Industrial & Commercial Bank of China Ltd. (H Shares)
109,581,000
53,511,448
JD.com, Inc. Class A
2,884,437
59,718,195
Kweichow Moutai Co. Ltd. (A Shares)
213,701
56,263,906
Li Ning Co. Ltd.
5,887,000
35,477,952
Meituan Class B (a)(c)
7,573,340
144,575,964
New Oriental Education & Technology Group, Inc. (a)
7,211,000
41,077,637
PDD Holdings, Inc. ADR (a)
459,900
41,308,218
Shangri-La Asia Ltd. (a)
27,890,000
23,173,422
Shenzhen Inovance Technology Co. Ltd. (A Shares)
6,397,972
63,605,308
Sunny Optical Technology Group Co. Ltd.
3,867,600
37,466,461
Tencent Holdings Ltd.
6,678,600
306,956,154
Tsingtao Brewery Co. Ltd. (H Shares)
3,833,447
34,358,428
TOTAL CHINA
1,346,568,577
Greece - 2.6%
National Bank of Greece SA (a)
13,487,321
92,831,477
Hong Kong - 0.5%
Pacific Basin Shipping Ltd.
60,778,000
19,716,670
Hungary - 1.6%
Richter Gedeon PLC
2,235,408
56,389,451
India - 10.6%
Axis Bank Ltd.
5,424,800
62,922,139
Bharat Heavy Electricals Ltd.
37,834,200
47,867,808
HDFC Bank Ltd.
7,595,996
152,514,129
Larsen & Toubro Ltd.
1,232,800
40,194,167
Shree Cement Ltd.
149,483
43,820,476
Solar Industries India Ltd.
768,850
35,530,798
TOTAL INDIA
382,849,517
Korea (South) - 12.9%
Hyundai Mipo Dockyard Co. Ltd. (a)
544,682
39,815,686
Hyundai Motor Co. Ltd.
407,090
62,446,890
Korea Aerospace Industries Ltd.
1,797,228
69,204,221
POSCO
88,600
44,536,632
Samsung Electronics Co. Ltd.
4,620,201
252,394,914
TOTAL KOREA (SOUTH)
468,398,343
Mexico - 2.4%
Grupo Financiero Banorte S.A.B. de CV Series O
4,314,900
40,896,852
Wal-Mart de Mexico SA de CV Series V
11,044,400
45,978,210
TOTAL MEXICO
86,875,062
Peru - 1.8%
Credicorp Ltd. (United States)
408,500
64,154,925
Russia - 0.3%
LUKOIL PJSC sponsored ADR (a)(d)
782,000
221,220
Sberbank of Russia sponsored ADR (a)(d)
3,242,100
57,709
Yandex NV Series A (a)(d)
798,300
9,579,600
TOTAL RUSSIA
9,858,529
South Africa - 4.1%
Absa Group Ltd.
5,524,000
58,518,029
Impala Platinum Holdings Ltd.
5,466,100
39,482,028
MTN Group Ltd.
6,645,092
52,038,590
TOTAL SOUTH AFRICA
150,038,647
Taiwan - 12.0%
ECLAT Textile Co. Ltd.
3,700,000
63,691,800
HIWIN Technologies Corp.
6,541,159
43,834,865
Taiwan Semiconductor Manufacturing Co. Ltd.
15,784,554
284,492,597
Yageo Corp.
3,002,237
43,814,009
TOTAL TAIWAN
435,833,271
TOTAL COMMON STOCKS
(Cost $3,255,761,524)
3,349,419,276
Nonconvertible Preferred Stocks - 4.3%
Shares
Value ($)
Brazil - 4.3%
Itau Unibanco Holding SA
11,864,480
71,858,040
Petroleo Brasileiro SA - Petrobras sponsored ADR
5,781,978
84,879,437
TOTAL NONCONVERTIBLE PREFERRED STOCKS
(Cost $113,675,833)
156,737,477
Money Market Funds - 4.1%
Shares
Value ($)
Fidelity Cash Central Fund 5.14% (e)
125,979,353
126,004,549
Fidelity Securities Lending Cash Central Fund 5.14% (e)(f)
21,479,477
21,481,625
TOTAL MONEY MARKET FUNDS
(Cost $147,486,174)
147,486,174
TOTAL INVESTMENT IN SECURITIES - 100.9%
(Cost $3,516,923,531)
3,653,642,927
NET OTHER ASSETS (LIABILITIES) - (0.9)%
(33,489,050)
NET ASSETS - 100.0%
3,620,153,877
Legend
(a)
Non-income producing
(b)
Security or a portion of the security is on loan at period end.
(c)
Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $194,779,506 or 5.4% of net assets.
(d)
Level 3 security
(e)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(f)
Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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 5.32%
6,565,053
1,309,837,201
1,190,397,705
3,009,336
-
-
126,004,549
0.3%
Fidelity Securities Lending Cash Central Fund 5.32%
-
175,544,113
154,062,488
83,098
-
-
21,481,625
0.1%
Total
6,565,053
1,485,381,314
1,344,460,193
3,092,434
-
-
147,486,174
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.
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.
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.
Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC or an affiliate.
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