Quarterly Holdings Report
for
Strategic Advisers® Emerging Markets Fund
Offered exclusively to certain managed account clients of Strategic Advisers LLC or its affiliates - not available for sale to the general public
November 30, 2024
SAE-NPRT3-0125
1.918362.114
Common Stocks - 58.7%
 
  
Shares
Value ($)
 
AUSTRALIA - 0.1%
 
  
  
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Paladin Energy Ltd (b)
  
1,413,082
7,059,278
AUSTRIA - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Erste Group Bank AG
 
58,624
3,215,252
BRAZIL - 3.5%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Telefonica Brasil SA
 
235,600
1,931,616
Interactive Media & Services - 0.0%
  
  
  
VTEX Class A (b)(c)
  
51,772
322,022
Wireless Telecommunication Services - 0.0%
  
  
  
TIM SA/Brazil
 
1,068,141
2,753,435
TOTAL COMMUNICATION SERVICES
  
  
5,007,073
 
  
  
  
Consumer Discretionary - 0.3%
  
  
  
Broadline Retail - 0.2%
  
  
  
MercadoLibre Inc (b)
  
8,356
16,588,081
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Arcos Dorados Holdings Inc Class A
 
305,083
2,468,120
Household Durables - 0.0%
  
  
  
Cury Construtora e Incorporadora SA
 
393,700
1,331,571
Direcional Engenharia SA
 
301,100
1,435,740
 
  
  
2,767,311
Specialty Retail - 0.1%
  
  
  
C&A MODAS SA (b)
  
167,100
282,999
Grupo SBF SA
 
90,500
181,548
Lojas Renner SA
 
1,221,002
3,017,601
Vibra Energia SA
 
1,717,900
5,841,682
 
  
  
9,323,830
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Azzas 2154 SA
 
738,482
4,436,931
Guararapes Confeccoes SA (b)
  
59,400
67,724
 
  
  
4,504,655
TOTAL CONSUMER DISCRETIONARY
  
  
35,651,997
 
  
  
  
Consumer Staples - 0.2%
  
  
  
Consumer Staples Distribution & Retail - 0.2%
  
  
  
Atacadao SA
 
1,104,000
1,185,321
Raia Drogasil SA
 
5,851,125
23,280,803
 
  
  
24,466,124
Food Products - 0.0%
  
  
  
Adecoagro SA (c)
  
65,386
712,707
BRF SA
 
354,500
1,454,694
Camil Alimentos SA
 
36,200
43,018
Marfrig Global Foods SA
 
196,700
606,433
 
  
  
2,816,852
TOTAL CONSUMER STAPLES
  
  
27,282,976
 
  
  
  
Energy - 0.6%
  
  
  
Oil, Gas & Consumable Fuels - 0.6%
  
  
  
Petroleo Brasileiro SA
 
1,001,600
6,520,521
Petroleo Brasileiro SA ADR
 
2,879,685
41,121,902
PRIO SA/Brazil
 
2,230,499
14,795,110
Ultrapar Participacoes SA
 
852,200
2,492,806
 
  
  
64,930,339
Financials - 1.1%
  
  
  
Banks - 0.9%
  
  
  
Banco ABC Brasil SA
 
8,369
28,055
Banco Bradesco SA
 
182,071
335,588
Banco Bradesco SA
 
1,618,861
3,395,497
Banco do Brasil SA
 
112,200
458,736
Banco do Estado do Rio Grande do Sul SA Series B
 
11,000
19,690
Banco Santander Brasil SA ADR
 
79,885
332,322
Inter & Co Inc depository receipt (b)
  
716,845
3,277,557
Itau Unibanco Holding SA
 
4,543,561
24,459,171
Itau Unibanco Holding SA ADR
 
2,716,939
14,562,793
Itausa SA
 
6,688,762
10,794,422
NU Holdings Ltd/Cayman Islands Class A (b)(c)
  
2,660,481
33,335,827
 
  
  
90,999,658
Capital Markets - 0.2%
  
  
  
B3 SA - Brasil Bolsa Balcao
 
1,400,449
2,141,359
Banco BTG Pactual SA unit
 
4,063,628
20,315,439
XP Inc Class A
 
381,850
5,170,249
 
  
  
27,627,047
Financial Services - 0.0%
  
  
  
Pagseguro Digital Ltd Class A (b)(c)
  
122,867
901,844
Insurance - 0.0%
  
  
  
Porto Seguro SA (b)
  
129,700
815,259
TOTAL FINANCIALS
  
  
120,343,808
 
  
  
  
Health Care - 0.0%
  
  
  
Health Care Providers & Services - 0.0%
  
  
  
Hapvida Participacoes e Investimentos S/A (b)(d)(e)
  
5,260,982
2,308,369
Profarma Distribuidora de Produtos Farmaceuticos SA
 
12,200
13,930
 
  
  
2,322,299
Industrials - 0.4%
  
  
  
Aerospace & Defense - 0.0%
  
  
  
Embraer SA (b)
  
403,486
3,855,944
Commercial Services & Supplies - 0.0%
  
  
  
Valid Solucoes e Servicos de Seguranca em Meios de Pagamento e Identificacao SA
 
67,900
271,969
Electrical Equipment - 0.3%
  
  
  
WEG SA
 
3,247,701
29,028,946
Ground Transportation - 0.1%
  
  
  
Localiza Rent a Car SA
 
1,657,916
10,145,670
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
 
7,051,965
6,645,500
 
  
  
16,791,170
Machinery - 0.0%
  
  
  
Marcopolo SA
 
1,438,320
2,008,026
TOTAL INDUSTRIALS
  
  
51,956,055
 
  
  
  
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
TOTVS SA
 
515,600
2,338,573
Materials - 0.8%
  
  
  
Containers & Packaging - 0.0%
  
  
  
Klabin SA unit
 
827,933
2,994,253
Metals & Mining - 0.7%
  
  
  
Bradespar SA
 
844,400
2,579,456
Gerdau SA
 
2,395,110
8,072,868
Gerdau SA ADR
 
8,487,171
28,516,895
Metalurgica Gerdau SA
 
939,300
1,775,003
Vale SA ADR
 
2,895,577
28,550,389
 
  
  
69,494,611
Paper & Forest Products - 0.1%
  
  
  
Eucatex SA Industria e Comercio (b)
  
9,400
21,200
Suzano SA
 
1,161,876
12,003,426
 
  
  
12,024,626
TOTAL MATERIALS
  
  
84,513,490
 
  
  
  
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
Cia Energetica de Minas Gerais
 
2,151,054
4,197,144
Equatorial Energia SA
 
1,699,118
8,579,179
 
  
  
12,776,323
Water Utilities - 0.0%
  
  
  
Cia de Saneamento de Minas Gerais Copasa MG
 
455,800
1,902,197
Cia De Sanena Do Parana
 
546,776
532,526
 
  
  
2,434,723
TOTAL UTILITIES
  
  
15,211,046
 
  
  
  
TOTAL BRAZIL
  
  
409,557,656
BURKINA FASO - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Endeavour Mining PLC
 
53,592
1,065,294
CANADA - 0.1%
 
  
  
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Cameco Corp (c)
  
80,400
4,778,461
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Ivanhoe Mine Ltd Class A (b)
  
104,467
1,416,969
TOTAL CANADA
  
  
6,195,430
CHILE - 0.2%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Broadline Retail - 0.0%
  
  
  
Falabella SA
 
117,522
402,595
Materials - 0.2%
  
  
  
Metals & Mining - 0.2%
  
  
  
Antofagasta PLC
 
983,310
21,301,898
TOTAL CHILE
  
  
21,704,493
CHINA - 17.0%
 
  
  
Communication Services - 4.4%
  
  
  
Entertainment - 0.3%
  
  
  
FriendTimes Inc (b)(d)
  
125,932
10,683
G-bits Network Technology Xiamen Co Ltd A Shares (China)
 
86,017
2,477,754
Kingsoft Corp Ltd
 
254,200
1,025,949
NetDragon Websoft Holdings Ltd
 
85,000
110,129
Netease Inc
 
618,200
10,679,445
Netease Inc ADR
 
35,426
3,099,066
Tencent Music Entertainment Group Class A ADR
 
1,035,779
11,818,238
XD Inc (b)(d)
  
218,800
672,149
 
  
  
29,893,413
Interactive Media & Services - 4.0%
  
  
  
Autohome Inc Class A ADR
 
136,290
3,749,338
Baidu Inc A Shares (b)
  
249,800
2,651,900
Bilibili Inc Z Shares (b)
  
98,420
1,886,800
Focus Technology Co Ltd A Shares (China)
 
23,900
136,083
Hello Group Inc Class A ADR
 
179,045
1,204,973
JOYY Inc Class A ADR (b)
  
39,740
1,543,899
Kanzhun Ltd ADR
 
491,868
6,640,218
Kuaishou Technology B Shares (b)(d)(e)
  
2,273,500
14,085,180
Tencent Holdings Ltd
 
8,549,795
441,539,307
Tongdao Liepin Group (b)(d)
  
196,000
64,242
Weibo Corp Class A ADR
 
198,414
1,904,774
 
  
  
475,406,714
Media - 0.1%
  
  
  
Central China Land Media Co Ltd A Shares (China)
 
430,300
659,164
Chinese Universe Publishing and Media Group Co Ltd A Shares (China)
 
1,657,241
2,894,611
Qingdao Citymedia Co Ltd A Shares (China)
 
72,200
78,302
Shandong Publishing & Media Co Ltd A Shares (China)
 
1,516,200
2,236,316
Time Publishing and Media Co Ltd A Shares (China)
 
135,660
167,083
Wasu Media Holding Co Ltd A Shares (China) (b)
  
272,800
287,422
Xiamen Jihong Technology Co Ltd A Shares (China)
 
188,700
427,886
Zhejiang Publishing & Media Co Ltd A Shares (China)
 
791,700
869,806
 
  
  
7,620,590
TOTAL COMMUNICATION SERVICES
  
  
512,920,717
 
  
  
  
Consumer Discretionary - 6.4%
  
  
  
Automobile Components - 0.2%
  
  
  
Autel Intelligent Technology Corp Ltd A Shares (China)
 
119,565
614,137
Fuyao Glass Industry Group Co Ltd A Shares (China)
 
2,344,628
18,137,346
Fuyao Glass Industry Group Co Ltd H Shares (d)(e)
  
217,600
1,464,185
 
  
  
20,215,668
Automobiles - 0.2%
  
  
  
BYD Co Ltd H Shares
 
447,817
14,771,236
Li Auto Inc A Shares (b)
  
190,774
2,259,425
Loncin Motor Co Ltd A Shares (China)
 
1,545,700
1,684,452
Zhejiang Qianjiang Motorcycle Co Ltd A Shares (China)
 
243,200
556,038
Zhejiang Taotao Vehicles Co Ltd (China) (b)
  
85,100
703,779
 
  
  
19,974,930
Broadline Retail - 2.3%
  
  
  
Alibaba Group Holding Ltd
 
9,723,972
106,197,902
Alibaba Group Holding Ltd ADR
 
207,892
18,163,524
Dashang Co Ltd A Shares (China)
 
135,410
412,287
JD.com Inc A Shares
 
1,351,150
25,257,037
JD.com Inc ADR
 
979,313
36,606,720
PDD Holdings Inc Class A ADR (b)
  
773,781
74,716,293
Vipshop Holdings Ltd Class A ADR
 
730,260
10,084,891
 
  
  
271,438,654
Diversified Consumer Services - 0.2%
  
  
  
New Oriental Education & Technology Group Inc
 
2,008,795
11,830,263
New Oriental Education & Technology Group Inc ADR
 
263,252
15,352,857
Shanghai Action Education Technology Co Ltd A Shares (China)
 
126,700
628,028
Zhejiang Yasha Decoration Co Ltd A Shares (China)
 
1,373,600
778,042
 
  
  
28,589,190
Hotels, Restaurants & Leisure - 2.4%
  
  
  
Meituan B Shares (b)(d)(e)
  
8,156,352
172,044,225
Shangri-La Asia Ltd
 
13,900,000
9,665,681
Trip.com Group Ltd (b)
  
23,600
1,534,086
Trip.com Group Ltd ADR (b)
  
925,032
59,803,319
Yum China Holdings Inc
 
707,404
32,929,656
 
  
  
275,976,967
Household Durables - 0.8%
  
  
  
Changhong Meiling Co Ltd A Shares (China)
 
987,292
1,162,626
Chervon Holdings Ltd
 
72,600
158,264
Guangdong Vanward New Electric Co Ltd A Shares (China)
 
1,404,105
2,008,218
Guangdong Xinbao Electrical Appliances Holdings Co Ltd A Shares (China) (b)
  
298,500
601,621
Haier Smart Home Co Ltd A Shares (China)
 
8,863,451
34,881,937
Haier Smart Home Co Ltd H Shares
 
6,368,922
21,421,375
Hisense Home Appliances Group Co Ltd H Shares
 
258,365
728,935
Midea Group Co Ltd A Shares (China)
 
1,941,555
18,893,986
Midea Group Co Ltd H Shares
 
638,367
5,690,328
TCL Electronics Holdings Ltd
 
591,000
391,215
Vatti Corp Ltd A Shares (China)
 
856,200
968,857
Viomi Technology Co Ltd Class A ADR (b)
  
71,922
122,986
Zhejiang Meida Industrial Co Ltd A Shares (China)
 
130,300
149,009
Zhejiang Supor Co Ltd A Shares (China)
 
256,055
1,854,396
Zhiou Home Furnishing Technology Co Ltd A Shares (China)
 
59,100
178,857
 
  
  
89,212,610
Leisure Products - 0.0%
  
  
  
Xiamen Comfort Science & Technology Group Co Ltd A Shares (China)
 
521,100
533,001
Specialty Retail - 0.1%
  
  
  
China Harmony Auto Holding Ltd
 
410,110
32,682
Grand Baoxin Auto Group Ltd (b)
  
209,460
4,388
Pop Mart International Group Ltd (d)(e)
  
303,400
3,503,919
Zhongsheng Group Holdings Ltd
 
1,767,500
3,480,476
 
  
  
7,021,465
Textiles, Apparel & Luxury Goods - 0.2%
  
  
  
ANTA Sports Products Ltd
 
656,400
6,488,067
Baoxiniao Holding Co Ltd A Shares (China)
 
1,804,400
1,154,741
Bosideng International Holdings Ltd
 
4,188,000
2,180,129
Cabbeen Fashion Ltd
 
48,447
8,095
CECEP COSTIN New Materials Group Ltd (b)(f)
  
741,000
1
Guangdong Chj Industry Co Ltd A Shares (China)
 
475,400
373,732
Li Ning Co Ltd
 
612,000
1,255,465
Shenzhen Fuanna Bedding and Furnishing Co Ltd A Shares (China)
 
1,018,600
1,305,525
Shenzhou International Group Holdings Ltd
 
1,104,726
8,448,740
Zhejiang Semir Garment Co Ltd A Shares (China)
 
2,352,300
2,181,137
 
  
  
23,395,632
TOTAL CONSUMER DISCRETIONARY
  
  
736,358,117
 
  
  
  
Consumer Staples - 0.7%
  
  
  
Beverages - 0.6%
  
  
  
Budweiser Brewing Co APAC Ltd (d)(e)
  
1,312,400
1,248,298
China Resources Beverage Holdings Co Ltd
 
743,400
1,075,923
Eastroc Beverage Group Co Ltd A Shares (China)
 
109,150
3,240,478
Kweichow Moutai Co Ltd A Shares (China)
 
171,662
36,403,734
Nongfu Spring Co Ltd H Shares (d)(e)
  
654,200
2,783,293
Tsingtao Brewery Co Ltd A Shares (China)
 
76,393
773,089
Tsingtao Brewery Co Ltd H Shares
 
1,781,000
11,148,419
Wuliangye Yibin Co Ltd A Shares (China)
 
562,499
11,474,308
 
  
  
68,147,542
Consumer Staples Distribution & Retail - 0.1%
  
  
  
Chengdu Hongqi Chain Co Ltd A Shares (China)
 
1,522,400
1,260,338
Yifeng Pharmacy Chain Co Ltd A Shares (China)
 
1,642,314
5,332,096
 
  
  
6,592,434
Food Products - 0.0%
  
  
  
China Mengniu Dairy Co Ltd
 
1,817,000
3,965,638
Zhongyin Babi Food Co Ltd A Shares (China) (b)
  
78,600
188,198
 
  
  
4,153,836
Household Products - 0.0%
  
  
  
Opple Lighting Co Ltd A Shares (China)
 
495,800
1,190,253
Personal Care Products - 0.0%
  
  
  
Chongqing Baiya Sanitary Products Co Ltd A Shares (China)
 
131,700
471,326
TOTAL CONSUMER STAPLES
  
  
80,555,391
 
  
  
  
Energy - 0.0%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
China Petroleum Engineering Corp A Shares (China) (b)
  
946,100
482,157
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Anhui Hengyuan Coal Industry and Electricity Power Co Ltd A Shares (China)
 
158,400
205,014
China Merchants Energy Shipping Co Ltd A Shares (China)
 
935,060
817,773
COSCO SHIPPING Energy Transportation Co Ltd H Shares
 
300,000
228,663
PetroChina Co Ltd H Shares
 
2,422,000
1,715,324
 
  
  
2,966,774
TOTAL ENERGY
  
  
3,448,931
 
  
  
  
Financials - 2.3%
  
  
  
Banks - 1.2%
  
  
  
Agricultural Bank of China Ltd H Shares
 
35,550,980
17,729,795
Bank of Chengdu Co Ltd A Shares (China)
 
864,100
1,906,169
Bank of Communications Co Ltd H Shares
 
3,623,703
2,617,636
China Construction Bank Corp H Shares
 
102,751,406
77,686,184
China Merchants Bank Co Ltd H Shares
 
4,444,546
20,137,564
China Minsheng Banking Corp Ltd H Shares
 
1,024,000
398,807
Chongqing Rural Commercial Bank Co Ltd H Shares
 
2,956,081
1,622,425
Industrial & Commercial Bank of China Ltd H Shares
 
26,211,310
15,362,927
Postal Savings Bank of China Co Ltd H Shares (d)(e)
  
1,868,000
1,058,853
 
  
  
138,520,360
Capital Markets - 0.0%
  
  
  
China Galaxy Securities Co Ltd H Shares
 
3,681,500
3,336,064
GF Securities Co Ltd H Shares
 
133,200
183,877
Huatai Securities Co Ltd H Shares (d)(e)
  
313,600
540,134
 
  
  
4,060,075
Consumer Finance - 0.0%
  
  
  
Qifu Technology Inc Class A ADR
 
144,990
5,525,569
Insurance - 1.1%
  
  
  
China Life Insurance Co Ltd H Shares
 
20,475,578
38,740,426
China Pacific Insurance Group Co Ltd H Shares
 
6,986,637
21,956,719
China Reinsurance Group Corp H Shares (b)
  
835,000
89,081
China Taiping Insurance Holdings Co Ltd
 
3,648,634
5,759,026
New China Life Insurance Co Ltd H Shares
 
1,418,300
4,338,758
People's Insurance Co Group of China Ltd/The H Shares
 
4,301,000
2,050,991
PICC Property & Casualty Co Ltd H Shares
 
12,800,697
19,382,032
Ping An Insurance Group Co of China Ltd H Shares
 
5,491,124
31,935,188
 
  
  
124,252,221
TOTAL FINANCIALS
  
  
272,358,225
 
  
  
  
Health Care - 0.7%
  
  
  
Biotechnology - 0.2%
  
  
  
3SBio Inc (d)(e)
  
1,427,500
1,049,524
Innovent Biologics Inc (b)(d)(e)
  
2,839,704
14,070,770
Zai Lab Ltd ADR (b)(c)
  
353,200
10,189,820
 
  
  
25,310,114
Health Care Equipment & Supplies - 0.1%
  
  
  
Edan Instruments Inc A Shares (China)
 
461,800
776,586
Shenzhen Mindray Bio-Medical Electronics Co Ltd A Shares (China)
 
387,224
14,033,411
 
  
  
14,809,997
Life Sciences Tools & Services - 0.1%
  
  
  
Wuxi Apptec Co Ltd H Shares (d)(e)
  
2,462,200
14,890,297
Pharmaceuticals - 0.3%
  
  
  
Beijing Winsunny Pharmaceutical Co Ltd A Shares (China) (b)
  
227,849
510,424
Chengdu Kanghong Pharmaceutical Group Co Ltd A Shares (China)
 
600,784
1,706,655
China Medical System Holdings Ltd
 
1,059,000
1,065,806
China Resources Pharmaceutical Group Ltd (d)(e)
  
1,971,000
1,330,045
Cisen Pharmaceutical Co Ltd A Shares (China)
 
130,600
262,642
Hansoh Pharmaceutical Group Co Ltd (d)(e)
  
8,657,744
21,477,437
Youcare Pharmaceutical Group Co Ltd A Shares (China) (b)
  
58,430
172,000
 
  
  
26,525,009
TOTAL HEALTH CARE
  
  
81,535,417
 
  
  
  
Industrials - 1.5%
  
  
  
Air Freight & Logistics - 0.0%
  
  
  
JD Logistics Inc (b)(d)(e)
  
153,900
274,963
ZTO Express Cayman Inc Class A ADR
 
208,735
3,965,965
 
  
  
4,240,928
Building Products - 0.0%
  
  
  
Runner Xiamen Corp A Shares (China)
 
236,300
435,776
Zhejiang Weixing New Building Materials Co Ltd A Shares (b)
  
1,915,700
3,452,858
 
  
  
3,888,634
Commercial Services & Supplies - 0.0%
  
  
  
Tuhu Car Inc A Shares (b)(d)(e)
  
200,400
552,517
Construction & Engineering - 0.0%
  
  
  
Changjiang & Jinggong Steel Building Group Co Ltd A Shares (China) (b)
  
954,300
411,298
China Railway Group Ltd H Shares
 
5,999,000
2,883,838
China State Construction International Holdings Ltd
 
1,046,000
1,457,409
Sinopec Engineering Group Co Ltd H Shares
 
574,738
422,558
 
  
  
5,175,103
Electrical Equipment - 0.8%
  
  
  
Contemporary Amperex Technology Co Ltd A Shares
 
770,852
28,056,548
Contemporary Amperex Technology Co Ltd A Shares (China)
 
773,671
28,159,150
Dongfang Electric Corp Ltd H Shares
 
355,200
426,879
Guodian Nanjing Automation Co Ltd A Shares (China)
 
438,600
412,838
Leedarson IoT Technology Inc A Shares (China)
 
179,500
394,433
NARI Technology Co Ltd A Shares (China)
 
2,884,592
9,889,863
Sieyuan Electric Co Ltd A Shares (China)
 
1,122,496
12,077,347
Zhongshan Broad Ocean Motor Co Ltd A Shares (China)
 
223,000
170,226
 
  
  
79,587,284
Ground Transportation - 0.0%
  
  
  
ANE Cayman Inc (b)
  
112,500
117,850
Full Truck Alliance Co Ltd ADR
 
434,885
4,353,199
 
  
  
4,471,049
Industrial Conglomerates - 0.0%
  
  
  
CITIC Ltd
 
2,842,000
3,152,501
Citic Resources Holdings Ltd
 
590,000
27,301
 
  
  
3,179,802
Machinery - 0.7%
  
  
  
Airtac International Group
 
281,240
6,883,885
Canny Elevator CO Ltd A Shares (China)
 
157,100
151,539
CRRC Corp Ltd A Shares (China)
 
4,051,200
4,453,908
Huaming Power Equipment Co Ltd A Shares (China)
 
264,890
625,640
Jiangsu Hengli Hydraulic Co Ltd A Shares (China)
 
605,500
4,454,882
Shandong Himile Mechanical Science & Technology Co Ltd A Shares (China)
 
142,095
870,331
Shenzhen Inovance Technology Co Ltd A Shares (China)
 
5,126,107
42,974,097
Sinotruk Hong Kong Ltd
 
3,014,491
8,349,908
Wuxi Lead Intelligent Equipment Co Ltd A Shares (China) (b)
  
228,400
749,516
 
  
  
69,513,706
Marine Transportation - 0.0%
  
  
  
COSCO SHIPPING Holdings Co Ltd H Shares
 
3,912,300
5,471,186
Trading Companies & Distributors - 0.0%
  
  
  
BOC Aviation Ltd (d)(e)
  
104,500
807,927
Transportation Infrastructure - 0.0%
  
  
  
China Merchants Port Holdings Co Ltd
 
892,000
1,410,231
TOTAL INDUSTRIALS
  
  
178,298,367
 
  
  
  
Information Technology - 0.5%
  
  
  
Communications Equipment - 0.0%
  
  
  
Hengtong Optic-electric Co Ltd A Shares (China)
 
1,361,740
3,329,808
ZTE Corp H Shares
 
823,600
2,002,893
 
  
  
5,332,701
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Beijing SDL Technology Co Ltd A Shares (China)
 
292,700
281,316
FIH Mobile Ltd (b)
  
1,516,000
181,218
GoerTek Inc A Shares (China)
 
556,200
1,965,969
Shenzhen Laibao Hi-tech Co Ltd A Shares (China)
 
702,500
1,104,653
Universal Scientific Industrial Shanghai Co Ltd A Shares (China)
 
435,500
857,162
 
  
  
4,390,318
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
NAURA Technology Group Co Ltd A Shares (China)
 
255,000
14,699,738
Software - 0.0%
  
  
  
Weaver Network Technology Co Ltd A Shares (China)
 
95,000
626,818
Technology Hardware, Storage & Peripherals - 0.4%
  
  
  
Lenovo Group Ltd
 
5,314,000
6,222,434
Shandong New Beiyang Information Technology Co Ltd A Shares (China)
 
290,800
292,794
Xiaomi Corp B Shares (b)(d)(e)
  
8,626,931
31,049,007
 
  
  
37,564,235
TOTAL INFORMATION TECHNOLOGY
  
  
62,613,810
 
  
  
  
Materials - 0.4%
  
  
  
Chemicals - 0.2%
  
  
  
China BlueChemical Ltd H Shares
 
151,629
38,979
Fufeng Group Ltd
 
219,992
134,031
Satellite Chemical Co Ltd A Shares (China)
 
2,695,240
6,710,406
Shandong Sinocera Functional Material Co Ltd A Shares (China)
 
1,626,600
4,187,500
Wanhua Chemical Group Co Ltd A Shares (China)
 
738,400
7,618,666
Zhejiang NHU Co Ltd A Shares (China)
 
1,123,273
3,382,945
 
  
  
22,072,527
Construction Materials - 0.0%
  
  
  
Anhui Conch Cement Co Ltd A Shares (China)
 
378,496
1,344,910
Anhui Conch Cement Co Ltd H Shares
 
728,500
1,900,842
Asia Cement China Holdings Corp
 
23,814
6,856
 
  
  
3,252,608
Metals & Mining - 0.2%
  
  
  
China Hongqiao Group Ltd
 
2,060,000
3,002,622
China Zhongwang Holdings Ltd (b)(f)
  
350,800
0
Zhaojin Mining Industry Co Ltd H Shares
 
533,500
778,992
Zijin Mining Group Co Ltd H Shares
 
11,993,358
23,030,948
 
  
  
26,812,562
TOTAL MATERIALS
  
  
52,137,697
 
  
  
  
Real Estate - 0.1%
  
  
  
Real Estate Management & Development - 0.1%
  
  
  
China Overseas Land & Investment Ltd
 
1,133,000
1,942,702
China World Trade Center Co Ltd A Shares (China)
 
354,800
1,104,692
KE Holdings Inc ADR
 
514,536
9,699,004
 
  
  
12,746,398
Utilities - 0.0%
  
  
  
Gas Utilities - 0.0%
  
  
  
Kunlun Energy Co Ltd
 
866,000
817,023
TOTAL CHINA
  
  
1,993,790,093
CZECH REPUBLIC - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Komercni Banka AS
 
32,687
1,114,829
FRANCE - 0.1%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Hermes International SCA
 
2,300
5,019,034
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Gaztransport Et Technigaz SA
 
44,804
6,519,631
TOTAL FRANCE
  
  
11,538,665
GERMANY - 0.0%
 
  
  
Health Care - 0.0%
  
  
  
Biotechnology - 0.0%
  
  
  
BioNTech SE ADR (b)
  
24,100
2,853,199
GREECE - 0.4%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
OPAP SA
 
326,197
5,346,432
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
StealthGas Inc (b)
  
18,136
98,388
Financials - 0.4%
  
  
  
Banks - 0.4%
  
  
  
Eurobank Ergasias Services and Holdings SA
 
5,316,835
11,275,122
National Bank of Greece SA
 
4,201,270
29,594,987
Piraeus Financial Holdings SA
 
656,435
2,413,772
 
  
  
43,283,881
Industrials - 0.0%
  
  
  
Marine Transportation - 0.0%
  
  
  
Danaos Corp (c)
  
8,266
656,155
TOTAL GREECE
  
  
49,384,856
HONG KONG - 0.4%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
HKT Trust & HKT Ltd unit
 
509,000
632,651
Consumer Discretionary - 0.0%
  
  
  
Household Durables - 0.0%
  
  
  
Skyworth Group Ltd
 
2,109,457
813,416
Specialty Retail - 0.0%
  
  
  
Pou Sheng International Holdings Ltd
 
265,273
18,412
TOTAL CONSUMER DISCRETIONARY
  
  
831,828
 
  
  
  
Financials - 0.2%
  
  
  
Insurance - 0.2%
  
  
  
AIA Group Ltd
 
3,579,072
26,948,980
Industrials - 0.2%
  
  
  
Electrical Equipment - 0.0%
  
  
  
China High Speed Transmission Equipment Group Co Ltd (b)
  
378
39
Industrial Conglomerates - 0.0%
  
  
  
Jardine Matheson Holdings Ltd (Singapore)
 
131,600
5,748,030
Machinery - 0.0%
  
  
  
Techtronic Industries Co Ltd
 
153,000
2,155,373
Marine Transportation - 0.2%
  
  
  
Orient Overseas International Ltd
 
133,500
1,705,643
Pacific Basin Shipping Ltd
 
38,608,100
9,180,589
 
  
  
10,886,232
TOTAL INDUSTRIALS
  
  
18,789,674
 
  
  
  
TOTAL HONG KONG
  
  
47,203,133
HUNGARY - 0.7%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Magyar Telekom Telecommunications PLC
 
56,151
178,156
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
MOL Hungarian Oil & Gas PLC Class A
 
191,651
1,313,239
Financials - 0.5%
  
  
  
Banks - 0.5%
  
  
  
OTP Bank Nyrt
 
894,124
48,432,934
Health Care - 0.2%
  
  
  
Pharmaceuticals - 0.2%
  
  
  
Richter Gedeon Nyrt
 
1,060,767
28,227,701
TOTAL HUNGARY
  
  
78,152,030
INDIA - 9.1%
 
  
  
Communication Services - 0.4%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Indus Towers Ltd (b)
  
1,259,775
5,221,089
Interactive Media & Services - 0.0%
  
  
  
Info Edge India Ltd
 
35,659
3,487,138
Media - 0.0%
  
  
  
Jagran Prakashan Ltd
 
30,888
30,764
TV Today Network Ltd
 
18,378
44,105
 
  
  
74,869
Wireless Telecommunication Services - 0.4%
  
  
  
Bharti Airtel Ltd
 
2,273,044
43,843,431
TOTAL COMMUNICATION SERVICES
  
  
52,626,527
 
  
  
  
Consumer Discretionary - 1.0%
  
  
  
Automobile Components - 0.0%
  
  
  
FIEM Industries Ltd
 
10,738
194,579
Automobiles - 0.4%
  
  
  
Eicher Motors Ltd
 
51,468
2,943,735
Hyundai Motor India Ltd (g)
  
24,451
556,755
Hyundai Motor India Ltd
 
82,190
1,871,484
Mahindra & Mahindra Ltd
 
911,204
32,063,062
Tata Motors Ltd
 
803,917
7,506,082
 
  
  
44,941,118
Hotels, Restaurants & Leisure - 0.6%
  
  
  
EIH Associated Hotels
 
8,068
38,734
Indian Hotels Co Ltd/The
 
239,147
2,249,195
MakeMyTrip Ltd (b)(c)
  
211,380
24,253,741
Wonderla Holidays Ltd
 
8,459
83,138
Zomato Ltd (b)
  
8,520,931
28,325,313
 
  
  
54,950,121
Household Durables - 0.0%
  
  
  
Dixon Technologies India Ltd (d)
  
19,132
3,587,804
Johnson Controls-Hitachi Air Conditioning India Ltd (b)
  
5,974
132,374
Symphony Ltd
 
34,781
554,479
 
  
  
4,274,657
Specialty Retail - 0.0%
  
  
  
Trent Ltd
 
54,185
4,362,536
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Arvind Ltd
 
81,229
364,169
Century Enka Ltd
 
5,958
45,983
KDDL Ltd
 
299
10,036
Kewal Kiran Clothing Ltd
 
11,290
84,539
Pearl Global Industries Ltd (b)
  
1,741
24,938
Sutlej Textiles and Industries Ltd (b)
  
10,634
7,647
Titan Co Ltd
 
78,000
3,005,584
Vardhman Textiles Ltd
 
15,849
89,338
Welspun Living Ltd
 
65,932
119,222
 
  
  
3,751,456
TOTAL CONSUMER DISCRETIONARY
  
  
112,474,467
 
  
  
  
Consumer Staples - 0.2%
  
  
  
Beverages - 0.1%
  
  
  
Varun Beverages Ltd
 
876,920
6,471,999
Food Products - 0.0%
  
  
  
Bombay Burmah Trading Co
 
7,611
217,142
DCM Shriram Industries Ltd
 
20,253
44,024
Heritage Foods Ltd
 
121,152
703,300
Kaveri Seed Co Ltd
 
27,257
279,339
Tata Consumer Products Ltd
 
282,913
3,214,277
 
  
  
4,458,082
Household Products - 0.0%
  
  
  
Jyothy Laboratories Ltd
 
45,684
227,399
Personal Care Products - 0.1%
  
  
  
Bajaj Consumer Care Ltd
 
34,018
84,817
Colgate-Palmolive India Ltd
 
119,940
4,103,329
Emami Ltd
 
102,409
830,249
Gillette India Ltd
 
1,088
126,422
Hindustan Unilever Ltd
 
115,848
3,421,871
 
  
  
8,566,688
Tobacco - 0.0%
  
  
  
Godfrey Phillips India Ltd
 
5,107
343,828
ITC Ltd
 
878,448
4,961,505
 
  
  
5,305,333
TOTAL CONSUMER STAPLES
  
  
25,029,501
 
  
  
  
Energy - 0.8%
  
  
  
Oil, Gas & Consumable Fuels - 0.8%
  
  
  
Bharat Petroleum Corp Ltd
 
1,780,851
6,178,821
Chennai Petroleum Corp Ltd
 
22,307
165,628
Coal India Ltd
 
3,057,591
15,107,475
Hindustan Petroleum Corp Ltd
 
551,035
2,505,438
Indian Oil Corp Ltd
 
3,101,626
5,104,326
Oil & Natural Gas Corp Ltd
 
2,838,932
8,641,039
Oil India Ltd
 
173,847
1,011,437
Petronet LNG Ltd
 
619,400
2,445,875
Reliance Industries Ltd
 
2,725,124
41,770,198
Reliance Industries Ltd GDR (e)
  
148,300
8,942,490
 
  
  
91,872,727
Financials - 3.1%
  
  
  
Banks - 2.5%
  
  
  
Axis Bank Ltd
 
3,542,482
47,730,191
Axis Bank Ltd GDR (d)
  
56,093
3,758,231
Canara Bank
 
2,920,771
3,533,497
DCB Bank Ltd
 
51,533
75,518
HDFC Bank Ltd/Gandhinagar
 
4,576,405
97,551,110
HDFC Bank Ltd/Gandhinagar ADR
 
387,952
25,899,676
ICICI Bank Ltd
 
4,802,013
73,800,390
ICICI Bank Ltd ADR
 
422,436
12,905,419
Indian Bank
 
69,287
472,401
Karur Vysya Bank Ltd/The
 
528,830
1,483,244
Kotak Mahindra Bank Ltd
 
456,082
9,544,629
 
  
  
276,754,306
Capital Markets - 0.1%
  
  
  
Aditya Birla Sun Life Asset Management Co Ltd
 
29,628
303,132
Angel One Ltd
 
3,067
105,421
Authum Investment & Infrastucture Ltd (b)
  
2,159
40,480
Central Depository Services India Ltd (d)
  
46,509
905,018
Edelweiss Financial Services Ltd
 
17,363
25,333
Geojit Financial Services Ltd (b)
  
77,851
109,647
HDFC Asset Management Co Ltd (d)(e)
  
92,987
4,632,666
IIFL Securities Ltd
 
73,620
285,385
JSW Holdings Ltd/India (b)
  
428
71,927
Kfin Technologies Ltd
 
8,899
122,863
Motilal Oswal Financial Services Ltd
 
10,372
113,094
Multi Commodity Exchange of India Ltd
 
20,475
1,501,782
Nahar Capital and Financial Services Ltd
 
1,596
6,693
Nippon Life India Asset Management Ltd (d)(e)
  
207,903
1,689,535
Nuvama Wealth Management Ltd
 
5,260
408,905
Prudent Corporate Advisory Services Ltd
 
5,094
183,570
SMC Global Securities Ltd (b)
  
61,248
110,965
UTI Asset Management Co Ltd
 
38,592
593,826
VLS Finance Ltd
 
24,557
108,783
 
  
  
11,319,025
Consumer Finance - 0.1%
  
  
  
Cholamandalam Financial Holdings Ltd
 
10,143
196,055
Five-Star Business Finance Ltd (b)
  
326,073
2,534,355
Manappuram Finance Ltd
 
1,676,573
3,107,864
Muthoot Finance Ltd
 
101,850
2,314,586
Paisalo Digital Ltd
 
57,030
34,627
Repco Home Finance Ltd
 
17,748
103,906
Shriram Finance Ltd
 
185,485
6,631,358
 
  
  
14,922,751
Financial Services - 0.2%
  
  
  
LIC Housing Finance Ltd
 
350,043
2,651,446
Power Finance Corp Ltd
 
957,604
5,617,805
PTC India Financial Services Ltd (b)
  
196,803
101,917
REC Ltd
 
2,398,861
15,144,372
Sammaan Capital Ltd
 
308,128
613,543
 
  
  
24,129,083
Insurance - 0.2%
  
  
  
HDFC Life Insurance Co Ltd (d)(e)
  
1,474,691
11,493,113
PB Fintech Ltd (b)
  
730,718
16,436,134
 
  
  
27,929,247
TOTAL FINANCIALS
  
  
355,054,412
 
  
  
  
Health Care - 0.6%
  
  
  
Health Care Providers & Services - 0.1%
  
  
  
Apollo Hospitals Enterprise Ltd
 
133,198
10,767,507
Indraprastha Medical Corp Ltd
 
22,405
122,093
Kovai Medical Center and Hospital
 
1,513
93,951
Max Healthcare Institute Ltd
 
757,616
8,794,290
Metropolis Healthcare Ltd (d)(e)
  
57,418
1,457,340
Shalby Ltd (d)
  
6,366
16,801
 
  
  
21,251,982
Pharmaceuticals - 0.5%
  
  
  
Ajanta Pharma Ltd
 
9,077
325,228
Alembic Pharmaceuticals Ltd
 
35,313
456,970
Alkem Laboratories Ltd
 
29,508
1,970,770
Aurobindo Pharma Ltd
 
545,814
8,167,535
Caplin Point Laboratories Ltd
 
9,455
246,078
Dr Reddy's Laboratories Ltd
 
183,635
2,613,654
GlaxoSmithKline Pharmaceuticals Ltd
 
4,567
132,226
Glenmark Pharmaceuticals Ltd
 
130,473
2,361,579
Lincoln Pharmaceuticals Ltd
 
5,461
40,850
Lupin Ltd
 
345,394
8,383,205
Mankind Pharma Ltd (b)
  
257,192
7,803,545
Natco Pharma Ltd
 
214,026
3,486,048
Strides Pharma Science Ltd
 
106,150
2,056,502
Sun Pharmaceutical Industries Ltd
 
596,207
12,570,326
Torrent Pharmaceuticals Ltd
 
2,051
80,721
Zydus Lifesciences Ltd
 
197,828
2,264,096
 
  
  
52,959,333
TOTAL HEALTH CARE
  
  
74,211,315
 
  
  
  
Industrials - 0.8%
  
  
  
Aerospace & Defense - 0.2%
  
  
  
Bharat Electronics Ltd
 
866,577
3,166,748
Hindustan Aeronautics Ltd (d)
  
465,835
24,741,272
 
  
  
27,908,020
Air Freight & Logistics - 0.0%
  
  
  
Transport Corp of India Ltd
 
11,277
142,786
Commercial Services & Supplies - 0.0%
  
  
  
CMS Info Systems Ltd
 
84,527
497,107
Doms Industries Ltd
 
1,657
58,861
 
  
  
555,968
Construction & Engineering - 0.3%
  
  
  
Ahluwalia Contracts India Ltd
 
9,149
108,518
Indian Hume Pipe Co Ltd/The
 
8,095
39,528
ITD Cementation India Ltd
 
304,939
1,889,341
Larsen & Toubro Ltd
 
665,913
29,388,088
NCC Ltd/India
 
768,294
2,825,065
Voltas Ltd
 
145,777
2,864,389
Welspun Enterprises Ltd
 
46,513
293,607
 
  
  
37,408,536
Electrical Equipment - 0.1%
  
  
  
Havells India Ltd
 
47,321
962,707
KEI Industries Ltd
 
93,973
4,808,999
Triveni Turbine Ltd
 
167,479
1,528,576
Voltamp Transformers Ltd
 
953
114,737
 
  
  
7,415,019
Industrial Conglomerates - 0.0%
  
  
  
3M India Ltd
 
727
277,782
Nava Ltd
 
157,633
1,980,769
 
  
  
2,258,551
Machinery - 0.1%
  
  
  
Ashok Leyland Ltd
 
2,188,117
6,017,922
Force Motors Ltd
 
4,858
396,571
Kirloskar Brothers Ltd
 
22,844
616,642
NRB Bearings Ltd
 
52,129
180,330
 
  
  
7,211,465
Professional Services - 0.1%
  
  
  
Computer Age Management Services Ltd
 
193,951
11,347,702
eClerx Services Ltd
 
9,529
394,488
Firstsource Solutions Ltd
 
316,496
1,378,134
WNS Holdings Ltd ADR (c)
  
34,653
1,879,232
 
  
  
14,999,556
Transportation Infrastructure - 0.0%
  
  
  
Adani Ports & Special Economic Zone Ltd
 
77,487
1,094,018
TOTAL INDUSTRIALS
  
  
98,993,919
 
  
  
  
Information Technology - 1.5%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
Honeywell Automation India Ltd
 
152
73,533
IT Services - 1.5%
  
  
  
Coforge Ltd
 
98,261
10,128,397
HCL Technologies Ltd
 
1,386,458
30,384,875
Infosys Ltd
 
1,063,783
23,435,379
Infosys Ltd ADR (c)
  
510,134
11,258,657
Persistent Systems Ltd
 
3,886
272,035
Saksoft Limited
 
35,043
98,532
Tata Consultancy Services Ltd
 
1,776,601
89,888,601
Tech Mahindra Ltd
 
185,709
3,769,169
Wipro Ltd
 
113,420
777,464
Zensar Technologies Ltd
 
170,146
1,533,466
 
  
  
171,546,575
Software - 0.0%
  
  
  
AurionPro Solutions Ltd
 
10,426
201,455
Intellect Design Arena Ltd
 
4,010
34,095
KPIT Technologies Ltd
 
172,862
2,804,648
Newgen Software Technologies Ltd
 
11,314
158,553
Nucleus Software Exports Ltd
 
28,080
367,144
Oracle Financial Services Software Ltd
 
2,924
405,833
 
  
  
3,971,728
TOTAL INFORMATION TECHNOLOGY
  
  
175,591,836
 
  
  
  
Materials - 0.3%
  
  
  
Chemicals - 0.1%
  
  
  
Akzo Nobel India Ltd
 
2,484
109,032
Andhra Sugars Ltd/The
 
48,522
57,491
Asian Paints Ltd
 
111,422
3,269,624
Chambal Fertilisers and Chemicals Ltd
 
162,122
990,683
Fine Organic Industries Ltd
 
2,845
175,173
GHCL Ltd
 
19,449
138,592
Grauer & Weil India Ltd
 
64,946
79,442
Insecticides India Ltd (b)
  
1,402
12,478
Mayur Uniquoters Ltd
 
19,066
134,779
Sharda Cropchem Ltd
 
10,470
99,949
Solar Industries India Ltd
 
87,837
11,126,651
Tamilnadu Petroproducts Ltd
 
29,740
28,509
 
  
  
16,222,403
Construction Materials - 0.1%
  
  
  
IFGL Refractories Ltd
 
3,864
21,867
JK Cement Ltd
 
221,852
11,248,096
NCL Industries Ltd
 
21,490
56,008
 
  
  
11,325,971
Containers & Packaging - 0.0%
  
  
  
Huhtamaki India Ltd
 
6,945
23,512
Time Technoplast Ltd
 
50,359
268,479
 
  
  
291,991
Metals & Mining - 0.1%
  
  
  
Godawari Power and Ispat Ltd
 
42,250
94,535
Hindalco Industries Ltd
 
380,865
2,963,240
Indian Metals & Ferro Alloys Ltd
 
6,075
60,682
Jindal Saw Ltd
 
253,674
925,329
Jindal Steel & Power Ltd
 
215,389
2,316,403
Maharashtra Seamless Ltd
 
12,931
98,526
National Aluminium Co Ltd
 
841,426
2,417,443
Prakash Industries Ltd
 
137,765
274,139
Tata Steel Ltd
 
1,561,122
2,675,929
 
  
  
11,826,226
Paper & Forest Products - 0.0%
  
  
  
Satia Industries Ltd
 
16,104
19,599
Seshasayee Paper & Boards Ltd
 
7,875
28,624
 
  
  
48,223
TOTAL MATERIALS
  
  
39,714,814
 
  
  
  
Real Estate - 0.0%
  
  
  
Office REITs - 0.0%
  
  
  
Embassy Office Parks REIT
 
321,770
1,413,817
Real Estate Management & Development - 0.0%
  
  
  
DLF Ltd
 
79,471
775,859
NESCO Ltd
 
11,247
140,528
Oberoi Realty Ltd
 
80,164
1,907,436
 
  
  
2,823,823
TOTAL REAL ESTATE
  
  
4,237,640
 
  
  
  
Utilities - 0.4%
  
  
  
Electric Utilities - 0.1%
  
  
  
CESC Ltd
 
333,886
688,743
Power Grid Corp of India Ltd
 
3,630,823
14,159,850
Torrent Power Ltd
 
11,820
211,567
 
  
  
15,060,160
Gas Utilities - 0.1%
  
  
  
GAIL India Ltd
 
3,968,296
9,396,872
Indraprastha Gas Ltd
 
267,093
1,036,008
Mahanagar Gas Ltd (d)
  
54,966
775,967
 
  
  
11,208,847
Independent Power and Renewable Electricity Producers - 0.2%
  
  
  
Gujarat Industries Power Co Ltd
 
75,470
189,559
NTPC Ltd
 
4,127,808
17,804,361
 
  
  
17,993,920
Water Utilities - 0.0%
  
  
  
VA Tech Wabag Ltd (b)
  
10,696
227,422
TOTAL UTILITIES
  
  
44,490,349
 
  
  
  
TOTAL INDIA
  
  
1,074,297,507
INDONESIA - 0.9%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Telkom Indonesia Persero Tbk PT
 
17,398,700
2,983,290
Consumer Discretionary - 0.0%
  
  
  
Automobile Components - 0.0%
  
  
  
Gajah Tunggal Tbk PT
 
2,245,700
160,954
Consumer Staples - 0.1%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Sumber Alfaria Trijaya Tbk PT
 
14,866,900
2,672,364
Food Products - 0.1%
  
  
  
Dharma Satya Nusantara Tbk PT (b)
  
2,180,700
156,132
Indofood CBP Sukses Makmur Tbk PT
 
2,974,000
2,244,718
Indofood Sukses Makmur Tbk PT
 
7,470,300
3,577,328
Japfa Comfeed Indonesia Tbk PT
 
2,294,315
247,833
Mayora Indah Tbk PT
 
116,490
19,949
Perusahaan Perkebunan London Sumatra Indonesia Tbk PT
 
466,264
32,078
Triputra Agro Persada PT
 
990,800
50,608
 
  
  
6,328,646
TOTAL CONSUMER STAPLES
  
  
9,001,010
 
  
  
  
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Alamtri Resources Indonesia Tbk PT
 
51,086,700
6,703,581
Baramulti Suksessarana Tbk PT
 
28,475
7,474
Bukit Asam Tbk PT
 
4,537,126
773,368
Indika Energy Tbk PT
 
1,227,841
109,419
Indo Tambangraya Megah Tbk PT
 
757,300
1,272,705
United Tractors Tbk PT
 
2,054,700
3,470,915
 
  
  
12,337,462
Financials - 0.7%
  
  
  
Banks - 0.7%
  
  
  
Bank Central Asia Tbk PT
 
107,330,959
68,076,752
Bank Danamon Indonesia Tbk PT
 
355,601
56,570
Bank Mandiri Persero Tbk PT
 
27,785,640
10,803,548
Bank Rakyat Indonesia Persero Tbk PT
 
3,554,200
957,483
 
  
  
79,894,353
Insurance - 0.0%
  
  
  
Panin Financial Tbk PT (b)
  
2,868,938
77,865
TOTAL FINANCIALS
  
  
79,972,218
 
  
  
  
Industrials - 0.0%
  
  
  
Building Products - 0.0%
  
  
  
Mulia Industrindo PT
 
3,789,084
74,983
Commercial Services & Supplies - 0.0%
  
  
  
Jasuindo Tiga Perkasa Tbk
 
5,821,200
81,229
Ground Transportation - 0.0%
  
  
  
Rmk Energy Tbk PT
 
2,594,800
83,428
Industrial Conglomerates - 0.0%
  
  
  
Astra International Tbk PT
 
8,720,000
2,809,280
TOTAL INDUSTRIALS
  
  
3,048,920
 
  
  
  
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Ciputra Development Tbk PT
 
1,095,200
74,062
Utilities - 0.0%
  
  
  
Gas Utilities - 0.0%
  
  
  
Perusahaan Gas Negara Tbk PT Class B
 
17,868,400
1,716,526
TOTAL INDONESIA
  
  
109,294,442
ITALY - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Automobiles - 0.0%
  
  
  
Ferrari NV
 
6,700
2,908,872
JAPAN - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
Disco Corp
 
11,000
3,005,918
KAZAKHSTAN - 0.1%
 
  
  
Financials - 0.1%
  
  
  
Consumer Finance - 0.1%
  
  
  
Kaspi.KZ JSC ADR
 
146,712
15,610,157
KOREA (SOUTH) - 5.6%
 
  
  
Communication Services - 0.5%
  
  
  
Diversified Telecommunication Services - 0.3%
  
  
  
KT Corp
 
627,368
22,049,381
LG Uplus Corp
 
440,161
3,663,660
 
  
  
25,713,041
Entertainment - 0.0%
  
  
  
Com2uSCorp
 
2,100
73,772
Gravity Co Ltd ADR (b)
  
279
18,835
Krafton Inc (b)
  
10,861
2,441,403
Mgame Corp
 
34,930
135,823
Webzen Inc
 
11,695
126,739
 
  
  
2,796,572
Interactive Media & Services - 0.2%
  
  
  
NAVER Corp
 
135,789
20,216,820
SOOP Co Ltd
 
25,852
2,053,292
Webtoon Entertainment Inc (c)
  
227,100
2,788,788
 
  
  
25,058,900
Media - 0.0%
  
  
  
Korea Economic Broadcasting Co Ltd/The
 
6,677
29,041
Wireless Telecommunication Services - 0.0%
  
  
  
SK Telecom Co Ltd
 
77,798
3,425,578
TOTAL COMMUNICATION SERVICES
  
  
57,023,132
 
  
  
  
Consumer Discretionary - 0.7%
  
  
  
Automobile Components - 0.2%
  
  
  
Hankook Tire & Technology Co Ltd
 
78,750
2,134,836
Hyundai Mobis Co Ltd
 
107,582
18,529,491
PHA Co Ltd
 
10,325
77,237
Seoyon Co Ltd
 
15,754
75,870
SJG Sejong
 
11,274
33,621
Yoosung Enterprise Co Ltd
 
12,624
16,948
 
  
  
20,868,003
Automobiles - 0.4%
  
  
  
Hyundai Motor Co
 
131,449
20,722,176
Kia Corp
 
399,672
26,768,275
 
  
  
47,490,451
Broadline Retail - 0.0%
  
  
  
Coupang Inc Class A (b)
  
104,200
2,642,512
SAVEZONE I&C CORP
 
11,337
16,191
 
  
  
2,658,703
Diversified Consumer Services - 0.0%
  
  
  
Multicampus CO Ltd
 
955
20,729
Hotels, Restaurants & Leisure - 0.0%
  
  
  
DoubleUGames Co Ltd
 
4,925
181,893
Household Durables - 0.1%
  
  
  
LG Electronics Inc
 
153,808
9,943,499
Specialty Retail - 0.0%
  
  
  
LOTTE Himart Co Ltd
 
3,717
19,760
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Lf Corp
 
4,141
46,746
Youngone Corp
 
38,456
1,133,597
 
  
  
1,180,343
TOTAL CONSUMER DISCRETIONARY
  
  
82,363,381
 
  
  
  
Consumer Staples - 0.1%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
BGF retail Co Ltd
 
44,721
3,477,712
Food Products - 0.0%
  
  
  
Maeil Dairies Co Ltd
 
1,869
50,617
Samyang Holdings Corp
 
1,083
52,955
 
  
  
103,572
Tobacco - 0.1%
  
  
  
KT&G Corp
 
151,209
13,237,537
TOTAL CONSUMER STAPLES
  
  
16,818,821
 
  
  
  
Financials - 1.0%
  
  
  
Banks - 0.7%
  
  
  
BNK Financial Group Inc
 
265,603
2,015,541
DGB Financial Group Inc
 
80,436
512,531
Hana Financial Group Inc
 
385,278
17,280,304
KB Financial Group Inc
 
541,773
37,424,677
Shinhan Financial Group Co Ltd
 
226,892
8,695,497
Woori Financial Group Inc
 
968,477
11,630,600
 
  
  
77,559,150
Capital Markets - 0.0%
  
  
  
KIWOOM Securities Co Ltd
 
12,053
1,117,347
Korea Investment Holdings Co Ltd
 
31,605
1,698,462
NH Investment & Securities Co Ltd
 
120,621
1,156,458
Samsung Securities Co Ltd
 
59,428
2,038,138
 
  
  
6,010,405
Consumer Finance - 0.0%
  
  
  
LEADCORP Inc/The
 
5,937
18,116
Samsung Card Co Ltd
 
7,695
235,261
 
  
  
253,377
Insurance - 0.3%
  
  
  
DB Insurance Co Ltd
 
35,455
2,782,169
Hanwha Life Insurance Co Ltd
 
88,299
171,169
Hyundai Marine & Fire Insurance Co Ltd
 
79,499
1,518,686
Samsung Fire & Marine Insurance Co Ltd
 
84,587
23,935,683
Samsung Life Insurance Co Ltd
 
24,624
1,897,390
Tongyang Life Insurance Co Ltd
 
22,994
96,258
 
  
  
30,401,355
TOTAL FINANCIALS
  
  
114,224,287
 
  
  
  
Health Care - 0.2%
  
  
  
Biotechnology - 0.0%
  
  
  
PharmaResearch Co Ltd
 
13,199
1,885,550
Health Care Equipment & Supplies - 0.0%
  
  
  
Rayence Co Ltd
 
12,372
57,706
Life Sciences Tools & Services - 0.2%
  
  
  
Samsung Biologics Co Ltd (b)(d)(e)
  
28,412
19,951,121
Pharmaceuticals - 0.0%
  
  
  
JW Holdings Corp
 
10,986
22,763
TOTAL HEALTH CARE
  
  
21,917,140
 
  
  
  
Industrials - 0.7%
  
  
  
Aerospace & Defense - 0.4%
  
  
  
Hanwha Aerospace Co Ltd
 
26,463
5,953,018
Korea Aerospace Industries Ltd
 
779,540
32,761,174
 
  
  
38,714,192
Air Freight & Logistics - 0.0%
  
  
  
Hyundai Glovis Co Ltd
 
50,577
4,472,707
Building Products - 0.0%
  
  
  
LX Hausys Ltd
 
1,397
35,806
Construction & Engineering - 0.0%
  
  
  
DL E&C Co Ltd
 
19,344
468,205
Electrical Equipment - 0.0%
  
  
  
Dongyang E&P Inc
 
21,665
298,938
HD Hyundai Electric Co Ltd
 
11,079
2,815,545
Iljin Holdings Co Ltd
 
8,073
21,694
 
  
  
3,136,177
Ground Transportation - 0.0%
  
  
  
Sebang Co Ltd
 
4,390
36,973
Industrial Conglomerates - 0.0%
  
  
  
AK Holdings Inc
 
1,601
12,641
CJ Corp
 
20,073
1,387,051
GS Holdings Corp
 
44,931
1,352,644
Kolon Corp
 
3,512
34,732
SK Square Co Ltd (b)
  
35,237
1,885,722
 
  
  
4,672,790
Machinery - 0.3%
  
  
  
DY POWER Corp
 
5,260
47,152
HD HYUNDAI MIPO (b)
  
164,780
14,886,978
HD Korea Shipbuilding & Offshore Engineering Co Ltd (b)
  
343
50,530
Hyundai Rotem Co Ltd
 
46,717
1,705,759
Samsung Heavy Industries Co Ltd (b)
  
1,199,420
10,028,584
 
  
  
26,719,003
Passenger Airlines - 0.0%
  
  
  
Korean Air Lines Co Ltd
 
123,104
2,296,085
Trading Companies & Distributors - 0.0%
  
  
  
LX INTERNATIONAL CORP
 
53,867
1,106,438
TOTAL INDUSTRIALS
  
  
81,658,376
 
  
  
  
Information Technology - 2.4%
  
  
  
Electronic Equipment, Instruments & Components - 0.0%
  
  
  
BH Co Ltd
 
78,823
927,964
Daeduck Co Ltd
 
4,988
23,987
LG Innotek Co Ltd
 
13,938
1,632,100
Samsung Electro-Mechanics Co Ltd
 
37,010
2,890,057
WiSoL Co Ltd
 
4,733
19,030
 
  
  
5,493,138
IT Services - 0.0%
  
  
  
Gabia Inc
 
5,261
54,412
Semiconductors & Semiconductor Equipment - 0.4%
  
  
  
LX Semicon Co Ltd
 
4,046
157,498
SK Hynix Inc
 
394,941
46,119,432
 
  
  
46,276,930
Technology Hardware, Storage & Peripherals - 2.0%
  
  
  
Samsung Electronics Co Ltd
 
5,431,509
213,625,046
Samsung Electronics Co Ltd GDR (d)
  
13,009
12,761,829
 
  
  
226,386,875
TOTAL INFORMATION TECHNOLOGY
  
  
278,211,355
 
  
  
  
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
NOROO Paint & Coatings Co Ltd
 
7,263
42,154
OCI Holdings Co Ltd
 
27,098
1,159,335
Taekwang Industrial Co Ltd
 
155
69,519
Unid CO Ltd
 
1,340
60,503
 
  
  
1,331,511
Metals & Mining - 0.0%
  
  
  
Poongsan Corp
 
40,743
1,510,256
Poongsan Holdings Corp
 
1,786
31,623
 
  
  
1,541,879
Paper & Forest Products - 0.0%
  
  
  
Hansol Paper Co Ltd
 
6,539
42,112
TOTAL MATERIALS
  
  
2,915,502
 
  
  
  
Utilities - 0.0%
  
  
  
Gas Utilities - 0.0%
  
  
  
Daesung Holdings Co Ltd
 
3,363
17,581
Korea Gas Corp (b)
  
49,724
1,602,173
 
  
  
1,619,754
TOTAL KOREA (SOUTH)
  
  
656,751,748
KUWAIT - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Wireless Telecommunication Services - 0.0%
  
  
  
Kuwait Telecommunications Co
 
186,614
333,174
Mobile Telecommunications Co KSCP
 
646,827
969,715
National Mobile Telecommunications Co KSC (b)
  
1,531
5,218
 
  
  
1,308,107
Consumer Discretionary - 0.0%
  
  
  
Diversified Consumer Services - 0.0%
  
  
  
Humansoft Holding Co KSC
 
34,023
274,397
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
Mezzan Holding Co KSCC
 
175,561
497,851
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
Boursa Kuwait Securities Co KPSC
 
17,525
122,076
Industrials - 0.0%
  
  
  
Air Freight & Logistics - 0.0%
  
  
  
Agility Public Warehousing Co KSC
 
338,975
293,227
TOTAL KUWAIT
  
  
2,495,658
LUXEMBOURG - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
Reinet Investments SCA (South Africa)
 
6,301
169,133
MALAYSIA - 0.4%
 
  
  
Communication Services - 0.0%
  
  
  
Media - 0.0%
  
  
  
Media Prima Bhd
 
265,300
28,088
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Genting Bhd
 
1,406,100
1,184,086
Sports Toto Bhd
 
96,300
31,446
 
  
  
1,215,532
Specialty Retail - 0.0%
  
  
  
MR DIY Group M Bhd (d)(e)
  
5,117,400
2,087,542
TOTAL CONSUMER DISCRETIONARY
  
  
3,303,074
 
  
  
  
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
FGV Holdings Bhd (d)(e)
  
88,900
23,006
Three-A Resources BHD
 
93,000
16,927
 
  
  
39,933
Energy - 0.0%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
Dayang Enterprise Holdings Bhd
 
140,600
65,791
Financials - 0.3%
  
  
  
Banks - 0.3%
  
  
  
Alliance Bank Malaysia Bhd
 
59,900
66,190
AMMB Holdings Bhd
 
1,380,300
1,673,916
CIMB Group Holdings Bhd
 
14,610,474
27,115,291
Hong Leong Bank Bhd
 
183,800
855,602
Hong Leong Financial Group Bhd
 
56,000
232,799
Malayan Banking Bhd
 
377,600
866,474
RHB Bank Bhd
 
531,400
808,272
 
  
  
31,618,544
Capital Markets - 0.0%
  
  
  
Bursa Malaysia Bhd
 
198,600
395,957
Kenanga Investment Bank Bhd
 
148,400
31,031
 
  
  
426,988
TOTAL FINANCIALS
  
  
32,045,532
 
  
  
  
Health Care - 0.0%
  
  
  
Health Care Providers & Services - 0.0%
  
  
  
IHH Healthcare Bhd
 
921,800
1,505,790
Industrials - 0.0%
  
  
  
Industrial Conglomerates - 0.0%
  
  
  
Sime Darby Bhd
 
2,351,400
1,207,279
Professional Services - 0.0%
  
  
  
My EG Services Bhd
 
8,307,600
1,620,008
Trading Companies & Distributors - 0.0%
  
  
  
Engtex Group Bhd
 
308,725
39,628
Transportation Infrastructure - 0.0%
  
  
  
Westports Holdings Bhd
 
85,800
83,028
TOTAL INDUSTRIALS
  
  
2,949,943
 
  
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Ann Joo Resources Bhd (b)
  
500
90
Paper & Forest Products - 0.0%
  
  
  
Evergreen Fibreboard Bhd (b)
  
265,100
16,726
TOTAL MATERIALS
  
  
16,816
 
  
  
  
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Mah Sing Group Bhd
 
644,600
244,280
Matrix Concepts Holdings Bhd
 
85,100
44,051
SP Setia Bhd Group
 
1,482,000
444,486
 
  
  
732,817
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
Tenaga Nasional Bhd
 
2,067,400
6,354,377
Independent Power and Renewable Electricity Producers - 0.0%
  
  
  
Malakoff Corp Bhd
 
512,400
91,640
Multi-Utilities - 0.0%
  
  
  
YTL Corp Bhd
 
317,800
149,083
YTL Power International Bhd
 
1,314,600
1,008,106
 
  
  
1,157,189
TOTAL UTILITIES
  
  
7,603,206
 
  
  
  
TOTAL MALAYSIA
  
  
48,290,990
MEXICO - 1.8%
 
  
  
Communication Services - 0.0%
  
  
  
Wireless Telecommunication Services - 0.0%
  
  
  
America Movil SAB de CV Series B
 
3,970,300
2,952,412
Consumer Discretionary - 0.0%
  
  
  
Broadline Retail - 0.0%
  
  
  
El Puerto de Liverpool SAB de CV Series C (c)
  
299,264
1,512,358
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Alsea SAB de CV
 
32,143
71,374
TOTAL CONSUMER DISCRETIONARY
  
  
1,583,732
 
  
  
  
Consumer Staples - 1.2%
  
  
  
Beverages - 0.5%
  
  
  
Becle SAB de CV
 
1,160,600
1,487,032
Fomento Economico Mexicano SAB de CV ADR
 
423,914
37,893,673
Fomento Economico Mexicano SAB de CV unit
 
1,086,078
9,695,892
 
  
  
49,076,597
Consumer Staples Distribution & Retail - 0.6%
  
  
  
BBB Foods Inc Class A (c)
  
103,400
2,917,948
Wal-Mart de Mexico SAB de CV Series V
 
22,476,980
59,779,850
 
  
  
62,697,798
Food Products - 0.1%
  
  
  
Gruma SAB de CV Series B
 
899,924
15,375,319
Household Products - 0.0%
  
  
  
Kimberly Clark DE Mexico Sab D Series A
 
58,346
79,471
TOTAL CONSUMER STAPLES
  
  
127,229,185
 
  
  
  
Financials - 0.3%
  
  
  
Banks - 0.3%
  
  
  
Banco del Bajio SA (d)(e)
  
977,900
2,071,215
Grupo Financiero Banorte SAB de CV
 
4,240,378
28,444,019
 
  
  
30,515,234
Health Care - 0.0%
  
  
  
Pharmaceuticals - 0.0%
  
  
  
Genomma Lab Internacional SAB de CV
 
390,619
520,505
Industrials - 0.1%
  
  
  
Passenger Airlines - 0.0%
  
  
  
Controladora Vuela Cia de Aviacion SAB de CV Class A ADR (b)
  
61,630
474,551
Transportation Infrastructure - 0.1%
  
  
  
Grupo Aeroportuario del Pacifico SAB de CV Class B ADR
 
3,264
613,567
Grupo Aeroportuario del Pacifico SAB de CV Series B (c)
  
574,027
10,765,146
Grupo Aeroportuario del Sureste SAB de CV Series B
 
8,240
213,507
Promotora y Operadora de Infraestructura SAB de CV
 
12,799
121,755
 
  
  
11,713,975
TOTAL INDUSTRIALS
  
  
12,188,526
 
  
  
  
Materials - 0.2%
  
  
  
Construction Materials - 0.0%
  
  
  
Cemex SAB de CV ADR
 
1,055,074
5,876,762
Metals & Mining - 0.2%
  
  
  
Grupo Mexico SAB de CV Series B
 
4,185,870
20,526,595
Southern Copper Corp
 
3,062
307,272
Ternium SA ADR
 
64,271
2,131,869
 
  
  
22,965,736
TOTAL MATERIALS
  
  
28,842,498
 
  
  
  
Real Estate - 0.0%
  
  
  
Industrial REITs - 0.0%
  
  
  
Prologis Property Mexico SA de CV
 
725,400
2,168,782
Real Estate Management & Development - 0.0%
  
  
  
Corp Inmobiliaria Vesta SAB de CV ADR (c)
  
112,936
2,721,758
TOTAL REAL ESTATE
  
  
4,890,540
 
  
  
  
TOTAL MEXICO
  
  
208,722,632
NETHERLANDS - 0.1%
 
  
  
Communication Services - 0.1%
  
  
  
Interactive Media & Services - 0.1%
  
  
  
Nebius Group NV Class A (b)(c)
  
204,900
4,505,751
Information Technology - 0.0%
  
  
  
Semiconductors & Semiconductor Equipment - 0.0%
  
  
  
ASML Holding NV
 
8,052
5,502,006
BE Semiconductor Industries NV
 
21,200
2,531,550
 
  
  
8,033,556
TOTAL NETHERLANDS
  
  
12,539,307
PERU - 0.4%
 
  
  
Financials - 0.4%
  
  
  
Banks - 0.4%
  
  
  
Credicorp Ltd
 
275,306
51,061,004
Industrials - 0.0%
  
  
  
Trading Companies & Distributors - 0.0%
  
  
  
Ferreycorp Saa
 
32,934
26,197
TOTAL PERU
  
  
51,087,201
PHILIPPINES - 0.3%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
DigiPlus Interactive Corp (b)
  
410,600
153,416
Jollibee Foods Corp
 
629,090
2,770,380
 
  
  
2,923,796
Specialty Retail - 0.0%
  
  
  
SSI Group Inc (d)
  
124,000
6,864
TOTAL CONSUMER DISCRETIONARY
  
  
2,930,660
 
  
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
BDO Unibank Inc
 
1,591,066
4,197,307
Industrials - 0.2%
  
  
  
Industrial Conglomerates - 0.0%
  
  
  
Ayala Corp
 
157,460
1,644,854
SM Investments Corp
 
94,610
1,413,286
 
  
  
3,058,140
Professional Services - 0.0%
  
  
  
TaskUS Inc Class A (b)
  
114,600
1,680,036
Transportation Infrastructure - 0.2%
  
  
  
International Container Terminal Services Inc
 
1,797,834
11,340,446
TOTAL INDUSTRIALS
  
  
16,078,622
 
  
  
  
Real Estate - 0.1%
  
  
  
Real Estate Management & Development - 0.1%
  
  
  
Ayala Land Inc
 
28,453,588
13,897,868
TOTAL PHILIPPINES
  
  
37,104,457
POLAND - 0.8%
 
  
  
Communication Services - 0.0%
  
  
  
Entertainment - 0.0%
  
  
  
CD Projekt SA
 
5,096
209,836
Consumer Discretionary - 0.1%
  
  
  
Broadline Retail - 0.0%
  
  
  
Allegro.eu SA (b)(d)(e)
  
779,327
5,521,724
Specialty Retail - 0.0%
  
  
  
Wittchen SA
 
4,160
21,873
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
LPP SA
 
2,301
8,874,084
TOTAL CONSUMER DISCRETIONARY
  
  
14,417,681
 
  
  
  
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Dino Polska SA (b)(d)(e)
  
37,800
3,592,375
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
ORLEN SA
 
491,060
6,170,071
Financials - 0.6%
  
  
  
Banks - 0.5%
  
  
  
Bank Polska Kasa Opieki SA
 
180,103
6,016,666
Powszechna Kasa Oszczednosci Bank Polski SA
 
3,059,715
42,121,898
 
  
  
48,138,564
Insurance - 0.1%
  
  
  
Powszechny Zaklad Ubezpieczen SA
 
1,472,738
16,031,084
TOTAL FINANCIALS
  
  
64,169,648
 
  
  
  
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
Asseco Poland SA
 
4,749
106,136
Materials - 0.0%
  
  
  
Paper & Forest Products - 0.0%
  
  
  
Arctic Paper SA
 
5,469
22,223
TOTAL POLAND
  
  
88,687,970
PORTUGAL - 0.1%
 
  
  
Consumer Staples - 0.1%
  
  
  
Consumer Staples Distribution & Retail - 0.1%
  
  
  
Jeronimo Martins SGPS SA
 
553,442
10,784,631
QATAR - 0.1%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Ooredoo QPSC
 
117,634
382,529
Wireless Telecommunication Services - 0.0%
  
  
  
Vodafone Qatar QSC
 
352,878
178,135
TOTAL COMMUNICATION SERVICES
  
  
560,664
 
  
  
  
Energy - 0.0%
  
  
  
Energy Equipment & Services - 0.0%
  
  
  
Gulf International Services QSC
 
507,510
425,132
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
Doha Bank QPSC
 
933,222
469,302
Qatar National Bank QPSC
 
2,509,051
11,783,788
 
  
  
12,253,090
Industrials - 0.0%
  
  
  
Marine Transportation - 0.0%
  
  
  
Qatar Navigation QSC
 
1,814
5,440
Materials - 0.0%
  
  
  
Construction Materials - 0.0%
  
  
  
Qatar National Cement Co QSC
 
18,192
18,472
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Barwa Real Estate Co
 
420,197
319,793
TOTAL QATAR
  
  
13,582,591
RUSSIA - 0.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Broadline Retail - 0.0%
  
  
  
Ozon Holdings PLC ADR (b)(c)(f)
  
52,200
1
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Gazprom PJSC (Russia) (b)(f)
  
1,235,592
12
LUKOIL PJSC (b)(f)
  
165,638
0
LUKOIL PJSC ADR (b)(f)
  
200,700
2
Rosneft Oil Co PJSC (b)(f)
  
634,013
0
 
  
  
14
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Sberbank of Russia PJSC (b)(f)
  
2,908,251
0
Sberbank of Russia PJSC (Russia) (b)(f)
  
328,709
3
Sberbank of Russia PJSC ADR (b)(f)
  
1,288,149
13
 
  
  
16
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
Phosagro Pjsc (b)(f)
  
18,583
0
Phosagro Pjsc GDR (b)(d)(f)
  
1
0
Phosagro Pjsc GDR (b)(d)(f)
  
359
0
 
  
  
0
Metals & Mining - 0.0%
  
  
  
Novolipetsk Steel PJSC (b)(f)
  
355,140
0
Novolipetsk Steel PJSC GDR (b)(d)(f)
  
56,576
1
Polyus PJSC (b)(f)
  
2,468
0
 
  
  
1
TOTAL MATERIALS
  
  
1
 
  
  
  
TOTAL RUSSIA
  
  
32
SAUDI ARABIA - 0.9%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Saudi Telecom Co
 
350,119
3,709,105
Wireless Telecommunication Services - 0.1%
  
  
  
Etihad Etisalat Co
 
604,624
8,883,719
TOTAL COMMUNICATION SERVICES
  
  
12,592,824
 
  
  
  
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Al-Dawaa Medical Services Co
 
4,251
88,597
Almunajem Foods Co
 
9,128
233,734
 
  
  
322,331
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Saudi Arabian Oil Co (d)(e)
  
305,000
2,228,500
Financials - 0.6%
  
  
  
Banks - 0.6%
  
  
  
Al Rajhi Bank
 
1,316,415
31,921,373
Alinma Bank
 
520,715
3,853,144
Arab National Bank
 
1,457,600
7,410,408
Riyad Bank
 
88,449
618,006
Saudi Awwal Bank
 
135,074
1,116,359
Saudi National Bank/The
 
2,817,129
24,332,784
 
  
  
69,252,074
Insurance - 0.0%
  
  
  
Al-Etihad Cooperative Insurance Co
 
5,337
25,286
Saudi Arabian Cooperative Insurance Co (b)
  
15,991
62,825
 
  
  
88,111
TOTAL FINANCIALS
  
  
69,340,185
 
  
  
  
Industrials - 0.1%
  
  
  
Construction & Engineering - 0.0%
  
  
  
Al Babtain Power & Telecommunication Co
 
3,810
38,030
Electrical Equipment - 0.0%
  
  
  
Electrical Industries Co
 
1,386,715
2,613,309
Middle East Specialized Cables Co (b)
  
13,076
132,782
Riyadh Cables Group Co
 
38,051
1,304,525
 
  
  
4,050,616
Ground Transportation - 0.1%
  
  
  
United International Transportation Co
 
215,006
4,475,358
Industrial Conglomerates - 0.0%
  
  
  
Astra Industrial Group Co
 
27,108
1,192,004
TOTAL INDUSTRIALS
  
  
9,756,008
 
  
  
  
Information Technology - 0.1%
  
  
  
IT Services - 0.1%
  
  
  
Arabian Internet & Communications Services Co
 
6,849
502,431
Elm Co
 
28,903
8,334,933
 
  
  
8,837,364
Materials - 0.0%
  
  
  
Chemicals - 0.0%
  
  
  
SABIC Agri-Nutrients Co
 
65,500
1,931,752
Metals & Mining - 0.0%
  
  
  
Zamil Industrial Investment Co (b)
  
43,413
339,155
TOTAL MATERIALS
  
  
2,270,907
 
  
  
  
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
Arabian Centres Co (d)(e)
  
183,016
969,421
Retal Urban Development Co
 
122,635
558,189
 
  
  
1,527,610
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
Saudi Electricity Co
 
558,454
2,470,522
TOTAL SAUDI ARABIA
  
  
109,346,251
SINGAPORE - 0.1%
 
  
  
Communication Services - 0.1%
  
  
  
Entertainment - 0.1%
  
  
  
IGG Inc
 
421,000
191,560
Sea Ltd Class A ADR (b)
  
92,100
10,480,980
 
  
  
  
TOTAL SINGAPORE
  
  
10,672,540
SLOVENIA - 0.1%
 
  
  
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
Nova Ljubljanska Banka dd GDR (d)
  
290,739
7,680,961
SOUTH AFRICA - 2.2%
 
  
  
Communication Services - 0.1%
  
  
  
Wireless Telecommunication Services - 0.1%
  
  
  
MTN Group Ltd
 
3,327,784
14,932,432
Consumer Discretionary - 0.3%
  
  
  
Broadline Retail - 0.2%
  
  
  
Naspers Ltd Class N
 
118,798
26,953,553
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Famous Brands Ltd
 
17,647
66,128
Southern Sun Ltd (b)
  
80,103
37,892
Sun International Ltd/South Africa (b)
  
84,544
203,117
 
  
  
307,137
Specialty Retail - 0.1%
  
  
  
Lewis Group Ltd
 
7,250
34,166
Mr Price Group Ltd
 
68,244
1,093,655
Pepkor Holdings Ltd (d)(e)
  
3,847,623
5,713,533
We Buy Cars Pty Ltd
 
109,245
276,059
 
  
  
7,117,413
Consumer Staples - 0.5%
  
  
  
Consumer Staples Distribution & Retail - 0.5%
  
  
  
Bid Corp Ltd
 
684,852
16,701,738
Clicks Group Ltd
 
116,428
2,551,767
Shoprite Holdings Ltd
 
1,908,616
31,437,198
 
  
  
50,690,703
Food Products - 0.0%
  
  
  
Premier Group Ltd (b)
  
2,238
15,068
Tiger Brands Ltd
 
244,591
3,447,433
 
  
  
3,462,501
TOTAL CONSUMER STAPLES
  
  
54,153,204
 
  
  
  
Financials - 0.9%
  
  
  
Banks - 0.5%
  
  
  
Absa Group Ltd
 
1,213,927
11,681,089
Capitec Bank Holdings Ltd
 
97,755
17,742,143
Nedbank Group Ltd
 
79,491
1,279,402
Standard Bank Group Ltd
 
1,500,047
19,787,461
 
  
  
50,490,095
Capital Markets - 0.0%
  
  
  
Alexander Forbes Group Holdings Ltd
 
888
366
Jse Limited
 
5,089
33,555
 
  
  
33,921
Financial Services - 0.3%
  
  
  
FirstRand Ltd
 
9,032,565
38,755,446
Remgro Ltd
 
24,016
201,283
 
  
  
38,956,729
Insurance - 0.1%
  
  
  
Discovery Ltd
 
105,145
1,131,034
Old Mutual Ltd
 
2,565,684
1,812,224
OUTsurance Group Ltd
 
1,198,975
4,323,947
 
  
  
7,267,205
TOTAL FINANCIALS
  
  
96,747,950
 
  
  
  
Health Care - 0.0%
  
  
  
Pharmaceuticals - 0.0%
  
  
  
Aspen Pharmacare Holdings Ltd
 
226,835
2,091,917
Industrials - 0.0%
  
  
  
Construction & Engineering - 0.0%
  
  
  
Raubex Group Ltd
 
18,954
55,589
Industrial Conglomerates - 0.0%
  
  
  
Bidvest Group Ltd
 
336,173
5,195,375
TOTAL INDUSTRIALS
  
  
5,250,964
 
  
  
  
Materials - 0.4%
  
  
  
Chemicals - 0.0%
  
  
  
Sasol Ltd
 
416,182
2,043,422
Metals & Mining - 0.4%
  
  
  
African Rainbow Minerals Ltd (c)
  
431,715
3,809,642
Anglo American Platinum Ltd
 
100,284
3,342,817
Gold Fields Ltd
 
505,024
7,239,317
Impala Platinum Holdings Ltd (b)
  
4,666,913
26,576,883
Northam Platinum Holdings Ltd
 
748,343
4,695,455
 
  
  
45,664,114
Paper & Forest Products - 0.0%
  
  
  
Sappi Ltd
 
123,207
344,670
TOTAL MATERIALS
  
  
48,052,206
 
  
  
  
TOTAL SOUTH AFRICA
  
  
255,606,776
SWEDEN - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Capital Markets - 0.0%
  
  
  
VEF AB (b)
  
4,585,700
902,577
TAIWAN - 11.2%
 
  
  
Communication Services - 0.1%
  
  
  
Entertainment - 0.1%
  
  
  
International Games System Co Ltd
 
400,000
11,919,442
Userjoy Technology Co Ltd
 
20,947
50,067
 
  
  
11,969,509
Wireless Telecommunication Services - 0.0%
  
  
  
Far EasTone Telecommunications Co Ltd
 
906,000
2,515,433
TOTAL COMMUNICATION SERVICES
  
  
14,484,942
 
  
  
  
Consumer Discretionary - 0.2%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Gourmet Master Co Ltd
 
44,000
129,980
Wowprime Corp
 
26,685
190,509
 
  
  
320,489
Household Durables - 0.0%
  
  
  
Ya Horng Electronic Co Ltd
 
13,000
23,656
Textiles, Apparel & Luxury Goods - 0.2%
  
  
  
Eclat Textile Co Ltd
 
1,120,106
18,427,742
Pou Chen Corp
 
1,719,000
2,168,340
 
  
  
20,596,082
TOTAL CONSUMER DISCRETIONARY
  
  
20,940,227
 
  
  
  
Consumer Staples - 0.1%
  
  
  
Food Products - 0.1%
  
  
  
Uni-President Enterprises Corp
 
2,288,391
5,977,762
Financials - 0.3%
  
  
  
Banks - 0.1%
  
  
  
CTBC Financial Holding Co Ltd
 
6,968,934
8,053,057
Financial Services - 0.1%
  
  
  
Chailease Holding Co Ltd
 
2,267,296
8,316,299
Insurance - 0.1%
  
  
  
Cathay Financial Holding Co Ltd
 
6,797,993
13,834,723
Fubon Financial Holding Co Ltd
 
977,550
2,664,796
 
  
  
16,499,519
TOTAL FINANCIALS
  
  
32,868,875
 
  
  
  
Industrials - 0.4%
  
  
  
Air Freight & Logistics - 0.0%
  
  
  
Dimerco Express Corp
 
162,558
409,904
Electrical Equipment - 0.0%
  
  
  
CviLux Corp
 
31,000
47,750
Voltronic Power Technology Corp
 
47,000
2,679,355
 
  
  
2,727,105
Machinery - 0.1%
  
  
  
Hiwin Technologies Corp
 
2,296,515
16,453,928
Nova Technology Corp/Taiwan
 
4,000
23,264
 
  
  
16,477,192
Marine Transportation - 0.2%
  
  
  
Evergreen Marine Corp Taiwan Ltd
 
2,390,400
16,065,575
Wan Hai Lines Ltd
 
73,000
187,785
Wisdom Marine Lines Co Ltd
 
440,000
1,013,822
Yang Ming Marine Transport Corp
 
3,158,000
7,159,578
 
  
  
24,426,760
Passenger Airlines - 0.1%
  
  
  
China Airlines Ltd
 
494,000
380,907
Eva Airways Corp
 
4,541,000
5,835,948
 
  
  
6,216,855
TOTAL INDUSTRIALS
  
  
50,257,816
 
  
  
  
Information Technology - 10.1%
  
  
  
Communications Equipment - 0.2%
  
  
  
Accton Technology Corp
 
1,073,942
21,936,751
Zyxel Group Corp
 
215,000
263,179
 
  
  
22,199,930
Electronic Equipment, Instruments & Components - 1.4%
  
  
  
Asia Optical Co Inc
 
73,000
244,501
AVer Information Inc
 
16,000
20,439
Delta Electronics Inc
 
1,198,047
14,209,198
E Ink Holdings Inc
 
1,924,138
16,847,226
Elite Material Co Ltd
 
222,000
3,231,120
General Interface Solution Holding Ltd (b)
  
68,000
103,179
Genius Electronic Optical Co Ltd
 
32,000
442,177
Hannstar Board Corp
 
304,120
479,229
Hon Hai Precision Industry Co Ltd
 
15,182,185
92,488,958
Lotes Co Ltd
 
56,000
3,119,265
Primax Electronics Ltd
 
69,917
170,634
Simplo Technology Co Ltd
 
87,000
1,015,364
Sirtec International Co Ltd
 
1,000
1,030
Speed Tech Corp
 
57,000
93,729
Synnex Technology International Corp
 
529,000
1,238,099
Taiwan Surface Mounting Technology Corp
 
403,000
1,292,923
Ventec International Group Co Ltd
 
36,000
77,693
Weblink International Inc
 
39,000
68,941
Yageo Corp
 
1,236,171
19,749,277
Zhen Ding Technology Holding Ltd
 
326,000
1,160,209
 
  
  
156,053,191
Semiconductors & Semiconductor Equipment - 8.2%
  
  
  
Advanced Analog Technology Inc
 
33,000
70,014
Alchip Technologies Ltd
 
103,049
7,083,241
Anpec Electronics Corp
 
24,000
121,980
ASE Technology Holding Co Ltd
 
2,111,691
10,036,150
ASPEED Technology Inc
 
18,000
2,295,384
eGalax_eMPIA Technology Inc
 
293,826
425,297
Elan Microelectronics Corp
 
191,000
866,277
eMemory Technology Inc
 
32,000
2,913,224
Everlight Electronics Co Ltd
 
73,000
175,730
FocalTech Systems Co Ltd
 
195,000
531,061
Foxsemicon Integrated Technology Inc
 
43,000
412,739
Generalplus Technology Inc
 
41,000
63,726
Gudeng Precision Industrial Co Ltd
 
59,000
912,368
Himax Technologies Inc ADR (c)
  
54,901
296,465
ITE Technology Inc
 
193,000
838,836
Jentech Precision Industrial Co Ltd
 
36,000
1,548,156
Keystone Microtech Corp
 
22,000
215,672
Macroblock Inc
 
39,000
86,617
MediaTek Inc
 
1,946,946
76,473,594
MPI Corp
 
143,000
3,471,185
Niko Semiconductor Co Ltd
 
52,440
79,409
Novatek Microelectronics Corp
 
513,000
7,698,652
Parade Technologies Ltd
 
3,000
64,797
Phison Electronics Corp
 
62,000
889,528
Pixart Imaging Inc
 
175,000
1,161,624
Powertech Technology Inc
 
265,000
1,008,468
Radiant Opto-Electronics Corp
 
827,000
4,877,554
Raydium Semiconductor Corp
 
72,572
831,474
Realtek Semiconductor Corp
 
464,000
6,858,170
Silicon Motion Technology Corp ADR
 
50,086
2,658,064
Sinopower Semiconductor Inc
 
16,000
45,275
Sitronix Technology Corp
 
118,000
755,842
Sonix Technology Co Ltd
 
94,000
121,484
Sunplus Technology Co Ltd (b)
  
515,000
447,408
Taiwan Semiconductor Manufacturing Co Ltd
 
25,147,597
783,902,733
Taiwan Semiconductor Manufacturing Co Ltd ADR
 
170,160
31,421,745
Ubright Optronics Corp
 
33,000
64,824
 
  
  
951,724,767
Software - 0.0%
  
  
  
Genesis Technology Inc/Taiwan (b)
  
31,023
61,548
Insyde Software Corp
 
142,000
2,069,224
 
  
  
2,130,772
Technology Hardware, Storage & Peripherals - 0.3%
  
  
  
Asia Vital Components Co Ltd
 
252,760
5,077,569
Asustek Computer Inc
 
884,000
16,132,012
Axiomtek Co Ltd
 
43,973
143,363
Chicony Electronics Co Ltd
 
327,000
1,590,967
Compal Electronics Inc
 
3,041,000
3,469,913
Darfon Electronics Corp
 
34,000
52,830
Ennoconn Corp
 
44,000
410,476
Pegatron Corp
 
1,886,000
5,511,139
Quanta Computer Inc
 
348,000
3,164,820
Wistron Corp
 
827,000
2,920,582
Wiwynn Corp
 
28,000
1,690,228
 
  
  
40,163,899
TOTAL INFORMATION TECHNOLOGY
  
  
1,172,272,559
 
  
  
  
TOTAL TAIWAN
  
  
1,296,802,181
THAILAND - 0.4%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Automobile Components - 0.0%
  
  
  
Thai Stanley Electric PCL depository receipt
 
4,000
25,546
Hotels, Restaurants & Leisure - 0.0%
  
  
  
MK Restaurants Group PCL depository receipt
 
29,200
21,215
Specialty Retail - 0.0%
  
  
  
Com7 Pcl
 
736,100
570,680
Index Livingmall PCL depository receipt
 
230,500
116,242
 
  
  
686,922
TOTAL CONSUMER DISCRETIONARY
  
  
733,683
 
  
  
  
Consumer Staples - 0.0%
  
  
  
Beverages - 0.0%
  
  
  
Haad Thip PCL depository receipt
 
178,600
84,399
Consumer Staples Distribution & Retail - 0.0%
  
  
  
CP ALL PCL
 
1,415,439
2,531,806
Food Products - 0.0%
  
  
  
Charoen Pokphand Foods PCL depository receipt
 
1,026,600
717,002
TOTAL CONSUMER STAPLES
  
  
3,333,207
 
  
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
PTT Exploration & Production PCL
 
782,842
2,915,801
PTT Exploration & Production PCL depository receipt
 
175,700
654,418
PTT PCL depository receipt
 
157,100
147,911
 
  
  
3,718,130
Financials - 0.4%
  
  
  
Banks - 0.4%
  
  
  
Bangkok Bank PCL depository receipt
 
2,630,300
11,484,772
Kasikornbank PCL
 
1,221,200
5,364,269
Kasikornbank PCL depository receipt
 
1,709,260
7,508,133
Krung Thai Bank PCL
 
4,406,600
2,574,668
Krung Thai Bank PCL depository receipt
 
4,642,700
2,712,615
SCB X PCL
 
1,030,200
3,441,287
 
  
  
33,085,744
Health Care - 0.0%
  
  
  
Health Care Providers & Services - 0.0%
  
  
  
Bangkok Dusit Medical Services PCL depository receipt
 
2,826,800
2,083,037
Bumrungrad Hospital Pcl
 
487,100
2,960,364
Ekachai Medical Care Pcl depository receipt
 
134,797
25,575
 
  
  
5,068,976
Industrials - 0.0%
  
  
  
Industrial Conglomerates - 0.0%
  
  
  
Thoresen Thai Agencies PCL depository receipt
 
397,800
68,602
Trading Companies & Distributors - 0.0%
  
  
  
Asia Green Energy PCL depository receipt
 
1,511,270
54,131
TOTAL INDUSTRIALS
  
  
122,733
 
  
  
  
TOTAL THAILAND
  
  
46,062,473
TURKEY - 0.1%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Turk Telekomunikasyon AS (b)
  
206,497
274,013
Consumer Discretionary - 0.0%
  
  
  
Specialty Retail - 0.0%
  
  
  
Dogus Otomotiv Servis ve Ticaret AS
 
256,278
1,580,698
Consumer Staples - 0.0%
  
  
  
Beverages - 0.0%
  
  
  
Anadolu Efes Biracilik Ve Malt Sanayii AS
 
224,716
1,292,761
Consumer Staples Distribution & Retail - 0.0%
  
  
  
BIM Birlesik Magazalar AS
 
95,039
1,297,017
TOTAL CONSUMER STAPLES
  
  
2,589,778
 
  
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Haci Omer Sabanci Holding AS
 
217,545
567,442
Insurance - 0.0%
  
  
  
Agesa Hayat ve Emeklilik AS
 
97,985
395,942
Anadolu Hayat Emeklilik AS
 
99,029
277,429
 
  
  
673,371
TOTAL FINANCIALS
  
  
1,240,813
 
  
  
  
Industrials - 0.1%
  
  
  
Industrial Conglomerates - 0.1%
  
  
  
AG Anadolu Grubu Holding AS Class A
 
207,145
1,943,342
KOC Holding AS
 
904,377
5,226,219
 
  
  
7,169,561
Passenger Airlines - 0.0%
  
  
  
Turk Hava Yollari AO (b)
  
150,039
1,232,460
Transportation Infrastructure - 0.0%
  
  
  
TAV Havalimanlari Holding AS (b)
  
347,915
2,750,068
TOTAL INDUSTRIALS
  
  
11,152,089
 
  
  
  
TOTAL TURKEY
  
  
16,837,391
UNITED ARAB EMIRATES - 0.9%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Emirates Integrated Telecommun Ication Company
 
94,170
193,568
Interactive Media & Services - 0.0%
  
  
  
Yalla Group Ltd ADR (b)
  
33,620
147,255
TOTAL COMMUNICATION SERVICES
  
  
340,823
 
  
  
  
Energy - 0.5%
  
  
  
Energy Equipment & Services - 0.3%
  
  
  
ADNOC Drilling Co PJSC
 
21,582,801
31,083,982
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
Adnoc Gas PLC
 
19,270,700
18,362,791
TOTAL ENERGY
  
  
49,446,773
 
  
  
  
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
Abu Dhabi Commercial Bank PJSC
 
2,431,194
6,632,244
Abu Dhabi Islamic Bank PJSC
 
283,061
1,006,460
Dubai Islamic Bank PJSC
 
574,060
1,062,770
Emirates NBD Bank PJSC
 
578,838
3,151,811
First Abu Dhabi Bank PJSC
 
1,230,208
4,287,081
 
  
  
16,140,366
Industrials - 0.0%
  
  
  
Building Products - 0.0%
  
  
  
Ras Al Khaimah Ceramics
 
49,221
33,233
Construction & Engineering - 0.0%
  
  
  
Orascom Construction PLC (d)
  
1,460
8,683
Passenger Airlines - 0.0%
  
  
  
Air Arabia PJSC
 
771,780
628,258
TOTAL INDUSTRIALS
  
  
670,174
 
  
  
  
Real Estate - 0.3%
  
  
  
Real Estate Management & Development - 0.3%
  
  
  
Deyaar Development PJSC
 
363,388
96,955
Emaar Development PJSC
 
4,671,690
14,435,873
Emaar Properties PJSC
 
8,948,404
23,266,021
Tecom Group Pjsc (b)
  
36,802
32,763
 
  
  
37,831,612
TOTAL UNITED ARAB EMIRATES
  
  
104,429,748
UNITED KINGDOM - 0.1%
 
  
  
Materials - 0.1%
  
  
  
Metals & Mining - 0.1%
  
  
  
Anglogold Ashanti Plc (c)
  
393,209
9,806,632
UNITED STATES - 0.4%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Samsonite International SA (d)(e)
  
912,600
2,463,316
Consumer Staples - 0.1%
  
  
  
Food Products - 0.1%
  
  
  
JBS S/A
 
1,103,000
6,781,008
Information Technology - 0.3%
  
  
  
IT Services - 0.2%
  
  
  
Globant SA (b)(c)
  
94,405
21,501,683
Semiconductors & Semiconductor Equipment - 0.1%
  
  
  
NVIDIA Corp
 
131,000
18,110,750
TOTAL INFORMATION TECHNOLOGY
  
  
39,612,433
 
  
  
  
TOTAL UNITED STATES
  
  
48,856,757
VIETNAM - 0.1%
 
  
  
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
Asia Commercial Bank JSC
 
4,982,600
4,959,060
Bank for Foreign Trade of Vietnam JSC (b)
  
1,156,000
4,256,467
 
  
  
9,215,527
Information Technology - 0.0%
  
  
  
IT Services - 0.0%
  
  
  
FPT Corp
 
1,404,580
8,011,186
TOTAL VIETNAM
  
  
17,226,713
ZAMBIA - 0.0%
 
  
  
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
First Quantum Minerals Ltd (b)
  
107,253
1,467,781
 
TOTAL COMMON STOCKS
 (Cost $5,498,809,640)
  
  
  
6,893,866,235
 
  
  
  
Domestic Equity Funds - 0.0%
 
  
Shares
Value ($)
 
Fidelity SAI Inflation-Focused Fund (h)
 (Cost $1,082)
  
14
1,178
 
  
  
  
International Equity Funds - 37.9%
 
  
Shares
Value ($)
 
abrdn Emerging Markets Fund Institutional Service Class
 
11,297,706
155,343,456
Artisan Developing World Fund Investor Shares
 
4,589,539
100,832,179
Brandes Emerging Markets Value Fund Class A
 
13,439,188
114,098,707
Fidelity Advisor Emerging Markets Fund - Class Z (h)
  
11,103,995
431,945,409
Fidelity SAI Emerging Markets Index Fund (h)
  
43,247,558
604,168,390
Fidelity SAI Emerging Markets Low Volatility Index Fund (h)
  
63,428,416
735,769,630
Fidelity SAI Emerging Markets Value Index Fund (h)
  
108,472,948
1,479,571,015
Goldman Sachs Emerging Markets Equity Fund Institutional Class
 
17,893,053
421,918,197
Invesco Developing Markets Fund Class R6
 
4,766,352
183,599,885
iShares China Large-Cap ETF (c)
  
575,894
17,455,347
iShares ESG Aware MSCI EM ETF
 
209,609
7,239,895
iShares MSCI China ETF (c)
  
2,137,525
101,147,683
iShares MSCI India ETF (c)
  
1,139,300
62,410,854
iShares MSCI South Korea ETF (c)
  
511,975
29,402,724
Lazard Emerging Markets Equity Portfolio Open Shares
 
842,137
16,261,674
 
TOTAL INTERNATIONAL EQUITY FUNDS
 (Cost $4,010,492,097)
  
  
4,461,165,045
 
  
  
  
Non-Convertible Preferred Stocks - 0.1%
 
  
Shares
Value ($)
 
KOREA (SOUTH) - 0.1%
 
  
  
Information Technology - 0.1%
  
  
  
Technology Hardware, Storage & Peripherals - 0.1%
  
  
  
Samsung Electronics Co Ltd
 
507,553
16,968,127
RUSSIA - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Sberbank of Russia PJSC (b)(f)
  
145,250
1
Sberbank of Russia PJSC (b)(f)
  
128,031
0
 
  
  
  
TOTAL RUSSIA
  
  
1
 
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
 (Cost $17,752,550)
  
  
  
16,968,128
 
  
  
  
U.S. Treasury Obligations - 0.1%
 
  
Yield (%) (i)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 1/23/2025 (j)
  
4.55
190,000
188,785
US Treasury Bills 0% 1/9/2025 (j)
  
4.57 to 4.58
770,000
766,349
US Treasury Bills 0% 12/12/2024 (j)
  
4.93 to 4.94
3,790,000
3,785,218
US Treasury Bills 0% 2/27/2025 (j)
  
4.44
1,760,000
1,741,360
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $6,480,413)
  
  
  
6,481,712
 
  
  
  
  
Money Market Funds - 5.0%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (k)
  
4.64
123,348,469
123,373,139
Fidelity Securities Lending Cash Central Fund (k)(l)
  
4.64
214,286,855
214,308,284
State Street Institutional U.S. Government Money Market Fund Premier Class (m)
  
0.10
256,127,139
256,127,138
 
TOTAL MONEY MARKET FUNDS
 (Cost $593,808,561)
  
  
  
593,808,561
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 101.8%
 (Cost $10,127,344,343)
 
  
 
11,972,290,859
NET OTHER ASSETS (LIABILITIES) - (1.8)%  
(207,298,632)
NET ASSETS - 100.0%
11,764,992,227
 
  
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value ($)
 
Unrealized
Appreciation/
(Depreciation) ($)
 
Purchased
  
  
  
  
  
 
  
  
  
  
  
Equity Contracts
  
  
  
  
  
ICE E-mini MSCI Emerging Markets Index Contracts (United States)
3,674
Dec 2024
200,343,220
(1,809,980)
(1,809,980)
 
  
  
  
  
  
The notional amount of futures purchased as a percentage of Net Assets is 1.7%

Security Type Abbreviations
ETF
-
Exchange Traded Fund
 
Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
Security is exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $403,423,853 or 3.4% of net assets.
 
(e)
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 $357,375,840 or 3.0% of net assets.
 
(f)
Level 3 security
 
(g)
Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $556,755 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
 
(h)
Affiliated Fund
 
(i)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(j)
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 $6,308,537.
 
(k)
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.
 
(l)
Investment made with cash collateral received from securities on loan.
 
(m)
The rate quoted is the annualized seven-day yield of the fund at period end.
 
 
 
Additional information on each lock-up table restriction is as follows:
Security
Restriction Expiration Date
Hyundai Motor India Ltd
2025-01-17
 
  
 
Affiliated Central Funds
 
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
 
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
% ownership,
end
of period
Fidelity Cash Central Fund
99,422,186
1,148,173,297
1,124,221,660
4,203,169
(684)
-
123,373,139
0.2%
Fidelity Securities Lending Cash Central Fund
141,990,191
888,638,285
816,320,192
803,101
-
-
214,308,284
0.8%
Total
241,412,377
2,036,811,582
1,940,541,852
5,006,270
(684)
-
337,681,423
  
 
  
  
  
  
  
  
  
  
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
 
Amounts in the dividend income column for Fidelity Securities Lending Cash Central Fund represents the income earned on investing cash collateral, less rebates paid to borrowers and any lending agent fees associated with the loan, plus any premium payments received for lending certain types of securities.
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated Underlying Funds is presented below. Exchanges between classes of the same affiliated Underlying Funds may occur. If an Underlying Funds changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Fidelity Advisor Emerging Markets Fund - Class Z
670,097,368
149,000,000
456,263,158
-
53,885,048
15,226,151
431,945,409
Fidelity SAI Emerging Markets Index Fund
460,823,257
388,926,462
300,000,000
-
37,410,283
17,008,388
604,168,390
Fidelity SAI Emerging Markets Low Volatility Index Fund
782,149,971
66,000,000
140,000,000
-
91,350
27,528,309
735,769,630
Fidelity SAI Emerging Markets Value Index Fund
1,086,277,967
271,004,045
-
-
-
122,289,003
1,479,571,015
Fidelity SAI Inflation-Focused Fund
1,157
28
-
28
-
(7)
1,178
 
2,999,349,720
874,930,535
896,263,158
28
91,386,681
182,051,844
3,251,455,622
 
Amounts in the dividend 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. Securities transactions are accounted for as of trade date. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.   
 
The inputs to valuation techniques used to value investments are categorized into a disclosure hierarchy consisting of three levels as shown below:
 
Level 1 - Unadjusted quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
 
Valuation techniques used to value investments by major category are as follows:
Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price or may be valued using the last available price and are generally categorized as Level 2 in the hierarchy. For any foreign equity securities, when market or security specific events arise, comparisons to the valuation of American Depositary Receipts (ADRs), futures contracts, Exchange-Traded Funds (ETFs) and certain indexes as well as quoted prices for similar securities may be used and would be categorized as Level 2 in the hierarchy. For equity securities, including restricted securities, where observable inputs are limited, assumptions about market activity and risk are used and these securities may be categorized as Level 3 in the hierarchy.
 
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing services or from brokers who make markets in such securities. U.S. Treasury Obligations are valued by pricing services 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 services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
 
Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs) are valued at their last sale price or official closing price as reported by a third party pricing service on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs and ETNs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs and ETNs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
 
Futures contracts are valued at the settlement price established each day by the board of trade or exchange on which they are traded and are categorized as Level 1 in the hierarchy.
 
Investments in any open-end mutual funds are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy. If an unaffiliated open-end mutual fund's NAV is unavailable, shares of that fund may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and is categorized as Level 2 in the hierarchy.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
 
Derivative Instruments
Risk Exposures and the Use of Derivative Instruments: The Fund's investment objectives allow the Fund to enter into various types of derivative contracts. Derivatives are investments whose value is primarily derived from underlying assets, indices or reference rates and may be transacted on an exchange or over-the-counter (OTC). Derivatives may involve a future commitment to buy or sell a specified asset based on specified terms, to exchange future cash flows at periodic intervals based on a notional principal amount, or for one party to make one or more payments upon the occurrence of specified events in exchange for periodic payments from the other party.
 
The Fund used derivatives to increase returns, to gain exposure to certain types of assets and/or to manage exposure to certain risks as defined below. The success of any strategy involving derivatives depends on analysis of numerous economic factors, and if the strategies for investment do not work as intended, the Fund may not achieve its objectives.  
 
The Fund's use of derivatives increased or decreased its exposure to the following risk(s):
 
Equity Risk - Equity risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising from interest rate risk or foreign exchange risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment.
 
Investing in derivatives may involve greater risks than investing in the underlying assets directly and, to varying degrees, may involve risk of loss in excess of any initial investment and collateral received. In addition, there may be the risk that the change in value of the derivative contract does not correspond to the change in value of the underlying instrument.  
 
Futures Contracts: A futures contract is an agreement between two parties to buy or sell a specified underlying instrument for a specified price at a specified future date.
 
The Fund used futures contracts to manage its exposure to the stock market.
 
Open futures contracts at period end are presented in the Schedule of Investments under the caption "Futures Contracts". The underlying face amount at value reflects each contract's exposure to the underlying instrument or index at period end. Any securities and/or cash deposited to meet initial margin requirements are identified in the Schedule of Investments.
 
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
 
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
 
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