Quarterly Holdings Report
for
Fidelity® Sustainable Emerging Markets Equity Fund
July 31, 2026
MAR-NPRT3-0926
1.9904435.104
Common Stocks - 95.1%
 
  
Shares
Value ($)
 
AUSTRALIA - 0.4%
 
  
  
Materials - 0.4%
  
  
  
Metals & Mining - 0.4%
  
  
  
Anglogold Ashanti Plc
 
2,328
184,657
BRAZIL - 4.4%
 
  
  
Consumer Discretionary - 1.2%
  
  
  
Household Durables - 0.4%
  
  
  
Cury Construtora e Incorporadora SA
 
30,947
183,698
Specialty Retail - 0.8%
  
  
  
Vibra Energia SA
 
44,023
313,076
TOTAL CONSUMER DISCRETIONARY
  
  
496,774
Financials - 1.7%
  
  
  
Banks - 1.5%
  
  
  
Itau Unibanco Holding SA
 
35,707
302,116
NU Holdings Ltd/Cayman Islands Class A (a)
  
21,972
314,859
 
  
  
616,975
Capital Markets - 0.2%
  
  
  
Banco BTG Pactual SA unit
 
8,251
92,453
TOTAL FINANCIALS
  
  
709,428
Industrials - 0.3%
  
  
  
Ground Transportation - 0.3%
  
  
  
Localiza Rent a Car SA
 
15,833
117,471
Materials - 0.1%
  
  
  
Metals & Mining - 0.1%
  
  
  
Gerdau SA ADR
 
17,381
86,210
Utilities - 1.1%
  
  
  
Electric Utilities - 0.2%
  
  
  
Axia Energia SA
 
8,078
84,172
Water Utilities - 0.9%
  
  
  
Cia de Saneamento Basico do Estado de Sao Paulo SABESP
 
44,109
241,031
Cia de Saneamento de Minas Gerais Copasa MG
 
11,058
139,982
 
  
  
381,013
TOTAL UTILITIES
  
  
465,185
TOTAL BRAZIL
  
  
1,875,068
CHILE - 0.2%
 
  
  
Materials - 0.2%
  
  
  
Metals & Mining - 0.2%
  
  
  
Antofagasta PLC
 
1,704
83,939
CHINA - 27.1%
 
  
  
Communication Services - 5.0%
  
  
  
Entertainment - 0.9%
  
  
  
Netease Inc
 
3,418
90,940
Netease Inc ADR
 
2,367
315,450
 
  
  
406,390
Interactive Media & Services - 4.1%
  
  
  
Baidu Inc A Shares (a)
  
3,755
52,017
Tencent Holdings Ltd
 
27,449
1,677,216
 
  
  
1,729,233
TOTAL COMMUNICATION SERVICES
  
  
2,135,623
Consumer Discretionary - 7.2%
  
  
  
Automobile Components - 0.4%
  
  
  
Ningbo Joyson Electronic Corp H Shares
 
70,899
120,239
Zhejiang Yinlun Machinery Co Ltd A Shares (China)
 
11,081
63,020
 
  
  
183,259
Automobiles - 0.6%
  
  
  
BYD Co Ltd H Shares
 
22,797
272,534
Broadline Retail - 4.5%
  
  
  
Alibaba Group Holding Ltd
 
88,039
1,341,134
Alibaba Group Holding Ltd ADR
 
480
58,680
JD.com Inc A Shares
 
6,451
106,119
JD.com Inc ADR
 
4,898
161,683
PDD Holdings Inc Class A ADR (a)
  
2,481
219,717
 
  
  
1,887,333
Diversified Consumer Services - 0.2%
  
  
  
New Oriental Education & Technology Group Inc
 
12,219
71,655
Hotels, Restaurants & Leisure - 1.5%
  
  
  
H World Group Ltd ADR
 
1,520
64,889
Luckin Coffee Inc ADR (a)
  
3,338
116,830
Meituan B Shares (a)(b)(c)
  
19,269
227,499
Trip.com Group Ltd ADR (a)
  
1,626
76,438
Yum China Holdings Inc
 
2,592
124,883
 
  
  
610,539
TOTAL CONSUMER DISCRETIONARY
  
  
3,025,320
Consumer Staples - 0.5%
  
  
  
Beverages - 0.4%
  
  
  
Kweichow Moutai Co Ltd A Shares (China)
 
775
154,873
Personal Care Products - 0.1%
  
  
  
Mao Geping Cosmetics Co LTD H Shares
 
6,899
51,682
TOTAL CONSUMER STAPLES
  
  
206,555
Financials - 5.2%
  
  
  
Banks - 2.9%
  
  
  
China Construction Bank Corp H Shares
 
778,087
913,027
China Merchants Bank Co Ltd H Shares
 
22,558
146,410
Industrial & Commercial Bank of China Ltd H Shares
 
167,593
160,490
 
  
  
1,219,927
Insurance - 2.3%
  
  
  
China Life Insurance Co Ltd H Shares
 
73,244
272,713
China Pacific Insurance Group Co Ltd H Shares
 
12,503
48,721
PICC Property & Casualty Co Ltd H Shares
 
129,113
270,001
Ping An Insurance Group Co of China Ltd H Shares
 
53,215
397,557
 
  
  
988,992
TOTAL FINANCIALS
  
  
2,208,919
Health Care - 2.2%
  
  
  
Biotechnology - 0.2%
  
  
  
Innovent Biologics Inc (a)(b)(c)
  
8,475
93,694
Life Sciences Tools & Services - 1.1%
  
  
  
Wuxi Apptec Co Ltd H Shares (b)(c)
  
22,741
465,990
Pharmaceuticals - 0.9%
  
  
  
Consun Pharmaceutical Group Ltd
 
73,191
127,765
Hansoh Pharmaceutical Group Co Ltd (b)(c)
  
48,591
199,385
Jiangsu Hengrui Pharmaceuticals Co Ltd H Shares
 
9,130
66,475
 
  
  
393,625
TOTAL HEALTH CARE
  
  
953,309
Industrials - 3.7%
  
  
  
Electrical Equipment - 1.9%
  
  
  
Contemporary Amperex Technology Co Ltd A Shares (China)
 
6,203
363,447
Ningbo Deye Technology Corp A Shares (China)
 
24,191
293,290
Sieyuan Electric Co Ltd A Shares (China)
 
6,657
154,214
 
  
  
810,951
Machinery - 1.8%
  
  
  
Airtac International Group
 
6,326
256,326
Sany Heavy Industry Co Ltd A Shares (China)
 
36,539
111,214
Weichai Power Co Ltd H Shares
 
93,436
392,454
 
  
  
759,994
TOTAL INDUSTRIALS
  
  
1,570,945
Information Technology - 1.9%
  
  
  
Electronic Equipment, Instruments & Components - 0.3%
  
  
  
Luxshare Precision Industry Co Ltd A Shares (China)
 
10,591
90,204
WUS Printed Circuit Kunshan Co Ltd A Shares (China)
 
3,618
55,537
 
  
  
145,741
Semiconductors & Semiconductor Equipment - 1.0%
  
  
  
Anji Microelectronics Technology Shanghai Co Ltd A Shares (China)
 
2,961
103,854
CXMT Corp A Shares
 
8,435
66,823
Montage Technology Co Ltd A Shares (China)
 
7,613
230,632
 
  
  
401,309
Software - 0.1%
  
  
  
Z AI Co Ltd H Shares
 
369
46,463
Technology Hardware, Storage & Peripherals - 0.5%
  
  
  
Xiaomi Corp B Shares (a)(b)(c)
  
57,445
210,794
TOTAL INFORMATION TECHNOLOGY
  
  
804,307
Materials - 1.4%
  
  
  
Metals & Mining - 1.4%
  
  
  
MMG Ltd (a)
  
305,840
327,195
Zijin Mining Group Co Ltd H Shares
 
62,721
265,843
TOTAL MATERIALS
  
  
593,038
TOTAL CHINA
  
  
11,498,016
GREECE - 0.9%
 
  
  
Financials - 0.9%
  
  
  
Banks - 0.9%
  
  
  
Eurobank SA
 
23,418
120,170
National Bank of Greece SA
 
13,585
252,215
 
  
  
  
TOTAL GREECE
  
  
372,385
HONG KONG - 0.4%
 
  
  
Materials - 0.4%
  
  
  
Metals & Mining - 0.4%
  
  
  
Zijin Gold International Co Ltd
 
10,750
162,023
HUNGARY - 0.9%
 
  
  
Financials - 0.9%
  
  
  
Banks - 0.9%
  
  
  
OTP Bank Nyrt
 
2,503
370,394
INDIA - 6.2%
 
  
  
Communication Services - 0.9%
  
  
  
Wireless Telecommunication Services - 0.9%
  
  
  
Bharti Airtel Ltd
 
18,448
381,223
Consumer Discretionary - 0.5%
  
  
  
Automobiles - 0.1%
  
  
  
Mahindra & Mahindra Ltd
 
1,540
54,850
Hotels, Restaurants & Leisure - 0.4%
  
  
  
MakeMyTrip Ltd (a)
  
2,539
144,596
TOTAL CONSUMER DISCRETIONARY
  
  
199,446
Energy - 0.8%
  
  
  
Oil, Gas & Consumable Fuels - 0.8%
  
  
  
Reliance Industries Ltd
 
23,685
324,367
Financials - 2.9%
  
  
  
Banks - 2.6%
  
  
  
Axis Bank Ltd
 
8,872
114,278
HDFC Bank Ltd/Gift City
 
54,471
426,718
HDFC Bank Ltd/Gift City ADR
 
1,250
29,913
ICICI Bank Ltd
 
28,099
422,415
State Bank of India
 
11,698
125,932
 
  
  
1,119,256
Capital Markets - 0.1%
  
  
  
HDFC Asset Management Co Ltd (b)(c)
  
1,499
41,079
Consumer Finance - 0.2%
  
  
  
Bajaj Finance Ltd
 
6,599
78,907
TOTAL FINANCIALS
  
  
1,239,242
Industrials - 0.9%
  
  
  
Construction & Engineering - 0.6%
  
  
  
Larsen & Toubro Ltd
 
6,465
266,725
Passenger Airlines - 0.3%
  
  
  
InterGlobe Aviation Ltd (b)(c)
  
2,350
127,282
TOTAL INDUSTRIALS
  
  
394,007
Information Technology - 0.2%
  
  
  
IT Services - 0.2%
  
  
  
Infosys Ltd
 
8,777
104,290
TOTAL INDIA
  
  
2,642,575
INDONESIA - 0.9%
 
  
  
Communication Services - 0.4%
  
  
  
Diversified Telecommunication Services - 0.4%
  
  
  
Telkom Indonesia Persero Tbk PT
 
1,164,865
170,060
Financials - 0.5%
  
  
  
Banks - 0.5%
  
  
  
Bank Central Asia Tbk PT
 
568,381
199,203
TOTAL INDONESIA
  
  
369,263
KOREA (SOUTH) - 17.9%
 
  
  
Consumer Discretionary - 0.2%
  
  
  
Automobiles - 0.2%
  
  
  
Kia Corp
 
1,167
103,958
Consumer Staples - 0.5%
  
  
  
Personal Care Products - 0.5%
  
  
  
APR Corp/Korea
 
985
215,990
Financials - 2.4%
  
  
  
Banks - 2.1%
  
  
  
KB Financial Group Inc
 
3,273
378,478
Shinhan Financial Group Co Ltd
 
5,442
373,263
Woori Financial Group Inc
 
5,465
124,998
 
  
  
876,739
Insurance - 0.3%
  
  
  
Hyundai Marine & Fire Insurance Co Ltd (a)
  
6,105
160,448
TOTAL FINANCIALS
  
  
1,037,187
Health Care - 0.5%
  
  
  
Life Sciences Tools & Services - 0.5%
  
  
  
Samsung Biologics Co Ltd (a)(b)(c)
  
215
218,554
Industrials - 1.7%
  
  
  
Electrical Equipment - 1.1%
  
  
  
Doosan Enerbility Co Ltd (a)
  
4,020
182,028
LS Electric Co Ltd
 
2,235
278,055
 
  
  
460,083
Industrial Conglomerates - 0.6%
  
  
  
SK Square Co Ltd
 
409
277,869
TOTAL INDUSTRIALS
  
  
737,952
Information Technology - 12.6%
  
  
  
Semiconductors & Semiconductor Equipment - 5.7%
  
  
  
SK Hynix Inc
 
2,146
2,407,957
Technology Hardware, Storage & Peripherals - 6.9%
  
  
  
Samsung Electronics Co Ltd
 
16,758
2,881,912
TOTAL INFORMATION TECHNOLOGY
  
  
5,289,869
TOTAL KOREA (SOUTH)
  
  
7,603,510
MALAYSIA - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
CIMB Group Holdings Bhd
 
20,045
38,711
MEXICO - 1.8%
 
  
  
Communication Services - 0.3%
  
  
  
Wireless Telecommunication Services - 0.3%
  
  
  
America Movil SAB de CV Series B
 
96,538
123,017
Consumer Staples - 0.1%
  
  
  
Beverages - 0.1%
  
  
  
Fomento Economico Mexicano SAB de CV ADR
 
362
46,332
Financials - 0.7%
  
  
  
Banks - 0.7%
  
  
  
Grupo Financiero Banorte SAB de CV
 
20,679
239,487
Regional SAB de CV
 
6,508
53,441
TOTAL FINANCIALS
  
  
292,928
Materials - 0.4%
  
  
  
Construction Materials - 0.4%
  
  
  
Cemex SAB de CV ADR
 
16,076
190,018
Real Estate - 0.3%
  
  
  
Real Estate Management & Development - 0.3%
  
  
  
Corp Inmobiliaria Vesta SAB de CV ADR
 
3,126
107,816
TOTAL MEXICO
  
  
760,111
PERU - 0.9%
 
  
  
Financials - 0.9%
  
  
  
Banks - 0.9%
  
  
  
Credicorp Ltd
 
1,005
402,583
PHILIPPINES - 1.1%
 
  
  
Industrials - 1.1%
  
  
  
Transportation Infrastructure - 1.1%
  
  
  
International Container Terminal Services Inc
 
28,852
453,060
POLAND - 2.0%
 
  
  
Consumer Discretionary - 0.4%
  
  
  
Broadline Retail - 0.4%
  
  
  
Allegro.eu SA (a)(b)(c)
  
17,682
212,928
Financials - 0.8%
  
  
  
Banks - 0.8%
  
  
  
Powszechna Kasa Oszczednosci Bank Polski SA
 
10,669
319,643
Industrials - 0.8%
  
  
  
Professional Services - 0.8%
  
  
  
Benefit Systems SA (a)
  
229
331,027
TOTAL POLAND
  
  
863,598
SAUDI ARABIA - 0.7%
 
  
  
Financials - 0.7%
  
  
  
Banks - 0.7%
  
  
  
Al Rajhi Bank
 
12,774
212,758
Saudi National Bank/The
 
9,423
98,358
 
  
  
  
TOTAL SAUDI ARABIA
  
  
311,116
SINGAPORE - 0.6%
 
  
  
Consumer Discretionary - 0.6%
  
  
  
Broadline Retail - 0.6%
  
  
  
Sea Ltd Class A ADR (a)
  
2,410
257,243
SOUTH AFRICA - 2.4%
 
  
  
Consumer Discretionary - 0.6%
  
  
  
Broadline Retail - 0.6%
  
  
  
Naspers Ltd Class N
 
4,620
242,747
Consumer Staples - 0.2%
  
  
  
Consumer Staples Distribution & Retail - 0.2%
  
  
  
Shoprite Holdings Ltd
 
5,969
103,819
Financials - 1.2%
  
  
  
Banks - 0.8%
  
  
  
Capitec Bank Holdings Ltd
 
698
199,304
Standard Bank Group Ltd
 
5,945
118,377
 
  
  
317,681
Financial Services - 0.4%
  
  
  
FirstRand Ltd
 
27,175
162,522
TOTAL FINANCIALS
  
  
480,203
Materials - 0.4%
  
  
  
Chemicals - 0.4%
  
  
  
Sasol Ltd (a)
  
14,544
172,352
TOTAL SOUTH AFRICA
  
  
999,121
TAIWAN - 23.3%
 
  
  
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
E.Sun Financial Holding Co Ltd
 
55,763
66,539
Industrials - 1.5%
  
  
  
Electrical Equipment - 1.5%
  
  
  
Bizlink Holding Inc
 
9,917
631,701
Information Technology - 21.6%
  
  
  
Communications Equipment - 0.2%
  
  
  
Accton Technology Corp
 
1,127
73,083
Electronic Equipment, Instruments & Components - 3.5%
  
  
  
Chroma ATE Inc
 
433
27,216
Delta Electronics Inc
 
13,382
658,668
Elite Material Co Ltd
 
3,132
449,816
Hon Hai Precision Industry Co Ltd
 
29,004
221,607
Unimicron Technology Corp
 
6,329
148,566
 
  
  
1,505,873
Semiconductors & Semiconductor Equipment - 17.3%
  
  
  
ASE Technology Holding Co Ltd
 
34,679
592,055
eMemory Technology Inc
 
1,289
96,891
MediaTek Inc
 
7,774
828,531
Phoenix Silicon International Corp
 
10,458
77,597
Taiwan Semiconductor Manufacturing Co Ltd
 
74,382
5,504,240
Topco Scientific Co Ltd
 
10,636
162,423
WinWay Technology Co Ltd
 
536
94,123
 
  
  
7,355,860
Technology Hardware, Storage & Peripherals - 0.6%
  
  
  
Wiwynn Corp
 
1,553
252,958
TOTAL INFORMATION TECHNOLOGY
  
  
9,187,774
TOTAL TAIWAN
  
  
9,886,014
THAILAND - 0.9%
 
  
  
Financials - 0.4%
  
  
  
Banks - 0.4%
  
  
  
Kasikornbank PCL
 
22,024
160,605
Health Care - 0.1%
  
  
  
Health Care Providers & Services - 0.1%
  
  
  
Bumrungrad Hospital Pcl
 
8,686
48,672
Industrials - 0.4%
  
  
  
Transportation Infrastructure - 0.4%
  
  
  
Airports of Thailand PCL
 
92,858
176,259
TOTAL THAILAND
  
  
385,536
TURKEY - 0.7%
 
  
  
Industrials - 0.7%
  
  
  
Aerospace & Defense - 0.5%
  
  
  
Aselsan Elektronik Sanayi Ve Ticaret AS
 
32,225
232,098
Electrical Equipment - 0.2%
  
  
  
Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS
 
10,324
64,201
TOTAL TURKEY
  
  
296,299
UNITED ARAB EMIRATES - 0.9%
 
  
  
Energy - 0.2%
  
  
  
Energy Equipment & Services - 0.2%
  
  
  
ADNOC Drilling Co PJSC
 
46,573
73,796
Financials - 0.5%
  
  
  
Banks - 0.5%
  
  
  
Abu Dhabi Commercial Bank PJSC
 
56,132
229,235
Real Estate - 0.2%
  
  
  
Real Estate Management & Development - 0.2%
  
  
  
Aldar Properties PJSC
 
38,728
78,342
TOTAL UNITED ARAB EMIRATES
  
  
381,373
UNITED STATES - 0.5%
 
  
  
Health Care - 0.5%
  
  
  
Biotechnology - 0.5%
  
  
  
BeOne Medicines Ltd H Shares (a)
  
8,535
211,133
 
TOTAL COMMON STOCKS
 (Cost $33,719,749)
  
  
  
40,407,728
 
  
  
  
International Equity Funds - 3.2%
 
  
Shares
Value ($)
 
iShares ESG Aware MSCI EM ETF
 (Cost $1,388,519)
  
26,515
1,366,052
 
  
  
  
Money Market Funds - 3.7%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (d)
 (Cost $1,554,803)
  
3.69
1,554,520
1,554,831
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 102.0%
 (Cost $36,663,071)
 
  
 
43,328,611
NET OTHER ASSETS (LIABILITIES) - (2.0)%  
(860,275)
NET ASSETS - 100.0%
42,468,336
 
  
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
Legend
 
(a)
Non-income producing.
 
(b)
Security 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 $1,797,205 or 4.2% of net assets.
 
(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 $1,797,205 or 4.2% of net assets.
 
(d)
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.
 
 
 
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 fund 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 ($)
  
 
Shares,
end
of period
Fidelity Cash Central Fund
814,548
16,916,219
16,175,962
32,386
(2)
28
1,554,831
1,554,520
 
814,548
16,916,219
16,175,962
32,386
(2)
28
1,554,831
  
 
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.
 
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.
 
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.
 
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure 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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