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0.170839342853 Long EC CORP CN N 1 N N N DISTELL GROUP HOLDINGS LTD N/A DISTELL GROUP HOLDINGS LTD N/A 92200.00000000 NS 598655.78000000 0.021213608690 Long EC CORP ZA N 2 N N N MEDIATEK INC 254900UEGBK1I4DM4E14 MEDIA TEK INC N/A 533000.00000000 NS 6230567.19000000 0.220782657920 Long EC CORP TW N 2 N N N GUANGZHOU AUTOMOBILE GROUP COMPANY LTD 5299005KY9BJO3ZE6A37 GUANGZHOU AUTOMOB GRP CO LTD H N/A 172000.00000000 NS 191748.56000000 0.006794687455 Long EC CORP CN N 1 N N N POWERSHARES GLOBAL EXCHANGE TRADED FD TR 549300RWVHBEA6SWWZ39 Invesco Exchange-Traded Fund Trust II: Invesco FTSE RAFI Emerging Markets ETF 46138E727 1970580.00000000 NS USD 38248957.80000000 1.355367225527 Long EC RF US N 1 N N N BANK POLSKA KASA OPIEKI(PEKAO) 5493000LKS7B3UTF7H35 BANK POLSKA KASA OPIEKI N/A 15320.00000000 NS 346674.11000000 0.012284536720 Long EC CORP PL N 2 N N N WUXI APPTEC CO LTD 254900OEPQLZSPLN9175 WUXI APPTEC CO LTD H N/A 27200.00000000 NS 400933.93000000 0.014207255297 Long EC CORP CN N 1 N N N INNER MONGOLIA YILI INDUSTRIAL GROUP CO LTD 3003002Q2A863JPQFH06 INNER MONGOLI YILI IND LTD A N/A 1709767.00000000 NS 7069467.60000000 0.250509431840 Long EC CORP CN N 1 N N N GREATVIEW ASEPTIC PACKAGING CO LTD 529900VUMILFVLFDBF89 GREATVIEW ASEPTIC PACK CO LTD N/A 2379000.00000000 NS 930846.70000000 0.032984927740 Long EC CORP KY N 1 N N N JIANGSU HENGRUI MEDICINE CO LTD N/A JIANGSU HENGRUI MEDICINE CO A N/A 32280.00000000 NS 388221.48000000 0.013756784511 Long EC CORP CN N 1 N N N ALIBABA GROUP HOLDING LTD 5493001NTNQJDH60PM02 ALIBABA GROUP HOLDING LTD SPON ADR 01609W102 319334.00000000 NS USD 66421472.00000000 2.353671613506 Long EC CORP KY N 1 N N N SBERBANK RUSSIA 549300WE6TAF5EEWQS81 SBERBANK SPONSORED ADR 80585Y308 439369.00000000 NS USD 6269206.78000000 0.222151867355 Long EC CORP RU N 2 N N N SUN ART RETAIL GROUP LTD 3003009IMRZ363PQCP28 SUN ART RETAIL GROUP LTD N/A 473500.00000000 NS 605010.90000000 0.021438804927 Long EC CORP HK N 1 N N N MAIL.RU GROUP LTD 2138009IXUP41SPL5B50 MAIL.RU GROUP LTD GDR REGS 560317208 24274.00000000 NS USD 474679.51000000 0.016820459627 Long EC CORP VG N 2 N N N CHINA SHENHUA ENERGY CO LTD 529900N9JOX4C108MA40 CHINA SHENHUA ENERGY CO H N/A 255500.00000000 NS 443150.74000000 0.015703224963 Long EC CORP CN N 1 N N N ZHEJIANG DAHUA TECHNOLOGY CO LTD N/A ZHEJIANG DAHUA TECHN CO LTD A N/A 49100.00000000 NS 136093.36000000 0.004822523027 Long EC CORP CN N 1 N N N DAIRY FARM INTL HOLDINGS LTD 213800NOTG41PZVNNX48 DAIRY FARM INTL HLDGS (SG) N/A 265400.00000000 NS USD 1273920.00000000 0.045141868308 Long EC CORP BM N 1 N N N TAIWAN SEMICONDUCTR MFG CO LTD 549300KB6NK5SBD14S87 TAIWAN SEMIC MFG CO LTD SP ADR 874039100 274321.00000000 NS USD 14769442.64000000 0.523361148772 Long EC CORP TW N 1 N N N PILIPINAS SHELL PETROLEUM CORP N/A PILIPINAS SHELL PETROLEUM CORP N/A 3506100.00000000 NS 1789808.05000000 0.063422569149 Long EC CORP PH N 1 N N N CHINA MERCHANTS BANK CO LTD 549300MKO5B60FFIHF58 CHINA MERCHANTS BANK CO LTD H N/A 2432500.00000000 NS 11468168.70000000 0.406379177024 Long EC CORP CN N 1 N N N BANCOLOMBIA SA 54930052NWJRPNMP1W58 BANCOLOMBIA SA SPON ADR 05968L102 35590.00000000 NS USD 1689813.20000000 0.059879211363 Long EC CORP CO N 1 N N N TELEKOMUNIKASI INDO PT (DEMAT) 529900M5SQZAOKV1PC81 TELEKOMUNIKASI INDO B (DEMAT) DEMATERIALIZED SHRS N/A 7896400.00000000 NS 1925338.85000000 0.068225157636 Long EC CORP ID N 2 N N N PICO FAR EAST HOLDINGS LTD 254900NL3DXVIEY4HJ17 PICO FAR EAST HOLDINGS LTD N/A 1434000.00000000 NS 360569.60000000 0.012776929005 Long EC CORP KY N 1 N N N SHINHAN FINANCIAL GROUP CO LTD 988400EB8A6G49E5KO54 SHINHAN FINANCIAL GROUP CO LTD N/A 249193.00000000 NS 6740251.22000000 0.238843516813 Long EC CORP KR N 2 N N N HANGZHOU TIGERMED CONSULTING COMPANY LIMITED N/A HANGZHOU TIGERMED CONSULTI-A N/A 8956.00000000 NS 97988.97000000 0.003472278619 Long EC CORP CN N 1 N N N HDFC LIFE INSURANCE CO LTD 335800RQI8GAFHIRGZ37 HDFC LIFE INSURANCE CO LTD N/A 200656.00000000 NS 1505079.06000000 0.053333082705 Long EC CORP IN N 1 N N N PRESIDENT CHAIN STORE CORP N/A PRESIDENT CHAIN STORE CORP N/A 72000.00000000 NS 706740.45000000 0.025043632506 Long EC CORP TW N 2 N N N CHINA OILFIELD SVCS LTD 529900J4X53VL8QQW675 CHINA OILFIELD SERVICES LTD H N/A 1822000.00000000 NS 2337395.77000000 0.082826560564 Long EC CORP CN N 1 N N N YDUQS PART N/A YDUQS PART N/A 387700.00000000 NS 4498703.68000000 0.159413376885 Long EC CORP BR N 1 N N N FIRST ABU DHABI BANK 2138002Y3WMK6RZS8H90 FIRST ABU DHABI BANK PJSC N/A 681323.00000000 NS 2656396.36000000 0.094130474957 Long EC CORP AE N 1 N N N UST BILLS N/A UST BILLS 0% 04/02/2020 912796TM1 350000.00000000 PA USD 349577.23000000 0.012387409947 Long DBT UST US N 2 2020-04-02 Fixed 0.00000000 N N N N N N NATURA and CO HOLDING SA N/A NATURA and CO HOLDING SA N/A 755000.00000000 NS 7683546.14000000 0.272269552243 Long EC CORP BR N 1 N N N ELBIT SYSTEMS LTD 529900Q9CB1REUMZSS32 ELBIT SYSTEMS LTD N/A 44603.00000000 NS 6686913.65000000 0.236953478537 Long EC CORP IL N 1 N N N HAIER SMART HOME CO LTD 3003002BYTNGNJTWSH07 HAIER SMART HOME CO LTD N/A 4332666.00000000 NS 10546696.60000000 0.373726442010 Long EC CORP CN N 1 N N N CHINA MENGNIU DAIRY CO 2549005Q343BSJ8RSS21 CHINA MENGNIU DAIRY CO LTD N/A 3224000.00000000 NS 11560076.97000000 0.409635983590 Long EC CORP KY N 1 N N N CHINA RESOURCES BEER (HOLDINGS) CO LTD N/A CHINA RESOURCES BEER (HOLDINGS) CO LTD N/A 1744000.00000000 NS 8076767.16000000 0.286203497468 Long EC CORP HK N 1 N N N SAMSUNG SDI CO LTD 9884002AESDO4YW87G32 SAMSUNG SDI CO LTD N/A 7216.00000000 NS 1772662.92000000 0.062815024561 Long EC CORP KR N 1 N N N SCHWAB STRATEGIC TR N/A Schwab Fundamental Emerg Mkts Lg Co ETF 808524730 3017652.00000000 NS USD 77372597.28000000 2.741729148689 Long EC RF US N 1 N N HONG KONG EXCHANGES and CLEARING LTD 213800YTVSXYQN17BW16 HONG KONG EXCHS and CLEARING LTD N/A 6100.00000000 NS 200177.04000000 0.007093354039 Long EC CORP HK N 1 N N N WEICHAI POWER CO LTD 529900OKTPKBG85F9502 WEICHAI POWER CO LTD H N/A 123000.00000000 NS 242055.16000000 0.008577322089 Long EC CORP CN N 1 N N N LARGAN PRECISION CO LTD N/A LARGAN PRECISION CO LTD N/A 23000.00000000 NS 3271350.79000000 0.115921632875 Long EC CORP TW N 2 N N N KB FINANCIAL GROUP INC 529900TKE4MXG3Q6GW86 KB FINANCIAL GROUP INC N/A 146632.00000000 NS 4688168.59000000 0.166127142283 Long EC CORP KR N 2 N N N CHINA RESOURCES PHARMACEUTICAL GROUP LTD 3003004H1KDKMJ8JD874 CHINA RESOURCES PHARMACEUTICAL GROUP LTD N/A 2785000.00000000 NS 2422360.49000000 0.085837319639 Long EC CORP HK N 1 N N N KWEICHOW MOUTAI CO LTD N/A KWEICHOW MOUTAI CO LTD A N/A 109262.00000000 NS 16517557.19000000 0.585306291955 Long EC CORP CN N 1 N N N ABSA GROUP LTD 2138006IPPRD4N6XLT30 ABSA GROUP LTD N/A 223291.00000000 NS 1921560.27000000 0.068091262131 Long EC CORP ZA N 2 N N N EQUATORIAL ENERGIA SA N/A EQUATORIAL ENERGIA SA N/A 549197.00000000 NS 3028510.93000000 0.107316504625 Long EC CORP BR N 1 N N N HYUNDAI FIRE and MARINE INS CO LTD 988400SYR92543UITC37 HYUNDAI FIRE and MARINE INS CO N/A 168083.00000000 NS 3163296.14000000 0.112092672830 Long EC CORP KR N 1 N N N HAIER ELECTRONICS GROUP CO LT2 2549005C2Y8BRVJ7PQ20 HAIER ELECTRONICS GRP CO LTD N/A 827000.00000000 NS 2365888.39000000 0.083836208030 Long EC CORP BM N 1 N N N SINO BIOPHARMACEUTICAL LTD 529900LPR4ADFEJAR786 SINO BIOPHARMACEUTICAL LTD N/A 232000.00000000 NS 335722.90000000 0.011896476183 Long EC CORP KY N 1 N N N TENCENT HLDGS LTD 254900N4SLUMW4XUYY11 TENCENT HOLDINGS LTD N/A 1411300.00000000 NS 71559553.63000000 2.535741605578 Long EC CORP KY N 2 N N N TCS GROUP HLDG PLC 549300XQRN9MR54V1W18 TCS GROUP HOLDING PLC GDR 87238U203 65745.00000000 NS USD 1438390.23000000 0.050969937153 Long EC CORP CY N 2 N N N SUNNY OPTICAL TECHNOLOGY (GROUP) COMPANY LIMITED 3003004QIVP0DFVVWM94 SUNNY OPTICAL TEC(GROUP)CO LTD N/A 128700.00000000 NS 2001082.75000000 0.070909173240 Long EC CORP KY N 1 N N N UST BILLS N/A UST BILLS 0% 04/09/2020 912796TQ2 790000.00000000 PA USD 788842.98000000 0.027952968725 Long DBT UST US N 2 2020-04-09 Fixed 0.00000000 N N N N N N 2020-03-30 Stacie M. Smith Stacie M. Smith Stacie M. Smith President and Treasurer XXXX NPORT-EX 2 QTLY_3310_20200229.htm

Quarterly Holdings Report
for

Strategic Advisers® Fidelity® Emerging Markets Fund

Offered exclusively to certain clients of Strategic Advisers LLC - not available for sale to the general public

February 29, 2020







STE-QTLY-0420
1.9890709.101





Schedule of Investments February 29, 2020 (Unaudited)

Showing Percentage of Net Assets

Common Stocks - 41.6%   
 Shares Value 
COMMUNICATION SERVICES - 4.4%   
Diversified Telecommunication Services - 0.3%   
China Tower Corp. Ltd. (H Shares) (a) 7,806,000 $1,892,667 
China Unicom Ltd. 2,692,000 2,163,203 
HKBN Ltd. 306,500 548,908 
PT Telekomunikasi Indonesia Tbk Series B 7,943,000 1,936,701 
Tata Communications Ltd. 359,000 1,786,116 
  8,327,595 
Entertainment - 0.5%   
Bilibili, Inc. ADR (b) 22,329 573,409 
HUYA, Inc. ADR (b) 72,300 1,432,263 
International Games Systems Co. Ltd. 132,000 2,602,716 
iQIYI, Inc. ADR (b) 88,600 1,987,298 
NetEase, Inc. ADR 14,448 4,604,722 
Nexon Co. Ltd. 115,900 1,844,987 
  13,045,395 
Interactive Media & Services - 3.2%   
Baidu.com, Inc. sponsored ADR (b) 87,006 10,438,980 
Mail.Ru Group Ltd. GDR (Reg. S) (b) 24,274 474,680 
Momo, Inc. ADR 51,200 1,439,744 
Tencent Holdings Ltd. 1,411,700 71,579,836 
Weibo Corp. sponsored ADR (b) 7,386 311,246 
Yandex NV Series A (b) 137,340 5,577,377 
  89,821,863 
Media - 0.0%   
ITE Group PLC 1,091,023 1,086,722 
Pico Far East Holdings Ltd. 1,434,000 360,570 
  1,447,292 
Wireless Telecommunication Services - 0.4%   
America Movil S.A.B. de CV:   
Series L 217,500 171,498 
Series L sponsored ADR 75,275 1,195,367 
Bharti Airtel Ltd. (b) 600,936 4,336,839 
China Mobile Ltd. 437,000 3,477,915 
Safaricom Ltd. 8,606,100 2,372,630 
  11,554,249 
TOTAL COMMUNICATION SERVICES  124,196,394 
CONSUMER DISCRETIONARY - 6.7%   
Automobiles - 0.1%   
Dongfeng Motor Group Co. Ltd. (H Shares) 144,000 113,796 
Guangzhou Automobile Group Co. Ltd. (H Shares) 172,000 191,749 
Hyundai Motor Co. 14,026 1,343,196 
  1,648,741 
Diversified Consumer Services - 0.4%   
Estacio Participacoes SA 387,700 4,498,704 
New Oriental Education & Technology Group, Inc. sponsored ADR (b) 40,042 5,120,971 
TAL Education Group ADR (b) 10,631 578,220 
  10,197,895 
Hotels, Restaurants & Leisure - 0.1%   
Huazhu Group Ltd. ADR 5,067 171,011 
Sands China Ltd. 44,000 204,618 
Yum China Holdings, Inc. 79,852 3,496,719 
  3,872,348 
Household Durables - 0.8%   
Haier Electronics Group Co. Ltd. 958,000 2,740,654 
Haier Smart Home Co. Ltd. (A Shares) 4,332,666 10,546,697 
Midea Group Co. Ltd. (A Shares) 1,245,800 9,452,254 
  22,739,605 
Internet & Direct Marketing Retail - 4.1%   
Alibaba Group Holding Ltd. sponsored ADR (b) 333,334 69,333,472 
Ctrip.com International Ltd. ADR (b) 31,965 970,457 
JD.com, Inc. sponsored ADR (b) 232,752 8,963,280 
MakeMyTrip Ltd. (b) 66,059 1,520,018 
Meituan Dianping Class B (b) 748,500 9,496,684 
Naspers Ltd. Class N 160,912 25,159,578 
  115,443,489 
Leisure Products - 0.0%   
Goodbaby International Holdings Ltd. (b) 794,000 135,474 
Multiline Retail - 0.1%   
Poya International Co. Ltd. 138,000 2,155,578 
Specialty Retail - 0.3%   
Chow Tai Fook Jewellery Group Ltd. 53,000 45,895 
Zhongsheng Group Holdings Ltd. Class H 2,300,000 8,748,557 
  8,794,452 
Textiles, Apparel & Luxury Goods - 0.8%   
adidas AG 11,418 3,214,717 
Anta Sports Products Ltd. 1,362,000 10,946,671 
Best Pacific International Holdings Ltd. 2,643,000 644,221 
Li Ning Co. Ltd. 2,155,000 5,667,415 
Regina Miracle International Holdings Ltd. (a) 227,000 126,677 
Shenzhou International Group Holdings Ltd. 295,700 3,632,235 
  24,231,936 
TOTAL CONSUMER DISCRETIONARY  189,219,518 
CONSUMER STAPLES - 3.3%   
Beverages - 1.2%   
China Resources Beer Holdings Co. Ltd. 1,750,000 8,104,554 
Distell Group Holdings Ltd. 92,200 598,656 
Fomento Economico Mexicano S.A.B. de CV unit 181,000 1,464,056 
Kweichow Moutai Co. Ltd. (A Shares) 109,262 16,517,557 
Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares) 975,500 4,239,940 
Thai Beverage PCL 7,300,700 4,088,266 
  35,013,029 
Food & Staples Retailing - 0.5%   
Bidcorp Ltd. 66,340 1,200,396 
C.P. ALL PCL (For. Reg.) 2,035,300 4,241,552 
Dairy Farm International Holdings Ltd. 260,000 1,248,000 
President Chain Store Corp. 72,000 706,740 
Sun Art Retail Group Ltd. 446,500 570,512 
Wal-Mart de Mexico SA de CV Series V 832,500 2,334,705 
X5 Retail Group NV GDR (Reg. S) 74,954 2,347,685 
  12,649,590 
Food Products - 1.0%   
Angel Yeast Co. Ltd. (A Shares) 45,700 189,547 
China Mengniu Dairy Co. Ltd. 3,224,000 11,560,077 
Delfi Ltd. 2,170,300 1,480,210 
Gruma S.A.B. de CV Series B 110,490 1,061,283 
Inner Mongoli Yili Industries Co. Ltd. (A Shares) 1,709,767 7,069,468 
Tata Consumer Products Ltd. 571,150 2,725,480 
Unified-President Enterprises Corp. 1,748,036 4,206,913 
  28,292,978 
Household Products - 0.2%   
C&S Paper Co. Ltd. (A Shares) 1,054,500 2,209,459 
Vinda International Holdings Ltd. 1,199,000 3,084,022 
  5,293,481 
Personal Products - 0.4%   
AMOREPACIFIC Group, Inc. 56,666 2,925,647 
Godrej Consumer Products Ltd. 114,553 885,137 
Hengan International Group Co. Ltd. 68,500 508,368 
Natura & Co. Holding SA 755,000 7,683,546 
  12,002,698 
TOTAL CONSUMER STAPLES  93,251,776 
ENERGY - 2.3%   
Energy Equipment & Services - 0.3%   
China Oilfield Services Ltd. (H Shares) 1,822,000 2,337,396 
SPT Energy Group, Inc. (b) 166,000 12,564 
Yantai Jereh Oilfield Services (A Shares) 1,285,100 6,359,379 
  8,709,339 
Oil, Gas & Consumable Fuels - 2.0%   
China Petroleum & Chemical Corp. (H Shares) 8,668,000 4,486,184 
China Shenhua Energy Co. Ltd. (H Shares) 255,500 443,151 
CNOOC Ltd. 3,594,000 4,999,657 
CNOOC Ltd. sponsored ADR 33,182 4,590,066 
Lukoil PJSC 114,000 9,866,230 
Lukoil PJSC sponsored ADR 112,482 9,702,522 
NOVATEK OAO GDR (Reg. S) 37,164 5,422,465 
PetroChina Co. Ltd. (H Shares) 1,252,000 489,085 
Petroleo Brasileiro SA - Petrobras (ON) 536,400 3,256,616 
Pilipinas Shell Petroleum Corp. 3,486,500 1,779,803 
Reliance Industries Ltd. 578,149 10,589,582 
Ultrapar Participacoes SA 70,500 300,798 
  55,926,159 
TOTAL ENERGY  64,635,498 
FINANCIALS - 9.4%   
Banks - 6.2%   
Absa Group Ltd. 224,222 1,929,572 
Axis Bank Ltd. 330,778 3,179,690 
Banco de Chile sponsored ADR 3,706 66,967 
Banco do Brasil SA 125,000 1,309,846 
Bancolombia SA sponsored ADR 35,590 1,689,813 
Bank of China Ltd. (H Shares) 5,774,000 2,281,452 
Capitec Bank Holdings Ltd. 38,109 3,225,732 
China Construction Bank Corp. (H Shares) 10,567,000 8,688,519 
China Merchants Bank Co. Ltd. (H Shares) 2,437,000 11,489,384 
Credicorp Ltd. 5,050 915,060 
Credicorp Ltd. (United States) 4,270 774,023 
E.SUN Financial Holdings Co. Ltd. 4,366,779 4,186,519 
Emirates NBD Bank PJSC (b) 867,683 2,964,842 
Grupo Financiero Banorte S.A.B. de CV Series O 2,172,345 11,769,490 
Guaranty Trust Bank PLC 27,833,000 1,811,143 
Guaranty Trust Bank PLC GDR (Reg. S) 133,877 522,040 
HDFC Bank Ltd. 201,400 3,288,824 
HDFC Bank Ltd. sponsored ADR 378,327 20,751,236 
ICICI Bank Ltd. 627,051 4,331,450 
Industrial & Commercial Bank of China Ltd. (H Shares) 30,323,000 20,734,008 
Kasikornbank PCL (For. Reg.) 335,700 1,271,510 
KB Financial Group, Inc. 146,632 4,688,169 
Kotak Mahindra Bank Ltd. 56,784 1,268,421 
Mega Financial Holding Co. Ltd. 897,000 955,082 
National Bank of Abu Dhabi PJSC 681,323 2,656,396 
OTP Bank PLC 113,475 4,923,326 
PT Bank Central Asia Tbk 5,900,086 12,933,104 
PT Bank Mandiri (Persero) Tbk 7,245,800 3,674,033 
Qatar National Bank SAQ 287,830 1,489,246 
Regional S.A.B. de CV 63,671 353,987 
Sberbank of Russia 4,930,155 17,449,600 
Sberbank of Russia sponsored ADR 439,369 6,269,207 
Shinhan Financial Group Co. Ltd. 249,749 6,755,290 
State Bank of India (b) 470,943 1,967,159 
TCS Group Holding PLC GDR unit 65,745 1,438,390 
  174,002,530 
Capital Markets - 0.3%   
BM&F BOVESPA SA 380,200 4,080,950 
CITIC Securities Co. Ltd. (H Shares) 316,500 676,445 
Hong Kong Exchanges and Clearing Ltd. 6,100 200,177 
Huatai Securities Co. Ltd. (H Shares) (a) 417,200 724,681 
Indian Energy Exchange Ltd. (a)(b) 1,012,823 2,460,186 
Noah Holdings Ltd. sponsored ADR (b)(c) 46,205 1,311,298 
  9,453,737 
Consumer Finance - 0.2%   
Cholamandalam Investment and Finance Co. Ltd. 512,460 2,165,304 
Shriram Transport Finance Co. Ltd. 219,924 3,626,947 
  5,792,251 
Diversified Financial Services - 0.2%   
Chailease Holding Co. Ltd. 1,539,910 5,762,137 
Insurance - 2.1%   
AIA Group Ltd. 1,863,400 18,675,825 
China Life Insurance Co. Ltd. (H Shares) 3,876,000 9,366,014 
China Pacific Insurance (Group) Co. Ltd. (H Shares) 481,000 1,582,765 
HDFC Standard Life Insurance Co. Ltd. (a) 200,656 1,505,079 
Hyundai Fire & Marine Insurance Co. Ltd. 168,083 3,163,296 
ICICI Lombard General Insurance Co. Ltd. (a) 151,440 2,581,760 
IRB Brasil Resseguros SA 1,247,800 9,277,790 
Ping An Insurance Group Co. of China Ltd. (H Shares) 904,000 10,298,726 
Qualitas Controladora S.A.B. de CV 293,939 1,258,459 
  57,709,714 
Thrifts & Mortgage Finance - 0.4%   
Housing Development Finance Corp. Ltd. 391,396 11,739,614 
TOTAL FINANCIALS  264,459,983 
HEALTH CARE - 0.8%   
Biotechnology - 0.2%   
Hualan Biological Engineer, Inc. (A Shares) 621,500 3,688,849 
Innovent Biolgics, Inc. (a)(b) 467,500 2,135,087 
  5,823,936 
Health Care Equipment & Supplies - 0.0%   
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) 25,700 878,482 
Health Care Providers & Services - 0.0%   
Aier Eye Hospital Group Co. Ltd. (A Shares) 30,830 176,374 
Aster DM Healthcare Ltd. (a)(b) 149,627 334,984 
  511,358 
Life Sciences Tools & Services - 0.1%   
Hangzhou Tigermed Consulting Co. Ltd. (A Shares) 8,956 97,989 
Pharmaron Beijing Co. Ltd. (H Shares) (a)(b) 56,900 386,876 
WuXi AppTec Co. Ltd. (H Shares) (a) 27,200 400,934 
Wuxi Biologics (Cayman), Inc. (a)(b) 38,500 563,053 
  1,448,852 
Pharmaceuticals - 0.5%   
China Resources Pharmaceutical Group Ltd. (a) 2,757,500 2,398,441 
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (A Shares) 78,654 368,974 
CSPC Pharmaceutical Group Ltd. 1,154,000 2,629,255 
Hansoh Pharmaceutical Group Co. Ltd. (a) 882,000 3,060,693 
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) 32,280 388,221 
Lijun International Pharmaceutical Holding Ltd. 536,000 449,016 
Richter Gedeon PLC 152,690 3,098,027 
Sino Biopharmaceutical Ltd. 232,000 335,723 
Yunnan Baiyao Group Co. Ltd. (A Shares) 180,500 2,031,414 
  14,759,764 
TOTAL HEALTH CARE  23,422,392 
INDUSTRIALS - 2.9%   
Aerospace & Defense - 0.2%   
Elbit Systems Ltd. (Israel) 44,603 6,686,914 
Airlines - 0.3%   
Azul SA sponsored ADR (b) 27,367 807,327 
Copa Holdings SA Class A 69,094 5,744,475 
Wizz Air Holdings PLC (a)(b) 18,366 817,243 
  7,369,045 
Commercial Services & Supplies - 0.0%   
Prosegur Cash SA (a) 320,173 471,423 
Construction & Engineering - 0.2%   
Larsen & Toubro Ltd. 362,425 5,933,330 
Sinopec Engineering Group Co. Ltd. (H Shares) 301,000 149,052 
  6,082,382 
Electrical Equipment - 0.1%   
Voltronic Power Technology Corp. 127,550 2,941,089 
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) 119,900 419,150 
  3,360,239 
Industrial Conglomerates - 0.1%   
Ayala Corp. 105,710 1,372,386 
Quinenco SA 216,400 377,476 
  1,749,862 
Machinery - 1.0%   
Airtac International Group 502,000 7,836,153 
Estun Automation Co. Ltd. (A Shares) 128,146 203,437 
HIWIN Technologies Corp. 369,180 3,603,110 
Sany Heavy Industry Co. Ltd. (A Shares) 1,030,600 2,569,149 
Shenzhen Inovance Technology Co. Ltd. (A Shares) 2,214,800 8,967,597 
Techtronic Industries Co. Ltd. 452,500 3,660,055 
TK Group Holdings Ltd. 3,336,000 1,472,205 
Weichai Power Co. Ltd. (H Shares) 123,000 242,055 
Zoomlion Heavy Industry Science and Technology Co. Ltd. (H Shares) 212,000 175,692 
  28,729,453 
Marine - 0.1%   
Evergreen Marine Corp. (Taiwan) (b) 301,000 113,529 
SITC International Holdings Co. Ltd. 3,637,000 4,199,230 
  4,312,759 
Professional Services - 0.2%   
Centre Testing International Group Co. Ltd. (A Shares) 1,124,200 2,617,578 
Sporton International, Inc. 574,000 3,970,973 
  6,588,551 
Road & Rail - 0.4%   
Localiza Rent A Car SA 464,355 5,144,155 
Rumo SA (b) 1,033,800 4,882,456 
  10,026,611 
Transportation Infrastructure - 0.3%   
Grupo Aeroportuario Norte S.A.B. de CV 378,400 2,485,178 
Shanghai International Airport Co. Ltd. (A Shares) 513,000 4,821,149 
  7,306,327 
TOTAL INDUSTRIALS  82,683,566 
INFORMATION TECHNOLOGY - 7.7%   
Electronic Equipment & Components - 0.8%   
AVIC Jonhon OptronicTechnology Co. Ltd. 642,450 3,610,132 
Chaozhou Three-Circle Group Co. (A Shares) 40,800 138,880 
China Railway Signal & Communications Corp. (H Shares) (a) 308,000 158,050 
Hangzhou Hikvision Digital Technology Co. Ltd. (A Shares) 57,900 289,833 
Hollysys Automation Technologies Ltd. 9,494 143,739 
Hon Hai Precision Industry Co. Ltd. (Foxconn) 1,553,000 4,074,897 
Largan Precision Co. Ltd. 23,000 3,271,351 
LG Innotek Co. Ltd. 11,391 1,233,141 
Samsung SDI Co. Ltd. 7,216 1,772,663 
Sunny Optical Technology Group Co. Ltd. 128,700 2,001,083 
Unimicron Technology Corp. 2,367,000 3,049,007 
Yageo Corp. 224,000 2,908,962 
Zhejiang Dahua Technology Co. Ltd. Class A 49,100 136,093 
  22,787,831 
IT Services - 0.3%   
Infosys Ltd. 122,791 1,239,386 
Infosys Ltd. sponsored ADR 605,826 6,100,668 
  7,340,054 
Semiconductors & Semiconductor Equipment - 4.0%   
ASM Pacific Technology Ltd. 32,700 387,408 
MediaTek, Inc. 533,000 6,230,567 
Realtek Semiconductor Corp. 1,018,000 7,406,949 
Semiconductor Manufacturing International Corp. (b)(c) 142,000 280,643 
SK Hynix, Inc. 264,529 19,362,873 
Taiwan Semiconductor Manufacturing Co. Ltd. 6,299,000 65,300,500 
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR 274,321 14,769,443 
  113,738,383 
Software - 0.0%   
Cyient Ltd. 30,719 179,790 
Kingsoft Corp. Ltd. (b) 103,000 332,983 
Zensar Technologies Ltd. 322,077 606,733 
  1,119,506 
Technology Hardware, Storage & Peripherals - 2.6%   
Lenovo Group Ltd. 376,000 232,015 
Samsung Electronics Co. Ltd. 1,337,979 60,388,773 
Samsung Electronics Co. Ltd. GDR 10,506 11,847,864 
Xiaomi Corp. Class B (a)(b) 97,600 157,262 
  72,625,914 
TOTAL INFORMATION TECHNOLOGY  217,611,688 
MATERIALS - 2.8%   
Chemicals - 0.5%   
LG Chemical Ltd. 18,387 5,634,642 
PhosAgro OJSC GDR (Reg. S) 81,831 910,199 
Scientex Bhd 646,400 1,380,705 
Sinofert Holdings Ltd. 1,322,000 132,285 
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR (c) 84,400 2,310,872 
Solar Industries India Ltd. (b) 254,100 4,056,408 
  14,425,111 
Construction Materials - 0.5%   
Anhui Conch Cement Co. Ltd.:   
(A Shares) 55,000 431,539 
(H Shares) 24,000 175,959 
CEMEX S.A.B. de CV sponsored ADR 1,452,700 4,764,856 
JK Cement Ltd. 392,592 7,509,630 
Shree Cement Ltd. 4,071 1,272,329 
  14,154,313 
Containers & Packaging - 0.0%   
Greatview Aseptic Pack Co. Ltd. 2,353,000 920,674 
Metals & Mining - 1.4%   
Alrosa Co. Ltd. 2,002,715 2,149,042 
Aluminum Corp. of China Ltd. (H Shares) (b) 384,000 101,973 
AngloGold Ashanti Ltd. 239,844 4,271,204 
China Molybdenum Co. Ltd. (H Shares) 261,000 97,436 
Compania de Minas Buenaventura SA sponsored ADR 288,020 3,211,423 
Grupo Mexico SA de CV Series B 2,462,591 5,807,726 
Impala Platinum Holdings Ltd. 722,788 5,874,947 
MMC Norilsk Nickel PJSC 596 182,732 
MMC Norilsk Nickel PJSC sponsored ADR 312,032 9,434,867 
Novolipetsk Steel OJSC GDR (Reg. S) 35,584 683,250 
POSCO 25,500 4,142,359 
Vale SA (b) 123,800 1,226,677 
Vale SA sponsored ADR (b) 74,600 732,572 
Zijin Mining Group Co. Ltd. (H Shares) 430,000 193,072 
  38,109,280 
Paper & Forest Products - 0.4%   
Suzano Papel e Celulose SA 1,283,700 10,948,438 
TOTAL MATERIALS  78,557,816 
REAL ESTATE - 0.8%   
Equity Real Estate Investment Trusts (REITs) - 0.0%   
Link (REIT) 70,000 648,364 
Real Estate Management & Development - 0.8%   
Ayala Land, Inc. 7,995,400 6,110,535 
CapitaLand Ltd. 1,801,100 4,564,494 
China Overseas Land and Investment Ltd. 1,276,000 4,280,616 
China Resources Land Ltd. 148,000 682,566 
China Vanke Co. Ltd. (H Shares) 87,700 337,524 
Hemisphere Properties India Ltd. (b)(d) 372,400 830,647 
Longfor Properties Co. Ltd. (a) 710,000 3,283,579 
Sun Hung Kai Properties Ltd. 63,000 895,497 
  20,985,458 
TOTAL REAL ESTATE  21,633,822 
UTILITIES - 0.5%   
Electric Utilities - 0.2%   
Cheung Kong Infrastructure Holdings Ltd. 83,500 568,807 
Equatorial Energia SA 495,497 2,732,386 
Korea Electric Power Corp. (b) 101,058 1,788,447 
  5,089,640 
Gas Utilities - 0.3%   
China Gas Holdings Ltd. 1,353,200 4,947,556 
China Resource Gas Group Ltd. 98,000 489,057 
Indraprastha Gas Ltd. (b) 817,868 4,988,004 
  10,424,617 
Water Utilities - 0.0%   
SIIC Environment Holdings Ltd. 520,000 91,392 
TOTAL UTILITIES  15,605,649 
TOTAL COMMON STOCKS   
(Cost $1,093,547,886)  1,175,278,102 
Preferred Stocks - 1.0%   
Convertible Preferred Stocks - 0.0%   
CONSUMER STAPLES - 0.0%   
Personal Products - 0.0%   
AMOREPACIFIC Group, Inc. (b) 2,031 72,049 
Nonconvertible Preferred Stocks - 1.0%   
ENERGY - 0.3%   
Oil, Gas & Consumable Fuels - 0.3%   
Petroleo Brasileiro SA - Petrobras:   
(PN) sponsored ADR (non-vtg.) 61,500 692,490 
sponsored ADR 736,266 8,908,819 
  9,601,309 
FINANCIALS - 0.7%   
Banks - 0.7%   
Banco Bradesco SA (PN) 504,420 3,443,714 
Itau Unibanco Holding SA 990,209 7,085,733 
Sberbank of Russia 2,607,999 8,551,496 
  19,080,943 
INDUSTRIALS - 0.0%   
Airlines - 0.0%   
Azul SA (b) 92,100 915,254 
TOTAL NONCONVERTIBLE PREFERRED STOCKS  29,597,506 
TOTAL PREFERRED STOCKS   
(Cost $32,987,748)  29,669,555 
Equity Funds - 44.2%   
Diversified Emerging Markets Funds - 44.2%   
Fidelity Emerging Markets Fund (e) 10,169,752 333,059,391 
Fidelity SAI Emerging Markets Index Fund(e) 57,087,674 743,852,391 
Fidelity SAI Emerging Markets Low Volatility Index Fund (e) 18,783,551 172,996,509 
TOTAL EQUITY FUNDS   
(Cost $1,243,290,577)  1,249,908,291 
Investment Companies - 4.1%   
Investment Companies - 4.1%   
Invesco FTSE RAFI Emerging Markets ETF 1,970,580 38,248,958 
Schwab Fundamental Emerging Markets Large Co. Index ETF (c) 3,017,652 77,372,597 
TOTAL INVESTMENT COMPANIES   
(Cost $125,576,921)  115,621,555 
U.S. Treasury Obligations - 0.4%   
U.S. Treasury Bills, yield at date of purchase 1.5% to 1.56% 3/12/20 to 5/28/20 (f)   
(Cost $11,641,537) 11,670,000 11,645,806 
Money Market Funds - 8.8%   
Fidelity Cash Central Fund 1.60% (g) 28,041,652 28,047,260 
Fidelity Securities Lending Cash Central Fund 1.60% (g)(h) 10,282,108 10,283,136 
Invesco Government & Agency Portfolio Institutional Class 1.49% (i) 208,902,722 208,902,722 
TOTAL MONEY MARKET FUNDS   
(Cost $247,212,975)  247,233,118 
TOTAL INVESTMENT IN SECURITIES - 100.1%   
(Cost $2,754,257,644)  2,829,356,427 
NET OTHER ASSETS (LIABILITIES) - (0.1)%  (3,932,856) 
NET ASSETS - 100%  $2,825,423,571 

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) 4,128 March 2020 $208,216,320 $(15,520,488) $(15,520,488) 

The notional amount of futures purchased as a percentage of Net Assets is 7.4%

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 $23,458,675 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) Level 3 security

 (e) Affiliated Fund

 (f) 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 $10,651,525.

 (g) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements which are not covered by the Fund's Report of Independent Registered Public Accounting Firm are available on the SEC's website or upon request.

 (h) Investment made with cash collateral received from securities on loan.

 (i) The rate quoted is the annualized seven-day yield of the fund at period end.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund Income earned 
Fidelity Cash Central Fund $358,238 
Fidelity Securities Lending Cash Central Fund 57,320 
Total $415,558 

Amounts in the income column in the above table include any capital gain distributions from underlying funds. Amount for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.

Affiliated Underlying Funds

Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds, excluding any Money Market Central Funds, is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur.

Affiliate Value, beginning of period Purchases Sales Proceeds Dividend Income Realized Gain (loss) Change in Unrealized appreciation (depreciation) Value, end of period 
Fidelity Emerging Markets Fund $282,308,645 $27,612,443 $-- $5,612,442 $-- $23,138,303 $333,059,391 
Fidelity SAI Emerging Markets Index Fund 539,214,411 324,608,492 109,250,000 15,613,590 1,370,077 (12,090,589) 743,852,391 
Fidelity SAI Emerging Markets Low Volatility Index Fund 84,223,808 101,413,470 -- 2,413,469 -- (12,640,769) 172,996,509 
Total $905,746,864 $453,634,405 $109,250,000 $23,639,501 $1,370,077 $(1,593,055) $1,249,908,291 

Amounts in the income column in the above table include any capital gain distributions from underlying funds.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy. 

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

ETFs 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 are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.

Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.

Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.

If an unaffiliated Underlying Fund's net asset value is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

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