Industrial & Commercial Bank of China Ltd. (H Shares)
129,977,000
63,315,705
Kweichow Moutai Co. Ltd. (A Shares)
327,902
73,514,630
Meituan Class B (a)(b)
7,941,340
63,874,006
New Oriental Education & Technology Group, Inc. (a)
10,190,500
78,652,790
PDD Holdings, Inc. ADR (a)
539,600
68,459,052
Shangri-La Asia Ltd. (a)
32,390,000
20,127,264
Shenzhen Inovance Technology Co. Ltd. (A Shares)
5,595,008
43,707,868
Tencent Holdings Ltd.
8,549,600
296,767,910
Tsingtao Brewery Co. Ltd. (H Shares)
6,656,075
37,984,341
TOTAL CHINA
1,092,395,742
Greece - 2.9%
National Bank of Greece SA (a)
13,974,021
106,165,123
Hong Kong - 0.9%
Pacific Basin Shipping Ltd.
124,455,000
34,643,244
Hungary - 1.7%
Richter Gedeon PLC
2,296,987
62,006,274
India - 12.0%
Axis Bank Ltd.
4,553,500
58,520,522
Bharat Heavy Electricals Ltd.
18,145,000
49,825,248
HDFC Bank Ltd.
3,679,896
64,686,239
ICICI Bank Ltd.
4,802,500
59,453,983
Larsen & Toubro Ltd.
1,247,245
52,193,714
Shree Cement Ltd.
164,983
56,678,556
Solar Industries India Ltd.
696,163
54,215,499
Zomato Ltd. (a)
30,058,156
50,480,070
TOTAL INDIA
446,053,831
Korea (South) - 13.1%
AMOREPACIFIC Corp.
48,419
4,271,086
Hyundai Mipo Dockyard Co. Ltd. (a)
747,452
37,677,770
Hyundai Motor Co. Ltd.
464,980
67,632,217
Korea Aerospace Industries Ltd.
2,153,738
81,146,963
Samsung Electronics Co. Ltd.
5,451,221
296,205,453
TOTAL KOREA (SOUTH)
486,933,489
Mexico - 2.3%
Grupo Financiero Banorte S.A.B. de CV Series O
4,314,900
43,887,308
Wal-Mart de Mexico SA de CV Series V
10,443,200
43,146,498
TOTAL MEXICO
87,033,806
Peru - 1.8%
Credicorp Ltd. (United States)
451,000
66,941,930
Poland - 1.0%
Powszechna Kasa Oszczednosci Bank SA
2,929,579
37,313,420
Russia - 0.3%
LUKOIL PJSC sponsored ADR (a)(c)
782,000
221,220
Sberbank of Russia sponsored ADR (a)(c)
3,242,100
57,709
Yandex NV Series A (a)(c)
798,300
10,218,240
TOTAL RUSSIA
10,497,169
South Africa - 4.0%
FirstRand Ltd.
15,099,000
54,774,954
Impala Platinum Holdings Ltd.
10,926,100
42,411,346
MTN Group Ltd.
10,223,892
52,172,020
TOTAL SOUTH AFRICA
149,358,320
Taiwan - 15.5%
Asia Vital Components Co. Ltd.
656,000
8,911,201
ECLAT Textile Co. Ltd.
4,085,000
71,311,438
HIWIN Technologies Corp.
7,221,159
50,696,487
Taiwan Semiconductor Manufacturing Co. Ltd.
19,373,554
387,910,049
Yageo Corp.
3,315,237
58,324,187
TOTAL TAIWAN
577,153,362
TOTAL COMMON STOCKS
(Cost $3,531,876,384)
3,486,325,102
Nonconvertible Preferred Stocks - 4.8%
Shares
Value ($)
Brazil - 4.8%
Gerdau SA sponsored ADR
12,490,800
52,836,084
Itau Unibanco Holding SA
8,659,580
57,294,734
Petroleo Brasileiro SA - Petrobras sponsored ADR
3,999,078
68,264,261
TOTAL NONCONVERTIBLE PREFERRED STOCKS
(Cost $139,344,280)
178,395,079
Money Market Funds - 2.4%
Shares
Value ($)
Fidelity Cash Central Fund 5.39% (d)
(Cost $90,273,171)
90,255,120
90,273,171
TOTAL INVESTMENT IN SECURITIES - 100.9%
(Cost $3,761,493,835)
3,754,993,352
NET OTHER ASSETS (LIABILITIES) - (0.9)%
(32,174,636)
NET ASSETS - 100.0%
3,722,818,716
Legend
(a)
Non-income producing
(b)
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 $115,399,808 or 3.1% of net assets.
(c)
Level 3 security
(d)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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 5.39%
21,497,428
263,734,350
194,958,607
578,334
-
-
90,273,171
0.2%
Fidelity Securities Lending Cash Central Fund 5.39%
-
38,201
38,201
49
-
-
-
0.0%
Total
21,497,428
263,772,551
194,996,808
578,383
-
-
90,273,171
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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