China Communications Services Corp. Ltd. (H Shares)
26,852,394
11,056,967
China Resources Beer Holdings Co. Ltd.
2,609,663
9,437,433
Far East Horizon Ltd.
15,163,244
11,116,376
Flat Glass Group Co. Ltd. (b)
7,020,410
10,558,845
Fu Shou Yuan International Group Ltd.
18,217,916
10,926,144
Guangdong Investment Ltd.
16,025,050
9,316,442
Haier Smart Home Co. Ltd. (A Shares)
4,241,211
13,234,277
Haitian International Holdings Ltd.
4,624,227
10,293,094
Hansoh Pharmaceutical Group Co. Ltd. (c)
7,410,308
11,129,892
Innovent Biologics, Inc. (a)(c)
2,530,607
10,195,592
JOYY, Inc. ADR
102,858
3,153,626
Li Ning Co. Ltd.
5,473,380
11,692,902
Pharmaron Beijing Co. Ltd. (H Shares) (b)(c)
6,323,652
8,187,000
Shenzhen Expressway Co. Ltd. (H Shares)
12,291,465
9,865,355
Shenzhen YUTO Packaging Technology Co. Ltd. (A Shares)
3,385,673
10,935,560
Sinopec Engineering Group Co. Ltd. (H Shares)
22,301,632
11,185,733
Sinotruk Hong Kong Ltd.
6,103,335
13,861,853
Tongdao Liepin Group (a)(b)
11,976,997
5,938,230
TravelSky Technology Ltd. (H Shares)
6,808,319
6,848,063
Tsingtao Brewery Co. Ltd. (H Shares)
1,158,266
6,609,897
Zai Lab Ltd. (a)
4,719,530
10,027,871
TOTAL CHINA
219,310,044
Georgia - 1.0%
Bank of Georgia Group PLC
242,426
11,659,245
Hong Kong - 2.0%
ASMPT Ltd.
1,181,733
11,404,173
WH Group Ltd. (c)
18,708,743
11,038,068
TOTAL HONG KONG
22,442,241
Hungary - 0.9%
Richter Gedeon PLC
367,685
9,925,514
India - 12.8%
Bharat Electronics Ltd.
6,283,823
14,068,224
Computer Age Management Services Private Ltd.
351,220
12,263,333
Deccan Cements Ltd. (d)
745,139
5,542,237
Eicher Motors Ltd.
261,613
12,105,149
Embassy Office Parks (REIT)
3,281,665
14,193,479
Hindustan Aeronautics Ltd.
394,680
14,276,256
Indraprastha Gas Ltd.
1,524,853
7,907,155
ITC Ltd.
1,873,345
9,954,562
Mahanagar Gas Ltd.
612,600
10,928,269
Manappuram General Finance & Leasing Ltd.
940,273
2,090,307
Oberoi Realty Ltd.
640,691
10,216,980
Shriram Transport Finance Co. Ltd.
575,207
17,090,185
Torrent Pharmaceuticals Ltd.
432,698
13,180,598
TOTAL INDIA
143,816,734
Indonesia - 2.0%
First Resources Ltd.
9,486,841
10,441,083
PT United Tractors Tbk
8,520,790
12,377,363
TOTAL INDONESIA
22,818,446
Korea (South) - 10.0%
AMOREPACIFIC Corp.
127,560
11,252,188
Coway Co. Ltd.
341,449
14,163,371
Db Insurance Co. Ltd.
191,585
12,638,211
Fila Holdings Corp.
368,715
11,232,657
Hanon Systems
1,947,032
9,087,442
Hansol Chemical Co. Ltd.
87,438
13,087,514
Hyundai Marine & Fire Insurance Co. Ltd.
366,299
9,303,407
LG Corp.
166,621
10,231,236
SFA Engineering Corp.
477,510
9,664,796
Soulbrain Co. Ltd.
58,867
11,870,007
TOTAL KOREA (SOUTH)
112,530,829
Malaysia - 0.0%
Scientex Bhd warrants 1/14/26 (a)
130,640
15,891
Mexico - 5.3%
FIBRA Macquarie Mexican (REIT) (b)(c)
3,969,033
7,612,223
Fibra Uno Administracion SA de CV
4,659,686
7,921,588
Grupo Comercial Chedraui S.A.B. de CV (b)
2,086,673
14,104,729
Qualitas Controladora S.A.B. de CV
1,450,463
16,027,020
Regional S.A.B. de CV
1,474,062
13,681,632
TOTAL MEXICO
59,347,192
Philippines - 1.0%
Robinsons Land Corp.
38,856,129
11,031,932
Poland - 1.2%
Dino Polska SA (a)(c)
120,110
13,015,429
Romania - 1.0%
Societatea de Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA
403,860
10,947,378
Russia - 0.0%
Etalon Group PLC GDR (Reg. S) (a)(e)
167,549
13,330
LSR Group OJSC (a)(e)
67,346
70,050
TCS Group Holding PLC GDR (a)(e)
59,253
78,018
TOTAL RUSSIA
161,398
Saudi Arabia - 2.2%
Bupa Arabia for Cooperative Insurance Co.
194,211
10,699,446
Catrion Catering Holding Co.
468,260
14,384,564
TOTAL SAUDI ARABIA
25,084,010
South Africa - 4.1%
Bidvest Group Ltd./The
916,207
12,078,909
FirstRand Ltd.
3,138,536
11,385,732
Impala Platinum Holdings Ltd.
2,355,420
9,142,927
Mr Price Group Ltd.
1,535,008
14,047,711
TOTAL SOUTH AFRICA
46,655,279
Taiwan - 14.2%
BizLink Holding, Inc.
1,374,478
10,117,284
Chailease Holding Co. Ltd.
2,144,682
11,874,406
Cleanaway Co. Ltd.
1,949,105
11,144,989
E Ink Holdings, Inc.
2,400,780
15,924,583
International Games Systems Co. Ltd.
565,195
14,955,730
Makalot Industrial Co. Ltd.
1,101,557
12,638,818
Nanya Technology Corp.
6,329,370
13,884,888
Nien Made Enterprise Co. Ltd.
1,137,860
12,166,665
Poya International Co. Ltd.
699,621
11,529,613
Realtek Semiconductor Corp.
1,053,372
15,767,409
Unimicron Technology Corp.
2,835,504
15,911,280
Yageo Corp.
805,504
14,171,043
TOTAL TAIWAN
160,086,708
Turkey - 1.2%
Mavi Jeans Class B (c)
2,870,926
13,491,318
United Arab Emirates - 1.0%
Aldar Properties PJSC
8,503,561
11,807,447
United States of America - 3.0%
FirstCash Holdings, Inc.
106,540
12,227,596
Parade Technologies Ltd.
363,755
12,907,673
Tenaris SA sponsored ADR
274,390
8,728,346
TOTAL UNITED STATES OF AMERICA
33,863,615
Vietnam - 0.1%
FPT Corp.
225,647
881,988
TOTAL COMMON STOCKS
(Cost $1,044,437,048)
1,107,795,787
Money Market Funds - 3.9%
Shares
Value ($)
Fidelity Cash Central Fund 5.39% (f)
29,088,185
29,094,003
Fidelity Securities Lending Cash Central Fund 5.39% (f)(g)
15,339,926
15,341,460
TOTAL MONEY MARKET FUNDS
(Cost $44,435,463)
44,435,463
TOTAL INVESTMENT IN SECURITIES - 102.2%
(Cost $1,088,872,511)
1,152,231,250
NET OTHER ASSETS (LIABILITIES) - (2.2)%
(25,304,309)
NET ASSETS - 100.0%
1,126,926,941
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 $74,669,522 or 6.6% of net assets.
(d)
Affiliated company
(e)
Level 3 security
(f)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(g)
Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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 5.39%
41,349,421
128,314,672
140,570,090
559,519
-
-
29,094,003
0.1%
Fidelity Securities Lending Cash Central Fund 5.39%
11,126,496
28,681,419
24,466,455
100,553
-
-
15,341,460
0.1%
Total
52,475,917
156,996,091
165,036,545
660,072
-
-
44,435,463
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.
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
Deccan Cements Ltd.
4,283,550
283,827
-
-
-
974,860
5,542,237
Total
4,283,550
283,827
-
-
-
974,860
5,542,237
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.
We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.
