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 publicNovember 30, 2020
Schedule of Investments November 30, 2020 (Unaudited)
Showing Percentage of Net Assets
| Common Stocks - 56.5% | |||
| Shares | Value | ||
| COMMUNICATION SERVICES - 7.4% | |||
| Diversified Telecommunication Services - 0.2% | |||
| China Telecom Corp. Ltd. (H Shares) | 13,872,000 | $4,174,426 | |
| China Unicom Ltd. | 778,000 | 466,948 | |
| Hellenic Telecommunications Organization SA | 129,032 | 2,148,908 | |
| HKBN Ltd. | 1,032,500 | 1,783,238 | |
| KT Corp. | 54,291 | 1,186,941 | |
| LG Telecom Ltd. | 336,271 | 3,625,048 | |
| Magyar Telekom PLC | 28,408 | 36,652 | |
| Ooredoo QSC | 62,110 | 115,292 | |
| Saudi Telecom Co. | 73,223 | 2,104,580 | |
| Telefonica Brasil SA | 295,840 | 2,471,132 | |
| Telkom SA Ltd. | 405,832 | 821,557 | |
| Turk Telekomunikasyon A/S | 1,505,584 | 1,478,630 | |
| 20,413,352 | |||
| Entertainment - 0.9% | |||
| Bilibili, Inc. ADR (a)(b) | 238,146 | 14,969,858 | |
| CD Projekt RED SA (a) | 137,297 | 14,257,533 | |
| DouYu International Holdings Ltd. ADR (a)(b) | 101,544 | 1,346,473 | |
| HUYA, Inc. ADR (a)(b) | 35,416 | 732,757 | |
| IGG, Inc. | 421,000 | 420,180 | |
| International Games Systems Co. Ltd. | 187,000 | 4,437,732 | |
| NetEase, Inc. ADR | 214,700 | 19,402,439 | |
| NHN Entertainment Corp. (a) | 2,843 | 187,222 | |
| PlayWay SA | 323 | 47,931 | |
| Sea Ltd. ADR (a) | 16,898 | 3,047,892 | |
| TEN Square Games SA | 1,452 | 221,112 | |
| Tencent Music Entertainment Group ADR (a) | 954,149 | 15,991,537 | |
| Wuhu Sanqi Interactive Entertainment Network Technology Group Co. Ltd. (A Shares) | 100,100 | 397,576 | |
| 75,460,242 | |||
| Interactive Media & Services - 5.7% | |||
| Autohome, Inc. ADR Class A | 120,624 | 11,389,318 | |
| Baidu.com, Inc. sponsored ADR (a) | 121,140 | 16,837,249 | |
| Kakao Corp. | 38,148 | 12,664,150 | |
| Mail.Ru Group Ltd. GDR (Reg. S) (a) | 323,772 | 9,326,636 | |
| NAVER Corp. | 130,636 | 32,702,603 | |
| Tencent Holdings Ltd. | 4,967,689 | 362,133,324 | |
| Wise Talent Information Technology Co. Ltd. (a) | 1,213,800 | 3,056,708 | |
| Yandex NV Series A (a) | 613,334 | 42,295,513 | |
| YY, Inc. ADR | 64,700 | 5,762,829 | |
| 496,168,330 | |||
| Media - 0.1% | |||
| Astro Malaysia Holdings Bhd | 193,200 | 36,753 | |
| Cheil Worldwide, Inc. | 21,770 | 407,505 | |
| Chinese Universe Publishing and Media Group Co. Ltd. (A Shares) | 211,600 | 378,242 | |
| Focus Media Information Technology Co. Ltd. (A Shares) | 2,087,600 | 3,077,980 | |
| Hyundai HCN | 48,513 | 143,326 | |
| MultiChoice Group Ltd. | 293,181 | 2,463,014 | |
| PT Surya Citra Media Tbk | 261,700 | 30,488 | |
| 6,537,308 | |||
| Wireless Telecommunication Services - 0.5% | |||
| Bharti Airtel Ltd. | 2,288,874 | 14,291,932 | |
| China Mobile Ltd. | 2,792,000 | 16,654,856 | |
| China Mobile Ltd. sponsored ADR | 37,656 | 1,124,032 | |
| China United Network Communications Ltd. (A Shares) | 10,311,154 | 7,679,803 | |
| Mobile TeleSystems OJSC sponsored ADR | 41,767 | 360,449 | |
| MTN Group Ltd. | 10,958 | 46,871 | |
| SK Telecom Co. Ltd. | 7,317 | 1,562,993 | |
| Turkcell Iletisim Hizmet A/S | 668,148 | 1,264,526 | |
| VEON Ltd. sponsored ADR | 277,792 | 402,798 | |
| 43,388,260 | |||
| TOTAL COMMUNICATION SERVICES | 641,967,492 | ||
| CONSUMER DISCRETIONARY - 12.4% | |||
| Auto Components - 0.4% | |||
| DTR Automotive Corp. | 1,408 | 30,420 | |
| Fuyao Glass Industries Group Co. Ltd. (A Shares) | 2,069,933 | 12,616,746 | |
| Hyundai Mobis | 80,559 | 17,732,108 | |
| Tianneng Power International Ltd. (b) | 1,275,826 | 2,676,807 | |
| Yoo Sung Enterprise | 12,624 | 32,001 | |
| 33,088,082 | |||
| Automobiles - 1.0% | |||
| Bajaj Auto Ltd. | 238,049 | 10,178,345 | |
| BYD Co. Ltd. (H Shares) | 296,500 | 6,795,653 | |
| Dongfeng Motor Group Co. Ltd. (H Shares) | 1,842,000 | 1,895,124 | |
| Ford Otomotiv Sanayi A/S | 61,108 | 842,384 | |
| Great Wall Motor Co. Ltd. (H Shares) | 2,427,500 | 4,908,771 | |
| Guangzhou Automobile Group Co. Ltd. (H Shares) | 4,750,000 | 5,108,090 | |
| Hero Motocorp Ltd. | 300,308 | 12,525,983 | |
| Hyundai Motor Co. | 55,196 | 9,037,342 | |
| Kia Motors Corp. | 375,387 | 19,573,277 | |
| Maruti Suzuki India Ltd. | 25,615 | 2,423,455 | |
| Niu Technologies ADR (a) | 5,119 | 152,649 | |
| PT Astra International Tbk | 9,053,300 | 3,398,193 | |
| SAIC Motor Corp. Ltd. (A Shares) | 805,793 | 3,246,982 | |
| Tofas Turk Otomobil Fabrikasi A/S | 113,147 | 412,364 | |
| XPeng, Inc. ADR (a)(b) | 175,900 | 10,335,884 | |
| 90,834,496 | |||
| Diversified Consumer Services - 0.5% | |||
| Estacio Participacoes SA | 248,700 | 1,532,847 | |
| New Oriental Education & Technology Group, Inc. (a) | 16,600 | 2,713,610 | |
| New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 185,114 | 30,516,043 | |
| TAL Education Group ADR (a) | 188,633 | 13,215,628 | |
| Visang Education, Inc. | 8,025 | 47,997 | |
| 48,026,125 | |||
| Hotels, Restaurants & Leisure - 0.5% | |||
| Galaxy Entertainment Group Ltd. | 131,000 | 994,000 | |
| Haidilao International Holding Ltd. (c) | 126,000 | 826,586 | |
| Jubilant Foodworks Ltd. | 46,288 | 1,556,220 | |
| Sands China Ltd. | 3,543,922 | 14,484,471 | |
| Shangri-La Asia Ltd.(a) | 3,476,000 | 3,178,903 | |
| Songcheng Performance Development Co. Ltd. (A Shares) | 343,700 | 1,007,241 | |
| Wynn Macau Ltd. (a) | 303,200 | 516,691 | |
| Yum China Holdings, Inc. | 16,250 | 926,408 | |
| Yum China Holdings, Inc. | 353,173 | 19,911,894 | |
| 43,402,414 | |||
| Household Durables - 1.5% | |||
| Arcelik A/S | 216,803 | 755,761 | |
| Basso Industry Corp. Ltd. | 19,000 | 28,663 | |
| Coway Co. Ltd. | 2,912 | 182,309 | |
| Ecovacs Robotics Co. Ltd. Class A (a) | 186,581 | 1,778,204 | |
| Gree Electric Appliances, Inc. of Zhuhai (A Shares) | 606,131 | 6,139,715 | |
| Guangdong Kelon Electrical Holdings Ltd. Series H | 27,000 | 40,582 | |
| Guangdong Xinbao Electrical Appliances Holdings Co. Ltd. | 88,300 | 565,725 | |
| Haier Smart Home Co. Ltd. (A Shares) | 4,744,722 | 19,450,843 | |
| LG Electronics, Inc. | 220,377 | 16,997,649 | |
| Midea Group Co. Ltd. (A Shares) | 4,982,049 | 65,769,499 | |
| Oppein Home Group, Inc. (A Shares) | 322,432 | 6,252,698 | |
| Zhejiang Supor Cookware Co. Ltd. | 1,015,069 | 10,783,440 | |
| 128,745,088 | |||
| Internet & Direct Marketing Retail - 7.1% | |||
| Alibaba Group Holding Ltd. (a) | 1,303,460 | 42,820,896 | |
| Alibaba Group Holding Ltd. sponsored ADR (a) | 1,184,069 | 311,836,412 | |
| B2W Companhia Global do Varejo (a) | 471,646 | 6,197,760 | |
| Baozun, Inc.: | |||
| Class A (a) | 98,600 | 1,237,286 | |
| sponsored ADR (a)(b) | 43,672 | 1,622,852 | |
| Ctrip.com International Ltd. ADR (a) | 381,752 | 12,823,050 | |
| JD.com, Inc.: | |||
| Class A | 79,900 | 3,428,803 | |
| sponsored ADR (a) | 1,109,286 | 94,677,560 | |
| MakeMyTrip Ltd. (a) | 38,726 | 960,792 | |
| Meituan Class B (a) | 971,200 | 36,319,400 | |
| MercadoLibre, Inc. (a) | 12,107 | 18,806,166 | |
| Naspers Ltd. Class N | 242,035 | 48,657,987 | |
| Ozon Holdings PLC ADR | 40,185 | 1,608,204 | |
| Pinduoduo, Inc. ADR (a) | 102,600 | 14,241,906 | |
| Prosus NV | 26,608 | 2,884,271 | |
| Tongcheng-Elong Holdings Ltd. (a) | 3,234,000 | 6,025,283 | |
| Vipshop Holdings Ltd. ADR (a) | 322,152 | 8,227,762 | |
| 612,376,390 | |||
| Multiline Retail - 0.2% | |||
| Lojas Renner SA | 1,741,235 | 14,521,667 | |
| MINISO Group Holding Ltd. ADR | 12,843 | 256,089 | |
| 14,777,756 | |||
| Specialty Retail - 0.4% | |||
| China Yongda Automobiles Services Holdings Ltd. | 3,910,000 | 6,679,307 | |
| Foschini Ltd. | 261,513 | 1,658,282 | |
| Lewis Group Ltd. | 11,913 | 16,924 | |
| Mr Price Group Ltd. | 608,009 | 6,388,978 | |
| SSI Group, Inc. (a) | 394,000 | 14,060 | |
| Teknosa Ic Ve Dis Ticaret A/S (a) | 130,638 | 202,639 | |
| Zhongsheng Group Holdings Ltd. Class H | 2,095,500 | 15,755,455 | |
| 30,715,645 | |||
| Textiles, Apparel & Luxury Goods - 0.8% | |||
| adidas AG | 9,736 | 3,107,183 | |
| Anta Sports Products Ltd. | 798,000 | 10,828,839 | |
| CECEP COSTIN New Materials Group Ltd. (a)(d) | 741,000 | 28,680 | |
| COWELL FASHION Co. Ltd. | 5,175 | 26,376 | |
| ECLAT Textile Co. Ltd. | 235,000 | 3,290,165 | |
| LG Fashion Corp. | 7,144 | 94,736 | |
| Li Ning Co. Ltd. | 5,540,500 | 29,935,111 | |
| Mavi Jeans Class B (a)(c) | 525,060 | 3,088,588 | |
| Pou Chen Corp. | 619,000 | 677,065 | |
| Regina Miracle International Holdings Ltd. (c) | 577,000 | 229,153 | |
| Shenzhou International Group Holdings Ltd. | 1,259,500 | 21,169,017 | |
| Weiqiao Textile Co. Ltd. (H Shares) | 164,044 | 36,358 | |
| Zhejiang Semir Garment Co. Ltd. (A Shares) | 163,900 | 221,975 | |
| 72,733,246 | |||
| TOTAL CONSUMER DISCRETIONARY | 1,074,699,242 | ||
| CONSUMER STAPLES - 4.1% | |||
| Beverages - 1.0% | |||
| Anheuser-Busch InBev SA NV | 82,214 | 5,480,676 | |
| Beijing Yanjing Brewery Co. Ltd. (A Shares) | 400,300 | 500,763 | |
| China Resources Beer Holdings Co. Ltd. | 3,374,000 | 24,807,062 | |
| Coca-Cola Icecek Sanayi A/S | 31,514 | 225,877 | |
| Heineken NV (Bearer) | 75,607 | 7,970,821 | |
| Kweichow Moutai Co. Ltd. (A Shares) | 97,074 | 25,289,349 | |
| Nongfu Spring Co. Ltd. (H Shares) (a) | 469,000 | 2,553,586 | |
| Shanghai Bairun Investment Holding Group Co. Ltd. (A Shares) | 646,801 | 7,525,972 | |
| Thai Beverage PCL | 17,314,300 | 9,553,430 | |
| Tsingtao Brewery Co. Ltd. (H Shares) | 328,000 | 3,182,840 | |
| 87,090,376 | |||
| Food & Staples Retailing - 1.2% | |||
| Atacadao SA | 318,800 | 1,196,675 | |
| Bidcorp Ltd. | 40,471 | 730,066 | |
| Bim Birlesik Magazalar A/S JSC | 1,122,455 | 10,047,551 | |
| Clicks Group Ltd. | 212,875 | 3,227,301 | |
| Companhia Brasileira de Distribuicao Grupo Pao de Acucar | 112,600 | 1,455,473 | |
| CP ALL PCL (For. Reg.) | 8,627,900 | 17,261,506 | |
| Drogasil SA | 3,290,283 | 15,875,950 | |
| Magnit OJSC | 40,140 | 2,601,416 | |
| President Chain Store Corp. | 705,000 | 6,391,145 | |
| Shoprite Holdings Ltd. | 590,070 | 4,868,399 | |
| Wal-Mart de Mexico SA de CV Series V | 6,205,910 | 16,351,342 | |
| X5 Retail Group NV GDR (Reg. S) | 489,806 | 17,528,231 | |
| Yifeng Pharmacy Chain Co. Ltd. | 302,299 | 4,641,847 | |
| 102,176,902 | |||
| Food Products - 1.4% | |||
| Angel Yeast Co. Ltd. (A Shares) | 669,634 | 4,682,115 | |
| AVI Ltd. | 254,640 | 1,172,877 | |
| Brasil Foods SA (a) | 626,000 | 2,574,155 | |
| Britannia Industries Ltd. | 22,507 | 1,101,893 | |
| Charoen Pokphand Foods PCL (For. Reg.) | 2,721,500 | 2,587,405 | |
| China Mengniu Dairy Co. Ltd. | 12,721,496 | 63,980,712 | |
| Daesang Corp. | 3,291 | 73,033 | |
| Gruma S.A.B. de CV Series B | 517,850 | 5,697,817 | |
| Inner Mongoli Yili Industries Co. Ltd. (A Shares) | 276,400 | 1,587,675 | |
| JBS SA | 2,234,629 | 9,656,113 | |
| M. Dias Branco SA | 21,900 | 132,690 | |
| Marfrig Global Foods SA (a) | 587,500 | 1,609,829 | |
| Minerva SA | 377,349 | 706,464 | |
| Sanquan Food Co. Ltd. (A Shares) | 244,440 | 963,433 | |
| Tata Consumer Products Ltd. (a) | 151,800 | 1,096,022 | |
| Tingyi (Cayman Islands) Holding Corp. | 1,104,000 | 1,864,895 | |
| Ulker Biskuvi Sanayi A/S (a) | 119,235 | 338,493 | |
| Uni-President China Holdings Ltd. | 140,000 | 126,296 | |
| Unified-President Enterprises Corp. | 5,749,000 | 13,079,629 | |
| Universal Robina Corp. | 1,212,130 | 3,582,791 | |
| WH Group Ltd. (c) | 1,670,500 | 1,360,910 | |
| 117,975,247 | |||
| Household Products - 0.1% | |||
| Hindustan Unilever Ltd. | 98,169 | 2,824,323 | |
| Kimberly-Clark de Mexico SA de CV: | |||
| Series A | 585,400 | 928,634 | |
| Series A sponsored ADR | 2,476 | 19,560 | |
| 3,772,517 | |||
| Personal Products - 0.4% | |||
| Hengan International Group Co. Ltd. | 342,000 | 2,352,264 | |
| LG Household & Health Care Ltd. | 16,527 | 22,572,329 | |
| Natura & Co. Holding SA | 1,381,558 | 12,999,653 | |
| Organic Tea Cosmetics Holdings Co. Ltd. | 4,513 | 2,813 | |
| 37,927,059 | |||
| Tobacco - 0.0% | |||
| ITC Ltd. | 318,346 | 830,117 | |
| TOTAL CONSUMER STAPLES | 349,772,218 | ||
| ENERGY - 1.9% | |||
| Energy Equipment & Services - 0.1% | |||
| China Oilfield Services Ltd. (H Shares) | 8,196,000 | 6,191,417 | |
| Ezion Holdings Ltd. warrants 4/16/23 (a)(d) | 5,020,014 | 5,877 | |
| Tenaris SA sponsored ADR | 162,600 | 2,468,268 | |
| Yantai Jereh Oilfield Services (A Shares) | 858,672 | 4,827,901 | |
| 13,493,463 | |||
| Oil, Gas & Consumable Fuels - 1.8% | |||
| China Petroleum & Chemical Corp. (H Shares) | 15,508,000 | 6,966,809 | |
| CNOOC Ltd. | 31,843,099 | 31,686,033 | |
| CNOOC Ltd. sponsored ADR | 24,900 | 2,458,377 | |
| Compania de Petroleos de Chile SA (COPEC) | 878,908 | 6,979,122 | |
| Exxaro Resources Ltd. | 32,527 | 250,554 | |
| Gazprom OAO sponsored ADR (Reg. S) | 887,419 | 4,094,185 | |
| Grupa Lotos SA | 4,822 | 44,354 | |
| Jizhong Energy Resources Co. Ltd. (A Shares) | 1,039,100 | 625,460 | |
| Lukoil PJSC | 63,346 | 4,193,707 | |
| Lukoil PJSC sponsored ADR | 463,185 | 29,817,621 | |
| NOVATEK OAO GDR (Reg. S) | 114,327 | 17,590,105 | |
| Petroleo Brasileiro SA - Petrobras (ON) | 2,584,900 | 12,327,658 | |
| QGEP Participacoes SA | 30,900 | 59,696 | |
| Reliance Industries Ltd. | 1,279,889 | 33,121,612 | |
| Reliance Industries Ltd. | 63,591 | 896,719 | |
| Reliance Industries Ltd. sponsored GDR (c) | 49,000 | 2,527,232 | |
| Susco Public Co. Ltd. unit | 49,300 | 4,500 | |
| Tsakos Energy Navigation Ltd. | 3,003 | 26,456 | |
| 153,670,200 | |||
| TOTAL ENERGY | 167,163,663 | ||
| FINANCIALS - 10.1% | |||
| Banks - 6.2% | |||
| Absa Group Ltd. | 1,132,441 | 8,058,439 | |
| Akbank TAS (a) | 3,328,060 | 2,562,010 | |
| Al Rajhi Bank | 159,855 | 3,188,064 | |
| Alpha Bank AE (a) | 47,110 | 40,423 | |
| AMMB Holdings Bhd | 69,200 | 56,393 | |
| Axis Bank Ltd. (a) | 2,113,428 | 17,095,017 | |
| Banco do Brasil SA | 1,132,259 | 7,156,137 | |
| Banco Santander Chile sponsored ADR | 554,258 | 9,538,780 | |
| Bancolombia SA sponsored ADR | 36,356 | 1,107,040 | |
| Bangkok Bank PCL NVDR | 106,900 | 417,136 | |
| Bank Millennium SA (a) | 95,055 | 71,260 | |
| BRE Bank SA | 648 | 26,036 | |
| Capitec Bank Holdings Ltd. | 170,641 | 14,275,169 | |
| China Construction Bank Corp. (H Shares) | 56,365,000 | 44,062,362 | |
| China Merchants Bank Co. Ltd. (H Shares) | 2,972,000 | 18,837,347 | |
| Chinatrust Financial Holding Co. Ltd. | 6,055,000 | 4,058,567 | |
| Commercial International Bank SAE sponsored GDR | 1,653,430 | 6,434,789 | |
| Credicorp Ltd. (United States) | 71,000 | 10,927,610 | |
| E.SUN Financial Holdings Co. Ltd. | 9,472,340 | 8,338,444 | |
| Grupo Financiero Banorte S.A.B. de CV Series O (a) | 6,317,304 | 31,629,890 | |
| Grupo Financiero Inbursa S.A.B. de CV Series O (a) | 320,573 | 312,955 | |
| Habib Bank Ltd. | 309,900 | 252,975 | |
| Hana Financial Group, Inc. | 770,079 | 23,515,294 | |
| HDFC Bank Ltd. | 2,043,243 | 39,491,323 | |
| HDFC Bank Ltd. sponsored ADR (a) | 211,145 | 14,569,005 | |
| ICICI Bank Ltd. (a) | 2,502,127 | 15,961,813 | |
| ICICI Bank Ltd. sponsored ADR (a) | 2,129,112 | 27,380,380 | |
| Industrial & Commercial Bank of China Ltd. (H Shares) | 33,584,310 | 21,216,050 | |
| KB Financial Group, Inc. | 338,941 | 13,986,974 | |
| Kiatnakin Bank PCL unit | 45,000 | 73,661 | |
| Komercni Banka A/S (a) | 84,111 | 2,250,827 | |
| Kotak Mahindra Bank Ltd. (a) | 372,429 | 9,543,868 | |
| Malayan Banking Bhd | 822,125 | 1,594,204 | |
| National Bank of Abu Dhabi PJSC | 3,622,362 | 12,445,505 | |
| National Commercial Bank | 155,896 | 1,756,147 | |
| Nova Ljubljanska banka d.d. unit (a) | 746,808 | 8,162,853 | |
| OTP Bank PLC (a) | 466,769 | 18,517,085 | |
| Powszechna Kasa Oszczednosci Bank SA (a) | 51,722 | 363,929 | |
| PT Bank Bukopin Tbk (a) | 5,600 | 108 | |
| PT Bank Central Asia Tbk | 7,137,200 | 15,682,127 | |
| PT Bank Mandiri (Persero) Tbk | 32,812,400 | 14,717,057 | |
| PT Bank Negara Indonesia (Persero) Tbk | 1,771,866 | 752,918 | |
| PT Bank Rakyat Indonesia Tbk | 14,192,300 | 4,110,942 | |
| Qatar National Bank SAQ | 601,380 | 2,926,190 | |
| Sberbank of Russia | 4,775,931 | 15,544,468 | |
| Sberbank of Russia sponsored ADR | 4,207,739 | 55,506,744 | |
| Shinhan Financial Group Co. Ltd. | 184,310 | 5,417,537 | |
| Standard Bank Group Ltd. | 485,517 | 3,797,919 | |
| State Bank of India (a) | 759,515 | 2,495,044 | |
| TCS Group Holding PLC GDR (b) | 171,079 | 5,248,121 | |
| Thanachart Capital PCL (For. Reg.) | 345,500 | 388,459 | |
| TISCO Financial Group PCL | 694,300 | 1,802,333 | |
| Turkiye Garanti Bankasi A/S (a) | 1,978,024 | 2,213,262 | |
| Turkiye Is Bankasi A/S Series C (a) | 5,487,232 | 4,568,015 | |
| United Bank Ltd. | 397,673 | 300,625 | |
| Yapi ve Kredi Bankasi A/S (a) | 1,580,932 | 578,193 | |
| 535,325,823 | |||
| Capital Markets - 0.4% | |||
| BM&F BOVESPA SA | 2,329,717 | 24,408,671 | |
| CITIC Securities Co. Ltd. (H Shares) | 857,500 | 1,928,671 | |
| Hong Kong Exchanges and Clearing Ltd. | 97,000 | 4,817,693 | |
| Huatai Securities Co. Ltd. (H Shares) (c) | 1,281,400 | 2,001,956 | |
| Kiwoom Securities Co. Ltd. | 2,237 | 250,233 | |
| Noah Holdings Ltd. sponsored ADR (a) | 23,824 | 705,190 | |
| XP, Inc. Class A (a) | 62,724 | 2,572,311 | |
| 36,684,725 | |||
| Consumer Finance - 0.2% | |||
| AEON Thana Sinsap Thailand PCL unit | 14,100 | 74,370 | |
| Bajaj Finance Ltd. | 21,359 | 1,408,779 | |
| Compartamos S.A.B. de CV (a) | 284,714 | 122,844 | |
| Kaspi.KZ JSC unit | 32,958 | 1,674,135 | |
| Shriram Transport Finance Co. Ltd. | 987,615 | 14,176,978 | |
| 17,457,106 | |||
| Diversified Financial Services - 0.4% | |||
| Alexander Forbes Group Holdings Ltd. | 888 | 223 | |
| Chailease Holding Co. Ltd. | 543,160 | 2,965,802 | |
| FirstRand Ltd. | 6,106,457 | 17,929,492 | |
| Haci Omer Sabanci Holding A/S | 879,341 | 1,083,996 | |
| Rec Ltd. | 826,684 | 1,349,186 | |
| Yuanta Financial Holding Co. Ltd. | 15,936,960 | 10,654,390 | |
| 33,983,089 | |||
| Insurance - 2.4% | |||
| AIA Group Ltd. | 6,430,384 | 70,569,533 | |
| BB Seguridade Participacoes SA | 1,072,222 | 5,715,956 | |
| China Life Insurance Co. Ltd. | 316,940 | 251,267 | |
| China Life Insurance Co. Ltd. (H Shares) | 7,664,000 | 17,295,480 | |
| China Pacific Insurance (Group) Co. Ltd. (H Shares) | 1,359,800 | 5,167,608 | |
| FPC Par Corretora de Seguros | 17,800 | 29,305 | |
| Fubon Financial Holding Co. Ltd. | 2,774,000 | 4,301,302 | |
| HDFC Standard Life Insurance Co. Ltd. (a)(c) | 46,071 | 399,599 | |
| Hyundai Fire & Marine Insurance Co. Ltd. | 221,681 | 4,459,537 | |
| ICICI Lombard General Insurance Co. Ltd. (c) | 22,361 | 435,435 | |
| Liberty Holdings Ltd. | 357,772 | 1,374,833 | |
| PICC Property & Casualty Co. Ltd. (H Shares) | 6,512,000 | 5,373,111 | |
| Ping An Insurance Group Co. of China Ltd. (H Shares) | 5,908,000 | 69,487,225 | |
| Porto Seguro SA | 424,315 | 3,754,159 | |
| Qualitas Controladora S.A.B. de CV | 39,887 | 194,439 | |
| Samsung Fire & Marine Insurance Co. Ltd. | 59,776 | 10,137,740 | |
| Sanlam Ltd. | 2,396,896 | 8,582,315 | |
| Sul America SA unit | 392,548 | 3,137,512 | |
| 210,666,356 | |||
| Thrifts & Mortgage Finance - 0.5% | |||
| Housing Development Finance Corp. Ltd. | 1,102,264 | 33,459,713 | |
| LIC Housing Finance Ltd. | 1,548,355 | 6,844,339 | |
| 40,304,052 | |||
| TOTAL FINANCIALS | 874,421,151 | ||
| HEALTH CARE - 1.5% | |||
| Biotechnology - 0.1% | |||
| Akeso, Inc. (c) | 169,000 | 545,074 | |
| Celltrion, Inc. (a) | 5,162 | 1,583,264 | |
| Innovent Biologics, Inc. (a)(c) | 360,000 | 2,364,506 | |
| Remegen Co. Ltd. (H Shares) (a)(c) | 79,500 | 712,941 | |
| Zai Lab Ltd. (a) | 43,800 | 4,668,594 | |
| 9,874,379 | |||
| Health Care Equipment & Supplies - 0.3% | |||
| Hartalega Holdings Bhd | 595,000 | 2,103,093 | |
| Kossan Rubber Industries Bhd | 803,600 | 1,228,873 | |
| Peijia Medical Ltd. (a)(b)(c) | 368,000 | 978,328 | |
| Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | 353,825 | 18,143,286 | |
| Top Glove Corp. Bhd | 2,374,500 | 4,149,838 | |
| Venus MedTech Hangzhou, Inc. (H Shares) (a)(c) | 52,500 | 479,957 | |
| 27,083,375 | |||
| Health Care Providers & Services - 0.2% | |||
| Aier Eye Hospital Group Co. Ltd. (A Shares) | 89,610 | 833,594 | |
| Guangzhou Kingmed Diagnostics Group Co. Ltd. (A Shares) | 70,267 | 929,218 | |
| Hapvida Participacoes e Investimentos SA (c) | 3,288,000 | 8,849,994 | |
| National Medical Care Co. | 6,952 | 100,093 | |
| Neuca SA | 233 | 38,756 | |
| Qualicorp Consultoria E Corret | 311,800 | 1,930,490 | |
| Shanghai Pharmaceuticals Holding Co. Ltd. (H Shares) | 666,100 | 1,126,385 | |
| 13,808,530 | |||
| Life Sciences Tools & Services - 0.4% | |||
| Divi's Laboratories Ltd. | 4,057 | 195,931 | |
| Hangzhou Tigermed Consulting Co. Ltd. (H Shares) (a)(c) | 459,900 | 7,780,163 | |
| Pharmaron Beijing Co. Ltd. (H Shares) (c) | 161,200 | 1,953,308 | |
| WuXi AppTec Co. Ltd. (H Shares) (c) | 720,480 | 10,788,058 | |
| Wuxi Biologics (Cayman), Inc. (a)(c) | 1,047,000 | 10,365,120 | |
| 31,082,580 | |||
| Pharmaceuticals - 0.5% | |||
| Alkem Laboratories Ltd. | 5,022 | 192,378 | |
| Aspen Pharmacare Holdings Ltd. (a) | 250,066 | 1,993,907 | |
| Aurobindo Pharma Ltd. | 262,466 | 3,053,357 | |
| Cadila Healthcare Ltd. | 223,495 | 1,354,342 | |
| Chong Kun Dang Pharmaceutical Corp. | 968 | 151,943 | |
| Cipla Ltd. | 124,675 | 1,247,444 | |
| CSPC Pharmaceutical Group Ltd. | 2,742,160 | 2,665,539 | |
| Dr. Reddy's Laboratories Ltd. | 49,088 | 3,192,463 | |
| Hansoh Pharmaceutical Group Co. Ltd. (a)(c) | 1,174,000 | 5,633,301 | |
| Jiangsu Hengrui Medicine Co. Ltd. (A Shares) | 366,876 | 4,795,280 | |
| Marksans Pharma Ltd. (a) | 221,609 | 173,884 | |
| Richter Gedeon PLC | 542,356 | 12,849,893 | |
| Sino Biopharmaceutical Ltd. | 5,918,000 | 5,939,291 | |
| 43,243,022 | |||
| TOTAL HEALTH CARE | 125,091,886 | ||
| INDUSTRIALS - 2.0% | |||
| Air Freight & Logistics - 0.1% | |||
| SF Holding Co. Ltd. (A Shares) | 459,406 | 5,586,417 | |
| T3Ex Global Holdings Corp. | 12,000 | 15,457 | |
| T3Ex Global Holdings Corp. rights 1/11/21 (a) | 787 | 187 | |
| ZTO Express, Inc. (a) | 84,500 | 2,409,742 | |
| 8,011,803 | |||
| Airlines - 0.1% | |||
| Azul SA sponsored ADR (a) | 227,266 | 4,833,948 | |
| Copa Holdings SA Class A | 14,238 | 1,134,769 | |
| 5,968,717 | |||
| Building Products - 0.0% | |||
| Dare Power Dekor Home Co. Ltd. (A Shares) | 159,572 | 391,478 | |
| Commercial Services & Supplies - 0.0% | |||
| Country Garden Services Holdings Co. Ltd. | 319,502 | 1,785,214 | |
| Frontken Corp. Bhd | 248,800 | 198,478 | |
| Greentown Service Group Co. Ltd. | 1,200,000 | 1,392,706 | |
| 3,376,398 | |||
| Construction & Engineering - 0.2% | |||
| China Communications Construction Co. Ltd. (H Shares) | 1,631,000 | 845,397 | |
| China Communications Services Corp. Ltd. (H Shares) | 1,926,000 | 1,026,410 | |
| China National Chemical Engineering Co. Ltd. (A Shares) | 3,939,592 | 3,886,357 | |
| China Railway Construction Corp. Ltd. (H Shares) | 1,236,500 | 817,103 | |
| Daelim Industrial Co. | 21,728 | 1,568,073 | |
| Larsen & Toubro Ltd. | 353,200 | 5,321,960 | |
| Orascom Construction PLC | 1,460 | 7,770 | |
| Tekfen Holding A/S | 384,729 | 715,832 | |
| 14,188,902 | |||
| Electrical Equipment - 0.1% | |||
| China High Speed Transmission Equipment Group Co. Ltd. | 21,210 | 15,238 | |
| DONGYANG E&P, Inc. | 21,665 | 310,751 | |
| Weg SA | 427,297 | 5,867,817 | |
| 6,193,806 | |||
| Industrial Conglomerates - 0.2% | |||
| Astra Industrial Group (a) | 30,578 | 220,942 | |
| Cheil Industries, Inc. | 16,975 | 1,845,242 | |
| CITIC Pacific Ltd. | 843,000 | 656,686 | |
| CJ Corp. | 2,147 | 153,202 | |
| Fosun International Ltd. | 1,591,000 | 2,295,863 | |
| Hanwha Corp. | 62,076 | 1,444,774 | |
| Hong Leong Industries Bhd | 3,000 | 6,473 | |
| Koc Holding A/S | 1,816,390 | 4,097,330 | |
| LG Corp. | 41,364 | 2,634,412 | |
| Mannai Corp. (a) | 86,440 | 72,038 | |
| SM Investments Corp. | 358,645 | 7,239,706 | |
| 20,666,668 | |||
| Machinery - 0.7% | |||
| Airtac International Group | 335,000 | 9,732,237 | |
| Estun Automation Co. Ltd. (A Shares) (a) | 849,700 | 3,093,270 | |
| HIWIN Technologies Corp. | 592,000 | 6,330,277 | |
| HIWIN Technologies Corp. rights 11/14/20 (a) | 18,003 | 69,630 | |
| Sany Heavy Industry Co. Ltd. (A Shares) | 2,132,931 | 9,956,423 | |
| Shenzhen Inovance Technology Co. Ltd. (A Shares) | 834,734 | 9,769,797 | |
| Sinotruk Hong Kong Ltd. | 1,456,983 | 3,630,690 | |
| Techtronic Industries Co. Ltd. | 171,000 | 2,182,978 | |
| Tian Di Science & Technology Co. Ltd. (A Shares) | 333,700 | 165,863 | |
| Turk Traktor ve Ziraat Makinalari A/S | 3,239 | 56,745 | |
| Weichai Power Co. Ltd.: | |||
| (A Shares) | 1,090,602 | 2,766,746 | |
| (H Shares) | 6,960,000 | 14,214,285 | |
| Zoomlion Heavy Industry Science and Technology Co. Ltd. (H Shares) | 610,600 | 637,462 | |
| 62,606,403 | |||
| Marine - 0.0% | |||
| Qatar Navigation QPSC (a) | 6,188 | 10,812 | |
| Professional Services - 0.1% | |||
| 51job, Inc. sponsored ADR (a) | 23,563 | 1,661,192 | |
| Centre Testing International Group Co. Ltd. (A Shares) | 903,043 | 3,250,400 | |
| Sporton International, Inc. | 417,000 | 3,502,975 | |
| 8,414,567 | |||
| Road & Rail - 0.1% | |||
| Globaltrans Investment PLC GDR (Reg. S) | 36,703 | 210,035 | |
| Localiza Rent A Car SA | 272,365 | 3,417,399 | |
| Rumo SA (a) | 904,100 | 3,199,637 | |
| United International Transportation Co. | 463,388 | 4,880,239 | |
| 11,707,310 | |||
| Trading Companies & Distributors - 0.0% | |||
| BOC Aviation Ltd. Class A (c) | 20,300 | 180,821 | |
| CCS Supply Chain Management Co. Ltd. A Shares | 88,072 | 81,661 | |
| 262,482 | |||
| Transportation Infrastructure - 0.4% | |||
| Airports of Thailand PCL (For. Reg.) | 4,522,400 | 9,571,217 | |
| Grupo Aeroportuario del Sureste S.A.B. de CV Series B sponsored ADR (a) | 27,843 | 4,162,529 | |
| Grupo Aeroportuario Norte S.A.B. de CV (a) | 545,600 | 3,168,544 | |
| Shanghai International Airport Co. Ltd. (A Shares) | 1,009,343 | 12,046,636 | |
| Zhejiang Expressway Co. Ltd. (H Shares) | 1,226,000 | 875,089 | |
| 29,824,015 | |||
| TOTAL INDUSTRIALS | 171,623,361 | ||
| INFORMATION TECHNOLOGY - 12.7% | |||
| Communications Equipment - 0.1% | |||
| Accton Technology Corp. | 643,000 | 5,378,964 | |
| Electronic Equipment & Components - 1.8% | |||
| Chaozhou Three-Circle Group Co. (A Shares) | 277,300 | 1,346,689 | |
| Compeq Manufacturing Co. Ltd. | 629,000 | 1,057,874 | |
| Coretronic Corp. | 106,400 | 130,719 | |
| Delta Electronics, Inc. | 1,957,000 | 15,377,896 | |
| FLEXium Interconnect, Inc. | 337,000 | 1,415,471 | |
| Foxconn Technology Co. Ltd. | 31,000 | 57,074 | |
| General Interface Solution Holding Ltd. | 45,000 | 178,771 | |
| Hangzhou Hikvision Digital Technology Co. Ltd. (A Shares) | 487,903 | 3,386,969 | |
| Hon Hai Precision Industry Co. Ltd. (Foxconn) | 11,504,626 | 33,140,732 | |
| INTOPS Co. Ltd. | 3,916 | 79,484 | |
| Largan Precision Co. Ltd. | 277,000 | 31,267,938 | |
| LG Display Co. Ltd. (a) | 57,396 | 789,695 | |
| LG Innotek Co. Ltd. | 42,937 | 6,003,712 | |
| Pinnacle Technology Holdings Ltd. | 11,198 | 6,508 | |
| Redington India Ltd. | 26,941 | 47,496 | |
| Samsung Electro-Mechanics Co. Ltd. | 13,451 | 1,892,935 | |
| Samsung SDI Co. Ltd. | 54,445 | 26,178,314 | |
| Simplo Technology Co. Ltd. | 31,000 | 359,695 | |
| Sirtec International Co. Ltd. | 1,000 | 949 | |
| Sunny Optical Technology Group Co. Ltd. | 1,019,400 | 19,912,540 | |
| Yageo Corp. | 246,600 | 3,815,093 | |
| Zhen Ding Technology Holding Ltd. | 1,143,000 | 4,940,865 | |
| 151,387,419 | |||
| IT Services - 1.2% | |||
| Dongbu Co. Ltd. (a) | 66,875 | 44,341 | |
| Globant SA (a) | 16,788 | 3,167,560 | |
| HCL Technologies Ltd. | 847,814 | 9,365,669 | |
| Infosys Ltd. | 1,343,775 | 20,085,028 | |
| Infosys Ltd. sponsored ADR | 1,926,076 | 29,314,877 | |
| MindTree Consulting Ltd. | 111,574 | 2,126,993 | |
| Mphasis BFL Ltd. | 69,476 | 1,234,349 | |
| Network International Holdings PLC (a)(c) | 508,195 | 1,829,704 | |
| PagSeguro Digital Ltd. (a) | 135,857 | 6,434,188 | |
| StoneCo Ltd. Class A (a) | 70,302 | 5,147,512 | |
| Tata Consultancy Services Ltd. | 412,972 | 14,850,539 | |
| Tech Mahindra Ltd. | 307,500 | 3,617,339 | |
| Wipro Ltd. | 1,232,209 | 5,826,869 | |
| WNS Holdings Ltd. sponsored ADR (a) | 37,197 | 2,619,041 | |
| 105,664,009 | |||
| Semiconductors & Semiconductor Equipment - 6.3% | |||
| ASE Technology Holding Co. Ltd. | 3,788,000 | 10,077,319 | |
| ASM Pacific Technology Ltd. | 49,900 | 623,095 | |
| Dongbu HiTek Co. Ltd. | 29,703 | 949,889 | |
| Elan Microelectronics Corp. | 69,000 | 318,796 | |
| eMemory Technology, Inc. | 177,000 | 3,549,913 | |
| Everlight Electronics Co. Ltd. | 73,000 | 94,540 | |
| King Yuan Electronics Co. Ltd. | 902,000 | 1,117,634 | |
| Kinsus Interconnect Technology Corp. | 252,000 | 800,014 | |
| LONGi Green Energy Technology Co. Ltd. | 350,780 | 3,663,011 | |
| Malaysian Pacific Industries Bhd | 12,286 | 75,574 | |
| MediaTek, Inc. | 2,017,900 | 49,723,542 | |
| Novatek Microelectronics Corp. | 131,000 | 1,370,984 | |
| Phison Electronics Corp. | 86,000 | 972,279 | |
| Powertech Technology, Inc. | 522,000 | 1,680,924 | |
| Radiant Opto-Electronics Corp. | 250,000 | 1,015,051 | |
| Realtek Semiconductor Corp. | 760,000 | 9,869,093 | |
| Semiconductor Manufacturing International Corp. (a) | 228,500 | 631,113 | |
| Silergy Corp. | 5,000 | 388,519 | |
| Silicon Motion Technology Corp. sponsored ADR | 8,585 | 340,653 | |
| SK Hynix, Inc. | 1,054,214 | 92,723,510 | |
| Sonix Technology Co. Ltd. | 222,000 | 519,839 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 17,353,900 | 294,697,249 | |
| Taiwan Semiconductor Manufacturing Co. Ltd. sponsored ADR | 577,805 | 56,058,641 | |
| Topco Scientific Co. Ltd. | 28,000 | 119,076 | |
| United Microelectronics Corp. | 6,678,000 | 9,463,962 | |
| United Microelectronics Corp. sponsored ADR (b) | 106,790 | 761,413 | |
| Vanguard International Semiconductor Corp. | 815,000 | 2,995,275 | |
| Win Semiconductors Corp. | 142,000 | 1,665,033 | |
| Xinyi Solar Holdings Ltd. | 1,638,000 | 3,000,002 | |
| 549,265,943 | |||
| Software - 0.1% | |||
| Asseco Poland SA | 16,805 | 297,093 | |
| Avast PLC (c) | 174,169 | 1,174,873 | |
| Cyient Ltd. | 6,454 | 42,539 | |
| Kaspi.KZ JSC unit (a)(c) | 98,699 | 5,013,514 | |
| Kingsoft Corp. Ltd. | 220,000 | 1,104,201 | |
| Ming Yuan Cloud Group Holdings Ltd. | 267,131 | 1,334,681 | |
| Mix Telematics Ltd. sponsored ADR | 5,794 | 57,766 | |
| Nucleus Software Exports Ltd. (a) | 31,536 | 235,795 | |
| Oracle Finance Services Software Ltd. | 1,081 | 44,203 | |
| 9,304,665 | |||
| Technology Hardware, Storage & Peripherals - 3.2% | |||
| Acer, Inc. | 427,000 | 345,994 | |
| ASROCK, Inc. | 28,000 | 163,668 | |
| ASUSTeK Computer, Inc. | 171,000 | 1,490,340 | |
| Avalue Technology, Inc. | 24,000 | 48,218 | |
| Catcher Technology Co. Ltd. | 147,000 | 967,308 | |
| Chicony Electronics Co. Ltd. | 92,000 | 275,002 | |
| Compal Electronics, Inc. | 392,000 | 264,809 | |
| Inventec Corp. | 70,000 | 57,088 | |
| Lenovo Group Ltd. | 5,312,000 | 3,784,469 | |
| Lite-On Technology Corp. | 1,618,000 | 2,721,208 | |
| Pegatron Corp. | 2,384,000 | 5,448,904 | |
| Quanta Computer, Inc. | 242,000 | 652,223 | |
| Samsung Electronics Co. Ltd. | 4,289,290 | 258,087,940 | |
| Wistron Corp. | 377,000 | 393,890 | |
| Xiaomi Corp. Class B (a)(c) | 1,760,200 | 6,009,562 | |
| 280,710,623 | |||
| TOTAL INFORMATION TECHNOLOGY | 1,101,711,623 | ||
| MATERIALS - 3.4% | |||
| Chemicals - 0.7% | |||
| China Sanjiang Fine Chemicals Ltd. | 424,000 | 138,680 | |
| Kingfa Sci & Tech Co. Ltd. (A Shares) | 1,172,301 | 3,096,960 | |
| LG Chemical Ltd. | 57,381 | 41,410,890 | |
| Mexichem S.A.B. de CV | 54,136 | 110,815 | |
| PhosAgro OJSC GDR (Reg. S) | 52,163 | 666,269 | |
| Polyplex Corp. Ltd. (a) | 8,102 | 80,144 | |
| Scientex Bhd | 34,400 | 100,481 | |
| Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 232,220 | 10,930,595 | |
| Solar Industries India Ltd. | 238,700 | 3,349,807 | |
| Taekwang Industrial Co. Ltd. | 168 | 116,393 | |
| 60,001,034 | |||
| Construction Materials - 0.3% | |||
| Anhui Conch Cement Co. Ltd.: | |||
| (A Shares) | 192,400 | 1,652,343 | |
| (H Shares) | 2,226,500 | 14,231,493 | |
| Asia Cement (China) Holdings Corp. | 259,584 | 259,178 | |
| CEMEX S.A.B. de CV sponsored ADR | 777,600 | 3,576,960 | |
| China National Building Materials Co. Ltd. (H Shares) | 3,108,442 | 4,075,264 | |
| China Resources Cement Holdings Ltd. | 378,165 | 469,654 | |
| JK Cement Ltd. | 189,500 | 5,178,739 | |
| 29,443,631 | |||
| Containers & Packaging - 0.0% | |||
| Klabin SA unit | 477,578 | 2,235,722 | |
| Metals & Mining - 2.1% | |||
| African Rainbow Minerals Ltd. | 32,510 | 503,492 | |
| Alrosa Co. Ltd. | 2,334,880 | 2,690,239 | |
| Angang Steel Co. Ltd. (H Shares) | 251,654 | 108,032 | |
| Anglo American Platinum Ltd. | 37,024 | 2,692,457 | |
| AngloGold Ashanti Ltd. | 210,242 | 4,508,680 | |
| AngloGold Ashanti Ltd. sponsored ADR | 139,580 | 3,024,699 | |
| Ann Joo Resources Bhd (a) | 500 | 109 | |
| APL Apollo Tubes Ltd. (a) | 2,398 | 108,985 | |
| Baoshan Iron & Steel Co. Ltd. (A Shares) | 5,039,476 | 4,756,896 | |
| Barrick Gold Corp. | 216,800 | 5,016,752 | |
| Eregli Demir ve Celik Fabrikalari T.A.S. | 87,253 | 122,734 | |
| Fangda Special Steel Technology Co. Ltd. (A Shares) | 1,639,382 | 1,829,039 | |
| Gold Fields Ltd. sponsored ADR | 587,494 | 5,117,073 | |
| Grupa Kety SA | 325 | 40,160 | |
| Grupo Mexico SA de CV Series B | 1,015,450 | 3,684,917 | |
| Harmony Gold Mining Co. Ltd. (a) | 180,175 | 744,127 | |
| Hindalco Industries Ltd. | 1,388,056 | 4,202,972 | |
| Hunan Valin Steel Co. Ltd. (A Shares) | 2,417,018 | 1,965,533 | |
| Impala Platinum Holdings Ltd. | 2,603,834 | 27,359,488 | |
| KGHM Polska Miedz SA (Bearer) (a) | 140,391 | 5,589,502 | |
| KISCO Corp. | 6,262 | 36,097 | |
| Korea Zinc Co. Ltd. | 27,534 | 9,413,800 | |
| Koza Altin Isletmeleri A/S (a) | 46,740 | 444,986 | |
| Kumba Iron Ore Ltd. | 93,581 | 3,184,639 | |
| Liuzhou Iron & Steel Co. Ltd. Class A | 211,600 | 163,069 | |
| Magnitogorsk Iron & Steel Works PJSC sponsored GDR (Reg. S) | 37,183 | 255,153 | |
| MMC Norilsk Nickel PJSC sponsored ADR | 273,861 | 7,595,165 | |
| Nanjing Iron & Steel Co. Ltd. | 400,200 | 198,309 | |
| Novolipetsk Steel OJSC GDR (Reg. S) | 30,419 | 752,556 | |
| Polyus PJSC | 8,925 | 1,698,010 | |
| Polyus PJSC unit | 22,763 | 2,153,397 | |
| POSCO | 64,104 | 13,565,619 | |
| POSCO sponsored ADR | 35,807 | 1,909,945 | |
| SGIS Songshan Co. Ltd. (A Shares) | 632,300 | 461,329 | |
| Shanxi Taigang Stainless Steel Co. Ltd. (A Shares) | 784,304 | 447,057 | |
| Sheng Yu Steel Co. Ltd. | 29,418 | 20,697 | |
| Sibanye Stillwater Ltd. | 1,972,056 | 6,570,810 | |
| Southern Copper Corp. | 115,636 | 6,865,309 | |
| Tata Steel Ltd. | 88,621 | 685,314 | |
| Ternium SA sponsored ADR | 528,837 | 14,654,073 | |
| Vale SA | 986,100 | 14,356,927 | |
| Vale SA sponsored ADR (b) | 1,276,626 | 18,587,675 | |
| Welspun Gujarat Stahl Rohren Ltd. | 104,085 | 164,285 | |
| Xinyu Iron & Steel Co. Ltd. | 2,900,747 | 2,037,035 | |
| 180,287,142 | |||
| Paper & Forest Products - 0.3% | |||
| Duratex SA | 1,470,477 | 5,154,657 | |
| Middle East Paper Co. (a) | 62,895 | 338,740 | |
| Nine Dragons Paper (Holdings) Ltd. | 737,000 | 968,368 | |
| Suzano Papel e Celulose SA (a) | 1,443,500 | 15,223,383 | |
| 21,685,148 | |||
| TOTAL MATERIALS | 293,652,677 | ||
| REAL ESTATE - 0.7% | |||
| Equity Real Estate Investment Trusts (REITs) - 0.0% | |||
| Concentradora Fibra Danhos SA de CV | 12,699 | 14,992 | |
| Link (REIT) | 177,200 | 1,549,276 | |
| 1,564,268 | |||
| Real Estate Management & Development - 0.7% | |||
| Agile Property Holdings Ltd. | 3,473,238 | 5,014,806 | |
| Ayala Land, Inc. | 9,296,600 | 7,345,478 | |
| China Overseas Grand Oceans Group Ltd. | 656,000 | 391,245 | |
| China Overseas Land and Investment Ltd. | 1,378,000 | 3,355,139 | |
| China Resources Land Ltd. | 558,000 | 2,414,850 | |
| Chongqing Dima Industry Co. Ltd. A Shares | 409,620 | 185,543 | |
| Country Garden Holdings Co. Ltd. | 4,625,804 | 6,100,000 | |
| Emaar Properties PJSC (a) | 6,590,255 | 5,705,460 | |
| Gemdale Properties and Investment Corp. Ltd. | 628,000 | 103,711 | |
| Greenland Holdings Corp. Ltd. (A Shares) | 5,280,363 | 5,168,879 | |
| Greenland Hong Kong Holdings Ltd. | 130,366 | 40,298 | |
| Hang Lung Properties Ltd. | 1,078,000 | 2,665,275 | |
| K Wah International Holdings Ltd. | 273,792 | 136,195 | |
| KWG Living Group Holdings Ltd. (a) | 490,250 | 376,840 | |
| KWG Property Holding Ltd. | 980,500 | 1,341,402 | |
| Logan Property Holdings Co. Ltd. | 145,692 | 243,898 | |
| Longfor Properties Co. Ltd. (c) | 1,018,500 | 6,655,727 | |
| Poly Property Group Co. Ltd. | 89,686 | 27,773 | |
| Powerlong Real Estate Holding Ltd. | 284,417 | 205,310 | |
| Risesun Real Estate Development Co. Ltd. (A Shares) | 2,185,299 | 2,428,147 | |
| Seazen Holdings Co. Ltd. (A Shares) | 113,908 | 613,267 | |
| Shanghai Shimao Co. Ltd. (A Shares) | 1,476,815 | 1,250,340 | |
| Shimao Property Holdings Ltd. | 663,778 | 2,474,018 | |
| Shimao Services Holdings Ltd. (a)(c) | 675,000 | 1,196,819 | |
| Sun Hung Kai Properties Ltd. | 144,500 | 1,920,754 | |
| Sunac China Holdings Ltd. | 479,000 | 1,836,521 | |
| Sunac Services Holdings Ltd. (a)(c) | 15,411 | 23,573 | |
| 59,221,268 | |||
| TOTAL REAL ESTATE | 60,785,536 | ||
| UTILITIES - 0.3% | |||
| Electric Utilities - 0.1% | |||
| Cheung Kong Infrastructure Holdings Ltd. | 205,500 | 1,048,664 | |
| EDP Energias do Brasil SA | 212,437 | 735,563 | |
| Equatorial Energia SA | 999,426 | 4,064,937 | |
| Tenaga Nasional Bhd | 357,530 | 884,610 | |
| 6,733,774 | |||
| Gas Utilities - 0.2% | |||
| China Gas Holdings Ltd. | 2,141,200 | 7,865,894 | |
| China Resource Gas Group Ltd. | 414,000 | 1,995,348 | |
| Daesung Energy Co. Ltd. | 20,047 | 98,199 | |
| ENN Energy Holdings Ltd. | 566,600 | 7,474,642 | |
| Gujarat State Petronet Ltd. | 7,065 | 20,926 | |
| Indraprastha Gas Ltd. | 649,141 | 4,360,939 | |
| PT Perusahaan Gas Negara Tbk Series B | 94,100 | 9,263 | |
| 21,825,211 | |||
| Independent Power and Renewable Electricity Producers - 0.0% | |||
| AES Gener SA | 308,602 | 54,681 | |
| Benpres Holdings Corp. | 124,600 | 7,981 | |
| Colbun SA | 576,000 | 92,233 | |
| Guangdong Baolihua New Energy Stock Co. Ltd. A Shares | 225,600 | 245,527 | |
| Huadian Power International Corp. Ltd. (H Shares) | 1,384,000 | 366,033 | |
| 766,455 | |||
| TOTAL UTILITIES | 29,325,440 | ||
| TOTAL COMMON STOCKS | |||
| (Cost $3,517,709,822) | 4,890,214,289 | ||
| Nonconvertible Preferred Stocks - 1.8% | |||
| CONSUMER DISCRETIONARY - 0.1% | |||
| Automobiles - 0.0% | |||
| Hyundai Motor Co. | 40,937 | 3,102,071 | |
| Multiline Retail - 0.1% | |||
| Lojas Americanas SA (PN) | 1,064,752 | 4,557,204 | |
| Textiles, Apparel & Luxury Goods - 0.0% | |||
| Alpargatas SA (PN) | 183,900 | 1,378,203 | |
| TOTAL CONSUMER DISCRETIONARY | 9,037,478 | ||
| ENERGY - 0.2% | |||
| Oil, Gas & Consumable Fuels - 0.2% | |||
| Petroleo Brasileiro SA - Petrobras: | |||
| (PN) (non-vtg.) | 118,800 | 552,156 | |
| (PN) sponsored ADR (non-vtg.) (b) | 407,465 | 3,769,051 | |
| sponsored ADR | 1,126,600 | 10,781,562 | |
| 15,102,769 | |||
| FINANCIALS - 0.9% | |||
| Banks - 0.9% | |||
| Banco Bradesco SA (PN) | 1,057,112 | 4,794,830 | |
| Banco do Estado Rio Grande do Sul SA | 4,800 | 11,827 | |
| Itau Unibanco Holding SA | 8,183,836 | 43,627,572 | |
| Itau Unibanco Holding SA sponsored ADR | 2,488,960 | 13,315,936 | |
| Itausa-Investimentos Itau SA (PN) | 7,087,728 | 13,997,118 | |
| Sberbank of Russia | 106,170 | 319,000 | |
| Sberbank of Russia | 128,031 | 384,684 | |
| 76,450,967 | |||
| INDUSTRIALS - 0.1% | |||
| Airlines - 0.1% | |||
| Azul SA (a) | 932,200 | 6,615,568 | |
| INFORMATION TECHNOLOGY - 0.4% | |||
| Technology Hardware, Storage & Peripherals - 0.4% | |||
| Samsung Electronics Co. Ltd. | 632,135 | 34,842,356 | |
| MATERIALS - 0.1% | |||
| Chemicals - 0.0% | |||
| LG Chemical Ltd. | 9,786 | 3,147,177 | |
| Metals & Mining - 0.1% | |||
| Gerdau SA | 2,168,141 | 9,146,225 | |
| Metalurgica Gerdau SA (PN) | 412,500 | 789,982 | |
| Usinas Siderurgicas de Minas Gerais SA - Usiminas (PN-A) (non-vtg.) | 131,900 | 336,065 | |
| 10,272,272 | |||
| TOTAL MATERIALS | 13,419,449 | ||
| UTILITIES - 0.0% | |||
| Electric Utilities - 0.0% | |||
| Companhia de Transmissao de Energia Eletrica Paulista (PN) | 202,966 | 1,030,477 | |
| Companhia Energetica de Minas Gerais (CEMIG) (PN) | 269,100 | 634,400 | |
| Companhia Paranaense de Energia-Copel (PN-B) | 127,600 | 1,626,022 | |
| 3,290,899 | |||
| Water Utilities - 0.0% | |||
| Cia de Saneamento do Parana | 85,510 | 79,646 | |
| TOTAL UTILITIES | 3,370,545 | ||
| TOTAL NONCONVERTIBLE PREFERRED STOCKS | |||
| (Cost $144,576,365) | 158,839,132 | ||
| Equity Funds - 38.4% | |||
| Diversified Emerging Markets Funds - 38.4% | |||
| Aberdeen Emerging Markets Fund Institutional Service Class | 10,085,854 | 188,000,327 | |
| Brandes Emerging Markets Value Fund Class A | 16,661,342 | 133,623,959 | |
| Fidelity Emerging Markets Fund (e) | 14,143,142 | 608,720,839 | |
| Fidelity SAI Emerging Markets Index Fund (e) | 46,917,231 | 738,946,385 | |
| Fidelity SAI Emerging Markets Low Volatility Index Fund (e) | 47,435,476 | 481,470,077 | |
| Fidelity SAI Emerging Markets Value Index Fund (e) | 22,447,667 | 289,574,898 | |
| GMO Emerging Markets Fund - Class III | 1,924,381 | 66,025,498 | |
| Goldman Sachs Emerging Markets Equity Fund Institutional Shares | 9,731,500 | 271,411,546 | |
| Invesco Oppenheimer Developing Markets Fund Class R6 | 4,396,311 | 220,782,753 | |
| Invesco Oppenheimer Emerging Markets Innovators Fund Class R6 (a) | 4,679,444 | 61,019,955 | |
| iShares MSCI China ETF (b) | 1,959,010 | 156,348,588 | |
| iShares MSCI EM ESG Optimized ETF | 209,609 | 8,273,267 | |
| iShares MSCI South Korea Index ETF (b) | 546,222 | 41,742,285 | |
| Lazard Emerging Markets Equity Portfolio Open Shares | 842,137 | 14,518,449 | |
| Matthews Korea Fund Investor Class | 4,457,127 | 24,113,057 | |
| Matthews Pacific Tiger Fund Investor Class | 128 | 4,316 | |
| Xtrackers Harvest CSI 300 China ETF Class A (b) | 521,039 | 19,955,794 | |
| TOTAL EQUITY FUNDS | |||
| (Cost $2,531,358,014) | 3,324,531,993 | ||
| Other - 0.1% | |||
| Commodity Funds - Broad Basket - 0.1% | |||
| Fidelity SAI Inflation-Focused Fund (e) | |||
| (Cost $6,694,501) | 851,569 | 8,464,593 | |
| U.S. Treasury Obligations - 0.2% | |||
| U.S. Treasury Bills, yield at date of purchase 0.08% to 0.11% 12/3/20 to 2/25/21 (f) | |||
| (Cost $15,658,036) | 15,660,000 | 15,658,197 | |
| Money Market Funds - 4.7% | |||
| Fidelity Cash Central Fund 0.09% (g) | 912,489 | 912,672 | |
| Fidelity Securities Lending Cash Central Fund 0.09% (g)(h) | 134,863,960 | 134,877,446 | |
| State Street Institutional U.S. Government Money Market Fund Premier Class .02% (i) | 267,442,918 | 267,442,918 | |
| TOTAL MONEY MARKET FUNDS | |||
| (Cost $403,233,036) | 403,233,036 | ||
| TOTAL INVESTMENT IN SECURITIES - 101.7% | |||
| (Cost $6,619,229,774) | 8,800,941,240 | ||
| NET OTHER ASSETS (LIABILITIES) - (1.7)% | (143,462,653) | ||
| NET ASSETS - 100% | $8,657,478,587 |
| 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) | 3,119 | Dec. 2020 | $187,498,685 | $16,190,619 | $16,190,619 |
The notional amount of futures purchased as a percentage of Net Assets is 2.2%
Security Type Abbreviations
ETF – Exchange-Traded Fund
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(c) 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 $83,404,802 or 1.0% of net assets.
(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 $14,875,205.
(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 | $5,790 |
| Fidelity Securities Lending Cash Central Fund | 1,015,333 |
| Total | $1,021,123 |
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 | $71,000,001 | $-- | $-- | $-- | $139,009,793 | $608,720,839 |
| Fidelity SAI Emerging Markets Index Fund | -- | 899,691,211 | 397,000,000 | -- | 32,307,819 | 203,947,355 | 738,946,385 |
| Fidelity SAI Emerging Markets Low Volatility Index Fund | 232,700,499 | 198,000,000 | -- | -- | -- | 50,769,578 | 481,470,077 |
| Fidelity SAI Emerging Markets Value Index Fund | -- | 259,000,000 | -- | -- | -- | 30,574,898 | 289,574,898 |
| Fidelity SAI Inflation-Focused Fund | -- | 6,694,501 | -- | 194,501 | -- | 1,770,092 | 8,464,593 |
| Total | $631,411,544 | $1,434,385,713 | $397,000,000 | $194,501 | $32,307,819 | $426,071,716 | $2,127,176,792 |
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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