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 publicAugust 31, 2020
Schedule of Investments August 31, 2020 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 48.8% | |||
Shares | Value | ||
COMMUNICATION SERVICES - 5.7% | |||
Diversified Telecommunication Services - 0.1% | |||
China Tower Corp. Ltd. (H Shares) (a) | 1,276,000 | $243,077 | |
HKBN Ltd. | 603,500 | 1,130,160 | |
PT Telekomunikasi Indonesia Tbk Series B | 11,906,600 | 2,342,840 | |
3,716,077 | |||
Entertainment - 1.0% | |||
Bilibili, Inc. ADR (b)(c) | 129,590 | 6,123,128 | |
CD Projekt RED SA (b) | 85,849 | 10,221,507 | |
DouYu International Holdings Ltd. ADR (b) | 220,922 | 3,698,234 | |
HUYA, Inc. ADR (b)(c) | 136,867 | 3,930,820 | |
International Games Systems Co. Ltd. | 171,000 | 5,121,677 | |
NetEase, Inc. | 70,900 | 1,414,912 | |
NetEase, Inc. ADR | 15,796 | 7,695,969 | |
Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd. (A Shares) | 319,400 | 2,126,240 | |
40,332,487 | |||
Interactive Media & Services - 4.2% | |||
Autohome, Inc. ADR Class A | 5,811 | 466,275 | |
Baidu.com, Inc. sponsored ADR (b) | 28,072 | 3,496,929 | |
Tencent Holdings Ltd. | 2,116,100 | 144,568,484 | |
Yandex NV Series A (b) | 321,250 | 21,918,888 | |
170,450,576 | |||
Media - 0.0% | |||
Focus Media Information Technology Co. Ltd. (A Shares) | 1,154,300 | 1,270,860 | |
Wireless Telecommunication Services - 0.4% | |||
America Movil S.A.B. de CV: | |||
Series L | 953,500 | 579,107 | |
Series L sponsored ADR | 75,275 | 916,097 | |
Bharti Airtel Ltd. (b) | 948,312 | 6,642,126 | |
China Mobile Ltd. | 1,039,500 | 7,274,336 | |
15,411,666 | |||
TOTAL COMMUNICATION SERVICES | 231,181,666 | ||
CONSUMER DISCRETIONARY - 10.7% | |||
Automobiles - 0.3% | |||
Great Wall Motor Co. Ltd. (H Shares) | 798,500 | 869,201 | |
Hyundai Motor Co. | 78,368 | 11,647,911 | |
12,517,112 | |||
Diversified Consumer Services - 0.3% | |||
New Oriental Education & Technology Group, Inc. sponsored ADR (b) | 77,679 | 11,390,072 | |
TAL Education Group ADR (b) | 9,996 | 737,805 | |
12,127,877 | |||
Hotels, Restaurants & Leisure - 0.2% | |||
Haidilao International Holding Ltd. (a) | 75,000 | 483,088 | |
Sands China Ltd. | 170,400 | 750,114 | |
Shangri-La Asia Ltd. | 6,876,000 | 5,588,337 | |
Yum China Holdings, Inc. | 47,066 | 2,716,179 | |
9,537,718 | |||
Household Durables - 1.1% | |||
Haier Smart Home Co. Ltd. (A Shares) | 8,395,266 | 27,336,760 | |
Midea Group Co. Ltd. (A Shares) | 1,819,589 | 18,742,023 | |
46,078,783 | |||
Internet & Direct Marketing Retail - 6.7% | |||
Alibaba Group Holding Ltd. | 126,400 | 4,549,749 | |
Alibaba Group Holding Ltd. sponsored ADR (b) | 586,832 | 168,438,389 | |
Baozun, Inc. sponsored ADR (b)(c) | 75,629 | 3,134,066 | |
Ctrip.com International Ltd. ADR (b) | 30,448 | 920,748 | |
JD.com, Inc.: | |||
Class A | 52,200 | 2,079,435 | |
sponsored ADR (b) | 405,750 | 31,908,180 | |
MakeMyTrip Ltd. (b) | 88,675 | 1,496,834 | |
Meituan Dianping Class B (b) | 452,900 | 14,929,488 | |
Naspers Ltd. Class N | 202,616 | 36,943,937 | |
Pinduoduo, Inc. ADR (b) | 59,150 | 5,260,801 | |
Vipshop Holdings Ltd. ADR (b) | 141,519 | 2,336,479 | |
271,998,106 | |||
Leisure Products - 0.0% | |||
Goodbaby International Holdings Ltd. (b) | 794,000 | 116,651 | |
Specialty Retail - 0.6% | |||
China Yongda Automobiles Services Holdings Ltd. | 4,167,000 | 4,982,366 | |
Zhongsheng Group Holdings Ltd. Class H | 2,774,500 | 17,303,128 | |
22,285,494 | |||
Textiles, Apparel & Luxury Goods - 1.5% | |||
adidas AG | 33,406 | 10,149,642 | |
Anta Sports Products Ltd. | 2,074,000 | 20,444,293 | |
Best Pacific International Holdings Ltd. | 12,816 | 1,924 | |
ECLAT Textile Co. Ltd. | 488,000 | 6,436,132 | |
Li Ning Co. Ltd. | 4,604,000 | 19,446,859 | |
Regina Miracle International Holdings Ltd. (a) | 227,000 | 63,759 | |
Shenzhou International Group Holdings Ltd. | 230,300 | 3,707,983 | |
60,250,592 | |||
TOTAL CONSUMER DISCRETIONARY | 434,912,333 | ||
CONSUMER STAPLES - 4.3% | |||
Beverages - 1.7% | |||
China Resources Beer Holdings Co. Ltd. | 3,086,000 | 20,059,390 | |
Fomento Economico Mexicano S.A.B. de CV unit | 258,100 | 1,502,222 | |
Kweichow Moutai Co. Ltd. (A Shares) | 146,462 | 38,206,362 | |
Nongfu Spring Co. Ltd. (H Shares) (b) | 131,200 | 363,965 | |
Thai Beverage PCL | 13,872,100 | 6,270,509 | |
Tsingtao Brewery Co. Ltd. (H Shares) | 411,054 | 3,738,756 | |
70,141,204 | |||
Food & Staples Retailing - 0.9% | |||
C.P. ALL PCL (For. Reg.) | 3,520,700 | 7,193,193 | |
President Chain Store Corp. | 121,000 | 1,111,943 | |
Sun Art Retail Group Ltd. | 5,747,000 | 7,476,555 | |
Wal-Mart de Mexico SA de CV Series V | 7,310,800 | 17,550,330 | |
X5 Retail Group NV GDR (Reg. S) | 52,961 | 1,938,373 | |
35,270,394 | |||
Food Products - 1.4% | |||
Angel Yeast Co. Ltd. (A Shares) | 163,000 | 1,654,170 | |
China Mengniu Dairy Co. Ltd. | 5,853,000 | 28,743,442 | |
Gruma S.A.B. de CV Series B | 554,035 | 6,552,865 | |
Inner Mongoli Yili Industries Co. Ltd. (A Shares) | 890,967 | 5,456,294 | |
Tingyi (Cayman Islands) Holding Corp. | 354,000 | 664,340 | |
Unified-President Enterprises Corp. | 5,370,201 | 12,173,016 | |
WH Group Ltd. (a) | 767,000 | 661,081 | |
55,905,208 | |||
Household Products - 0.1% | |||
C&S Paper Co. Ltd. (A Shares) | 1,461,413 | 5,232,402 | |
Personal Products - 0.2% | |||
Hengan International Group Co. Ltd. | 139,000 | 1,094,482 | |
Natura & Co. Holding SA | 861,900 | 7,762,370 | |
8,856,852 | |||
TOTAL CONSUMER STAPLES | 175,406,060 | ||
ENERGY - 1.7% | |||
Energy Equipment & Services - 0.2% | |||
China Oilfield Services Ltd. (H Shares) | 4,296,000 | 3,366,545 | |
Yantai Jereh Oilfield Services (A Shares) | 694,400 | 3,472,786 | |
6,839,331 | |||
Oil, Gas & Consumable Fuels - 1.5% | |||
China Shenhua Energy Co. Ltd. (H Shares) | 126,000 | 209,236 | |
CNOOC Ltd. | 3,865,000 | 4,379,841 | |
CNOOC Ltd. sponsored ADR | 83,882 | 9,492,087 | |
Lukoil PJSC | 109,206 | 7,334,723 | |
Lukoil PJSC sponsored ADR | 140,213 | 9,590,569 | |
NOVATEK OAO GDR (Reg. S) | 13,585 | 2,011,939 | |
PetroChina Co. Ltd. (H Shares) | 978,000 | 337,497 | |
Petroleo Brasileiro SA - Petrobras (ON) | 1,743,200 | 7,101,985 | |
Pilipinas Shell Petroleum Corp. (b) | 2,077,100 | 758,347 | |
Reliance Industries Ltd. | 711,471 | 20,207,868 | |
Reliance Industries Ltd. (b) | 50,414 | 821,348 | |
62,245,440 | |||
TOTAL ENERGY | 69,084,771 | ||
FINANCIALS - 8.4% | |||
Banks - 5.5% | |||
Absa Group Ltd. | 460,469 | 2,098,443 | |
Axis Bank Ltd. (b) | 1,810,623 | 12,277,777 | |
Banco do Brasil SA | 355,000 | 2,115,679 | |
Bank of China Ltd. (H Shares) | 9,169,000 | 2,981,664 | |
Capitec Bank Holdings Ltd. | 42,112 | 2,074,391 | |
China Construction Bank Corp. (H Shares) | 16,942,000 | 11,939,258 | |
China Merchants Bank Co. Ltd. (H Shares) | 4,164,000 | 19,866,258 | |
Credicorp Ltd. | 5,050 | 657,258 | |
Credicorp Ltd. (United States) | 3,370 | 439,718 | |
E.SUN Financial Holdings Co. Ltd. | 6,350,267 | 5,878,876 | |
Emirates NBD Bank PJSC | 614,432 | 1,806,587 | |
Grupo Financiero Banorte S.A.B. de CV Series O (b) | 4,175,445 | 14,439,079 | |
Hana Financial Group, Inc. | 223,474 | 5,306,897 | |
HDFC Bank Ltd. | 557,893 | 8,497,879 | |
HDFC Bank Ltd. sponsored ADR | 499,641 | 24,782,194 | |
ICICI Bank Ltd. | 1,194,313 | 6,386,743 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 39,477,000 | 22,002,879 | |
Kasikornbank PCL (For. Reg.) | 425,200 | 1,152,609 | |
KB Financial Group, Inc. | 164,535 | 5,106,499 | |
Kotak Mahindra Bank Ltd. (b) | 224,714 | 4,298,635 | |
National Bank of Abu Dhabi PJSC (b) | 1,143,527 | 3,567,733 | |
OTP Bank PLC (b) | 96,999 | 3,268,556 | |
PT Bank Central Asia Tbk | 7,518,386 | 16,198,411 | |
PT Bank Mandiri (Persero) Tbk | 26,543,400 | 10,853,686 | |
PT Bank Rakyat Indonesia Tbk | 7,907,200 | 1,905,873 | |
Qatar National Bank SAQ (b) | 454,368 | 2,246,258 | |
Sberbank of Russia | 3,748,426 | 11,450,667 | |
Sberbank of Russia sponsored ADR (b) | 822,049 | 9,926,242 | |
Shinhan Financial Group Co. Ltd. | 316,550 | 7,881,221 | |
TCS Group Holding PLC GDR | 65,745 | 1,614,040 | |
223,022,010 | |||
Capital Markets - 0.4% | |||
BM&F BOVESPA SA | 1,112,900 | 11,944,605 | |
CITIC Securities Co. Ltd. (H Shares) | 581,000 | 1,394,135 | |
Hong Kong Exchanges and Clearing Ltd. | 18,700 | 942,861 | |
Huatai Securities Co. Ltd. (H Shares) (a) | 767,800 | 1,345,841 | |
Noah Holdings Ltd. sponsored ADR (b) | 62,741 | 1,756,748 | |
17,384,190 | |||
Consumer Finance - 0.2% | |||
Bajaj Finance Ltd. | 67,752 | 3,225,726 | |
Shriram Transport Finance Co. Ltd. | 431,392 | 4,136,579 | |
7,362,305 | |||
Diversified Financial Services - 0.2% | |||
Chailease Holding Co. Ltd. | 1,404,146 | 6,188,928 | |
Insurance - 1.7% | |||
AIA Group Ltd. | 2,326,200 | 23,831,354 | |
China Life Insurance Co. Ltd. (H Shares) | 8,448,000 | 20,579,597 | |
HDFC Standard Life Insurance Co. Ltd. (a)(b) | 365,841 | 2,870,536 | |
Hyundai Fire & Marine Insurance Co. Ltd. | 138,269 | 2,573,248 | |
ICICI Lombard General Insurance Co. Ltd. (a) | 203,287 | 3,487,346 | |
Ping An Insurance Group Co. of China Ltd. (H Shares) | 1,560,500 | 16,660,530 | |
70,002,611 | |||
Thrifts & Mortgage Finance - 0.4% | |||
Housing Development Finance Corp. Ltd. | 726,969 | 18,186,009 | |
TOTAL FINANCIALS | 342,146,053 | ||
HEALTH CARE - 1.8% | |||
Biotechnology - 0.3% | |||
Akeso, Inc. (a) | 41,000 | 155,930 | |
Hualan Biological Engineer, Inc. (A Shares) | 1,072,698 | 9,022,101 | |
Innovent Biologics, Inc. (a)(b) | 503,000 | 3,341,933 | |
12,519,964 | |||
Health Care Equipment & Supplies - 0.3% | |||
Peijia Medical Ltd. (a)(b) | 113,000 | 375,760 | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | 211,903 | 10,596,001 | |
10,971,761 | |||
Health Care Providers & Services - 0.0% | |||
Aier Eye Hospital Group Co. Ltd. (A Shares) | 54,509 | 413,646 | |
Aster DM Healthcare Ltd. (a)(b) | 1,192 | 2,121 | |
415,767 | |||
Life Sciences Tools & Services - 0.4% | |||
Hangzhou Tigermed Consulting Co. Ltd. (H Shares) (a)(b) | 326,100 | 5,307,450 | |
Pharmaron Beijing Co. Ltd. (H Shares) (a) | 95,600 | 1,267,502 | |
WuXi AppTec Co. Ltd. (H Shares) (a) | 410,480 | 6,068,171 | |
Wuxi Biologics (Cayman), Inc. (a)(b) | 69,000 | 1,786,411 | |
14,429,534 | |||
Pharmaceuticals - 0.8% | |||
Hansoh Pharmaceutical Group Co. Ltd. (a)(b) | 901,610 | 4,262,168 | |
Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | 82,816 | 1,147,231 | |
Richter Gedeon PLC | 811,300 | 19,795,698 | |
Sino Biopharmaceutical Ltd. | 4,863,500 | 5,596,820 | |
Yunnan Baiyao Group Co. Ltd. (A Shares) | 163,700 | 2,765,841 | |
33,567,758 | |||
TOTAL HEALTH CARE | 71,904,784 | ||
INDUSTRIALS - 2.8% | |||
Aerospace & Defense - 0.3% | |||
Elbit Systems Ltd. (Israel) | 99,465 | 13,432,201 | |
Airlines - 0.0% | |||
Azul SA sponsored ADR (b)(c) | 27,367 | 332,509 | |
Construction & Engineering - 0.2% | |||
Larsen & Toubro Ltd. | 682,026 | 8,797,588 | |
Sinopec Engineering Group Co. Ltd. (H Shares) | 301,000 | 133,346 | |
8,930,934 | |||
Electrical Equipment - 0.1% | |||
Voltronic Power Technology Corp. | 78,062 | 2,749,878 | |
Machinery - 1.6% | |||
Airtac International Group | 372,000 | 8,242,470 | |
Estun Automation Co. Ltd. (A Shares) (b) | 506,270 | 1,392,003 | |
HIWIN Technologies Corp. | 342,575 | 3,754,438 | |
Sany Heavy Industry Co. Ltd. (A Shares) | 6,253,106 | 20,215,343 | |
Shenzhen Inovance Technology Co. Ltd. (A Shares) | 2,019,928 | 16,458,028 | |
Techtronic Industries Co. Ltd. | 619,000 | 7,839,106 | |
Weichai Power Co. Ltd.: | |||
(A Shares) | 2,000,500 | 4,329,069 | |
(H Shares) | 544,000 | 1,091,972 | |
Zoomlion Heavy Industry Science and Technology Co. Ltd. (H Shares) | 356,400 | 356,463 | |
63,678,892 | |||
Professional Services - 0.2% | |||
Sporton International, Inc. | 869,000 | 7,985,773 | |
Road & Rail - 0.4% | |||
Localiza Rent A Car SA | 837,255 | 7,370,778 | |
Rumo SA (b) | 1,735,100 | 7,157,664 | |
14,528,442 | |||
Transportation Infrastructure - 0.0% | |||
Grupo Aeroportuario Norte S.A.B. de CV (b) | 481,900 | 2,201,386 | |
TOTAL INDUSTRIALS | 113,840,015 | ||
INFORMATION TECHNOLOGY - 9.3% | |||
Electronic Equipment & Components - 1.2% | |||
AVIC Jonhon OptronicTechnology Co. Ltd. | 691,150 | 4,874,467 | |
Chaozhou Three-Circle Group Co. (A Shares) | 163,900 | 669,629 | |
China Railway Signal & Communications Corp. (H Shares) (a) | 399,000 | 161,460 | |
Hangzhou Hikvision Digital Technology Co. Ltd. (A Shares) | 72,900 | 398,326 | |
Hollysys Automation Technologies Ltd. | 9,475 | 102,614 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 2,737,000 | 7,163,653 | |
Largan Precision Co. Ltd. | 40,000 | 4,608,420 | |
LG Innotek Co. Ltd. | 26,985 | 3,294,997 | |
Samsung SDI Co. Ltd. | 22,424 | 8,544,688 | |
Sunny Optical Technology Group Co. Ltd. | 789,400 | 11,679,252 | |
Unimicron Technology Corp. | 988,000 | 2,474,960 | |
Yageo Corp. | 359,000 | 4,068,854 | |
Zhejiang Dahua Technology Co. Ltd.: | |||
(A Shares) | 49,100 | 163,895 | |
(A Shares) | 43,800 | 146,204 | |
48,351,419 | |||
IT Services - 0.4% | |||
Infosys Ltd. | 185,105 | 2,342,980 | |
Infosys Ltd. sponsored ADR | 1,003,977 | 12,650,110 | |
14,993,090 | |||
Semiconductors & Semiconductor Equipment - 5.0% | |||
MediaTek, Inc. | 1,120,000 | 21,194,650 | |
Realtek Semiconductor Corp. | 254,000 | 3,285,116 | |
Semiconductor Manufacturing International Corp. (b) | 155,500 | 491,226 | |
SK Hynix, Inc. | 338,645 | 21,416,533 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 8,723,000 | 126,967,509 | |
Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 374,983 | 29,717,403 | |
203,072,437 | |||
Software - 0.1% | |||
Globant SA (b) | 27,800 | 4,936,724 | |
Kingsoft Corp. Ltd. | 131,000 | 700,085 | |
5,636,809 | |||
Technology Hardware, Storage & Peripherals - 2.6% | |||
Samsung Electronics Co. Ltd. | 1,941,382 | 88,281,420 | |
Samsung Electronics Co. Ltd. unit | 14,711 | 17,314,847 | |
Xiaomi Corp. Class B (a)(b) | 568,600 | 1,760,841 | |
107,357,108 | |||
TOTAL INFORMATION TECHNOLOGY | 379,410,863 | ||
MATERIALS - 3.5% | |||
Chemicals - 0.7% | |||
LG Chemical Ltd. | 25,824 | 16,092,362 | |
PhosAgro OJSC GDR (Reg. S) | 164,459 | 1,960,351 | |
Sinofert Holdings Ltd. | 966,000 | 90,856 | |
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR (c) | 138,205 | 4,334,109 | |
Solar Industries India Ltd. (b) | 337,700 | 5,175,456 | |
27,653,134 | |||
Construction Materials - 0.4% | |||
Anhui Conch Cement Co. Ltd.: | |||
(A Shares) | 103,200 | 917,859 | |
(H Shares) | 117,500 | 850,634 | |
CEMEX S.A.B. de CV sponsored ADR | 2,307,646 | 7,407,544 | |
Grupo Cementos de Chihuahua S.A.B. de CV | 22,300 | 101,421 | |
JK Cement Ltd. | 373,900 | 7,602,894 | |
16,880,352 | |||
Metals & Mining - 1.9% | |||
Alrosa Co. Ltd. | 3,223,210 | 2,856,711 | |
AngloGold Ashanti Ltd. | 570,111 | 16,903,436 | |
Grupo Mexico SA de CV Series B | 2,813,291 | 7,508,281 | |
Harmony Gold Mining Co. Ltd. (b) | 722,641 | 4,680,795 | |
Impala Platinum Holdings Ltd. | 2,009,437 | 18,536,430 | |
MMC Norilsk Nickel PJSC | 24,395 | 6,358,039 | |
MMC Norilsk Nickel PJSC sponsored ADR | 78,463 | 2,043,961 | |
Novolipetsk Steel OJSC GDR (Reg. S) | 47,767 | 1,001,196 | |
POSCO | 40,167 | 6,219,763 | |
Sibanye Stillwater Ltd. | 2,892,280 | 8,853,607 | |
Vale SA | 355,100 | 3,868,279 | |
Vale SA sponsored ADR | 74,600 | 820,600 | |
79,651,098 | |||
Paper & Forest Products - 0.5% | |||
Suzano Papel e Celulose SA (b) | 2,074,700 | 19,010,667 | |
TOTAL MATERIALS | 143,195,251 | ||
REAL ESTATE - 0.4% | |||
Equity Real Estate Investment Trusts (REITs) - 0.0% | |||
Link (REIT) | 124,600 | 991,224 | |
Real Estate Management & Development - 0.4% | |||
Ayala Land, Inc. | 7,449,800 | 4,425,624 | |
China Overseas Land and Investment Ltd. | 1,605,000 | 4,642,450 | |
China Resources Land Ltd. | 332,000 | 1,533,711 | |
China Vanke Co. Ltd. (H Shares) | 286,700 | 889,959 | |
Hemisphere Properties India Ltd. (b)(d) | 372,400 | 822,512 | |
Longfor Properties Co. Ltd. (a) | 615,500 | 3,256,314 | |
Sun Hung Kai Properties Ltd. | 86,000 | 1,153,820 | |
16,724,390 | |||
TOTAL REAL ESTATE | 17,715,614 | ||
UTILITIES - 0.2% | |||
Electric Utilities - 0.0% | |||
Cheung Kong Infrastructure Holdings Ltd. | 104,500 | 552,316 | |
Gas Utilities - 0.2% | |||
China Gas Holdings Ltd. | 1,714,800 | 4,694,578 | |
China Resource Gas Group Ltd. | 202,000 | 947,521 | |
5,642,099 | |||
Independent Power and Renewable Electricity Producers - 0.0% | |||
Huadian Power International Corp. Ltd. (H Shares) | 812,000 | 227,171 | |
Water Utilities - 0.0% | |||
SIIC Environment Holdings Ltd. | 520,000 | 75,764 | |
TOTAL UTILITIES | 6,497,350 | ||
TOTAL COMMON STOCKS | |||
(Cost $1,634,231,586) | 1,985,294,760 | ||
Nonconvertible Preferred Stocks - 1.0% | |||
COMMUNICATION SERVICES - 0.1% | |||
Diversified Telecommunication Services - 0.1% | |||
Telefonica Brasil SA sponsored ADR | 240,400 | 2,098,692 | |
ENERGY - 0.2% | |||
Oil, Gas & Consumable Fuels - 0.2% | |||
Petroleo Brasileiro SA - Petrobras sponsored ADR | 1,237,466 | 10,110,097 | |
FINANCIALS - 0.6% | |||
Banks - 0.6% | |||
Banco Bradesco SA (PN) | 438,272 | 1,659,170 | |
Itau Unibanco Holding SA | 2,883,209 | 12,393,825 | |
Sberbank of Russia | 878,646 | 2,557,086 | |
Sberbank of Russia | 2,912,876 | 8,474,071 | |
25,084,152 | |||
INDUSTRIALS - 0.1% | |||
Airlines - 0.1% | |||
Azul SA (b) | 1,203,800 | 4,880,241 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
(Cost $50,890,372) | 42,173,182 | ||
Equity Funds - 39.9% | |||
Diversified Emerging Markets Funds - 39.9% | |||
Fidelity Emerging Markets Fund (e) | 11,945,194 | 477,449,404 | |
Fidelity SAI Emerging Markets Index Fund(e) | 28,408,100 | 408,508,473 | |
Fidelity SAI Emerging Markets Low Volatility Index Fund (e) | 27,198,164 | 256,478,691 | |
Fidelity SAI Emerging Markets Value Index Fund(e) | 41,190,460 | 480,692,672 | |
TOTAL EQUITY FUNDS | |||
(Cost $1,430,348,456) | 1,623,129,240 | ||
U.S. Treasury Obligations - 0.8% | |||
U.S. Treasury Bills, yield at date of purchase 0.09% to 0.17% 9/10/20 to 11/27/20 (f) | |||
(Cost $32,404,072) | 32,410,000 | 32,404,166 | |
Money Market Funds - 10.1% | |||
Fidelity Cash Central Fund 0.12% (g) | 50,334,961 | 50,345,028 | |
Fidelity Securities Lending Cash Central Fund 0.11% (g)(h) | 9,159,301 | 9,160,217 | |
Invesco Government & Agency Portfolio Institutional Class .03% (i) | 348,866,283 | 348,866,283 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $408,351,384) | 408,371,528 | ||
TOTAL INVESTMENT IN SECURITIES - 100.6% | |||
(Cost $3,556,225,870) | 4,091,372,876 | ||
NET OTHER ASSETS (LIABILITIES) - (0.6)% | (25,122,599) | ||
NET ASSETS - 100% | $4,066,250,277 |
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) | 6,030 | Sept. 2020 | $331,770,600 | $26,699,606 | $26,699,606 |
The notional amount of futures purchased as a percentage of Net Assets is 8.2%
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 $36,900,789 or 0.9% 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 $31,873,207.
(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 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 | $10,275 |
Fidelity Securities Lending Cash Central Fund | 28,468 |
Total | $38,743 |
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 | $335,597,285 | $60,000,001 | $-- | $-- | $-- | $81,852,118 | $477,449,404 |
Fidelity SAI Emerging Markets Index Fund | 842,100,133 | 6,393,149 | 566,000,000 | -- | 1,933,367 | 124,081,824 | 408,508,473 |
Fidelity SAI Emerging Markets Low Volatility Index Fund | 166,174,301 | 74,000,001 | -- | -- | -- | 16,304,389 | 256,478,691 |
Fidelity SAI Emerging Markets Value Index Fund | 21,609,000 | 434,999,999 | -- | -- | -- | 24,083,673 | 480,692,672 |
Total | $1,365,480,719 | $575,393,150 | $566,000,000 | $-- | $1,933,367 | $246,322,004 | $1,623,129,240 |
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.
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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