Quarterly Holdings Report
for
Fidelity® SAI Emerging Markets Value Index Fund
July 31, 2026
 
Offered exclusively to certain clients of the Adviser, or its affiliates, including Strategic Advisers LLC (Strategic Advisers) - not available for sale to the general public. Fidelity® SAI is a product name of Fidelity® funds dedicated to certain programs affiliated with Strategic Advisers.
EMV-NPRT3-0926
1.9898213.106
Common Stocks - 96.0%
 
  
Shares
Value ($)
 
BRAZIL - 3.7%
 
  
  
Energy - 2.1%
  
  
  
Oil, Gas & Consumable Fuels - 2.1%
  
  
  
Petroleo Brasileiro SA - Petrobras
 
9,659,300
93,446,055
Petroleo Brasileiro SA - Petrobras (PN)
 
17,232,900
147,609,071
TOTAL ENERGY
  
  
241,055,126
Financials - 0.4%
  
  
  
Banks - 0.4%
  
  
  
Banco do Brasil SA
 
12,867,300
54,193,870
Materials - 1.2%
  
  
  
Metals & Mining - 1.0%
  
  
  
Vale SA
 
7,980,400
120,088,163
Paper & Forest Products - 0.2%
  
  
  
Suzano SA
 
3,046,600
26,035,669
TOTAL MATERIALS
  
  
146,123,832
TOTAL BRAZIL
  
  
441,372,828
CHILE - 0.5%
 
  
  
Consumer Discretionary - 0.1%
  
  
  
Specialty Retail - 0.1%
  
  
  
Empresas Copec SA
 
1,548,876
10,578,502
Industrials - 0.3%
  
  
  
Passenger Airlines - 0.3%
  
  
  
Latam Airlines Group SA
 
1,139,553,465
30,322,725
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
Enel Americas SA
 
82,004,652
7,760,784
Enel Chile SA
 
112,538,665
9,924,222
TOTAL UTILITIES
  
  
17,685,006
TOTAL CHILE
  
  
58,586,233
CHINA - 22.2%
 
  
  
Communication Services - 3.3%
  
  
  
Diversified Telecommunication Services - 0.2%
  
  
  
China Tower Corp Ltd H Shares (d)(e)
  
21,223,810
27,144,090
Entertainment - 0.2%
  
  
  
Tencent Music Entertainment Group Class A ADR
 
2,241,383
21,181,069
Interactive Media & Services - 2.9%
  
  
  
Baidu Inc A Shares (b)
  
8,974,450
124,319,492
Tencent Holdings Ltd
 
3,610,000
220,581,779
 
  
  
344,901,271
TOTAL COMMUNICATION SERVICES
  
  
393,226,430
Consumer Discretionary - 5.5%
  
  
  
Automobiles - 0.7%
  
  
  
Geely Automobile Holdings Ltd
 
25,182,400
63,578,946
Great Wall Motor Co Ltd H Shares
 
10,448,100
12,096,902
SAIC Motor Corp Ltd A Shares (China)
 
3,504,600
5,875,180
 
  
  
81,551,028
Broadline Retail - 4.5%
  
  
  
Alibaba Group Holding Ltd
 
10,035,700
152,877,865
JD.com Inc A Shares
 
11,109,050
182,743,583
PDD Holdings Inc Class A ADR (b)
  
2,163,808
191,626,836
Vipshop Holdings Ltd Class A ADR
 
1,165,065
17,872,097
 
  
  
545,120,381
Diversified Consumer Services - 0.2%
  
  
  
TAL Education Group Class A ADR (b)
  
1,887,661
23,595,763
Household Durables - 0.1%
  
  
  
Gree Electric Appliances Inc of Zhuhai A Shares (China)
 
1,955,430
12,250,539
TOTAL CONSUMER DISCRETIONARY
  
  
662,517,711
Financials - 10.7%
  
  
  
Banks - 8.7%
  
  
  
Agricultural Bank of China Ltd H Shares
 
139,648,000
112,360,869
Bank of China Ltd H Shares
 
262,799,000
184,640,224
Bank of Communications Co Ltd A Shares (China)
 
19,411,700
20,633,113
Bank of Communications Co Ltd H Shares
 
97,681,000
94,163,568
China CITIC Bank Corp Ltd H Shares
 
41,484,000
40,889,437
China Construction Bank Corp H Shares
 
204,566,000
240,043,047
China Everbright Bank Co Ltd A Shares (China)
 
15,356,200
7,212,309
China Minsheng Banking Corp Ltd H Shares
 
32,208,500
14,908,300
Huaxia Bank Co Ltd A Shares (China)
 
5,184,600
5,304,375
Industrial & Commercial Bank of China Ltd A Shares (China)
 
37,201,867
44,018,056
Industrial & Commercial Bank of China Ltd H Shares
 
218,063,000
208,820,403
Industrial Bank Co Ltd A Shares (China)
 
7,623,708
21,331,797
Ping An Bank Co Ltd A Shares (China)
 
6,735,830
11,601,519
Postal Savings Bank of China Co Ltd H Shares (c)(d)(e)
  
43,927,000
28,454,193
Shanghai Pudong Development Bank Co Ltd A Shares (China)
 
11,871,400
16,710,427
 
  
  
1,051,091,637
Consumer Finance - 0.1%
  
  
  
Qfin Holdings Inc Class A ADR
 
448,068
6,219,184
Insurance - 1.9%
  
  
  
China Life Insurance Co Ltd H Shares
 
33,964,300
126,460,976
China Pacific Insurance Group Co Ltd H Shares
 
11,771,100
45,869,226
New China Life Insurance Co Ltd H Shares
 
4,448,100
27,429,118
People's Insurance Co Group of China Ltd/The H Shares
 
39,832,000
27,731,654
 
  
  
227,490,974
TOTAL FINANCIALS
  
  
1,284,801,795
Health Care - 0.3%
  
  
  
Biotechnology - 0.2%
  
  
  
3SBio Inc (d)(e)
  
8,720,000
18,591,044
Health Care Providers & Services - 0.1%
  
  
  
Sinopharm Group Co Ltd H Shares
 
6,005,600
13,317,992
Pharmaceuticals - 0.0%
  
  
  
China Resources Pharmaceutical Group Ltd (d)(e)
  
7,781,000
4,812,027
TOTAL HEALTH CARE
  
  
36,721,063
Industrials - 1.6%
  
  
  
Air Freight & Logistics - 0.1%
  
  
  
JD Logistics Inc (b)(d)(e)
  
9,377,800
17,960,644
Commercial Services & Supplies - 0.1%
  
  
  
China Everbright Environment Group Ltd
 
15,899,400
10,339,557
Construction & Engineering - 0.2%
  
  
  
China Railway Group Ltd H Shares (c)
  
19,888,100
9,154,856
China State Construction Engineering Corp Ltd A Shares (China)
 
15,634,400
10,886,350
China State Construction International Holdings Ltd (c)
  
8,409,400
9,232,497
 
  
  
29,273,703
Industrial Conglomerates - 0.5%
  
  
  
CITIC Ltd
 
36,090,600
56,926,543
Machinery - 0.3%
  
  
  
Yangzijiang Shipbuilding (Holdings) Ltd
 
12,353,500
37,709,247
Marine Transportation - 0.3%
  
  
  
COSCO SHIPPING Holdings Co Ltd A Shares (China)
 
4,357,500
10,076,127
COSCO SHIPPING Holdings Co Ltd H Shares (c)
  
11,523,800
23,172,795
 
  
  
33,248,922
Transportation Infrastructure - 0.1%
  
  
  
Zhejiang Expressway Co Ltd H Shares (c)
  
7,692,900
6,817,512
TOTAL INDUSTRIALS
  
  
192,276,128
Materials - 0.1%
  
  
  
Construction Materials - 0.1%
  
  
  
Anhui Conch Cement Co Ltd H Shares
 
5,484,500
12,930,787
China National Building Material Co Ltd H Shares (c)
  
17,042,000
8,105,511
TOTAL MATERIALS
  
  
21,036,298
Real Estate - 0.5%
  
  
  
Real Estate Management & Development - 0.5%
  
  
  
China Overseas Land & Investment Ltd
 
16,511,000
28,443,284
China Resources Land Ltd
 
6,666,500
28,221,947
TOTAL REAL ESTATE
  
  
56,665,231
Utilities - 0.2%
  
  
  
Gas Utilities - 0.2%
  
  
  
Beijing Enterprises Holdings Ltd
 
1,985,500
8,010,459
Kunlun Energy Co Ltd
 
17,108,000
15,793,879
TOTAL UTILITIES
  
  
23,804,338
TOTAL CHINA
  
  
2,671,048,994
CZECH REPUBLIC - 0.1%
 
  
  
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
CEZ AS
 
235,729
15,185,875
EGYPT - 0.1%
 
  
  
Financials - 0.1%
  
  
  
Banks - 0.1%
  
  
  
Commercial International Bank - Egypt (CIB)
 
4,623,057
12,743,911
GREECE - 0.7%
 
  
  
Financials - 0.5%
  
  
  
Banks - 0.5%
  
  
  
Piraeus Bank SA
 
4,749,943
54,773,968
Industrials - 0.2%
  
  
  
Industrial Conglomerates - 0.2%
  
  
  
Metlen Energy & Metals PLC (Greece)
 
477,367
25,299,866
TOTAL GREECE
  
  
80,073,834
HONG KONG - 0.5%
 
  
  
Consumer Staples - 0.4%
  
  
  
Food Products - 0.4%
  
  
  
WH Group Ltd (d)(e)
  
35,963,000
38,749,280
Health Care - 0.0%
  
  
  
Pharmaceuticals - 0.0%
  
  
  
United Laboratories International Holdings Ltd/The (c)
  
4,568,000
5,195,674
Industrials - 0.1%
  
  
  
Marine Transportation - 0.1%
  
  
  
Orient Overseas International Ltd (c)
  
607,500
11,859,667
TOTAL HONG KONG
  
  
55,804,621
HUNGARY - 0.3%
 
  
  
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
MOL Hungarian Oil & Gas PLC Class A (b)
  
1,204,786
17,249,617
Health Care - 0.2%
  
  
  
Pharmaceuticals - 0.2%
  
  
  
Richter Gedeon Nyrt
 
638,851
23,826,099
TOTAL HUNGARY
  
  
41,075,716
INDIA - 10.6%
 
  
  
Communication Services - 0.2%
  
  
  
Diversified Telecommunication Services - 0.2%
  
  
  
Indus Towers Ltd (b)
  
6,108,663
25,054,701
Consumer Discretionary - 0.4%
  
  
  
Automobiles - 0.3%
  
  
  
Tata Motors Passenger Vehicles Limited
 
9,557,705
34,030,112
Hotels, Restaurants & Leisure - 0.1%
  
  
  
MakeMyTrip Ltd (b)(c)
  
320,495
18,252,190
TOTAL CONSUMER DISCRETIONARY
  
  
52,282,302
Consumer Staples - 0.3%
  
  
  
Tobacco - 0.3%
  
  
  
ITC Ltd
 
13,614,169
40,090,065
Energy - 0.4%
  
  
  
Oil, Gas & Consumable Fuels - 0.4%
  
  
  
Oil & Natural Gas Corp Ltd
 
18,803,008
47,915,768
Vedanta Oil and Gas Ltd
 
6,885,737
2,542,369
TOTAL ENERGY
  
  
50,458,137
Financials - 1.2%
  
  
  
Banks - 0.8%
  
  
  
State Bank of India
 
8,392,951
90,352,215
Financial Services - 0.4%
  
  
  
Power Finance Corp Ltd
 
6,594,117
29,319,587
REC Ltd
 
5,605,941
21,908,710
 
  
  
51,228,297
TOTAL FINANCIALS
  
  
141,580,512
Health Care - 2.1%
  
  
  
Life Sciences Tools & Services - 0.4%
  
  
  
Divi's Laboratories Ltd
 
575,511
48,596,409
Pharmaceuticals - 1.7%
  
  
  
Aurobindo Pharma Ltd
 
1,274,325
21,099,819
Cipla Ltd/India
 
2,609,881
40,289,620
Dr Reddy's Laboratories Ltd
 
2,768,341
33,222,485
Sun Pharmaceutical Industries Ltd
 
4,930,179
102,822,762
 
  
  
197,434,686
TOTAL HEALTH CARE
  
  
246,031,095
Industrials - 0.4%
  
  
  
Passenger Airlines - 0.4%
  
  
  
InterGlobe Aviation Ltd (d)(e)
  
837,776
45,376,304
Information Technology - 3.1%
  
  
  
IT Services - 3.1%
  
  
  
HCL Technologies Ltd
 
4,841,449
68,478,605
Infosys Ltd
 
13,171,468
156,505,565
Tata Consultancy Services Ltd
 
4,630,330
114,906,566
Wipro Ltd
 
13,946,505
26,907,418
TOTAL INFORMATION TECHNOLOGY
  
  
366,798,154
Materials - 1.6%
  
  
  
Metals & Mining - 1.6%
  
  
  
Hindalco Industries Ltd
 
6,640,359
68,060,672
Tata Steel Ltd
 
33,524,457
66,720,837
Vedanta Aluminium Metal Ltd
 
8,034,116
37,910,196
Vedanta Iron and Steel Ltd
 
6,714,600
2,251,772
Vedanta Ltd
 
8,250,624
22,911,552
TOTAL MATERIALS
  
  
197,855,029
Utilities - 0.9%
  
  
  
Gas Utilities - 0.2%
  
  
  
GAIL India Ltd
 
12,299,637
23,373,879
Independent Power and Renewable Electricity Producers - 0.7%
  
  
  
NTPC Ltd
 
21,772,638
79,199,302
Vedanta Power Ltd
 
8,099,867
2,904,822
 
  
  
82,104,124
TOTAL UTILITIES
  
  
105,478,003
TOTAL INDIA
  
  
1,271,004,302
INDONESIA - 0.7%
 
  
  
Communication Services - 0.2%
  
  
  
Diversified Telecommunication Services - 0.2%
  
  
  
Telkom Indonesia Persero Tbk PT
 
180,243,700
26,313,921
Consumer Staples - 0.1%
  
  
  
Food Products - 0.1%
  
  
  
Indofood Sukses Makmur Tbk PT
 
19,619,700
7,595,721
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
Bank Mandiri Persero Tbk PT
 
122,331,100
28,462,777
Industrials - 0.2%
  
  
  
Industrial Conglomerates - 0.2%
  
  
  
Astra International Tbk PT
 
92,289,400
26,217,599
TOTAL INDONESIA
  
  
88,590,018
KOREA (SOUTH) - 17.3%
 
  
  
Consumer Discretionary - 1.7%
  
  
  
Automobile Components - 0.9%
  
  
  
Hankook Tire & Technology Co Ltd
 
348,509
16,041,219
Hyundai Mobis Co Ltd
 
269,726
86,187,290
 
  
  
102,228,509
Automobiles - 0.8%
  
  
  
Kia Corp
 
1,111,561
99,019,478
TOTAL CONSUMER DISCRETIONARY
  
  
201,247,987
Financials - 1.7%
  
  
  
Banks - 1.5%
  
  
  
Hana Financial Group Inc
 
1,277,822
109,132,197
Woori Financial Group Inc
 
3,123,259
71,436,344
 
  
  
180,568,541
Insurance - 0.2%
  
  
  
DB Insurance Co Ltd
 
202,161
21,630,015
TOTAL FINANCIALS
  
  
202,198,556
Industrials - 2.5%
  
  
  
Air Freight & Logistics - 0.2%
  
  
  
Hyundai Glovis Co Ltd
 
204,462
27,705,514
Industrial Conglomerates - 1.5%
  
  
  
LG Corp
 
408,959
28,014,577
SK Square Co Ltd
 
221,401
150,416,813
 
  
  
178,431,390
Machinery - 0.5%
  
  
  
HD Korea Shipbuilding & Offshore Engineering Co Ltd
 
212,349
55,716,690
Marine Transportation - 0.2%
  
  
  
HMM Co Ltd
 
1,472,485
21,199,102
Passenger Airlines - 0.1%
  
  
  
Korean Air Lines Co Ltd
 
881,051
15,421,866
TOTAL INDUSTRIALS
  
  
298,474,562
Information Technology - 10.7%
  
  
  
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
LG Display Co Ltd (b)
  
1,477,785
9,186,108
Semiconductors & Semiconductor Equipment - 4.7%
  
  
  
SK Hynix Inc
 
508,194
570,228,052
Technology Hardware, Storage & Peripherals - 5.9%
  
  
  
Samsung Electronics Co Ltd
 
4,101,786
705,393,446
TOTAL INFORMATION TECHNOLOGY
  
  
1,284,807,606
Materials - 0.6%
  
  
  
Metals & Mining - 0.6%
  
  
  
POSCO Holdings Inc
 
345,964
73,807,676
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
Korea Electric Power Corp
 
1,192,834
28,321,279
TOTAL KOREA (SOUTH)
  
  
2,088,857,666
KUWAIT - 0.6%
 
  
  
Communication Services - 0.2%
  
  
  
Wireless Telecommunication Services - 0.2%
  
  
  
Mobile Telecommunications Co KSCP
 
11,543,282
22,273,236
Financials - 0.4%
  
  
  
Banks - 0.4%
  
  
  
National Bank of Kuwait SAKP
 
17,928,222
49,716,919
TOTAL KUWAIT
  
  
71,990,155
MALAYSIA - 1.4%
 
  
  
Communication Services - 0.1%
  
  
  
Wireless Telecommunication Services - 0.1%
  
  
  
Axiata Group Berhad
 
18,749,400
9,109,566
Consumer Discretionary - 0.0%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Genting Bhd
 
8,755,186
4,541,049
Consumer Staples - 0.3%
  
  
  
Food Products - 0.3%
  
  
  
PPB Group Bhd
 
2,983,102
6,853,474
SD Guthrie Bhd
 
16,760,290
26,703,553
TOTAL CONSUMER STAPLES
  
  
33,557,027
Financials - 0.3%
  
  
  
Banks - 0.3%
  
  
  
AMMB Holdings Bhd
 
13,310,294
22,044,857
RHB Bank Bhd
 
8,910,605
18,637,182
TOTAL FINANCIALS
  
  
40,682,039
Industrials - 0.2%
  
  
  
Industrial Conglomerates - 0.1%
  
  
  
Sime Darby Bhd
 
16,626,200
8,780,569
Marine Transportation - 0.1%
  
  
  
MISC Bhd
 
6,183,400
11,981,088
TOTAL INDUSTRIALS
  
  
20,761,657
Utilities - 0.5%
  
  
  
Electric Utilities - 0.4%
  
  
  
Tenaga Nasional Bhd
 
12,317,741
44,004,735
Multi-Utilities - 0.1%
  
  
  
YTL Corp Bhd
 
28,728,480
13,609,508
TOTAL UTILITIES
  
  
57,614,243
TOTAL MALAYSIA
  
  
166,265,581
MEXICO - 1.7%
 
  
  
Consumer Staples - 1.1%
  
  
  
Beverages - 1.1%
  
  
  
Coca-Cola Femsa SAB de CV unit
 
2,394,900
25,893,875
Fomento Economico Mexicano SAB de CV unit
 
7,688,700
98,308,994
TOTAL CONSUMER STAPLES
  
  
124,202,869
Materials - 0.6%
  
  
  
Construction Materials - 0.6%
  
  
  
Cemex SAB de CV unit
 
63,312,792
74,975,915
TOTAL MEXICO
  
  
199,178,784
PERU - 0.4%
 
  
  
Financials - 0.4%
  
  
  
Banks - 0.4%
  
  
  
Credicorp Ltd
 
123,432
49,444,391
PHILIPPINES - 0.3%
 
  
  
Industrials - 0.3%
  
  
  
Industrial Conglomerates - 0.3%
  
  
  
Ayala Corp
 
1,111,179
9,281,501
GT Capital Holdings Inc
 
422,220
3,342,042
SM Investments Corp
 
2,156,510
20,886,524
 
  
  
  
TOTAL PHILIPPINES
  
  
33,510,067
POLAND - 1.1%
 
  
  
Energy - 0.6%
  
  
  
Oil, Gas & Consumable Fuels - 0.6%
  
  
  
ORLEN SA
 
1,761,479
69,805,617
Financials - 0.4%
  
  
  
Banks - 0.4%
  
  
  
Bank Polska Kasa Opieki SA
 
778,598
51,168,019
Utilities - 0.1%
  
  
  
Electric Utilities - 0.1%
  
  
  
Tauron Polska Energia SA
 
4,365,101
10,530,507
TOTAL POLAND
  
  
131,504,143
QATAR - 0.4%
 
  
  
Communication Services - 0.1%
  
  
  
Diversified Telecommunication Services - 0.1%
  
  
  
Ooredoo QPSC
 
4,241,912
14,563,004
Industrials - 0.3%
  
  
  
Industrial Conglomerates - 0.2%
  
  
  
Industries Qatar QSC
 
8,528,332
24,687,894
Marine Transportation - 0.1%
  
  
  
Qatar Navigation QSC
 
4,372,258
11,891,917
TOTAL INDUSTRIALS
  
  
36,579,811
TOTAL QATAR
  
  
51,142,815
RUSSIA - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Interactive Media & Services - 0.0%
  
  
  
VK IPJSC GDR (b)(d)(f)
  
217,763
2
Consumer Staples - 0.0%
  
  
  
Consumer Staples Distribution & Retail - 0.0%
  
  
  
Magnit PJSC (b)(f)
  
135,409
0
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Gazprom PJSC (b)(f)
  
9,889,350
0
Surgutneftegas PAO (b)(f)
  
29,672,400
4
TOTAL ENERGY
  
  
4
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Sberbank of Russia PJSC (b)(f)
  
440,500
0
VTB Bank PJSC (b)(f)
  
1,815,144
0
TOTAL FINANCIALS
  
  
0
Utilities - 0.0%
  
  
  
Electric Utilities - 0.0%
  
  
  
Inter RAO UES PJSC (b)(f)
  
63,735,100
8
TOTAL RUSSIA
  
  
14
SAUDI ARABIA - 2.3%
 
  
  
Communication Services - 1.0%
  
  
  
Diversified Telecommunication Services - 0.8%
  
  
  
Saudi Telecom Co
 
8,470,549
97,302,486
Wireless Telecommunication Services - 0.2%
  
  
  
Etihad Etisalat Co
 
1,734,947
28,711,744
TOTAL COMMUNICATION SERVICES
  
  
126,014,230
Consumer Staples - 0.2%
  
  
  
Food Products - 0.2%
  
  
  
Almarai Co JSC
 
2,223,059
27,466,366
Financials - 0.8%
  
  
  
Banks - 0.8%
  
  
  
Banque Saudi Fransi
 
5,560,599
29,257,738
Riyad Bank
 
8,910,576
48,260,183
Saudi Awwal Bank
 
1,647,979
14,849,583
TOTAL FINANCIALS
  
  
92,367,504
Materials - 0.3%
  
  
  
Chemicals - 0.3%
  
  
  
SABIC Agri-Nutrients Co
 
1,062,422
34,768,117
TOTAL SAUDI ARABIA
  
  
280,616,217
SOUTH AFRICA - 2.5%
 
  
  
Communication Services - 0.7%
  
  
  
Wireless Telecommunication Services - 0.7%
  
  
  
MTN Group Ltd
 
6,995,554
86,724,351
Consumer Discretionary - 0.9%
  
  
  
Broadline Retail - 0.9%
  
  
  
Naspers Ltd Class N
 
2,134,020
112,127,030
Health Care - 0.1%
  
  
  
Pharmaceuticals - 0.1%
  
  
  
Aspen Pharmacare Holdings Ltd
 
1,686,318
15,279,457
Industrials - 0.2%
  
  
  
Industrial Conglomerates - 0.2%
  
  
  
Bidvest Group Ltd
 
1,349,571
20,249,181
Materials - 0.6%
  
  
  
Chemicals - 0.3%
  
  
  
Sasol Ltd (b)
  
2,698,081
31,973,357
Metals & Mining - 0.3%
  
  
  
Harmony Gold Mining Co Ltd
 
2,487,743
39,251,961
TOTAL MATERIALS
  
  
71,225,318
TOTAL SOUTH AFRICA
  
  
305,605,337
TAIWAN - 25.3%
 
  
  
Consumer Staples - 0.4%
  
  
  
Food Products - 0.4%
  
  
  
Uni-President Enterprises Corp
 
22,030,000
50,118,701
Financials - 0.7%
  
  
  
Financial Services - 0.2%
  
  
  
Chailease Holding Co Ltd
 
7,721,808
26,520,845
Insurance - 0.5%
  
  
  
KGI Financial Holding Co Ltd
 
59,558,600
56,295,984
TOTAL FINANCIALS
  
  
82,816,829
Industrials - 0.7%
  
  
  
Industrial Conglomerates - 0.1%
  
  
  
Far Eastern New Century Corp
 
17,058,900
14,301,476
Marine Transportation - 0.5%
  
  
  
Evergreen Marine Corp Taiwan Ltd
 
4,911,300
30,880,062
Wan Hai Lines Ltd
 
6,099,000
15,916,242
Yang Ming Marine Transport Corp
 
7,526,000
11,779,423
 
  
  
58,575,727
Passenger Airlines - 0.1%
  
  
  
Eva Airways Corp
 
11,451,000
15,284,742
TOTAL INDUSTRIALS
  
  
88,161,945
Information Technology - 23.2%
  
  
  
Electronic Equipment, Instruments & Components - 4.3%
  
  
  
AUO Corp
 
31,431,100
23,025,708
Delta Electronics Inc
 
143,000
7,038,526
Hon Hai Precision Industry Co Ltd
 
24,527,000
187,399,867
Innolux Corp
 
36,376,336
49,944,431
Largan Precision Co Ltd
 
500,000
62,012,613
Wpg Holding Co Ltd (b)
  
7,680,600
26,345,101
WT Microelectronics Co Ltd
 
2,951,100
17,819,500
Yageo Corp
 
7,029,672
105,854,866
Zhen Ding Technology Holding Ltd
 
3,224,400
40,475,198
 
  
  
519,915,810
Semiconductors & Semiconductor Equipment - 17.1%
  
  
  
ASE Technology Holding Co Ltd
 
9,852,000
168,197,596
MediaTek Inc
 
579,000
61,708,194
Nanya Technology Corp
 
5,465,000
58,454,717
Novatek Microelectronics Corp
 
2,790,000
44,115,294
Powertech Technology Inc
 
3,188,000
22,803,559
Taiwan Semiconductor Manufacturing Co Ltd
 
20,732,000
1,534,160,146
United Microelectronics Corp
 
42,241,000
158,101,133
 
  
  
2,047,540,639
Technology Hardware, Storage & Peripherals - 1.8%
  
  
  
Asustek Computer Inc
 
3,275,000
81,298,723
Catcher Technology Co Ltd
 
2,794,000
15,703,584
Compal Electronics Inc
 
19,531,000
21,488,852
Pegatron Corp
 
9,949,000
25,755,760
Wistron Corp
 
14,646,000
78,582,927
 
  
  
222,829,846
TOTAL INFORMATION TECHNOLOGY
  
  
2,790,286,295
Materials - 0.3%
  
  
  
Construction Materials - 0.3%
  
  
  
Asia Cement Corp
 
10,457,400
10,661,525
TCC Group Holdings Co Ltd
 
30,269,800
22,675,438
TOTAL MATERIALS
  
  
33,336,963
TOTAL TAIWAN
  
  
3,044,720,733
THAILAND - 1.4%
 
  
  
Consumer Staples - 0.4%
  
  
  
Beverages - 0.1%
  
  
  
Thai Beverage PCL (c)
  
35,466,500
12,742,073
Consumer Staples Distribution & Retail - 0.2%
  
  
  
CP ALL PCL depository receipt
 
15,249,000
21,851,107
Food Products - 0.1%
  
  
  
Charoen Pokphand Foods PCL depository receipt
 
15,212,100
10,204,609
TOTAL CONSUMER STAPLES
  
  
44,797,789
Energy - 0.6%
  
  
  
Oil, Gas & Consumable Fuels - 0.6%
  
  
  
PTT Exploration & Production PCL depository receipt
 
6,349,300
28,420,877
PTT PCL depository receipt
 
36,647,200
42,223,617
TOTAL ENERGY
  
  
70,644,494
Financials - 0.4%
  
  
  
Banks - 0.4%
  
  
  
Bangkok Bank PCL
 
400
2,288
Bangkok Bank PCL depository receipt
 
2,646,500
15,142,272
Kasikornbank PCL
 
5,500
40,107
Kasikornbank PCL depository receipt
 
5,212,400
38,010,182
TOTAL FINANCIALS
  
  
53,194,849
TOTAL THAILAND
  
  
168,637,132
TURKEY - 0.7%
 
  
  
Communication Services - 0.1%
  
  
  
Wireless Telecommunication Services - 0.1%
  
  
  
Turkcell Iletisim Hizmetleri AS
 
5,455,580
11,475,159
Financials - 0.3%
  
  
  
Banks - 0.3%
  
  
  
Akbank TAS
 
13,968,173
18,636,479
Turkiye Garanti Bankasi AS
 
2,556,636
6,639,250
Turkiye Is Bankasi AS Class C
 
37,369,640
9,806,643
TOTAL FINANCIALS
  
  
35,082,372
Industrials - 0.3%
  
  
  
Industrial Conglomerates - 0.2%
  
  
  
KOC Holding AS
 
5,687,842
23,568,299
Passenger Airlines - 0.1%
  
  
  
Turk Hava Yollari AO
 
2,528,231
16,706,343
TOTAL INDUSTRIALS
  
  
40,274,642
TOTAL TURKEY
  
  
86,832,173
UNITED ARAB EMIRATES - 1.2%
 
  
  
Financials - 0.7%
  
  
  
Banks - 0.7%
  
  
  
Emirates NBD Bank PJSC
 
10,911,464
89,715,822
Real Estate - 0.5%
  
  
  
Real Estate Management & Development - 0.5%
  
  
  
Emaar Properties PJSC
 
18,939,641
56,720,950
TOTAL UNITED ARAB EMIRATES
  
  
146,436,772
 
TOTAL COMMON STOCKS
 (Cost $7,857,002,798)
  
  
  
11,560,228,312
 
  
  
  
Non-Convertible Preferred Stocks - 2.0%
 
  
Shares
Value ($)
 
COLOMBIA - 0.3%
 
  
  
Financials - 0.3%
  
  
  
Banks - 0.3%
  
  
  
Grupo Cibest SA non-voting shares
 
1,727,049
40,781,089
KOREA (SOUTH) - 1.7%
 
  
  
Information Technology - 1.7%
  
  
  
Technology Hardware, Storage & Peripherals - 1.7%
  
  
  
Samsung Electronics Co Ltd non-voting shares
 
1,622,319
201,429,404
RUSSIA - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Transneft PJSC (b)(f)
  
279,200
0
 
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
 (Cost $116,705,965)
  
  
  
242,210,493
 
  
  
  
U.S. Treasury Obligations - 0.0%
 
  
Yield (%) (h)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 8/13/2026 (i)
 (Cost $4,051,118)
  
3.64
4,056,000
4,051,938
 
  
  
  
  
Money Market Funds - 2.0%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (j)
  
3.69
176,021,890
176,057,095
Fidelity Securities Lending Cash Central Fund (j)(k)
  
3.72
66,947,341
66,954,035
 
TOTAL MONEY MARKET FUNDS
 (Cost $243,010,773)
  
  
  
243,011,130
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 100.0%
 (Cost $8,220,770,654)
 
  
 
12,049,501,873
NET OTHER ASSETS (LIABILITIES) - 0.0% (g)
(2,665,724)
NET ASSETS - 100.0%
12,046,836,149
 
  
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value and Unrealized
Appreciation/
(Depreciation) ($)
 
LONG
  
  
  
  
ICE MSCI Emerging Markets Index Contracts (United States)
2,973
9/2026
244,127,895
(14,167,991)

Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing.
 
(c)
Security or a portion of the security is on loan at period end.
 
(d)
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 $181,087,584 or 1.5% of net assets.
 
(e)
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 $181,087,582 or 1.5% of net assets.
 
(f)
Level 3 security.
 
(g)
Includes $11,523,596 of cash collateral to cover margin requirements for futures contracts.
 
(h)
Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.
 
(i)
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 $4,051,938.
 
(j)
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.
 
(k)
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 $27,626,946.
 
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
157,789,849
1,007,483,213
989,214,135
2,670,097
(2,190)
358
176,057,095
176,021,890
Fidelity Securities Lending Cash Central Fund
38,035,007
477,007,341
448,089,560
563,707
1,248
(1)
66,954,035
66,947,341
 
195,824,856
1,484,490,554
1,437,303,695
3,233,804
(942)
357
243,011,130
  
 
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.
 
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. U.S. Treasury 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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