Quarterly Holdings Report
for
Strategic Advisers® Fidelity® 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
February 28, 2022
STE-NPRT3-0422
1.9890709.103
Common Stocks - 46.6% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 4.3% | |||
Diversified Telecommunication Services - 0.1% | |||
PT Telkom Indonesia Persero Tbk | 33,691,848 | 10,172,009 | |
Entertainment - 0.5% | |||
Bilibili, Inc.: | |||
ADR (a)(b) | 508,994 | 16,089,300 | |
Class Z (a) | 182,660 | 5,706,370 | |
NetEase, Inc. | 404,800 | 7,829,524 | |
NetEase, Inc. ADR | 153,971 | 14,679,595 | |
44,304,789 | |||
Interactive Media & Services - 3.1% | |||
NAVER Corp. | 30,349 | 8,087,558 | |
Tencent Holdings Ltd. | 4,899,848 | 264,402,277 | |
Yandex NV Series A (a)(b)(c) | 963,690 | 17,120,647 | |
289,610,482 | |||
Wireless Telecommunication Services - 0.6% | |||
America Movil S.A.B. de CV Series L | 4,935,374 | 4,460,416 | |
Bharti Airtel Ltd. (a) | 1,991,450 | 18,102,772 | |
MTN Group Ltd. (a) | 2,967,140 | 37,037,479 | |
59,600,667 | |||
TOTAL COMMUNICATION SERVICES | 403,687,947 | ||
CONSUMER DISCRETIONARY - 7.2% | |||
Automobiles - 1.2% | |||
Eicher Motors Ltd. | 686,347 | 23,536,675 | |
Great Wall Motor Co. Ltd. (H Shares) | 690,500 | 1,436,738 | |
Guangzhou Automobile Group Co. Ltd. (H Shares) | 31,620,582 | 31,156,871 | |
Hyundai Motor Co. | 120,397 | 17,717,870 | |
Kia Corp. | 115,741 | 7,176,152 | |
Li Auto, Inc. ADR (a) | 419,158 | 12,763,361 | |
XPeng, Inc. ADR (a) | 608,477 | 22,130,308 | |
115,917,975 | |||
Hotels, Restaurants & Leisure - 0.3% | |||
MakeMyTrip Ltd. (a) | 217,097 | 6,096,084 | |
Shangri-La Asia Ltd. (a) | 12,476,000 | 10,169,698 | |
Trip.com Group Ltd. ADR (a) | 547,701 | 14,141,640 | |
Yum China Holdings, Inc. | 25,526 | 1,327,863 | |
Yum China Holdings, Inc. (Hong Kong) | 52,350 | 2,656,823 | |
34,392,108 | |||
Household Durables - 0.6% | |||
Haier Smart Home Co. Ltd. (A Shares) | 10,582,866 | 42,755,835 | |
Midea Group Co. Ltd. (A Shares) | 1,172,000 | 12,393,841 | |
55,149,676 | |||
Internet & Direct Marketing Retail - 3.5% | |||
Alibaba Group Holding Ltd. (a) | 963,700 | 12,686,028 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 916,962 | 96,455,233 | |
JD.com, Inc.: | |||
Class A (a) | 465,402 | 16,623,902 | |
sponsored ADR (a) | 1,110,726 | 79,561,303 | |
Meituan Class B (a)(d) | 2,927,566 | 65,036,339 | |
momo.com, Inc. | 97,200 | 3,461,342 | |
Naspers Ltd. Class N | 162,266 | 20,434,264 | |
Pinduoduo, Inc. ADR (a) | 328,165 | 17,018,637 | |
Prosus NV | 284,742 | 17,677,249 | |
328,954,297 | |||
Leisure Products - 0.0% | |||
Bafang Electric Suzhou Co. Ltd. (A Shares) | 95,291 | 3,044,841 | |
Specialty Retail - 0.3% | |||
Pop Mart International Group Ltd. (d) | 417,800 | 2,093,117 | |
Zhongsheng Group Holdings Ltd. Class H | 3,321,500 | 23,122,054 | |
25,215,171 | |||
Textiles, Apparel & Luxury Goods - 1.3% | |||
Anta Sports Products Ltd. | 1,575,600 | 23,972,928 | |
ECLAT Textile Co. Ltd. | 660,000 | 13,685,000 | |
Li Ning Co. Ltd. | 6,630,747 | 65,886,610 | |
Shenzhou International Group Holdings Ltd. | 1,004,851 | 16,878,103 | |
120,422,641 | |||
TOTAL CONSUMER DISCRETIONARY | 683,096,709 | ||
CONSUMER STAPLES - 2.9% | |||
Beverages - 1.1% | |||
China Resources Beer Holdings Co. Ltd. | 4,590,000 | 36,328,347 | |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR | 77,317 | 6,216,287 | |
Kweichow Moutai Co. Ltd. (A Shares) | 130,202 | 36,947,919 | |
Thai Beverage PCL | 23,048,851 | 11,305,957 | |
Wuliangye Yibin Co. Ltd. (A Shares) | 398,200 | 11,991,600 | |
102,790,110 | |||
Food & Staples Retailing - 0.6% | |||
Bid Corp. Ltd. | 496,450 | 10,100,018 | |
CP ALL PCL (For. Reg.) | 8,385,303 | 17,456,011 | |
Wal-Mart de Mexico SA de CV Series V | 6,054,172 | 23,027,196 | |
50,583,225 | |||
Food Products - 1.0% | |||
Angel Yeast Co. Ltd. (A Shares) | 1,260,100 | 9,966,159 | |
China Mengniu Dairy Co. Ltd. | 11,662,000 | 75,735,994 | |
Inner Mongoli Yili Industries Co. Ltd. (A Shares) | 574,767 | 3,600,236 | |
Unified-President Enterprises Corp. | 2,776,201 | 6,681,389 | |
95,983,778 | |||
Personal Products - 0.2% | |||
LG Household & Health Care Ltd. | 4,997 | 3,965,249 | |
Natura & Co. Holding SA (a) | 3,288,090 | 14,775,566 | |
Proya Cosmetics Co. Ltd. (A Shares) | 111,600 | 3,289,142 | |
22,029,957 | |||
TOTAL CONSUMER STAPLES | 271,387,070 | ||
ENERGY - 1.7% | |||
Energy Equipment & Services - 0.1% | |||
Yantai Jereh Oilfield Services (A Shares) | 835,335 | 5,911,591 | |
Oil, Gas & Consumable Fuels - 1.6% | |||
China Merchants Energy Shipping Co. Ltd. (A Shares) | 5,464,055 | 3,975,118 | |
Gazprom OAO | 5,946,277 | 9,119,602 | |
LUKOIL PJSC | 345,667 | 9,998,747 | |
LUKOIL PJSC sponsored ADR | 499,400 | 9,367,183 | |
Oil & Natural Gas Corp. Ltd. | 10,667,856 | 22,693,058 | |
Petroleo Brasileiro SA - Petrobras (ON) | 2,585,083 | 18,250,183 | |
Petronet LNG Ltd. | 2,196,123 | 6,260,887 | |
PT United Tractors Tbk | 10,076,600 | 17,583,515 | |
Reliance Industries Ltd. | 1,287,271 | 40,219,282 | |
Reliance Industries Ltd. sponsored GDR (d) | 220,657 | 13,850,289 | |
151,317,864 | |||
TOTAL ENERGY | 157,229,455 | ||
FINANCIALS - 10.3% | |||
Banks - 7.5% | |||
Absa Group Ltd. | 611,985 | 7,035,794 | |
Al Rajhi Bank | 829,704 | 35,473,125 | |
Alinma Bank | 552,157 | 5,224,718 | |
Axis Bank Ltd. (a) | 1,955,923 | 19,227,590 | |
Bangkok Bank PCL (For. Reg.) | 1,468,300 | 6,293,035 | |
Bank Polska Kasa Opieki SA | 162,600 | 4,460,773 | |
BOC Hong Kong (Holdings) Ltd. | 1,133,000 | 4,074,079 | |
Capitec Bank Holdings Ltd. | 98,851 | 13,346,144 | |
China Construction Bank Corp. (H Shares) | 32,637,802 | 24,477,215 | |
China Merchants Bank Co. Ltd. (H Shares) | 6,671,676 | 56,176,424 | |
Credicorp Ltd. (United States) | 238,200 | 36,027,750 | |
CTBC Financial Holding Co. Ltd. | 6,110,000 | 5,974,309 | |
E.SUN Financial Holdings Co. Ltd. | 14,159,489 | 14,972,143 | |
First Abu Dhabi Bank PJSC | 593,400 | 3,340,960 | |
Grupo Financiero Banorte S.A.B. de CV Series O | 4,568,944 | 30,905,791 | |
Hana Financial Group, Inc. | 230,252 | 9,355,620 | |
HDFC Bank Ltd. | 1,402,856 | 26,569,076 | |
HDFC Bank Ltd. sponsored ADR | 987,308 | 61,380,938 | |
ICICI Bank Ltd. | 3,062,482 | 30,263,582 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 91,781,503 | 54,789,441 | |
Industrial Bank Co. Ltd. (A Shares) | 1,162,300 | 4,065,770 | |
Kasikornbank PCL (For. Reg.) | 2,887,100 | 14,450,967 | |
KB Financial Group, Inc. | 290,921 | 14,353,924 | |
Kotak Mahindra Bank Ltd. (a) | 221,819 | 5,412,530 | |
National Bank of Greece SA (a) | 6,138,000 | 22,766,302 | |
OTP Bank PLC (a) | 110,921 | 4,263,374 | |
PT Bank Central Asia Tbk | 69,004,851 | 38,957,785 | |
PT Bank Mandiri (Persero) Tbk | 81,510,788 | 44,068,115 | |
PT Bank Rakyat Indonesia (Persero) Tbk | 37,903,504 | 12,120,035 | |
Sberbank of Russia | 617,111 | 309,806 | |
Sberbank of Russia | 2,793,925 | 1,400,264 | |
Sberbank of Russia sponsored ADR | 1,653,549 | 1,728,060 | |
Shinhan Financial Group Co. Ltd. | 1,214,593 | 39,521,805 | |
Siam Commercial Bank PCL (For. Reg.) | 3,377,815 | 12,977,676 | |
State Bank of India | 4,083,080 | 26,124,619 | |
TCS Group Holding PLC GDR | 267,069 | 2,553,418 | |
Woori Financial Group, Inc. | 749,789 | 8,969,606 | |
703,412,563 | |||
Capital Markets - 0.6% | |||
B3 SA - Brasil Bolsa Balcao | 2,805,900 | 7,941,072 | |
East Money Information Co. Ltd. (A Shares) | 1,288,460 | 5,460,779 | |
Hong Kong Exchanges and Clearing Ltd. | 132,300 | 6,392,711 | |
Noah Holdings Ltd. sponsored ADR (a) | 83,689 | 2,373,420 | |
XP, Inc. Class A (a) | 1,140,237 | 36,875,265 | |
59,043,247 | |||
Consumer Finance - 0.4% | |||
Bajaj Finance Ltd. | 172,348 | 15,980,196 | |
Kaspi.KZ JSC unit | 334,042 | 20,017,982 | |
35,998,178 | |||
Diversified Financial Services - 0.3% | |||
Chailease Holding Co. Ltd. | 3,546,831 | 32,199,659 | |
Insurance - 1.1% | |||
AIA Group Ltd. | 5,185,600 | 53,846,466 | |
China Life Insurance Co. Ltd. (H Shares) | 15,152,000 | 25,101,273 | |
HDFC Standard Life Insurance Co. Ltd. (d) | 639,177 | 4,428,167 | |
ICICI Lombard General Insurance Co. Ltd. (d) | 327,901 | 5,487,269 | |
Ping An Insurance Group Co. of China Ltd. (H Shares) | 2,000,341 | 15,509,975 | |
104,373,150 | |||
Thrifts & Mortgage Finance - 0.4% | |||
Housing Development Finance Corp. Ltd. | 1,269,854 | 39,758,341 | |
TOTAL FINANCIALS | 974,785,138 | ||
HEALTH CARE - 1.5% | |||
Biotechnology - 0.2% | |||
InnoCare Pharma Ltd. (a)(d) | 933,000 | 1,475,684 | |
Innovent Biologics, Inc. (a)(d) | 365,500 | 1,634,661 | |
Zai Lab Ltd. (a) | 148,845 | 7,926,056 | |
Zai Lab Ltd. ADR (a) | 137,600 | 7,526,720 | |
18,563,121 | |||
Health Care Equipment & Supplies - 0.4% | |||
Peijia Medical Ltd. (a)(d) | 1,320,000 | 2,077,650 | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | 609,386 | 31,594,287 | |
33,671,937 | |||
Health Care Providers & Services - 0.1% | |||
Apollo Hospitals Enterprise Ltd. | 79,240 | 5,039,345 | |
Aster DM Healthcare Ltd. (a)(d) | 1,192 | 2,696 | |
5,042,041 | |||
Health Care Technology - 0.0% | |||
Medlive Technology Co. Ltd. (d) | 429,500 | 634,253 | |
Life Sciences Tools & Services - 0.4% | |||
WuXi AppTec Co. Ltd. (H Shares) (d) | 1,277,534 | 18,113,629 | |
Wuxi Biologics (Cayman), Inc. (a)(d) | 2,896,268 | 23,956,249 | |
42,069,878 | |||
Pharmaceuticals - 0.4% | |||
Hansoh Pharmaceutical Group Co. Ltd. (d) | 3,247,173 | 6,947,602 | |
Richter Gedeon PLC | 1,598,169 | 33,556,244 | |
40,503,846 | |||
TOTAL HEALTH CARE | 140,485,076 | ||
INDUSTRIALS - 2.6% | |||
Airlines - 0.1% | |||
Wizz Air Holdings PLC (a)(d) | 86,618 | 3,900,600 | |
Building Products - 0.0% | |||
Zhejiang Weixing New Building Materials Co. Ltd. (A Shares) | 769,548 | 2,823,638 | |
Construction & Engineering - 0.7% | |||
Larsen & Toubro Ltd. | 2,124,685 | 51,112,234 | |
Voltas Ltd. | 836,100 | 13,984,543 | |
65,096,777 | |||
Electrical Equipment - 0.3% | |||
Sungrow Power Supply Co. Ltd. (A Shares) | 1,413,030 | 27,121,755 | |
Titan Wind Energy Suzhou Co. Ltd. (A Shares) | 1,376,220 | 4,510,874 | |
31,632,629 | |||
Machinery - 1.0% | |||
Estun Automation Co. Ltd. (A Shares) | 718,010 | 2,678,917 | |
HIWIN Technologies Corp. | 2,295,716 | 21,925,552 | |
Shandong Himile Mechanical Science & Technology Co. Ltd. (A Shares) | 476,360 | 1,867,916 | |
Techtronic Industries Co. Ltd. | 1,686,500 | 28,163,726 | |
Wuxi Lead Intelligent Equipment Co. Ltd. (A Shares) | 478,505 | 5,098,846 | |
Zhejiang Sanhua Intelligent Controls Co. Ltd. (A Shares) | 11,778,699 | 37,524,563 | |
97,259,520 | |||
Professional Services - 0.1% | |||
Sporton International, Inc. | 689,500 | 4,965,626 | |
Road & Rail - 0.3% | |||
Localiza Rent A Car SA | 2,635,881 | 29,430,261 | |
Trading Companies & Distributors - 0.0% | |||
BOC Aviation Ltd. Class A (d) | 431,300 | 3,739,229 | |
Transportation Infrastructure - 0.1% | |||
Grupo Aeroportuario del Sureste S.A.B. de CV Series B | 478,788 | 10,353,986 | |
TOTAL INDUSTRIALS | 249,202,266 | ||
INFORMATION TECHNOLOGY - 11.5% | |||
Communications Equipment - 0.0% | |||
Accton Technology Corp. | 451,000 | 4,091,238 | |
Electronic Equipment & Components - 0.8% | |||
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 2,969,005 | 11,032,090 | |
SINBON Electronics Co. Ltd. | 384,000 | 3,692,838 | |
Sunny Optical Technology Group Co. Ltd. | 162,600 | 3,884,706 | |
Unimicron Technology Corp. | 4,929,649 | 45,849,617 | |
Yageo Corp. | 888,000 | 14,573,881 | |
79,033,132 | |||
IT Services - 0.7% | |||
Globant SA (a) | 26,307 | 7,208,118 | |
Infosys Ltd. | 364,375 | 8,285,037 | |
Infosys Ltd. sponsored ADR | 1,781,331 | 40,008,694 | |
Tata Consultancy Services Ltd. | 188,861 | 8,888,312 | |
Tech Mahindra Ltd. | 347,355 | 6,485,266 | |
70,875,427 | |||
Semiconductors & Semiconductor Equipment - 6.8% | |||
ASML Holding NV (Netherlands) | 1,671 | 1,117,939 | |
eMemory Technology, Inc. | 333,381 | 22,506,192 | |
Global Unichip Corp. | 199,000 | 3,302,604 | |
LONGi Green Energy Technology Co. Ltd. | 450,105 | 5,541,016 | |
MediaTek, Inc. | 2,564,451 | 101,368,996 | |
Parade Technologies Ltd. | 184,675 | 12,754,369 | |
Silergy Corp. | 148,392 | 19,779,754 | |
SK Hynix, Inc. | 609,461 | 63,545,672 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 16,328,309 | 351,164,164 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 504,194 | 53,953,800 | |
Will Semiconductor Ltd. | 62,354 | 2,429,328 | |
637,463,834 | |||
Technology Hardware, Storage & Peripherals - 3.2% | |||
Samsung Electronics Co. Ltd. | 4,315,113 | 260,027,266 | |
Samsung Electronics Co. Ltd. unit | 22,901 | 34,355,629 | |
Wiwynn Corp. | 149,000 | 5,323,335 | |
299,706,230 | |||
TOTAL INFORMATION TECHNOLOGY | 1,091,169,861 | ||
MATERIALS - 3.9% | |||
Chemicals - 0.7% | |||
Hansol Chemical Co. Ltd. | 76,810 | 13,866,499 | |
LG Chemical Ltd. | 35,764 | 16,973,374 | |
PhosAgro OJSC GDR (Reg. S) | 270,828 | 1,656,898 | |
PT Avia Avian (a) | 96,429,671 | 5,503,008 | |
Shandong Sinocera Functional Material Co. Ltd. (A Shares) | 453,600 | 2,672,316 | |
SKSHU Paint Co. Ltd. (A Shares) | 258,864 | 3,642,580 | |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 71,600 | 4,738,488 | |
Solar Industries India Ltd. | 521,560 | 15,973,015 | |
65,026,178 | |||
Construction Materials - 0.4% | |||
Anhui Conch Cement Co. Ltd. (H Shares) | 734,000 | 3,935,531 | |
Beijing Oriental Yuhong Waterproof Technology Co. Ltd. (A Shares) | 372,300 | 2,677,810 | |
CEMEX S.A.B. de CV sponsored ADR (a) | 2,509,446 | 12,798,175 | |
JK Cement Ltd. | 383,800 | 14,467,619 | |
33,879,135 | |||
Metals & Mining - 2.7% | |||
Barrick Gold Corp. | 1,767,400 | 39,890,218 | |
China Molybdenum Co. Ltd. (A Shares) | 3,085,416 | 2,939,074 | |
First Quantum Minerals Ltd. | 1,436,071 | 42,113,419 | |
Gold Fields Ltd. sponsored ADR | 301,600 | 4,212,714 | |
Grupo Mexico SA de CV Series B | 7,638,504 | 39,186,447 | |
Impala Platinum Holdings Ltd. | 2,277,736 | 43,446,422 | |
Novolipetsk Steel OJSC GDR (Reg. S) | 170,955 | 1,310,688 | |
POSCO | 166,301 | 39,571,098 | |
Sibanye Stillwater Ltd. | 3,499,597 | 16,509,805 | |
Tata Steel Ltd. | 750,187 | 12,126,387 | |
Vale SA | 472,933 | 8,471,428 | |
Vale SA sponsored ADR | 558,600 | 10,328,514 | |
260,106,214 | |||
Paper & Forest Products - 0.1% | |||
Suzano Papel e Celulose SA | 867,026 | 9,268,226 | |
TOTAL MATERIALS | 368,279,753 | ||
REAL ESTATE - 0.5% | |||
Equity Real Estate Investment Trusts (REITs) - 0.0% | |||
Link (REIT) | 62,800 | 507,087 | |
Real Estate Management & Development - 0.5% | |||
Ayala Land, Inc. | 28,188,729 | 21,471,883 | |
China Resources Land Ltd. | 1,616,000 | 7,858,112 | |
KE Holdings, Inc. ADR (a) | 466,073 | 9,046,477 | |
Longfor Properties Co. Ltd. (d) | 1,248,500 | 6,678,179 | |
45,054,651 | |||
TOTAL REAL ESTATE | 45,561,738 | ||
UTILITIES - 0.2% | |||
Gas Utilities - 0.2% | |||
ENN Energy Holdings Ltd. | 268,900 | 3,902,088 | |
Indraprastha Gas Ltd. | 264,208 | 1,213,453 | |
Kunlun Energy Co. Ltd. | 10,334,000 | 10,103,110 | |
15,218,651 | |||
TOTAL COMMON STOCKS (Cost $4,141,945,044) | 4,400,103,664 | ||
Nonconvertible Preferred Stocks - 1.2% | |||
Shares | Value ($) | ||
CONSUMER STAPLES - 0.2% | |||
Beverages - 0.2% | |||
Ambev SA sponsored ADR | 6,119,100 | 17,928,963 | |
ENERGY - 0.3% | |||
Oil, Gas & Consumable Fuels - 0.3% | |||
Petroleo Brasileiro SA - Petrobras sponsored ADR (b) | 1,590,626 | 22,730,046 | |
FINANCIALS - 0.6% | |||
Banks - 0.6% | |||
Banco Bradesco SA (PN) | 2,888,350 | 11,409,423 | |
Itau Unibanco Holding SA | 8,536,510 | 42,204,497 | |
Sberbank of Russia | 2,462,434 | 2,278,506 | |
Sberbank of Russia (Russia) | 3,791,522 | 3,520,103 | |
59,412,529 | |||
INDUSTRIALS - 0.0% | |||
Airlines - 0.0% | |||
Azul SA (a) | 721,861 | 3,543,658 | |
MATERIALS - 0.1% | |||
Metals & Mining - 0.1% | |||
Gerdau SA | 959,679 | 4,742,789 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $109,858,946) | 108,357,985 | ||
Equity Funds - 45.2% | |||
Shares | Value ($) | ||
Diversified Emerging Markets Funds - 45.2% | |||
Fidelity Advisor Emerging Markets Fund Class Z (e) | 26,371,093 | 1,031,637,149 | |
Fidelity SAI Emerging Markets Index Fund (e) | 54,212,366 | 808,848,499 | |
Fidelity SAI Emerging Markets Low Volatility Index Fund (e) | 58,385,014 | 665,005,307 | |
Fidelity SAI Emerging Markets Value Index Fund (a)(e) | 130,812,793 | 1,756,815,805 | |
TOTAL EQUITY FUNDS (Cost $4,089,585,958) | 4,262,306,760 | ||
U.S. Treasury Obligations - 0.2% | |||
Principal Amount (f) | Value ($) | ||
U.S. Treasury Bills, yield at date of purchase 0.04% to 0.36% 3/24/22 to 5/26/22 (g) (Cost $22,316,935) | 22,320,000 | 22,316,704 | |
Money Market Funds - 6.6% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 0.07% (h) | 82,718,412 | 82,734,956 | |
Fidelity Securities Lending Cash Central Fund 0.07% (h)(i) | 30,361,970 | 30,365,007 | |
Invesco Government & Agency Portfolio Institutional Class 0.03% (j) | 514,401,759 | 514,401,759 | |
TOTAL MONEY MARKET FUNDS (Cost $627,481,579) | 627,501,722 | ||
TOTAL INVESTMENT IN SECURITIES - 99.8% (Cost $8,991,188,462) | 9,420,586,835 |
NET OTHER ASSETS (LIABILITIES) - 0.2% | 20,003,043 |
NET ASSETS - 100.0% | 9,440,589,878 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Equity Index Contracts | |||||
ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 9,436 | Mar 2022 | 554,600,900 | (19,884,997) | (19,884,997) |
The notional amount of futures purchased as a percentage of Net Assets is 5.9% |
Legend
(a) | Non-income producing |
(b) | Security or a portion of the security is on loan at period end. |
(c) | Level 3 security |
(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 $160,055,613 or 1.7% of net assets. |
(e) | Affiliated Fund |
(f) | Amount is stated in United States dollars unless otherwise noted. |
(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 $22,300,708. |
(h) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(i) | Investment made with cash collateral received from securities on loan. |
(j) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | 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 0.07% | 78,422,634 | 1,301,628,787 | 1,297,316,465 | 50,009 | - | - | 82,734,956 | 0.2% |
Fidelity Securities Lending Cash Central Fund 0.07% | 24,237,307 | 367,711,307 | 361,583,607 | 158,770 | - | - | 30,365,007 | 0.1% |
Total | 102,659,941 | 1,669,340,094 | 1,658,900,072 | 208,779 | - | - | 113,099,963 |
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 Funds 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 | - | 244,814,315 | - | 63,814,315 | - | 16,215,621 | 1,031,637,149 |
Fidelity Emerging Markets Fund | 886,916,276 | 121,000,000 | - | - | - | (237,309,063) | - |
Fidelity SAI Emerging Markets Index Fund | 595,071,338 | 310,134,435 | - | 15,320,236 | - | (96,357,274) | 808,848,499 |
Fidelity SAI Emerging Markets Low Volatility Index Fund | 491,205,946 | 180,241,202 | - | 14,241,201 | - | (6,441,841) | 665,005,307 |
Fidelity SAI Emerging Markets Value Index Fund | 1,092,630,032 | 830,902,317 | - | 79,902,316 | - | (166,716,544) | 1,756,815,805 |
3,065,823,592 | 1,687,092,269 | - | 173,278,068 | - | (490,609,101) | 4,262,306,760 |
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 - 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 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.
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.
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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