Quarterly Holdings Report
for
Strategic Advisers® Fidelity® Emerging Markets Fund
Offered exclusively to certain clients of Strategic Advisers LLC - not available for sale to the general publicFebruary 28, 2021
STE-QTLY-0421
1.9890709.102
Schedule of Investments February 28, 2021 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 52.3% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 6.0% | |||
Entertainment - 0.7% | |||
Bilibili, Inc. ADR (a) | 126,465 | $15,930,796 | |
CD Projekt RED SA (a) | 64,967 | 4,084,164 | |
DouYu International Holdings Ltd. ADR (a) | 296,357 | 4,249,759 | |
HUYA, Inc. ADR (a)(b) | 133,375 | 3,514,431 | |
International Games Systems Co. Ltd. | 133,000 | 3,950,920 | |
NetEase, Inc. ADR | 87,654 | 9,628,792 | |
41,358,862 | |||
Interactive Media & Services - 5.1% | |||
Autohome, Inc. ADR Class A | 9,653 | 1,100,828 | |
Baidu.com, Inc. sponsored ADR (a) | 81,200 | 23,016,952 | |
JOYY, Inc. ADR | 51,400 | 6,060,060 | |
Kakao Corp. | 38,255 | 16,557,008 | |
Kuaishou Technology Class B (c) | 165,300 | 6,580,928 | |
NAVER Corp. | 39,287 | 13,066,340 | |
Tencent Holdings Ltd. | 2,581,100 | 224,547,991 | |
Yandex NV Series A (a) | 365,050 | 23,357,724 | |
314,287,831 | |||
Media - 0.0% | |||
Focus Media Information Technology Co. Ltd. (A Shares) | 1,665,800 | 2,817,002 | |
Wireless Telecommunication Services - 0.2% | |||
Bharti Airtel Ltd. | 1,670,002 | 12,565,050 | |
TOTAL COMMUNICATION SERVICES | 371,028,745 | ||
CONSUMER DISCRETIONARY - 10.5% | |||
Automobiles - 0.6% | |||
Great Wall Motor Co. Ltd. (H Shares) | 914,500 | 2,658,687 | |
Guangzhou Automobile Group Co. Ltd. (H Shares) | 4,698,000 | 4,360,964 | |
Hyundai Motor Co. | 129,557 | 27,232,220 | |
Kia Motors Corp. | 54,242 | 3,819,707 | |
38,071,578 | |||
Diversified Consumer Services - 0.6% | |||
New Oriental Education & Technology Group, Inc. (a) | 21,800 | 3,885,230 | |
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 132,385 | 23,514,224 | |
TAL Education Group ADR (a) | 87,920 | 6,817,317 | |
34,216,771 | |||
Hotels, Restaurants & Leisure - 0.3% | |||
Galaxy Entertainment Group Ltd. | 119,000 | 1,087,753 | |
Haidilao International Holding Ltd. (c) | 100,000 | 820,607 | |
Sands China Ltd. | 445,600 | 2,100,174 | |
Shangri-La Asia Ltd. (a) | 8,680,000 | 8,885,405 | |
Wynn Macau Ltd. (a) | 324,000 | 611,537 | |
Yum China Holdings, Inc. | 21,006 | 1,256,999 | |
Yum China Holdings, Inc. | 15,100 | 906,804 | |
15,669,279 | |||
Household Durables - 0.9% | |||
Gree Electric Appliances, Inc. of Zhuhai (A Shares) | 37,500 | 341,691 | |
Haier Smart Home Co. Ltd. (A Shares) | 6,564,029 | 29,316,961 | |
Midea Group Co. Ltd. (A Shares) | 1,890,689 | 27,178,572 | |
56,837,224 | |||
Internet & Direct Marketing Retail - 6.8% | |||
Alibaba Group Holding Ltd. (a) | 349,700 | 10,508,200 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 806,971 | 191,865,425 | |
Baozun, Inc.: | |||
Class A (a) | 235,200 | 3,616,468 | |
sponsored ADR (a) | 133,071 | 6,111,951 | |
JD Health International, Inc. (c) | 265,100 | 4,846,441 | |
JD.com, Inc.: | |||
Class A | 97,850 | 4,589,144 | |
sponsored ADR (a) | 651,032 | 61,112,374 | |
MakeMyTrip Ltd. (a) | 140,310 | 4,707,401 | |
Meituan Class B (a)(c) | 818,000 | 35,856,610 | |
Naspers Ltd. Class N | 250,599 | 59,135,710 | |
Pinduoduo, Inc. ADR (a) | 159,350 | 27,274,346 | |
Trip.com Group Ltd. ADR (a) | 349,159 | 13,774,323 | |
423,398,393 | |||
Leisure Products - 0.0% | |||
Goodbaby International Holdings Ltd. (a) | 794,000 | 121,816 | |
Multiline Retail - 0.0% | |||
MINISO Group Holding Ltd. ADR | 10,157 | 270,887 | |
Specialty Retail - 0.3% | |||
China Yongda Automobiles Services Holdings Ltd. | 2,254,000 | 3,283,745 | |
Zhongsheng Group Holdings Ltd. Class H | 2,693,500 | 16,668,450 | |
19,952,195 | |||
Textiles, Apparel & Luxury Goods - 1.0% | |||
adidas AG | 26,252 | 9,150,720 | |
Anta Sports Products Ltd. | 1,279,000 | 19,622,508 | |
ECLAT Textile Co. Ltd. | 658,000 | 10,139,239 | |
Li Ning Co. Ltd. | 3,204,000 | 18,010,095 | |
Regina Miracle International Holdings Ltd. (c) | 227,000 | 78,433 | |
Shenzhou International Group Holdings Ltd. | 392,300 | 8,147,997 | |
65,148,992 | |||
TOTAL CONSUMER DISCRETIONARY | 653,687,135 | ||
CONSUMER STAPLES - 3.3% | |||
Beverages - 1.1% | |||
Ambev SA | 1,303,000 | 3,259,709 | |
China Resources Beer Holdings Co. Ltd. | 1,218,000 | 9,186,290 | |
Kweichow Moutai Co. Ltd. (A Shares) | 147,911 | 48,490,384 | |
Thai Beverage PCL | 17,127,300 | 9,440,952 | |
70,377,335 | |||
Food & Staples Retailing - 0.7% | |||
Atacadao SA | 1,375,800 | 4,666,850 | |
Bidcorp Ltd. | 253,021 | 4,738,108 | |
CP ALL PCL (For. Reg.) | 3,689,800 | 7,228,779 | |
President Chain Store Corp. | 162,000 | 1,522,764 | |
Wal-Mart de Mexico SA de CV Series V | 5,840,800 | 16,661,677 | |
X5 Retail Group NV GDR (Reg. S) | 196,869 | 6,398,243 | |
41,216,421 | |||
Food Products - 1.3% | |||
Angel Yeast Co. Ltd. (A Shares) | 872,000 | 7,191,308 | |
China Mengniu Dairy Co. Ltd. | 7,527,000 | 41,145,730 | |
Gruma S.A.B. de CV Series B | 247,615 | 2,698,780 | |
Inner Mongoli Yili Industries Co. Ltd. (A Shares) | 865,967 | 5,780,112 | |
Tingyi (Cayman Islands) Holding Corp. | 476,000 | 956,118 | |
Unified-President Enterprises Corp. | 9,017,201 | 21,739,888 | |
WH Group Ltd. (c) | 1,452,000 | 1,302,905 | |
80,814,841 | |||
Personal Products - 0.2% | |||
Hengan International Group Co. Ltd. | 164,500 | 1,138,878 | |
LG Household & Health Care Ltd. | 3,608 | 4,841,493 | |
Natura & Co. Holding SA | 1,064,524 | 8,770,043 | |
14,750,414 | |||
TOTAL CONSUMER STAPLES | 207,159,011 | ||
ENERGY - 1.5% | |||
Energy Equipment & Services - 0.1% | |||
China Oilfield Services Ltd. (H Shares) | 2,884,000 | 3,316,631 | |
Yantai Jereh Oilfield Services (A Shares) | 486,515 | 3,193,268 | |
6,509,899 | |||
Oil, Gas & Consumable Fuels - 1.4% | |||
China Petroleum & Chemical Corp. (H Shares) | 26,290,000 | 14,642,483 | |
CNOOC Ltd. | 3,445,000 | 4,132,502 | |
Lukoil PJSC | 105,072 | 7,874,366 | |
Lukoil PJSC sponsored ADR | 240,813 | 17,868,325 | |
NOVATEK OAO GDR (Reg. S) | 18,690 | 3,184,776 | |
Petroleo Brasileiro SA - Petrobras (ON) | 2,584,600 | 10,215,355 | |
Reliance Industries Ltd. | 711,471 | 20,070,955 | |
Reliance Industries Ltd. sponsored GDR (c) | 102,000 | 5,854,800 | |
83,843,562 | |||
TOTAL ENERGY | 90,353,461 | ||
FINANCIALS - 9.4% | |||
Banks - 6.4% | |||
Absa Group Ltd. | 1,051,115 | 8,429,065 | |
Axis Bank Ltd. (a) | 2,371,306 | 23,245,771 | |
Capitec Bank Holdings Ltd. (a) | 66,216 | 5,858,516 | |
China Construction Bank Corp. (H Shares) | 22,978,000 | 18,445,471 | |
China Merchants Bank Co. Ltd. (H Shares) | 4,952,500 | 38,022,726 | |
Credicorp Ltd. (United States) | 93,100 | 14,896,931 | |
E.SUN Financial Holdings Co. Ltd. | 8,260,267 | 7,482,931 | |
Grupo Financiero Banorte S.A.B. de CV Series O (a) | 3,025,948 | 15,195,550 | |
Hana Financial Group, Inc. | 213,970 | 7,030,965 | |
HDFC Bank Ltd. (a) | 535,743 | 11,168,587 | |
HDFC Bank Ltd. sponsored ADR (a) | 604,907 | 47,872,340 | |
ICICI Bank Ltd. (a) | 1,918,422 | 15,676,869 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 54,192,000 | 35,453,510 | |
KB Financial Group, Inc. | 169,755 | 6,547,032 | |
Kotak Mahindra Bank Ltd. (a) | 277,314 | 6,677,522 | |
National Bank of Greece SA (a) | 6,138,000 | 15,552,188 | |
OTP Bank PLC (a) | 77,995 | 3,543,388 | |
PT Bank Central Asia Tbk | 9,356,686 | 22,044,720 | |
PT Bank Mandiri (Persero) Tbk | 41,132,800 | 17,613,200 | |
PT Bank Rakyat Indonesia Tbk | 8,837,200 | 2,922,978 | |
Sberbank of Russia | 414,374 | 1,493,588 | |
Sberbank of Russia | 3,222,106 | 11,688,308 | |
Sberbank of Russia sponsored ADR | 869,587 | 12,609,012 | |
Shinhan Financial Group Co. Ltd. | 493,860 | 14,323,567 | |
Siam Commercial Bank PCL (For. Reg.) | 1,537,500 | 5,157,746 | |
State Bank of India (a) | 2,969,300 | 15,668,372 | |
TCS Group Holding PLC GDR | 207,341 | 10,802,466 | |
395,423,319 | |||
Capital Markets - 0.4% | |||
B3 SA - Brasil Bolsa Balcao | 1,863,800 | 18,058,660 | |
CITIC Securities Co. Ltd. (H Shares) | 692,500 | 1,492,771 | |
Hong Kong Exchanges and Clearing Ltd. | 37,500 | 2,287,773 | |
Huatai Securities Co. Ltd. (H Shares) (c) | 1,029,200 | 1,531,238 | |
Noah Holdings Ltd. sponsored ADR (a) | 69,530 | 3,107,991 | |
26,478,433 | |||
Consumer Finance - 0.4% | |||
Bajaj Finance Ltd. | 117,479 | 8,365,435 | |
Kaspi.KZ JSC unit | 129,806 | 9,151,323 | |
Shriram Transport Finance Co. Ltd. | 589,028 | 10,220,775 | |
27,737,533 | |||
Diversified Financial Services - 0.2% | |||
Chailease Holding Co. Ltd. | 1,653,146 | 10,201,310 | |
Insurance - 1.6% | |||
AIA Group Ltd. | 3,076,000 | 38,792,759 | |
China Life Insurance Co. Ltd. (H Shares) | 11,726,000 | 24,763,567 | |
HDFC Standard Life Insurance Co. Ltd. (a)(c) | 430,628 | 4,080,765 | |
ICICI Lombard General Insurance Co. Ltd. (c) | 239,287 | 4,615,054 | |
Ping An Insurance Group Co. of China Ltd. (H Shares) | 1,905,500 | 23,579,754 | |
Samsung Life Insurance Co. Ltd. | 48,090 | 3,198,820 | |
99,030,719 | |||
Thrifts & Mortgage Finance - 0.4% | |||
Housing Development Finance Corp. Ltd. | 745,356 | 25,599,592 | |
TOTAL FINANCIALS | 584,470,906 | ||
HEALTH CARE - 1.6% | |||
Biotechnology - 0.3% | |||
Akeso, Inc. (c) | 128,000 | 839,972 | |
Innovent Biologics, Inc. (a)(c) | 270,500 | 2,786,449 | |
Remegen Co. Ltd. (H Shares) (a)(c) | 200,000 | 2,908,547 | |
Zai Lab Ltd. (a) | 57,200 | 8,339,467 | |
14,874,435 | |||
Health Care Equipment & Supplies - 0.3% | |||
Peijia Medical Ltd. (a)(c) | 294,000 | 902,114 | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | 300,403 | 19,392,362 | |
Venus MedTech Hangzhou, Inc. (H Shares) (a)(c) | 43,000 | 380,857 | |
20,675,333 | |||
Health Care Providers & Services - 0.0% | |||
Aier Eye Hospital Group Co. Ltd. (A Shares) | 73,109 | 816,092 | |
Apollo Hospitals Enterprise Ltd. | 39,572 | 1,637,027 | |
Aster DM Healthcare Ltd. (a)(c) | 1,192 | 2,309 | |
2,455,428 | |||
Life Sciences Tools & Services - 0.4% | |||
Hangzhou Tigermed Consulting Co. Ltd. (H Shares) (a)(c) | 266,600 | 5,217,578 | |
Joinn Laboratories China Co. Ltd. (H Shares) (c) | 10,100 | 179,696 | |
Pharmaron Beijing Co. Ltd. (H Shares) (c) | 128,100 | 2,189,927 | |
WuXi AppTec Co. Ltd. (H Shares) (c) | 664,680 | 13,856,694 | |
Wuxi Biologics (Cayman), Inc. (a)(c) | 318,500 | 3,945,871 | |
25,389,766 | |||
Pharmaceuticals - 0.6% | |||
Hansoh Pharmaceutical Group Co. Ltd. (a)(c) | 1,089,610 | 5,548,878 | |
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | 125,016 | 1,965,457 | |
Richter Gedeon PLC | 885,477 | 25,256,749 | |
Sino Biopharmaceutical Ltd. | 1,548,000 | 1,722,339 | |
34,493,423 | |||
TOTAL HEALTH CARE | 97,888,385 | ||
INDUSTRIALS - 2.3% | |||
Air Freight & Logistics - 0.1% | |||
ZTO Express, Inc. (a) | 136,000 | 4,564,813 | |
Airlines - 0.1% | |||
Azul SA sponsored ADR (a)(b) | 103,167 | 2,220,154 | |
Copa Holdings SA Class A | 55,190 | 5,059,267 | |
7,279,421 | |||
Construction & Engineering - 0.3% | |||
Larsen & Toubro Ltd. | 884,100 | 17,248,661 | |
Electrical Equipment - 0.0% | |||
Voltronic Power Technology Corp. | 81,966 | 3,396,503 | |
Machinery - 1.4% | |||
Airtac International Group | 239,000 | 8,317,368 | |
Estun Automation Co. Ltd. (A Shares) (a) | 678,570 | 3,085,195 | |
HIWIN Technologies Corp. | 1,284,938 | 18,393,796 | |
Sany Heavy Industry Co. Ltd. (A Shares) | 2,000,783 | 12,702,747 | |
Shenzhen Inovance Technology Co. Ltd. (A Shares) | 346,026 | 4,557,818 | |
Techtronic Industries Co. Ltd. | 626,000 | 9,555,712 | |
Weichai Power Co. Ltd.: | |||
(A Shares) | 5,718,902 | 19,474,729 | |
(H Shares) | 700,000 | 2,048,618 | |
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | 2,062,800 | 7,703,065 | |
Zoomlion Heavy Industry Science and Technology Co. Ltd. (H Shares) | 477,800 | 728,116 | |
86,567,164 | |||
Professional Services - 0.2% | |||
Sporton International, Inc. | 1,072,000 | 9,615,040 | |
Road & Rail - 0.1% | |||
Localiza Rent A Car SA | 629,755 | 6,517,574 | |
Rumo SA (a) | 936,700 | 3,025,279 | |
9,542,853 | |||
Trading Companies & Distributors - 0.0% | |||
BOC Aviation Ltd. Class A (c) | 216,600 | 2,094,386 | |
Transportation Infrastructure - 0.1% | |||
Grupo Aeroportuario del Sureste S.A.B. de CV Series B (a) | 123,545 | 2,311,516 | |
Grupo Aeroportuario Norte S.A.B. de CV (a) | 481,900 | 2,795,439 | |
5,106,955 | |||
TOTAL INDUSTRIALS | 145,415,796 | ||
INFORMATION TECHNOLOGY - 12.7% | |||
Electronic Equipment & Components - 1.3% | |||
Chaozhou Three-Circle Group Co. (A Shares) | 219,600 | 1,268,394 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 2,674,000 | 10,744,735 | |
Largan Precision Co. Ltd. | 82,000 | 9,693,610 | |
LG Innotek Co. Ltd. | 18,532 | 3,270,764 | |
Samsung SDI Co. Ltd. | 27,189 | 16,252,754 | |
Sunny Optical Technology Group Co. Ltd. | 864,000 | 21,609,886 | |
Unimicron Technology Corp. | 1,548,000 | 5,414,918 | |
Yageo Corp. | 622,000 | 13,233,093 | |
81,488,154 | |||
IT Services - 0.5% | |||
Infosys Ltd. | 461,826 | 7,870,545 | |
Infosys Ltd. sponsored ADR | 1,234,691 | 21,137,910 | |
Tech Mahindra Ltd. | 156,054 | 1,939,357 | |
30,947,812 | |||
Semiconductors & Semiconductor Equipment - 6.9% | |||
ASE Technology Holding Co. Ltd. | 3,663,000 | 13,650,263 | |
ASM Pacific Technology Ltd. | 55,500 | 772,061 | |
eMemory Technology, Inc. | 300,000 | 8,771,930 | |
MediaTek, Inc. | 1,577,000 | 50,693,933 | |
Realtek Semiconductor Corp. | 334,000 | 5,512,144 | |
Silergy Corp. | 19,000 | 1,826,858 | |
SK Hynix, Inc. | 482,444 | 60,544,845 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 9,826,000 | 214,511,101 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 456,432 | 57,483,046 | |
Xinyi Solar Holdings Ltd. | 6,276,000 | 13,188,869 | |
426,955,050 | |||
Software - 0.0% | |||
Kingsoft Corp. Ltd. | 150,000 | 1,052,028 | |
Ming Yuan Cloud Group Holdings Ltd. | 218,575 | 1,237,092 | |
2,289,120 | |||
Technology Hardware, Storage & Peripherals - 4.0% | |||
Samsung Electronics Co. Ltd. | 2,832,536 | 207,254,136 | |
Samsung Electronics Co. Ltd. unit | 18,072 | 33,433,200 | |
Xiaomi Corp. Class B (a)(c) | 1,232,400 | 4,097,180 | |
244,784,516 | |||
TOTAL INFORMATION TECHNOLOGY | 786,464,652 | ||
MATERIALS - 4.5% | |||
Chemicals - 0.9% | |||
Hansol Chemical Co. Ltd. | 32,604 | 7,055,609 | |
LG Chemical Ltd. | 25,760 | 18,985,442 | |
PhosAgro OJSC GDR (Reg. S) | 253,259 | 4,442,163 | |
SKSHU Paint Co. Ltd. (A Shares) | 178,400 | 4,953,482 | |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 124,941 | 6,696,838 | |
Solar Industries India Ltd. | 604,300 | 10,663,949 | |
52,797,483 | |||
Construction Materials - 0.9% | |||
Anhui Conch Cement Co. Ltd.: | |||
(A Shares) | 138,300 | 1,139,267 | |
(H Shares) | 157,500 | 1,013,253 | |
Beijing Oriental Yuhong Waterproof Technology Co. Ltd. (A Shares) | 903,600 | 6,590,894 | |
CEMEX S.A.B. de CV sponsored ADR (a) | 2,694,886 | 17,813,196 | |
China Jushi Co. Ltd. (A Shares) | 2,910,800 | 10,092,038 | |
JK Cement Ltd. | 472,100 | 17,163,964 | |
53,812,612 | |||
Metals & Mining - 2.1% | |||
AngloGold Ashanti Ltd. | 208,119 | 4,162,024 | |
Barrick Gold Corp. | 1,079,100 | 20,146,797 | |
First Quantum Minerals Ltd. | 520,626 | 11,221,728 | |
Grupo Mexico SA de CV Series B | 4,024,591 | 19,108,199 | |
Harmony Gold Mining Co. Ltd. | 380,691 | 1,429,461 | |
Impala Platinum Holdings Ltd. | 2,198,768 | 35,757,181 | |
Novolipetsk Steel OJSC GDR (Reg. S) | 65,378 | 1,927,343 | |
POSCO | 53,950 | 13,348,365 | |
Sibanye Stillwater Ltd. | 3,404,482 | 15,653,186 | |
Southern Copper Corp. | 56,028 | 3,996,477 | |
Vale SA | 261,200 | 4,405,379 | |
Vale SA sponsored ADR | 74,600 | 1,260,740 | |
132,416,880 | |||
Paper & Forest Products - 0.6% | |||
Suzano Papel e Celulose SA (a) | 3,071,300 | 40,099,750 | |
TOTAL MATERIALS | 279,126,725 | ||
REAL ESTATE - 0.3% | |||
Real Estate Management & Development - 0.3% | |||
Ayala Land, Inc. | 9,193,300 | 7,368,604 | |
China Resources Land Ltd. | 444,000 | 2,109,393 | |
Longfor Properties Co. Ltd. (c) | 1,051,000 | 6,233,006 | |
Sun Hung Kai Properties Ltd. | 115,500 | 1,855,398 | |
17,566,401 | |||
UTILITIES - 0.2% | |||
Electric Utilities - 0.0% | |||
CK Infrastructure Holdings Ltd. | 115,000 | 666,445 | |
Gas Utilities - 0.2% | |||
China Gas Holdings Ltd. | 2,117,800 | 8,532,415 | |
China Resource Gas Group Ltd. | 352,000 | 1,758,536 | |
Indraprastha Gas Ltd. | 641,875 | 4,270,804 | |
14,561,755 | |||
Independent Power and Renewable Electricity Producers - 0.0% | |||
Huadian Power International Corp. Ltd. (H Shares) | 894,000 | 245,501 | |
TOTAL UTILITIES | 15,473,701 | ||
TOTAL COMMON STOCKS | |||
(Cost $2,297,341,824) | 3,248,634,918 | ||
Nonconvertible Preferred Stocks - 1.3% | |||
CONSUMER STAPLES - 0.2% | |||
Beverages - 0.2% | |||
Ambev SA sponsored ADR | 3,572,900 | 9,110,895 | |
ENERGY - 0.3% | |||
Oil, Gas & Consumable Fuels - 0.3% | |||
Petroleo Brasileiro SA - Petrobras sponsored ADR | 2,194,966 | 17,406,080 | |
FINANCIALS - 0.7% | |||
Banks - 0.7% | |||
Banco Bradesco SA (PN) | 1,045,572 | 4,291,095 | |
Itau Unibanco Holding SA | 5,452,409 | 24,857,973 | |
Sberbank of Russia | 645,560 | 2,154,284 | |
Sberbank of Russia | 3,791,522 | 12,724,939 | |
44,028,291 | |||
INDUSTRIALS - 0.1% | |||
Airlines - 0.1% | |||
Azul SA (a) | 1,159,000 | 8,396,453 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $82,180,763) | 78,941,719 | ||
Equity Funds - 40.8% | |||
Diversified Emerging Markets Funds - 40.8% | |||
Fidelity Emerging Markets Fund (d) | 15,463,692 | 737,927,394 | |
Fidelity SAI Emerging Markets Index Fund (d) | 33,734,203 | 582,589,683 | |
Fidelity SAI Emerging Markets Low Volatility Index Fund (d) | 35,791,266 | 384,040,282 | |
Fidelity SAI Emerging Markets Value Index Fund (d) | 58,246,924 | 826,523,848 | |
TOTAL EQUITY FUNDS | |||
(Cost $1,975,493,686) | 2,531,081,207 | ||
U.S. Treasury Obligations - 0.3% | |||
U.S. Treasury Bills, yield at date of purchase 0.03% to 0.09% 3/18/21 to 5/27/21 (e) | |||
(Cost $16,999,652) | 17,001,000 | 16,999,777 | |
Money Market Funds - 5.3% | |||
Fidelity Cash Central Fund 0.07% (f) | 85,195,071 | 85,212,110 | |
Fidelity Securities Lending Cash Central Fund 0.08% (f)(g) | 6,054,201 | 6,054,807 | |
Invesco Government & Agency Portfolio Institutional Class .03% (h) | 240,961,501 | 240,961,501 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $332,208,275) | 332,228,418 | ||
TOTAL INVESTMENT IN SECURITIES - 100.0% | |||
(Cost $4,704,224,200) | 6,207,886,039 | ||
NET OTHER ASSETS (LIABILITIES) - 0.0% | 137,284 | ||
NET ASSETS - 100% | $6,208,023,323 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 3,989 | March 2021 | $266,884,045 | $(7,317,139) | $(7,317,139) |
The notional amount of futures purchased as a percentage of Net Assets is 4.3%
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $116,751,245 or 1.9% of net assets.
(d) Affiliated Fund
(e) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $16,999,777.
(f) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(g) Investment made with cash collateral received from securities on loan.
(h) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $35,615 |
Fidelity Securities Lending Cash Central Fund | 114,288 |
Total | $149,903 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
Fidelity Emerging Markets Fund | $335,597,285 | $211,887,065 | $-- | $8,887,064 | $-- | $190,443,044 | $737,927,394 |
Fidelity SAI Emerging Markets Index Fund | 842,100,133 | 144,074,918 | 639,456,156 | 9,239,525 | 19,465,667 | 216,405,121 | 582,589,683 |
Fidelity SAI Emerging Markets Low Volatility Index Fund | 166,174,301 | 160,099,987 | -- | 6,099,986 | -- | 57,765,994 | 384,040,282 |
Fidelity SAI Emerging Markets Value Index Fund | 21,609,000 | 660,400,281 | -- | 9,400,285 | -- | 144,514,567 | 826,523,848 |
Total | $1,365,480,719 | $1,176,462,251 | $639,456,156 | $33,626,860 | $19,465,667 | $609,128,726 | $2,531,081,207 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
If an unaffiliated Underlying Fund's net asset value is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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