Quarterly Holdings Report
for
Strategic Advisers® Emerging Markets Fund
Offered exclusively to certain clients of Strategic Advisers LLC - not available for sale to the general publicMay 31, 2020
Schedule of Investments May 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 55.8% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 7.5% | |||
Diversified Telecommunication Services - 0.4% | |||
China Telecom Corp. Ltd. (H Shares) | 13,872,000 | $4,601,797 | |
China Tower Corp. Ltd. (H Shares) (a) | 7,138,000 | 1,449,724 | |
China Unicom Ltd. | 778,000 | 452,402 | |
Emirates Telecommunications Corp. | 35,503 | 151,169 | |
HKBN Ltd. | 909,500 | 1,561,913 | |
KT Corp. | 54,291 | 1,069,838 | |
LG Telecom Ltd. | 400,125 | 4,270,295 | |
Magyar Telekom PLC | 28,408 | 35,704 | |
Ooredoo Qsc (b) | 62,110 | 107,451 | |
PT Telekomunikasi Indonesia Tbk Series B | 11,592,900 | 2,501,699 | |
Saudi Telecom Co. | 80,146 | 2,133,813 | |
Telkom SA Ltd. | 405,832 | 410,405 | |
Turk Telekomunikasyon A/S | 1,007,763 | 1,096,774 | |
19,842,984 | |||
Entertainment - 1.0% | |||
Beijing Kunlun Tech Co. Ltd. (A Shares) | 160,100 | 498,206 | |
Bilibili, Inc. ADR (b)(c) | 96,529 | 3,130,435 | |
CD Projekt RED SA | 122,426 | 12,324,857 | |
G-bits Network Technology Xiamen Co. Ltd. (A Shares) | 6,100 | 345,287 | |
Gravity Co. Ltd. ADR (b) | 498 | 25,249 | |
HUYA, Inc. ADR (b)(c) | 19,903 | 308,895 | |
IGG, Inc. | 262,000 | 159,451 | |
International Games Systems Co. Ltd. | 188,000 | 3,512,963 | |
NCSOFT Corp. | 609 | 390,464 | |
NetEase, Inc. ADR | 50,389 | 19,293,948 | |
Nexon Co. Ltd. | 199,300 | 4,150,659 | |
NHN Entertainment Corp. (b) | 2,843 | 201,432 | |
Sea Ltd. ADR (b) | 3,184 | 254,083 | |
Tencent Music Entertainment Group ADR (b) | 599,988 | 7,751,845 | |
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd. (A Shares) | 483,980 | 2,305,555 | |
54,653,329 | |||
Interactive Media & Services - 5.1% | |||
58.com, Inc. ADR (b) | 30,362 | 1,457,680 | |
Autohome, Inc. ADR Class A (c) | 100,783 | 7,753,236 | |
Baidu.com, Inc. sponsored ADR (b) | 125,638 | 13,386,729 | |
Kakao Corp. | 19,564 | 4,183,836 | |
Mail.Ru Group Ltd. GDR (Reg. S) (b) | 303,443 | 5,419,492 | |
Momo, Inc. ADR | 64,300 | 1,247,420 | |
NAVER Corp. | 84,197 | 15,443,349 | |
Tencent Holdings Ltd. | 3,786,989 | 205,087,678 | |
Wise Talent Information Technology Co. Ltd. (b) | 730,400 | 1,730,555 | |
Yandex NV Series A (b)(c) | 513,240 | 20,647,645 | |
276,357,620 | |||
Media - 0.0% | |||
Cheil Worldwide, Inc. | 21,770 | 293,294 | |
Hyundai HCN | 146,658 | 529,666 | |
INNOCEAN Worldwide, Inc. | 1,461 | 61,302 | |
884,262 | |||
Wireless Telecommunication Services - 1.0% | |||
America Movil S.A.B. de CV Series L sponsored ADR | 119,870 | 1,589,476 | |
Bharti Airtel Ltd. (b) | 1,350,372 | 9,869,924 | |
China Mobile Ltd. | 2,825,500 | 19,978,385 | |
China Mobile Ltd. sponsored ADR | 55,644 | 1,956,443 | |
China United Network Communications Ltd. (A Shares) | 9,161,354 | 6,366,642 | |
Etihad Etisalat Co. (b) | 48,936 | 337,445 | |
Globe Telecom, Inc. | 1,795 | 81,588 | |
Mobile Telecommunications Co. Saudi Arabia (b) | 1,098,678 | 3,141,587 | |
Mobile TeleSystems OJSC sponsored ADR | 437,376 | 3,888,273 | |
SK Telecom Co. Ltd. | 12,259 | 2,152,003 | |
SK Telecom Co. Ltd. sponsored ADR | 19,876 | 382,613 | |
Turkcell Iletisim Hizmet A/S | 770,777 | 1,598,682 | |
VEON Ltd. sponsored ADR | 277,792 | 413,910 | |
51,756,971 | |||
TOTAL COMMUNICATION SERVICES | 403,495,166 | ||
CONSUMER DISCRETIONARY - 10.8% | |||
Auto Components - 0.4% | |||
Fuyao Glass Industries Group Co. Ltd. (A Shares) | 2,962,633 | 8,152,455 | |
Huayu Automotive Systems Co. Ltd. (A Shares) | 680,634 | 1,826,213 | |
Hyundai Mobis | 52,200 | 8,388,264 | |
Tianneng Power International Ltd. | 1,275,826 | 1,292,888 | |
Yoo Sung Enterprise | 12,785 | 26,615 | |
19,686,435 | |||
Automobiles - 0.6% | |||
Bajaj Auto Ltd. | 238,049 | 8,534,248 | |
Dongfeng Motor Group Co. Ltd. (H Shares) | 1,580,000 | 999,561 | |
Great Wall Motor Co. Ltd. (H Shares) | 833,000 | 530,514 | |
Hero Motocorp Ltd. | 242,904 | 7,584,947 | |
Hyundai Motor Co. | 19,047 | 1,514,918 | |
Kia Motors Corp. | 308,616 | 8,578,581 | |
Maruti Suzuki India Ltd. | 22,078 | 1,638,453 | |
PT Astra International Tbk | 8,233,500 | 2,694,514 | |
32,075,736 | |||
Diversified Consumer Services - 0.4% | |||
Estacio Participacoes SA | 296,182 | 1,580,733 | |
New Oriental Education & Technology Group, Inc. sponsored ADR (b) | 131,161 | 15,734,074 | |
TAL Education Group ADR (b) | 123,670 | 6,982,408 | |
Visang Education, Inc. | 8,025 | 50,606 | |
24,347,821 | |||
Hotels, Restaurants & Leisure - 0.5% | |||
Haidilao International Holding Ltd. (a) | 74,000 | 359,974 | |
Jubilant Foodworks Ltd. | 63,063 | 1,381,789 | |
Sands China Ltd. | 2,621,122 | 10,296,012 | |
Shangri-La Asia Ltd. | 1,892,000 | 1,628,198 | |
Yum China Holdings, Inc. | 302,822 | 14,032,771 | |
27,698,744 | |||
Household Durables - 1.3% | |||
Gree Electric Appliances, Inc. of Zhuhai (A Shares) | 437,800 | 3,492,708 | |
Haier Electronics Group Co. Ltd. | 2,547,349 | 7,132,274 | |
Haier Smart Home Co. Ltd. (A Shares) | 2,045,222 | 4,742,502 | |
LG Electronics, Inc. | 157,144 | 7,562,910 | |
Midea Group Co. Ltd. (A Shares) | 4,648,590 | 38,440,545 | |
Oppein Home Group, Inc. (A Shares) | 72,000 | 1,221,243 | |
Whirlpool of India Ltd. | 1,156 | 29,734 | |
Zhejiang Supor Cookware Co. Ltd. | 902,295 | 8,558,671 | |
71,180,587 | |||
Internet & Direct Marketing Retail - 6.4% | |||
Alibaba Group Holding Ltd. | 35,200 | 910,163 | |
Alibaba Group Holding Ltd. sponsored ADR (b) | 965,718 | 200,280,256 | |
B2W Companhia Global do Varejo (b) | 371,800 | 6,383,508 | |
Baozun, Inc. sponsored ADR (b)(c) | 19,448 | 515,178 | |
Ctrip.com International Ltd. ADR (b) | 110,761 | 2,942,920 | |
JD.com, Inc. sponsored ADR (b) | 1,004,622 | 54,581,113 | |
MakeMyTrip Ltd. (b)(c) | 24,180 | 374,548 | |
Meituan Dianping Class B (b) | 647,600 | 12,334,220 | |
MercadoLibre, Inc. (b) | 15,184 | 12,931,757 | |
Naspers Ltd. Class N | 203,915 | 33,195,933 | |
Pinduoduo, Inc. ADR (b) | 114,200 | 7,636,554 | |
Prosus NV (b) | 22,243 | 1,856,006 | |
Tongcheng-Elong Holdings Ltd. (b) | 1,867,600 | 3,376,512 | |
Vipshop Holdings Ltd. ADR (b) | 465,379 | 8,069,672 | |
345,388,340 | |||
Multiline Retail - 0.2% | |||
Lojas Renner SA | 1,312,778 | 9,483,648 | |
Magazine Luiza SA | 95,316 | 1,149,408 | |
10,633,056 | |||
Specialty Retail - 0.3% | |||
Lewis Group Ltd. | 11,913 | 9,939 | |
Mr Price Group Ltd. | 608,009 | 4,525,549 | |
Petrobras Distribuidora SA | 178,400 | 723,456 | |
SSI Group, Inc. | 417,000 | 9,336 | |
Zhongsheng Group Holdings Ltd. Class H | 2,201,000 | 11,387,592 | |
16,655,872 | |||
Textiles, Apparel & Luxury Goods - 0.7% | |||
adidas AG | 9,292 | 2,464,308 | |
Anta Sports Products Ltd. | 1,263,000 | 11,319,037 | |
CECEP COSTIN New Materials Group Ltd. (b)(d) | 741,000 | 28,678 | |
Fila Holdings Corp. | 12,518 | 390,632 | |
Jinli Group Holdings Ltd. | 46,782 | 11,427 | |
LG Fashion Corp. | 7,144 | 78,563 | |
Li Ning Co. Ltd. | 3,019,500 | 10,229,285 | |
LPP SA | 18 | 30,785 | |
Mavi Jeans Class B (a)(b) | 253,105 | 1,675,750 | |
Pou Chen Corp. | 189,000 | 186,358 | |
Regina Miracle International Holdings Ltd. (a) | 577,000 | 182,173 | |
Shenzhou International Group Holdings Ltd. | 857,300 | 10,316,245 | |
Weiqiao Textile Co. Ltd. (H Shares) | 426,500 | 76,694 | |
36,989,935 | |||
TOTAL CONSUMER DISCRETIONARY | 584,656,526 | ||
CONSUMER STAPLES - 4.7% | |||
Beverages - 1.3% | |||
Anadolu Efes Biracilik Ve Malt Sanayii A/S | 37,453 | 101,711 | |
Anheuser-Busch InBev SA NV | 68,774 | 3,209,347 | |
China Resources Beer Holdings Co. Ltd. | 2,328,000 | 12,414,346 | |
Coca-Cola Icecek Sanayi A/S | 1,563 | 9,277 | |
Fomento Economico Mexicano S.A.B. de CV: | |||
unit | 691,503 | 4,676,443 | |
sponsored ADR | 155,668 | 10,540,280 | |
Heineken NV (Bearer) | 75,607 | 6,922,344 | |
Kweichow Moutai Co. Ltd. (A Shares) | 107,421 | 20,568,362 | |
Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares) | 862,500 | 5,725,630 | |
Thai Beverage PCL | 10,121,300 | 4,513,320 | |
Tsingtao Brewery Co. Ltd. (H Shares) | 340,000 | 2,366,234 | |
71,047,294 | |||
Food & Staples Retailing - 1.5% | |||
Avenue Supermarts Ltd. (a)(b) | 21,122 | 633,995 | |
Bim Birlesik Magazalar A/S JSC | 1,105,463 | 10,541,327 | |
C.P. ALL PCL (For. Reg.) | 5,971,900 | 13,235,428 | |
Clicks Group Ltd. | 156,218 | 2,074,600 | |
Companhia Brasileira de Distribuicao Grupo Pao de Acucar | 133,900 | 1,580,313 | |
Dairy Farm International Holdings Ltd. | 60,900 | 256,998 | |
Drogasil SA | 466,201 | 9,561,126 | |
President Chain Store Corp. | 573,000 | 5,649,888 | |
PUREGOLD Price Club, Inc. | 2,860,400 | 2,607,062 | |
Shoprite Holdings Ltd. | 523,867 | 3,109,842 | |
Sun Art Retail Group Ltd. | 2,835,500 | 4,364,636 | |
Wal-Mart de Mexico SA de CV Series V | 5,171,200 | 12,907,886 | |
X5 Retail Group NV GDR (Reg. S) | 417,962 | 12,271,364 | |
Yifeng Pharmacy Chain Co. Ltd. | 252,000 | 2,782,601 | |
81,577,066 | |||
Food Products - 1.3% | |||
Angel Yeast Co. Ltd. (A Shares) | 254,234 | 1,506,044 | |
AVI Ltd. | 254,640 | 1,044,240 | |
Charoen Pokphand Foods PCL (For. Reg.) | 2,721,500 | 2,694,978 | |
China Mengniu Dairy Co. Ltd. | 10,261,496 | 37,010,868 | |
Daesang Corp. | 3,291 | 67,041 | |
Gruma S.A.B. de CV Series B | 394,685 | 3,917,215 | |
Inner Mongoli Yili Industries Co. Ltd. (A Shares) | 256,000 | 1,020,449 | |
JBS SA | 1,756,729 | 7,232,602 | |
Minerva SA (b) | 315,049 | 790,530 | |
Nong Shim Co. Ltd. | 1,127 | 288,576 | |
Ulker Biskuvi Sanayi A/S (b) | 52,550 | 181,658 | |
Unified-President Enterprises Corp. | 3,833,000 | 9,311,035 | |
Universal Robina Corp. | 1,081,830 | 2,807,999 | |
WH Group Ltd. (a) | 333,000 | 289,692 | |
68,162,927 | |||
Household Products - 0.2% | |||
C&S Paper Co. Ltd. (A Shares) | 917,000 | 2,600,453 | |
Hindustan Unilever Ltd. | 309,512 | 8,422,386 | |
Kimberly-Clark de Mexico SA de CV: | |||
Series A | 585,400 | 908,677 | |
Series A sponsored ADR | 2,476 | 19,189 | |
Rubberex Corp. Bhd | 230,800 | 188,993 | |
12,139,698 | |||
Personal Products - 0.4% | |||
Hengan International Group Co. Ltd. | 443,000 | 3,648,137 | |
LG Household & Health Care Ltd. | 12,984 | 14,436,619 | |
Natura & Co. Holding SA | 610,100 | 4,250,795 | |
Organic Tea Cosmetics Holdings Co. Ltd. | 4,513 | 4,102 | |
22,339,653 | |||
Tobacco - 0.0% | |||
PT Gudang Garam Tbk | 18,500 | 61,730 | |
TOTAL CONSUMER STAPLES | 255,328,368 | ||
ENERGY - 2.2% | |||
Energy Equipment & Services - 0.1% | |||
China Oilfield Services Ltd. (H Shares) | 4,372,000 | 3,827,732 | |
Ezion Holdings Ltd. warrants 4/16/23 (b)(d) | 5,020,014 | 5,579 | |
Tenaris SA sponsored ADR | 157,200 | 1,990,152 | |
Yantai Jereh Oilfield Services (A Shares) | 636,100 | 2,270,879 | |
8,094,342 | |||
Oil, Gas & Consumable Fuels - 2.1% | |||
China Petroleum & Chemical Corp. (H Shares) | 13,820,000 | 6,448,003 | |
China Shenhua Energy Co. Ltd. (H Shares) | 260,000 | 476,243 | |
CNOOC Ltd. | 12,985,099 | 14,834,974 | |
CNOOC Ltd. sponsored ADR | 10,900 | 1,243,908 | |
Compania de Petroleos de Chile SA (COPEC) | 538,217 | 3,395,797 | |
Cosan Ltd. Class A (b) | 2,599 | 33,215 | |
Exxaro Resources Ltd. | 126,121 | 894,616 | |
Gazprom OAO sponsored ADR (Reg. S) | 1,618,454 | 8,988,894 | |
Grupa Lotos SA | 4,822 | 71,578 | |
Lukoil PJSC | 49,352 | 3,712,139 | |
Lukoil PJSC sponsored ADR | 316,003 | 23,460,063 | |
MOL Hungarian Oil and Gas PLC Series A (For. Reg.) | 155,885 | 982,106 | |
NOVATEK OAO GDR (Reg. S) | 62,586 | 9,056,194 | |
PetroChina Co. Ltd. (H Shares) | 4,036,000 | 1,392,391 | |
Petroleo Brasileiro SA - Petrobras (ON) | 999,600 | 3,903,766 | |
Polski Koncern Naftowy Orlen SA | 233,715 | 3,889,957 | |
PT Adaro Energy Tbk | 20,554,500 | 1,547,567 | |
PTT Exploration and Production PCL NVDR | 1,024,773 | 2,706,097 | |
QGEP Participacoes SA | 30,900 | 58,484 | |
Reliance Industries Ltd. | 1,204,784 | 23,335,569 | |
Reliance Industries Ltd. rights (b) | 84,150 | 247,091 | |
Susco Public Co. Ltd. unit | 267,500 | 18,669 | |
Tatneft PAO sponsored ADR | 34,126 | 1,535,670 | |
Tupras Turkiye Petrol Rafinerileri A/S (b) | 27,268 | 342,298 | |
112,575,289 | |||
TOTAL ENERGY | 120,669,631 | ||
FINANCIALS - 11.4% | |||
Banks - 7.4% | |||
Absa Group Ltd. | 790,596 | 3,676,353 | |
Abu Dhabi Islamic Bank (b) | 39,990 | 37,016 | |
Agricultural Bank of China Ltd. (H Shares) | 1,597,000 | 648,113 | |
Akbank TAS (b) | 1,585,463 | 1,321,413 | |
Al Rajhi Bank | 200,016 | 2,992,785 | |
Alpha Bank AE (b) | 3,435,810 | 2,116,726 | |
AMMB Holdings Bhd | 69,200 | 50,458 | |
Arab National Bank | 142,017 | 747,139 | |
Axis Bank Ltd. | 790,860 | 4,026,738 | |
Banco do Brasil SA | 1,300,191 | 7,514,175 | |
Banco Santander Chile sponsored ADR | 396,176 | 6,247,696 | |
Bancolombia SA sponsored ADR | 96,686 | 2,500,300 | |
Bangkok Bank PCL NVDR | 106,900 | 366,303 | |
Bank Al-Jazira | 65,767 | 196,461 | |
Bank Albilad | 36,138 | 208,977 | |
Bank of China Ltd. (H Shares) | 41,572,000 | 15,281,118 | |
Capitec Bank Holdings Ltd. | 45,297 | 2,197,124 | |
China Construction Bank Corp. (H Shares) | 50,493,000 | 39,823,495 | |
China Merchants Bank Co. Ltd.: | |||
(A Shares) | 1,155,481 | 5,475,270 | |
(H Shares) | 2,346,500 | 11,056,852 | |
Chinatrust Financial Holding Co. Ltd. | 4,428,000 | 2,947,666 | |
Commercial International Bank SAE sponsored GDR | 758,571 | 2,928,084 | |
Credicorp Ltd. (United States) | 94,219 | 12,985,263 | |
E.SUN Financial Holdings Co. Ltd. | 6,904,128 | 6,139,511 | |
EFG Eurobank Ergasias SA (b) | 48,580 | 20,492 | |
Emirates NBD Bank PJSC | 440,009 | 1,034,991 | |
Grupo Aval Acciones y Valores SA ADR | 79,994 | 351,174 | |
Grupo Financiero Banorte S.A.B. de CV Series O | 5,558,367 | 16,857,209 | |
Grupo Financiero Inbursa S.A.B. de CV Series O | 320,573 | 219,744 | |
Guaranty Trust Bank PLC GDR (Reg. S) | 38,623 | 108,144 | |
Habib Bank Ltd. | 309,900 | 183,548 | |
Hana Financial Group, Inc. | 482,729 | 11,655,389 | |
HDFC Bank Ltd. | 889,783 | 11,268,249 | |
HDFC Bank Ltd. sponsored ADR | 262,152 | 10,965,818 | |
ICICI Bank Ltd. | 920,491 | 4,028,791 | |
ICICI Bank Ltd. sponsored ADR | 2,222,263 | 19,333,688 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 54,496,000 | 35,298,033 | |
JSC Halyk Bank of Kazakhstan GDR unit | 160,203 | 1,690,142 | |
Kasikornbank PCL (For. Reg.) | 413,900 | 1,272,109 | |
KB Financial Group, Inc. | 320,374 | 8,788,065 | |
Komercni Banka A/S | 71,598 | 1,532,838 | |
Kotak Mahindra Bank Ltd. | 142,458 | 2,306,310 | |
Krung Thai Bank PCL NVDR | 3,037,100 | 992,953 | |
Malayan Banking Bhd | 1,172,025 | 2,021,895 | |
Mega Financial Holding Co. Ltd. | 945,000 | 969,627 | |
National Bank of Abu Dhabi PJSC (b) | 3,632,440 | 10,957,199 | |
National Bank of Kuwait | 1,315,664 | 3,309,444 | |
National Commercial Bank (e) | 175,376 | 1,746,289 | |
Nova Ljubljanska banka d.d. unit | 262,250 | 2,264,841 | |
OTP Bank PLC | 661,046 | 21,922,916 | |
PT Bank Bukopin Tbk (b) | 4,000 | 41 | |
PT Bank Central Asia Tbk | 6,402,500 | 11,371,997 | |
PT Bank Mandiri (Persero) Tbk | 5,772,400 | 1,773,879 | |
PT Bank Negara Indonesia (Persero) Tbk | 7,216,300 | 1,891,747 | |
PT Bank Rakyat Indonesia Tbk | 21,770,100 | 4,408,112 | |
Qatar National Bank SAQ (b) | 441,680 | 2,144,714 | |
Riyad Bank | 62,996 | 275,062 | |
Sberbank of Russia | 3,585,032 | 10,302,913 | |
Sberbank of Russia sponsored ADR | 3,437,241 | 38,840,823 | |
Shinhan Financial Group Co. Ltd. | 157,690 | 3,873,944 | |
Sinopac Holdings Co. | 414,000 | 163,008 | |
Standard Bank Group Ltd. | 562,715 | 3,275,350 | |
State Bank of India (b) | 505,760 | 1,079,017 | |
TCS Group Holding PLC GDR | 127,951 | 2,221,229 | |
Thanachart Capital PCL (For. Reg.) | 723,500 | 830,171 | |
TISCO Financial Group PCL | 682,700 | 1,609,635 | |
Turkiye Garanti Bankasi A/S (b) | 2,924,407 | 3,349,768 | |
Turkiye Halk Bankasi A/S (b) | 289,353 | 225,481 | |
Turkiye Is Bankasi A/S Series C (b) | 5,487,232 | 3,978,585 | |
Turkiye Vakiflar Bankasi TAO (b) | 3,823,822 | 2,604,478 | |
United Bank Ltd. | 2,974,195 | 1,756,261 | |
Yapi ve Kredi Bankasi A/S (b) | 1,580,932 | 537,244 | |
399,098,393 | |||
Capital Markets - 0.4% | |||
BM&F BOVESPA SA | 1,564,413 | 13,353,637 | |
CITIC Securities Co. Ltd. (H Shares) | 799,500 | 1,452,021 | |
Hong Kong Exchanges and Clearing Ltd. | 24,600 | 865,758 | |
Huatai Securities Co. Ltd. (H Shares) (a) | 1,057,800 | 1,669,654 | |
Korea Investment Holdings Co. Ltd. | 4,137 | 176,943 | |
Moscow Exchange MICEX-RTS OAO | 1,050,785 | 1,707,278 | |
Noah Holdings Ltd. sponsored ADR (b)(c) | 18,322 | 486,083 | |
Samsung Securities Co. Ltd. | 3,829 | 86,857 | |
XP, Inc. Class A (b) | 53,355 | 1,619,858 | |
21,418,089 | |||
Consumer Finance - 0.1% | |||
Compartamos S.A.B. de CV | 284,714 | 117,612 | |
Shriram Transport Finance Co. Ltd. | 923,995 | 6,994,277 | |
7,111,889 | |||
Diversified Financial Services - 0.3% | |||
Alexander Forbes Group Holdings Ltd. | 888 | 202 | |
Aseer Trading Tourism & Manufacturing Co. (b) | 13,468 | 30,156 | |
Chailease Holding Co. Ltd. | 429,000 | 1,667,673 | |
FirstRand Ltd. | 2,755,448 | 6,327,845 | |
Haci Omer Sabanci Holding A/S | 879,341 | 1,069,068 | |
Power Finance Corp. Ltd. | 21,275 | 21,161 | |
Rec Ltd. | 826,684 | 968,228 | |
Yuanta Financial Holding Co. Ltd. | 14,674,000 | 7,956,639 | |
18,040,972 | |||
Insurance - 2.7% | |||
AIA Group Ltd. | 5,120,384 | 42,016,757 | |
BB Seguridade Participacoes SA | 1,295,023 | 6,134,996 | |
Cathay Financial Holding Co. Ltd. | 767,738 | 1,025,990 | |
China Life Insurance Co. Ltd. (b) | 299,000 | 207,022 | |
China Life Insurance Co. Ltd. (H Shares) | 3,769,000 | 7,141,964 | |
China Pacific Insurance (Group) Co. Ltd. (H Shares) | 1,310,200 | 3,641,709 | |
FPC Par Corretora de Seguros | 17,800 | 31,422 | |
Fubon Financial Holding Co. Ltd. | 2,512,000 | 3,553,966 | |
Hyundai Fire & Marine Insurance Co. Ltd. | 263,611 | 5,188,140 | |
IRB Brasil Resseguros SA | 219,900 | 342,029 | |
Liberty Holdings Ltd. | 494,964 | 1,759,793 | |
MMI Holdings Ltd. | 1,647,333 | 1,617,515 | |
Old Mutual Ltd. | 760,307 | 487,866 | |
PICC Property & Casualty Co. Ltd. (H Shares) | 338,000 | 295,725 | |
Ping An Insurance Group Co. of China Ltd. (H Shares) | 4,762,000 | 47,125,359 | |
Porto Seguro SA | 489,321 | 4,337,253 | |
Powszechny Zaklad Ubezpieczen SA | 496,894 | 3,696,617 | |
Qualitas Controladora S.A.B. de CV | 96,305 | 382,883 | |
Samsung Fire & Marine Insurance Co. Ltd. | 32,045 | 4,746,348 | |
Sanlam Ltd. | 2,888,287 | 9,329,183 | |
Sul America SA unit | 279,402 | 2,348,290 | |
145,410,827 | |||
Thrifts & Mortgage Finance - 0.5% | |||
Housing Development Finance Corp. Ltd. | 854,654 | 18,752,536 | |
LIC Housing Finance Ltd. | 1,548,355 | 4,905,872 | |
23,658,408 | |||
TOTAL FINANCIALS | 614,738,578 | ||
HEALTH CARE - 1.4% | |||
Biotechnology - 0.2% | |||
Hualan Biological Engineer, Inc. (A Shares) | 424,430 | 2,448,846 | |
Innovent Biologics, Inc. (a)(b) | 1,249,500 | 6,861,602 | |
9,310,448 | |||
Health Care Equipment & Supplies - 0.1% | |||
Hartalega Holdings Bhd | 71,000 | 204,794 | |
Peijia Medical Ltd. (a)(b) | 167,000 | 549,423 | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | 132,000 | 5,156,272 | |
Top Glove Corp. Bhd | 503,000 | 1,538,792 | |
7,449,281 | |||
Health Care Providers & Services - 0.2% | |||
Aier Eye Hospital Group Co. Ltd. (A Shares) | 78,910 | 432,956 | |
Hapvida Participacoes e Investimentos SA (a) | 573,500 | 5,895,885 | |
Qualicorp Consultoria E Corret | 229,832 | 1,021,610 | |
Selcuk Ecza Deposu Tic A/S | 122,624 | 146,567 | |
Shanghai Pharmaceuticals Holding Co. Ltd. (H Shares) | 705,300 | 1,118,099 | |
Sinopharm Group Co. Ltd. (H Shares) | 712,100 | 1,758,687 | |
10,373,804 | |||
Life Sciences Tools & Services - 0.2% | |||
Pharmaron Beijing Co. Ltd. (H Shares) (a) | 142,000 | 1,161,032 | |
WuXi AppTec Co. Ltd. | 40,337 | 601,897 | |
WuXi AppTec Co. Ltd. (H Shares) (a) | 264,264 | 2,810,796 | |
Wuxi Biologics (Cayman), Inc. (a)(b) | 309,000 | 4,879,654 | |
9,453,379 | |||
Pharmaceuticals - 0.7% | |||
Alembic Pharmaceuticals Ltd. (b) | 4,278 | 49,293 | |
Aurobindo Pharma Ltd. | 171,185 | 1,688,302 | |
Cipla Ltd. | 50,801 | 435,509 | |
CSPC Pharmaceutical Group Ltd. | 1,440,000 | 2,838,662 | |
Dong-A St. Co. Ltd. | 519 | 36,561 | |
DongKook Pharmaceutical Co. Ltd. | 663 | 51,871 | |
Dr. Reddy's Laboratories Ltd. | 96,601 | 5,201,243 | |
Hansoh Pharmaceutical Group Co. Ltd. (a) | 1,416,000 | 6,187,519 | |
J.B. Chemicals & Pharmaceuticals Ltd. | 5,061 | 45,663 | |
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | 120,710 | 1,331,028 | |
Lijun International Pharmaceutical Holding Ltd. | 698,000 | 430,312 | |
PT Kalbe Farma Tbk | 35,808,056 | 3,468,063 | |
Richter Gedeon PLC | 412,895 | 8,992,379 | |
Sino Biopharmaceutical Ltd. | 3,436,000 | 5,429,333 | |
Yunnan Baiyao Group Co. Ltd. (A Shares) | 159,100 | 1,965,664 | |
38,151,402 | |||
TOTAL HEALTH CARE | 74,738,314 | ||
INDUSTRIALS - 2.2% | |||
Aerospace & Defense - 0.1% | |||
Elbit Systems Ltd. (Israel) | 27,200 | 3,780,037 | |
Air Freight & Logistics - 0.0% | |||
Hyundai Glovis Co. Ltd. | 1,943 | 178,192 | |
Airlines - 0.0% | |||
Azul SA sponsored ADR (b)(c) | 32,566 | 259,877 | |
Wizz Air Holdings PLC (a)(b) | 606 | 24,548 | |
284,425 | |||
Building Products - 0.0% | |||
Trakya Cam Sanayii A/S | 328,594 | 154,984 | |
Commercial Services & Supplies - 0.0% | |||
Country Garden Services Holdings Co. Ltd. | 319,502 | 1,513,802 | |
Frontken Corp. BHD | 248,800 | 139,065 | |
1,652,867 | |||
Construction & Engineering - 0.3% | |||
China Communications Construction Co. Ltd. (H Shares) | 2,213,000 | 1,415,441 | |
China Communications Services Corp. Ltd. (H Shares) | 1,926,000 | 1,284,409 | |
China National Chemical Engineering Co. Ltd. (A Shares) | 3,939,592 | 3,068,988 | |
China Railway Construction Corp. Ltd. (H Shares) | 2,992,500 | 2,686,924 | |
Daelim Industrial Co. | 23,895 | 1,789,968 | |
Larsen & Toubro Ltd. | 403,363 | 4,973,681 | |
Orascom Construction PLC | 1,460 | 6,121 | |
Sinopec Engineering Group Co. Ltd. (H Shares) | 618,500 | 260,075 | |
Tekfen Holding A/S | 773,855 | 1,588,063 | |
17,073,670 | |||
Electrical Equipment - 0.1% | |||
DONGYANG E&P, Inc. | 21,665 | 232,976 | |
Polycab India Ltd. | 41,498 | 372,908 | |
Weg SA | 284,041 | 2,226,531 | |
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) | 685,000 | 1,782,387 | |
4,614,802 | |||
Industrial Conglomerates - 0.3% | |||
Astra Industrial Group (b) | 3,085 | 13,421 | |
Fosun International Ltd. | 1,508,000 | 1,951,930 | |
Hanwha Corp. | 50,367 | 821,634 | |
Hong Leong Industries Bhd | 3,000 | 5,748 | |
Industries Qatar QSC (b) | 243,150 | 525,567 | |
Koc Holding A/S | 967,115 | 2,286,398 | |
LG Corp. | 41,364 | 2,118,304 | |
Mannai Corp. (b) | 86,440 | 70,985 | |
SM Investments Corp. | 319,900 | 5,799,653 | |
13,593,640 | |||
Machinery - 0.7% | |||
Airtac International Group | 370,000 | 6,358,237 | |
Daewoo Shipbuilding & Marine Engineering Co. Ltd. (b) | 5,541 | 98,035 | |
Estun Automation Co. Ltd. (A Shares) | 556,400 | 774,895 | |
HIWIN Technologies Corp. | 402,270 | 4,114,110 | |
Lonking Holdings Ltd. | 7,086,000 | 2,396,442 | |
Sany Heavy Industry Co. Ltd. (A Shares) | 2,123,511 | 5,453,635 | |
Shenzhen Inovance Technology Co. Ltd. (A Shares) | 1,724,400 | 8,294,322 | |
Sinotruk Hong Kong Ltd. | 1,614,983 | 3,936,512 | |
Techtronic Industries Co. Ltd. | 151,000 | 1,317,307 | |
Tian Di Science & Technology Co. Ltd. (A Shares) | 333,700 | 135,589 | |
Weichai Power Co. Ltd.: | |||
(A Shares) | 516,300 | 943,298 | |
(H Shares) | 2,506,000 | 4,341,228 | |
XCMG Construction Machinery Co. Ltd. (A Shares) | 1,398,600 | 1,150,272 | |
Zoomlion Heavy Industry Science and Technology Co. Ltd. (H Shares) | 538,000 | 442,687 | |
39,756,569 | |||
Marine - 0.0% | |||
Costamare, Inc. | 9,179 | 42,223 | |
Qatar Navigation QPSC (b) | 6,188 | 9,767 | |
51,990 | |||
Professional Services - 0.0% | |||
51job, Inc. sponsored ADR (b) | 15,840 | 1,021,522 | |
Sporton International, Inc. | 271,000 | 1,763,322 | |
2,784,844 | |||
Road & Rail - 0.2% | |||
Globaltrans Investment PLC GDR (Reg. S) | 49,724 | 274,974 | |
Localiza Rent A Car SA | 223,665 | 1,612,846 | |
Rumo SA (b) | 1,589,200 | 6,709,645 | |
United International Transportation Co. | 267,636 | 1,959,529 | |
10,556,994 | |||
Trading Companies & Distributors - 0.0% | |||
Al Hassan Ghazi Ibrahim Shaker Co. (b) | 13,536 | 29,551 | |
CCS Supply Chain Management Co. Ltd. A Shares | 88,072 | 74,656 | |
104,207 | |||
Transportation Infrastructure - 0.5% | |||
Airports of Thailand PCL (For. Reg.) | 2,886,300 | 5,625,608 | |
DP World Ltd. | 260,751 | 4,106,828 | |
Grupo Aeroportuario del Sureste S.A.B. de CV Series B sponsored ADR | 18,743 | 1,943,087 | |
Grupo Aeroportuario Norte S.A.B. de CV | 676,388 | 2,977,089 | |
Shanghai International Airport Co. Ltd. (A Shares) | 993,542 | 10,077,061 | |
Zhejiang Expressway Co. Ltd. (H Shares) | 1,226,000 | 863,646 | |
25,593,319 | |||
TOTAL INDUSTRIALS | 120,180,540 | ||
INFORMATION TECHNOLOGY - 11.1% | |||
Communications Equipment - 0.1% | |||
Accton Technology Corp. | 705,000 | 5,681,120 | |
Electronic Equipment & Components - 1.8% | |||
Argosy Research, Inc. | 34,000 | 115,152 | |
AU Optronics Corp. | 910,000 | 231,292 | |
AVIC Jonhon OptronicTechnology Co. Ltd. | 424,529 | 2,080,042 | |
Chaozhou Three-Circle Group Co. (A Shares) | 244,300 | 680,812 | |
China Railway Signal & Communications Corp. (H Shares) (a) | 1,010,000 | 447,894 | |
Coretronic Corp. | 106,400 | 110,060 | |
Delta Electronics, Inc. | 962,000 | 4,429,777 | |
FLEXium Interconnect, Inc. | 380,000 | 1,375,755 | |
Foxconn Industrial Internet Co. Ltd. (A Shares) | 175,500 | 329,743 | |
Foxconn Technology Co. Ltd. | 31,000 | 55,754 | |
General Interface Solution Holding Ltd. | 45,000 | 170,426 | |
Hangzhou Hikvision Digital Technology Co. Ltd. (A Shares) | 930,303 | 3,580,570 | |
Hollysys Automation Technologies Ltd. | 24,045 | 300,322 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 9,477,626 | 23,971,572 | |
INTOPS Co. Ltd. | 30,521 | 256,375 | |
Largan Precision Co. Ltd. | 221,000 | 28,280,390 | |
LG Display Co. Ltd. (b) | 111,198 | 927,648 | |
LG Innotek Co. Ltd. | 54,158 | 6,483,224 | |
Pinnacle Technology Holdings Ltd. | 11,198 | 3,506 | |
Redington India Ltd. | 26,941 | 30,895 | |
Samsung SDI Co. Ltd. | 25,230 | 7,351,029 | |
Simplo Technology Co. Ltd. | 31,000 | 331,009 | |
Sirtec International Co. Ltd. | 5,000 | 4,838 | |
Sunny Optical Technology Group Co. Ltd. | 345,200 | 4,639,106 | |
Synnex Technology International Corp. | 132,000 | 195,562 | |
Unimicron Technology Corp. | 3,469,000 | 4,641,693 | |
Yageo Corp. | 115,600 | 1,429,137 | |
Zhen Ding Technology Holding Ltd. | 888,000 | 3,540,859 | |
95,994,442 | |||
IT Services - 0.9% | |||
Dongbu Co. Ltd. (b) | 66,875 | 40,652 | |
HCL Technologies Ltd. | 711,600 | 5,178,995 | |
Hexaware Technologies Ltd. | 465,190 | 1,561,298 | |
Infosys Ltd. | 713,134 | 6,517,765 | |
Infosys Ltd. sponsored ADR | 1,824,381 | 16,601,867 | |
Mphasis BFL Ltd. | 69,476 | 791,156 | |
Network International Holdings PLC (a) | 309,658 | 1,776,759 | |
NIIT Ltd. (b) | 14,423 | 17,036 | |
PagSeguro Digital Ltd. (b) | 107,288 | 3,404,248 | |
QIWI PLC Class B sponsored ADR | 16,212 | 226,076 | |
Sonata Software Ltd. | 6,875 | 18,450 | |
StoneCo Ltd. Class A (b) | 71,627 | 2,269,143 | |
Tata Consultancy Services Ltd. | 335,270 | 8,746,376 | |
Wipro Ltd. | 704,161 | 1,983,083 | |
WNS Holdings Ltd. sponsored ADR (b) | 24,362 | 1,177,659 | |
50,310,563 | |||
Semiconductors & Semiconductor Equipment - 5.0% | |||
ASE Technology Holding Co. Ltd. | 1,695,000 | 3,494,664 | |
Dongbu HiTek Co. Ltd. | 29,703 | 689,450 | |
Elan Microelectronics Corp. | 69,000 | 230,238 | |
Everlight Electronics Co. Ltd. | 73,000 | 75,511 | |
King Yuan Electronics Co. Ltd. | 1,125,000 | 1,129,918 | |
Kinsus Interconnect Technology Corp. | 252,000 | 404,878 | |
Malaysian Pacific Industries BHD | 12,286 | 31,086 | |
MediaTek, Inc. | 1,912,900 | 29,552,961 | |
Nanya Technology Corp. | 196,000 | 391,097 | |
Novatek Microelectronics Corp. | 12,000 | 82,085 | |
Opto Technology Corp. | 90,000 | 63,516 | |
Phison Electronics Corp. | 202,000 | 1,853,582 | |
Powertech Technology, Inc. | 719,000 | 2,327,171 | |
Radiant Opto-Electronics Corp. | 250,000 | 859,221 | |
Realtek Semiconductor Corp. | 695,000 | 5,994,778 | |
Semiconductor Manufacturing International Corp. (b) | 201,500 | 441,767 | |
Silicon Motion Technology Corp. sponsored ADR | 8,585 | 386,926 | |
Sino-American Silicon Products, Inc. | 36,000 | 105,469 | |
SK Hynix, Inc. | 890,539 | 58,904,296 | |
Sonix Technology Co. Ltd. | 222,000 | 427,422 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 12,461,900 | 121,371,925 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 633,822 | 31,900,261 | |
Topco Scientific Co. Ltd. | 106,000 | 367,847 | |
United Microelectronics Corp. | 9,600,000 | 4,964,426 | |
United Microelectronics Corp. sponsored ADR | 353,437 | 894,196 | |
Vanguard International Semiconductor Corp. | 549,000 | 1,346,441 | |
Win Semiconductors Corp. | 142,000 | 1,217,725 | |
269,508,857 | |||
Software - 0.2% | |||
Asseco Poland SA | 16,805 | 305,846 | |
Globant SA (b) | 37,787 | 5,298,115 | |
Kingsoft Corp. Ltd. | 256,000 | 835,501 | |
Mix Telematics Ltd. sponsored ADR | 5,794 | 49,539 | |
Nucleus Software Exports Ltd. (b) | 31,536 | 100,775 | |
Totvs SA | 664,800 | 2,505,318 | |
9,095,094 | |||
Technology Hardware, Storage & Peripherals - 3.1% | |||
ASROCK, Inc. | 94,000 | 442,257 | |
ASUSTeK Computer, Inc. | 98,000 | 688,345 | |
Avalue Technology, Inc. | 24,000 | 53,335 | |
Catcher Technology Co. Ltd. | 318,000 | 2,313,190 | |
Chicony Electronics Co. Ltd. | 92,000 | 264,006 | |
Compal Electronics, Inc. | 392,000 | 249,831 | |
Inventec Corp. | 70,000 | 56,992 | |
Lenovo Group Ltd. | 6,502,000 | 3,555,631 | |
Lite-On Technology Corp. | 1,710,000 | 2,744,536 | |
Pegatron Corp. | 2,433,000 | 5,236,361 | |
Quanta Computer, Inc. | 242,000 | 565,251 | |
Samsung Electronics Co. Ltd. | 3,646,331 | 150,037,724 | |
Wistron Corp. | 193,000 | 184,184 | |
166,391,643 | |||
TOTAL INFORMATION TECHNOLOGY | 596,981,719 | ||
MATERIALS - 2.9% | |||
Chemicals - 0.4% | |||
China Sanjiang Fine Chemicals Ltd. | 424,000 | 82,512 | |
LG Chemical Ltd. | 44,407 | 14,073,720 | |
PhosAgro OJSC GDR (Reg. S) | 42,823 | 590,957 | |
Sinofert Holdings Ltd. | 2,716,000 | 225,496 | |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 179,495 | 4,374,293 | |
Solar Industries India Ltd. (b) | 116,000 | 1,369,047 | |
Taekwang Industrial Co. Ltd. | 168 | 100,897 | |
20,816,922 | |||
Construction Materials - 0.5% | |||
Anhui Conch Cement Co. Ltd.: | |||
(A Shares) | 169,500 | 1,348,923 | |
(H Shares) | 2,264,000 | 17,071,683 | |
Asia Cement (China) Holdings Corp. | 259,584 | 298,450 | |
CEMEX S.A.B. de CV sponsored ADR | 974,400 | 2,338,560 | |
China National Building Materials Co. Ltd. (H Shares) | 3,108,442 | 3,526,496 | |
China Resources Cement Holdings Ltd. | 792,165 | 1,000,835 | |
Eastern Province Cement Co. | 23,628 | 163,559 | |
Gansu Qilianshan Cement Group Co. Ltd. (A Shares) | 960,100 | 2,149,623 | |
JK Cement Ltd. | 124,500 | 1,923,859 | |
West China Cement Ltd. | 346,000 | 64,742 | |
29,886,730 | |||
Containers & Packaging - 0.0% | |||
Anadolu Cam Sanayii A/S | 134,325 | 83,228 | |
Bio Pappel S.A.B. de CV (b) | 24,738 | 18,207 | |
Klabin SA unit | 357,294 | 1,319,691 | |
1,421,126 | |||
Metals & Mining - 1.8% | |||
Alrosa Co. Ltd. | 2,958,260 | 2,775,636 | |
Anglo American Platinum Ltd. | 37,024 | 2,347,603 | |
AngloGold Ashanti Ltd. | 339,752 | 8,279,011 | |
AngloGold Ashanti Ltd. sponsored ADR | 7,712 | 189,407 | |
Ann Joo Resources Bhd | 500 | 84 | |
Eregli Demir ve Celik Fabrikalari T.A.S. | 87,253 | 102,884 | |
Gold Fields Ltd. sponsored ADR | 109,025 | 841,673 | |
Grupo Mexico SA de CV Series B | 753,302 | 1,612,969 | |
Hindalco Industries Ltd. | 1,336,169 | 2,453,899 | |
Impala Platinum Holdings Ltd. | 1,259,839 | 8,407,346 | |
KGHM Polska Miedz SA (Bearer) (b) | 66,197 | 1,423,936 | |
KISCO Corp. | 6,262 | 22,362 | |
Korea Zinc Co. Ltd. | 17,179 | 5,270,188 | |
Koza Altin Isletmeleri A/S (b) | 38,232 | 414,969 | |
Kumba Iron Ore Ltd. | 93,581 | 2,527,339 | |
Magnitogorsk Iron & Steel Works PJSC sponsored GDR (Reg. S) | 37,183 | 275,154 | |
MMC Norilsk Nickel PJSC sponsored ADR | 586,997 | 18,390,616 | |
Nanjing Iron & Steel Co. Ltd. | 400,200 | 151,955 | |
Novolipetsk Steel OJSC GDR (Reg. S) | 13,675 | 262,834 | |
Polyus PJSC | 8,916 | 1,479,567 | |
Polyus PJSC unit | 18,417 | 1,521,244 | |
POSCO | 51,757 | 7,653,517 | |
POSCO sponsored ADR | 38,470 | 1,419,928 | |
Shanxi Taigang Stainless Steel Co. Ltd. (A Shares) | 784,304 | 361,534 | |
Sheng Yu Steel Co. Ltd. | 30,418 | 16,341 | |
Sibanye Stillwater Ltd. (b) | 1,170,193 | 2,148,933 | |
Southern Copper Corp. | 97,969 | 3,556,275 | |
Ternium SA sponsored ADR | 295,274 | 4,691,904 | |
Vale SA (b) | 294,000 | 2,920,001 | |
Vale SA sponsored ADR (b) | 1,345,763 | 13,134,647 | |
Zijin Mining Group Co. Ltd. (H Shares) | 238,000 | 95,048 | |
94,748,804 | |||
Paper & Forest Products - 0.2% | |||
Duratex SA | 181,951 | 366,882 | |
Suzano Papel e Celulose SA | 1,405,100 | 9,968,908 | |
10,335,790 | |||
TOTAL MATERIALS | 157,209,372 | ||
REAL ESTATE - 1.1% | |||
Equity Real Estate Investment Trusts (REITs) - 0.0% | |||
Concentradora Fibra Danhos SA de CV | 12,699 | 11,734 | |
Fibra Uno Administracion SA de CV | 17,167 | 13,091 | |
Link (REIT) | 176,400 | 1,332,117 | |
Macquarie Mexican (REIT) (a) | 9,672 | 10,324 | |
Musharaka Real Estate Income Fund | 13,897 | 29,230 | |
1,396,496 | |||
Real Estate Management & Development - 1.1% | |||
Agile Property Holdings Ltd. | 3,329,238 | 3,455,279 | |
Aldar Properties PJSC (b) | 1,478,311 | 696,263 | |
Ayala Land, Inc. | 9,509,700 | 6,029,530 | |
BR Malls Participacoes SA | 128,181 | 235,642 | |
BR Properties SA | 9,285 | 15,016 | |
Central China Real Estate Ltd. | 137,925 | 69,090 | |
China Overseas Grand Oceans Group Ltd. | 656,000 | 351,608 | |
China Overseas Land and Investment Ltd. | 2,186,000 | 6,703,981 | |
China Resources Land Ltd. | 464,000 | 1,850,344 | |
China South City Holdings Ltd. | 497,873 | 45,848 | |
China Vanke Co. Ltd.: | |||
(A Shares) | 228,097 | 821,338 | |
(H Shares) | 298,300 | 973,798 | |
Country Garden Holdings Co. Ltd. | 6,702,000 | 8,389,184 | |
Dar Al Arkan Real Estate Development Co. (b) | 628,005 | 1,143,651 | |
Emaar Properties PJSC | 4,578,287 | 3,116,050 | |
Gemdale Properties and Investment Corp. Ltd. | 628,000 | 93,885 | |
Greenland Holdings Corp. Ltd. (A Shares) | 4,580,263 | 3,433,312 | |
Greenland Hong Kong Holdings Ltd. | 133,366 | 43,654 | |
Hang Lung Properties Ltd. | 650,000 | 1,375,697 | |
Hopson Development Holdings Ltd. | 24,545 | 26,482 | |
K Wah International Holdings Ltd. | 409,123 | 168,600 | |
KSL Holdings Bhd (b) | 105,100 | 16,076 | |
KWG Property Holding Ltd. | 980,500 | 1,376,756 | |
Logan Property Holdings Co. Ltd. | 549,692 | 826,152 | |
Longfor Properties Co. Ltd. (a) | 851,048 | 3,891,959 | |
Poly Property Group Co. Ltd. | 532,686 | 171,078 | |
Powerlong Real Estate Holding Ltd. | 378,417 | 211,427 | |
PT Puradelta Lestari TBK | 5,453,700 | 52,260 | |
Risesun Real Estate Development Co. Ltd. (A Shares) | 3,065,444 | 3,345,800 | |
Road King Infrastructure Ltd. | 155,966 | 203,455 | |
Sansiri PCL (For. Reg.) | 6,763,900 | 165,855 | |
Shanghai Shimao Co. Ltd. (A Shares) | 1,476,815 | 887,672 | |
Shimao Property Holdings Ltd. | 869,778 | 3,647,714 | |
Shui On Land Ltd. | 360,500 | 59,805 | |
Sun Hung Kai Properties Ltd. | 149,000 | 1,745,187 | |
Sunac China Holdings Ltd. | 370,000 | 1,563,994 | |
United Development Co. (b) | 229,244 | 73,476 | |
57,276,918 | |||
TOTAL REAL ESTATE | 58,673,414 | ||
UTILITIES - 0.5% | |||
Electric Utilities - 0.3% | |||
Cheung Kong Infrastructure Holdings Ltd. | 181,000 | 909,512 | |
CPFL Energia SA | 222,000 | 1,341,660 | |
EDP Energias do Brasil SA | 693,537 | 2,296,497 | |
Enersis SA | 14,466,654 | 2,105,654 | |
Enersis SA sponsored ADR | 113,466 | 841,918 | |
Equatorial Energia SA | 558,152 | 2,097,136 | |
Polska Grupa Energetyczna SA (b) | 195,906 | 236,198 | |
Saudi Electricity Co. | 145,207 | 653,354 | |
Tenaga Nasional Bhd | 994,630 | 2,576,086 | |
13,058,015 | |||
Gas Utilities - 0.2% | |||
China Gas Holdings Ltd. | 1,894,200 | 6,696,662 | |
China Resource Gas Group Ltd. | 246,000 | 1,347,648 | |
Daesung Energy Co. Ltd. | 20,047 | 77,852 | |
ENN Energy Holdings Ltd. | 307,800 | 3,613,576 | |
Gujarat State Petronet Ltd. | 7,065 | 18,456 | |
PT Perusahaan Gas Negara Tbk Series B | 712,900 | 41,964 | |
Samchully Co. Ltd. | 279 | 14,741 | |
11,810,899 | |||
Independent Power and Renewable Electricity Producers - 0.0% | |||
Benpres Holdings Corp. | 124,600 | 5,925 | |
Huadian Power International Corp. Ltd. (H Shares) | 1,220,000 | 375,714 | |
381,639 | |||
Water Utilities - 0.0% | |||
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) | 91,100 | 927,338 | |
SIIC Environment Holdings Ltd. | 249,000 | 41,036 | |
968,374 | |||
TOTAL UTILITIES | 26,218,927 | ||
TOTAL COMMON STOCKS | |||
(Cost $2,700,746,038) | 3,012,890,555 | ||
Nonconvertible Preferred Stocks - 1.4% | |||
COMMUNICATION SERVICES - 0.1% | |||
Diversified Telecommunication Services - 0.1% | |||
Telefonica Brasil SA | 139,340 | 1,230,907 | |
Telefonica Brasil SA sponsored ADR | 423,200 | 3,711,464 | |
4,942,371 | |||
ENERGY - 0.2% | |||
Oil, Gas & Consumable Fuels - 0.2% | |||
Petroleo Brasileiro SA - Petrobras: | |||
(PN) (non-vtg.) | 217,500 | 829,029 | |
(PN) sponsored ADR (non-vtg.) (c) | 250,413 | 1,888,114 | |
sponsored ADR | 1,266,946 | 9,666,798 | |
12,383,941 | |||
FINANCIALS - 0.7% | |||
Banks - 0.7% | |||
Banco Bradesco SA (PN) | 1,480,431 | 5,257,232 | |
Banco do Estado Rio Grande do Sul SA | 4,800 | 11,280 | |
Itau Unibanco Holding SA | 4,731,136 | 20,427,145 | |
Itau Unibanco Holding SA sponsored ADR | 1,230,042 | 5,227,679 | |
Itausa-Investimentos Itau SA (PN) | 4,168,366 | 6,920,848 | |
Sberbank of Russia | 109,335 | 282,265 | |
38,126,449 | |||
INDUSTRIALS - 0.0% | |||
Airlines - 0.0% | |||
Azul SA (b) | 665,500 | 1,780,886 | |
INFORMATION TECHNOLOGY - 0.3% | |||
Technology Hardware, Storage & Peripherals - 0.3% | |||
Samsung Electronics Co. Ltd. | 484,882 | 16,862,552 | |
UTILITIES - 0.1% | |||
Electric Utilities - 0.1% | |||
Companhia Paranaense de Energia-Copel (PN-B) | 116,800 | 1,385,499 | |
Water Utilities - 0.0% | |||
Cia de Saneamento do Parana | 327,210 | 326,211 | |
Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) sponsored ADR | 30,784 | 308,764 | |
634,975 | |||
TOTAL UTILITIES | 2,020,474 | ||
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $97,472,360) | 76,116,673 | ||
Equity Funds - 36.7% | |||
Diversified Emerging Markets Funds - 36.7% | |||
Aberdeen Emerging Markets Fund Institutional Service Class | 8,065,105 | 107,185,251 | |
Brandes Emerging Markets Value Fund Class A | 11,558,244 | 77,209,071 | |
Fidelity Emerging Markets Fund (f) | 12,578,832 | 405,541,545 | |
Fidelity SAI Emerging Markets Index Fund (f) | 38,815,454 | 469,666,984 | |
Fidelity SAI Emerging Markets Low Volatility Index Fund (f) | 36,958,060 | 319,687,218 | |
GMO Emerging Markets Fund - Class III | 1,924,381 | 55,730,062 | |
Goldman Sachs Emerging Markets Equity Fund Institutional Shares | 7,939,445 | 162,282,265 | |
Invesco Oppenheimer Developing Markets Fund Class R6 | 3,164,151 | 122,326,088 | |
Invesco Oppenheimer Emerging Markets Innovators Fund Class R6 (b) | 4,679,444 | 45,437,405 | |
iShares MSCI China ETF (c) | 1,959,010 | 119,499,610 | |
iShares MSCI EM ESG Optimized ETF (c) | 209,609 | 6,336,480 | |
iShares MSCI South Korea Index ETF | 373,835 | 20,022,603 | |
Lazard Emerging Markets Equity Portfolio Open Shares | 2,147,890 | 31,165,890 | |
Matthews Korea Fund Investor Class | 6,983,487 | 27,235,601 | |
Matthews Pacific Tiger Fund Investor Class | 128 | 3,178 | |
Xtrackers Harvest CSI 300 China ETF Class A (c) | 473,669 | 12,898,007 | |
TOTAL EQUITY FUNDS | |||
(Cost $1,866,161,141) | 1,982,227,258 | ||
Other - 0.1% | |||
Commodity Funds - Broad Basket - 0.1% | |||
Fidelity SAI Inflation-Focused Fund (f) | |||
(Cost $6,500,000) | 831,202 | 7,015,345 | |
U.S. Treasury Obligations - 0.5% | |||
U.S. Treasury Bills, yield at date of purchase 0.14% to 0.63% 6/4/20 to 8/27/20 (g) | |||
(Cost $24,114,224) | 24,120,000 | 24,114,388 | |
Money Market Funds - 6.6% | |||
Fidelity Securities Lending Cash Central Fund 0.10% (h)(i) | 83,775,886 | 83,784,264 | |
State Street Institutional U.S. Government Money Market Fund Premier Class .12% (j) | 268,687,672 | 268,687,672 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $352,471,936) | 352,471,936 | ||
TOTAL INVESTMENT IN SECURITIES - 101.1% | |||
(Cost $5,047,465,699) | 5,454,836,155 | ||
NET OTHER ASSETS (LIABILITIES) - (1.1)% | (57,134,989) | ||
NET ASSETS - 100% | $5,397,701,166 |
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) | 4,748 | June 2020 | $221,470,460 | $26,802,887 | $26,802,887 |
The notional amount of futures purchased as a percentage of Net Assets is 4.1%
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 $40,758,357 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) A portion of the security sold on a delayed delivery basis.
(f) Affiliated Fund
(g) Security or a portion of the security was pledged to cover margin requirements for futures contracts. At period end, the value of securities pledged amounted to $23,282,410.
(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(i) Includes investment made with cash collateral received from securities on loan.
(j) The rate quoted is the annualized seven-day yield of the fund at period end.
Affiliated Central Funds
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 | $3,032 |
Fidelity Securities Lending Cash Central Fund | 406,781 |
Total | $409,813 |
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 | $398,711,045 | $12,000,002 | $-- | $-- | $-- | $(5,169,502) | $405,541,545 |
Fidelity SAI Emerging Markets Index Fund | -- | 429,999,992 | -- | -- | -- | 39,666,992 | 469,666,984 |
Fidelity SAI Emerging Markets Low Volatility Index Fund | 232,700,499 | 99,000,001 | -- | -- | -- | (12,013,282) | 319,687,218 |
Fidelity SAI Inflation-Focused Fund | -- | 6,500,000 | -- | -- | -- | 515,345 | 7,015,345 |
Total | $631,411,544 | $547,499,995 | $-- | $-- | $-- | $22,999,553 | $1,201,911,092 |
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 Funds 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.
Exchange-Traded Funds (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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.