Quarterly Holdings Report
for
Strategic Advisers® Emerging Markets Fund
Offered exclusively to certain managed account clients of Strategic Advisers LLC or its affiliates - not available for sale to the general public
November 30, 2021
SAE-NPRT3-0122
1.918362.111
Common Stocks - 54.8% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 5.8% | |||
Diversified Telecommunication Services - 0.3% | |||
Hellenic Telecommunications Organization SA | 129,032 | 2,232,343 | |
KT Corp. | 196,383 | 5,019,199 | |
LG Uplus Corp. | 682,327 | 7,814,137 | |
Orange Polska SA (a) | 144,783 | 300,867 | |
PT Telkom Indonesia Persero Tbk | 12,573,700 | 3,500,841 | |
Saudi Telecom Co. | 94,675 | 2,801,185 | |
Telefonica Brasil SA | 267,777 | 2,395,387 | |
Telkom SA Ltd. (a) | 377,900 | 1,235,655 | |
25,299,614 | |||
Entertainment - 0.7% | |||
Bilibili, Inc.: | |||
ADR (a)(b) | 244,500 | 16,139,445 | |
Class Z (a) | 75,280 | 4,952,332 | |
FriendTimes, Inc. | 248,252 | 41,704 | |
G-bits Network Technology Xiamen Co. Ltd. (A Shares) | 27,889 | 1,647,056 | |
Gravity Co. Ltd. ADR (a) | 824 | 64,692 | |
IGG, Inc. | 421,000 | 398,973 | |
International Games Systems Co. Ltd. | 14,000 | 394,419 | |
NetDragon WebSoft, Inc. | 152,000 | 346,571 | |
NetEase, Inc. | 256,700 | 5,550,092 | |
NetEase, Inc. ADR | 175,600 | 18,917,388 | |
NHN Corp. (a) | 2,843 | 217,217 | |
Sea Ltd. ADR (a) | 67,408 | 19,418,223 | |
TEN Square Games SA | 1,452 | 123,734 | |
UserJoy Technology Co. Ltd. | 19,000 | 56,380 | |
Workpoint Entertainment PCL NVDR | 188,500 | 123,744 | |
Youzu Interactive Co. Ltd. (A shares) (a) | 177,462 | 427,740 | |
68,819,710 | |||
Interactive Media & Services - 4.4% | |||
AfreecaTV Co. Ltd. | 7,702 | 1,328,604 | |
Autohome, Inc. ADR Class A | 165,000 | 5,638,050 | |
Baidu, Inc.: | |||
Class A | 185,906 | 3,472,643 | |
sponsored ADR (a) | 54,002 | 8,091,660 | |
Hello Group, Inc. ADR | 72,600 | 839,982 | |
Kuaishou Technology Class B (c) | 183,700 | 2,001,195 | |
Mail.Ru Group Ltd. GDR (Reg. S) (a) | 129,792 | 2,177,910 | |
NAVER Corp. | 113,670 | 36,603,281 | |
Sohu.Com Ltd. ADR (a) | 29,603 | 499,403 | |
Tencent Holdings Ltd. | 5,431,672 | 316,770,116 | |
Yandex NV Series A (a) | 663,708 | 47,747,154 | |
425,169,998 | |||
Media - 0.1% | |||
Astro Malaysia Holdings Bhd | 193,200 | 44,134 | |
Cheil Worldwide, Inc. | 31,153 | 571,359 | |
China South Publishing & Media Group Co. Ltd. (A Shares) | 506,365 | 731,187 | |
Chinese Universe Publishing and Media Group Co. Ltd. (A Shares) | 1,812,741 | 3,044,828 | |
Korea Business News Co. Ltd. | 8,585 | 47,381 | |
Media Prima Bhd (a) | 364,400 | 39,887 | |
Shandong Publishing & Media Co. Ltd. (A Shares) | 1,516,200 | 1,353,176 | |
Woongjin Holdings Co. Ltd. | 55,931 | 138,743 | |
5,970,695 | |||
Wireless Telecommunication Services - 0.3% | |||
America Movil S.A.B. de CV Series L sponsored ADR | 205,808 | 3,585,175 | |
Bharti Airtel Ltd. (a) | 1,974,801 | 19,149,785 | |
Bharti Airtel Ltd. | 50,937 | 265,062 | |
MTN Group Ltd. (a) | 957,874 | 9,662,258 | |
SK Telecom Co. Ltd. | 11,281 | 519,629 | |
VEON Ltd. sponsored ADR (a) | 279,279 | 483,153 | |
Vodafone Qatar QSC (a) | 93,166 | 41,043 | |
33,706,105 | |||
TOTAL COMMUNICATION SERVICES | 558,966,122 | ||
CONSUMER DISCRETIONARY - 9.3% | |||
Auto Components - 0.3% | |||
Anhui Zhongding Sealing Parts Co. Ltd. (A Shares) | 47,740 | 177,554 | |
Balkrishna Industries Ltd. | 44,509 | 1,288,894 | |
Chaowei Power Holdings Ltd. | 68,000 | 18,225 | |
DTR Automotive Corp. | 1,408 | 71,044 | |
Fras-Le SA | 12,400 | 27,659 | |
Fuyao Glass Industries Group Co. Ltd. (A Shares) | 1,269,626 | 9,174,630 | |
Guangdong Dongfang Precision Science & Technology Co. Ltd. (a) | 943,200 | 914,404 | |
Hankook Tire Co. Ltd. | 29,749 | 965,501 | |
Huayu Automotive Systems Co. Ltd. (A Shares) | 2,153,498 | 8,729,986 | |
Hyundai Mobis | 18,136 | 3,379,864 | |
MAHLE Metal Leve SA | 72,228 | 376,310 | |
Nexteer Auto Group Ltd. | 430,000 | 559,143 | |
Ningbo Huaxiang Electronic Co. Ltd. (A Shares) | 224,686 | 728,324 | |
Somboon Advance Technology PCL unit | 71,100 | 43,718 | |
Tianneng Power International Ltd. | 1,305,826 | 1,446,824 | |
Yoo Sung Enterprise | 12,624 | 31,048 | |
27,933,128 | |||
Automobiles - 1.5% | |||
Aeon Motor Co. Ltd. | 15,000 | 23,545 | |
Bajaj Auto Ltd. | 170,504 | 7,356,646 | |
BYD Co. Ltd. (H Shares) | 134,000 | 5,270,702 | |
Dongfeng Motor Group Co. Ltd. (H Shares) | 2,384,000 | 2,213,409 | |
Eicher Motors Ltd. | 312,432 | 9,861,577 | |
Great Wall Motor Co. Ltd. (H Shares) | 3,460,500 | 14,466,825 | |
Guangzhou Automobile Group Co. Ltd. (H Shares) | 6,933,720 | 7,095,548 | |
Hyundai Motor Co. | 69,803 | 11,533,737 | |
Kia Corp. | 477,263 | 31,382,428 | |
Li Auto, Inc. ADR (a) | 285,000 | 10,100,400 | |
Maruti Suzuki India Ltd. | 147,742 | 13,904,273 | |
SAIC Motor Corp. Ltd. (A Shares) | 8,213 | 25,745 | |
Tofas Turk Otomobil Fabrikasi A/S | 655,334 | 4,119,701 | |
UMW Holdings Bhd | 79,400 | 58,192 | |
XPeng, Inc. ADR (a) | 393,300 | 21,631,500 | |
139,044,228 | |||
Distributors - 0.0% | |||
Inter Cars SA | 261 | 27,007 | |
Xinhua Winshare Publishing and Media Co. Ltd. | 178,000 | 134,447 | |
161,454 | |||
Diversified Consumer Services - 0.0% | |||
Visang Education, Inc. | 8,025 | 48,902 | |
YDUQS Participacoes SA | 385,998 | 1,498,855 | |
1,547,757 | |||
Hotels, Restaurants & Leisure - 0.8% | |||
Huazhu Group Ltd. ADR (a) | 147,479 | 5,828,370 | |
Jiumaojiu International Holdings Ltd. (c) | 681,000 | 1,413,001 | |
MakeMyTrip Ltd. (a)(b) | 50,469 | 1,228,920 | |
Sands China Ltd. (a) | 2,521,522 | 5,762,458 | |
Shangri-La Asia Ltd. (a) | 3,668,000 | 2,902,226 | |
Songcheng Performance Development Co. Ltd. (A Shares) | 2,440,041 | 5,060,814 | |
Tongcheng-Elong Holdings Ltd. (a) | 1,945,600 | 4,031,918 | |
Trip.com Group Ltd. ADR (a) | 423,819 | 11,655,023 | |
Yum China Holdings, Inc. | 20,400 | 1,020,785 | |
Yum China Holdings, Inc. | 734,823 | 36,814,632 | |
75,718,147 | |||
Household Durables - 0.9% | |||
Ecovacs Robotics Co. Ltd. Class A | 74,121 | 1,909,190 | |
Gree Electric Appliances, Inc. of Zhuhai (A Shares) | 741,431 | 4,026,186 | |
Haier Smart Home Co. Ltd. (A Shares) | 3,334,922 | 14,263,403 | |
Hisense Home Appliances Group Co. Ltd. (H Shares) | 27,000 | 26,037 | |
Huisen Household International Group Ltd. | 350,000 | 101,436 | |
LG Electronics, Inc. | 124,239 | 12,127,998 | |
Midea Group Co. Ltd. (A Shares) | 3,876,592 | 41,285,830 | |
Skyworth Group Ltd. (a) | 2,127,457 | 1,293,171 | |
TCL Electronics Holdings Ltd. | 591,000 | 312,249 | |
TTK Prestige Ltd. | 1,877 | 249,282 | |
Viomi Technology Co. Ltd. ADR Class A (a)(b) | 71,922 | 217,924 | |
Zhejiang Supor Cookware Co. Ltd. | 1,098,407 | 10,621,116 | |
86,433,822 | |||
Internet & Direct Marketing Retail - 4.1% | |||
Alibaba Group Holding Ltd. (a) | 3,784,524 | 60,430,151 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 876,455 | 111,774,306 | |
Coupang, Inc. Class A (b) | 228,730 | 6,061,345 | |
D-MARKET Electronic Services & Trading ADR (b) | 239,315 | 586,322 | |
JD Health International, Inc. (c) | 479,950 | 4,185,253 | |
JD.com, Inc.: | |||
Class A (a) | 569,130 | 24,033,168 | |
sponsored ADR (a) | 924,151 | 77,730,341 | |
Leju Holdings Ltd. ADR (a)(b) | 9,926 | 10,099 | |
Meituan Class B (a)(c) | 2,056,000 | 62,490,712 | |
MercadoLibre, Inc. (a) | 9,906 | 11,772,389 | |
momo.com, Inc. | 73,700 | 4,735,444 | |
Naspers Ltd. Class N | 46,900 | 7,183,506 | |
Ozon Holdings PLC ADR (b) | 50,343 | 2,028,319 | |
PChome Online, Inc. | 108,000 | 525,687 | |
Pinduoduo, Inc. ADR (a) | 153,311 | 10,195,182 | |
Prosus NV | 164,178 | 13,204,898 | |
Successmore Being PCL: | |||
unit | 257,100 | 74,843 | |
warrants (a) | 85,700 | 7,182 | |
Vipshop Holdings Ltd. ADR (a) | 126,160 | 1,232,583 | |
398,261,730 | |||
Leisure Products - 0.0% | |||
Bafang Electric Suzhou Co. Ltd. (A Shares) | 68,128 | 2,651,450 | |
Goodbaby International Holdings Ltd. (a) | 214,000 | 31,285 | |
2,682,735 | |||
Multiline Retail - 0.2% | |||
El Puerto de Liverpool S.A.B. Dcv Series C | 42,580 | 163,469 | |
Falabella SA | 826,112 | 2,556,092 | |
Lojas Renner SA | 2,178,993 | 11,027,038 | |
Magazine Luiza SA | 350,193 | 485,873 | |
Pepco Group NV (c) | 642,136 | 7,241,853 | |
PT Matahari Department Store Tbk | 190,377 | 52,238 | |
Savezon I&C Corp. | 11,337 | 27,548 | |
Shinsegae Co. Ltd. | 1,551 | 285,115 | |
Woolworths Holdings Ltd. | 59,920 | 193,672 | |
22,032,898 | |||
Specialty Retail - 0.5% | |||
Auto Partner SA | 5,132 | 17,368 | |
Bermaz Auto Bhd | 80,700 | 28,612 | |
Cashbuild Ltd. | 677 | 9,827 | |
China Harmony Auto Holding Ltd. | 678,500 | 374,141 | |
China International Travel Service Corp. Ltd. (A Shares) | 104,800 | 3,383,115 | |
China Yongda Automobiles Services Holdings Ltd. | 259,000 | 393,250 | |
Dogus Otomotiv Servis ve Ticaret A/S | 155,951 | 544,132 | |
EEKA Fashion Holdings Ltd. | 93,000 | 126,656 | |
Foschini Group Ltd./The | 261,513 | 1,976,260 | |
Grand Baoxin Auto Group Ltd. (a) | 247,000 | 23,756 | |
Index Living Mall PCL NVDR | 55,500 | 29,015 | |
Lewis Group Ltd. | 11,913 | 35,737 | |
LOTTE Hi-Mart Co. Ltd. | 132 | 2,599 | |
Motus Holdings Ltd. | 96,531 | 640,684 | |
Mr Price Group Ltd. | 634,001 | 7,884,892 | |
Pop Mart International Group Ltd. (c) | 272,000 | 1,880,072 | |
Pou Sheng International (Holdings) Ltd. (a) | 291,000 | 41,049 | |
Shan-Loong Transportation Co. Ltd. | 56,000 | 72,876 | |
Shinsegae International Co. Ltd. | 3,438 | 405,349 | |
SSI Group, Inc. (a) | 143,000 | 3,303 | |
Super Group Ltd. | 13,052 | 26,892 | |
Truworths International Ltd. | 112,068 | 348,229 | |
United Electronics Co. | 34,136 | 1,146,480 | |
Vibra Energia SA | 335,000 | 1,296,655 | |
Zhongsheng Group Holdings Ltd. Class H | 2,594,500 | 21,343,572 | |
42,034,521 | |||
Textiles, Apparel & Luxury Goods - 1.0% | |||
Anta Sports Products Ltd. | 350,400 | 5,580,877 | |
Cabbeen Fashion Ltd. | 84,000 | 32,747 | |
CCC SA (a) | 3,244 | 80,839 | |
CECEP COSTIN New Materials Group Ltd. (a)(d) | 741,000 | 28,507 | |
China Lilang Ltd. | 55,756 | 30,030 | |
ECLAT Textile Co. Ltd. | 313,000 | 6,554,144 | |
Fila Holdings Corp. | 45,588 | 1,346,626 | |
Filatex India Ltd. (a) | 68,988 | 82,354 | |
Huvis Corp. | 9,132 | 59,353 | |
JNBY Design Ltd. | 373,220 | 628,893 | |
Kddl Ltd. | 299 | 2,680 | |
KPR Mill Ltd. | 20,735 | 145,545 | |
LG Fashion Corp. | 7,144 | 101,136 | |
Li Ning Co. Ltd. | 4,817,000 | 54,730,213 | |
Mirza International Ltd. (a) | 85,473 | 97,253 | |
Monte Carlo Fashions Ltd. (a) | 10,276 | 75,537 | |
Page Industries Ltd. | 543 | 277,580 | |
Pou Chen Corp. | 787,000 | 909,582 | |
Rupa & Co. Ltd. | 20,832 | 115,783 | |
Shenzhou International Group Holdings Ltd. | 1,349,900 | 25,348,227 | |
Sutlej Textiles & Industries Ltd. | 12,472 | 12,680 | |
Titan Co. Ltd. | 47,950 | 1,516,714 | |
Vardhman Textiles Ltd. | 183 | 4,951 | |
Weiqiao Textile Co. Ltd. (H Shares) | 139,556 | 46,531 | |
Welspun India Ltd. (a) | 290,155 | 532,788 | |
XTEP International Holdings Ltd. | 362,500 | 490,895 | |
Youngone Corp. | 7,599 | 248,873 | |
Zhejiang Semir Garment Co. Ltd. (A Shares) | 431,700 | 490,422 | |
99,571,760 | |||
TOTAL CONSUMER DISCRETIONARY | 895,422,180 | ||
CONSUMER STAPLES - 3.3% | |||
Beverages - 1.0% | |||
Arca Continental S.A.B. de CV | 317,343 | 1,935,359 | |
Beijing Yanjing Brewery Co. Ltd. (A Shares) | 1,526,870 | 1,631,400 | |
Budweiser Brewing Co. APAC Ltd. (c) | 3,072,600 | 7,801,677 | |
China Resources Beer Holdings Co. Ltd. | 1,640,000 | 13,417,799 | |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR | 125,066 | 8,847,169 | |
Heineken NV (Bearer) | 169,765 | 16,931,131 | |
Kweichow Moutai Co. Ltd. (A Shares) | 61,974 | 18,801,367 | |
Thai Beverage PCL | 17,314,300 | 8,501,397 | |
Wuliangye Yibin Co. Ltd. (A Shares) | 616,292 | 21,110,202 | |
98,977,501 | |||
Food & Staples Retailing - 0.9% | |||
Atacadao SA | 1,013,300 | 2,763,128 | |
Bid Corp. Ltd. | 262,242 | 5,028,743 | |
Bim Birlesik Magazalar A/S JSC | 347,411 | 1,761,388 | |
Clicks Group Ltd. | 168,435 | 2,984,270 | |
CP ALL PCL: | |||
(For. Reg.) | 9,239,500 | 16,055,570 | |
rights (a) | 615,966 | 137,227 | |
Magnit OJSC | 55,565 | 4,349,908 | |
President Chain Store Corp. | 531,000 | 5,168,387 | |
Raia Drogasil SA | 3,537,974 | 14,084,306 | |
Shoprite Holdings Ltd. | 653,855 | 8,056,622 | |
Wal-Mart de Mexico SA de CV Series V | 4,926,009 | 15,479,281 | |
X5 Retail Group NV GDR (Reg. S) | 175,806 | 4,876,858 | |
Yifeng Pharmacy Chain Co. Ltd. | 479,778 | 3,403,670 | |
84,149,358 | |||
Food Products - 1.1% | |||
Angel Yeast Co. Ltd. (A Shares) | 1,012,000 | 8,907,852 | |
AVI Ltd. | 402,650 | 2,042,800 | |
China Mengniu Dairy Co. Ltd. | 10,745,496 | 59,942,174 | |
Dwarikesh Sugar Industries Ltd. | 174,073 | 152,633 | |
Inner Mongoli Yili Industries Co. Ltd. (A Shares) | 148,500 | 913,965 | |
JBS SA | 2,461,629 | 15,609,999 | |
Marfrig Global Foods SA | 506,886 | 2,125,155 | |
Minerva SA | 62,300 | 95,082 | |
PT Japfa Comfeed Indonesia Tbk | 938,100 | 104,797 | |
SLC Agricola SA | 141,300 | 964,646 | |
Tata Consumer Products Ltd. | 102,075 | 1,058,264 | |
Uni-President Enterprises Corp. | 3,316,000 | 7,821,084 | |
Universal Robina Corp. | 1,138,040 | 2,962,944 | |
102,701,395 | |||
Household Products - 0.0% | |||
Opple Lighting Co. Ltd. (A Shares) | 57,064 | 175,470 | |
Personal Products - 0.3% | |||
Dabur India Ltd. | 203,601 | 1,612,948 | |
Emami Ltd. | 10,684 | 74,980 | |
LG Household & Health Care Ltd. | 24,676 | 21,981,866 | |
Marico Ltd. | 93,327 | 669,009 | |
Natura & Co. Holding SA (a) | 1,634,858 | 7,761,566 | |
Organic Tea Cosmetics Holdings Co. Ltd. (a) | 4,513 | 2,449 | |
Proya Cosmetics Co. Ltd. (A Shares) | 56,300 | 1,757,302 | |
33,860,120 | |||
Tobacco - 0.0% | |||
ITC Ltd. | 362,070 | 1,066,202 | |
TOTAL CONSUMER STAPLES | 320,930,046 | ||
ENERGY - 2.7% | |||
Energy Equipment & Services - 0.1% | |||
Ezion Holdings Ltd. warrants 4/16/23 (a)(d) | 5,020,014 | 5,776 | |
Offshore Oil Enginering Co. Ltd. (A Shares) | 1,070,200 | 724,756 | |
Yantai Jereh Oilfield Services (A Shares) | 529,272 | 3,245,838 | |
3,976,370 | |||
Oil, Gas & Consumable Fuels - 2.6% | |||
Anhui Hengyan Coal Industry & Electricity Power Co. Ltd. (A Shares) | 3,329,251 | 3,269,459 | |
China Coal Energy Co. Ltd. (H Shares) | 6,566,000 | 3,300,682 | |
China Merchants Energy Shipping Co. Ltd. (A Shares) | 3,633,760 | 2,495,095 | |
China Petroleum & Chemical Corp. (H Shares) | 20,146,000 | 8,781,836 | |
China Shenhua Energy Co. Ltd. (H Shares) | 1,283,000 | 2,658,795 | |
Empresas COPEC SA | 719,063 | 5,304,054 | |
Gazprom OAO | 932,288 | 4,236,532 | |
Gazprom OAO sponsored ADR (Reg. S) | 2,004,494 | 17,880,086 | |
Grupa Lotos SA (a) | 11,240 | 147,177 | |
Hindustan Petroleum Corp. Ltd. | 643,806 | 2,529,789 | |
Indian Oil Corp. Ltd. | 1,315,262 | 2,083,228 | |
Jinneng Science & Technology Co. Ltd. | 10,700 | 25,538 | |
Lukoil PJSC | 165,638 | 14,593,514 | |
Lukoil PJSC sponsored ADR | 370,572 | 32,328,701 | |
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | 218,806 | 1,645,488 | |
Novatek PJSC GDR (Reg. S) | 156,912 | 34,379,419 | |
Oil & Natural Gas Corp. Ltd. | 9,367,749 | 17,725,128 | |
PetroChina Co. Ltd. (H Shares) | 29,512,000 | 12,778,948 | |
Petronet LNG Ltd. | 1,375,049 | 4,025,360 | |
Polish Oil & Gas Co. SA | 1,767,275 | 2,382,069 | |
PT Adaro Energy Tbk | 1,702,400 | 202,065 | |
PT Bukit Asam Tbk | 680,141 | 123,468 | |
PT Indo Tambangraya Megah Tbk | 218,900 | 329,363 | |
PT United Tractors Tbk | 3,217,300 | 4,795,905 | |
PTT PCL (For. Reg.) | 3,262,000 | 3,439,804 | |
Qatar Fuel Co. | 6,939 | 34,685 | |
Rabigh Refining & Petrochemical Co. (a) | 978,518 | 5,738,191 | |
Reliance Industries Ltd. | 1,424,242 | 45,617,466 | |
Reliance Industries Ltd. sponsored GDR (c) | 49,800 | 3,182,220 | |
Rosneft Oil Co. OJSC | 1,237,559 | 9,415,318 | |
Saudi Arabian Oil Co. | 169,139 | 1,562,178 | |
Shaanxi Coal Industry Co. Ltd. (A Shares) | 1,077,800 | 2,011,889 | |
Shan Xi Hua Yang Group New Energy Co. Ltd. | 211,900 | 356,258 | |
Shanxi Lu'an Environmental Energy Development Co. Ltd. (A Shares) | 962,300 | 1,632,990 | |
Susco Public Co. Ltd. unit | 49,300 | 4,803 | |
Tatneft PAO sponsored ADR | 28,136 | 1,071,138 | |
Yanzhou Coal Mining Co. Ltd. (H Shares) | 594,000 | 932,362 | |
253,021,001 | |||
TOTAL ENERGY | 256,997,371 | ||
FINANCIALS - 11.7% | |||
Banks - 8.2% | |||
Absa Group Ltd. | 750,793 | 6,303,974 | |
Abu Dhabi Commercial Bank PJSC | 1,711,282 | 3,960,115 | |
Agricultural Bank of China Ltd. (H Shares) | 5,158,980 | 1,700,254 | |
Akbank TAS | 2,791,031 | 1,329,426 | |
Al Rajhi Bank | 1,460,205 | 51,455,139 | |
Alior Bank SA (a) | 44,052 | 617,577 | |
Alpha Bank SA (a) | 1,551,672 | 1,826,622 | |
Axis Bank Ltd. (a) | 915,044 | 7,988,663 | |
Banco de Credito e Inversiones | 321 | 10,863 | |
Banco do Brasil SA | 480,959 | 2,723,967 | |
Banco Santander Chile sponsored ADR | 440,010 | 7,792,577 | |
Bank Albilad (a) | 118,061 | 1,350,042 | |
Bank Millennium SA (a) | 95,055 | 190,702 | |
Bank of China Ltd. (H Shares) | 4,075,000 | 1,414,988 | |
Bank of Communications Co. Ltd. (H Shares) | 5,609,703 | 3,265,972 | |
Bank Polska Kasa Opieki SA | 97,846 | 2,828,986 | |
BNK Financial Group, Inc. | 49,906 | 337,436 | |
Burgan Bank SAK | 307,892 | 219,850 | |
Capitec Bank Holdings Ltd. | 130,890 | 14,912,342 | |
China CITIC Bank Corp. Ltd. (H Shares) | 4,095,000 | 1,759,201 | |
China Construction Bank Corp. (H Shares) | 65,907,000 | 42,945,433 | |
China Everbright Bank Co. Ltd. (H Shares) | 1,257,900 | 432,312 | |
China Merchants Bank Co. Ltd. (H Shares) | 2,782,500 | 21,516,382 | |
CIMB Group Holdings Bhd | 4,018,417 | 4,953,099 | |
Commercial International Bank SAE sponsored GDR | 2,462,256 | 7,620,682 | |
Credicorp Ltd. (United States) | 114,780 | 13,544,040 | |
CTBC Financial Holding Co. Ltd. | 6,847,000 | 6,029,046 | |
DGB Financial Group Co. Ltd. | 16,476 | 124,630 | |
Dubai Islamic Bank Pakistan Ltd. (a) | 417,840 | 586,985 | |
E.SUN Financial Holdings Co. Ltd. | 7,899,450 | 7,679,307 | |
EFG Eurobank Ergasias SA (a) | 1,958,719 | 1,952,596 | |
Emirates NBD Bank PJSC | 53,596 | 192,608 | |
First Abu Dhabi Bank PJSC | 891,717 | 4,656,321 | |
Grupo Financiero Banorte S.A.B. de CV Series O | 6,535,847 | 39,055,058 | |
Grupo Financiero Inbursa S.A.B. de CV Series O (a) | 320,573 | 309,323 | |
Gulf Bank | 829,317 | 668,937 | |
Hana Financial Group, Inc. | 638,671 | 21,321,781 | |
HDFC Bank Ltd. | 2,587,104 | 51,288,521 | |
HDFC Bank Ltd. sponsored ADR | 212,754 | 13,929,004 | |
ICICI Bank Ltd. | 3,030,837 | 28,668,905 | |
ICICI Bank Ltd. sponsored ADR | 1,782,342 | 32,902,033 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 59,270,310 | 31,320,398 | |
KakaoBank Corp. | 5,023 | 278,494 | |
Kasikornbank PCL NVDR | 3,049,100 | 11,955,479 | |
KB Financial Group, Inc. | 540,996 | 24,139,349 | |
Komercni Banka A/S | 102,183 | 3,909,200 | |
Kotak Mahindra Bank Ltd. (a) | 598,599 | 15,637,701 | |
Krung Thai Bank PCL NVDR | 679,400 | 228,048 | |
mBank SA (a) | 648 | 76,519 | |
National Bank of Greece SA (a) | 4,195,523 | 12,547,222 | |
Nedbank Group Ltd. | 181,193 | 1,872,906 | |
Nova Ljubljanska banka d.d. unit | 819,776 | 14,038,590 | |
OTP Bank PLC (a) | 504,509 | 27,937,230 | |
Powszechna Kasa Oszczednosci Bank SA (a) | 448,849 | 4,758,202 | |
PT Bank Bukopin Tbk (a) | 11,635 | 242 | |
PT Bank Central Asia Tbk | 37,536,500 | 19,066,367 | |
PT Bank Mandiri (Persero) Tbk | 60,903,500 | 29,766,067 | |
PT Bank Rakyat Indonesia Tbk | 35,799,619 | 10,200,638 | |
Pureun Mutual Savings Bank | 2,171 | 20,184 | |
Qatar National Bank SAQ (a) | 1,303,440 | 6,941,418 | |
Santander Bank Polska SA | 10,032 | 890,794 | |
Saudi Investment Bank/The | 99,243 | 446,535 | |
Sberbank of Russia | 643,442 | 2,754,974 | |
Sberbank of Russia | 4,690,451 | 20,014,070 | |
Sberbank of Russia sponsored ADR | 3,284,127 | 55,534,588 | |
Shinhan Financial Group Co. Ltd. | 709,408 | 20,712,830 | |
Siam Commercial Bank PCL (For. Reg.) | 2,140,000 | 7,755,235 | |
Sinopac Holdings Co. | 3,628,000 | 2,002,217 | |
Standard Bank Group Ltd. | 353,325 | 2,869,920 | |
State Bank of India | 2,451,283 | 15,032,469 | |
Taishin Financial Holdings Co. Ltd. | 2,354,014 | 1,581,062 | |
TCS Group Holding PLC GDR | 260,054 | 24,897,570 | |
The Saudi National Bank | 431,670 | 6,949,800 | |
TISCO Financial Group PCL | 602,300 | 1,605,716 | |
Turkiye Garanti Bankasi A/S | 346,880 | 289,399 | |
Woori Financial Group, Inc. | 204,575 | 2,178,574 | |
Yapi ve Kredi Bankasi A/S | 74,148 | 17,172 | |
792,592,878 | |||
Capital Markets - 0.4% | |||
Alexander Forbes Group Holdings Ltd. | 888 | 249 | |
B3 SA - Brasil Bolsa Balcao | 3,928,154 | 7,762,888 | |
Boursa Kuwait Securities Co. KPSC | 76,300 | 487,311 | |
Daishin Securities Co. Ltd. | 5,900 | 93,498 | |
East Money Information Co. Ltd. (A Shares) | 285,600 | 1,554,481 | |
HDFC Asset Management Co. Ltd. (c) | 81,636 | 2,729,860 | |
Hong Kong Exchanges and Clearing Ltd. | 125,600 | 6,925,878 | |
Korea Investment Holdings Co. Ltd. | 60,259 | 3,835,006 | |
Noah Holdings Ltd. sponsored ADR (a) | 34,004 | 1,238,766 | |
Share India Securities Ltd. | 4,260 | 45,099 | |
VLS Finance Ltd. | 24,557 | 61,229 | |
XP, Inc. Class A (a) | 484,318 | 13,890,240 | |
38,624,505 | |||
Consumer Finance - 0.4% | |||
360 DigiTech, Inc. ADR | 175,173 | 4,078,027 | |
AEON Credit Service Bhd | 2,000 | 6,139 | |
Bajaj Finance Ltd. | 39,264 | 3,658,323 | |
Commercial Facilities Co. SAK | 103,124 | 67,840 | |
Kaspi.KZ JSC: | |||
unit (c) | 41,617 | 5,368,593 | |
unit | 69,699 | 8,991,171 | |
Kruk SA | 4,717 | 387,035 | |
Samsung Card Co. Ltd. | 17,668 | 484,564 | |
Shriram Transport Finance Co. Ltd. | 772,255 | 14,465,128 | |
37,506,820 | |||
Diversified Financial Services - 0.5% | |||
Chailease Holding Co. Ltd. | 1,403,268 | 12,487,252 | |
FirstRand Ltd. | 4,391,040 | 15,355,947 | |
Meritz Financial Holdings Co. | 5,647 | 163,943 | |
Rec Ltd. | 1,021,326 | 1,829,819 | |
SK Square Co. Ltd. | 7,293 | 419,145 | |
Yuanta Financial Holding Co. Ltd. | 16,703,960 | 14,275,293 | |
44,531,399 | |||
Insurance - 1.8% | |||
AIA Group Ltd. | 7,171,184 | 75,494,285 | |
Cathay Financial Holding Co. Ltd. | 360,000 | 777,937 | |
China Life Insurance Co. Ltd. (H Shares) | 5,888,000 | 9,683,766 | |
China Pacific Insurance (Group) Co. Ltd. (H Shares) | 3,827,200 | 11,091,911 | |
China Taiping Insurance Group Ltd. | 1,238,600 | 1,724,955 | |
Fubon Financial Holding Co. Ltd. | 4,369,185 | 11,518,959 | |
HDFC Standard Life Insurance Co. Ltd. (c) | 204,930 | 1,857,741 | |
Hyundai Fire & Marine Insurance Co. Ltd. | 49,606 | 964,298 | |
ICICI Lombard General Insurance Co. Ltd. (c) | 48,502 | 928,287 | |
PICC Property & Casualty Co. Ltd. (H Shares) | 11,442,000 | 9,786,886 | |
Ping An Insurance Group Co. of China Ltd.: | |||
(A Shares) | 81,700 | 619,011 | |
(H Shares) | 3,088,000 | 21,406,765 | |
Porto Seguro SA | 629,038 | 2,490,708 | |
Powszechny Zaklad Ubezpieczen SA | 1,330,551 | 11,642,969 | |
Prudential PLC (a) | 137,943 | 2,330,032 | |
Samsung Fire & Marine Insurance Co. Ltd. | 57,142 | 9,755,645 | |
Sanlam Ltd. | 1,292,730 | 4,500,870 | |
176,575,025 | |||
Thrifts & Mortgage Finance - 0.4% | |||
Housing Development Finance Corp. Ltd. | 980,727 | 34,907,874 | |
LIC Housing Finance Ltd. (a) | 1,614,541 | 7,999,610 | |
Sangsangin Co. Ltd. (a) | 4,273 | 27,772 | |
42,935,256 | |||
TOTAL FINANCIALS | 1,132,765,883 | ||
HEALTH CARE - 1.9% | |||
Biotechnology - 0.2% | |||
I-Mab ADR (a) | 13,722 | 829,632 | |
InnoCare Pharma Ltd. (a)(c) | 407,000 | 1,037,594 | |
Innovent Biologics, Inc. (a)(c) | 714,000 | 6,349,820 | |
Remegen Co. Ltd. (H Shares) (a)(c) | 47,500 | 644,460 | |
Zai Lab Ltd. (a) | 94,300 | 6,657,967 | |
Zai Lab Ltd. ADR (a) | 2,214 | 153,320 | |
15,672,793 | |||
Health Care Equipment & Supplies - 0.2% | |||
Peijia Medical Ltd. (a)(c) | 871,000 | 1,874,247 | |
Rayence Co. Ltd. | 12,372 | 121,819 | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | 350,138 | 19,719,366 | |
21,715,432 | |||
Health Care Providers & Services - 0.2% | |||
Apollo Hospitals Enterprise Ltd. | 17,250 | 1,306,441 | |
Bangkok Chain Hospital PCL | 2,390,400 | 1,519,518 | |
Hapvida Participacoes e Investimentos SA (c) | 4,956,563 | 9,618,916 | |
Mediclinic International PLC (a) | 1,760,191 | 6,926,773 | |
National Medical Care Co. | 10,441 | 172,551 | |
Neuca SA | 233 | 44,987 | |
Rede D'Oregon Sao Luiz SA (c) | 218,111 | 1,946,446 | |
Shanghai Pharmaceuticals Holding Co. Ltd. (H Shares) | 666,100 | 1,214,663 | |
22,750,295 | |||
Health Care Technology - 0.0% | |||
Medlive Technology Co. Ltd. (c) | 509,500 | 2,593,889 | |
Life Sciences Tools & Services - 0.7% | |||
Hangzhou Tigermed Consulting Co. Ltd. (H Shares) (c) | 125,100 | 1,994,092 | |
Pharmaron Beijing Co. Ltd. (H Shares) (c) | 343,700 | 7,082,917 | |
WuXi AppTec Co. Ltd. | 349,969 | 7,918,473 | |
WuXi AppTec Co. Ltd. (H Shares) (c) | 686,556 | 15,292,995 | |
Wuxi Biologics (Cayman), Inc. (a)(c) | 2,675,500 | 36,091,937 | |
68,380,414 | |||
Pharmaceuticals - 0.6% | |||
Aspen Pharmacare Holdings Ltd. | 268,636 | 4,018,306 | |
Cipla Ltd. (a) | 618,111 | 7,994,290 | |
Hansoh Pharmaceutical Group Co. Ltd. (c) | 2,180,000 | 4,450,577 | |
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | 313,836 | 2,473,980 | |
Richter Gedeon PLC | 1,045,245 | 27,817,794 | |
Sino Biopharmaceutical Ltd. | 4,009,500 | 2,925,629 | |
Sun Pharmaceutical Industries Ltd. | 418,597 | 4,200,462 | |
53,881,038 | |||
TOTAL HEALTH CARE | 184,993,861 | ||
INDUSTRIALS - 2.4% | |||
Aerospace & Defense - 0.0% | |||
Embraer SA (a) | 484,600 | 1,649,856 | |
Hindustan Aeronautics Ltd. | 23,559 | 400,566 | |
2,050,422 | |||
Air Freight & Logistics - 0.1% | |||
InPost SA | 96,209 | 1,073,103 | |
SF Holding Co. Ltd. (A Shares) | 1,004,662 | 9,665,706 | |
Sinotrans Ltd. (H Shares) | 256,000 | 82,072 | |
10,820,881 | |||
Airlines - 0.0% | |||
Copa Holdings SA Class A (a)(b) | 13,316 | 931,055 | |
Wizz Air Holdings PLC (a)(c) | 28,667 | 1,504,439 | |
2,435,494 | |||
Building Products - 0.1% | |||
Bawan Co. | 67,521 | 608,330 | |
Dare Power Dekor Home Co. Ltd. (A Shares) | 1,474,978 | 2,764,874 | |
Everest Industries Ltd. | 8,635 | 43,077 | |
HSIL Ltd. | 19,766 | 55,021 | |
Kajaria Ceramics Ltd. | 28,685 | 435,852 | |
KCC Glass Corp. | 5,139 | 229,765 | |
LX Hausys Ltd. | 1,397 | 66,356 | |
SCG Ceramics PCL NVDR | 567,400 | 38,765 | |
Sung Kwang Bend Co. Ltd. | 9,981 | 65,293 | |
Xinyi Glass Holdings Ltd. | 698,000 | 1,702,483 | |
ZBOM Home Collection Co. Ltd. | 318,156 | 1,087,798 | |
Zhejiang Weixing New Building Materials Co. Ltd. (A Shares) | 535,209 | 1,559,131 | |
8,656,745 | |||
Commercial Services & Supplies - 0.0% | |||
China Everbright International Ltd. | 3,121,000 | 2,073,196 | |
Construction & Engineering - 0.4% | |||
Budimex SA | 65 | 3,442 | |
China Railway Group Ltd. (H Shares) | 6,601,993 | 3,140,984 | |
Combined Group Contracting Co. SAKC | 26,635 | 28,880 | |
Daewoo Engineering & Construction Co. Ltd. (a) | 47,039 | 213,492 | |
DL E&C Co. Ltd. | 15,458 | 1,443,659 | |
Hyundai Engineering & Construction Co. Ltd. | 5,027 | 187,793 | |
Larsen & Toubro Ltd. | 1,016,566 | 23,887,947 | |
Metallurgical Corp. China Ltd. (H Shares) | 5,023,882 | 1,275,620 | |
Murray & Roberts Holdings Ltd. (a) | 72,316 | 60,358 | |
Orascom Construction PLC | 1,460 | 6,397 | |
Praj Industries Ltd. | 21,698 | 93,611 | |
Sinopec Engineering Group Co. Ltd. (H Shares) | 450,000 | 219,287 | |
Suzhou Gold Mantis Consolidated Co. Ltd. | 1,238,300 | 1,105,156 | |
Voltas Ltd. | 554,692 | 8,870,640 | |
40,537,266 | |||
Electrical Equipment - 0.3% | |||
China High Speed Transmission Equipment Group Co. Ltd. (a) | 492,210 | 407,755 | |
DONGYANG E&P, Inc. | 21,665 | 300,298 | |
Graphite India Ltd. | 181,044 | 985,497 | |
Harbin Electric Machinery Co. Ltd.(H Shares) | 642,632 | 304,092 | |
Hongfa Technology Co. Ltd. (A Shares) | 368,226 | 4,195,866 | |
Korea Electric Terminal Co. Ltd. | 3,163 | 173,497 | |
Sungrow Power Supply Co. Ltd. (A Shares) | 625,300 | 15,865,601 | |
Weg SA | 681,646 | 3,907,869 | |
Zhejiang HangKe Technology, Inc. Co. (A Shares) | 123,219 | 2,380,818 | |
28,521,293 | |||
Industrial Conglomerates - 0.2% | |||
Aamal Co. (a) | 177,954 | 50,635 | |
Alfa SA de CV Series A | 39,252 | 28,063 | |
Astra Industrial Group | 30,578 | 291,793 | |
CITIC Pacific Ltd. | 6,161,000 | 5,562,124 | |
CJ Corp. | 9,969 | 674,048 | |
Doosan Co. Ltd. | 2,463 | 225,862 | |
Hanwha Corp. | 83,235 | 2,099,904 | |
Hong Leong Industries Bhd | 3,000 | 6,296 | |
Industries Qatar QSC (a) | 144,204 | 575,073 | |
Koc Holding A/S | 813,223 | 1,695,570 | |
Kolon Corp. | 8,285 | 199,566 | |
LG Corp. | 92,864 | 6,153,364 | |
Mannai Corp. | 86,440 | 110,347 | |
Nava Bharat Ventures Ltd. (a) | 69,851 | 101,242 | |
Shanghai Industrial Holdings Ltd. | 48,000 | 68,941 | |
SM Investments Corp. | 331,790 | 6,437,274 | |
24,280,102 | |||
Machinery - 0.5% | |||
Ador Welding Ltd. (a) | 1,754 | 15,821 | |
China International Marine Containers Group Co. Ltd. (H Shares) | 753,954 | 1,378,736 | |
Cimc Enric Holdings Ltd. | 503,016 | 687,632 | |
DY POWER Corp. | 2,224 | 21,804 | |
Elgi Equipments Ltd. | 55,168 | 202,197 | |
Estun Automation Co. Ltd. (A Shares) | 627,200 | 2,711,103 | |
Grindwell Norton Ltd. | 9,490 | 203,858 | |
Guangxi Liugong Machinery Co. Ltd. (A Shares) | 323,892 | 386,779 | |
Haitian International Holdings Ltd. | 420,000 | 1,152,603 | |
Hangcha Group Co. Ltd. (A Shares) | 213,394 | 549,889 | |
HIWIN Technologies Corp. | 723,443 | 7,443,082 | |
Industrias Romi SA | 59,300 | 165,500 | |
Kepler Weber SA | 5,195 | 28,859 | |
Kirloskar Brothers Ltd. | 3,519 | 16,428 | |
Kirloskar Oil Engines Ltd. | 16,592 | 40,453 | |
NRB Bearings Ltd. (a) | 71,935 | 151,485 | |
Schaeffler India Ltd. | 1,523 | 158,055 | |
Shandong Himile Mechanical Science & Technology Co. Ltd. (A Shares) | 539,600 | 2,331,600 | |
Shanghai Chuangli Group Co. Ltd. (A Shares) | 574,500 | 559,669 | |
Shanghai Hanbell Precise Machinery Co. Ltd. (A Shares) | 73,779 | 338,505 | |
Sinotruk Hong Kong Ltd. | 1,442,072 | 2,137,773 | |
SNT Energy Co. Ltd. | 3,136 | 46,649 | |
Techtronic Industries Co. Ltd. | 446,000 | 9,202,539 | |
Tian Di Science & Technology Co. Ltd. (A Shares) | 706,000 | 464,802 | |
Weichai Power Co. Ltd.: | |||
(A Shares) | 102 | 247 | |
(H Shares) | 5,709,000 | 10,147,056 | |
Yutong Bus Co. Ltd. | 951,198 | 1,650,021 | |
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | 3,005,330 | 10,969,599 | |
53,162,744 | |||
Marine - 0.2% | |||
COSCO SHIPPING Holdings Co. Ltd. (H Shares) | 5,152,750 | 8,814,784 | |
Evergreen Marine Corp. (Taiwan) | 740,000 | 3,296,748 | |
Qatar Navigation QPSC | 6,188 | 12,713 | |
Yang Ming Marine Transport Corp. (a) | 721,000 | 2,977,987 | |
15,102,232 | |||
Professional Services - 0.1% | |||
Anhui Transport Consulting & Design Institute Co. Ltd. (A Shares) | 74,200 | 102,714 | |
Centre Testing International Group Co. Ltd. (A Shares) | 1,191,137 | 4,624,703 | |
Headhunter Group PLC ADR | 18,283 | 1,004,651 | |
Renrui Human Resources Technology Holdings Ltd. | 3,348 | 3,602 | |
Sporton International, Inc. | 337,200 | 2,559,872 | |
8,295,542 | |||
Road & Rail - 0.2% | |||
Container Corp. of India Ltd. | 113,231 | 934,797 | |
Globaltrans Investment PLC GDR (Reg. S) | 8,980 | 63,399 | |
Localiza Rent A Car SA | 979,165 | 8,901,896 | |
TuSimple Holdings, Inc. | 24,775 | 990,752 | |
United International Transportation Co. | 354,251 | 4,315,298 | |
VRL Logistics Ltd. | 13,652 | 82,630 | |
15,288,772 | |||
Trading Companies & Distributors - 0.1% | |||
BOC Aviation Ltd. Class A (c) | 648,500 | 4,578,087 | |
CITIC Resources Holdings Ltd. (a) | 590,000 | 34,804 | |
Jiangsu Guotai International Group Co. Ltd. (A Shares) | 353,986 | 726,405 | |
LX International Corp. | 10,711 | 209,571 | |
Somany Home Innovation Ltd. | 7,738 | 41,570 | |
Xiamen ITG Group Corp. Ltd. A Shares | 862,100 | 921,119 | |
6,511,556 | |||
Transportation Infrastructure - 0.2% | |||
Airports of Thailand PCL (For. Reg.) | 1,103,300 | 1,958,181 | |
China Merchants Holdings International Co. Ltd. | 326,000 | 502,503 | |
Grupo Aeroportuario del Sureste S.A.B. de CV: | |||
Series B | 373,320 | 6,839,282 | |
Series B sponsored ADR | 26,543 | 4,850,733 | |
Zhejiang Expressway Co. Ltd. (H Shares) | 1,226,000 | 1,155,566 | |
15,306,265 | |||
TOTAL INDUSTRIALS | 233,042,510 | ||
INFORMATION TECHNOLOGY - 13.8% | |||
Communications Equipment - 0.1% | |||
Accton Technology Corp. | 716,000 | 7,480,427 | |
Electronic Equipment & Components - 1.2% | |||
Alviva Holdings Ltd. | 11,198 | 10,497 | |
AU Optronics Corp. | 2,425,000 | 1,757,130 | |
Coretronic Corp. | 106,400 | 304,439 | |
General Interface Solution Holding Ltd. | 151,000 | 542,056 | |
Goldtek Technology Co. Ltd. | 6,713 | 21,954 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 12,557,626 | 46,802,997 | |
Innolux Corp. | 1,731,000 | 1,086,416 | |
Largan Precision Co. Ltd. | 56,000 | 4,014,231 | |
LG Display Co. Ltd. (a) | 57,396 | 963,797 | |
LG Innotek Co. Ltd. | 9,299 | 2,393,165 | |
Redington (India) Ltd. | 96,388 | 188,733 | |
Samsung Electro-Mechanics Co. Ltd. | 25,301 | 3,560,419 | |
Samsung SDI Co. Ltd. | 31,553 | 18,347,558 | |
Simplo Technology Co. Ltd. | 3,000 | 35,536 | |
SINBON Electronics Co. Ltd. | 158,000 | 1,456,365 | |
Sirtec International Co. Ltd. | 1,000 | 929 | |
Sunny Optical Technology Group Co. Ltd. | 152,800 | 4,620,446 | |
Unimicron Technology Corp. | 2,520,000 | 20,698,554 | |
Utechzone Co. Ltd. | 48,000 | 125,906 | |
Wasion Holdings Ltd. | 54,000 | 20,982 | |
Wuxi Lead Intelligent Equipment Co. Ltd. (A Shares) | 300,640 | 3,744,596 | |
Yageo Corp. | 281,600 | 4,626,764 | |
115,323,470 | |||
IT Services - 1.5% | |||
Computer Age Management Services Private Ltd. | 4,822 | 197,599 | |
Digital China Holdings Ltd. (H Shares) | 269,000 | 144,883 | |
Globant SA (a) | 55,353 | 14,669,099 | |
HCL Technologies Ltd. | 621,785 | 9,427,370 | |
Hinduja Global Solutions Ltd. | 1,905 | 73,032 | |
Infosys Ltd. | 663,015 | 15,091,489 | |
Infosys Ltd. sponsored ADR | 1,739,080 | 39,268,426 | |
MindTree Consulting Ltd. | 111,574 | 6,430,807 | |
Mphasis BFL Ltd. | 81,525 | 3,142,838 | |
Network International Holdings PLC (a)(c) | 505,549 | 1,799,894 | |
PagSeguro Digital Ltd. (a)(b) | 109,656 | 2,802,807 | |
StoneCo Ltd. Class A (a) | 71,202 | 1,110,751 | |
Systex Corp. | 33,000 | 101,957 | |
Tata Consultancy Services Ltd. | 417,087 | 19,600,034 | |
Tech Mahindra Ltd. | 725,172 | 14,884,373 | |
Wipro Ltd. | 1,232,209 | 10,392,961 | |
WNS Holdings Ltd. sponsored ADR (a) | 22,471 | 1,889,137 | |
141,027,457 | |||
Semiconductors & Semiconductor Equipment - 7.9% | |||
Advanced Analog Technology, Inc. | 51,000 | 160,881 | |
Alcor Micro Corp. | 85,000 | 190,584 | |
ASE Technology Holding Co. Ltd. | 2,334,000 | 8,557,719 | |
ASML Holding NV (Netherlands) | 6,228 | 4,888,234 | |
ChipMOS TECHNOLOGIES, Inc. | 908,000 | 1,507,478 | |
D&O Green Technologies Bhd | 37,600 | 51,893 | |
Daqo New Energy Corp. ADR (a) | 33,170 | 1,901,968 | |
eGalax_eMPIA Technology, Inc. | 297,910 | 833,522 | |
eMemory Technology, Inc. | 143,000 | 11,129,067 | |
Everlight Electronics Co. Ltd. | 73,000 | 134,862 | |
Generalplus Technology, Inc. | 41,000 | 109,280 | |
Global Unichip Corp. | 226,000 | 4,785,328 | |
Himax Technologies, Inc. sponsored ADR (b) | 129,420 | 1,287,729 | |
King Yuan Electronics Co. Ltd. | 530,000 | 829,658 | |
LONGi Green Energy Technology Co. Ltd. | 1,029,052 | 14,135,054 | |
Lx Semicon Co. Ltd. | 9,519 | 860,844 | |
Macroblock, Inc. | 68,000 | 478,851 | |
Malaysian Pacific Industries Bhd | 12,286 | 147,637 | |
MediaTek, Inc. | 2,594,000 | 94,583,578 | |
MLS Co. Ltd. (A Shares) | 571,600 | 1,526,829 | |
Novatek Microelectronics Corp. | 318,000 | 5,326,073 | |
Parade Technologies Ltd. | 117,000 | 8,964,937 | |
Phison Electronics Corp. | 24,000 | 358,306 | |
Powertech Technology, Inc. | 924,000 | 3,302,254 | |
Radiant Opto-Electronics Corp. | 437,000 | 1,515,443 | |
Raydium Semiconductor Corp. | 64,572 | 1,165,258 | |
Realtek Semiconductor Corp. | 592,000 | 11,813,349 | |
Shanghai Fullhan Microelectron Co., Ltd. Class A | 68,377 | 1,728,039 | |
Sigurd Microelectronics Corp. | 212,000 | 452,253 | |
Silergy Corp. | 176,774 | 30,052,675 | |
Silicon Motion Tech Corp. sponsored ADR | 8,585 | 592,623 | |
SK Hynix, Inc. | 624,060 | 60,128,501 | |
Sonix Technology Co. Ltd. | 222,000 | 739,490 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 19,041,900 | 407,362,420 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 486,907 | 57,041,155 | |
United Microelectronics Corp. | 5,946,000 | 13,691,622 | |
Vanguard International Semiconductor Corp. | 1,326,000 | 7,430,617 | |
ViTrox Corp. Bhd | 6,000 | 29,268 | |
Winbond Electronics Corp. | 1,629,000 | 1,884,094 | |
761,679,373 | |||
Software - 0.1% | |||
Asseco Poland SA | 16,805 | 359,447 | |
Birlasoft Ltd. | 33,607 | 212,539 | |
Cyient Ltd. | 44,146 | 595,148 | |
Genesis Technology, Inc. | 21,000 | 38,303 | |
Hundsun Technologies, Inc. (A Shares) | 680,100 | 6,241,793 | |
KPIT Engineering Ltd. | 63,382 | 417,469 | |
Nucleus Software Exports Ltd. | 31,536 | 211,010 | |
Oracle Financial Services Soft | 1,081 | 60,962 | |
Sangfor Technologies, Inc. | 68,200 | 2,102,484 | |
Shanghai Weaver Network Co. Ltd. (A Shares) | 20,300 | 196,611 | |
10,435,766 | |||
Technology Hardware, Storage & Peripherals - 3.0% | |||
Acer, Inc. | 427,000 | 426,868 | |
ASUSTeK Computer, Inc. | 330,000 | 4,196,543 | |
Chicony Electronics Co. Ltd. | 62,000 | 177,858 | |
Compal Electronics, Inc. | 1,167,000 | 974,678 | |
Lenovo Group Ltd. | 9,398,000 | 9,605,291 | |
Lite-On Technology Corp. | 2,172,000 | 4,723,363 | |
Micro-Star International Co. Ltd. | 356,000 | 2,095,343 | |
Samsung Electronics Co. Ltd. | 4,486,850 | 270,383,547 | |
Wiwynn Corp. | 77,000 | 2,907,463 | |
295,490,954 | |||
TOTAL INFORMATION TECHNOLOGY | 1,331,437,447 | ||
MATERIALS - 3.3% | |||
Chemicals - 0.8% | |||
Abou Kir Fertilizers & Chemical Industries | 68,315 | 81,113 | |
Andhra Sugars Ltd. (a) | 12,147 | 95,688 | |
China BlueChemical Ltd. (H Shares) | 162,000 | 49,443 | |
China Risun Group Ltd. Class H | 238,000 | 144,973 | |
China Sanjiang Fine Chemicals Ltd. | 329,000 | 100,835 | |
China XLX Fertiliser Ltd. | 138,724 | 84,501 | |
Finolex Industries Ltd. | 24,457 | 68,991 | |
Formosa Plastics Corp. | 969,000 | 3,574,785 | |
Fufeng Group Ltd. | 437,000 | 174,845 | |
Gujarat Narmada Valley Fertilizers Co. | 54,694 | 309,338 | |
Gujarat State Fertilizers & Chemicals Ltd. | 97,251 | 144,452 | |
Hansol Chemical Co. Ltd. | 60,668 | 15,280,062 | |
Hyosung TNC Co. Ltd. | 7,994 | 3,391,697 | |
KCC Corp. | 1,168 | 271,472 | |
Kolon Industries, Inc. | 17,719 | 1,052,795 | |
LG Chemical Ltd. | 34,885 | 20,461,967 | |
Mangalore Chemicals & Fertilizers Ltd. (a) | 50,959 | 44,615 | |
National Industrialization Co. (a) | 317,065 | 1,698,744 | |
Phillips Carbon Black Ltd. | 197,247 | 549,324 | |
PhosAgro OJSC GDR (Reg. S) | 42,690 | 941,741 | |
Polyplex Corp. Ltd. | 8,102 | 199,114 | |
PT Avia Avian (e) | 50,123,400 | 3,254,653 | |
Sahara International Petrochemical Co. | 483,952 | 4,960,005 | |
Saudi Basic Industries Corp. | 167,216 | 4,822,681 | |
Saudi Industrial Investment Group | 233,358 | 1,881,618 | |
Saudi Kayan Petrochemical Co. (a) | 596,629 | 2,652,674 | |
Shandong Sinocera Functional Material Co. Ltd. (A Shares) | 389,683 | 2,749,205 | |
Sharda Cropchem Ltd. | 25,945 | 108,617 | |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 50,084 | 3,118,230 | |
Solar Industries India Ltd. | 183,800 | 6,773,067 | |
Taekwang Industrial Co. Ltd. | 168 | 130,347 | |
Unipar Carbocloro SA | 5,600 | 93,535 | |
UPL Ltd. (a) | 150,254 | 1,363,890 | |
80,629,017 | |||
Construction Materials - 0.3% | |||
Anhui Conch Cement Co. Ltd. (H Shares) | 781,500 | 3,552,728 | |
Asia Cement (China) Holdings Corp. | 259,584 | 165,111 | |
Beijing Oriental Yuhong Waterproof Technology Co. Ltd. (A Shares) | 165,850 | 1,030,129 | |
CEMEX S.A.B. de CV: | |||
unit (a) | 8,134,400 | 5,045,471 | |
sponsored ADR (a) | 1,116,832 | 6,868,517 | |
China National Building Materials Co. Ltd. (H Shares) | 4,140,442 | 4,470,700 | |
JK Cement Ltd. | 168,500 | 7,258,177 | |
NCL Industries Ltd. | 21,490 | 60,078 | |
Qatar National Cement Co. QSC (a) | 43,421 | 60,964 | |
Ultratech Cement Ltd. | 27,184 | 2,690,800 | |
31,202,675 | |||
Containers & Packaging - 0.0% | |||
CPMC Holdings Ltd. | 104,000 | 53,747 | |
Klabin SA unit | 477,578 | 2,027,764 | |
2,081,511 | |||
Metals & Mining - 2.1% | |||
African Rainbow Minerals Ltd. | 32,510 | 420,533 | |
Aluminum Corp. of China Ltd. (H Shares) (a) | 3,364,000 | 1,642,278 | |
Angang Steel Co. Ltd. (H Shares) | 1,995,654 | 890,597 | |
Anglo American Platinum Ltd. | 37,024 | 3,927,238 | |
AngloGold Ashanti Ltd. | 176,828 | 3,779,930 | |
Ann Joo Resources Bhd | 500 | 219 | |
Baoshan Iron & Steel Co. Ltd. (A Shares) | 5,250,001 | 5,378,440 | |
Barrick Gold Corp. | 648,100 | 12,307,419 | |
China Molybdenum Co. Ltd. (A Shares) | 3,100,700 | 2,869,620 | |
China Oriental Group Co. Ltd. (H Shares) | 102,045 | 27,088 | |
China Zhongwang Holdings Ltd. (a)(d) | 350,800 | 75,576 | |
Companhia Siderurgica Nacional SA (CSN) | 410,662 | 1,589,513 | |
Fangda Special Steel Technology Co. Ltd. (A Shares) | 3,603,277 | 4,093,411 | |
First Quantum Minerals Ltd. | 279,117 | 5,949,631 | |
Ganfeng Lithium Co. Ltd. (H Shares) (c) | 119,451 | 2,329,892 | |
Gold Fields Ltd. | 552,294 | 6,356,904 | |
Grupa Kety SA | 325 | 45,895 | |
Grupo Mexico SA de CV Series B | 3,235,917 | 13,539,768 | |
Hindalco Industries Ltd. | 1,462,437 | 8,037,562 | |
Hunan Valin Steel Co. Ltd. (A Shares) | 3,698,518 | 2,923,109 | |
Impala Platinum Holdings Ltd. | 1,648,678 | 20,648,676 | |
Jiangxi Copper Co. Ltd. (H Shares) | 571,000 | 919,692 | |
KGHM Polska Miedz SA (Bearer) | 67,197 | 2,307,688 | |
Kirloskar Industries Ltd. | 674 | 13,016 | |
Korea Zinc Co. Ltd. | 22,553 | 9,406,773 | |
Kumba Iron Ore Ltd. | 75,275 | 2,131,105 | |
National Aluminium Co. Ltd. | 39,774 | 46,791 | |
Novolipetsk Steel OJSC GDR (Reg. S) | 79,012 | 2,286,607 | |
Polyus PJSC | 4,866 | 948,507 | |
Polyus PJSC unit | 21,135 | 2,022,620 | |
POSCO | 107,784 | 23,758,966 | |
POSCO sponsored ADR | 32,366 | 1,785,632 | |
PT Aneka Tambang Tbk | 6,639,700 | 1,066,246 | |
Shanxi Taigang Stainless Steel Co. Ltd. (A Shares) | 1,011,104 | 1,139,107 | |
Sibanye Stillwater Ltd. | 1,694,625 | 5,284,325 | |
Southern Copper Corp. | 86,447 | 5,057,150 | |
Tata Steel Ltd. | 788,889 | 11,252,435 | |
Ternium SA sponsored ADR (b) | 193,113 | 7,374,985 | |
Vale SA | 665,400 | 8,279,255 | |
Vale SA sponsored ADR | 1,179,145 | 14,586,024 | |
Xinyu Iron & Steel Co. Ltd. | 2,900,747 | 2,433,887 | |
198,934,110 | |||
Paper & Forest Products - 0.1% | |||
Dexco SA | 642,950 | 2,062,024 | |
Nine Dragons Paper (Holdings) Ltd. | 365,000 | 410,028 | |
Suzano Papel e Celulose SA (a) | 549,300 | 5,487,284 | |
7,959,336 | |||
TOTAL MATERIALS | 320,806,649 | ||
REAL ESTATE - 0.3% | |||
Real Estate Management & Development - 0.3% | |||
Agile Property Holdings Ltd. | 2,713,238 | 1,788,413 | |
Ayala Land, Inc. | 15,102,100 | 10,312,026 | |
China Overseas Land and Investment Ltd. | 3,131,000 | 7,211,177 | |
Emaar Properties PJSC (a) | 5,766,024 | 7,362,351 | |
Gemdale Properties and Investment Corp. Ltd. | 318,000 | 30,585 | |
Greentown Service Group Co. Ltd. | 1,494,000 | 1,433,075 | |
Hang Lung Properties Ltd. | 1,253,000 | 2,484,147 | |
K Wah International Holdings Ltd. | 273,792 | 106,034 | |
Powerlong Real Estate Holding Ltd. | 195,417 | 117,781 | |
Xinyuan Real Estate Co. Ltd. ADR | 2,500 | 2,202 | |
Yuexiu Property Co. Ltd. | 178,289 | 166,446 | |
31,014,237 | |||
UTILITIES - 0.3% | |||
Electric Utilities - 0.1% | |||
CESC Ltd. GDR | 126,180 | 147,014 | |
PGE Polska Grupa Energetyczna SA (a) | 333,253 | 672,478 | |
Saudi Electricity Co. | 131,679 | 828,346 | |
Tauron Polska Energia SA (a) | 516,875 | 360,549 | |
Zespol Elektrowni Patnow Adamow Konin SA (a) | 10,963 | 44,309 | |
2,052,696 | |||
Gas Utilities - 0.2% | |||
ENN Energy Holdings Ltd. | 756,100 | 14,195,055 | |
GAIL India Ltd. | 278,197 | 480,825 | |
Indraprastha Gas Ltd. | 649,141 | 4,185,706 | |
Kunlun Energy Co. Ltd. | 2,494,000 | 2,347,520 | |
Tian Lun Gas Holdings Ltd. (a) | 104,000 | 99,492 | |
21,308,598 | |||
Independent Power and Renewable Electricity Producers - 0.0% | |||
Datang International Power Generation Co. Ltd. (H Shares) | 676,000 | 107,494 | |
TOTAL UTILITIES | 23,468,788 | ||
TOTAL COMMON STOCKS (Cost $4,018,827,600) | 5,289,845,094 | ||
Nonconvertible Preferred Stocks - 1.4% | |||
Shares | Value ($) | ||
CONSUMER DISCRETIONARY - 0.0% | |||
Automobiles - 0.0% | |||
Hyundai Motor Co. | 13,362 | 1,025,431 | |
CONSUMER STAPLES - 0.1% | |||
Beverages - 0.1% | |||
Ambev SA sponsored ADR | 1,938,400 | 5,466,288 | |
ENERGY - 0.3% | |||
Oil, Gas & Consumable Fuels - 0.3% | |||
Petroleo Brasileiro SA - Petrobras: | |||
(PN) (non-vtg.) | 1,805,500 | 9,451,669 | |
(PN) sponsored ADR (non-vtg.) | 476,984 | 4,936,784 | |
sponsored ADR | 1,690,005 | 18,032,353 | |
32,420,806 | |||
FINANCIALS - 0.5% | |||
Banks - 0.5% | |||
Banco Bradesco SA (PN) | 819,523 | 2,902,373 | |
Banco do Estado Rio Grande do Sul SA Class B | 51,110 | 91,822 | |
Itau Unibanco Holding SA | 5,150,036 | 20,501,758 | |
Itau Unibanco Holding SA sponsored ADR (b) | 3,303,515 | 12,949,779 | |
Itausa-Investimentos Itau SA (PN) | 5,789,507 | 9,958,383 | |
Sberbank of Russia | 145,250 | 572,790 | |
Sberbank of Russia (Russia) | 128,031 | 505,833 | |
47,482,738 | |||
INDUSTRIALS - 0.0% | |||
Aerospace & Defense - 0.0% | |||
Forjas Taurus SA (a) | 149,300 | 590,895 | |
Airlines - 0.0% | |||
Azul SA (a) | 704,200 | 2,928,608 | |
TOTAL INDUSTRIALS | 3,519,503 | ||
INFORMATION TECHNOLOGY - 0.3% | |||
Technology Hardware, Storage & Peripherals - 0.3% | |||
Samsung Electronics Co. Ltd. | 474,460 | 25,624,160 | |
MATERIALS - 0.2% | |||
Chemicals - 0.1% | |||
Braskem SA (PN-A) | 345,426 | 3,075,246 | |
LG Chemical Ltd. | 11,485 | 3,135,326 | |
Unipar Carbocloro SA | 31,400 | 497,599 | |
6,708,171 | |||
Metals & Mining - 0.1% | |||
Gerdau SA | 2,666,933 | 12,239,187 | |
Metalurgica Gerdau SA (PN) | 412,500 | 781,438 | |
Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.) | 131,900 | 318,849 | |
13,339,474 | |||
TOTAL MATERIALS | 20,047,645 | ||
UTILITIES - 0.0% | |||
Electric Utilities - 0.0% | |||
Companhia Energetica de Minas Gerais (CEMIG) (PN) | 644,991 | 1,507,543 | |
Companhia Paranaense de Energia-COPEL (PN-B) | 500,700 | 546,848 | |
2,054,391 | |||
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $132,479,630) | 137,640,962 | ||
Equity Funds - 37.0% | |||
Shares | Value ($) | ||
Diversified Emerging Markets Funds - 37.0% | |||
Aberdeen Emerging Markets Fund Institutional Service Class | 10,693,873 | 203,397,457 | |
Artisan Developing World Fund Investor Shares | 7,320,230 | 166,974,457 | |
Brandes Emerging Markets Value Fund Class A | 16,850,310 | 140,363,082 | |
Calvert Emerging Markets Equity Fund Class A | 45 | 917 | |
Fidelity Advisor Emerging Markets Fund - Class Z (f) | 14,977,222 | 691,498,339 | |
Fidelity SAI Emerging Markets Index Fund (f) | 22,429,841 | 355,737,275 | |
Fidelity SAI Emerging Markets Low Volatility Index Fund (f) | 50,681,873 | 574,225,623 | |
Fidelity SAI Emerging Markets Value Index Fund (f) | 37,732,224 | 521,836,663 | |
GMO Emerging Markets Fund - Class III | 1,924,381 | 66,237,180 | |
Goldman Sachs Emerging Markets Equity Fund Institutional Shares | 10,110,478 | 295,933,681 | |
Invesco Developing Markets Fund Class R6 | 4,625,320 | 233,902,420 | |
Invesco Emerging Markets Innovators Fund Class A | 4,958,391 | 59,203,189 | |
iShares MSCI China ETF (b) | 2,226,845 | 145,212,562 | |
iShares MSCI EM ESG Optimized ETF (b) | 209,609 | 8,405,321 | |
iShares MSCI South Korea Index ETF (b) | 546,222 | 41,365,392 | |
Lazard Emerging Markets Equity Portfolio Open Shares | 842,137 | 15,545,857 | |
Matthews Korea Fund Investor Class | 4,457,127 | 25,494,766 | |
Matthews Pacific Tiger Fund Investor Class | 135 | 4,478 | |
Xtrackers Harvest CSI 300 China ETF Class A (b) | 614,959 | 23,663,622 | |
TOTAL EQUITY FUNDS (Cost $2,799,001,654) | 3,569,002,281 | ||
Other - 0.1% | |||
Shares | Value ($) | ||
Commodity Funds - Broad Basket - 0.1% | |||
Fidelity SAI Inflation-Focused Fund (f) (Cost $9,232,556) | 1,094,386 | 11,370,671 | |
U.S. Treasury Obligations - 0.3% | |||
Principal Amount (g) | Value ($) | ||
U.S. Treasury Bills, yield at date of purchase 0.04% to 0.05% 12/9/21 to 2/24/22 (h) (Cost $32,027,159) | 32,030,000 | 32,026,892 | |
Money Market Funds - 8.2% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 0.06% (i) | 56,082,142 | 56,093,359 | |
Fidelity Securities Lending Cash Central Fund 0.07% (i)(j) | 185,140,014 | 185,158,528 | |
State Street Institutional U.S. Government Money Market Fund Premier Class 0.03% (k) | 547,059,086 | 547,059,086 | |
TOTAL MONEY MARKET FUNDS (Cost $788,310,973) | 788,310,973 | ||
TOTAL INVESTMENT IN SECURITIES - 101.8% (Cost $7,779,879,572) | 9,828,196,873 |
NET OTHER ASSETS (LIABILITIES) - (1.8)% | (171,404,432) |
NET ASSETS - 100.0% | 9,656,792,441 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Equity Index Contracts | |||||
ICE MSCI Emerging Markets Index Contracts (United States) | 8,640 | Dec 2021 | 523,713,600 | (29,980,014) | (29,980,014) |
The notional amount of futures purchased as a percentage of Net Assets is 5.4% |
Security Type Abbreviations
ETF | - | EXCHANGE-TRADED FUND |
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 $200,270,666 or 2.1% of net assets. |
(d) | Level 3 security |
(e) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(f) | Affiliated Fund |
(g) | Amount is stated in United States dollars unless otherwise noted. |
(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 $31,927,892. |
(i) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(j) | Investment made with cash collateral received from securities on loan. |
(k) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | %ownership, end of period |
Fidelity Cash Central Fund 0.06% | 8,973,295 | 277,847,586 | 230,727,522 | 4,727 | - | - | 56,093,359 | 0.1% |
Fidelity Securities Lending Cash Central Fund 0.07% | 213,463,969 | 1,630,325,566 | 1,658,631,007 | 1,404,955 | - | - | 185,158,528 | 0.6% |
Total | 222,437,264 | 1,908,173,152 | 1,889,358,529 | 1,409,682 | - | - | 241,251,887 |
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 is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Fund changes its name, the name presented below is the name in effect at period end.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) |
Fidelity Advisor Emerging Markets Fund Class Z | - | - | - | - | - | 283,915,568 | 691,498,339 |
Fidelity Emerging Markets Fund | 684,589,409 | 30,000,000 | - | - | - | (307,006,638) | - |
Fidelity SAI Emerging Markets Index Fund | 438,038,233 | - | 50,000,000 | - | 17,889,027 | (50,189,985) | 355,737,275 |
Fidelity SAI Emerging Markets Low Volatility Index Fund | 518,268,483 | 27,000,000 | - | - | - | 28,957,140 | 574,225,623 |
Fidelity SAI Emerging Markets Value Index Fund | 323,147,760 | 218,000,000 | - | - | - | (19,311,097) | 521,836,663 |
Fidelity SAI Inflation-Focused Fund | 9,687,545 | 2,463,969 | - | 2,463,969 | - | (780,843) | 11,370,671 |
1,973,731,430 | 277,463,969 | 50,000,000 | 2,463,969 | 17,889,027 | (64,415,855) | 2,154,668,571 |
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 inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value 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 any 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. Treasury 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.
Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs) are valued at their last 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 but the exchange reports a closing bid level, ETFs and ETNs 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 and ETNs 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 any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund's NAV 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.
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.
The Fund's use of derivatives increased or decreased its exposure to the following risk(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.
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. 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 specified price at a specified future date.
The Fund used futures contracts to manage its exposure to the stock market.
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
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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