Quarterly Holdings Report
for
Fidelity® Emerging Markets Discovery Fund
July 31, 2023
EMD-NPRT3-0923
1.931230.111
Common Stocks - 95.5% | |||
Shares | Value ($) | ||
Brazil - 13.9% | |||
Afya Ltd. (a) | 710,759 | 11,180,239 | |
Atacadao SA | 4,013,284 | 11,644,146 | |
Caixa Seguridade Participacoes | 3,958,880 | 9,033,321 | |
Enauta Participacoes SA | 3,048,548 | 8,993,337 | |
Equatorial Energia SA | 1,487,116 | 10,547,792 | |
Hypera SA | 1,125,969 | 10,300,697 | |
Localiza Rent a Car SA | 739,203 | 10,507,899 | |
LOG Commercial Properties e Participacoes SA | 1,884,066 | 8,526,357 | |
Lojas Renner SA | 2,440,896 | 9,678,414 | |
Orizon Valorizacao de Residuos SA (a) | 1,233,470 | 10,034,701 | |
Rumo SA | 2,101,876 | 10,329,918 | |
XP, Inc. Class A (a)(b) | 492,732 | 13,308,691 | |
TOTAL BRAZIL | 124,085,512 | ||
Chile - 0.8% | |||
Banco de Chile sponsored ADR | 313,659 | 7,010,279 | |
China - 19.0% | |||
China Communications Services Corp. Ltd. (H Shares) | 18,685,084 | 8,864,687 | |
China Resources Beer Holdings Co. Ltd. | 1,196,783 | 7,665,095 | |
Far East Horizon Ltd. | 12,673,874 | 9,506,746 | |
Flat Glass Group Co. Ltd. | 3,025,800 | 8,981,686 | |
Fu Shou Yuan International Group Ltd. | 10,416,256 | 8,040,347 | |
Guangdong Investment Ltd. | 8,006,350 | 6,919,283 | |
Haier Smart Home Co. Ltd. (A Shares) | 2,457,521 | 8,498,176 | |
Haitian International Holdings Ltd. | 3,094,997 | 7,706,836 | |
Hansoh Pharmaceutical Group Co. Ltd. (c) | 3,898,598 | 6,298,624 | |
Innovent Biologics, Inc. (a)(c) | 1,828,367 | 8,111,592 | |
Li Ning Co. Ltd. | 1,440,960 | 8,683,932 | |
New Horizon Health Ltd. (a)(b)(c) | 2,580,193 | 8,767,277 | |
Pharmaron Beijing Co. Ltd. (H Shares) (c) | 2,788,192 | 7,239,596 | |
Shenzhen Expressway Co. Ltd. (H Shares) | 8,064,835 | 6,959,487 | |
Sinopec Engineering Group Co. Ltd. (H Shares) | 17,087,612 | 7,690,510 | |
Sinopharm Group Co. Ltd. (H Shares) | 1,718,643 | 5,388,045 | |
Sinotruk Hong Kong Ltd. | 5,245,335 | 10,976,403 | |
Tongdao Liepin Group (a) | 6,233,747 | 7,537,503 | |
TravelSky Technology Ltd. (H Shares) | 4,455,889 | 8,513,091 | |
Tsingtao Brewery Co. Ltd. (H Shares) | 871,835 | 7,814,085 | |
Venus MedTech Hangzhou, Inc. (H Shares) (a)(c) | 4,678,293 | 4,349,027 | |
Zai Lab Ltd. (a) | 1,912,680 | 5,848,970 | |
TOTAL CHINA | 170,360,998 | ||
Georgia - 1.0% | |||
Bank of Georgia Group PLC | 214,076 | 8,942,606 | |
Hong Kong - 1.8% | |||
ASMPT Ltd. | 1,018,223 | 9,902,963 | |
WH Group Ltd. (c) | 11,425,393 | 6,235,866 | |
TOTAL HONG KONG | 16,138,829 | ||
Hungary - 1.0% | |||
Richter Gedeon PLC | 367,685 | 9,275,065 | |
India - 14.1% | |||
Bharat Electronics Ltd. | 6,250,893 | 9,934,238 | |
Computer Age Management Services Private Ltd. | 298,350 | 8,550,535 | |
Cyient Ltd. | 491,542 | 8,768,442 | |
Deccan Cements Ltd. | 699,739 | 4,057,278 | |
Eicher Motors Ltd. | 219,493 | 8,982,292 | |
Embassy Office Parks (REIT) | 1,677,377 | 6,363,182 | |
Hindustan Aeronautics Ltd. | 215,165 | 10,364,496 | |
Indraprastha Gas Ltd. | 1,104,573 | 6,219,939 | |
ITC Ltd. | 1,513,955 | 8,573,065 | |
Mahanagar Gas Ltd. | 540,700 | 7,352,442 | |
Manappuram General Finance & Leasing Ltd. | 882,173 | 1,492,100 | |
Oberoi Realty Ltd. | 601,791 | 8,192,304 | |
Petronet LNG Ltd. | 2,422,971 | 6,880,896 | |
Power Grid Corp. of India Ltd. | 2,626,616 | 8,497,218 | |
Shriram Transport Finance Co. Ltd. | 540,307 | 12,437,770 | |
Solar Industries India Ltd. | 43,331 | 2,002,452 | |
Torrent Pharmaceuticals Ltd. | 301,108 | 7,333,100 | |
TOTAL INDIA | 126,001,749 | ||
Indonesia - 0.9% | |||
First Resources Ltd. | 7,164,981 | 8,136,207 | |
Korea (South) - 7.4% | |||
Coway Co. Ltd. | 225,229 | 7,227,240 | |
Db Insurance Co. Ltd. | 179,965 | 10,634,065 | |
Fila Holdings Corp. | 207,955 | 6,461,364 | |
Hanon Systems | 1,072,602 | 7,160,642 | |
Hansol Chemical Co. Ltd. | 50,498 | 7,746,304 | |
Hyundai Fire & Marine Insurance Co. Ltd. | 344,049 | 7,714,526 | |
LG Corp. | 112,131 | 7,327,848 | |
SFA Engineering Corp. | 43,000 | 1,238,456 | |
Soulbrain Co. Ltd. | 50,977 | 10,871,891 | |
TOTAL KOREA (SOUTH) | 66,382,336 | ||
Malaysia - 0.0% | |||
Scientex Bhd warrants 1/14/26 (a) | 130,640 | 14,487 | |
Mexico - 8.8% | |||
Becle S.A.B. de CV | 3,703,941 | 9,695,057 | |
FIBRA Macquarie Mexican (REIT) (c) | 3,727,733 | 7,232,848 | |
Fibra Uno Administracion SA de CV | 4,376,486 | 6,575,837 | |
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B | 464,643 | 8,853,052 | |
Grupo Aeroportuario del Sureste S.A.B. de CV Series B sponsored ADR | 34,059 | 9,638,356 | |
Grupo Aeroportuario Norte S.A.B. de CV | 659,886 | 7,440,220 | |
Grupo Comercial Chedraui S.A.B. de CV | 1,960,073 | 11,478,337 | |
Qualitas Controladora S.A.B. de CV | 1,342,731 | 9,881,442 | |
Regional S.A.B. de CV | 1,085,392 | 8,455,622 | |
TOTAL MEXICO | 79,250,771 | ||
Peru - 0.7% | |||
Credicorp Ltd. (United States) | 39,228 | 6,160,757 | |
Philippines - 1.1% | |||
Robinsons Land Corp. | 35,822,879 | 9,784,108 | |
Poland - 1.2% | |||
Dino Polska SA (a)(c) | 92,940 | 10,355,154 | |
Romania - 0.8% | |||
Societatea de Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA | 281,000 | 7,025,939 | |
Russia - 0.1% | |||
Etalon Group PLC GDR (Reg. S) (a)(d) | 167,549 | 13,330 | |
LSR Group OJSC (d) | 67,346 | 68,704 | |
TCS Group Holding PLC GDR (a)(d) | 59,253 | 76,519 | |
X5 Retail Group NV GDR (Reg. S) (a)(d) | 101,790 | 882,479 | |
TOTAL RUSSIA | 1,041,032 | ||
Saudi Arabia - 2.6% | |||
Bupa Arabia for Cooperative Insurance Co. | 194,157 | 8,932,588 | |
Saudi Airlines Catering Co. | 439,860 | 14,538,495 | |
TOTAL SAUDI ARABIA | 23,471,083 | ||
South Africa - 3.6% | |||
Bidvest Group Ltd./The | 536,677 | 8,327,553 | |
FirstRand Ltd. | 1,831,746 | 7,455,528 | |
Impala Platinum Holdings Ltd. | 1,213,330 | 8,763,969 | |
Mr Price Group Ltd. | 891,128 | 7,845,564 | |
TOTAL SOUTH AFRICA | 32,392,614 | ||
Taiwan - 11.4% | |||
BizLink Holding, Inc. | 962,308 | 9,245,321 | |
Chailease Holding Co. Ltd. | 1,382,904 | 9,135,617 | |
Cleanaway Co. Ltd. | 1,030,875 | 6,302,593 | |
E Ink Holdings, Inc. | 178,000 | 1,271,994 | |
International Games Systems Co. Ltd. | 543,195 | 10,575,447 | |
Makalot Industrial Co. Ltd. | 1,103,727 | 10,919,487 | |
Nanya Technology Corp. | 4,439,250 | 10,193,666 | |
Poya International Co. Ltd. | 434,721 | 7,069,083 | |
Realtek Semiconductor Corp. | 909,422 | 12,434,294 | |
Unimicron Technology Corp. | 2,297,444 | 13,462,441 | |
Yageo Corp. | 756,504 | 11,040,259 | |
TOTAL TAIWAN | 101,650,202 | ||
Turkey - 0.9% | |||
Mavi Jeans Class B (c) | 2,455,796 | 7,952,722 | |
United Arab Emirates - 2.3% | |||
Aldar Properties PJSC | 7,664,211 | 10,788,198 | |
Emirates NBD Bank PJSC (a) | 2,204,269 | 10,202,448 | |
TOTAL UNITED ARAB EMIRATES | 20,990,646 | ||
United States of America - 2.0% | |||
Parade Technologies Ltd. | 341,755 | 9,985,854 | |
Tenaris SA sponsored ADR | 228,680 | 7,658,493 | |
TOTAL UNITED STATES OF AMERICA | 17,644,347 | ||
Vietnam - 0.1% | |||
FPT Corp. | 225,647 | 815,425 | |
TOTAL COMMON STOCKS (Cost $757,324,759) | 854,882,868 | ||
Money Market Funds - 6.5% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.32% (e) | 43,898,039 | 43,906,818 | |
Fidelity Securities Lending Cash Central Fund 5.32% (e)(f) | 14,051,450 | 14,052,855 | |
TOTAL MONEY MARKET FUNDS (Cost $57,959,673) | 57,959,673 | ||
TOTAL INVESTMENT IN SECURITIES - 102.0% (Cost $815,284,432) | 912,842,541 |
NET OTHER ASSETS (LIABILITIES) - (2.0)% | (17,658,769) |
NET ASSETS - 100.0% | 895,183,772 |
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 $66,542,706 or 7.4% of net assets. |
(d) | Level 3 security |
(e) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(f) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | 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% | 16,540,486 | 309,524,228 | 282,157,896 | 1,033,817 | - | - | 43,906,818 | 0.1% |
Fidelity Securities Lending Cash Central Fund 5.32% | 1,598,400 | 90,809,513 | 78,355,058 | 73,350 | - | - | 14,052,855 | 0.0% |
Total | 18,138,886 | 400,333,741 | 360,512,954 | 1,107,167 | - | - | 57,959,673 | |
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.
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