Quarterly Holdings Report
for
Strategic Advisers® International Fund
Offered exclusively to certain managed account clients of Strategic Advisers LLC or its affiliates - not available for sale to the general public
May 31, 2022
SIT-NPRT1-0722
1.912870.111
Common Stocks - 42.8% | |||
Shares | Value ($) | ||
COMMUNICATION SERVICES - 1.4% | |||
Diversified Telecommunication Services - 0.6% | |||
Cellnex Telecom SA (a) | 159,717 | 7,207,897 | |
Deutsche Telekom AG | 604,651 | 12,441,062 | |
Hellenic Telecommunications Organization SA | 293,071 | 5,565,740 | |
KT Corp. | 164,909 | 5,014,968 | |
Liberty Global PLC Class C (b) | 460,600 | 11,703,846 | |
Nippon Telegraph & Telephone Corp. | 960,500 | 29,345,586 | |
Orange SA | 1,619,241 | 20,270,445 | |
Telefonica Deutschland Holding AG | 151,961 | 482,725 | |
Telefonica SA | 1,357,213 | 7,379,470 | |
Telefonica SA sponsored ADR | 41,659 | 221,626 | |
Telenor ASA | 369,558 | 5,102,898 | |
Telia Co. AB | 2,398,563 | 9,835,217 | |
Telstra Corp. Ltd. | 64,914 | 180,752 | |
114,752,232 | |||
Entertainment - 0.2% | |||
CTS Eventim AG (b) | 57,346 | 3,678,437 | |
NetEase, Inc. ADR | 154,568 | 16,033,339 | |
Nintendo Co. Ltd. | 33,800 | 15,091,314 | |
Square Enix Holdings Co. Ltd. | 168,800 | 8,404,925 | |
Ubisoft Entertainment SA (b) | 132,200 | 6,950,161 | |
50,158,176 | |||
Interactive Media & Services - 0.2% | |||
carsales.com Ltd. | 212,564 | 3,127,204 | |
Hemnet Group AB | 84,722 | 1,228,415 | |
Info Edge India Ltd. | 30,717 | 1,648,469 | |
NAVER Corp. | 57,011 | 13,215,526 | |
SEEK Ltd. | 185,232 | 3,223,595 | |
Tencent Holdings Ltd. | 330,600 | 15,114,496 | |
Z Holdings Corp. | 1,026,400 | 3,383,528 | |
40,941,233 | |||
Media - 0.2% | |||
CyberAgent, Inc. | 663,300 | 7,114,559 | |
Informa PLC (b) | 1,198,569 | 8,231,227 | |
Publicis Groupe SA | 50,636 | 2,773,664 | |
Stroeer SE & Co. KGaA | 60,783 | 3,389,924 | |
WPP PLC | 938,285 | 10,892,999 | |
32,402,373 | |||
Wireless Telecommunication Services - 0.2% | |||
Advanced Info Service PCL (For. Reg.) | 793,400 | 5,018,372 | |
KDDI Corp. | 364,400 | 12,712,492 | |
SoftBank Group Corp. | 260,600 | 10,793,815 | |
Tele2 AB (B Shares) | 126,106 | 1,542,437 | |
Vodafone Group PLC sponsored ADR | 1,167,920 | 19,434,189 | |
49,501,305 | |||
TOTAL COMMUNICATION SERVICES | 287,755,319 | ||
CONSUMER DISCRETIONARY - 3.1% | |||
Auto Components - 0.3% | |||
Autoliv, Inc. (depositary receipt) | 70,367 | 5,548,113 | |
Bridgestone Corp. | 172,700 | 6,819,505 | |
Compagnie Generale des Etablissements Michelin SCA Series B | 58,111 | 7,575,889 | |
Continental AG | 65,443 | 5,028,208 | |
DENSO Corp. | 100,500 | 6,159,420 | |
Eagle Industry Co. Ltd. | 2,700 | 21,183 | |
JTEKT Corp. | 72,300 | 550,819 | |
Koito Manufacturing Co. Ltd. | 219,400 | 8,035,662 | |
Magna International, Inc. Class A (c) | 178,650 | 11,597,958 | |
Stanley Electric Co. Ltd. | 201,200 | 3,660,313 | |
Sumitomo Rubber Industries Ltd. | 226,000 | 2,066,276 | |
TPR Co. Ltd. | 19,100 | 186,200 | |
Valeo SA | 430,118 | 9,535,203 | |
66,784,749 | |||
Automobiles - 0.3% | |||
Bayerische Motoren Werke AG (BMW) | 58,682 | 5,098,224 | |
Honda Motor Co. Ltd. | 152,400 | 3,794,787 | |
Mercedes-Benz Group AG (Germany) | 137,370 | 9,788,909 | |
Mitsubishi Motors Corp. of Japan (b) | 156,100 | 466,358 | |
Nissan Motor Co. Ltd. | 752,100 | 2,923,465 | |
Stellantis NV | 393,555 | 5,886,283 | |
Stellantis NV (Italy) (c) | 137,046 | 2,050,050 | |
Suzuki Motor Corp. | 166,100 | 4,918,982 | |
Toyota Motor Corp. | 1,292,600 | 21,504,558 | |
56,431,616 | |||
Distributors - 0.0% | |||
Inchcape PLC | 572,243 | 5,245,882 | |
Hotels, Restaurants & Leisure - 0.5% | |||
Aristocrat Leisure Ltd. | 197,428 | 4,787,509 | |
Compass Group PLC | 2,543,671 | 57,019,810 | |
Entain PLC (b) | 318,300 | 5,877,135 | |
Evolution AB (a) | 41,236 | 4,312,786 | |
Flutter Entertainment PLC (b) | 35,041 | 4,309,544 | |
Food & Life Companies Ltd. | 63,900 | 1,394,299 | |
Greggs PLC | 79,105 | 2,256,760 | |
Sands China Ltd. (b) | 9,965,200 | 19,042,953 | |
Whitbread PLC | 123,707 | 4,244,699 | |
Yum China Holdings, Inc. | 193,368 | 8,790,509 | |
112,036,004 | |||
Household Durables - 0.4% | |||
Barratt Developments PLC | 846,200 | 5,382,665 | |
Crompton Greaves Consumer Electricals Ltd. | 373,157 | 1,738,158 | |
Nikon Corp. | 152,600 | 1,893,507 | |
Panasonic Holdings Corp. | 832,500 | 7,638,664 | |
Persimmon PLC | 581,641 | 15,955,795 | |
Sony Group Corp. | 474,100 | 44,465,573 | |
77,074,362 | |||
Internet & Direct Marketing Retail - 0.2% | |||
Alibaba Group Holding Ltd. sponsored ADR (b) | 16,660 | 1,600,193 | |
ASOS PLC (b)(c) | 202,529 | 3,976,122 | |
Coupang, Inc. Class A (b) | 41,813 | 564,894 | |
MercadoLibre, Inc. (b) | 4,370 | 3,434,296 | |
Prosus NV | 68,056 | 3,518,457 | |
Rakuten Group, Inc. | 1,635,400 | 9,142,550 | |
THG PLC (b) | 388,293 | 717,052 | |
Zalando SE (a)(b) | 222,487 | 9,052,358 | |
ZOZO, Inc. | 172,400 | 3,676,063 | |
35,681,985 | |||
Leisure Products - 0.1% | |||
Sega Sammy Holdings, Inc. | 332,900 | 6,195,894 | |
Thule Group AB (a) | 47,883 | 1,602,319 | |
Yamaha Corp. | 111,800 | 4,597,468 | |
12,395,681 | |||
Multiline Retail - 0.0% | |||
Dollarama, Inc. | 79,947 | 4,636,844 | |
Next PLC | 93,757 | 7,653,316 | |
12,290,160 | |||
Specialty Retail - 0.3% | |||
Industria de Diseno Textil SA (c) | 591,649 | 14,261,584 | |
Kingfisher PLC | 6,476,418 | 21,508,282 | |
WH Smith PLC (b) | 834,728 | 16,766,342 | |
52,536,208 | |||
Textiles, Apparel & Luxury Goods - 1.0% | |||
adidas AG | 101,446 | 20,154,036 | |
Brunello Cucinelli SpA | 36,047 | 1,804,113 | |
Burberry Group PLC | 157,884 | 3,408,007 | |
Compagnie Financiere Richemont SA: | |||
warrants 11/22/23 (b) | 562,417 | 334,214 | |
Series A | 367,408 | 40,888,933 | |
Dr. Martens Ltd. | 936,378 | 2,553,368 | |
EssilorLuxottica SA (c) | 138,124 | 22,249,867 | |
EssilorLuxottica SA rights 6/15/22 (b)(d) | 138,124 | 372,190 | |
Hermes International SCA | 3,934 | 4,687,914 | |
Kering SA | 27,298 | 15,014,774 | |
Li Ning Co. Ltd. | 943,500 | 7,358,319 | |
lululemon athletica, Inc. (b) | 24,320 | 7,118,221 | |
LVMH Moet Hennessy Louis Vuitton SE | 74,321 | 47,983,586 | |
Moncler SpA | 181,362 | 8,703,142 | |
Puma AG | 72,236 | 5,367,939 | |
Samsonite International SA (a)(b) | 1,540,500 | 3,521,838 | |
Swatch Group AG (Bearer) (Reg.) | 65,776 | 3,195,540 | |
194,716,001 | |||
TOTAL CONSUMER DISCRETIONARY | 625,192,648 | ||
CONSUMER STAPLES - 5.1% | |||
Beverages - 1.1% | |||
Anheuser-Busch InBev SA NV | 284,900 | 16,059,994 | |
Anheuser-Busch InBev SA NV ADR | 57,272 | 3,247,322 | |
Asahi Group Holdings | 53,700 | 1,799,311 | |
Carlsberg A/S Series B | 15,828 | 2,014,694 | |
Davide Campari Milano NV | 235,573 | 2,514,326 | |
Diageo PLC | 1,676,039 | 77,870,911 | |
Diageo PLC sponsored ADR | 24,904 | 4,656,301 | |
Heineken Holding NV | 191,049 | 15,146,683 | |
ITO EN Ltd. | 265,400 | 11,276,949 | |
Kirin Holdings Co. Ltd. | 1,610,600 | 24,913,552 | |
Pernod Ricard SA | 270,635 | 53,023,587 | |
Royal Unibrew A/S | 28,480 | 2,500,376 | |
Suntory Beverage & Food Ltd. | 95,400 | 3,568,190 | |
Treasury Wine Estates Ltd. | 1,312 | 11,205 | |
218,603,401 | |||
Food & Staples Retailing - 0.5% | |||
Alimentation Couche-Tard, Inc. Class A (multi-vtg.) | 253,431 | 11,514,946 | |
Carrefour SA (c) | 859,629 | 17,631,974 | |
Coles Group Ltd. | 182,192 | 2,292,049 | |
Jeronimo Martins SGPS SA | 24,797 | 507,659 | |
Koninklijke Ahold Delhaize NV | 213,369 | 5,883,721 | |
Ocado Group PLC (b) | 330,567 | 3,877,224 | |
Qol Holdings Co. Ltd. | 56,400 | 549,389 | |
Seven & i Holdings Co. Ltd. | 793,900 | 33,238,244 | |
Sugi Holdings Co. Ltd. | 64,100 | 2,693,759 | |
Tesco PLC | 4,768,152 | 15,550,998 | |
Wal-Mart de Mexico SA de CV Series V | 2,197,700 | 8,126,147 | |
Welcia Holdings Co. Ltd. | 117,700 | 2,372,560 | |
104,238,670 | |||
Food Products - 1.5% | |||
Barry Callebaut AG | 2,809 | 6,155,669 | |
Chacha Food Co. Ltd. (A Shares) | 202,700 | 1,685,825 | |
Danone SA | 574,290 | 33,789,802 | |
Ezaki Glico Co. Ltd. | 183,000 | 5,280,965 | |
Foshan Haitian Flavouring & Food Co. Ltd. (A Shares) | 205,037 | 2,355,221 | |
Itoham Yonekyu Holdings, Inc. | 110,400 | 549,706 | |
Kerry Group PLC Class A | 83,953 | 8,688,314 | |
Lindt & Spruengli AG (participation certificate) | 387 | 3,889,366 | |
Mowi ASA | 393,900 | 10,283,893 | |
Nestle SA (Reg. S) | 1,634,694 | 199,951,243 | |
Nissin Food Holdings Co. Ltd. | 50,800 | 3,322,608 | |
Orior AG | 3,479 | 296,324 | |
Toyo Suisan Kaisha Ltd. | 424,900 | 15,892,286 | |
Wilmar International Ltd. | 3,453,900 | 10,512,582 | |
Yakult Honsha Co. Ltd. | 6,700 | 368,998 | |
303,022,802 | |||
Household Products - 0.6% | |||
Essity AB (B Shares) | 557,318 | 14,620,684 | |
Lion Corp. | 367,700 | 4,110,151 | |
Reckitt Benckiser Group PLC | 1,211,329 | 93,504,369 | |
112,235,204 | |||
Personal Products - 1.0% | |||
Beiersdorf AG | 76,801 | 7,971,280 | |
Kao Corp. | 501,500 | 20,158,585 | |
Kobayashi Pharmaceutical Co. Ltd. | 200,000 | 13,438,459 | |
Kose Corp. | 28,100 | 2,549,485 | |
L'Oreal SA | 162,736 | 57,480,228 | |
Pola Orbis Holdings, Inc. | 86,000 | 1,054,166 | |
Proya Cosmetics Co. Ltd. (A Shares) | 107,660 | 2,509,162 | |
Rohto Pharmaceutical Co. Ltd. | 454,400 | 11,665,763 | |
Unilever PLC | 1,642,116 | 79,333,055 | |
Unilever PLC: | |||
rights 6/7/22 (b)(d) | 1,488 | 682 | |
(Netherlands) | 1,488 | 71,573 | |
196,232,438 | |||
Tobacco - 0.4% | |||
British American Tobacco PLC: | |||
(United Kingdom) | 894,916 | 39,470,421 | |
sponsored ADR | 406,075 | 17,964,758 | |
Imperial Brands PLC | 380,700 | 8,589,388 | |
Japan Tobacco, Inc. | 404,000 | 7,353,585 | |
Scandinavian Tobacco Group A/S (a) | 53,079 | 1,139,730 | |
Swedish Match Co. AB | 579,421 | 5,988,667 | |
80,506,549 | |||
TOTAL CONSUMER STAPLES | 1,014,839,064 | ||
ENERGY - 2.3% | |||
Energy Equipment & Services - 0.1% | |||
Tenaris SA | 386,846 | 6,448,757 | |
WorleyParsons Ltd. | 856,405 | 9,059,190 | |
15,507,947 | |||
Oil, Gas & Consumable Fuels - 2.2% | |||
BP Castrol KK | 10,600 | 102,842 | |
BP PLC | 8,639,299 | 46,950,905 | |
BP PLC sponsored ADR | 654,106 | 21,173,411 | |
Capricorn Energy PLC (b) | 482,694 | 1,207,362 | |
ENEOS Holdings, Inc. | 1,032,500 | 4,156,626 | |
Eni SpA | 3,209,221 | 48,605,713 | |
Eni SpA sponsored ADR | 10,369 | 314,181 | |
Equinor ASA | 705,529 | 26,772,550 | |
Equinor ASA sponsored ADR | 44,438 | 1,673,535 | |
Galp Energia SGPS SA Class B | 997,835 | 13,133,228 | |
Gazprom OAO (e) | 3,670,010 | 569,459 | |
Gazprom OAO sponsored ADR (Reg. S) (e) | 33,845 | 7,732 | |
Idemitsu Kosan Co. Ltd. | 312,900 | 8,439,634 | |
INPEX Corp. | 534,400 | 6,856,905 | |
Japan Petroleum Exploration Co. Ltd. | 18,600 | 455,843 | |
LUKOIL PJSC (e) | 35,755 | 16,411 | |
Lundin Petroleum AB | 171,400 | 8,301,517 | |
Neste OYJ | 171,889 | 7,881,338 | |
OMV AG | 123,777 | 7,228,715 | |
Parkland Corp. | 92,793 | 2,762,845 | |
Petroleo Brasileiro SA - Petrobras (ON) | 232,900 | 1,629,915 | |
Petronet LNG Ltd. | 713,356 | 2,085,885 | |
Reliance Industries Ltd. | 583,786 | 19,805,977 | |
Repsol SA | 539,539 | 8,657,637 | |
Rosneft Oil Co. OJSC (e) | 420,640 | 104,314 | |
San-Ai Obbli Co. Ltd. | 55,400 | 412,697 | |
Santos Ltd. | 2,998,100 | 17,448,306 | |
Shell PLC: | |||
ADR | 479,297 | 28,383,968 | |
rights (b)(d) | 177,103 | 44,276 | |
rights (b)(d) | 815,605 | 206,684 | |
(Amsterdam) | 814,340 | 24,434,860 | |
(London) | 177,103 | 5,237,992 | |
TC Energy Corp. | 147,726 | 8,550,437 | |
TotalEnergies SE | 1,690,771 | 100,065,084 | |
TotalEnergies SE sponsored ADR | 170,967 | 10,052,860 | |
Woodside Energy Group Ltd. | 65,591 | 1,400,844 | |
Woodside Energy Group Ltd. | 687,857 | 14,690,744 | |
449,823,232 | |||
TOTAL ENERGY | 465,331,179 | ||
FINANCIALS - 7.0% | |||
Banks - 2.9% | |||
ABN AMRO Group NV GDR (a) | 61,849 | 724,070 | |
Agricultural Bank of China Ltd.: | |||
(A Shares) | 10,382,569 | 4,715,106 | |
(H Shares) | 559,000 | 212,994 | |
AIB Group PLC | 3,613,400 | 9,697,914 | |
Australia & New Zealand Banking Group Ltd. | 363,686 | 6,519,491 | |
Banco Bilbao Vizcaya Argentaria SA | 1,709,156 | 9,352,967 | |
Bank Leumi le-Israel BM | 71,660 | 712,411 | |
Bank of Beijing Co. Ltd. (A Shares) | 2,206,900 | 1,462,005 | |
Bank of China Ltd. (H Shares) | 9,628,000 | 3,849,001 | |
Barclays PLC | 19,280,093 | 41,097,361 | |
Barclays PLC sponsored ADR (c) | 252,713 | 2,193,549 | |
BNP Paribas SA (c) | 638,689 | 36,555,755 | |
CaixaBank SA | 4,216,048 | 15,260,700 | |
Chiba Bank Ltd. | 628,200 | 3,266,130 | |
China Construction Bank Corp. (H Shares) | 3,967,000 | 2,940,801 | |
Close Brothers Group PLC | 140,527 | 1,942,546 | |
Concordia Financial Group Ltd. | 12,800 | 43,564 | |
DBS Group Holdings Ltd. | 1,302,300 | 29,409,994 | |
DNB Bank ASA | 1,261,865 | 25,590,912 | |
Erste Group Bank AG | 104,967 | 3,277,275 | |
FinecoBank SpA | 235,664 | 3,331,972 | |
First Abu Dhabi Bank PJSC | 524,993 | 3,070,160 | |
First International Bank of Israel | 9,258 | 356,549 | |
HDFC Bank Ltd. | 1,057,228 | 18,776,124 | |
Hokuhoku Financial Group, Inc. | 118,600 | 721,356 | |
HSBC Holdings PLC sponsored ADR (c) | 49,925 | 1,670,491 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 6,707,000 | 4,016,291 | |
ING Groep NV (Certificaten Van Aandelen) | 3,730,078 | 42,178,447 | |
Intesa Sanpaolo SpA | 4,220,099 | 9,217,060 | |
Japan Post Bank Co. Ltd. | 366,000 | 2,800,404 | |
Jyske Bank A/S (Reg.) (b) | 78,235 | 4,615,175 | |
KBC Group NV (c) | 303,061 | 18,943,992 | |
Kyushu Financial Group, Inc. | 227,200 | 665,354 | |
Lloyds Banking Group PLC | 40,080,804 | 22,782,837 | |
Mebuki Financial Group, Inc. | 1,037,700 | 1,958,761 | |
Mitsubishi UFJ Financial Group, Inc. | 2,904,800 | 16,525,418 | |
Mizrahi Tefahot Bank Ltd. | 54,002 | 1,773,812 | |
National Bank of Canada | 201,835 | 15,491,277 | |
NatWest Group PLC | 5,523,281 | 15,905,756 | |
Nordea Bank ABP | 363,094 | 3,688,959 | |
Nordea Bank ABP (Helsinki Stock Exchange) | 135,240 | 1,379,020 | |
North Pacific Bank Ltd. | 923,700 | 1,557,019 | |
PT Bank Central Asia Tbk | 28,117,100 | 14,944,621 | |
Resona Holdings, Inc. | 910,100 | 3,421,530 | |
Sberbank of Russia (e) | 1,813,540 | 16,534 | |
Shizuoka Bank Ltd. | 108,900 | 640,192 | |
Skandinaviska Enskilda Banken AB (A Shares) | 14,079 | 155,409 | |
Standard Chartered PLC (United Kingdom) | 521,750 | 4,147,353 | |
Sumitomo Mitsui Financial Group, Inc. | 1,252,000 | 38,398,242 | |
Sumitomo Mitsui Trust Holdings, Inc. | 145,600 | 4,403,805 | |
Svenska Handelsbanken AB (A Shares) | 1,770,815 | 17,451,269 | |
Swedbank AB (A Shares) | 1,780,650 | 26,883,883 | |
Sydbank A/S | 103,737 | 3,661,561 | |
The Hachijuni Bank Ltd. | 616,400 | 2,149,871 | |
The Toronto-Dominion Bank | 145,935 | 11,152,372 | |
UniCredit SpA | 4,623,862 | 54,215,291 | |
United Overseas Bank Ltd. | 537,000 | 11,566,636 | |
Yamaguchi Financial Group, Inc. | 48,100 | 268,644 | |
583,727,993 | |||
Capital Markets - 1.4% | |||
3i Group PLC | 231,918 | 3,708,833 | |
Amundi SA (a)(c) | 127,700 | 7,423,550 | |
B3 SA - Brasil Bolsa Balcao | 1,133,500 | 3,045,690 | |
Bridgepoint Group Holdings Ltd. (a) | 898,070 | 3,646,202 | |
Credit Suisse Group AG | 1,672,652 | 11,720,914 | |
Daiwa Securities Group, Inc. | 220,700 | 1,075,766 | |
Deutsche Borse AG | 179,263 | 30,127,506 | |
EQT AB | 122,926 | 3,602,458 | |
Euronext NV (a) | 334,054 | 28,905,068 | |
Hong Kong Exchanges and Clearing Ltd. | 260,100 | 11,222,819 | |
Intermediate Capital Group PLC | 179,464 | 3,561,746 | |
Japan Exchange Group, Inc. | 81,500 | 1,289,309 | |
Julius Baer Group Ltd. | 433,841 | 22,405,951 | |
London Stock Exchange Group PLC | 311,007 | 29,021,019 | |
Macquarie Group Ltd. | 264,968 | 35,364,894 | |
Netwealth Group Ltd. | 144,830 | 1,350,145 | |
Nomura Holdings, Inc. | 1,359,700 | 5,342,932 | |
Partners Group Holding AG | 8,977 | 9,634,927 | |
SBI Holdings, Inc. Japan | 499,300 | 10,150,061 | |
UBS Group AG | 3,109,840 | 58,504,027 | |
XP, Inc. Class A (b) | 171,485 | 3,877,276 | |
284,981,093 | |||
Diversified Financial Services - 0.5% | |||
Challenger Ltd. | 715,067 | 3,710,203 | |
Element Fleet Management Corp. | 904,088 | 10,071,234 | |
EXOR NV | 59,500 | 4,388,297 | |
Groupe Bruxelles Lambert SA | 92,400 | 8,526,890 | |
Industrivarden AB (C Shares) | 100,658 | 2,608,711 | |
Investor AB: | |||
(A Shares) | 138,683 | 2,892,676 | |
(B Shares) (c) | 995,608 | 18,658,315 | |
Mitsubishi UFJ Lease & Finance Co. Ltd. | 660,400 | 3,144,640 | |
ORIX Corp. | 1,799,600 | 34,212,969 | |
88,213,935 | |||
Insurance - 2.2% | |||
AIA Group Ltd. | 4,007,600 | 41,519,476 | |
Allianz SE | 122,221 | 25,655,882 | |
Aon PLC | 57,517 | 15,855,711 | |
ASR Nederland NV | 108,398 | 4,945,754 | |
Assicurazioni Generali SpA (c) | 190,477 | 3,466,048 | |
Aviva PLC | 1,484,875 | 8,045,691 | |
AXA SA (c) | 1,486,698 | 37,616,243 | |
Beazley PLC | 1,183,149 | 7,251,670 | |
Dai-ichi Mutual Life Insurance Co. | 467,900 | 9,668,088 | |
Definity Financial Corp. | 77,357 | 2,065,340 | |
Direct Line Insurance Group PLC | 1,471,956 | 4,772,431 | |
Gjensidige Forsikring ASA | 60,617 | 1,324,531 | |
Hiscox Ltd. | 891,924 | 10,389,456 | |
Intact Financial Corp. | 52,535 | 7,590,443 | |
Japan Post Holdings Co. Ltd. | 1,062,900 | 7,938,476 | |
Japan Post Insurance Co. Ltd. | 40,900 | 675,445 | |
Manulife Financial Corp. | 399,502 | 7,400,349 | |
MS&AD Insurance Group Holdings, Inc. | 151,300 | 4,813,816 | |
MS&AD Insurance Group Holdings, Inc. ADR (c) | 5,200 | 82,462 | |
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 121,343 | 29,773,265 | |
NN Group NV | 185,478 | 9,221,243 | |
NN Group NV: | |||
ADR | 6,582 | 163,234 | |
rights 6/8/22 (b)(c)(d) | 185,478 | 310,627 | |
PICC Property & Casualty Co. Ltd. (H Shares) | 6,672,000 | 6,478,826 | |
Ping An Insurance Group Co. of China Ltd. (H Shares) | 503,500 | 3,223,824 | |
Prudential PLC | 2,943,033 | 38,376,742 | |
Sampo Oyj (A Shares) | 288,309 | 13,024,354 | |
Sompo Holdings, Inc. | 27,500 | 1,253,007 | |
Storebrand ASA (A Shares) | 1,045,365 | 9,379,972 | |
Sun Life Financial, Inc. (c) | 297,983 | 14,554,603 | |
Swiss Life Holding AG | 3,164 | 1,791,130 | |
Swiss Re Ltd. | 170,266 | 14,040,803 | |
T&D Holdings, Inc. | 156,200 | 1,804,466 | |
Talanx AG | 112,700 | 4,614,524 | |
Tokio Marine Holdings, Inc. | 490,200 | 28,521,414 | |
Tokio Marine Holdings, Inc. ADR (c) | 3,647 | 211,635 | |
Willis Towers Watson PLC | 27,259 | 5,753,557 | |
Zurich Insurance Group Ltd. | 114,725 | 52,541,138 | |
436,115,676 | |||
Thrifts & Mortgage Finance - 0.0% | |||
Housing Development Finance Corp. Ltd. | 234,381 | 6,967,427 | |
Paragon Banking Group PLC | 62,107 | 384,888 | |
7,352,315 | |||
TOTAL FINANCIALS | 1,400,391,012 | ||
HEALTH CARE - 5.4% | |||
Biotechnology - 0.1% | |||
Genmab A/S (b) | 29,002 | 8,843,081 | |
Vitrolife AB | 41,702 | 1,234,071 | |
10,077,152 | |||
Health Care Equipment & Supplies - 0.7% | |||
Alcon, Inc. (Switzerland) | 90,948 | 6,807,826 | |
ASAHI INTECC Co. Ltd. | 123,900 | 1,874,837 | |
Carl Zeiss Meditec AG | 20,201 | 2,694,583 | |
Coloplast A/S Series B | 28,503 | 3,388,954 | |
ConvaTec Group PLC (a) | 2,258,641 | 6,147,605 | |
Elekta AB (B Shares) | 568,968 | 4,427,789 | |
Hoya Corp. | 126,700 | 13,591,696 | |
InMode Ltd. (b) | 50,183 | 1,345,406 | |
Koninklijke Philips Electronics NV | 1,412,684 | 36,414,278 | |
Koninklijke Philips Electronics NV rights (b)(c)(d) | 1,453,155 | 1,326,029 | |
Nihon Kohden Corp. | 177,900 | 4,228,640 | |
Olympus Corp. | 1,036,200 | 21,655,784 | |
Siemens Healthineers AG (a) | 204,010 | 12,259,883 | |
Smith & Nephew PLC | 914,700 | 14,922,041 | |
Straumann Holding AG | 47,620 | 6,075,195 | |
Terumo Corp. | 332,700 | 10,740,573 | |
147,901,119 | |||
Health Care Providers & Services - 0.2% | |||
Amplifon SpA | 61,311 | 2,110,203 | |
Apollo Hospitals Enterprise Ltd. | 30,230 | 1,550,223 | |
CVS Group PLC | 71,022 | 1,605,537 | |
Fresenius SE & Co. KGaA | 895,647 | 30,719,331 | |
Fresenius SE & Co. KGaA rights (b)(d) | 895,647 | 884,600 | |
Galenica AG (a) | 23,006 | 1,722,092 | |
Suzuken Co. Ltd. | 1,800 | 49,008 | |
38,640,994 | |||
Health Care Technology - 0.0% | |||
CompuGroup Medical AG | 28,390 | 1,597,052 | |
M3, Inc. | 89,600 | 2,576,983 | |
Pro Medicus Ltd. (c) | 47,769 | 1,444,276 | |
5,618,311 | |||
Life Sciences Tools & Services - 0.4% | |||
Agilent Technologies, Inc. | 78,443 | 10,006,189 | |
Bachem Holding AG (B Shares) | 13,918 | 1,091,878 | |
Bruker Corp. | 125,052 | 7,813,249 | |
Eurofins Scientific SA | 67,664 | 6,306,664 | |
Evotec OAI AG (b) | 131,079 | 3,630,572 | |
ICON PLC (b) | 59,325 | 13,276,342 | |
Lonza Group AG | 21,992 | 13,259,104 | |
QIAGEN NV (Germany) (b) | 296,244 | 13,614,982 | |
Sartorius Stedim Biotech | 16,565 | 5,710,236 | |
Siegfried Holding AG | 2,946 | 1,991,744 | |
Tecan Group AG | 6,860 | 2,221,347 | |
78,922,307 | |||
Pharmaceuticals - 4.0% | |||
Astellas Pharma, Inc. | 2,174,200 | 34,723,973 | |
AstraZeneca PLC: | |||
(United Kingdom) | 367,297 | 48,543,368 | |
sponsored ADR | 301,301 | 20,030,490 | |
Bayer AG | 1,015,290 | 72,642,019 | |
Chugai Pharmaceutical Co. Ltd. | 65,800 | 1,798,851 | |
Euroapi SASU (b) | 12,906 | 187,600 | |
GSK PLC | 1,541,281 | 33,600,520 | |
GSK PLC sponsored ADR | 1,097,133 | 48,164,139 | |
Ipsen SA | 37,594 | 3,761,462 | |
Kyowa Hakko Kirin Co., Ltd. | 558,000 | 12,021,689 | |
Merck KGaA | 31,612 | 5,960,406 | |
Novartis AG | 1,342,011 | 121,908,028 | |
Novo Nordisk A/S: | |||
Series B | 661,278 | 73,435,294 | |
Series B sponsored ADR | 57,363 | 6,332,875 | |
Ono Pharmaceutical Co. Ltd. | 10,500 | 277,640 | |
Otsuka Holdings Co. Ltd. | 284,000 | 9,462,198 | |
Recordati SpA | 3,396 | 151,956 | |
Roche Holding AG: | |||
(participation certificate) | 487,075 | 165,990,843 | |
sponsored ADR | 43,358 | 1,844,449 | |
Sanofi SA | 835,772 | 89,168,012 | |
Sanofi SA sponsored ADR | 77,040 | 4,102,380 | |
Santen Pharmaceutical Co. Ltd. | 1,539,400 | 12,414,153 | |
Sumitomo Dainippon Pharma Co., Ltd. | 15,700 | 134,352 | |
Taisho Pharmaceutical Holdings Co. Ltd. | 7,300 | 281,260 | |
Takeda Pharmaceutical Co. Ltd. | 940,400 | 27,023,120 | |
793,961,077 | |||
TOTAL HEALTH CARE | 1,075,120,960 | ||
INDUSTRIALS - 7.2% | |||
Aerospace & Defense - 0.6% | |||
Airbus Group NV | 150,223 | 17,605,506 | |
Dassault Aviation SA | 45,900 | 7,770,816 | |
Leonardo SpA | 198,338 | 2,133,516 | |
MTU Aero Engines AG | 115,665 | 22,829,052 | |
Rolls-Royce Holdings PLC (b) | 44,566,654 | 48,674,979 | |
Safran SA | 172,800 | 17,904,005 | |
116,917,874 | |||
Air Freight & Logistics - 0.2% | |||
Deutsche Post AG | 517,184 | 21,402,962 | |
Deutsche Post AG ADR | 2,200 | 91,278 | |
DSV A/S | 63,409 | 10,426,776 | |
Konoike Transport Co. Ltd. | 14,400 | 130,650 | |
32,051,666 | |||
Airlines - 0.3% | |||
Air Canada (b) | 405,800 | 7,119,186 | |
InterGlobe Aviation Ltd. (a)(b) | 137,305 | 3,253,204 | |
Ryanair Holdings PLC sponsored ADR (b) | 558,714 | 48,719,861 | |
Turk Hava Yollari AO (b) | 77,044 | 234,374 | |
59,326,625 | |||
Building Products - 0.2% | |||
AGC, Inc. | 49,700 | 1,869,499 | |
Belimo Holding AG (Reg.) | 4,542 | 1,813,580 | |
Compagnie de St. Gobain | 55,100 | 3,265,987 | |
Daikin Industries Ltd. | 129,700 | 20,856,621 | |
Geberit AG (Reg.) | 18,872 | 10,344,972 | |
Kingspan Group PLC (Ireland) | 86,372 | 7,121,254 | |
Nibe Industrier AB (B Shares) | 323,151 | 2,815,922 | |
Noritz Corp. | 21,800 | 254,010 | |
Sekisui Jushi Corp. | 57,400 | 749,074 | |
Takasago Thermal Engineering Co. Ltd. | 31,900 | 384,579 | |
49,475,498 | |||
Commercial Services & Supplies - 0.2% | |||
Nippon Kanzai Co. Ltd. | 15,900 | 318,778 | |
Rentokil Initial PLC | 1,101,734 | 7,027,549 | |
Ritchie Bros. Auctioneers, Inc. | 99,262 | 5,974,476 | |
Secom Co. Ltd. | 248,700 | 16,377,822 | |
Sohgo Security Services Co., Ltd. | 93,200 | 2,580,945 | |
Tomra Systems ASA | 102,482 | 2,089,954 | |
Toppan, Inc. | 191,600 | 3,600,940 | |
37,970,464 | |||
Construction & Engineering - 0.2% | |||
Balfour Beatty PLC | 1,402,308 | 4,601,394 | |
Kajima Corp. | 275,700 | 2,962,779 | |
Sanki Engineering Co. Ltd. | 8,600 | 96,732 | |
Sweco AB (B Shares) (c) | 107,529 | 1,273,927 | |
Tokyu Construction Co. Ltd. | 14,600 | 66,232 | |
VINCI SA | 287,446 | 27,738,577 | |
Voltas Ltd. | 154,418 | 2,025,893 | |
38,765,534 | |||
Electrical Equipment - 1.1% | |||
ABB Ltd.: | |||
(Reg.) | 1,309,946 | 40,391,574 | |
sponsored ADR | 128,300 | 3,973,451 | |
Havells India Ltd. | 143,121 | 2,216,588 | |
Legrand SA | 618,717 | 53,509,856 | |
Mitsubishi Electric Corp. | 1,037,300 | 11,365,796 | |
Prysmian SpA | 412,813 | 13,321,852 | |
Schneider Electric SA (c) | 559,654 | 77,731,347 | |
Siemens Energy AG | 455,000 | 8,760,624 | |
211,271,088 | |||
Industrial Conglomerates - 0.8% | |||
CK Hutchison Holdings Ltd. | 2,596,400 | 18,391,920 | |
DCC PLC (United Kingdom) | 279,024 | 19,724,656 | |
Hitachi Ltd. | 761,680 | 39,520,931 | |
Investment AB Latour (B Shares) | 81,801 | 2,007,762 | |
Lifco AB | 140,918 | 2,898,891 | |
Melrose Industries PLC | 10,021,804 | 17,098,955 | |
Siemens AG | 363,442 | 47,975,434 | |
Toshiba Corp. | 289,290 | 12,966,196 | |
160,584,745 | |||
Machinery - 1.7% | |||
Airtac International Group | 64,158 | 2,086,519 | |
Alstom SA | 1,069,908 | 29,302,532 | |
Atlas Copco AB (A Shares) | 647,348 | 7,247,736 | |
AutoStore Holdings Ltd. (c) | 363,779 | 866,302 | |
CNH Industrial NV | 810,000 | 12,061,012 | |
Epiroc AB (A Shares) | 587,532 | 11,392,798 | |
FANUC Corp. | 299,900 | 48,883,458 | |
Furukawa Co. Ltd. | 6,900 | 65,980 | |
GEA Group AG | 616,922 | 24,604,319 | |
Harmonic Drive Systems, Inc. | 35,600 | 916,720 | |
Husqvarna AB (B Shares) | 296,300 | 2,670,537 | |
IMI PLC | 1,010,928 | 17,974,311 | |
Indutrade AB | 122,799 | 2,771,353 | |
KION Group AG | 127,725 | 6,262,233 | |
Kitz Corp. | 61,200 | 322,318 | |
Knorr-Bremse AG | 142,921 | 9,769,455 | |
Kubota Corp. | 680,600 | 12,561,149 | |
Max Co. Ltd. | 1,900 | 23,009 | |
Misumi Group, Inc. | 157,800 | 3,575,582 | |
Mitsuboshi Belting Ltd. | 21,400 | 464,954 | |
Nachi-Fujikoshi Corp. | 1,300 | 36,859 | |
NGK Insulators Ltd. | 113,800 | 1,684,239 | |
Nitto Seiko Co. Ltd. | 14,500 | 57,218 | |
Nordson Corp. | 38,459 | 8,379,447 | |
Rotork PLC | 888,114 | 3,126,800 | |
Schindler Holding AG (participation certificate) | 114,081 | 23,388,270 | |
SMC Corp. | 70,400 | 36,398,602 | |
Spirax-Sarco Engineering PLC | 157,348 | 20,947,671 | |
Sumitomo Heavy Industries Ltd. | 8,200 | 193,303 | |
Techtronic Industries Co. Ltd. | 857,000 | 11,226,883 | |
The Weir Group PLC | 296,495 | 5,934,848 | |
THK Co. Ltd. | 155,300 | 3,184,775 | |
Toyota Industries Corp. | 424,100 | 27,343,224 | |
VAT Group AG (a) | 5,783 | 1,713,437 | |
Volvo AB (B Shares) (c) | 421,178 | 7,387,014 | |
344,824,867 | |||
Marine - 0.1% | |||
A.P. Moller - Maersk A/S: | |||
ADR | 4,262 | 62,268 | |
Series A | 3,326 | 9,608,652 | |
Series B | 1,493 | 4,375,061 | |
Nippon Yusen KK | 72,100 | 5,960,201 | |
20,006,182 | |||
Professional Services - 0.8% | |||
Benefit One, Inc. | 84,100 | 1,317,012 | |
Experian PLC | 798,375 | 26,707,441 | |
Intertek Group PLC | 276,531 | 16,150,969 | |
Nihon M&A Center Holdings, Inc. | 185,600 | 2,158,257 | |
Persol Holdings Co. Ltd. | 229,600 | 4,471,256 | |
Randstad NV | 60,222 | 3,398,074 | |
Recruit Holdings Co. Ltd. | 298,500 | 10,803,964 | |
RELX PLC: | |||
rights (b)(d) | 472,850 | 214,404 | |
(Euronext N.V.) | 522,705 | 14,971,481 | |
(London Stock Exchange) | 635,032 | 18,209,273 | |
SGS SA (Reg.) | 8,968 | 22,251,710 | |
SMS Co., Ltd. | 43,500 | 1,013,710 | |
TechnoPro Holdings, Inc. | 415,400 | 9,524,771 | |
Teleperformance | 47,835 | 15,852,753 | |
Wolters Kluwer NV | 237,789 | 23,521,350 | |
Wolters Kluwer NV ADR | 1,900 | 188,176 | |
170,754,601 | |||
Road & Rail - 0.3% | |||
Canadian National Railway Co. | 313,314 | 35,625,426 | |
Canadian Pacific Railway Ltd. | 141,740 | 10,125,906 | |
Central Japan Railway Co. | 46,300 | 5,735,285 | |
Sankyu, Inc. | 19,400 | 581,691 | |
TFI International, Inc. (Canada) | 81,000 | 6,651,753 | |
58,720,061 | |||
Trading Companies & Distributors - 0.5% | |||
AerCap Holdings NV (b) | 190,576 | 9,422,077 | |
Ashtead Group PLC | 520,829 | 27,255,999 | |
Beijer Ref AB (B Shares) | 128,467 | 2,042,907 | |
Bunzl PLC | 511,000 | 17,817,020 | |
Diploma PLC | 62,249 | 2,039,439 | |
Hanwa Co. Ltd. | 6,300 | 146,177 | |
IMCD NV | 19,195 | 2,878,769 | |
Kanamoto Co. Ltd. | 21,900 | 322,372 | |
Marubeni Corp. | 48,400 | 507,393 | |
Mitsubishi Corp. | 230,800 | 7,965,356 | |
Mitsui & Co. Ltd. | 358,800 | 9,012,548 | |
MonotaRO Co. Ltd. | 163,100 | 2,391,990 | |
Nagase & Co. Ltd. | 26,300 | 370,797 | |
Ochi Holdings Co. Ltd. | 18,200 | 173,468 | |
Onoken Co. Ltd. | 41,200 | 444,532 | |
Rexel SA | 399,100 | 8,479,101 | |
Sumitomo Corp. | 504,200 | 7,214,143 | |
Toromont Industries Ltd. | 35,576 | 3,155,529 | |
Toyota Tsusho Corp. | 18,400 | 702,361 | |
Wakita & Co. Ltd. | 14,100 | 120,699 | |
Yamazen Co. Ltd. | 53,900 | 395,243 | |
Yuasa Trading Co. Ltd. | 32,100 | 799,165 | |
103,657,085 | |||
Transportation Infrastructure - 0.2% | |||
Aena SME SA (a)(b) | 145,809 | 22,244,460 | |
Beijing Capital International Airport Co. Ltd. (H Shares) (b) | 12,508,000 | 7,332,144 | |
Grupo Aeroportuario del Sureste S.A.B. de CV Series B sponsored ADR | 15,174 | 3,297,158 | |
32,873,762 | |||
TOTAL INDUSTRIALS | 1,437,200,052 | ||
INFORMATION TECHNOLOGY - 6.1% | |||
Communications Equipment - 0.2% | |||
Ericsson (B Shares) | 1,497,955 | 12,164,350 | |
Nokia Corp. | 3,679,580 | 18,493,281 | |
30,657,631 | |||
Electronic Equipment & Components - 0.9% | |||
Enplas Corp. | 8,200 | 217,843 | |
Halma PLC | 604,269 | 16,972,484 | |
Hamamatsu Photonics K.K. | 136,200 | 6,379,664 | |
Hexagon AB (B Shares) | 574,089 | 7,004,625 | |
Hirose Electric Co. Ltd. | 152,890 | 21,282,393 | |
Keyence Corp. | 55,600 | 22,105,258 | |
Kyocera Corp. | 439,900 | 24,725,734 | |
Largan Precision Co. Ltd. | 40,000 | 2,287,170 | |
Macnica Fuji Electronics Holdings, Inc. | 22,400 | 496,250 | |
Murata Manufacturing Co. Ltd. | 479,900 | 30,838,594 | |
Oki Electric Industry Co. Ltd. | 12,600 | 73,209 | |
OMRON Corp. | 226,100 | 12,976,805 | |
Renishaw PLC | 26,599 | 1,362,147 | |
Samsung SDI Co. Ltd. | 7,564 | 3,500,682 | |
Sanshin Electronic Co. Ltd. | 17,500 | 217,093 | |
Shimadzu Corp. | 726,300 | 26,714,029 | |
Topcon Corp. | 62,300 | 889,965 | |
Yokogawa Electric Corp. | 443,300 | 7,933,500 | |
185,977,445 | |||
IT Services - 1.2% | |||
Adyen BV (a)(b) | 6,924 | 10,722,960 | |
Amadeus IT Holding SA Class A (b) | 1,325,747 | 82,492,855 | |
Capgemini SA | 147,076 | 28,499,766 | |
Dlocal Ltd. | 44,198 | 1,274,228 | |
Fujitsu Ltd. | 209,940 | 31,523,091 | |
Globant SA (b) | 13,594 | 2,576,199 | |
GMO Payment Gateway, Inc. | 21,500 | 1,783,664 | |
Infosys Ltd. | 539,600 | 10,417,782 | |
ITOCHU Techno-Solutions Corp. | 900 | 22,476 | |
Locaweb Servicos de Internet SA (a)(b) | 724,988 | 1,008,337 | |
Mitsubishi Research Institute, Inc. | 15,600 | 499,864 | |
Nomura Research Institute Ltd. | 809,400 | 22,320,037 | |
NTT Data Corp. | 1,063,800 | 16,644,874 | |
OBIC Co. Ltd. | 83,700 | 12,405,298 | |
Otsuka Corp. | 24,600 | 780,604 | |
SCSK Corp. | 66,900 | 1,118,854 | |
SHIFT, Inc. (b) | 14,300 | 2,208,288 | |
Softcat PLC | 90,798 | 1,632,696 | |
TIS, Inc. | 262,300 | 6,876,626 | |
Visa, Inc. Class A | 53,236 | 11,295,082 | |
246,103,581 | |||
Semiconductors & Semiconductor Equipment - 1.7% | |||
ams-OSRAM AG (b) | 226,700 | 2,774,664 | |
Analog Devices, Inc. | 165,813 | 27,922,909 | |
ASML Holding NV | 17,175 | 9,897,781 | |
ASML Holding NV (Netherlands) | 153,138 | 88,124,049 | |
BE Semiconductor Industries NV | 21,863 | 1,336,910 | |
Broadcom, Inc. | 32,087 | 18,614,631 | |
Disco Corp. | 35,400 | 9,651,921 | |
GlobalWafers Co. Ltd. | 69,000 | 1,479,166 | |
Infineon Technologies AG | 629,206 | 19,608,068 | |
MediaTek, Inc. | 360,000 | 11,121,644 | |
NXP Semiconductors NV | 181,103 | 34,366,105 | |
Renesas Electronics Corp. (b) | 424,300 | 4,955,759 | |
Silergy Corp. | 15,000 | 1,540,147 | |
SK Hynix, Inc. | 138,217 | 12,014,855 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,669,000 | 31,534,090 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 616,669 | 58,768,556 | |
Texas Instruments, Inc. | 32,137 | 5,680,536 | |
Tokyo Electron Ltd. | 24,000 | 11,001,224 | |
350,393,015 | |||
Software - 1.3% | |||
ANSYS, Inc. (b) | 78,709 | 20,492,675 | |
Atlassian Corp. PLC (b) | 28,126 | 4,987,302 | |
Aveva Group PLC | 36,995 | 1,061,944 | |
Cadence Design Systems, Inc. (b) | 439,187 | 67,516,218 | |
Check Point Software Technologies Ltd. (b) | 109,715 | 13,723,152 | |
Constellation Software, Inc. | 7,359 | 11,582,287 | |
Dassault Systemes SA | 588,373 | 24,807,949 | |
Kinaxis, Inc. (b) | 20,661 | 2,294,541 | |
Nemetschek Se | 24,113 | 1,720,418 | |
NICE Ltd. sponsored ADR (b) | 32,822 | 6,522,388 | |
Rakus Co. Ltd. | 95,000 | 1,180,720 | |
SAP SE | 780,659 | 78,258,729 | |
SAP SE sponsored ADR | 154,564 | 15,431,670 | |
Temenos Group AG | 24,030 | 2,333,856 | |
251,913,849 | |||
Technology Hardware, Storage & Peripherals - 0.8% | |||
Brother Industries Ltd. | 170,700 | 3,151,854 | |
Canon, Inc. | 191,700 | 4,868,382 | |
Canon, Inc. sponsored ADR (c) | 83,747 | 2,126,336 | |
FUJIFILM Holdings Corp. | 135,100 | 7,441,217 | |
Ricoh Co. Ltd. | 286,500 | 2,407,510 | |
Riso Kagaku Corp. | 26,100 | 443,397 | |
Samsung Electronics Co. Ltd. | 2,464,500 | 133,697,114 | |
Seiko Epson Corp. | 215,000 | 3,599,257 | |
157,735,067 | |||
TOTAL INFORMATION TECHNOLOGY | 1,222,780,588 | ||
MATERIALS - 3.5% | |||
Chemicals - 2.0% | |||
Air Liquide SA (c) | 147,150 | 25,775,953 | |
Air Water, Inc. | 68,600 | 930,404 | |
Akzo Nobel NV | 464,038 | 40,390,826 | |
Asahi Kasei Corp. | 752,100 | 6,076,636 | |
BASF AG | 648,558 | 35,817,112 | |
Chr. Hansen Holding A/S | 37,244 | 2,792,554 | |
Covestro AG (a) | 186,419 | 8,545,098 | |
Croda International PLC | 293,047 | 25,516,455 | |
Daicel Chemical Industries Ltd. | 235,300 | 1,518,890 | |
Denka Co. Ltd. | 206,060 | 5,112,641 | |
Evonik Industries AG | 232,576 | 6,224,571 | |
Givaudan SA (c) | 9,739 | 35,759,756 | |
Johnson Matthey PLC | 276,134 | 7,341,881 | |
Kansai Paint Co. Ltd. | 552,800 | 6,883,430 | |
KH Neochem Co. Ltd. | 20,100 | 395,958 | |
Kuraray Co. Ltd. | 89,500 | 747,536 | |
Linde PLC | 79,450 | 25,795,826 | |
Linde PLC | 99,180 | 32,091,471 | |
Mitsubishi Chemical Holdings Corp. | 429,700 | 2,560,076 | |
Mitsui Chemicals, Inc. | 16,100 | 394,135 | |
Nippon Sanso Holdings Corp. | 232,600 | 4,379,713 | |
Nitto Denko Corp. | 186,200 | 13,488,024 | |
Novozymes A/S Series B | 384,957 | 24,436,688 | |
PhosAgro OJSC (e) | 3,751 | 342 | |
Pidilite Industries Ltd. | 69,502 | 2,011,132 | |
Shin-Etsu Chemical Co. Ltd. | 64,100 | 9,069,833 | |
Sika AG | 119,293 | 33,114,414 | |
Solvay SA Class A | 40,377 | 3,948,887 | |
Sumitomo Chemical Co. Ltd. | 428,800 | 1,772,473 | |
Symrise AG | 240,578 | 26,584,273 | |
Teijin Ltd. | 128,400 | 1,320,532 | |
Toray Industries, Inc. | 396,600 | 2,047,348 | |
Tosoh Corp. | 102,400 | 1,487,983 | |
Umicore SA | 130,552 | 5,795,874 | |
UPL Ltd. (b) | 199,883 | 2,008,155 | |
Yara International ASA | 191,174 | 9,904,786 | |
412,041,666 | |||
Construction Materials - 0.1% | |||
CRH PLC | 138,277 | 5,707,094 | |
CSR Ltd. | 46,808 | 156,874 | |
HeidelbergCement AG | 243,700 | 14,232,867 | |
Taiheiyo Cement Corp. | 24,400 | 364,445 | |
20,461,280 | |||
Containers & Packaging - 0.1% | |||
Amcor PLC unit | 468,854 | 6,167,551 | |
Sig Group AG | 167,494 | 3,656,510 | |
Smurfit Kappa Group PLC | 388,208 | 15,736,884 | |
Toyo Seikan Group Holdings Ltd. | 56,800 | 607,114 | |
26,168,059 | |||
Metals & Mining - 1.2% | |||
Agnico Eagle Mines Ltd. (Canada) | 199,714 | 10,585,308 | |
Anglo American PLC: | |||
ADR (c) | 15,297 | 375,694 | |
(United Kingdom) | 298,109 | 14,685,922 | |
Antofagasta PLC | 486,101 | 9,050,217 | |
ArcelorMittal SA: | |||
rights (b)(d) | 406,200 | 159,312 | |
(Netherlands) | 406,200 | 13,062,657 | |
BHP Group Ltd. | 928,033 | 29,710,389 | |
BHP Group Ltd.: | |||
(London) | 362,986 | 11,503,576 | |
sponsored ADR | 100,100 | 7,073,066 | |
BlueScope Steel Ltd. | 289,757 | 3,784,583 | |
Franco-Nevada Corp. | 264,793 | 37,458,522 | |
Glencore Xstrata PLC | 4,438,604 | 29,275,183 | |
IGO Ltd. | 1,968,366 | 17,855,237 | |
JFE Holdings, Inc. | 330,300 | 4,063,400 | |
Nippon Steel & Sumitomo Metal Corp. | 24,700 | 430,438 | |
Rio Tinto Ltd. | 134,144 | 11,017,923 | |
Rio Tinto PLC | 177,115 | 12,851,186 | |
Rio Tinto PLC sponsored ADR | 22,593 | 1,659,230 | |
South32 Ltd. | 2,988,393 | 10,723,101 | |
Voestalpine AG | 23,412 | 685,654 | |
Wheaton Precious Metals Corp. | 198,771 | 8,209,509 | |
234,220,107 | |||
Paper & Forest Products - 0.1% | |||
Stora Enso Oyj (R Shares) | 506,416 | 9,794,087 | |
Svenska Cellulosa AB SCA (B Shares) | 288,300 | 5,220,778 | |
15,014,865 | |||
TOTAL MATERIALS | 707,905,977 | ||
REAL ESTATE - 0.5% | |||
Equity Real Estate Investment Trusts (REITs) - 0.1% | |||
Big Yellow Group PLC | 124,619 | 2,115,226 | |
British Land Co. PLC | 409,000 | 2,708,842 | |
Great Portland Estates PLC | 714,746 | 5,908,273 | |
Scentre Group unit | 2,924,443 | 6,023,345 | |
Segro PLC | 380,562 | 5,313,372 | |
Warehouses de Pauw | 50,132 | 1,848,152 | |
23,917,210 | |||
Real Estate Management & Development - 0.4% | |||
Airport City Ltd. (b) | 7,864 | 146,834 | |
Aroundtown SA | 63,469 | 297,351 | |
Azrieli Group | 8,370 | 627,548 | |
CK Asset Holdings Ltd. | 1,417,600 | 9,258,334 | |
ESR Cayman Ltd. (a)(b) | 2,086,000 | 6,180,485 | |
Grand City Properties SA | 411,960 | 7,328,242 | |
LEG Immobilien AG | 195,265 | 20,094,819 | |
LEG Immobilien AG rights (b)(c) | 194,322 | 849,061 | |
Lendlease Group unit | 862,300 | 6,664,795 | |
Mitsui Fudosan Co. Ltd. | 554,400 | 12,122,709 | |
TAG Immobilien AG | 298,314 | 5,396,297 | |
Vonovia SE | 266,818 | 10,177,410 | |
79,143,885 | |||
TOTAL REAL ESTATE | 103,061,095 | ||
UTILITIES - 1.2% | |||
Electric Utilities - 0.4% | |||
CLP Holdings Ltd. | 672,000 | 6,700,989 | |
EDF SA | 5,988 | 53,086 | |
EDF SA rights 6/7/22 (b)(d) | 5,988 | 1,800 | |
Enel SpA | 6,309,372 | 40,992,795 | |
Fortum Corp. | 228,011 | 4,210,237 | |
Iberdrola SA | 2,241,208 | 26,554,986 | |
Kansai Electric Power Co., Inc. | 94,500 | 923,638 | |
Origin Energy Ltd. | 424,659 | 2,087,582 | |
ORSTED A/S (a) | 83,631 | 9,426,001 | |
The Okinawa Electric Power Co., Inc. | 49,600 | 451,172 | |
91,402,286 | |||
Gas Utilities - 0.1% | |||
APA Group unit | 749,814 | 6,123,624 | |
Beijing Enterprises Holdings Ltd. | 833,500 | 2,920,946 | |
China Resource Gas Group Ltd. | 1,134,000 | 4,747,158 | |
Tokyo Gas Co. Ltd. | 347,500 | 6,788,994 | |
20,580,722 | |||
Independent Power and Renewable Electricity Producers - 0.2% | |||
EDP Renovaveis SA | 173,646 | 4,257,779 | |
Electric Power Development Co. Ltd. | 445,600 | 7,047,358 | |
RWE AG | 760,161 | 33,458,904 | |
RWE AG ADR | 17,454 | 770,070 | |
45,534,111 | |||
Multi-Utilities - 0.5% | |||
E.ON AG | 1,085,676 | 11,082,526 | |
Engie SA | 3,824,685 | 51,308,458 | |
Engie SA ADR | 60,413 | 813,159 | |
National Grid PLC | 766,588 | 11,309,160 | |
National Grid PLC sponsored ADR | 4,843 | 360,222 | |
Veolia Environnement SA | 680,076 | 19,032,784 | |
93,906,309 | |||
TOTAL UTILITIES | 251,423,428 | ||
TOTAL COMMON STOCKS (Cost $6,735,249,551) | 8,591,001,322 | ||
Nonconvertible Preferred Stocks - 0.4% | |||
Shares | Value ($) | ||
CONSUMER DISCRETIONARY - 0.2% | |||
Automobiles - 0.2% | |||
Bayerische Motoren Werke AG (BMW) (non-vtg.) | 100,992 | 7,898,394 | |
Volkswagen AG | 141,229 | 23,570,738 | |
31,469,132 | |||
CONSUMER STAPLES - 0.1% | |||
Household Products - 0.1% | |||
Henkel AG & Co. KGaA | 372,490 | 25,500,903 | |
ENERGY - 0.1% | |||
Oil, Gas & Consumable Fuels - 0.1% | |||
Petroleo Brasileiro SA - Petrobras: | |||
(PN) (non-vtg.) | 1,287,800 | 8,145,368 | |
(PN) sponsored ADR (non-vtg.) | 344,298 | 4,327,826 | |
sponsored ADR | 1,027,340 | 14,259,479 | |
26,732,673 | |||
FINANCIALS - 0.0% | |||
Insurance - 0.0% | |||
Samsung Fire & Marine Insurance Co. Ltd. | 34 | 4,447 | |
INFORMATION TECHNOLOGY - 0.0% | |||
Technology Hardware, Storage & Peripherals - 0.0% | |||
Samsung Electronics Co. Ltd. | 51,864 | 2,533,891 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $86,840,790) | 86,241,046 | ||
Equity Funds - 53.3% | |||
Shares | Value ($) | ||
Diversified Emerging Markets Funds - 0.0% | |||
Matthews Pacific Tiger Fund Investor Class | 19,976 | 472,029 | |
Europe Stock Funds - 1.3% | |||
iShares MSCI United Kingdom ETF (c) | 6,827,728 | 226,475,738 | |
WisdomTree Europe Hedged Equity ETF (c) | 521,817 | 38,703,167 | |
TOTAL EUROPE STOCK FUNDS | 265,178,905 | ||
Foreign Large Blend Funds - 10.3% | |||
Artisan International Value Fund Investor Class | 22,438,564 | 898,664,487 | |
Fidelity SAI International Index Fund (f) | 37,240,271 | 467,737,808 | |
Fidelity SAI International Low Volatility Index Fund (f) | 32,637,407 | 340,734,530 | |
Harbor International Fund Institutional Class | 9,619 | 404,106 | |
Morgan Stanley Institutional Fund, Inc. International Equity Portfolio Class I | 26,873,277 | 363,864,164 | |
TOTAL FOREIGN LARGE BLEND FUNDS | 2,071,405,095 | ||
Foreign Large Growth Funds - 18.0% | |||
American Funds EuroPacific Growth Fund Class F2 | 147,997 | 7,849,785 | |
Fidelity Advisor International Discovery Fund Class Z (f) | 22,795,488 | 980,889,845 | |
Fidelity Diversified International Fund (f) | 14,407,382 | 563,184,559 | |
Fidelity Overseas Fund (f) | 12,273,488 | 663,750,222 | |
Fidelity SAI International Momentum Index Fund (f) | 35,406,499 | 424,169,861 | |
Fidelity SAI International Quality Index Fund (f) | 229,961 | 2,596,256 | |
Invesco Oppenheimer International Growth Fund Class R6 | 836,208 | 29,125,124 | |
JOHCM International Select Fund Investor Shares | 20,871,536 | 488,602,654 | |
WCM Focused International Growth Fund Investor Class | 22,489,122 | 453,605,591 | |
TOTAL FOREIGN LARGE GROWTH FUNDS | 3,613,773,897 | ||
Foreign Large Value Funds - 14.1% | |||
Fidelity SAI International Value Index Fund (f) | 164,610,043 | 1,496,305,282 | |
iShares MSCI EAFE Value ETF | 2,278,820 | 112,619,284 | |
Oakmark International Fund Investor Class | 29,031,108 | 734,777,348 | |
Pear Tree Polaris Foreign Value Fund Institutional Shares | 22,707,593 | 495,252,598 | |
TOTAL FOREIGN LARGE VALUE FUNDS | 2,838,954,512 | ||
Foreign Small Mid Blend Funds - 1.5% | |||
Fidelity Advisor International Small Cap Fund Class Z (f) | 1,783,293 | 51,804,670 | |
Fidelity SAI International Small Cap Index Fund (f) | 17,278,548 | 143,930,303 | |
Victory Trivalent International Small-Cap Fund Class I | 7,193,586 | 101,861,179 | |
TOTAL FOREIGN SMALL MID BLEND FUNDS | 297,596,152 | ||
Foreign Small Mid Growth Funds - 0.6% | |||
Fidelity Advisor International Small Cap Opportunities Fund - Class Z (f) | 2,588,253 | 51,868,588 | |
Oberweis International Opportunities Institutional Fund | 2,081,784 | 20,255,761 | |
T. Rowe Price International Discovery Fund | 765,937 | 48,690,611 | |
Wasatch International Growth Fund Investor Class | 110 | 2,724 | |
TOTAL FOREIGN SMALL MID GROWTH FUNDS | 120,817,684 | ||
Foreign Small Mid Value Funds - 0.8% | |||
Brandes International Small Cap Equity Fund Class A | 2,736,861 | 31,063,368 | |
Oakmark International Small Cap Fund Investor Class | 1,913,812 | 32,305,153 | |
Segall Bryant & Hamill International Small Cap Fund Retail Class | 1,772,207 | 18,785,398 | |
Transamerica International Small Cap Value Fund Class I | 5,682,172 | 75,004,676 | |
TOTAL FOREIGN SMALL MID VALUE FUNDS | 157,158,595 | ||
Sector Funds - 0.0% | |||
SPDR Dow Jones International Real Estate ETF (c) | 201,575 | 6,408,069 | |
Other - 6.7% | |||
Fidelity Advisor Japan Fund Class Z (f) | 3,900,816 | 59,058,356 | |
Fidelity Japan Smaller Companies Fund (f) | 7,813,236 | 106,416,273 | |
Fidelity SAI Japan Stock Index Fund (f) | 113,791,790 | 983,161,067 | |
iShares MSCI Australia ETF (c) | 7,695,457 | 189,923,879 | |
Matthews Japan Fund Investor Class | 222 | 3,869 | |
TOTAL OTHER | 1,338,563,444 | ||
TOTAL EQUITY FUNDS (Cost $9,541,554,111) | 10,710,328,382 | ||
U.S. Treasury Obligations - 0.1% | |||
Principal Amount (g) | Value ($) | ||
U.S. Treasury Bills, yield at date of purchase 0.32% to 0.9% 6/2/22 to 8/11/22 (h) (Cost $27,947,040) | 27,980,000 | 27,941,665 | |
Money Market Funds - 4.7% | |||
Shares | Value ($) | ||
Fidelity Securities Lending Cash Central Fund 0.82% (i)(j) | 332,867,184 | 332,900,471 | |
State Street Institutional U.S. Government Money Market Fund Premier Class 0.74% (k) | 599,515,162 | 599,515,162 | |
TOTAL MONEY MARKET FUNDS (Cost $932,415,633) | 932,415,633 | ||
TOTAL INVESTMENT IN SECURITIES - 101.3% (Cost $17,324,007,125) | 20,347,928,048 |
NET OTHER ASSETS (LIABILITIES) - (1.3)% | (270,905,515) |
NET ASSETS - 100.0% | 20,077,022,533 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Equity Index Contracts | |||||
CME Nikkei 225 Index Contracts (United States) | 1,086 | Jun 2022 | 147,614,550 | 8,004,841 | 8,004,841 |
ICE E-mini MSCI EAFE Index Contracts (United States) | 2,581 | Jun 2022 | 262,874,850 | 15,887,902 | 15,887,902 |
TOTAL FUTURES CONTRACTS | 23,892,743 | ||||
The notional amount of futures purchased as a percentage of Net Assets is 2.0% |
Security Type Abbreviations
ETF | - | EXCHANGE-TRADED FUND |
Legend
(a) | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $150,759,380 or 0.8% of net assets. |
(b) | Non-income producing |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(e) | Level 3 security |
(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 $23,227,631. |
(i) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(j) | Investment made with cash collateral received from securities on loan. |
(k) | The rate quoted is the annualized seven-day yield of the fund at period end. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | Purchases ($) | Sales Proceeds ($) | Dividend Income ($) | Realized Gain (loss) ($) | Change in Unrealized appreciation (depreciation) ($) | Value, end of period ($) | %ownership, end of period |
Fidelity Securities Lending Cash Central Fund 0.82% | 106,934,926 | 883,086,006 | 657,120,461 | 1,537,586 | - | - | 332,900,471 | 0.9% |
Total | 106,934,926 | 883,086,006 | 657,120,461 | 1,537,586 | - | - | 332,900,471 |
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 International Discovery Fund Class Z | 1,125,937,643 | - | 65,000,000 | - | (17,980,058) | (62,067,740) | 980,889,845 |
Fidelity Advisor International Small Cap Fund Class Z | 75,483,967 | - | 19,079,767 | - | (3,912,144) | (687,386) | 51,804,670 |
Fidelity Advisor International Small Cap Opportunities Fund - Class Z | 77,918,434 | - | 17,797,543 | - | (2,544,413) | (5,707,890) | 51,868,588 |
Fidelity Advisor Japan Fund Class Z | 64,324,457 | - | - | - | - | (5,266,101) | 59,058,356 |
Fidelity Diversified International Fund | 649,338,765 | - | 32,000,000 | - | (12,498,351) | (41,655,855) | 563,184,559 |
Fidelity Japan Smaller Companies Fund | 115,870,288 | - | - | - | - | (9,454,015) | 106,416,273 |
Fidelity Overseas Fund | 778,192,337 | - | 52,000,000 | - | (17,444,968) | (44,997,147) | 663,750,222 |
Fidelity SAI International Index Fund | 320,771,471 | 433,500,001 | 312,500,000 | - | (30,509,198) | 56,475,534 | 467,737,808 |
Fidelity SAI International Low Volatility Index Fund | 171,461,639 | 171,000,001 | - | - | - | (1,727,110) | 340,734,530 |
Fidelity SAI International Momentum Index Fund | 451,078,800 | - | - | - | - | (26,908,939) | 424,169,861 |
Fidelity SAI International Quality Index Fund | 2,773,326 | - | - | - | - | (177,070) | 2,596,256 |
Fidelity SAI International Small Cap Index Fund | 148,232,792 | 6,270,061 | - | - | - | (10,572,550) | 143,930,303 |
Fidelity SAI International Value Index Fund | 1,659,358,147 | - | 120,999,999 | - | (25,413,282) | (16,639,584) | 1,496,305,282 |
Fidelity SAI Japan Stock Index Fund | 1,198,577,710 | - | 114,000,000 | - | (28,401,319) | (73,015,324) | 983,161,067 |
6,839,319,776 | 610,770,063 | 733,377,309 | - | (138,703,733) | (242,401,177) | 6,335,607,620 |
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.
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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