Quarterly Holdings Report
for
Fidelity® Series Sustainable Emerging Markets Fund
July 31, 2026
SMK-NPRT3-0926
1.9908945.103
Common Stocks - 96.8%
 
  
Shares
Value ($)
 
ARGENTINA - 0.4%
 
  
  
Energy - 0.4%
  
  
  
Oil, Gas & Consumable Fuels - 0.4%
  
  
  
YPF SA Class D ADR (a)
  
1,584
83,223
AUSTRALIA - 0.7%
 
  
  
Materials - 0.7%
  
  
  
Metals & Mining - 0.7%
  
  
  
Anglogold Ashanti Plc
 
567
44,974
Anglogold Ashanti Plc (South Africa)
 
1,484
112,225
 
  
  
  
TOTAL AUSTRALIA
  
  
157,199
BRAZIL - 3.9%
 
  
  
Consumer Discretionary - 0.9%
  
  
  
Household Durables - 0.1%
  
  
  
Construtora Tenda S/A
 
1,753
10,489
Cury Construtora e Incorporadora SA
 
1,920
11,397
 
  
  
21,886
Specialty Retail - 0.8%
  
  
  
Vibra Energia SA
 
25,892
184,135
Textiles, Apparel & Luxury Goods - 0.0%
  
  
  
Azzas 2154 SA
 
3,890
12,600
TOTAL CONSUMER DISCRETIONARY
  
  
218,621
Energy - 0.3%
  
  
  
Oil, Gas & Consumable Fuels - 0.3%
  
  
  
PRIO SA/Brazil (a)
  
6,233
74,821
Financials - 1.4%
  
  
  
Banks - 0.5%
  
  
  
Itau Unibanco Holding SA ADR
 
11,090
93,821
Capital Markets - 0.9%
  
  
  
B3 SA - Brasil Bolsa Balcao
 
51,363
159,384
XP Inc Class A
 
2,239
38,197
 
  
  
197,581
TOTAL FINANCIALS
  
  
291,402
Health Care - 0.1%
  
  
  
Pharmaceuticals - 0.1%
  
  
  
Hypera SA
 
6,300
26,435
Industrials - 0.3%
  
  
  
Ground Transportation - 0.3%
  
  
  
Localiza Rent a Car SA
 
7,437
55,178
Localiza Rent a Car SA (PN)
 
1,273
9,174
TOTAL INDUSTRIALS
  
  
64,352
Materials - 0.3%
  
  
  
Metals & Mining - 0.2%
  
  
  
Metalurgica Gerdau SA
 
24,400
52,563
Paper & Forest Products - 0.1%
  
  
  
Dexco SA
 
20,825
20,951
TOTAL MATERIALS
  
  
73,514
Real Estate - 0.1%
  
  
  
Real Estate Management & Development - 0.1%
  
  
  
LOG Commercial Properties e Participacoes SA
 
5,616
28,173
Utilities - 0.5%
  
  
  
Electric Utilities - 0.3%
  
  
  
Axia Energia SA
 
5,841
60,863
Axia Energia SA Series C
 
455
4,668
 
  
  
65,531
Water Utilities - 0.2%
  
  
  
Cia de Saneamento Basico do Estado de Sao Paulo SABESP
 
10,045
54,890
Cia de Saneamento de Minas Gerais Copasa MG
 
429
5,431
 
  
  
60,321
TOTAL UTILITIES
  
  
125,852
TOTAL BRAZIL
  
  
903,170
CHILE - 0.8%
 
  
  
Financials - 0.3%
  
  
  
Banks - 0.3%
  
  
  
Banco de Chile
 
333,882
69,563
Materials - 0.5%
  
  
  
Metals & Mining - 0.5%
  
  
  
Antofagasta PLC
 
2,155
106,156
TOTAL CHILE
  
  
175,719
CHINA - 22.5%
 
  
  
Communication Services - 5.1%
  
  
  
Entertainment - 0.8%
  
  
  
Netease Inc
 
2,876
76,519
Netease Inc ADR
 
874
116,478
 
  
  
192,997
Interactive Media & Services - 4.3%
  
  
  
Baidu Inc A Shares (a)
  
4,585
63,514
Baidu Inc Class A ADR (a)
  
309
34,333
Tencent Holdings Ltd
 
14,476
884,527
 
  
  
982,374
TOTAL COMMUNICATION SERVICES
  
  
1,175,371
Consumer Discretionary - 4.9%
  
  
  
Automobile Components - 0.3%
  
  
  
Fuyao Glass Industry Group Co Ltd A Shares (China)
 
5,068
44,760
Zhejiang Yinlun Machinery Co Ltd A Shares (China)
 
4,600
26,161
 
  
  
70,921
Automobiles - 1.0%
  
  
  
BYD Co Ltd A Shares (China)
 
2,006
28,446
BYD Co Ltd H Shares
 
13,420
160,435
XPeng Inc A Shares (a)
  
7,027
45,579
 
  
  
234,460
Broadline Retail - 2.6%
  
  
  
Alibaba Group Holding Ltd
 
33,327
507,684
Alibaba Group Holding Ltd ADR
 
67
8,190
JD.com Inc A Shares
 
3,827
62,954
JD.com Inc ADR
 
882
29,115
 
  
  
607,943
Diversified Consumer Services - 0.4%
  
  
  
New Oriental Education & Technology Group Inc
 
13,121
76,946
New Oriental Education & Technology Group Inc ADR
 
137
8,067
 
  
  
85,013
Hotels, Restaurants & Leisure - 0.4%
  
  
  
H World Group Ltd ADR
 
671
28,645
Meituan B Shares (a)(b)(c)
  
2,018
23,825
Trip.com Group Ltd ADR (a)
  
18
846
Yum China Holdings Inc
 
1,035
49,867
 
  
  
103,183
Textiles, Apparel & Luxury Goods - 0.2%
  
  
  
Laopu Gold Co Ltd H Shares
 
884
36,612
TOTAL CONSUMER DISCRETIONARY
  
  
1,138,132
Consumer Staples - 0.3%
  
  
  
Beverages - 0.3%
  
  
  
China Resources Beer Holdings Co Ltd
 
9,055
27,321
Kweichow Moutai Co Ltd A Shares (China)
 
268
53,556
TOTAL CONSUMER STAPLES
  
  
80,877
Financials - 5.5%
  
  
  
Banks - 3.1%
  
  
  
Bank of Ningbo Co Ltd A Shares (China)
 
17,026
80,394
China Construction Bank Corp H Shares
 
397,799
466,788
China Merchants Bank Co Ltd H Shares
 
14,989
97,284
Industrial & Commercial Bank of China Ltd H Shares
 
83,537
79,996
 
  
  
724,462
Capital Markets - 0.2%
  
  
  
China International Capital Corp Ltd H Shares (b)(c)
  
14,763
40,661
Insurance - 2.2%
  
  
  
China Life Insurance Co Ltd H Shares
 
33,183
123,552
China Pacific Insurance Group Co Ltd H Shares
 
9,727
37,904
PICC Property & Casualty Co Ltd H Shares
 
7,985
16,698
Ping An Insurance Group Co of China Ltd H Shares
 
44,340
331,254
 
  
  
509,408
TOTAL FINANCIALS
  
  
1,274,531
Health Care - 1.8%
  
  
  
Biotechnology - 0.4%
  
  
  
Innovent Biologics Inc (a)(b)(c)
  
7,701
85,137
Sichuan Kelun-Biotech Biopharmaceutical Co Ltd H Shares (a)
  
191
11,783
Zai Lab Ltd (a)
  
2,945
5,366
 
  
  
102,286
Life Sciences Tools & Services - 0.9%
  
  
  
Wuxi Apptec Co Ltd A Shares (China)
 
3,875
73,655
Wuxi Apptec Co Ltd H Shares (b)(c)
  
5,540
113,522
WuXi XDC Cayman Inc (a)
  
1,000
6,605
 
  
  
193,782
Pharmaceuticals - 0.5%
  
  
  
Hansoh Pharmaceutical Group Co Ltd (b)(c)
  
19,345
79,379
Jiangsu Hengrui Pharmaceuticals Co Ltd A Shares (China)
 
4,072
32,599
Jiangsu Hengrui Pharmaceuticals Co Ltd H Shares
 
2,048
14,911
 
  
  
126,889
TOTAL HEALTH CARE
  
  
422,957
Industrials - 2.2%
  
  
  
Construction & Engineering - 0.1%
  
  
  
Sinopec Engineering Group Co Ltd H Shares
 
32,507
22,466
Electrical Equipment - 1.3%
  
  
  
Contemporary Amperex Technology Co Ltd A Shares (China)
 
3,777
221,303
Hongfa Technology Co Ltd A Shares (China)
 
4,730
24,875
Ningbo Deye Technology Corp A Shares (China)
 
2,620
31,765
Sieyuan Electric Co Ltd A Shares (China)
 
400
9,266
 
  
  
287,209
Machinery - 0.8%
  
  
  
Airtac International Group
 
1,390
56,322
Sany Heavy Industry Co Ltd A Shares (China)
 
1,636
4,980
Shenzhen Inovance Technology Co Ltd A Shares (China)
 
6,469
61,385
Weichai Power Co Ltd H Shares
 
4,991
20,963
Yangzijiang Shipbuilding (Holdings) Ltd
 
17,381
53,056
 
  
  
196,706
TOTAL INDUSTRIALS
  
  
506,381
Information Technology - 1.3%
  
  
  
Electronic Equipment, Instruments & Components - 0.4%
  
  
  
Luxshare Precision Industry Co Ltd A Shares (China)
 
6,000
51,103
Shengyi Technology Co Ltd A Shares (China)
 
1,700
26,567
Victory Giant Technology Huizhou Co Ltd H Shares
 
571
13,426
 
  
  
91,096
Semiconductors & Semiconductor Equipment - 0.9%
  
  
  
Advanced Micro-Fabrication Equipment Inc China A Shares (China)
 
2,587
131,553
Anji Microelectronics Technology Shanghai Co Ltd A Shares (China)
 
105
3,683
Hua Hong Grace Semiconductor Ltd (a)(b)(c)
  
1,171
19,157
Hygon Information Technology Co Ltd A Shares (China)
 
279
11,441
Montage Technology Co Ltd A Shares (China)
 
958
29,022
NAURA Technology Group Co Ltd A Shares (China)
 
200
20,307
 
  
  
215,163
TOTAL INFORMATION TECHNOLOGY
  
  
306,259
Materials - 0.8%
  
  
  
Construction Materials - 0.1%
  
  
  
China Jushi Co Ltd A Shares (China)
 
3,179
17,760
Metals & Mining - 0.7%
  
  
  
Aluminum Corp of China Ltd A Shares (China)
 
20,000
28,429
MMG Ltd (a)
  
128,846
137,843
 
  
  
166,272
TOTAL MATERIALS
  
  
184,032
Real Estate - 0.1%
  
  
  
Real Estate Management & Development - 0.1%
  
  
  
China Overseas Land & Investment Ltd
 
4,949
8,525
China Resources Land Ltd
 
6,021
25,489
TOTAL REAL ESTATE
  
  
34,014
Utilities - 0.5%
  
  
  
Gas Utilities - 0.5%
  
  
  
ENN Energy Holdings Ltd
 
10,594
63,410
Kunlun Energy Co Ltd
 
52,866
48,805
TOTAL UTILITIES
  
  
112,215
TOTAL CHINA
  
  
5,234,769
FRANCE - 0.2%
 
  
  
Energy - 0.2%
  
  
  
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
Gaztransport Et Technigaz SA
 
257
57,998
GREECE - 0.8%
 
  
  
Financials - 0.8%
  
  
  
Banks - 0.8%
  
  
  
Alpha Bank SA
 
7,328
36,049
Piraeus Bank SA
 
13,410
154,637
 
  
  
  
TOTAL GREECE
  
  
190,686
HUNGARY - 0.2%
 
  
  
Health Care - 0.2%
  
  
  
Pharmaceuticals - 0.2%
  
  
  
Richter Gedeon Nyrt
 
1,081
40,316
INDIA - 9.0%
 
  
  
Communication Services - 0.1%
  
  
  
Wireless Telecommunication Services - 0.1%
  
  
  
Bharti Airtel Ltd
 
1,798
37,155
Consumer Discretionary - 1.1%
  
  
  
Automobiles - 0.8%
  
  
  
Mahindra & Mahindra Ltd
 
5,230
186,277
Hotels, Restaurants & Leisure - 0.3%
  
  
  
MakeMyTrip Ltd (a)
  
1,030
58,658
TOTAL CONSUMER DISCRETIONARY
  
  
244,935
Energy - 0.8%
  
  
  
Oil, Gas & Consumable Fuels - 0.8%
  
  
  
Reliance Industries Ltd
 
12,945
177,282
Financials - 5.7%
  
  
  
Banks - 3.6%
  
  
  
Axis Bank Ltd
 
12,064
155,393
HDFC Bank Ltd/Gift City
 
46,078
360,969
ICICI Bank Ltd
 
18,704
281,179
State Bank of India
 
2,971
31,984
 
  
  
829,525
Consumer Finance - 1.6%
  
  
  
Bajaj Finance Ltd
 
19,818
236,973
Shriram Finance Ltd
 
12,051
132,115
 
  
  
369,088
Insurance - 0.5%
  
  
  
HDFC Life Insurance Co Ltd (b)(c)
  
21,077
121,133
TOTAL FINANCIALS
  
  
1,319,746
Health Care - 0.1%
  
  
  
Life Sciences Tools & Services - 0.1%
  
  
  
Divi's Laboratories Ltd
 
458
38,674
Industrials - 0.5%
  
  
  
Aerospace & Defense - 0.0%
  
  
  
Bharat Electronics Ltd
 
1,790
7,277
Construction & Engineering - 0.5%
  
  
  
Larsen & Toubro Ltd
 
2,541
104,834
TOTAL INDUSTRIALS
  
  
112,111
Information Technology - 0.2%
  
  
  
IT Services - 0.2%
  
  
  
Infosys Ltd
 
1,841
21,875
Infosys Ltd ADR
 
2,647
31,843
TOTAL INFORMATION TECHNOLOGY
  
  
53,718
Real Estate - 0.3%
  
  
  
Office REITs - 0.2%
  
  
  
Embassy Office Parks REIT
 
11,043
50,698
Real Estate Management & Development - 0.1%
  
  
  
Godrej Properties Ltd
 
525
11,588
Sunteck Realty Ltd
 
2,464
7,809
 
  
  
19,397
TOTAL REAL ESTATE
  
  
70,095
Utilities - 0.2%
  
  
  
Independent Power and Renewable Electricity Producers - 0.2%
  
  
  
NHPC Ltd
 
47,659
39,331
TOTAL INDIA
  
  
2,093,047
INDONESIA - 0.8%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Telkom Indonesia Persero Tbk PT
 
107,011
15,623
Consumer Staples - 0.3%
  
  
  
Food Products - 0.3%
  
  
  
First Resources Ltd
 
28,845
75,562
Financials - 0.3%
  
  
  
Banks - 0.3%
  
  
  
Bank Central Asia Tbk PT
 
165,725
58,082
Bank Syariah Indonesia Persero Tbk PT
 
176,737
17,852
TOTAL FINANCIALS
  
  
75,934
Materials - 0.1%
  
  
  
Metals & Mining - 0.1%
  
  
  
ANTAM Persero Tbk PT
 
132,799
21,164
TOTAL INDONESIA
  
  
188,283
ITALY - 0.3%
 
  
  
Consumer Staples - 0.3%
  
  
  
Beverages - 0.3%
  
  
  
Coca-Cola HBC AG
 
895
60,432
KOREA (SOUTH) - 19.3%
 
  
  
Communication Services - 0.7%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
KT Corp
 
979
34,870
Entertainment - 0.2%
  
  
  
HYBE Co Ltd
 
320
37,011
Interactive Media & Services - 0.3%
  
  
  
NAVER Corp
 
341
48,234
Wireless Telecommunication Services - 0.1%
  
  
  
SK Telecom Co Ltd
 
570
31,824
TOTAL COMMUNICATION SERVICES
  
  
151,939
Consumer Discretionary - 0.4%
  
  
  
Automobiles - 0.1%
  
  
  
Kia Corp
 
380
33,851
Household Durables - 0.3%
  
  
  
Coway Co Ltd
 
1,088
68,104
TOTAL CONSUMER DISCRETIONARY
  
  
101,955
Consumer Staples - 0.0%
  
  
  
Personal Care Products - 0.0%
  
  
  
APR Corp/Korea
 
53
11,622
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
S-Oil Corp
 
385
34,067
Financials - 2.6%
  
  
  
Banks - 2.5%
  
  
  
KB Financial Group Inc
 
2,378
274,984
Shinhan Financial Group Co Ltd
 
1,747
119,825
Woori Financial Group Inc
 
7,737
176,964
 
  
  
571,773
Insurance - 0.1%
  
  
  
Samsung Life Insurance Co Ltd
 
130
26,924
TOTAL FINANCIALS
  
  
598,697
Health Care - 0.3%
  
  
  
Life Sciences Tools & Services - 0.3%
  
  
  
Samsung Biologics Co Ltd (a)(b)(c)
  
65
66,074
Industrials - 1.4%
  
  
  
Aerospace & Defense - 0.2%
  
  
  
Korea Aerospace Industries Ltd
 
553
48,647
Air Freight & Logistics - 0.2%
  
  
  
Hyundai Glovis Co Ltd
 
296
40,109
Commercial Services & Supplies - 0.2%
  
  
  
HD Hyundai Marine Solution Co Ltd
 
387
48,562
Electrical Equipment - 0.2%
  
  
  
Doosan Enerbility Co Ltd (a)
  
436
19,742
LS Electric Co Ltd
 
238
29,610
 
  
  
49,352
Industrial Conglomerates - 0.6%
  
  
  
LG Corp
 
903
61,857
SK Square Co Ltd
 
97
65,901
 
  
  
127,758
TOTAL INDUSTRIALS
  
  
314,428
Information Technology - 13.8%
  
  
  
Electronic Equipment, Instruments & Components - 0.5%
  
  
  
Samsung Electro-Mechanics Co Ltd
 
148
111,741
Semiconductors & Semiconductor Equipment - 6.0%
  
  
  
Eugene Technology Co Ltd
 
87
6,485
SK Hynix Inc
 
1,243
1,394,730
 
  
  
1,401,215
Technology Hardware, Storage & Peripherals - 7.3%
  
  
  
Samsung Electronics Co Ltd
 
9,931
1,707,857
TOTAL INFORMATION TECHNOLOGY
  
  
3,220,813
TOTAL KOREA (SOUTH)
  
  
4,499,595
MALAYSIA - 0.7%
 
  
  
Financials - 0.7%
  
  
  
Banks - 0.7%
  
  
  
CIMB Group Holdings Bhd
 
82,823
159,947
MEXICO - 2.4%
 
  
  
Communication Services - 0.4%
  
  
  
Wireless Telecommunication Services - 0.4%
  
  
  
America Movil SAB de CV Series B
 
76,311
97,242
Consumer Staples - 0.2%
  
  
  
Beverages - 0.2%
  
  
  
Arca Continental SAB de CV
 
2,920
33,460
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Wal-Mart de Mexico SAB de CV Series V
 
1,736
5,037
Food Products - 0.0%
  
  
  
Gruma SAB de CV Series B
 
219
3,265
TOTAL CONSUMER STAPLES
  
  
41,762
Financials - 0.9%
  
  
  
Banks - 0.9%
  
  
  
Grupo Financiero Banorte SAB de CV
 
17,891
207,199
Industrials - 0.1%
  
  
  
Transportation Infrastructure - 0.1%
  
  
  
Grupo Aeroportuario del Pacifico SAB de CV Series B
 
563
12,239
Materials - 0.7%
  
  
  
Construction Materials - 0.7%
  
  
  
Cemex SAB de CV ADR
 
13,323
157,478
Real Estate - 0.1%
  
  
  
Diversified REITs - 0.0%
  
  
  
Fibra Uno Administracion SA de CV
 
6,567
11,826
Real Estate Management & Development - 0.1%
  
  
  
Corp Inmobiliaria Vesta SAB de CV
 
4,345
15,065
Corp Inmobiliaria Vesta SAB de CV ADR
 
197
6,795
 
  
  
21,860
TOTAL REAL ESTATE
  
  
33,686
TOTAL MEXICO
  
  
549,606
NETHERLANDS - 0.0%
 
  
  
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
CTP NV (b)(c)
  
93
1,670
PANAMA - 0.2%
 
  
  
Industrials - 0.2%
  
  
  
Passenger Airlines - 0.2%
  
  
  
Copa Holdings SA Class A
 
286
40,389
PHILIPPINES - 0.1%
 
  
  
Real Estate - 0.1%
  
  
  
Real Estate Management & Development - 0.1%
  
  
  
Ayala Land Inc
 
14,023
3,862
SM Prime Holdings Inc
 
57,385
17,152
 
  
  
  
TOTAL PHILIPPINES
  
  
21,014
POLAND - 0.6%
 
  
  
Communication Services - 0.0%
  
  
  
Entertainment - 0.0%
  
  
  
CD Projekt SA (a)
  
259
17,326
Consumer Discretionary - 0.6%
  
  
  
Broadline Retail - 0.6%
  
  
  
Allegro.eu SA (a)(b)(c)
  
10,861
130,789
TOTAL POLAND
  
  
148,115
PUERTO RICO - 0.1%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Liberty Latin America Ltd Class C (a)
  
2,123
17,132
SAUDI ARABIA - 1.6%
 
  
  
Financials - 1.4%
  
  
  
Banks - 1.4%
  
  
  
Al Rajhi Bank
 
9,784
162,958
Saudi National Bank/The
 
16,194
169,034
TOTAL FINANCIALS
  
  
331,992
Health Care - 0.2%
  
  
  
Health Care Providers & Services - 0.2%
  
  
  
Dr Sulaiman Al Habib Medical Services Group Co
 
585
36,606
TOTAL SAUDI ARABIA
  
  
368,598
SINGAPORE - 0.3%
 
  
  
Consumer Discretionary - 0.3%
  
  
  
Broadline Retail - 0.3%
  
  
  
Sea Ltd Class A ADR (a)
  
605
64,578
SOUTH AFRICA - 3.8%
 
  
  
Communication Services - 0.2%
  
  
  
Wireless Telecommunication Services - 0.2%
  
  
  
MTN Group Ltd
 
4,448
55,142
Consumer Discretionary - 0.7%
  
  
  
Broadline Retail - 0.7%
  
  
  
Naspers Ltd Class N
 
3,297
173,233
Consumer Staples - 0.7%
  
  
  
Consumer Staples Distribution & Retail - 0.7%
  
  
  
Pick n Pay Stores Ltd (a)
  
21,906
25,306
Shoprite Holdings Ltd
 
7,847
136,483
TOTAL CONSUMER STAPLES
  
  
161,789
Financials - 1.8%
  
  
  
Banks - 1.0%
  
  
  
Capitec Bank Holdings Ltd
 
528
150,763
Standard Bank Group Ltd
 
3,912
77,896
 
  
  
228,659
Financial Services - 0.8%
  
  
  
FirstRand Ltd
 
30,685
183,514
TOTAL FINANCIALS
  
  
412,173
Materials - 0.4%
  
  
  
Metals & Mining - 0.4%
  
  
  
Impala Platinum Holdings Ltd
 
7,485
81,633
TOTAL SOUTH AFRICA
  
  
883,970
TAIWAN - 24.7%
 
  
  
Consumer Staples - 0.0%
  
  
  
Food Products - 0.0%
  
  
  
Uni-President Enterprises Corp
 
6,426
14,619
Financials - 1.7%
  
  
  
Banks - 1.7%
  
  
  
CTBC Financial Holding Co Ltd
 
119,496
238,617
TS Financial Holding Co Ltd
 
133,919
147,527
TOTAL FINANCIALS
  
  
386,144
Industrials - 0.5%
  
  
  
Electrical Equipment - 0.5%
  
  
  
Bizlink Holding Inc
 
1,856
118,225
Information Technology - 22.5%
  
  
  
Communications Equipment - 0.2%
  
  
  
Accton Technology Corp
 
807
52,332
Electronic Equipment, Instruments & Components - 2.7%
  
  
  
Chroma ATE Inc
 
935
58,770
Delta Electronics Inc
 
6,562
322,985
Elite Material Co Ltd
 
894
128,396
Hon Hai Precision Industry Co Ltd
 
2,155
16,465
Taiwan Union Technology Corp
 
308
10,317
Unimicron Technology Corp
 
3,391
79,600
 
  
  
616,533
Semiconductors & Semiconductor Equipment - 19.5%
  
  
  
ASE Technology Holding Co Ltd
 
16,335
278,878
ASPEED Technology Inc
 
109
47,627
eMemory Technology Inc
 
492
36,982
MediaTek Inc
 
4,043
430,892
MPI Corp
 
26
4,140
Phoenix Silicon International Corp
 
2,871
21,303
Taiwan Semiconductor Manufacturing Co Ltd
 
49,651
3,674,156
Topco Scientific Co Ltd
 
2,265
34,589
WinWay Technology Co Ltd
 
20
3,512
 
  
  
4,532,079
Technology Hardware, Storage & Peripherals - 0.1%
  
  
  
Wiwynn Corp
 
212
34,531
TOTAL INFORMATION TECHNOLOGY
  
  
5,235,475
TOTAL TAIWAN
  
  
5,754,463
THAILAND - 0.6%
 
  
  
Financials - 0.3%
  
  
  
Banks - 0.3%
  
  
  
Kasikornbank PCL
 
10,754
78,421
Industrials - 0.1%
  
  
  
Transportation Infrastructure - 0.1%
  
  
  
Airports of Thailand PCL
 
12,601
23,919
Materials - 0.2%
  
  
  
Chemicals - 0.2%
  
  
  
PTT Global Chemical PCL
 
36,897
40,407
TOTAL THAILAND
  
  
142,747
TURKEY - 0.7%
 
  
  
Consumer Staples - 0.2%
  
  
  
Consumer Staples Distribution & Retail - 0.2%
  
  
  
BIM Birlesik Magazalar AS
 
5,448
44,742
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Akbank TAS
 
219
292
Industrials - 0.5%
  
  
  
Aerospace & Defense - 0.5%
  
  
  
Aselsan Elektronik Sanayi Ve Ticaret AS
 
16,486
118,739
TOTAL TURKEY
  
  
163,773
UNITED ARAB EMIRATES - 1.4%
 
  
  
Energy - 0.2%
  
  
  
Energy Equipment & Services - 0.2%
  
  
  
ADNOC Drilling Co PJSC
 
32,047
50,780
Financials - 1.0%
  
  
  
Banks - 1.0%
  
  
  
Abu Dhabi Commercial Bank PJSC
 
35,482
144,903
Abu Dhabi Islamic Bank PJSC
 
14,840
85,735
TOTAL FINANCIALS
  
  
230,638
Real Estate - 0.2%
  
  
  
Real Estate Management & Development - 0.2%
  
  
  
Emaar Properties PJSC
 
14,966
44,821
TOTAL UNITED ARAB EMIRATES
  
  
326,239
UNITED STATES - 0.7%
 
  
  
Energy - 0.1%
  
  
  
Energy Equipment & Services - 0.1%
  
  
  
Tenaris SA ADR
 
620
35,544
Health Care - 0.3%
  
  
  
Biotechnology - 0.3%
  
  
  
BeOne Medicines Ltd ADR (a)
  
75
23,701
BeOne Medicines Ltd H Shares (a)
  
1,579
39,060
TOTAL HEALTH CARE
  
  
62,761
Materials - 0.3%
  
  
  
Construction Materials - 0.3%
  
  
  
Titan SA
 
1,232
74,089
TOTAL UNITED STATES
  
  
172,394
 
TOTAL COMMON STOCKS
 (Cost $16,505,505)
  
  
  
22,499,072
 
  
  
  
Non-Convertible Preferred Stocks - 0.3%
 
  
Shares
Value ($)
 
KOREA (SOUTH) - 0.3%
 
  
  
Consumer Discretionary - 0.3%
  
  
  
Automobiles - 0.3%
  
  
  
Hyundai Motor Co Series 2
 
513
69,822
PUERTO RICO - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Liberty Latin America Ltd 9%
 
415
8,387
 
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
 (Cost $73,521)
  
  
  
78,209
 
  
  
  
Money Market Funds - 2.6%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (e)
 (Cost $615,316)
  
3.69
615,214
615,337
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 99.7%
 (Cost $17,194,342)
 
  
 
23,192,618
NET OTHER ASSETS (LIABILITIES) - 0.3% (d)
70,086
NET ASSETS - 100.0%
23,262,704
 
  
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value and Unrealized
Appreciation/
(Depreciation) ($)
 
LONG
  
  
  
  
ICE MSCI Emerging Markets Index Contracts (United States)
4
9/2026
328,460
426

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 $681,347 or 2.9% of net assets.
 
(c)
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 $681,347 or 2.9% of net assets.
 
(d)
Includes $21,085 of cash collateral to cover margin requirements for futures contracts.
 
(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.
 
 
 
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
888,169
7,061,244
7,334,131
16,380
34
21
615,337
615,214
 
888,169
7,061,244
7,334,131
16,380
34
21
615,337
  
 
Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds.
 
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.
 
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.
 
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.