Consolidated Quarterly Holdings Report
for
Fidelity® Series Emerging Markets Opportunities Fund
July 31, 2026
ILF-NPRT3-0926
1.873106.117
Common Stocks - 97.0%
 
  
Shares
Value ($)
 
ARGENTINA - 0.2%
 
  
  
Energy - 0.2%
  
  
  
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
YPF SA Class D ADR (b)(e)
  
1,026,600
53,937,564
AUSTRALIA - 0.5%
 
  
  
Materials - 0.5%
  
  
  
Metals & Mining - 0.5%
  
  
  
Anglogold Ashanti Plc (South Africa)
 
2,065,800
156,221,659
BRAZIL - 4.6%
 
  
  
Consumer Discretionary - 0.5%
  
  
  
Household Durables - 0.1%
  
  
  
Construtora Tenda S/A
 
1,760,300
10,532,318
Cury Construtora e Incorporadora SA
 
1,538,300
9,131,205
 
  
  
19,663,523
Specialty Retail - 0.3%
  
  
  
Vibra Energia SA
 
14,272,797
101,503,079
Textiles, Apparel & Luxury Goods - 0.1%
  
  
  
Azzas 2154 SA
 
7,067,176
22,892,009
TOTAL CONSUMER DISCRETIONARY
  
  
144,058,611
Energy - 0.7%
  
  
  
Oil, Gas & Consumable Fuels - 0.7%
  
  
  
Petroleo Brasileiro SA - Petrobras ADR
 
2,880,535
55,882,379
Petroleo Brasileiro SA - Petrobras ADR (PN)
 
3,433,500
58,884,525
PRIO SA/Brazil (b)
  
8,636,000
103,666,414
TOTAL ENERGY
  
  
218,433,318
Financials - 1.4%
  
  
  
Banks - 0.7%
  
  
  
Itau Unibanco Holding SA ADR
 
26,142,551
221,165,981
Capital Markets - 0.7%
  
  
  
B3 SA - Brasil Bolsa Balcao
 
40,390,700
125,335,749
XP Inc Class A
 
5,512,030
94,035,232
 
  
  
219,370,981
TOTAL FINANCIALS
  
  
440,536,962
Health Care - 0.0%
  
  
  
Pharmaceuticals - 0.0%
  
  
  
Hypera SA
 
4,981,418
20,901,879
Industrials - 0.3%
  
  
  
Ground Transportation - 0.3%
  
  
  
Localiza Rent a Car SA
 
11,453,640
84,979,020
Localiza Rent a Car SA (PN)
 
485,183
3,496,392
TOTAL INDUSTRIALS
  
  
88,475,412
Materials - 0.9%
  
  
  
Metals & Mining - 0.8%
  
  
  
Metalurgica Gerdau SA
 
36,261,720
78,115,262
Vale SA ADR
 
12,020,770
181,032,797
 
  
  
259,148,059
Paper & Forest Products - 0.1%
  
  
  
Dexco SA
 
25,748,804
25,905,507
TOTAL MATERIALS
  
  
285,053,566
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
LOG Commercial Properties e Participacoes SA
 
2,449,751
12,289,469
Utilities - 0.8%
  
  
  
Electric Utilities - 0.6%
  
  
  
Axia Energia SA
 
6,505,725
67,788,958
Axia Energia SA Series C
 
1,707,921
17,523,445
Equatorial SA
 
8,924,695
68,064,411
Isa Energia Brasil sa
 
4,600,000
24,401,330
Transmissora Alianca de Energia Eletrica S/A unit
 
2,738,300
21,423,902
 
  
  
199,202,046
Water Utilities - 0.2%
  
  
  
Cia de Saneamento Basico do Estado de Sao Paulo SABESP
 
11,459,553
62,619,891
TOTAL UTILITIES
  
  
261,821,937
TOTAL BRAZIL
  
  
1,471,571,154
CHILE - 0.7%
 
  
  
Financials - 0.2%
  
  
  
Banks - 0.2%
  
  
  
Banco de Chile
 
428,547,000
89,286,195
Materials - 0.5%
  
  
  
Metals & Mining - 0.5%
  
  
  
Antofagasta PLC
 
2,905,144
143,108,156
TOTAL CHILE
  
  
232,394,351
CHINA - 22.1%
 
  
  
Communication Services - 4.7%
  
  
  
Entertainment - 0.4%
  
  
  
Netease Inc
 
649,062
17,269,084
Netease Inc ADR
 
988,823
131,780,442
 
  
  
149,049,526
Interactive Media & Services - 4.3%
  
  
  
Baidu Inc A Shares (b)
  
4,550,083
63,030,493
Baidu Inc Class A ADR (b)(e)
  
364,726
40,524,706
Kuaishou Technology B Shares (c)(d)
  
3,081,000
17,168,176
Tencent Holdings Ltd
 
20,142,309
1,230,755,221
 
  
  
1,351,478,596
TOTAL COMMUNICATION SERVICES
  
  
1,500,528,122
Consumer Discretionary - 5.4%
  
  
  
Automobile Components - 0.4%
  
  
  
Fuyao Glass Industry Group Co Ltd A Shares (China)
 
9,368,306
82,739,612
Fuyao Glass Industry Group Co Ltd H Shares (c)(d)
  
1,547,602
11,721,866
Hesai Group ADR (b)(e)
  
812,286
13,727,633
Zhejiang Yinlun Machinery Co Ltd A Shares (China)
 
4,233,400
24,076,376
 
  
  
132,265,487
Automobiles - 1.0%
  
  
  
BYD Co Ltd A Shares (China)
 
4,344,412
61,606,758
BYD Co Ltd H Shares
 
13,988,484
167,230,086
XPeng Inc A Shares (b)
  
7,145,459
46,347,591
 
  
  
275,184,435
Broadline Retail - 3.1%
  
  
  
Alibaba Group Holding Ltd
 
50,600,839
770,822,987
JD.com Inc A Shares
 
7,010,315
115,319,499
PDD Holdings Inc Class A ADR (b)
  
645,967
57,206,838
 
  
  
943,349,324
Diversified Consumer Services - 0.2%
  
  
  
New Oriental Education & Technology Group Inc
 
11,951,750
70,088,708
Hotels, Restaurants & Leisure - 0.5%
  
  
  
H World Group Ltd ADR (e)
  
1,972,731
84,215,886
Luckin Coffee Inc ADR (b)
  
2,453,112
85,858,920
 
  
  
170,074,806
Textiles, Apparel & Luxury Goods - 0.2%
  
  
  
Laopu Gold Co Ltd H Shares (e)
  
1,477,402
61,187,924
Shenzhou International Group Holdings Ltd
 
2,743,619
15,596,059
 
  
  
76,783,983
TOTAL CONSUMER DISCRETIONARY
  
  
1,667,746,743
Consumer Staples - 0.8%
  
  
  
Beverages - 0.6%
  
  
  
China Resources Beer Holdings Co Ltd
 
13,635,166
41,139,776
Kweichow Moutai Co Ltd A Shares (China)
 
420,126
83,956,135
Tsingtao Brewery Co Ltd H Shares
 
10,883,084
64,667,922
 
  
  
189,763,833
Food Products - 0.1%
  
  
  
Uni-President China Holdings Ltd (e)
  
29,008,000
27,889,462
Personal Care Products - 0.1%
  
  
  
Mao Geping Cosmetics Co LTD H Shares (e)
  
3,752,600
28,111,962
TOTAL CONSUMER STAPLES
  
  
245,765,257
Energy - 0.4%
  
  
  
Oil, Gas & Consumable Fuels - 0.4%
  
  
  
PetroChina Co Ltd H Shares
 
105,670,000
133,933,464
Financials - 4.4%
  
  
  
Banks - 2.5%
  
  
  
Bank of Chengdu Co Ltd A Shares (China)
 
38,485,450
104,509,205
Bank of Ningbo Co Ltd A Shares (China)
 
26,945,300
127,231,831
China Construction Bank Corp H Shares
 
449,669,696
527,654,077
 
  
  
759,395,113
Capital Markets - 0.3%
  
  
  
China International Capital Corp Ltd H Shares (c)(d)(e)
  
40,129,200
110,526,206
Insurance - 1.6%
  
  
  
China Life Insurance Co Ltd H Shares
 
47,659,538
177,453,140
Ping An Insurance Group Co of China Ltd H Shares
 
46,261,770
345,611,233
 
  
  
523,064,373
TOTAL FINANCIALS
  
  
1,392,985,692
Health Care - 1.2%
  
  
  
Biotechnology - 0.5%
  
  
  
Abbisko Cayman Ltd (b)
  
2,466,000
3,172,746
Akeso Inc (b)(c)(d)(e)
  
2,220,452
26,600,462
Clover Biopharmaceuticals Ltd (b)(e)
  
5,077,500
1,294,883
Innovent Biologics Inc (b)(c)(d)
  
6,413,866
70,907,144
Remegen Co Ltd H Shares (b)(c)(d)(e)
  
1,093,777
11,401,646
Sichuan Kelun-Biotech Biopharmaceutical Co Ltd H Shares (b)(e)
  
281,850
17,387,411
Zai Lab Ltd (b)(e)
  
7,712,489
14,053,559
 
  
  
144,817,851
Life Sciences Tools & Services - 0.5%
  
  
  
Wuxi Apptec Co Ltd A Shares (China)
 
2,648,600
50,344,179
Wuxi Apptec Co Ltd H Shares (c)(d)(e)
  
3,964,860
81,244,645
WuXi XDC Cayman Inc (b)
  
3,048,488
20,135,632
 
  
  
151,724,456
Pharmaceuticals - 0.2%
  
  
  
Hansoh Pharmaceutical Group Co Ltd (c)(d)
  
13,029,617
53,464,893
Jiangsu Hengrui Pharmaceuticals Co Ltd A Shares (China)
 
3,511,904
28,114,833
Jiangsu Hengrui Pharmaceuticals Co Ltd H Shares (e)
  
1,982,671
14,435,698
 
  
  
96,015,424
TOTAL HEALTH CARE
  
  
392,557,731
Industrials - 2.0%
  
  
  
Construction & Engineering - 0.1%
  
  
  
Sinopec Engineering Group Co Ltd H Shares
 
37,228,887
25,729,440
Electrical Equipment - 1.0%
  
  
  
Contemporary Amperex Technology Co Ltd A Shares (China)
 
4,128,400
241,891,814
Hongfa Technology Co Ltd A Shares
 
7,410,820
38,973,209
Hongfa Technology Co Ltd A Shares (China)
 
8,014,900
42,150,041
 
  
  
323,015,064
Machinery - 0.9%
  
  
  
Airtac International Group
 
2,600,000
105,350,465
Shenzhen Inovance Technology Co Ltd A Shares (China)
 
8,094,100
76,806,292
Yangzijiang Shipbuilding (Holdings) Ltd (e)
  
38,174,600
116,528,550
 
  
  
298,685,307
TOTAL INDUSTRIALS
  
  
647,429,811
Information Technology - 1.1%
  
  
  
Electronic Equipment, Instruments & Components - 0.2%
  
  
  
Luxshare Precision Industry Co Ltd A Shares (China)
 
6,422,600
54,701,806
WUS Printed Circuit Kunshan Co Ltd A Shares (China)
 
1,022,300
15,692,396
 
  
  
70,394,202
Semiconductors & Semiconductor Equipment - 0.9%
  
  
  
Advanced Micro-Fabrication Equipment Inc China A Shares (China)
 
3,774,638
191,945,363
Montage Technology Co Ltd A Shares (China)
 
983,100
29,782,530
NAURA Technology Group Co Ltd A Shares (China)
 
332,700
33,781,210
 
  
  
255,509,103
Software - 0.0%
  
  
  
Pony AI Inc ADR (b)(e)
  
408,120
3,211,904
Z AI Co Ltd H Shares (e)
  
71,400
8,990,552
 
  
  
12,202,456
TOTAL INFORMATION TECHNOLOGY
  
  
338,105,761
Materials - 1.5%
  
  
  
Construction Materials - 0.2%
  
  
  
Anhui Conch Cement Co Ltd H Shares
 
16,965,500
39,999,502
China Jushi Co Ltd A Shares (China)
 
6,295,400
35,170,449
 
  
  
75,169,951
Metals & Mining - 1.3%
  
  
  
Aluminum Corp of China Ltd A Shares (China)
 
46,350,200
65,884,319
MMG Ltd (b)
  
166,612,000
178,245,777
Zijin Mining Group Co Ltd A Shares (China)
 
34,994,700
171,123,452
 
  
  
415,253,548
TOTAL MATERIALS
  
  
490,423,499
Real Estate - 0.3%
  
  
  
Real Estate Management & Development - 0.3%
  
  
  
China Overseas Land & Investment Ltd
 
8,780,916
15,126,769
China Resources Land Ltd
 
10,943,220
46,327,005
KE Holdings Inc A Shares
 
5,616,300
31,501,272
Longfor Group Holdings Ltd (c)(d)(e)
  
4,305,500
3,766,160
TOTAL REAL ESTATE
  
  
96,721,206
Utilities - 0.3%
  
  
  
Gas Utilities - 0.3%
  
  
  
ENN Energy Holdings Ltd
 
5,156,200
30,861,984
Kunlun Energy Co Ltd
 
59,636,000
55,055,167
TOTAL UTILITIES
  
  
85,917,151
TOTAL CHINA
  
  
6,992,114,437
FRANCE - 0.1%
 
  
  
Energy - 0.1%
  
  
  
Oil, Gas & Consumable Fuels - 0.1%
  
  
  
Gaztransport Et Technigaz SA
 
142,900
32,248,451
GREECE - 0.7%
 
  
  
Financials - 0.7%
  
  
  
Banks - 0.7%
  
  
  
Alpha Bank SA
 
15,436,819
75,938,929
Piraeus Bank SA
 
11,761,469
135,627,380
 
  
  
  
TOTAL GREECE
  
  
211,566,309
HONG KONG - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Entertainment - 0.0%
  
  
  
Huanxi Media Group Ltd (b)
  
8,335,266
210,444
INDIA - 10.4%
 
  
  
Communication Services - 0.7%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
HFCL Ltd
 
2,666,300
5,425,121
Wireless Telecommunication Services - 0.7%
  
  
  
Bharti Airtel Ltd
 
10,046,981
207,618,258
TOTAL COMMUNICATION SERVICES
  
  
213,043,379
Consumer Discretionary - 1.1%
  
  
  
Automobiles - 0.6%
  
  
  
Mahindra & Mahindra Ltd
 
5,518,637
196,557,115
Broadline Retail - 0.3%
  
  
  
Meesho (b)
  
44,131,226
84,217,025
Hotels, Restaurants & Leisure - 0.2%
  
  
  
MakeMyTrip Ltd (b)(e)
  
1,205,493
68,652,826
TOTAL CONSUMER DISCRETIONARY
  
  
349,426,966
Consumer Staples - 0.1%
  
  
  
Tobacco - 0.1%
  
  
  
ITC Ltd
 
14,753,854
43,446,130
Energy - 1.0%
  
  
  
Oil, Gas & Consumable Fuels - 1.0%
  
  
  
Coal India Ltd
 
14,751,300
64,059,053
Reliance Industries Ltd
 
19,262,084
263,795,102
TOTAL ENERGY
  
  
327,854,155
Financials - 4.1%
  
  
  
Banks - 2.6%
  
  
  
HDFC Bank Ltd/Gift City
 
55,715,513
436,467,654
ICICI Bank Ltd
 
25,514,649
383,564,184
 
  
  
820,031,838
Capital Markets - 0.0%
  
  
  
SBI Funds Management Ltd Parent (g)
  
416,858
2,574,609
SBI Funds Management Ltd Parent (g)
  
416,858
2,574,608
SBI Funds Management Ltd Parent
 
8,173
50,024
 
  
  
5,199,241
Consumer Finance - 1.2%
  
  
  
Bajaj Finance Ltd
 
18,290,201
218,703,994
Shriram Finance Ltd
 
14,150,817
155,135,611
 
  
  
373,839,605
Insurance - 0.3%
  
  
  
HDFC Life Insurance Co Ltd (c)(d)
  
14,431,767
82,942,071
TOTAL FINANCIALS
  
  
1,282,012,755
Health Care - 0.7%
  
  
  
Health Care Providers & Services - 0.2%
  
  
  
Fortis Healthcare Ltd
 
613,800
6,082,738
Manipal Health Enterprises Ltd (g)
  
212,850
1,316,506
Manipal Health Enterprises Ltd (g)
  
212,850
1,316,506
Max Healthcare Institute Ltd
 
4,240,978
48,824,611
 
  
  
57,540,361
Life Sciences Tools & Services - 0.1%
  
  
  
Divi's Laboratories Ltd
 
604,494
51,043,746
Pharmaceuticals - 0.4%
  
  
  
Sun Pharmaceutical Industries Ltd
 
4,084,462
85,184,669
Torrent Pharmaceuticals Ltd
 
732,218
39,335,548
 
  
  
124,520,217
TOTAL HEALTH CARE
  
  
233,104,324
Industrials - 1.5%
  
  
  
Aerospace & Defense - 1.0%
  
  
  
Bharat Electronics Ltd
 
27,794,200
112,996,842
Hindustan Aeronautics Ltd (d)
  
3,491,400
170,112,987
 
  
  
283,109,829
Construction & Engineering - 0.5%
  
  
  
Larsen & Toubro Ltd
 
4,048,716
167,036,715
TOTAL INDUSTRIALS
  
  
450,146,544
Information Technology - 0.1%
  
  
  
IT Services - 0.1%
  
  
  
Infosys Ltd ADR (e)
  
3,449,200
41,493,876
Materials - 0.3%
  
  
  
Construction Materials - 0.2%
  
  
  
JK Cement Ltd
 
1,009,121
57,556,242
Metals & Mining - 0.1%
  
  
  
Tata Steel Ltd
 
23,898,500
47,563,124
TOTAL MATERIALS
  
  
105,119,366
Real Estate - 0.1%
  
  
  
Office REITs - 0.0%
  
  
  
Embassy Office Parks REIT
 
1,083,800
4,975,673
Real Estate Management & Development - 0.1%
  
  
  
Godrej Properties Ltd
 
920,678
20,321,622
Sunteck Realty Ltd
 
3,348,800
10,613,545
 
  
  
30,935,167
TOTAL REAL ESTATE
  
  
35,910,840
Utilities - 0.7%
  
  
  
Electric Utilities - 0.2%
  
  
  
Power Grid Corp of India Ltd
 
28,597,972
85,152,238
Independent Power and Renewable Electricity Producers - 0.5%
  
  
  
NHPC Ltd
 
62,552,900
51,622,020
NTPC Ltd
 
25,899,245
94,210,087
 
  
  
145,832,107
TOTAL UTILITIES
  
  
230,984,345
TOTAL INDIA
  
  
3,312,542,680
INDONESIA - 1.2%
 
  
  
Consumer Staples - 0.5%
  
  
  
Consumer Staples Distribution & Retail - 0.1%
  
  
  
Sumber Alfaria Trijaya Tbk PT
 
844,524,800
62,106,562
Food Products - 0.4%
  
  
  
First Resources Ltd
 
42,418,446
111,118,832
TOTAL CONSUMER STAPLES
  
  
173,225,394
Financials - 0.5%
  
  
  
Banks - 0.5%
  
  
  
Bank Central Asia Tbk PT
 
361,400,786
126,661,948
Bank Syariah Indonesia Persero Tbk PT
 
284,357,160
28,722,197
TOTAL FINANCIALS
  
  
155,384,145
Materials - 0.2%
  
  
  
Metals & Mining - 0.2%
  
  
  
ANTAM Persero Tbk PT
 
336,763,500
53,669,003
TOTAL INDONESIA
  
  
382,278,542
ITALY - 0.2%
 
  
  
Consumer Staples - 0.2%
  
  
  
Beverages - 0.2%
  
  
  
Coca-Cola HBC AG
 
767,900
51,850,355
KOREA (SOUTH) - 18.3%
 
  
  
Communication Services - 0.6%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
KT Corp
 
387,436
13,799,642
Entertainment - 0.1%
  
  
  
HYBE Co Ltd
 
257,628
29,797,394
Interactive Media & Services - 0.4%
  
  
  
Kakao Corp
 
2,685,467
68,379,070
NAVER Corp
 
195,255
27,618,387
 
  
  
95,997,457
Wireless Telecommunication Services - 0.1%
  
  
  
SK Telecom Co Ltd
 
654,240
36,527,742
TOTAL COMMUNICATION SERVICES
  
  
176,122,235
Consumer Discretionary - 0.6%
  
  
  
Automobiles - 0.3%
  
  
  
Kia Corp
 
1,093,831
97,440,064
Household Durables - 0.3%
  
  
  
Coway Co Ltd
 
1,483,670
92,871,651
TOTAL CONSUMER DISCRETIONARY
  
  
190,311,715
Consumer Staples - 0.0%
  
  
  
Tobacco - 0.0%
  
  
  
KT&G Corp
 
307,220
37,772,555
Energy - 0.2%
  
  
  
Oil, Gas & Consumable Fuels - 0.2%
  
  
  
S-Oil Corp
 
677,170
59,919,099
Financials - 1.3%
  
  
  
Banks - 1.3%
  
  
  
KB Financial Group Inc
 
2,303,789
266,402,169
Woori Financial Group Inc
 
5,983,567
136,858,375
 
  
  
403,260,544
Insurance - 0.0%
  
  
  
Samsung Life Insurance Co Ltd
 
37,797
7,828,219
TOTAL FINANCIALS
  
  
411,088,763
Health Care - 0.3%
  
  
  
Life Sciences Tools & Services - 0.3%
  
  
  
Samsung Biologics Co Ltd (b)(c)(d)
  
79,273
80,583,244
Industrials - 1.1%
  
  
  
Aerospace & Defense - 0.4%
  
  
  
Korea Aerospace Industries Ltd
 
1,261,780
110,997,738
Air Freight & Logistics - 0.2%
  
  
  
Hyundai Glovis Co Ltd
 
480,730
65,141,061
Commercial Services & Supplies - 0.2%
  
  
  
HD Hyundai Marine Solution Co Ltd
 
541,450
67,942,769
Industrial Conglomerates - 0.3%
  
  
  
LG Corp
 
1,360,396
93,190,073
SK Square Co Ltd
 
25,960
17,636,869
 
  
  
110,826,942
TOTAL INDUSTRIALS
  
  
354,908,510
Information Technology - 14.2%
  
  
  
Electronic Equipment, Instruments & Components - 0.3%
  
  
  
Samsung Electro-Mechanics Co Ltd
 
111,630
84,281,097
Semiconductors & Semiconductor Equipment - 6.1%
  
  
  
Eugene Technology Co Ltd
 
142,100
10,592,063
SK Hynix Inc
 
1,715,065
1,924,418,971
 
  
  
1,935,011,034
Technology Hardware, Storage & Peripherals - 7.8%
  
  
  
Samsung Electronics Co Ltd
 
14,448,847
2,484,801,002
TOTAL INFORMATION TECHNOLOGY
  
  
4,504,093,133
TOTAL KOREA (SOUTH)
  
  
5,814,799,254
MEXICO - 2.2%
 
  
  
Communication Services - 0.4%
  
  
  
Wireless Telecommunication Services - 0.4%
  
  
  
America Movil SAB de CV Series B
 
96,296,217
122,708,941
Consumer Staples - 0.3%
  
  
  
Beverages - 0.2%
  
  
  
Arca Continental SAB de CV
 
4,393,500
50,344,064
Consumer Staples Distribution & Retail - 0.1%
  
  
  
Wal-Mart de Mexico SAB de CV Series V
 
15,780,600
45,785,106
TOTAL CONSUMER STAPLES
  
  
96,129,170
Financials - 0.8%
  
  
  
Banks - 0.8%
  
  
  
Grupo Financiero Banorte SAB de CV
 
21,900,878
253,637,698
Industrials - 0.2%
  
  
  
Transportation Infrastructure - 0.2%
  
  
  
Grupo Aeroportuario del Pacifico SAB de CV Series B
 
2,510,200
54,572,338
Materials - 0.4%
  
  
  
Construction Materials - 0.4%
  
  
  
Cemex SAB de CV ADR
 
10,052,300
118,818,186
Real Estate - 0.1%
  
  
  
Diversified REITs - 0.1%
  
  
  
Fibra Uno Administracion SA de CV
 
14,703,600
26,479,130
Real Estate Management & Development - 0.0%
  
  
  
Corp Inmobiliaria Vesta SAB de CV (e)
  
4,865,384
16,869,211
TOTAL REAL ESTATE
  
  
43,348,341
TOTAL MEXICO
  
  
689,214,674
NETHERLANDS - 0.0%
 
  
  
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
CTP NV (c)(d)
  
546,877
9,825,234
PANAMA - 0.3%
 
  
  
Industrials - 0.3%
  
  
  
Passenger Airlines - 0.3%
  
  
  
Copa Holdings SA Class A
 
657,197
92,809,360
PERU - 0.7%
 
  
  
Financials - 0.7%
  
  
  
Banks - 0.7%
  
  
  
Credicorp Ltd
 
517,187
207,174,768
PHILIPPINES - 0.2%
 
  
  
Industrials - 0.1%
  
  
  
Industrial Conglomerates - 0.1%
  
  
  
SM Investments Corp
 
2,444,000
23,670,961
Real Estate - 0.1%
  
  
  
Real Estate Management & Development - 0.1%
  
  
  
Ayala Land Inc
 
55,543,224
15,298,524
SM Prime Holdings Inc
 
34,525,200
10,319,381
TOTAL REAL ESTATE
  
  
25,617,905
TOTAL PHILIPPINES
  
  
49,288,866
POLAND - 0.1%
 
  
  
Communication Services - 0.1%
  
  
  
Entertainment - 0.1%
  
  
  
CD Projekt SA (b)
  
399,654
26,735,249
PUERTO RICO - 0.0%
 
  
  
Communication Services - 0.0%
  
  
  
Diversified Telecommunication Services - 0.0%
  
  
  
Liberty Latin America Ltd Class C (b)
  
2,292,359
18,499,337
ROMANIA - 0.1%
 
  
  
Utilities - 0.1%
  
  
  
Independent Power and Renewable Electricity Producers - 0.1%
  
  
  
Societatea De Producere A Energiei Electrice in Hidrocentrale Hidroelectrica SA
 
435,000
19,112,058
RUSSIA - 0.0%
 
  
  
Energy - 0.0%
  
  
  
Oil, Gas & Consumable Fuels - 0.0%
  
  
  
Gazprom PJSC ADR (b)(f)
  
10,986,900
110
Financials - 0.0%
  
  
  
Banks - 0.0%
  
  
  
Sberbank of Russia PJSC (b)(f)
  
12,899,053
1
Materials - 0.0%
  
  
  
Metals & Mining - 0.0%
  
  
  
Severstal PAO GDR (b)(d)(f)
  
6,035,400
60
Real Estate - 0.0%
  
  
  
Real Estate Management & Development - 0.0%
  
  
  
LSR Group PJSC (b)(f)
  
98,230
0
TOTAL RUSSIA
  
  
171
SAUDI ARABIA - 2.0%
 
  
  
Consumer Discretionary - 0.0%
  
  
  
Specialty Retail - 0.0%
  
  
  
Aldrees Petroleum and Transport Services Co
 
680,207
20,811,019
Energy - 0.3%
  
  
  
Oil, Gas & Consumable Fuels - 0.3%
  
  
  
Saudi Arabian Oil Co (c)(d)
  
12,813,000
90,344,359
Financials - 1.4%
  
  
  
Banks - 1.4%
  
  
  
Al Rajhi Bank
 
4,784,940
79,695,912
Saudi National Bank/The
 
36,182,943
377,678,436
TOTAL FINANCIALS
  
  
457,374,348
Health Care - 0.1%
  
  
  
Health Care Providers & Services - 0.1%
  
  
  
Dr Sulaiman Al Habib Medical Services Group Co
 
333,143
20,846,387
Industrials - 0.2%
  
  
  
Electrical Equipment - 0.2%
  
  
  
Electrical Industries Co
 
13,915,900
52,432,428
TOTAL SAUDI ARABIA
  
  
641,808,541
SINGAPORE - 0.3%
 
  
  
Consumer Discretionary - 0.3%
  
  
  
Broadline Retail - 0.3%
  
  
  
Sea Ltd Class A ADR (b)
  
885,015
94,466,501
SOUTH AFRICA - 3.6%
 
  
  
Communication Services - 0.2%
  
  
  
Wireless Telecommunication Services - 0.2%
  
  
  
MTN Group Ltd
 
5,881,400
72,912,110
Consumer Discretionary - 0.9%
  
  
  
Broadline Retail - 0.9%
  
  
  
Naspers Ltd Class N
 
5,553,807
291,811,642
Consumer Staples - 0.5%
  
  
  
Consumer Staples Distribution & Retail - 0.5%
  
  
  
Pick n Pay Stores Ltd (b)
  
29,193,187
33,725,192
Shoprite Holdings Ltd
 
6,929,176
120,519,002
TOTAL CONSUMER STAPLES
  
  
154,244,194
Financials - 1.3%
  
  
  
Banks - 0.6%
  
  
  
Capitec Bank Holdings Ltd
 
655,955
187,298,145
Financial Services - 0.7%
  
  
  
FirstRand Ltd
 
37,090,051
221,819,726
TOTAL FINANCIALS
  
  
409,117,871
Materials - 0.7%
  
  
  
Chemicals - 0.3%
  
  
  
Sasol Ltd (b)
  
7,260,700
86,042,248
Metals & Mining - 0.4%
  
  
  
Impala Platinum Holdings Ltd
 
11,228,202
122,456,929
TOTAL MATERIALS
  
  
208,499,177
TOTAL SOUTH AFRICA
  
  
1,136,584,994
TAIWAN - 25.2%
 
  
  
Consumer Staples - 0.2%
  
  
  
Food Products - 0.2%
  
  
  
Uni-President Enterprises Corp
 
22,752,000
51,761,266
Financials - 1.4%
  
  
  
Banks - 1.4%
  
  
  
CTBC Financial Holding Co Ltd
 
157,650,798
314,806,879
TS Financial Holding Co Ltd
 
129,443,550
142,597,070
TOTAL FINANCIALS
  
  
457,403,949
Industrials - 0.5%
  
  
  
Electrical Equipment - 0.5%
  
  
  
Bizlink Holding Inc
 
2,440,417
155,451,549
Information Technology - 23.1%
  
  
  
Communications Equipment - 0.3%
  
  
  
Accton Technology Corp
 
1,263,000
81,901,880
Electronic Equipment, Instruments & Components - 2.3%
  
  
  
Chroma ATE Inc
 
579,785
36,442,530
Delta Electronics Inc
 
6,953,705
342,264,555
Elite Material Co Ltd
 
1,225,973
176,073,473
Hon Hai Precision Industry Co Ltd
 
1,058,000
8,083,706
Taiwan Union Technology Corp
 
196,000
6,565,519
Unimicron Technology Corp
 
4,538,011
106,524,695
Yageo Corp
 
2,645,000
39,829,187
 
  
  
715,783,665
Semiconductors & Semiconductor Equipment - 20.5%
  
  
  
ASE Technology Holding Co Ltd
 
14,479,025
247,192,163
ASE Technology Holding Co Ltd ADR
 
415,900
14,627,203
ASPEED Technology Inc
 
20,900
9,132,220
eMemory Technology Inc
 
128,303
9,644,210
Hon Precision Inc
 
239,000
44,350,850
Jentech Precision Industrial Co Ltd
 
207,000
21,451,086
MediaTek Inc
 
4,867,693
518,785,052
MPI Corp
 
175,437
27,938,295
Taiwan Semiconductor Manufacturing Co Ltd
 
75,885,392
5,615,490,261
 
  
  
6,508,611,340
Technology Hardware, Storage & Peripherals - 0.0%
  
  
  
Quanta Computer Inc
 
1,739,792
15,484,215
TOTAL INFORMATION TECHNOLOGY
  
  
7,321,781,100
TOTAL TAIWAN
  
  
7,986,397,864
THAILAND - 0.2%
 
  
  
Materials - 0.2%
  
  
  
Chemicals - 0.2%
  
  
  
PTT Global Chemical PCL
 
64,882,100
71,054,369
TURKEY - 0.9%
 
  
  
Consumer Staples - 0.3%
  
  
  
Consumer Staples Distribution & Retail - 0.3%
  
  
  
BIM Birlesik Magazalar AS
 
10,628,000
87,282,957
Industrials - 0.5%
  
  
  
Aerospace & Defense - 0.5%
  
  
  
Aselsan Elektronik Sanayi Ve Ticaret AS
 
20,791,000
149,745,516
Materials - 0.1%
  
  
  
Construction Materials - 0.1%
  
  
  
Oyak Cimento Fabrikalari AS
 
94,263,000
40,269,134
TOTAL TURKEY
  
  
277,297,607
UNITED ARAB EMIRATES - 1.3%
 
  
  
Energy - 0.1%
  
  
  
Energy Equipment & Services - 0.1%
  
  
  
ADNOC Drilling Co PJSC
 
36,962,641
58,568,627
Financials - 0.9%
  
  
  
Banks - 0.9%
  
  
  
Abu Dhabi Commercial Bank PJSC
 
32,700,739
133,545,082
Abu Dhabi Islamic Bank PJSC
 
25,171,697
145,424,288
TOTAL FINANCIALS
  
  
278,969,370
Real Estate - 0.3%
  
  
  
Real Estate Management & Development - 0.3%
  
  
  
Aldar Properties PJSC
 
12,993,000
26,283,145
Emaar Properties PJSC
 
18,003,535
53,917,475
RAK Properties PJSC (b)
  
17,736,300
5,166,850
TOTAL REAL ESTATE
  
  
85,367,470
TOTAL UNITED ARAB EMIRATES
  
  
422,905,467
UNITED STATES - 0.9%
 
  
  
Energy - 0.2%
  
  
  
Energy Equipment & Services - 0.2%
  
  
  
Tenaris SA ADR
 
1,019,000
58,419,270
Health Care - 0.3%
  
  
  
Biotechnology - 0.3%
  
  
  
BeOne Medicines Ltd ADR (b)
  
139,674
44,138,381
BeOne Medicines Ltd H Shares (b)
  
1,440,491
35,633,894
TOTAL HEALTH CARE
  
  
79,772,275
Materials - 0.4%
  
  
  
Construction Materials - 0.4%
  
  
  
Titan SA
 
2,295,237
138,028,146
TOTAL UNITED STATES
  
  
276,219,691
 
TOTAL COMMON STOCKS
 (Cost $16,382,917,818)
  
  
  
30,731,129,951
 
  
  
  
Convertible Preferred Stocks - 0.4%
 
  
Shares
Value ($)
 
CHINA - 0.4%
 
  
  
Communication Services - 0.4%
  
  
  
Interactive Media & Services - 0.4%
  
  
  
Bytedance Ltd Series E1 (b)(f)(h)
  
399,541
132,036,315
Health Care - 0.0%
  
  
  
Health Care Providers & Services - 0.0%
  
  
  
dMed Biopharmaceutical Co Ltd Series C (b)(f)(h)
  
668,281
4,911,865
TOTAL CHINA
  
  
136,948,180
UNITED STATES - 0.0%
 
  
  
Information Technology - 0.0%
  
  
  
IT Services - 0.0%
  
  
  
Gupshup Inc (b)(f)(h)
  
566,129
3,572,274
 
TOTAL CONVERTIBLE PREFERRED STOCKS
 (Cost $66,215,724)
  
  
  
140,520,454
 
  
  
  
Non-Convertible Preferred Stocks - 0.5%
 
  
Shares
Value ($)
 
BRAZIL - 0.1%
 
  
  
Financials - 0.1%
  
  
  
Financial Services - 0.1%
  
  
  
Creditas Financial Solutions Ltd Series G2 (f)(h)
  
245,239
51,904,834
KOREA (SOUTH) - 0.4%
 
  
  
Consumer Discretionary - 0.4%
  
  
  
Automobiles - 0.4%
  
  
  
Hyundai Motor Co Series 2
 
881,956
120,039,001
 
TOTAL NON-CONVERTIBLE PREFERRED STOCKS
 (Cost $109,673,202)
  
  
  
171,943,835
 
  
  
  
U.S. Treasury Obligations - 0.1%
 
  
Yield (%) (i)
Principal
Amount (a)
 
Value ($)
 
US Treasury Bills 0% 10/1/2026 (j)
  
3.77
4,640,000
4,612,061
US Treasury Bills 0% 10/8/2026 (j)
  
3.71
4,530,000
4,499,472
US Treasury Bills 0% 9/24/2026 (j)
  
3.72
19,190,000
19,087,499
 
TOTAL U.S. TREASURY OBLIGATIONS
 (Cost $28,193,249)
  
  
  
28,199,032
 
  
  
  
  
Money Market Funds - 3.3%
 
  
Yield (%)
Shares
Value ($)
 
Fidelity Cash Central Fund (k)
  
3.69
745,869,356
746,018,530
Fidelity Securities Lending Cash Central Fund (k)(l)
  
3.72
287,953,849
287,982,644
 
TOTAL MONEY MARKET FUNDS
 (Cost $1,033,986,641)
  
  
  
1,034,001,174
 
  
  
  
  
 
TOTAL INVESTMENT IN SECURITIES - 101.3%
 (Cost $17,620,986,634)
 
  
 
32,105,794,446
NET OTHER ASSETS (LIABILITIES) - (1.3)%  
(404,846,528)
NET ASSETS - 100.0%
31,700,947,918
 
  
 
 
Futures Contracts 
 
Number
of contracts
Expiration
Date
Notional
Amount ($)
 
Value and Unrealized
Appreciation/
(Depreciation) ($)
 
LONG
  
  
  
  
ICE MSCI Emerging Markets Index Contracts (United States)
2,668
9/2026
219,082,820
(11,657,535)

Legend
 
(a)
Amount is stated in United States dollars unless otherwise noted.
 
(b)
Non-income producing.
 
(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 $650,496,106 or 2.1% of net assets.
 
(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 $820,609,153 or 2.6% of net assets.
 
(e)
Security or a portion of the security is on loan at period end.
 
(f)
Level 3 security.
 
(g)
Security is subject to lock-up or market standoff agreement. Fair value is based on the unadjusted market price of the equivalent equity security. At the end of the period, the total value of unadjusted equity securities subject to contractual sale restrictions is $7,782,229 with varying restriction expiration dates. Under normal market conditions, there are no circumstances that could cause the restrictions to lapse.
 
(h)
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 $192,425,288 or 0.6% of net assets.
 
(i)
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.
 
(j)
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 $24,846,038.
 
(k)
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.
 
(l)
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 $114,468,703.
Additional information on each restricted holding is as follows:
Security
Acquisition Date
Acquisition Cost ($)
 
Bytedance Ltd Series E1
11/18/2020
43,779,377
 
  
  
Creditas Financial Solutions Ltd Series G2
1/28/2022 - 7/28/2023
33,309,389
 
  
  
dMed Biopharmaceutical Co Ltd Series C
12/1/2020
9,491,694
 
  
  
Gupshup Inc
6/8/2021
12,944,653
 
  
  
Additional information on each lock-up restriction is as follows:
Security
Restriction Expiration Date
Manipal Health Enterprises Ltd
10/31/2026
 
  
Manipal Health Enterprises Ltd
9/1/2026
 
  
SBI Funds Management Ltd Parent
10/15/2026
 
  
SBI Funds Management Ltd Parent
8/16/2026
 
  
 
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
399,856,291
8,974,954,113
8,628,799,046
11,630,661
(4,494)
11,666
746,018,530
745,869,356
Fidelity Securities Lending Cash Central Fund
296,882,546
3,624,917,270
3,633,802,456
6,467,938
(14,716)
-
287,982,644
287,953,849
 
696,738,837
12,599,871,383
12,262,601,502
18,098,599
(19,210)
11,666
1,034,001,174
  
 
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 Consolidated 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 Consolidated 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 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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