Vamos Locacao de Caminhoes Maquinas e Equipamentos SA
18,515,633
28,250,650
TOTAL BRAZIL
326,785,491
China - 24.2%
Airtac International Group
532,773
13,716,610
Alibaba Group Holding Ltd.
14,564,879
143,321,681
Anta Sports Products Ltd.
2,203,482
19,770,518
BYD Co. Ltd. (H Shares)
1,754,371
51,937,761
China Construction Bank Corp. (H Shares)
84,161,778
58,924,071
China Life Insurance Co. Ltd. (H Shares)
24,692,697
34,323,287
China Merchants Bank Co. Ltd. (H Shares)
3,813,000
15,861,369
ENN Energy Holdings Ltd.
1,195,300
8,399,236
Fuyao Glass Industries Group Co. Ltd. (A Shares)
6,388,949
39,830,547
Haier Smart Home Co. Ltd.
12,318,600
40,274,621
Industrial & Commercial Bank of China Ltd. (H Shares)
69,262,566
38,475,017
Innovent Biologics, Inc. (a)(b)
4,781,962
23,686,866
JD.com, Inc. sponsored ADR
725,880
19,155,973
Kweichow Moutai Co. Ltd. (A Shares)
290,625
57,212,438
Li Auto, Inc. Class A (a)
2,754,500
26,945,125
Meituan Class B (a)(b)
4,604,275
63,753,879
NetEase, Inc. ADR
219,320
20,201,565
New Oriental Education & Technology Group, Inc. sponsored ADR (a)
276,751
17,385,498
PDD Holdings, Inc. ADR (a)
933,237
120,284,917
PetroChina Co. Ltd. (H Shares)
45,748,039
39,875,864
Ping An Insurance Group Co. of China Ltd. (H Shares)
6,723,970
29,199,660
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares)
828,719
29,512,371
Sinotruk Hong Kong Ltd.
13,849,987
36,429,374
Tencent Holdings Ltd.
6,706,345
309,474,046
Tencent Music Entertainment Group ADR
2,005,300
28,435,154
Trip.com Group Ltd. ADR (a)
1,029,964
43,804,369
Xiaomi Corp. Class B (a)(b)
9,779,600
21,004,932
Zhongji Innolight Co. Ltd. (A Shares)
1,080,560
19,381,907
Zijin Mining Group Co. Ltd. (H Shares)
32,912,724
66,812,470
TOTAL CHINA
1,437,391,126
Greece - 0.3%
Athens International Airport SA
86,800
747,945
OPAP SA
971,000
16,929,431
TOTAL GREECE
17,677,376
Hungary - 1.4%
OTP Bank PLC
968,686
49,604,563
Richter Gedeon PLC
1,087,333
30,998,176
TOTAL HUNGARY
80,602,739
India - 18.1%
Axis Bank Ltd.
4,640,266
64,626,255
Bharti Airtel Ltd.
5,351,255
95,328,725
Computer Age Management Services Private Ltd.
451,208
24,434,743
HDFC Bank Ltd.
6,521,194
126,018,672
HDFC Standard Life Insurance Co. Ltd. (b)
2,660,665
22,736,843
Hindustan Aeronautics Ltd.
1,184,172
69,624,439
ICICI Bank Ltd.
6,529,151
95,173,089
Infosys Ltd.
1,971,620
43,720,799
Jindal Steel & Power Ltd.
782,600
9,237,129
Larsen & Toubro Ltd.
1,273,750
58,037,548
Mahindra & Mahindra Ltd.
531,500
18,458,573
MakeMyTrip Ltd. (a)(c)
145,300
13,598,627
Mankind Pharma Ltd. (a)
880,475
21,327,341
Max Healthcare Institute Ltd.
1,104,200
12,162,608
NHPC Ltd.
18,158,200
22,780,216
NTPC Ltd.
12,436,173
61,788,892
Reliance Industries Ltd.
4,105,624
147,638,156
SBI Life Insurance Co. Ltd. (b)
1,022,200
21,409,628
Tata Consultancy Services Ltd.
581,632
30,463,716
Tata Steel Ltd.
8,782,099
17,341,247
Ultratech Cement Ltd.
201,568
28,617,486
Zomato Ltd. (a)
26,566,128
72,802,559
TOTAL INDIA
1,077,327,291
Indonesia - 2.0%
PT Bank Central Asia Tbk
135,659,100
85,725,538
PT Bank Mandiri (Persero) Tbk
19,203,055
7,573,478
PT Bank Rakyat Indonesia (Persero) Tbk
80,055,945
23,035,303
TOTAL INDONESIA
116,334,319
Korea (South) - 13.2%
AMOREPACIFIC Corp.
230,574
30,585,196
BGF Retail Co. Ltd.
96,170
7,259,491
Hana Financial Group, Inc.
487,170
23,010,753
Hyundai Motor Co. Ltd.
299,351
54,415,932
KB Financial Group, Inc.
697,206
45,300,657
Kia Corp.
470,532
38,507,098
Korea Aerospace Industries Ltd.
582,199
24,226,592
KT&G Corp.
195,350
13,305,802
NAVER Corp.
262,064
33,289,144
Samsung Biologics Co. Ltd. (a)(b)
58,175
39,836,873
Samsung Electronics Co. Ltd.
5,149,381
315,400,949
Samsung Fire & Marine Insurance Co. Ltd.
41,020
11,154,958
Samsung SDI Co. Ltd.
59,350
13,843,235
SK Hynix, Inc.
679,137
96,481,986
SK Square Co. Ltd. (a)
591,608
37,229,509
TOTAL KOREA (SOUTH)
783,848,175
Malaysia - 0.3%
CIMB Group Holdings Bhd
6,224,900
10,066,603
Tenaga Nasional Bhd
1,992,200
6,105,164
TOTAL MALAYSIA
16,171,767
Mexico - 4.0%
America Movil S.A.B. de CV Series L
20,953,374
17,499,571
CEMEX S.A.B. de CV sponsored ADR
3,299,908
21,185,409
Corporacion Inmobiliaria Vesta S.A.B. de CV ADR
914,456
26,866,717
Fomento Economico Mexicano S.A.B. de CV sponsored ADR
191,797
21,145,619
Gruma S.A.B. de CV Series B
2,370,233
44,313,218
Grupo Financiero Banorte S.A.B. de CV
8,697,814
65,176,416
Grupo Mexico SA de CV Series B
4,692,200
26,444,152
Wal-Mart de Mexico SA de CV Series V
4,080,924
13,571,684
TOTAL MEXICO
236,202,786
Peru - 0.3%
Credicorp Ltd. (United States)
114,535
19,544,252
Philippines - 0.8%
Ayala Land, Inc.
56,503,300
28,573,710
International Container Terminal Services, Inc.
2,966,000
18,100,557
TOTAL PHILIPPINES
46,674,267
Poland - 0.9%
Allegro.eu SA (a)(b)
808,551
7,425,198
Powszechna Kasa Oszczednosci Bank SA
3,133,635
46,612,791
TOTAL POLAND
54,037,989
Russia - 0.0%
LUKOIL PJSC (a)(d)
568,462
192,610
Sberbank of Russia (a)(d)
5,098,115
34,313
TOTAL RUSSIA
226,923
Saudi Arabia - 2.2%
Al Rajhi Bank
2,092,487
47,740,315
Alinma Bank
3,064,692
26,465,530
Sabic Agriculture-Nutrients Co.
268,600
8,419,030
The Saudi National Bank
4,805,354
48,669,595
TOTAL SAUDI ARABIA
131,294,470
South Africa - 4.2%
Absa Group Ltd.
1,035,417
9,084,949
African Rainbow Minerals Ltd.
2,377,747
28,200,047
Capitec Bank Holdings Ltd.
348,903
54,330,208
FirstRand Ltd.
5,061,585
22,705,916
Impala Platinum Holdings Ltd.
5,698,051
29,272,094
MTN Group Ltd.
3,039,916
13,204,544
Naspers Ltd. Class N
72,209
13,964,874
Northam Platinum Holdings Ltd.
1,622,046
12,705,619
Pepkor Holdings Ltd. (b)
12,594,415
14,100,213
Shoprite Holdings Ltd.
1,468,635
24,556,948
Standard Bank Group Ltd.
2,127,012
25,901,371
TOTAL SOUTH AFRICA
248,026,783
Taiwan - 15.0%
Alchip Technologies Ltd.
640,481
52,394,612
Chailease Holding Co. Ltd.
5,985,278
28,044,242
eMemory Technology, Inc.
106,000
7,562,638
Hon Hai Precision Industry Co. Ltd. (Foxconn)
12,150,000
74,864,977
MediaTek, Inc.
1,235,925
47,276,047
Quanta Computer, Inc.
1,005,000
8,599,764
Taiwan Semiconductor Manufacturing Co. Ltd.
21,266,771
623,090,404
Unimicron Technology Corp.
1,809,009
10,124,600
Yageo Corp.
1,570,540
38,466,107
TOTAL TAIWAN
890,423,391
Thailand - 0.5%
PTT Exploration and Production PCL (For. Reg.)
7,631,126
31,557,086
United Arab Emirates - 0.3%
ADNOC Drilling Co. PJSC
13,324,100
15,961,568
United Kingdom - 0.5%
AngloGold Ashanti PLC (c)
1,146,100
32,182,488
TOTAL COMMON STOCKS
(Cost $4,585,203,721)
5,562,270,287
Nonconvertible Preferred Stocks - 0.4%
Shares
Value ($)
Brazil - 0.4%
Itau Unibanco Holding SA
(Cost $17,927,143)
3,703,211
22,182,012
Government Obligations - 0.0%
Principal
Amount (e)
Value ($)
United States of America - 0.0%
U.S. Treasury Bills, yield at date of purchase 5.22% to 5.3% 9/26/24 to 10/24/24 (f)
(Cost $2,980,978)
3,010,000
2,980,957
Money Market Funds - 6.0%
Shares
Value ($)
Fidelity Cash Central Fund 5.39% (g)
340,286,293
340,354,350
Fidelity Securities Lending Cash Central Fund 5.39% (g)(h)
13,558,817
13,560,173
TOTAL MONEY MARKET FUNDS
(Cost $353,914,523)
353,914,523
TOTAL INVESTMENT IN SECURITIES - 100.1%
(Cost $4,960,026,365)
5,941,347,779
NET OTHER ASSETS (LIABILITIES) - (0.1)%
(5,238,143)
NET ASSETS - 100.0%
5,936,109,636
Futures Contracts
Number
of contracts
Expiration
Date
Notional
Amount ($)
Value ($)
Unrealized
Appreciation/
(Depreciation) ($)
Purchased
Equity Index Contracts
ICE MSCI Emerging Markets Index Contracts (United States)
1,855
Sep 2024
101,700,375
1,203,754
1,203,754
The notional amount of futures purchased as a percentage of Net Assets is 1.7%
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 $243,647,090 or 4.1% 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 $2,980,957.
(g)
Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
(h)
Investment made with cash collateral received from securities on loan.
Affiliated Central Funds
Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.
Affiliate
Value,
beginning
of period ($)
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 5.39%
315,028,737
1,502,118,771
1,476,792,241
11,708,632
(917)
-
340,354,350
0.7%
Fidelity Securities Lending Cash Central Fund 5.39%
48,137,657
415,879,837
450,457,321
419,452
-
-
13,560,173
0.1%
Total
363,166,394
1,917,998,608
1,927,249,562
12,128,084
(917)
-
353,914,523
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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