Quarterly Holdings Report
for
Fidelity® Total Emerging Markets Fund
January 31, 2021
Schedule of Investments January 31, 2021 (Unaudited)
Showing Percentage of Net Assets
Common Stocks - 70.5% | |||
Shares | Value | ||
Belgium - 0.3% | |||
Titan Cement International Trading SA | 106,700 | $1,859,416 | |
VGP NV | 300 | 49,222 | |
TOTAL BELGIUM | 1,908,638 | ||
Bermuda - 0.8% | |||
AGTech Holdings Ltd. (a) | 836,000 | 27,496 | |
China Gas Holdings Ltd. | 311,744 | 1,101,704 | |
Credicorp Ltd. (United States) | 14,179 | 2,131,529 | |
Kerry Properties Ltd. | 80,000 | 207,913 | |
Kunlun Energy Co. Ltd. | 956,040 | 817,534 | |
Marvell Technology Group Ltd. | 10,400 | 535,184 | |
Shangri-La Asia Ltd. (a) | 154,000 | 131,093 | |
TOTAL BERMUDA | 4,952,453 | ||
Brazil - 2.4% | |||
Atacadao SA | 521,500 | 1,814,775 | |
Azul SA sponsored ADR (a)(b) | 19,933 | 437,529 | |
Banco do Brasil SA | 294,384 | 1,821,808 | |
ENGIE Brasil Energia SA | 64,800 | 508,793 | |
Equatorial Energia SA | 208,600 | 858,587 | |
LOG Commercial Properties e Participacoes SA | 57,500 | 352,058 | |
Natura & Co. Holding SA | 281,318 | 2,522,473 | |
Notre Dame Intermedica Participacoes SA | 46,544 | 803,891 | |
Petrobras Distribuidora SA | 98,400 | 418,318 | |
Rumo SA (a) | 397,000 | 1,472,950 | |
Suzano Papel e Celulose SA (a) | 201,100 | 2,280,633 | |
Telefonica Brasil SA | 31,863 | 263,225 | |
Terna Participacoes SA unit | 85,300 | 500,288 | |
Vale SA sponsored ADR | 109,368 | 1,766,293 | |
TOTAL BRAZIL | 15,821,621 | ||
British Virgin Islands - 0.1% | |||
Mail.Ru Group Ltd. GDR (Reg. S) (a) | 14,500 | 377,725 | |
Cayman Islands - 21.4% | |||
51job, Inc. sponsored ADR (a) | 9,500 | 625,670 | |
Akeso, Inc. (c) | 136,000 | 948,970 | |
Alibaba Group Holding Ltd. (a) | 983,192 | 31,201,134 | |
Alibaba Group Holding Ltd. sponsored ADR (a) | 1,600 | 406,128 | |
Ant International Co. Ltd. Class C (a)(d)(e) | 288,435 | 2,480,541 | |
Archosaur Games, Inc. (a)(c) | 33,000 | 85,977 | |
Bilibili, Inc. ADR (a) | 72,800 | 8,291,192 | |
Chailease Holding Co. Ltd. | 385,989 | 2,135,886 | |
China Resources Land Ltd. | 254,510 | 1,014,331 | |
China State Construction International Holdings Ltd. | 808,000 | 465,838 | |
CIFI Holdings Group Co. Ltd. | 495,000 | 407,964 | |
ENN Energy Holdings Ltd. | 70,500 | 1,092,974 | |
ESR Cayman Ltd. (a)(c) | 205,400 | 733,832 | |
Haitian International Holdings Ltd. | 285,000 | 1,031,084 | |
Hansoh Pharmaceutical Group Co. Ltd. (a)(c) | 347,947 | 1,902,809 | |
Hua Medicine (a)(c) | 15,537 | 11,102 | |
Huazhu Group Ltd. ADR | 24,900 | 1,207,650 | |
Innovent Biologics, Inc. (a)(c) | 108,994 | 1,245,525 | |
Jacobio Pharmaceuticals Group Co. Ltd. (c) | 272,700 | 705,206 | |
JD Health International, Inc. (c) | 28,100 | 553,066 | |
JD.com, Inc. sponsored ADR (a) | 66,700 | 5,915,623 | |
JOYY, Inc. ADR | 9,400 | 865,176 | |
Kangji Medical Holdings Ltd. | 63,500 | 93,531 | |
Kingdee International Software Group Co. Ltd. | 219,000 | 884,107 | |
Kuaishou Technology (a) | 9,600 | 142,392 | |
KWG Property Holding Ltd. | 226,000 | 300,818 | |
LexinFintech Holdings Ltd. ADR (a) | 12,700 | 98,679 | |
Li Ning Co. Ltd. | 560,000 | 3,506,659 | |
Longfor Properties Co. Ltd. (c) | 201,500 | 1,139,622 | |
Meituan Class B (a) | 181,700 | 8,338,292 | |
Ming Yuan Cloud Group Holdings Ltd. | 9,200 | 58,143 | |
NetEase, Inc. ADR | 8,700 | 1,000,413 | |
New Oriental Education & Technology Group, Inc. sponsored ADR (a) | 26,036 | 4,361,030 | |
PagSeguro Digital Ltd. (a) | 29,989 | 1,467,962 | |
Pinduoduo, Inc. ADR (a) | 48,700 | 8,070,077 | |
Shenzhou International Group Holdings Ltd. | 162,200 | 3,181,971 | |
Shimao Property Holdings Ltd. | 160,300 | 466,226 | |
StoneCo Ltd. Class A (a) | 11,800 | 848,420 | |
Sunny Optical Technology Group Co. Ltd. | 85,700 | 2,257,110 | |
TAL Education Group ADR (a) | 8,769 | 674,161 | |
Tencent Holdings Ltd. | 392,550 | 34,977,479 | |
Tongdao Liepin Group (a) | 124,468 | 304,698 | |
Uni-President China Holdings Ltd. | 1,307,600 | 1,583,641 | |
Wuxi Biologics (Cayman), Inc. (a)(c) | 92,209 | 1,291,103 | |
XPeng, Inc. ADR (a) | 14,367 | 692,202 | |
Zai Lab Ltd. (a) | 11,654 | 1,846,839 | |
TOTAL CAYMAN ISLANDS | 140,913,253 | ||
Chile - 0.4% | |||
Sociedad Quimica y Minera de Chile SA (PN-B) sponsored ADR | 50,000 | 2,547,000 | |
China - 7.2% | |||
Bafang Electric Suzhou Co. Ltd. (A Shares) | 30,045 | 972,013 | |
BBMG Corp. (H Shares) | 2,230,000 | 434,308 | |
Beijing Enlight Media Co. Ltd. (A Shares) | 453,200 | 923,639 | |
Beijing Sinohytec Co. Ltd. (A Shares) | 7,000 | 346,638 | |
BYD Co. Ltd. (A Shares) | 33,200 | 1,275,781 | |
China Communications Services Corp. Ltd. (H Shares) | 1,222,000 | 546,911 | |
China Construction Bank Corp. (H Shares) | 8,251,000 | 6,249,462 | |
China Longyuan Power Grid Corp. Ltd. (H Shares) | 438,060 | 641,842 | |
China Merchants Bank Co. Ltd. (H Shares) | 561,500 | 4,312,685 | |
China Petroleum & Chemical Corp. (H Shares) | 3,702,000 | 1,753,201 | |
China Tower Corp. Ltd. (H Shares) (c) | 1,862,000 | 268,976 | |
Fuyao Glass Industries Group Co. Ltd. (A Shares) | 86,500 | 793,979 | |
Gemdale Corp. (A Shares) | 222,758 | 375,321 | |
Glodon Co. Ltd. (A Shares) | 38,897 | 502,268 | |
Great Wall Motor Co. Ltd. (H Shares) | 416,500 | 1,305,382 | |
Gree Electric Appliances, Inc. of Zhuhai: | |||
(A Shares) | 93,300 | 817,205 | |
(A Shares) | 51,000 | 446,704 | |
Guangzhou Automobile Group Co. Ltd. (H Shares) | 860,000 | 784,213 | |
Haier Smart Home Co. Ltd. (a) | 214,400 | 887,659 | |
Haier Smart Home Co. Ltd. (A Shares) | 26,760 | 132,598 | |
Hangzhou Tigermed Consulting Co. Ltd. (H Shares) (a)(c) | 55,522 | 1,221,688 | |
Midea Group Co. Ltd. (A Shares) | 80,000 | 1,198,927 | |
Pharmaron Beijing Co. Ltd. (H Shares) (c) | 96,149 | 1,850,247 | |
Ping An Insurance Group Co. of China Ltd. (H Shares) | 685,000 | 8,067,784 | |
Shanghai Jinjiang International Hotels Co. Ltd. (A Shares) | 93,223 | 752,862 | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (A Shares) | 30,466 | 2,125,262 | |
Sinopec Engineering Group Co. Ltd. (H Shares) | 532,000 | 245,647 | |
TravelSky Technology Ltd. (H Shares) | 236,000 | 527,201 | |
Tsingtao Brewery Co. Ltd. (H Shares) | 378,000 | 3,649,218 | |
Venus MedTech Hangzhou, Inc. (H Shares) (a)(c) | 82,277 | 827,731 | |
WuXi AppTec Co. Ltd. (H Shares) (c) | 92,374 | 2,204,132 | |
Zhuzhou CRRC Times Electric Co. Ltd. (H Shares) | 186,400 | 937,620 | |
TOTAL CHINA | 47,379,104 | ||
Cyprus - 0.3% | |||
Ozon Holdings PLC ADR | 3,900 | 188,526 | |
TCS Group Holding PLC GDR | 50,995 | 2,103,544 | |
TOTAL CYPRUS | 2,292,070 | ||
Egypt - 0.0% | |||
Six of October Development & Investment Co. | 195,795 | 195,920 | |
France - 0.1% | |||
Ubisoft Entertainment SA (a) | 6,000 | 599,979 | |
Germany - 0.2% | |||
Delivery Hero AG (a)(c) | 7,700 | 1,172,714 | |
Hong Kong - 1.0% | |||
AIA Group Ltd. | 154,800 | 1,866,386 | |
Antengene Corp. (c) | 87,123 | 214,851 | |
Antengene Corp. | 149,800 | 332,475 | |
Antengene Corp. | 104,302 | 231,494 | |
China Overseas Land and Investment Ltd. | 344,540 | 776,779 | |
China Resources Beer Holdings Co. Ltd. | 278,666 | 2,462,015 | |
Guangdong Investment Ltd. | 502,000 | 881,855 | |
TOTAL HONG KONG | 6,765,855 | ||
Hungary - 0.3% | |||
OTP Bank PLC (a) | 43,640 | 2,002,383 | |
India - 7.5% | |||
Adani Ports & Special Economic Zone Ltd. | 247,466 | 1,731,175 | |
Axis Bank Ltd. (a) | 505,419 | 4,598,439 | |
Bajaj Finance Ltd. | 37,864 | 2,460,458 | |
Embassy Office Parks (REIT) | 66,600 | 321,163 | |
HDFC Bank Ltd. (a) | 382,796 | 7,315,146 | |
Housing Development Finance Corp. Ltd. | 6,850 | 223,551 | |
Indraprastha Gas Ltd. | 185,693 | 1,314,582 | |
Indus Towers Ltd. | 66,500 | 211,292 | |
IndusInd Bank Ltd. (a) | 120,400 | 1,398,167 | |
Infosys Ltd. | 92,900 | 1,576,323 | |
ITC Ltd. | 541,213 | 1,509,766 | |
JK Cement Ltd. | 68,174 | 1,993,851 | |
Larsen & Toubro Ltd. | 123,769 | 2,267,286 | |
Mahanagar Gas Ltd. | 47,649 | 676,935 | |
Manappuram General Finance & Leasing Ltd. | 469,751 | 1,006,425 | |
Mindspace Business Parks | 58,400 | 265,028 | |
NTPC Ltd. | 597,190 | 729,070 | |
Oberoi Realty Ltd. (a) | 93,170 | 673,839 | |
Petronet LNG Ltd. | 189,106 | 615,127 | |
Power Grid Corp. of India Ltd. | 422,493 | 1,069,570 | |
Reliance Industries Ltd. | 244,213 | 6,173,870 | |
Shree Cement Ltd. | 5,351 | 1,672,525 | |
Shriram Transport Finance Co. Ltd. | 188,035 | 3,332,679 | |
Sunteck Realty Ltd. | 17,200 | 75,920 | |
Tata Consultancy Services Ltd. | 104,848 | 4,477,338 | |
Tata Motors Ltd. (a) | 149,400 | 534,827 | |
Torrent Pharmaceuticals Ltd. | 31,171 | 1,115,820 | |
TOTAL INDIA | 49,340,172 | ||
Indonesia - 0.9% | |||
PT Bank Central Asia Tbk | 1,175,600 | 2,832,165 | |
PT Bank Rakyat Indonesia Tbk | 9,454,064 | 2,816,678 | |
PT United Tractors Tbk | 258,100 | 420,355 | |
TOTAL INDONESIA | 6,069,198 | ||
Japan - 0.6% | |||
Capcom Co. Ltd. | 12,500 | 786,434 | |
Freee KK (a) | 3,700 | 314,383 | |
JTOWER, Inc. (a) | 3,500 | 378,586 | |
Keyence Corp. | 1,100 | 589,565 | |
Money Forward, Inc. (a) | 16,800 | 689,675 | |
Rakus Co. Ltd. | 20,000 | 362,786 | |
Square Enix Holdings Co. Ltd. | 9,000 | 517,256 | |
TOTAL JAPAN | 3,638,685 | ||
Korea (South) - 9.0% | |||
AMOREPACIFIC Group, Inc. | 22,399 | 1,179,643 | |
Coway Co. Ltd. (a) | 15,680 | 977,205 | |
DuzonBizon Co. Ltd. | 4,390 | 392,136 | |
Hana Financial Group, Inc. | 56,310 | 1,643,900 | |
Hanon Systems | 48,860 | 729,586 | |
Hyundai Mobis | 2,952 | 838,044 | |
Hyundai Motor Co. | 7,450 | 1,525,452 | |
Kakao Corp. | 5,310 | 2,093,822 | |
KB Financial Group, Inc. | 73,368 | 2,649,468 | |
Kia Motors Corp. | 31,400 | 2,316,276 | |
LG Chemical Ltd. | 1,183 | 969,976 | |
LG Corp. | 15,322 | 1,357,675 | |
LG Electronics, Inc. | 3,910 | 534,903 | |
NCSOFT Corp. | 1,601 | 1,364,241 | |
Netmarble Corp. (a)(c) | 1,810 | 212,819 | |
POSCO | 13,492 | 2,962,129 | |
S-Oil Corp. | 14,000 | 853,727 | |
Samsung Biologics Co. Ltd. (a)(c) | 2,633 | 1,866,942 | |
Samsung Electronics Co. Ltd. | 352,858 | 25,871,437 | |
Samsung SDI Co. Ltd. | 5,397 | 3,542,054 | |
SK Hynix, Inc. | 46,332 | 5,074,858 | |
Studio Dragon Corp. (a) | 5,700 | 504,055 | |
TOTAL KOREA (SOUTH) | 59,460,348 | ||
Luxembourg - 0.1% | |||
Adecoagro SA (a) | 34,900 | 260,354 | |
Globant SA (a) | 1,200 | 230,400 | |
InPost SA | 2,850 | 68,481 | |
TOTAL LUXEMBOURG | 559,235 | ||
Mexico - 1.5% | |||
CEMEX S.A.B. de CV sponsored ADR (a) | 535,000 | 3,065,550 | |
Corporacion Inmobiliaria Vesta S.A.B. de CV | 237,953 | 448,650 | |
Grupo Aeroportuario del Pacifico S.A.B. de CV Series B (a) | 88,400 | 890,943 | |
Grupo Aeroportuario del Sureste S.A.B. de CV Series B sponsored ADR (a) | 1,348 | 211,245 | |
Grupo Aeroportuario Norte S.A.B. de CV (a) | 69,900 | 412,567 | |
Grupo Financiero Banorte S.A.B. de CV Series O (a) | 475,621 | 2,356,643 | |
Macquarie Mexican (REIT) (c) | 273,338 | 339,356 | |
Wal-Mart de Mexico SA de CV Series V | 797,100 | 2,268,929 | |
TOTAL MEXICO | 9,993,883 | ||
Netherlands - 1.1% | |||
Adyen BV (a)(c) | 300 | 626,708 | |
ASML Holding NV (Netherlands) | 1,100 | 587,239 | |
NXP Semiconductors NV | 3,200 | 513,504 | |
X5 Retail Group NV GDR (Reg. S) | 47,500 | 1,680,550 | |
Yandex NV Series A (a) | 56,839 | 3,560,395 | |
TOTAL NETHERLANDS | 6,968,396 | ||
Panama - 0.1% | |||
Copa Holdings SA Class A | 12,249 | 947,705 | |
Peru - 0.2% | |||
Compania de Minas Buenaventura SA sponsored ADR (a) | 105,000 | 1,068,900 | |
Philippines - 0.3% | |||
Ayala Land, Inc. | 1,506,600 | 1,181,831 | |
Metropolitan Bank & Trust Co. | 262,077 | 245,390 | |
Robinsons Land Corp. | 571,460 | 225,683 | |
TOTAL PHILIPPINES | 1,652,904 | ||
Poland - 0.2% | |||
CD Projekt RED SA (a) | 17,800 | 1,451,577 | |
Russia - 2.2% | |||
LSR Group OJSC | 6,755 | 85,687 | |
Lukoil PJSC sponsored ADR | 50,500 | 3,593,580 | |
MMC Norilsk Nickel PJSC sponsored ADR | 93,200 | 3,003,836 | |
NOVATEK OAO GDR (Reg. S) | 12,300 | 2,061,480 | |
Sberbank of Russia | 197,730 | 670,778 | |
Sberbank of Russia sponsored ADR | 299,304 | 4,118,423 | |
Tatneft PAO | 117,400 | 760,742 | |
TOTAL RUSSIA | 14,294,526 | ||
Saudi Arabia - 0.4% | |||
Al Rajhi Bank | 139,109 | 2,707,483 | |
Singapore - 0.2% | |||
First Resources Ltd. | 1,383,200 | 1,613,942 | |
South Africa - 1.8% | |||
AngloGold Ashanti Ltd. | 78,600 | 1,831,591 | |
Bidvest Group Ltd. | 72,656 | 748,943 | |
Capitec Bank Holdings Ltd. (a) | 19,350 | 1,771,244 | |
FirstRand Ltd. | 729,407 | 2,290,887 | |
Impala Platinum Holdings Ltd. | 278,600 | 3,762,369 | |
Pick 'n Pay Stores Ltd. | 388,116 | 1,365,491 | |
TOTAL SOUTH AFRICA | 11,770,525 | ||
Spain - 0.1% | |||
Amadeus IT Holding SA Class A | 8,700 | 555,437 | |
Switzerland - 0.1% | |||
Dufry AG (a) | 11,788 | 636,281 | |
Taiwan - 6.3% | |||
Formosa Plastics Corp. | 185,000 | 574,596 | |
Hon Hai Precision Industry Co. Ltd. (Foxconn) | 286,000 | 1,138,446 | |
MediaTek, Inc. | 83,000 | 2,592,731 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 1,640,000 | 34,648,249 | |
Unified-President Enterprises Corp. | 1,003,000 | 2,434,901 | |
TOTAL TAIWAN | 41,388,923 | ||
Thailand - 0.2% | |||
PTT Global Chemical PCL (For. Reg.) | 795,600 | 1,568,339 | |
Turkey - 0.2% | |||
Aselsan A/S | 450,000 | 1,063,924 | |
United Kingdom - 0.7% | |||
Helios Towers PLC (a) | 27,000 | 59,043 | |
Mondi PLC | 125,027 | 2,937,937 | |
Network International Holdings PLC (a)(c) | 59,200 | 278,379 | |
Prudential PLC | 90,381 | 1,446,044 | |
TOTAL UNITED KINGDOM | 4,721,403 | ||
United States of America - 2.3% | |||
Activision Blizzard, Inc. | 18,100 | 1,647,100 | |
Airbnb, Inc. Class A | 100 | 18,363 | |
Arco Platform Ltd. Class A (a) | 7,600 | 241,224 | |
DouYu International Holdings Ltd. ADR (a) | 26,800 | 351,884 | |
First Cash Financial Services, Inc. | 21,399 | 1,259,973 | |
Li Auto, Inc. ADR (a) | 76,900 | 2,480,025 | |
MercadoLibre, Inc. (a) | 1,850 | 3,292,094 | |
Micron Technology, Inc. (a) | 60,300 | 4,719,681 | |
NVIDIA Corp. | 1,600 | 831,344 | |
ON Semiconductor Corp. (a) | 14,700 | 507,003 | |
TOTAL UNITED STATES OF AMERICA | 15,348,691 | ||
TOTAL COMMON STOCKS | |||
(Cost $296,150,541) | 463,749,192 | ||
Preferred Stocks - 2.5% | |||
Convertible Preferred Stocks - 0.0% | |||
China - 0.0% | |||
dMed Biopharmaceutical Co. Ltd. (Class C) (d)(e) | 11,962 | 169,898 | |
Nonconvertible Preferred Stocks - 2.5% | |||
Brazil - 1.8% | |||
Ambev SA sponsored ADR | 970,000 | 2,706,300 | |
Companhia de Transmissao de Energia Eletrica Paulista (PN) | 64,500 | 310,629 | |
Itau Unibanco Holding SA sponsored ADR | 557,471 | 2,909,999 | |
Metalurgica Gerdau SA (PN) | 708,470 | 1,369,962 | |
Petroleo Brasileiro SA - Petrobras: | |||
(PN) sponsored ADR (non-vtg.) | 230,106 | 2,250,437 | |
sponsored ADR | 219,300 | 2,203,965 | |
11,751,292 | |||
Korea (South) - 0.7% | |||
Hyundai Motor Co. Series 2 | 17,585 | 1,619,520 | |
Samsung Electronics Co. Ltd. | 45,448 | 2,970,564 | |
4,590,084 | |||
Russia - 0.0% | |||
Tatneft PAO | 19,600 | 118,460 | |
TOTAL NONCONVERTIBLE PREFERRED STOCKS | 16,459,836 | ||
TOTAL PREFERRED STOCKS | |||
(Cost $13,720,957) | 16,629,734 | ||
Principal Amount | Value | ||
Nonconvertible Bonds - 8.6% | |||
Azerbaijan - 0.2% | |||
Southern Gas Corridor CJSC 6.875% 3/24/26 (c) | 1,250,000 | 1,505,694 | |
Bahrain - 0.3% | |||
The Oil and Gas Holding Co. 7.5% 10/25/27 (c) | 2,005,000 | 2,274,422 | |
Bermuda - 0.2% | |||
GeoPark Ltd. 5.5% 1/17/27 (c) | 700,000 | 702,398 | |
Tengizchevroil Finance Co. International Ltd. 3.25% 8/15/30 (c) | 350,000 | 364,350 | |
TOTAL BERMUDA | 1,066,748 | ||
British Virgin Islands - 0.4% | |||
1MDB Global Investments Ltd. 4.4% 3/9/23 | 2,000,000 | 2,004,860 | |
Sinopec Group Overseas Development Ltd. 2.7% 5/13/30 (c) | 350,000 | 360,584 | |
TOTAL BRITISH VIRGIN ISLANDS | 2,365,444 | ||
Canada - 0.2% | |||
First Quantum Minerals Ltd.: | |||
7.25% 4/1/23 (c) | 200,000 | 204,011 | |
7.5% 4/1/25 (c) | 825,000 | 854,411 | |
TOTAL CANADA | 1,058,422 | ||
Cayman Islands - 0.4% | |||
DP World Crescent Ltd. 3.875% 7/18/29 (Reg. S) | 700,000 | 763,656 | |
GEMS MENASA Cayman Ltd. 7.125% 7/31/26 (c) | 690,000 | 720,619 | |
Meituan 2.125% 10/28/25 (c) | 240,000 | 244,724 | |
Mumtalakat Sukuk Holding Co. 5.625% 2/27/24 (Reg. S) | 400,000 | 429,000 | |
QNB Finance Ltd. 2.75% 2/12/27 (Reg. S) | 395,000 | 418,453 | |
TOTAL CAYMAN ISLANDS | 2,576,452 | ||
Chile - 0.4% | |||
Corporacion Nacional del Cobre de Chile (Codelco): | |||
3.7% 1/30/50 (c) | 300,000 | 319,125 | |
3.75% 1/15/31 (c) | 300,000 | 340,125 | |
4.25% 7/17/42 (c) | 500,000 | 570,938 | |
4.5% 8/1/47 (c) | 250,000 | 297,344 | |
Empresa de Transporte de Pasajeros Metro SA 3.65% 5/7/30 (c) | 350,000 | 391,016 | |
Empresa Nacional de Petroleo 4.5% 9/14/47 (c) | 440,000 | 482,625 | |
TOTAL CHILE | 2,401,173 | ||
Colombia - 0.1% | |||
Oleoducto Central SA 4% 7/14/27 (c) | 350,000 | 377,388 | |
Dominican Republic - 0.1% | |||
Banco de Reservas de La Republica Dominicana 7% 2/1/23 (c) | 650,000 | 675,594 | |
Georgia - 0.9% | |||
Georgian Oil & Gas Corp. 6.75% 4/26/21 (c) | 3,125,000 | 3,124,023 | |
JSC Georgian Railway 7.75% 7/11/22 (c) | 2,650,000 | 2,808,172 | |
TOTAL GEORGIA | 5,932,195 | ||
Hong Kong - 0.0% | |||
Lenovo Group Ltd. 3.421% 11/2/30 (c) | 295,000 | 312,904 | |
Indonesia - 0.5% | |||
Hutama Karya Persero PT 3.75% 5/11/30 (c) | 600,000 | 660,750 | |
Indonesia Asahan Aluminium Tbk PT: | |||
4.75% 5/15/25 (c) | 200,000 | 220,450 | |
5.45% 5/15/30 (c) | 400,000 | 472,130 | |
PT Adaro Indonesia 4.25% 10/31/24 (c) | 550,000 | 567,703 | |
PT Pertamina Persero: | |||
3.1% 1/21/30 (Reg. S) | 500,000 | 530,400 | |
3.65% 7/30/29 (c) | 375,000 | 412,617 | |
4.15% 2/25/60 (c) | 365,000 | 379,486 | |
4.175% 1/21/50 (c) | 250,000 | 266,875 | |
TOTAL INDONESIA | 3,510,411 | ||
Kazakhstan - 0.2% | |||
KazMunaiGaz National Co.: | |||
3.5% 4/14/33 (c) | 200,000 | 215,550 | |
5.375% 4/24/30 (c) | 250,000 | 307,031 | |
5.75% 4/19/47 (c) | 450,000 | 578,841 | |
TOTAL KAZAKHSTAN | 1,101,422 | ||
Luxembourg - 0.0% | |||
B2W Digital Lux SARL 4.375% 12/20/30 (c) | 200,000 | 207,000 | |
Malaysia - 0.1% | |||
Petronas Capital Ltd.: | |||
3.5% 4/21/30 (c) | 250,000 | 281,700 | |
4.55% 4/21/50 (c) | 200,000 | 257,600 | |
TOTAL MALAYSIA | 539,300 | ||
Mexico - 2.1% | |||
Braskem Idesa SAPI 7.45% 11/15/29 (c) | 875,000 | 844,703 | |
Mexico City Airport Trust 5.5% 7/31/47 (c) | 400,000 | 400,550 | |
Petroleos Mexicanos: | |||
3 month U.S. LIBOR + 3.650% 3.8706% 3/11/22 (f)(g) | 350,000 | 353,850 | |
3.5% 1/30/23 | 905,000 | 915,181 | |
4.5% 1/23/26 | 400,000 | 394,875 | |
4.625% 9/21/23 | 500,000 | 516,875 | |
4.875% 1/24/22 | 460,000 | 471,167 | |
4.875% 1/18/24 | 535,000 | 558,239 | |
5.35% 2/12/28 | 320,000 | 305,680 | |
5.5% 2/24/25 (Reg. S) | EUR | 460,000 | 596,612 |
6.49% 1/23/27 | 890,000 | 916,700 | |
6.5% 1/23/29 | 535,000 | 531,322 | |
6.5% 6/2/41 | 1,170,000 | 1,025,213 | |
6.625% 6/15/35 | 1,675,000 | 1,577,013 | |
6.75% 9/21/47 | 360,000 | 313,920 | |
6.875% 10/16/25 (c) | 330,000 | 358,958 | |
6.95% 1/28/60 | 2,175,000 | 1,892,033 | |
7.69% 1/23/50 | 2,044,000 | 1,929,025 | |
TOTAL MEXICO | 13,901,916 | ||
Netherlands - 0.3% | |||
Kazakhstan Temir Zholy Finance BV 6.95% 7/10/42 (c) | 250,000 | 366,484 | |
Petrobras Global Finance BV 6.9% 3/19/49 | 930,000 | 1,114,373 | |
Prosus NV: | |||
3.832% 2/8/51 (c) | 200,000 | 194,700 | |
4.027% 8/3/50 (c) | 350,000 | 351,750 | |
TOTAL NETHERLANDS | 2,027,307 | ||
Panama - 0.1% | |||
Cable Onda SA 4.5% 1/30/30 (c) | 380,000 | 410,400 | |
Paraguay - 0.1% | |||
Telefonica Celular del Paraguay SA 5.875% 4/15/27 (c) | 700,000 | 742,875 | |
Peru - 0.1% | |||
Camposol SA 6% 2/3/27 (c) | 500,000 | 521,250 | |
Saudi Arabia - 0.6% | |||
Saudi Arabian Oil Co.: | |||
1.625% 11/24/25 (c) | 200,000 | 203,750 | |
3.5% 4/16/29 (c) | 450,000 | 494,325 | |
4.25% 4/16/39 (c) | 2,955,000 | 3,366,853 | |
TOTAL SAUDI ARABIA | 4,064,928 | ||
Singapore - 0.2% | |||
Indika Energy Capital III Pte. Ltd. 5.875% 11/9/24 (c) | 500,000 | 509,219 | |
Medco Bell Pte Ltd. 6.375% 1/30/27 (c) | 730,000 | 740,038 | |
TOTAL SINGAPORE | 1,249,257 | ||
South Africa - 0.3% | |||
Eskom Holdings SOC Ltd. 6.75% 8/6/23 (c) | 2,050,000 | 2,142,250 | |
Thailand - 0.0% | |||
PTT Treasury Center Co. Ltd. 3.7% 7/16/70 (c) | 350,000 | 369,688 | |
United Arab Emirates - 0.1% | |||
Abu Dhabi National Energy Co. PJSC 4% 10/3/49 (c) | 315,000 | 372,192 | |
DP World Ltd. 2.375% 9/25/26 (Reg. S) | EUR | 305,000 | 389,449 |
TOTAL UNITED ARAB EMIRATES | 761,641 | ||
United Kingdom - 0.3% | |||
Antofagasta PLC 2.375% 10/14/30 (c) | 200,000 | 203,000 | |
Biz Finance PLC 9.625% 4/27/22 (c) | 1,312,500 | 1,367,461 | |
Tullow Oil PLC 7% 3/1/25 (c) | 840,000 | 550,914 | |
TOTAL UNITED KINGDOM | 2,121,375 | ||
United States of America - 0.3% | |||
Citgo Holding, Inc. 9.25% 8/1/24 (c) | 750,000 | 720,000 | |
Kosmos Energy Ltd. 7.125% 4/4/26 (c) | 775,000 | 767,250 | |
MercadoLibre, Inc. 3.125% 1/14/31 | 210,000 | 211,447 | |
TOTAL UNITED STATES OF AMERICA | 1,698,697 | ||
Uzbekistan - 0.0% | |||
National Bank of Uzbekistan 4.85% 10/21/25 (Reg. S) | 350,000 | 359,406 | |
Venezuela - 0.1% | |||
Petroleos de Venezuela SA: | |||
6% 5/16/24 (c)(h) | 5,700,000 | 199,500 | |
6% 11/15/26 (Reg. S) (h) | 6,800,000 | 238,000 | |
TOTAL VENEZUELA | 437,500 | ||
TOTAL NONCONVERTIBLE BONDS | |||
(Cost $55,765,971) | 56,713,059 | ||
Government Obligations - 13.6% | |||
Angola - 0.2% | |||
Angola Republic: | |||
8.25% 5/9/28 (c) | 625,000 | 623,633 | |
9.5% 11/12/25 (c) | 865,000 | 919,333 | |
TOTAL ANGOLA | 1,542,966 | ||
Argentina - 0.5% | |||
Argentine Republic: | |||
0.125% 7/9/30 (i) | 3,025,365 | 1,153,420 | |
0.125% 7/9/35 (i) | 4,317,734 | 1,477,475 | |
0.125% 1/9/38 (i) | 1,261,834 | 492,904 | |
1% 7/9/29 | 498,666 | 205,856 | |
TOTAL ARGENTINA | 3,329,655 | ||
Barbados - 0.1% | |||
Barbados Government 6.5% 10/1/29 (c) | 855,000 | 862,748 | |
Benin - 0.2% | |||
Republic of Benin: | |||
4.875% 1/19/32 (c) | EUR | 340,000 | 408,481 |
5.75% 3/26/26 (c) | EUR | 750,000 | 979,847 |
6.875% 1/19/52 (c) | EUR | 100,000 | 127,423 |
TOTAL BENIN | 1,515,751 | ||
Brazil - 0.4% | |||
Brazilian Federative Republic: | |||
3.875% 6/12/30 | 1,880,000 | 1,932,288 | |
4.75% 1/14/50 | 800,000 | 798,250 | |
TOTAL BRAZIL | 2,730,538 | ||
Cameroon - 0.4% | |||
Cameroon Republic 9.5% 11/19/25(c) | 2,425,000 | 2,747,828 | |
Colombia - 0.5% | |||
Colombian Republic: | |||
3% 1/30/30 | 640,000 | 658,800 | |
3.125% 4/15/31 | 748,000 | 771,141 | |
5% 6/15/45 | 805,000 | 931,788 | |
7.375% 9/18/37 | 650,000 | 911,016 | |
TOTAL COLOMBIA | 3,272,745 | ||
Costa Rica - 0.0% | |||
Costa Rican Republic 5.625% 4/30/43 (c) | 250,000 | 222,109 | |
Dominican Republic - 0.3% | |||
Dominican Republic: | |||
4.875% 9/23/32 (c) | 500,000 | 531,250 | |
5.3% 1/21/41 (c) | 400,000 | 411,750 | |
5.875% 1/30/60 (c) | 680,000 | 708,688 | |
6.5% 2/15/48 (Reg. S) | 200,000 | 225,938 | |
6.85% 1/27/45 (c) | 350,000 | 410,703 | |
TOTAL DOMINICAN REPUBLIC | 2,288,329 | ||
Ecuador - 0.2% | |||
Ecuador Republic: | |||
0% 7/31/30 (c) | 157,171 | 67,780 | |
0.5% 7/31/30 (c)(i) | 890,630 | 477,322 | |
0.5% 7/31/35 (c)(i) | 1,290,256 | 592,711 | |
0.5% 7/31/40 (c)(i) | 543,050 | 237,754 | |
TOTAL ECUADOR | 1,375,567 | ||
Egypt - 0.7% | |||
Arab Republic of Egypt: | |||
, yield at date of purchase 12.9503% to 13.6304% 2/16/21 to 6/15/21 | EGP | 18,950,000 | 1,178,944 |
5.875% 6/11/25 (c) | 400,000 | 434,750 | |
6.375% 4/11/31 (Reg. S) | EUR | 335,000 | 434,108 |
7.5% 1/31/27 (c) | 150,000 | 172,922 | |
7.903% 2/21/48 (c) | 865,000 | 900,141 | |
8.5% 1/31/47 (c) | 1,160,000 | 1,270,925 | |
8.7002% 3/1/49 (c) | 400,000 | 443,625 | |
TOTAL EGYPT | 4,835,415 | ||
El Salvador - 0.2% | |||
El Salvador Republic: | |||
7.1246% 1/20/50 (c) | 770,000 | 712,250 | |
7.625% 2/1/41 (c) | 500,000 | 480,000 | |
7.75% 1/24/23 (c) | 230,000 | 231,725 | |
TOTAL EL SALVADOR | 1,423,975 | ||
Gabon - 0.3% | |||
Gabonese Republic 6.375% 12/12/24 (c) | 1,796,722 | 1,871,960 | |
Ghana - 0.4% | |||
Ghana Republic: | |||
7.875% 8/7/23 (c) | 225,000 | 248,203 | |
8.125% 1/18/26 (c) | 1,745,000 | 1,965,852 | |
10.75% 10/14/30 (c) | 400,000 | 529,375 | |
TOTAL GHANA | 2,743,430 | ||
Guatemala - 0.1% | |||
Guatemalan Republic 6.125% 6/1/50 (c) | 350,000 | 431,594 | |
Honduras - 0.1% | |||
Republic of Honduras: | |||
5.625% 6/24/30 (c) | 300,000 | 336,844 | |
6.25% 1/19/27 | 200,000 | 228,938 | |
TOTAL HONDURAS | 565,782 | ||
Indonesia - 0.8% | |||
Indonesian Republic: | |||
3.4% 9/18/29 | 270,000 | 298,772 | |
3.5% 1/11/28 | 415,000 | 459,223 | |
3.5% 2/14/50 | 680,000 | 729,088 | |
3.85% 10/15/30 | 655,000 | 756,730 | |
4.1% 4/24/28 | 300,000 | 346,219 | |
4.2% 10/15/50 | 900,000 | 1,074,656 | |
4.45% 4/15/70 | 455,000 | 556,238 | |
6.625% 2/17/37 (c) | 300,000 | 426,000 | |
8.5% 10/12/35 (c) | 300,000 | 489,656 | |
TOTAL INDONESIA | 5,136,582 | ||
Israel - 0.2% | |||
Israeli State: | |||
2.75% 7/3/30 | 300,000 | 328,631 | |
4.5% 4/3/20 | 590,000 | 760,109 | |
TOTAL ISRAEL | 1,088,740 | ||
Ivory Coast - 0.5% | |||
Ivory Coast: | |||
4.875% 1/30/32 (c) | EUR | 225,000 | 279,875 |
5.875% 10/17/31 (c) | EUR | 1,385,000 | 1,840,440 |
6.125% 6/15/33 (c) | 200,000 | 219,938 | |
6.375% 3/3/28 (c) | 705,000 | 790,261 | |
TOTAL IVORY COAST | 3,130,514 | ||
Jamaica - 0.1% | |||
Jamaican Government 8% 3/15/39 | 400,000 | 569,125 | |
Jordan - 0.1% | |||
Jordanian Kingdom: | |||
4.95% 7/7/25 (c) | 200,000 | 212,938 | |
7.375% 10/10/47 (c) | 425,000 | 482,773 | |
TOTAL JORDAN | 695,711 | ||
Kenya - 0.2% | |||
Republic of Kenya: | |||
6.875% 6/24/24 (c) | 830,000 | 914,297 | |
7% 5/22/27 (c) | 350,000 | 386,422 | |
TOTAL KENYA | 1,300,719 | ||
Lebanon - 0.2% | |||
Lebanese Republic: | |||
5.8% 12/31/49 (h) | 1,165,000 | 136,545 | |
6.375% 12/31/49 (h) | 7,090,000 | 848,673 | |
TOTAL LEBANON | 985,218 | ||
Mexico - 0.3% | |||
United Mexican States: | |||
3.25% 4/16/30 | 400,000 | 423,125 | |
3.75% 1/11/28 | 350,000 | 388,391 | |
4.35% 1/15/47 | 850,000 | 909,766 | |
4.75% 3/8/44 | 450,000 | 507,094 | |
TOTAL MEXICO | 2,228,376 | ||
Mongolia - 0.1% | |||
Mongolia Government: | |||
5.125% 12/5/22 (c) | 300,000 | 309,000 | |
5.125% 4/7/26 (c) | 200,000 | 213,500 | |
TOTAL MONGOLIA | 522,500 | ||
Montenegro - 0.1% | |||
Republic of Montenegro 2.875% 12/16/27 (c) | EUR | 375,000 | 437,447 |
Morocco - 0.1% | |||
Moroccan Kingdom: | |||
2.375% 12/15/27 (c) | 375,000 | 376,289 | |
3% 12/15/32 (c) | 200,000 | 201,188 | |
4% 12/15/50 (c) | 200,000 | 203,688 | |
TOTAL MOROCCO | 781,165 | ||
Nigeria - 0.6% | |||
Republic of Nigeria: | |||
5.625% 6/27/22 | 380,000 | 394,963 | |
6.375% 7/12/23 (c) | 800,000 | 867,750 | |
6.5% 11/28/27 (c) | 1,105,000 | 1,189,256 | |
7.143% 2/23/30 (c) | 850,000 | 908,703 | |
7.625% 11/21/25 (c) | 630,000 | 721,153 | |
TOTAL NIGERIA | 4,081,825 | ||
Oman - 0.2% | |||
Sultanate of Oman: | |||
6.25% 1/25/31 (c) | 200,000 | 212,250 | |
6.5% 3/8/47 (c) | 1,120,000 | 1,084,650 | |
TOTAL OMAN | 1,296,900 | ||
Pakistan - 0.1% | |||
Islamic Republic of Pakistan 6.875% 12/5/27 (c) | 440,000 | 468,050 | |
Panama - 0.1% | |||
Panamanian Republic: | |||
2.252% 9/29/32 | 200,000 | 201,688 | |
3.16% 1/23/30 | 360,000 | 391,500 | |
3.87% 7/23/60 | 200,000 | 221,438 | |
TOTAL PANAMA | 814,626 | ||
Paraguay - 0.3% | |||
Republic of Paraguay: | |||
2.739% 1/29/33 (c) | 215,000 | 219,018 | |
4.7% 3/27/27 (c) | 400,000 | 462,250 | |
4.95% 4/28/31 (c) | 590,000 | 703,391 | |
5.4% 3/30/50 (c) | 415,000 | 516,416 | |
TOTAL PARAGUAY | 1,901,075 | ||
Peru - 0.0% | |||
Peruvian Republic: | |||
1.862% 12/1/32 | 145,000 | 142,870 | |
2.78% 12/1/60 | 155,000 | 149,478 | |
TOTAL PERU | 292,348 | ||
Philippines - 0.1% | |||
Philippine Republic 2.457% 5/5/30 | 350,000 | 372,789 | |
Qatar - 0.6% | |||
State of Qatar: | |||
3.75% 4/16/30 (c) | 625,000 | 725,391 | |
4.4% 4/16/50 (c) | 1,730,000 | 2,205,750 | |
4.625% 6/2/46 (c) | 300,000 | 385,781 | |
4.817% 3/14/49 (c) | 655,000 | 877,291 | |
TOTAL QATAR | 4,194,213 | ||
Romania - 0.2% | |||
Romanian Republic: | |||
3% 2/14/31 (c) | 155,000 | 164,494 | |
3.624% 5/26/30 (c) | EUR | 350,000 | 505,444 |
4.625% 4/3/49 | EUR | 310,000 | 504,461 |
TOTAL ROMANIA | 1,174,399 | ||
Russia - 0.6% | |||
Ministry of Finance of the Russian Federation: | |||
4.25% 6/23/27(Reg. S) | 400,000 | 454,675 | |
4.375% 3/21/29(Reg. S) | 400,000 | 461,000 | |
5.1% 3/28/35 (c) | 600,000 | 747,375 | |
5.1% 3/28/35(Reg. S) | 400,000 | 498,250 | |
5.25% 6/23/47(Reg. S) | 800,000 | 1,073,250 | |
5.625% 4/4/42 (c) | 400,000 | 540,875 | |
TOTAL RUSSIA | 3,775,425 | ||
Rwanda - 0.6% | |||
Rwanda Republic 6.625% 5/2/23 (c) | 3,575,000 | 3,783,914 | |
Saudi Arabia - 0.1% | |||
Kingdom of Saudi Arabia 2.25% 2/2/33 (c) | 445,000 | 440,133 | |
Serbia - 0.1% | |||
Republic of Serbia 2.125% 12/1/30 (c) | 455,000 | 440,070 | |
Sri Lanka - 0.1% | |||
Democratic Socialist Republic of Sri Lanka 6.2% 5/11/27 (c) | 850,000 | 509,469 | |
Turkey - 1.1% | |||
Turkish Republic: | |||
4.25% 3/13/25 | 520,000 | 520,975 | |
4.75% 1/26/26 | 330,000 | 334,538 | |
4.875% 10/9/26 | 820,000 | 829,225 | |
4.875% 4/16/43 | 1,005,000 | 849,225 | |
5.125% 2/17/28 | 470,000 | 474,700 | |
5.25% 3/13/30 | 1,040,000 | 1,030,575 | |
5.75% 5/11/47 | 3,190,000 | 2,921,841 | |
6.375% 10/14/25 | 290,000 | 313,291 | |
TOTAL TURKEY | 7,274,370 | ||
Ukraine - 0.7% | |||
Ukraine Government: | |||
0% 5/31/40 (c)(f)(h) | 575,000 | 647,773 | |
6.75% 6/20/26 (c) | EUR | 460,000 | 610,567 |
7.253% 3/15/33 (c) | 380,000 | 404,106 | |
7.375% 9/25/32 (c) | 200,000 | 214,313 | |
7.75% 9/1/23 (c) | 850,000 | 925,969 | |
7.75% 9/1/24 (c) | 830,000 | 914,038 | |
7.75% 9/1/26 (c) | 350,000 | 392,656 | |
7.75% 9/1/27 (c) | 400,000 | 447,125 | |
17% 5/11/22 | UAH | 9,770,000 | 372,279 |
TOTAL UKRAINE | 4,928,826 | ||
United Arab Emirates - 0.2% | |||
Emirate of Abu Dhabi: | |||
1.7% 3/2/31 (c) | 350,000 | 346,063 | |
3.125% 4/16/30 (c) | 300,000 | 334,500 | |
Emirate of Dubai 3.9% 9/9/50 (Reg. S) | 450,000 | 433,828 | |
TOTAL UNITED ARAB EMIRATES | 1,114,391 | ||
United States of America - 0.2% | |||
U.S. Treasury Bills, yield at date of purchase 0.08% to 0.08% 2/25/21 (j) | 1,220,000 | 1,219,963 | |
Uruguay - 0.2% | |||
Uruguay Republic 5.1% 6/18/50 | 1,005,000 | 1,349,841 | |
Uzbekistan - 0.1% | |||
Republic of Uzbekistan: | |||
3.7% 11/25/30 (c) | 200,000 | 206,800 | |
4.75% 2/20/24 (c) | 300,000 | 322,950 | |
TOTAL UZBEKISTAN | 529,750 | ||
Venezuela - 0.1% | |||
Venezuelan Republic 9.25% 9/15/27 (h) | 6,200,000 | 573,500 | |
TOTAL GOVERNMENT OBLIGATIONS | |||
(Cost $89,508,920) | 89,172,366 | ||
Preferred Securities - 0.1% | |||
Georgia - 0.1% | |||
Georgia Bank Joint Stock Co. 11.125% (Reg. S) (Cost $726,625)(f)(k) | 700,000 | 740,250 | |
Shares | Value | ||
Money Market Funds - 4.9% | |||
Fidelity Cash Central Fund 0.09% (l) | 32,031,175 | 32,037,581 | |
Fidelity Securities Lending Cash Central Fund 0.09% (l)(m) | 88,341 | 88,350 | |
TOTAL MONEY MARKET FUNDS | |||
(Cost $32,125,634) | 32,125,931 | ||
TOTAL INVESTMENT IN SECURITIES - 100.2% | |||
(Cost $487,998,648) | 659,130,532 | ||
NET OTHER ASSETS (LIABILITIES) - (0.2)% | (1,320,339) | ||
NET ASSETS - 100% | $657,810,193 |
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) | 188 | March 2021 | $12,465,340 | $(485,471) | $(485,471) |
The notional amount of futures purchased as a percentage of Net Assets is 1.9%
Currency Abbreviations
EGP – Egyptian pound
EUR – European Monetary Unit
UAH – Ukrainian hryvnia
Categorizations in the Schedule of Investments are based on country or territory of incorporation.
Legend
(a) Non-income producing
(b) Security or a portion of the security is on loan at period end.
(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 $110,247,037 or 16.8% of net assets.
(d) 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 $2,650,439 or 0.4% of net assets.
(e) Level 3 security
(f) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(g) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(h) Non-income producing - Security is in default.
(i) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is 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 $954,971.
(k) Security is perpetual in nature with no stated maturity date.
(l) 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.
(m) Investment made with cash collateral received from securities on loan.
Additional information on each restricted holding is as follows:
Security | Acquisition Date | Acquisition Cost |
Ant International Co. Ltd. Class C | 5/16/18 | $1,618,120 |
dMed Biopharmaceutical Co. Ltd. (Class C) | 12/1/20 | $169,898 |
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 | $5,113 |
Fidelity Securities Lending Cash Central Fund | 2,507 |
Total | $7,620 |
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.
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. Corporate bonds, foreign government and government agency obligations, preferred securities and 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.
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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