Consolidated Quarterly Holdings Report
for
Fidelity® International Discovery Fund
July 31, 2026
IGI-NPRT3-0926
1.804822.122
Common Stocks - 95.3%
 
  
Shares
Value ($)
 
AUSTRALIA - 1.6%
 
  
  
Consumer Discretionary - 0.6%
  
  
  
Hotels, Restaurants & Leisure - 0.6%
  
  
  
Aristocrat Leisure Ltd
 
844,306
37,947,391
Industrials - 0.1%
  
  
  
Aerospace & Defense - 0.1%
  
  
  
DroneShield Ltd (b)(d)(e)
  
7,385,706
8,798,082
Information Technology - 0.3%
  
  
  
Electronic Equipment, Instruments & Components - 0.3%
  
  
  
Elsight Ltd (b)
  
4,707,539
18,540,746
Materials - 0.6%
  
  
  
Metals & Mining - 0.6%
  
  
  
Alurion Resources Ltd
 
1,760,740
1,105,015
Brazilian Rare Earths Ltd (b)
  
3,140,222
8,272,443
IperionX Ltd (b)(d)
  
13,673,412
29,098,072
IperionX Ltd ADR (b)
  
149,000
3,091,750
TOTAL MATERIALS
  
  
41,567,280
TOTAL AUSTRALIA
  
  
106,853,499
BELGIUM - 0.9%
 
  
  
Health Care - 0.9%
  
  
  
Pharmaceuticals - 0.9%
  
  
  
UCB SA
 
237,184
60,965,096
BRAZIL - 0.4%
 
  
  
Financials - 0.4%
  
  
  
Banks - 0.4%
  
  
  
NU Holdings Ltd/Cayman Islands Class A (b)
  
1,776,427
25,456,199
CANADA - 1.9%
 
  
  
Energy - 1.4%
  
  
  
Oil, Gas & Consumable Fuels - 1.4%
  
  
  
Cameco Corp
 
241,225
20,817,777
Canadian Natural Resources Ltd
 
1,470,835
70,066,242
TOTAL ENERGY
  
  
90,884,019
Financials - 0.3%
  
  
  
Insurance - 0.3%
  
  
  
Definity Financial Corp
 
372,508
21,266,052
Information Technology - 0.2%
  
  
  
IT Services - 0.2%
  
  
  
Shopify Inc Class A (b)
  
143,348
16,788,440
Software - 0.0%
  
  
  
Constellation Software Inc/Canada warrants 3/31/2040 (a)(b)
  
50,942
0
TOTAL INFORMATION TECHNOLOGY
  
  
16,788,440
TOTAL CANADA
  
  
128,938,511
CHINA - 4.6%
 
  
  
Communication Services - 1.3%
  
  
  
Interactive Media & Services - 1.3%
  
  
  
Tencent Holdings Ltd
 
1,424,369
87,033,199
Industrials - 1.1%
  
  
  
Electrical Equipment - 0.6%
  
  
  
Contemporary Amperex Technology Co Ltd A Shares (China)
 
566,042
33,165,615
Ningbo Deye Technology Corp A Shares (China)
 
623,560
7,559,989
 
  
  
40,725,604
Machinery - 0.5%
  
  
  
Airtac International Group
 
791,247
32,060,861
TOTAL INDUSTRIALS
  
  
72,786,465
Information Technology - 1.8%
  
  
  
Semiconductors & Semiconductor Equipment - 1.8%
  
  
  
Advanced Micro-Fabrication Equipment Inc China A Shares (China)
 
852,578
43,354,725
CXMT Corp A Shares
 
2,329,500
18,454,462
Montage Technology Co Ltd A Shares (China)
 
2,016,800
61,097,962
TOTAL INFORMATION TECHNOLOGY
  
  
122,907,149
Materials - 0.4%
  
  
  
Metals & Mining - 0.4%
  
  
  
Zijin Mining Group Co Ltd H Shares
 
8,184,783
34,691,190
TOTAL CHINA
  
  
317,418,003
DENMARK - 1.1%
 
  
  
Industrials - 1.1%
  
  
  
Air Freight & Logistics - 1.1%
  
  
  
DSV A/S
 
361,705
78,172,052
FINLAND - 0.5%
 
  
  
Information Technology - 0.5%
  
  
  
Communications Equipment - 0.5%
  
  
  
Nokia Oyj ADR
 
3,856,609
35,249,406
FRANCE - 3.4%
 
  
  
Communication Services - 0.2%
  
  
  
Diversified Telecommunication Services - 0.2%
  
  
  
Orange SA
 
1,129,760
21,587,110
Energy - 0.4%
  
  
  
Oil, Gas & Consumable Fuels - 0.4%
  
  
  
Gaztransport Et Technigaz SA
 
107,057
24,159,709
Financials - 0.7%
  
  
  
Insurance - 0.7%
  
  
  
AXA SA
 
862,233
44,689,222
Industrials - 2.1%
  
  
  
Aerospace & Defense - 2.1%
  
  
  
Dassault Aviation SA
 
85,305
29,333,773
Safran SA
 
297,059
116,738,646
TOTAL INDUSTRIALS
  
  
146,072,419
TOTAL FRANCE
  
  
236,508,460
GERMANY - 4.8%
 
  
  
Industrials - 3.7%
  
  
  
Aerospace & Defense - 0.4%
  
  
  
Rheinmetall AG
 
23,090
30,523,806
Electrical Equipment - 1.2%
  
  
  
Siemens Energy AG
 
472,038
80,644,418
Industrial Conglomerates - 2.1%
  
  
  
Siemens AG
 
440,780
144,420,058
TOTAL INDUSTRIALS
  
  
255,588,282
Information Technology - 0.6%
  
  
  
Software - 0.6%
  
  
  
SAP SE
 
238,222
43,664,944
Materials - 0.5%
  
  
  
Construction Materials - 0.5%
  
  
  
Heidelberg Materials AG
 
173,497
32,299,075
TOTAL GERMANY
  
  
331,552,301
GREECE - 0.4%
 
  
  
Financials - 0.4%
  
  
  
Banks - 0.4%
  
  
  
Alpha Bank SA
 
5,441,100
26,766,609
HONG KONG - 0.1%
 
  
  
Materials - 0.1%
  
  
  
Metals & Mining - 0.1%
  
  
  
Zijin Gold International Co Ltd
 
575,834
8,678,922
HUNGARY - 0.6%
 
  
  
Financials - 0.6%
  
  
  
Banks - 0.6%
  
  
  
OTP Bank Nyrt
 
295,107
43,669,907
IRELAND - 2.4%
 
  
  
Consumer Discretionary - 0.6%
  
  
  
Household Durables - 0.6%
  
  
  
Cairn Homes PLC
 
13,506,455
37,953,932
Financials - 1.4%
  
  
  
Banks - 1.4%
  
  
  
AIB Group PLC
 
8,004,874
94,662,064
Industrials - 0.4%
  
  
  
Building Products - 0.4%
  
  
  
Kingspan Group PLC
 
320,878
29,694,142
TOTAL IRELAND
  
  
162,310,138
ISRAEL - 0.7%
 
  
  
Health Care - 0.7%
  
  
  
Pharmaceuticals - 0.7%
  
  
  
Teva Pharmaceutical Industries Ltd ADR (b)
  
1,299,437
45,493,289
ITALY - 3.0%
 
  
  
Consumer Discretionary - 0.2%
  
  
  
Hotels, Restaurants & Leisure - 0.2%
  
  
  
Lottomatica Group Spa
 
437,107
11,835,092
Financials - 2.5%
  
  
  
Banks - 2.5%
  
  
  
Intesa Sanpaolo SpA
 
9,759,983
73,778,762
UniCredit SpA
 
1,054,381
99,440,639
TOTAL FINANCIALS
  
  
173,219,401
Industrials - 0.3%
  
  
  
Electrical Equipment - 0.3%
  
  
  
Prysmian SpA
 
139,403
19,236,685
TOTAL ITALY
  
  
204,291,178
JAPAN - 20.7%
 
  
  
Consumer Discretionary - 3.1%
  
  
  
Automobile Components - 0.2%
  
  
  
Sumitomo Electric Industries Ltd
 
933,090
12,349,537
Broadline Retail - 0.4%
  
  
  
Pan Pacific International Holdings Corp
 
4,998,730
28,005,003
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Metaplanet Inc (b)(d)
  
1,598,173
2,327,319
Household Durables - 1.4%
  
  
  
Panasonic Holdings Corp
 
3,732,795
98,704,310
Specialty Retail - 1.1%
  
  
  
Fast Retailing Co Ltd
 
150,417
73,654,582
TOTAL CONSUMER DISCRETIONARY
  
  
215,040,751
Consumer Staples - 0.7%
  
  
  
Food Products - 0.7%
  
  
  
Ajinomoto Co Inc
 
873,902
26,949,728
Kotobuki Spirits Co Ltd
 
1,241,126
19,787,750
TOTAL CONSUMER STAPLES
  
  
46,737,478
Financials - 5.7%
  
  
  
Banks - 5.2%
  
  
  
Hachijuni Nagano Bank Ltd
 
1,178,978
18,318,995
Mitsubishi UFJ Financial Group Inc
 
7,876,378
175,930,700
Sumitomo Mitsui Financial Group Inc
 
3,744,376
160,891,857
 
  
  
355,141,552
Insurance - 0.5%
  
  
  
Tokio Marine Holdings Inc
 
679,589
34,636,205
TOTAL FINANCIALS
  
  
389,777,757
Health Care - 0.5%
  
  
  
Pharmaceuticals - 0.5%
  
  
  
Chugai Pharmaceutical Co Ltd
 
48,544
2,106,390
Takeda Pharmaceutical Co Ltd
 
952,358
32,699,823
TOTAL HEALTH CARE
  
  
34,806,213
Industrials - 7.2%
  
  
  
Electrical Equipment - 0.2%
  
  
  
Furukawa Electric Co Ltd
 
561,764
10,719,540
Industrial Conglomerates - 0.7%
  
  
  
Hitachi Ltd
 
1,405,603
46,062,391
Machinery - 2.8%
  
  
  
IHI Corp
 
2,772,176
48,471,375
Japan Steel Works Ltd/The
 
273,665
12,679,660
Kawasaki Heavy Industries Ltd
 
3,456,164
59,047,388
Mitsubishi Heavy Industries Ltd
 
3,054,303
71,355,659
 
  
  
191,554,082
Professional Services - 0.1%
  
  
  
Visional Inc (b)
  
187,217
10,315,731
Trading Companies & Distributors - 3.4%
  
  
  
ITOCHU Corp
 
9,955,460
124,937,159
Marubeni Corp
 
2,430,644
78,560,080
Toyota Tsusho Corp
 
640,941
26,602,479
 
  
  
230,099,718
TOTAL INDUSTRIALS
  
  
488,751,462
Information Technology - 3.5%
  
  
  
Semiconductors & Semiconductor Equipment - 3.5%
  
  
  
Advantest Corp
 
475,049
93,861,105
Disco Corp
 
80,974
28,942,894
Kioxia Holdings Corp (b)
  
29,150
8,125,167
Lasertec Corp
 
190,351
43,729,775
Renesas Electronics Corp
 
1,640,119
32,874,149
Rohm Co Ltd
 
530,665
14,071,406
Tokyo Seimitsu Co Ltd
 
206,799
21,533,637
TOTAL INFORMATION TECHNOLOGY
  
  
243,138,133
TOTAL JAPAN
  
  
1,418,251,794
KOREA (SOUTH) - 0.2%
 
  
  
Communication Services - 0.2%
  
  
  
Interactive Media & Services - 0.2%
  
  
  
Webtoon Entertainment Inc (b)
  
1,508,405
13,756,654
NETHERLANDS - 6.7%
 
  
  
Financials - 1.7%
  
  
  
Banks - 1.7%
  
  
  
ING Groep NV (d)
  
3,244,204
114,006,384
Health Care - 0.6%
  
  
  
Biotechnology - 0.6%
  
  
  
Argenx SE (b)
  
47,656
40,817,235
Information Technology - 4.4%
  
  
  
Semiconductors & Semiconductor Equipment - 4.4%
  
  
  
ASML Holding NV
 
174,453
287,489,033
BE Semiconductor Industries NV
 
71,518
16,349,872
TOTAL INFORMATION TECHNOLOGY
  
  
303,838,905
TOTAL NETHERLANDS
  
  
458,662,524
NORWAY - 0.1%
 
  
  
Information Technology - 0.1%
  
  
  
Electronic Equipment, Instruments & Components - 0.1%
  
  
  
General Oceans AS (d)
  
3,620,682
8,328,237
POLAND - 1.0%
 
  
  
Financials - 0.5%
  
  
  
Banks - 0.5%
  
  
  
Powszechna Kasa Oszczednosci Bank Polski SA
 
1,170,200
35,059,169
Industrials - 0.5%
  
  
  
Professional Services - 0.5%
  
  
  
Benefit Systems SA (b)
  
21,900
31,657,141
TOTAL POLAND
  
  
66,716,310
PORTUGAL - 1.5%
 
  
  
Financials - 1.5%
  
  
  
Banks - 1.5%
  
  
  
Banco Comercial Portugues SA
 
82,928,400
101,844,762
SINGAPORE - 1.4%
 
  
  
Financials - 1.4%
  
  
  
Banks - 1.4%
  
  
  
DBS Group Holdings Ltd
 
1,707,230
98,501,613
SPAIN - 5.5%
 
  
  
Financials - 5.1%
  
  
  
Banks - 5.1%
  
  
  
Banco Santander SA
 
15,208,059
216,293,188
CaixaBank SA
 
9,304,811
135,164,914
TOTAL FINANCIALS
  
  
351,458,102
Industrials - 0.4%
  
  
  
Construction & Engineering - 0.4%
  
  
  
ACS Actividades de Construccion y Servicios SA
 
230,901
29,368,863
TOTAL SPAIN
  
  
380,826,965
SWEDEN - 4.6%
 
  
  
Financials - 2.7%
  
  
  
Financial Services - 2.7%
  
  
  
Investor AB B Shares
 
4,269,907
184,298,983
Health Care - 0.5%
  
  
  
Biotechnology - 0.5%
  
  
  
Swedish Orphan Biovitrum AB B Shares (b)
  
854,413
42,226,246
Industrials - 0.7%
  
  
  
Machinery - 0.7%
  
  
  
Indutrade AB
 
1,830,640
45,909,226
Information Technology - 0.7%
  
  
  
Electronic Equipment, Instruments & Components - 0.7%
  
  
  
Lagercrantz Group AB B Shares
 
1,942,084
45,685,537
Software - 0.0%
  
  
  
Kry International Ab (a)(b)(c)
  
100,996
897,933
TOTAL INFORMATION TECHNOLOGY
  
  
46,583,470
TOTAL SWEDEN
  
  
319,017,925
SWITZERLAND - 1.0%
 
  
  
Financials - 0.8%
  
  
  
Capital Markets - 0.8%
  
  
  
UBS Group AG
 
1,071,590
56,399,474
Industrials - 0.2%
  
  
  
Electrical Equipment - 0.2%
  
  
  
Huber + Suhner AG
 
48,508
11,364,234
TOTAL SWITZERLAND
  
  
67,763,708
TAIWAN - 5.9%
 
  
  
Industrials - 0.7%
  
  
  
Electrical Equipment - 0.7%
  
  
  
Bizlink Holding Inc
 
851,473
54,237,778
Information Technology - 5.2%
  
  
  
Semiconductors & Semiconductor Equipment - 5.2%
  
  
  
MediaTek Inc
 
368,943
39,320,909
Taiwan Semiconductor Manufacturing Co Ltd
 
4,252,174
314,659,266
TOTAL INFORMATION TECHNOLOGY
  
  
353,980,175
TOTAL TAIWAN
  
  
408,217,953
UNITED KINGDOM - 15.8%
 
  
  
Communication Services - 3.1%
  
  
  
Diversified Telecommunication Services - 3.1%
  
  
  
Zegona Communications plc
 
10,692,267
210,681,552
Consumer Discretionary - 1.1%
  
  
  
Hotels, Restaurants & Leisure - 0.0%
  
  
  
Compass Group PLC
 
9,791
310,472
Leisure Products - 1.1%
  
  
  
Games Workshop Group PLC
 
304,257
78,403,925
TOTAL CONSUMER DISCRETIONARY
  
  
78,714,397
Consumer Staples - 2.2%
  
  
  
Tobacco - 2.2%
  
  
  
British American Tobacco PLC
 
2,525,773
153,215,776
Financials - 3.2%
  
  
  
Banks - 1.6%
  
  
  
Lloyds Banking Group PLC
 
89,821
138,829
NatWest Group PLC
 
10,207,797
96,286,386
Starling Bank Ltd (a)(b)(c)
  
3,230,978
10,538,012
 
  
  
106,963,227
Financial Services - 0.4%
  
  
  
Revolut Group Holdings Ltd (a)(b)(c)
  
13,155
25,280,884
Insurance - 1.2%
  
  
  
Admiral Group PLC
 
736,717
37,452,578
Aviva PLC
 
5,105,076
47,779,444
 
  
  
85,232,022
TOTAL FINANCIALS
  
  
217,476,133
Health Care - 1.3%
  
  
  
Pharmaceuticals - 1.3%
  
  
  
Astrazeneca PLC
 
519,242
88,399,798
Industrials - 4.0%
  
  
  
Aerospace & Defense - 2.9%
  
  
  
BAE Systems PLC
 
1,861,440
52,696,125
Rolls-Royce Holdings PLC
 
7,324,630
146,123,866
 
  
  
198,819,991
Trading Companies & Distributors - 1.1%
  
  
  
Diploma PLC
 
756,145
74,597,712
TOTAL INDUSTRIALS
  
  
273,417,703
Utilities - 0.9%
  
  
  
Electric Utilities - 0.9%
  
  
  
SSE PLC
 
2,032,091
64,200,736
TOTAL UNITED KINGDOM
  
  
1,086,106,095
UNITED STATES - 4.5%
 
  
  
Health Care - 0.5%
  
  
  
Pharmaceuticals - 0.5%
  
  
  
Viatris Inc
 
1,834,609
32,215,734
Industrials - 3.2%
  
  
  
Construction & Engineering - 0.7%
  
  
  
Ferrovial NV
 
796,688
52,127,082
Electrical Equipment - 2.5%
  
  
  
Schneider Electric SE
 
502,313
168,769,939
TOTAL INDUSTRIALS
  
  
220,897,021
Information Technology - 0.1%
  
  
  
Software - 0.1%
  
  
  
Canva Inc Class A (a)(b)(c)
  
4,101
5,678,655
Materials - 0.7%
  
  
  
Construction Materials - 0.7%
  
  
  
CRH PLC
 
237,374
22,552,903
Holcim AG
 
268,063
24,346,604
TOTAL MATERIALS
  
  
46,899,507
TOTAL UNITED STATES
  
  
305,690,917
 
TOTAL COMMON STOCKS
 (Cost $4,985,085,094)
  
  
  
6,546,009,027
 
  
  
  
Convertible Preferred Stocks - 1.2%
 
  
Shares
Value ($)
 
CANADA - 0.1%
 
  
  
Information Technology - 0.1%
  
  
  
Software - 0.1%
  
  
  
Valsoft Corp Series A-1.2 (a)(b)(c)
  
532
4,486,196
Valsoft Corp Series A-1.3 (a)(b)(c)
  
188
1,585,348
Valsoft Corp Series A-1.4 (a)(b)(c)
  
243
2,049,146
 
  
  
  
TOTAL CANADA
  
  
8,120,690
CHINA - 0.8%
 
  
  
Communication Services - 0.7%
  
  
  
Interactive Media & Services - 0.7%
  
  
  
Bytedance Ltd Series E1 (a)(b)(c)
  
131,235
43,369,231
Health Care - 0.1%
  
  
  
Health Care Providers & Services - 0.1%
  
  
  
dMed Biopharmaceutical Co Ltd Series C (a)(b)(c)
  
328,052
2,411,182
TOTAL CHINA
  
  
45,780,413
ESTONIA - 0.1%
 
  
  
Information Technology - 0.1%
  
  
  
Software - 0.1%
  
  
  
Bolt Technology OU Series E (a)(b)(c)
  
45,293
9,152,197
INDIA - 0.2%
 
  
  
Consumer Discretionary - 0.2%
  
  
  
Specialty Retail - 0.2%
  
  
  
Valuedrive Technologies Pvt Ltd Series A (a)(c)
  
1,504
2,300,203
Valuedrive Technologies Pvt Ltd Series B (a)(c)
  
3,024
4,624,876
Valuedrive Technologies Pvt Ltd Series C (a)(c)
  
13
19,882
Valuedrive Technologies Pvt Ltd Series C1 (a)(c)
  
11
16,821
Valuedrive Technologies Pvt Ltd Series G (a)(c)
  
19,366,900
8,226,720
Valuedrive Technologies Pvt Ltd Series S2 (a)(c)
  
732
1,119,514
 
  
  
  
TOTAL INDIA
  
  
16,308,016
UNITED STATES - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
Software - 0.0%
  
  
  
Canva Inc Series A (a)(b)(c)
  
483
668,810
Canva Inc Series A2 (a)(b)(c)
  
87
120,469
 
  
  
  
TOTAL UNITED STATES
  
  
789,279
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $57,683,311)
  
  
  
80,150,595
 
  
  
  
Money Market Funds - 3.1%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (f)
  
3.69
199,185,486
199,225,323
Fidelity Securities Lending Cash Central Fund (f)(g)
  
3.72
11,548,593
11,549,748
 
TOTAL MONEY MARKET FUNDS
 (Cost $210,774,555)
  
  
  
210,775,071
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 99.6%
 (Cost $5,253,542,960)
 
  
 
6,836,934,693
NET OTHER ASSETS (LIABILITIES) - 0.4%  
29,759,400
NET ASSETS - 100.0%
6,866,694,093
 
  
 
Legend
 
(a)
Level 3 security.
 
(b)
Non-income producing.
 
(c)
Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues).  At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $122,546,079 or 1.8% of net assets.
 
(d)
Security or a portion of the security is on loan at period end.
 
(e)
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 $8,798,082 or 0.1% of net assets.
 
(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 $104,172,571.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Bolt Technology OU Series E
1/3/2022
11,766,963
 
  
  
Bytedance Ltd Series E1
11/18/2020
14,379,968
 
  
  
Canva Inc Class A
3/18/2024 - 11/12/2025
5,533,335
 
  
  
Canva Inc Series A
9/22/2023
515,197
 
  
  
Canva Inc Series A2
9/22/2023
92,799
 
  
  
dMed Biopharmaceutical Co Ltd Series C
12/1/2020
4,659,371
 
  
  
Kry International Ab
5/14/2021 - 10/30/2024
12,863,256
 
  
  
Revolut Group Holdings Ltd
12/27/2024
11,441,503
 
  
  
Starling Bank Ltd
6/18/2021
5,776,619
 
  
  
Valsoft Corp Series A-1.2
3/14/2025
6,231,694
 
  
  
Valsoft Corp Series A-1.3
3/17/2025
1,866,252
 
  
  
Valsoft Corp Series A-1.4
3/17/2025
3,198,238
 
  
  
Valuedrive Technologies Pvt Ltd Series A
2/12/2026
1,988,000
 
  
  
Valuedrive Technologies Pvt Ltd Series B
2/12/2026
3,997,148
 
  
  
Valuedrive Technologies Pvt Ltd Series C
2/12/2026
15,618
 
  
  
Valuedrive Technologies Pvt Ltd Series C1
2/12/2026
13,215
 
  
  
Valuedrive Technologies Pvt Ltd Series G
2/12/2026
8,079,430
 
  
  
Valuedrive Technologies Pvt Ltd Series S2
2/12/2026
879,418
 
  
  
 
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
464,941,083
3,530,180,357
3,795,907,566
10,008,180
10,933
516
199,225,323
199,185,486
Fidelity Securities Lending Cash Central Fund
36,660,131
941,769,064
966,883,308
1,087,982
3,861
-
11,549,748
11,548,593
 
501,601,214
4,471,949,421
4,762,790,874
11,096,162
14,794
516
210,775,071
  
 
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.
 
Other Affiliated Issuers
An affiliated company is a company in which the Fund has ownership of at least 5% of the voting securities. Fiscal year to date transactions with companies which are or were affiliates are presented in the table below. Certain corporate actions, such as mergers, are excluded from the amounts in this table if applicable. A dash in the Value end of period ($) column means either the issuer is no longer held at period end, or the issuer is held at period end but is no longer an affiliate.
Affiliate
Value,
beginning
of period ($)
Purchases ($)
Sales
Proceeds ($)
Dividend
Income ($)
Realized
Gain (loss) ($)
Change in
Unrealized
appreciation
(depreciation) ($)
Value,
end
of period ($)
  
 
Shares,
end
of period
IperionX Ltd
115,148,974
2,471,638
29,416,331
-
19,727,731
(78,833,940)
-
-
Zegona Communications plc
332,769,842
-
202,042,798
44,659,257
183,977,275
(104,022,767)
-
-
Total
447,918,816
2,471,638
231,459,129
44,659,257
203,705,006
(182,856,707)
-
  
 
 
 
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.
 
Securities, including private placements or other restricted securities, for which observable inputs are not available are valued using alternate valuation approaches, including the market approach, the income approach and cost approach, and are categorized as Level 3 in the hierarchy. The market approach considers factors including the price of recent investments in the same or a similar security or financial metrics of comparable securities. The income approach considers factors including expected future cash flows, security specific risks and corresponding discount rates. The cost approach considers factors including the value of the security's underlying assets and liabilities.
 
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 consolidated 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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