Quarterly Holdings Report
for
Fidelity® Series Emerging Markets Fund
July 31, 2023
MER-NPRT3-0923
1.9891246.104
Common Stocks - 91.0% | |||
Shares | Value ($) | ||
Brazil - 5.2% | |||
Banco BTG Pactual SA unit | 1,915,500 | 13,776,612 | |
Banco do Brasil SA | 2,447,660 | 24,943,745 | |
Hapvida Participacoes e Investimentos SA (a)(b) | 50,200,821 | 50,957,217 | |
Localiza Rent a Car SA | 1,836,529 | 26,106,578 | |
Natura & Co. Holding SA | 6,054,707 | 23,392,968 | |
Pet Center Comercio e Participacoes SA | 10,898,847 | 16,133,636 | |
Raia Drogasil SA | 4,982,846 | 30,526,682 | |
Vale SA | 1,178,368 | 17,234,138 | |
Vamos Locacao de Caminhoes Maquinas e Equipamentos SA | 4,126,895 | 10,420,328 | |
XP, Inc. Class A (a) | 808,563 | 21,839,287 | |
TOTAL BRAZIL | 235,331,191 | ||
China - 33.4% | |||
Advanced Micro-Fabrication Equipment, Inc., China (A Shares) (a) | 699,100 | 13,978,477 | |
Airtac International Group | 1,207,921 | 35,755,014 | |
Alibaba Group Holding Ltd. (a) | 12,122,784 | 154,921,736 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 157,400 | 16,079,984 | |
Anta Sports Products Ltd. | 707,800 | 8,286,058 | |
Baidu, Inc. sponsored ADR (a) | 115,580 | 18,029,324 | |
BeiGene Ltd. ADR (a) | 75,100 | 16,087,922 | |
BYD Co. Ltd. (H Shares) | 953,919 | 33,976,709 | |
China Construction Bank Corp. (H Shares) | 62,343,792 | 36,337,617 | |
China Life Insurance Co. Ltd. (H Shares) | 25,617,471 | 44,672,660 | |
China Merchants Bank Co. Ltd. (H Shares) | 2,239,500 | 11,041,144 | |
China Tourism Group Duty Free Corp. Ltd. (H Shares) (b)(c) | 862,219 | 13,742,172 | |
Contemporary Amperex Technology Co. Ltd. | 805,060 | 26,796,636 | |
ENN Energy Holdings Ltd. | 2,078,771 | 24,988,752 | |
Flat Glass Group Co. Ltd. (c) | 8,739,836 | 25,943,044 | |
Guangzhou Automobile Group Co. Ltd. (H Shares) | 24,700,272 | 15,455,683 | |
Haier Smart Home Co. Ltd. | 6,230,536 | 20,489,061 | |
Industrial & Commercial Bank of China Ltd. (H Shares) | 48,859,122 | 23,859,267 | |
JD.com, Inc. sponsored ADR | 1,053,848 | 43,534,461 | |
Kunlun Energy Co. Ltd. | 10,938,093 | 8,905,986 | |
Kweichow Moutai Co. Ltd. (A Shares) | 141,846 | 37,345,684 | |
Li Auto, Inc. ADR (a) | 1,220,915 | 52,255,162 | |
Li Ning Co. Ltd. | 4,065,528 | 24,500,868 | |
Meituan Class B (a)(b) | 5,138,884 | 98,101,909 | |
NetEase, Inc. ADR (c) | 625,678 | 68,036,226 | |
New Horizon Health Ltd. (a)(b) | 811,536 | 2,757,530 | |
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 603,100 | 33,852,003 | |
PDD Holdings, Inc. ADR (a) | 733,980 | 65,926,084 | |
PetroChina Co. Ltd. (H Shares) | 35,508,345 | 25,906,536 | |
Ping An Insurance Group Co. of China Ltd. (H Shares) | 7,229,514 | 52,679,607 | |
Sany Heavy Industry Co. Ltd. (A Shares) | 4,636,200 | 11,521,049 | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | 503,794 | 20,877,390 | |
Shenzhou International Group Holdings Ltd. | 659,821 | 6,941,788 | |
Sinotruk Hong Kong Ltd. | 23,205,842 | 48,560,610 | |
Sunny Optical Technology Group Co. Ltd. | 1,127,600 | 10,923,358 | |
Tencent Holdings Ltd. | 4,645,011 | 213,490,059 | |
Trip.com Group Ltd. ADR (a) | 1,727,231 | 70,885,560 | |
Wuliangye Yibin Co. Ltd. (A Shares) | 941,668 | 23,862,058 | |
Wuxi Biologics (Cayman), Inc. (a)(b) | 2,026,632 | 11,459,882 | |
Zai Lab Ltd. ADR (a) | 210,649 | 6,332,109 | |
Zijin Mining Group Co. Ltd. (H Shares) | 19,409,351 | 33,249,424 | |
TOTAL CHINA | 1,512,346,603 | ||
Hungary - 0.3% | |||
Richter Gedeon PLC | 572,847 | 14,450,395 | |
India - 14.7% | |||
Axis Bank Ltd. | 2,822,421 | 32,737,201 | |
Bharti Airtel Ltd. | 4,064,255 | 43,978,362 | |
HDFC Bank Ltd. | 5,221,684 | 104,842,155 | |
HDFC Standard Life Insurance Co. Ltd. (b) | 4,315,520 | 33,943,265 | |
Hindustan Aeronautics Ltd. | 570,650 | 27,488,205 | |
Hindustan Unilever Ltd. | 608,129 | 18,936,001 | |
ICICI Bank Ltd. | 5,608,194 | 68,357,005 | |
Infosys Ltd. | 1,530,802 | 25,339,191 | |
ITC Ltd. | 4,615,276 | 26,134,898 | |
Jio Financial Services Ltd. (d) | 2,980,053 | 9,488,410 | |
Larsen & Toubro Ltd. | 1,871,016 | 61,002,538 | |
Mankind Pharma Ltd. | 507,165 | 10,747,347 | |
NTPC Ltd. | 15,964,016 | 42,385,006 | |
Reliance Industries Ltd. | 2,698,953 | 83,661,308 | |
SRF Ltd. | 403,012 | 10,636,645 | |
Tata Consultancy Services Ltd. | 276,129 | 11,487,860 | |
Tata Steel Ltd. | 12,170,941 | 18,225,333 | |
Ultratech Cement Ltd. | 366,461 | 37,065,632 | |
TOTAL INDIA | 666,456,362 | ||
Indonesia - 2.1% | |||
PT Bank Central Asia Tbk | 36,096,281 | 21,842,080 | |
PT Bank Mandiri (Persero) Tbk | 57,759,528 | 21,927,938 | |
PT Bank Rakyat Indonesia (Persero) Tbk | 112,523,523 | 42,159,012 | |
PT Telkom Indonesia Persero Tbk | 30,989,838 | 7,635,151 | |
TOTAL INDONESIA | 93,564,181 | ||
Korea (South) - 12.2% | |||
Db Insurance Co. Ltd. | 171,265 | 10,119,985 | |
Hansol Chemical Co. Ltd. | 83,127 | 12,751,536 | |
Hyundai Mipo Dockyard Co. Ltd. (a) | 132,290 | 9,670,261 | |
Hyundai Motor Co. Ltd. | 279,439 | 42,865,451 | |
JYP Entertainment Corp. | 240,500 | 25,674,013 | |
KB Financial Group, Inc. | 628,477 | 25,110,903 | |
Kia Corp. | 483,162 | 31,272,499 | |
Korea Aerospace Industries Ltd. | 290,465 | 11,184,671 | |
LG Chemical Ltd. | 70,674 | 35,842,557 | |
LG Innotek Co. Ltd. | 112,359 | 23,215,396 | |
NAVER Corp. | 233,266 | 41,442,086 | |
Samsung Electronics Co. Ltd. | 4,340,997 | 237,142,403 | |
SK Hynix, Inc. | 497,262 | 48,024,709 | |
TOTAL KOREA (SOUTH) | 554,316,470 | ||
Mexico - 3.9% | |||
America Movil S.A.B. de CV Series L | 11,273,580 | 11,815,547 | |
CEMEX S.A.B. de CV sponsored ADR (a) | 3,687,478 | 28,098,582 | |
Corporacion Inmobiliaria Vesta S.A.B. de CV ADR | 528,063 | 19,152,845 | |
Fomento Economico Mexicano S.A.B. de CV sponsored ADR | 201,087 | 22,773,103 | |
Gruma S.A.B. de CV Series B | 1,045,064 | 18,746,869 | |
Grupo Financiero Banorte S.A.B. de CV Series O | 6,755,914 | 64,032,912 | |
Wal-Mart de Mexico SA de CV Series V | 3,174,770 | 13,216,675 | |
TOTAL MEXICO | 177,836,533 | ||
Peru - 0.3% | |||
Credicorp Ltd. (United States) | 93,966 | 14,757,360 | |
Poland - 0.2% | |||
Dino Polska SA (a)(b) | 76,100 | 8,478,881 | |
Russia - 0.1% | |||
LUKOIL PJSC (d) | 568,462 | 178,442 | |
Sberbank of Russia (d) | 5,098,115 | 31,789 | |
Yandex NV Series A (a)(d) | 273,678 | 3,284,136 | |
TOTAL RUSSIA | 3,494,367 | ||
Saudi Arabia - 3.4% | |||
Al Rajhi Bank | 1,810,890 | 36,009,274 | |
Alinma Bank | 3,861,384 | 38,082,740 | |
Dr Sulaiman Al Habib Medical Services Group Co. | 272,748 | 21,010,815 | |
Saudi Telecom Co. | 1,551,545 | 17,535,320 | |
The Saudi National Bank | 3,802,308 | 39,071,056 | |
TOTAL SAUDI ARABIA | 151,709,205 | ||
South Africa - 3.2% | |||
Absa Group Ltd. | 2,430,781 | 25,750,274 | |
Bid Corp. Ltd. | 542,266 | 12,844,279 | |
Capitec Bank Holdings Ltd. | 222,531 | 22,315,751 | |
FirstRand Ltd. | 864,257 | 3,517,678 | |
Gold Fields Ltd. sponsored ADR | 875,873 | 13,549,755 | |
Impala Platinum Holdings Ltd. | 3,122,378 | 22,553,158 | |
MTN Group Ltd. | 2,101,526 | 16,457,327 | |
Naspers Ltd. Class N | 139,921 | 27,492,647 | |
TOTAL SOUTH AFRICA | 144,480,869 | ||
Taiwan - 10.7% | |||
Chailease Holding Co. Ltd. | 3,302,849 | 21,818,986 | |
E Ink Holdings, Inc. | 892,000 | 6,374,262 | |
eMemory Technology, Inc. | 265,780 | 15,658,448 | |
HIWIN Technologies Corp. | 2,295,901 | 15,385,731 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 3,679,694 | 12,680,137 | |
International Games Systems Co. Ltd. | 1,329,365 | 25,881,368 | |
MediaTek, Inc. | 779,313 | 17,078,256 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 19,568,120 | 352,685,621 | |
Unimicron Technology Corp. | 2,857,723 | 16,745,534 | |
TOTAL TAIWAN | 484,308,343 | ||
Thailand - 1.0% | |||
Bangkok Bank PCL (For. Reg.) | 5,712,526 | 28,675,493 | |
CP ALL PCL (For. Reg.) | 4,972,875 | 9,242,721 | |
SCB X PCL (For. Reg.) | 2,062,000 | 6,789,843 | |
TOTAL THAILAND | 44,708,057 | ||
United Arab Emirates - 0.3% | |||
Adnoc Gas PLC | 15,299,817 | 14,412,962 | |
TOTAL COMMON STOCKS (Cost $3,610,099,357) | 4,120,651,779 | ||
Nonconvertible Preferred Stocks - 2.0% | |||
Shares | Value ($) | ||
Brazil - 2.0% | |||
Banco Bradesco SA (PN) | 4,404,642 | 15,518,125 | |
Gerdau SA | 863,800 | 5,343,093 | |
Itau Unibanco Holding SA | 2,881,435 | 17,451,610 | |
Petroleo Brasileiro SA - Petrobras sponsored ADR | 3,475,565 | 51,021,294 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS (Cost $67,691,866) | 89,334,122 | ||
Government Obligations - 0.1% | |||
Principal Amount (e) | Value ($) | ||
United States of America - 0.1% | |||
U.S. Treasury Bills, yield at date of purchase 5.11% to 5.3% 8/31/23 to 9/21/23 (f) (Cost $3,988,153) | 4,010,000 | 3,987,768 | |
Money Market Funds - 8.4% | |||
Shares | Value ($) | ||
Fidelity Cash Central Fund 5.32% (g) | 324,012,974 | 324,077,776 | |
Fidelity Securities Lending Cash Central Fund 5.32% (g)(h) | 55,445,653 | 55,451,198 | |
TOTAL MONEY MARKET FUNDS (Cost $379,528,974) | 379,528,974 | ||
TOTAL INVESTMENT IN SECURITIES - 101.5% (Cost $4,061,308,350) | 4,593,502,643 |
NET OTHER ASSETS (LIABILITIES) - (1.5)% | (66,134,701) |
NET ASSETS - 100.0% | 4,527,367,942 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount ($) | Value ($) | Unrealized Appreciation/ (Depreciation) ($) | |
Purchased | |||||
Equity Index Contracts | |||||
ICE MSCI Emerging Markets Index Contracts (United States) | 2,887 | Sep 2023 | 152,188,205 | 5,687,740 | 5,687,740 |
The notional amount of futures purchased as a percentage of Net Assets is 3.4% |
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 $219,440,856 or 4.8% of net assets. |
(c) | Security or a portion of the security is on loan at period end. |
(d) | Level 3 security |
(e) | Amount is stated in United States dollars unless otherwise noted. |
(f) | 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 $3,787,272. |
(g) | Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
(h) | Investment made with cash collateral received from securities on loan. |
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate | Value, beginning of period ($) | 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% | 175,911,032 | 1,893,825,764 | 1,745,659,020 | 7,144,824 | - | - | 324,077,776 | 0.8% |
Fidelity Securities Lending Cash Central Fund 5.32% | 9,725,325 | 384,563,091 | 338,837,218 | 255,636 | - | - | 55,451,198 | 0.2% |
Total | 185,636,357 | 2,278,388,855 | 2,084,496,238 | 7,400,460 | - | - | 379,528,974 | |
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.
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. Government 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.
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.
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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