc (b)
  
27,163
445,473
Elanco Animal Health Inc (b)
  
225,501
2,137,749
Eli Lilly & Co
 
360,050
323,666,948
Enliven Therapeutics Inc (b)(c)
  
13,843
262,186
Esperion Therapeutics Inc (b)
  
82,112
82,063
Evolus Inc (b)
  
22,247
253,616
EyePoint Pharmaceuticals Inc (b)
  
31,118
212,225
Fulcrum Therapeutics Inc (b)
  
20,762
79,934
Harmony Biosciences Holdings Inc (b)
  
17,358
511,540
Harrow Inc (b)
  
14,114
349,604
Innoviva Inc (b)
  
25,092
468,969
Jazz Pharmaceuticals PLC (b)
  
27,660
3,235,114
Johnson & Johnson
 
1,100,150
171,964,447
LENZ Therapeutics Inc (b)(c)
  
7,400
211,011
Ligand Pharmaceuticals Inc (b)
  
8,633
948,421
Liquidia Corp (b)
  
21,668
302,702
Merck & Co Inc
 
1,155,934
98,485,577
Mind Medicine MindMed Inc (b)(c)
  
30,110
192,403
Nektar Therapeutics (b)
  
75,149
59,781
Nuvation Bio Inc Class A (b)
  
117,755
264,949
Ocular Therapeutix Inc (b)
  
57,817
479,881
Omeros Corp (b)(c)
  
26,430
194,261
Organon & Co
 
117,949
1,525,081
Pacira BioSciences Inc (b)
  
21,151
568,962
Perrigo Co PLC
 
62,470
1,606,728
Pfizer Inc
 
2,589,541
63,210,696
Phathom Pharmaceuticals Inc (b)(c)
  
20,247
86,860
Phibro Animal Health Corp Class A
 
9,243
172,012
Prestige Consumer Healthcare Inc (b)
  
22,621
1,837,504
Royalty Pharma PLC Class A
 
170,314
5,589,705
Septerna Inc
 
7,737
53,850
SIGA Technologies Inc
 
18,639
102,887
Supernus Pharmaceuticals Inc (b)
  
25,196
818,366
Tarsus Pharmaceuticals Inc (b)
  
15,886
824,642
Terns Pharmaceuticals Inc (b)
  
26,929
88,866
Theravance Biopharma Inc (b)
  
16,315
159,398
Third Harmonic Bio Inc (b)
  
9,675
50,020
Trevi Therapeutics Inc (b)
  
29,340
202,739
Veru Inc (b)
  
59,498
32,230
Viatris Inc
 
545,930
4,596,731
WaVe Life Sciences Ltd (b)
  
53,695
414,525
Xeris Biopharma Holdings Inc (b)
  
68,846
314,626
Xeris Biopharma Holdings Inc rights (b)(d)
  
8,992
0
Zevra Therapeutics Inc (b)
  
22,379
164,038
Zoetis Inc Class A
 
204,630
32,004,132
 
  
  
773,686,697
TOTAL HEALTH CARE
  
  
2,675,159,712
 
  
  
  
Industrials - 9.6%
  
  
  
Aerospace & Defense - 2.1%
  
  
  
AAR Corp (b)
  
16,111
861,294
AeroVironment Inc (b)
  
12,817
1,942,032
AerSale Corp (b)
  
13,698
95,474
Archer Aviation Inc Class A (b)(c)
  
185,590
1,545,965
Astronics Corp (b)
  
13,607
308,743
Axon Enterprise Inc (b)
  
33,105
20,303,297
Boeing Co (b)
  
342,756
62,806,609
BWX Technologies Inc
 
41,755
4,556,306
Byrna Technologies Inc (b)(c)
  
8,168
182,881
Cadre Holdings Inc
 
11,760
342,804
Curtiss-Wright Corp
 
17,221
5,939,351
Ducommun Inc (b)
  
6,233
357,276
GE Aerospace
 
490,435
98,842,270
General Dynamics Corp
 
115,947
31,551,498
HEICO Corp
 
18,228
4,570,853
HEICO Corp Class A
 
34,253
6,882,456
Hexcel Corp
 
37,029
1,794,796
Howmet Aerospace Inc
 
185,075
25,647,694
Huntington Ingalls Industries Inc
 
17,895
4,121,934
Intuitive Machines Inc Class A (b)(c)
  
36,818
301,908
Kratos Defense & Security Solutions Inc (b)
  
69,921
2,362,281
L3Harris Technologies Inc
 
86,045
18,931,621
Leonardo DRS Inc
 
33,842
1,250,800
Loar Holdings Inc (b)(c)
  
8,109
766,949
Lockheed Martin Corp
 
95,726
45,733,097
Mercury Systems Inc (b)
  
23,226
1,161,300
Moog Inc Class A
 
12,944
2,164,884
National Presto Industries Inc
 
2,352
198,390
Northrop Grumman Corp
 
62,179
30,250,084
Redwire Corp Class A (b)(c)
  
11,003
118,611
Rocket Lab USA Inc Class A (b)(c)
  
159,969
3,485,725
RTX Corp
 
608,691
76,774,196
Spirit AeroSystems Holdings Inc Class A (b)
  
53,482
1,925,352
Standardaero Inc (c)
  
46,469
1,255,592
Textron Inc
 
83,491
5,875,262
TransDigm Group Inc
 
25,624
36,208,506
Triumph Group Inc (b)
  
35,322
897,179
V2X Inc (b)
  
6,498
323,340
Virgin Galactic Holdings Inc Class A (b)(c)
  
12,571
36,329
Woodward Inc
 
27,154
5,093,276
 
  
  
507,768,215
Air Freight & Logistics - 0.3%
  
  
  
CH Robinson Worldwide Inc
 
54,256
4,840,720
Expeditors International of Washington Inc
 
64,001
7,034,350
FedEx Corp
 
101,255
21,296,964
Forward Air Corp Class A (b)
  
9,109
134,084
GXO Logistics Inc (b)
  
54,631
1,979,827
Hub Group Inc Class A
 
27,728
875,928
United Parcel Service Inc Class B
 
334,200
31,849,261
 
  
  
68,011,134
Building Products - 0.7%
  
  
  
A O Smith Corp
 
54,070
3,669,190
AAON Inc
 
30,857
2,816,318
Advanced Drainage Systems Inc
 
32,296
3,665,273
Allegion plc
 
39,742
5,532,086
American Woodmark Corp (b)
  
6,850
404,150
Apogee Enterprises Inc
 
10,023
397,612
Armstrong World Industries Inc
 
19,890
2,884,448
AZEK Co Inc/The Class A (b)
  
65,601
3,251,186
AZZ Inc
 
13,632
1,182,712
Builders FirstSource Inc (b)
  
52,637
6,296,964
Carlisle Cos Inc
 
20,320
7,711,034
Carrier Global Corp
 
369,074
23,081,888
CSW Industrials Inc
 
7,660
2,393,597
Fortune Brands Innovations Inc
 
56,885
3,061,551
Gibraltar Industries Inc (b)
  
14,019
742,306
Griffon Corp
 
17,996
1,225,708
Hayward Holdings Inc (b)
  
64,673
862,091
Insteel Industries Inc
 
8,962
303,901
Janus International Group Inc (b)
  
64,182
441,572
JELD-WEN Holding Inc (b)
  
38,637
213,276
Johnson Controls International plc
 
301,649
25,308,351
Lennox International Inc
 
14,638
8,003,327
Masco Corp
 
96,962
5,876,867
Masterbrand Inc (b)
  
58,185
706,948
Owens Corning
 
39,263
5,709,233
Quanex Building Products Corp
 
21,543
354,167
Resideo Technologies Inc (b)
  
67,122
1,126,307
Simpson Manufacturing Co Inc
 
19,248
2,958,225
Tecnoglass Inc
 
10,081
718,473
Trane Technologies PLC
 
102,485
39,283,525
Trex Co Inc (b)
  
49,072
2,837,343
UFP Industries Inc
 
27,727
2,740,814
Zurn Elkay Water Solutions Corp
 
65,384
2,220,441
 
  
  
167,980,884
Commercial Services & Supplies - 0.7%
  
  
  
ABM Industries Inc
 
28,379
1,383,192
ACCO Brands Corp
 
41,159
158,874
ACV Auctions Inc Class A (b)
  
72,270
1,061,646
Brady Corp Class A
 
20,197
1,419,647
BrightView Holdings Inc (b)
  
26,872
368,684
Brink's Co/The
 
19,920
1,777,661
Casella Waste Systems Inc Class A (b)
  
28,454
3,341,922
CECO Environmental Corp (b)
  
13,086
311,316
Cintas Corp
 
156,732
33,177,030
Clean Harbors Inc (b)
  
23,169
4,956,776
Copart Inc (b)
  
400,626
24,450,205
CoreCivic Inc (b)
  
50,255
1,137,773
Deluxe Corp
 
20,219
295,197
Driven Brands Holdings Inc (b)
  
26,682
440,787
Ennis Inc
 
12,037
216,064
Enviri Corp (b)
  
36,544
251,057
GEO Group Inc/The (b)
  
62,119
1,943,082
Healthcare Services Group Inc (b)
  
33,750
479,588
HNI Corp
 
21,847
924,128
Interface Inc
 
26,450
497,260
Liquidity Services Inc (b)
  
10,343
328,701
Matthews International Corp Class A
 
13,977
285,830
MillerKnoll Inc
 
31,131
510,548
Montrose Environmental Group Inc (b)
  
14,586
213,393
MSA Safety Inc
 
17,990
2,831,986
OPENLANE Inc (b)
  
48,739
902,159
Perma-Fix Environmental Services Inc (b)
  
7,812
64,058
Pitney Bowes Inc
 
72,249
627,121
Pursuit Attractions and Hospitality Inc (b)
  
10,025
293,632
Quad/Graphics Inc Class A
 
14,180
67,639
Republic Services Inc
 
92,703
23,245,277
Rollins Inc
 
128,338
7,331,950
Steelcase Inc Class A
 
43,379
430,320
Tetra Tech Inc
 
122,394
3,817,469
UniFirst Corp/MA
 
6,846
1,221,806
Veralto Corp
 
113,026
10,839,193
Vestis Corp
 
52,323
458,349
Virco Mfg. Corp
 
4,407
40,500
VSE Corp
 
8,104
928,070
Waste Management Inc
 
166,855
38,937,284
 
  
  
171,967,174
Construction & Engineering - 0.3%
  
  
  
AECOM
 
60,694
5,987,463
Ameresco Inc Class A (b)
  
14,808
157,409
API Group Corp (b)
  
111,702
4,225,687
Arcosa Inc
 
22,278
1,783,799
Argan Inc
 
5,889
901,783
Bowman Consulting Group Ltd (b)
  
6,487
143,492
Comfort Systems USA Inc
 
16,220
6,448,261
Construction Partners Inc Class A (b)
  
21,556
1,770,610
Dycom Industries Inc (b)
  
13,323
2,232,269
EMCOR Group Inc
 
21,031
8,427,122
Everus Construction Group Inc
 
23,361
940,047
Fluor Corp (b)
  
78,339
2,733,248
Granite Construction Inc
 
19,840
1,612,794
Great Lakes Dredge & Dock Corp (b)
  
30,698
279,045
IES Holdings Inc (b)
  
3,833
753,874
Limbach Holdings Inc (b)(c)
  
4,697
449,691
MasTec Inc (b)
  
28,107
3,578,583
Matrix Service Co (b)
  
11,257
130,580
MYR Group Inc (b)
  
7,414
906,880
Northwest Pipe Co (b)
  
4,552
192,823
Orion Group Holdings Inc (b)
  
15,790
100,897
Primoris Services Corp
 
24,526
1,470,824
Quanta Services Inc
 
67,462
19,745,453
Sterling Infrastructure Inc (b)
  
14,039
2,097,848
Tutor Perini Corp (b)
  
20,033
429,908
Valmont Industries Inc
 
9,148
2,682,377
WillScot Holdings Corp
 
84,355
2,118,998
 
  
  
72,301,765
Electrical Equipment - 0.9%
  
  
  
Acuity Inc
 
14,005
3,411,758
Allient Inc
 
6,764
144,411
American Superconductor Corp (b)
  
17,813
353,588
AMETEK Inc
 
105,693
17,923,419
Array Technologies Inc (b)
  
65,881
314,911
Atkore Inc
 
15,719
1,003,973
Blink Charging Co (b)(c)
  
47,656
34,889
Bloom Energy Corp Class A (b)(c)
  
90,891
1,665,123
ChargePoint Holdings Inc Class A (b)(c)
  
186,206
115,969
Eaton Corp PLC
 
180,596
53,162,045
Emerson Electric Co
 
257,691
27,085,901
EnerSys
 
17,978
1,556,895
Enovix Corp Class B (b)(c)
  
72,894
488,390
Eos Energy Enterprises Inc (b)(c)
  
99,458
519,171
Fluence Energy Inc Class A (b)(c)
  
28,613
117,027
FuelCell Energy Inc (b)(c)
  
9,285
38,069
GE Vernova Inc
 
126,077
46,751,873
Generac Holdings Inc (b)
  
27,313
3,124,061
GrafTech International Ltd (b)
  
86,663
54,858
Hubbell Inc
 
24,541
8,912,800
Hyliion Holdings Corp Class A (b)
  
60,063
90,695
LSI Industries Inc
 
12,136
183,132
Net Power Inc Class A (b)(c)
  
15,815
26,885
NEXTracker Inc Class A (b)
  
65,736
2,669,539
NuScale Power Corp Class A (b)(c)
  
49,624
822,270
nVent Electric PLC
 
75,244
4,131,648
Plug Power Inc (b)(c)
  
396,508
345,993
Powell Industries Inc
 
4,288
785,176
Preformed Line Products Co
 
1,320
181,328
Regal Rexnord Corp
 
30,238
3,200,390
Rockwell Automation Inc
 
51,677
12,799,359
Sensata Technologies Holding PLC
 
68,213
1,459,758
SES AI Corp Class A (b)(c)
  
69,295
62,282
Shoals Technologies Group Inc (b)
  
76,080
274,649
Sunrun Inc (b)(c)
  
102,335
705,088
Thermon Group Holdings Inc (b)
  
15,324
401,949
Vertiv Holdings Co Class A
 
173,992
14,855,437
Vicor Corp (b)
  
10,437
416,488
 
  
  
210,191,197
Ground Transportation - 0.9%
  
  
  
ArcBest Corp
 
10,649
623,179
Avis Budget Group Inc (b)
  
7,697
712,973
Covenant Logistics Group Inc Class A
 
7,275
144,773
CSX Corp
 
881,068
24,731,579
Ftai Infrastructure Inc
 
51,822
223,871
Heartland Express Inc
 
19,952
151,635
Hertz Global Holdings Inc (b)(c)
  
55,937
381,490
JB Hunt Transport Services Inc
 
36,361
4,748,019
Knight-Swift Transportation Holdings Inc
 
74,188
2,905,944
Landstar System Inc
 
16,118
2,162,230
Lyft Inc Class A (b)
  
168,106
2,084,514
Marten Transport Ltd
 
26,619
341,788
Norfolk Southern Corp
 
103,471
23,182,678
Old Dominion Freight Line Inc
 
85,881
13,163,840
Proficient Auto Logistics Inc (b)
  
7,840
65,150
RXO Inc (b)
  
64,786
912,835
Ryder System Inc
 
19,211
2,644,778
Saia Inc (b)
  
12,143
2,962,892
Schneider National Inc Class B (c)
  
21,549
463,088
U-Haul Holding Co (b)(c)
  
5,913
362,999
U-Haul Holding Co Class N
 
44,190
2,421,612
Uber Technologies Inc (b)
  
954,607
77,332,714
Union Pacific Corp
 
276,100
59,543,726
Universal Logistics Holdings Inc
 
3,249
70,633
Werner Enterprises Inc
 
28,256
696,793
XPO Inc (b)
  
53,604
5,688,456
 
  
  
228,724,189
Industrial Conglomerates - 0.4%
  
  
  
3M Co
 
248,076
34,460,237
Honeywell International Inc
 
297,119
62,543,550
 
  
  
97,003,787
Machinery - 1.8%
  
  
  
3D Systems Corp (b)
  
61,895
113,886
AGCO Corp
 
28,293
2,400,095
Alamo Group Inc
 
4,777
797,663
Albany International Corp Class A
 
14,255
937,409
Allison Transmission Holdings Inc
 
39,040
3,601,050
Astec Industries Inc
 
10,371
375,741
Atmus Filtration Technologies Inc
 
37,856
1,312,468
Blue Bird Corp (b)
  
14,680
511,892
Caterpillar Inc
 
218,373
67,536,218
Chart Industries Inc (b)
  
19,194
2,590,806
CNH Industrial NV Class A
 
399,282
4,619,693
Columbus McKinnon Corp/NY
 
13,092
194,416
Crane Co
 
22,248
3,581,483
Cummins Inc
 
62,824
18,460,204
Deere & Co
 
115,733
53,649,189
Donaldson Co Inc
 
54,671
3,593,525
Douglas Dynamics Inc
 
10,630
254,907
Dover Corp
 
62,715
10,702,315
Energy Recovery Inc (b)
  
26,633
411,480
Enerpac Tool Group Corp Class A
 
24,834
1,002,549
Enpro Inc
 
9,571
1,429,907
Esab Corp
 
25,997
3,122,760
ESCO Technologies Inc
 
11,781
1,843,137
Federal Signal Corp
 
27,902
2,272,060
Flowserve Corp
 
60,144
2,720,313
Fortive Corp
 
155,888
10,863,835
Franklin Electric Co Inc
 
17,957
1,525,627
Gates Industrial Corp PLC (b)
  
103,946
1,966,658
Gorman-Rupp Co/The
 
9,346
335,148
Graco Inc
 
77,161
6,297,109
Graham Corp (b)
  
4,663
142,128
Greenbrier Cos Inc/The
 
14,285
605,970
Helios Technologies Inc
 
15,163
413,343
Hillenbrand Inc
 
32,118
649,747
Hillman Solutions Corp Class A (b)
  
89,777
627,541
Hyster-Yale Inc Class A
 
5,023
193,034
IDEX Corp
 
34,606
6,020,406
Illinois Tool Works Inc
 
121,988
29,266,141
Ingersoll Rand Inc
 
184,117
13,887,945
ITT Inc
 
37,241
5,102,762
JBT Marel Corp
 
21,057
2,216,460
Kadant Inc
 
5,383
1,587,985
Kennametal Inc
 
35,282
687,293
Lincoln Electric Holdings Inc
 
25,809
4,547,546
Lindsay Corp
 
4,987
643,622
Manitowoc Co Inc/The (b)
  
16,019
126,230
Mayville Engineering Co Inc (b)
  
5,638
72,053
Middleby Corp/The (b)
  
24,596
3,279,877
Miller Industries Inc/TN
 
5,267
214,946
Mueller Industries Inc
 
51,928
3,819,824
Mueller Water Products Inc Class A1
 
71,494
1,876,003
Nordson Corp
 
24,810
4,703,232
Oshkosh Corp
 
29,765
2,493,116
Otis Worldwide Corp
 
181,160
17,440,273
PACCAR Inc
 
239,607
21,614,947
Parker-Hannifin Corp
 
58,836
35,599,310
Pentair PLC
 
75,520
6,851,930
Proto Labs Inc (b)
  
11,185
393,265
RBC Bearings Inc (b)
  
14,291
4,695,594
REV Group Inc
 
23,781
777,639
Shyft Group Inc/The
 
14,538
122,991
Snap-on Inc
 
23,944
7,513,867
SPX Technologies Inc (b)
  
21,215
2,845,992
Standex International Corp
 
5,501
777,951
Stanley Black & Decker Inc
 
70,534
4,233,451
Symbotic Inc Class A (b)(c)
  
18,175
392,217
Tennant CO
 
8,640
623,462
Terex Corp
 
30,340
1,067,968
Timken Co/The
 
29,141
1,872,309
Titan International Inc (b)
  
21,943
161,281
Toro Co/The
 
46,064
3,145,250
Trinity Industries Inc
 
37,689
945,994
Wabash National Corp
 
19,604
135,464
Watts Water Technologies Inc Class A
 
12,531
2,603,315
Westinghouse Air Brake Technologies Corp
 
78,071
14,422,837
Worthington Enterprises Inc
 
14,169
717,376
Xylem Inc/NY
 
111,015
13,385,079
 
  
  
434,540,509
Marine Transportation - 0.0%
  
  
  
Genco Shipping & Trading Ltd
 
19,810
256,738
Kirby Corp (b)
  
26,189
2,523,834
Matson Inc
 
15,156
1,653,368
 
  
  
4,433,940
Passenger Airlines - 0.1%
  
  
  
Alaska Air Group Inc (b)
  
56,309
2,492,799
Allegiant Travel Co
 
6,628
311,052
American Airlines Group Inc (b)(c)
  
300,777
2,992,731
Blade Air Mobility Inc (b)
  
28,187
74,696
Delta Air Lines Inc
 
293,269
12,208,788
Frontier Group Holdings Inc (b)(c)
  
37,970
113,151
JetBlue Airways Corp (b)(c)
  
138,834
605,316
Joby Aviation Inc Class A (b)(c)
  
220,315
1,387,985
SkyWest Inc (b)
  
18,412
1,641,798
Southwest Airlines Co (c)
  
270,907
7,574,560
Sun Country Airlines Holdings Inc (b)
  
17,960
176,008
United Airlines Holdings Inc (b)
  
150,317
10,344,816
 
  
  
39,923,700
Professional Services - 0.9%
  
  
  
Alight Inc Class A
 
206,579
1,055,619
Amentum Holdings Inc
 
65,487
1,428,926
Automatic Data Processing Inc
 
185,864
55,870,719
Barrett Business Services Inc
 
11,934
484,043
BlackSky Technology Inc Class A (b)(c)
  
11,102
92,813
Booz Allen Hamilton Holding Corp Class A
 
57,888
6,947,718
Broadridge Financial Solutions Inc
 
53,458
12,958,219
CACI International Inc (b)
  
10,236
4,686,757
Cbiz Inc (b)
  
22,811
1,553,429
Clarivate PLC (b)(c)
  
204,100
879,671
Concentrix Corp
 
21,129
1,078,847
Conduent Inc (b)
  
67,530
142,488
CRA International Inc
 
3,115
505,253
CSG Systems International Inc
 
12,706
764,012
Dayforce Inc (b)
  
72,745
4,209,753
Dun & Bradstreet Holdings Inc
 
140,950
1,264,322
Equifax Inc
 
56,674
14,742,608
ExlService Holdings Inc (b)
  
73,607
3,568,467
Exponent Inc
 
23,163
1,822,465
First Advantage Corp (b)
  
27,937
393,912
Franklin Covey Co (b)
  
5,344
108,537
FTI Consulting Inc (b)
  
16,160
2,687,085
Genpact Ltd
 
73,344
3,686,269
Heidrick & Struggles International Inc
 
9,399
366,749
Huron Consulting Group Inc (b)
  
7,451
1,004,320
ICF International Inc
 
8,566
727,767
Innodata Inc (b)(c)
  
11,532
436,140
Insperity Inc
 
16,133
1,048,806
Jacobs Solutions Inc
 
56,026
6,936,019
KBR Inc
 
60,829
3,212,379
Kelly Services Inc Class A
 
14,834
171,333
Kforce Inc
 
7,791
297,616
Korn Ferry
 
23,578
1,454,763
Legalzoom.com Inc (b)
  
49,549
362,699
Leidos Holdings Inc
 
59,944
8,822,558
ManpowerGroup Inc
 
21,451
923,895
Maximus Inc
 
25,826
1,729,309
Mistras Group Inc (b)
  
8,535
77,839
NV5 Global Inc (b)
  
23,812
441,713
Parsons Corp (b)
  
21,338
1,426,659
Paychex Inc
 
146,420
21,541,311
Paycom Software Inc
 
21,529
4,873,950
Paylocity Holding Corp (b)
  
19,953
3,832,971
Planet Labs PBC Class A (b)
  
99,360
326,894
Resolute Holdings Management Inc
 
1,140
30,746
Resources Connection Inc
 
14,841
85,113
Robert Half Inc
 
45,827
2,030,136
Science Applications International Corp
 
22,320
2,701,390
Spire Global Inc Class A (b)(c)
  
10,477
98,379
SS&C Technologies Holdings Inc
 
98,484
7,445,390
TransUnion
 
89,214
7,401,193
TriNet Group Inc
 
14,016
1,097,873
TrueBlue Inc (b)
  
12,632
54,823
TTEC Holdings Inc (b)
  
8,969
35,876
UL Solutions Inc Class A
 
28,270
1,616,761
Upwork Inc (b)
  
57,407
754,902
Verisk Analytics Inc
 
64,508
19,122,107
Verra Mobility Corp Class A (b)
  
75,213
1,639,643
Willdan Group Inc (b)
  
6,007
235,474
 
  
  
225,297,428
Trading Companies & Distributors - 0.5%
  
  
  
Air Lease Corp Class A
 
47,514
2,221,755
Alta Equipment Group Inc Class A
 
9,338
39,687
Applied Industrial Technologies Inc
 
17,511
4,260,076
BlueLinx Holdings Inc (b)
  
3,764
245,187
Boise Cascade Co
 
17,551
1,637,157
Core & Main Inc Class A (b)
  
86,821
4,573,730
Custom Truck One Source Inc Class A (b)(c)
  
24,961
100,593
Distribution Solutions Group Inc (b)
  
4,410
114,836
DNOW Inc (b)
  
48,383
767,838
DXP Enterprises Inc/TX (b)
  
5,769
510,326
Fastenal Co
 
262,058
21,218,836
Ferguson Enterprises Inc
 
91,404
15,507,603
FTAI Aviation Ltd
 
46,871
5,020,353
GATX Corp
 
16,200
2,364,552
Global Industrial Co
 
6,148
157,881
GMS Inc (b)
  
17,722
1,298,314
H&E Equipment Services Inc
 
14,358
1,289,492
Herc Holdings Inc
 
12,990
1,421,626
Hudson Technologies Inc (b)
  
17,528
117,262
McGrath RentCorp
 
11,302
1,205,584
Mrc Global Inc (b)
  
38,993
454,268
MSC Industrial Direct Co Inc Class A
 
20,382
1,558,815
QXO Inc (c)
  
112,070
1,495,014
Rush Enterprises Inc Class A
 
28,420
1,449,136
SiteOne Landscape Supply Inc (b)
  
20,498
2,353,375
Titan Machinery Inc (b)
  
9,139
151,616
Transcat Inc (b)(c)
  
4,273
338,977
United Rentals Inc
 
29,853
18,850,677
Watsco Inc
 
15,926
7,323,412
Wesco International Inc
 
20,269
3,303,036
Willis Lease Finance Corp
 
1,292
199,898
WW Grainger Inc
 
20,250
20,742,278
Xometry Inc Class A (b)
  
20,994
538,286
 
  
  
122,831,476
TOTAL INDUSTRIALS
  
  
2,350,975,398
 
  
  
  
Information Technology - 28.3%
  
  
  
Communications Equipment - 0.8%
  
  
  
ADTRAN Holdings Inc (b)
  
32,528
249,164
Applied Optoelectronics Inc (b)(c)
  
20,748
265,367
Arista Networks Inc
 
472,075
38,837,610
Aviat Networks Inc (b)
  
5,218
91,628
Calix Inc (b)
  
26,965
1,103,138
Ciena Corp (b)
  
64,877
4,357,139
Cisco Systems Inc
 
1,819,677
105,049,954
Clearfield Inc (b)
  
5,437
155,879
CommScope Holding Co Inc (b)
  
97,892
366,116
Digi International Inc (b)
  
16,834
457,885
Extreme Networks Inc (b)
  
61,260
806,182
F5 Inc (b)
  
26,353
6,976,693
Harmonic Inc (b)
  
53,494
480,376
Juniper Networks Inc
 
151,304
5,495,361
Lumentum Holdings Inc (b)
  
31,549
1,862,653
Motorola Solutions Inc
 
76,360
33,628,180
Netgear Inc (b)
  
13,185
318,022
NetScout Systems Inc (b)
  
32,794
689,330
Ribbon Communications Inc (b)
  
41,642
133,671
Viasat Inc (b)(c)
  
38,895
360,557
Viavi Solutions Inc (b)
  
101,248
1,071,204
 
  
  
202,756,109
Electronic Equipment, Instruments & Components - 0.7%
  
  
  
908 Devices Inc (b)(c)
  
12,103
65,719
Advanced Energy Industries Inc
 
17,200
1,675,452
Aeva Technologies Inc (b)
  
14,998
106,636
Amphenol Corp Class A
 
553,411
42,584,976
Arlo Technologies Inc (b)
  
45,900
451,197
Arrow Electronics Inc (b)
  
23,833
2,654,043
Avnet Inc
 
39,500
1,856,105
Badger Meter Inc
 
13,454
2,970,912
Bel Fuse Inc Class B
 
4,756
312,802
Belden Inc
 
18,349
1,891,965
Benchmark Electronics Inc
 
16,426
534,338
CDW Corp/DE
 
60,910
9,779,710
Climb Global Solutions Inc
 
1,759
185,399
Cognex Corp
 
77,484
2,115,313
Coherent Corp (b)
  
70,748
4,550,511
Corning Inc
 
352,272
15,633,831
Crane NXT Co (c)
  
22,362
1,049,225
CTS Corp
 
14,053
535,138
Daktronics Inc (b)
  
18,256
231,669
ePlus Inc (b)
  
12,084
753,558
Evolv Technologies Holdings Inc Class A (b)(c)
  
50,247
220,584
FARO Technologies Inc (b)
  
8,644
254,220
Flex Ltd (b)
  
175,174
6,015,475
Insight Enterprises Inc (b)
  
12,505
1,729,191
IPG Photonics Corp (b)
  
12,051
721,734
Itron Inc (b)
  
20,641
2,297,137
Jabil Inc
 
50,070
7,338,259
Keysight Technologies Inc (b)
  
79,030
11,490,962
Kimball Electronics Inc (b)
  
11,270
161,612
Knowles Corp (b)
  
39,994
629,506
Lightwave Logic Inc (b)(c)
  
55,398
49,309
Littelfuse Inc
 
11,318
2,063,385
Methode Electronics Inc
 
16,333
102,408
MicroVision Inc (b)(c)
  
105,172
118,844
Mirion Technologies Inc Class A (b)
  
85,831
1,354,413
Napco Security Technologies Inc
 
16,529
377,688
nLight Inc (b)
  
22,169
170,923
Novanta Inc (b)
  
16,465
1,957,030
OSI Systems Inc (b)
  
7,128
1,459,387
Ouster Inc Class A (b)
  
19,745
146,705
PAR Technology Corp (b)(c)
  
17,657
1,031,169
PC Connection Inc
 
5,646
350,278
Plexus Corp (b)
  
12,344
1,511,276
Powerfleet Inc NJ (b)(c)
  
52,591
265,059
Red Cat Holdings Inc (b)(c)
  
27,331
137,202
Rogers Corp (b)
  
7,770
480,264
Sanmina Corp (b)
  
24,871
1,909,844
ScanSource Inc (b)
  
9,948
328,185
SmartRent Inc Class A (b)
  
75,148
71,624
TD SYNNEX Corp
 
34,400
3,811,520
Teledyne Technologies Inc (b)
  
21,292
9,922,711
Trimble Inc (b)
  
112,349
6,981,367
TTM Technologies Inc (b)
  
46,370
928,327
Vishay Intertechnology Inc
 
51,309
666,504
Vishay Precision Group Inc (b)
  
5,437
135,599
Vontier Corp
 
67,798
2,156,654
Zebra Technologies Corp Class A (b)
  
23,496
5,881,519
 
  
  
165,166,373
IT Services - 1.0%
  
  
  
Akamai Technologies Inc (b)
  
68,688
5,534,879
Amdocs Ltd
 
51,649
4,575,068
Applied Digital Corp (b)(c)
  
80,767
366,682
ASGN Inc (b)
  
20,172
1,016,265
Backblaze Inc Class A (b)
  
19,980
87,912
BigBear.ai Holdings Inc (b)(c)
  
44,793
152,744
BigCommerce Holdings Inc (b)
  
30,049
155,654
Cloudflare Inc Class A (b)
  
140,708
16,994,712
Cognizant Technology Solutions Corp Class A
 
226,067
16,631,749
Couchbase Inc (b)(c)
  
19,127
337,400
DigitalOcean Holdings Inc (b)
  
29,020
896,718
DXC Technology Co (b)
  
82,630
1,282,418
EPAM Systems Inc (b)
  
25,946
4,071,187
Fastly Inc Class A (b)
  
58,969
339,072
Gartner Inc (b)
  
35,114
14,785,803
GoDaddy Inc Class A (b)
  
64,524
12,151,805
Grid Dynamics Holdings Inc (b)
  
27,928
395,460
Hackett Group Inc/The
 
11,667
297,975
IBM Corporation
 
422,517
102,173,062
Kyndryl Holdings Inc (b)
  
106,255
3,444,787
MongoDB Inc Class A (b)
  
34,047
5,861,872
Okta Inc Class A (b)
  
74,787
8,388,110
Rackspace Technology Inc (b)
  
34,991
47,588
Snowflake Inc Class A (b)
  
150,857
24,060,183
TSS Inc/MD (b)(c)
  
5,747
39,309
Twilio Inc Class A (b)
  
70,111
6,780,435
Unisys Corp (b)
  
31,676
125,754
VeriSign Inc (b)
  
37,160
10,483,579
 
  
  
241,478,182
Semiconductors & Semiconductor Equipment - 9.1%
  
  
  
ACM Research Inc Class A (b)
  
22,164
431,533
Advanced Micro Devices Inc (b)
  
740,512
72,088,843
Aehr Test Systems (b)(c)
  
12,588
107,376
Alpha & Omega Semiconductor Ltd (b)
  
10,811
203,571
Ambarella Inc (b)
  
18,028
865,164
Amkor Technology Inc
 
51,848
904,748
Analog Devices Inc
 
226,695
44,187,389
Applied Materials Inc
 
371,369
55,969,022
Atomera Inc (b)(c)
  
13,473
59,145
Axcelis Technologies Inc (b)
  
14,878
728,724
Broadcom Inc
 
2,141,919
412,255,150
CEVA Inc (b)
  
11,001
288,336
Cirrus Logic Inc (b)
  
24,331
2,336,749
Cohu Inc (b)
  
21,631
346,096
Credo Technology Group Holding Ltd (b)
  
65,600
2,824,080
Diodes Inc (b)
  
21,314
818,458
Enphase Energy Inc (b)
  
60,489
2,697,205
Entegris Inc
 
69,119
5,468,695
First Solar Inc (b)
  
48,936
6,157,128
FormFactor Inc (b)
  
35,385
995,734
Ichor Holdings Ltd (b)
  
15,249
301,625
Impinj Inc (b)
  
10,576
974,367
Intel Corp
 
1,978,676
39,771,388
KLA Corp
 
60,723
42,669,445
Kopin Corp (b)
  
65,898
84,348
Lam Research Corp
 
586,611
42,042,410
Lattice Semiconductor Corp (b)
  
63,136
3,089,244
MACOM Technology Solutions Holdings Inc (b)
  
27,130
2,814,738
Marvell Technology Inc
 
395,424
23,080,899
MaxLinear Inc Class A (b)
  
35,419
353,836
Microchip Technology Inc
 
245,808
11,326,833
Micron Technology Inc
 
509,159
39,179,785
MKS Instruments Inc
 
30,699
2,153,228
Monolithic Power Systems Inc
 
21,857
12,963,387
Navitas Semiconductor Corp Class A (b)(c)
  
60,545
116,852
NVE Corp
 
2,246
130,515
NVIDIA Corp
 
11,190,873
1,218,909,887
ON Semiconductor Corp (b)
  
192,657
7,648,483
Onto Innovation Inc (b)
  
22,558
2,751,399
PDF Solutions Inc (b)
  
14,225
261,029
Penguin Solutions Inc (b)
  
24,196
413,026
Photronics Inc (b)
  
28,973
529,337
Power Integrations Inc
 
25,968
1,275,548
Qorvo Inc (b)
  
42,610
3,053,859
QUALCOMM Inc
 
505,374
75,027,824
Rambus Inc (b)
  
48,775
2,379,732
Rigetti Computing Inc Class A (b)(c)
  
112,547
998,292
Semtech Corp (b)
  
39,186
1,224,563
Silicon Laboratories Inc (b)
  
14,867
1,512,866
SiTime Corp (b)
  
8,721
1,280,766
SkyWater Technology Inc (b)
  
9,681
68,637
Skyworks Solutions Inc
 
73,395
4,717,831
SolarEdge Technologies Inc (b)(c)
  
26,259
321,279
Synaptics Inc (b)
  
17,884
995,423
Teradyne Inc
 
74,456
5,525,380
Texas Instruments Inc
 
415,964
66,575,038
Ultra Clean Holdings Inc (b)
  
20,598
385,286
Universal Display Corp
 
20,144
2,530,691
Veeco Instruments Inc (b)
  
26,410
493,867
Wolfspeed Inc (b)(c)
  
71,032
252,164
 
  
  
2,229,918,253
Software - 10.4%
  
  
  
8x8 Inc (b)
  
57,370
101,545
A10 Networks Inc
 
33,732
555,903
ACI Worldwide Inc (b)
  
47,886
2,555,197
Adeia Inc
 
49,884
614,072
Adobe Inc (b)
  
198,919
74,590,647
Agilysys Inc (b)
  
10,222
760,006
Alarm.com Holdings Inc (b)
  
22,556
1,209,002
Alkami Technology Inc (b)
  
30,311
809,001
Amplitude Inc Class A (b)
  
38,505
353,861
ANSYS Inc (b)
  
39,967
12,864,578
Appfolio Inc Class A (b)
  
10,618
2,192,829
Appian Corp Class A (b)(c)
  
19,472
604,606
AppLovin Corp Class A (b)
  
101,783
27,411,180
Arteris Inc (b)
  
11,585
77,155
Asana Inc Class A (b)
  
38,564
622,423
Atlassian Corp Class A (b)
  
74,949
17,111,606
Aurora Innovation Inc Class A (b)(c)
  
476,712
3,451,395
Autodesk Inc (b)
  
98,245
26,943,691
AvePoint Inc Class A (b)
  
47,283
773,077
Bentley Systems Inc Class B
 
70,305
3,022,412
BILL Holdings Inc (b)
  
42,779
1,949,439
Blackbaud Inc (b)
  
17,346
1,050,127
BlackLine Inc (b)
  
23,657
1,117,320
Blend Labs Inc Class A (b)
  
88,819
297,544
Box Inc Class A (b)
  
65,621
2,048,688
Braze Inc Class A (b)
  
31,201
971,287
C3.ai Inc Class A (b)(c)
  
52,153
1,147,888
Cadence Design Systems Inc (b)
  
125,333
37,316,647
Ccc Intelligent Solutions Holdings Inc Class A (b)
  
216,320
2,003,123
Cerence Inc (b)
  
19,726
178,718
Cipher Mining Inc (b)(c)
  
102,363
291,735
Cleanspark Inc (b)(c)
  
126,822
1,036,136
Clear Secure Inc Class A
 
42,886
1,058,426
Clearwater Analytics Holdings Inc Class A (b)
  
100,407
2,283,255
Commvault Systems Inc (b)
  
20,139
3,365,831
Confluent Inc Class A (b)
  
117,714
2,802,770
Consensus Cloud Solutions Inc (b)
  
7,889
156,676
Core Scientific Inc (b)(c)
  
127,324
1,031,324
Crowdstrike Holdings Inc Class A (b)
  
112,560
48,273,607
Daily Journal Corp (b)
  
423
160,309
Datadog Inc Class A (b)
  
143,155
14,624,715
Digimarc Corp (b)
  
6,897
90,281
Digital Turbine Inc (b)
  
43,887
131,661
Docusign Inc (b)
  
92,347
7,549,367
Dolby Laboratories Inc Class A
 
27,935
2,145,129
Domo Inc Class B (b)
  
15,193
112,884
DoubleVerify Holdings Inc (b)
  
64,147
850,589
Dropbox Inc Class A (b)
  
98,683
2,817,400
Dynatrace Inc (b)
  
136,947
6,432,401
E2open Parent Holdings Inc Class A (b)
  
96,589
190,280
Elastic NV (b)
  
39,819
3,432,398
Expensify Inc Class A (b)
  
22,932
67,878
Fair Isaac Corp (b)
  
11,158
22,200,849
Five9 Inc (b)(c)
  
34,306
862,453
Fortinet Inc (b)
  
290,689
30,161,891
Freshworks Inc Class A (b)
  
86,133
1,272,184
Gen Digital Inc
 
247,968
6,414,932
Gitlab Inc Class A (b)
  
56,038
2,615,293
Guidewire Software Inc (b)
  
38,176
7,817,300
HubSpot Inc (b)
  
23,840
14,578,160
I3 Verticals Inc Class A (b)
  
9,680
243,162
Informatica Inc Class A (b)
  
37,889
713,450
Intapp Inc (b)
  
24,259
1,316,293
InterDigital Inc
 
11,744
2,360,544
Intuit Inc
 
127,912
80,260,943
Jamf Holding Corp (b)
  
28,833
333,598
Klaviyo Inc Class A (b)
  
36,027
1,096,662
LiveRamp Holdings Inc (b)
  
30,078
786,840
Manhattan Associates Inc (b)
  
27,954
4,958,760
MARA Holdings Inc (b)(c)
  
154,796
2,069,623
Meridianlink Inc (b)
  
12,298
207,959
Microsoft Corp
 
3,396,984
1,342,691,896
MicroStrategy Inc Class A (b)(c)
  
108,908
41,397,020
Mitek Systems Inc (b)
  
20,705
171,437
N-able Inc/US (b)
  
32,272
227,840
nCino Inc (b)(c)
  
42,210
979,272
NCR Voyix Corp (b)
  
66,708
571,688
NextNav Inc Class A (b)
  
30,131
374,227
Nutanix Inc Class A (b)
  
113,900
7,824,930
Olo Inc Class A (b)
  
50,705
314,371
OneSpan Inc
 
16,391
243,734
Onestream Inc Class A (c)
  
23,494
502,772
Ooma Inc (b)
  
11,437
139,875
Oracle Corp
 
741,291
104,314,470
PagerDuty Inc (b)
  
41,137
638,035
Palantir Technologies Inc Class A (b)
  
936,686
110,941,090
Palo Alto Networks Inc (b)
  
302,563
56,558,102
Pegasystems Inc
 
20,372
1,875,854
Porch Group Inc (b)
  
42,949
249,104
Procore Technologies Inc (b)
  
49,002
3,140,538
Progress Software Corp
 
19,804
1,187,448
PROS Holdings Inc (b)
  
19,973
341,139
PTC Inc (b)
  
55,017
8,525,984
Q2 Holdings Inc (b)
  
27,677
2,193,402
Qualys Inc (b)
  
16,754
2,106,145
Rapid7 Inc (b)
  
28,835
681,083
Red Violet Inc
 
5,241
204,713
Rekor Systems Inc (b)(c)
  
48,173
50,581
RingCentral Inc Class A (b)
  
36,513
931,082
Riot Platforms Inc (b)(c)
  
136,382
987,406
Roper Technologies Inc
 
48,997
27,442,240
Rubrik Inc Class A (b)
  
39,729
2,802,086
Salesforce Inc
 
437,302
117,507,420
Samsara Inc Class A (b)
  
115,793
4,592,350
SEMrush Holdings Inc Class A (b)
  
15,282
157,099
SentinelOne Inc Class A (b)
  
134,676
2,491,506
Servicenow Inc (b)
  
94,135
89,899,866
SoundHound AI Inc Class A (b)(c)
  
164,561
1,528,772
Sprinklr Inc Class A (b)
  
51,072
392,744
Sprout Social Inc Class A (b)
  
23,269
486,555
SPS Commerce Inc (b)
  
17,333
2,487,459
Synopsys Inc (b)
  
70,643
32,425,843
Telos Corp (b)
  
23,100
63,062
Tenable Holdings Inc (b)
  
54,621
1,669,764
Teradata Corp (b)
  
43,679
939,099
Terawulf Inc (b)(c)
  
140,838
391,530
Tyler Technologies Inc (b)
  
19,565
10,629,665
UiPath Inc Class A (b)
  
194,005
2,316,420
Unity Software Inc (b)
  
134,514
2,834,210
Varonis Systems Inc (b)
  
51,391
2,201,590
Verint Systems Inc (b)
  
28,468
502,176
Veritone Inc (b)(c)
  
17,797
36,305
Vertex Inc Class A (b)
  
23,799
952,674
Viant Technology Inc Class A (b)
  
7,327
104,849
Weave Communications Inc (b)
  
18,305
194,033
Workday Inc Class A (b)
  
97,806
23,962,470
Workiva Inc Class A (b)
  
23,534
1,771,404
Xperi Inc (b)
  
20,699
152,966
Yext Inc (b)
  
49,566
337,049
Zeta Global Holdings Corp Class A (b)
  
96,954
1,266,219
Zoom Communications Inc Class A (b)
  
119,796
9,288,982
Zscaler Inc (b)
  
43,492
9,836,586
 
  
  
2,545,911,146
Technology Hardware, Storage & Peripherals - 6.3%
  
  
  
Apple Inc
 
6,864,415
1,458,688,188
CompoSecure Inc Class A
 
17,579
193,193
Corsair Gaming Inc (b)
  
20,473
144,949
Dell Technologies Inc Class C
 
142,577
13,082,866
Diebold Nixdorf Inc (b)
  
17,156
760,525
Eastman Kodak Co (b)(c)
  
33,557
211,074
Hewlett Packard Enterprise Co
 
600,243
9,735,941
HP Inc
 
428,547
10,957,947
Immersion Corp
 
13,961
100,938
IonQ Inc (b)(c)
  
90,007
2,471,592
NetApp Inc
 
92,925
8,340,019
Pure Storage Inc Class A (b)
  
141,682
6,426,696
Sandisk Corp/DE
 
52,607
1,689,211
Seagate Technology Holdings PLC
 
96,748
8,806,970
Super Micro Computer Inc (b)(c)
  
230,152
7,332,643
Turtle Beach Corp (b)
  
7,300
84,314
Western Digital Corp (b)
  
159,006
6,974,003
Xerox Holdings Corp (c)
  
52,962
233,562
 
  
  
1,536,234,631
TOTAL INFORMATION TECHNOLOGY
  
  
6,921,464,694
 
  
  
  
Materials - 2.3%
  
  
  
Chemicals - 1.3%
  
  
  
AdvanSix Inc
 
12,221
261,774
Air Products and Chemicals Inc
 
101,653
27,557,112
Albemarle Corp
 
53,817
3,150,985
American Vanguard Corp
 
13,340
56,295
Arq Inc (b)
  
14,422
54,659
Ashland Inc
 
21,533
1,171,180
ASP Isotopes Inc (b)(c)
  
25,070
132,370
Aspen Aerogels Inc (b)
  
30,771
166,163
Avient Corp
 
41,664
1,387,828
Axalta Coating Systems Ltd (b)
  
99,899
3,246,718
Balchem Corp
 
14,887
2,330,560
Cabot Corp
 
24,752
1,944,022
Celanese Corp
 
49,863
2,219,402
CF Industries Holdings Inc
 
79,532
6,232,923
Chemours Co/The
 
68,161
843,833
Corteva Inc
 
313,270
19,419,607
Danimer Scientific Inc warrants 7/15/2025 (b)
  
10,770
4
Dow Inc
 
321,852
9,845,453
DuPont de Nemours Inc
 
191,091
12,610,095
Eastman Chemical Co
 
52,689
4,057,053
Ecolab Inc
 
115,128
28,946,633
Ecovyst Inc (b)
  
47,839
286,077
Element Solutions Inc
 
101,708
2,075,860
FMC Corp
 
56,950
2,387,344
Ginkgo Bioworks Holdings Inc Class A (b)(c)
  
18,364
135,343
Hawkins Inc
 
8,692
1,058,512
HB Fuller Co
 
24,932
1,347,325
Huntsman Corp
 
74,263
988,441
Ingevity Corp (b)
  
16,474
543,313
Innospec Inc
 
11,371
1,017,477
International Flavors & Fragrances Inc
 
116,887
9,170,954
Intrepid Potash Inc (b)
  
4,355
143,889
Koppers Holdings Inc
 
9,258
232,005
Kronos Worldwide Inc
 
10,509
81,024
Linde PLC
 
217,564
98,606,533
LSB Industries Inc (b)
  
24,883
158,754
LyondellBasell Industries NV Class A1
 
118,539
6,900,155
Mativ Holdings Inc
 
24,821
126,835
Minerals Technologies Inc
 
14,516
748,880
Mosaic Co/The
 
145,281
4,416,542
NewMarket Corp
 
3,478
2,140,013
Olin Corp
 
52,790
1,141,320
Origin Materials Inc Class A (b)(c)
  
52,342
36,985
Perimeter Solutions Inc
 
62,659
634,736
PPG Industries Inc
 
106,077
11,547,542
PureCycle Technologies Inc (b)(c)
  
67,733
454,488
Quaker Chemical Corp
 
6,247
661,807
Rayonier Advanced Materials Inc (b)
  
29,674
126,411
RPM International Inc
 
58,794
6,276,260
Scotts Miracle-Gro Co/The
 
19,616
988,254
Sensient Technologies Corp
 
19,316
1,814,738
Sherwin-Williams Co/The
 
105,858
37,359,406
Stepan Co
 
9,662
488,511
Trinseo PLC
 
17,088
68,010
Tronox Holdings PLC
 
53,373
288,748
Westlake Corp
 
15,275
1,411,868
 
  
  
321,499,029
Construction Materials - 0.2%
  
  
  
CRH PLC
 
310,370
29,615,505
Eagle Materials Inc
 
15,200
3,441,128
Knife River Corp (b)
  
25,849
2,413,780
Martin Marietta Materials Inc
 
27,932
14,635,809
United States Lime & Minerals Inc
 
4,850
453,524
Vulcan Materials Co
 
60,352
15,832,140
 
  
  
66,391,886
Containers & Packaging - 0.3%
  
  
  
Amcor PLC (c)
  
659,914
6,071,209
AptarGroup Inc
 
30,421
4,561,629
Ardagh Metal Packaging SA
 
65,369
242,519
Avery Dennison Corp
 
36,759
6,289,832
Ball Corp
 
136,433
7,086,330
Crown Holdings Inc
 
53,436
5,147,490
Graphic Packaging Holding CO
 
137,327
3,475,746
Greif Inc Class A
 
11,871
622,990
International Paper Co
 
240,952
11,006,687
Myers Industries Inc
 
17,002
178,521
O-I Glass Inc (b)
  
70,325
890,315
Packaging Corp of America
 
40,750
7,563,608
Ranpak Holdings Corp Class A (b)
  
19,855
81,604
Sealed Air Corp
 
66,449
1,831,334
Silgan Holdings Inc
 
37,051
1,913,684
Smurfit WestRock PLC
 
225,892
9,491,982
Sonoco Products Co
 
44,803
1,836,923
TriMas Corp
 
17,591
423,064
 
  
  
68,715,467
Metals & Mining - 0.5%
  
  
  
Alcoa Corp (c)
  
118,274
2,901,261
Alpha Metallurgical Resources Inc (b)
  
5,027
610,026
ATI Inc (b)
  
65,132
3,541,878
Carpenter Technology Corp
 
22,802
4,460,299
Century Aluminum Co (b)
  
23,968
393,315
Cleveland-Cliffs Inc (b)(c)
  
220,829
1,819,631
Coeur Mining Inc (b)
  
291,423
1,617,398
Commercial Metals Co
 
51,900
2,311,626
Compass Minerals International Inc (b)
  
15,569
209,247
Contango ORE Inc (b)
  
4,485
63,059
Freeport-McMoRan Inc
 
656,790
23,664,144
Hecla Mining Co
 
288,646
1,651,055
Idaho Strategic Resources Inc (b)(c)
  
5,328
85,195
Ivanhoe Electric Inc / US (b)(c)
  
41,871
263,787
Kaiser Aluminum Corp
 
7,252
467,464
Materion Corp
 
9,430
782,784
Mesabi Trust
 
6,007
167,836
Metallus Inc (b)
  
17,198
217,555
MP Materials Corp (b)(c)
  
55,294
1,352,491
Newmont Corp
 
520,245
27,406,507
Nucor Corp
 
107,313
12,809,953
Olympic Steel Inc
 
4,521
145,802
Piedmont Lithium Inc (b)(c)
  
9,473
70,858
Radius Recycling Inc Class A
 
12,275
360,026
Ramaco Resources Inc Class A
 
12,280
123,782
Reliance Inc
 
24,733
7,128,793
Royal Gold Inc
 
30,065
5,493,176
Ryerson Holding Corp
 
12,373
289,281
Steel Dynamics Inc
 
64,711
8,393,664
SunCoke Energy Inc
 
38,117
345,340
United States Steel Corp
 
102,904
4,497,934
Warrior Met Coal Inc
 
24,009
1,148,110
Worthington Steel Inc
 
16,027
411,253
 
  
  
115,204,530
Paper & Forest Products - 0.0%
  
  
  
Clearwater Paper Corp (b)
  
7,586
203,760
Louisiana-Pacific Corp
 
28,555
2,464,582
Sylvamo Corp
 
15,562
927,806
 
  
  
3,596,148
TOTAL MATERIALS
  
  
575,407,060
 
  
  
  
Real Estate - 2.7%
  
  
  
Diversified REITs - 0.1%
  
  
  
Alexander & Baldwin Inc
 
33,607
577,368
Alpine Income Property Trust Inc
 
5,957
92,035
American Assets Trust Inc
 
21,742
407,228
Armada Hoffler Properties Inc Class A
 
36,689
248,385
Broadstone Net Lease Inc Class A
 
86,510
1,399,732
CTO Realty Growth Inc
 
12,360
225,817
Empire State Realty Trust Inc Class A
 
62,539
445,278
Essential Properties Realty Trust Inc
 
86,286
2,775,821
Gladstone Commercial Corp
 
20,456
289,043
Global Net Lease Inc
 
90,766
685,283
One Liberty Properties Inc
 
7,332
178,900
WP Carey Inc
 
100,165
6,254,303
 
  
  
13,579,193
Health Care REITs - 0.4%
  
  
  
Alexandria Real Estate Equities Inc
 
70,522
5,124,129
American Healthcare REIT Inc
 
69,901
2,256,404
CareTrust REIT Inc
 
86,011
2,517,542
Community Healthcare Trust Inc
 
11,479
196,060
Diversified Healthcare Trust
 
99,456
224,771
Global Medical REIT Inc
 
29,072
225,017
Healthcare Realty Trust Inc
 
162,008
2,515,984
Healthpeak Properties Inc
 
320,230
5,712,903
LTC Properties Inc
 
20,875
748,786
Medical Properties Trust Inc (c)
  
273,976
1,512,348
National Health Investors Inc
 
20,784
1,572,725
Omega Healthcare Investors Inc
 
128,971
5,036,318
Sabra Health Care REIT Inc
 
108,079
1,929,210
Sila Realty Trust Inc
 
25,352
653,068
Universal Health Realty Income Trust
 
5,940
226,967
Ventas Inc
 
199,808
14,002,545
Welltower Inc
 
278,403
42,481,514
 
  
  
86,936,291
Hotel & Resort REITs - 0.0%
  
  
  
Apple Hospitality REIT Inc
 
102,110
1,201,835
Chatham Lodging Trust
 
22,722
156,100
DiamondRock Hospitality Co
 
95,257
699,186
Host Hotels & Resorts Inc
 
320,116
4,520,038
Park Hotels & Resorts Inc
 
94,489
939,221
Pebblebrook Hotel Trust
 
54,793
495,877
RLJ Lodging Trust
 
69,618
488,022
Ryman Hospitality Properties Inc
 
27,390
2,408,951
Service Properties Trust
 
76,229
137,211
Summit Hotel Properties Inc
 
49,836
202,833
Sunstone Hotel Investors Inc
 
91,987
767,172
Xenia Hotels & Resorts Inc
 
46,658
498,307
 
  
  
12,514,753
Industrial REITs - 0.3%
  
  
  
Americold Realty Trust Inc
 
119,430
2,309,776
EastGroup Properties Inc
 
23,813
3,891,520
First Industrial Realty Trust Inc
 
60,753
2,890,628
Lineage Inc (c)
  
27,153
1,309,589
LXP Industrial Trust
 
135,744
1,071,020
Plymouth Industrial REIT Inc
 
18,364
273,073
Prologis Inc
 
423,575
43,289,366
Rexford Industrial Realty Inc
 
104,374
3,454,779
STAG Industrial Inc Class A
 
85,702
2,830,737
Terreno Realty Corp
 
45,774
2,578,449
 
  
  
63,898,937
Office REITs - 0.1%
  
  
  
Brandywine Realty Trust
 
79,161
313,478
BXP Inc
 
66,654
4,247,859
COPT Defense Properties
 
51,475
1,344,012
Cousins Properties Inc
 
76,717
2,112,786
Douglas Emmett Inc
 
76,493
1,057,898
Easterly Government Properties Inc
 
18,208
367,255
Highwoods Properties Inc
 
49,274
1,401,353
Hudson Pacific Properties Inc
 
64,738
132,713
JBG SMITH Properties
 
38,716
541,250
Kilroy Realty Corp
 
48,579
1,530,724
NET Lease Office Properties (b)
  
6,906
208,768
Orion Properties Inc
 
22,818
41,757
Paramount Group Inc
 
84,159
361,042
Peakstone Realty Trust
 
16,854
193,990
Piedmont Office Realty Trust Inc Class A1
 
56,992
336,823
Postal Realty Trust Inc Class A
 
10,247
135,670
SL Green Realty Corp
 
31,989
1,682,941
Vornado Realty Trust
 
75,842
2,675,706
 
  
  
18,686,025
Real Estate Management & Development - 0.2%
  
  
  
Anywhere Real Estate Inc (b)
  
44,936
155,479
CBRE Group Inc Class A (b)
  
135,107
16,507,373
Compass Inc Class A (b)
  
191,509
1,478,449
CoStar Group Inc (b)
  
192,654
14,289,147
Cushman & Wakefield PLC (b)
  
104,590
980,008
Douglas Elliman Inc (b)
  
30,562
50,733
eXp World Holdings Inc
 
38,611
353,677
Forestar Group Inc (b)
  
8,651
166,618
Howard Hughes Holdings Inc (b)
  
13,838
920,642
Jones Lang LaSalle Inc (b)
  
21,668
4,927,520
Kennedy-Wilson Holdings Inc
 
53,884
344,858
Marcus & Millichap Inc
 
11,000
334,400
Newmark Group Inc Class A
 
63,279
695,436
Opendoor Technologies Inc Class A (b)
  
290,572
220,341
RE/MAX Holdings Inc Class A (b)
  
8,806
67,366
Redfin Corp (b)
  
57,073
542,764
RMR Group Inc/The Class A
 
7,216
105,931
Seaport Entertainment Group Inc (c)
  
4,007
76,734
St Joe Co/The
 
17,349
734,210
Tejon Ranch Co (b)
  
11,331
191,834
Zillow Group Inc Class A (b)
  
26,887
1,774,004
Zillow Group Inc Class C (b)
  
71,260
4,797,936
 
  
  
49,715,460
Residential REITs - 0.3%
  
  
  
American Homes 4 Rent Class A
 
145,188
5,428,579
Apartment Investment and Management Co Class A
 
59,653
471,855
AvalonBay Communities Inc
 
64,956
13,639,461
Camden Property Trust
 
48,855
5,559,699
Centerspace
 
7,675
463,263
Elme Communities
 
40,409
629,168
Equity LifeStyle Properties Inc
 
87,412
5,662,549
Equity Residential
 
156,262
10,978,968
Essex Property Trust Inc
 
29,391
8,204,498
Independence Realty Trust Inc
 
105,929
2,058,200
Invitation Homes Inc
 
260,525
8,907,350
Mid-America Apartment Communities Inc
 
53,472
8,536,805
NexPoint Residential Trust Inc
 
10,138
377,945
Sun Communities Inc
 
54,770
6,815,031
UDR Inc
 
137,829
5,772,279
UMH Properties Inc
 
33,689
595,285
Veris Residential Inc
 
37,156
576,661
 
  
  
84,677,596
Retail REITs - 0.3%
  
  
  
Acadia Realty Trust
 
54,844
1,047,520
Agree Realty Corp
 
48,995
3,802,502
Alexander's Inc
 
995
205,368
Brixmor Property Group Inc
 
140,270
3,494,126
CBL & Associates Properties Inc
 
6,519
153,000
Curbline Properties Corp
 
43,368
992,694
Federal Realty Investment Trust
 
35,391
3,327,462
FrontView REIT Inc
 
6,767
84,180
Getty Realty Corp
 
23,429
655,778
InvenTrust Properties Corp
 
35,642
992,986
Kimco Realty Corp
 
311,117
6,216,118
Kite Realty Group Trust
 
101,115
2,189,140
Macerich Co/The
 
113,488
1,663,734
NETSTREIT Corp
 
37,558
611,069
NNN REIT Inc
 
85,947
3,533,281
Phillips Edison & Co Inc
 
57,430
1,992,821
Realty Income Corp
 
399,972
23,142,380
Regency Centers Corp
 
74,749
5,395,383
Saul Centers Inc
 
5,701
186,423
Simon Property Group Inc
 
140,169
22,059,797
SITE Centers Corp
 
22,063
261,226
Tanger Inc
 
50,627
1,595,257
Urban Edge Properties
 
57,481
1,038,682
Whitestone REIT
 
20,639
269,133
 
  
  
84,910,060
Specialized REITs - 1.0%
  
  
  
American Tower Corp
 
213,540
48,134,052
Crown Castle Inc
 
198,626
21,006,686
CubeSmart
 
103,743
4,219,228
Digital Realty Trust Inc
 
144,624
23,217,937
EPR Properties
 
34,716
1,718,095
Equinix Inc
 
44,480
38,286,161
Extra Space Storage Inc
 
96,941
14,203,795
Farmland Partners Inc
 
20,053
201,733
Four Corners Property Trust Inc
 
45,950
1,284,303
Gaming and Leisure Properties Inc
 
125,601
6,011,264
Gladstone Land Corp
 
15,740
156,298
Iron Mountain Inc
 
134,279
12,040,798
Lamar Advertising Co Class A
 
40,168
4,571,520
Millrose Properties Inc Class A
 
54,910
1,374,946
National Storage Affiliates Trust
 
32,106
1,194,343
Outfront Media Inc
 
62,979
952,872
PotlatchDeltic Corp
 
32,839
1,260,689
Public Storage Operating Co
 
72,042
21,643,578
Rayonier Inc
 
64,879
1,586,940
Safehold Inc
 
21,253
334,735
SBA Communications Corp Class A
 
49,147
11,962,380
Uniti Group Inc
 
111,326
547,724
VICI Properties Inc
 
481,864
15,429,285
Weyerhaeuser Co
 
332,089
8,604,426
 
  
  
239,943,788
TOTAL REAL ESTATE
  
  
654,862,103
 
  
  
  
Utilities - 2.5%
  
  
  
Electric Utilities - 1.6%
  
  
  
ALLETE Inc
 
26,506
1,735,878
Alliant Energy Corp
 
117,274
7,158,405
American Electric Power Co Inc
 
243,650
26,397,041
Constellation Energy Corp
 
142,962
31,943,429
Duke Energy Corp
 
354,563
43,263,777
Edison International
 
176,970
9,469,665
Entergy Corp
 
195,941
16,296,413
Evergy Inc
 
105,080
7,261,028
Eversource Energy
 
167,691
9,974,261
Exelon Corp
 
459,308
21,541,545
FirstEnergy Corp
 
234,457
10,053,516
Hawaiian Electric Industries Inc (b)
  
78,698
826,329
IDACORP Inc
 
24,388
2,879,979
MGE Energy Inc
 
16,512
1,493,015
NextEra Energy Inc
 
939,715
62,848,139
NRG Energy Inc
 
92,595
10,146,560
OGE Energy Corp
 
91,882
4,169,605
Oklo Inc Class A (b)(c)
  
32,858
780,049
Otter Tail Corp
 
19,109
1,516,872
PG&E Corp
 
1,002,494
16,561,201
Pinnacle West Capital Corp
 
51,983
4,947,742
Portland General Electric Co
 
49,892
2,101,451
PPL Corp
 
337,338
12,312,837
Southern Co/The
 
500,640
46,003,810
TXNM Energy Inc
 
41,129
2,188,063
Xcel Energy Inc
 
262,369
18,549,488
 
  
  
372,420,098
Gas Utilities - 0.1%
  
  
  
Atmos Energy Corp
 
72,543
11,652,583
Chesapeake Utilities Corp
 
10,420
1,372,001
MDU Resources Group Inc
 
93,255
1,598,391
National Fuel Gas Co
 
41,357
3,175,390
New Jersey Resources Corp
 
45,849
2,243,850
Northwest Natural Holding Co
 
18,281
787,911
ONE Gas Inc
 
25,855
2,029,876
Southwest Gas Holdings Inc
 
27,521
1,987,291
Spire Inc
 
26,625
2,037,878
UGI Corp
 
98,238
3,221,224
 
  
  
30,106,395
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
AES Corp/The
 
325,429
3,254,290
Clearway Energy Inc Class A
 
15,557
425,484
Clearway Energy Inc Class C
 
38,063
1,116,768
Ormat Technologies Inc
 
26,250
1,905,750
Talen Energy Corp (b)
  
21,016
4,520,121
Vistra Corp
 
155,486
20,155,651
 
  
  
31,378,064
Multi-Utilities - 0.6%
  
  
  
Ameren Corp
 
123,323
12,238,575
Avista Corp
 
36,138
1,498,643
Black Hills Corp
 
32,680
1,990,212
CenterPoint Energy Inc
 
297,809
11,549,033
CMS Energy Corp
 
136,583
10,059,338
Consolidated Edison Inc
 
158,341
17,852,948
Dominion Energy Inc
 
383,913
20,877,189
DTE Energy Co
 
94,717
12,976,229
NiSource Inc
 
214,802
8,400,906
Northwestern Energy Group Inc
 
27,978
1,629,159
Public Service Enterprise Group Inc
 
227,668
18,197,503
Sempra
 
289,462
21,498,343
Unitil Corp
 
7,458
437,486
WEC Energy Group Inc
 
145,154
15,897,266
 
  
  
155,102,830
Water Utilities - 0.1%
  
  
  
American States Water Co
 
17,259
1,399,877
American Water Works Co Inc
 
89,073
13,094,622
Cadiz Inc (b)
  
21,879
62,136
California Water Service Group
 
27,175
1,376,414
Consolidated Water Co Ltd
 
6,867
159,589
Essential Utilities Inc
 
115,550
4,752,572
Middlesex Water Co
 
8,157
514,870
SJW Group
 
13,868
786,870
York Water Co/The
 
6,624
233,165
 
  
  
22,380,115
TOTAL UTILITIES
  
  
611,387,502
 
  
  
  
TOTAL UNITED STATES
  
  
24,296,729,190
 
TOTAL COMMON STOCKS
 (Cost $17,598,424,871)
  
  
  
24,503,090,274
 
  
  
  
Money Market Funds - 0.9%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (g)
  
4.33
51,715,875
51,726,218
Fidelity Securities Lending Cash Central Fund (g)(h)
  
4.33
162,204,987
162,221,208
 
TOTAL MONEY MARKET FUNDS
 (Cost $213,947,426)
  
  
  
213,947,426
 
  
  
  
  
U.S. Treasury Obligations - 0.0%
 
  
Yield (%) (f)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 5/29/2025 (i)
 (Cost $3,807,503)
  
4.25
3,820,000
3,807,462
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.6%
 (Cost $17,816,179,800)
 
  
 
24,720,845,162
NET OTHER ASSETS (LIABILITIES) - (0.6)%  
(142,011,200)
NET ASSETS - 100.0%
24,578,833,962
 
  
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
  
  
  
  
  
 
  
  
  
  
  
Equity Contracts
  
  
  
  
  
CME E-Mini Russell 2000 Index Contracts (United States)
65
Jun 2025
6,401,850
429,696
429,696
CME E-Mini S&P 500 Index Contracts (United States)
246
Jun 2025
68,720,100
4,928,877
4,928,877
CME S&P 400 Midcap Index Contracts (United States)
12
Jun 2025
3,429,360
224,862
224,862
 
  
  
  
  
  
TOTAL FUTURES CONTRACTS
  
  
  
  
5,583,435
The notional amount of futures purchased as a percentage of Net Assets is 0.3%

 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Level 3 security
 
(e)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $292,729 or 0.0% of net assets.
 
(f)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(h)
Investment made with cash collateral received from securities on loan.
 
(i)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $3,807,462.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
43,045,242
1,040,522,049
1,031,841,073
1,319,992
-
-
51,726,218
51,715,875
0.1%
Fidelity Securities Lending Cash Central Fund
160,056,780
416,355,529
414,191,101
631,909
-
-
162,221,208
162,204,987
0.5%
Total
203,102,022
1,456,877,578
1,446,032,174
1,951,901
-
-
213,947,426
  
  
 
  
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
  
  
  
  
 Common Stocks
  
  
  
  
Communication Services
2,125,663,119
2,125,663,119
-
-
Consumer Discretionary
2,550,737,709
2,550,737,709
-
-
Consumer Staples
1,428,139,873
1,428,139,873
-
-
Energy
795,825,966
795,825,966
-
-
Financials
3,660,188,846
3,660,188,846
-
-
Health Care
2,677,173,243
2,677,152,176
-
21,067
Industrials
2,359,995,164
2,359,995,164
-
-
Information Technology
7,054,900,272
7,054,900,272
-
-
Materials
584,216,477
584,216,477
-
-
Real Estate
654,862,103
654,862,103
-
-
Utilities
611,387,502
611,387,502
-
-
 U.S. Treasury Obligations
3,807,462
-
3,807,462
-
 Money Market Funds
213,947,426
213,947,426
-
-
 Total Investments in Securities:
24,720,845,162
24,717,016,633
3,807,462
21,067
 Derivative Instruments:
  
  
  
  
 Assets
  
  
  
  
Futures Contracts
5,583,435
5,583,435
-
-
  Total Assets
5,583,435
5,583,435
-
-
 Total Derivative Instruments:
5,583,435
5,583,435
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
  
  
Futures Contracts (a) 
5,583,435
0
Total Equity Risk
5,583,435
0
Total Value of Derivatives
5,583,435
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Fidelity ZERO® Total Market Index Fund
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
  
  
  
Investment in securities, at value  (including  securities loaned of $161,615,228) - See accompanying schedule:
  
  
  
  
Unaffiliated issuers (cost $17,602,232,374)
$
24,506,897,736
  
  
Fidelity Central Funds (cost $213,947,426)
213,947,426
  
  
 
  
  
  
  
 
  
  
  
  
Total Investment in Securities (cost $17,816,179,800)
  
  
$
24,720,845,162
Segregated cash with brokers for derivative instruments
  
  
2,581,001
Cash
  
  
3,506,608
Foreign currency held at value (cost $2,945)
  
  
2,953
Receivable for investments sold
  
  
3,590,495
Receivable for fund shares sold
  
  
13,444,590
Dividends receivable
  
  
12,888,502
Distributions receivable from Fidelity Central Funds
  
  
315,453
Other receivables
  
  
361,580
  Total assets
  
  
24,757,536,344
Liabilities
  
  
  
  
Payable for fund shares redeemed
$
16,153,683
  
  
Payable for daily variation margin on futures contracts
29,331
  
  
Other payables and accrued expenses
299,593
  
  
Collateral on securities loaned
162,219,775
  
  
  Total liabilities
  
  
  
178,702,382
Net Assets  
  
  
$
24,578,833,962
Net Assets consist of:
  
  
  
  
Paid in capital
  
  
$
17,785,234,491
Total accumulated earnings (loss)
  
  
  
6,793,599,471
Net Assets
  
  
$
24,578,833,962
Net Asset Value, offering price and redemption price per share ($24,578,833,962 ÷ 1,276,675,477 shares)
  
  
$
19.25
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
  
  
  
  
Dividends
 
  
$
162,649,230
Interest  
  
  
112,148
Income from Fidelity Central Funds (including $631,909 from security lending)
 
  
1,951,901
 Total income
  
  
  
164,713,279
Expenses
  
  
  
  
Independent trustees' fees and expenses
$
54,140
  
  
 Total expenses before reductions
  
54,140
  
  
 Expense reductions
  
(7,623)
  
  
 Total expenses after reductions
  
  
  
46,517
Net Investment income (loss)
  
  
  
164,666,762
Realized and Unrealized Gain (Loss)
  
  
  
  
Net realized gain (loss) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
(175,279,419)
  
  
   Redemptions in-kind
  
127,123,048
  
  
 Futures contracts
  
(11,811,656)
  
  
Total net realized gain (loss)
  
  
  
(59,968,027)
Change in net unrealized appreciation (depreciation) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
(720,684,008)
  
  
 Assets and liabilities in foreign currencies
  
(15)
  
  
 Futures contracts
  
5,290,976
  
  
Total change in net unrealized appreciation (depreciation)
  
  
  
(715,393,047)
Net gain (loss)
  
  
  
(775,361,074)
Net increase (decrease) in net assets resulting from operations
  
  
$
(610,694,312)
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
  
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
  
  
  
  
Operations
  
  
  
Net investment income (loss)
$
164,666,762
$
293,212,584
Net realized gain (loss)
  
(59,968,027)
  
105,317,131
Change in net unrealized appreciation (depreciation)
  
(715,393,047)
  
5,626,181,626
Net increase (decrease) in net assets resulting from operations
  
(610,694,312)
  
6,024,711,341
Distributions to shareholders
  
(288,265,326)
  
(235,874,094)
 
  
  
  
  
Share transactions
  
  
  
  
Proceeds from sales of shares
  
3,587,160,743
  
5,434,419,129
  Reinvestment of distributions
  
256,760,209
  
208,297,059
Cost of shares redeemed
  
(2,262,749,020)
  
(2,580,354,001)
 
  
  
  
  
  Net increase (decrease) in net assets resulting from share transactions
  
1,581,171,932
  
3,062,362,187
Total increase (decrease) in net assets
  
682,212,294
  
8,851,199,434
 
  
  
  
  
Net Assets
  
  
  
  
Beginning of period
  
23,896,621,668
  
15,045,422,234
End of period
$
24,578,833,962
$
23,896,621,668
 
  
  
  
  
Other Information
  
  
  
  
Shares
  
  
  
  
Sold
  
177,453,009
  
300,647,044
  Issued in reinvestment of distributions
  
12,220,857
  
12,674,298
Redeemed
  
(113,199,299)
  
(141,915,145)
Net increase (decrease)
  
76,474,567
  
171,406,197
 
  
  
  
  
Financial Highlights
 
Fidelity ZERO® Total Market Index Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
  
Years ended October 31, 2024 
  
2023  
  
2022 
  
2021 
  
2020   
  Selected Per-Share Data 
  
  
  
  
  
  
  
  
  
  
  
  
  Net asset value, beginning of period
$
19.91
$
14.62
$
13.68
$
16.59
$
11.67
$
10.78
  Income from Investment Operations
 
  
  
  
  
  
  
  
  
  
  
  
     Net investment income (loss) A,B
  
.13
 
.26
 
.24
 
.22
 
.20
 
.20
     Net realized and unrealized gain (loss)
 
(.55)
 
5.26
 
.91
 
(2.92)
 
4.89
 
.86
  Total from investment operations
 
(.42)  
  
5.52  
  
1.15  
  
(2.70)  
  
5.09
 
1.06
  Distributions from net investment income
 
(.24)
 
(.23)
 
(.21)
 
(.18)
 
(.17)
 
(.16)
  Distributions from net realized gain
 
-
 
-
 
-
 
(.03)
 
-
 
(.01)
     Total distributions
 
(.24)
 
(.23)
 
(.21)
 
(.21)
 
(.17)
 
(.17)
  Net asset value, end of period
$
19.25
$
19.91
$
14.62
$
13.68
$
16.59
$
11.67
 Total Return C,D
  
(2.23)
%
 
38.06%
 
8.55%
 
(16.46)%
 
44.00%
 
9.92%
 Ratios to Average Net Assets B,E,F
  
  
  
  
  
  
  
  
  
  
  
  
    Expenses before reductions G
  
-% H
  
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of fee waivers, if any G
  
-
% H
  
-%
 
-%
 
-%
 
-%
 
-%
    Expenses net of all reductions, if any G
  
-% H
  
-%
 
-%
 
-%
 
-%
 
-%
    Net investment income (loss)
 
1.30% H
  
1.44%
 
1.63%
 
1.50%
 
1.37%
 
1.79%
 Supplemental Data
  
  
  
  
  
  
  
  
  
  
  
  
    Net assets, end of period (000 omitted)
$
24,578,834
$
23,896,622
$
15,045,422
$
12,227,768
$
12,297,505
$
6,053,570
    Portfolio turnover rate I
  
1
% H,J
  
2% J
  
2%
 
3%
 
4% J
  
6%
 
ACalculated based on average shares outstanding during the period.
BNet 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.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees 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.
FExpense 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.
GAmount represents less than .005%.
HAnnualized.
IAmount 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.
JPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity ZERO Extended Market Index Fund, Fidelity ZERO International Index Fund, Fidelity ZERO Large Cap Index Fund and Fidelity ZERO Total Market Index Fund are funds of Fidelity Concord Street Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. Each Fund is authorized to issue an unlimited number of shares. Investments in emerging markets, if applicable, can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Each Fund operates as a single operating segment. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. Each Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of each Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated each Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, each Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages each Fund's fair valuation practices and maintains the fair valuation policies and procedures. Each Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
Each Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value each Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers prepayment speed assumptions, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of each Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost and for certain Funds include proceeds received from litigation. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Funds are informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Funds represent a return of capital or capital gain. The Funds determine the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in dividends or foreign tax reclaims, as applicable. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable or reclaims receivable, as applicable. Fidelity ZERO International Index Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) for certain Funds, certain independent Trustees have elected to defer receipt of a portion of their annual compensation. Deferred amounts are invested in affiliated mutual funds, are marked-to-market and remain in a fund until distributed in accordance with the Plan. The investment of deferred amounts and the offsetting payable to the Trustees presented below are included in the accompanying Statement of Assets and Liabilities in other receivables and other payables and accrued expenses, as applicable.
 
Fidelity ZERO Total Market Index Fund
299,564
 
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. Each Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on each Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests. Fidelity ZERO International Index Fund is subject to a tax imposed on capital gains by certain countries in which it invests. An estimated deferred tax liability for net unrealized appreciation on the applicable securities is included in Deferred taxes on Statement of Assets and Liabilities.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, certain foreign taxes, passive foreign investment companies (PFIC), certain deemed distributions, redemptions in-kind, partnerships, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows for each Fund:
 
 
Tax cost ($)
Gross unrealized appreciation ($)
Gross unrealized depreciation ($)
Net unrealized appreciation (depreciation)($)
Fidelity ZERO Extended Market Index Fund
1,689,413,112
386,207,473
 (349,459,433)
36,748,040
Fidelity ZERO International Index Fund
4,436,488,770
1,246,727,146
 (456,670,996)
790,056,150
Fidelity ZERO Large Cap Index Fund
8,799,821,908
3,770,816,891
 (600,952,225)
3,169,864,666
Fidelity ZERO Total Market Index Fund
17,946,411,357
8,346,847,445
 (1,566,830,205)
6,780,017,240
 
Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 
Short-term ($)
Long-term ($)
Total capital loss carryforward ($)
Fidelity ZERO Extended Market Index Fund
 (5,707,205)
 (15,134,512)
  (20,841,717)
Fidelity ZERO International Index Fund
 (25,947,939)
 (118,878,186)
  (144,826,125)
Fidelity ZERO Large Cap Index Fund
 (12,002,288)
 (69,750,847)
  (81,753,135)
Fidelity ZERO Total Market Index Fund
 -
 (30,776,698)
  (30,776,698)
 
Delayed Delivery Transactions and When-Issued Securities. During the period, certain Funds transacted in securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. Securities purchased on a delayed delivery or when-issued basis are identified as such in the Schedule of Investments. Compensation for interest forgone in the purchase of a delayed delivery or when-issued debt security may be received. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Statement of Assets and Liabilities under the caption "Delayed delivery", as applicable. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
 
Restricted Securities (including Private Placements). Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.
 
New Accounting Pronouncements. FASB Accounting Standards Update (ASU) 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures became effective in this reporting period. ASU 2023-07 enhances segment information disclosure in the notes to financial statements.
 
In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.
4. Derivative Instruments.
Risk Exposures and the Use of Derivative Instruments. Each Fund's investment objectives allow for various types of derivative instruments, including futures contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
Derivatives were used to increase returns and to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the objectives may not be achieved.
 
Derivatives were used to increase or decrease exposure to the following risk(s):
 
 
 
Equity Risk
Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.
 
Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, U.S. government securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity ZERO Extended Market Index Fund
210,085,524
136,629,858
Fidelity ZERO International Index Fund
540,166,024
59,846,726
Fidelity ZERO Large Cap Index Fund
1,256,480,113
179,577,858
Fidelity ZERO Total Market Index Fund
1,842,075,984
151,659,080
 
Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below. The net realized gain or loss on investments delivered through in-kind redemptions is included in the "Net realized gain (loss) on: Redemptions in-kind" line in the accompanying Statement of Operations. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity ZERO Total Market Index Fund
10,322,238
127,123,048
198,440,486
 
Prior Fiscal Year Unaffiliated Redemptions In-Kind. Shares that were redeemed in-kind for investments, including accrued interest and cash, if any, are shown in the table below; along with realized gain or loss on investments delivered through in-kind redemptions. The amount of the in-kind redemptions is included in share transactions in the accompanying Statement of Changes in Net Assets. There was no gain or loss for federal income tax purposes.
 
 
Shares
Total net realized gain or loss ($)
Total Proceeds ($)
Fidelity ZERO Extended Market Index Fund
6,198,347
45,100,121
74,938,017
Fidelity ZERO Total Market Index Fund
9,563,512
121,153,731
195,669,446
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Funds with investment management services for which the Funds do not pay a management fee. Under the management contract, the investment adviser or an affiliate pays all ordinary operating expenses of the Funds, except fees and expenses of the independent Trustees.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Funds. Geode provides discretionary investment advisory services to the Funds and is paid by the investment adviser for providing these services.
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.
 
 
Purchases ($)
Sales ($)
Realized Gain (Loss) ($)
Fidelity ZERO Extended Market Index Fund
 27,814,648
 72,569,460
 37,623,025
Fidelity ZERO Large Cap Index Fund
 88,534,269
 56,902,271
  (54,340,073)
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are borne by the investment adviser.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity ZERO Extended Market Index Fund
43,520
 2,667
211,483
Fidelity ZERO International Index Fund
 4,718
 -
-
Fidelity ZERO Large Cap Index Fund
 935
 -
 -
Fidelity ZERO Total Market Index Fund
 67,649
 2,133
 127,803
 
At period end, the value of any non-cash collateral is presented below. Non-cash collateral is held by a third-party bank for the benefit of a fund and the borrower. A fund is not permitted to sell or re-pledge non-cash collateral except in the event of borrower default, and therefore it is not included in the Schedule of Investments or Statement of Assets and Liabilities.
 
 
Amount ($)
Fidelity ZERO Extended Market Index Fund
3,362,046
Fidelity ZERO International Index Fund
-
Fidelity ZERO Large Cap Index Fund
7,344
Fidelity ZERO Total Market Index Fund
6,666,190
9. Expense Reductions.
Through arrangements with each applicable Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce each applicable Fund's expenses. All of the applicable expense reductions are noted in the table below.
 
 
Custodian credits ($)
Fidelity ZERO Large Cap Index Fund.
 731
Fidelity ZERO Total Market Index Fund 
 7,623
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.9891447.106
EML-SANN-0625
Fidelity® SAI Global ex U.S. Low Volatility Index Fund
 
 
Semi-Annual Report
April 30, 2025
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

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

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

Notes to Financial Statements

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

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

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

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

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by Fidelity Product Services LLC (FPS), and FPS bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the relationship between FPS and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® SAI Global ex U.S. Low Volatility Index Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 94.2%
 
  
Shares
Value ($)
 
AUSTRALIA - 0.4%
 
  
  
Financials - 0.4%
  
  
  
Insurance - 0.4%
  
  
  
Medibank Pvt Ltd
 
5,773,019
17,173,140
CANADA - 10.1%
 
  
  
Communication Services - 0.2%
  
  
  
Diversified Telecommunication Services - 0.2%
  
  
  
BCE Inc
 
427,952
9,511,424
Consumer Discretionary - 1.7%
  
  
  
Broadline Retail - 1.7%
  
  
  
Dollarama Inc
 
642,933
79,328,959
Consumer Staples - 2.4%
  
  
  
Consumer Staples Distribution & Retail - 2.4%
  
  
  
Empire Co Ltd Class A
 
173,154
6,430,788
George Weston Ltd
 
75,959
14,799,498
Loblaw Cos Ltd
 
329,642
53,513,623
Metro Inc/CN
 
473,626
36,499,366
 
  
  
111,243,275
Financials - 2.3%
  
  
  
Capital Markets - 0.5%
  
  
  
TMX Group Ltd
 
624,540
25,310,496
Insurance - 1.8%
  
  
  
Intact Financial Corp
 
369,357
82,029,619
TOTAL FINANCIALS
  
  
107,340,115
 
  
  
  
Industrials - 1.2%
  
  
  
Professional Services - 1.2%
  
  
  
Thomson Reuters Corp
 
314,594
58,539,677
Utilities - 2.3%
  
  
  
Electric Utilities - 2.3%
  
  
  
Emera Inc
 
603,444
27,160,670
Fortis Inc/Canada
 
1,133,840
56,149,179
Hydro One Ltd (a)(b)
  
695,507
26,758,807
 
  
  
110,068,656
TOTAL CANADA
  
  
476,032,106
CHINA - 11.9%
 
  
  
Consumer Staples - 0.2%
  
  
  
Food Products - 0.2%
  
  
  
Want Want China Holdings Ltd
 
12,247,000
8,037,706
Energy - 0.7%
  
  
  
Oil, Gas & Consumable Fuels - 0.7%
  
  
  
China Shenhua Energy Co Ltd H Shares
 
9,395,500
35,374,259
Financials - 9.8%
  
  
  
Banks - 9.2%
  
  
  
Agricultural Bank of China Ltd H Shares
 
100,533,000
61,442,883
Bank of Beijing Co Ltd A Shares (China)
 
2,954,000
2,438,012
Bank of China Ltd H Shares
 
140,287,000
78,503,995
Bank of Communications Co Ltd H Shares
 
58,168,000
51,000,877
Bank of Jiangsu Co Ltd A Shares (China)
 
2,977,800
4,163,623
Bank of Shanghai Co Ltd A Shares (China)
 
1,911,000
2,729,553
BOC Hong Kong Holdings Ltd
 
8,057,500
33,453,440
China CITIC Bank Corp Ltd H Shares
 
25,224,000
19,936,964
China Construction Bank Corp H Shares
 
95,049,000
78,190,291
China Minsheng Banking Corp Ltd H Shares
 
23,829,000
11,183,862
Chongqing Rural Commercial Bank Co Ltd H Shares
 
6,412,000
4,919,207
Huaxia Bank Co Ltd A Shares (China)
 
2,363,800
2,365,047
Industrial & Commercial Bank of China Ltd H Shares
 
109,768,000
75,296,013
Shanghai Pudong Development Bank Co Ltd A Shares (China)
 
4,787,800
7,214,010
 
  
  
432,837,777
Financial Services - 0.0%
  
  
  
Far East Horizon Ltd
 
2,706,000
2,096,944
Insurance - 0.6%
  
  
  
PICC Property & Casualty Co Ltd H Shares
 
16,026,000
29,549,203
TOTAL FINANCIALS
  
  
464,483,924
 
  
  
  
Industrials - 0.7%
  
  
  
Construction & Engineering - 0.2%
  
  
  
China Energy Engineering Corp Ltd A Shares (China)
 
9,845,700
2,977,724
China State Construction Engineering Corp Ltd A Shares (China)
 
6,949,300
5,266,758
 
  
  
8,244,482
Ground Transportation - 0.3%
  
  
  
Beijing-Shanghai High Speed Railway Co Ltd A Shares (China)
 
11,077,900
8,841,785
Daqin Railway Co Ltd A Shares (China)
 
5,019,800
4,474,845
 
  
  
13,316,630
Transportation Infrastructure - 0.2%
  
  
  
Jiangsu Expressway Co Ltd H Shares
 
3,512,000
4,369,849
Qingdao Port International Co Ltd H Shares (a)(b)
  
2,940,000
2,122,853
Shanghai International Port Group Co Ltd A Shares (China)
 
4,906,400
3,675,729
 
  
  
10,168,431
TOTAL INDUSTRIALS
  
  
31,729,543
 
  
  
  
Information Technology - 0.0%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
China Railway Signal & Communication Corp Ltd H Shares (a)(b)
  
9,230,000
3,713,136
Utilities - 0.5%
  
  
  
Independent Power and Renewable Electricity Producers - 0.5%
  
  
  
China Three Gorges Renewables Group Co Ltd A Shares (China)
 
5,986,000
3,507,325
China Yangtze Power Co Ltd A Shares (China)
 
4,622,300
18,747,854
 
  
  
22,255,179
TOTAL CHINA
  
  
565,593,747
DENMARK - 2.4%
 
  
  
Financials - 0.4%
  
  
  
Insurance - 0.4%
  
  
  
Tryg A/S
 
759,290
18,115,099
Health Care - 2.0%
  
  
  
Health Care Equipment & Supplies - 0.3%
  
  
  
Coloplast AS Series B
 
121,170
13,711,971
Pharmaceuticals - 1.7%
  
  
  
Novo Nordisk A/S Series B
 
1,222,717
81,752,771
TOTAL HEALTH CARE
  
  
95,464,742
 
  
  
  
TOTAL DENMARK
  
  
113,579,841
FINLAND - 0.4%
 
  
  
Communication Services - 0.4%
  
  
  
Diversified Telecommunication Services - 0.4%
  
  
  
Elisa Oyj A Shares
 
324,936
17,308,238
FRANCE - 1.3%
 
  
  
Communication Services - 1.3%
  
  
  
Diversified Telecommunication Services - 1.3%
  
  
  
Orange SA
 
4,217,888
61,193,329
GERMANY - 0.8%
 
  
  
Consumer Staples - 0.8%
  
  
  
Personal Care Products - 0.8%
  
  
  
Beiersdorf AG
 
271,027
38,072,084
HONG KONG - 3.3%
 
  
  
Financials - 0.4%
  
  
  
Banks - 0.4%
  
  
  
Hang Seng Bank Ltd
 
1,545,100
21,575,936
Industrials - 0.8%
  
  
  
Ground Transportation - 0.3%
  
  
  
MTR Corp Ltd
 
4,427,500
15,299,526
Industrial Conglomerates - 0.5%
  
  
  
Jardine Matheson Holdings Ltd (Singapore)
 
463,800
20,608,992
TOTAL INDUSTRIALS
  
  
35,908,518
 
  
  
  
Real Estate - 0.4%
  
  
  
Real Estate Management & Development - 0.4%
  
  
  
Hongkong Land Holdings Ltd (Singapore)
 
2,284,300
11,179,370
Sino Land Co Ltd
 
10,530,390
10,835,075
 
  
  
22,014,445
Utilities - 1.7%
  
  
  
Electric Utilities - 1.2%
  
  
  
CLP Holdings Ltd
 
4,223,000
36,008,009
Power Assets Holdings Ltd
 
2,767,000
18,320,369
 
  
  
54,328,378
Gas Utilities - 0.5%
  
  
  
Hong Kong & China Gas Co Ltd
 
27,204,000
24,518,536
TOTAL UTILITIES
  
  
78,846,914
 
  
  
  
TOTAL HONG KONG
  
  
158,345,813
INDIA - 0.3%
 
  
  
Health Care - 0.3%
  
  
  
Pharmaceuticals - 0.3%
  
  
  
Dr Reddy's Laboratories Ltd ADR (c)
  
985,057
13,711,993
INDONESIA - 0.1%
 
  
  
Consumer Staples - 0.1%
  
  
  
Food Products - 0.1%
  
  
  
Indofood CBP Sukses Makmur Tbk PT
 
6,187,200
4,228,385
ISRAEL - 0.5%
 
  
  
Industrials - 0.5%
  
  
  
Aerospace & Defense - 0.5%
  
  
  
Elbit Systems Ltd
 
56,015
21,506,755
ITALY - 0.3%
 
  
  
Health Care - 0.3%
  
  
  
Pharmaceuticals - 0.3%
  
  
  
Recordati Industria Chimica e Farmaceutica SpA
 
231,772
13,613,887
JAPAN - 20.4%
 
  
  
Communication Services - 4.9%
  
  
  
Diversified Telecommunication Services - 1.6%
  
  
  
Nippon Telegraph & Telephone Corp
 
73,154,200
76,466,417
Wireless Telecommunication Services - 3.3%
  
  
  
KDDI Corp
 
4,178,000
74,049,299
SoftBank Corp
 
52,639,700
79,656,789
 
  
  
153,706,088
TOTAL COMMUNICATION SERVICES
  
  
230,172,505
 
  
  
  
Consumer Discretionary - 3.5%
  
  
  
Automobile Components - 0.8%
  
  
  
Bridgestone Corp
 
887,700
37,119,336
Automobiles - 1.3%
  
  
  
Toyota Motor Corp
 
3,106,400
59,330,437
Broadline Retail - 0.8%
  
  
  
Pan Pacific International Holdings Corp
 
1,228,300
37,885,040
Hotels, Restaurants & Leisure - 0.6%
  
  
  
McDonald's Holdings Co Japan Ltd
 
226,500
9,552,350
Skylark Holdings Co Ltd
 
510,600
10,586,611
Zensho Holdings Co Ltd
 
208,200
12,914,574
 
  
  
33,053,535
TOTAL CONSUMER DISCRETIONARY
  
  
167,388,348
 
  
  
  
Consumer Staples - 1.8%
  
  
  
Beverages - 0.3%
  
  
  
Suntory Beverage & Food Ltd
 
359,000
12,524,073
Food Products - 1.5%
  
  
  
Ajinomoto Co Inc
 
2,208,200
45,166,722
MEIJI Holdings Co Ltd
 
691,600
17,004,262
Nisshin Seifun Group Inc
 
865,000
11,159,979
 
  
  
73,330,963
TOTAL CONSUMER STAPLES
  
  
85,855,036
 
  
  
  
Financials - 2.7%
  
  
  
Banks - 0.9%
  
  
  
Hachijuni Bank Ltd/The
 
758,500
5,684,241
Japan Post Bank Co Ltd
 
2,978,400
30,433,924
Mebuki Financial Group Inc
 
1,813,400
8,796,854
 
  
  
44,915,019
Insurance - 1.8%
  
  
  
Japan Post Holdings Co Ltd
 
4,399,500
42,764,305
Tokio Marine Holdings Inc
 
1,009,000
40,443,117
 
  
  
83,207,422
TOTAL FINANCIALS
  
  
128,122,441
 
  
  
  
Health Care - 0.2%
  
  
  
Health Care Providers & Services - 0.2%
  
  
  
Medipal Holdings Corp
 
573,300
9,733,430
Industrials - 1.7%
  
  
  
Commercial Services & Supplies - 0.8%
  
  
  
Secom Co Ltd
 
1,044,000
38,388,328
Ground Transportation - 0.9%
  
  
  
Hankyu Hanshin Holdings Inc
 
571,900
16,271,431
Kintetsu Group Holdings Co Ltd
 
422,100
9,066,087
Kyushu Railway Co
 
355,300
9,132,239
Tobu Railway Co Ltd
 
428,500
7,819,245
 
  
  
42,289,002
TOTAL INDUSTRIALS
  
  
80,677,330
 
  
  
  
Information Technology - 3.5%
  
  
  
Electronic Equipment, Instruments & Components - 1.0%
  
  
  
Hirose Electric Co Ltd
 
70,100
7,949,864
Kyocera Corp
 
3,181,300
37,703,912
 
  
  
45,653,776
IT Services - 0.6%
  
  
  
Otsuka Corp
 
755,900
16,764,295
TIS Inc
 
506,300
14,628,097
 
  
  
31,392,392
Technology Hardware, Storage & Peripherals - 1.9%
  
  
  
Canon Inc
 
963,200
29,724,114
FUJIFILM Holdings Corp
 
2,836,800
58,104,440
 
  
  
87,828,554
TOTAL INFORMATION TECHNOLOGY
  
  
164,874,722
 
  
  
  
Materials - 0.2%
  
  
  
Paper & Forest Products - 0.2%
  
  
  
Oji Holdings Corp
 
1,991,700
9,401,890
Real Estate - 0.4%
  
  
  
Diversified REITs - 0.2%
  
  
  
Daiwa House REIT Investment Corp
 
5,594
9,362,458
Residential REITs - 0.2%
  
  
  
Advance Residence Investment Corp
 
7,040
7,252,706
TOTAL REAL ESTATE
  
  
16,615,164
 
  
  
  
Utilities - 1.5%
  
  
  
Electric Utilities - 0.5%
  
  
  
Chubu Electric Power Co Inc
 
1,557,300
20,222,042
Kansai Electric Power Co Inc/The
 
207,400
2,555,258
 
  
  
22,777,300
Gas Utilities - 1.0%
  
  
  
Osaka Gas Co Ltd
 
850,900
21,577,179
Tokyo Gas Co Ltd
 
770,200
25,588,196
 
  
  
47,165,375
TOTAL UTILITIES
  
  
69,942,675
 
  
  
  
TOTAL JAPAN
  
  
962,783,541
KOREA (SOUTH) - 0.4%
 
  
  
Consumer Staples - 0.4%
  
  
  
Tobacco - 0.4%
  
  
  
KT&G Corp
 
230,893
18,598,161
Financials - 0.0%
  
  
  
Insurance - 0.0%
  
  
  
Hyundai Marine & Fire Insurance Co Ltd (d)
  
77,665
1,212,732
TOTAL KOREA (SOUTH)
  
  
19,810,893
KUWAIT - 0.8%
 
  
  
Financials - 0.8%
  
  
  
Banks - 0.8%
  
  
  
National Bank of Kuwait SAKP
 
12,148,399
37,733,363
MALAYSIA - 1.5%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
TIME dotCom Bhd
 
2,600,400
3,103,641
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
Nestle Malaysia Bhd
 
107,100
2,158,355
Financials - 0.9%
  
  
  
Banks - 0.9%
  
  
  
Hong Leong Bank Bhd
 
742,900
3,443,427
Malayan Banking Bhd
 
17,560,700
40,693,558
 
  
  
44,136,985
Health Care - 0.3%
  
  
  
Health Care Providers & Services - 0.3%
  
  
  
IHH Healthcare Bhd
 
8,722,700
13,980,160
Industrials - 0.1%
  
  
  
Marine Transportation - 0.1%
  
  
  
MISC Bhd
 
2,838,300
4,935,437
Utilities - 0.1%
  
  
  
Gas Utilities - 0.1%
  
  
  
Petronas Gas Bhd
 
923,000
3,758,311
TOTAL MALAYSIA
  
  
72,072,889
NETHERLANDS - 3.2%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Koninklijke KPN NV
 
637,733
2,966,641
Consumer Staples - 1.7%
  
  
  
Consumer Staples Distribution & Retail - 1.7%
  
  
  
Koninklijke Ahold Delhaize NV
 
1,936,482
79,510,140
Industrials - 1.5%
  
  
  
Professional Services - 1.5%
  
  
  
Wolters Kluwer NV
 
394,053
69,393,337
TOTAL NETHERLANDS
  
  
151,870,118
PHILIPPINES - 0.1%
 
  
  
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
Manila Electric Co
 
632,310
6,460,463
POLAND - 0.1%
 
  
  
Information Technology - 0.1%
  
  
  
Software - 0.1%
  
  
  
Asseco Poland SA
 
136,814
5,632,038
SAUDI ARABIA - 3.5%
 
  
  
Communication Services - 1.2%
  
  
  
Diversified Telecommunication Services - 1.2%
  
  
  
Saudi Telecom Co
 
4,510,700
57,241,318
Consumer Discretionary - 0.2%
  
  
  
Specialty Retail - 0.2%
  
  
  
Jarir Marketing Co
 
2,216,602
7,457,715
Consumer Staples - 0.4%
  
  
  
Consumer Staples Distribution & Retail - 0.3%
  
  
  
Abdullah Al Othaim Markets Co
 
1,635,805
3,933,660
Nahdi Medical Co
 
198,038
5,997,712
 
  
  
9,931,372
Food Products - 0.1%
  
  
  
Almarai Co JSC
 
472,348
6,648,975
TOTAL CONSUMER STAPLES
  
  
16,580,347
 
  
  
  
Energy - 1.3%
  
  
  
Oil, Gas & Consumable Fuels - 1.3%
  
  
  
Saudi Arabian Oil Co (a)(b)
  
9,329,143
63,049,034
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
Alinma Bank
 
966,199
7,470,047
Insurance - 0.0%
  
  
  
Bupa Arabia for Cooperative Insurance Co
 
61,622
2,759,966
TOTAL FINANCIALS
  
  
10,230,013
 
  
  
  
Materials - 0.1%
  
  
  
Chemicals - 0.1%
  
  
  
Advanced Petrochemical Co (d)
  
176,352
1,417,511
Saudi Basic Industries Corp
 
292,894
4,763,202
 
  
  
6,180,713
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
Saudi Electricity Co
 
807,719
3,225,751
TOTAL SAUDI ARABIA
  
  
163,964,891
SINGAPORE - 1.3%
 
  
  
Financials - 0.4%
  
  
  
Capital Markets - 0.4%
  
  
  
Singapore Exchange Ltd
 
1,787,300
19,661,838
Industrials - 0.4%
  
  
  
Aerospace & Defense - 0.4%
  
  
  
Singapore Technologies Engineering Ltd
 
2,971,700
16,874,035
Real Estate - 0.5%
  
  
  
Industrial REITs - 0.5%
  
  
  
CapitaLand Ascendas REIT
 
7,899,700
16,096,893
Mapletree Industrial Trust
 
4,673,564
7,229,445
 
  
  
23,326,338
TOTAL SINGAPORE
  
  
59,862,211
SWITZERLAND - 3.8%
 
  
  
Communication Services - 0.9%
  
  
  
Diversified Telecommunication Services - 0.9%
  
  
  
Swisscom AG
 
61,814
41,191,858
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
Banque Cantonale Vaudoise (c)(d)
  
49,638
6,098,374
Health Care - 0.3%
  
  
  
Health Care Providers & Services - 0.3%
  
  
  
Galenica AG (a)(b)
  
156,637
16,397,209
Materials - 1.5%
  
  
  
Chemicals - 1.5%
  
  
  
Givaudan SA
 
14,069
67,877,578
Real Estate - 1.0%
  
  
  
Real Estate Management & Development - 1.0%
  
  
  
PSP Swiss Property AG
 
116,725
20,775,310
Swiss Prime Site AG
 
184,785
26,038,039
 
  
  
46,813,349
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
BKW AG (d)
  
11,675
2,341,083
TOTAL SWITZERLAND
  
  
180,719,451
TAIWAN - 9.2%
 
  
  
Communication Services - 1.4%
  
  
  
Diversified Telecommunication Services - 0.8%
  
  
  
Chunghwa Telecom Co Ltd
 
9,876,000
39,847,981
Wireless Telecommunication Services - 0.6%
  
  
  
Far EasTone Telecommunications Co Ltd
 
4,112,000
11,004,547
Taiwan Mobile Co Ltd
 
4,343,000
15,389,067
 
  
  
26,393,614
TOTAL COMMUNICATION SERVICES
  
  
66,241,595
 
  
  
  
Consumer Discretionary - 0.1%
  
  
  
Broadline Retail - 0.1%
  
  
  
Far Eastern Department Stores Ltd
 
1,763,000
1,291,520
Poya International Co Ltd
 
168,000
2,510,317
 
  
  
3,801,837
Leisure Products - 0.0%
  
  
  
Fusheng Precision Co Ltd
 
143,000
1,591,938
TOTAL CONSUMER DISCRETIONARY
  
  
5,393,775
 
  
  
  
Consumer Staples - 0.8%
  
  
  
Consumer Staples Distribution & Retail - 0.2%
  
  
  
President Chain Store Corp
 
1,470,000
11,997,017
Food Products - 0.6%
  
  
  
Uni-President Enterprises Corp
 
11,500,000
27,581,184
TOTAL CONSUMER STAPLES
  
  
39,578,201
 
  
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Formosa Petrochemical Corp
 
1,765,000
1,928,368
Financials - 4.0%
  
  
  
Banks - 3.9%
  
  
  
Chang Hwa Commercial Bank Ltd
 
19,002,752
10,814,143
E.Sun Financial Holding Co Ltd
 
30,125,000
26,666,822
Far Eastern International Bank
 
7,289,214
2,928,934
First Financial Holding Co Ltd
 
26,030,630
20,686,996
Hua Nan Financial Holdings Co Ltd
 
23,774,040
20,089,699
Mega Financial Holding Co Ltd
 
27,185,480
32,130,942
Shanghai Commercial & Savings Bank Ltd/The
 
9,428,000
13,875,418
SinoPac Financial Holdings Co Ltd
 
28,194,925
18,802,870
Taichung Commercial Bank Co Ltd
 
7,526,000
4,658,307
Taiwan Business Bank
 
14,953,865
6,609,664
Taiwan Cooperative Financial Holding Co Ltd
 
25,993,200
19,813,158
Union Bank Of Taiwan
 
7,718,000
4,008,295
 
  
  
181,085,248
Capital Markets - 0.1%
  
  
  
IBF Financial Holdings Co Ltd
 
6,861,000
2,592,862
TOTAL FINANCIALS
  
  
183,678,110
 
  
  
  
Industrials - 0.2%
  
  
  
Commercial Services & Supplies - 0.0%
  
  
  
Taiwan Secom Co Ltd
 
717,000
2,567,859
Construction & Engineering - 0.0%
  
  
  
CTCI Corp
 
351,000
301,211
Electrical Equipment - 0.1%
  
  
  
Teco Electric and Machinery Co Ltd
 
2,199,000
3,363,248
Transportation Infrastructure - 0.1%
  
  
  
Taiwan High Speed Rail Corp
 
5,713,000
4,840,438
TOTAL INDUSTRIALS
  
  
11,072,756
 
  
  
  
Information Technology - 2.3%
  
  
  
Electronic Equipment, Instruments & Components - 0.3%
  
  
  
Synnex Technology International Corp
 
3,273,000
7,246,774
Wpg Holding Co Ltd
 
3,833,000
8,104,315
 
  
  
15,351,089
IT Services - 0.1%
  
  
  
Systex Corp
 
667,000
2,515,379
Semiconductors & Semiconductor Equipment - 1.1%
  
  
  
Chipbond Technology Corp
 
1,398,000
2,774,128
Taiwan Semiconductor Manufacturing Co Ltd
 
1,728,000
48,864,329
Topco Scientific Co Ltd
 
291,000
2,230,897
 
  
  
53,869,354
Technology Hardware, Storage & Peripherals - 0.8%
  
  
  
Catcher Technology Co Ltd
 
1,542,000
10,475,770
Chicony Electronics Co Ltd
 
1,526,000
7,338,132
Compal Electronics Inc
 
8,793,000
7,561,555
Pegatron Corp
 
4,716,000
11,958,359
 
  
  
37,333,816
TOTAL INFORMATION TECHNOLOGY
  
  
109,069,638
 
  
  
  
Materials - 0.2%
  
  
  
Construction Materials - 0.2%
  
  
  
Asia Cement Corp
 
5,407,000
7,600,797
Containers & Packaging - 0.0%
  
  
  
Taiwan Hon Chuan Enterprise Co Ltd
 
484,333
2,339,338
TOTAL MATERIALS
  
  
9,940,135
 
  
  
  
Real Estate - 0.2%
  
  
  
Real Estate Management & Development - 0.2%
  
  
  
Delpha Construction Co Ltd
 
1,181,000
1,222,106
Highwealth Construction Corp
 
3,741,500
4,772,525
Huaku Development Co Ltd
 
411,000
1,338,070
 
  
  
7,332,701
TOTAL TAIWAN
  
  
434,235,279
THAILAND - 0.5%
 
  
  
Communication Services - 0.5%
  
  
  
Wireless Telecommunication Services - 0.5%
  
  
  
Advanced Info Service PCL depository receipt
 
2,538,000
22,390,233
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
Thai Union Group PCL depository receipt
 
8,237,800
2,661,733
TOTAL THAILAND
  
  
25,051,966
UNITED ARAB EMIRATES - 1.5%
 
  
  
Consumer Discretionary - 0.3%
  
  
  
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Americana Restaurants International PLC - Foreign Co
 
7,525,082
4,609,639
Specialty Retail - 0.2%
  
  
  
Abu Dhabi National Oil Co for Distribution PJSC
 
9,901,407
9,084,478
TOTAL CONSUMER DISCRETIONARY
  
  
13,694,117
 
  
  
  
Energy - 0.3%
  
  
  
Oil, Gas & Consumable Fuels - 0.3%
  
  
  
Adnoc Gas PLC
 
14,685,925
12,674,584
Financials - 0.3%
  
  
  
Banks - 0.3%
  
  
  
Dubai Islamic Bank PJSC
 
6,283,203
12,932,308
Industrials - 0.1%
  
  
  
Transportation Infrastructure - 0.1%
  
  
  
Salik Co PJSC
 
4,184,637
5,764,763
Materials - 0.1%
  
  
  
Chemicals - 0.1%
  
  
  
Borouge PLC
 
9,053,645
6,359,403
Utilities - 0.4%
  
  
  
Multi-Utilities - 0.3%
  
  
  
Dubai Electricity & Water Authority PJSC
 
22,457,199
16,385,645
Water Utilities - 0.1%
  
  
  
Emirates Central Cooling Systems Corp
 
7,760,568
3,401,673
TOTAL UTILITIES
  
  
19,787,318
 
  
  
  
TOTAL UNITED ARAB EMIRATES
  
  
71,212,493
UNITED KINGDOM - 6.2%
 
  
  
Consumer Discretionary - 0.5%
  
  
  
Diversified Consumer Services - 0.5%
  
  
  
Pearson PLC
 
1,496,864
23,996,573
Financials - 0.5%
  
  
  
Insurance - 0.5%
  
  
  
Admiral Group PLC
 
572,763
24,869,006
Health Care - 2.2%
  
  
  
Pharmaceuticals - 2.2%
  
  
  
Astrazeneca PLC
 
702,952
100,709,629
Industrials - 1.5%
  
  
  
Professional Services - 1.5%
  
  
  
RELX PLC
 
1,333,649
72,784,094
Utilities - 1.5%
  
  
  
Multi-Utilities - 1.5%
  
  
  
National Grid PLC
 
4,981,559
71,904,339
TOTAL UNITED KINGDOM
  
  
294,263,641
UNITED STATES - 9.9%
 
  
  
Consumer Staples - 2.1%
  
  
  
Food Products - 2.1%
  
  
  
Nestle SA
 
917,972
97,706,539
Health Care - 6.3%
  
  
  
Life Sciences Tools & Services - 0.4%
  
  
  
QIAGEN NV
 
484,276
20,712,849
Pharmaceuticals - 5.9%
  
  
  
Haleon PLC
 
1,722,260
8,666,187
Novartis AG
 
920,786
105,022,375
Roche Holding AG
 
321,361
105,080,714
Sanofi SA
 
522,678
57,176,699
 
  
  
275,945,975
TOTAL HEALTH CARE
  
  
296,658,824
 
  
  
  
Industrials - 1.5%
  
  
  
Commercial Services & Supplies - 1.5%
  
  
  
Waste Connections Inc
 
388,397
76,707,421
TOTAL UNITED STATES
  
  
471,072,784
 
TOTAL COMMON STOCKS
 (Cost $4,171,883,508)
  
  
  
4,457,105,339
 
  
  
  
International Equity Funds - 3.5%
 
  
Shares
Value ($)
 
iShares MSCI India ETF (c)
 (Cost $172,275,710)
  
3,135,947
167,992,681
 
  
  
  
Money Market Funds - 5.3%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (e)
  
4.33
78,999,037
79,014,836
Fidelity Securities Lending Cash Central Fund (e)(f)
  
4.33
172,441,156
172,458,400
 
TOTAL MONEY MARKET FUNDS
 (Cost $251,473,236)
  
  
  
251,473,236
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 103.0%
 (Cost $4,595,632,454)
 
  
 
4,876,571,256
NET OTHER ASSETS (LIABILITIES) - (3.0)%  
(141,392,231)
NET ASSETS - 100.0%
4,735,179,025
 
  
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
  
  
  
  
  
 
  
  
  
  
  
Equity Contracts
  
  
  
  
  
ICE MSCI EAFE Index Contracts (United States)
531
Jun 2025
66,234,285
1,743,329
1,743,329
ICE MSCI Emerging Markets Index Contracts (United States)
597
Jun 2025
33,133,500
365,308
365,308
TME S&P/TSX 60 Index Contracts (Canada)
51
Jun 2025
11,061,222
218,109
218,109
 
  
  
  
  
  
TOTAL FUTURES CONTRACTS
  
  
  
  
2,326,746
The notional amount of futures purchased as a percentage of Net Assets is 2.3%

 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
Legend
 
(a)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $112,041,039 or 2.4% of net assets.
 
(b)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $112,041,039 or 2.4% of net assets.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Non-income producing
 
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(f)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
262,402,163
949,763,488
1,133,150,815
1,279,462
-
-
79,014,836
78,999,037
0.1%
Fidelity Securities Lending Cash Central Fund
6,391,875
416,619,042
250,552,517
8,671
-
-
172,458,400
172,441,156
0.6%
Total
268,794,038
1,366,382,530
1,383,703,332
1,288,133
-
-
251,473,236
  
  
 
  
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
  
  
  
  
 Common Stocks
  
  
  
  
Communication Services
511,320,782
125,252,838
386,067,944
-
Consumer Discretionary
297,259,487
171,419,366
125,840,121
-
Consumer Staples
504,229,962
186,457,485
317,772,477
-
Energy
113,026,245
111,097,877
1,928,368
-
Financials
1,097,363,384
729,382,912
367,980,472
-
Health Care
560,269,874
74,169,368
486,100,506
-
Industrials
485,893,666
288,173,938
197,719,728
-
Information Technology
283,289,534
48,687,430
234,602,104
-
Materials
99,759,719
80,417,694
19,342,025
-
Real Estate
116,101,997
74,263,588
41,838,409
-
Utilities
388,590,689
178,261,713
210,328,976
-
 International Equity Funds
167,992,681
167,992,681
-
-
 Money Market Funds
251,473,236
251,473,236
-
-
 Total Investments in Securities:
4,876,571,256
2,487,050,126
2,389,521,130
-
 Derivative Instruments:
  
  
  
  
 Assets
  
  
  
  
Futures Contracts
2,326,746
2,326,746
-
-
  Total Assets
2,326,746
2,326,746
-
-
 Total Derivative Instruments:
2,326,746
2,326,746
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
  
  
Futures Contracts (a) 
2,326,746
0
Total Equity Risk
2,326,746
0
Total Value of Derivatives
2,326,746
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
  
  
  
Investment in securities, at value  (including  securities loaned of $168,662,814) - See accompanying schedule:
  
  
  
  
Unaffiliated issuers (cost $4,344,159,218)
$
4,625,098,020
  
  
Fidelity Central Funds (cost $251,473,236)
251,473,236
  
  
 
  
  
  
  
 
  
  
  
  
Total Investment in Securities (cost $4,595,632,454)
  
  
$
4,876,571,256
Segregated cash with brokers for derivative instruments
  
  
5,179,575
Foreign currency held at value (cost $5,101,731)
  
  
5,159,321
Receivable for fund shares sold
  
  
3,707,377
Dividends receivable
  
  
17,393,486
Reclaims receivable
  
  
3,543,553
Distributions receivable from Fidelity Central Funds
  
  
326,310
Prepaid expenses
  
  
5,042
  Total assets
  
  
4,911,885,920
Liabilities
  
  
  
  
Payable for fund shares redeemed
$
3,212,368
  
  
Accrued management fee
565,716
  
  
Payable for daily variation margin on futures contracts
73,264
  
  
Other payables and accrued expenses
397,147
  
  
Collateral on securities loaned
172,458,400
  
  
  Total liabilities
  
  
  
176,706,895
Net Assets  
  
  
$
4,735,179,025
Net Assets consist of:
  
  
  
  
Paid in capital
  
  
$
4,406,780,553
Total accumulated earnings (loss)
  
  
  
328,398,472
Net Assets
  
  
$
4,735,179,025
Net Asset Value, offering price and redemption price per share ($4,735,179,025 ÷ 433,029,045 shares)
  
  
$
10.94
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
  
  
  
  
Dividends
 
  
$
78,141,191
Income from Fidelity Central Funds (including $8,671 from security lending)
 
  
1,288,133
 Income before foreign taxes withheld
  
  
$
79,429,324
Less foreign taxes withheld
  
  
(7,292,095)
 Total income
  
  
  
72,137,229
Expenses
  
  
  
  
Management fee
$
3,276,748
  
  
Custodian fees and expenses
698,650
  
  
Independent trustees' fees and expenses
6,816
  
  
Registration fees
334,433
  
  
Audit fees
46,219
  
  
Legal
2,028
  
  
Interest
29,841
  
  
Miscellaneous
796
  
  
 Total expenses
  
  
  
4,395,531
Net Investment income (loss)
  
  
  
67,741,698
Realized and Unrealized Gain (Loss)
  
  
  
  
Net realized gain (loss) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
(8,809,134)
  
  
 Foreign currency transactions
  
(98,047)
  
  
 Futures contracts
  
(1,384,214)
  
  
Total net realized gain (loss)
  
  
  
(10,291,395)
Change in net unrealized appreciation (depreciation) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
326,070,324
  
  
 Assets and liabilities in foreign currencies
  
528,172
  
  
 Futures contracts
  
3,455,256
  
  
Total change in net unrealized appreciation (depreciation)
  
  
  
330,053,752
Net gain (loss)
  
  
  
319,762,357
Net increase (decrease) in net assets resulting from operations
  
  
$
387,504,055
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
  
For the period July 25, 2024 (commencement of operations) through October 31, 2024
Increase (Decrease) in Net Assets
  
  
  
  
Operations
  
  
  
Net investment income (loss)
$
67,741,698
$
1,156,008
Net realized gain (loss)
  
(10,291,395)
  
(965,122)
Change in net unrealized appreciation (depreciation)
  
330,053,752
  
(46,044,308)
Net increase (decrease) in net assets resulting from operations
  
387,504,055
  
(45,853,422)
Distributions to shareholders
  
(13,252,161)
  
-
 
  
  
  
  
Share transactions
  
  
  
  
Proceeds from sales of shares
  
2,403,825,354
  
2,872,906,488
  Reinvestment of distributions
  
12,775,866
  
-
Cost of shares redeemed
  
(860,147,885)
  
(22,579,270)
 
  
  
  
  
  Net increase (decrease) in net assets resulting from share transactions
  
1,556,453,335
  
2,850,327,218
Total increase (decrease) in net assets
  
1,930,705,229
  
2,804,473,796
 
  
  
  
  
Net Assets
  
  
  
  
Beginning of period
  
2,804,473,796
  
-
End of period
$
4,735,179,025
$
2,804,473,796
 
  
  
  
  
Other Information
  
  
  
  
Shares
  
  
  
  
Sold
  
238,851,894
  
279,018,399
  Issued in reinvestment of distributions
  
1,271,231
  
-
Redeemed
  
(83,918,912)
  
(2,193,567)
Net increase (decrease)
  
156,204,213
  
276,824,832
 
  
  
  
  
Financial Highlights
 
Fidelity® SAI Global ex U.S. Low Volatility Index Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
  
Years ended October 31, 2024 A
  Selected Per-Share Data 
  
  
  
  
  Net asset value, beginning of period
$
10.13
$
10.00
  Income from Investment Operations
 
  
  
  
     Net investment income (loss) B,C
  
.16
 
.03
     Net realized and unrealized gain (loss)
 
.68
 
.10 D
  Total from investment operations
 
.84  
  
.13  
  Distributions from net investment income
 
(.03)
 
-
     Total distributions
 
(.03)
 
-
  Net asset value, end of period
$
10.94
$
10.13
 Total Return E,F
  
8.31
%
 
1.30%
 Ratios to Average Net Assets C,G,H
  
  
  
  
    Expenses before reductions
 
.20% I
  
.75% I,J
    Expenses net of fee waivers, if any
 
.20
% I
  
.26% I,J,K
    Expenses net of all reductions, if any
 
.20% I
  
.26% I,J,K
    Net investment income (loss)
 
3.10% I
  
1.37% I,J
 Supplemental Data
  
  
  
  
    Net assets, end of period (000 omitted)
$
4,735,179
$
2,804,474
    Portfolio turnover rate L
  
45
% I,M
  
204% M,N
 
AFor the period July 25, 2024 (commencement of operations) through October 31, 2024.
BCalculated based on average shares outstanding during the period.
CNet 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.
DThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
ETotal returns for periods of less than one year are not annualized.
FTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
GFees 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.
HExpense 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.
IAnnualized.
JAudit fees are not annualized.
KThe size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
LAmount 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.
MPortfolio turnover rate excludes securities received or delivered in-kind.
NAmount not annualized.
Notes to Financial Statements
 (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity SAI Global ex U.S. Low Volatility Index Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund's investments in emerging markets can be subject to social, economic, regulatory, and political uncertainties and can be extremely volatile.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Exchange-Traded Funds (ETFs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy. 
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
 
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign taxes withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$410,723,097
Gross unrealized depreciation
(132,022,416)
Net unrealized appreciation (depreciation)
$278,700,681
Tax cost
$4,600,197,321
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Long-term
$(584,958)
Total capital loss carryforward
$(584,958)
 
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.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.
 
Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity SAI Global ex U.S. Low Volatility Index Fund
1,901,874,804
893,528,843
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .15% of the Fund's average net assets.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Lending Program. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the Fund, along with other registered investment companies having management contracts with Fidelity Management & Research Company LLC (FMR), or other affiliated entities of FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the Fund to borrow from, or lend money to, other participating affiliated funds at rates that are beneficial to both the borrowing and lending fund. Borrowings under the program are generally for temporary or emergency purposes, including meeting fund shareholder redemptions. The interfund loan rate is determined, as specified in the Exemptive Order, by averaging, (1) the higher of the overnight time deposit rate and the current overnight repurchase agreement rate, and (2) a benchmark rate representing the lowest bank loan rate available to the funds. At period end, there were no interfund loans outstanding. Activity in this program during the period for which loans were outstanding was as follows:
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity SAI Global ex U.S. Low Volatility Index Fund 
 Borrower
 58,605,000
4.58%
 29,841
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
 
Affiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds ($)
Fidelity SAI Global ex U.S. Low Volatility Index Fund
61,871,986
619,203,138
 
Prior Fiscal Year Affiliated Exchanges In-Kind. Shares that were exchanged for investments, including accrued interest and cash, if any, are shown in the table below. The amount of in-kind exchanges is included in share transactions in the accompanying Statement of Changes in Net Assets.
 
 
Shares
Total Proceeds ($)
Fidelity SAI Global ex U.S. Low Volatility Index Fund
162,914,102
1,676,879,291
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
 
Amount ($)
Fidelity SAI Global ex U.S. Low Volatility Index Fund
791
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity SAI Global ex U.S. Low Volatility Index Fund
931
 2
19,488
9. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
10. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.9912328.100
GEU-SANN-0625
Fidelity® Series International Index Fund
 
 
Semi-Annual Report
April 30, 2025

Contents

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

Fidelity® Series International Index Fund

Notes to Financial Statements

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

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

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

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

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® Series International Index Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 97.8%
 
  
Shares
Value ($)
 
AUSTRALIA - 6.6%
 
  
  
Communication Services - 0.2%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Telstra Group Ltd
 
136,212
393,121
Interactive Media & Services - 0.1%
  
  
  
CAR Group Ltd
 
12,721
271,521
REA Group Ltd
 
1,780
282,806
 
  
  
554,327
TOTAL COMMUNICATION SERVICES
  
  
947,448
 
  
  
  
Consumer Discretionary - 0.5%
  
  
  
Broadline Retail - 0.3%
  
  
  
Wesfarmers Ltd
 
38,220
1,914,679
Hotels, Restaurants & Leisure - 0.2%
  
  
  
Aristocrat Leisure Ltd
 
19,016
812,155
Lottery Corp/The
 
74,957
249,796
 
  
  
1,061,951
TOTAL CONSUMER DISCRETIONARY
  
  
2,976,630
 
  
  
  
Consumer Staples - 0.3%
  
  
  
Beverages - 0.0%
  
  
  
Treasury Wine Estates Ltd
 
27,327
156,201
Consumer Staples Distribution & Retail - 0.3%
  
  
  
Coles Group Ltd
 
45,140
612,992
Woolworths Group Ltd
 
41,143
830,375
 
  
  
1,443,367
TOTAL CONSUMER STAPLES
  
  
1,599,568
 
  
  
  
Energy - 0.2%
  
  
  
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
Santos Ltd
 
109,387
420,523
Woodside Energy Group Ltd
 
63,952
833,624
 
  
  
1,254,147
Financials - 2.7%
  
  
  
Banks - 2.1%
  
  
  
ANZ Group Holdings Ltd
 
100,359
1,919,091
Commonwealth Bank of Australia
 
56,364
6,007,790
National Australia Bank Ltd
 
103,580
2,391,735
Westpac Banking Corp
 
115,618
2,426,264
 
  
  
12,744,880
Capital Markets - 0.3%
  
  
  
ASX Ltd
 
6,530
295,691
Macquarie Group Ltd
 
12,195
1,506,998
 
  
  
1,802,689
Financial Services - 0.0%
  
  
  
Washington H Soul Pattinson & Co Ltd
 
8,050
191,610
Insurance - 0.3%
  
  
  
Insurance Australia Group Ltd
 
79,665
418,438
Medibank Pvt Ltd
 
92,758
275,929
QBE Insurance Group Ltd
 
50,704
700,726
Suncorp Group Ltd
 
36,472
474,285
 
  
  
1,869,378
TOTAL FINANCIALS
  
  
16,608,557
 
  
  
  
Health Care - 0.2%
  
  
  
Health Care Equipment & Supplies - 0.2%
  
  
  
Cochlear Ltd
 
2,204
385,988
Health Care Providers & Services - 0.0%
  
  
  
Sonic Healthcare Ltd
 
15,371
256,649
Health Care Technology - 0.0%
  
  
  
Pro Medicus Ltd
 
1,936
283,876
TOTAL HEALTH CARE
  
  
926,513
 
  
  
  
Industrials - 0.4%
  
  
  
Commercial Services & Supplies - 0.1%
  
  
  
Brambles Ltd
 
46,577
612,099
Passenger Airlines - 0.0%
  
  
  
Qantas Airways Ltd
 
24,964
141,144
Professional Services - 0.1%
  
  
  
Computershare Ltd
 
17,756
463,989
Trading Companies & Distributors - 0.0%
  
  
  
Reece Ltd
 
7,615
76,792
SGH Ltd
 
6,854
224,158
 
  
  
300,950
Transportation Infrastructure - 0.2%
  
  
  
Transurban Group unit
 
104,547
942,113
TOTAL INDUSTRIALS
  
  
2,460,295
 
  
  
  
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
WiseTech Global Ltd
 
6,196
352,323
Materials - 1.7%
  
  
  
Metals & Mining - 1.7%
  
  
  
BHP Group Ltd
 
170,894
4,073,028
BlueScope Steel Ltd
 
14,773
226,269
Fortescue Ltd
 
57,036
589,050
Glencore PLC
 
349,290
1,145,230
Northern Star Resources Ltd
 
45,748
561,954
Rio Tinto Ltd
 
12,503
935,440
Rio Tinto PLC
 
37,980
2,263,206
South32 Ltd
 
152,151
262,201
 
  
  
10,056,378
Real Estate - 0.4%
  
  
  
Diversified REITs - 0.1%
  
  
  
GPT Group/The unit
 
64,516
191,248
Stockland unit
 
80,405
282,562
 
  
  
473,810
Industrial REITs - 0.2%
  
  
  
Goodman Group unit
 
68,406
1,309,554
Retail REITs - 0.1%
  
  
  
Scentre Group unit
 
175,207
405,910
Vicinity Ltd unit
 
130,333
197,109
 
  
  
603,019
TOTAL REAL ESTATE
  
  
2,386,383
 
  
  
  
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
Origin Energy Ltd
 
58,025
395,499
Gas Utilities - 0.0%
  
  
  
Apa Group unit
 
43,616
229,506
TOTAL UTILITIES
  
  
625,005
 
  
  
  
TOTAL AUSTRALIA
  
  
40,193,247
AUSTRIA - 0.2%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
OMV AG
 
4,960
255,999
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
Erste Group Bank AG
 
10,370
698,398
Materials - 0.0%
  
  
  
Paper & Forest Products - 0.0%
  
  
  
Mondi PLC
 
14,866
224,469
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
Verbund AG Class A
 
2,293
175,859
TOTAL AUSTRIA
  
  
1,354,725
BELGIUM - 0.8%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Distributors - 0.0%
  
  
  
D'ieteren Group
 
724
144,106
Consumer Staples - 0.5%
  
  
  
Beverages - 0.4%
  
  
  
Anheuser-Busch InBev SA/NV
 
30,266
1,994,802
Food Products - 0.1%
  
  
  
Lotus Bakeries NV
 
14
134,175
TOTAL CONSUMER STAPLES
  
  
2,128,977
 
  
  
  
Financials - 0.2%
  
  
  
Banks - 0.1%
  
  
  
KBC Group NV
 
7,735
710,296
Financial Services - 0.1%
  
  
  
Groupe Bruxelles Lambert NV
 
2,796
229,640
Sofina SA
 
519
144,400
 
  
  
374,040
Insurance - 0.0%
  
  
  
Ageas SA/NV
 
5,065
317,018
TOTAL FINANCIALS
  
  
1,401,354
 
  
  
  
Health Care - 0.1%
  
  
  
Pharmaceuticals - 0.1%
  
  
  
UCB SA
 
4,258
777,335
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Syensqo SA
 
2,481
176,000
TOTAL BELGIUM
  
  
4,627,772
BRAZIL - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Yara International ASA
 
5,576
179,660
CHILE - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Antofagasta PLC
 
13,282
289,056
CHINA - 0.5%
 
  
  
Consumer Discretionary - 0.4%
  
  
  
Broadline Retail - 0.4%
  
  
  
Prosus NV Class N
 
46,075
2,160,209
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
Wilmar International Ltd
 
64,722
151,804
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
BOC Hong Kong Holdings Ltd
 
124,710
517,776
Industrials - 0.0%
  
  
  
Machinery - 0.0%
  
  
  
Yangzijiang Shipbuildling (Holdings) Ltd (b)
  
87,000
149,028
Marine Transportation - 0.0%
  
  
  
SITC International Holdings Co Ltd
 
45,000
124,458
TOTAL INDUSTRIALS
  
  
273,486
 
  
  
  
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Wharf Holdings Ltd/The
 
36,000
90,422
TOTAL CHINA
  
  
3,193,697
DENMARK - 2.3%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Pandora A/S
 
2,762
407,530
Consumer Staples - 0.1%
  
  
  
Beverages - 0.1%
  
  
  
Carlsberg AS Series B
 
3,217
438,328
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
Danske Bank A/S
 
23,231
809,859
Insurance - 0.0%
  
  
  
Tryg A/S
 
11,418
272,410
TOTAL FINANCIALS
  
  
1,082,269
 
  
  
  
Health Care - 1.4%
  
  
  
Biotechnology - 0.1%
  
  
  
Genmab A/S (b)
  
2,118
449,098
Zealand Pharma A/S (b)
  
2,153
150,831
 
  
  
599,929
Health Care Equipment & Supplies - 0.1%
  
  
  
Coloplast AS Series B
 
4,248
480,717
Demant A/S (b)
  
2,982
107,893
 
  
  
588,610
Pharmaceuticals - 1.2%
  
  
  
Novo Nordisk A/S Series B
 
108,473
7,252,675
TOTAL HEALTH CARE
  
  
8,441,214
 
  
  
  
Industrials - 0.4%
  
  
  
Air Freight & Logistics - 0.2%
  
  
  
DSV A/S
 
6,884
1,459,133
Building Products - 0.0%
  
  
  
ROCKWOOL A/S Series B
 
3,167
143,714
Electrical Equipment - 0.1%
  
  
  
Vestas Wind Systems A/S
 
34,013
453,468
Marine Transportation - 0.1%
  
  
  
AP Moller - Maersk A/S Series A
 
99
167,679
AP Moller - Maersk A/S Series B
 
153
263,449
 
  
  
431,128
TOTAL INDUSTRIALS
  
  
2,487,443
 
  
  
  
Materials - 0.1%
  
  
  
Chemicals - 0.1%
  
  
  
Novonesis Novozymes B Series B
 
11,868
767,484
Utilities - 0.0%
  
  
  
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Orsted AS (b)(c)(d)
  
5,663
225,347
TOTAL DENMARK
  
  
13,849,615
FINLAND - 1.0%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Elisa Oyj A Shares
 
4,790
255,147
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Kesko Oyj B Shares
 
9,198
210,483
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Neste Oyj
 
14,248
147,799
Financials - 0.5%
  
  
  
Banks - 0.3%
  
  
  
Nordea Bank Abp
 
106,175
1,470,413
Insurance - 0.2%
  
  
  
Sampo Oyj A Shares
 
81,549
817,008
TOTAL FINANCIALS
  
  
2,287,421
 
  
  
  
Health Care - 0.0%
  
  
  
Pharmaceuticals - 0.0%
  
  
  
Orion Oyj B Shares
 
3,651
228,102
Industrials - 0.3%
  
  
  
Machinery - 0.3%
  
  
  
Kone Oyj B Shares
 
11,448
706,803
Metso Oyj
 
20,940
226,734
Wartsila OYJ Abp
 
16,940
312,037
 
  
  
1,245,574
Information Technology - 0.1%
  
  
  
Communications Equipment - 0.1%
  
  
  
Nokia Oyj
 
179,370
896,701
Materials - 0.1%
  
  
  
Paper & Forest Products - 0.1%
  
  
  
Stora Enso Oyj R Shares
 
19,610
182,145
UPM-Kymmene Oyj
 
17,975
476,088
 
  
  
658,233
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
Fortum Oyj
 
15,111
252,412
TOTAL FINLAND
  
  
6,181,872
FRANCE - 9.5%
 
  
  
Communication Services - 0.3%
  
  
  
Diversified Telecommunication Services - 0.2%
  
  
  
Orange SA
 
62,714
909,858
Entertainment - 0.0%
  
  
  
Bollore SE
 
24,010
147,967
Media - 0.1%
  
  
  
Publicis Groupe SA
 
7,709
784,367
TOTAL COMMUNICATION SERVICES
  
  
1,842,192
 
  
  
  
Consumer Discretionary - 1.7%
  
  
  
Automobile Components - 0.1%
  
  
  
Cie Generale des Etablissements Michelin SCA Series B
 
22,581
825,691
Automobiles - 0.1%
  
  
  
Renault SA
 
6,474
341,987
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Accor SA
 
6,565
320,914
FDJ UNITED (c)(d)
  
3,431
122,201
Sodexo SA
 
2,980
189,161
 
  
  
632,276
Textiles, Apparel & Luxury Goods - 1.4%
  
  
  
Hermes International SCA
 
1,067
2,890,124
Kering SA
 
2,507
510,055
LVMH Moet Hennessy Louis Vuitton SE
 
9,268
5,133,816
 
  
  
8,533,995
TOTAL CONSUMER DISCRETIONARY
  
  
10,333,949
 
  
  
  
Consumer Staples - 1.1%
  
  
  
Beverages - 0.1%
  
  
  
Pernod Ricard SA
 
6,797
733,192
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Carrefour SA
 
18,265
281,714
Food Products - 0.3%
  
  
  
Danone SA
 
21,743
1,870,907
Personal Care Products - 0.7%
  
  
  
L'Oreal SA (b)
  
8,098
3,578,227
TOTAL CONSUMER STAPLES
  
  
6,464,040
 
  
  
  
Energy - 0.7%
  
  
  
Oil, Gas & Consumable Fuels - 0.7%
  
  
  
TotalEnergies SE
 
72,681
4,139,559
Financials - 1.3%
  
  
  
Banks - 0.8%
  
  
  
BNP Paribas SA
 
34,278
2,904,357
Credit Agricole SA
 
35,848
672,386
Societe Generale SA Series A
 
24,260
1,264,892
 
  
  
4,841,635
Capital Markets - 0.0%
  
  
  
Amundi SA (c)(d)
  
2,075
163,018
Financial Services - 0.0%
  
  
  
Edenred SE
 
8,149
252,761
Eurazeo SE
 
1,417
103,057
 
  
  
355,818
Insurance - 0.5%
  
  
  
AXA SA
 
59,677
2,822,478
TOTAL FINANCIALS
  
  
8,182,949
 
  
  
  
Health Care - 0.6%
  
  
  
Health Care Equipment & Supplies - 0.6%
  
  
  
BioMerieux
 
1,395
187,585
EssilorLuxottica SA
 
10,016
2,867,292
 
  
  
3,054,877
Life Sciences Tools & Services - 0.0%
  
  
  
Sartorius Stedim Biotech
 
983
229,623
Pharmaceuticals - 0.0%
  
  
  
Ipsen SA
 
1,270
146,893
TOTAL HEALTH CARE
  
  
3,431,393
 
  
  
  
Industrials - 2.4%
  
  
  
Aerospace & Defense - 1.3%
  
  
  
Airbus SE
 
20,014
3,396,188
Dassault Aviation SA
 
662
237,733
Safran SA
 
12,128
3,227,498
Thales SA
 
3,121
874,262
 
  
  
7,735,681
Building Products - 0.3%
  
  
  
Cie de Saint-Gobain SA
 
15,128
1,644,686
Construction & Engineering - 0.5%
  
  
  
Bouygues SA
 
6,381
279,751
Eiffage SA
 
2,310
313,372
Vinci SA
 
16,657
2,339,764
 
  
  
2,932,887
Electrical Equipment - 0.2%
  
  
  
Legrand SA
 
8,833
970,745
Machinery - 0.0%
  
  
  
Alstom SA (b)
  
11,658
281,531
Professional Services - 0.1%
  
  
  
Bureau Veritas SA
 
10,701
337,979
Teleperformance SE
 
1,815
198,333
 
  
  
536,312
Trading Companies & Distributors - 0.0%
  
  
  
Rexel SA
 
7,533
208,138
Transportation Infrastructure - 0.0%
  
  
  
Aeroports de Paris SA
 
1,166
145,035
Getlink SE Series A
 
10,187
192,493
 
  
  
337,528
TOTAL INDUSTRIALS
  
  
14,647,508
 
  
  
  
Information Technology - 0.3%
  
  
  
IT Services - 0.1%
  
  
  
Capgemini SE
 
5,194
829,234
Software - 0.2%
  
  
  
Dassault Systemes SE
 
22,540
844,712
TOTAL INFORMATION TECHNOLOGY
  
  
1,673,946
 
  
  
  
Materials - 0.7%
  
  
  
Chemicals - 0.7%
  
  
  
Air Liquide SA
 
19,476
4,001,894
Arkema SA
 
1,921
145,044
 
  
  
4,146,938
Real Estate - 0.0%
  
  
  
Diversified REITs - 0.0%
  
  
  
Covivio SA/France
 
1,882
105,108
Office REITs - 0.0%
  
  
  
Gecina SA
 
1,551
159,013
Retail REITs - 0.0%
  
  
  
Klepierre SA
 
7,247
264,683
Unibail-Rodamco-Westfield unit
 
4,083
344,687
 
  
  
609,370
TOTAL REAL ESTATE
  
  
873,491
 
  
  
  
Utilities - 0.4%
  
  
  
Multi-Utilities - 0.4%
  
  
  
Engie SA
 
61,517
1,267,304
Veolia Environnement SA
 
23,698
865,548
 
  
  
2,132,852
TOTAL FRANCE
  
  
57,868,817
GERMANY - 9.8%
 
  
  
Communication Services - 0.8%
  
  
  
Diversified Telecommunication Services - 0.8%
  
  
  
Deutsche Telekom AG
 
117,564
4,222,608
Entertainment - 0.0%
  
  
  
CTS Eventim AG & Co KGaA
 
2,102
247,174
Interactive Media & Services - 0.0%
  
  
  
Scout24 SE (c)(d)
  
2,526
299,607
TOTAL COMMUNICATION SERVICES
  
  
4,769,389
 
  
  
  
Consumer Discretionary - 0.7%
  
  
  
Automobile Components - 0.0%
  
  
  
Continental AG
 
3,705
287,257
Automobiles - 0.5%
  
  
  
Bayerische Motoren Werke AG
 
9,761
821,591
Mercedes-Benz Group AG
 
24,323
1,454,243
 
  
  
2,275,834
Specialty Retail - 0.0%
  
  
  
Zalando SE (b)(c)(d)
  
7,556
273,657
Textiles, Apparel & Luxury Goods - 0.2%
  
  
  
adidas AG
 
5,759
1,315,908
Puma SE
 
3,547
91,586
 
  
  
1,407,494
TOTAL CONSUMER DISCRETIONARY
  
  
4,244,242
 
  
  
  
Consumer Staples - 0.0%
  
  
  
Household Products - 0.0%
  
  
  
Henkel AG & Co KGaA
 
3,491
245,591
Personal Care Products - 0.0%
  
  
  
Beiersdorf AG
 
3,341
469,322
TOTAL CONSUMER STAPLES
  
  
714,913
 
  
  
  
Financials - 2.3%
  
  
  
Banks - 0.1%
  
  
  
Commerzbank AG
 
31,920
839,648
Capital Markets - 0.6%
  
  
  
Deutsche Bank AG
 
62,337
1,622,812
Deutsche Boerse AG
 
6,342
2,042,720
 
  
  
3,665,532
Insurance - 1.6%
  
  
  
Allianz SE
 
13,007
5,379,393
Hannover Rueck SE
 
2,031
649,751
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (b)
  
4,505
3,084,165
Talanx AG
 
2,174
248,498
 
  
  
9,361,807
TOTAL FINANCIALS
  
  
13,866,987
 
  
  
  
Health Care - 0.5%
  
  
  
Health Care Equipment & Supplies - 0.1%
  
  
  
Siemens Healthineers AG (c)(d)
  
9,498
512,011
Health Care Providers & Services - 0.2%
  
  
  
Fresenius Medical Care AG
 
6,918
351,957
Fresenius SE & Co KGaA (b)
  
14,228
673,741
 
  
  
1,025,698
Pharmaceuticals - 0.2%
  
  
  
Bayer AG
 
33,088
863,251
Merck KGaA
 
4,353
601,125
 
  
  
1,464,376
TOTAL HEALTH CARE
  
  
3,002,085
 
  
  
  
Industrials - 2.3%
  
  
  
Aerospace & Defense - 0.5%
  
  
  
MTU Aero Engines AG
 
1,813
624,167
Rheinmetall AG
 
1,467
2,498,378
 
  
  
3,122,545
Air Freight & Logistics - 0.2%
  
  
  
Deutsche Post AG
 
32,333
1,381,525
Electrical Equipment - 0.3%
  
  
  
Siemens Energy AG (b)
  
21,537
1,662,305
Industrial Conglomerates - 1.1%
  
  
  
Siemens AG
 
25,597
5,893,999
Machinery - 0.2%
  
  
  
Daimler Truck Holding AG
 
16,002
637,376
Gea Group Ag
 
5,224
339,102
Knorr-Bremse AG
 
2,443
241,331
Rational AG
 
172
146,624
 
  
  
1,364,433
Passenger Airlines - 0.0%
  
  
  
Deutsche Lufthansa AG
 
20,200
145,150
Trading Companies & Distributors - 0.0%
  
  
  
Brenntag SE
 
4,133
276,018
TOTAL INDUSTRIALS
  
  
13,845,975
 
  
  
  
Information Technology - 2.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.2%
  
  
  
Infineon Technologies AG
 
43,984
1,456,883
Software - 1.8%
  
  
  
Nemetschek SE
 
1,945
256,255
SAP SE
 
35,171
10,290,635
 
  
  
10,546,890
TOTAL INFORMATION TECHNOLOGY
  
  
12,003,773
 
  
  
  
Materials - 0.6%
  
  
  
Chemicals - 0.5%
  
  
  
BASF SE (b)
  
30,061
1,535,200
Covestro AG
 
6,047
406,910
Evonik Industries AG
 
8,632
193,131
Symrise AG
 
4,472
515,762
 
  
  
2,651,003
Construction Materials - 0.1%
  
  
  
Heidelberg Materials AG
 
4,599
907,838
TOTAL MATERIALS
  
  
3,558,841
 
  
  
  
Real Estate - 0.2%
  
  
  
Real Estate Management & Development - 0.2%
  
  
  
LEG Immobilien SE
 
2,508
211,811
Vonovia SE
 
24,943
827,361
 
  
  
1,039,172
Utilities - 0.4%
  
  
  
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
RWE AG
 
21,295
826,973
Multi-Utilities - 0.3%
  
  
  
E.ON SE
 
75,617
1,322,510
TOTAL UTILITIES
  
  
2,149,483
 
  
  
  
TOTAL GERMANY
  
  
59,194,860
HONG KONG - 1.7%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
HKT Trust & HKT Ltd unit
 
127,292
181,198
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
WH Group Ltd (c)(d)
  
280,577
251,071
Financials - 1.0%
  
  
  
Banks - 0.1%
  
  
  
Hang Seng Bank Ltd
 
25,376
354,353
Capital Markets - 0.3%
  
  
  
Futu Holdings Ltd Class A ADR
 
1,889
174,374
Hong Kong Exchanges & Clearing Ltd
 
40,567
1,772,360
 
  
  
1,946,734
Insurance - 0.6%
  
  
  
AIA Group Ltd
 
363,445
2,723,263
Prudential PLC
 
89,236
948,827
Prudential PLC rights (b)(e)
  
90,119
15,166
 
  
  
3,687,256
TOTAL FINANCIALS
  
  
5,988,343
 
  
  
  
Industrials - 0.2%
  
  
  
Ground Transportation - 0.0%
  
  
  
MTR Corp Ltd
 
52,437
181,200
Industrial Conglomerates - 0.1%
  
  
  
Jardine Matheson Holdings Ltd (Singapore)
 
5,375
238,839
Swire Pacific Ltd A Shares
 
13,856
119,879
 
  
  
358,718
Machinery - 0.1%
  
  
  
Techtronic Industries Co Ltd
 
46,292
465,882
TOTAL INDUSTRIALS
  
  
1,005,800
 
  
  
  
Real Estate - 0.3%
  
  
  
Real Estate Management & Development - 0.2%
  
  
  
CK Asset Holdings Ltd
 
64,726
264,976
Henderson Land Development Co Ltd
 
49,140
139,358
Hongkong Land Holdings Ltd (Singapore)
 
37,130
181,714
Sino Land Co Ltd
 
136,600
140,552
Sun Hung Kai Properties Ltd
 
48,680
461,800
Wharf Real Estate Investment Co Ltd
 
55,814
133,857
 
  
  
1,322,257
Retail REITs - 0.1%
  
  
  
Link REIT
 
87,531
410,252
TOTAL REAL ESTATE
  
  
1,732,509
 
  
  
  
Utilities - 0.2%
  
  
  
Electric Utilities - 0.2%
  
  
  
CK Infrastructure Holdings Ltd
 
21,081
142,159
CLP Holdings Ltd
 
55,236
470,978
Power Assets Holdings Ltd
 
46,803
309,884
 
  
  
923,021
Gas Utilities - 0.0%
  
  
  
Hong Kong & China Gas Co Ltd
 
376,697
339,511
TOTAL UTILITIES
  
  
1,262,532
 
  
  
  
TOTAL HONG KONG
  
  
10,421,453
IRELAND - 0.4%
 
  
  
Consumer Staples - 0.1%
  
  
  
Food Products - 0.1%
  
  
  
Kerry Group PLC Class A
 
5,038
532,206
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
AIB Group PLC
 
70,583
474,393
Bank of Ireland Group PLC
 
33,796
395,300
 
  
  
869,693
Industrials - 0.2%
  
  
  
Building Products - 0.1%
  
  
  
Kingspan Group PLC
 
5,207
438,277
Trading Companies & Distributors - 0.1%
  
  
  
AerCap Holdings NV
 
6,545
693,770
TOTAL INDUSTRIALS
  
  
1,132,047
 
  
  
  
TOTAL IRELAND
  
  
2,533,946
ISRAEL - 0.8%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Broadline Retail - 0.0%
  
  
  
Global-e Online Ltd (b)
  
3,377
121,268
Financials - 0.4%
  
  
  
Banks - 0.4%
  
  
  
Bank Hapoalim BM
 
42,397
620,975
Bank Leumi Le-Israel BM
 
50,607
718,279
Israel Discount Bank Ltd Class A
 
41,520
309,770
Mizrahi Tefahot Bank Ltd
 
5,224
264,570
 
  
  
1,913,594
Health Care - 0.1%
  
  
  
Pharmaceuticals - 0.1%
  
  
  
Teva Pharmaceutical Industries Ltd ADR (b)
  
37,735
585,270
Industrials - 0.1%
  
  
  
Aerospace & Defense - 0.1%
  
  
  
Elbit Systems Ltd
 
900
345,552
Information Technology - 0.2%
  
  
  
IT Services - 0.0%
  
  
  
Wix.com Ltd (b)
  
1,780
301,870
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Nova Ltd (Israel) (b)
  
986
189,123
Software - 0.2%
  
  
  
Check Point Software Technologies Ltd (b)
  
2,963
650,557
Nice Ltd (b)
  
2,117
330,722
 
  
  
981,279
TOTAL INFORMATION TECHNOLOGY
  
  
1,472,272
 
  
  
  
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
ICL Group Ltd
 
26,075
172,971
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Azrieli Group Ltd
 
1,429
103,982
TOTAL ISRAEL
  
  
4,714,909
ITALY - 2.9%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Infrastrutture Wireless Italiane SpA (c)(d)
  
10,984
131,152
Telecom Italia SpA/Milano (b)
  
335,569
132,292
 
  
  
263,444
Consumer Discretionary - 0.4%
  
  
  
Automobiles - 0.3%
  
  
  
Ferrari NV (Italy)
 
4,245
1,931,274
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Moncler SpA
 
7,867
481,611
TOTAL CONSUMER DISCRETIONARY
  
  
2,412,885
 
  
  
  
Consumer Staples - 0.1%
  
  
  
Beverages - 0.1%
  
  
  
Coca-Cola HBC AG
 
7,319
380,407
Davide Campari-Milano NV
 
20,732
139,117
 
  
  
519,524
Energy - 0.2%
  
  
  
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
Eni SpA
 
71,906
1,029,804
Financials - 1.4%
  
  
  
Banks - 1.1%
  
  
  
Banco BPM SpA
 
43,377
481,274
BPER Banca SPA
 
33,516
271,019
FinecoBank Banca Fineco SpA
 
20,578
409,472
Intesa Sanpaolo SpA
 
509,696
2,720,904
Mediobanca Banca di Credito Finanziario SpA
 
16,839
343,083
UniCredit SpA
 
47,028
2,736,129
 
  
  
6,961,881
Financial Services - 0.0%
  
  
  
Nexi SpA (b)(c)(d)
  
16,609
96,787
Insurance - 0.3%
  
  
  
Generali
 
31,716
1,154,773
Poste Italiane Spa (c)(d)
  
15,397
311,174
Unipol Assicurazioni SpA
 
12,083
215,590
 
  
  
1,681,537
TOTAL FINANCIALS
  
  
8,740,205
 
  
  
  
Health Care - 0.1%
  
  
  
Health Care Equipment & Supplies - 0.0%
  
  
  
DiaSorin SpA
 
754
85,844
Health Care Providers & Services - 0.0%
  
  
  
Amplifon SpA
 
4,199
79,939
Pharmaceuticals - 0.1%
  
  
  
Recordati Industria Chimica e Farmaceutica SpA
 
3,874
227,552
TOTAL HEALTH CARE
  
  
393,335
 
  
  
  
Industrials - 0.2%
  
  
  
Aerospace & Defense - 0.1%
  
  
  
Leonardo SpA
 
13,631
708,653
Electrical Equipment - 0.1%
  
  
  
Prysmian SpA
 
9,464
519,878
TOTAL INDUSTRIALS
  
  
1,228,531
 
  
  
  
Utilities - 0.5%
  
  
  
Electric Utilities - 0.5%
  
  
  
Enel SpA
 
273,941
2,374,787
Terna - Rete Elettrica Nazionale
 
47,389
470,706
 
  
  
2,845,493
Gas Utilities - 0.0%
  
  
  
Snam SpA
 
67,918
389,321
TOTAL UTILITIES
  
  
3,234,814
 
  
  
  
TOTAL ITALY
  
  
17,822,542
JAPAN - 21.6%
 
  
  
Communication Services - 1.8%
  
  
  
Diversified Telecommunication Services - 0.2%
  
  
  
Nippon Telegraph & Telephone Corp
 
1,006,425
1,051,993
Entertainment - 0.7%
  
  
  
Capcom Co Ltd
 
11,688
338,345
Konami Group Corp
 
3,355
479,148
Nexon Co Ltd
 
11,314
177,513
Nintendo Co Ltd
 
37,170
3,085,854
Toho Co Ltd/Tokyo
 
3,790
216,377
 
  
  
4,297,237
Interactive Media & Services - 0.1%
  
  
  
LY Corp
 
96,317
364,273
Media - 0.0%
  
  
  
Dentsu Group Inc
 
6,763
141,794
Wireless Telecommunication Services - 0.8%
  
  
  
KDDI Corp
 
103,400
1,832,623
SoftBank Corp
 
963,830
1,458,511
SoftBank Group Corp
 
32,224
1,629,557
 
  
  
4,920,691
TOTAL COMMUNICATION SERVICES
  
  
10,775,988
 
  
  
  
Consumer Discretionary - 4.0%
  
  
  
Automobile Components - 0.4%
  
  
  
Aisin Corp
 
17,722
224,531
Bridgestone Corp
 
19,184
802,182
Denso Corp
 
63,688
822,336
Sumitomo Electric Industries Ltd
 
24,044
386,469
 
  
  
2,235,518
Automobiles - 1.5%
  
  
  
Honda Motor Co Ltd
 
151,114
1,537,546
Isuzu Motors Ltd
 
18,926
254,525
Nissan Motor Co Ltd (b)
  
75,064
178,699
Subaru Corp
 
19,728
357,233
Suzuki Motor Corp
 
52,972
634,799
Toyota Motor Corp
 
319,190
6,096,344
Yamaha Motor Co Ltd
 
31,116
244,377
 
  
  
9,303,523
Broadline Retail - 0.1%
  
  
  
Pan Pacific International Holdings Corp
 
12,794
394,612
Rakuten Group Inc (b)
  
50,746
299,215
 
  
  
693,827
Hotels, Restaurants & Leisure - 0.2%
  
  
  
Oriental Land Co Ltd/Japan (f)
  
36,370
770,298
Zensho Holdings Co Ltd
 
3,200
198,495
 
  
  
968,793
Household Durables - 1.1%
  
  
  
Panasonic Holdings Corp
 
78,509
900,182
Sekisui House Ltd
 
20,134
462,885
Sony Group Corp
 
207,165
5,465,592
 
  
  
6,828,659
Leisure Products - 0.2%
  
  
  
Bandai Namco Holdings Inc
 
20,011
695,433
Shimano Inc
 
2,524
355,595
 
  
  
1,051,028
Specialty Retail - 0.4%
  
  
  
Fast Retailing Co Ltd
 
6,391
2,102,287
Nitori Holdings Co Ltd
 
2,735
325,423
ZOZO Inc
 
13,646
138,582
 
  
  
2,566,292
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Asics Corp
 
21,696
466,335
TOTAL CONSUMER DISCRETIONARY
  
  
24,113,975
 
  
  
  
Consumer Staples - 1.2%
  
  
  
Beverages - 0.2%
  
  
  
Asahi Group Holdings Ltd
 
48,686
672,952
Kirin Holdings Co Ltd
 
26,174
395,926
Suntory Beverage & Food Ltd
 
4,632
161,592
 
  
  
1,230,470
Consumer Staples Distribution & Retail - 0.4%
  
  
  
Aeon Co Ltd
 
21,991
650,300
Kobe Bussan Co Ltd
 
5,105
156,598
MatsukiyoCocokara & Co
 
11,200
205,741
Seven & i Holdings Co Ltd
 
74,577
1,097,820
 
  
  
2,110,459
Food Products - 0.2%
  
  
  
Ajinomoto Co Inc
 
30,766
629,291
Kikkoman Corp
 
22,810
223,291
MEIJI Holdings Co Ltd
 
8,082
198,711
Nissin Foods Holdings Co Ltd (f)
  
6,618
145,755
Yakult Honsha Co Ltd
 
8,628
176,959
 
  
  
1,374,007
Household Products - 0.1%
  
  
  
Unicharm Corp
 
37,622
348,775
Personal Care Products - 0.1%
  
  
  
Kao Corp
 
15,706
672,555
Shiseido Co Ltd
 
13,469
221,447
 
  
  
894,002
Tobacco - 0.2%
  
  
  
Japan Tobacco Inc
 
40,408
1,244,892
TOTAL CONSUMER STAPLES
  
  
7,202,605
 
  
  
  
Energy - 0.2%
  
  
  
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
ENEOS Holdings Inc
 
91,914
442,495
Idemitsu Kosan Co Ltd
 
30,535
189,226
Inpex Corp
 
29,710
371,657
 
  
  
1,003,378
Financials - 3.4%
  
  
  
Banks - 2.0%
  
  
  
Chiba Bank Ltd/The
 
19,205
170,760
Concordia Financial Group Ltd
 
35,426
229,134
Japan Post Bank Co Ltd
 
60,967
622,974
Mitsubishi UFJ Financial Group Inc
 
386,121
4,864,788
Mizuho Financial Group Inc
 
81,199
2,030,189
Resona Holdings Inc
 
70,477
565,352
Sumitomo Mitsui Financial Group Inc
 
125,561
2,995,536
Sumitomo Mitsui Trust Group Inc
 
21,910
542,026
 
  
  
12,020,759
Capital Markets - 0.2%
  
  
  
Daiwa Securities Group Inc
 
44,956
295,627
Japan Exchange Group Inc
 
33,426
371,890
Nomura Holdings Inc
 
101,185
563,962
SBI Holdings Inc
 
9,197
240,506
 
  
  
1,471,985
Financial Services - 0.2%
  
  
  
Mitsubishi HC Capital Inc
 
29,678
208,917
ORIX Corp
 
38,904
780,415
 
  
  
989,332
Insurance - 1.0%
  
  
  
Dai-ichi Life Holdings Inc
 
121,944
880,490
Japan Post Holdings Co Ltd
 
64,803
629,902
Japan Post Insurance Co Ltd
 
6,467
129,335
Ms&Ad Insurance Group Holdings Inc
 
43,329
984,860
Sompo Holdings Inc
 
29,977
982,380
T&D Holdings Inc
 
16,496
351,012
Tokio Marine Holdings Inc
 
59,968
2,403,661
 
  
  
6,361,640
TOTAL FINANCIALS
  
  
20,843,716
 
  
  
  
Health Care - 1.6%
  
  
  
Health Care Equipment & Supplies - 0.5%
  
  
  
Hoya Corp
 
11,728
1,379,989
Olympus Corp
 
37,653
493,367
Sysmex Corp
 
16,940
314,145
Terumo Corp
 
44,860
858,653
 
  
  
3,046,154
Health Care Technology - 0.0%
  
  
  
M3 Inc
 
14,838
185,959
Pharmaceuticals - 1.1%
  
  
  
Astellas Pharma Inc
 
60,913
609,992
Chugai Pharmaceutical Co Ltd
 
22,622
1,303,243
Daiichi Sankyo Co Ltd
 
59,046
1,510,434
Eisai Co Ltd
 
8,821
254,962
Kyowa Kirin Co Ltd
 
7,947
124,089
Ono Pharmaceutical Co Ltd
 
12,621
145,279
Otsuka Holdings Co Ltd
 
14,854
724,144
Shionogi & Co Ltd
 
25,423
427,119
Takeda Pharmaceutical Co Ltd
 
53,578
1,620,662
 
  
  
6,719,924
TOTAL HEALTH CARE
  
  
9,952,037
 
  
  
  
Industrials - 5.1%
  
  
  
Air Freight & Logistics - 0.0%
  
  
  
SG Holdings Co Ltd
 
10,737
112,980
Building Products - 0.2%
  
  
  
Agc Inc
 
6,594
205,877
Daikin Industries Ltd
 
8,917
1,015,854
 
  
  
1,221,731
Commercial Services & Supplies - 0.2%
  
  
  
Dai Nippon Printing Co Ltd
 
13,110
182,737
Secom Co Ltd
 
14,098
518,390
TOPPAN Holdings Inc
 
8,038
225,647
 
  
  
926,774
Construction & Engineering - 0.2%
  
  
  
Kajima Corp
 
13,354
318,862
Obayashi Corp
 
21,893
339,674
Taisei Corp
 
5,516
299,089
 
  
  
957,625
Electrical Equipment - 0.4%
  
  
  
Fuji Electric Co Ltd
 
4,511
200,589
Fujikura Ltd
 
8,500
316,259
Mitsubishi Electric Corp
 
64,056
1,239,189
NIDEC CORP
 
28,098
499,339
 
  
  
2,255,376
Ground Transportation - 0.3%
  
  
  
Central Japan Railway Co
 
26,000
547,140
East Japan Railway Co
 
30,606
663,443
Hankyu Hanshin Holdings Inc
 
7,675
218,366
Tokyo Metro Co Ltd
 
9,800
124,128
Tokyu Corp
 
17,917
217,298
West Japan Railway Co
 
15,040
316,381
 
  
  
2,086,756
Industrial Conglomerates - 0.7%
  
  
  
Hikari Tsushin Inc
 
590
163,325
Hitachi Ltd
 
156,125
3,858,710
Sekisui Chemical Co Ltd
 
12,698
221,047
 
  
  
4,243,082
Machinery - 1.1%
  
  
  
Daifuku Co Ltd
 
10,910
288,965
FANUC Corp
 
31,805
807,200
Hoshizaki Corp
 
3,668
155,770
Komatsu Ltd
 
30,468
881,121
Kubota Corp
 
32,943
382,811
Makita Corp
 
7,973
233,201
MINEBEA MITSUMI Inc
 
12,211
178,965
Mitsubishi Heavy Industries Ltd
 
107,920
2,127,410
SMC Corp
 
1,896
613,623
Toyota Industries Corp
 
5,441
637,790
Yaskawa Electric Corp
 
7,598
160,085
 
  
  
6,466,941
Marine Transportation - 0.2%
  
  
  
Kawasaki Kisen Kaisha Ltd
 
12,500
171,429
Mitsui OSK Lines Ltd
 
11,600
386,324
Nippon Yusen KK
 
14,765
482,416
 
  
  
1,040,169
Passenger Airlines - 0.0%
  
  
  
ANA Holdings Inc (f)
  
5,363
103,020
Japan Airlines Co Ltd
 
4,837
87,634
 
  
  
190,654
Professional Services - 0.4%
  
  
  
Recruit Holdings Co Ltd
 
47,273
2,619,647
Trading Companies & Distributors - 1.4%
  
  
  
ITOCHU Corp
 
40,050
2,048,275
Marubeni Corp
 
47,572
843,388
Mitsubishi Corp
 
115,105
2,185,451
Mitsui & Co Ltd
 
84,958
1,717,946
MonotaRO Co Ltd
 
8,422
161,896
Sumitomo Corp
 
36,675
895,471
Toyota Tsusho Corp
 
21,471
426,687
 
  
  
8,279,114
TOTAL INDUSTRIALS
  
  
30,400,849
 
  
  
  
Information Technology - 2.8%
  
  
  
Electronic Equipment, Instruments & Components - 0.9%
  
  
  
Keyence Corp
 
6,505
2,719,686
Kyocera Corp
 
43,252
512,611
Murata Manufacturing Co Ltd
 
56,183
800,414
Omron Corp
 
5,911
175,468
Shimadzu Corp
 
7,974
204,565
TDK Corp
 
65,455
698,499
Yokogawa Electric Corp
 
7,679
166,175
 
  
  
5,277,418
IT Services - 0.7%
  
  
  
Fujitsu Ltd
 
59,280
1,316,933
NEC Corp
 
41,375
1,007,184
Nomura Research Institute Ltd
 
12,739
482,394
NTT Data Group Corp
 
21,245
421,934
Obic Co Ltd
 
10,880
379,788
Otsuka Corp
 
7,650
169,661
SCSK Corp
 
5,258
137,646
TIS Inc
 
7,172
207,215
 
  
  
4,122,755
Semiconductors & Semiconductor Equipment - 0.8%
  
  
  
Advantest Corp
 
25,832
1,080,706
Disco Corp
 
3,144
608,300
Lasertec Corp
 
2,725
253,344
Renesas Electronics Corp
 
56,703
665,425
SCREEN Holdings Co Ltd
 
2,700
179,542
Tokyo Electron Ltd
 
15,050
2,240,921
 
  
  
5,028,238
Software - 0.1%
  
  
  
Oracle Corp Japan
 
1,264
151,656
Trend Micro Inc/Japan
 
4,320
309,963
 
  
  
461,619
Technology Hardware, Storage & Peripherals - 0.3%
  
  
  
Canon Inc
 
31,471
971,188
FUJIFILM Holdings Corp
 
37,700
772,186
Ricoh Co Ltd
 
17,825
187,485
Seiko Epson Corp
 
9,744
135,179
 
  
  
2,066,038
TOTAL INFORMATION TECHNOLOGY
  
  
16,956,068
 
  
  
  
Materials - 0.8%
  
  
  
Chemicals - 0.6%
  
  
  
Asahi Kasei Corp
 
42,293
294,729
Mitsubishi Chemical Group Corp
 
45,647
221,916
Nippon Paint Holdings Co Ltd
 
31,905
242,110
Nippon Sanso Holdings Corp
 
5,850
186,776
Nitto Denko Corp
 
23,815
418,592
Shin-Etsu Chemical Co Ltd
 
60,170
1,831,063
Toray Industries Inc
 
46,702
298,263
 
  
  
3,493,449
Metals & Mining - 0.2%
  
  
  
JFE Holdings Inc
 
19,420
226,166
Nippon Steel Corp
 
32,582
685,777
Sumitomo Metal Mining Co Ltd
 
8,286
183,841
 
  
  
1,095,784
TOTAL MATERIALS
  
  
4,589,233
 
  
  
  
Real Estate - 0.5%
  
  
  
Office REITs - 0.0%
  
  
  
Nippon Building Fund Inc
 
258
239,270
Real Estate Management & Development - 0.5%
  
  
  
Daito Trust Construction Co Ltd
 
2,009
222,848
Daiwa House Industry Co Ltd
 
18,850
682,048
Hulic Co Ltd
 
15,500
161,580
Mitsubishi Estate Co Ltd
 
35,784
628,581
Mitsui Fudosan Co Ltd
 
89,023
882,275
Sumitomo Realty & Development Co Ltd
 
10,422
388,181
 
  
  
2,965,513
TOTAL REAL ESTATE
  
  
3,204,783
 
  
  
  
Utilities - 0.2%
  
  
  
Electric Utilities - 0.1%
  
  
  
Chubu Electric Power Co Inc
 
21,695
281,716
Kansai Electric Power Co Inc/The
 
31,880
392,776
 
  
  
674,492
Gas Utilities - 0.1%
  
  
  
Osaka Gas Co Ltd
 
12,236
310,281
Tokyo Gas Co Ltd
 
11,815
392,528
 
  
  
702,809
TOTAL UTILITIES
  
  
1,377,301
 
  
  
  
TOTAL JAPAN
  
  
130,419,933
JORDAN - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Pharmaceuticals - 0.0%
  
  
  
Hikma Pharmaceuticals PLC
 
5,605
148,275
KOREA (SOUTH) - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Delivery Hero SE (b)(c)(d)
  
6,345
179,326
LUXEMBOURG - 0.1%
 
  
  
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
CVC Capital Partners PLC (b)(c)(d)
  
7,160
126,697
Health Care - 0.0%
  
  
  
Life Sciences Tools & Services - 0.0%
  
  
  
Eurofins Scientific SE
 
4,550
285,970
Materials - 0.1%
  
  
  
Metals & Mining - 0.1%
  
  
  
ArcelorMittal SA
 
15,798
463,884
TOTAL LUXEMBOURG
  
  
876,551
MACAU - 0.1%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Galaxy Entertainment Group Ltd
 
73,635
267,743
Sands China Ltd (b)
  
81,662
147,201
 
  
  
  
TOTAL MACAU
  
  
414,944
NETHERLANDS - 3.9%
 
  
  
Communication Services - 0.2%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Koninklijke KPN NV
 
130,983
609,314
Entertainment - 0.1%
  
  
  
Universal Music Group NV
 
27,725
815,267
TOTAL COMMUNICATION SERVICES
  
  
1,424,581
 
  
  
  
Consumer Staples - 0.4%
  
  
  
Beverages - 0.2%
  
  
  
Heineken Holding NV Class A
 
4,365
340,208
Heineken NV
 
9,700
868,298
 
  
  
1,208,506
Consumer Staples Distribution & Retail - 0.2%
  
  
  
Koninklijke Ahold Delhaize NV
 
31,002
1,272,913
Food Products - 0.0%
  
  
  
JDE Peet's NV
 
5,754
138,842
TOTAL CONSUMER STAPLES
  
  
2,620,261
 
  
  
  
Financials - 0.9%
  
  
  
Banks - 0.4%
  
  
  
ABN AMRO Bank NV depository receipt (c)(d)
  
15,431
318,154
ABN AMRO Bank NV rights (b)(e)
  
15,431
13,111
ING Groep NV
 
106,007
2,058,584
 
  
  
2,389,849
Capital Markets - 0.1%
  
  
  
Euronext NV (c)(d)
  
2,633
438,471
Financial Services - 0.2%
  
  
  
Adyen NV (b)(c)(d)
  
742
1,200,714
EXOR NV
 
2,977
279,580
 
  
  
1,480,294
Insurance - 0.2%
  
  
  
Aegon Ltd
 
44,533
286,434
ASR Nederland NV
 
5,338
335,012
NN Group NV
 
9,060
553,209
 
  
  
1,174,655
TOTAL FINANCIALS
  
  
5,483,269
 
  
  
  
Health Care - 0.3%
  
  
  
Biotechnology - 0.2%
  
  
  
Argenx SE (b)
  
2,033
1,314,231
Health Care Equipment & Supplies - 0.1%
  
  
  
Koninklijke Philips NV
 
26,909
682,946
TOTAL HEALTH CARE
  
  
1,997,177
 
  
  
  
Industrials - 0.3%
  
  
  
Professional Services - 0.3%
  
  
  
Randstad NV (f)
  
3,655
145,830
Wolters Kluwer NV
 
8,033
1,414,624
 
  
  
1,560,454
Trading Companies & Distributors - 0.0%
  
  
  
IMCD NV
 
1,991
263,556
TOTAL INDUSTRIALS
  
  
1,824,010
 
  
  
  
Information Technology - 1.7%
  
  
  
Semiconductors & Semiconductor Equipment - 1.7%
  
  
  
ASM International NV
 
1,578
760,282
ASML Holding NV
 
13,265
8,753,377
BE Semiconductor Industries NV
 
2,733
291,774
 
  
  
9,805,433
Materials - 0.1%
  
  
  
Chemicals - 0.1%
  
  
  
Akzo Nobel NV
 
5,752
362,037
TOTAL NETHERLANDS
  
  
23,516,768
NEW ZEALAND - 0.3%
 
  
  
Financials - 0.0%
  
  
  
Financial Services - 0.0%
  
  
  
Infratil Ltd
 
30,975
194,142
Health Care - 0.1%
  
  
  
Health Care Equipment & Supplies - 0.1%
  
  
  
Fisher & Paykel Healthcare Corp Ltd
 
19,742
398,256
Industrials - 0.0%
  
  
  
Transportation Infrastructure - 0.0%
  
  
  
Auckland International Airport Ltd
 
56,643
254,030
Information Technology - 0.2%
  
  
  
Software - 0.2%
  
  
  
Xero Ltd (b)
  
4,897
515,718
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
Contact Energy Ltd
 
26,878
141,593
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Meridian Energy Ltd
 
43,890
142,870
TOTAL UTILITIES
  
  
284,463
 
  
  
  
TOTAL NEW ZEALAND
  
  
1,646,609
NORWAY - 0.6%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Telenor ASA
 
20,739
311,382
Consumer Staples - 0.1%
  
  
  
Food Products - 0.1%
  
  
  
Mowi ASA
 
15,673
286,391
Orkla ASA
 
23,607
262,315
Salmar ASA
 
2,227
109,708
 
  
  
658,414
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Aker BP ASA
 
10,643
228,340
Equinor ASA
 
28,219
638,755
 
  
  
867,095
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
DNB Bank ASA
 
30,162
750,325
Insurance - 0.0%
  
  
  
Gjensidige Forsikring ASA
 
6,736
157,079
TOTAL FINANCIALS
  
  
907,404
 
  
  
  
Industrials - 0.1%
  
  
  
Aerospace & Defense - 0.1%
  
  
  
Kongsberg Gruppen ASA
 
2,963
475,064
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Norsk Hydro ASA
 
47,365
251,244
TOTAL NORWAY
  
  
3,470,603
POLAND - 0.0%
 
  
  
Industrials - 0.0%
  
  
  
Air Freight & Logistics - 0.0%
  
  
  
InPost SA (b)
  
7,588
127,222
PORTUGAL - 0.1%
 
  
  
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Jeronimo Martins SGPS SA
 
9,537
230,341
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Galp Energia SGPS SA
 
14,053
217,734
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
EDP SA
 
105,691
416,598
TOTAL PORTUGAL
  
  
864,673
SINGAPORE - 1.7%
 
  
  
Communication Services - 0.4%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Singapore Telecommunications Ltd
 
250,262
724,057
Entertainment - 0.3%
  
  
  
Sea Ltd Class A ADR (b)
  
12,336
1,653,641
TOTAL COMMUNICATION SERVICES
  
  
2,377,698
 
  
  
  
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Genting Singapore Ltd
 
203,894
115,621
Financials - 0.9%
  
  
  
Banks - 0.8%
  
  
  
DBS Group Holdings Ltd
 
67,097
2,179,929
Oversea-Chinese Banking Corp Ltd
 
114,028
1,411,184
United Overseas Bank Ltd
 
42,566
1,130,503
 
  
  
4,721,616
Capital Markets - 0.1%
  
  
  
Singapore Exchange Ltd
 
28,889
317,804
TOTAL FINANCIALS
  
  
5,039,420
 
  
  
  
Industrials - 0.2%
  
  
  
Aerospace & Defense - 0.0%
  
  
  
Singapore Technologies Engineering Ltd
 
52,593
298,636
Ground Transportation - 0.2%
  
  
  
Grab Holdings Ltd Class A (b)
  
77,641
378,888
Industrial Conglomerates - 0.0%
  
  
  
Keppel Ltd
 
49,016
246,438
Passenger Airlines - 0.0%
  
  
  
Singapore Airlines Ltd
 
50,062
256,914
TOTAL INDUSTRIALS
  
  
1,180,876
 
  
  
  
Information Technology - 0.1%
  
  
  
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
STMicroelectronics NV
 
22,804
512,020
Real Estate - 0.1%
  
  
  
Industrial REITs - 0.0%
  
  
  
CapitaLand Ascendas REIT
 
125,951
256,645
Real Estate Management & Development - 0.0%
  
  
  
CapitaLand Investment Ltd/Singapore
 
78,853
166,190
Retail REITs - 0.1%
  
  
  
CapitaLand Integrated Commercial Trust
 
196,649
323,626
TOTAL REAL ESTATE
  
  
746,461
 
  
  
  
Utilities - 0.0%
  
  
  
Multi-Utilities - 0.0%
  
  
  
Sembcorp Industries Ltd
 
30,100
152,251
TOTAL SINGAPORE
  
  
10,124,347
SOUTH AFRICA - 0.2%
 
  
  
Materials - 0.2%
  
  
  
Metals & Mining - 0.2%
  
  
  
Anglo American PLC
 
42,798
1,168,316
SPAIN - 3.0%
 
  
  
Communication Services - 0.2%
  
  
  
Diversified Telecommunication Services - 0.2%
  
  
  
Cellnex Telecom SA (c)(d)
  
17,846
722,216
Telefonica SA (f)
  
133,679
686,741
 
  
  
1,408,957
Consumer Discretionary - 0.5%
  
  
  
Hotels, Restaurants & Leisure - 0.2%
  
  
  
Amadeus IT Group SA Class A
 
15,173
1,189,116
Specialty Retail - 0.3%
  
  
  
Industria de Diseno Textil SA
 
36,740
1,966,172
TOTAL CONSUMER DISCRETIONARY
  
  
3,155,288
 
  
  
  
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Repsol SA
 
38,981
476,491
Financials - 1.3%
  
  
  
Banks - 1.3%
  
  
  
Banco Bilbao Vizcaya Argentaria SA
 
194,112
2,664,001
Banco de Sabadell SA
 
183,230
532,215
Banco Santander SA
 
510,348
3,574,110
CaixaBank SA
 
132,911
1,018,657
 
  
  
7,788,983
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Grifols SA Class A (b)
  
10,060
94,522
Industrials - 0.2%
  
  
  
Construction & Engineering - 0.1%
  
  
  
ACS Actividades de Construccion y Servicios SA
 
6,005
374,832
Transportation Infrastructure - 0.1%
  
  
  
Aena SME SA (c)(d)
  
2,526
633,554
TOTAL INDUSTRIALS
  
  
1,008,386
 
  
  
  
Utilities - 0.7%
  
  
  
Electric Utilities - 0.7%
  
  
  
Acciona SA
 
832
121,021
Endesa SA
 
10,698
321,160
Iberdrola SA
 
196,247
3,537,521
Redeia Corp SA
 
13,668
286,450
 
  
  
4,266,152
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
EDP Renovaveis SA
 
10,508
98,268
EDP Renovaveis SA rights 5/5/2025 (b)
  
10,508
1,071
 
  
  
99,339
TOTAL UTILITIES
  
  
4,365,491
 
  
  
  
TOTAL SPAIN
  
  
18,298,118
SWEDEN - 3.1%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Telia Co AB
 
79,466
297,211
Wireless Telecommunication Services - 0.0%
  
  
  
Tele2 AB B Shares
 
18,411
270,960
TOTAL COMMUNICATION SERVICES
  
  
568,171
 
  
  
  
Consumer Discretionary - 0.1%
  
  
  
Hotels, Restaurants & Leisure - 0.1%
  
  
  
Evolution AB (b)(c)(d)
  
5,351
370,688
Specialty Retail - 0.0%
  
  
  
H & M Hennes & Mauritz AB B Shares
 
19,077
276,437
TOTAL CONSUMER DISCRETIONARY
  
  
647,125
 
  
  
  
Consumer Staples - 0.1%
  
  
  
Household Products - 0.1%
  
  
  
Essity AB B Shares
 
20,553
591,998
Financials - 0.8%
  
  
  
Banks - 0.4%
  
  
  
Skandinaviska Enskilda Banken AB A Shares
 
53,448
843,014
Svenska Handelsbanken AB A Shares
 
49,127
643,063
Swedbank AB A1 Shares
 
28,595
709,735
 
  
  
2,195,812
Capital Markets - 0.0%
  
  
  
EQT AB
 
12,540
360,417
Financial Services - 0.4%
  
  
  
Industrivarden AB A Shares
 
4,006
140,503
Industrivarden AB C Shares
 
5,222
182,990
Investor AB B Shares
 
58,296
1,720,744
L E Lundbergforetagen AB B Shares
 
2,560
134,946
 
  
  
2,179,183
TOTAL FINANCIALS
  
  
4,735,412
 
  
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
Swedish Orphan Biovitrum AB B Shares (b)
  
6,594
199,890
Industrials - 1.6%
  
  
  
Aerospace & Defense - 0.1%
  
  
  
Saab AB B Shares
 
10,788
502,338
Building Products - 0.2%
  
  
  
Assa Abloy AB B Shares
 
33,759
1,024,720
Nibe Industrier AB B Shares
 
51,042
215,353
 
  
  
1,240,073
Commercial Services & Supplies - 0.0%
  
  
  
Securitas AB B Shares
 
16,565
263,073
Construction & Engineering - 0.0%
  
  
  
Skanska AB B Shares
 
11,461
265,493
Industrial Conglomerates - 0.1%
  
  
  
Investment AB Latour B Shares
 
4,983
134,454
Lifco AB B Shares
 
7,850
303,588
 
  
  
438,042
Machinery - 1.1%
  
  
  
Alfa Laval AB
 
9,745
403,391
Atlas Copco AB A Shares
 
90,458
1,402,424
Atlas Copco AB B Shares
 
52,585
731,473
Epiroc AB A Shares
 
22,195
479,470
Epiroc AB B Shares
 
13,136
257,134
Indutrade AB
 
9,203
248,321
Sandvik AB
 
35,912
743,468
SKF AB B Shares
 
11,488
225,290
Trelleborg AB B Shares
 
7,175
247,048
Volvo AB B Shares
 
53,501
1,454,346
 
  
  
6,192,365
Trading Companies & Distributors - 0.1%
  
  
  
AddTech AB B Shares
 
8,754
293,989
Beijer Ref AB B Shares
 
12,964
197,434
 
  
  
491,423
TOTAL INDUSTRIALS
  
  
9,392,807
 
  
  
  
Information Technology - 0.2%
  
  
  
Communications Equipment - 0.1%
  
  
  
Telefonaktiebolaget LM Ericsson B Shares
 
93,560
790,337
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
Hexagon AB B Shares
 
69,928
680,579
TOTAL INFORMATION TECHNOLOGY
  
  
1,470,916
 
  
  
  
Materials - 0.1%
  
  
  
Metals & Mining - 0.0%
  
  
  
Boliden AB (b)
  
9,212
282,207
Paper & Forest Products - 0.1%
  
  
  
Holmen AB B Shares
 
2,571
101,771
Svenska Cellulosa AB SCA B Shares
 
20,433
264,886
 
  
  
366,657
TOTAL MATERIALS
  
  
648,864
 
  
  
  
Real Estate - 0.1%
  
  
  
Real Estate Management & Development - 0.1%
  
  
  
Fastighets AB Balder B Shares (b)
  
24,180
173,116
Sagax AB B Shares
 
7,400
167,822
 
  
  
340,938
TOTAL SWEDEN
  
  
18,596,121
SWITZERLAND - 4.8%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Swisscom AG
 
872
581,087
Consumer Discretionary - 0.6%
  
  
  
Specialty Retail - 0.0%
  
  
  
Avolta AG
 
2,960
134,880
Textiles, Apparel & Luxury Goods - 0.6%
  
  
  
Cie Financiere Richemont SA Series A
 
18,106
3,199,425
Swatch Group AG/The
 
974
169,030
 
  
  
3,368,455
TOTAL CONSUMER DISCRETIONARY
  
  
3,503,335
 
  
  
  
Consumer Staples - 0.2%
  
  
  
Food Products - 0.2%
  
  
  
Barry Callebaut AG
 
121
108,634
Chocoladefabriken Lindt & Spruengli AG
 
4
566,063
Chocoladefabriken Lindt & Spruengli AG (f)
  
32
466,808
 
  
  
1,141,505
Financials - 1.6%
  
  
  
Banks - 0.0%
  
  
  
Banque Cantonale Vaudoise (b)
  
1,014
124,577
Capital Markets - 0.8%
  
  
  
Julius Baer Group Ltd
 
6,938
449,916
Partners Group Holding AG
 
764
995,556
UBS Group AG
 
110,776
3,340,661
 
  
  
4,786,133
Insurance - 0.8%
  
  
  
Baloise Holding AG
 
1,388
308,258
Helvetia Holding AG
 
1,250
274,580
Swiss Life Holding AG
 
968
964,071
Zurich Insurance Group AG
 
4,929
3,495,997
 
  
  
5,042,906
TOTAL FINANCIALS
  
  
9,953,616
 
  
  
  
Health Care - 0.6%
  
  
  
Health Care Equipment & Supplies - 0.1%
  
  
  
Sonova Holding AG
 
1,707
524,085
Straumann Holding AG
 
3,759
458,360
 
  
  
982,445
Life Sciences Tools & Services - 0.3%
  
  
  
Lonza Group AG
 
2,433
1,748,133
Pharmaceuticals - 0.2%
  
  
  
Galderma Group AG
 
3,205
372,399
Sandoz Group AG
 
14,078
610,300
 
  
  
982,699
TOTAL HEALTH CARE
  
  
3,713,277
 
  
  
  
Industrials - 0.9%
  
  
  
Building Products - 0.1%
  
  
  
Geberit AG
 
1,126
777,907
Electrical Equipment - 0.5%
  
  
  
ABB Ltd
 
53,267
2,813,070
Machinery - 0.2%
  
  
  
Schindler Holding AG
 
1,371
499,663
Schindler Holding AG
 
791
279,847
VAT Group AG (c)(d)
  
909
324,128
 
  
  
1,103,638
Marine Transportation - 0.0%
  
  
  
Kuehne + Nagel International AG
 
1,627
372,276
Professional Services - 0.1%
  
  
  
SGS SA
 
5,326
520,888
TOTAL INDUSTRIALS
  
  
5,587,779
 
  
  
  
Information Technology - 0.1%
  
  
  
Software - 0.0%
  
  
  
Temenos AG
 
1,899
135,750
Technology Hardware, Storage & Peripherals - 0.1%
  
  
  
Logitech International SA
 
5,123
385,086
TOTAL INFORMATION TECHNOLOGY
  
  
520,836
 
  
  
  
Materials - 0.6%
  
  
  
Chemicals - 0.6%
  
  
  
DSM-Firmenich AG
 
6,264
680,478
EMS-Chemie Holding AG
 
236
173,708
Givaudan SA
 
311
1,500,457
Sika AG
 
5,135
1,283,276
 
  
  
3,637,919
Containers & Packaging - 0.0%
  
  
  
SIG Group AG
 
10,300
198,549
TOTAL MATERIALS
  
  
3,836,468
 
  
  
  
Real Estate - 0.1%
  
  
  
Real Estate Management & Development - 0.1%
  
  
  
Swiss Prime Site AG
 
2,603
366,789
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
BKW AG (b)
  
711
142,570
TOTAL SWITZERLAND
  
  
29,347,262
UNITED KINGDOM - 11.4%
 
  
  
Communication Services - 0.4%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
BT Group PLC
 
217,981
504,895
Interactive Media & Services - 0.1%
  
  
  
Auto Trader Group PLC (c)(d)
  
29,918
336,124
Media - 0.1%
  
  
  
Informa PLC
 
44,803
434,563
WPP PLC
 
36,334
281,681
 
  
  
716,244
Wireless Telecommunication Services - 0.1%
  
  
  
Vodafone Group PLC
 
684,888
673,039
TOTAL COMMUNICATION SERVICES
  
  
2,230,302
 
  
  
  
Consumer Discretionary - 0.7%
  
  
  
Broadline Retail - 0.1%
  
  
  
Next PLC
 
3,958
650,386
Diversified Consumer Services - 0.0%
  
  
  
Pearson PLC
 
20,196
323,767
Hotels, Restaurants & Leisure - 0.5%
  
  
  
Compass Group PLC
 
57,171
1,927,510
Entain PLC
 
20,453
173,795
InterContinental Hotels Group PLC
 
5,337
569,511
Whitbread PLC
 
5,941
205,303
 
  
  
2,876,119
Household Durables - 0.0%
  
  
  
Barratt Redrow PLC
 
46,427
288,205
Specialty Retail - 0.1%
  
  
  
JD Sports Fashion PLC
 
87,276
91,399
Kingfisher PLC
 
61,063
234,695
 
  
  
326,094
TOTAL CONSUMER DISCRETIONARY
  
  
4,464,571
 
  
  
  
Consumer Staples - 2.6%
  
  
  
Beverages - 0.5%
  
  
  
Coca-Cola Europacific Partners PLC
 
6,978
633,184
Diageo PLC
 
74,945
2,104,485
 
  
  
2,737,669
Consumer Staples Distribution & Retail - 0.3%
  
  
  
J Sainsbury PLC
 
59,077
210,057
Marks & Spencer Group PLC
 
69,094
359,050
Tesco PLC
 
227,036
1,123,602
 
  
  
1,692,709
Food Products - 0.0%
  
  
  
Associated British Foods PLC
 
11,044
303,787
Household Products - 0.2%
  
  
  
Reckitt Benckiser Group PLC
 
23,104
1,491,283
Personal Care Products - 0.9%
  
  
  
Unilever PLC
 
83,459
5,313,825
Tobacco - 0.7%
  
  
  
British American Tobacco PLC
 
66,940
2,915,795
Imperial Brands PLC
 
26,709
1,095,951
 
  
  
4,011,746
TOTAL CONSUMER STAPLES
  
  
15,551,019
 
  
  
  
Financials - 3.4%
  
  
  
Banks - 2.3%
  
  
  
Barclays PLC
 
485,665
1,934,716
HSBC Holdings PLC
 
601,984
6,710,541
Lloyds Banking Group PLC
 
2,041,634
2,005,861
NatWest Group PLC
 
257,717
1,657,710
Standard Chartered PLC
 
69,271
997,728
 
  
  
13,306,556
Capital Markets - 0.7%
  
  
  
3i Group PLC
 
32,785
1,858,616
London Stock Exchange Group PLC
 
16,110
2,508,513
Schroders PLC
 
27,104
118,622
 
  
  
4,485,751
Financial Services - 0.1%
  
  
  
M&G PLC
 
76,893
212,534
Wise PLC Class A (b)
  
22,440
292,628
 
  
  
505,162
Insurance - 0.3%
  
  
  
Admiral Group PLC
 
8,769
380,744
Aviva PLC
 
90,185
673,062
Legal & General Group PLC
 
198,485
620,302
Phoenix Group Holdings PLC
 
23,648
188,306
 
  
  
1,862,414
TOTAL FINANCIALS
  
  
20,159,883
 
  
  
  
Health Care - 1.3%
  
  
  
Health Care Equipment & Supplies - 0.1%
  
  
  
Smith & Nephew PLC
 
27,977
393,708
Pharmaceuticals - 1.2%
  
  
  
Astrazeneca PLC
 
52,224
7,481,962
TOTAL HEALTH CARE
  
  
7,875,670
 
  
  
  
Industrials - 2.0%
  
  
  
Aerospace & Defense - 0.9%
  
  
  
BAE Systems PLC
 
101,375
2,350,140
Melrose Industries PLC
 
43,303
250,230
Rolls-Royce Holdings PLC
 
286,453
2,899,613
 
  
  
5,499,983
Commercial Services & Supplies - 0.1%
  
  
  
Rentokil Initial PLC
 
85,027
389,533
Industrial Conglomerates - 0.2%
  
  
  
CK Hutchison Holdings Ltd
 
90,056
507,833
DCC PLC
 
3,333
217,031
Smiths Group PLC
 
11,545
286,795
 
  
  
1,011,659
Machinery - 0.0%
  
  
  
Spirax Group PLC
 
2,479
194,096
Professional Services - 0.6%
  
  
  
Intertek Group PLC
 
5,436
332,091
RELX PLC
 
62,636
3,418,369
 
  
  
3,750,460
Trading Companies & Distributors - 0.2%
  
  
  
Ashtead Group PLC
 
14,692
781,244
Bunzl PLC
 
11,139
350,037
 
  
  
1,131,281
TOTAL INDUSTRIALS
  
  
11,977,012
 
  
  
  
Information Technology - 0.2%
  
  
  
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
Halma PLC
 
12,787
469,656
Software - 0.1%
  
  
  
Sage Group PLC/The
 
33,765
556,858
TOTAL INFORMATION TECHNOLOGY
  
  
1,026,514
 
  
  
  
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Croda International PLC
 
4,467
176,328
Real Estate - 0.1%
  
  
  
Diversified REITs - 0.0%
  
  
  
Land Securities Group PLC
 
23,834
188,199
Industrial REITs - 0.1%
  
  
  
Segro PLC
 
43,285
392,611
TOTAL REAL ESTATE
  
  
580,810
 
  
  
  
Utilities - 0.7%
  
  
  
Electric Utilities - 0.1%
  
  
  
SSE PLC
 
37,167
837,970
Multi-Utilities - 0.5%
  
  
  
Centrica PLC
 
171,018
365,007
National Grid PLC
 
164,773
2,378,351
 
  
  
2,743,358
Water Utilities - 0.1%
  
  
  
Severn Trent PLC
 
9,100
338,359
United Utilities Group PLC
 
22,967
345,294
 
  
  
683,653
TOTAL UTILITIES
  
  
4,264,981
 
  
  
  
TOTAL UNITED KINGDOM
  
  
68,307,090
UNITED STATES - 10.4%
 
  
  
Communication Services - 0.5%
  
  
  
Entertainment - 0.5%
  
  
  
Spotify Technology SA (b)
  
5,188
3,185,328
Consumer Discretionary - 0.1%
  
  
  
Automobiles - 0.1%
  
  
  
Stellantis NV (Italy)
 
68,279
629,628
Consumer Staples - 1.6%
  
  
  
Food Products - 1.6%
  
  
  
Nestle SA
 
88,243
9,392,354
Energy - 1.5%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
Tenaris SA
 
13,916
232,049
Oil, Gas & Consumable Fuels - 1.5%
  
  
  
BP PLC
 
542,989
2,507,193
Shell PLC
 
205,297
6,625,292
 
  
  
9,132,485
TOTAL ENERGY
  
  
9,364,534
 
  
  
  
Financials - 0.3%
  
  
  
Insurance - 0.3%
  
  
  
Swiss Re AG
 
10,159
1,818,613
Health Care - 4.8%
  
  
  
Biotechnology - 0.4%
  
  
  
CSL Ltd
 
16,308
2,617,645
Health Care Equipment & Supplies - 0.3%
  
  
  
Alcon AG
 
16,830
1,624,375
Life Sciences Tools & Services - 0.1%
  
  
  
QIAGEN NV
 
7,264
310,687
Pharmaceuticals - 4.0%
  
  
  
GSK PLC
 
139,612
2,761,901
Haleon PLC
 
304,927
1,534,353
Novartis AG
 
66,383
7,571,466
Roche Holding AG
 
23,662
7,737,155
Roche Holding AG
 
1,079
375,986
Sanofi SA
 
38,289
4,188,504
 
  
  
24,169,365
TOTAL HEALTH CARE
  
  
28,722,072
 
  
  
  
Industrials - 1.1%
  
  
  
Construction & Engineering - 0.1%
  
  
  
Ferrovial SE
 
15,972
775,865
Electrical Equipment - 0.7%
  
  
  
Schneider Electric SE
 
18,418
4,303,288
Professional Services - 0.3%
  
  
  
Experian PLC
 
30,978
1,541,188
TOTAL INDUSTRIALS
  
  
6,620,341
 
  
  
  
Information Technology - 0.1%
  
  
  
Software - 0.1%
  
  
  
CyberArk Software Ltd (b)
  
1,577
555,357
Monday.com Ltd (b)
  
1,259
353,766
 
  
  
909,123
Materials - 0.4%
  
  
  
Construction Materials - 0.4%
  
  
  
Holcim AG
 
17,555
1,961,736
James Hardie Industries PLC depository receipt (b)
  
14,476
339,783
 
  
  
2,301,519
TOTAL UNITED STATES
  
  
62,943,512
 
TOTAL COMMON STOCKS
 (Cost $480,119,476)
  
  
  
592,875,841
 
  
  
  
Non-Convertible Preferred Stocks - 0.3%
 
  
Shares
Value ($)
 
GERMANY - 0.3%
 
  
  
Consumer Discretionary - 0.2%
  
  
  
Automobiles - 0.2%
  
  
  
Bayerische Motoren Werke AG
 
1,888
151,107
Dr Ing hc F Porsche AG (c)(d)
  
3,835
192,792
Porsche Automobil Holding SE
 
5,156
212,586
Volkswagen AG
 
6,945
755,688
 
  
  
1,312,173
Consumer Staples - 0.1%
  
  
  
Household Products - 0.1%
  
  
  
Henkel AG & Co KGaA
 
5,709
442,373
Health Care - 0.0%
  
  
  
Life Sciences Tools & Services - 0.0%
  
  
  
Sartorius AG
 
883
227,170
TOTAL GERMANY
  
  
1,981,716
 
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
 (Cost $2,453,498)
  
  
  
1,981,716
 
  
  
  
U.S. Treasury Obligations - 0.0%
 
  
Yield (%) (g)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 5/29/2025 (h)
 (Cost $275,097)
  
4.25
276,000
275,094
 
  
  
  
  
Money Market Funds - 1.9%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (i)
  
4.33
10,414,712
10,416,795
Fidelity Securities Lending Cash Central Fund (i)(j)
  
4.33
1,254,311
1,254,436
 
TOTAL MONEY MARKET FUNDS
 (Cost $11,671,231)
  
  
  
11,671,231
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $494,519,302)
 
  
 
606,803,882
NET OTHER ASSETS (LIABILITIES) - 0.0%  
(57,071)
NET ASSETS - 100.0%
606,746,811
 
  
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
  
  
  
  
  
 
  
  
  
  
  
Equity Contracts
  
  
  
  
  
ICE MSCI EAFE Index Contracts (United States)
96
Jun 2025
11,974,560
1,021,247
1,021,247
 
  
  
  
  
  
The notional amount of futures purchased as a percentage of Net Assets is 2.0%

 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing
 
(c)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $7,228,889 or 1.2% of net assets.
 
(d)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $7,228,889 or 1.2% of net assets.
 
(e)
Security or a portion of the security purchased on a delayed delivery or when-issued basis.
 
(f)
Security or a portion of the security is on loan at period end.
 
(g)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(h)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $275,094.
 
(i)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(j)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
7,889,438
104,307,886
101,780,529
236,132
-
-
10,416,795
10,414,712
0.0%
Fidelity Securities Lending Cash Central Fund
2,319,834
10,698,071
11,763,469
11,495
-
-
1,254,436
1,254,311
0.0%
Total
10,209,272
115,005,957
113,543,998
247,627
-
-
11,671,231
  
  
 
  
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
  
  
  
  
 Common Stocks
  
  
  
  
Communication Services
31,122,312
8,971,949
22,150,363
-
Consumer Discretionary
60,024,632
15,886,014
44,138,618
-
Consumer Staples
50,399,411
8,400,203
41,999,208
-
Energy
18,756,540
484,339
18,272,201
-
Financials
139,208,701
36,399,859
102,808,842
-
Health Care
71,172,393
12,672,910
58,499,483
-
Industrials
107,520,587
25,516,039
82,004,548
-
Information Technology
48,115,643
15,752,984
32,362,659
-
Materials
34,027,923
7,238,948
26,788,975
-
Real Estate
11,465,740
4,141,578
7,324,162
-
Utilities
21,061,959
5,021,062
16,040,897
-
 Non-Convertible Preferred Stocks
  
  
  
  
Consumer Discretionary
1,312,173
151,107
1,161,066
-
Consumer Staples
442,373
442,373
-
-
Health Care
227,170
227,170
-
-
 U.S. Treasury Obligations
275,094
-
275,094
-
 Money Market Funds
11,671,231
11,671,231
-
-
 Total Investments in Securities:
606,803,882
152,977,766
453,826,116
-
 Derivative Instruments:
  
  
  
  
 Assets
  
  
  
  
Futures Contracts
1,021,247
1,021,247
-
-
  Total Assets
1,021,247
1,021,247
-
-
 Total Derivative Instruments:
1,021,247
1,021,247
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
  
  
Futures Contracts (a) 
1,021,247
0
Total Equity Risk
1,021,247
0
Total Value of Derivatives
1,021,247
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
  
  
  
Investment in securities, at value  (including  securities loaned of $1,195,546) - See accompanying schedule:
  
  
  
  
Unaffiliated issuers (cost $482,848,071)
$
595,132,651
  
  
Fidelity Central Funds (cost $11,671,231)
11,671,231
  
  
 
  
  
  
  
 
  
  
  
  
Total Investment in Securities (cost $494,519,302)
  
  
$
606,803,882
Segregated cash with brokers for derivative instruments
  
  
483,269
Foreign currency held at value (cost $440,195)
  
  
438,104
Receivable for investments sold
  
  
37,245
Receivable for fund shares sold
  
  
313,672
Dividends receivable
  
  
2,449,879
Reclaims receivable
  
  
2,111,201
Distributions receivable from Fidelity Central Funds
  
  
41,990
Receivable from investment adviser for expense reductions
  
  
36,591
Other receivables
  
  
31
  Total assets
  
  
612,715,864
Liabilities
  
  
  
  
Payable for investments purchased on a delayed delivery basis
$
28,277
  
  
Payable for fund shares redeemed
4,634,400
  
  
Payable for daily variation margin on futures contracts
28,367
  
  
Other payables and accrued expenses
23,573
  
  
Collateral on securities loaned
1,254,436
  
  
  Total liabilities
  
  
  
5,969,053
Net Assets  
  
  
$
606,746,811
Net Assets consist of:
  
  
  
  
Paid in capital
  
  
$
516,103,171
Total accumulated earnings (loss)
  
  
  
90,643,640
Net Assets
  
  
$
606,746,811
Net Asset Value, offering price and redemption price per share ($606,746,811 ÷ 45,568,062 shares)
  
  
$
13.32
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
  
  
  
  
Dividends
 
  
$
9,156,427
Foreign Tax Reclaims
  
  
817,197
Interest  
  
  
8,934
Income from Fidelity Central Funds (including $11,495 from security lending)
 
  
247,627
 Income before foreign taxes withheld
  
  
$
10,230,185
Less foreign taxes withheld
  
  
(1,180,555)
 Total income
  
  
  
9,049,630
Expenses
  
  
  
  
Custodian fees and expenses
$
91,478
  
  
Independent trustees' fees and expenses
1,122
  
  
Interest
1,426
  
  
 Total expenses before reductions
  
94,026
  
  
 Expense reductions
  
(62,282)
  
  
 Total expenses after reductions
  
  
  
31,744
Net Investment income (loss)
  
  
  
9,017,886
Realized and Unrealized Gain (Loss)
  
  
  
  
Net realized gain (loss) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
(6,689,864)
  
  
 Foreign currency transactions
  
83,592
  
  
 Futures contracts
  
23,966
  
  
Total net realized gain (loss)
  
  
  
(6,582,306)
Change in net unrealized appreciation (depreciation) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
44,693,940
  
  
 Assets and liabilities in foreign currencies
  
207,223
  
  
 Futures contracts
  
1,402,160
  
  
Total change in net unrealized appreciation (depreciation)
  
  
  
46,303,323
Net gain (loss)
  
  
  
39,721,017
Net increase (decrease) in net assets resulting from operations
  
  
$
48,738,903
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
  
Year ended
October 31, 2024
Increase (Decrease) in Net Assets
  
  
  
  
Operations
  
  
  
Net investment income (loss)
$
9,017,886
$
12,844,638
Net realized gain (loss)
  
(6,582,306)
  
(2,026,644)
Change in net unrealized appreciation (depreciation)
  
46,303,323
  
61,927,838
Net increase (decrease) in net assets resulting from operations
  
48,738,903
  
72,745,832
Distributions to shareholders
  
(14,402,624)
  
(10,572,093)
 
  
  
  
  
Share transactions
  
  
  
  
Proceeds from sales of shares
  
100,600,574
  
153,903,769
  Reinvestment of distributions
  
14,402,624
  
10,572,093
Cost of shares redeemed
  
(53,446,049)
  
(42,319,350)
 
  
  
  
  
  Net increase (decrease) in net assets resulting from share transactions
  
61,557,149
  
122,156,512
Total increase (decrease) in net assets
  
95,893,428
  
184,330,251
 
  
  
  
  
Net Assets
  
  
  
  
Beginning of period
  
510,853,383
  
326,523,132
End of period
$
606,746,811
$
510,853,383
 
  
  
  
  
Other Information
  
  
  
  
Shares
  
  
  
  
Sold
  
8,004,624
  
12,282,392
  Issued in reinvestment of distributions
  
1,180,543
  
938,907
Redeemed
  
(4,236,158)
  
(3,446,595)
Net increase (decrease)
  
4,949,009
  
9,774,704
 
  
  
  
  
Financial Highlights
 
Fidelity® Series International Index Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
  
Years ended October 31, 2024 
  
2023  
  
2022 
  
2021 
  
2020   
  Selected Per-Share Data 
  
  
  
  
  
  
  
  
  
  
  
  
  Net asset value, beginning of period
$
12.58
$
10.59
$
9.42
$
12.55
$
9.54
$
10.41
  Income from Investment Operations
 
  
  
  
  
  
  
  
  
  
  
  
     Net investment income (loss) A,B
  
.21
 
.37
 
.34
 
.34
 
.33
 
.24
     Net realized and unrealized gain (loss)
 
.88
 
1.96
 
1.10
 
(3.17)
 
2.90
 
(.90)
  Total from investment operations
 
1.09  
  
2.33  
  
1.44  
  
(2.83)  
  
3.23
 
(.66)
  Distributions from net investment income
 
(.35)
 
(.34)
 
(.27)
 
(.30)
 
(.22)
 
(.20)
  Distributions from net realized gain
 
-
 
-
 
-
 
-
 
-
 
(.01)
     Total distributions
 
(.35)
 
(.34)
 
(.27)
 
(.30)
 
(.22)
 
(.21)
  Net asset value, end of period
$
13.32
$
12.58
$
10.59
$
9.42
$
12.55
$
9.54
 Total Return C,D
  
8.95
%
 
22.34%
 
15.30%
 
(23.05)%
 
34.15%
 
(6.52)%
 Ratios to Average Net Assets B,E,F
  
  
  
  
  
  
  
  
  
  
  
  
    Expenses before reductions
 
.03% G
  
.03%
 
.05%
 
.05%
 
.06%
 
.11%
    Expenses net of fee waivers, if any
 
.01
% G
  
.01%
 
.01%
 
.01%
 
.01%
 
.02%
    Expenses net of all reductions, if any
 
.01% G
  
.01%
 
.01%
 
.01%
 
.01%
 
.02%
    Net investment income (loss)
 
3.33% G
  
3.01%
 
3.13%
 
3.14%
 
2.73%
 
2.47%
 Supplemental Data
  
  
  
  
  
  
  
  
  
  
  
  
    Net assets, end of period (000 omitted)
$
606,747
$
510,853
$
326,523
$
283,412
$
273,653
$
129,230
    Portfolio turnover rate H
  
11
% G
  
3%
 
18%
 
5%
 
6% I
  
3%
 
ACalculated based on average shares outstanding during the period.
BNet 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.
CTotal returns for periods of less than one year are not annualized.
DTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
EFees 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.
FExpense 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.
GAnnualized.
HAmount 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.
IPortfolio turnover rate excludes securities received or delivered in-kind.
Notes to Financial Statements
 (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity Series International Index Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered only to certain other Fidelity funds, Fidelity managed 529 plans, and Fidelity managed collective investment trusts. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Certain distributions received by the Fund represent a return of capital or capital gain. The Fund determines the components of these distributions subsequent to the ex-dividend date, based upon receipt of tax filings or other correspondence relating to the underlying investment. These distributions are recorded as a reduction of cost of investments and/or as a realized gain. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign tax reclaims. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in reclaims receivable. The Fund has filed tax reclaims for previously withheld taxes on dividends earned in certain European Union (EU) countries. These additional filings are subject to various administrative proceedings by the local jurisdictions' tax authorities within the EU, as well as a number of related judicial proceedings. Income recognized for EU reclaims is included with other reclaims in the Statement of Operations in foreign tax reclaims. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to futures contracts, foreign currency transactions, passive foreign investment companies (PFIC), partnerships, capital loss carryforwards and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$140,464,828
Gross unrealized depreciation
(35,195,197)
Net unrealized appreciation (depreciation)
$105,269,631
Tax cost
$502,555,498
 
Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.
 
 Short-term
$(4,570,173)
 Long-term
(15,937,189)
Total capital loss carryforward
$(20,507,362)
 
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.
 
 
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 Series International Index Fund
89,959,043
27,999,834
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:
 
 
Borrower or Lender
Average Loan Balance ($)
Weighted Average Interest Rate
Interest Expense ($)
Fidelity Series International Index Fund
 Borrower
 11,182,000
4.59%
 1,426
 
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 Series International Index Fund
1,206
 -
-
9. Expense Reductions.
The investment adviser contractually agreed to reimburse the Fund to the extent annual operating expenses exceeded .013% of average net assets. This reimbursement will remain in place through February 28, 2028. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period this reimbursement reduced the Fund's expenses by $56,260.
 
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $6,022.
10. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
 
At the end of the period, mutual funds and accounts managed by FMR or its affiliates were the owners of record of all of the outstanding shares of the Fund.
11. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.9891250.106
IIF-SANN-0625
Fidelity® SAI Canada Equity Index Fund
 
 
Semi-Annual Report
April 30, 2025
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.

Contents

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

Fidelity® SAI Canada Equity Index Fund

Notes to Financial Statements

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

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

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

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

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.
You may also call 1-800-544-3455 to request a free copy of the proxy voting guidelines.
The funds or securities referred to herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no liability with respect to any such funds or securities or any index on which such funds or securities are based. The prospectus contains a more detailed description of the limited relationship MSCI has with Fidelity and any related funds.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2025 FMR LLC. All rights reserved.
 
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.
For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE
Neither the Fund nor Fidelity Distributors Corporation is a bank.
Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)
Fidelity® SAI Canada Equity Index Fund
Schedule of Investments April 30, 2025 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 99.6%
 
  
Shares
Value ($)
 
BRAZIL - 1.7%
 
  
  
Materials - 1.7%
  
  
  
Metals & Mining - 1.7%
  
  
  
Wheaton Precious Metals Corp
 
1,107,789
92,497,890
CANADA - 96.4%
 
  
  
Communication Services - 1.0%
  
  
  
Diversified Telecommunication Services - 0.6%
  
  
  
BCE Inc
 
178,213
3,960,863
Quebecor Inc Class B
 
382,877
10,503,705
TELUS Corp
 
1,208,995
18,609,368
 
  
  
33,073,936
Wireless Telecommunication Services - 0.4%
  
  
  
Rogers Communications Inc Class B
 
878,623
22,905,637
TOTAL COMMUNICATION SERVICES
  
  
55,979,573
 
  
  
  
Consumer Discretionary - 3.4%
  
  
  
Automobile Components - 0.4%
  
  
  
Magna International Inc
 
655,233
22,766,329
Broadline Retail - 1.8%
  
  
  
Canadian Tire Corp Ltd Class A
 
127,459
13,949,669
Dollarama Inc
 
679,160
83,798,866
 
  
  
97,748,535
Hotels, Restaurants & Leisure - 0.9%
  
  
  
Restaurant Brands International Inc
 
750,923
48,385,674
Textiles, Apparel & Luxury Goods - 0.3%
  
  
  
Gildan Activewear Inc
 
334,788
15,428,029
TOTAL CONSUMER DISCRETIONARY
  
  
184,328,567
 
  
  
  
Consumer Staples - 4.6%
  
  
  
Consumer Staples Distribution & Retail - 4.4%
  
  
  
Alimentation Couche-Tard Inc
 
1,852,025
96,671,782
Empire Co Ltd Class A
 
319,555
11,867,994
George Weston Ltd
 
143,037
27,868,663
Loblaw Cos Ltd
 
368,344
59,796,451
Metro Inc/CN
 
513,351
39,560,721
 
  
  
235,765,611
Food Products - 0.2%
  
  
  
Saputo Inc
 
620,007
12,097,916
TOTAL CONSUMER STAPLES
  
  
247,863,527
 
  
  
  
Energy - 16.5%
  
  
  
Oil, Gas & Consumable Fuels - 16.5%
  
  
  
ARC Resources Ltd
 
1,445,216
26,742,681
Cameco Corp
 
1,062,666
47,968,740
Canadian Natural Resources Ltd
 
5,151,958
147,839,445
Cenovus Energy Inc
 
3,345,252
39,383,026
Enbridge Inc (b)
  
5,318,244
248,706,798
Imperial Oil Ltd
 
435,054
29,345,475
Keyera Corp
 
559,558
17,367,972
Pembina Pipeline Corp
 
1,417,570
54,189,713
Suncor Energy Inc
 
3,069,685
108,416,482
TC Energy Corp
 
2,534,278
128,037,475
Tourmaline Oil Corp
 
866,857
38,293,625
 
  
  
886,291,432
Financials - 37.1%
  
  
  
Banks - 23.0%
  
  
  
Bank of Montreal
 
1,782,437
170,783,478
Bank of Nova Scotia/The
 
3,038,726
152,046,511
Canadian Imperial Bank of Commerce
 
2,302,790
145,239,802
National Bank of Canada
 
960,431
84,352,956
Royal Bank of Canada
 
3,453,812
414,552,642
Toronto Dominion Bank
 
4,273,902
273,094,463
 
  
  
1,240,069,852
Capital Markets - 5.0%
  
  
  
Brookfield Asset Management Ltd Class A
 
865,657
46,190,141
Brookfield Corp Class A
 
3,343,096
179,595,018
IGM Financial Inc
 
203,303
6,460,688
Onex Corp Subordinate Voting Shares
 
148,852
10,539,274
TMX Group Ltd
 
678,384
27,492,611
 
  
  
270,277,732
Insurance - 9.1%
  
  
  
Fairfax Financial Holdings Ltd Subordinate Voting Shares
 
49,276
76,930,752
Great-West Lifeco Inc
 
682,820
26,553,010
iA Financial Corp Inc
 
228,205
22,168,297
Intact Financial Corp
 
435,538
96,727,600
Manulife Financial Corp
 
4,221,312
129,370,689
Power Corp of Canada Subordinate Voting Shares
 
1,368,538
51,799,153
Sun Life Financial Inc
 
1,406,153
83,791,868
 
  
  
487,341,369
TOTAL FINANCIALS
  
  
1,997,688,953
 
  
  
  
Industrials - 10.5%
  
  
  
Aerospace & Defense - 0.4%
  
  
  
CAE Inc (c)
  
777,958
19,463,058
Commercial Services & Supplies - 1.2%
  
  
  
Element Fleet Management Corp
 
988,432
21,645,700
RB Global Inc
 
450,314
45,346,620
 
  
  
66,992,320
Construction & Engineering - 1.5%
  
  
  
Stantec Inc
 
278,535
24,447,073
WSP Global Inc
 
318,611
56,474,528
 
  
  
80,921,601
Ground Transportation - 5.7%
  
  
  
Canadian National Railway Co
 
1,305,120
126,393,857
Canadian Pacific Kansas City Ltd
 
2,279,089
165,534,007
TFI International Inc
 
196,332
15,960,341
 
  
  
307,888,205
Passenger Airlines - 0.1%
  
  
  
Air Canada (c)
  
406,620
4,120,471
Professional Services - 1.3%
  
  
  
Thomson Reuters Corp
 
384,520
71,551,513
Trading Companies & Distributors - 0.3%
  
  
  
Toromont Industries Ltd
 
198,524
16,796,634
TOTAL INDUSTRIALS
  
  
567,733,802
 
  
  
  
Information Technology - 10.6%
  
  
  
Electronic Equipment, Instruments & Components - 0.4%
  
  
  
Celestica Inc (c)
  
284,132
24,243,760
IT Services - 6.2%
  
  
  
CGI Inc Class A
 
496,296
52,624,800
Shopify Inc Class A (c)
  
2,961,558
281,676,690
 
  
  
334,301,490
Software - 4.0%
  
  
  
Constellation Software Inc/Canada
 
49,159
177,164,600
Descartes Systems Group Inc/The (c)
  
208,875
21,996,571
Open Text Corp
 
643,983
17,433,226
 
  
  
216,594,397
TOTAL INFORMATION TECHNOLOGY
  
  
575,139,647
 
  
  
  
Materials - 9.4%
  
  
  
Chemicals - 1.3%
  
  
  
Nutrien Ltd
 
1,199,171
68,456,955
Containers & Packaging - 0.4%
  
  
  
CCL Industries Inc Class B
 
362,755
18,956,093
Metals & Mining - 7.6%
  
  
  
Agnico Eagle Mines Ltd/CA
 
1,224,630
143,933,556
Barrick Gold Corp
 
4,217,322
80,424,630
Franco-Nevada Corp
 
470,039
80,775,380
Kinross Gold Corp
 
3,001,035
44,299,334
Pan American Silver Corp
 
886,404
22,317,629
Teck Resources Ltd Class B
 
1,156,964
39,317,977
 
  
  
411,068,506
Paper & Forest Products - 0.1%
  
  
  
West Fraser Timber Co Ltd
 
133,264
9,866,717
TOTAL MATERIALS
  
  
508,348,271
 
  
  
  
Real Estate - 0.3%
  
  
  
Real Estate Management & Development - 0.3%
  
  
  
FirstService Corp Subordinate Voting Shares
 
99,185
17,408,097
Utilities - 3.0%
  
  
  
Electric Utilities - 2.3%
  
  
  
Emera Inc
 
722,631
32,525,209
Fortis Inc/Canada
 
1,214,332
60,135,243
Hydro One Ltd (d)(e)
  
805,052
30,973,421
 
  
  
123,633,873
Gas Utilities - 0.4%
  
  
  
AltaGas Ltd
 
727,488
21,530,183
Independent Power and Renewable Electricity Producers - 0.2%
  
  
  
Brookfield Renewable Corp Class A
 
336,182
9,581,163
Multi-Utilities - 0.1%
  
  
  
Canadian Utilities Ltd Class A
 
325,321
9,106,439
TOTAL UTILITIES
  
  
163,851,658
 
  
  
  
TOTAL CANADA
  
  
5,204,633,527
CHILE - 0.3%
 
  
  
Materials - 0.3%
  
  
  
Metals & Mining - 0.3%
  
  
  
Lundin Mining Corp
 
1,801,136
14,737,280
CONGO DEMOCRATIC REPUBLIC OF - 0.3%
 
  
  
Materials - 0.3%
  
  
  
Metals & Mining - 0.3%
  
  
  
Ivanhoe Mine Ltd Class A (c)
  
1,815,148
16,115,923
UNITED STATES - 0.5%
 
  
  
Industrials - 0.5%
  
  
  
Commercial Services & Supplies - 0.5%
  
  
  
GFL Environmental Inc Subordinate Voting Shares
 
559,042
27,895,328
ZAMBIA - 0.4%
 
  
  
Materials - 0.4%
  
  
  
Metals & Mining - 0.4%
  
  
  
First Quantum Minerals Ltd (c)
  
1,731,456
23,247,679
 
TOTAL COMMON STOCKS
 (Cost $5,228,192,516)
  
  
  
5,379,127,627
 
  
  
  
U.S. Treasury Obligations - 0.0%
 
  
Yield (%) (f)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 5/29/2025 (g)
 (Cost $729,605)
  
4.25
732,000
729,598
 
  
  
  
  
Money Market Funds - 2.0%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (h)
  
4.33
11,932,250
11,934,636
Fidelity Securities Lending Cash Central Fund (h)(i)
  
4.33
97,790,221
97,800,000
 
TOTAL MONEY MARKET FUNDS
 (Cost $109,734,636)
  
  
  
109,734,636
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 101.6%
 (Cost $5,338,656,757)
 
  
 
5,489,591,861
NET OTHER ASSETS (LIABILITIES) - (1.6)%  
(85,030,307)
NET ASSETS - 100.0%
5,404,561,554
 
  
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
  
  
  
  
  
 
  
  
  
  
  
Equity Contracts
  
  
  
  
  
TME S&P/TSX 60 Index Contracts (Canada)
118
Jun 2025
25,592,630
1,278,726
1,278,726
 
  
  
  
  
  
The notional amount of futures purchased as a percentage of Net Assets is 0.5%

 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Security or a portion of the security is on loan at period end.
 
(c)
Non-income producing
 
(d)
Security exempt from registration under Rule 144A of the Securities Act of 1933.  These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $30,973,421 or 0.6% of net assets.
 
(e)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $30,973,421 or 0.6% of net assets.
 
(f)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(g)
Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $729,598.
 
(h)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
 
(i)
Investment made with cash collateral received from securities on loan.
 
 
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
% ownership,
end
of period
Fidelity Cash Central Fund
14,668,808
332,400,628
335,134,800
341,970
-
-
11,934,636
11,932,250
0.0%
Fidelity Securities Lending Cash Central Fund
-
199,216,210
101,416,210
103,275
-
-
97,800,000
97,790,221
0.3%
Total
14,668,808
531,616,838
436,551,010
445,245
-
-
109,734,636
  
  
 
  
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium income received for lending certain types of securities.
 
Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.
 
Investment Valuation
 
The following is a summary of the inputs used, as of April 30, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.
 
Valuation Inputs at Reporting Date:
Description
Total ($)
Level 1 ($)
Level 2 ($)
Level 3 ($)
 Investments in Securities:
  
  
  
  
 Common Stocks
  
  
  
  
Communication Services
55,979,573
55,979,573
-
-
Consumer Discretionary
184,328,567
184,328,567
-
-
Consumer Staples
247,863,527
247,863,527
-
-
Energy
886,291,432
886,291,432
-
-
Financials
1,997,688,953
1,997,688,953
-
-
Industrials
595,629,130
595,629,130
-
-
Information Technology
575,139,647
575,139,647
-
-
Materials
654,947,043
654,947,043
-
-
Real Estate
17,408,097
17,408,097
-
-
Utilities
163,851,658
163,851,658
-
-
 U.S. Treasury Obligations
729,598
-
729,598
-
 Money Market Funds
109,734,636
109,734,636
-
-
 Total Investments in Securities:
5,489,591,861
5,488,862,263
729,598
-
 Derivative Instruments:
  
  
  
  
 Assets
  
  
  
  
Futures Contracts
1,278,726
1,278,726
-
-
  Total Assets
1,278,726
1,278,726
-
-
 Total Derivative Instruments:
1,278,726
1,278,726
-
-
Value of Derivative Instruments
 
The following table is a summary of the Fund's value of derivative instruments by primary risk exposure as of April 30, 2025. For additional information on derivative instruments, please refer to the Derivative Instruments section in the accompanying Notes to Financial Statements.
 
Primary Risk Exposure / Derivative Type                                                                                                                                                                                   
 
Value
Asset ($)
Liability ($)
Equity Risk
  
  
Futures Contracts (a) 
1,278,726
0
Total Equity Risk
1,278,726
0
Total Value of Derivatives
1,278,726
0
 
(a)Reflects gross cumulative appreciation (depreciation) on futures contracts as presented in the Schedule of Investments. In the Statement of Assets and Liabilities, the period end daily variation margin is included in receivable or payable for daily variation margin on futures contracts, and the net cumulative appreciation (depreciation) is included in Total accumulated earnings (loss).
Financial Statements (Unaudited)
Statement of Assets and Liabilities
 
As of April 30, 2025 (Unaudited)
Assets
 
  
  
  
Investment in securities, at value  (including  securities loaned of $93,346,847) - See accompanying schedule:
  
  
  
  
Unaffiliated issuers (cost $5,228,922,121)
$
5,379,857,225
  
  
Fidelity Central Funds (cost $109,734,636)
109,734,636
  
  
 
  
  
  
  
 
  
  
  
  
Total Investment in Securities (cost $5,338,656,757)
  
  
$
5,489,591,861
Segregated cash with brokers for derivative instruments
  
  
900,806
Foreign currency held at value (cost $255,648)
  
  
255,648
Receivable for fund shares sold
  
  
8,705,066
Dividends receivable
  
  
6,032,351
Distributions receivable from Fidelity Central Funds
  
  
98,928
Prepaid expenses
  
  
4,838
  Total assets
  
  
5,505,589,498
Liabilities
  
  
  
  
Payable for fund shares redeemed
$
2,330,259
  
  
Accrued management fee
381,565
  
  
Payable for daily variation margin on futures contracts
17,071
  
  
Other payables and accrued expenses
499,049
  
  
Collateral on securities loaned
97,800,000
  
  
  Total liabilities
  
  
  
101,027,944
Net Assets  
  
  
$
5,404,561,554
Net Assets consist of:
  
  
  
  
Paid in capital
  
  
$
5,228,802,551
Total accumulated earnings (loss)
  
  
  
175,759,003
Net Assets
  
  
$
5,404,561,554
Net Asset Value, offering price and redemption price per share ($5,404,561,554 ÷ 483,152,199 shares)
  
  
$
11.19
Statement of Operations
Six months ended April 30, 2025 (Unaudited)
 
 
Investment Income
  
  
  
  
Dividends
 
  
$
49,936,866
Interest  
  
  
28,256
Income from Fidelity Central Funds (including $103,275 from security lending)
 
  
445,245
 Income before foreign taxes withheld
  
  
$
50,410,367
Less foreign taxes withheld
  
  
(7,477,736)
 Total income
  
  
  
42,932,631
Expenses
  
  
  
  
Management fee
$
1,722,200
  
  
Custodian fees and expenses
103,683
  
  
Independent trustees' fees and expenses
5,126
  
  
Registration fees
510,568
  
  
Audit fees
29,010
  
  
Legal
1,307
  
  
Miscellaneous
722
  
  
 Total expenses before reductions
  
2,372,616
  
  
 Expense reductions
  
(1,712)
  
  
 Total expenses after reductions
  
  
  
2,370,904
Net Investment income (loss)
  
  
  
40,561,727
Realized and Unrealized Gain (Loss)
  
  
  
  
Net realized gain (loss) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
(3,304,403)
  
  
 Foreign currency transactions
  
36,399
  
  
 Futures contracts
  
(2,044,238)
  
  
Total net realized gain (loss)
  
  
  
(5,312,242)
Change in net unrealized appreciation (depreciation) on:
  
  
  
  
 Investment Securities:
  
  
  
  
   Unaffiliated issuers  
  
176,448,992
  
  
 Assets and liabilities in foreign currencies
  
73,864
  
  
 Futures contracts
  
1,375,642
  
  
Total change in net unrealized appreciation (depreciation)
  
  
  
177,898,498
Net gain (loss)
  
  
  
172,586,256
Net increase (decrease) in net assets resulting from operations
  
  
$
213,147,983
Statement of Changes in Net Assets
 
 
Six months ended
April 30, 2025
(Unaudited)
  
For the period July 11, 2024 (commencement of operations) through October 31, 2024
Increase (Decrease) in Net Assets
  
  
  
  
Operations
  
  
  
Net investment income (loss)
$
40,561,727
$
3,074,499
Net realized gain (loss)
  
(5,312,242)
  
96,348
Change in net unrealized appreciation (depreciation)
  
177,898,498
  
(25,619,812)
Net increase (decrease) in net assets resulting from operations
  
213,147,983
  
(22,448,965)
Distributions to shareholders
  
(14,940,014)
  
-
 
  
  
  
  
Share transactions
  
  
  
  
Proceeds from sales of shares
  
3,393,178,203
  
2,158,428,859
  Reinvestment of distributions
  
13,172,491
  
-
Cost of shares redeemed
  
(320,505,790)
  
(15,471,213)
 
  
  
  
  
  Net increase (decrease) in net assets resulting from share transactions
  
3,085,844,904
  
2,142,957,646
Total increase (decrease) in net assets
  
3,284,052,873
  
2,120,508,681
 
  
  
  
  
Net Assets
  
  
  
  
Beginning of period
  
2,120,508,681
  
-
End of period
$
5,404,561,554
$
2,120,508,681
 
  
  
  
  
Other Information
  
  
  
  
Shares
  
  
  
  
Sold
  
311,386,471
  
201,762,672
  Issued in reinvestment of distributions
  
1,208,540
  
-
Redeemed
  
(29,771,199)
  
(1,434,285)
Net increase (decrease)
  
282,823,812
  
200,328,387
 
  
  
  
  
Financial Highlights
 
Fidelity® SAI Canada Equity Index Fund
 
 
Six months ended
April 30, 2025
(Unaudited) 
  
Years ended October 31, 2024 A
  Selected Per-Share Data 
  
  
  
  
  Net asset value, beginning of period
$
10.59
$
10.00
  Income from Investment Operations
 
  
  
  
     Net investment income (loss) B,C
  
.13
 
.08
     Net realized and unrealized gain (loss)
 
.53
 
.51 D
  Total from investment operations
 
.66  
  
.59  
  Distributions from net investment income
 
(.06)
 
-
  Distributions from net realized gain
 
- E
  
-
     Total distributions
 
(.06)
 
-
  Net asset value, end of period
$
11.19
$
10.59
 Total Return F,G
  
6.23
%
 
5.90%
 Ratios to Average Net Assets C,H,I
  
  
  
  
    Expenses before reductions
 
.14% J
  
.43% J,K
    Expenses net of fee waivers, if any
 
.14
% J
  
.16% J,K,L
    Expenses net of all reductions, if any
 
.14% J
  
.16% J,K,L
    Net investment income (loss)
 
2.35% J
  
2.43% J,K
 Supplemental Data
  
  
  
  
    Net assets, end of period (000 omitted)
$
5,404,562
$
2,120,509
    Portfolio turnover rate M
  
2
% J
  
0% N,O
 
AFor the period July 11, 2024 (commencement of operations) through October 31, 2024.
BCalculated based on average shares outstanding during the period.
CNet 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.
DThe amount shown for a share outstanding does not correspond with the aggregate net gain (loss) on investments for the period due to the timing of sales and repurchases of shares in relation to fluctuating market values of the investments of the Fund.
EAmount represents less than $.005 per share.
FTotal returns for periods of less than one year are not annualized.
GTotal returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
HFees 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.
IExpense 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.
JAnnualized.
KAudit fees are not annualized.
LThe size and fluctuation of net assets and expense amounts may cause ratios to differ from contractual rates.
MAmount 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.
NAmount not annualized.
OAmount represents less than .005%.
Notes to Financial Statements
 (Unaudited)
For the period ended April 30, 2025
 
1. Organization.
Fidelity SAI Canada Equity Index Fund (the Fund) is a fund of Fidelity Concord Street Trust (the Trust) and is authorized to issue an unlimited number of shares. Shares are offered exclusively to certain clients of Fidelity Management & Research Company LLC (FMR) or its affiliates. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust.
2. Investments in Fidelity Central Funds.
Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
 
Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.
 
Fidelity Central Fund
Investment Manager
Investment Objective
Investment Practices
Expense RatioA
Fidelity Money Market Central Funds
Fidelity Management & Research Company LLC (FMR)
Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity.
Short-term Investments
Less than .005%
 
A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.
 
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.
3. Significant Accounting Policies.
The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services - Investment Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:
 
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters. 
 
The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value the Fund's investments by major category are as follows:
 
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing services who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of April 30, 2025 is included at the end of the Fund's Schedule of Investments.
 
Foreign Currency. Certain Funds may use foreign currency contracts to facilitate transactions in foreign-denominated securities. Gains and losses from these transactions may arise from changes in the value of the foreign currency or if the counterparties do not perform under the contracts' terms.
 
Foreign-denominated assets, including investment securities, and liabilities are translated into U.S. dollars at the exchange rates at period end. Purchases and sales of investment securities, income and dividends received, and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the transaction date.
 
The effects of exchange rate fluctuations on investments are included with the net realized and unrealized gain (loss) on investment securities. Other foreign currency transactions resulting in realized and unrealized gain (loss) are disclosed separately.
 
Investment Transactions and Income. For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Commissions paid to certain brokers with whom the investment adviser, or its affiliates, places trades on behalf of a fund include an amount in addition to trade execution, which may be rebated back to a fund. Any such rebates are included in net realized gain (loss) on investments in the Statement of Operations. Dividend income is recorded on the ex-dividend date, except for certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as the Fund is informed of the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at the fair market value of the securities received. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Investment income is recorded net of foreign taxes withheld where recovery of such taxes is uncertain. Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any withholding tax reclaims income is included in the Statement of Operations in foreign taxes withheld. Any receivables for withholding tax reclaims are included in the Statement of Assets and Liabilities in dividends receivable.
 
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
 
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction. Foreign taxes are provided for based on the Fund's understanding of the tax rules and rates that exist in the foreign markets in which it invests.
 
Distributions are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
 
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.
 
Book-tax differences are primarily due to foreign currency transactions, passive foreign investment companies (PFIC) and losses deferred due to wash sales.
 
As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:
 
Gross unrealized appreciation
$342,769,963
Gross unrealized depreciation
(191,631,652)
Net unrealized appreciation (depreciation)
$151,138,311
Tax cost
$5,339,732,276
 
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.
 
 
Funds are also exposed to additional risks from investing in derivatives, such as liquidity risk and counterparty credit risk. Liquidity risk is the risk that a fund will be unable to close out the derivative in the open market in a timely manner. Counterparty credit risk is the risk that the counterparty will not be able to fulfill its obligation to a fund. Counterparty credit risk related to exchange-traded contracts may be mitigated by the protection provided by the exchange on which they trade.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received and amounts recognized in the Statement of Assets and Liabilities. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.
 
Futures Contracts. A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a fixed price at a specified future date. Futures contracts were used to manage exposure to the stock market.
 
Upon entering into a futures contract, a fund is required to deposit either cash or securities (initial margin) with a clearing broker in an amount equal to a certain percentage of the face value of the contract. Futures contracts are marked-to-market daily and subsequent daily payments are made or received by a fund depending on the daily fluctuations in the value of the futures contracts and are recorded as unrealized appreciation or (depreciation). This receivable and/or payable, if any, is included in daily variation margin on futures contracts in the Statement of Assets and Liabilities. Realized gain or (loss) is recorded upon the expiration or closing of a futures contract. The net realized gain (loss) and change in net unrealized appreciation (depreciation) on futures contracts during the period is presented in the Statement of Operations.
 
Any open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The notional amount at value reflects each contract's exposure to the underlying instrument or index at period end, and is representative of volume of activity during the period.
 
Any securities deposited to meet initial margin requirements are identified in the Schedule of Investments. Any cash deposited to meet initial margin requirements is presented as segregated cash with brokers for derivative instruments in the Statement of Assets and Liabilities.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.
 
 
Purchases ($)
Sales ($)
Fidelity SAI Canada Equity Index Fund
3,135,016,861
36,351,396
6. Fees and Other Transactions with Affiliates.
Management Fee. Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .10% of the Fund's average net assets.
 
Sub-Adviser. Geode Capital Management, LLC (Geode), serves as sub-adviser for the Fund. Geode provides discretionary investment advisory services to the Fund and is paid by the investment adviser for providing these services.
 
Interfund Trades. Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. During the period, there were no interfund trades.
7. Committed Line of Credit.
Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.
 
Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.
 
Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.  
 
The line of credit agreement will expire in March 2026 unless extended or renewed.
 
 
Amount ($)
Fidelity SAI Canada Equity Index Fund
718
8. Security Lending.
Funds lend portfolio securities from time to time in order to earn additional income. Lending agents are used, including National Financial Services (NFS), an affiliate of the investment adviser. Pursuant to a securities lending agreement, NFS will receive a fee, which is capped at 9.9% of a fund's daily lending revenue, for its services as lending agent. A fund may lend securities to certain qualified borrowers, including NFS. On the settlement date of the loan, the borrowers provide collateral (in the form of U.S. Treasury obligations, letters of credit and/or cash) against the loaned securities and maintains collateral in an amount not less than 100% of the fair value of the loaned securities during the period of the loan. The fair value of the loaned securities is determined at the close of business of a fund and any additional required collateral is delivered to a fund on the next business day. A fund or borrower may terminate the loan at any time, and if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, a fund may apply collateral received from the borrower against the obligation. A fund may experience delays and costs in recovering the securities loaned or gaining access to non-cash collateral. Any cash collateral received is invested in the Fidelity Securities Lending Cash Central Fund. Any loaned securities are identified as such in the Schedule of Investments, and the value of loaned securities and cash collateral at period end, as applicable, are presented in the Statement of Assets and Liabilities. Security lending income represents the income earned on investing cash collateral less rebates paid to borrowers, plus any premium income received, or for non-cash collateral, fees received from borrowers as compensation for the securities loaned. Securities lending income is reduced by any lending agent fees associated with the loan. Any security lending income earned on investing cash collateral is presented in the Statement of Operations as a component of income from Fidelity Central Funds. Any security lending income earned on non-cash collateral is presented in the Statement of Operations as a component of dividends. Affiliated security lending activity, if any, was as follows:
 
 
Total Security Lending Fees Paid to NFS ($)
Security Lending Income From Securities Loaned to NFS ($)
Value of Securities Loaned to NFS at Period End ($)
Fidelity SAI Canada Equity Index Fund
11,302
 -
-
 
10. Expense Reductions.
Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,712.
11. Other.
A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.
12. Risk and Uncertainties.
Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as pandemics, epidemics, outbreaks of infectious diseases, war, terrorism, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 9: Proxy Disclosures for Open-End Management Investment Companies
(Unaudited)
Note: This is not applicable for any fund included in this document.
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies
(Unaudited)
Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract
(Unaudited)
Note: This is not applicable for any fund included in this document.
 
1.9912335.100
CAE-SANN-0625

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies


See Item 7.


Item 9.

Proxy Disclosures for Open-End Management Investment Companies


See Item 7.


Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies


See Item 7.


Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract


See Item 7.


Item 12.

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


Not applicable.


Item 13.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 14.  

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


Not applicable.


Item 15.

Submission of Matters to a Vote of Security Holders


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


Item 16.

Controls and Procedures


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




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


Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies


Not applicable.


Item 18.

Recovery of Erroneously Awarded Compensation


(a)

Not applicable.


(b)

Not applicable.


Item 19.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

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

(a)

(3)

Not applicable.

(b)


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




SIGNATURES


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


Fidelity Concord Street Trust



By:

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer (Principal Executive Officer)


Date:

June 20, 2025


Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:

/s/Stacie M. Smith

Stacie M. Smith

President and Treasurer (Principal Executive Officer)


Date:

June 20, 2025



By:

/s/Stephanie Caron

Stephanie Caron

Chief Financial Officer (Principal Financial Officer)


Date:

June 20, 2025

 






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