Quarterly Holdings Report
for
Fidelity® Series Emerging Markets Fund
July 31, 2019
Schedule of Investments July 31, 2019 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 88.4% | |||
Shares | Value | ||
Bermuda - 1.4% | |||
Dairy Farm International Holdings Ltd. | 3,307,100 | $24,763,805 | |
Brazil - 4.7% | |||
Equatorial Energia SA | 821,261 | 20,335,966 | |
IRB Brasil Resseguros SA | 1,118,400 | 27,840,214 | |
Ultrapar Participacoes SA | 7,113,400 | 37,073,519 | |
TOTAL BRAZIL | 85,249,699 | ||
Cayman Islands - 17.0% | |||
ASM Pacific Technology Ltd. | 1,611,100 | 18,842,066 | |
Best Pacific International Holdings Ltd. | 44,882,500 | 15,046,232 | |
Greatview Aseptic Pack Co. Ltd. | 31,535,000 | 17,241,696 | |
Hansoh Pharmaceutical Group Co. Ltd. (a) | 274,000 | 736,352 | |
JD.com, Inc. sponsored ADR (b) | 787,000 | 23,539,170 | |
PagSeguro Digital Ltd. (b) | 384,300 | 16,709,364 | |
Pico Far East Holdings Ltd. | 29,891,200 | 9,148,181 | |
SITC International Holdings Co. Ltd. | 45,526,000 | 50,180,654 | |
Tencent Holdings Ltd. | 2,231,800 | 103,986,201 | |
TK Group Holdings Ltd. | 37,026,000 | 16,167,958 | |
Vinda International Holdings Ltd. | 20,153,000 | 39,399,176 | |
TOTAL CAYMAN ISLANDS | 310,997,050 | ||
Chile - 2.3% | |||
Compania Cervecerias Unidas SA | 2,453,300 | 34,394,254 | |
Quinenco SA | 2,889,881 | 7,799,229 | |
TOTAL CHILE | 42,193,483 | ||
China - 1.0% | |||
Shenzhen Inovance Technology Co. Ltd. (A Shares) | 5,168,965 | 18,593,144 | |
Hong Kong - 5.5% | |||
AIA Group Ltd. | 3,367,200 | 34,465,879 | |
China Resources Pharmaceutical Group Ltd. (a) | 32,191,149 | 35,010,321 | |
Far East Horizon Ltd. | 34,148,779 | 31,761,955 | |
TOTAL HONG KONG | 101,238,155 | ||
India - 15.9% | |||
Axis Bank Ltd. GDR (Reg. S) | 590,731 | 28,945,819 | |
CCL Products (India) Ltd. | 1,612,625 | 5,741,699 | |
Cyient Ltd. | 3,800,892 | 25,430,197 | |
HDFC Bank Ltd. sponsored ADR | 640,130 | 73,602,147 | |
Hindustan Oil Exploration Co. Ltd. (b) | 264,331 | 440,121 | |
Lupin Ltd. (b) | 1,618,467 | 17,945,765 | |
Redington India Ltd. | 7,353,727 | 11,434,873 | |
SH Kelkar & Co. Ltd. (a)(c) | 8,648,716 | 14,504,031 | |
Sunteck Realty Ltd. (b) | 4,398,565 | 25,012,067 | |
Tata Communications Ltd. | 5,110,127 | 34,728,603 | |
Tata Consultancy Services Ltd. | 746,500 | 23,862,782 | |
Tata Global Beverages Ltd. | 6,345,471 | 23,101,576 | |
Zensar Technologies Ltd. | 1,941,799 | 5,916,437 | |
TOTAL INDIA | 290,666,117 | ||
Indonesia - 0.9% | |||
PT Bank Central Asia Tbk | 7,797,400 | 17,118,244 | |
Kenya - 1.5% | |||
Safaricom Ltd. | 100,448,800 | 26,451,678 | |
Korea (South) - 6.9% | |||
AMOREPACIFIC Group, Inc. | 697,692 | 33,523,656 | |
Hyundai Fire & Marine Insurance Co. Ltd. | 1,398,022 | 32,829,431 | |
KB Financial Group, Inc. | 866,601 | 31,535,771 | |
Leeno Industrial, Inc. | 63,701 | 2,958,077 | |
Samsung Electronics Co. Ltd. | 661,346 | 24,944,346 | |
TOTAL KOREA (SOUTH) | 125,791,281 | ||
Malaysia - 0.2% | |||
Scientex Bhd | 1,744,665 | 3,561,567 | |
Mexico - 1.6% | |||
Regional S.A.B. de CV | 6,055,218 | 28,999,956 | |
Nigeria - 1.9% | |||
Guaranty Trust Bank PLC | 445,530,795 | 34,929,122 | |
Papua New Guinea - 1.8% | |||
Oil Search Ltd. ADR | 6,815,167 | 33,001,536 | |
Philippines - 3.8% | |||
Ayala Corp. | 1,931,065 | 36,202,580 | |
Pilipinas Shell Petroleum Corp. | 44,449,710 | 33,478,265 | |
TOTAL PHILIPPINES | 69,680,845 | ||
Singapore - 1.4% | |||
Delfi Ltd. | 27,833,500 | 26,174,550 | |
South Africa - 3.8% | |||
Capitec Bank Holdings Ltd. | 201,700 | 16,510,046 | |
City Lodge Hotels Ltd. (c) | 2,647,474 | 21,197,045 | |
Distell Group Holdings Ltd. | 415,515 | 3,860,693 | |
Pinnacle Technology Holdings Ltd. | 2,291,845 | 2,583,564 | |
Remgro Ltd. | 2,048,536 | 25,423,290 | |
TOTAL SOUTH AFRICA | 69,574,638 | ||
Spain - 1.3% | |||
Prosegur Cash SA (a) | 11,742,022 | 23,917,090 | |
Taiwan - 9.2% | |||
King's Town Bank | 8,994,000 | 9,176,795 | |
Poya International Co. Ltd. | 2,481,000 | 34,167,930 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 9,988,000 | 82,032,913 | |
Voltronic Power Technology Corp. | 1,968,000 | 42,374,334 | |
TOTAL TAIWAN | 167,751,972 | ||
Thailand - 1.7% | |||
Kasikornbank PCL (For. Reg.) | 5,575,500 | 31,222,716 | |
United Kingdom - 1.2% | |||
ITE Group PLC | 21,075,300 | 18,786,550 | |
Network International Holdings PLC (a) | 469,786 | 3,502,110 | |
TOTAL UNITED KINGDOM | 22,288,660 | ||
United States of America - 2.0% | |||
Philip Morris International, Inc. | 439,700 | 36,763,317 | |
Vietnam - 1.4% | |||
Vietnam Dairy Products Corp. | 4,869,300 | 25,713,597 | |
TOTAL COMMON STOCKS | |||
(Cost $1,633,595,752) | 1,616,642,222 | ||
Investment Companies - 1.9% | |||
United States of America - 1.9% | |||
iShares MSCI India ETF | |||
(Cost $37,313,340) | 1,068,000 | 35,244,000 | |
Principal Amount | Value | ||
Government Obligations - 0.2% | |||
United States of America - 0.2% | |||
U.S. Treasury Bills, yield at date of purchase 2.22% to 2.29% 8/29/19 to 9/12/19(d) | |||
(Cost $3,840,934) | 3,850,000 | 3,842,108 | |
Shares | Value | ||
Money Market Funds - 5.7% | |||
Fidelity Cash Central Fund 2.43% (e) | |||
(Cost $104,799,765) | 104,779,342 | 104,800,298 | |
TOTAL INVESTMENT IN SECURITIES - 96.2% | |||
(Cost $1,779,549,791) | 1,760,528,628 | ||
NET OTHER ASSETS (LIABILITIES) - 3.8% | 68,879,777 | ||
NET ASSETS - 100% | $1,829,408,405 |
Futures Contracts | |||||
Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation/(Depreciation) | |
Purchased | |||||
Equity Index Contracts | |||||
ICE E-mini MSCI Emerging Markets Index Contracts (United States) | 600 | Sept. 2019 | $30,768,000 | $325,172 | $325,172 |
The notional amount of futures purchased as a percentage of Net Assets is 1.7%
Security Type Abbreviations
ETF – Exchange-Traded Fund
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) 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 $77,669,904 or 4.2% of net assets.
(b) Non-income producing
(c) Affiliated company
(d) 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 $1,589,215.
(e) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.
Affiliated Central Funds
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:
Fund | Income earned |
Fidelity Cash Central Fund | $1,666,691 |
Fidelity Securities Lending Cash Central Fund | 24,080 |
Total | $1,690,771 |
Amounts in the income column in the above table include any capital gain distributions from underlying funds. Amount 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 payments 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 as follows:
Affiliate | Value, beginning of period | Purchases | Sales Proceeds | Dividend Income | Realized Gain (loss) | Change in Unrealized appreciation (depreciation) | Value, end of period |
City Lodge Hotels Ltd. | $16,603,714 | $6,941,670 | $-- | $255,098 | $-- | $(2,348,339) | $21,197,045 |
SH Kelkar & Co. Ltd. | -- | 19,749,441 | 738,239 | -- | 78,657 | (4,585,828) | 14,504,031 |
Total | $16,603,714 | $26,691,111 | $738,239 | $255,098 | $78,657 | $(6,934,167) | $35,701,076 |
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors 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 procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Funds valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - 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). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's 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 vendor 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 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 vendors or from brokers who make markets in such securities. U.S. government and government agency obligations are valued by pricing vendors 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 vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
ETFs are valued at their last sale price or official closing price as reported by a third party pricing vendor on the primary market or exchange on which they are traded and are categorized as Level 1 in the hierarchy. In the event there were no sales during the day but the exchange reports a closing bid level, ETFs are valued at the closing bid and would be categorized as Level 1 in the hierarchy. In the event there was no closing bid, ETFs may be valued by another method that the Board believes reflects fair value in accordance with the Board's fair value pricing policies and may be categorized as Level 2 in the hierarchy.
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 open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day and are categorized as Level 1 in the hierarchy.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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