Quarterly Holdings Report
for
Fidelity® Series Emerging Markets Fund
July 31, 2026
MER-NPRT3-0926
1.9891246.107
Common Stocks - 96.3%
 
  
Shares
Value ($)
 
ARGENTINA - 0.7%
 
  
  
Energy - 0.7%
  
  
  
Oil, Gas & Consumable Fuels - 0.7%
  
  
  
YPF SA Class D ADR (a)
  
1,033,967
54,324,626
AUSTRALIA - 0.3%
 
  
  
Materials - 0.3%
  
  
  
Metals & Mining - 0.3%
  
  
  
Anglogold Ashanti Plc
 
298,763
23,697,881
BRAZIL - 4.5%
 
  
  
Consumer Discretionary - 0.6%
  
  
  
Specialty Retail - 0.6%
  
  
  
Vibra Energia SA
 
6,827,826
48,557,081
Energy - 0.7%
  
  
  
Oil, Gas & Consumable Fuels - 0.7%
  
  
  
PRIO SA/Brazil (a)
  
4,334,116
52,026,663
Financials - 1.4%
  
  
  
Banks - 1.0%
  
  
  
Itau Unibanco Holding SA
 
3,019,933
25,551,607
NU Holdings Ltd/Cayman Islands Class A (a)
  
3,839,189
55,015,578
 
  
  
80,567,185
Capital Markets - 0.4%
  
  
  
Banco BTG Pactual SA unit
 
2,580,268
28,911,992
TOTAL FINANCIALS
  
  
109,479,177
Industrials - 0.3%
  
  
  
Ground Transportation - 0.3%
  
  
  
Localiza Rent a Car SA
 
2,934,801
21,774,432
Materials - 0.6%
  
  
  
Metals & Mining - 0.6%
  
  
  
Gerdau SA ADR (d)
  
3,327,100
16,502,416
Vale SA ADR
 
2,192,029
33,011,957
TOTAL MATERIALS
  
  
49,514,373
Utilities - 0.9%
  
  
  
Electric Utilities - 0.4%
  
  
  
Axia Energia SA
 
3,324,789
34,643,945
Water Utilities - 0.5%
  
  
  
Cia de Saneamento Basico do Estado de Sao Paulo SABESP
 
4,686,949
25,611,491
Cia de Saneamento de Minas Gerais Copasa MG
 
1,044,900
13,227,313
 
  
  
38,838,804
TOTAL UTILITIES
  
  
73,482,749
TOTAL BRAZIL
  
  
354,834,475
CHILE - 0.3%
 
  
  
Financials - 0.3%
  
  
  
Banks - 0.3%
  
  
  
Banco de Chile
 
95,236,400
19,842,154
CHINA - 24.7%
 
  
  
Communication Services - 5.0%
  
  
  
Entertainment - 0.8%
  
  
  
Netease Inc
 
820,885
21,840,644
Netease Inc ADR
 
299,353
39,894,774
 
  
  
61,735,418
Interactive Media & Services - 4.2%
  
  
  
Baidu Inc A Shares (a)
  
1,188,952
16,470,080
Tencent Holdings Ltd
 
5,184,202
316,770,222
 
  
  
333,240,302
TOTAL COMMUNICATION SERVICES
  
  
394,975,720
Consumer Discretionary - 6.1%
  
  
  
Automobile Components - 0.2%
  
  
  
Zhejiang Yinlun Machinery Co Ltd A Shares (China)
 
2,091,100
11,892,595
Automobiles - 0.5%
  
  
  
BYD Co Ltd H Shares
 
3,256,379
38,929,489
Broadline Retail - 3.9%
  
  
  
Alibaba Group Holding Ltd
 
13,361,139
203,535,619
Alibaba Group Holding Ltd ADR
 
73,874
9,031,097
JD.com Inc A Shares
 
1,012,000
16,647,373
JD.com Inc ADR
 
1,125,453
37,151,204
PDD Holdings Inc Class A ADR (a)
  
421,400
37,319,184
 
  
  
303,684,477
Diversified Consumer Services - 0.1%
  
  
  
New Oriental Education & Technology Group Inc
 
1,957,100
11,477,031
Hotels, Restaurants & Leisure - 1.4%
  
  
  
H World Group Ltd ADR
 
169,760
7,247,054
Luckin Coffee Inc ADR (a)
  
430,421
15,064,735
Meituan B Shares (a)(b)(c)
  
3,550,000
41,913,000
Trip.com Group Ltd ADR (a)
  
595,266
27,983,455
Yum China Holdings Inc
 
409,537
19,731,493
 
  
  
111,939,737
TOTAL CONSUMER DISCRETIONARY
  
  
477,923,329
Consumer Staples - 0.5%
  
  
  
Beverages - 0.4%
  
  
  
Kweichow Moutai Co Ltd A Shares (China)
 
137,225
27,422,441
Personal Care Products - 0.1%
  
  
  
Mao Geping Cosmetics Co LTD H Shares (d)
  
1,093,563
8,192,240
TOTAL CONSUMER STAPLES
  
  
35,614,681
Energy - 0.2%
  
  
  
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
PetroChina Co Ltd H Shares
 
16,773,519
21,259,917
Financials - 4.3%
  
  
  
Banks - 2.2%
  
  
  
China Construction Bank Corp H Shares
 
99,655,079
116,937,853
China Merchants Bank Co Ltd H Shares
 
4,172,986
27,084,182
Industrial & Commercial Bank of China Ltd H Shares
 
34,093,677
32,648,617
 
  
  
176,670,652
Insurance - 2.1%
  
  
  
China Life Insurance Co Ltd H Shares
 
14,493,692
53,965,088
China Pacific Insurance Group Co Ltd H Shares
 
2,445,138
9,528,131
PICC Property & Casualty Co Ltd H Shares
 
12,633,958
26,420,090
Ping An Insurance Group Co of China Ltd H Shares
 
10,068,740
75,221,282
 
  
  
165,134,591
TOTAL FINANCIALS
  
  
341,805,243
Health Care - 1.8%
  
  
  
Biotechnology - 0.2%
  
  
  
Innovent Biologics Inc (a)(b)(c)
  
1,230,791
13,606,750
Life Sciences Tools & Services - 1.0%
  
  
  
Wuxi Apptec Co Ltd H Shares (b)(c)(d)
  
3,958,365
81,111,555
Pharmaceuticals - 0.6%
  
  
  
Hansoh Pharmaceutical Group Co Ltd (b)(c)
  
8,371,815
34,352,368
Jiangsu Hengrui Pharmaceuticals Co Ltd H Shares (d)
  
1,706,200
12,422,730
 
  
  
46,775,098
TOTAL HEALTH CARE
  
  
141,493,403
Industrials - 3.3%
  
  
  
Electrical Equipment - 1.8%
  
  
  
Contemporary Amperex Technology Co Ltd A Shares (China)
 
1,206,886
70,714,040
Ningbo Deye Technology Corp A Shares (China)
 
4,505,340
54,622,361
Sieyuan Electric Co Ltd A Shares (China)
 
706,100
16,357,331
 
  
  
141,693,732
Machinery - 1.5%
  
  
  
Airtac International Group
 
880,425
35,674,301
Sany Heavy Industry Co Ltd A Shares (China)
 
7,002,400
21,313,222
Weichai Power Co Ltd H Shares
 
14,501,000
60,907,750
 
  
  
117,895,273
TOTAL INDUSTRIALS
  
  
259,589,005
Information Technology - 1.9%
  
  
  
Electronic Equipment, Instruments & Components - 0.3%
  
  
  
Luxshare Precision Industry Co Ltd A Shares (China)
 
2,005,735
17,083,008
WUS Printed Circuit Kunshan Co Ltd A Shares (China)
 
675,800
10,373,590
 
  
  
27,456,598
Semiconductors & Semiconductor Equipment - 1.0%
  
  
  
Anji Microelectronics Technology Shanghai Co Ltd A Shares (China)
 
464,910
16,306,217
CXMT Corp A Shares
 
1,615,044
12,794,491
Montage Technology Co Ltd A Shares (China)
 
1,383,900
41,924,569
 
  
  
71,025,277
Software - 0.1%
  
  
  
Z AI Co Ltd H Shares (d)
  
77,967
9,817,455
Technology Hardware, Storage & Peripherals - 0.5%
  
  
  
Xiaomi Corp B Shares (a)(b)(c)
  
11,403,947
41,846,607
TOTAL INFORMATION TECHNOLOGY
  
  
150,145,937
Materials - 1.6%
  
  
  
Metals & Mining - 1.6%
  
  
  
Aluminum Corp of China Ltd A Shares (China)
 
15,968,300
22,698,081
MMG Ltd (a)
  
54,326,046
58,119,393
Zijin Mining Group Co Ltd H Shares
 
11,498,068
48,734,543
TOTAL MATERIALS
  
  
129,552,017
TOTAL CHINA
  
  
1,952,359,252
GREECE - 0.5%
 
  
  
Financials - 0.5%
  
  
  
Banks - 0.5%
  
  
  
Eurobank SA
 
4,702,683
24,131,900
National Bank of Greece SA
 
739,774
13,734,433
 
  
  
  
TOTAL GREECE
  
  
37,866,333
HONG KONG - 0.4%
 
  
  
Materials - 0.4%
  
  
  
Metals & Mining - 0.4%
  
  
  
Zijin Gold International Co Ltd
 
2,017,600
30,409,099
HUNGARY - 1.1%
 
  
  
Financials - 0.9%
  
  
  
Banks - 0.9%
  
  
  
OTP Bank Nyrt
 
459,926
68,059,808
Health Care - 0.2%
  
  
  
Pharmaceuticals - 0.2%
  
  
  
Richter Gedeon Nyrt
 
418,515
15,608,616
TOTAL HUNGARY
  
  
83,668,424
INDIA - 7.6%
 
  
  
Communication Services - 0.9%
  
  
  
Wireless Telecommunication Services - 0.9%
  
  
  
Bharti Airtel Ltd
 
3,431,633
70,913,806
Consumer Discretionary - 0.5%
  
  
  
Automobiles - 0.1%
  
  
  
Mahindra & Mahindra Ltd
 
302,217
10,764,053
Hotels, Restaurants & Leisure - 0.4%
  
  
  
MakeMyTrip Ltd (a)(d)
  
464,700
26,464,665
TOTAL CONSUMER DISCRETIONARY
  
  
37,228,718
Energy - 1.1%
  
  
  
Oil, Gas & Consumable Fuels - 1.1%
  
  
  
Coal India Ltd
 
5,001,600
21,719,968
Reliance Industries Ltd
 
4,784,812
65,528,214
TOTAL ENERGY
  
  
87,248,182
Financials - 3.5%
  
  
  
Banks - 3.2%
  
  
  
Axis Bank Ltd
 
1,565,501
20,164,753
HDFC Bank Ltd/Gift City
 
13,260,422
103,880,320
ICICI Bank Ltd
 
7,416,183
111,488,197
State Bank of India
 
1,704,966
18,354,385
 
  
  
253,887,655
Capital Markets - 0.1%
  
  
  
HDFC Asset Management Co Ltd (b)(c)
  
236,058
6,468,996
Consumer Finance - 0.2%
  
  
  
Bajaj Finance Ltd
 
1,248,135
14,924,500
TOTAL FINANCIALS
  
  
275,281,151
Industrials - 1.0%
  
  
  
Aerospace & Defense - 0.1%
  
  
  
Hindustan Aeronautics Ltd (b)
  
248,900
12,127,262
Construction & Engineering - 0.6%
  
  
  
Larsen & Toubro Ltd
 
1,226,603
50,605,608
Passenger Airlines - 0.3%
  
  
  
InterGlobe Aviation Ltd (b)(c)
  
366,800
19,866,920
TOTAL INDUSTRIALS
  
  
82,599,790
Information Technology - 0.2%
  
  
  
IT Services - 0.2%
  
  
  
Infosys Ltd
 
1,654,500
19,659,043
Materials - 0.2%
  
  
  
Metals & Mining - 0.2%
  
  
  
Tata Steel Ltd
 
7,597,531
15,120,711
Utilities - 0.2%
  
  
  
Independent Power and Renewable Electricity Producers - 0.2%
  
  
  
NTPC Ltd
 
3,625,977
13,189,713
TOTAL INDIA
  
  
601,241,114
INDONESIA - 0.9%
 
  
  
Communication Services - 0.4%
  
  
  
Diversified Telecommunication Services - 0.4%
  
  
  
Telkom Indonesia Persero Tbk PT
 
193,955,947
28,315,783
Financials - 0.5%
  
  
  
Banks - 0.5%
  
  
  
Bank Central Asia Tbk PT
 
113,566,402
39,802,187
TOTAL INDONESIA
  
  
68,117,970
KOREA (SOUTH) - 18.6%
 
  
  
Communication Services - 0.3%
  
  
  
Diversified Telecommunication Services - 0.2%
  
  
  
KT Corp
 
401,120
14,287,038
Entertainment - 0.1%
  
  
  
HYBE Co Ltd
 
114,870
13,285,926
TOTAL COMMUNICATION SERVICES
  
  
27,572,964
Consumer Discretionary - 0.3%
  
  
  
Automobiles - 0.3%
  
  
  
Hyundai Motor Co
 
27,229
7,128,195
Kia Corp
 
197,254
17,571,675
TOTAL CONSUMER DISCRETIONARY
  
  
24,699,870
Consumer Staples - 0.6%
  
  
  
Personal Care Products - 0.6%
  
  
  
APR Corp/Korea
 
198,430
43,511,626
Tobacco - 0.0%
  
  
  
KT&G Corp
 
54,916
6,751,897
TOTAL CONSUMER STAPLES
  
  
50,263,523
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
S-Oil Corp
 
64,153
5,676,550
Financials - 2.2%
  
  
  
Banks - 2.2%
  
  
  
KB Financial Group Inc
 
650,503
75,221,910
Shinhan Financial Group Co Ltd
 
1,038,397
71,222,995
Woori Financial Group Inc
 
1,183,723
27,074,554
TOTAL FINANCIALS
  
  
173,519,459
Health Care - 0.4%
  
  
  
Life Sciences Tools & Services - 0.4%
  
  
  
Samsung Biologics Co Ltd (a)(b)(c)
  
32,379
32,914,168
Industrials - 2.0%
  
  
  
Aerospace & Defense - 0.2%
  
  
  
Hanwha Aerospace Co Ltd
 
22,512
14,279,501
Korea Aerospace Industries Ltd
 
75,395
6,632,435
 
  
  
20,911,936
Electrical Equipment - 1.0%
  
  
  
Doosan Enerbility Co Ltd (a)
  
694,640
31,453,659
LS Electric Co Ltd
 
350,635
43,622,305
 
  
  
75,075,964
Industrial Conglomerates - 0.8%
  
  
  
SK Square Co Ltd
 
92,057
62,542,267
TOTAL INDUSTRIALS
  
  
158,530,167
Information Technology - 12.7%
  
  
  
Semiconductors & Semiconductor Equipment - 5.5%
  
  
  
SK Hynix Inc
 
384,135
431,025,461
Technology Hardware, Storage & Peripherals - 7.2%
  
  
  
Samsung Electronics Co Ltd
 
3,296,428
566,894,202
TOTAL INFORMATION TECHNOLOGY
  
  
997,919,663
TOTAL KOREA (SOUTH)
  
  
1,471,096,364
MALAYSIA - 0.0%
 
  
  
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
CIMB Group Holdings Bhd
 
6,131,943
11,841,936
MEXICO - 2.8%
 
  
  
Communication Services - 0.4%
  
  
  
Wireless Telecommunication Services - 0.4%
  
  
  
America Movil SAB de CV Series B
 
21,885,921
27,888,927
Consumer Staples - 0.4%
  
  
  
Beverages - 0.3%
  
  
  
Fomento Economico Mexicano SAB de CV ADR
 
179,070
22,919,169
Food Products - 0.1%
  
  
  
Gruma SAB de CV Series B
 
765,533
11,413,932
TOTAL CONSUMER STAPLES
  
  
34,333,101
Financials - 1.3%
  
  
  
Banks - 1.3%
  
  
  
Grupo Financiero Banorte SAB de CV
 
8,485,814
98,275,618
Materials - 0.6%
  
  
  
Construction Materials - 0.6%
  
  
  
Cemex SAB de CV ADR
 
4,228,466
49,980,468
Real Estate - 0.1%
  
  
  
Real Estate Management & Development - 0.1%
  
  
  
Corp Inmobiliaria Vesta SAB de CV ADR
 
244,826
8,444,049
TOTAL MEXICO
  
  
218,922,163
PERU - 0.9%
 
  
  
Financials - 0.9%
  
  
  
Banks - 0.9%
  
  
  
Credicorp Ltd
 
186,188
74,583,189
PHILIPPINES - 0.8%
 
  
  
Industrials - 0.8%
  
  
  
Transportation Infrastructure - 0.8%
  
  
  
International Container Terminal Services Inc
 
3,847,675
60,419,686
POLAND - 1.3%
 
  
  
Consumer Discretionary - 0.6%
  
  
  
Broadline Retail - 0.6%
  
  
  
Allegro.eu SA (a)(b)(c)
  
3,942,271
47,473,147
Financials - 0.7%
  
  
  
Banks - 0.7%
  
  
  
Powszechna Kasa Oszczednosci Bank Polski SA
 
1,816,059
54,409,092
TOTAL POLAND
  
  
101,882,239
RUSSIA - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
LUKOIL PJSC (a)(e)
  
568,462
0
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Sberbank of Russia PJSC (a)(e)
  
5,098,115
1
TOTAL RUSSIA
  
  
1
SAUDI ARABIA - 0.9%
 
  
  
Financials - 0.9%
  
  
  
Banks - 0.9%
  
  
  
Al Rajhi Bank
 
3,070,187
51,135,721
Saudi National Bank/The
 
1,979,291
20,659,887
 
  
  
  
TOTAL SAUDI ARABIA
  
  
71,795,608
SOUTH AFRICA - 2.6%
 
  
  
Consumer Discretionary - 0.5%
  
  
  
Broadline Retail - 0.5%
  
  
  
Naspers Ltd Class N
 
714,842
37,559,681
Consumer Staples - 0.2%
  
  
  
Consumer Staples Distribution & Retail - 0.2%
  
  
  
Shoprite Holdings Ltd
 
1,058,947
18,418,241
Financials - 1.3%
  
  
  
Banks - 0.9%
  
  
  
Capitec Bank Holdings Ltd
 
168,103
47,999,300
Standard Bank Group Ltd
 
935,965
18,636,969
 
  
  
66,636,269
Financial Services - 0.4%
  
  
  
FirstRand Ltd
 
4,991,796
29,853,796
TOTAL FINANCIALS
  
  
96,490,065
Materials - 0.6%
  
  
  
Chemicals - 0.6%
  
  
  
Sasol Ltd (a)
  
4,211,786
49,911,377
TOTAL SOUTH AFRICA
  
  
202,379,364
TAIWAN - 24.8%
 
  
  
Industrials - 1.2%
  
  
  
Electrical Equipment - 1.2%
  
  
  
Bizlink Holding Inc
 
1,458,111
92,879,870
Information Technology - 23.6%
  
  
  
Communications Equipment - 0.1%
  
  
  
Accton Technology Corp
 
196,376
12,734,413
Electronic Equipment, Instruments & Components - 3.1%
  
  
  
Chroma ATE Inc
 
251,000
15,776,667
Delta Electronics Inc
 
1,587,927
78,158,497
Elite Material Co Ltd
 
604,727
86,850,513
Hon Hai Precision Industry Co Ltd
 
5,088,880
38,881,862
Unimicron Technology Corp
 
1,039,000
24,389,354
 
  
  
244,056,893
Semiconductors & Semiconductor Equipment - 19.8%
  
  
  
ASE Technology Holding Co Ltd
 
5,972,129
101,958,764
eMemory Technology Inc
 
257,000
19,318,035
MediaTek Inc
 
1,403,643
149,596,330
Phoenix Silicon International Corp
 
1,969,000
14,609,771
Taiwan Semiconductor Manufacturing Co Ltd
 
17,086,401
1,264,387,201
Topco Scientific Co Ltd
 
487,000
7,436,995
WinWay Technology Co Ltd
 
30,000
5,268,102
 
  
  
1,562,575,198
Technology Hardware, Storage & Peripherals - 0.6%
  
  
  
Wiwynn Corp
 
290,000
47,236,152
TOTAL INFORMATION TECHNOLOGY
  
  
1,866,602,656
TOTAL TAIWAN
  
  
1,959,482,526
THAILAND - 0.8%
 
  
  
Financials - 0.4%
  
  
  
Banks - 0.4%
  
  
  
Kasikornbank PCL
 
3,963,094
28,899,916
Industrials - 0.4%
  
  
  
Transportation Infrastructure - 0.4%
  
  
  
Airports of Thailand PCL
 
18,045,149
34,252,552
TOTAL THAILAND
  
  
63,152,468
TURKEY - 0.5%
 
  
  
Industrials - 0.5%
  
  
  
Aerospace & Defense - 0.4%
  
  
  
Aselsan Elektronik Sanayi Ve Ticaret AS
 
3,904,000
28,118,248
Electrical Equipment - 0.1%
  
  
  
Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS
 
1,946,000
12,101,392
TOTAL TURKEY
  
  
40,219,640
UNITED ARAB EMIRATES - 0.9%
 
  
  
Energy - 0.3%
  
  
  
Energy Equipment & Services - 0.3%
  
  
  
ADNOC Drilling Co PJSC
 
13,899,048
22,023,539
Financials - 0.4%
  
  
  
Banks - 0.4%
  
  
  
Abu Dhabi Commercial Bank PJSC
 
7,736,844
31,596,151
Real Estate - 0.2%
  
  
  
Real Estate Management & Development - 0.2%
  
  
  
Aldar Properties PJSC
 
5,687,300
11,504,666
Emaar Properties PJSC
 
2,874,400
8,608,331
TOTAL REAL ESTATE
  
  
20,112,997
TOTAL UNITED ARAB EMIRATES
  
  
73,732,687
UNITED STATES - 0.4%
 
  
  
Health Care - 0.4%
  
  
  
Biotechnology - 0.4%
  
  
  
BeOne Medicines Ltd H Shares (a)
  
1,222,138
30,232,425
 
TOTAL COMMON STOCKS
 (Cost $4,655,842,006)
  
  
  
7,606,101,624
 
  
  
  
International Equity Funds - 1.8%
 
  
Shares
Value ($)
 
iShares Core MSCI Emerging Markets ETF
 (Cost $143,446,342)
  
1,820,600
141,296,766
 
  
  
  
Money Market Funds - 2.8%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
  
3.69
137,553,350
137,580,861
Fidelity Securities Lending Cash Central Fund (f)(g)
  
3.72
85,739,058
85,747,631
 
TOTAL MONEY MARKET FUNDS
 (Cost $223,323,292)
  
  
  
223,328,492
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.9%
 (Cost $5,022,611,640)
 
  
 
7,970,726,882
NET OTHER ASSETS (LIABILITIES) - (0.9)%  
(73,645,334)
NET ASSETS - 100.0%
7,897,081,548
 
  
 
Security Type Abbreviations
ETF
-
EXCHANGE-TRADED FUND
 
Legend
 
(a)
Non-income producing.
 
(b)
Security exempt from registration under Regulation S of the Securities Act of 1933 and may be resold to qualified foreign investors outside of the United States. At the end of the period, the value of securities amounted to $331,680,773 or 4.2% of net assets.
 
(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 $319,553,511 or 4.0% of net assets.
 
(d)
Security or a portion of the security is on loan at period end.
 
(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.
 
At period end, the value of non-cash collateral for securities on loan amounted to $29,643,257.
 
Affiliated Underlying Funds
Fiscal year to date information regarding the Fund's investments in affiliated underlying funds is presented below. Exchanges between classes of the same affiliated underlying funds may occur. If an underlying fund changes its name, the name presented below is the name in effect at period end.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
Fidelity Cash Central Fund
153,857,026
1,823,182,544
1,839,456,640
4,984,205
(7,269)
5,200
137,580,861
137,553,350
Fidelity Securities Lending Cash Central Fund
53,652,710
467,671,133
435,575,537
753,705
(675)
-
85,747,631
85,739,058
 
207,509,736
2,290,853,677
2,275,032,177
5,737,910
(7,944)
5,200
223,328,492
  
 
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 income 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.
 
Exchange-Traded Funds (ETFs) and Exchange-Traded Notes (ETNs) are valued at their last 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 but the exchange reports a closing bid level, ETFs and ETNs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs and ETNs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 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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